<p>Local developer Harridan is seeking to turn its Woolloongabba apartment project into the first stage of a broader transformation of Burke Street, using a new 16-storey mixed-use building to establish a greener pedestrian connection toward the rapidly evolving Boggo Road transport and knowledge precinct.</p>

<p>The South East Queensland developer has filed plans for 154 apartments on the <a href="https://www.apartments.com.au/new-apartments/4-burke-street-woolloongabba-qld-4102">southern side of Burke Street</a>, where its proposal has been designed alongside a wider vision by LatStudios for the street.</p>

<p>That vision positions the southern side of Burke Street for buildings of 15 storeys and above, while envisaging lower-rise development of up to five storeys on the northern side to transition into Woolloongabba's existing character housing. It also proposes wider pedestrian verges, deep planting, new street trees and upgrades to the pedestrian approach to Boggo Road Station.</p>

<p>The Harridan development itself has been designed by Brisbane-based Arqus Design and will comprise 154 apartments across 16 storeys. The mix is weighted heavily toward two-bedroom apartments, with 121 proposed alongside 10 one-bedroom and 23 three-bedroom residences. There will typically be around 14 units per floor.</p>

<p>A lower-ground car park and three podium levels will accommodate 156 resident parking spaces, along with visitor and commercial parking. There will also be 154 resident bicycle spaces and 40 visitor bicycle parks.</p>

<p>&nbsp;</p>

<p>Harridan is a family-owned developer and part of the Holmwood Highgate Group, with more than three decades of development activity across South East Queensland. Its portfolio spans residential, commercial and industrial property, with current residential projects including Riverbank on Byron in Bulimba, Esperance Residences in Carina and The Precinct at Kinross Road in Thornlands.</p>

<p>Wooloongabba has been popular for apartment developers, particularly since the announcement of the 2032 Summer Olympics games in Brisbane.</p>

<p>While there have been a lot of development applications, it has failed to materialize into real supply.&nbsp;</p>

<p>Sarazin has been the major player in the area. They are under construction at Murcia Residences, on the fringe of East Brisbane and Woolloongabba. They have just launched <a href="https://www.apartments.com.au/new-apartments/the-stanley-residences-woolloongabba-8-trafalgar-street-woolloongabba-qld-4102">The Stanley Residences</a>, in Woolloongabba on Trafalagar Street. They also have Nuage coming soon on the nearby <a href="https://www.apartments.com.au/new-apartments/nuage-woolloongabba-14-wellington-road-woolloongabba-qld-4102">Wellington Road</a>.</p>


Joel Robinson

First look: Harridan plans Burke Street transformation beside Boggo Road transport hub

<p><strong>IN BRIEF</strong></p>

<ul>
	<li>
	<p>Just three double-storey Sky Homes sit at the top of The Waterline, each with its own private marina berth and rooftop terrace.</p>
	</li>
	<li>
	<p>Construction on The Waterline is complete, with the first residents expected to move in from mid-October.</p>
	</li>
	<li>
	<p>Sky Homes range from 282 sqm to 367 sqm and are priced from $3.65 million.</p>
	</li>
</ul>

<hr />
<p>Lewis Land has opened the first completed sky home for inspection at Harbour Shores, giving buyers their first opportunity to step inside one of just three double-storey residences crowning The Waterline.</p>

<p>Each sky home comes with its own private marina berth, rooftop terrace and Broadwater views, combining the scale of a larger home with direct access to the boating lifestyle that underpins the wider <a href="https://www.apartments.com.au/new-apartments/harbour-shores-biggera-waters-564-oxley-drive-biggera-waters-qld-4216">Harbour Shores</a> masterplan.</p>

<p>[smartcode_project:default project_id=113271 project_image_fid=366708]</p>

<p>Lewis Land Head of Development Michael Long said the inclusion of a berth with every Sky Home had become increasingly valuable as marina access across the Gold Coast tightened.</p>

<p>“Marina berths are becoming increasingly difficult to secure across the Gold Coast, so including one with every Sky Home makes this a genuinely rare offering,” Long said.</p>

<p>“The private 70-berth marina will accommodate boats up to 12 metres in length and is positioned just 2.5 kilometres from the Broadwater, placing the open ocean only 15 minutes away.</p>

<p>“Being able to step out of your home onto your boat is a rare luxury, and it’s something residents here can look forward to when it opens later this year.”</p>

<p>[smartcode_project:default project_id=113271 project_image_fid=366709]</p>

<p>The display opening comes as construction completes on The Waterline, with the first residents expected to move in from mid-October.</p>

<p>The three Sky Homes range from 282 sqm to 367 sqm and each feature three bedrooms, three bathrooms, multiple living zones, expansive kitchens with butler's pantries and large balconies taking in the Broadwater outlook.</p>

<p>Each residence also has three secure basement car spaces and additional storage.</p>

<p>“This is the first opportunity the Gold Coast has had to step into Harbour Shores and see, touch and feel what we’re bringing to life here,” Long said.</p>

<p>“There are only three Sky Homes within The Waterline, ranging in size from 282sqm to 367sqm, with each residence featuring three large bedrooms, three bathrooms, multiple living zones, expansive custom-built kitchens with butler’s pantry, and large balconies capturing Broadwater views.”</p>

<p><img alt="Harbour Shores" data-entity-type="file" data-entity-uuid="bab65e10-4fab-45e1-92d8-fc56e2ab98ff" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-25%20at%202.00.16%E2%80%AFPM.png?VersionId=XT8q76LsPkw3cYTsvN3JfFDaPLud90PN" /></p>

<p>Residents of The Waterline will have access to a private pool, along with Harbour Shores' wider collection of amenity including a lagoon pool, social clubhouse, tennis court, gym, yoga facilities and sauna.</p>

<p>Lewis Land partnered with Studio Collective to furnish the completed display, with the interiors designed to demonstrate how the residences could function as permanent homes rather than simply as show apartments.</p>

<p>Studio Collective Director Melissa Park said the surrounding waterways informed the interiors, but in a more restrained way than a traditional coastal scheme.</p>

<p>“We drew inspiration from the canals and coastal surrounds, but our approach was to interpret that subtly through layered materials and a grounded palette of earthy tones, rather than literal coastal references,” Park said.</p>

<p>“We introduced hero moments of green and teal to reference the surrounding waterways, while mirrored elements help reflect natural light.</p>

<p>“The result is a residence that feels elevated yet comfortable, somewhere buyers can genuinely imagine themselves living, entertaining and unwinding.”</p>

<p>Sky Homes are priced from $3.65 million.</p>

<p>Lewis Land is also offering private marina berths with The Residences, its limited collection of three and four-bedroom villas positioned directly along the Harbour Shores waterfront boardwalk.</p>

<p>Three-bedroom villas are priced from $2.99 million, while four-bedroom residences start from $3.19 million.</p>

<p>Harbour Shores is being marketed by Colliers International.</p>

<p data-end="555" data-start="341">[smartcode_project_cta:default project_id=113271]</p>


Lewis Land opens sky home display as The Waterline completes at Harbour Shores

<p data-end="387" data-start="97">St Vincent de Paul Society Housing Australia has filed plans for a major mixed-use housing precinct on the southern edge of the North Sydney CBD, adding another significant proposal to a pocket around North Sydn​ey Station that is quickly becoming one of the LGA's busiest development zones.</p>

<p data-end="697" data-start="389">The State Significant Development Application covers a 5,990 sqm site at <a href="https://www.apartments.com.au/new-apartments/1-19-mackenzie-street-lavender-bay-nsw-2060">1-19 MacKenzie Street and 211 Blues Point Road in Lavender Bay</a>, immediately south of Nor​th Sydney Station and between the commercial core and the lower-rise Lavender Bay Heritage Conservation Area.</p>

<p data-end="925" data-start="699">Designed by Wardle, the proposal would deliver a new residential tower comprising 88 build-to-sell apartments and 19 affordable apartments, alongside a separate co-living building with 57 rooms and a building manager's studio.</p>

<p data-end="1217" data-start="927">It would also see the significant restoration and upgrade of St Francis Xavier Catholic Church, the adaptive reuse of the former school building, new parish facilities, retail, a new public square and around 1,000 sqm of publicly accessible open space.</p>

<p data-end="1217" data-start="927"><img alt="Vinnies North Sydney" data-entity-type="file" data-entity-uuid="d5dd7f87-a617-463e-b577-17541e01f0e9" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-26%20at%209.10.13%E2%80%AFAM.png?VersionId=4R8TsFN3P_LrrXO2HswTOIrx2blil8lh" /></p>

<p data-end="1538" data-start="1219">The project is seeking a concurrent rezoning of the site to R4 High Density Residential and an increase in the maximum building height to allow a tower reaching RL120, or up to 20 storeys. The proposal was progressed through the NSW Government's Housing Delivery Authority pathway.</p>

<p data-end="1723" data-start="1540">The build-to-sell component will be weighted toward larger apartments, with just six one-bedroom apartments compared with 31 two-beds, 43 three-beds and eight four-bedroom residences.</p>

<p data-end="2063" data-start="1725">The 19 affordable apartments will comprise two studios, 15 one-bedroom apartments and two two-bedroom apartments, taking the total apartment component to 107 residences before the 58 co-living rooms are included.</p>

<p data-end="2063" data-start="1725"><img alt="Vnnies" data-entity-type="file" data-entity-uuid="7d568ca5-cb90-4e18-96c6-d9795dba0c56" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-26%20at%209.10.05%E2%80%AFAM.png?VersionId=GY2R5M9VtQh0EKy1vajaea19PSLOPuRD" /></p>

<p data-end="2205" data-start="2065">Wardle's design for the Vinnies site has sought to negotiate that emerging high-rise context while retaining the lower-scale character of MacKenzie Street and the adjoining heritage conservation area.</p>

<p data-end="4244" data-start="4087">The main building adopts a three-storey podium and tower arrangement, with the podium aligned to the ridgeline and front setback of St Francis Xavier Church.&nbsp;Wardle has designed the podium with colonnades, seating, recessed entries and active ground-floor frontages, with sandstone-toned precast concrete and face brick referencing the materiality of the existing church.</p>

<p data-end="4598" data-start="4246">The tower then steps back eight metres to the south and six metres to the north before rising in a sculpted form comprising four interlocking quadrants. Wardle has also introduced rounded forms and chamfered corners to reduce the tower's perceived bulk and improve view sharing with neighbouring development sites.</p>

<p data-end="4798" data-start="4600">Resident facilities and outdoor areas are planned at the separation between the podium and tower at Level 3, oriented toward Sydney Harbour and the CBD skyline.</p>

<p data-end="4798" data-start="4600">The tower itself will feature a glass reinforced concrete facade, with recessed balconies and deep reveals used both to provide shading and privacy and frame views toward the harbour and city. The lower levels take a different architectural approach, using brick and sandstone-toned finishes intended to establish a stronger relationship with St Francis Xavier Church. The Church itself will be conserved and upgraded for its continued use, while the former school building will be adaptively reused as part of the co-living component.</p>

<p data-end="5032" data-start="4800"><img alt="Lavendar Bay" data-entity-type="file" data-entity-uuid="2d4418ad-90aa-4d49-af93-c80b140aea80" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-26%20at%209.09.47%E2%80%AFAM.png?VersionId=Kv4gzbsACaGvZSRuaqcfGC54jEJRXIDJ" /></p>

<p data-end="5486" data-start="5211">&nbsp;</p>

<p data-end="2205" data-start="2065">The proposal adds to an increasingly concentrated pipeline of residential development around Blue Street, MacKenzie Street and Lavender Bay.</p>

<p data-end="2375" data-start="2207">Just west of the site, Central Element lodged plans earlier this year for one of the most significant residential developments proposed in Lavender Bay in recent years.</p>

<p data-end="2712" data-start="2377">Central Element's SJB-designed scheme at 64-66 Lavender Street and 3-7 Middlemiss Street would deliver 163 apartments across two towers rising 23 and 32 storeys, replacing five existing apartment buildings containing 32 homes. The project also forms part of the Housing Delivery Authority pathway.</p>

<p data-end="2751" data-start="2714"><em><a href="https://www.apartments.com.au/news/nsw/first-look-central-element-reveals-lavender-bay-apartment-plans?utm_source=chatgpt.com" rel="noopener" target="_blank">First look: Central Element reveals Lavender Bay apartment plans</a></em></p>

<p data-end="2865" data-start="2753">Immediately around North Sy​dney Station, another two significant proposals have emerged at 5 and 15 Blue Street.</p>

<p data-end="3067" data-start="2867">Zurich Australian Insurance Properties is seeking to adaptively reuse its longstanding commercial building at 5 Blue Street, directly above North Sydney Station, rather than demolishing the structure.</p>

<p data-end="3379" data-start="3069">Its SSDA proposes converting the building into a 14-storey mixed-use development with 62 apartments and 86 co-living rooms, together with ground-floor retail and a major refurbishment of Blue Street Plaza. The application is currently at the Response to Submissions stage.</p>

<p data-end="3379" data-start="3069"><a href="https://www.apartments.com.au/news/nsw/first-look-zurich-targets-north-sydney-office-conversion-with-148-unit-proposal-above-metro-station"><em>First look: Zurich targets North Sydney office conversion with 148-unit proposal above Metro station</em></a></p>

<p data-end="3883" data-start="3659">&nbsp;</p>


First look: Vinnies files for 20-storey Lavender Bay apartment tower as North Sydney housing pocket heats up

<p data-end="540" data-start="324">When the opportunity arose for South Australian developer Palumbo to return to Kent Town, where it had previously delivered East Park Apartments and the East<br />
Rundle Apartments, it wasn't one the longstanding developer-builder was going to pass up.</p>

<p data-end="680" data-start="542">The decision was quickly vindicated, with more than 30 apartments sold within the first month of launching <a href="https://www.apartments.com.au/new-apartments/royal-apartments-kent-town-2-8-north-terrace-kent-town-sa-5067">Royal Apartments</a> to the market.</p>

<p data-end="909" data-start="682">The 206-apartment development, which will bring significant new supply to Adelaide's tightly held eastern city fringe, also gives <a href="https://www.apartments.com.au/developers/palumbo">Palumbo</a> the opportunity to bring new life to one of Kent Town's most recognisable watering holes.</p>

<p data-end="909" data-start="682">[smartcode_project:default project_id=6109 project_image_fid=376073]</p>

<p data-end="1076" data-start="911">Royal Apartments incorporates the historic Royal Hotel, a venue Palumbo Managing Director Daniel Palumbo said has a longstanding connection with the local community.</p>

<p data-end="1166" data-start="1078">"Everyone in the area has history with the Royal Hotel," Palumbo told Apartments.com.au.</p>

<p data-end="1257" data-start="1168">"It was quite an active pub and social gathering place for locals. We want to bring it back to its former glory."</p>

<p data-end="1257" data-start="1168">[smartcode_project:default project_id=6109 project_image_fid=376072]</p>

<p data-end="1406" data-start="1259">The wider development will comprise two residential towers alongside the restored hotel, sitting on North Terrace opposite the Adelaide Park Lands.</p>

<p data-end="1475" data-start="1408">For Palumbo, the project also marks a return to familiar territory.</p>

<p data-end="1671" data-start="1477">The developer completed East Park Apartments next door more than a decade ago and jumped at the opportunity to develop in Kent Town again when the Royal Hotel site became available.</p>

<p data-end="1726" data-start="1673">"The opportunity emerged, and we moved to secure the site," Palumbo said.</p>

<p data-end="1874" data-start="1728">"We were approached by the previous landowner, who said they had extensive commitments in Sydney and weren't in a position to deliver the project.</p>

<p data-end="2025" data-start="1876">"We took over the site and within six months recut the design scheme to be more in keeping with the type of development we want to bring to Adelaide.</p>

<p data-end="2111" data-start="2027">"Now we're on the market and those changes have really resonated with local buyers."</p>

<p data-end="2225" data-start="2113">That has translated into a strong start to sales, with 33 apartments transacting in the project's first 35 days.</p>

<p data-end="2383" data-start="2227">Palumbo said the early purchaser profile had been consistent with the group's traditional focus on owner-occupiers rather than investor-led apartment stock.</p>

<p data-end="2446" data-start="2385">"Local owner-occupiers have always been our market," he said.</p>

<p data-end="2602" data-start="2448">"There are always some investors, but we've never developed what would be called traditional development stock. Owner-occupiers are very much our market."</p>

<p data-end="2602" data-start="2448">[smartcode_project:default project_id=6109 project_image_fid=376068]</p>

<p data-end="2742" data-start="2604">The buyer mix has been diverse so far, with downsizers and younger professionals both accounting for a significant portion of early sales.</p>

<p data-end="3013" data-start="2744">South Australia's current stamp duty settings, which allow&nbsp;eligible homeowners in South Australia aged 60 savings of up to $103,830 on stamp duty when they downsize to a new property valued at up to $2 million,&nbsp;have helped encourage downsizer activity, while younger buyers in their late 20s and early 30s have been attracted to the opportunity to live immediately outside the CBD while still being able to walk into the city.</p>

<p data-end="3013" data-start="2744"></p>

<p data-end="3065" data-start="3015">Location has been a major part of the proposition for both buyer cohorts.</p>

<p data-end="3065" data-start="3015">[smartcode_project:default project_id=6109 project_image_fid=376075]</p>

<p data-end="3250" data-start="3067">Royal Apartments sits on North Terrace directly opposite the Adelaide Park Lands, with residents able to walk through the parklands toward the East End, Rundle Street and Rundle Mall.</p>

<p data-end="3376" data-start="3252">Apartments have been positioned to capture views across the parklands, Adelaide skyline, Botanic Gardens and Adelaide Hills.</p>

<p data-end="3516" data-start="3378">Palumbo believes the scarcity of developable land along this section of the Park Lands makes the site particularly difficult to replicate.</p>

<p data-end="3592" data-start="3518">"There's very few allotments on that side that can be developed," he said.</p>

<p data-end="3714" data-start="3594">"If this location was in New York and you were sitting on Central Park, you'd be talking about a $60 million apartments."</p>

<p data-end="3861" data-start="3716">Royal Apartments will offer a broad mix of residences, ranging from one-bedroom apartments through to four-bedroom sub-penthouses and penthouses.</p>

<p data-end="4004" data-start="3863">Current listings include one-bedroom apartments from $680,000, while larger three and four-bedroom residences are priced around $2.5 million.</p>

<p data-end="4145" data-start="4006">Residents will have access to a swimming pool, gym, barbecue and recreation areas, residents' lounge and dining space, and a communal deck.</p>

<p data-end="4145" data-start="4006">[smartcode_project:default project_id=6109 project_image_fid=376067]</p>

<p data-end="4273" data-start="4147">The apartments will feature generous balconies, while secure parking, bicycle storage and storage cages will also be provided.</p>

<p data-end="4480" data-start="4275">A porte-cochère-style arrival and drop-off area has also resonated with buyers, particularly those attracted to being able to walk into the CBD during the day while retaining secure vehicle access at home.</p>

<p data-end="4650" data-start="4482">Palumbo is acting as developer, architect and builder on Royal Apartments, continuing the vertically integrated model it has used across its South Australian portfolio.</p>

<p data-end="4785" data-start="4652">The group was also behind the $150 million Sofitel Adelaide, the 251-room five-star hotel and residential tower which opened in 2021.</p>

<p data-end="4889" data-start="4787">Palumbo said Royal's launch had come at an interesting time for the broader Adelaide apartment market.</p>

<p data-end="5144" data-start="4891">Buyer confidence had initially been impacted by uncertainty surrounding the Federal Budget and broader economic conditions, but Palumbo believes sentiment is beginning to improve against a backdrop of significant investment flowing into South Australia.</p>

<p data-end="5305" data-start="5146">He pointed to increased activity across defence and resources, including Olympic Dam, as potential long-term drivers of the state's economy and housing market.</p>

<p data-end="5378" data-start="5307">"Money is starting to flow into Adeliade, significant amounts as Adelaide bucks the trend of the rest of the country.," Palumbo said.</p>

<p data-end="5495" data-start="5380">"There's a lot of activity in the economy over the next decade. I think more investment will come into this market."</p>

<p data-end="5650" data-start="5497">Early works on Royal Apartments are expected to commence this year, with major construction activity and cranes anticipated on site from early next year.</p>

<p>[smartcode_project_cta:default project_id=6109]</p>

Palumbo's return to Kent Town strikes early chord with buyers

<p>Go-to builder-developer <a href="https://www.apartments.com.au/developers/graya">GRAYA</a> is continuing to bulk out its already impressive and diverse apartment portfolio across South East Queensland. Their latest milestone is securing development approval for Silk, its boutique riverfront apartment development in St Lucia.</p>

<p>The approval clears&nbsp;the way for the team to begin construction planning for the 22-residence project.</p>

<p><a href="https://www.apartments.com.au/new-apartments/silk-st-lucia-16-18-sandford-street-st-lucia-qld-4067">Silk</a> will rise 15 levels from an 810 sqm site at 16-18 Sandford Street, occupying a prominent bend of the Brisbane River with a prized northern aspect across Orleigh Park toward the Brisbane CBD.</p>

<p>The approved scheme will comprise 16 split-floor and six full-floor residences, continuing GRAYA's move into larger-format apartment developments targeting Brisbane's prestige owner-occupier market.</p>

<p>The project has been designed around the site's broad river frontage and dual-direction views, with GRAYA prioritising larger residences, privacy and outlook over apartment yield.</p>

<p><img alt="Silk St Lucia" data-entity-type="file" data-entity-uuid="aa5c2349-f96c-4914-a812-1f2cd6827af8" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-26%20at%208.25.44%E2%80%AFAM.png?VersionId=WY0vEU_7vYjeRJKQHiCwFdMxu8PvFh52" /></p>

<p>GRAYA Co-founder and Chief Executive Officer Rob Gray said the project had been shaped around local homeowners wanting to remain in St Lucia without maintaining a traditional family home.</p>

<p>"St Lucia is one of those suburbs people do not want to leave," Gray said.</p>

<p>"They know the river, the trees, UQ, the golf course, Toowong and Indooroopilly, and that familiarity is hard to replace.</p>

<p>"True riverfront opportunities here are exceptionally scarce. What we have designed at Silk is a way to stay in the suburb people love, with the scale and privacy of a private home and far less to maintain.</p>

<p>"This is not typical apartment product. It is a proper home on the river, and that is exactly what this market has been missing."</p>

<p>The approval comes as new apartment development continues to increase across the St Lucia and neighbouring Toowong corridor, although direct riverfront sites remain considerably more tightly held.</p>

<p>GRAYA Co-founder and Managing Director Andrew Gray said securing the approval had removed a significant element of development risk from Silk.</p>

<p>"Genuine riverfront sites of this quality in St Lucia are not something that comes up regularly," Gray said.</p>

<p>"The approval removes a substantial layer of execution risk, and the location underwrites demand in a way very few inner-city sites can.</p>

<p>"The fundamentals here are as strong as anything we have assessed in Brisbane."</p>

<p><img alt="Silk St Lucia" data-entity-type="file" data-entity-uuid="d0f3d734-65e1-48e8-8ed3-2e0715ffcdd9" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-26%20at%208.25.56%E2%80%AFAM.png?VersionId=sOLSs_jdHkXLWbBKzRyayf5BfTb2vPsD" /></p>

<p>Silk will see GRAYA return to a stretch of the Brisbane River where it already has recent construction experience. The vertically integrated group recently completed ARC in neighbouring Toowong as builder for developer Spyre, delivering the riverfront project on a constrained site.</p>

<p>GRAYA will take a different role at Silk, controlling the project from design and development through construction and aftercare under its vertically integrated model.</p>

<p>The development will include a gym and resident leisure areas at ground level, integrated with the river's edge.</p>

<p>Silk joins a growing pipeline for GRAYA across Brisbane and the Gold Coast, which includes Enclave, The Gallery, Coral and Ripple.</p>

<p>The developer-builder has also recently lodged plans for its largest project to date, <a href="https://www.apartments.com.au/new-apartments/the-silo-19-chester-street-newstead-qld-4006">The Silo</a>, a proposed <a href="https://www.apartments.com.au/news/qld/graya-buys-frasers-newstead-site-plans-the-silo-between-james-street-and-gasworks-precincts">$700 million mixed-use development</a> in Brisbane's James Street precinct.</p>

<p>Silk is expected to predominantly target local owner-occupiers and prestige buyers seeking a permanent riverfront home in Brisbane's inner west.</p>

<p>Registrations of interest are now open, with further details on the project and construction program to be released as it progresses.</p>

<hr />
<h2>SILK PROJECT FACTS</h2>

<p>Developer-builder: GRAYA</p>

<p>Project: Silk</p>

<p>Location: 16-18 Sandford Street, St Lucia</p>

<p>Apartments: 22</p>

<p>Built form: 15 levels</p>

<p>Site: 810 sqm riverfront holding</p>

<p>Mix: 16 split-floor and six full-floor residences</p>

<p>Status: Development approved</p>

<p>Next step: Construction planning underway</p>

<p>[smartcode_project_cta:default project_id=152168]</p>


GRAYA greenlit for riverfront St Lucia apartment development, Silk

Renovation

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<p>Feedback from agents in and around the Hunter Valley has largely been the same as pre-COVID-19-a lack of stock for sale, according to the latest Herron Todd White (HTW) residential report. </p>
<p>The valuation firm suggest in locations across the nation, the downtime delivered by isolation has spurned on owners looking to improve their assets through maintenance and upgrade. This month’s HTW report highlights where renovations are on the rise and the price points and outcomes those markets can expect.</p>
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<p><span>"It’s becoming increasingly evident at the time of writing that we simply don’t know what is going to happen to the property market.</span></p>
<p><span>"We are at that uncomfortable point in the cycle where we have to rely too much on gut-feel and anecdotal evidence, hardly the best basis for making rock solid decisions. </span>Until we get to a stage where we have more transactions completed entirely in a post-COVID-19 world, anecdote is the best we can hope for," the valuation firm said. </p>
<p><span>The report suggests agents in Newcastle have had </span>their movements severely curtailed over the past several months and a lack of face to face encounters has resulted in a noted lack of listing activity.</p>
<p>It appears as though potential vendors have decided to wait out the lockdown before deciding to list. Whether this is because other events have taken over their focus or they have surmised that current restrictions are not conducive to a favourable sale is unknown.</p>
<p>"Given that interest rates are still low, the government has put in place significant stimulus packages and there is a lack of stock presently on the market, it’s not inconceivable to expect the market to remain relatively stable in the short term," the valuation firm said. </p>
<p>Required elements are in place for this, but as always the market can change overnight with every news update. A surge in second wave cases could change everything.</p>
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<p><span>In COVID-19 times an alternative to buying and selling your property is the trusty renovation, the report noted. </span></p>
<p><span>There were rumours going about that Bunnings was running out of its paint supply simply in anticipation of lockdown, the assumption being that plenty of people would have a lot of spare time on their hands and renovation would come to the fore.</span></p>
<p><span>In reality, that spare time seems to have morphed into TikTok videos and accessorising bookshelves to appear in Zoom meetings. </span>No Zoom meeting is complete without a cerebral biography or two by someone inspirational or Russell Brand.</p>
<p><span>"If you have been skillful enough </span>to write a book, you should also heavily consider having it over your left shoulder, cover out. We’re looking at you, Malcolm Turnbull," the valuation firm said. </p>
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<p><span>Renovation in times of uncertainty is often the popular option to flipping property.</span></p>
<p><span>The financial cost to buy and sell a property can be quite expensive and if we keep in mind what was discussed in the first few paragraphs, choice in the marketplace is limited at present.</span></p>
<p><span>"You may not find what you are looking for in a ready-made package or the cost may be prohibitive. Presumably your current property had enough features about it that made you invest and move in.</span></p>
<p><span>"Sometimes it makes financial sense to improve what you currently have without suffering the significant transactional costs of buying and selling," the valuation firm said. </span></p>
<p><span>"Given the uncertainty in the marketplace at present and the underlying macro-economic conditions, we would expect to see minor renovations continuing. We are aware of larger more significant renovations that would have occurred previously, being placed on hold </span>in the short term," the valuation firm said. </p>
<p>The report suggests this is in part due to many homeowners facing different economic pressures than they did pre-COVID-19. Many people have seen their salaries either reduced or deferred while the present crisis works its way through the system.</p>
<p>Some will have found that their jobs and therefore income are suspended whilst businesses are closed. Many have lost employment and are in no position to do large-scale works to properties.</p>
<p>It may be that with reduced demand, building contracts and contractor’s quotes can be reworked within the new market climate due to a shortage of work.</p>
<p>A three bedroom cottage in New Lambton with potential for renovation has recently been sold for $777,000.</p>
<p>The home at <a href="https://www.realestate.com.au/sold/property-house-nsw-new+lambton-133584362" target="_blank">51 Orchardtwon Road</a> (pictured below) comprises three bedrooms, central lounge room, well-kept kitchen and alfresco area. </p>
<p>It is located within close proximity to Blackout Village and schools. </p>
<p><img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2020/6/15/new%20lambton.jpg" alt=""></p>
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<p><span>A current listing is a recently renovated house in Adamstown priced at $495,000 -$540,000.</span></p>
<p>The three bedroom, one bathroom home is situated at <a href="https://www.realestate.com.au/property-house-nsw-adamstown-133599358" target="_blank">2/5A Brown Street </a>(pictured below). </p>
<p><span>It comes with renovated kitchen, open plan living and dining and covered alfresco. </span></p>
<p><span><img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2020/6/15/adamstonw.jpg" alt=""></span></p>
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Large renovations placed on hold in Newcastle due to COVID-19: HTW residential 

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<p><span>Rental enquires as well as sales have been strong according to many local agents, according to the latest Herron Todd White (HTW) residential report. </span></p>
<p><span>The valuation firm suggest in locations across the nation, the downtime delivered by isolation has spurned on owners looking to improve their assets through maintenance and upgrade. This month’s HTW report highlights where renovations are on the rise and the price points and outcomes those markets can expect.</span></p>
<p><span>The report notes most agents are reporting that the private inspection only approach to viewings is working very well for agents and prospective purchasers, as it allows for both parties to feel a bit more relaxed rather than experience the typical madness of an open home.</span></p>
<p><span>"Overall we are seeing consistently good sale prices across the board, particularly within the rural residential space.The standard sub-million residential markets are still moving, just at a much slower pace.</span></p>
<p><span>"This is possibly due to purchasers </span>in this price range being the most likely to be impacted by the ongoing and uncharted economic waters in which we currently find ourselves," the valuation firm said. </p>
<p><span>"Given the lockdown guidelines that have been in place over the past six weeks, many people have taken the opportunity to start those little jobs around the house they haven’t had time to begin.... or finish for quite a while. So are we seeing a rise in the amount of home renovation in the local area?</span></p>
<p><span>"The short answer is that it appears to be fairly steady as far as major renovations such as kitchens, bathrooms, decks, etc however we are certainly noticing a rise in smaller cosmetic works including paint jobs, landscaping works and general tidying up," the valuation firm continued. </span></p>
<p><span>"As far as major renovations within the local economy, we haven’t seen the bottom to middle range of the market achieve outstanding capital gains from buying and renovating since the market peaked in mid 2017.</span></p>
<p><span>"We do note that as always we </span>have seen good scope for capital gains on good quality homes in good suburbs and streets that are being renovated to an extremely high level of finish." </p>
<p>These properties tend to appeal to local or Sydney based downsizers looking for high quality product in blue ribbon locations on sub 1000 square metre blocks that are easier to manage than the larger traditional homes, the report noted. </p>
<p>A family retreat set upon two hectares in Bundanoon has recently been sold for $1.675 million. </p>
<p>The house at<a href="https://www.realestate.com.au/sold/property-house-nsw-bundanoon-133501166" target="_blank"> 639 Old Argyle Road</a> (pictured below) comprises four bedrooms, updated kitchen, renovated bathroom, and two car garage. </p>
<p>It also features study, fireplace, established gardens and fended paddocks. </p>
<p><img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2020/6/15/bundanoon%201.jpg" alt=""></p>
<p>A current listing is a four bedroom house in Burradoo with newly refreshed interiors. </p>
<p>The home at<a href="https://www.realestate.com.au/property-house-nsw-burradoo-133665234" target="_blank"> 12A Phillip Street</a> (pictured below) has been listed for sale with $1.45 million hopes.</p>
<p>It features new kitchen, formal and informal living zones, gardens and double garage. </p>
<p><img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2020/6/15/burradoo.jpg" alt=""></p>
<p>"We also notice a strong market for rural residential properties that have also been renovated to an excellent standard as well as the addition of good equine site improvements which appeals to the Sydney market looking for a hobby farm with good access to the city," the valuation firm said. </p>
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<p><span>"As affordability goes, we consistently hear the phrase Highlands tax from home owners and investors alike when talking about the cost of local tradespeople.</span></p>
<p><span>"Due to this, we are seeing owners bring trades in from Sydney or up from Goulburn in the hope of getting a more cost effective job done, but remember you get what you pay for and as always the importance of seeing a tradesperson’s work before hiring them based on price is as important as ever," the valuation firm said. </span></p>
<p><span>"Going forward we believe it’s likely that the renovation market will retain the trend of seeing good quality renovation achieving the price point it deserves." </span></p>
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Southern Highlands sees capital gains on high quality renovated homes: HTW residential 

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<p><span>The month of May progressed steadily for the residential property market in the Illawarra, according to the latest Herron Todd White (HTW) residential report. </span></p>
<p><span>The valuation firm suggest in locations across the nation, the downtime delivered by isolation has spurned on owners looking to improve their assets through maintenance and upgrade. This month’s HTW report highlights where renovations are on the rise and the price points and outcomes those markets can expect.</span></p>
<p><span>The HTW report notes sale prices appear to be holding with no obvious signs of any discounting happening.</span></p>
<p><span><img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2020/6/15/thirroul%20.jpg" alt=""></span></p>
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<p>Notable sales include a $3.1 million sale in <a href="https://www.realestate.com.au/sold/property-house-nsw-thirroul-133480182" target="_blank">Surfers Parade, Thirroul</a> (pictured above) and a duplex in <a href="https://www.realestate.com.au/sold/property-house-nsw-austinmer-133320946" target="_blank">Toxteth Avenue, Austinmer </a>(pictured below)that sold for $2.35 million.</p>
<p><img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2020/6/15/austinmer.jpg" alt=""></p>
<p><span>The number of transactions has decreased slightly with realestate.com.au recording 88 residential sales in the Wollongong LGA in the first 20 days of the month (4.4 sales </span>per day).</p>
<p>This is in comparison to 102 sales in the first 20 days of April (5.1 sales per day). For a point of reference, RP Data recorded 585 sales for the two month period of April and May 2019 (9.6 sales per day).</p>
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<p><span>"Open homes have recommenced and local agents are reporting that while there is </span>less activity, it has not disappeared completely and all levels of the market have purchasers ready to complete sales," the valuation firm said. </p>
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<p><span>Home renovations are a big part of owning a property.Reasons for renovating can be wide ranging. </span>Flippers look to purchase an older, run down property, complete a full renovation and on sell the property, hopefully at a profit.</p>
<p><span>They have experience with a trade themselves and have other local contacts they can call on to get the renovation completed as quickly as possible. </span></p>
<p><span>Time is important as the longer they take to renovate </span>the property, the longer they have to pay holding costs, therefore most flippers will not undertake any renovations that require DA approval, such as an extension. A quick internal and external facelift and the property goes back on the market.</p>
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<p><span>The report suggests owner occupiers tend to renovate their properties at varying stages of their ownership of the property.</span></p>
<p><span>"First home buyers may not have a lot of spare cash to make too many updates initially but as the years go by they will look to spend their savings on renovations projects.</span></p>
<p><span>"Most upgraders tend to look to purchase a family home where </span>all the work is already done. It might be a new house or one that has been recently renovated," the valuation firm said. </p>
<p>Alternatively there are a few who will look to complete the renovation themselves and can therefore fit their own specific requirements into the project.</p>
<p><span>Full renovations or knock down and rebuilds are appearing in popular suburbs in the north or around the CBD which typically have older stock built during the migration boom of the 1960s.</span></p>
<p><span> These areas are transitioning and it is common to drive down a street such as O’Brien Street in Bulli or Storey and Donald Street in Fairy Meadow and see a real mix of new, modern homes next door to older original houses.</span></p>
<p><span>"The key to completing renovations of any scale during the current period is to find a builder who has proven experience and also availability.</span></p>
<p><span>"Most builders have been reporting a decent pipeline of work with new quotes still being prepared. Recent economic issues seemingly have not put a dampener on renovation dreams," the valuation firm said. </span></p>
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Illawarra builders report decent pipeline of renovation work: HTW residential 

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<p>The Coffs Harbour rental market appears to have held up relatively well, according to the latest Herron Todd White (HTW) residential report. </p>
<p>The valuation firm suggest in locations across the nation, the downtime delivered by isolation has spurned on owners looking to improve their assets through maintenance and upgrade. This month’s HTW report highlights where renovations are on the rise and the price points and outcomes those markets can expect.</p>
<p>The HTW report notes although some holiday rentals have switched to permanent, there is no dramatic oversupply and no sign that rental values are falling. </p>
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<p><span>"One month on from the start of the COVID-19 restrictions and we are seeing some light at the end of what may prove to be a long tunnel. </span>The market surprisingly has not come to an abrupt halt; more so, it has taken a cautious approach.</p>
<p><span>"We have experienced a distinct lack of supply of properties for sale with the property section of the local weekend paper becoming significantly smaller, although demand has not appeared to have dropped with supply.This has caused values to remain relatively firm with some noticeable good prices being achieved in areas where supply is down," the valuation firm said. </span></p>
<p><span>Given there are no active cases within the area and restrictions are slowly being lifted, the general feel is of positivity with the expectation that once domestic travel is given the green light, the Coffs Coast will be seen as a very attractive place to come for a holiday, giving the local economy a much needed shot in the arm.</span></p>
<p><span>"To renovate or not to renovate is an age old question. We have seen in recent years the modern generation’s appetite for new homes with a significant push towards new estates and building the dream.</span></p>
<p><span>"As land is becoming scarce within the region (with a lack of new estates coming onto the market), we are definitely seeing a move towards renovations and extensions, especially within well-established suburbs where vacant land is </span>no longer available," the valuation firm said. </p>
<p>Typically, these are the more sought after locations close to the beach and town, however renovation activity is not isolated to one specific location.</p>
<p>"We have seen many DIY home improvements over recent weeks thanks to COVID-19, however these are more your catch up on general maintenance items rather than full blown renovations," the valuation firm said. </p>
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<p><span>"We have seen building costs increase significantly over the past four years as increased demand for construction of new products and renovations has seen builders and trades stretched thin within the region.</span></p>
<p><span>"People’s expectations of the cost of renovations or extensions are often well under- cooked and depending on the degree of house improvement proposed, we are regularly seeing renovation costs in excess of the cost to demolish and rebuild a new home.An average renovation cost for a four-bedroom, two-bathroom home </span>to upgrade the kitchen and bathrooms, floor coverings and painting would start at $50,000 and up depending on the quality of fit-out.</p>
<p>"If we then start adding internal remodelling of floor plan, additional outdoor living, extensions etc, we are now talking $100,000 plus with major rebuilds often being in excess of $300,000 and if talking prestige homes $700,000 plus may not be out of the question," the valuation firm continued. </p>
<p><span>Examples of an area where renovation works are becoming part of the norm is the popular beachside suburb of Sawtell, dollar for dollar one of the most expensive areas in Coffs Harbour, the report noted. </span></p>
<p><span>"To compare, </span>we have examined some recent sales in Circular Avenue, a well-positioned street within walking distance of the main village precinct," the valuation firm said. </p>
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<p><a href="https://www.realestate.com.au/sold/property-house-nsw-sawtell-132629954" target="_blank">77 Circular Avenue, Sawtell</a> (pictured below) is a very modest original 1970 brick home with three bedrooms, one bathroom and single garage set on 531 square metres.</p>
<p><span>It sold for $700,000 in January 2020 which represents predominantly land value.</span></p>
<p><span><img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2020/6/15/sawtell.jpg" alt=""> </span></p>
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<p>In February 2020, <a href="https://www.realestate.com.au/sold/property-house-nsw-sawtell-132637854" target="_blank">88 Circular Avenue, Sawtell</a> (pictured below) sold for $1.04 million (a record street price).</p>
<p><span>This is a fully renovated 1970s rendered brick home with four bedrooms, two bathrooms and double garage set on 663 square metres.</span></p>
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<p><span>"This property sold at auction with high demand and a price achieved above expectations, however when you compare it to 77 Circular Avenue, it </span>represents good buying.</p>
<p>"To achieve the same product on 77 Circular Avenue (notwithstanding a slightly larger lot size), the cost to renovate and extend the modest 1970 three-bedroom home to a four-bedroom, two-bathroom home would be in excess of $350,000 which would result in a total cost of $1.05 million plus the time and effort undertaken to achieve this.</p>
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<p><span>"In this case, it makes sense to buy the already completed property," the valuation firm said. </span></p>
<p><span>The main rule to renovations is to understand the added value of the cost of renovations and not to overcapitalise for the locality.</span></p>
<p><span>This is easier said than done and all depends on the underlying land value and the purpose and scope of the works, plus factor in whether it’s as a homeowner or investor. </span></p>
<p><span>The homeowner who has decided that their current place of residence is their forever home can afford to over capitalise to achieve the lifestyle benefits they desire within their budget.</span></p>
<p><span>However the investor should be shrewder and consider factors such as cost versus added value and only renovate areas that are required or value add by increasing rental return. </span>This could be in the form of secondary accommodation (granny flat) or reconfiguring the current space to provide additional bedrooms, the report noted. </p>
<p><span>"One point should be made when undertaking remodelling or conversions within the dwelling is to seek council approval before you start the project. </span></p>
<p>"One of the misconceptions with owners is that council approval is not required for conversions or reconfiguring internal walls so long as you stay within the current building footprint (that is no extensions or additions). This is incorrect; any moving of a wall or conversion of a garage etc has to be approved by council," the valuation firm said. </p>
<p>"If you undertake any improvements of this nature without approval, for all practical purposes, no one knows so who cares?However, the ramifications come when you wish to sell the property or need a valuation for mortgage security purposes; any works undertaken without approval will not achieve the full value.</p>
<p>"Even more so if you have converted the home into dual accommodation and rent separately for investment purposes or live on one side and receive rent in the other," the valuation firm said. </p>
<p>The report suggests this extra income will not be included in a valuation for mortgage security purposes as it is not council approved. This is critical when you require the extra rental to be included in your loan application to prove you can service the repayments, not to mention the insurance implications if an accident occurs.It is difficult to say what people should or shouldn’t do when it comes to renovation.</p>
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<p><span>"Our best advice is to seek the experience of your local Herron Todd White valuer to navigate and guide you through the market in your local area." </span></p>
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Coffs Harbour sees more renovation work due to COVID-19: HTW residential 

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<p>Renovation is a popular option in many parts of Sydney, particularly in inner Sydney and harbour side locations, according to the latest Herron Todd White (HTW) residential report. </p>
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<p><span>The valuation firm suggests that in locations across the nation, the downtime delivered by isolation has spurned on owners looking to improve their assets through maintenance and upgrade. This month's HTW residential report highlights where renovations are on the rise and the price points and outcomes those markets can expect.</span></p>
<p><span>The HTW report first provided a short COVID update. </span></p>
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<p><span>"Since last month’s edition, we have seen the number of daily new cases of COVID-19 in New South Wales remain low. We have also seen the first stage of the easing of restrictions and also the lifting of restrictions on live auctions and open homes.</span></p>
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<p><span>"This has at least made the process of selling more straightforward and has seen an instant bounce to auction clearance rates, back up above 70% for Sydney, mainly as a result of the number of auction withdrawals returning to more normal levels," the valuation firm said. </span></p>
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<p><span>The last month has still seen prices remain fairly stable overall, however as discussed previously, there are some localities and price points seeing some discounting. This is mainly due to the number of new listings remaining subdued, meaning </span>that supply and demand are staying relatively in balance. </p>
<p>The report notes that the concern is what will happen later in the year when government stimulus and mortgage pauses end.</p>
<p>There potentially could be a significant increase in new listings, some under distressed circumstances, which could have a large impact on prices heading into 2021.</p>
<p><span>"In the rental market we have continued to see an increase in vacancy rates and a fall in asking rents. Houses, somewhat surprisingly, have experienced a quicker fall than units over the past two months. </span></p>
<p><span>"With restrictions around travel within the state and within Australia likely to be eased in the coming weeks and months, short-term holiday rentals </span>that have been transferred to the long-term rental market may start to transfer back to the holiday market, easing vacancy rates," the valuation firm said. </p>
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<p><span>The valuation firm suggests renovation is a popular option in many parts of Sydney, particularly in inner Sydney and harbour side locations where extension and renovation of an existing home is a more viable option than a knock- down and rebuild.</span></p>
<p>These areas often have heritage and other planning restrictions that make it difficult to get approval to do a complete rebuild, the report noted. </p>
<p>In addition, it is also desirable to maintain the period features of older dwellings whilst upgrading the fit out and increasing the floor space.</p>
<p><span>A Victorian residence situated in the heart of Marrickville has recently been sold for $1.5 million. </span></p>
<p>The freestanding home at <a href="https://www.realestate.com.au/sold/property-house-nsw-marrickville-133533598" target="_blank">1 Hastings Street</a> (pictured below) presented a good opportunity for renovation. </p>
<p><span>It consists of four bedrooms, two bathrooms, large formal and casual areas and front veranda. </span></p>
<p><span><img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2020/6/10/marrickville.jpg" alt=""></span></p>
<p><span>In the middle and outer rings, there is more of an appetite for knock-down and rebuild, increasingly for duplex and small townhouse style developments to take advantage of larger land parcels.</span></p>
<p><span>Granny </span>flat builds continue to be a popular option in these areas too, either for extended families or for those looking to obtain some additional rental income.</p>
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<p><span>"This doesn’t mean that renovations aren’t an option here, as owners look to enhance their homes by something as minor as a fresh paint or some additional landscaping, through to a full blown second floor addition and full renovation," the valuation firm said. </span></p>
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<p>A two bedroom granny flat in Bass Hill is currently on the rental market with a price guide of $400 a week.</p>
<p>The well maintained home at <a href="https://www.realestate.com.au/property-house-nsw-bass+hill-429296034" target="_blank">15A Handle Street </a>features large covered entertaining area, gas cooking and split system air conditioning. </p>
<p>It is situated close to local schools, transport and shops. </p>
<p><img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2020/6/10/bass%20hill.jpg" alt=""> </p>
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Renovation remains a popular option in Sydney: HTW residential 

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<p><span>It is not uncommon to see residential properties undergoing renovations throughout the inner suburbs of Sydney, according to the latest Herron Todd White (HTW) residential report. </span></p>
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<p><span>The valuation firm suggests in locations across the nation, the downtime delivered by isolation has spurned on owners looking to improve their assets through maintenance and upgrade. </span>This month’s HTW residential report highlights where renovations are on the rise and the price points and outcomes those markets can expect.</p>
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<p><span>The HTW report notes narrow laneways with skip bins and trucks parked on the kerb is an all too familiar sight for many older heritage style localities in suburbs such as Glebe, Surry Hills and Darlinghurst. </span></p>
<p><span>"This trend has been evident for many years now and we expect it to continue into the future, even within this current COVID-19 pandemic," the valuation firm said. </span></p>
<p><span>"One of the reasons we anticipate minor renovations to be evident in the short term is due to people being locked-up at home and looking for constructive projects to complete around the </span>house which will serve many purposes such as increasing the presentation of their homes and also providing much needed stimulation throughout this lockdown period," the valuation firm explained. </p>
<p>The report notes this could partially explain the continued demand and long queues at Bunnings Warehouse over recent weekends.</p>
<p>Even larger renovation projects have continued to be evident as owner-occupiers look to improve the value of their properties and engage builders and tradesmen at potentially reduced costs, at least in comparison to recent years.</p>
<p>A slowing construction sector, low interest rates and lack of supply in many locations and sectors are likely to encourage renovation projects in the near future.</p>
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<p><span>"Investment properties such as older style home units are also likely to see continued renovations as potential tenants are provided with greater choice at reduced asking rents," the valuation firm said. </span></p>
<p><span>It will be imperative that investment properties are presented in the best possible condition, otherwise tenants will quickly choose a competing property in superior condition or alternatively demand a discounted rental price for any sub-par properties.</span></p>
<p><span>When renovating it is essential to understand the main goals for doing so, whether that be to sell, rent, or purely to renovate to personal taste to live in long term regardless of how this appeals to the local market.</span></p>
<p><span>A few significant aspects to consider when deciding to renovate are in relation to possible heritage restrictions, planning limitations, site access and the scope of works being carried out, the report noted. </span></p>
<p><span>"We hear of many renovation success stories, however a significant part of this requires understanding the intended personal objectives of renovating a property and if renovating with the aim of selling for a profit, then timing of the market cycle (which can involve some level of luck) is important," the valuation firm said. </span></p>
<p><span>"Some other techniques to ensure </span>renovations are not overcapitalising is by focusing on what the local market desires most, researching recent sales of similar properties (on completion of the renovations) and then ensuring the cost to do the chosen works does not blow out your budget or exceed the market value of the finished product." </p>
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<p>A recent example of a blank canvas property at <a href="https://www.realestate.com.au/sold/property-house-nsw-glebe-133206994" target="_blank">47 Wigram Road, Glebe</a> (pictured below), which sold for $1.86 million at an online auction on 4 April, almost $200,000 above reserve, indicates that there is still demand for this type of original property that requires a full renovation.</p>
<p><img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2020/6/10/glebe%201.jpg" alt=""></p>
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Renovation trend continues in inner Sydney during COVID-19 pandemic: HTW residential 

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<p>The Canterbury League Club, which started life as a small community hall in 1957, has just unveiled its new renovated venue.</p>
<p>Commencing in 2014, the $106 million redevelopment was designed with the goal of creating a 5-star premier hospitality venue, featuring cafés, lounges, bars, restaurants, gourmet food and drinks, entertainment, shows, a play area and a 24 hour health club.</p>
<p>The Club, whose members now number over 62,000 aims to be a ‘gathering place’ for the local community and a true ‘foodie hub’.</p>
<p>Along with two new restaurants, The Bakehouse Café, which is open 24-hours, and The Bistro, which can  seat 700 guests, and Lavico, the traditional Italian eatery, there is also a new bar, The Atrium Bar, 10 levels of underground parking featuring nearly 1,300 parking spaces and a newly created LED lightshow.</p>
<p>All of this is supported by an underground services area, which includes an underground loading dock and production kitchens that feature cutting-edge facilities.</p>
<p>This area also boasts sustainable features including an elevated loading dock, a Wi-Fi connected garbage compactor that can book its own waste pick up and the revolutionary Orca system which can turn waste into water.</p>
<p>The Club is set for more expansion with a hotel and residential apartments set for the top of the Club in the planning.</p>
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Canterbury League Club renovations unveiled

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<p class="description">The proportion of loss-making property sales in Geelong hit a 16-year low during 2018 as the regional Victorian market continued its strong sales. </p>
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<p>Loss-making sales dropped to 0.8 per cent of all property resales in the September quarter, according to the latest CoreLogic quarterly Pain &amp; Gain report.</p>
<p><span>It was the best result since 2002, when .5 per cent of homes sold at a loss.</span></p>
<p>CoreLogic senior research analyst Cameron Kusher said the low figure highlighted the strength of the market.</p>
<p>“It certainly has slowed a little bit since then but it highlights the strong run-up in dwelling values that Geelong has seen in the past five years,” he told The Geelong Advertiser.</p>
<p>“Most people that are selling now are well ahead. Nationally, only Hobart saw a lower share of resales at a loss than Geelong.”</p>
<p>The Geelong region has seen some of the largest annual increases in median values for both houses and units across Australia, according to CoreLogic.</p>
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<p>The region, south west of Melbourne, saw its median house value grow 16.6 percent ($82,460) and its units rise 11.9 percent ($42,624), <span>in the 12 months to August 2018</span>.</p>
<p>Despite Geelong's sale activity down nine percent annually, houses are selling 12 days faster than they were in August 2017.</p>
<p>CoreLogic's recent Quarterly Regional Market Update, which looks at the biggest regions outside of capital cities, found the best regional house value performer in New South Wales was the Newcastle and Lake Macquarie region where house values grew by nine percent, while the median unit value increased by over five percent.</p>
<p>The best unit market performer was the Richmond-Tweed region, with values soaring over nine percent. </p>
<p>Geelong’s strong capital growth in recent years put the local market at risk of losing its affordability advantage to suburbs in Melbourne’s outskirts, Cameron Kusher acknowledged.</p>
<p>Prices are now $160,000 dearer than Ballarat, where the median price is $360,000, and $180,000 more than Bendigo ($337,000).</p>
<p>“It’s not going to slowdown to the magnitude that Melbourne has, but certainly in the next year you are going to see a slowdown in growth in Geelong,” Kusher said.</p>
<p><span>When Melbourne’s property market started to soften over the first half of 2018, Geelong remained one of the best performing property markets in the country, according to the October Herron Todd White residential report.</span></p>
<p>The HTW report suggests that established inner-city residential locations such as Geelong West, Drumcondra, East Geelong and Newtown, have seen some significant results with an increase in demand for both dwellings that required a complete rebuild and those that have already undergone high-end luxury transformations.</p>
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<p><span>These areas are often restricted by heritage overlays and neighbourhood residential zoning which may reduce higher density development in order to preserve the neighbourhood streetscape.</span></p>
<p><span>"Vendors willing to undertake a renovation are often rewarded at the time of sale with strong buyer demand for properties equipped with all the modern luxuries and the elegance of a period home," the report noted.</span></p>
<p>The house at <a href="https://www.realestate.com.au/sold/property-house-vic-geelong+west-127807502" target="_blank">25 Elizabeth Street, Geelong West</a> (pictured below) is an example of a high-end renovation. The property was purchased in 2017 for $580,000 and recently resold for $1.3 million after an extensive renovation that transformed the interior whilst retaining the elegant Victorian facade.</p>
<p>Before: </p>
<p><img src="https://www.urban.com.au/images/2018/10/25/geelong%20west%20before%201.jpeg" alt=""></p>
<p><img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2018/10/25/geelong%20west%20before%202.jpg" alt=""></p>
<p>After:</p>
<p><img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2018/10/25/geelong%20west%20after.jpg" alt=""></p>
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<p>The outer south-western suburbs such as Werribee, Point Cook, Tarneit, Truganina and Wyndham Vale have not seen as significant a trend to renovations as we have seen in other suburbs. HTW noted this may be due to the abundance of developing greenfield estates that surround the area where building an affordable new home may be a more attractive option than renovation.</p>
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Geelong leads regional property markets in houses and units: CoreLogic

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<p>EXPERT OBSERVATION</p>
<p>Australia’s home renovations sector enjoyed its busiest quarter in 14 years during the three months to September 2018.</p>
<p>While GDP grew by a fairly disappointing 0.3% during the September 2018 quarter, home renovations activity provided more cheer.</p>
<p>The volume of renovations work rose by 4.5% during the quarter alone and was 11.0% higher than a year ago.</p>
<p>Times have often been tough for Australia’s home renovations market over the past decade but today’s figures show that the market is now bigger than at any time since mid-2004.</p>
<p>While new home building scaled new records over recent years, the performance of renovations activity has been quite puzzling and had failed to replicate this strong performance.</p>
<p>The stronger position of the renovations market during the September 2018 quarter is linked to the fact that interest rates are very low and remarkably stable at this time.</p>
<p>The tightening of credit conditions have prevented many families from being able to move house over the past year. It seems that some of those have decided to renovate their existing home instead.</p>
<p>Australia’s home renovations industry may be an unintended beneficiary of the tougher lending policies.</p>
<p>Looking further out, we are almost certain to see further gains for home renovations.</p>
<p>More detached houses were built in late 1980s Australia than at any time before or since.</p>
<p>More and more of these will be begging for major renovations work in the coming years.</p>
<p><em><strong>SHANE GARRETT</strong> is the MBA Chief Economist.</em></p>
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Australia's home renovations had the busiest quarter in 14 years: Shane Garrett

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<p>Construction of new dwellings in established areas in the ACT has been very active over the last one to three years, owing heavily to the Mr. Fluffy buyback scheme, according to the latest Herron Todd White (HTW) residential report. </p>
<p>The report suggests that the scheme has forced many properties to be demolished, and as a result the land is resold on the market.</p>
<p>"The vacant blocks are incentivised by having increased development potential, where planning will allow multiple dwellings that can be unit titled and sold individually," the valuer said.</p>
<p>The fluffy vacant lands are being purchased by a mix of developers, investors and owner- occupiers who are looking to build.</p>
<p>Most developers are purchasing the land to utilise the increased development potential and constructing two dwellings on the blocks.</p>
<p>There are also multiple owner-occupiers who are purchasing the blocks to build single owner-occupied dwellings.</p>
<p>Most of these sales are in the older established areas of Canberra constructed between 1960 and 1980, such as Belconnen, Woden Valley, Tuggeranong, Inner North and Inner South.</p>
<p>"If a prospective purchaser were to buy one of these blocks, they could expect to pay between $350,000 and $1.5 million, depending on the location and specifications of the block," HTW said.</p>
<p>"If a prospective purchaser were to purchase an established, unrenovated dwelling in a similar area, they could expect to pay between $450,000 and $1.6 million."</p>
<p>Renovations are also common within these older established areas due to ageing improvements (kitchens and bathrooms) and larger blocks which provide the opportunity for property extensions.</p>
<p>A renovated three bedroom house in Nicholls has been sold for $615,000 (pictured above).</p>
<p>The home situated at <a href="https://www.realestate.com.au/sold/property-house-act-nicholls-129467038" target="_blank">9/123 Kelleway Avenue</a> comes with three bedrooms, spacious lounge and dining area, and rear yard.</p>
<p>It situated close to the Gold Creek Country Club with easy access to the relaxing walking tracks and close to local schools, public transport and playing fields.</p>
<p><img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2018/11/1/ainsilie%20.jpg" alt=""> </p>
<p>Another three bedroom Ainslie house has been sold for $1.385 million (pictured above).</p>
<p>Situated at <a href="https://www.realestate.com.au/sold/property-house-act-ainslie-129504650" target="_blank">5 Fisher Street</a>, the extensively renovated home comprises of three bedrooms, open plan living/dining, marble-finished kitchen and large timber deck.</p>
<p>It is close to schools, parkland, shopping and transport.</p>
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