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.

Joel Robinson

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

Seasoned Victorian apartment developer <a href="https://www.apartments.com.au/developers/central-equity">Central Equity</a> has logged more than $400 million in sales in its luxury apartment project Palmera Residences at Northcliffe on the Gold Coast.&nbsp;

Central Equity Director Karl Kutner said the sales result reflected a combination of location, product quality and delivery certainty with the project already under construction by building powerhouse Multiplex.&nbsp;

"Surpassing $400 million in sales since launch is a significant milestone and an outstanding endorsement of <a href="https://www.apartments.com.au/new-apartments/palmera-residences-gold-coast-18-garfield-terrace-surfers-paradise-qld-4217">Palmera Residences</a>,” he said.&nbsp;

"We believe one of the key reasons for this strong result is the confidence purchasers have in knowing the project is under construction with Multiplex. Buyers are increasingly looking for certainty. They want to know that the project they commit to today will be delivered by an experienced team with a proven track record."&nbsp;

[smartcode_project:default project_id=108274 project_image_fid=365782]

Kutner said it was clear there was still high demand for luxury projects that offered certainty of delivery.&nbsp;

“We are in a market where many residential developments have faced delays due to rising construction costs, labour shortages and financing challenges,” said Kutner.&nbsp;

"But having construction underway has provided our buyers with resounding confidence backed by more than 40 years of development delivery by Central Equity combined with construction by one of Australia's most respected construction companies."&nbsp;

[smartcode_project:default project_id=108274 project_image_fid=365785]

Central Equity is one of Australia's most experienced privately-owned property developers. Over more than four decades, the company has delivered in excess of 85 residential developments including 10,000 apartments and many thousands of stand alone homes.&nbsp;

Located on Garfield Terrace at Northcliffe, between Surfers Paradise and Broadbeach, Palmera Residences occupies one of the Gold Coast's most sought after beachside locations. The development has been designed to appeal to owner occupiers seeking premium residences that combine generous living spaces and resort style amenities.&nbsp;

Palmera Residences will feature an exceptional collection of resort style amenities, including two swimming pools: a generously sized family pool with safe shallow zones for relaxed recreation, and a 20 metre lap pool positioned to maximise all day sunlight.&nbsp;

Residents will also enjoy exclusive access to wellness and recreational facilities including a magnesium pool, sauna, yoga studio, expansive fitted gymnasium, resident lounge, outdoor BBQ’s&nbsp;and indoor and outdoor dining areas, together with a dedicated concierge and luxurious hotel inspired entrance foyer.&nbsp;

[smartcode_project:default project_id=108274 project_image_fid=365767]

A unique feature at Palmera Residences has been designed to enhance the Gold Coast lifestyle which includes both indoor and outdoor gymnasium facilities, together with thoughtfully designed indoor and outdoor dining and entertaining areas. A corner café has also been incorporated to provide residents with a destination for their everyday needs.&nbsp;

Kutner said buyer demand had been broad based with purchasers attracted from interstate as well as throughout South East Queensland.&nbsp;

"We're seeing strong interest from owner occupiers, lifestyle buyers and people relocating to the Gold Coast. Many purchasers have been searching for a premium beachside residence where quality, design and delivery are equally important."&nbsp;

[smartcode_project:default project_id=108274 project_image_fid=365771]

Kutner said the sales milestone was an important achievement, but the focus remained firmly on delivering an exceptional development.&nbsp;

"While reaching $400 million in sales is an important milestone, our priority remains delivering a project that exceeds purchaser expectations,” he said.&nbsp;

"Palmera Residences has been designed to become one of the Gold Coast's landmark residential addresses, and we look forward to welcoming our purchasers to their new homes."&nbsp;

There are a limited number of residences remaining in selected configurations with pricing from $2,950,000 to $8,950,000. Palmera Residences is also crowned by expansive penthouses with wrap around views.

[smartcode_project_cta:default project_id=108274]

Construction certainty and strong buyer demand drive major sales result for luxury Gold Coast development

Palmera Residences fly out the door as sales pass $400 million

National property developer <a href="https://www.apartments.com.au/developers/goldfields-group">Goldfields</a> has appointed BINAH as its construction partner for Quartet, its new Brisbane apartment development in the undersupplied suburb of <a href="https://www.apartments.com.au/developments/milton-qld-4064">Milton</a>.

Located just two kilometres from the Brisbane CBD and moments from key 2032 Olympic precincts, <a href="https://www.apartments.com.au/new-apartments/quartet-milton-33-manning-street-milton-qld-4064">Quartet</a> will deliver 131 one, two, three, and four-bedroom apartments priced from $1 million to $4.2 million, combining elevated design with a wellness-focused lifestyle offering.&nbsp;

[smartcode_project:default project_id=108736 project_image_fid=368000]

Goldfields’ Chief Executive Officer, Lachlan Thompson, said the appointment of <a href="https://www.apartments.com.au/builders/binah-constructions">BINAH</a> marked an important milestone for the project.&nbsp;

“Bringing BINAH on board as our construction partner will allow us to bring our vision for Quartet forward with a team that has a proven track record of delivering high-quality residential projects,” Thompson said.&nbsp;

“We’ve taken a considered approach to progressing the site because we wanted to deliver the whole package. Buyers ultimately back great developers, great projects and great builders, and with Quartet, we’ve made sure all three line up.

“People want certainty, they want to know the project will be built, that the homes will be delivered as promised, and that the developer stands behind the quality of what they create. That’s something Goldfields has built its reputation on over many years.”&nbsp;

[smartcode_project:default project_id=108736 project_image_fid=367993]

BINAH’s Managing Director, Khalil Hafza, said the company was proud to be partnering with Goldfields to deliver Quartet.&nbsp;

“Quartet is an exciting project to bring to life, particularly given the level of detail in the residences and the extensive rooftop amenity planned for the building,” Mr Hafza said.&nbsp;

“Our focus is on delivering a high-quality build that brings that design vision to life and creates homes residents will enjoy for many years.”&nbsp;

[smartcode_project:default project_id=108736 project_image_fid=367999]

The facilities at Quartet have been feared towards the roof, with a&nbsp;25 metre lap pool, spa, sauna and cold plunge, and a communal barbecue area and alfresco.

Town planning was designed by <a href="https://www.apartments.com.au/architects/rothelowman">Rothelowman</a> and brought to life by Melbourne-based architecture firm Cera Stribley.

<a href="https://www.apartments.com.au/interior-designers/cera-stribley">Cera Stribley</a> Co-Founder and Managing Principal, Dom Cerantonio, said the project responds to both its riverside setting and Brisbane’s evolving urban character.&nbsp;

“Quartet has been designed to sit comfortably within its riverside context, offering a refined take on urban living through well-planned, generously proportioned residences that will stand the test of time,” Mr Cerantonio said.&nbsp;

“An emphasis on natural light, natural textures and carefully selected finishes from timber and marble to premium appliances, creates calm, considered interiors designed for comfort and long-term liveability.”&nbsp;

Construction of Quartet will commence in July 2026, with completion anticipated in Q4 2028.

[smartcode_project_cta:default project_id=108736]

Construction to commence on 131-residence tower designed around wellness-focused living

Goldfields appoints BINAH for Quartet apartments in Milton

The first partnership between national developer <a href="https://www.apartments.com.au/developers/fortis">Fortis</a> and Adelaide-based developer <a href="https://www.apartments.com.au/developers/otello">Otello</a> has made a strong start, with the pair securing $21 million in unconditional sales at <a href="https://www.apartments.com.au/new-apartments/one-four-four-hutt-adelaide-144-hutt-street-adelaide-sa-5000">One Four Four Hutt</a>&nbsp;on the edge of the Adelaide CBD.

Over a third of apartments have been snapped up in the boutique 44-apartment project on the corner of Hutt Stret and Wakefield Road. Local downsizers and owner-occupiers wanting to remain in Adelaide's tightly-held southeast quarter have been the most prominent purchasers.

The DKO-designed, mixed-use development is one of the few new apartment projects in the precinct, an area where new housing supply has remained limited despite continued demand from buyers wanting to stay close to the CBD, Victoria Park and Adelaide's established east-end amenities.

[smartcode_project:default project_id=151233 project_image_fid=375378]

Fortis Head of Development SA Arthur Dendrinos said the early sales reflected both the strength of the local owner-occupier market and confidence in the Hutt Street location.

"The level of early commitment reflects the confidence local buyers have in the Hutt Street precinct," Dendrinos said.

"Many purchasers are long-term east-end residents who love the area and want to stay connected to the neighbourhood. They recognise the value of a well-designed, well-located development.

"Our partnership with Otello has been central to this success, and the number of unconditional sales at this stage only strengthens our confidence in the South Australian market."

[smartcode_project:default project_id=151233 project_image_fid=375379]

Otello Director Daniel Harris said the sales result also highlighted the lack of new apartment opportunities within the Hutt Street precinct.

"One Four Four Hutt has clearly resonated with buyers, with strong early sales reflecting both the appeal of the Hutt Street corridor and the lifestyle on offer," Harris said.

"The activated ground-floor retail has also been a key drawcard, with purchasers responding to the vision of a more vibrant and connected streetscape, not just the residences themselves."

One Four Four Hutt will deliver 44 one, two and three-bedroom apartments, alongside a collection of penthouses, above a ground-floor retail offering designed to further activate the Hutt Street precinct.

Construction is scheduled to commence in the third quarter of this year, with completion anticipated in 2028.

[smartcode_project_cta:default project_id=151233]

Fortis Head of Development SA Arthur Dendrinos said the early sales reflected both the strength of the local owner-occupier market and confidence in the Hutt Street location.

Fortis makes Adelaide debut with Otello as One Four Four Hutt records strong early sales

Reits

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Australian Securities Exchange-listed apartment developer Finbar Group has sold an office building in Perth to Singapore stock exchange-listed Sim Lian Group, which is buying the property through a wholly owned property trust.
The Gateway Building in Victoria Park, south-west of Perth’s CBD sold for $72.8 million, with the sale price representing a yield of 8.48%.
Finbar Group said the price was consistent with the building’s current external valuation and carrying book value. It expects to realise $20 million in cash from the sale after the repayment of the building’s finance and minority joint venture interests. Finbar Group owned 69% of the property.
“The sale of the Gateway Building represents a timely disposal opportunity where we can seek to deploy more funds into our core business of residential apartment development which has a very robust pipeline of exciting and large scale projects,” Finbar managing director Darren Pateman said in a statement.
Finbar received approval in December for the development of a $120 million mixed-use development including 118 apartments and more than 2,000 square metres of commercial tenancies in South Perth.
The company reported the Gateway Building, which it completed building in July 2010, accounted for 54% of its rental income for the first half of 2014. Rental income contributed 5% to Finbar’s overall earnings, with the majority of its earnings deriving from apartment developments.
The market for office property sales in Perth was sluggish in 2014, with Savills research showing the value of office property sales was down 81% compared with the previous year. Only 16 office buildings changed hands in the city in 2014, down from the five year average of 35, Savills found.
Savills estimates yields for Perth CBD office property at December 2014 were in the range of 7.5% to 8.75% for A Grade buildings, and 8.75% and 10.25% for secondary grade buildings.
CBRE’s research shows there are high vacancy rates and leasing incentives in the Perth office market. The agent expects these challenging conditions for landlords to continue during 2015 with 155,805 square metres of new office space expected to come to market in the second half of 2015.
The Gateway Building has a net lettable area of 12,813 square metres and is 99% leased to retail and office tenants. The major tenant is listed engineering company Monadelphous Group, which has its head office in the building.
The sale is expected to settle in March 2015. 
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Finbar Group sells Gateway Building in Victoria Park, Perth

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Australia's biggest diversified property group, Stockland saw its first-half underlying profit rise 8.5% to $290 million.
It was growth in its residential business that was described as the standout performer in the first half, Stockland managing director and CEO, Mark Steinert told investors today.
Click to open in new window: 
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Residential was up 72.8% on 1H14. 
The other Stockland businesses, including commercial, retirement living and and retail, profits were harder to come by.
Retirement living achieved operating profit growth of 5.8% on 1H14. Commercial property comparable operating profit was up 4.7%. 
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Logistics and business parks portfolio had 21.9% profit growth on 1H14. 
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"Our Commercial Property business remains a key driver of our group’s success. 
"On a comparable basis we achieved operating profit growth of 4.7% across the portfolio, with 3.3% in retail, 5.7% in logistics and business parks and 7.8% in office, reflecting our strong focus on property fundamentals," Mark Steinert said.
 
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Commercial profits up, but Stockland residential the half year standout

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The directors of BWP Management Limited, the responsible entity for the BWP Trust have announced the acquisition of a completed Bunnings Warehouse in Maribyrnong, Melbourne, Victoria, from Bunnings Group Limited.
The number of Bunnings Warehouses owned by the trust is 80 and the total number of properties in the portfolio is 83.
In June 2001, the trust acquired 3.4 hectares of land for $7.1 million, on which a Bunnings Warehouse has since been developed and opened in mid-2013. The trust has been receiving rental income of 8% on the purchase price of the land since that time.
As part of the acquisition of the site, Bunnings was required to undertake remediation of contamination associated with the property, to the satisfaction of all relevant authorities, which has been achieved.
In agreeing to acquire the completed Bunnings Warehouse development, the Trust will pay Bunnings a development fee of $31.98 million, representing a total consideration of $39.075 million for the completed development, supported by an independent valuation at a 6.50% capitalisation rate.
Settlement of the development is expected to occur on 13 February 2015 for the property located at the corner of Williamson Road and Rosamond Road, adjacent to the Highpoint Shopping Centre, in the suburb of Maribyrnong, approximately eight kilometres north-west of the Melbourne central business district.
It is a Bunnings Warehouse with a total retail area of 17,551 square metres and approximately 407 car parking spaces on the site.
The commencing annual rental income of the property is $2.54 million, with Bunnings leasing the property for an initial fixed term of 12 years and a further five optional terms of six years each, at Bunnings’ election.
Under the lease, the rent increases by a fixed three% per annum. At the end of the initial term and at the exercise of each option by Bunnings the rent is subject to a market rent review, having regard to the rents paid at comparable properties. The market rent reviews for the property are subject to a 10% ‘cap and collar’, meaning that the rent cannot rise or fall by more than 10% of the preceding year’s rent.
Managing director, Michael Wedgwood, said the transaction provides a good opportunity to further enhance the quality of the trust’s property portfolio, by adding a very well located large format store, which we expect to meet Bunnings’ requirements in the area, for a number of years.
BWP Trust reported a 14.6% increase to $49.1 million in distributable profit for the first half.
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BWP Trust secures 80th Bunnings store

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Ingenia Communities is an Australian stock exchange-listed property group that owns, operates and develops seniors’ communities across Australia.
Its chief executive officer Simon Owen talked to Property Observer about the company’s new direction. 

<ul>
<li>What is the outlook for demand in the segment of the property market that you target?</li>
</ul>
We are firmly focused on the more affordable segment of the property market for seniors’ living. We all know about the aging population but the segment we are focusing on is seniors’ accommodation and manufactured homes under $300,000 – there’s a limited supply of that type of property so the level of demand we are experiencing is quite strong.
We expect demand from seniors to continue to be very strong over the next five years. Some of our challenge is that there is limited awareness of the markets we operate in, the lifestyle parks and manufactured homes, so we have to build up that awareness that you own the home but not the land. That means you can maintain a comfortable retirement while usually maintaining your full pension with rent assistance.
Bringing a product to the market that’s affordable means seniors can sell their home and don’t have to spend more than 60 to 70% of the proceeds to buy a manufactured home.
In Sydney for instance, in the local government areas in which Ingenia has lifestyle parks, average property prices are $450,000, while a senior can buy a manufactured home for $300,000. They have the surplus from the sale plus the full pension of $900 a fortnight, which means they have that $150,000 surplus to spend on other things.
<ul>
<li>Your business concentrates on retirement living but you have been branching into tourism properties too, why is that?</li>
</ul>
There were 1779 tourism parks in Australia in 2003-04, according to IbisWorld but over the last 10 years that number has reduced to around 1600. These have been closed for a variety of reasons such as flooding or being converted to other land uses but at the same time revenue from the remaining parks has increased.
Cash flow from lifestyle parks is strong and they are highly complementary to our seniors business with the highest users of the parks being grey nomad. That provides an opportunity for us to cross sell to people. The number of registered caravans is rising. When a senior buys into a manufactured home park, they receive a 25% discount at our 19 parks along the east coast.
When we started our manufactured home strategy four years ago we identified tourism as a business where long term we would want to turn the tourism component of the lifestyle parks that we invest in into permanent living.
But we realised that in many parts of the country, the highest and best use of the land was tourism. Tourism generates very strong cash flow which supports our roll out of developments.
A best in class manufactured home community that has been purpose build with no tourism is going to deliver a cap rate of about 9%. We can buy mixed use parks at cap rates of 10% or more. The opportunity for us to buy those parks on attractive terms is quite compelling.
I don’t think we would ever be looking to be a tourism operator but we are comfortable using it where it’s the highest and best use of the land.
<ul>
<li>How competitive is the market for buying lifestyle parks?</li>
</ul>
Over the last six to 12 months there are more participants out there but we are ahead of the competition. We have seven people out there concentrating on acquisitions. We don’t rely on agents for deal flow. We have two people out door knocking having informal discussions with prospective sellers.
<ul>
<li>You have started to move out of investing in deferred management fee (DMF) retirement villages, where seniors buy the right to occupy a home, then pay annual fees and an exit charge. Why?</li>
</ul>
DMF is a great model. There are three reasons we are looking to exit that over time, and we are only going to exit if we can get appropriate values for the properties.
We want to focus on the affordable segment and DMF is no longer affordable because we can’t build a DMF home for under $350,000 and get a return. We want to focus on the affordable market and we are building manufactured homes and rental villages in some markets for $180,000. We don’t want to be all things to all people and we have identified that DMF is not consistent with affordability.
There are other pure-play DMF operators out there and this is also about differentiating our business.
Lastly, while we have about $70 million worth of DMF properties that are earning attractive development returns, if we strip out the development returns, it is a return of less than 3% per annum. Yields will grow over time but I can put that capital to work better now and buy a lifestyle park and get an immediate 10% yield. It’s about more efficient utilisation of capital.
<ul>
<li>What assets do you own and where does your revenue come from?</li>
</ul>
Ingenia’s portfolio includes about $120 million worth of Garden Villages (our rental properties for seniors), $70 million in DMF, and with acquisitions made and announced, about $170 million in lifestyle parks.
I would expect that over the next two to three years as we divest out of DMF and move into lifestyle parks we will be at a split of 75% in lifestyle parks to 25% in Garden Villages.
In the current financial year about a third of our revenue will be rental villages, 5-10% from DMF, 10-15% from tourism and the balance from manufactured homes, both rent and development.
<ul>
<li>What are the biggest challenges to your business?</li>
</ul>
The biggest risks and challenges to our business are around planning. We have to deal with a myriad of councils. Some are supportive and some are obstructive. That’s the single biggest challenge. 
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Q&A with Ingenia Communities' chief executive officer Simon Owen

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Centuria Property Funds has sold 28 Salta Drive, Altona North, for $14.5 million to a private investor.
It was purchased from Salta Properties in 2002.
The <a href="https://www.realcommercial.com.au/property-industrial+warehouse-vic-altona+north-5286079" target="_blank">28 Salta Drive</a> is the final property to be sold from the Centuria Direct Property Fund.
The property is a purpose-built transport and warehousing facility with a gross building area of 23,854 square metres including fitted and modern offices of approximately 482 square metres located on a 5 hectare site.
Nathan Bingham of Colliers International and Greg Jensz of Savills were the selling agents.
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Altona North industrial logistics sale by Centuria REIT

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South African listed Investec Australia Property Fund has acquired two industrial properties in Newcastle and western Sydney for a total of $26.9 million.
The sale come at the end of a busy year for industrial property transactions. Demand for Australian industrial assets is strong with investors attracted to the high yields and income return.
Commercial real estate agency JLL predicts the total value of industrial property transacted in 2014 could hit a record high, exceeding the $4.4 billion worth of properties that changed hands in 2007.
In the first nine months of 2014, $2.9 billion worth of industrial properties had already sold, which was 40% more than at the same time the previous year, JLL’s research shows. A further $1.6 billion of potential transactions were expected to exchange or settle before the end of the year.
Sydney was the strongest investment market for industrial property across Australia, making up 47% of sales in 2014, JLL’s research shows. Demand was shifting away from assets in Perth and Brisbane, towards Sydney and Melbourne.
Property funds, like the Investec Australia Property Fund, were the most active buyers by number of transactions in Sydney’s industrial market in the year to September 2014, Savills’ research shows. Over that 12 month period, 17 industrial assets in Sydney sold to property funds.
By value, trusts were most active in Sydney, transacting $785 million worth of industrial property, or 42% of value, Savills’ research shows.
The Investec fund has acquired $147.4 million worth of properties over the past 12 months, bringing its portfolio to nine industrial properties and five office properties.   
The two latest acquisitions were made at a blended yield of 7.92%.
Competition for industrial assets in Sydney has caused average yields to tighten. Yields on prime industrial assets now range from 7.25% to 7.75%, 50 basis points less than at the same time in 2013, Savills reports.
Yields on secondary industrial tightened by 25 basis points in the September 2014 quarter and Savills anticipates further pressure on yields as lack of prime investment stock forces investors to look for well leased secondary assets instead.
Investec’s purchase at Wetherill Park in Sydney’s west has 11 years remaining on the lease with an option for a further five years and average contracted annual rental growth of about 3%.
The lease on the Newcastle property runs until January 2021, with a contracted 3.75% rental growth and an option for a further 10 years.
IAPF chief executive Graeme Katz said had recently paid down all of its debt and was was in a strong position to pursue acquisitions.
“We are actively seeking opportunities to grow and diversify the Fund’s asset base, enhance value and contribute to sustainable income growth for our investors,” he said. 
The fund was listed on the Johannesburg Stock Exchange in October 2013, allowing South Africans to directly invest in Australian commercial property.  
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South African fund invests $26.9 million in NSW industrial properties

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GUEST OBSERVATION
Asymmetry in financial markets means that one party has better information than another.  Generally this is for the advantage of the product promoter not the investor.  It is prevalent in the property investment markets which suffer from limitations in disclosure and advice.
Bold and incisive recommendations which will enhance disclosure and provision of advice have been made by the Financial System Inquiry (FSI) panel:
<ul>
<li>Mr David Murray AO (Chair)</li>
<li>Professor Kevin Davis</li>
<li>Mr Craig Dunn</li>
<li>Ms Carolyn Hewson AO</li>
<li>Dr Brian McNamee AO</li>
</ul>
A persistent theme in submissions was limitations of financial advisers.
The panel advocates a single regulator for conduct and disclosure in financial services.  The proposed Corporation and Financial Services Commission will have the task of ensuring consistent and comprehensive disclosure by all participants including managers and advisers in the property investment markets.
Facilitation, not discouragement, of new exchange markets for property equity investments will be part of the brief of the CFSC.  A single exchange regime is recommended with the CSFC having authority to approve a new financial market which is fair and efficient.  An exchange focused on property investment vehicles becomes feasible.
Among the comprehensive proposed responsibilities of the CFSC is regulatory market conduct which will promote orderly and efficient price discovery, trading and settlement.  In an environment of new information technology the regulations must keep up with the emergence of new means of delivery such as crowd funding for investment products including property funds.
Opaque markets will be eliminated by a regime requiring high standards of disclosure.  A retreat from intensive prudential regulation to market conduct and disclosure is proposed.
An essential component of enhanced property fund markets is an efficient clearing system and structure.  Authorisation and oversight of clearing houses for clearing and settlement of transactions would be a responsibility of the CFSC.  An integral component of enhanced liquidity of private markets in property would result if a centralised clearing system for all property funds emerges from this recommendation.
Greater transparency in property investment markets through reduction in asymmetry would result from implementation of the recommendations of the Financial System Inquiry panel regarding conduct and disclosure by property investment managers and advisers.
Ken Atchison is managing director of <a href="https://atchison.com.au/" target="_blank">Atchison Consultants</a>.
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Efficient clearing system and structure essential to enhance property fund market

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GUEST OBSERVATION
The property funds management industry for individual investors has undergone significant change over the past six years as a result of corporate activity and restructuring. Stability and continuity of sound management is an attribute sought by all investors and alignment of interest.
Table one, below, shows the ranking of the five syndicate and unlisted property trust managers with largest funds under management in 2008, 2011 and 2014.  It shows a total change from 2008 to 2014.
Table one - Ranking of Property Syndicate and Unlisted Retail Fund managers (click to open in new window)
<img src="/images/2014/11/26/atchison-nov-26-one.png" alt="">
Source: PIR
In addition to changes in the list of largest managers the emergence of new managers has been a feature of the industry.  This has been driven in part by regulatory changes and by departure of smaller managers thorough poor business management.
Basle III requirements have encouraged the exit by banks from property investment management.
Demands by superannuation regulators for liquidity have hampered the offering of property funds by major platforms.
Inability by owners and managers in arranging recapitalisation of funds and businesses has prompted total departure of some managers.
Many investors prefer unlisted funds over listed REITs. Investors in unlisted property have included high net worth individuals, family offices, SMSFs, dealer group syndicates and individual investors.  Significant investment visa applicants are also participating in this sector.
Offerings of property funds or syndicates in 2014 have been made by 15 different investment managers including the large managers in table one and many new managers.
When assessing new property investment products, sustainability of the investment management business has become a more significant factor.  Alignment of interest between investors and managers are sought.  Real estate attributes, performance prospects and level and structure of fees remain significant.
Ken Atchison is managing director of <a href="https://atchison.com.au/" target="_blank">Atchison Consultants</a>.
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How new property fund managers are changing the industry

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Australian superannuation funds will increasingly look to invest in global real estate in 2015 as they are close to Asian cities that are benefiting from major demographic shifts, while there are fewer opportunities in the domestic market, a fund manager has predicted.
The forecast comes as a separate study by Australian researchers, released by the US-based Defined Contribution Real Estate Council (DCREC), shows an allocation of just 10% of a fund’s portfolio to real estate can match or beat the returns of a fund with less property exposure at a lower risk to investors.
TIAA Henderson Real Estate executive director Nick Evans, who heads the fund manager’s Australian business, said sophisticated investors such as superannuation funds were attracted to creating tailored real estate portfolios that suited their particular risk and return profiles.
Australia’s largest super fund, AustralianSuper has partnered with TIAA Henderson Real Estate to invest in emerging global real estate.
“Major investors are approaching global real estate in a very different way to pre-GFC days and we expect to see more Australian funds building a tailored approach that gives them the flexibility, exposure and returns they need,” Evans said.
He added that Australia’s superannuation funds were searching for better investment solutions for their ageing members who wanted secure income at a reasonable level of risk to support a lengthy retirement.
The study, which was released by the DCREC in the US in early November, found that allocating 10% of a portfolio to a mix of listed and unlisted real estate enhanced the risk-return profile of a defined contribution plan portfolio.
Defined contribution plans are investment vehicles where members contribute set amounts over a period of time, such as Australia’s superannuation funds where members contribute 9.25% of their salary each year.
The study, A Path to Better Retirement Outcomes: Allocating Real Estate Assets to Retirement Portfolios was conducted by researchers at Australia’s Griffith University, professor of finance Michael Drew and Adam Walk, also from Griffith University, and Jason West from Bond University.
It found a portfolio that includes property could smooth fund members' transition from accumulating savings to drawing a pension and could help investors avoid mistakes such as selling risky assets during a market downturn, which locked in losses.
The study noted that funds often used listed real estate investment trusts (REITs) for property exposure due to their liquidity, diversity and valuation cycles that mirrored stocks and bonds, but had been slower to adopt unlisted real estate.
Unlisted property could deliver returns that were closer to those of bonds with less risk than stocks, regular income, low volatility and low correlation to listed markets, the study showed. Some types of unlisted real estate could also act as a hedge against inflation.
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Australian funds looks to Asian property markets as domestic opportunities run dry

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Scentre Group, the Westfield business in Australia formed earlier this year, has reported improving retail sales growth.
The shopping mall group announced a third-quarter operational update for the nine months to September, with comparable specialty sales showing a rise of 3.7% year to date.
“We have seen an improving retail sales trend with 15 consecutive months of positive specialty sales growth in Australia with a 4.2% increase in comparable specialty sales for the quarter with good increases in the fashion, footwear, jewellery, leisure and retail services categories,” Scentre group chief executive officer Peter Allen said.
The retail sales environment in Australia continues to improve with total retail sales of $20.2 billion for the 12 months to 30 September 2014. In particular, comparable specialty store sales growth was up 3.7% over the last nine months and up 4.2% for the September quarter. 
Specialty sales productivity averaged $10,105 per square metre.
In Australia, the average specialty store rent grew to $1,551 per square metre at 30 September 2014, up 1.9% from September 2013. For the nine months to 30 September 2014, leasing spreads were 4.2% lower than expiring rents, with lease renewals 1.1% lower and new merchants 7.3% lower, both reflecting an improving trend. Over 2,100 leases have been completed year to date across 267,000 square metres for the portfolio.
For the total portfolio, specialty store occupancy cost was 18.8%, a decrease of 40 basis points from September 2013. 
For the nine months to 30 September 2014, leasing spreads were 4.2% lower than expiring rents, with lease renewals 1.1% lower and new merchants 7.3% lower.
In Australia, the average specialty store rent grew to $1,551 per square metre at 30 September 2014, up 1.9% from September 2013.
Occupancy costs fell 40 basis points to 18.8%.
During the quarter Scentre launched stage one of Westfield Miranda, which included a new Woolworths, 40 new specialty stores, a new car park. Stage two opening will be on 20 November with about 90 additional specialty stores, a new restaurant precinct and refurbished department stores. The final stage is planned for April 2015.
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The report noted construction continues to progress well at the $670 million design and construction project for AMP Capital at Pacific Fair. 
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Scentre’s distribution forecast is 10.2¢ for the six months ending December 2014.
 
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