Macquarie York has appointed Roberts Co to as the Early Contractor Involvement (ECI) partner for its upcoming new Surfers Paradise apartment development, Sunset Residence.

Located at 50 Sunset Boulevard, Sunset Residences is a riverfront, design-driven tower set to elevate one of Surfers Paradise’s most rapidly transforming enclaves. The refined scheme, designed by Plus Studio, features 72 luxury residences, enhanced amenity, and improved connectivity to the Nerang &nbsp;River.&nbsp;

As ECI partner, Roberts Co is working closely with Macquarie York and the design team to optimise buildability, program, staging and procurement strategies ahead of construction commencement.&nbsp;

&nbsp;

Macquarie York Director, Roy Skaf, said Roberts Co’s early engagement will help ensure the landmark development realises its full potential.&nbsp;

“Sunset Residences is a signature project for Macquarie York, a chance to define a new level of riverfront living in Surfers Paradise," Skaf said.&nbsp;

&nbsp;

&nbsp;

<img alt="Roberts Co appointed Early Contractor Involvement partner for Macquarie York’s Sunset Residences on the Gold Coast" data-entity-type="file" data-entity-uuid="3dd22a45-168b-4e00-b6d2-4e7310b02084" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/SunsetResidences_Interior.jpg?VersionId=NAWvGq7l6BFB4vvh6u0xXWWISboHTi6q" />

“Partnering with Roberts Co under an ECI arrangement gives us the confidence that design decisions, construction methodology and programming are being rigorously considered from day one. Their collaborative mindset and technical capability are exactly what a project of this quality demands.”&nbsp;

&nbsp;

Construction is expected to commence following completion of the ECI phase and final design resolution.

Sunset Residences is one of three projects Macquarie York has locally. They have Rana Palm Beach, 60 apartments on Twenty Third Avenue, and Azariah, just nine residences on the dress circle Jefferson Lane, also in Palm Beach.

Joel Robinson

Macquarie York appoints Roberts & Co for early works agreement at Sunset Residences

Few developers in South East Queensland have shaped the new development apartment market as profoundly, or as consistently, as Mosaic Property Group. In 2025, the business delivered another very strong year across Brisbane, the Gold Coast, and the Sunshine Coast, building on the foundations of nearly two decades of discipline, long-term thinking, and relentless refinement of its craft.

Their continued success is driven from the top. Founder and Managing Director Brook Monahan, very much credits the success to a workforce of “massive grafters”, and a culture where complacency simply doesn’t exist.

“In every part of our business, we’re constantly pushing to get better” Monahan told <a href="http://apartments.com.au">Apartments.com.au</a>. “We never rest on our laurels.”

The company’s growth continued its upward trajectory, with the developer completing six luxury projects in 2025, representing approximately $850 million in value and delivering 536 new luxury homes. Mosaic also sold over $1.4 billion worth a new luxury apartments at an average price point of $3.41 million in 2025.

Heading into 2026, they have a further five projects under construction and an immediate pipeline across Brisbane and the Gold Coast, representing just shy of $2 billion in value. I spoke with Brook about everything from the evolution of Mosaic’s business to the fundamentals driving the SEQ property market.

<hr />
<h2>A market defined by two forces</h2>

The fundamental drivers of SEQ’s housing dynamics in 2025 are straightforward: a generational transfer of wealth on a scale Australia has never seen, and migration numbers that continue to exceed expectations.

“An enormous amount of wealth will move through the next decade,” Monahan explains. “That wave isn’t going anywhere.” Simultaneously, “you can’t run migration at the numbers we’re seeing, while also having a generational shift of wealth from boomers, and not expect demand to remain strong. People move here, they bring money, they want to buy a home and create a future.”

While top-end product in some pockets has softened from the frenzy of 18 months ago, Monahan believes&nbsp; the wave will remain “pretty strong,” especially for developers with brand trust and a long-term track record.&nbsp;

“The $4 million to $10 million segment remains fairly robust, but buyers are much more educated now than they’ve ever been. They have access to information and they’re smart people. They’re generally not&nbsp; willing to trust a new entrant asking $15 million with no track record.”

This heightened consumer discernment, he notes, is reshaping how premium projects are evaluated by developers.

<hr />
<h2>The problem behind the crisis</h2>

Despite strong demand, SEQ’s housing market remains severely undersupplied. Brisbane needs around 12,000 new homes per year, yet delivered only 4,000 last year. The Gold Coast requires around 6500 but delivered less than half of that. The backlog is massive.

“We’re probably 54,000 homes short in the next five years in Brisbane alone,” Monahan estimates. “Maybe 100,000 across the whole of Queensland.”

The core issue however isn’t planning.&nbsp;

“The planning environment is actually super supportive right now,” he says. “Approvals aren’t the problem. It’s turning approvals into real supply.”

The gap between development approvals and project starts has widened significantly as construction costs escalate, contractors disappear from the market, and inexperienced developers try, and fail, to bring projects to life.

“A development application (DA) is only part of the equation, it means little without the ability to deliver,” he explains. “Many applicants underestimate the complexity involved. It’s not just about securing a site; you need the right formula and all the right ingredients to make it work. Without that, the end result will fall short of expectations and increase the risk of project failure.

The result is market distortion: sites tied up by entrants who lack experience, capital certainty, construction understanding, or a realistic feasibility model. “It’s not good for the industry,” he says. “You get more and more mooted supply but very little real delivery.”

<hr />
<h2>Construction realities and the coming resource crunch</h2>

Beyond development capability, SEQ faces macroeconomic pressures. Over $7 billion must be delivered by late 2031 just for Olympics-related obligations. Add $18 billion in hospital and health infrastructure, and the region faces a “resource drain” Monahan believes will reshape delivery timelines and construction pricing for years.

“It will ultimately be great for SEQ for the next 20 years,” he says. “But it puts enormous pressure on an already chronically undersupplied housing market.”

This pressure will inevitably influence pricing. Double-digit growth cannot continue indefinitely, but Monahan sees no path to meaningfully lower construction costs. “It’s impossible to meet demand at a cheaper price point given labour capability and resource competition,” he says.

“Those who can afford it will keep paying more and the rest are fighting to get a foothold. That’s why the market keeps creeping upward.”

<hr />
<h2>Mosaic’s disciplined blueprint: Only A-Grade, iconic, irreplicable</h2>

With a long track record of delivery and in-house construction expertise, Mosaic works backwards from the cost of delivery to determine the right price for a site—a disciplined acquisition model they’ve adhered to from day one.

&nbsp;“We’re never out of the market,” Monahan says. “But we’re extremely disciplined. We don’t buy B+ sites. We won’t buy run-of-the-mill locations. Ever. That’s not our brand and it’s also not economically viable for us in most instances.”

Mosaic’s nine current developments illustrate this discipline:

<ul>
	<li aria-level="1"><a href="https://www.apartments.com.au/new-apartments/lily-by-mosaic-4-rosewood-avenue-broadbeach-qld-4218">Lily</a> and <a href="https://www.apartments.com.au/buildings/marella-146-surf-parade-broadbeach-qld-4218">Marella</a>, Broadbeach: Two 30-storey buildings with permanently protected views over parkland, beach and coastline 
	&nbsp;</li>
	<li aria-level="1"><a href="https://www.apartments.com.au/new-apartments/isabel-by-mosaic-96-the-esplanade-burleigh-heads-qld-4220">Isabel</a> and, <a href="https://www.apartments.com.au/new-apartments/josephine-by-mosaic-166-the-esplanade-burleigh-heads-qld-4220">Jospehine</a>, Burleigh Heads – all “masterpiece” sites on the Esplanade with enduring view corridors of beach, water and coastline in the heart of Burleigh 
	&nbsp;</li>
	<li aria-level="1"><a href="https://www.apartments.com.au/new-apartments/sophia-by-mosaic-1357-gold-coast-highway-palm-beach-qld-4221">Sophia</a>, Palm Beach- directly on the dunes of the most highly sought after stretch of northern Palm Beach beachfront real estate 
	&nbsp;</li>
	<li aria-level="1"><a href="https://www.apartments.com.au/new-apartments/madeline-by-mosaic-22-mary-avenue-broadbeach-qld-4218">Madeline</a>, Broadbeach – “180 degrees beach, water and coastline views, great walk score” 
	&nbsp;</li>
	<li aria-level="1"><a href="https://www.apartments.com.au/new-apartments/the-bedford-by-mosaic-16-30-prospect-street-kangaroo-point-qld-4169">The Bedford</a>, Kangaroo Point – a site Mosaic first identified in 2016. Amazing walk score, views and inner city connectivity 
	&nbsp;</li>
	<li aria-level="1"><a href="https://www.apartments.com.au/new-apartments/the-carter-by-mosaic-77-linton-street-kangaroo-point-qld-4169">The Carter</a>, Kangaroo Point – in between the Gabba and the Kangaroo Point peninsula with amazing walk score and uninterrupted and expansive northern city and river views 
	&nbsp;</li>
	<li aria-level="1">South Brisbane (launching 2026) – core inner-city Brisbane river waterfront site on the northern end of the peninsula with amazing river connection and permanent river and city views, amazing walk score</li>
</ul>

“Nothing we buy is guesswork,” Monahan says. “It’s always an iconic suburb where people genuinely want to live, with strong connections to water, lifestyle, amenity, or permanent view corridors.”

“Mosaic’s two most recent Brisbane acquisitions were several years in the making. The Bedford, launched on the prestigious Kangaroo Point peninsula and achieving 90 per cent sales within months was a site they identified back in 2016. The second, which is the yet to be released at 91 Montague Road in South Brisbane, has been on Mosaic’s radar since 2017.&nbsp;

Arguably one of Brisbane’s last great inner city riverfront sites, it sits within the city’s most dynamic cultural hub, offering unrivalled connectivity, lifestyle, and amenity, and standing as a landmark opportunity to define the next era of riverfront living.

“We know exactly what is and isn’t a Mosaic project. Strategic site selection is the critical foundation of everything we do. We’re always assessing opportunities, but based on our two most recent Brisbane acquisitions, it’s entirely possible that the sites we’re looking at today won’t transact for several years. That discipline is what ensures every project meets our exacting standards.”

<hr />
<h2>The Mosaic engine: Consistency, capability, and relentless execution</h2>

What separates Mosaic in a crowded field is not the ability to attract capital or buy a site, but the ability to deliver highly complex high end buildings, whether that is 37 storeys or 18 storeys, repeatedly and consistently.

“These buildings are inherently complex to deliver well,” Monahan says. “It takes a long time to know exactly what the market wants, how to deliver it, how to secure the right contractors and consultants, and how to align the product with what the market is actually willing to pay and can afford.”

With so many contractors exiting the market in recent years, genuine delivery capability has become increasingly rare. Monahan welcomes credible new entrants but cautions that underestimating the complexity of luxury development can lead to poor outcomes.&nbsp;

“It’s easy to assume high-end projects equal high returns, but without the right experience, track record, and capability, it’s a tough road. Attracting capital is one thing—delivering on expectations is another, and when that doesn’t happen, it impacts the entire market.’”

<hr />
<h2>Looking to 2026: A pipeline built on patience and precision</h2>

As 2025 draws to a close, Mosaic stands at the strongest point in its history. Since 2012 alone, the company has completed more than $2 billion in projects and is set to deliver another $2 billion worth of developments, hundreds of luxury apartments, all bearing Mosaic’s hallmark of impeccable delivery.&nbsp;

Next to launch are two standout projects: Josephine, an exclusive collection of just 30 half- and full-floor ultra-luxury residences coming soon to the Burleigh Heads beachfront, and a landmark tower on Montague Road in South Brisbane, comprising 204 apartments in the heart of the city’s cultural hub on the banks of the Brisbane river.

“We never arrive. There’s no finish line for us,” said Monahan. “Our focus is on continuing to evolve in the luxury space, creating incredible, design- and lifestyle-led properties that people love living in and that stand the test of time.” 
&nbsp;

What’s ahead for South East Queensland’s next development wave: Five minutes with Mosaic’s Brook Monahan

Developer Third.i has topped out its luxury Potts Point apartment development, <a href="https://www.apartments.com.au/new-apartments/muse-potts-point-30-34-brougham-street-potts-point-nsw-2011">Muse</a>.

Under construction by Dilcara and expected to complete in mid-2026, Muse comprises just 13 apartments designed by acclaimed architects <a href="https://www.apartments.com.au/architects/wmk-architecture">WMK Architecture</a> and Mathieson. The building’s design celebrates Potts Point’s heritage character while introducing refined modern elements like advanced building technology and private balconies and terraces that offer views of the Sydney city skyline.

[smartcode_project:default project_id=112613 project_image_fid=231687]

Luke Berry, Director &amp; Co-Founder at Thirdi Group, said Muse is a celebration of Potts Point’s unique character and charm.

"With only 13 residences, we’ve created something truly special for those who appreciate exclusivity and design excellence," Berry says"

"The views, the location, and the lifestyle make Muse a rare opportunity in Sydney’s property market. We’re thrilled to see the project take shape and look forward to welcoming our residents in mid-2026.”

[smartcode_project:default project_id=112613 project_image_fid=231686]

Only a limited number of residences remain at Muse.

Third.i recently launched The Rushcutters nearby, also just 13 large-scale apartments. The two-bedroom apartments were all snapped up in double-quick time. The three-bedroom apartments are priced from just under $5 million.

Potts Point has always been popular for apartment living, but given the lack of suitable development sites in the affluent suburb, new apartment developments have been few and far between.

Early next year Ceerose will launch <a href="https://www.apartments.com.au/new-apartments/belgravia-potts-point-117-victoria-street-potts-point-nsw-2011">Belgravia</a>, a mix of two- and three-bedroom apartments on Victoria Street.

[smartcode_project_cta:default project_id=112613]

Staff Writer

Third.i tops out Muse, Potts Point apartments

Buyer interest in Capital Corporation’s <a href="https://www.apartments.com.au/new-apartments/the-residences-at-wahroonga-estate-169-fox-valley-road-wahroonga-nsw-2076">The Residences at Wahroonga Estate</a> has been gaining momentum following the recent groundbreaking and the commencement of construction.

Enquiry data has pointed to a clear theme: larger apartments are leading demand, particularly among downsizers who want to remain on Sydney’s Upper North Shore.

Since June, three-bedroom layouts have attracted the highest level of enquiry. The three-bed, two-bath, two-car apartments priced from $1.69 million generated the most enquiries, the highest of any floorplan, followed by the larger three-bed garden residences which are priced at $2.25 million.

It's been a prevailing theme for Capital Corporation, who, in the early stages of marketing, reacted to buyer feedback to create more three-bedroom apartments.

The numbers echo what <a href="https://www.apartments.com.au/developers/capital-corporation">Capital Corporation</a> has observed since the project’s early stages. Buyers want generous internal space, established amenity and the ability to age in place without leaving the area.&nbsp;

[smartcode_project:default project_id=135247 project_image_fid=284378]

Capital Corporation Managing Director Jim Hunter said this was a major factor in the estate’s momentum, noting that “the combination of premium design, convenience and direct access to Sydney’s leading private hospital has proven to be a major drawcard”.

That connection to health and wellbeing has proven especially influential for older owner-occupiers. Research commissioned by Capital Corporation found that one in three Australians downsizing do so for health-related reasons, with a third specifically seeking proximity to medical facilities.&nbsp;

[smartcode_project:default project_id=135247 project_image_fid=262185]

The buyer profile emerging at <a href="https://www.apartments.com.au/developments/wahroonga-nsw-2076">Wahroonga</a> Estate reflects this shift. Local residents Peter and Corinne Collins, both in their mid-70s, are among those who chose to downsize within the suburb after decades in their family home. They secured a top-floor three-bedroom apartment after queuing on launch day in March, citing the bushland setting, walkability, and peace of mind of being close to medical services as key reasons for their purchase.

“Being able to walk everywhere, including to the hospital if we need to, really gave us peace of mind,” Corinne told Apartments.com.au.

Read more: <a href="https://www.apartments.com.au/news/nsw/from-family-home-to-bushland-retreat-why-peter-and-corinne-chose-the-residences-at-wahroonga-estate">From family home to bushland retreat: Why Peter and Corinne chose The Residences at Wahroonga Estate</a>

[smartcode_project:default project_id=135247 project_image_fid=3629]

Architecture firm <a href="https://www.apartments.com.au/architects/group-gsa">Group GSA</a>&nbsp;are behind the design at The Residences at Wahroonga Estate. There are 128 one-, two-, and three-bedroom apartments, complete with interiors&nbsp;by <a href="https://www.apartments.com.au/interior-designers/coco-republic-interior-design">Coco Republic</a>. Floor-to-ceiling glass maximises views of the bushland ridgeline, while on-site amenity includes a residents’ lounge, pet-friendly Green Spine, BBQ pavilion and direct access to Coups Creek bushland and walking tracks.

Gold Star iCIRT-rated builder&nbsp;<a href="https://www.apartments.com.au/builders/dasco-australia">DASCO</a>&nbsp;was&nbsp;appointed earlier this year to deliver The Residences at Wahroonga Estate. They are expected to complete the building in late 2027, with residents to move in shortly after.

[smartcode_project_cta:default project_id=135247]

Downsizer demand continues to shape The Residences at Wahroonga Estate

With Brisbane’s housing market soaring and home ownership becoming increasingly out of reach for many buyers, townhouses have emerged as the new urban dream, offering private, low-maintenance retreats complete with pools, parklands, and lifestyle amenities.

As Brisbane faces a growing shortage of quality new residential offerings, <a href="https://www.apartments.com.au/developers/honeycombes-property-group">Honeycombes Property Group</a> has released to the market Songbird Terraces, a boutique development of just 34 terrace homes in the heart of the leafy residential enclave of Oxley.

Offering a more affordable option to the white picket fence house, buyers can purchase a brand new architecturally designed three bedroom terrace home overlooking park and bushland with a communal heated pool, BBQ terrace, private parklands and an on-site café, while being just minutes from <a href="https://www.apartments.com.au/developments/oxley-qld-4075">Oxley</a>’s village centre, train station, and a range of schools and amenities.

[smartcode_project:default project_id=149443 project_image_fid=5241]

Each of the spacious three bedroom plus multi purpose room or four bedroom townhomes feature premium finishes, landscaped courtyards, designer kitchens, two-car accommodation, and optional upgrades for tailored living.

Honeycombes Property Group Managing Director Peter Honeycombe said with completion anticipated in early 2027, this was an incredibly rare chance to buy a fixed-price, brand-new, off the plan home in one of Brisbane’s most tightly held and liveable suburbs, without the stress of auctions and chaotic open homes.

“With prices starting from $1.195 million, <a href="https://www.apartments.com.au/new-townhouses/songbird-terraces-oxley-10-honeyeater-circuit-oxley-qld-4075">Songbird Terraces</a> are designed for owner occupiers seeking space, style and lifestyle, without the maintenance,” Honeycombe said.

“Surrounded by natural bushland and close to manicured parks, walking trails, boutique shops, cafes, cinemas and golf courses, Oxley continues to stand out as one of Brisbane’s most liveable suburbs.”

[smartcode_project:default project_id=149443 project_image_fid=355541]

<a href="https://www.apartments.com.au/project-marketer/colliers">Colliers</a> Residential Director Andrew Scriven said with a limited number of homes available, Songbird Terraces was attracting strong interest from families, upsizers, first home buyers and downsizers looking for quality, location and long-term value.&nbsp;

“Demand is high, supply is low, and the market is crying out for high-quality homes in established well connected areas like Oxley,” Scriven said.

“What was once seen as a compromise between a house and an apartment a townhouse has now become a lifestyle choice, more and more homebuyers are shifting their focus from traditional detached houses to modern, low-maintenance townhouses that offer greater value and convenience.

“As the city’s population grows and urban sprawl becomes less sustainable, Brisbane’s townhouse market is set to expand even further.&nbsp;

“There’s definitely a panic from buyers who’ve been pushed out of the house market but still want to stay in well-connected suburbs with great schools and amenities, they are worried they will miss out as property prices continually rise.”

[smartcode_project:default project_id=149443 project_image_fid=5238]

After eight years of calling Australia home, Agnes Skoraczewska and Matt Biskupski decided it was finally time to take the next step and purchase a home of their own. With property prices continuing to climb, the couple didn’t want to wait any longer and secured a three-bedroom plus multi purpose room townhouse at Songbird Terraces, locking in a fixed price ahead of their move in 2027.

“The truth is, we didn’t want to wait any longer,” Biskupski said. “Seeing what was happening in the market, we realised now was the right time to buy. It gives us peace of mind knowing we no longer have to worry about renting.”

When they discovered Songbird Terraces, the decision came easily.

“The area is lovely and quiet, yet still so close to the city, it’s the perfect balance for work and life,” Skoraczewska said. “It’s a place where we can recharge our batteries while staying connected to everything we need.”

[smartcode_project:default project_id=149443 project_image_fid=5237]

For Agnes and Matt, buying off the plan offered the ideal solution, the confidence of securing their dream home at today’s prices, and the excitement of planning for the future in a community that perfectly fits their lifestyle.

As the final residential precinct within the Songbird Oxley master plan, Songbird Terraces will continue to breathe new life into the area and help create a suburb destination rich in lifestyle amenity.

Colliers Residential Director Lily O'Connell said Songbird is positioned to take full advantage of elevated north and east-facing parkland views, the homes feature low-maintenance design and high energy efficiency to reduce ongoing costs while enhancing everyday comfort.

“And with an array of layouts, catering to a diverse range of lifestyles this is an offering for all,” O'Connell said.

“This is the final release in a masterplanned community that’s become one of Oxley’s most desirable addresses, offering a last chance to enter this community where opportunities are few and far between.”

The homes will be delivered by Clearcon Builders, specialists in premium townhome construction. They will commence construction before Christmas, and is aiming to complete the development in early 2027.

<h2>Songbird Terraces Snapshot</h2>

<ul>
	<li>34 architecturally designed 3 bedroom + multi-purpose room terrace homes.</li>
	<li>An array of layouts, catering to a diverse range of lifestyles.</li>
	<li>Perfectly positioned to take advantage of north and east views over park and bushland.</li>
	<li>A multi-purpose room, which can serve as a second living area, teen retreat, study or fourth bedroom.</li>
	<li>Designer kitchens featuring high quality engineered stone benchtops and European appliances.</li>
	<li>Spacious outdoor living areas and landscaped courtyards perfect for alfresco dining.</li>
	<li>Generous internal and external spaces, designed to take advantage of views overlooking park and bushland.</li>
	<li>Low maintenance, energy efficient &amp; two car accommodation.</li>
	<li>Access to a heated resort-style pool, outdoor entertaining terrace and beautifully landscaped gardens and park.</li>
</ul>

[smartcode_project_cta:default project_id=149443]

Songbird Terraces offer 34 architect-designed townhomes in private enclave, surrounded by bushland, parks and resort style amenity

Townhouse living, Brisbane’s new affordable urban dream?

The Block: Fans V Faves

<html><body>
The Killarney Vale couple Kara and Kyal Demmrich - contestants on Channel Nine's The Block Albert Park series - have listed their NSW Central Coast home.
It is home to the keen surfers and their kelpie Jonah, since they bought in 2008, <a href="https://instagram.com/p/ykn5G9yo63/" target="_blank">having married in February 2007</a>.
It has been listed for <a href="https://www.propertyobserver.com.au/https://www.au.open2view.com/properties/341968" target="_blank">24 February auction</a>. 
Meanwhile the latest Block series The Block Triple Threat fell short in its first real test, beaten by My Kitchen Rules with a 1.59 million debut audience and The Block watched by 802,000, in Monday night's OzTam ratings. I am a Celebrity - Get Me Out Of Here - was watched by 755,000.
Agent Chantel Laing-Chadwick at George Brand Real Estate Avoca Beach/Copacabana says its is an "architectural masterpiece".
She emphasised the soaring high ceilings and generous use of open plan living.
"This cleverly designed home is drenched in sunlight from the floor to ceiling windows," said Laing-Chadwick.
It features four bedrooms, plus a study and separate loft area. 
There is a level 715 square metre block with room for a pool. 
Last year the couple appeared in The Block: Fans v Faves as the so-called Super Ks.
Around the time of the April Albert park auction, the couple indicated they were planning to launch a boutique renovations company called Diverse Design and Construct. The couple also suggested they were considering a move from their home in the Tuggerah Lakes precinct.
“We haven’t thought about it too seriously, but our long term goal is to get ourselves as close to the coast as possible. So we’re thinking about selling, maybe in the next 12 months," Kyal told Property Observer.
The Super Ks were given the highest reserve of any apartment – $1.9 million – after a stellar number of winning challenges and room reveals.
But they finished third behind Steve and Chantelle and Alisa and Lysandra on auction day.
None the less they indicated they could pay off the mortgage with their $567,250 in prize money.
And the couple started their own business to help others with home renovations, a goal they had before entering the show.
</body></html>

jchancellor-FAypfDUnLy

The Block fans Kyal and Kara list Killarney Vale architectural masterpiece

<html><body>
The latest series of The Block Glasshouse tried to make a silk purse out of a sow's ear.
And the reduced pool of savvy potential buyers - and bidders - didn't buy into all the associated hype as the final three auction results limped over their reserves.
With a $1.6 million average sale price - reflecting around $6900 a square metre - it actually almost succeeded, though the viewing public was deprived if they only desired uplifting show business hoopla.
It was thwarted in the end by its b-grade High Street, Prahran location. For Sydneysiders it would be like flogging prestige apartments on Parramatta Road, Annandale, which has very nice houses away from its busy thoroughfare, though without the trams. Certainly Prahran and some of its Chapel Street is a cosmopolitan suburb, but not quite everywhere yet in the immediate neighbourhood.
The most profitable selling market would have been student style - or Gen Y workers - rather than vast luxe given its proximity to Swinburne University with the 6 route tram out front and the railway very close via the Percy Street garage exit.
So the deep-pocketed baby boomer buyers that are the traditional recent Block apartment auction attendee either understandably didn't turn up or showed suitable reserve and mostly kept their hands in their pockets given the mediocre Prahran location. Couldn't imagine the baby boomers heading a few doors along to Misty’s Diner, a genuine American diner right next door to a <a href="https://www.theworkscarwash.com.au/theworks/" target="_blank">hand car wash</a> at what one blogger recently described as <a href="https://filluponbread.net/2014/06/26/mistys-diner/" target="_blank">the bleaker end of Prahran High Street</a>.
The local gay population didn't appear to embrace much of the Glasshouse either.
Also property success is often premised on population trends so those big three bedroom apartments were perhaps oversized for the very obvious Prahran composition of households without children. It sits at around 70% compared to the 50% Melbourne average. Ditto the lone person households category in the last census sat at around 40% of Prahran households compared with the Melbourne 23% average. There were just the 99 households in Prahran with five or more occupants.
Also RP Data puts the median Prahran apartment price at <a href="/news">around $510,000</a>, and going backwards a bit after its recent peak, presumably because of the enormous increase in newly constructed stock. Prahran houses have a $900,000 median. Just across High Street is for instance, ART, a block of 50 apartments that has incorporated supposed hip art into its eastern facade ands its foyer after a Facebook page where people could vote for their favourite. <a href="https://www.artprahran.com.au" target="_blank">Designed by ROTHELOMWMAN for developer Crema</a>, ART included 26 one-bedroom apartments, 23 two-bedders and the three-bedroom, two-bathroom penthouse. 
The one-bedroom apartments range from 51 square metres to 76 square metres; the two-bedroom apartments from 69 square metres to 87 square metres; and the penthouse was marketed as 160 square metres. Back in 2011 the off the plan prices for all but the penthouse ranged from $346,000 to $719,000, so from $6700 a square metre to $9400 a square metre. The penthouse fetched $1.16 million on its June settlement, so around $7250 a square metre. The former petrol station-turned residential development was offloaded by the Deague family at $5.5 million after they scrapped plans to build a hotel as part of its "art" series chain. 
The much desired $2 million plus hopes for the Glasshouse proved elusive. One Melbourne buyers' agent has egg on their face for suggesting the $2 million likelihood even on auction eve when the feedback ought have been obvious.
"This is reality … the property market is the one thing we can't control," bemoaned decor consultant Shelley Craft during the Channel 9 telecast.
“Something happened ….that’s not easily explained by me or frankly by anyone else,” producer Julian Cress told easily convinced, naive newspaper reporting attendees, adding they used the same valuer in each and every series.
The full results:
<ol>
<li>Simon and Shannon, 2/125 High Street: $1.9 million ($335,000 over adjusted reserve)</li>
<li>Chris and Jenna, 2/121-127 High Street: $1.81 million ($310,000 over reserve)</li>
<li>Maxine and Karstan, 3/121-127 High Street: $1.71 million ($40,000 over reserve)</li>
<li>Michael and Carlene, 1/125 High Street: $1.39 million ($10,000 over reserve)</li>
<li>Deanne and Darren, 6/121 High Street: $1.38 million ($10,000 over reserve)</li>
</ol>
The further into the auction finale - and the more Scottie slumped into his couch - viewers got to see just how hit and miss property renovation success can be when buyer demand doesn't go deep enough for the ill-suited, over supply.
They were lucky all five apartments of The Block Glasshouse were sold under the hammer at their Prahran onsite auction, as the extended last offering brought flooding back memories of the Richmond auction disaster in 2011 when just one of the four Block cottages sold under the hammer.
But with metres of floor space over five floors, the Prahran building was almost double the size of the historic Dux House warehouse renovation at 47 O'Grady Street, Albert Park which the Watercress production company bought from billionaire businessman Lloyd Williams last year for $5.9 million. It was perfect for their flush buyer mix. 
<a href="/news/substance-over-style-as-chantelle-and-steve-win-the-block-2014-fans-v-faves">The Block Fans v Faves results</a> which secured a $9.6 million total in April were as follows:
<ol>
<li>Steve and Chantelle, 1/47 O’Grady: $2.47 million ($636,000 above the adjusted reserve)</li>
<li>Alisa and Lysandra, 3/47 O’Grady: $2.375 million ($616,000 above the adjusted reserve)</li>
<li>Kyal and Kara, 2/47 O’Grady: $2.44 million ($567,250 above the adjusted reserve)</li>
<li>Brad and Dale, 4/47 O’Grady: $2.31 million ($507,250 above the adjusted reserve)</li>
</ol>
It was a similar success at The Block Sky High too at 142 Park Street, South Melbourne parkland which secured five sales totalling $7.6 million, with Watercress having retained the sixth apartment, after paying $6.71 million for the four-star bizMOTEL, which closed its doors in late 2012.
 
<ol>
<li>Apartment 5 Trixie &amp; Johnno – $1.605 million - $205,000 over reserve</li>
<li>Apartment 4 Madi &amp; Jarrod – $1.601 million - $291,000 over reserve</li>
<li>Apartment 3 Bec &amp; George – $1.507 million - $242,000 over reserve</li>
<li>Apartment 2 Matt &amp; Kym – $1.455 million - $250,000 over reserve</li>
<li>Apartment 1 Alisa &amp; Lysandra – $1.435 million - $295,000 over reserve.  
</li>
</ol>
So the High Street Glasshouse office block now has six split-level, atrium apartments above two retail/restaurants premises after the production company, Watercress spent $8.25 million on the 1980s office building. The $2.5 million Brenchley Architects infill works schedule was mostly internal, and then the constantant couples spent their renovation funds.
The $8.2 million auction proceeds covered the initial outlay with Watercress retaining the sixth apartment plus two street front retail premises. And then there is all the ad revenue for Channel 9.
The winning Glasshouse apartment at 4/125 High Street, renovated by brothers Simon and Shannon Vos, had a southerly aspect overlooking busy, noisy High Street, so it was the hipster fit out that seemed to work in its favour.
The 249 square metre apartment was the second largest of the five on offer.
It's priced reflected the top $7630 a square metre.
Chris and Jenna with their runner-up offering had 277 square metres of floor space, making it the biggest apartment in The Block. But with just skylights and an internal terrace along with the rooftop terrace. It's price was $6530 a square metre.
Max and Karstan had the apartment at 3/121-127 High Street Prahran, with a sunny north-westerly aspect. The couple also have an extra little, almost useless room. The sale worked at to be $7125 a square metre as their apartment was 236 square metres of floor space.
Michael and Carlene's apartment at 1/125 High Street has 236 square metres of floor space, and a southerly aspect. It was the poorest price at $5890 a square metre.
Deanne and Darren's apartment, 6/121 High Street, was the smallest on The Block, with just 186 square metres of floor space.
But it, however, had the most desirable aspect, facing northward and delivering city views. Its sale price reflected $7,419 a square metre, the second placed by square metreage.
Each apartment will also have 70 square metres of private storage and two car spaces.
Viewers saw it was a very close shave exceeding the reserve for the threesome of the contestant couples.
And there were two terrific over-reserve results on High Street in the ninth series of the Channel 9 series. 
It appeared the order of sale again impacted the result as it did in past series where investors, rather than home buyers, were at the fore, but this time it favoured those who went up in the auction order.
The first series of The Block in Bondi Beach back in 2003 came after the $1.95 million four block acquisition through the Channel 9 company. 
Such has been the success of the reality television renovation stress series that nowadays that doesn't even come close to the current day renovation costs. 
The next series at Darling Street, South Yarra might work out ok, though it is cheap serviced apartment heartland. Then onwards to the <a href="/expert-insights/investing/the-block-south-yarra-octagonal-hotel-saville-mystery">still unconfirmed Octagonal</a> which will be anyone's guess as to how it goes!
*Jonathan Chancellor, the Property Observer editor at large, has been closely following The Block since its 2003 Bondi Beach debut series.
Property reality television shows can inspire and create controversy and drama, but that doesn’t mean there aren’t some lessons to learn. Here’s our latest free eBook with tips, tricks and information we’ve gained from <a href="/images/stories/marketing/ebooks/PO-ebook-RealityTV.pdf?utm_source=Property+Observer+List&amp;utm_campaign=e7c94f84fa-16_September_2014&amp;utm_medium=email&amp;utm_term=0_a523fbfccb-e7c94f84fa-" target="_blank">property game shows</a> through the years. 
 
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Not enough bidding baby boomer buyers to boost B-grade location in The Block Glasshouse 2014 auction results

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SPOILER ALERT 
No winner reveal within - so mild spoiler alert from Property Observer - but Sunday night's The Block Glasshouse finale will nicely illustrate just how hit and miss property renovation success can be.
All five apartments of The Block Glasshouse were sold under the hammer earlier today at their Prahran onsite auction, Property Observer understands.
<a href="/expert-insights/building/smashing-win-for-simon-and-shannon-in-the-block-glasshouse-auctions-results">Brothers Simon and Shannon took out the $100,000 prize at the auctions of The Block Glasshouse.</a>
But viewers will see it was a very close shave exceeding the reserve for some of the contestant couples.
While there is no official confirmation ahead of the Sunday night broadcast, the five results bettered Melbourne's overall 73% auction success rate which was recorded this weekend amid the 820 auctions reported to the REIV. 
And there were terrific over-reserve results on High Street in the ninth series of the Channel 9 series. 
But I note one of the weakest sales finished just 6% up on its opening bid before the hammer came down.
"It is extremely good buying at this level," the auctioneer vainly suggested.
Another took over 30 minutes to secure the sale for little over reserve.
It appeared the order of sale again impacted the result as it did in past series where investors, rather than home buyers, were at the fore.
The auction saw Darren and Deanne, Michael and Carlene, Max and Karstan, Chris and Jenna and Simon and Shannon compete to get the highest price over their respective reserves.
The winning couple will receive $100,000 in addition to the huge profit they made over reserve.
Reserves were determined officially prior to the renovations, and the in the game that followed each couple also got the chance to discount these reserves when completing the building’s final “secret” apartment which may be retained by the show's production company.
Maxine and Karstan received a $30,000 cut to their reserve price, as did Deanne and Darren. Michael and Carlene’s reserve was discounted by $20,000, while Simon and Shannon received a $10,000 discount.
Chris and Jenna did not get placed in the top three at either stage of the challenge, and so missed out.
I thought the judge Darren Palmer gave a very good summation of the factors that were likely to influence the result - a balancing act of southerly versus internal versus northerly aspect, weighing up square meterage, views and amenity, <a href="/expert-insights/buying/darren-palmer-says-max-and-karstan-might-triumph-on-the-block-glasshouse">he noted in his LJ Hooker blog</a>.
But that was before the buyers, the agents, the buyers agents, and the auctioneers did their stuff. 
The much desired $2 million plus proved elusive.
*Jonathan Chancellor, the Property Observer editor at large, has been closely following The Block since its 2003 Bondi Beach debut series <a href="/expert-insights/buying/not-enough-bidding-baby-boomer-buyers-to-boost-b-grade-location-in-the-block-glasshouse-2014-auction-results">with f</a><a href="/expert-insights/buying/not-enough-bidding-baby-boomer-buyers-to-boost-b-grade-location-in-the-block-glasshouse-2014-auction-results">ull analysis of the results</a> to follow the Sunday night broadcast.
Property reality television shows can inspire and create controversy and drama, but that doesn’t mean there aren’t some lessons to learn. Here’s our latest free eBook with tips, tricks and information we’ve gained from <a href="/images/stories/marketing/ebooks/PO-ebook-RealityTV.pdf?utm_source=Property+Observer+List&amp;utm_campaign=e7c94f84fa-16_September_2014&amp;utm_medium=email&amp;utm_term=0_a523fbfccb-e7c94f84fa-" target="_blank">property game shows</a> through the years. 
 
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The Block 2014 auction results in not quite five gold stars at the Glasshouse Prahran: SPOILER ALERT 

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The rookie renovators took out the $100,000 prize on top of a $636,000 profit on the series finale of The Block: Fans v Faves.
Despite copping the lion’s share of the criticism this season, Geelong couple Steve O’Donnell and Chantelle Ford attracted the highest price for their warehouse conversion which sold for $2.47 million.
All four apartments on The Block sold within a relatively small price margin, with Brad and Dale bringing up the rear with $2.31 million.
The results were as follows:
<ol>
<li>Steve and Chantelle, 1/47 O’Grady: $2.47 million ($636,000 above the adjusted reserve)</li>
<li>Alisa and Lysandra, 3/47 O’Grady: $2.375 million ($616,000 above the adjusted reserve)</li>
<li>Kyal and Kara, 2/47 O’Grady: $2.44 million ($567,250 above the adjusted reserve)</li>
<li>Brad and Dale, 4/47 O’Grady: $2.31 million ($507,250 above the adjusted reserve)</li>
</ol>
The top two teams would hardly have minded losing the final challenge to Kyal, Kara, Brad and Dale, who got $27,250 lopped off their reserve price against the twins’ and Steve and Chantelle’s $16,000 reserve cut.
Steve and Chantelle originally preferred apartment 2 for its city views, but after losing a coin toss to Kyal and Kara, chose apartment 1. While Kyal and Kara’s apartment at 2/47 offers both a sunny northerly aspect and city views, 1/47 also sits at the northern street side of the warehouse, with the advantage of windows all along the building’s western side.
Despite the team’s inexperience and the criticisms levelled against their styling credentials, the apartment’s stellar location had them take out the major prize. As one property expert commented, “You can change the furnishings, but you can’t change the aspect.”
But it seemed that perhaps one of the greatest factors at play was the order in which the auctions took place, with prices ascending with each successive auction. Each team nominated their position in the proceedings, with Brad and Dale choosing to go first, followed by Kyal and Kara, then Alisa and Lysandra before Steve and Chantelle.
By volunteering for final position, the winning couple were able to take advantage of buyer desperation with all other apartments already sold.
Proceedings opened with Brad and Dale’s apartment, auctioned by Karl Gillon of Buxton Albert Park. A vendor bid was placed at $1.75 million, finishing at $2.31 million. Kyal and Kara’s apartment was auctioned by Warwick Gardiner of Greg Hocking Holdsworth, who brought in $2.44 million for the married couple. Next was Alisa and Lysandra’s tri-level, auctioned by Anton Wongtraken of Dingle Partners, who handled the sale of their winning apartment on The Block: Sky High. 
Steve and Chantelle’s auction by David Wood of Hocking Stuart saw two buyers’ agents locked in a bidding war, with Block mainstay Frank Valentic of Advantage Property Consulting securing the final apartment for a young couple at $2.47 million. The result makes Steve and Chantelle's profit margin the highest ever seen in The Block's 11 year history.
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jrichardson-uRX5hFdKfN

Substance over style as Chantelle and Steve win The Block 2014 Fans V Faves

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After months of watching the four teams of The Block: Fans v Faves battle it out to produce the best apartment, viewers will tomorrow night finally get to see which property beats the rest.
Closure will come a little earlier for the contestants themselves, with the Albert Park apartments going up for auction at 5pm tonight. While there will be plenty of spectators, Property Observer guesses that self-represented buyers won’t be the major bidders of tonight’s auction.
The big players are likely to be the usual suspects of Melbourne’s buyers’ agent scene. Frank Valentic of Advantage Property Consulting will be there; the buyers’ agent has been <a href="https://twitter.com/FrankValentic" target="_blank">busy on Twitter</a>, posting pictures of himself and his kids with contestant Dale and host Scott Cam on his tour of the apartments. 
Viewers may remember Frank from last year’s The Block: Sky High, where he bid on all five apartments, successfully securing the final apartment renovated by Matt and Kim for a single woman from Glen Iris.
As for which team will win, the final result will be anyone’s guess.
KYAL AND KARA
<blockquote>
Kyal and Kara's- First impressions count, and this might not cut it. 
</blockquote>
While Kyal and Kara’s apartment at <a href="https://www.realestateview.com.au/Real-Estate/2-47-o-grady-street-albert-park/Property-Details-buy-residential-6831567?gclid=CMW7svjcz70CFUchpQodXVkA9Q" target="_blank">2/47 O’Grady Street</a> (pictured below) has the best upstairs terrace by far, with high quality finishings, their living area feels the smallest of all the four apartments. While we noted <a href="/expert-insights/the-block-on-show-at-this-weekends-open-for-inspection">after the open for inspection</a> that this wasn’t such a bad thing, first impressions do count with buyers – and two storeys up is a long way to travel for the eventual return.
<img src="/images/2014/04/08/2%2047%20albert%20park%20april%208%20one.jpg" alt="">
ALISA AND LYSANDRA
<blockquote>
Alisa and Lysandra's- Light-filled but perhaps not one for emotional buyers.
</blockquote>
The twins’ <a href="https://www.realestate.com.au/property-apartment-vic-albert+park-116350463" target="_blank">apartment at 3/47</a> (pictured below) makes itself known immediately upon entering, with its huge light filled kitchen. However, the void is compensating for the apartment’s south-west aspect, and eats up space from the bedrooms. While the finishings in their apartment are high quality, the bedroom spaces in particular do feel quite cold, which may turn off emotional buyers.
<img src="/images/2014/04/08/1.jpg" alt="">
STEVE AND CHANTELLE
<blockquote>
Steve and Chantelle's- Despite teething problems, there's value to be had. 
</blockquote>
While Steve and Chantelle’s struggles were well documented on-screen, in reality <a href="https://www.domain.com.au/property/for-sale/apartment-unit-flat/vic/albert-park/?adid=2011049155" target="_blank">their apartment</a> (pictured below) has a great northerly aspect and is well planned. While some of the furnishings and styling choices may read a little tacky, a smart buyer with value in mind will disregard the superficial details of 1/47 and recognise its underlying value.
<img src="/images/2014/04/08/15.jpg" alt="">
BRAD AND DALE
<blockquote>
Brad and Dale's- Leaves a strong impression and is a strong contender.
</blockquote>
Brad and Dale’s <a href="https://www.realestateview.com.au/Real-Estate/4-47-o-grady-street-albert-park/Property-Details-buy-residential-6799205" target="_blank">apartment at 4/47</a> (pictured below) is clean, bright, and makes a strong impression. In particular, its living room and kitchen area feels expansive, with high ceilings and bright décor. The boys have been smart to accentuate the size of their kitchen and living areas and their master bedroom. 
<img src="/images/2014/04/08/3.jpg" alt="">
At Property Observer, our money is on Brad and Dale, on the strength of their living and kitchen spaces and terrace views, with Steve and Chantelle's bright apartment coming in second.
Before tomorrow's finale, brush up on The Block with our highlights from the season:
<a href="/expert-insights/buying/kyal-demmrich-on-the-trials-and-triumphs-of-the-block">Kyal Demmrich on the trials and triumphs of The Block</a>
<a href="/expert-insights/the-block-on-show-at-this-weekends-open-for-inspection">The Block on show at this weekend's open for inspection </a>
Open for inspection: The Block Fans v Faves doors open to the public this weekend
<a href="/news/raw-timber-and-red-brick-industrial-design-on-the-block">Raw timber and red brick: Industrial design on The Block</a>
<a href="/news/art-styles-for-apartment-d-cor-lessons-from-the-block">Art styles for apartment décor: Lessons from The Block</a>
<a href="/news/creating-the-perfect-new-york-style-loft-lessons-from-the-block">Creating the perfect New York style loft: Lessons from The Block</a>
<a href="/news/vic/five-renovation-lessons-from-last-nights-the-block-fans-v-faves">Five renovation lessons from last night's The Block: Fans v Faves</a>
 
 
 
 
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On the auction Block: Our faves for the finale

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An independent depreciation assessment of the four apartments up for auction next week has identified significant potential deductions for The Block’s buyers.
BMT Tax Depreciation has undertaken a depreciation assessment on each of the <a href="/news">Albert Park</a> apartments completed on this season of The Block and found that each offers major deduction opportunities, with potential first year deductions of about $50,000.
According to BMT Tax Depreciation managing director Bradley Beer, the renovated properties could be underlying goldmines for buyers. 
"An investor purchaser could claim a minimum of $46,281 and a maximum of $53,995 as an average first year depreciation deduction for one of the four properties," said Beer.
Beer says that despite legislation allowing all owners of income producing property to claim depreciation deductions for the wear and tear of their property and its contained assets, 80% of property investors fail to take full advantage of their depreciation deduction entitlements.
"Investors who don't claim depreciation are missing out on thousands of dollars in their pockets," said Beer.
BMT Tax Depreciation also prepared depreciation reports for the 2012 and 2013 Block properties.
The four apartments on O’Grady Street in Albert Park will be auctioned on Tuesday April 8, with the results airing on Channel 9 on Wednesday April 9.
 
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Hidden depreciation opportunity for The Block: Fans v Faves properties

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There’s less than a week until the four apartments of The Block: Fans v Faves go up for auction, and fan team Kyal and Kara are in great shape to take out the big prize. With experience and some serious dollars on their side, the so-called Super Ks have carried out a veritable blitzkrieg on their Block competitors.
This week, the couple added their rooftop terrace to their room win list, which stretches longer than that of any other team this season. Their huge terrace not only boasted the best fittings, including a mirrored splashback and granite benchtops in their outdoor kitchen, but also city views. 
According to carpenter Kyal, the terrace is the highlight of their apartment.
“We’re probably the most proud of our rooftop terrace,” said Kyal. “That’s part of the reason we picked that apartment, just because it had that aspect and that view. We worked really hard on it and have done something really amazing, and hopefully that’s reflected on the auction day.”
With a slightly smaller downstairs living area than the other teams, the Ks have thrown all they have into the upstairs terrace space, and it shows. <a href="/expert-insights/the-block-on-show-at-this-weekends-open-for-inspection">On open for inspection day</a>, it was the only terrace that didn’t feel crowded despite the masses of spectators, with ample cooking, dining and living space.
Kyal says that if the couple had their time again, they wouldn’t change any of their decisions.
“We often ask ourselves what we would do if we had the opportunity to pick another apartment,” he said. “But we keep coming back to that aspect and that view. The downstairs terrace has really amazing arched windows at the front – we’re so glad we picked that apartment.”
Thanks to a killer run throughout the competition, the Ks have managed to collect a tidy sum of prize money which was poured back into their property.
“We’re so proud of what we’ve achieved, and received a lot of good feedback, especially with the finishes. We’ve obviously pumped an extra $50,000 into our apartment, so we’ve been able to get high quality furnishings, high quality appliances,” said Kyal.
But it wasn’t just the extra money that put Kyal and Kara ahead of the pack. As a carpenter, Kyal brought his construction experience to the competition which, along with Kara’s formidable design chops, gave the team an edge.
“Being a carpenter helped us out a lot, especially with time. The other teams would have to stop when their builders went home, but we could keep going round the clock if we needed to,” said Kyal.
Nevertheless, it wasn’t all easy for the team, who struggled along with all the other contestants with The Block’s punishing schedule.
“The toughest week was the week we did the loungeroom/dining room hallway and virtually completed the entire downstairs, and then did the upstairs. That was back to back. So finishing off the interiors was the toughest thing. Especially with the stairwell - we had all the timber work going up the stairwell, going 10 metres high.”
As for life after Tuesday’s auction, the couple are planning to launch a boutique renovations company called Diverse Design and Construct. Kyal says that the couple are considering a move from their home by Tuggerah Lakes on New South Wale’s central coast.
“We haven’t thought about it too seriously, but our long term goal is to get ourselves as close to the coast as possible. So we’re thinking about selling, maybe in the next 12 months.
“Obviously we’ve put so much work into renovating our own home though, so it might be tough to see that go.”
Kyal and Kara’s apartment at <a href="https://www.realestate.com.au/property-apartment-vic-albert+park-116390163" target="_blank">2/47 O’Grady Street, Albert Park </a>will be selling at auction on Tuesday April 8.
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The Block: Fans V Faves

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