<p>As apartment living continues to evolve across Sydney's growth corridors, the quality and distribution of shared spaces is increasingly shaping how residents experience home. Rather than functioning as add-ons, amenities are being embedded into the daily rhythm of a building, supporting everything from quiet retreat to social interaction, often within a single vertical community.</p>

<p>At <a href="https://www.apartments.com.au/new-apartments/aeris-melrose-park-nursery-street-melrose-park-nsw-2114">Aeris</a> in Melrose Park, this approach is resolved through a layered amenity offering that unfolds from ground level through to its upper podium. Developed by <a href="https://www.apartments.com.au/developers/sekisui-house-australia">Sekisui House Australia</a> in partnership with Hankyu Hanshin Properties, the project introduces 468 apartments across two towers and a mid-rise building, positioned at the highest point of the broader masterplan.</p>

<p>[smartcode_project:default project_id=426 project_image_fid=359199]</p>

<p>The amenity experience begins at street level, where two courtyards sit within a landscaped setting that connects residents to the wider network of parks and green spaces. These green spaces are not isolated pockets but part of a wider pedestrian network that links Aeris to the surrounding <a href="https://www.apartments.com.au/developments/melrose-park-nsw-2114">Melrose Park</a> precinct, including Central Park, future schools, and the Town Centre opening in July 2026. The result is a transition that moves from public to private without abrupt boundaries, allowing residents to pass through shaded, tree-lined environments before reaching the building itself.</p>

<p>Moving upward, the focus shifts to the level five podium, where the primary communal facilities are concentrated. This space brings together a 16-metre swimming pool, outdoor seating areas, and a communal BBQ zone arranged to take advantage of elevated outlooks. Seating is positioned beneath pergolas, creating pockets of shade that extend the usability of the space throughout the day. The pool edge aligns with views toward the wider district, reinforcing the sense of elevation that defines the project’s positioning.</p>

<p>In the adjacent building, this is complemented by quieter, more contemplative spaces, including an outdoor cinema set within the same level. Positioned to operate primarily in the evening, it introduces a different tempo to the shared environment, shifting from daytime activity to after-hours use without requiring separate zones.</p>

<p>[smartcode_project:default project_id=426 project_image_fid=360299]</p>

<p>The podium also accommodates an intimate private resident gym. Located on the lower levels, it gives residents convenient access to fitness facilities without leaving the building.</p>

<p>Above, the elevated podium sky deck extends the amenity offering, providing additional open-air spaces with elevated outlooks across the surrounding landscape. While more restrained in program, this upper level reinforces the project’s vertical progression, from ground-level greenery to elevated outlook, allowing residents to move between distinct spatial conditions within a single address.</p>

<p>This distribution of amenities reflects a deliberate response to how residents use space across the day. Sekisui House Australia Sales and Marketing Director Peter Kalaf points to the role these shared areas play in shaping buyer demand. Aeris has been conceived as more than a collection of apartments, with the podium pool, gym and outdoor cinema forming part of a broader lifestyle offering that extends the home beyond each individual residence.</p>

<p>[smartcode_project:default project_id=426 project_image_fid=360300]</p>

<p>What distinguishes Aeris is not the inclusion of these elements individually, but how they are arranged in relation to one another. Active, social, and passive spaces are layered vertically rather than separated, allowing residents to choose between them without leaving the building or moving far from their apartment. This proximity supports both routine use, such as a morning swim or evening workout, and more occasional gatherings, whether around the BBQ area or within the cinema setting.</p>

<p>The amenity design also sits within a broader framework of connectivity across Melrose Park. The Melrose Park Town Centre, anchored by Coles and Dan Murphys, features a mix of retail, dining, health and lifestyle offerings, bringing everyday convenience closer to residents. By the end of the year, more than five hectares of parks and open space, equivalent to around seven football fields of green space on residents' doorstep, will further enhance the precinct, allowing the internal facilities at Aeris to operate as an extension of the wider neighbourhood rather than a substitute for it.</p>

<p>Construction at Aeris continues to gather momentum, with ground floor slabs expected to be completed in late 2026 before the first sections of the buildings begin to rise above ground.</p>

<p>[smartcode_project_cta:default project_id=426]</p>


Joel Robinson

Elevated amenity anchors daily life at Aeris, Melrose Park

<p>Repeat buyers are one of the strongest measures of confidence in any apartment development.</p>

<p>At <a href="https://www.apartments.com.au/new-apartments/era-newcastle-west-124-126-bull-street-newcastle-west-nsw-2302">ERA</a> in Newcastle West, some purchasers are returning to <a href="https://www.apartments.com.au/developers/gwh">GWH</a> after living at the developer's One Apartments. Their decision to purchase again was driven by the quality of life they found after moving into their first GWH home.</p>

<p>Keith Wilton had spent years living in a house in East Maitland before deciding it was time for a change. Apartment living had always been on his radar, but he was selective about what he wanted.</p>

<p><iframe allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen="" frameborder="0" height="315" referrerpolicy="strict-origin-when-cross-origin" src="https://www.youtube.com/embed/FH_1EzB-1vs?si=XScVlP1ERsTDJoME" title="YouTube video player" width="560"></iframe></p>

<p>"I had some boxes I wanted to tick," he says.</p>

<p>Keith points to the open-plan design, generous outdoor areas and considered inclusions as key reasons One Apartments worked for him.</p>

<p>“One of those things was a nice indoor open plan area, but also I wanted a nice outdoor open area that I could entertain on in summer or Christmases or birthdays,” he says.</p>

<p>He also found value in the smaller details, from integrated appliances to shared resident spaces including the pool, cinema and rooftop areas.</p>

<p>[smartcode_project:default project_id=135096 project_image_fid=356818]</p>

<p>After comparing several developments, he chose One Apartments because of GWH's longstanding local reputation and his own experience working with the developer on a commercial project more than a decade earlier.</p>

<p>"I knew that they were local, that the quality of the build was going to be up there. I'd looked at other apartment complexes around and close by, and I just knew that here was a better decision location wise."</p>

<p>Today, Keith says the move has completely changed how he experiences Newcastle.</p>

<p>"I enjoy living in this location because it's more of a lifestyle change. That Newcastle city living where you can walk to restaurants and bars and even beaches and parks and even shopping across the road."</p>

<p>[smartcode_project:default project_id=135096 project_image_fid=356828]</p>

<p>Beyond the location, he says it's the sense of community that has surprised him most.</p>

<p>"Everyone loves living here because they chose to live here, but everyone looks out for each other. It's a real great community feel here."</p>

<p>For Aimee and Lyle Goodman, the journey started almost by chance.</p>

<p><iframe allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen="" frameborder="0" height="315" referrerpolicy="strict-origin-when-cross-origin" src="https://www.youtube.com/embed/tsioMLcnjas?si=zq-ys3JuWpfa5hFv" title="YouTube video player" width="560"></iframe></p>

<p>The couple happened to be having coffee in Newcastle when they noticed the site where One Apartments was about to begin construction.</p>

<p>"We were aware GWH was planning a development," Aimee says. "We made one phone call and things moved pretty quickly after that."</p>

<p>As busy business owners, they initially thought apartment living would simply reduce the maintenance that came with larger homes. Instead, it fundamentally changed how they spent time together.</p>

<p>"We actually catch up more as a family now," Aimee says.</p>

<p>"We've had homes with big yards and lots of space, but everyone ended up in different rooms. Here we'll have dinner together, the kids can play, and we spend far more quality time together."</p>

<p>[smartcode_project:default project_id=135096 project_image_fid=356829]</p>

<p>Lyle says their confidence came from GWH's reputation within Newcastle's building industry.</p>

<p>"I know people who've worked across different apartment projects, and whenever GWH came up the feedback was always the same. They're rock solid. They're quality."</p>

<p>That confidence only grew throughout the buying process.</p>

<p>"One of the things that really impressed us with GWH was the whole process, was the communication," Lyle says. "It was consistent, it was regular, there was no problem if we had some weird questions, there was no problems in getting answers."</p>

<p>[smartcode_project:default project_id=135096 project_image_fid=351104]</p>

<p>Aimee says one moment stood out.</p>

<p>"The project actually finished on time. We realised we needed to hurry up and sell our house because everything was happening exactly when they said it would."</p>

<p>The positive experience at One Apartments ultimately gave all three buyers the confidence to purchase again with GWH, this time at ERA.</p>

<p>Their confidence reflects what many buyers are seeking in today's apartment market. Location remains important, but so too does certainty around delivery, quality and long-term liveability.</p>

<p>[smartcode_project:default project_id=135096 project_image_fid=356822]</p>

<p>ERA builds on those foundations with 280 one, two and three-bedroom apartments across two landmark towers in <a href="https://www.apartments.com.au/developments/newcastle-west-nsw-2302">Newcastle West</a>.&nbsp;</p>

<p>Designed by <a href="https://www.apartments.com.au/architects/fk-australia">Fender Katsalidis</a>, the project will include more than 2,000 square metres of resident amenities, including a resort-style pool, gym, sauna, private cinema and rooftop entertaining spaces overlooking the harbour and coastline.&nbsp;</p>

<p>The development is also within walking distance of the Newcastle Interchange, Honeysuckle, Darby Street, the harbour foreshore, restaurants, retail and the city’s beaches, continuing the walkable lifestyle that existing GWH buyers say has transformed how they live.</p>

<p>[smartcode_project:default project_id=135096 project_image_fid=356826]</p>

<p>For Keith, the appeal remains straightforward.</p>

<p>"You feel at home even before you've moved into your home."</p>

<p>For Aimee, the change is measured in time.</p>

<p>“I just felt like I had more time,” she says.</p>

<p>[smartcode_project:default project_id=135096 project_image_fid=351102]</p>

<p>Construction at ERA is now underway, with more than half of the residences already sold and limited two and three-bedroom apartments remaining in the East Tower release. Priced from $980,000 for two-bedroom residences and $1.46 million for three-bedroom residences, buyers can secure an apartment with a 10 per cent deposit, with premium homes offering ocean views from Level 8 and harbour views from Level 10.</p>

<p>ERA is also backed by Resilience Insurance's 10-year Latent Defects Insurance policy, providing protection against structural or waterproofing defects for 10 years after completion. The project is anticipated to be completed in early 2028.</p>

<p>[smartcode_project_cta:default project_id=135096]</p>


From ONE to ERA: Why buyers are choosing GWH again in Newcastle West

<p>Virgate Property Group is preparing to commence construction of Verdé, its new apartment development in Melbourne's Arts Precinct at Southbank, following a strong run of sales that has seen more than half of the project's 173 apartments secured.</p>

<p>Verdé has attracted a broad mix of first home buyers, owner-occupiers upgrading from nearby inner-city suburbs and investors, with younger owner-occupier couples aged between 28 and 45 accounting for the strongest enquiry. Many are already living in Southbank, South Melbourne, Albert Park, Port Melbourne, South Yarra and the CBD.</p>

<p>"Verdé is located in one of the most desirable pockets of southern Melbourne," Blair Property Group Director Darren Blair, who is managing sales at Verdé, said.</p>

<p>"It's within walking distance of the Arts Centre, Royal Botanic Gardens, Albert Park Lake, and Southbank's restaurants and retail. It's a great lifestyle location with strong amenity and liveability, which made it a very attractive choice for the project."</p>

<p>[smartcode_project:default project_id=4661 project_image_fid=372549]</p>

<p>Virgate was already familiar with the precinct, having previously delivered the successful Domain House development in neighbouring South Melbourne. That experience gave the developer confidence to acquire the Coventry Street site and continue expanding its presence in Melbourne's inner south.</p>

<p>"We had been keeping an eye on the site and the broader precinct for a few months before deciding to move forward with the acquisition," Virgate said.</p>

<p>The project was ultimately secured in 2020 following feasibility studies, planning assessments and due diligence, with the brief centred on delivering "a high-quality, considered design that feels both refined and fit for purpose."</p>

<p>[smartcode_project:default project_id=4661 project_image_fid=314259]</p>

<p>Designed by <a href="https://www.apartments.com.au/architects/bruce-henderson-architects">Bruce Henderson Architects</a>, Verdé comprises 173 one, two and three-bedroom apartments priced from $599,000. The architecture is distinguished by a faceted glass façade that responds to both the site's outlook and Melbourne's changing light conditions.</p>

<p>According to Bruce Henderson Architects, the coloured glazing gives the building a distinctive identity while also providing privacy and solar shading, with residences oriented to capture views across the bay, city skyline and surrounding parklands.</p>

<p>Inside, <a href="https://www.apartments.com.au/interior-designers/designoffice">DesignOffice</a> has created interiors focused on natural light, efficient planning and enduring materials. Apartments feature engineered oak flooring, natural stone benchtops, floor-to-ceiling glazing and SMEG appliances, while a restrained material palette aims to complement the expansive outlooks rather than compete with them.</p>

<p>[smartcode_project:default project_id=4661 project_image_fid=372550]</p>

<p>Resident amenity has also been designed around everyday functionality rather than occasional use. Facilities include a concierge-serviced lobby, residents' lounge with fireplace, library and co-working space, gym, terrace garden with barbecue facilities, ground-floor café, and package delivery management.</p>

<p>The project's location continues to be one of its strongest drawcards. Positioned on Coventry Street, Verdé sits within walking distance of the National Gallery of Victoria, Arts Centre Melbourne, Royal Botanic Gardens and Albert Park Lake, while Southbank's dining precinct, Sturt Street trams and the new ANZAC Station are all nearby. The surrounding education catchment also includes Melbourne Grammar, Melbourne Girls Grammar, Mac.Robertson Girls' High School and several major university campuses.</p>

<p>The sales team says buyers have responded particularly well to the combination of location, design quality and long-term liveability.</p>

<p>"They're responding really positively to the quality of the design, premium resident amenities and the uninterrupted views. Many also appreciate the location and how connected it is to everything they need."</p>

<p>The ability to secure stamp duty savings before completion has also been a key factor for purchasers, alongside the opportunity to personalise finishes ahead of settlement.</p>

<p>With construction set to commence soon and more than half the apartments already sold, Verdé enters its next phase as one of the Arts Precinct's more established apartment developments, offering remaining buyers an opportunity to secure a residence before construction advances further. Expected completion is scheduled for late 2027.</p>

<p>[smartcode_project_cta:default project_id=4661]</p>


Virgate's Verdé Southbank moves toward construction as sales fly past halfway stage

<p>Downsizer-focused apartment development Kooyongkoot in Hawthorn has been recognised at the 2026 Better Future Melbourne Design Awards, taking home Gold and Silver awards in two categories.</p>

<p><a href="https://www.apartments.com.au/new-apartments/kooyongkoot-hawthorn-1-kooyongkoot-road-hawthorn-vic-3122">Kooyongkoot</a>, currently being delivered by developer PQD and designed by Cera Stribley, received Gold in the Interior Design – Proposed category and Silver in the Architecture – Proposed category.</p>

<p>The dual recognition reflects the design approach behind the boutique development on prestigious Kooyongkoot Road, where the focus has been on creating homes for downsizers seeking the space, quality and functionality of a detached house within a low-rise apartment building.</p>

<p>Rather than maximising apartment numbers, <a href="https://www.apartments.com.au/developers/pqd">PQD</a> and <a href="https://www.apartments.com.au/architects/cera-stribley-architects">Cera Stribley</a> limited the development to just 18 residences, allowing for larger floorplans, greater privacy, generous landscaping and expansive communal spaces.&nbsp;The majority of the apartments also benefit from corner aspects, allowing for dual sources of natural light.</p>

<p>Now around 70 per cent complete and on track for completion in November 2026, Kooyongkoot will comprise a mix of garden residences, ter​race apartments, sub-penthouses, and is crowned by two half-floor penthouses with direct lift access and private rooftop terraces.</p>

<p>[smartcode_project:default project_id=102717 project_image_fid=355297]</p>

<p>The Silver Award for Architecture recognised the way the building responds to its prominent corner position at the ent​rance to Hawthorn's Scotch Hill precinct, one of Melbourne's most established residential neighbourhoods.</p>

<p>Rather than competing with the grand homes that line Kooyongkoot Road, the architectural approach focused on restraint and longevity, using curved brickwork, generous landscaping and carefully considered proportions to integrate with the existing streetscape.</p>

<p>"The form feels fluid and timeless, as though shaped by the landscape itself – architecture that belongs, rather than competes," said Chris Stribley, Co-Founder and Managing Principal of Cera Stribley.</p>

<p>The judging submission also highlighted practical innovations throughout the building, including lift cores servicing only nine homes each, a central landscaped lightcourt designed to bring daylight and ventilation into the building, and fully enclosed private storage rooms with lighting, power and shelving to better accommodate residents transitioning from larger family homes.</p>

<p>[smartcode_project:default project_id=102717 project_image_fid=355293]</p>

<p>The Gold Award for Interior Design recognised the project's focus on long-term liveability rather than display-home aesthetics.</p>

<p>According to the awards submission, the interiors were designed from the inside out, prioritising how homes would function over decades of daily use through generous proportions, practical storage, durable natural materials and flexible layouts.</p>

<p>The specification includes natural stone throughout, upgraded acoustic glazing, V-ZUG appliances and fully enclosed storage rooms, alongside an amenity offering focused on wellness, entertainment and everyday convenience.&nbsp;</p>

<p>Residents will have access to a gym and yoga studio, a wellness centre featuring traditional and infrared saunas, a cold therapy shower and treatment room, as well as a residents' lounge and golf simulator/cinema room for entertainment.&nbsp;Kooyongkoot has also considered the everyday convenience of its residents by offering a private carwash and pet wash facilities on site as well as dedicated parcel lockers and oversized fully enclosed storage rooms.&nbsp;</p>

<p>[smartcode_project:default project_id=102717 project_image_fid=355303]</p>

<p>The project's attention to detail has already resonated with buyers. Earlier this year, Kooyongkoot recorded one of Boroondara's highest apartment sales when an $8 million penthouse was purchased by a Melbourne CEO downsizing from a nearby family home.</p>

<p>"Every detail feels deliberate, from the overall design down to the smallest touches," the purchaser said.</p>

<p>"The level of quality and refinement is exceptional, but what really sold it was how liveable it felt... It felt like a place where everything had been considered, not just a luxury building."</p>

<p>[smartcode_project:default project_id=102717 project_image_fid=355304]</p>

<p>Sustainability also formed a key part of both award submissions. Kooyongkoot is targeting a minimum 7.5-star NatHERS rating across all residences, supported by passive design principles, high-performance glazing, EV charging infrastructure, water reuse systems and a wellness model focused on lower-energy dry facilities rather than pools and large wet areas.</p>

<p>Located within walking distance of Scotch College, Methodist Ladies' College, Koo​yong Lawn Tennis Club, Aubur​n Village and Camberwell Junction, Kooyongkoot continues to target owner-occupiers looking to remain in Melbourne's inner east without compromising on space or quality. A limited selection of two, three and four-bedroom residences remains available, with prices starting from $1.9 million.</p>

<p>[smartcode_project_cta:default project_id=102717]</p>


Kooyongkoot wins Gold and Silver at Better Future Melbourne Design Awards

<p>New apartment supply has become increasingly constrained across <a href="https://www.apartments.com.au/developments/parramatta-nsw-2150">Parramatta</a> in recent years, with fewer projects progressing through to completion as development conditions have become more challenging.</p>

<p>It makes <a href="https://www.apartments.com.au/developers/novm">NOVM</a>'s 2021-completed <a href="https://www.apartments.com.au/buildings/the-lennox-parramatta-12-phillip-street-parramatta-nsw-2150">The Lennox</a> one of the most recently completed residential towers on the Parramatta River, and among the newest apartment developments in Sydney's second CBD.</p>

<p>With the project largely completed before the sharp escalation in construction costs and inflation following the pandemic, The Lennox is now offering pricing that would be difficult to replicate in a comparable new development in Parramatta today, or across much of Western Sydney.</p>

<p>The majority of the 413 apartments at The Lennox sold before and shortly after completion. A limited release of the remaining apartments has recently been brought to market by capital partner <a href="https://www.apartments.com.au/project-marketer/equitifund-group">Equitifund</a>, with entry-level pricing from $700,000 and two-bedroom apartments available from under $1 million.</p>

<p>Rising above the Parramatta River at 12 Phillip Street, The Lennox comprises one, two, three and four-bedroom apartments, appealing to first home buyers, young professionals, families, downsizers and interstate investors seeking a completed apartment in one of Australia's fastest-growing economic centres.</p>

<p>[smartcode_project:default project_id=5743 project_image_fid=372394]</p>

<p>Rather than positioning Parramatta as an alternative to Sydney's CBD, Equitifund believes the city has reached a point where it stands on its own merits.</p>

<p>"Parramatta is no longer simply an alternative to Sydney CBD, it's becoming a destination in its own right," Equitifund Executive Chairman Greg Huxley said.</p>

<p>"The Lennox captures that evolution with a level of quality and amenity that's difficult to match at its price point."</p>

<p>[smartcode_project:default project_id=5743 project_image_fid=953]</p>

<p>Designed by <a href="https://www.apartments.com.au/architects/marchese-partners">Marchese Partners</a>, the tower responds directly to its riverfront setting through expansive glazing and open-plan layouts that maximise views across the Parramatta River and city skyline. Interiors feature engineered timber flooring, stone benchtops, stainless steel appliances and floor-to-ceiling glazing, while generous balconies extend the living spaces outdoors.</p>

<p>Marchese Partners says the project was conceived to balance high-quality apartment living with practical, long-term functionality, pairing larger, efficient floorplans with amenities more commonly associated with five-star hotels.</p>

<p>That emphasis continues through the resident facilities, which include a 20-metre rooftop swimming pool, fully equipped gym and wellness spaces, full-time concierge, a residents' lounge, function room, private lifts, secure basement parking and rooftop communal areas overlooking the Parramatta River. Ground-floor boardwalk retail and dining further activate the riverfront and integrate the building into the surrounding public realm.</p>

<p>[smartcode_project:default project_id=5743 project_image_fid=925]</p>

<p>Australian housing and finance group Equitifund has secured the remaining apartments, believing there are few completed apartment opportunities in Parramatta that offer the same combination of location, amenity and pricing.</p>

<p>Equitifund National Sales Director Ben Hamblett says buyers are increasingly recognising that premium apartment living no longer needs to come with Sydney CBD pricing.</p>

<p>"The Lennox is where aspirational living becomes attainable," Hamblett said.</p>

<p>"Wake to river and mountain views, step into Sydney's Second CBD, and arrive home to resort-calibre amenities, all without the harbour price tag."</p>

<p>Hamblett says owner-occupiers are also attracted by the convenience of having Westfield Parramatta, Church Street's dining precinct, Parramatta Park, Riverside Theatres, Western Sydney University and major transport connections all within walking distance.</p>

<p>"At The Lennox, lifestyle is not an afterthought, it is the foundation."</p>

<p>[smartcode_project:default project_id=5743 project_image_fid=5374]</p>

<p>The Lennox places residents within walking distance of Parramatta Square, Westfield Parramatta, Church Street Eat Street, Parramatta Station, the ferry wharf, Light Rail, the future Sydney Metro West, Parramatta Park and CommBank Stadium, reinforcing Parramatta's position as one of Australia's most connected metropolitan centres outside Sydney's CBD.</p>

<p>Equitifund says buyers visiting the display suite consistently comment on the quality of the finishes, generous floorplans, river and skyline views, and the walkability of the location. The project has attracted a broad mix of local professionals, upsizers, downsizers, buyers relocating from Sydney's inner suburbs and interstate investors seeking long-term growth opportunities.</p>

<p>That demand aligns with Parramatta's continued evolution as an economic powerhouse. Equitifund Research and Market Insights specialist John Bekiaris says sustained population growth, infrastructure investment and expanding employment opportunities continue to support long-term housing demand across the city.</p>

<p>"Parramatta has evolved from a satellite city into one of Australia's most important economic centres. Population growth, infrastructure investment and employment are all supporting sustained long-term housing demand."</p>

<p>[smartcode_project_cta:default project_id=5743]</p>


The apartment price gap drawing Sydney buyers west

Residential Development

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<p><span>A significant boost in unit construction since mid 2005 has seen six major complex built along the Victoria Parade river front in Rockhampton, however over time the average size of units has decreased due to a focus on the bottom line, according to Herron Todd White.</span></p>
<p><span>Herron Todd White's September Month in Review noted s</span><span style="line-height: 1.3em;">maller units equals more units and these have proven to be </span><span style="line-height: 1.3em;">very attractive to the market.</span></p>
<p><span style="line-height: 1.3em;">"Despite the significant boost in unit numbers over the past ten years the attached residential space still reflects only a very small percentage of the entire Rockhampton and surrounding residential markets," the review noted.</span></p>
<p><span style="line-height: 1.3em;">"This has been a key factor in the successful marketing and solid sales rates which have enabled these developments to get out of the ground.</span></p>
<p><span style="line-height: 1.3em;">"In 2005 we saw large spacious 3-bedroom units (160 square metres plus) selling from $330,0000 off the plan compared to Empire where much smaller 1-bedroom units of 50 plus square metres have sold for $330,000 off the plan.</span></p>
<p><span style="line-height: 1.3em;">"Looking forward the notable downturn in the resource industries across Central Queensland and general lack of confidence across the market may result in an extended period where the Rockhampton skyline remains unchanged for some time into the future."</span></p>
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Rockhampton's attractive unit market falling in floor space: Herron Todd White

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<p><span>The global real estate services company JLL has bought the valuation business, Propell National Valuers.</span></p>
<p><span>The deal sees Propell's 200 staff from every state and territory added to JLL's 2300-strong workforce.</span></p>
<p><span>JLL Australia chief executive Stephen Conry said the acquisition had been made carefully within the heated residential market. </span></p>
<p><span>Propell completes about 100,000 residential valuations per year.</span></p>
<p><span>It has been reported JLL's reputed $25 million acquisition will give it clout in the residential segment, taking on valuation companies such as Herron Todd White, which does more than 300,000 valuations per year, CBRE and Opteon Property Group. </span></p>
<p><span>JLL has doubled revenue from its valuations business in the last five years.</span></p>
<p><span>Propell chief executive Bart Mead will continue his senior leadership role at JLL Australia.</span></p>
<p><span>Propell’s Head office is in Brisbane.</span></p>
<p><span>The business in Australia will continue to operate as Propell – a JLL company during an initial transition and integration phase.</span></p>
<p><em>Picture above is of Propell CEO, Bart Mead, (left), with JLL Australia CEO, Stephen Conry.</em></p>
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JLL buys Propell National Valuers

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<p><span>Developer Golden Age Group </span><span>has purchased two neighbouring sites in Sydney’s </span><span>Double Bay for $18 million.</span></p>
<p><span>The properties, 315-</span><span>317 and 321 New South Head Road has a</span><span style="line-height: 1.3em;"> total of 2004.5sqm, with development plans for boutique residences.</span></p>
<p><span style="line-height: 1.3em;">Golden Age Group managing director Jeff Xu said the group will continue to develop premium properties in Melbourne.</span></p>
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Golden Age Group grabs neighbouring Double Bay sites

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<div>The ABS released its Construction Work Done figures for the June quarter, which showed total construction for the quarter rebounding by +1.6% to a seasonally adjusted $49.8 billion.</div>
<div> </div>
<div>Over the last year total construction remained at historically very high levels at $198 billion, although this is now down from a sky-high annual figure of $211 billion one year ago.</div>
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<div><a href="/images/2015/08/27/A1.jpg" target="_blank">Click to enlarge</a></div>
<div><img src="/images/2015/08/27/A1.jpg" alt=""></div>
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<div>As any good politician would, of course, smiling Treasurer Hockey immediately took to Twitter to claim credit for the rebound.</div>
<div> </div>
<div class="separator"><a href="https://4.bp.blogspot.com/-MXXSPCW_nbQ/Vd49Y3e_dTI/AAAAAAAAXz8/ZfZZ5h_X5Ic/s1600/a9.jpg"><img src="https://4.bp.blogspot.com/-MXXSPCW_nbQ/Vd49Y3e_dTI/AAAAAAAAXz8/ZfZZ5h_X5Ic/s640/a9.jpg" width="640" height="178"></a></div>
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<div>But in fact public infrastructure work has been very weak. </div>
<div> </div>
<div>Furthermore, against recent trends the rebound in the June quarter was not driven by residential construction either, rather it was a punchy quarter for engineering (i.e. resources) construction works, with expenditure rebounding by +5.6 per cent to a seasonally adjusted $25.6 billion.</div>
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<div><a href="/images/2015/08/27/a2.jpg" target="_blank">Click to enlarge</a></div>
<div><img src="/images/2015/08/27/a2.jpg" alt=""></div>
<div> </div>
<div>
<div>Despite this positive blip, engineering construction work done was -8.8 per cent lower than a year ago, and will doubtless resume its downward trajectory in due course, as considered in more detail below.</div>
<br><strong><span style="text-decoration: underline;">Mining rebound in WA</span></strong><br><div> </div>
<div>The driver of the engineering construction rebound was an increase in spend of nearly +$3 billion in Western Australia to $11.3 billion for the second quarter.</div>
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<div><a href="/images/2015/08/27/A3.jpg" target="_blank">Click to enlarge</a></div>
<div><img src="/images/2015/08/27/A3.jpg" alt=""></div>
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<div>
<div>In fact, anyone who was paying very close attention might have anticipated this.</div>
<div> </div>
<div>Recall that the so-termed "record trade deficit" in April 2015r actually included an <a href="https://petewargent.blogspot.com.au/2015/06/trade-deficitwtf" target="_blank">anomalous spike</a>in Western Australian imports from Korea. As I <a href="https://petewargent.blogspot.com.au/2015/06/trade-deficitwtf" target="_blank">noted at the time</a>:</div>
<br><div><span><em>"<span>No further detail is provided by the ABS, but given that there was a kahuna $1.5 billion spike in merchandise imports in Western Australia, and we can assume that this was probably related to a major mining project.</span></em></span></div>
<div><span><em> </em></span></div>
<div><span><em>In all likelihood, one might hazard that this was rail capex for Gina Rinehart's Roy Hill iron ore project (which typically a business would treat as an investment in a fixed asset for the generation of revenue streams, rather than trading expenditure)."</em></span></div>
<br><div>In all probability, therefore, the June quarter rebound was capex driven with a large asset purchase accounting for most of the spike.</div>
<div> </div>
<div>Moreover we can expect that the September quarter will see engineering construction work resuming its inevitable decline.</div>
<br><strong><span style="text-decoration: underline;">Building by state</span></strong><br><br><div>At the state level, Victoria has been the king of residential building across recent years.</div>
<div> </div>
<div>However New South Wales is now the one state which is benefitting from a material public sector and non-residential building contribution, thereby thrusting total building work done in the Premier State to its highest ever level in the June quarter.</div>
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<div><a href="/images/2015/08/27/A8.jpg" target="_blank">Click to enlarge</a></div>
<div><img src="/images/2015/08/27/A8.jpg" alt=""></div>
<div> </div>
<div>
<span>Indeed, the New South Wales economy in generally is in very fine shape at the present time.</span><br><br><strong><span style="text-decoration: underline;">Residential building by state</span></strong><br><br><div>Looking at specifically residential buiding we can see that the +7.4 per cent year-on-year increase has been overwhelmingly a function of "other residential" building - which is to say, the construction of units, townhouses and apartments.</div>
<br><div>As denoted by the green line below, outside Sydney major renovations activity has been very subdued through this cycle.</div>
<div> </div>
<div><a href="/images/2015/08/27/A4.jpg" target="_blank">Click to enlarge</a></div>
<div><img src="/images/2015/08/27/A4.jpg" alt=""></div>
<div> </div>
<div>
<div>Although new house building has responded to low interest rates almost everywhere to a greater or lesser extent, the trend has been looking increasingly peaky over the past four quarters.</div>
<div> </div>
<div>Victoria continues to lead the way on the house building front, a state which appears to suffer less from greenfield land supply constraints than other states and territories do.</div>
<div> </div>
<div><a href="/images/2015/08/27/A6.jpg" target="_blank">Click to enlarge</a></div>
<div><img src="/images/2015/08/27/A6.jpg" alt=""></div>
<div> </div>
<div><span>On the other hand the higher density sector building work continues apace, particularly in Melbourne, Sydney and Brisbane, which is a trend you can see everywhere from West End, South Brisbane, Fortitude Valley and Newstead (Brisbane), to Mascot, Wolli Creek and Zetland (Sydney). </span></div>
<div><span> </span></div>
<div><a href="/images/2015/08/27/a7.jpg" target="_blank"><span>Click to enlarge</span></a></div>
<div><span><img src="/images/2015/08/27/a7.jpg" alt=""></span></div>
<div> </div>
<div> </div>
<div>
<div>The latest building approvals figures suggest that the cycle for unit and apartment approvals may also be set to peak in due course, thoughthe duration of higher density projects from approval to completion may run to several years.</div>
<div> </div>
<div>Consequently the elevated levels of building activity in this sector may have quite some way to run yet.</div>
<br><strong><span style="text-decoration: underline;">The wrap</span></strong><br><br><div>Overal this was a positive result for construction in the June quarter which masks an ongoing decline in resources construction that is locked and loaded for the next few years. </div>
<div>
<br>Residential building remains strong for the time being, but even here Australia can only build new apartment projects for so long.</div>
<div> </div>
<div>Of more significance will be today's capex intentions for the 2015/16 financial year, and specifically whether businesses are becoming more inclined towards investment plans.</div>
<div> </div>
<div>If not, in a nutshell, interest rates will have further to fall.</div>
<div> </div>
<div>
<p><span><em>PETE WARGENT is the co-founder of <a href="https://allenwargent.com/" target="_blank" rel="nofollow">AllenWargent</a> property buyers (London, Sydney) and a best-selling author and <a href="https://petewargent.blogspot.com/" target="_blank" rel="nofollow">blogger</a>.</em><br></span></p>
<p><em>His latest book is <a href="https://www.bigskypublishing.com.au/Books/General-Interest/Four-Green-Houses--and-a-Red-Hotel/1015/productview.aspx" target="_blank" rel="nofollow">Four Green Houses and a Red Hotel</a>.</em></p>
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<div><span> </span></div>
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pwargent-M4siyDbqQY

Construction rebounds...for now: Pete Wargent

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<p>Caps on lending to investors and other recently introduced bank credit restrictions will temper the strength of the Australian residential property market, the head of property and construction giant Lend Lease has predicted. </p>
<p>Lend Lease chief executive Steve McCann said the balance between demand and supply of new dwellings in Australia was coming into balance following a historic shortage of homes in many capital cities and this would also cool the market. </p>
<p>“The Australian market remains strong although it is easy to see that we’re somewhere near the peak of the cycle,” McCann said as he announced the group’s 2015 financial results. </p>
<p>“There have been a combination of factors that have fuelled this cycle including strong population growth, monetary easing driving strong investor demand, [Foreign Investment Review Board] restrictions directing increased foreign demand to apartments sold off the plan and a historic undersupply of new dwellings in many of our capital cities.”</p>
<p>While lending restrictions and greater supply would slow the market, Lend Lease had not yet seen any impact from those factors, McCann added. </p>
<p>The group’s residential business reported a record 4262 settlements, up 24% compared with 2014. </p>
<p>Residential pre-sales revenue was up 109% on the previous year to a record $5.2 billion. Some $4.7 billion of this amount was in pre-sales for apartments, which are the main focus for the group’s residential division. </p>
<p>McCann said the business was looking for indicators, such as a slowing rate of pre-sales for new launches, to help it identify a turn in the market cycle. </p>
<p>It has already introduced higher pre-sales thresholds for new projects, which have been lifted to 70% on some apartment developments, as well as flexible apartment designs and a mix of product pricing. </p>
<p>Lend Lease, which also has significant construction and investment management businesses, reported an after-tax profit of $618.6 million. This was down considerably on the $822.9 million result the previous financial year, which had been boosted by a $485 million contribution from the sale of the Bluewater Shopping Centre in the UK.</p>
<p>The result represented earnings per stapled security of 106.8 cents. It paid a distribution of 27 cents per stapled security, 25% franked. </p>
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zfielding-GvX3Uq9KTa

Credit restrictions temper property market: Lend Lease

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<p><span style="line-height: 1.3em;">Infinity By Crown is the latest multi residential complex offering from Crown Group, designed by Japanese pioneer and Sydney based architect, Koichi Takada.</span></p>
<p><span style="line-height: 1.3em;">Ambitious in design, the landmark tower is located at the gateway of the Green Square town centre on the outskirts of the Sydney CBD. </span></p>
<p><span>The design seeks to engage both residents and admirers through architecture, aiming to inspire the idea of spectacle. </span></p>
<p><span style="font-size: small; font-family: tahoma, arial, helvetica, sans-serif;"><img src="https://static1.squarespace.com/static/50e3c8f9e4b0395512a60c4c/t/54815591e4b0dc44e16d5564/1417762193793/KOICHI+TAKADA+ARCHITECTS?format=1000w" width="363" height="469"></span></p>
<p><span>Designed by Koichi Takada Architects, Infinity by Crown Group challenges conventional residential apartment design with a unique looped shape.</span></p>
<p><span>Infinity by Crown will be located close to Green Square train station, one stop from Sydney’s Central train station, at 301-303 Botany Road Zetland.</span></p>
<p><span style="font-size: small; font-family: tahoma, arial, helvetica, sans-serif;"><img src="https://static1.squarespace.com/static/50e3c8f9e4b0395512a60c4c/t/5343cfe3e4b0c7c09a3e4c24/1396953061217/?format=1000w" width="487" height="344"></span></p>
<p><span>The amenities on offer will include a fully-equipped gym, music room complete with baby-grand piano, media theatre and a sky lounge with Sydney CBD views.</span></p>
<p><span>The collection of 401 luxury serviced apartments are already garnering attention from all over the world.</span></p>
<p><span>Apartment sales begin on August 29 priced from $650 000.</span></p>
<p><span style="font-size: small; font-family: tahoma, arial, helvetica, sans-serif;"><strong style="line-height: 1.3em;"> </strong><strong><img src="https://infinitybycrowngroup.com.au/wp-content/uploads/2014/11/apartments01.jpg" width="550" height="172"></strong></span></p>
<p><span>Crown Group Project and Commercial Sales Director Roy Marcellus said the building’s resort-style pool and elegant interiors has attracted particular interest from potential buyers.</span></p>
<p><span>“Future residents will experience the highest level of amenities and everyday luxury; all in this landmark location in Sydney’s new Green Square Town Centre,” Mr. Marcellus said.</span></p>
<p><span>“The interest in Infinity by Crown Group is phenomenal,” he said. </span></p>
<p><span style="font-size: small; font-family: tahoma, arial, helvetica, sans-serif;"> </span></p>
<p><span style="font-size: small; font-family: tahoma, arial, helvetica, sans-serif;"><img src="https://infinitybycrowngroup.com.au/wp-content/uploads/2014/11/precinct04.jpg" width="556" height="174"></span></p>
<p> </p>
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j.ballantyne1990-6AQqhLzZaK

Green Square Infinity nears sales day

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<p><span style="line-height: 1.3em;">GUEST OBSERVATION</span></p>
<p><span style="line-height: 1.3em;">Recently announced changes to Western Australia’s residential planning codes will have a significant impact on the development potential of thousands of properties in the state.</span></p>
<p>The residential planning codes, commonly referred to as R-codes, are overseen by the state’s planning regulator, the Western Australian Planning Commission (WAPC), and determine the number of dwellings that can be developed on a single property.</p>
<p>The changes to the current system are aimed at properties zoned R30 and R35 and will reduce the number of dwellings that can be built on these particular properties.</p>
<p>As part of the new regulations, properties zoned R30 will be allowed to build one dwelling per 300 square metres and those zoned R35 will be allowed to build one dwelling per 260sqm.</p>
<p>The new development guidelines mean the number of dwellings that can be built on these properties is significantly reduced.</p>
<p>For example, under the existing scheme a landowner with a 1000sqm block zoned R30 can build up to eight units, as the development potential is determined by total building area (or plot ratio), not a minimum land size per lot.</p>
<p>However, with the new requirements a landowner with the same size block and zoning can only build three units.</p>
<p>In addition, the WAPC has given local councils the green light to restrict development in many areas zoned R40. </p>
<p>The existing scheme has been in place since 2011 and formed part of the State Government’s initiative to increase residential development infill to 47% of new houses.</p>
<p>However, it has experienced stiff opposition from a handful of local councils who are opposed to higher density living options.<span style="line-height: 1.3em;"> </span></p>
<p>Unfortunately, the backflip by the WAPC will lead to further urban sprawl as housing choice in established suburbs is restricted and residents are forced to live on the urban fringe where land is more affordable.</p>
<p><span style="line-height: 1.3em;">Subsequently, this will place more pressure on Perth’s already strained roads, public transport and utilities.</span></p>
<p><span style="line-height: 1.3em;">The goal of the WA government is to increase the development infill rate to 47% – up from the current level or 28% – however the changes to the R-codes </span><span style="line-height: 1.3em;">system will only further impede this ambition.</span></p>
<p><em style="line-height: 1.3em;">Damian Collins is the founder and managing director of Momentum Wealth and can be contacted <a href="https://www.momentumwealth.com.au/damian-collins/" target="_blank">here</a>.</em></p>
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Planning law changes to hit WA developers: Damian Collins

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<p><span>Around 90% of the 165 apartments on offer sold in the off the plan weekend launch of The Bindery at Liverpool.</span></p>
<p><span>Set within the riverfront The Paper Mill development, prices in the Woods Bagot-designed project ranged from $400,000 up to $685,000 for a three-bedroom terrace.</span></p>
<p><span><span>Some 80% will be owner occupiers with around 20% investors. </span></span></p>
<p><span><span>Around 90% of the purchasers were local. </span></span></p>
<p><span>Coronation Property Co's Paper Mill’s initial release also garnered strong local interest.</span></p>
<p><span>Jason Soulos, sales director for Coronation Property Co, the developers of The Paper Mill says Liverpool is a city undergoing significant transformation. </span></p>
<p><span>Designed by architect Domenic Alvaro and his team at Woods Bagot, The Bindery is part of the reactivation of the Georges River and surrounding urban areas.</span></p>
<p><span>With top-tier finishes that include recycled timber and brick, granite cobblestones and steel inlay to reflect the site’s industrial past, The Bindery features three sky bridges that link each of the buildings, reminiscent of the communal spaces found within New York apartment buildings.</span></p>
<p>The purpose built display suite is on Shepherd Street. For more information on the development, <a href="https://www.liveatthepapermill.com.au" target="_blank">click here</a>.</p>
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The Bindery, Liverpool secures 90% weekend off the plan sales

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<p><span>Developers from Asia and Melbourne have splashed out more than $25 million in a frenzied residential development site buying spree over the last 12 months as local planning laws open up new multi-unit development opportunities in the Melbourne bayside suburb of Bentleigh.</span></p>
<p class="Normal"><span class="Normal__Char">The demand for the sites has sparked a corresponding flurry of negotiations between neighboring home owners in Bentleigh to present larger development sites for sale at a premium to individual site values.  </span></p>
<p class="Normal"><span class="Normal__Char">In the latest off-market deal a Chinese developer is believed to have paid more than $4 million for a 1692 square metre site at 11-13 Bent Street, Bentleigh, after just two weeks on the market.</span></p>
<p class="Normal"><span class="Normal__Char">According to selling agents, Savills’ Julian Heatherich and Jesse Radisich, the site was a consolidation of four neighboring properties, whose owners came together seeking to maximize their returns.   </span></p>
<p class="Normal"><span class="Normal__Char">"This is another example of the extraordinary market that has emerged over the last 12 months driven by a change in planning laws which has coincided with a booming housing market," Mr Heatherich said.</span></p>
<p class="Normal"><span class="Normal__Char">"Developers are purchasing sites that are well located with favorable zoning while home owners are walking away with sale results well in excess of what individual sales would have realized. It‘s a real win-win situation.</span></p>
<p class="Normal"><span style="line-height: 1.3em;">Previous sales in Bentleigh in last 12 months have included</span></p>
<ul>
<li>
<span style="line-height: 1.3em;">     </span><span class="List_0020Paragraph__Char" style="line-height: 1.3em;">261 Centre Road – sold for $2.735 million to a local developer with a permit to develop 28 apartments;</span>
</li>
<li>
<span style="line-height: 1.3em;">     </span><span class="List_0020Paragraph__Char" style="line-height: 1.3em;">23 Bent Street - sold to a Chinese developer for $3.4 million with a permit for 27 apartments;</span>
</li>
<li>
<span style="line-height: 1.3em;">     </span><span class="List_0020Paragraph__Char" style="line-height: 1.3em;">14,16, and 18 Bent Street - sold to a Chinese developer for $5.76 million; </span>
</li>
<li>
<span style="line-height: 1.3em;">     </span><span class="List_0020Paragraph__Char" style="line-height: 1.3em;">674 Centre Road - sold to a local developer for $1.32 million with a permit for eight apartments;</span>
</li>
<li>
<span style="line-height: 1.3em;">     </span><span class="List_0020Paragraph__Char" style="line-height: 1.3em;">15 Bent Street – sold to a local developer for $2.2 million with a permit for 17 apartments; </span>
</li>
<li>
<span style="line-height: 1.3em;">     </span><span class="List_0020Paragraph__Char" style="line-height: 1.3em;">24-26 Vickery St – sold to local developer for $3.6 million.</span>
</li>
</ul>
<p class="Normal"><span style="line-height: 1.3em;">Mr Heatherich said the sales had generated hundreds of enquiries with a significant number from local and off-shore Asian buyers as well as local developers.</span></p>
<p class="Normal"><span style="line-height: 1.3em;">He said following State Government zoning changes, the local municipality, the City of Glen Eira, implemented the changes with the new `Urban Village Policy’ allowing for multi-storey development of up to four levels,</span><span style="line-height: 1.3em;"> </span></p>
<p class="Normal"><span class="Normal__Char">"Glen Eira was the <span class="Normal__Char">first</span> municipality to implement the zoning changes and with Bentleigh one of the main high density areas in Glen Eira, it was subsequently re-classified as Bentleigh Urban Village," Mr Heatherich said.</span></p>
<p class="Normal"><span style="line-height: 1.3em;">Mr Radisich said Savills’ exceptional ties with off-shore based developers in Asia through its Asian office network had been the key to identifying potential purchasers. Savills has 21,000 staff in Asian cities including Beijing, Hong Kong, and Singapore.</span></p>
<p class="Normal"><span style="line-height: 1.3em;">"One of our advantages is Savills’ high profile in Asia. We have offices in China and several other Asian capitals established over more than 30 years. Asians know Savills.’’</span></p>
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Bentleigh development sites Savills

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<p>I was lucky to recently spend an amazing weekend riding horses in the NSW Snowy Mountains National Park.</p>
<p>It was one of those bucket list trips and I went with an old school friend. We'd gone to pony club together and grown up as horse crazy girls. We'd spend most of our teenage years riding and looking after our horses (which kept us out of trouble!).</p>
<p>Whilst sitting around the camp fire at night with a group of other women and staff we'd just met, I was discussing property investing with one of the ladies – can't help myself!</p>
<p>She was a pretty amazing single lady with her sights set on the future. She'd been clever enough to buy a few investment properties in-between serving our country in the army.  We were discussing her recent purchase of an off the plan apartment.</p>
<p>She shared with me the numbers on her deal and I was a bit surprised. I have good experience with buying off the plan but it was over ten years ago now that I used this strategy. Back then, the property developer offered a good discount to purchasers and this helped create some equity. If the market was also moving upwards, then a nice chunk of money could be made by settlement time. I would settle an apartment then draw out the equity to use as a deposit to settle the next one.</p>
<p>But things have changed. There seems to be more risk as there isn't the same discounts being applied. So you buy in at today's market price. If, of course, it's a hot market, as Sydney is at the moment, that price could end up more than what the apartment may be worth in a year or two once completed.</p>
<p>I explained what I did to the lady. Property Bloom manages small developments for our clients. A dual occupancy development can create a big chunk of money within twelve months and you end up with two properties.  I explained that the big difference between buying off the plan and developing yourself, is that you are creating the equity through the development process, not hoping for capital growth whilst your apartment is being constructed.</p>
<p>Would you rather control of the equity creation by cutting some keen deals on the land and construction or rely on a stranger to build your investment and hope for the market to rise?</p>
<p>I did the latter six times and was lucky four out of the six times. The other two deals were borderline. If I had my time again, I would not have completed on the two ordinary investments.  But as they say, time heals all wounds and because I held onto these investments (in lieu of selling at a loss) they've turned out well.</p>
<p>My big lesson from buying off the plan?  It is far more lucrative to be the developer than the investor.</p>
<p><a href="https://www.propertybloom.com.au">www.propertybloom.com.au</a></p>
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