<p>Melbourne developer Spacious Group has completed Voyage Altona, one of the closest new apartment developments to Altona Beach.</p>

<p>Off the plan purchasers have started moving into the 49-apartment project on Pier Street, with the remaining move-in-ready one-, two- and three-bedroom apartments starting from just over $500,000.</p>

<p>Display apartments have now been fitted out, allowing prospective buyers to inspect the completed residences by appointment.</p>

<p>[smartcode_project:default project_id=112195 project_image_fid=372638]</p>

<p>The completed apartments feature open-plan living and dining areas which extend onto private balconies and terraces, while full-height glazing maximises natural light throughout the interiors.&nbsp;</p>

<p>Hybrid timber-look flooring, stone benchtops, Miele appliances, porcelain-tiled bathrooms and generous storage feature throughout the building which also features landscaped communal areas, expansive shared terraces, lift access and secure on-grade parking.</p>

<p>Drawing inspiration from its bayside setting, Voyage adopts a restrained palette of warm neutral tones and textured finishes. Many of the apartments take advantage of views across Port Phillip Bay, while the indoor-outdoor living spaces have been designed to make the most of the coastal outlook.</p>

<p>[smartcode_project:default project_id=112195 project_image_fid=3286]</p>

<p>Voyage was developed to address what Spacious Group identified as an undersupply of higher-quality apartment product in Altona, with a focus on owner-occupiers looking to remain within the bayside community.</p>

<p>"Voyage responds to very strong local buyer demand for quality, owner-occupier-focused product," says Barry Plant Projects Director Jarrod Farey, who has handled sales since the project's launch.</p>

<p>"The project delivers an elevated lifestyle proposition, with its design and quality of finish far exceeding anything previously produced in the area, as well as its proximity to Pier Street Village and the beach."</p>

<p>The majority of purchasers have been local downsizers and owner-occupiers looking to stay within the Altona community but who previously had limited opportunities to buy a brand-new apartment.</p>

<p>[smartcode_project_cta:default project_id=112195]</p>


Joel Robinson

Spacious Group completes Voyage Altona in Altona's beachside precinct

<p>Homecorp has secured approval for a $360 million apartment development at Budds Beach, paving the way for one of the Gold Coast's most amenity-rich residential projects to launch later this year.</p>

<p>Gold Coast City Council has approved Lýon Residences, a 32-level tower that will deliver 178 two and three-bedroom apartments across a prominent corner site at 8-10 Acacia Avenue and 25-27 Oak Avenue.</p>

<p>The approval comes as developers continue to invest in premium lifestyle-driven apartment projects on the Gold Coast, where owner occupiers are increasingly prioritising amenity as much as apartment size and location.</p>

<p><a href="https://www.apartments.com.au/new-apartments/l-on-residences-25-27-oak-avenue-surfers-paradise-qld-4217">Lýon Residences</a> has been designed around a resort-style wellness offering, headlined by a Moroccan-inspired spa precinct featuring treatment rooms, a Nordic sauna and steam room, hot and cold plunge pools, a soaking pool and a residents-only juice bar.</p>

<p>The rooftop will include a heated infinity pool and spa, residents' lounge with private kitchen and bar, gymnasium, yoga and Pilates studio, outdoor entertaining areas and barbecue facilities overlooking the Surfers Paradise skyline.</p>

<p><img alt="Lyon" data-entity-type="file" data-entity-uuid="2d3e29af-8793-486e-a684-52cef862241f" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-15%20at%204.32.26%E2%80%AFPM.png?VersionId=ayG2zpLf3SS6Zy8XmKDcQods4kVWb0gm" /></p>

<p>Homecorp Founder and CEO Ron Bakir said Budds Beach provided the ideal location for the company's latest luxury apartment project.</p>

<p>"Budds Beach represents one of the most unique and sought-after pockets of the Gold Coast, and Lýon Residences has been designed to reflect that sense of rarity and refinement," Bakir said.</p>

<p>The project arrives as wellness continues to become a defining feature of new residential developments both in Australia and internationally.</p>

<p>The latest Global Wellness Institute figures show wellness real estate remains the fastest-growing segment of the global wellness economy and is forecast to exceed $1.8 trillion by 2030. Australia continues to rank among the world's 15 largest wellness real estate markets, with developers increasingly integrating health, recreation and community facilities into apartment projects.</p>

<p>Queensland is also experiencing strong population growth, with the Gold Coast continuing to outperform many other Australian cities as demand for new housing remains elevated ahead of the 2032 Olympic and Paralympic Games.</p>

<p>Bakir said the project had been designed to respond to that shift in buyer expectations.</p>

<p>"Strong population growth and sustained demand across the Gold Coast continue to highlight the need for well-designed new housing supply. Lýon Residences responds directly to this demand while setting a new benchmark for residential living," he said.</p>

<p>Each apartment has been designed to maximise views across the coastline, the Nerang River and the Gold Coast hinterland.</p>

<p>Located just minutes from Surfers Paradise beach and the Broadwater, the development also offers easy access to the light rail network, Broadbeach and Burleigh Heads.</p>

<p>Early site works are underway, with construction expected to commence later this year.</p>


Homecorp approved for Budds Beach apartment tower, Lýon Residences

<p>New apartment developments with uninterrupted, north-facing views over Perth's Swan River are exceptionally rare.</p>

<p>Recognising just how limited those opportunities are, <a href="https://www.apartments.com.au/developers/edge-visionary-living">Edge Visionary Living</a>, one of Perth's most respected builder-developers, targeted <a href="https://www.apartments.com.au/developments/applecross-wa-6153">Applecross</a>, assembling an unrepeatable 6,342 sqm riverfront site on the corner of Moreau Mews and Canning Beach Road to create one of Perth's only new north-facing apartment developments directly overlooking the Swan River.</p>

<p>Today, <a href="https://www.apartments.com.au/buildings/riviere-residences-applecross-59-canning-beach-road-applecross-wa-6153">Rivière Residences</a> offers buyers a unique opportunity to choose between completed residences ready to move into now and off-the-plan homes in the final stage, Rivière West.</p>

<p>[smartcode_project:default project_id=28384 project_image_fid=3823]</p>

<p>Across the completed East and Central buildings, residents are already enjoying the development's luxury amenity, while two of the precinct's hospitality venues are now open.</p>

<p>The completed component of the development gives buyers the advantage of experiencing the finished product firsthand, including its uninterrupted river views, while still having the opportunity to secure a residence in the final stage.</p>

<p>"People are wowed by the view and the quality of the apartments,"&nbsp;Edge Visionary Living Sales Executive, Holly McSweeney, says.</p>

<p>"They're looking for the convenience of lock-and-leave living, but they're not looking to downsize on quality."</p>

<p>[smartcode_project:default project_id=28384 project_image_fid=3826]</p>

<p>The rarity of the development hasn't been lost on prospective buyers, McSweeney says.</p>

<p>For McSweeney, it all comes back to a location that is becoming increasingly difficult to replicate.</p>

<p>"Location, location, location," she says. "We are nestled right on the front of the Swan River. You can never get built out, so wherever you are in Rivière Residences, you've got views of the river forever."</p>

<p>The unique waterfront position has resonated particularly strongly with local downsizers. McSweeney says many buyers are long-time Applecross residents looking to transition from large family homes into a luxury apartment without sacrificing space, quality or the lifestyle they've enjoyed for decades.</p>

<p><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/N_FowNW0wu8?si=vb25XFq1wZ-iufAW" title="YouTube video player" width="560"></iframe></p>

<p>A major focus for Edge in recent years has been resident amenity. Across its apartment portfolio, from beachfront developments in Scarborough to luxury towers in South Perth, the developer has increasingly invested in the spaces beyond the apartment itself.</p>

<p>The strategy has largely been shaped by downsizer demand. Many buyers are moving from large family homes with swimming pools and established gardens. While they're looking to leave the maintenance behind, they don't want to compromise on lifestyle.</p>

<p>At Rivière, <a href="https://www.apartments.com.au/architects/hillam-architects">Hillam Architects</a> designed the resident facilities as an extension of each apartment. A 25-metre heated swimming pool takes advantage of the north-facing river outlook, complemented by a large gym, sauna and steam rooms, private dining spaces, residents' lounges, a cinema, games room, and dedicated wine and whisky rooms.</p>

<p>[smartcode_project:default project_id=28384 project_image_fid=372542]</p>

<p>The waterfront location has also proved to be a major drawcard. Residents are within walking distance of the Raffles Hotel, South of Perth Yacht Club, the Heathcote Cultural Precinct and the cafés, restaurants and boutiques along Ardross Street.</p>

<p>Beyond the location and amenity, McSweeney says many buyers take confidence from Edge's fully integrated development model.</p>

<p>Having delivered apartments across Perth for decades, Edge now designs, develops and constructs its projects in-house, giving the company greater control over quality, delivery and the finished product.</p>

<p>"What I love is when people walk through their apartment for the first time and say, 'This is better than what we imagined,'" McSweeney says. "We hear that all the time."</p>

<p>Completed apartments in the East and Central buildings are now available to inspect by appointment, while Rivière West, the final stage of the precinct, is expected to be completed in the first quarter of 2027.</p>

<p>[smartcode_project_cta:default project_id=28384]</p>


North-facing Swan River views drive demand at Rivière Residences in Applecross

<p>Nearly 60 per cent of apartments at McNab Group's $220 million The Tannery development in Brisbane's West End have sold ahead of the project's public launch, including a suburb-record $2.57 million sale for a two-bedroom apartment.</p>

<p>The early sales campaign has secured buyers for 50 of the project's 87 apartments, highlighting continued demand for larger owner-occupier apartments that combine generous floorplans with premium lifestyle amenities in one of Brisbane's most tightly held inner-city suburbs.</p>

<p>[smartcode_project:default project_id=143337 project_image_fid=374768]</p>

<p>McNab Group Executive Chairman Michael McNab said selling more than half the project before launch reflected changing buyer expectations.</p>

<p>"Selling more than half the project before public sales open tells us buyers are actively seeking apartments that offer something genuinely different," McNab said.</p>

<p>"Today's buyers are looking beyond four walls. They want homes that genuinely enhance the way they live, with spaces that support health, connection and everyday wellbeing."</p>

<p>[smartcode_project:default project_id=143337 project_image_fid=374767]</p>

<p>A key point of difference for the project is the adaptive reuse of the heritage-listed Dixon's Tannery building, which will become The Retreat, a residents-only wellness precinct rather than being redeveloped into additional apartments.</p>

<p>The Retreat will feature a sauna and steam room, hot and cold plunge pools, a commercial-grade gym, Pilates studio, cinema, library, co-working spaces and private dining room. Rooftop amenities will include a swimming pool, landscaped gardens, outdoor entertaining areas and dog-friendly spaces.</p>

<p>[smartcode_project:default project_id=143337 project_image_fid=374760]</p>

<p>Designed by Cottee Parker Architects with interiors by Tom Mark Henry and landscape architecture by Aspect Studios, The Tannery comprises 87 two, three and four-bedroom apartments across 11 levels overlooking the Brisbane River.</p>

<p>Cottee Parker principal Dee Passenger said preserving the original tannery building had been central to the project's design.</p>

<p>"The easy option would have been to maximise the site's development potential with additional apartments. Instead, McNab has chosen to preserve the original tannery as a shared wellness retreat, ensuring this important piece of Brisbane's history remains at the heart of the community."</p>

<p>Passenger said sustainability also played a key role in the design, with materials from the original industrial site salvaged and repurposed throughout the development.</p>

<p>[smartcode_project:default project_id=143337 project_image_fid=374761]</p>

<p>Motiv CEO Carly Cottam said buyers had responded strongly to the combination of larger apartments, wellness facilities and the West End lifestyle.</p>

<p>"We are seeing more buyers looking for homes in the sky that provide the space and functionality of a traditional home, while benefiting from the convenience and lifestyle that apartment living brings," Cottam said.</p>

<p>She said purchasers included both owner occupiers and investors, with demand coming from local buyers as well as interstate purchasers.</p>

<p>Coinciding with the public launch, McNab also announced a partnership with Queensland Ballet, whose neighbouring Thomas Dixon Centre shares historical ties with the original Dixon family.</p>

<p>Located on a 4,465 sqm site at 439 Montague Road, The Tannery overlooks the Brisbane River and is around 10 minutes from the CBD.</p>

<p>Construction is underway, with completion expected in the second half of 2027.</p>

<p>[smartcode_project_cta:default project_id=143337]</p>


More than half of residences sold before public sales as McNab announces significant partnership with Queensland Ballet

McNab's The Tannery nears 60 per cent sold before public release, sets two-bedroom West End record

<p>Iwan Sunito's vision for a landmark mixed-use precinct in Sydney's Inner West has taken a major step forward, with approval granted for the $1.9 billion Five Dock development first unveiled earlier this year.</p>

<p>The approved scheme by <a href="https://www.apartments.com.au/developers/one-global-capital">One Global Capital</a> will deliver an 80,500 sqm mixed-use precinct comprising 840 apartments, integrated hotel accommodation, commercial and retail space, alongside publicly accessible open space designed to create a new destination for the growing suburb.</p>

<p>"This is a significant milestone for One Global Capital and for the future of housing delivery in Sydney," Sunito said.</p>

<p>"The Housing Delivery Authority was established to identify major housing projects capable of delivering meaningful supply more efficiently, and we are delighted that Spencer Street has been recognised as one of those projects.”</p>

<p>He said the declaration reflected the rapid progress achieved since acquiring control of the site.</p>

<p>"In less than seven months we have progressed from taking control of the site to securing entry into one of the NSW Government's most important planning pathways. It reflects the experience of our team, the strength of our consultant group led by Urbis, and our long-term commitment to delivering transformational projects that contribute to Sydney's future."</p>

<p>When the project was revealed earlier this year, Sunito described the opportunity as one of the strongest development sites he had worked on.</p>

<p>"I probably hadn't appreciated the uniqueness of the site until more recently when putting together the concept plans," Sunito said.</p>

<p>"The proximity to the water, and the golf course opposite, is unlike any other part of Parramatta Road. We have a unique position and view corridors over the water that makes this one of the best sites I've worked on."</p>

<p>The development has evolved since its initial announcement, with the approved plans increasing the residential component from the originally proposed 750 apartments to 840 homes while retaining the project's focus on creating an integrated neighbourhood rather than a standalone residential development.</p>

<p><em>Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/a-city-within-a-city-iwan-sunito-flags-1-5-billion-mixed-use-precinct-in-five-dock">"A city within a city": Iwan Sunito flags $1.5 billion mixed-use precinct in Five Dock</a></em></p>

<p>The precinct will combine apartments with hotel accommodation, commercial workplaces, retail offerings and public spaces, creating a mixed-use environment intended to serve both residents and the broader Five Dock community. The proposal also continues the collaboration between One Global Capital and internationally recognised architect <a href="https://www.apartments.com.au/architects/koichi-takada-architects">Koichi Takada</a>, whose previous work with Sunito includes Infinity, Arc and Skye North Sydney.</p>

<p>Takada previously said the design was driven by a philosophy of integrating nature into the built environment.</p>

<p>"The concept for this development is born from our design approach to naturalising architecture," Takada said.</p>

<p>"The public realm benefits from biophilic design that integrates generous landscaping, and the development is optimised for natural daylight, airflow and water views to foster wellbeing, sustainability and spaces that foster community interaction."</p>

<p>Sunito has consistently described the project as a "city within a city", with a strong emphasis on creating a destination that extends beyond housing.</p>

<p>"We want to create a development that's not only to be seen, but to be experienced by the whole local community," he said.</p>

<p>The approval comes as Five Dock continues its transformation ahead of the opening of the Sydney Metro West line, with the new Five Dock station set to significantly improve connections between the Inner West, Parramatta and the Sydney CBD.&nbsp;</p>

<p>The precinct will also benefit from its proximity to the Parramatta Road corridor, nearby waterfront parklands and established retail and dining offerings that have made Five Dock one of Sydney's most tightly held Inner West suburbs.</p>


Iwan Sunito secures approval for $1.9 billion Five Dock mixed-use precinct

Property News

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<p><span>Buyers agent Frank Valentic, of Advantage Property Consulting, watched the two-bedroom apartment at 4/1A Lansdowne Rd, St Kilda East fetch $661,000 at recent auction.</span></p>
<p><span>It last sold at $490,000 in 2009.</span></p>
<p><span>He said an apartment in an almost identical position in the block sold last year for about $500,000.</span></p>
<p><span><a href="https://bigginscott.com.au/1867261/" target="_blank">There was a $548,000 sale</a></span><span> in December 2013, records show.</span></p>
<p><span><a href="https://www.realestateview.com.au/Real-Estate/4-1a-lansdowne-road-st-kilda-east/Property-Details-sold-residential-9328024" target="_blank">The latest two bedroom sale</a></span><span> was one of only six.</span></p>
<p><span>It came with secure car parking. </span></p>
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jchancellor-FAypfDUnLy

St Kilda East price spurt 

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<p><span>Buyers are jockeying for prime real estate in Hendra, as old horse stables are replaced with million dollar homes - with boutique builder, Bold Group of Companies, constructing nine new homes within a five street radius in the suburb.</span></p>
<p><span>Bold Group director Brett Boulton said he was also finalising contracts to start work on a further six homes as demand for Hendra surged.</span></p>
<p><span>Mr Boulton said the suburb had become a hot spot for buyers subdividing and knocking down old properties to build prestige homes that benefited from a position just eight kilometres from the CBD.</span></p>
<p><span>He said new development in the pipeline, including the redevelopment of the Eagle Farm and Doomben racing precincts, was also luring buyers.</span></p>
<p><span>"Homes are often selling before they even go to the market and it can be so hard to get in that you almost have to know the real estate agent to secure a property."</span></p>
<p><span>Figures sourced from RPData show the median price of homes in Hendra was more than $830,000 and the suburb had experienced growth of 11% over the past 12 months, compared to the Queensland average of 3.74%.</span></p>
<p><span>Bold Group of Companies was established in 2010 and is set to build 200 homes across Brisbane, the Sunshine Coast and Ipswich this year alone.</span></p>
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j.ballantyne1990-6AQqhLzZaK

New homes off and racing in Hendra‏

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<p><span>The intended matrimonial home of celebrity trainer Michelle Bridges and her former husband Bill Moore has been sold.</span></p>
<p><span>It achieved its desired $4.5 million plus ambitions ahead of last weekend's <a href="https://www.ch.com.au/100P10126" target="_blank"><span>scheduled Cobden &amp; Hayson auction</span></a>.</span></p>
<p><span>With its two year makeover, the then couple had bought the sandstone home at 10 Wharf Road in Birchgrove for $2.35 million in 2011.</span></p>
<p><span>It renovations were said to have cost as much again.</span></p>
<p><span>The builders only recently completed the renovation of the three bedroom 1870s home which has been sold to an inner west buyer, though not from the Balmain peninsula.</span></p>
<p><span>The Biggest Loser fitness trainers Michelle Bridges and Steve "Commando" Willis are set to stay in their Potts Point apartment following the upcoming birth of their first child.</span></p>
<p><span>It was early 2013 when the then Biggest Loser star and her husband, Bill Moore split after nine years of marriage, while keeping their multimillion-dollar fitness empire intact, with Bill retaining his role as business manager.</span></p>
<p><span>The couple had met at Moore's Balmain gym and then renovated their Rozelle house, where Moore continues to reside.</span></p>
<p><span>Birchgrove's highest non-waterfront was a $4.1 million sale in 2013 on Rose Street.</span></p>
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Michelle Bridges sells Balmain reno 

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<p>A Glen Forrest home in Western Australia has been listed for sale with $1.7 million hopes through Trevor Clark at Earnshaws RE.</p>
<p>The <a href="https://www.realestateview.com.au/Real-Estate/117-121-hardey-road-glen-forrest/Property-Details-buy-residential-9079616" target="_blank">117-121 Hardey Road</a>, an early 1900's private estate, was built by local stonemason Job Bailey.</p>
<p>The property sits on 1.24 hectares and features high ceilings, ornate cornices, original wide jarrah floorboards and French doors only 40 minutes drive east of Perth's CBD and is close to the Heritage Walk Trail</p>
<p>In 1995 a large two storey architecturally designed brick and tile addition was completed.</p>
<p>The median price for a home in <a href="/news">Glen Forrest is $585,000</a>, according to CoreLogic RP Data.</p>
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Glen Forrest stone home hits the market

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<p>A former Marara estate home in Avalon Beach has been listed for sale.</p>
<p>The <a href="https://www.realestateview.com.au/Real-Estate/102-and-104-cabarita-road-avalon-beach/Property-Details-buy-residential-9332704" target="_blank">104 Cabarita Road</a> property has been listed with $3.95 million hopes through David Watson and Claudio Marcolongo at LJ Hooker Avalon.</p>
<p>The boat-house Careel Chalet was the sole building on the 13,000 sqm Marara estate until 1930's.</p>
<p>Today the chalet is a self-contained guest-house to the 1970's timber home on a 1,073 sqm fragment of original property.</p>
<p>With a northerly aspect, the property overlooks Pittwater and is located five minutes from Palm Beach and 60 minutes from the CBD.</p>
<p> The median price for a house in <a href="/news">Avalon Beach</a> is $1,300,000, according to CoreLogic RP Data.</p>
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Avalon Beach waterfront lists with $3.95 million hopes

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<p><span style="line-height: 1.3em;">GUEST OBSERVER</span></p>
<p><span style="line-height: 1.3em;">Affordability issues in Sydney and Melbourne are creating stresses for homeowners considering an upgrade to a larger family home.</span></p>
<p>The national debate seems to be all about first home buyers, and with good reason given climbing real estate values coupled with ongoing housing shortages. </p>
<p>The trouble is that upgrading to a bigger home is not a simple or straightforward transaction either, especially with more empty-nesters in Sydney’s northern and eastern suburbs and Melbourne’s southern and eastern suburbs sitting on larger family homes.</p>
<p>Empty-nesters are hindering the second home buyer markets in our major capital cities because the costs for them to downsize either to a smaller property or a different location are too prohibitive thanks to excessive stamp duty charges imposed by state governments.</p>
<p>Stamp duty eats into the retirement nest-eggs of many older Australians, especially those who have very little in the way of superannuation savings, because the majority of their working careers was completed prior to the introduction of compulsory superannuation in the early 1990s.</p>
<p>It also means that many older Australians are unable to benefit from uncapped, tax-free superannuation payments, which younger baby boomers are now enjoying as they head into retirement.</p>
<p>To rectify this financial imbalance for older, self-funded retirees, Mr Raine is urging state governments to consider stamp duty tax breaks for homeowners aged over 70, who would like to  sell a principal place of residence.</p>
<p>In turn, stamp duty-free real estate transactions for older Australians will help address some of the current supply constraints that are cramping the real estate plans of second time property buyers in our capital cities.</p>
<p> </p>
<p><em><span style="line-height: 1.3em;">Angus Raine is executive chairman, <a href="https://www.raineandhorne.com.au" target="_blank">Raine &amp; Horne</a>.</span></em></p>
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Stamp duty breaks will help solve second home buyer dilemma: Angus Raine

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<p>Colliers International has sold a flexible office and warehouse site in Malaga to a local investor for $2.7 million, representing a 6.7% yield.</p>
<p>The property, at 329 Victoria Road, is on a 3,547sqm parcel of land, including 1,771sqm warehouse, offices and showroom space.</p>
<p>Located 11km north-east of Perth, the property attracted strong bidding from investors, which resulted in the low yield.</p>
<p>Colliers International director industrial agency Raj Singh said the competitive bidding demonstrated the ongoing demand among small to mid-sized investors for well-located, securely leased industrial sites.</p>
<p>“We had over 30 enquiries on this property and five serious bidders competing for the site,” Mr Singh said.</p>
<p>“It shows the high interest that is out there for leased properties, especially those in modern warehouse style where there is a potential for flexible or multiple uses such as manufacturing and logistics.”</p>
<p>The property has a five-year lease to a manufacturing company that makes motorised blinds with a five-year option, but could equally be used as a logistics depot given the configuration of buildings and access to Victoria Road.</p>
<p>Mr Singh said logistics sales were proving to be star performers in the industrial space, and having a flexible site allowed for purchasers to future-proof their investment.</p>
<p>“Transport and logistics has emerged as the area making big demands on Perth’s industrial space, underpinned by the need to ship retail goods to shopfronts or direct to consumers,” he said.</p>
<p>The property was jointly sold by Mr Singh and Colliers International industrial executive Jeremy Parasiliti.</p>
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Malaga manufacturing asset attracts strong bidding

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<p><span>The Westpac branch at Wahroonga on Sydney's north shore has been sold through Burgess Rawson on a tight yield of 5%.</span></p>
<p><span>Securely leased to Westpac until 2018 with options to 2028, it fetched $3.85 million.</span></p>
<p><span>It was a 271 sqm part two storey freehold building with on-site parking.</span></p>
<p><span>The Burgess Rawson marketing agent Simon Staddon said it came with "attractive annual 5% rent increases."</span></p>
<p><span>"The bank pays 100% of outgoings as per lease."</span></p>
<p><span>It's net income was given as $196,983 pa + GST.</span></p>
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Wahroonga Westpac sells at Burgess Rawson auction

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<div>The wealth effect from a multi-year Sydney property market boom has sent trend retail turnover, new motor vehicle sales, building activity and total employment in the Premier State surging to new highs in recent months. </div>
<div> </div>
<div>It's not hard to see why.<br><br>Over the three years to June 2015 the value of residential dwelling stock in the state has flamed up by nearly three quarters of a trillion dollars - massively boosting net household wealth in the process - and in turn leading to increased employment in the residential construction sector together with its associated multiplier effect.<br><br>The latest data from the ABS showed that the total value of residential dwelling stock in New South Wales has exploded by +$737 billion to nearly $2.3 trillion over the three years since March 2012.<br><br>However, increases in the value of dwelling stock have been by no means uniform across Australia as you can see in the first chart below.</div>
<div> </div>
<div><a href="/images/2015/09/23/A1.jpg" target="_blank">Click to enlarge</a></div>
<div> </div>
<div><img src="/images/2015/09/23/A1.jpg" alt=""></div>
<div> </div>
<div><span>Indeed, while Victoria (+$327 billion) and Queensland (+$123 billion) have recorded some solid gains over the last three years - which have contributed to the combined value of Australia's dwelling stock surpassing $5.75 trillion - the total value of stock has been declining in Western Australia and the Northern Territory for the past year.</span></div>
<div><span> </span></div>
<div><a href="/images/2015/09/23/A2.jpg" target="_blank"><span>Click to enlarge</span></a></div>
<div><span> </span></div>
<div><span><img src="/images/2015/09/23/A2.jpg" alt=""></span></div>
<div> </div>
<div> </div>
<div>
<div>Over the June 2015 quarter New South Wales (+$193 billion) and Victoria (+$65 billion) accounted for 95 per cent of the +$272 billion uplift in the total value of Australia's residential dwelling stock.<br><br>Note that although the ABS data series is not the most timely indicator, with the benefit of additional time to collate results it is likely to be the most accurate.</div>
<br><strong><span style="text-decoration: underline;">Residential indexes</span></strong><br><br><div>The latest figures released today by the ABS to Q2 2015 recorded an extraordinary boom in Sydney dwelling prices with prices exploding +8.9 per cent higher in the June quarter to be +18.9 per cent higher over the year.<br><br>Sydney has not seen quarterly gains of this magnitude for nearly three decades in percentage terms.</div>
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<br>Solid gains for the quarter were also recorded in Melbourne (+4.2 per cent), Brisbane (+0.9 per cent) and Canberra (+0.8 per cent).</div>
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<br>Elsewhere index moves for the quarter were subdued, or negative in the cases of Perth (-0.9 per cent) and Darwin (-0.8 per cent).</div>
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<div><a href="/images/2015/09/23/B1.jpg" target="_blank">Click to enlarge</a></div>
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<span>Since Q4 2008 Sydney's accelerating dwelling prices have blown up the index to be +77.3 per cent higher, with Melbourne a distant second at +46.8 per cent.</span><br><br><span>At the bottom end of the scale come the southern state capitals of Hobart (+12.6 per cent) and Adelaide (+15.9 per cent). </span>
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<div><span>The mean price of a residential dwelling as at June 2015 increased to $604,700 in Australia having jumped by some $26,200 in the quarter, with those gains having been overwhelmingly driven by Sydney (+$63,400 to $777,400) and Melbourne (+$24,300 to $605,000).</span></div>
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<strong><span style="text-decoration: underline;">Established houses outperform</span></strong><br><div class="separator"> </div>
<div class="separator">ABS data now exists back to September 2003 which allows us to compare the relative performance of established houses versus attached dwellings.</div>
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<div class="separator">As you can see below, on average established houses (+89 per cent since Q3 2003) have outperformed attached dwellings (+73 per cent) over the past dozen years. </div>
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<div class="separator">These figures equate to compounding annual price growth of +5.4 per cent for established houses and +4.6 per cent for attached dwellings since Q3 2003.</div>
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<div>Of course, averages mask any number of sub-trends, and it is also true that initial rental yields on townhouses, units and apartments can often be at least 1 per cent higher than those achievable from established houses in equivalent locations.<br><br>It may also be the case that going forward attached dwellings might perform comparatively well in the denser capital cities where the affordability of established housing is becoming increasingly prohibitive.</div>
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<div>Nevertheless, the above chart does hint towards land value and scarcity value as being two of the key underlying drivers of dwelling price growth.</div>
<br><strong><span style="text-decoration: underline;">Supply response</span></strong><br><br><div>The preliminary figures for Q2 2015 recorded an estimated 9,528,300 dwellings in Australia, a reasonably solid increase of +38,400 dwellings for the June quarter and +161,500 for the past year.</div>
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<div>Unfortunately the ABS could provide no preliminary estimate for the number of New South Wales dwellings this quarter.</div>
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<div>Using projections of historic data it seems likely that assuming the data is accurate the total stock of dwellings in the Premier State has increa<span>sed by close to <span>~</span>120,000 units since September 2011, with the population of the state having increased by a<span>n estimated <span>~</span>375,000 over the same time horizon. </span></span>
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<div>In other words, despite an uplift in both home starts and dwelling completions since FY2012, New South Wales evidently has some way to go before the market becomes saturated with new builds.</div>
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<div><a href="/images/2015/09/23/A3.jpg" target="_blank">Click to enlarge</a></div>
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<div>It was announced this week that the New South Wales Government will release some 7,700 hectares of land for the construction of up to 35.000 new homes to the south of Campbelltown.</div>
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<div>It is dubious, however, just how much impact newly constructed dwellings located 70 kilometres from the centre of Sydney will have on established dwellings in the inner suburban market given the poor level of substitutability with fringe housing. </div>
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<p><span><em>PETE WARGENT is the co-founder of <a href="https://allenwargent.com/" target="_blank" rel="nofollow">AllenWargent</a> property buyers (London, Sydney) and a best-selling author and <a href="https://petewargent.blogspot.com/" target="_blank" rel="nofollow">blogger</a>.</em><br></span></p>
<p><em>His latest book is <a href="https://www.bigskypublishing.com.au/Books/General-Interest/Four-Green-Houses--and-a-Red-Hotel/1015/productview.aspx" target="_blank" rel="nofollow">Four Green Houses and a Red Hotel</a>.</em></p>
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NSW dwelling stock value explodes: Pete Wargent

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<p>In spite of Sydney’s recent boom, property markets in the central western New South Wales region of Orana have performed better than its big brothers in metropolitan Sydney.</p>
<p>Propertyology recently completed a 3-month study to compare the historical property market performance of each of Australia’s 550 local government authorities between 2000 and 2014. Given that some property markets have higher rates of growth and others have higher rental yields, Propertyology calculated the ‘total return’ (average annual growth rate plus rental yield) and we then ranked the LGA’s from 1 to 550 based on this performance.</p>
<p>Four of the LGA’s from the Orana region featured in Australia’s Top 40% for property market performance over the last fifteen years. None of the forty-three LGA’s from Greater-Sydney claimed such status.</p>
<p>Cobar was the region’s best performed property market, ranked a very impressive 15<sup>th</sup> out of 550 LGA’s in Australia. The median house value of $227,500 as at December 2014 has increased by an average of 10% per annum from $45,000 at the state of 2000. Average rental yields as at December 2014 were 6.8%. </p>
<p>Cobar’s economy is heavily influenced by mining, specifically the diverse range of metals such as gold, copper, zinc, silver and lead. The average age of 35 is below the 37 national average. It’s a worker’s town and the $1,259 per week average household income is better than the $1,234 national average, and housing is significantly more affordable than big cities.</p>
<p>The LGA of Wellington produced an equally impressive result, ranking 30<sup>th</sup> overall. Narromine (154<sup>th</sup>) and Dubbo (217<sup>th</sup>) also featured in the best 40% of Australian property markets over the fifteen year period 2000 to 2014. </p>
<p>The Orana region covers more than one quarter of NSW’s total land mass. Fertile soils, plentiful water supply, and natural resources are in the region’s economic DNA of agriculture, mining, and tourism.</p>
<p>With quality infrastructure including tertiary education campuses, high class health facilities, and a large retail sector, Dubbo is the primary service centre for the 120,000 population region. For the price of a typical house in Greater-Sydney one could today buy three houses in Dubbo where the median house price grew from $115,000 to $312,130 over the last fifteen years and the average rental yield was 5.7%.</p>
<p>Dubbo also won the battle of regional rivalry with Orange, which ranked 351<sup>st</sup> (amongst Australia’s middle 20%). </p>
<p>Greater-Sydney’s best performing LGA over the last fifteen years was Blacktown, ranked 276<sup>th</sup>.</p>
<p><a href="/images/2015/09/22/Dubbo1-2.jpg" target="_blank">Click to enlarge</a></p>
<p><img src="/images/2015/09/22/Dubbo1-2.jpg" alt=""></p>
<p><em>Simon Pressley is Managing Director of <a href="https://www.propertyology.com.au/" target="_blank">Propertyology</a>, REIA Hall of Fame Inductee, property market analyst, accredited property investment adviser, and Buyer’s Agent.</em></p>
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