Abadeen has released the whole-floor penthouse crowning its recently completed <a href="https://www.apartments.com.au/buildings/park-residences-cremorne-2-sutherland-street-cremorne-nsw-2090">Park Residences</a> development in Cremorne, bringing the near-300 sqm residence to market for the first time.

Occupying the entire top floor of the boutique Lower North Shore development, the penthouse includes 221 sqm of internal living and a 74 sqm wraparound terrace, with a prized north-facing aspect taking in views across Middle Harbour.

The residence has been completed and fully furnished following a collaboration between Abadeen Executive Chairman Justin Brown and internationally recognised interior designer Jack Freeman, Founder and Managing Director of FREEMAN &amp; CO.

<a href="https://www.apartments.com.au/developers/abadeen">Abadeen</a> and Freeman approached the penthouse as a finished home, sourcing furniture, artwork, lighting and objects from Australia and overseas.

[smartcode_project:default project_id=114246 project_image_fid=378718]

Pieces from Parisian design house Pierre Augustin Rose sit alongside contemporary artworks and bespoke lighting, with Freeman drawing on recent visits to PAD Paris and Salone del Mobile Milano for the final collection.

Brown said the aim was to create a penthouse that felt more like a large-scale private home than a traditional apartment.

"The experience begins the moment the lift doors open. You're welcomed into an elegant dining room before the home opens into an extraordinary living space framed by sun-drenched harbour views.

"Every time someone walks through the front door they pause. It's not just the view, it's the incredible sense of space, the warmth created by the northern sunlight that fills the interiors, and the way every room connects so effortlessly.

"It has all the proportions of a luxury home, while delivering the effortless lifestyle and personalised experience of living in a world-class six-star hotel, combined with the simplicity and convenience of apartment living."

[smartcode_project:default project_id=114246 project_image_fid=378713]

A secure lift provides exclusive access to the penthouse level, opening to a dedicated arrival foyer and dining area before the residence expands into its main living and entertaining spaces.

Floor-to-ceiling glazing runs across the northern side of the home, connecting the interiors with the terrace and Middle Harbour outlook.

The penthouse also features a fireplace and substantial chef's kitchen, while the wraparound terrace has been designed to accommodate both everyday outdoor living and larger-scale entertaining.

[smartcode_project:default project_id=114246 project_image_fid=378720]

Freeman said the interiors had been deliberately kept restrained to complement the scale, natural light and outlook already established by the architecture.

"The penthouse is a serene study in quiet luxury," Freeman said.

"The interior pairs soft, sculptural forms with warm timber, pale stone and a restrained neutral palette. Curated artwork and metallic accents add depth, while abundant natural light creates a calm, effortlessly refined atmosphere. In my world, less is always more."

Freeman said the approach was centred around collecting individual pieces rather than simply decorating the apartment.

"Every material, every object and every piece of furniture has been curated with intention. I am a true believer in collecting versus decorating.

"The architecture already provided extraordinary natural light, remarkable volume and an uninterrupted connection to Middle Harbour. Our role was to complement those qualities with unique one-of-a-kind pieces of fine art and collectible design sourced from recent travels around the world."

[smartcode_project:default project_id=114246 project_image_fid=378694]

Among the collection are solid bronze sculptures by Lorenzo Quinn, alongside a curated crystalware collection and pieces sourced from international design fairs.

Park Residences sits opposite Cammeray Golf Club, Cammeray Croquet Club and Grand Slam Tennis Cammeray, around 300 metres from Neutral Bay Village and its established collection of restaurants, cafés and retail.

Brown said the combination of a whole-floor floorplan, northern aspect and proximity to Neutral Bay was becoming increasingly difficult to find on the Lower North Shore.

"Completed whole-floor penthouses with a sun-drenched north-facing aspect and sweeping Middle Harbour views are exceptionally rare," Brown said.

"Add a quiet position opposite golf, croquet and tennis facilities, a level walk to Neutral Bay Village and only minutes to the CBD, and you have a lifestyle that's incredibly difficult to replicate.

"This is a home that offers the privacy and generosity of a luxury residence together with the convenience of one of Sydney's best-connected harbourside locations."

The penthouse will be exclusively marketed by SRM Residential.

[smartcode_project_cta:default project_id=114246]

Joel Robinson

Abadeen unveils penthouse at Park Residences in Cremorne

New Brisbane developer Dalcott has unveiled Marrone, the first of three residential projects it is planning in and around Browning Street in South Brisbane.

<a href="https://www.apartments.com.au/new-apartments/marrone-south-brisbane-39-browning-street-south-brisbane-qld-4101">Marrone</a> will comprise 97 predominantly two- and three-bedroom apartments, with larger residences aimed squarely at the owner-occupier market.

The project will sit in a quiet pocket of South Brisbane between South Bank and West End, close to the restaurants, cultural attractions and riverfront amenity that have driven the suburb's continued transformation.

Dalcott is targeting buyers looking for more space and amenity than has traditionally been offered in the inner-city apartment market, particularly downsizers and professionals wanting to remain close to the city.

[smartcode_project:default project_id=149951 project_image_fid=377072]

Resident facilities will be concentrated around an extensive rooftop amenity offering, including a swimming pool, spa, infrared sauna, warm and cold magnesium plunge pools, private lounge, dining room and outdoor entertaining areas.

Dalcott Managing Director Lachlan Cottee said South Brisbane's combination of lifestyle, connectivity and established character had been central to the approach to Marrone.

“South Brisbane offers a combination of lifestyle, connectivity and character that’s difficult to replicate elsewhere in Brisbane,” Cottee said.

“Our focus has been on creating homes that feel connected to that environment while providing the level of design, functionality and quality that today's owner-occupiers expect.”

The residences will feature an expressive material palette. Italian Calacatta Viola marble, known for its deep burgundy veining, will be paired with aged brass tapware, Chestnut engineered timber flooring and Tuscan Oak joinery.

<img alt="Marrone" data-entity-type="file" data-entity-uuid="b8d833da-3b30-496a-ae30-07bdff371b50" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-25%20at%2010.52.35%E2%80%AFAM.png?VersionId=P6DAgOfaQzIXljKKK5j3e5NhWtrHIu9G" />

Bathrooms will feature Nara Japanese ceramics and glass bricks, while clay, walnut and brass lighting will be used throughout the apartments.

Dalcott has appointed Realm Projects, led by Managing Director Shane Foley, to handle sales and marketing following previous sold-out collaborations between the groups.

Foley said the Brisbane apartment buyer had become increasingly focused on the quality of the home itself rather than simply securing an inner-city address.

“We expect to see strong demand from buyers who still want all the advantages of inner-city living but aren’t prepared to compromise on the quality of their home,” Foley said.

“Many will be downsizers looking to leave behind the maintenance of a traditional family home without giving up the space they enjoy, while others are likely to be professionals wanting a residence that reflects the way they live today.”

“Marrone responds directly to that demand, with generous floorplans, exceptional resident amenity and a location that places some of Brisbane’s best dining, entertainment and cultural attractions within walking distance.”

<img alt="Marrone" data-entity-type="file" data-entity-uuid="61f7b22f-899e-4c0f-940a-7d3ab1bfb93a" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-25%20at%2010.52.44%E2%80%AFAM.png?VersionId=PvN1JYxBgUpyCB7efKo52WGdSDs9nmim" />

Marrone will be the first project delivered as part of Dalcott's broader investment in the precinct.

It will be followed by La Terra, a boutique project comprising penthouse-style, single-level apartments on a northeast corner site with extensive resident amenity and city views.

Cottee said Marrone represented the first stage of the group's longer-term plans for the area.

Dalcott was established in 2025 by Lachlan Cottee and Ben Dalgliesh, combining development and construction capability under an integrated model and focusing on architecturally considered residential projects.

Marrone will initially be offered through a pre-release registration campaign ahead of its broader public launch.

Dalcott targets owner-occupiers with South Brisbane debut Marrone

Parnell Developments is the latest to seek significant uplift through the NSW Government's Housing Delivery Authority on a Strathfield site previously approved for a much smaller apartment development.

Parnell has sought approval for a 32-storey mixed use tower across&nbsp;<a href="https://www.apartments.com.au/new-apartments/7-lyons-street-strathfield-nsw-2135">3-7 Lyons Street and 18 Parnell Street</a>, a&nbsp;1,857 sqm site around 400 metres from Strathfield Station. The building would yield 160 apartments, 15 per cent of which will be dedicated affordable as per the government mandate for buildings seeking additional uplift.

Approved previously was a nine-storey building back in 2022 with just over 30 apartments. That approval came prior to the project being&nbsp;progressively reconsidered as planning policy shifted toward greater density around transport hubs.

<img alt="Strathfield" data-entity-type="file" data-entity-uuid="c5af5281-a643-4eb2-b8c4-0081b59c04c7" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-25%20at%209.16.48%E2%80%AFAM.png?VersionId=37bd3mI7rHNpThOV_75VO8xsGFwWOi1u" />

Turner has designed the latest building that would replace&nbsp;existing detached homes across the four lots.

The apartment mix comprises 22 one-bedroom apartments, 107 two-bedroom and two-bedroom-plus configurations, and 31 apartments with three or more bedrooms. The scheme also includes 203 car spaces across six basement levels and 58 bicycle spaces.

The proposal has been designed around a three-storey podium addressing Lyons Street, with the tower rising above and stepping toward its upper levels.

Turner said the podium was deliberately scaled to respond to the existing street, while the taller element has been designed as part of the emerging skyline anticipated around Strathfield Town Centre and the wider Homebush transport-oriented development precinct.

The Lyons Street frontage would have a more active, pedestrian-focused character, incorporating the commercial tenancy, landscaping and a brick-framed podium with an awning.

<img alt="Strathfield" data-entity-type="file" data-entity-uuid="14b20874-b8c3-4ac7-bc03-92be9a69fb78" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-25%20at%209.17.48%E2%80%AFAM.png?VersionId=av.9TxtqIRTC6v3PkSuu1rL9rreWoe2h" />

Parnell Street, which faces the railway corridor, has been given a different architectural treatment, with double-height breeze blocks, landscaping and communal areas used to soften the interface with the rail infrastructure.

The tower itself uses curved and recessed facade elements, with wave-like indentations across the northern elevation breaking the building into three vertical forms.

A palette of grey concrete, brick and breeze blocks is complemented by clay and terracotta accents, while the upper tower adopts a lighter expression through articulated slab edges, vertical fins and recessed glazing.

Residents would have access to 467 sqm of communal open space spread across three levels. The ground floor would accommodate the more active resident areas, including barbecue and group gathering spaces and an internal communal room capable of being used for working from home.

A more passive viewing deck is proposed at level three, overlooking the ground-level landscaping and neighbouring tennis courts, while a rooftop "sunset deck" at level 30 would provide another social and relaxation space.

<img alt="Parnell" data-entity-type="file" data-entity-uuid="c3dce401-a80f-4682-8471-4caa01180880" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-25%20at%209.17.34%E2%80%AFAM.png?VersionId=Xyo8JVqbOhSJXNy6Ih.1cHL.O6i0bGR." />

&nbsp;

&nbsp;

&nbsp;

Strathfield has been earmarked for substantial change through the Strathfield Town Centre planning work and the nearby Homebush TOD precinct.

Turner's report says the project has been designed to act as a transition between the existing low and mid-rise development surrounding the site and the taller built form expected to emerge across the town centre.

The proposal is being assessed as State Significant Development under the HDA pathway, alongside the concurrent request to amend the Burwood Local Environmental Plan.

First look: New apartment tower pitched for Strathfield Town Centre precinct

An $18 million penthouse has hit the market in Main Beach as construction tops out on La Mer, the $155 million apartment development rising just metres from the beach.

Spanning around 600 sqm across the top two levels of the 29-storey tower on Main Beach Parade, the four-bedroom penthouse is one of the latest eight-figure residences to test the upper end of the Gold Coast apartment market.

Its launch comes amid continued activity at the very top of the market, following the $30 million off-the-plan sale of a Burleigh Heads penthouse earlier this year, which surpassed the Gold Coast's previous $24 million apartment record set in 2023.

The <a href="https://www.apartments.com.au/new-apartments/la-mer-main-beach-3580-main-beach-parade-main-beach-qld-4217">La Mer penthouse</a> has been designed as a private residence in the sky, with 360-degree views spanning the ocean, Broadwater, hinterland and Gold Coast skyline.

[smartcode_project:default project_id=95606 project_image_fid=378731]

All four bedrooms have ensuites, while the ocean-facing master retreat occupies around half of the upper level and includes its own lounge, private balcony, two walk-in wardrobes and an oversized ensuite with a freestanding stone bath positioned to take in the views.

The residence also features a kitchen designed to accommodate a private chef, a 3.6-metre island bench, expansive butler's pantry, wine cellar and integrated bar.

[smartcode_project:default project_id=95606 project_image_fid=378732]

A rooftop pool and substantial outdoor entertaining area with its own kitchen sit above the residence, while a grand staircase connects the two internal levels. The penthouse also has its own express lift.

OTP Group Director James Elliott, who is marketing La Mer, said the penthouse was expected to appeal to high-net-worth buyers seeking either a permanent Main Beach residence or Gold Coast holiday home.

“The La Mer penthouse represents exceptional value, considering its quality design, size, privacy and location, not to mention the 360-degree views capturing the beach and Gold Coast Broadwater,” Elliott said.

“We’re anticipating interest from high-net-worth individuals and couples seeking a residence or holiday home in the sought-after village enclave of Main Beach, taking advantage of the unprecedented growth underway in the area and neighbouring The Spit.”

[smartcode_project:default project_id=95606 project_image_fid=378736]

La Mer is being developed by developer-builder ODUS and Nazero, in partnership with funder Metrics Credit Partners.

ODUS Director Byron Sakha said topping out the tower had provided the opportunity to release the project's most significant residence.

“We’ve worked with internationally-recognised studio Sici Design on the penthouse interiors, with a focus on ensuring it isn’t luxury for luxury’s sake. Every element has been thoughtfully designed to enhance quality of life for those who call it home,” Sakha said.

“The views are the hero of virtually every space, but we’ve given equal attention to the fittings and finishes, so every detail exudes elegance and refinement.”

Sici Design Founder and Director Maria Papadopoulos said the extensive views became an integral part of the interior design rather than simply something the residence was designed around.

“The views weren't something we designed around, they became part of the design itself, with the true luxury of La Mer in its feeling of peace, calm and wellbeing,” Papadopoulos said.

“Luxury isn't defined by how something looks, but how it makes you feel, and we believe a luxurious home should be beautiful to live in, not stressful to maintain.”

The interiors combine Austral Dream Dolomite natural stone and travertine with timber flooring and a restrained coastal palette.

[smartcode_project:default project_id=95606 project_image_fid=378734]

Designed by Plus Studio, La Mer is one of the more boutique additions to the rapidly changing Main Beach apartment market.

The tower comprises just 24 full-floor, three-bedroom plus multipurpose room apartments below the two-level penthouse, giving the project a considerably lower density than many of the larger towers being developed across the Gold Coast.

Residents will have access to a pool and spa, gym, sauna, barbecue facilities, private sun lounges, yoga lawn and outdoor beach shower.

The penthouse has been released as part of the final collection of residences at La Mer, with remaining apartments priced from $4.3 million.

Construction is expected to complete later this year, with a fully furnished display apartment now open on level four.

[smartcode_project_cta:default project_id=95606]

ODUS releases $18 million penthouse crowning La Mer Main Beach

<a href="https://www.apartments.com.au/developers/far-east-consortium">Far East Consortium</a> is preparing to commence construction on <a href="https://www.apartments.com.au/new-apartments/640-bourke-street-melbourne-640-bourke-street-melbourne-vic-3000">640 Bourke Street</a> this October, marking the next milestone for the Melbourne CBD development and its higher-end Eliza Collection.

Spanning levels 44 to 68 of the 68-storey <a href="https://www.apartments.com.au/architects/rothelowman">Rothelowman</a>-designed tower, the Eliza Collection has been conceived as a lower-density offering within the broader development, with only five apartments on each floor, dedicated lift access and a collection of resident spaces reserved exclusively for Eliza Collection residents.

The Eliza Collection forms part of Far East Consortium's broader move toward larger-format residences at 640 Bourke Street, where the number of apartments was reduced from earlier plans as apartment sizes increased.

[smartcode_project:default project_id=509 project_image_fid=365685]

"What it's meant for 640 Bourke is we've actually reduced the number of apartments. We've increased the overall size of the apartments. We don't have any studios in here, and what that does for a project is it elevates it," Far East Consortium Director of Sales and Marketing Lauren Sheldon said.

Rothelowman Associate Jun Chang said the design process provided an opportunity to create more generous floorplans.

"We were given the opportunity to be more generous. The apartments became bigger and squarer than any other apartments which had been designed in the CBD before that."

[smartcode_project:default project_id=509 project_image_fid=368869]

That thinking carries through to the Eliza Collection, where the residences have been designed around the space and functionality associated with a larger home, but positioned high above the centre of Melbourne.

Kitchens are equipped with Gaggenau appliances, a butler's pantry, temperature-controlled wine cabinet and sculptural pendant lighting, while engineered timber flooring, stone and porcelain finishes and custom cabinetry feature throughout the broader interiors.

Privacy and security are another point of distinction. Eliza Collection residents have dedicated lift access, while 640 Bourke Street will provide concierge services and secure resident parking. Short-stay accommodation, including Airbnb, will not be permitted within the development.

[smartcode_project:default project_id=509 project_image_fid=365689]

Eliza Collection residents will also have exclusive access to selected amenity spaces across levels one and three of the restored Eliza Tinsley building. These include the Salon with grand piano, an art therapy room, private dining rooms and treatment rooms.

They sit within more than 3,000 sqm of amenity planned across 640 Bourke Street, alongside facilities including a pool, gym, whisky lounge and further social and wellness spaces.

The Eliza Tinsley building itself is central to the wider project's identity. Rather than treating the existing Eliza Tinsley façade as a separate element, Rothelowman used it as a starting point for the architecture of the new tower, with the historic building to accommodate the project's gallery and lobby.

"It's a significant asset and wants to be celebrated and experienced by all residents every single time they go in and out of the building," Rothelowman Principal Stuart Marsland said.

[smartcode_project:default project_id=509 project_image_fid=368872]

The tower will rise behind the retained heritage building at 640 Bourke Street, placing residents within walking distance of Southern Cross Station, Flagstaff Gardens, Queen Victoria Market and the Docklands waterfront.

With construction scheduled to begin in October, Far East Consortium has established an onsite display gallery at 640 Bourke Street, including fully built apartments that allow the project's layouts, materials and finishes to be inspected at full scale.

A fully built Eliza Collection apartment is also available to view at the display suite by appointment ahead of the planned October construction commencement.

Eligible purchasers who buy before construction commences can secure the full available off-the-plan stamp duty savings, subject to eligibility and applicable conditions.

[smartcode_project_cta:default project_id=509]

Far East Consortium brings Eliza Collection to 640 Bourke Street ahead of October construction start

Residential Lease

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GUEST OBSERVER
In the recent case of Harold R Finger &amp; Co Pty Ltd v Karellas Investments Pty Ltd [2016] NSWCA 123, the NSW Court of Appeal agreed with the orders of the Primary Judge, but for significantly different reasons. The Court found that the letter alleging to be a Lease agreement was not a binding contractual lease document. Following this, it held that the Karellas Investments (Lessee) had not repudiated the contract and that Harold R Finger &amp; Co Pty Ltd (Landlord) had no right of termination.
Fact Summary
This case related to the leasing of a supermarket premises in Newtown. In December 2009, the Lessee sent a letter to the Landlord for a “binding offer to enter into an Agreement for Lease”. The Landlord accepted the letter of offer in January 2010. Some of the provisions of the letter contained clauses which subjected the agreement to the provision of further formal documentation and terms to be added which had not yet been agreed on.
Following a low turnover forecast, the Lessee’s solicitors wrote to the Landlord on June 9 2010 seeking to adjust the lease terms “to see if the proposed lease terms could accommodate” the Lessee’s concerns.
After a series of letters, the Landlord alleged that the Lessee had repudiated the contract and accepted this repudiation. The Landlord then sought to terminate the contract for repudiation.
Was the Letter a valid Agreement for Lease? The Landlord argued that the letter’s statement that it was a “binding offer to enter into an Agreement for Lease” was that both parties were bound to the lease. The Lessee denied that the letter of offer constituted a binding agreement but was simply an agreement to negotiate.
The Court found that the letter established an agreement, but questioned its actual effect. The Primary Judge held that there was an enforceable contract under which both parties agreed to be bound by rent and other terms. Though Ward JA on appeal found there was an agreement, this agreement did not bring into existence an enforceable contractual lease.
The letter clearly stipulated that the agreement would be subject to further documentation and negotiation of important terms not yet included in the letter. These clauses were construed by the Court to indicate that the agreement would not be complete without such additional terms. The letter also provided the Lessee with a right to withdraw from the agreement if the formal documents required were not executed in 12 months. The Court highlighted that the existence of such a withdrawal provision further indicated that a final agreement may not actually be reached within 12 months. Therefore, the letter could not be reasonably constructed as a final and enforceable lease document. It was an agreement to negotiate in good faith.
Could Terms in the Letter be Re-Negotiated?
As there was no provision which stated that the terms in the letter were set-in-stone, they were open to re-negotiation. The only terms the Landlord could rely on were that the Lessee would negotiate in good faith during the 12 month negotiation period. The Landlord could not rely on any terms that were being negotiated with the Lessee until such terms had been finalised.
Did the Lessee Repudiate the Agreement? The Lessee contended that the June 9 letter did not constitute a repudiation of the agreement. The Primary Judge held that the June 9 letter was an indication of the Lessee’s willingness to negotiate only in circumstances where their demands would be met.
On appeal, the Court held that the Primary Judge’s interpretation of the June 9 letter was incorrect. Ward JA noted that the June 9 letter was in fact an invitation to negotiate. Whilst the letter may have indicated the Lessee’s potential refusal of terms presently negotiated, it was not an ultimatum. Therefore there was no repudiation. As a consequence, the Landlord did not have a valid right to terminate the contract.
Was the Termination Valid?
Whilst no right of termination arose, the Court still considered whether the contract was validly terminated by the Landlord. In a letter on June 11 2010, the Landlord’s solicitors wrote to the Lessee:
Your client’s withdrawal from the lease will result in our client incurring substantial losses. Our client will endeavour to mitigate those losses. However, we are instructed to put your client on notice that our client will hold it liable for all losses incurred by our client as a result of your client's actions. The Landlord alleged that this letter constituted a termination of the agreement. The Court held that the letter did not reasonably make clear that the agreement was at an end and hence the agreement was not validly terminated.
Inconsistency of Clauses
Whilst the inconsistency of clauses within the letter of offer was not a vital issue in this case, it is worth noting. The letter of offer gave the Lessee the right to amend their offer. However, in a separate clause, it stipulated that the signing of the agreement would create binding heads of agreement. Due to this inconsistency the right to amend the letter of offer was only extended up to the point the letter was signed by the Landlord.
Lessons
This case holds four key take-away messages:
Firstly, if a document purports to be an agreement to lease but relies on subsequent negotiations and/or documentation, it may not constitute a valid Lease Agreement.
Secondly, parties to an agreement should be very cautious in assuming a right to terminate a contract. The consequences of wrongful termination may amount to a repudiation and make the alleging party liable to damages.
Thirdly, if a party is intending to exercise a right to terminate, it should use clear language and should not proceed on an assumption. Failing to do so may constitute serving an invalid termination.
Finally, parties should be cautious when drafting terms and ensure clauses are not inconsistent with one another.
Gary Newton is partner, Tress Cox Lawyers and can be contacted <a href="https://www.tresscox.com.au/" target="_blank">here</a>.
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jchancellor-FAypfDUnLy

A Lease Agreement may not be binding

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Western Australia led the rest of the country in rental listings in the past 12 months as listings rose nine per cent during the period, pressuring rental growth in some markets, according to latest data from CoreLogic.
“Western Australia council areas feature heavily on the list of regions that have seen the greatest increase in rental advertisements over the year, many of which are located in Perth,” according to CoreLogic’s head of research Cameron Kusher.
He said that sluggish investor activity in WA may indicate that as the economy has weakened and people have migrated away from WA, home owners may be looking to rent out their home rather than selling into weak market conditions.  
A number of NSW regions too figure on the list and this is probably more reflective of the ramping-up of housing supply purchased by investors, he said.
“Rental advertisement counts suggest that the population growth is increasingly being housed via investment housing (rental accommodation) which aligns with the lift in investor housing finance commitments over recent years.”
Over the 12 months to January 2017, houses advertised for rent rose 8.7 per cent to 362,708, while for units the figure was up 9.3 per cent to 287,233 properties.
“The rental market is currently seeing historic low rates of rental growth and with the amount of rental accommodation ramping up it is easy to see why,” said Kusher.
<a href="https://www.propertyobserver.com.au/images/2017/03/19/March17Rentals.png" target="_blank">Click to enlarge</a>
<img src="https://www.urban.com.au/images/2017/03/19/March17Rentals.png" alt="">
Of the regions with at least 1,000 rental ads during the period, only 17 council areas experienced a decline in ads over the year, with Canberra and Hobart among them. 
Despite the housing construction boom in Sydney at the moment, Kogarah, Warringah and Manly have recorded fewer properties advertised this year compared to last year, signalling tighter rental conditions, said Kusher.
He said that with a record number of homes still under construction, mainly units, rental ads would continue to rise and will hurt rental price growth in many suburbs with choices increasing for renters.
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jonathanchancellor-7SQnKwU6yx

WA leads nation for rental listings increase: CoreLogic's Cameron Kusher

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Leaseback property deals, often targeted towards self-managed superannuation funds (SMSFs), are under the securities regulator’s review. 
 
The deals typically involve buying a residential investment property — house or apartment — with guaranteed tenancies that promise returns of around six percent, well above bank deposit rates or inflation numbers, according to a report in the Australian Financial Review.
 
The new owners lease back the properties to the developer who then acts as a landlord or engages a third party to rent and manage the property. Usually, these contracts are around three to five years and promise generous returns for the length of the contract.
 
Demand for the deals is growing among retirees looking for a regular, above-inflation income from the rent as well as the prospect of capital growth, the AFR reported.
 
The Australian Securities and Investments Commission stepped in to investigate because it wants property investors to fully understand their financial risks and responsibilities.
 
ASIC deputy chairman Peter Kell was cited in the report as saying that the watchdog is monitoring promoters of the schemes as part of a broader nationwide review of property spruiking and real estate deals on offer to SMSF investors.
 
"If these deals are done through self managed super, then it falls into the category of advice," Kell says.
 
Typically it involves the buyer of a property entering a leasing agreement with the seller. Yields are usually around three to four times the inflation rate of 2 per cent, or double returns on most fixed-rate deposit accounts.
 
The term is often three years but there is usually an option to extend the lease by six months for a maximum of two to three times.
 
But promises of such guaranteed rental returns are sometimes used by developers to lure investors to a weak market or masking an overpriced offer, warns a post on hotspotting.com.au.
 
“Developers offer them when they're struggling to sell apartments at the prices they want,” the post says. 
 
Recent prosecutions of spruikers are reassuring the regulator it has the legal power to close down unfair property-linked investment deals, despite it not being directly responsible for real estate.
 
"Get any deal reviewed by a lawyer and financial adviser before committing," said Anthea Digiaris, an associate with legal firm Slater and Gordon Lawyers, about the need for doing your own due diligence, the report said.
 
But Daren McDonald, a partner with management and property consultancy ShineWing, told the AFR that lease backs are common in commercial and retail sectors and can also work well for a short-term investor who enjoys the higher yield before moving into the property.
 
But Ben Kingsley, chair of industry lobby group Property Investment Professionals of Australia, echoes the advice from Hotspotting and warns investors to be careful.
 
"Times are tough for many developers because deals are not coming through. Rental deals are regularly offered by selling agents whose interest is to get a deal done for the developer, not look after the buyers' interests," says Kingsley.
 
The onus is on the developer to find the tenant.
 
"If they can't find a tenant, then the extra costs caused by no rental income will come from their margins. That means any rental guarantee will be included in the price the buyer pays."
 
Those considering a deal should answer these questions before completing a deal:
 
•Has the value of the property been inflated to cover the high yield?
 
•Do banks and other lenders impose tougher conditions around lease-back deals, such as stricter terms on interest rates, ability to repay, loan to value ratios?
 
•Who pays for property servicing contracts, body corporate fees, insurance, rates and maintenance during the lease?
 
•What happens at the end of the lease? Can the lease be extended? Who is responsible for restoring the property to its original condition?
 
•What happens if there is a contract breach by a tenant or the developer? Is there a structure to resolve disputes?
 
•Is there demand for this type of property?
 
•What rent can you achieve at the end of the developer's lease?
 
•Will the value of the property decline if the original lease no longer exists?
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prateek24-ezbwHMbNAk

Property lease-back deals under ASIC scanner

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For five years the BradfieldCleary agency in Sydney's east have been keeping tables on a selection of its rental re-lettings. 
 The latest shows properties re-let over the winter season. 
The overall the properties leased for an average of 3.91 percent above the previous rent. 
This is a particularly strong performance for rent returns in winter, a time when there is generally less demand than in the spring and summer, agent Bob Guth suggests.
The figures from previous winters; July 2012 (2.66 percent), July 2013 (0.80 percent), June 2015 (3.55 percent) were not as strong as this year. 
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"This may well be a reflection on the increase in values residential property has experienced over the last several years but may also come due to a slightly strengthening economy. 
"Needless to say some of the more significant increases may be as a result of some minor upgrades (paint, carpet, lighting, blinds etc) and the small falls in return because of wear and tear and general presentation."
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"Nonetheless it is clear that rents continue to rise above the CPI, confirming investment in residential property must surely be better than ‘money in the bank’," Bob Guth said.
 
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Sydney eastern suburbs rental rise above the CPI over winter

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Long term residential leases have been a rarity in the Sydney rental market, but one landlord at Bondi Beach seeks tenants who won't face being turfed out - or want to leave - after just six months.
The seasonal turnover in Bondi tenants is most likely higher than most locations, but <a href="https://www.thedriftbondi.com.au/residential/#the-drift" target="_blank">The Drift</a>, (above) a new 16-apartment block just a stones throw from the beach, has been pitched at occupants who want to settle in for 24 months or longer.
"I'd be happy to offer 36 months or 48 months," the building managing agent Byron Rose said, saying it was a small step in Sydney embracing the lengthy-stay European rental model.
The one and two bedroom lettings will go to market with an open day next weekend.
The 12 one bedders with study nooks are offered with a guide of $800 and the four units with two bedrooms, and also with study, expecting to lease around $850 a week.
It is owned by an eastern suburbs family syndicate who have redeveloped the corner complex after 25 years ownership.
"The family see ownership as inter-generational, and would like to have longterm tenants too" Byron Rose, the Rose and Jones leasing manager.
He said the idea came from demanding young professionals who want residential surety while they save for their own home.
“They want to live in Sydney’s hippest suburbs, but face a choice of just older, run-down buildings that aren't inviting. 
"They want to rent something they are proud of in a location they are likely priced out when it comes to buying."
Located on the corner of Hall and Gould streets, the apartments were designed by Silvester Fuller to fuse functionality and aesthetics.
They all include open plan living, a separate study hub and private timber-lined balconies with plantings. 
The one-bedroom apartments have around 57 square metre internal space.
Besties Cherie Allen and Chris Perkins got a recent look and love that The Drift encourages long term tenancy. It will be their first time away from home and they've heard horror high turnover rental stories. 
"Once I'm in, I'm not leaving," Allen said, admiring the craftmanship inside and the views outside.
There are wide window ledges which you can sit in, soak up the sun and watch world below, Perkins noted.
They don't want to do the rental inspections over and over again because the landlord wants to sell.
They've seen other places in Bondi backstreets that are old and run down - and you have to pay a lot for them. 
Statewide there are around 750,000 properties rented officially, with around 250,000 of these tenants seeking bond refunds annually from the Rental Bond Board showing the very high turnover.
For many decades protected tenants existed in NSW, safe from eviction. Their number sat at 200,000 in the early 1960s - about 70 per cent of all privately rented accommodation.
That dropped to fewer than 800 by the mid-1990s, and as recent as last year there was a Homebush tenant claiming such status under the 1948 act as a child of the original lease owner. 
No one is suggesting a return of the highly regulated days of protected tenants - where rents could only be raised by the Fair Rent Court - which stemmed as a result of wartime measures. 
But with more elderly in the rental market, the market place pressure will see landlords giving thought to offering longer tenure.
This article was first published in the Saturday Daily Telegraph.
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Long term rental tenancy coming to Bondi

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Residential property leases in Perth are up 3.3 percent from April to May and 7.4 percent when compared to May last year according to REIWA.
REIWA President Hayden Groves said the North-East sub-region was the stand out performer in May, lifting 16.6 percent on April, followed by the North-West sub-region which saw an 11.5 per cent increase.
“When compared to May 2015, the South-West sub-region saw the most notable lift in listings – up 21.8 percent on last year, followed by the North-East sub-region up 13.5 percent," he said.
 
“It’s pleasing to see that although rental listings remain above long term averages, there is still plenty of movement in the market with leasing figures on the rise across the metropolitan area.
"The spike in leasing activity during the month was felt across all but two of the sub-regions. Data shows that the Central sub-region and the South-East sub-region were the only sub-markets to experience a decline over the month, but when compared to May 2015 leasing activity was up 2.5 and 6.9 percent respectively."
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Perth tenant activity increases in May: REIWA

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The South Yarra apartment Luke and Ebony renovated on the hit TV show The Block has found a tenant.
The co-creator and executive producer Julian Cress made the property available to rent for $1,650 a week, short of the $1,950 a week which was hoped after the show aired.
Renovated in the building previously known as the seedy Hotel Saville, the three bedroom plus study apartment only missed out on winning the series by $15,000.
Nigel Johnston of hockingstuart had the listing of <a href="https://www.domain.com.au/1-1a-affleck-street-south-yarra-vic-3141-10356999" target="_blank">1/1A Affleck Street</a> which has been removed from various websites.
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