Lower North Shore development specialists&nbsp;<a href="https://www.apartments.com.au/developers/abadeen-group">Abadeen</a>&nbsp;has topped out its new local apartment development,&nbsp;<a href="https://www.apartments.com.au/new-apartments/northcote-collective-naremburn-2-6-northcote-street-naremburn-nsw-2065">Northcote Collective</a>.&nbsp;

Located in the tightly held suburb of <a href="https://www.apartments.com.au/developments/naremburn-nsw-2065">Naremburn</a>, Northcote Collective is a collection of just 58 one-, two-, and three-bedroom apartments designed by award-winning architects Rothelowman.&nbsp;

The building is just a five to 10 minute walk from the heart of Crows Nest and the new&nbsp;St Leonards and Crows Nest Metro stations. Abadeen has also brought doorstep convenience, with a ground-floor retail offering on Northcote Street.

Northcote Collective is being delivered by&nbsp;<a href="https://www.apartments.com.au/builders/decode">Decode</a> — an iCIRT-rated construction company well regarded in the new development industry.

[smartcode_project:default project_id=114189 project_image_fid=272840]

“This is an important and exciting moment for Northcote Collective, and we’re proud to celebrate this milestone with our partners, consultants, and future residents,” said Justin Brown, Executive Chairman and Founder of Abadeen.&nbsp;

“From the outset, our vision was to create something truly special for Naremburn — homes that respect the character of the neighbourhood while elevating the standard of Lower North Shore living. With connectivity to transport, retail on the doorstep and a true village lifestyle, this milestone also comes at a perfect time when buyer confidence is returning to the market. I am incredibly proud of our team and of Decode for their dedication in helping us bring this vision to life.”

[smartcode_project:default project_id=114189 project_image_fid=272865]

The development is two-tiered, with two rooftops for residents. The taller building has an impressive rooftop pool, a rare inclusion in the new Sydney apartment market. The level, with panoramic views, also includes an entertaining terrace with barbecue facilities.

Local downsizers and young professionals are showing the strongest interest in the development, with recent improvements in the property market — supported by three rate cuts in 2025 — boosting borrowing power and buyer confidence.

Auction activity across Sydney surged by almost 30 per cent in recent weeks, with clearance rates above 70 per cent — signalling a renewed wave of buyer demand.

Northcote Collective will welcome buyers in 2026.

[smartcode_project_cta:default project_id=114189]

Joel Robinson

Abadeen tops out Northcote Collective in Naremburn

Sunshine Coast-based <a href="https://www.apartments.com.au/developers/devcon-property-group">Devcon Property Group</a> has acquired one of Maroochydore’s most prominent development sites for $12 million unlocking the potentialfor a mixed-use project in the Cotton Tree precinct.

&nbsp;

The 4,178 sqm site at 41–43 Aerodrome Road—well known locally as the former home to one of Australia’s last Sizzler restaurants—was sold via an off-market expressions of interest campaign by Colliers agents Nick Dowling and Baydn Dodds. More than 70 targeted buyer groups were approached, resulting in multiple competitive offers for the property.

Devcon Property Group Managing Director Michael Kain said the acquisition was a strategic move in line with the company’s focus on delivering high-quality projects in prime coastal locations.&nbsp;

“We’re excited about the possibilities this site, in one of the Sunshine Coast’s most iconic beachside &nbsp;communities, offers for a broad range of development outcomes,” Kain said.

“Its location, ocean view potential, and proximity to the Maroochydore CBD and beach make it an &nbsp;outstanding development prospect. Our plans are to refurbish the existing building and then review &nbsp;development options for the remainder of the site.”&nbsp;

<img alt="Aerodrome Rd site overlooking Beach (Large)" data-entity-type="file" data-entity-uuid="a29dc4ed-68c1-4bec-a4fc-283063dcde1e" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Aerodrome%20Rd%20site%20overlooking%20Beach%20%28Large%29.jpg?VersionId=b0WxJWevmLoAfCP4YvGImZpR3rSCJJ9L" />

Colliers Special Projects Manager Baydn Dodds said the sale reflected the ongoing strength of the &nbsp;Sunshine Coast’s development site market, particularly for projects capable of achieving water views. &nbsp;

“Sites of this scale, in walkable beachside locations with ocean views, are tightly held and continue to attract significant interest from both local and national developers,” Baydn Dodds said. &nbsp;

“Holding a prominent position as the former home to one of Australia’s last Sizzler restaurants and more recently occupied by Rashays, the prime site is located just 150 metres from Maroochydore Beach.&nbsp;

“With stunning ocean view potential, located in one of the Sunshine Coast’s best known iconic &nbsp;beachside communities, within steps of shops, cafes and the beach it is no surprise that there was strong interest in the site. The transaction highlights the ongoing depth of demand for well-located &nbsp;mixed-use sites across the Sunshine Coast.”&nbsp;

Colliers Sunshine Coast Managing Director Nick Dowling said the transaction reinforced the &nbsp;Sunshine Coast’s status as one of Australia’s most active development markets.&nbsp;

“The combination of strong population growth, lifestyle appeal, and infrastructure investment is &nbsp;driving demand for quality development opportunities,” Nick Dowling said. &nbsp;

“The Sunshine Coast is one of only three markets nationally to record an increase in crane numbers, &nbsp;reflecting the strength of the region’s construction pipeline.&nbsp;

“Opportunities like this are rare and continue to generate strong buyer interest in the region.”&nbsp;

The Sunshine Coast development market is booming, with several high-profile developers like Cube Developments, Gardner Vaughan Group, and RCQ, planning developments in the region.

Devcon buys Sunshine Coast’s former Sizzler site for new apartment development

Sydney House, the residential redevelopment of the landmark City Tattersall building on Pitt Street in the Sydney CBD, will officially launch to the market this month.

The $800 million development, a joint venture between&nbsp;Singapore-listed <a href="https://www.apartments.com.au/developers/first-sponsor">First Sponsor</a>&nbsp;and leading Melbourne-based developer&nbsp;<a href="https://www.apartments.com.au/developers/icd-property">ICD Property</a>, will see a glass tower with 241 apartments and a 135-room hotel built above the restored heritage-listed podium.

[smartcode_project:default project_id=12428 project_image_fid=312145]

The apartments will offer&nbsp;rare northeast-facing views across the sparkling Sydney Harbour and Hyde Park, all positioned above a luxury hotel with exclusive access to premium amenities and five-star lifestyle services.

Internationally acclaimed architecture firm&nbsp;<a href="https://www.apartments.com.au/architects/bvn-architecture">BVN Architecture</a>&nbsp;handled the design for the residential component and the interiors for the hotel, while&nbsp;<a href="https://www.apartments.com.au/architects/fjc-studio">FJC Studio</a>&nbsp;focused on the heritage podium.

[smartcode_project:default project_id=12428 project_image_fid=6670]

First Sponsor’s CEO, Neo Teck Pheng, together with ICD Property’s CEO, Matthew Khoo commented that the joint venture team was ecstatic to bring this extraordinary project to market as the first opportunity for those looking to secure their ultimate CBD luxury residence elevated by premium hotel amenities, including select premium services designed for effortless living.

“<a href="https://www.apartments.com.au/new-apartments/sydney-house-194-204-pitt-street-sydney-nsw-2000">Sydney House</a> will offer a sophisticated expression of modern CBD living, capturing panoramic vistas to Sydney’s most beloved icons, including the Sydney Harbour Bridge as well as Hyde Park out to the North and South Heads,” Khoo said.&nbsp;

&nbsp;

[smartcode_project:default project_id=12428 project_image_fid=312146]

Mr Neo expressed that the reinterpretation of the heritage podium levels will feature an elegant heritage bar and restaurant, along with luxurious hotel and function facilities, enhancing the experience for residents. The historical features will be reborn, ensuring that these grand, opulent spaces will once again be enjoyed, appreciated and celebrated by residents, Sydneysiders as well as interstate and international visitors alike.

Managing sales for the project, SRM Residential Partner Tim Rees said that the team has received an overwhelming response to date, largely from local downsizers and upgraders looking for the ultimate lifestyle purchase.&nbsp;

“Once completed in late 2027, Sydney House will be Sydney CBD’s newest icon blending modern architecture with historic grandeur located in one of the most prestigious enclaves of the CBD,” Rees said.&nbsp;

“Pitt Street is arguably the most significant street in all of Sydney. Just a stone’s throw from Circular Quay, Sydney Opera House, Hyde Park and Darling Harbour, Sydney House offers seamless connection with the CBD and beyond. Pitt Street Mall is literally across the road and there is an abundance of dining and cultural venues in close proximity. The outlook from Sydney House will be breathtaking with views of Hyde Park and Sydney’s famous iconic landmarks on offer.

“Following the trend of other global cities such as New York, London, Paris and Tokyo, luxury inner city apartment living with access to premium hotel amenities is the new ‘trophy home’ for wealthy downsizers or empty-nesters who aren’t looking to slow down, as they want to live in the heart of the action.”

[smartcode_project:default project_id=12428 project_image_fid=350624]

The project boasts a prime CBD location surrounded by the city’s most premium shopping centres including David Jones and Westfield Pitt Street as well as some of Sydney's best restaurants, bars,&nbsp;pubs, theatres, museums, art galleries, and parks.

Residents will be able to access the newly opened Sydney Metro Gadigal Station, located within a block from Sydney House. This station provides connectivity to Martin Place (one min), Barangaroo (three mins) and North Sydney (11 mins) as well as Chatswood and Macquarie University through to Castle Hill and Norwest. With services every four minutes during peak times, the Sydney Metro provides the ultimate convenience with 21 stations from Tallawong to Sydenham.

One of Sydney’s leading residential construction companies, particularly in premium off the plan luxury residences, Richard Crookes Constructions, will complete the project in late 2027.&nbsp;

Price guides at Sydney House include one-bedroom apartments from $1.5 million, two-bedroom apartments from $2.3 million and three-bedroom apartments from $5 million.

[smartcode_project_cta:default project_id=12428]

Set to bring next level luxury to Sydney CBD’s prestige property market

Buyers set for first chance at Sydney House, Sydney CBD's newest landmark tower development

Joint venture partners&nbsp;<a href="https://www.apartments.com.au/developers/amalgamated-property-group">Amalgamated Property Group</a>&nbsp;(APG)&nbsp;and&nbsp;<a href="https://www.apartments.com.au/developers/base-developments">Base Developments</a>&nbsp;have kicked off construction&nbsp;on its second Gold Coast apartment tower, Affinity Broadbeach, which is due for completion in early 2028.

More than 50 per cent of the 180 two- and three-bedroom apartments have sold, with buyers particularly impressed by&nbsp;the spacious and functional floor plans, close proximity to the beach, premium inclusions, and expansive resort-style amenities.

APG has just released a new limited collection of three-bedroom skyhomes with three living rooms and four bathrooms.

[smartcode_project:default project_id=107690 project_image_fid=323744]

Graham Potts, Principal and Founding Director Amalgamated Property Group, said the strong demand for <a href="https://www.apartments.com.au/new-apartments/affinity-broadbeach-40-46-chelsea-avenue-broadbeach-qld-4218">Affinity Broadbeach</a> highlights a genuine need for affordable luxury residential developments on the Gold Coast.&nbsp;

“It’s exciting to see construction kick off on this sought-after project which is set to create a new benchmark in luxe coastal living on the Gold Coast," Potts said.

"Buyers are attracted by the seamless blend of convenience and elegance that Affinity offers, together with the knowledge that our 20-years of industry experience ensures we continue to deliver homes to the same high standards our reputation has been built on."

Capital Construction Queensland, the inhouse construction arm of APG, is handling the building. Potts says having the internal build capability provides buyers with confidence in delivering a high-quality building, referencing Amaya Broadbeach which is nearing completion nearby.

[smartcode_project:default project_id=107690 project_image_fid=323199]

Carly Cottam, CEO of <a href="https://www.apartments.com.au/project-marketer/motiv">MOTIV</a> Group which is selling Affinity, says there's a clear undersupply of property across Southeast Queensland and an even greater shortage of well-designed, spacious residences.

"That’s why Affinity has attracted such strong demand," Cottam says.

"Every detail, from the intricate finishes to the intelligent spatial planning, has been crafted for the discerning owner-occupier. Beyond the residences, the amenity is designed as a true extension of the home."

&nbsp;

[smartcode_project:default project_id=107690 project_image_fid=6678]

Affinity’s superior amenities are resonating with buyers who are impressed by the range on offer, from the expansive outdoor heated pool, to the state-of-the-art gym, steam and sauna facilities, outdoor entertaining terraces, and a business centre.

"The offering reflects exactly what buyers are seeking when right-sizing or upgrading - spacious residences complemented by curated residential amenity, all within moments of the beach and vibrant retail and dining precincts,” Cottam added.

[smartcode_project:default project_id=107690 project_image_fid=6676]

Dennis Milin, Principal of Base Developments and Milin Builders, and Director of Capital Constructions Queensland, said the team is excited to deliver another collection of premium homes in the heart of Broadbeach.

"With more than three decades of proven success in construction and development, our award-winning portfolio across the ACT and NSW speaks for itself, now further demonstrated by the strong progress at Amaya Broadbeach on First Avenue in Queensland,"&nbsp;Milin said.

“In partnership with a highly regarded team of designers, engineers and trades, and supported by our experienced Gold Coast construction professionals, we remain committed to delivering projects defined by quality, timeless design and uncompromising standards."

Early works at Affinity are already advancing, with guide walls for shoring and bulk excavation underway.

[smartcode_project:default project_id=107690 project_image_fid=323196]

With a proven track record in large premium projects, APG has been developing residential and commercial property across Australia for more than 20 years. APG and Base Developments are the same duo behind the successful Amaya Broadbeach, currently under construction on First Avenue and due for completion in early 2026, as well as a number of other successful joint developments in Canberra, including Botanical in Turner, Kiara in Narrabundah, Ivy in Woden, and the three-tower Oaks precinct in Phillip.

APG is currently building The Eastbourne, 349 homes, a premium office building, and a retail and dining precinct at ANZAC Park East.

[smartcode_project_cta:default project_id=107690]

Amalgamated Property Group and Base kick off construction at Affinity Broadbeach

&nbsp;

A local Australian has spent a Lower North Shore record $15.1 million at <a href="https://www.apartments.com.au/new-apartments/elevate-hume-place-crows-nest-25-hume-street-crows-nest-nsw-2065">Elevate Hume Place</a>, the new TOD above the recently opened Crows Nest Metro Station.

The buyer amalgamated a penthouse and sub-penthouse to create the triplex apartment that will have five bedrooms, five bathrooms, a private rooftop pool, expansive terrace, and panoramic views of Sydney Harbour and skyline. The building is being created by burgeoning developer Third.i, alongside joint venture partner Phoenix Property Investors.

The buyer was drawn to Elevate’s unrivalled connectivity, situated directly above the&nbsp;<a href="https://www.apartments.com.au/developments/crows-nest-nsw-2065">Crows Nest</a> Metro Station, and the vibrant lifestyle precinct that surrounds it. The Metro connects to the CBD in just seven minutes, and Chatswood in four.

[smartcode_project:default project_id=142550 project_image_fid=309367]

Designed by internationally acclaimed architects <a href="https://www.apartments.com.au/architects/woods-bagot">Woods Bagot</a>, Elevate draws inspiration from the ancient blue gum forests native to the area. The building is a Net Zero development, created in consultation with Indigenous communities and exceeding sustainability benchmarks. Interiors feature chevron-engineered timber flooring, natural stone benchtops, and premium Sub-Zero Wolf appliances, delivering timeless elegance and next-level comfort.

The exchange of the $15.1 million apartment, follows a recent $5 million sale, and over $30 million currently in expressions of interests. Interest in Elevate’s penthouse stock has surged, reflecting a strong appetite for ultra-luxury residences that combine design excellence with unmatched connectivity.

[smartcode_project:default project_id=142550 project_image_fid=309369]

“We’re seeing a significant uptick in interest from local and international buyers who are prioritising connectivity, sustainability, and lifestyle,” said Callum Billinghurst, Head of Sales at Third.i Group.&nbsp;

“These recent sales are a testament to the vision behind Elevate. It’s not just about luxury finishes or panoramic views, it’s about creating homes that are deeply connected to the city and the community. Buyers are responding to that. They want to live somewhere that offers more than just a postcode, they want culture, convenience, and long-term value. Elevate delivers all of that, and more.”

[smartcode_project:default project_id=142550 project_image_fid=297878]

As part of the Hume Place precinct, Elevate is transforming Crows Nest into Sydney’s most dynamic urban village. Elevate’s unique position directly above the metro, combined with its curated amenity offering, has made it a magnet for buyers seeking a future-proof investment and a vibrant urban lifestyle.

The next release at Elevate is expected later this year.

[smartcode_project_cta:default project_id=142550]

“We’re seeing a significant uptick in interest from local and international buyers who are prioritising connectivity, sustainability, and lifestyle,” said Callum Billinghurst, Head of Sales at Third.i Group


Third.i & PPI set Lower North Shore apartment record with $15.1m sale at Elevate Hume Place penthouse amalgamation

Off the plan apartments

For the first time since the Reserve Bank of Australia began hiking rates in May 2022, markets are pricing in four interest rate cuts within the next 12 months. 
 
At the end of each trading day, the ASX publishes its&nbsp;RBA Target Rate Tracker&nbsp;which calculates the probability of changes in the overnight cash rate based upon the implied yields of very short-term (30-day) interest rate futures.&nbsp; 
 
The ASX’s Tracker as at yesterday’s close shows that markets are predicting the RBA will first cut interest rates by 25 basis points in February 2025, with three more in the run-up to August. The RBA meets eight times in 2025 (February, April, May, July, August, September, November, and December). 
 
The RBA’s official cash rate sits at 4.35 per cent.

Any movement in the official cash rate, and most importantly banks passing on those interest rate changes, will help address several challenges in the off the plan apartment space.&nbsp;

The first one is demand. A lower interest rate environment means buyers will have more money to spend due to increased serviceability. Buyers haven't had an opportunity to extend their serviceability in over two years.

For a prospective buyer wanting to take out a $641,000 mortgage, the average mortgage size across Australia according to the ABS, four rate cuts would translate to over $5,000 in savings per year on average, Finder analysis suggests.

On top of lower repayments, there's increased serviceability, meaning a buyer can spend more than they could if the interest rate is higher.&nbsp;

Average Aussie mortgage repayments

<table>
	<thead>
		<tr>
			<th>&nbsp;</th>
			<th>Cash rate</th>
			<th>Average home loan rate*</th>
			<th>Average monthly repayment</th>
			<th>Average monthly decrease</th>
			<th>Average annual repayment</th>
			<th>Average annual decrease</th>
		</tr>
	</thead>
	<tbody>
		<tr>
			<td>September 2024</td>
			<td>4.35%</td>
			<td>7.07%</td>
			<td>$4,296</td>
			<td>-</td>
			<td>$51,552</td>
			<td>-</td>
		</tr>
		<tr>
			<td>1 rate cut</td>
			<td>4.10%</td>
			<td>6.82%</td>
			<td>$4,189</td>
			<td>$107</td>
			<td>$1,284</td>
			<td>$1,284</td>
		</tr>
		<tr>
			<td>2 rate cuts</td>
			<td>3.85%</td>
			<td>6.57%</td>
			<td>$4,083</td>
			<td>$213</td>
			<td>$2,556</td>
			<td>$2,556</td>
		</tr>
		<tr>
			<td>3 rate cuts</td>
			<td>3.60%</td>
			<td>6.32%</td>
			<td>$3,977</td>
			<td>$319</td>
			<td>$3,828</td>
			<td>$3,828</td>
		</tr>
		<tr>
			<td>4 rate cuts</td>
			<td>3.35%</td>
			<td>6.07%</td>
			<td>$3,873</td>
			<td>$423</td>
			<td>$5,076</td>
			<td>$5,076</td>
		</tr>
		<tr>
			<td colspan="5">Source: Finder, RBA, ABS. *Owner-occupier variable discounted rate. Repayments based on the average loan of $641,143 (ABS data analysed by Finder).</td>
			<td colspan="2"><img alt="" data-bit="iit" data-entity-type="" data-entity-uuid="" height="31" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXco5HuNAjqBICpVCvo3HzWGg4p7cL4LNNgRMBhoA67KYJfOqqJQa7ZSRA71Ju988qgvPsCeSbWhwDfAV4E8iSpKXp6wBkUPMclLxe1_IMfwemjiI4eU8l9Q_QrMukqJYMAzm_jSHgst3qtOzFkqULeIMf8?key=iigATMhksU1ODdPeSGzwIA" width="170" /></td>
		</tr>
	</tbody>
</table>

Not only will buyers have more money to spend due to increased serviceability, but the supply of new apartments is likely to increase if borrowing costs for the developers are reduced.

Many developers across the country have new apartment projects ready to launch but are waiting for more favorable news on interest rates. It seemed at the start of the year that rates would be going down by mid-2024; however, inflationary pressure has led the RBA to maintain a hold on rates in each of the five meetings this year.

The Board will meet again next week, expecting to hold the official cash rate again at 4.35 per cent.

For a prospective buyer wanting to take out a $641,000 mortgage, the average mortgage size across Australia according to the ABS, four rate cuts would translate to over $5,000 in savings per year on average, Finder analysis suggests

Markets price in four RBA rate cuts in next 12 months: What it means for the off the plan apartment market

Expert Commentary - CoreLogic&nbsp;Economist Kaytlin Ezzy

The medium to high-density sector has increasingly become an important part of Australia's residential real estate market, with units steadily making up a larger portion of Australia's housing stock. In August, CoreLogic estimated that units made up 25.9% of national housing stock and around 30.4% of Australia's capital city housing stock, up from 19.6% and 22.9% at the start of 2010, respectively.

The continued reliance on the unit sector to deliver fresh housing stock is particularly evident across some of Australia's largest capitals, including Sydney and Melbourne, as well as the ACT, where limited land supply has made further development of low-density dwellings increasingly difficult.

The medium to high-density sector is increasingly becoming an important tool in delivering additional housing stock for Australia's growing population, especially as households continue to congregate in metropolitan areas.

With a median value of $637,593 (around 30% cheaper than capital city houses), capital city units offer a significantly more affordable entry point for first home buyers, as well as a lower maintenance option for both investors and downsizers. However, the latest National Housing Finance and Investment Corporation (NHFIC) ‘State of the Nation's Housing’ report forecasts a national housing deficit of approximately 106,300 by 2027 (later upgraded to 175,000), with around 59% of the shortfall expected in the unit market.

Below-average unit approvals and completions Figure 1 shows the latest ABS building approvals data by property type. In July, 4,490 units were approved for construction, down -19.9% from the month prior and -39.8% below the decade average. Excluding a handful of volatile months, the trend in new unit approvals has largely held below the decade average since mid-2018 and well below the trend in house approvals since late 2017.

<img alt="CoreLogic" data-entity-type="file" data-entity-uuid="0c267df5-205b-44c4-bb6b-a811f5b6313f" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202023-09-18%20at%2010.07.28%20am.png?VersionId=ysJNgYMkBWG6IxidE.i2DPC7Q7ZnwJ0i" />

Unsurprisingly, the latest ABS building activity data, displayed in Figure 2, also shows an easing in unit completions, while house completions have held close to the decade average.

In the past 10 years, units have accounted for approximately 41.7% of total new housing completions nationally. However, over the March quarter of 2023, units made up just 37.1% of completions, holding around -27.1% below the decade average.

<img alt="CoreLogic" data-entity-type="file" data-entity-uuid="64e942f2-c3c1-4f6a-9f31-ffa89eda0a02" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202023-09-18%20at%201.30.39%20pm.png?VersionId=.WXQWWowVnDVEl3YxvSh04nIheeftAeO" />

Despite surging demand, developers and consumers alike are exercising a more cautious approach in light of uncertain economic conditions, weaker capital gains, high construction costs, a tight labour market for trades and rising interest rates.

With fewer unit projects set to move through the construction pipeline, it’s likely completions will continue to ease, with units making up a smaller portion of new housing stock over the coming years. It is worth noting that while completions and approvals are low, the pipeline of unit projects yet to be completed is relatively high.

Unit commencements have shot up from 12,782 in the December quarter of last year to 19,981 through the first quarter of 2023. Constraints across the building sector have meant the number of units approved but yet to be completed have swelled to over 158,000 as of March this year. However, both unit commencements and the total number of approved units in the pipeline yet to be completed, remain below the highs of the mid-2010s. While unit construction fails to reach new highs, demand pressures for housing remain high.

<img alt="CoreLogic" data-entity-type="file" data-entity-uuid="15414574-e22a-4d1a-a823-5d165d1327a6" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202023-09-18%20at%201.30.31%20pm.png?VersionId=2gmohdUX7gB18pLn253g35LBENetFEZ4" />

The impact of a short fall on unit values Units have historically been a relatively affordable entry point for owner-occupier buyers looking for a first home, or investors looking for decent rent yields. In a low and declining interest rate environment, the apartment boom of the 2010s contributed to persistently low growth in annual rents across the country (averaging about 2% per year), and through the recent pandemic upswing, detached house values ballooned relative the unit sector.

However, in the face of rising demand and record low interest rates, the early 2020’s have not been marked by the same uplift in unit construction. At the moment, an elevated pipeline of units under construction, high interest rates and low consumer sentiment could temper unit demand and price growth.

But once the pipeline is worked through, Australia faces a relatively low number of approved projects, which may create a temporary vacuum in new unit supply. With the cash rate potentially easing in 2024, greater purchasing demand could fuel a stronger price boom in the unit market at this time.

The medium to high-density sector has increasingly become an important part of Australia's residential real estate market, with units steadily making up a larger portion of Australia's housing stock

Urban Editorial

Unit shortage looms over Australia: CoreLogic

Casuarina, a quiet suburb on the fringe of New South Wales and Queensland in the Tweed Shire, was long a quiet neighbour to the more well known Kingscliff.

It was popular for weekenders from Brisbane and the Gold Coast, and holiday homes for those further afield in Sydney, as well as retirees and families.

Large houses make up the majority of the residential spread, but new opportunities on undeveloped land has seen apartment developers descend on the coastal suburb.

Holm Developments and joint venture partner&nbsp;DeMartini Fletcher put it on the map in the off the plan apartment market when they announced PAMA, their 47 apartment project on Grand Parade, in 2021.

Last year Brisbane-based Azure Developments <a href="/news/nsw/azure-to-venture-to-nsw-with-subtropical-apartment-and-townhouse-development-in-casuarina">filed for a 91-dwelling coastal resort</a> with both apartments and terrace homes on the same street.

<img alt="Azure" data-entity-type="file" data-entity-uuid="99fd63ef-12e5-4d00-80c7-525265a39109" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202023-07-07%20at%209.16.09%20am.png?VersionId=g5IeNYxKGoon42_mKfGfi3fDbgzwSyqf" />Azure's plans for their Grand Parade site. Image supplied

Now Clarence Property has listed one of the last undeveloped beachside sites through CBRE, who is expecting interest from both Australian and offshore developers.

The one hectare offering, split into five lots of land, is also on Grand Parade, just 100 metres to the beach.&nbsp;

The five sites range from 1283 sqm to 2,482 sqm offering a combined total of up to 9,663 sqm, with access from and frontages to Grand Parade, Candlenut Street, Black Wattle Circuit, Habitat Drive and Blue Horizon Drive. They're being sold either separately or in one line.

Holm and DeMartini Fletcher paid $8.69 million for their 4,083 sqm PAMA site in late 2021, while Azure spent nearly $21 million on their larger 7,354 sqm site around the same time.

Over 70 per cent of the 47 apartments in PAMA have sold. The project is now under construction through Hutchies.

[smartcode_project:default project_id=112236 project_image_fid=202262]

CBRE Gold Coast managing director Mark Witheriff and associate director Daniel Doran, together with Colliers director of development sites Brendan Hogan and Gold Coast director-in-charge Steven King, are marketing the sites in an expressions-of-interest campaign closing on August 16.

Witheriff said he expected a bevy of premium residential and mixed-use developers to run the rule over the sites which are approved for a mix of three and four storey developments up to 13.6 metres in height.

“This is an unprecedented opportunity to deliver a landmark mixed-use promenade precinct close to the beach offering unimpeded ocean views from the upper levels within one of the most sought- after coastal communities in the country,” Witheriff said.

“The approved Casuarina Beach Town Centre plan permits a broad range of uses including shop-top housing with ground level commercial, medical and retail spaces fronting Grand Parade as well as three-storey residential-only boutique apartments.

Colliers agent Brendan Hogan said the range of convenience amenities in walking distance, including the thriving Coles- anchored Casuarina Village as well as The Commons retail and dining precinct, strengthened the appeal of the final precinct of Casuarina Beach.

<img alt="Casuarina" data-entity-type="file" data-entity-uuid="98f0f740-8c65-4f36-826d-0e8215eba8af" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202023-07-06%20at%203.32.41%20pm.png?VersionId=C6HP9sANS_QGuNbl53gf3vBEhBV7._eV" />The five beachside lots. Image supplied

“It’s not just the Casuarina Beach community that has come along in leaps and bounds in recent years but the wider region as well, with more than $1 billion in major infrastructure projects adding to its transformation,” Mr Hogan said.

“Casuarina Beach is just a five-minute drive from the new $723 million Tweed Valley Hospital nearing completion and due to open early next year and under 20 minutes’ drive to Gold Coast International Airport, which recently underwent a $260 million terminal expansion.

“The region is playing host to a massive amount of investment which is underpinning strong population growth and sustained long-term growth in property values.”

They are located within the Casuarina Beach Town Centre, which enjoys NSW State Government concept plan and project approval, which details the applicable built form and land use provisions permitted.

Large houses make up the majority of the residential spread, but new opportunities on undeveloped land has seen apartment developers descend on the coastal suburb

More off the plan apartments slated for prime Casuarina Beach development site

Residential cranes across Australia's capitals and major cities are still at near peak levels,&nbsp;Rider Levett Bucknell (RLB's) Q1 2023 Crane Index found.

The residential index representing the number of cranes on residential projects across the country has eased off very slightly from 172 index points to 171 index points. The results are similar to those recorded in the 2015-2017 property boom.

Over the last six months, 292 new cranes were added to new development sites, but 300 were removed from projects nearing completion. There are 835 cranes up across the country, a 3.8 per cent decrease from the 868 cranes in RLB's last edition of the report. The 835 cranes in the Q1 2023 report is still the second highest number of cranes seen since the inception of the RLB Crane Index in 2012.

<img alt="RLB Crane Index" data-entity-type="file" data-entity-uuid="f73284eb-c266-4b5d-9663-32255f086672" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202023-04-11%20at%2010.17.24%20am.png?VersionId=GiuC9xZZuTCaDW1zSSI5DYMyGPEqszPQ" />The number of cranes across Australia. Image credit: RLB Crane Index Q1 2023

Domenic Schiafone, RLB’s Oceania Director of Research and Development said the continuing strong number of cranes observed correlates with the strong national activity numbers.

<h2>Large fall in crane numbers in Melbourne CBD, but residential cranes holds firm</h2>

Melbourne recorded a fall of eight per cent in the Q1 2023 RLB Crane Index.

Across Melbourne, a total of 84 new cranes were added to projects, and 101 cranes removed, representing a net loss of 17 cranes across the region, bringing the current number of cranes to 189, down from 206 recorded in the previous edition.

[smartcode_project:default project_id=4522 project_image_fid=208465]

There were two less cranes for residential projects across Melbourne compared to the Q3 2022 Crane Index. Approval values grew over the 2022 calendar year, up 1.5 per cent.

"The apartments sub-sector saw total approvals grow by 42.8 per cent to $6.1 billion, although still below CY 2017 peaks,"&nbsp;Schiafone noted in the report.

[smartcode_project:default project_id=27728 project_image_fid=173913]

The report found that inner-city remains the region with the highest prevalence of cranes, accounting for 44 per cent of all of Melbourne’s cranes.

Residential cranes in Melbourne account for 53 per cent of crane activity.

To read more about Melbourne crane activity, click here.

<h2>Sydney still the main driver of crane count, but residential tapers off</h2>

Sydney continues to be the main driver of the crane count. Of the 836 cranes sighted across Australia, 365 were in Sydney.

But the residential pipeline in Sydney is shrinking. Approvals for houses were up 2.3 per ent, but apartment approvals were down by 23.1 per cent.

[smartcode_project:default project_id=108896 project_image_fid=180669]

The residential sector saw a total of 78 cranes removed and 65 new cranes added, bringing the overall number of cranes in the sector down to 246 cranes.

Inner Sydney (CBD &amp; Surrounds) saw the addition of only 18 cranes, against the removal of 27 cranes. This brings the total number of cranes down to 89 cranes. Losses were almost entirely attributed to the residential sector, which recorded a net decrease of 13 cranes.

[smartcode_project:default project_id=9302 project_image_fid=188219]

Sydney's crane activity is still the second highest on record.

To read more about Sydney's crane activity, click here.

<h2>South East Queensland reaches a new high</h2>

The crane count in Brisbane declined slightly during Q1 2023, down by five cranes from 35 to 30.

The residential sector continues to be the largest in Brisbane, accounting for 39 per cent of all cranes (30 of 77 cranes), slightly lower than the 43 per cent share recorded in the previous count.

Schiafone says it is interesting to note that that the current 39 percent share that the residential sector maintains in Brisbane is significantly lower than both Melbourne and Sydney, where residential cranes account for 53 per cent and 67 per cent of each city respectively.

[smartcode_project:default project_id=112020 project_image_fid=198798]

While Brisbane recorded a net loss in overall crane numbers, the Sunshine Coast and Gold Coast have performed stronger, bringing the total number of cranes across South East Queensland to a new high of 153 cranes.

Queensland should see a strong pipeline of activity over the next few years, with approval values for 2022 growing 6.2 per cent compared to 2021.

To read more about the South East Queensland crane activity, click here.

Over the last six months, 292 new cranes were added to new development sites, but 300 were removed from projects nearing completion

Residential crane count across Australia still near peak: RLB Crane Index Q1 2023

Conditions are right for smart owner-occupiers and investors to swoop on off the plan property in Australia.

That's the view from developer Iwan Sunito, the chief executive of Crown Group and founder of the recently launched development company One Global Capital.

Sunito says underlying conditions in the Australian property market are sound, and green shoots of recovery will soon appear.

“Growing numbers of Australians are choosing to live in units or apartments, to the point that they now&nbsp;account for 47 per cent of total dwelling commencements&nbsp;in the five years to 2018, up from 42 per cent in the 10 years to 2018," Sunito says.

"People want the convenience of living close to amenities like cafes, shopping centres and transport links.

[smartcode_project:default project_id=5180 project_image_fid=197149]

"'Empty nester downsizers’ are certainly among those seeing the practical, lifestyle benefits, helped by capital gains they have made, so apartment living is increasingly common and the preferred option."

Suntio cites the new stamp duty reforms in NSW, which means eligible first home buyers can now opt-out of paying the upfront burden of stamp duty and instead pay a smaller annual property tax.

"The State Government scheme is enabling young couples and individuals looking to spend up to $1.5 million on property for the first time to cut up to two years off the cost of saving for a deposit," Sunito notes.

There's also the case for investors coming into the off the plan market, with strong rental yields being achieved due to the demand hugely outstripping supply.

[smartcode_project:default project_id=7020 project_image_fid=25155]

“We know that with borders reopening, demand for apartments is rebounding in the rental market which is forcing rents to increase, making returns more attractive to investors. International students, overseas and interstate workers are returning.

"For example, China announced in late January that its citizens studying with foreign universities must return to in-person classes. This alone spells the return of around 40,000 people to Australia. The Commonwealth Government’s migrant policy also aims to deliver 200,000 skilled people annually over the next five years.”

CoreLogic's December 2022 update showed Australia's three largest&nbsp; pegged Sydney's gross rental yield at 3.89 per cent, Melbourne at 4.18 per cent, and Brisbane at 5.17 per cent.

"Given the return of tertiary students, people moving interstate and forecast new arrivals, it is hard to see this upward trajectory changing over the next few years at least."

[smartcode_project:default project_id=5827 project_image_fid=174166]

Sunito says underlying conditions in the Australian property market are sound, and green shoots of recovery will soon appear

Why Australians should purchase off the plan property in 2023: Iwan Sunito

Sydney is one of the most popular and desirable cities in the world, known for its iconic landmarks, beautiful beaches, and thriving cultural scene. With its strong economy and growing population, it's no wonder that so many people are looking to buy property in Sydney, particularly for first-time buyers.

Off the plan apartments in Sydney are an increasingly popular option for first-time buyers. Off the plan properties are those that are purchased before they are built, allowing buyers to secure a property at today's prices and move in when the construction is completed. This can be a great way to get into the property market, as off-the-plan apartments are often more affordable than established properties.

When purchasing an off the plan apartment, buyers typically pay a deposit and then make progress payments throughout the construction process. This can be a great way to spread the cost of the purchase over a period of time, making it more manageable for first-time buyers.

Another advantage of buying off the plan is that buyers can often take advantage of government incentives, such as stamp duty concessions, which can save thousands of dollars on the purchase price.

Additionally, off the plan apartments in Sydney can also be a smart investment for the future. With Sydney's population projected to grow significantly in the coming years, demand for housing is expected to increase, which could lead to capital growth on the properties.

When buying off the plan, it's important to do your research and choose a reputable developer and a property that is well-located. Look for properties that are close to public transport, amenities, and employment opportunities. It's also important to carefully review the contract and understand the terms and conditions of the purchase.

In conclusion, off the plan apartments in Sydney are a smart investment for first-time buyers, offering affordability, government incentives, and the potential for capital growth. With the right research and due diligence, off-the-plan properties can be a great way to get into the Sydney property market. 
&nbsp;

When buying off the plan, it's important to do your research and choose a reputable developer and a property that is well-located

Michael Bird

Off the plan apartments in Sydney: A smart investment for first home buyers

Off-the-plan apartments are a popular option for buyers looking to enter the property market.

These properties are still in the process of being built, and buyers have the opportunity to purchase them before they are completed.

However, before making a decision to buy an off-the-plan apartment, it's important to understand what to look for and what to avoid.

One of the first things to look for when buying an off-the-plan apartment is the location.&nbsp;

Consider the surrounding area and the potential for appreciation in the future. Look for properties located in areas with strong job markets and a growing population, as these areas are likely to have a higher demand for housing in the future. Additionally, consider the proximity to amenities such as schools, parks, and public transportation.

Another important factor to consider when buying an off-the-plan apartment is the developer's reputation and track record. Research the developer's previous projects and look for reviews and testimonials from previous buyers. Make sure that the developer has a good reputation for delivering high-quality properties on time and on budget.

When buying an off-the-plan apartment, it's also important to consider the quality of the finishes and fixtures. Look for properties that offer high-quality finishes, such as granite countertops, stainless steel appliances, and hardwood floors. Additionally, check if the property is being built to comply with the latest building codes and energy-efficient standards.

Additionally, it's important to review the contract and legal documents thoroughly before making a purchase. Make sure you understand the terms and conditions of the contract, including the completion date, deposit requirements, and any cooling-off periods. It's also important to be aware of any additional costs, such as stamp duty, legal fees and body corporate fees.

Another important consideration when buying an off-the-plan apartment is the payment schedule. Make sure you understand when and how payments are due, and what happens if the completion date is delayed. Additionally, consider the potential for financing options and whether the property will qualify for a mortgage.

It's also important to be aware of potential risks when buying off-the-plan apartments.

One of the main risks is that the property may not be completed on time, which can cause delays in settlement and rental income. Additionally, the finished product may not match the plans and specifications that were initially presented, which can be disappointing for buyers.&nbsp;&nbsp; &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;

In conclusion, buying an off-the-plan apartment can be a great investment opportunity, but it's important to do your research and understand the potential risks.

Look for properties located in areas with strong job markets and a growing population, choose a reputable developer, and review the contract and legal documents thoroughly.&nbsp;

Additionally, consider the quality of finishes and fixtures, the payment schedule and financing options, and the potential risks associated with buying off-the-plan.&nbsp;

With the right research and due diligence, buying an off-the-plan apartment can be a great way to enter the property market and generate long-term returns. 
&nbsp;

Off the plan means the properties are still in the process of being built, and buyers have the opportunity to purchase them before they are completed



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