A landmark former orphanage site in Surrey Hills could be transformed into a new residential community under plans lodged by <a href="https://www.apartments.com.au/developers/antipodean-land-developments">Antipodean Land Developments</a> that would deliver 76 apartments and townhouses while restoring some of the suburb's most significant heritage buildings.

The burgeoninng Melbourne-based developer has submitted plans for the 9,158 sqm site at 1 Kent Road and 24 Durham Road, home to the former St Joseph's Home for Destitute Children, a historic institutional complex dating back to the late 19th century. The proposal seeks to adaptively reuse several heritage buildings while introducing two new four-storey residential buildings set within extensive landscaped grounds.

Designed by <a href="https://www.apartments.com.au/architects/woods-bagot">Woods Bagot</a> and Kerstin Thompson Architects, the project has been conceived as a contemporary residential village embedded within a restored heritage precinct. The development team describes the design approach as "The Village in the Garden," with new buildings positioned among mature landscaping by OCULUS and significant heritage structures.

<img alt="First look: Antipodean Land Developments plans heritage-led apartment community in Surrey Hills" data-entity-type="file" data-entity-uuid="44ec8c1b-c0b6-44ae-859e-5811b3e6a023" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Untitled%20design%20%281%29.png?VersionId=p.p1_KFh4iQoV4nisdnPfQBAsWNi7m79" />

The proposal would deliver 76 dwellings comprising a mix of apartments and duplex-style residences, significantly increasing housing supply on one of the largest privately held residential landholdings in Surrey Hills. The development includes 127 car spaces, 24 bicycle spaces and more than 1,000 sqm of communal amenity, with the existing chapel building earmarked for conversion into resident facilities.

According to the planning submission, the project centres on the restoration and adaptive reuse of the site's most significant heritage assets, including the original c.1889 St Joseph's building, the chapel designed by architect Augustus Andrew Fritsch, and the historic brick perimeter walls and entry gates. The proposal also incorporates the retention of other contributory buildings including the former infirmary and school building.

Tract Consultants, in the planning report accompanying the application, said the scheme had been shaped through extensive heritage analysis and design development.

"The shared vision for the Site by the project team has culminated in a scheme which successfully breathes life back into a historic site while delivering upon the objectives of Victoria's Housing Statement in a carefully curated and contextually responsive manner."

<img alt="First look: Antipodean Land Developments plans heritage-led apartment community in Surrey Hills" data-entity-type="file" data-entity-uuid="7263b7d8-95ea-400f-9531-6ca7d22c3c33" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Untitled%20design%20%282%29.png?VersionId=4cR1tiWOsDpgxEOwZi5vVFcyvvOsYkIE" />

The proposal is being assessed under Victoria's Significant Residential Development with Affordable Housing pathway. As part of the application, three per cent of the project's residential development cost would be contributed to the Social Housing Growth Fund. The development would also provide a diverse mix of one, two and three-bedroom residences targeting a broader range of buyers than typically found in Surrey Hills' detached housing market.

Sustainability initiatives include an anticipated 66 per cent BESS score, natural cross-ventilation to 80 per cent of apartments, 28 per cent deep soil landscaping and a canopy cover outcome exceeding local planning requirements. The proposal also sets aside more than 1,083 sqm for communal indoor and outdoor resident amenity spaces.

<img alt="First look: Antipodean Land Developments plans heritage-led apartment community in Surrey Hills" data-entity-type="file" data-entity-uuid="33fad46f-fe26-4d0a-acfd-6b776e1c6a3d" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Untitled%20design.png?VersionId=D9F6WVSyYCtGvSUmith35LRp6R7PQkw_" />

Planning documents describe the property as one of the largest underutilised residential sites in Surrey Hills, arguing it presents a rare opportunity to introduce "missing middle" housing in an established inner-eastern suburb while preserving and revitalising a significant heritage precinct.

Antipodean Land Developments has built a reputation for design-focused residential projects across Melbourne, particularly in the medium-density sector. Previous developments include Neighbourhood in Brunswick East, delivered with Breathe Architecture, and Balfe Park Lane, designed by Kerstin Thompson Architects.

They've been very active in site acquisition as they build out their future development pipeline. They recently launched Thornubury House, 45 apartments above a mix of commercial, retail, and food and beverage tenancies, and have plans for a boutique project in Fitzroy and another <a href="https://www.apartments.com.au/news/vic/antipodean-plan-apartments-for-deepdenes-missing-middle-on-whitehorse-road">"missing middle" project</a> on Deepdene's Whitehorse Road.

Joel Robinson

First look: Antipodean Land Developments plans heritage-led apartment community in Surrey Hills

Developer <a href="https://www.apartments.com.au/developers/auyin-property-development">Auyin</a> is the latest to turn to the Victorian Government's Development Facilitation Program in an effort to secure approval for its long-planned, mixed-use project in Elsternwick.

In 2018, Auyin lodged plans with Glen Eira City Council for a 14-storey building, however Council approved a reduced eight-storey scheme. A subsequent VCAT appeal in 2019 upheld the eight-storey height limit.

The project was later amended to nine storeys, but Auyin is now seeking to revive something closer to its original vision. The developer argues that the planning context has evolved significantly over the past decade, particularly within the Elsternwick Activity Centre, where higher-density development has increasingly been encouraged along Glen Huntly Road.

The proposal would transform the 1,239 sqm site at <a href="https://www.apartments.com.au/new-apartments/7-12-horne-street-elsternwick-vic-3185">7-15 Horne Street</a>, opposite Elsternwick Railway Station, into a 13-storey residential and retail development designed by CBG Architects, with 40 apartments

The site currently comprises three commercial properties.

<img alt="First look: 13-storey mixed-use tower planned for Elsternwick activity centre" data-entity-type="file" data-entity-uuid="5f465dd4-509b-4082-a669-0253b313914b" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/elsternwick%20podium.png?VersionId=72frWi0SmQ5AVJ3ARRhX5ILUYObhTm7x" />

The proposed apartment mix comprises 25 two-bedroom and 15 three-bedroom residences above 200 sqm of retail space at ground level. Residents would have access to a 90 sqm wellness facility, a 351 sqm communal indoor and outdoor terrace on the third level, and extensive landscaped areas throughout the development. A publicly accessible 135 sqm plaza would be created on the north-east corner of the site, providing seating, landscaping, and a new gathering space adjoining Horne Street.

The design adopts a four-storey podium that references the finer-grain character of the surrounding streetscape, with the upper tower recessed behind generous setbacks on all boundaries.

<img alt="First look: 13-storey mixed-use tower planned for Elsternwick activity centre" data-entity-type="file" data-entity-uuid="e637e763-2abc-4c34-a0aa-5c7ad36fae18" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/elsternwick%20open.png?VersionId=J1AoOpZgTyaF.KeeFSX6lMjEScX8KKRi" />

A key element of the proposal is the reconfiguration and widening of the surrounding laneways. Vehicle access would be retained from Lois Lane, with upgraded pedestrian connections linking Ross Street and Horne Street. The development would provide 58 residential car spaces, two retail car spaces, and 52 bicycle spaces across two basement levels and ground-floor facilities.

Architecturally, the building draws inspiration from the established character of Elsternwick Village. The façade combines dark charcoal brickwork, textured concrete, bronze-toned metal detailing, and extensive planting integrated into podium and tower levels. The design also incorporates a chamfered corner treatment and publicly accessible plaza intended to strengthen pedestrian activity around the station precinct.

Elsternwick's last new development completion was&nbsp;EVA Elsternwick by Pitard late last year. <a href="https://www.apartments.com.au/developers/milieu-property">Milieu</a> is working away on its nature-led neighbourhood, <a href="https://www.apartments.com.au/new-apartments/elsternwick-gardens-by-milieu-8-gordon-street-elsternwick-vic-3185">Elsternwick Gardens</a>, on Gordon Street, with its first stage expected to complete next year.

First look: Auyin seeks mixed-use apartment project in growing Elsternwick Activity Centre

<a href="https://www.apartments.com.au/new-apartments/otium-parkdale-123-125-como-parade-east-parkdale-vic-3195">Otium Parkdale</a>, the 13-residence boutique development by&nbsp;<a href="https://www.apartments.com.au/developers/huxtable-property">Huxtable Property</a>, has entered its final stages of delivery, with completion expected within the coming month and more than half of the residences sold.

The Como Parade East project is nearing the finish line at a time when opportunities to purchase new apartments in <a href="https://www.apartments.com.au/developments/parkdale-vic-3195">Parkdale</a> remain exceptionally limited. Fewer than 10 per cent of dwellings in the bayside suburb are apartments, making developments like Otium a relatively rare addition to a market traditionally dominated by detached housing.

[smartcode_project:default project_id=134974 project_image_fid=5427]

The three-level development comprises 13 residences, including ten two-bedroom apartments and three larger three-bedroom homes, all positioned above a secure basement car park.

Designed by <a href="https://www.apartments.com.au/architects/almeida-architects">Almeida Architects</a> with a strong connection to its coastal surroundings, Otium combines red brick, exposed concrete and dark metal detailing with integrated landscaping and greenery. Expansive glazing, generous balconies and terraces have been incorporated throughout the design to maximise natural light and reinforce indoor-outdoor living.

Inside, the residences feature engineered European oak flooring, natural and reconstituted stone benchtops, Bosch kitchen appliances, ducted heating and cooling, lift access and secure entry systems. The larger three-bedroom residences on the upper level have been designed with house-like proportions, while the two-bedroom apartments prioritise functionality, flexibility and low-maintenance living.

[smartcode_project:default project_id=134974 project_image_fid=5421]

The project is now in its final stages, with <a href="https://www.apartments.com.au/builders/labco">Labco</a> completing the remaining landscaping and external finishing works following the completion of the residences' interiors.

Otium's location within the heart of Parkdale continues to underpin its appeal. Residents will be just steps from local cafés, restaurants, shops and the newly elevated Parkdale Station, while the beach is less than a kilometre away.

With the project tracking ahead of schedule, buyers can currently secure a residence with a five per cent deposit and benefit from settlement terms of up to eight months. The advanced stage of construction also provides buyers with the opportunity to walk through the near-complete residences and experience the quality and finishes firsthand ahead of completion.

[smartcode_project_cta:default project_id=134974]

Otium Parkdale enters final month before completion as rare apartment opportunity nears sellout

A new boutique apartment development is entering the market in <a href="https://www.apartments.com.au/developments/chermside-qld-4032">Chermside</a>, with Brisbane-based developer <a href="https://www.apartments.com.au/developers/ausdev">Ausdev</a> bringing 33 residences to a well-connected pocket of Brisbane's north.

<a href="https://www.apartments.com.au/new-apartments/parkdrive-apartments-chermside-25-sammells-drive-chermside-qld-4032">Parkdrive Apartments</a>, at 25 Sammells Drive, will comprise a mix of one- and two-bedroom residences positioned within walking distance of Westfield Chermside, The Prince Charles Hospital, and Bradbury Park.

Established in 1989, Ausdev has a long-standing presence across both development and construction, with Parkdrive Apartments representing its latest residential project in Brisbane's northern suburbs.

[smartcode_project:default project_id=152125 project_image_fid=363778]

The development has been designed around open-plan living and natural light, with residences featuring stone benchtops, timber cabinetry, BOSCH appliances, and private balconies that extend the living areas outdoors.

Kitchens are positioned as the centrepiece of the homes, incorporating natural material palettes and integrated appliances, while bathrooms have been designed with a focus on functionality and understated finishes.

Residents will have access to a communal barbecue and entertaining area on Level 3, providing shared outdoor space within the development. Secure parking and lift access are also incorporated into the building.

The project will deliver a limited collection of 33 apartments, with one-bedroom residences priced from $749,000.

[smartcode_project:default project_id=152125 project_image_fid=363782]

Beyond the building itself, the location places residents within easy reach of several of Chermside's key amenities. Bradbury Park is around 350 metres away, while Westfield Chermside is approximately 1.3 kilometres from the site. The Prince Charles Hospital is located within 750 metres, and the Chermside Bus Interchange is around 1.5 kilometres away, providing connections across Brisbane.

Parkdrive Apartments adds to the growing residential pipeline in Chermside, a suburb that continues to evolve as a major retail, healthcare, and transport hub for Brisbane's north.

[smartcode_project_cta:default project_id=152125]

Ausdev introduces boutique Parkdrive Apartments to Chermside's growing centre

<a href="https://www.apartments.com.au/developers/skymark-group">Skymark</a>'s boutique Cronulla development Solis has secured a 10-year Latent Defects Insurance policy through Resilience Insurance, providing buyers of the 16-residence building on Ewos Parade with structural and waterproofing protection that extends a decade beyond the building's completion.

Currently under construction and due for completion in late 2027, <a href="https://www.apartments.com.au/new-apartments/solis-cronulla-8-ewos-parade-cronulla-nsw-2230">Solis</a> is one of a small number of new developments in the Sutherland Shire to carry Resilience LDI coverage, a distinction that carries increasing weight as buyer confidence in the off-the-plan sector continues to be shaped by how developers stand behind their product.

Latent Defects Insurance, which entered the Australian market in 2022 when Resilience Insurance was approved to offer the cover, protects buyers against major structural or waterproofing defects for ten years post-completion. Unlike traditional statutory warranties, it operates as a first-resort policy, if a covered defect arises, the insurer responds directly, without the buyer needing to pursue the builder or developer through a lengthy claims process.

Resilience Insurance CEO Corey Nugent has noted that the product addresses something fundamental to the new apartment market.

"The overarching feedback from prospective buyers in the new development space is that they want more confidence and assurances around the quality of the build," Nugent says.

"Resilience Insurance Latent Defects Insurance not only gives them complete peace of mind for 10 years, but it shows the developer they are buying from is standing by their product."

[smartcode_project:default project_id=150499 project_image_fid=370898]

For Solis, the Resilience LDI policy adds a meaningful layer of accountability to an already considered project. The development comprises nine two-bedroom and seven three-bedroom residences, including one dual-level three-bedroom apartment, across a five-storey building on Ewos Parade, positioned between Shelly Beach and South Cronulla.

Garden apartments connect directly to private landscaped courtyards, while upper-level homes capture beach views to the east from level four and above.&nbsp;

All 16 residences include at least one balcony or courtyard, and select apartments on the upper floors feature bar areas and secondary flexible living spaces.

Hiba Sander, Managing Director of Skymark, says Solis offers a rare balance, nestled between the quiet beauty of secluded beaches and the lively charm of South Cronulla's esplanade.

"It's a place to choose your pace and live gracefully, seaside'," Sander says.

[smartcode_project:default project_id=150499 project_image_fid=370900]

The architecture, designed by <a href="https://www.apartments.com.au/architects/ida-design-group">IDA Design Group</a>'s Michael Trinh, draws from the natural erosion patterns of <a href="https://www.apartments.com.au/developments/cronulla-nsw-2230">Cronulla</a>'s sandstone headlands, translating the organic forms of the coastline into soft curves, pavilion-style massing, and a material palette chosen for longevity in a salt-tinged environment.&nbsp;

Textured natural stone, soft renders, and timber-look battens reference the tones of the surrounding cliffs, while the building has been oriented to maximise natural light and passive ventilation, with primary living spaces facing north and east to capture morning sun and sea breezes.

"At Solis, our aim was to create architecture that feels quietly confident, grounded in natural materials like stone and timber, and elevated by light and landscape," Trinh says.&nbsp;

"The buildings are designed to sit gently within their coastal surrounds, with expansive glazing and abundant greenery creating a seamless dialogue between inside and out."

[smartcode_project:default project_id=150499 project_image_fid=370897]

Interiors by <a href="https://www.apartments.com.au/architects/hot-black">Hot Black</a> carry the same material language through to every room. Kitchens feature integrated Gaggenau appliances, sculpted stone benchtops, and Lo &amp; Co joinery, while bathrooms feature natural stone, timber, and brushed metal finishes.&nbsp;

Hot Black Founder and Design Director Sophie Safrin describes the intent as one of considered restraint: "At Solis, every detail has been thoughtfully considered to create a timeless coastal retreat, calm, refined, and effortlessly liveable. From natural finishes to seamless indoor-outdoor flow, Solis offers a quiet elegance that's deeply connected to its surroundings.

The landscape, designed by Julian Brady of <a href="https://www.apartments.com.au/landscape-architect/sitedesignstudios">Site Design Studios</a>, treats green space as an integral part of the resident experience rather than an afterthought.&nbsp;

"Gentle curves and layered native plantings mirror the ebb and flow of the ocean," Julian Brady says, "creating a serene connection between architecture and place."&nbsp;

Coco Republic has provided bespoke furniture packages tailored to the project's coastal palette.

[smartcode_project:default project_id=150499 project_image_fid=370899]

Skymark has an established track record in the Sutherland Shire, with a portfolio spanning Cronulla, Woolooware and Burraneer that includes Isla, Sylva, Bask, Shells, Sula and Mist. Securing LDI on Solis reflects a broader shift in how the developer is positioning its buildings to buyers, at a time when Resilience Insurance expects the policy to become mandatory in New South Wales by 2028.

Sales at Solis are launching soon through Ray White Projects, with an official event scheduled for 11 June. Enquire for more information.

[smartcode_project_cta:default project_id=150499]

Skymark takes out 10-year Resilience Insurance LDI at Solis Cronulla

Tasmania

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Buoyant property market conditions do not always mean that all sectors of the property market are performing well according to quarterly rental data released by CoreLogic RP Data research analyst and report author Cameron Kusher.   Kusher said: “With new housing supply increasing and investor purchasing at record highs we have seen a significant slowdown in the rate of rental growth over the past couple of years and we expect this trend to continue over the coming year."   CoreLogic RP Data's Quarterly Rental Review results are showing that over the first quarter of 2015, national house and unit rental rates increased by just 1.3% while advertised weekly house and unit rents have risen 1.2% at a combined capital city level over the three months to the end of March 2015.
Click to open in new window: 
<a href="/images/2015/04/10/hobart-april-13-one.jpg" target="_blank"><img src="/images/2015/04/10/hobart-april-13-one.jpg" alt=""></a>
<a href="/images/2015/04/10/hobart-april-13-two.jpg" target="_blank"><img src="/images/2015/04/10/hobart-april-13-two.jpg" alt=""></a>
Source: CoreLogic RP Data
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po-LsXgBTHBmX

Launceston house and units rents going backwards: Corelogic RP Data

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A Tasmanian real estate agency has fronted up to the Hobart Magistrates Court over allegations it falsely advertised properties as being on the ‘waterfront’, including one home that was separated from the water by a highway and two other pieces of land.
<a href="https://www.propertyobserver.com.au/https://www.abc.net.au/news/2015-04-09/tasmanian-realtor-accused-of-falsely-advertising-properties/6381194">The ABC reports</a> Tasmanian Private Realty yesterday pleaded not guilty to three counts of false or misleading representations about the location of land.
The legal action was launched after Consumer Affairs Tasmania received a number of complaints about three properties in the Huon Valley in southern Tasmania, which were allegedly advertised as being “waterfront” or “riverside”.
The court heard one property in the township of Franklin was advertised as “riverside” when it was actually set back behind Huon Highway and two other properties.
Another two properties in the town of Dover were allegedly falsely advertised as “waterfront” homes, including one house where any access to the water would have only been through crown land and a fish factory.
Tasmanian Private Realty’s defence lawyer Roger Baker argued the properties met the general public's understanding of the term waterfront.
"They don't abut the water directly but you see they are in the waterfront district," Baker told the court, according to the ABC.
"It's a descriptor of a general location rather than a specific point in space."
But Andrew Parlour, principal at Russell Kennedy Lawyers, said there is a significant difference between claiming a property is “waterfront” or “riverside” and claiming it is found in a “waterfront district”.
“Most normal, reasonable people are likely to think ‘waterfront’ is on the water, where ‘waterfront district’ can be within an area close to water,” says Parlour.
Parlour says consumer law makes it very clear a business cannot make false or misleading representations about the sale or grant of an interest in land, including price, location and characteristics.
“The question is if it is likely to mislead or deceive,” he says.
“I would have thought in this instance it is just untrue to say it’s a waterfront property. If it’s set back behind a couple of blocks, it is clearly not riverside and any reasonable person would see that,” he adds.
Parlour says Tasmanian Private Realty could face penalties of up to $220,000 for an individual director and $1.1 million for a body corporate, which could potentially include a real estate agency. The company could also face injunctions and damages.
“I would think they would be hit with penalties and an injunction to stop them from making similar representations in the future,” he says.
The court will hear closing submissions next Tuesday.
SmartCompany contacted Tasmanian Private Realty but the company declined to comment. 
This article first appeared on <a href="https://www.smartcompany.com.au/" target="_blank">SmartCompany</a>.
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krobb-aCrRNnPq6D

Tasmanian real estate agency in court over misleading ad for ‘waterfront’ property located behind a highway

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The Hobart housing market will consolidate its performance of 2014 with moderate prices growth expected through 2015, according to the Domain Group senior economist, Andrew Wilson.
Hobart has recorded prices growth over the last two years following a subdued period of buyer activity. The impact of lower interest rates since 2012 has been offset by an underperforming local economy that remains the worst performer of all the capitals. Recent signs, however, are positive with the local housing market recording strong growth over the December quarter.
<img src="/images/2015/03/12/hobart-mar-12-one.jpg" alt="">
Source: Domain Group
Hobart recorded moderate price growth of just 2.1% over 2014 following the previous year’s 5% result.
This years lower interest rates will feed into buyer confidence and add to the prospects of rising buyer activity. Hobart’s median house price is set to increase by between 3 and 5% through 2015.
<img src="/images/2015/03/12/hobart-mar-12-two.jpg" alt="">
Source: Domain Group 
Best performers will be the budget and middle price market sections and regions with value perceptions from subdued prices growth over recent years driving increased changeover buyer activity.
The performance of the local economy will as usual be the key ingredient for rising housing market activity with recent encouraging signs of improvement this year. 
<img src="/images/2015/03/12/hobart-mar-12-three.jpg" alt="">
Source: Domain Group
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jchancellor-FAypfDUnLy

Budget Hobart houses will be the city's best 2015 performers: Domain Group

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Almost a third of Hobart house sales came in under the $300,000 mark in the December quarter, according to the Real Estate Institute of Tasmania.
An even greater proportion of house sales were sub-$300,000 in Launceston: <a href="/news/tas/31-of-hobart-house-sales-below-300-000-is-the-apple-isle-ripe-for-investor-harvesting">58% against Hobart's 31%</a>.
Hobart was also the surprise standout for December, with CoreLogic RP Data recording 1.6% price growth for the month - the second highest result of any capital city.
But does Australia's cheapest capital city actually offer strong prospects for investors?
Property Observer looks at three Hobart rental properties which cost less than $300,000. All were purchased in the past two years.
<a href="https://www.realestate.com.au/property-house-tas-blackmans+bay-414817411" target="_blank">34 Tingira Road in Blackmans Bay</a> is an investment property currently available to rent at $335 per week. The owners paid $290,000 in March 2013, with the vendors paying $87,000 in 1992  – meaning the home's value increased more than threefold in their 20 years of ownership.
<img src="/images/2015/02/09/1.jpg" alt="">
34 Tingira Road
If the renovated two bedroom house is rented at $335, it will reflect a rental yield of 6%. The house has built in robes in both of the bedrooms, open plan living and kitchen area, a separate bungalow and water views from the front deck.
Further out – roughly 45 minutes from Hobart's centre – is <a href="https://www.realestate.com.au/property-house-tas-cygnet-414968919" target="_blank">5 Solly Court in Cygnet</a>. The western red cedar has three bedrooms over its two storeys, and cost its investor owners $220,000 in 2014.
<img src="/images/2015/02/09/2.jpg" alt="">
5 Solly Court It's available now for $270 per week – offering a rental yield of 6.4% if secured.
<a href="https://www.realestate.com.au/property-house-tas-kingston-118814267" target="_blank">14 Alfreds Garden in Kingston</a> cost buyers $260,000 in January. The two bedroom house, built in 2003, was rented out by the vendors in 2013, with an advertised rent of $310 per week. At that same rental rate and its current price, 14 Alfreds Garden would yield 6.2%.
<img src="/images/2015/02/09/3.jpg" alt="" style="font-size: 12.1599998474121px; line-height: 1.3em;">
14 Alfreds Garden
The previous investors paid $220,000 for the house in 2005.
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jrichardson-uRX5hFdKfN

How cheap is Hobart? Three investor picks under $300,000

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The Real Estate Institute of Tasmania (REIT) has released its December Quarter Property Report revealing both an increase in house sales volume and the median house prices for the quarter.
REIT president Tony Collidge said the median house price for Tasmania saw a 4.5% increase for the quarter to $315,000, the highest median house price recorded since December 2010 when the state’s median house price peaked at $320,000.
The report also revealed a slight increase in house sales volume across the state up 3.1% on the previous quarter.
Hobart’s median remained steady for the quarter at $360,00. Launceston’s median house price rose 7.2% for the quarter, a 3.3% increase on December 2013.
Click to open in new window:
<a href="/images/2015/02/05/hobart-feb-5-one.png" target="_blank"><img src="/images/2015/02/05/hobart-feb-5-one.png" alt=""></a>
Source: REIT
Nine municipalities had a median price higher than the state median. These were Clarence ($370,000), Hobart ($475,000), Huon Valley ($349,000), Kentish ($333,500), Kingborough ($395,000), Latrobe ($344,500), Meander Valley ($320,000), Sorell ($325,000) and the Southern Midlands ($340,000).
“Breaking these figures down into regions, we can report that house sales in Hobart increased for both the quarter and the year, up 11.2% and 2.4% respectively," said Collidge.
“Launceston house sales were also up, recording a 5.1% increase for the quarter, while the North-West centres bucked the trend, reporting an 11.5 decrease for the quarter.”
Click to open in new window:
<a href="/images/2015/02/05/hobart-feb-5-two.png" target="_blank"><img src="/images/2015/02/05/hobart-feb-5-two.png" alt=""></a>
<a href="/images/2015/02/05/hobart-feb-5-three.png" target="_blank"><img src="/images/2015/02/05/hobart-feb-5-three.png" alt=""></a>
<a href="/images/2015/02/05/hobart-feb-5-four.png" target="_blank"><img src="/images/2015/02/05/hobart-feb-5-four.png" alt=""></a>
Source: REIT
Collidge said whilst increases in median house prices were observed across most of the state, the price distribution of sales differed significantly.
“Hobart saw 31% of all house sales occur below the $300,000 price point, while 59% occurred between the $300,001 and $600,000 bracket, and 10% of sales came in above that price, which included 10 sales up to and above $1 million dollars,” he said.
“While in Launceston, 58% of the quarter’s sales were recorded below $300,000, 40% between $300,001 and $600,000, while only 2 two% of all houses sold were above this price point.
“In contrast, the North West Centres saw 76% of all house sales occur below $300,000 and the remaining 24% fell into the bracket of $300,001 - $600,000."
“It’s interesting to note the appearance of a wide range of regional areas in Tasmania making it onto the list of locations with higher median house prices compared to the state average.
“The removal of the First Home Owners Grant on 1 July for purchasers buying established dwellings, resulted in a marked decrease in house purchases from first home buyers, with sales from this market segment dropping from 17%, to now sit at 13% of all house sales.
“Second home buyers picked up the 4% loss in first home buyers and continue to hold over half the market, accounting for 57% of house sales and a median house purchase price of $330,000.
“The report also revealed that 10 percent of sales occurred to overseas purchases while interstate buyers remained steady at 15% for the quarter.”
Click to open in new window:
<a href="/images/2015/02/05/hobart-feb-5-five.png" target="_blank"><img src="/images/2015/02/05/hobart-feb-5-five.png" alt=""></a>
Source: REIT
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31% of Hobart house sales below $300,000: Is the Apple Isle ripe for investor harvesting?

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A Tamanian buyer outbid national and international contenders to secure The Sebel Launceston.
It is a 4.5-star CBD apartment hotel sold for close to $10 million, the first time since opening in 2005.
It was listed through national specialist accommodation and hospitality property agency, Resort Brokers Australia by its original developer, Tasmanian Boutique Hotels Pty Ltd.
Resort Brokers Australia national sales manager Trudy Crooks says there were 30 genuine enquiries.
The sale of the freehold land and buildings component showed a 9% return while the leasehold sold on a 26% return, she said.
The Sebel Launceston, on the corner of St John and Williams streets, features 49 self-contained one and two bedroom suites, the popular Market Square Restaurant, two dedicated conference venues, a gymnasium, courtyard and large reception and lounge with open fire.
Designed by Launceston’s Artas architects, it features Tasmanian stone and timbers, showcases locally-commissioned art, and promotes local growers, producers and vineyards through its menus.
The buyer, a local investment company, has a background in tourism and hospitality, having previously owned motels and hotels in NSW and the ACT, Crooks said.
The hotel will continue to operate as part of the growing Sebel portfolio, Accor’s upscale apartment hotel brand.
Latest trading figures show The Sebel Launceston achieved a very healthy occupancy rate of 79.3% for 2013-14, compared to the Tasmanian average of 58.5% for the year (ABS, Hotels Motels &amp; Serviced Apartments 15+ rooms).
Occupying a 3,651 square metre site, the eight-storey mixed-use building also incorporates 35 strata titled residential apartments on the upper three levels, which are individually owned and were not part of the sale.
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The Sebel Launceston sold for nearly $10 million

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Ninth Island, an island in Bass Strait off Tasmania, has been listed for sale, with the marketing aimed at Chinese buyers. Its price estimate is about $500,000.
<a href="https://www.realestateview.com.au/Real-Estate/ninth-island-bridport/Property-Details-buy-residential-8291940" target="_blank">Harrison Humphreys agent Rob Harrison</a> has the <a href="https://www.google.com.au/maps/place/Ninth+Island,+Tasmania/@-40.830145,147.270699,3a,75y,90t/data=!3m5!1e2!3m3!1s95479431!2e1!3e10!4m2!3m1!1s0xaa79b849b976557f:0xf03c94eb451b470" target="_blank">Ninth Island</a> offering. It is not the vineyard that looks towards the island, but has been listed by the same owners, Kreglinger Australia.
The vineyard and label are not for sale.
About 1.3 kilometres long, 550 metres wide, the 16 hectare island is part of the Waterhouse Island Group, lying 11.7 kilometres from the north-eastern coast of Tasmania. 
It is partly privately owned and has been badly affected in the past by grazing and frequent fires, but home to a large mutton bird rookery.
In July 1995 the MV Iron Baron oil spill killed between 2,000 and 6,000 little penguins. 
An earlier maritime incident was <a href="https://oceans1.customer.netspace.net.au/tas-main" target="_blank">Sheerwater</a>, captained by the grandfather of the Crown Princess of Denmark, and native Tasmanian, Mary Donaldson. 
It was 1962 when Captain Peter Donaldson was on voyage from Bass Strait Islands, Tasmania with a cargo of livestock and a crew of five, when she was lost off Ninth Island, Bass Strait. From Whitemark for Launceston via Badger Island with sheep, it was wrecked on a reef just off Ninth Island on 23 August 1962. The crew were saved, but sheep were not so fortunate.  
"This picturesque island is eponymous to Tasmania's leading quality pinot noir brand as the Ninth Island brand take their name from this island as it is viewed from the vineyards," the ad says.
The marketing says it is just a short helicopter flight from mainland Tasmania.
<img src="/images/2015/02/02/island-feb-2-two.png" alt="">
Source: Australian Financial Review
Feature photo courtesy of <a href="https://www.propertyobserver.com.au/https://ssl.panoramio.com/user/2656548?with_photo_id=95479431" target="_blank">Jeff Jennings</a>.
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Tasmania's Ninth Island being marketed to Chinese buyers

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Tasmania isn’t exactly known for its expensive rental apartments and looking at the top five priciest rental unit suburbs it’s pretty clear why.
With a list that doesn’t even span above $400 per week, here are Tasmania’s five most costly rental suburbs, based on RP Data’s weekly median advertised rent.
<ol>
<li>
<a href="/news">Hobart</a> - $450 
</li>
<li>
<a href="/news">Battery Point</a> - $375 
</li>
<li>
<a href="/news">Launceston</a> - $328 
</li>
<li>
<a href="/news">Sandy Bay</a> - $310 
</li>
<li>
<a href="/news">North Hobart</a> - $305
</li>
</ol>
There were just two other suburbs that clocked $300 per week for the median weekly advertised figure, and these were <a href="/news">Bellerive</a> and <a href="/news">Kingston</a>.
Of course, this isn’t to say that specific pricey rentals aren’t available. Looking on listings websites reveals that for $1,400 per week <a href="https://www.realestate.com.au/property-house-tas-binalong+bay-413208891" target="_blank">11 Reserve Street in Binalong Bay</a> can be your new home.
The three bedroom, two bathroom home is a holiday rental, walking distance from the beach and tennis courts.
Holiday accommodation and fully furnished properties are clearly those asking for the big dollars.
Looking for $800 a week is this family home seeking a new tenant. At <a href="https://www.realestate.com.au/property-house-tas-granton-413422227" target="_blank">10 Christopher Close in Granton</a> it’s a four bedroom, two bathroom beauty with expansive gardens that a gardener attends to weekly.
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The five most expensive suburbs to rent a unit in Tasmania

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Tasmania has been ranked third on a global listing of leisure islands, or 'getaway' location where ultra-high net worth individuals (UHNWIs) purchase second, third or fourth homes.
The new Candy GPS Report with research by Savills explains that most leisure island real estate is at the heart of the additional home market for UHNWIs and that these purchases are “nearly always discretionary” and a result of economic conditions providing excess cash.
This does leave those markets more exposed to economic downturns, the report notes.
The research came from Savills World Research and Wealth X, based on the volume of UHNWI additional home ownership. 
Ranking first and second are the USA’s Hawaiian Islands and Martha’s Vineyard respectively. Australia took out two spots in the top 10, with Tasmania ranking third and the Whitsunday Islands are sixth. Also featuring in the top five were Spain’s Balearics and Greece’s Ionian Islands. The rest of the top 10 was made up by Italy’s Sardinia, Scotland’s Islay, Malaysia’s Pangkor and Thailand’s Koh Samui.
“Leisure islands can be "visible" or "invisible", depending on the nature of amenities and pursuits involved,” the report explains. The USA’s top two rankings are “visible” leisure islands.
The top 10:
<ol>
<li>Hawaiian Islands - USA</li>
<li>Martha’s Vineyard - USA</li>
<li>Tasmania - Australia</li>
<li>Balearic Islands - Spain</li>
<li>Ionian Islands - Greece</li>
<li>Whitsunday Islands - Australia</li>
<li>Sardinia - Italy</li>
<li>Islay - Scotland</li>
<li>Pangkor - Malaysia</li>
<li>Koh Samui - Thailand</li>
</ol>
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Tasmania ranks third in global listings of island playgrounds for the ultra-rich

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Tasmania isn't exactly well known for being pricey, and for good reason. With just five suburbs recorded with a median house price of above $500,000, according to Australian Property Monitors figures, the top 10 is starkly different from other states and territories.
Here are the 10 most expensive Tasmanian suburbs, by median price.
<ol>
<li>
Battery Point $878,000 
</li>
<li>
Sandy Bay $630,000 
</li>
<li>
Glebe $510,000 
</li>
<li>
Mount Nelson $510,000 
</li>
<li>
West Hobart $510,000 
</li>
<li>
Tranmere $498,000 
</li>
<li>
Coles Bay $483,000 
</li>
<li>
Dynnyrne $460,000 
</li>
<li>
Taroona $456,000 
</li>
<li>
Seven Mile Beach $450,000</li>
</ol>
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