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

Joel Robinson

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

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

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

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

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

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

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

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

GRAYA greenlit for riverfront St Lucia apartment development, Silk

Suburb Spotlight

<html><body>
GUEST OBSERVATION
Located just 11 kilometres south-east from Melbourne’s CBD, affluent Caulfield is one of Glen Eira’s most popular suburbs.
Bounded by Orrong Road, Dandenong Road, North Road and Booran Road, Caulfield offers a vast number of amenities to its 32,000 residents.
With a strong reputation for being one of Melbourne’s most desirable middle class suburbs, leafy Caulfield attracts a culturally diverse population.
Being a major transport interchange, Caulfield boasts excellent public transport links - ideal for residents who commute into the city for work. Meanwhile, the area’s numerous prestigious and wel -regarded schools including Caulfield Grammar, Wesley College, Caulfield High and Leibler Yavneh College; makes the area popular among families with children. Due to its proximately to Monash University’s Caulfield campus, the area is also popular with students.
For shopping, residents tend to flock to nearby Glenhuntly Road in Elsternwick, which offers a number of international delis and Jewish bakeries as well as the popular Eco’d outlet - a haven for fashion enthusiasts looking for trendy international labels.
With the introduction of a number of new gourmet eateries in recent years, the area has been placed on Melbourne’s gastronomy circuit. For the perfect cold-drip brewed latte and Reuben sandwich, locals head to Einstein’s 251 on Hawthorn Road while Tuck Shop Takeaway, a modern take on an old-fashioned burger joint, has proved to be hugely popular with locals and visitors alike. In nearby Ripponlea resides Attica, Australia’s most awarded restaurant. 
Caulfield Park is the perfect setting for families and fitness lovers. Residents can often be found jogging around its border, enjoying a personal training session, or using one of the three children’s play areas. The park also is home to a number of sporting clubs and playing fields.
A host of options are available with regards to property types in Caulfield. The suburb is divided into three different areas, Caulfield North, Caulfield and Caulfield South. Caulfield North, being one of the most affluent locales, is known for its grand Victorian mansions, tree-lined streets and tranquil family feel. In more recent times, a number of apartments have been built in the area which tend to be occupied by young professionals.
Caulfield and Caulfield South are popular areas for young families, in particular those who have been priced out of the surrounding suburbs. In terms of accommodation types, these areas contain a number of town houses, Californian bungalows and Edwardian homes. Apartments are also plentiful here.
Given the area is divided into three parts, property prices vary from one locale to another. For example, in Caulfield South the average property price is around $1,125,000 for a house and $600,000 for a unit or apartment. Whereas in Caulfield North, an entry-level family home is upwards of $2,000,000.
As with many other suburbs that offer close proximity to the city, there is a high demand for housing in the area. In light of this, Caulfield offers excellent potential for capital growth, with annual price increases of around 5%. Renters make up around 30% of people residing in the area; tending to choose the suburb for its excellent transport links to the city, large family friendly blocks of land and proximity to Monash University’s Caulfield campus.
With that said, the vast majority of people living in Caulfield North are owner occupiers as property types in this area are predominantly luxury homes. In Caulfield and Caulfield South, rental properties fetch an average of $600 per week for a house and $395 per week for a unit or apartment.
For those looking to buy, Caulfield ticks all the boxes. Good schools, great transport links and large blocks of land make it the ideal place for affordable inner-city living.
Alex Flamm is director of <a href="https://www.hodges.com.au/hodgescaulfield" target="_blank">Hodges Caulfield</a>.
Photo courtesy of Stephen Edmonds/<a href="https://creativecommons.org/licenses/by-sa/2.0/" target="_blank">C.C. BY 2.0</a>.
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po-LsXgBTHBmX

Caulfield - a diverse, well connected suburb: Hodges' Alex Flamm

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GUEST OBSERVATION
With private school fees increasing year on year, having access to quality state schools is a top priority for many families.
However, enrolments at most strong performing state schools are limited to residents living within the set boundary of school zones. Therefore properties located within these boundaries are highly sought after and demand higher premiums.
St Kilda primary school was one of the last state schools in the Port Phillip Area to be zoned – having boundaries set only in August last year. Prior to the introduction of zoning, this popular school saw kids travel in from areas as far away as Point Cook. Families looking to get their children into a well performing school without having to spend upwards of $15,000 a year on private tuitions favoured St Kilda Primary because of its open enrolments, positive reputation and performance results.
Now that zones have been introduced and enrolment numbers have been capped, families who want their children to attend this school will need to be appropriately located, otherwise access will not be granted. As a result, local property located in the Balaclava and St Kilda East areas within the zone are likely to experience much greater demand.
According to a survey conducted by the Australian Scholarships Group last year, a private school education, including fees, uniforms, levies, etc. in metropolitan Melbourne can cost parents over $500,000 from preschool to year 12. For a family of three children, that’s a big chunk of change at $1.5 million dollars. On the flipside, in the state system parents would be looking at costs closer to $60,000 for a child’s full education – potential savings of over $440,000. 
When compared to private school fees, paying a premium on property presents as a good investment – particularly if there are two or more children of school age in a family. In fact, a study conducted by RMIT in 2012 found that parents were willing to stretch their budgets by $160,000 on average to buy a home in the popular Camberwell High school zone. This makes sense given it could mean potential savings of over $250,00 per child.
Within close proximity to the city, beach and amenities, St Kilda and its surrounding areas are already hugely popular. The recently established school zoning rules have undoubtedly added an extra selling point and the effect on the local property market will only be positive.
Josh Stirling is director of <a href="https://www.hodges.com.au/hodgesstkilda" target="_blank">Hodges Real Estate St Kilda</a>.
 
 
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JoshStirling-dVWworv6XS

St Kilda Primary School zoning could be a boon for the local property market: Hodges' Josh Stirling

<html><body>
Glen Waverley pipped Mount Waverley to top the 10 most searched Australian suburbs for Chinese buyers in 2014.
The latest data came from property portal myfun.com built and designed by REA Group to showcase Australian property to Chinese buyers.
The neighbouring eastern Melbourne suburbs of Glen Waverley and Mount Waverley sit at the top of the list for most clicked neighbourhoods in Australia.
There's often a distinct price footprint left that identifies the buyer ancestry, the use of the lucky number 8 in the price.
Earlier this month a house on <a href="https://www.realestateview.com.au/Real-Estate/5-st-albans-street-mount-waverley/Property-Details-buy-residential-8299104" target="_blank">St Albans Street, Mount Waverley</a> (pictured above) sold by private treaty through Jellis Craig at $1,502,888.
It was sold by vendors of Chinese descent who had bought in 1999 for $286,000, indicating the heightened presence of the Chinese in the suburb actually has long standing origins.
Indeed the house's previous sale in 1988 was similarly to buyers of Chinese descent.
<ol>
<li>
<a href="/news">Glen Waverley</a>, VIC 
</li>
<li>
<a href="/news">Mount Waverley</a>, VIC 
</li>
<li>
<a href="/news">Doncaster</a>, VIC 
</li>
<li>
<a href="/news">Balwyn</a>, VIC 
</li>
<li>
<a href="/news">Southport</a>, QLD 
</li>
<li>
<a href="/news">Box Hill</a>, VIC 
</li>
<li>
<a href="/news">Carindale</a>, QLD 
</li>
<li>
<a href="/news">Toowong</a>, QLD 
</li>
<li>
<a href="/news">South Yarra</a>, VIC 
</li>
<li>
<a href="/news">Chatswood</a>, NSW</li>
</ol>
Source: myfun.com.
The local agents say among the attractions are two of Victoria’s best state schools, Glen Waverley Secondary College and Mount Waverley Secondary College, along with two of Melbourne’s best private schools, Wesley College and Caulfield Grammar helps.
“It’s also halfway between the city and the hills, but retains a cosmopolitan atmosphere with over 100 cafes and restaurants in the area,” one agent told News Ltd.
Just the two recent auction sales at Glen Waverley, according to the REIV.
<table style="width: 460px;"><tbody>
<tr>
<td>5  Sagan  Court</td>
<td>$2,020,000 </td>
<td>Ray White Glen Waverley </td>
</tr>
<tr>
<td>17  Lindwall  Street</td>
<td>$1,200,000 </td>
<td>Stockdale &amp; Leggo Waverley</td>
</tr>
</tbody></table>
Source: REIV.
There were four auction sales at Mount Waverley.
<table style="width: 460px;"><tbody>
<tr>
<td>64  Alice  Street </td>
<td>$1,950,000 </td>
<td>Jellis Craig </td>
</tr>
<tr>
<td>3/ 8  Edna  Street</td>
<td>$758,000 </td>
<td>Jellis Craig </td>
</tr>
<tr>
<td>1/ 3  Morrison  Court<a href="https://www.realestateview.com.au/Real-Estate/1-3-morrison-court-mount-waverley/Property-Details-sold-residential-8266672"> </a>
</td>
<td>$792,000 </td>
<td>hockingstuart </td>
</tr>
<tr>
<td>2  Vila  Court</td>
<td>$1,310,000 </td>
<td>Noel Jones</td>
</tr>
</tbody></table>
Source: REIV.
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jchancellor-FAypfDUnLy

Chinese buyers' property love affair with the Waverley's - Glen and Mount

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The Port Hedland and South Hedland property market's fall from grace has been well documented.
In mid-2014, columnist Terry Ryder <a href="/expert-insights/port-hedland-and-karratha-the-best-places-to-buy-dont-get-roped-into-that-one">cautioned investors against buying</a> in the mining region, writing that although the Port Hedland and South Hedland markets were in "rapid decline", they "but remain outrageously overpriced".
Controversial research body Demographia ranked the Port Hedland market the 11th most affordable in Australia this year, with a median price of $780,000 and median annual income of $168,400 giving the region a "median multiple" of 4.6.
In the 2014's 10th annual Demographia International Housing Affordability Survey, Port Hedland's market was considered the 13th most affordable, with a median multiple of 5.0 (median housing price of $818,000; median income of $163,700). The year prior, it was named "severely unaffordable" by Demographia, its $980,000 median housing price and $153,800 median annual income giving it a median multiple of 6.4.
Port Hedland has seen vast amounts of iron ore moved out from the Pilbara's mines, stimulating its property markets. But as the local mining economy moves from the construction phase to operations, the transient labour population, many of whom were fly-in, fly-out workers, and tenants, has declined.
The region's dramatic property price struggles were brought into sharp focus over the weekend at the auction of a home at <a href="https://www.janfordrealestate.com.au/1928630/" target="_blank">18 Edgar Street in Port Hedland</a>. ABC reported that the <a href="/expert-insights/buying/sydneys-weekend-auction-clearance-rate-soars-to-82-but-port-hedland-highlights-how-the-mighty-can-fall">fibro cottage passed in at auction at $360,000</a>, with the highest offer reflecting 2006 price levels.
<img src="/images/2015/02/12/port%20hedland%20feb%2012%20one.jpg" alt="">
The house had traded just four years ago for $1.3 million. In 2009 it sold for $870,000 and at $350,000 in 2006.
The home's sales agent, Barry Walsh at Jan Ford Real Estate, tells Property Observer that at the peak of the mining boom, property prices in the Port Hedland and South Hedland regions were unsustainable.
"It was totally unsustainable where it was, and now that it's stabilising, it will bottom out, and is in the throes of doing that," says Walsh. He says 18 Edgar Street was advertised to rent at $2,400 per week at the market's peak," said Walsh.
"And now, you wouldn't rent it for $500 per week. That's a reflection of the rental market."
According to Walsh, the market is now in the process of returning to its fundamental value.
"The stabilisation of the market is a very good thing for Port/South Hedland and the Pilbura region," he says.
"It was unfortunate that the market went where it did, to unsustainable and disproportionate price levels."
He attributes some of the price escalation to the inability to release a sufficient amount of land for development to cope with the influx of residents who were attracted to the area's mining economy. The infrastructure required to house the expected 30,000 to 50,000 residents – everything from hospitals and schools to sewers and roads – wasn't available to facilitate the expansion of the region, making tenants compete for the existing properties.
"The rents got to about $2,800 a week – some of the dearest in the world."
He says 18 Edgar Street is currently advertised for $600,000 through private treaty, with a couple of potential buyers engaged. He says the property, as it exists now, would only be worth around $250,000 to investors as a residential building. "Everyone up here would want at least 10% gross return", Walsh explains.
Indeed, taking a look through Port Hedland's available listings, that appears to be the case. "GOVT LEASE 14.7% ROI", one agent writes. "INVESTORS DELIGHT WITH HIGH RETURN 10+%", another listing reads.
<a href="https://www.realestate.com.au/property-house-wa-port+hedland-119065507" target="_blank">58 Kingsmill Street in Port Hedland</a> is currently on the market, with a price guide of $780,000.
<img src="/images/2015/02/12/port%20hedland%20feb%2012%20two.jpg" alt="">
It last traded at $465,000 in 2006. If it secures its current asking price, it will have appreciated by 68% in nine years.
The four bedroom, two bathroom house is currently leased at $1,600 per week, yielding 10.6%.
However, while the lease isn't due for renewal until 21 January 2016, there is no guarantee that it will attract the same rate this time next year. In April 2013, it was advertised to rent at $2,900 per week. Less than six months later, the advertised rent had dropped by $800 per week, to $1,700 per week. It dropped $100 further before being picked up by the current tenants.
18 Edgar Street saw a similar descent. From its advertised $2,400 per week peak in 2011, it dropped to $1,800 in 2013. Within a year, diminishing tenant demand saw $1,000 per week lopped off its advertised rental rate, down to $800 per week.
Walsh cautions investors not to mistake a current rental rate for the property's current market potential rental returns, citing a property which had been leased at $1,800 per week for the last 12 months that is now struggling to secure at $700 per week.
"Over the last 12 months, investors have been very cautious and have been wanting very high returns," he says. Walsh believes investors will return to the market when it displays more stability, due to the fundamental demand drivers underpinning the market. After all, Port Hedland has the highest tonnage port in Australia, which services a number of industries, beyond iron ore.
As for 18 Elgar Street, Walsh believes it will ultimately offer the most value to developers, due to its position in the centre of Port Hedland, within the businessa nd commercial district, opposite developments and near the boat ramp, Marapikarrinya Park and the fishing wharf.
{mijopolls 89}
Photo of Port Hedland courtesy of Robyn Jay/<a href="https://creativecommons.org/licenses/by-sa/2.0/" target="_blank">C.C. BY 2.0</a>
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jrichardson-uRX5hFdKfN

Port Hedland's price plummet: Can it recover?

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The rental market in Queensland's Mackay continues to decline, with 10.3% of rental stock vacant, according to the Real Estate Institute of Queensland (REIQ).
The town has been fuelled in the past by its mining economy, thanks to its location near the Bowen Basin coal mining reserves. However, as coal mining work declines, in part due to falling commodity prices, so too has Mackay's popularity with workers.
There was a 3.1% vacancy rate two years ago.
The struggling rental market has seen some landlords offer rent-free periods to attract tenants.
One investor is advertising a two week free offer on a <a href="https://www.realestateview.com.au/rental-properties/10-19-23-stevenson-street-mackay/Property-Details-rent-residential-8281018" target="_blank">three bedroom townhouse style South Mackay property</a> that falls under the National Rental Affordability Scheme (NRAS).
It was available last February at $368 per week, and is now available at $300 a week, from 24 February.
The investor paid $370,000 in 2011. The median sale price of a Mackay unit or townhouse in the September 2014 quarter was $301,000, according to the REIQ. The median house price was $391,000.
It is not just NRAS investors who are seeking tenants. Another landlord is also offering a two week free rental period after lowering their asking rent from $300 per week in May 2013 to $250 per week. The <a href="https://www.realestate.com.au/property-unit-qld-mackay-404537165" target="_blank">two bedroom townhouse, pictured below,</a> is available now. 
<img src="/images/2015/02/03/2.jpg" alt="">
5/10 Romeo Street, Mackay
Domain Group senior economist Andrew Wilson says that three to four years ago, Mackay – which <a href="https://propertyobserver.com.au/finding/residential-investment/17995-thursday-observer-matusik" target="_blank">saw vacancy rates as low as 0.9%</a>, by some measures  – was a "classic overheated market".
"It became investor central, with a lot of speculation, and prices moved well beyond their fundamentals, and affordability killed demand" Wilson told Property Observer.
He notes that the mining economy peak saw a lot of housing supply brought to market, with the transient workforce unable to keep up.
"A lot of the mining workers are fly-in, fly-out, and a lot of them are actually drive-in and drive-out as well, so there was no real incentive to be a local resident. And it really was the decline of the mining sector that triggered the drop [in rental demand]."
Wilson says Mackay's market declines aren't over yet.
"There's a real oversupply in Mackay, and no bottom is falling in the market. As long as vacancy rates are that high, you're going to see investors competing for a relatively small pool of tenants.
"That puts more downward pressure on rents, and those with a short term investment view have moved on."
The competition to attract a dwindling supply of tenants has seen the investors who own <a href="https://www.realestate.com.au/property-unit-qld-mackay-412534091" target="_blank">5/9 Stevenson Street</a> in South Mackay advertise the property at $210 per week. In early 2012, they was asking for $490 per week. They paid $206,000 in April 2008.
<img src="/images/2015/02/03/1.jpg" alt="">
5/9 Stevenson Street, Mackay
The current state of Mackay's property market is perhaps not a surprise, given <a href="/news/qld/mackay-market-is-down-and-it-s-still-falling">warnings from experts</a> in the past year about oversupply.
Wilson says it will be a while before the town's market strengthens again.
"It's going to be a long journey back for a stable Mackay housing market," says Wilson.
"It was the curse of the hotspot." 
Property Observer notes the vacancy rate in Mackay was just 0.7% in December 2011.
Picture of Mackay marina courtesy of  Kris C. May/<a class="mw-mmv-license" href="https://www.propertyobserver.com.au/https://creativecommons.org/licenses/by-sa/3.0" target="_blank" style="font-size: 12.1599998474121px; line-height: 1.3em;">CC BY-SA 3.0</a>.
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Mackay's property investor woes continue as vacancy rate hits 10% 

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The New South Wales central coast suburb of Budgewoi has consistently been one of Australia's worst performing suburbs for value of mortgage delinquencies, according to Fitch Ratings.
In September last year, Kingston took over Budgewoi's title as the suburb with the highest value of mortgage delinquencies. Fitch Ratings noted at the time that Budgewoi had been one of its worst performing suburbs in the past five years.
The reasons behind the high rates of mortgage delinquency are unclear. Budgewoi, and the accompanying <a href="/news">Blue Haven</a>, <a href="/news">Buff Point</a> and <a href="/news">Halekulani </a>have a reputation as being popular with retirees.
The median age of the region is, at 43.9, higher than the Australian median of 37.3, according to the Australian Bureau of Statistics (ABS). As of 2012, 35.9% of the region's population were aged 55 and over, compared with the 21% in the same age bracket in an inner-city environment like Melbourne's Northcote. The listing of <a href="https://www.realestate.com.au/property-house-nsw-budgewoi-118205535" target="_blank">117b/2 Macleay Drive</a> in Budgewoi, currently on the market, describes "over 55's living", urging buyers to "retire in style".
While the ABS doesn't record the rate of government pensions and allowances, the average wage and salary income per year in 2011, which was <a href="/expert-insights/finance/nelson-bay-and-budgewoi-on-nsw-coast-still-most-delinquent-postcodes-in-australia-fitch">a high period for mortgage delinquencies</a>, was $57,995, while the average monthly mortgage payment was $2,257.
The most common definition of "mortgage stress" is spending more than 30% of your pre-tax income on loan repayments. Taking the ABS figures as a loose guide, the average Budgewoi wage earner, assuming they have a mortgage, spends roughly 47% of their income on their home loan.
Unemployment in the Budgewoi area was recorded at 7.7% in 2011. In 2013 the ABS, Labour Force, had the unemployment rate for the Wyong LGA consistently higher than the unemployment rates for the Gosford LGA and New South Wales. The unemployment rate for the Wyong LGA in September 2013 was 7.6%, considerably higher compared with the Gosford LGA (4.9%) and state (5.6%).
<img src="/images/2015/01/30/wyong-jan-30-one.jpg" alt="">
According to CoreLogic RP Data, <a href="/news">Budgewoi</a>'s median house price in December 2014 was $482,600. The median unit price in December was $405,000 – but given most of the year saw median unit prices between $215,000 and $290,000, this is likely to be a one-off fluctuation. There have been no obvious price dives, nor jumps, in the past three years, with prices modestly trending upwards with some fluctuation.
However, when Property Observer looked through properties currently on the market in the area, more than usual had a feature in common: they had been sold less than two years ago.
There is no suggestion these are forced sales, but typical vendors must face the unhelpful headwinds associated from those that are.
<a href="https://www.realestate.com.au/property-house-nsw-budgewoi-118910579" target="_blank">52 Sunrise Avenue in Budgewoi</a>, pictured below, is on the market with an auction price guide of $430,000 plus. The owners have held it for less than six months, having paid $385,000 in August 2014. They purchased the property from someone who paid the same amount in October 2013.
<img src="/images/2015/01/30/1.jpg" alt=""> 52 Sunrise Avenue, Budgewoi
<a href="https://www.realestate.com.au/property-house-nsw-budgewoi-118759103" target="_blank">1/66 Tenth Avenue</a> is currently listed at $245,000 (pictured below). <img src="/images/2015/01/30/2.jpg" alt="">
1-66 Tenth Avenue, Budgewoi
But the vendors only purchased the home in May 2014, paying $215,000. The property has been a loss-maker for owners in the past, selling for $190,000 in 2004 and then $165,000 in 2009. While the listing calls for investors, there is no known rental history at the property.
The vendors of <a href="https://www.realestate.com.au/property-house-nsw-budgewoi-118158451" target="_blank">31 Diamond Head Drive</a> (pictured below) are trying to sell it for $589,000, after purchasing it in February last year.
 <img src="/images/2015/01/30/3.jpg" alt="">
31 Diamond Head Drive, Budgewoi
They paid $353,000 for the property in February 2014.
Andrew Sorensen is principal of Raine &amp; Horne Charmhaven, which has been operating in the region since 2000. According to Sorensen, who is also marketing 31 Diamond Head Drive and 52 Sunrise Avenue, the area's mortgage delinquency issues peaked a few years ago, but have steadily been improving since then. There are currently no properties listed on realestate.com.au in the 2262 postcode which are advertised as mortgagee sales.
In 2013, there were two marked as mortgagee sales: <a href="https://www.realestate.com.au/property-house-nsw-buff+point-114906655" target="_blank">5 Regent Street, Buff Point (pictured below)</a> and <a href="https://www.realestate.com.au/property-house-nsw-blue+haven-114429847" target="_blank">26 Timbara Crescent, Blue Haven</a>.
<img src="/images/2015/01/30/4.jpg" alt="">
5 Regent Street, Buffs Point.
5 Regent Street sold for $325,000 in October, according to CoreLogic RP Data. The vendors paid $460,000 in 2004.
26 Timbara Crescent sold for higher than its purchase price, with buyers paying $262,000 in 2013, while the vendors paid $135,000 in 2005.
Sorensen noted that the amount of mortgagee in possession sales coming to the market "now is almost zero", compared with two a week coming up in the suburb a few years ago. He attributes the area's improving market to buyers priced out of Sydney's market, who are keen on the lifestyle that the central coast offers.
In the six months between March and September 2014, delinquencies in Budgewoi had improved, from 3.7% to 2.7%. Will the improvement continue?
Note: This article has been amended. It initially incorrectly stated that 31 Diamond Head Drive had also traded in November 2014.
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Are Budgewoi's mortgage delinquencies still high?

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Karratha, in Western Australia's Pilbara region, was pinpointed as Australia's most affordable town, according to the 11th Demographia survey.
The controversial research body noted Karratha's median property price was a supposed $440,000, on low sale volumes, which was 2.6 times higher than its median annual household income of $171,600.
In 2013, it was rated as "severely unaffordable" in Demographia with a median price of $775,000, 4.9 times the then median salary of $156,700.
The household income figure is elevated by the town's mining economy, with iron ore mining a major source of employment in the region.
However, as reported in the <a href="https://www.afr.com/p/national/pilbara_mining_towns_need_jobs_and_SdKCscxN2BhhVzRdVspHAK%20" target="_blank">Australian Financial Review</a>, employment opportunities in the area are declining as the mining industry moves from the construction phase to the operational phase.
According to a Deloitte report for the Chamber of Minerals and Energy of Western Australia, the Pilbara's labour force is expected to decline by 14,300 workers by 2020, as 17,900 construction jobs are shed and 3,600 operational workers are introduced.
The shift has repercussions in the area's property market, despite investment by local and state governments that has delivered infrastructure and improved amenity in the Pilbara, including Karratha.
Demographia's latest <a href="/expert-insights/investing/the-full-affordability-list-from-adelaide-to-wollongong-demographia-2015">International Housing Affordability Survey</a> ranked Karratha the most affordable in a list of 51 towns, using statistics from the Real Estate Institute of Western Australia among other sources, based on median property price as a multiple of median household income.
Property Observer  has previously noted price declines over the past two year, with more obvious price declines evident in 2014.
Karratha's property declines are demonstrated by <a href="https://www.realestate.com.au/property-house-wa-millars+well-118213123" target="_blank" style="line-height: 1.3em;">this Millars Well property</a>, which CoreLogic RP Data reports as having sold for $380,000 in December 2014, after being listed with a price guide of $415,000 (pictured below).
<img src="/images/2015/01/22/k1.jpg" alt="">
The vendors purchased the three bedroom house for $465,000 in 2006. In 2012, while held by the vendor, it was listed to rent for $1,000 per week, representing a yield of 11.2%.
Given Karratha's large transient workforce, its rental market has been characterised by relatively high rents.
<a href="https://www.realestate.com.au/property-house-wa-bulgarra-115025831" target="_blank">506 Hunt Way in Bulgarra</a> sold for $585,000 in December, after just a year of ownership (pictured below). When it was purchased in late 2013, it was priced at $589,000.
<img src="/images/2015/01/22/k2.jpg" alt="">
The vendors who sold the home for $589,000 in 2013 purchased it for just $44,000 in 1996.
In 2012, it was advertised to rent at $1,400 per week – if successfully rented, it would have earned its owners 1.65 times their purchase price annually.
While the gains for investors may have been ludicrous in the past, as the workforce declines, so too does their income stream.
In 2013, Property Observer wrote that the region's rental market was starting to "<a href="/expert-insights/investing/pilbara-rental-market-starts-to-lose-some-of-its-sparkle">lose some of its sparkle</a>". By July 2014, columnist Terry Ryder was calling <a href="/expert-insights/port-hedland-and-karratha-the-best-places-to-buy-dont-get-roped-into-that-one">Karratha a market "in decline"</a>, but remaining "outrageously overpriced".
The price declines are evident at <a href="https://www.realestate.com.au/property-house-wa-pegs+creek-116093911" target="_blank">7 Wilson Court in Pegs Creek, pictured below</a>.
<img src="/images/2015/01/22/k3.jpg" alt="">
The home sold for $685,000 in April 2014. It has changed hands regularly in the last 10 years, first selling for $320,000 in 2004 before making a 173% price increase over three years to sell in December 2007 for $875,000.
It resold again in 2009 for $710,000, dropping 18.9% in a year and a half. It was then held for three years before its $685,000 April 2014 sale.
The home was advertised to rent for $1,000 per week in April 2014, representing a rental yield of 7.5%.
The town's rental market has been in a downturn in recent years, as have many mining towns in the region.
SQM Research shows the <a href="https://www.sqmresearch.com.au/graph_vacancy.php?sfx=&amp;region=wa%3A%3ANorthern+WA&amp;t=1" target="_blank">vacancy rate</a> in Northern Western Australia tracking upwards in the past two years.
<img src="/images/2015/01/22/Picture%207.png" alt="">
<img src="/images/2015/01/22/Picture%208.png" alt="">
The exit of renting mine workers has also seen <a href="https://www.sqmresearch.com.au/graph_median_rent_weeks.php?sfx=&amp;region=wa%3A%3ANorthern+WA&amp;t=1" target="_blank">rents drop in the region</a>.
Asking rents in Northern Western Australia:
<img src="/images/2015/01/22/Picture%2011.png" alt="">
<img src="/images/2015/01/22/Picture%2013.png" alt="">
As the mining economy transitions into its operational phase over the next few years, Karratha's "affordability" looks likely to continue. <a href="https://www.realestate.com.au/property-house-wa-nickol-114049187" target="_blank">19 Matebore Street, in Karratha's Nickol</a>, is currently on the market for $610,000. Its asking price has been discounted by 22% since it was first listed 594 days ago, for $775,000.
<img src="/images/2015/01/22/k4.jpg" alt="">
Asking rents for the house have been similarly discounted over the past few years. In 2012, it was being advertised to rent at $1,700 per week. In 2014, that decreased to $1,100 per week. Last week, it was advertised again at $750 per week.
The owners paid $790,000 for the home in 2009. If it sells at its current asking price, they will be facing a $180,000 loss, plus stamp duty costs.
{mijopolls 82} 
Feature image of Karratha courtesy of Nachoman/<a class="mw-mmv-license" href="https://creativecommons.org/licenses/by-sa/3.0/" target="_blank" style="font-size: 12.1599998474121px; line-height: 1.3em;">CC BY-SA 3.0</a>.
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Karratha: One of Australia's most "affordable" towns, as prices decline

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Lakemba is located 15 kilometres south-west of Sydney's CBD, in the Canterbury local council area.
It's bordered by Wiley Park to the west and Belmore to the east. Lakemba railway station, in the centre of the suburb, is serviced by the Bankstown line. The 450 bus also delivers residents to Burwood, through Roselands and Strathfield and to Hurstville, via Roselands.
This year, as buyers increasingly focussed on Sydney's middle ring western suburbs to find affordable properties, Domain Group senior economist Andrew Wilson says Lakemba saw strong results.
"The numbers look very good for Lakemba," says Wilson. Australian Property Monitors recorded a median house price of $750,000 in Lakemba for the six months to November, up from $645,000 in the previous period.
The <a href="https://www.realestate.com.au/property-house-nsw-lakemba-118155211" target="_blank">three bedroom house</a> below sold for $750,000 in late November. The brick house on a 534 square metre plot had been held by the vendors for 23 years. They paid $149,000 for the house in 1991.
<img src="/images/2014/12/19/house.jpg" alt="">
In the six months to November 2014, median unit values increased from $337,750 to $360,000, according to Australian Property Monitors.
"That's very strong growth," he says. Wilson predicts the strong growth will continue next year, but will eventually slow.
"Sydney's still set to be the best performer of all the capitals next year. There's still a lot of energy in the market.
"Generally, Sydney house price growth is declining, from double figures over the last two years, per year.  It's gone from around 15% per year to 11%, and next year will probably see around 7% growth.
"Most suburbs will move in line with that. Lakemba, particularly in units, still has a close to double figure growth left in it," he explains.
According to Wilson, units in Lakemba are still in a range generally considered to be affordable, particularly given the suburb's location and local amenities.
A <a href="https://www.realestate.com.au/property-unit-nsw-lakemba-117981363" target="_blank">two bedroom apartment</a> in the eight-unit complex pictured below sold for $358,000 in early December. The elevated ground floor unit with a registered car space was bought by the vendor just a year and a half ago, for $260,000. In that time, after receiving fresh floorboards and new carpet in the bedrooms, its value has increased by 37.7%.
<img src="/images/2014/12/19/unit.jpg" alt="">
"Inner middle ring suburbs in Sydney always attract buyers, and it's all part of that search for more affordable options," says Wilson.
"The area is well serviced by transport and infrastructure, and of course, the NSW economy is doing very well.
The area's main retail strip is along Haldon Street, with a variety of stores and restaurants. There are a number of schools in the area, including Lakemba Public School, Hampden Park Public School and Holy Spirit College.
According to the Australian Bureau of Statistics, the Lakemba - Wiley Park area had a population of 27,228 as of 2012. 76% of Lakemba - Wiley Park residents spoke a language other than english at home in 2011.
In 2011, labourers made up the largest proportion of wage earners in the Lakemba and Wiley Park area, accounting for 19.5% of the area's paid workers. 15.0% of the area's wage earners described themselves as professionals, and technicians and trades workers made up 12.7% of wages earners.
Wilson explains that those who cannot afford Sydney's inner western suburbs are increasingly considering properties in Canterbury, Bankstown or Croydon Park. He expects the majority of buyers in the area are and will continue to be owner occupiers, given its affordability.
After a strong 2014, Wilson predicts that in 2015, Lakemba is "still set to be a popular suburb in a moderating market".
You might also want to read: Why I wouldn't buy an old home Sydney's western suburbs. 
Photo of Halden Street, Lakemba courtesy of Blu3d/<a class="mw-mmv-license" href="https://creativecommons.org/licenses/by-sa/3.0/" target="_blank" style="line-height: 1.3em;">CC BY-SA 3.0</a>.
 
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Suburb spotlight: Lakemba presents affordable options for owner occupiers

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GUEST OBSERVATION
Brighton is located on Port Phillip Bay 11 kilometres south of Melbourne’s CBD. One of Melbourne’s most exclusive suburbs, Brighton is home to a number of celebrities and prominent individuals.
Brighton’s demographic has traditionally consisted of middle-aged and older couples with children, along with older single residents. In more recent times, younger families have started populating the area. As of the 2011 census, Brighton had a population of just over 21,000.
The suburb offers a cosmopolitan lifestyle with a selection of attractive shopping precincts. Brighton’s main centre is situated along Church Street which houses supermarkets, an assortment of beauty salons, high-end fashion boutiques, a cinema and a shopping plaza. North Brighton’s historic Bay Street is another popular shopping strip boasting gourmet cafes, bars and restaurants, designer retail stores and gift shops.
Numerous upmarket hotels are scattered along Brighton’s famous Esplanade, which features a pedestrian and bicycle path lined with palm trees along its foreshore. Another area that’s popular among locals is Martin Street which contains a number of gourmet food stores.
Brighton is bordered by six kilometres of stunning coastline and is home to the iconic colourful bathing boxes at Dendy Street Beach. The area also boasts Middle Brighton’s Municipal Baths that were established in 1881 and are one of only a handful of remaining open water seas baths in Australia.
Brighton has a well-connected transport system with the Sandringham train line running through the suburb. Four stations; Gardenvale, North Brighton, Middle Brighton and Brighton Beach provide residents with quick and easy public transport links into Melbourne’s CBD. At the eastern extremities of the suburb, there is also a regular tram service into the city. Brighton is bordered by the Nepean Highway – an arterial route that offers direct access to the city and the Mornington Peninsula.
The area is popular among families with teenage children largely due to its exceptional schools that include; Brighton Grammar School, Brighton Secondary College, Firbank Girls’ Grammar School, Haileybury’s Castlefield Campus, St Leonard’s College, Xavier College’s Kostka Hall campus and Star of the Sea College.
With a median property price of $1.9 million for a house and $940,000 for a unit, Brighton is home to some of Melbourne's most luxurious properties. Almost half of the home owners in the suburb own their property outright. The types of property available in the area can be categorised as follows:
<ul>
<li>Large mansions boasting tennis courts and swimming pools. These can be found in the suburban streets as well as along the desirable Beach Road.</li>
<li>Large Victorian properties.</li>
<li>A good supply of Edwardian family homes and other period properties.</li>
<li>Recent years have seen an influx of modern townhouses.</li>
<li>In the past five to 10 years many new apartments have been built and a number of new developments are currently underway.</li>
</ul>
The majority of properties in the area are stand-alone houses, which make up over 60% of Brighton’s property types. Townhouse and unit housing account for 20% of the houses and the remaining 20% are apartment buildings. Renters make up almost a quarter of the market, so there is high demand for rental properties.
Property prices in Brighton have risen significantly in the past 10 years and as Brighton is a high demand market this is likely to continue. This strong demand has greatly affected the price and availability of property in the area. With an average of 43 people showing interest per property – almost double the state average - it pays to do your research and be selective when it comes to a property’s position, style and type.  
By getting a foothold on the property ladder in Brighton, you will more than likely be able to sit back and watch the value of your investment grow. 
Julian Augustini is director of <a href="https://www.hodges.com.au/brighton-real-estate" target="_blank">Hodges Real Estate Brighton</a>.
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Brighton: High demand pushing prices higher

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GUEST OBSERVATION
For many years Balaclava was considered a modest Melbourne suburb compared to many of its more affluent neighbours, like Prahran. 
However, in recent times the area has undergone a big transformation - the introduction of a number of new trendy eateries and a $20 million facelift to Balaclava station lending it desirability, style and sophistication. 
Unsurprisingly, this has made the suburb quite popular among younger investors wanting to secure property in close proximity to Melbourne’s CBD and its beaches. Bordered by Inkerman Street, Chapel Street and Hotham Street, Balaclava’s demographic encompasses a diverse mix of residents - from young professionals and families, to bohemian artists and musicians. The area also boasts a sizable Jewish community.
Balaclava’s main shopping strip, Carlisle Street, offers residents a selection of amenities including boutique shops and popular cafes like Las Chicas, Batch and the recently opened Glass Merchants – all of which attract long queues year round.
For those looking for evening dining some of the jewels in Carlisle’s crown include Ilona Staller - sister restaurant of St Kilda’s revered Cicciolina, Carlisle Street Wine Bar and Uncle which allows diners to enjoy Vietnamese cuisine on the restaurant’s quirky rooftop terrace.
Those looking for some retail therapy are not forgotten with a number of new boutiques opening recently including A Part of Me, Lulu and neighbouring Little Lulu.
The suburb has a well-connected transport system; with trains from Balaclava station transporting residents into the CBD in less than 15 minutes. The station’s $20 million upgrade has afforded it ‘Premium Station’ status - meaning its platforms are staffed seven days week during train operating hours. The area’s tram network services St Kilda Road and St Kilda beach, whilst Hotham Street operates as a major bus route.
Balaclava’s median property price of $872,500 for a house and $455,000 for a unit, means the area is generally more affordable then its neighbouring suburbs. Over half of the home owners in the area are unmarried and the largest percentage of residents fall into the 25-34 year old bracket. Over 50% of residents reside in a flat, unit or apartment - of which over half are rented. 
The types of property in the area can be categorised as follows:
<ul>
<li>Single fronted Victorian worker’s cottages.</li>
<li>A significant number of Art Deco apartment blocks</li>
<li>Brick Edwardian homes</li>
<li>1950s, 1960s, and 1970s style apartment blocks</li>
<li>Californian bungalows</li>
<li>New apartment blocks being developed</li>
</ul>
Property prices in Balaclava have risen steadily over the past 10 years and given the area is considered a high demand market this is likely to continue.
Selecting an apartment within smaller blocks, looking for unique features and selecting properties with dual street frontages are some tips to investing wisely in the area.
Josh Stirling is director of <a href="https://www.hodges.com.au/hodgesstkilda" target="_blank">Hodges Real Estate St Kilda</a>.
Photo of Carlisle Street, Balaclava: Public domain.
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