For most new apartment buildings, the Owners Corporation starts life with little more than a bank account and the first quarterly strata levies.

At <a href="https://www.apartments.com.au/buildings/9-gay-street-castle-hill-9-gay-street-castle-hill-nsw-2154">9 Gay Street</a> in <a href="https://www.apartments.com.au/developments/castle-hill-nsw-2154">Castle Hill</a>, it starts with around $7 million in reserve.

It's an unusual legacy of what was once one of Sydney's highest-profile apartment remediation projects. When the development, originally known as Skyview and built by disgraced developer Top Place, came under scrutiny by then NSW Building Commissioner David Chandler, an $11 million remediation bond was negotiated to ensure any building defects could be fully rectified.

The building underwent an 18-month remediation program, during which around $4 million of that bond was spent bringing the building up to the standard it should have been in from the outset.

After extensive inspections, all active rectification orders have been lifted. What's more, around $7.2 million remains secured for the Owners Corporation for the next 15 years.

In a twist few would have predicted, what began as a significant concern for purchasers has left the building with something almost unheard of in the apartment market: a multi-million-dollar financial reserve from day one.

[smartcode_project:default project_id=147685 project_image_fid=359136]

<a href="https://www.apartments.com.au/project-marketer/equitifund-group">Equitifund</a> Executive Chairman Greg Huxley said the structure offers buyers a level of certainty that is difficult to replicate.

"The $11 million bond established for the Skyview Castle Hill development represents exceptional value, providing genuine financial security for purchasers," Huxley said.

"Unlike a standard insurance policy, this bond consists of real funds held in trust for the Owners Corporation, offering a tangible layer of protection and added peace of mind."

The apartments themselves have been designed with a focus on practical, contemporary living. Interiors feature Smeg appliances, stone benchtops, tiled living areas, carpeted bedrooms, 2.7-metre ceilings, floor-to-ceiling glazing, and ducted heating and cooling throughout.

Residents also have access to a range of shared amenities, including two rooftop barbecue areas, a swimming pool, children's playgrounds, secure building access, storage cages, and visitor parking.

The location continues to be one of the project's strongest drawcards. Castle Hill Metro Station sits virtually on the doorstep, providing direct connections across Sydney's expanding Metro network, while Castle Towers offers extensive retail, dining, entertainment, and service amenities within walking distance.

[smartcode_project:default project_id=147685 project_image_fid=359127]

The building, now named after its location at 9 Gay Street, comprises a diverse mix of one-, two-, and three-bedroom apartments starting from just under $600,000.

Equitifund National Sales Director Ben Hamblett said demand in the Hills District continues to be driven by buyers seeking convenience and connectivity.

"Interest from both owner-occupiers and investors in Castle Hill remains exceptionally strong, with buyers consistently prioritising developments in close proximity to the Metro station and Castle Towers Shopping Centre," Hamblett said.

"There is a clear trend in the market, with purchasers seeking convenient access to transport and lifestyle amenities that support a seamless, low-maintenance way of living."

On top of the long-term protection afforded by the remaining $7.2 million bond, Equitifund is offering a limited-time stamp duty rebate on selected apartments.

Eligible purchasers can also secure finance options, including a 3.99 per cent two-year variable rate, loan-to-value ratios of up to 90 per cent, and interest-only lending options through EquitiCredit.

[smartcode_project_cta:default project_id=147685]

Joel Robinson

Why this Castle Hill apartment building starts with a $7 million advantage

For much of the past few years, conversations about Australia's property market have centred on the rapid growth seen in Sydney, Brisbane, Gold Coast, and Perth. <a href="https://www.apartments.com.au/developments/melbourne-vic-3004">Melbourne</a> has followed a different trajectory.

That relative underperformance is now encouraging some buyers to reassess the city, particularly those willing to look beyond short-term market movements and focus on quality property in established locations, along with the long-term growth prospects of a city expected to overtake Sydney as Australia’s most populous.

John Bekiaris, Research &amp; Market Insights at <a href="https://www.apartments.com.au/project-marketer/equitifund-group">Projects by Equitifund</a>, said Melbourne's current position is attracting increasingly sophisticated purchasers.

"Melbourne continues to present one of Australia's strongest long-term investment stories," Bekiaris says.

"While other capital cities have experienced stronger recent growth, that relative underperformance is exactly what's attracting sophisticated counter-cyclical investors."

[smartcode_project:default project_id=1979 project_image_fid=363268]

Equitifund isn't just commenting on Melbourne's property market, it's investing in it.

The Sydney-headquartered capital partner has taken over the remaining apartments at <a href="https://www.apartments.com.au/buildings/victoriana-melbourne-20-queens-road-melbourne-vic-3004">Victoriana</a>, the recently completed glass-encased development opposite Albert Park Lake in Melbourne's tightly held St Kilda Road precinct.

Designed by <a href="https://www.apartments.com.au/architects/rothelowman">Rothelowman</a> and built by <a href="https://www.apartments.com.au/builders/hickory">Hickory</a>, Victoriana places residents between one of Melbourne's most recognised parklands and the CBD, offering oversized two and three-bedroom apartments aimed at owner-occupiers seeking a genuine alternative to a traditional family home.

The development comprises 232 completed residences alongside a suite of resident amenities, including a 25-metre indoor swimming pool, gymnasium, landscaped entertaining areas, resident lounges, EV charging, secure basement parking and a concierge-style arrival experience.

[smartcode_project:default project_id=1979 project_image_fid=363229]

The apartments have been designed with owner-occupiers firmly in mind.&nbsp;Open-plan living and dining areas flow onto generous balconies framing views across Albert Park Lake, Fawkner Park, the Royal Botanic Gardens and the Melbourne skyline.

Kitchens feature Gaggenau appliances, stone benchtops and generous preparation space. Bedrooms include built-in robes, while bathrooms feature full-height textured tiling. Hardwood flooring and ducted air conditioning complete residences designed for long-term living.

Rothelowman's architecture takes its cues from the landscape opposite the site. Sweeping horizontal glazing references the movement of Albert Park Lake, while generous balconies and expansive glazing strengthen the connection between the apartments and the surrounding parklands. The result is a building designed to deliver the scale and amenity expected of luxury apartment living, while offering the larger floorplans increasingly sought by owner-occupiers.

[smartcode_project:default project_id=1979 project_image_fid=363284]

The location is one of Victoriana's defining characteristics. Positioned on Queens Road, residents are directly opposite Albert Park Lake and within easy reach of Fawkner Park, the Royal Botanic Gardens, South Melbourne, St Kilda Road and the CBD. With few comparable development opportunities remaining in the precinct, buyers are increasingly placing value on outlooks that are unlikely to be interrupted by future construction.

Greg Huxley, Founder of Equitifund, believes those qualities become even more valuable over time.

"Premium real estate has always rewarded buyers who take a long-term view," Huxley said.

"Victoriana represents the kind of asset that's increasingly difficult to recreate today, particularly in an established location like Queens Road."

He said rising construction costs are also changing the way buyers assess completed developments.

"When you combine an irreplaceable location with thoughtful architecture and premium finishes, you create something that becomes increasingly difficult to reproduce as construction costs continue to rise."

[smartcode_project:default project_id=1979 project_image_fid=363228]

According to National Sales Director Ben Hamblett, enquiry has been driven largely by Melbourne downsizers and buyers upgrading from smaller apartments.

"Interest in Victoriana continues to build, with strong buyer focus on the larger owner-occupier residences within the development," Hamblett says.

"Enquiry is increasingly driven by local buyers who recognise the rarity of what's on offer: park-facing apartments in an established neighbourhood where new development opportunities are becoming increasingly scarce. At Victoriana, the view is not just a feature; it's an appreciating asset in its own right."

He said interstate enquiry has also strengthened as buyers reassess Melbourne's position within the national property cycle.

"Melbourne currently stands as the most compelling entry point of any major Australian capital, and discerning buyers are beginning to recognise what those who move early always understand: the best opportunities are taken before the price rise confirms them."

[smartcode_project_cta:default project_id=1979]

Why now is the time to buy in Melbourne's premium apartment market

Developers and apartment buyers have a narrowing window of opportunity before Brisbane's Olympic infrastructure pipeline begins competing directly with residential construction, pushing up costs, tightening labour supply and making new projects increasingly difficult to deliver.

While Brisbane's apartment market continues to benefit from strong population growth and limited housing supply, industry research suggests the years leading up to 2027 could prove to be the most important period for developers looking to secure builders and buyers hoping to purchase before the next wave of price increases.

A new Colliers report, Brisbane 2032 Olympic and Paralympic Games: Creating Solutions, highlights the scale of the challenge. While thousands of new homes are planned across South East Queensland, the Brisbane Olympic Athletes Village alone will deliver more than 10,500 beds during the Games before being converted into around 1,750 to 2,000 apartments. Equivalent to almost two years of typical inner-city apartment supply, the project will also absorb a significant share of the construction workforce and building materials.

The broader construction pipeline paints an even clearer picture.

Construction Skills Queensland's Horizon 2032 report forecasts Queensland's annual construction pipeline will average $69 billion over the coming years before peaking at $75 billion in 2027-28. Demand for construction workers is expected to increase by 17 per cent to almost 150,000 people, with the industry facing an annual shortfall of around 19,000 workers that could blow out to as many as 35,000 during the peak construction period.

The Olympic venues, athletes village and supporting infrastructure will account for billions of dollars worth of work across South East Queensland through to 2032, creating intense competition for labour at a time when Australia's residential construction sector is already under pressure.

[smartcode_project:default project_id=150489 project_image_fid=373834]

Colliers Queensland Residential Director Andrew Scriven said the convergence of these projects is creating a clear window of opportunity for both developers and buyers.

"From 2027 onwards, the market will shift dramatically," Scriven said.

"Labour will increasingly be locked into government-led infrastructure and Olympic projects, which means private residential developments will face higher costs and tighter margins. The developers who move now are the ones most likely to get projects off the ground."

Scriven said the same dynamic would also affect buyers, with fewer apartment projects expected to launch once construction capacity tightens.

"If you're looking to change your lifestyle over the next five years, now is your window of opportunity to buy."

[smartcode_project:default project_id=150713 project_image_fid=373827]

Developers are already positioning themselves ahead of that window.

Following the success of Monarch at Toowong, Consolidated Properties is preparing to launch two new Brisbane apartment projects in the second half of 2026. They include <a href="https://www.apartments.com.au/new-apartments/gloriette-30-bedivere-street-yeerongpilly-qld-4105">Gloriette</a> at Yeerongpilly Green, a 25-storey tower within one of Brisbane's key Olympic precincts, and <a href="https://www.apartments.com.au/new-apartments/castile-47-skyring-terrace-newstead-qld-4006">Castile</a>, a recently approved 25-storey riverfront development at 47 Skyring Terrace in Newstead.

Hutchinson Builders will deliver both projects, with early works already underway at Yeerongpilly and Newstead expected to commence later this year.

The timing comes as Brisbane's fundamentals continue to strengthen, with strong interstate migration, population growth and vacancy rates remaining below 1.5 per cent.

Colliers Queensland researcher Pragya Sharma said Greater Brisbane is forecast to require around 40,000 new apartments between 2021 and 2031.

"There's a real mismatch emerging between when housing is needed and when it will be feasible to build," Sharma said.

"As a result, the period leading up to 2027 presents a key window of opportunity for developers to secure approvals, funding and construction capacity, while buyers will have greater choice before supply constraints intensify."

Colliers research outlines a critical pre-2027 window to start residential projects before labour squeeze: now is the time to buy

Developers, buyers on watch in South East Queensland ahead of construction crunch: Colliers

It's taken less than nine months for developer Sherpa Property Group to sell out all 51 apartments in its <a href="https://www.apartments.com.au/new-apartments/flourish-oasis-palm-beach-7-9-sixth-avenue-palm-beach-qld-4221">Flourish Oasis</a> development in <a href="https://www.apartments.com.au/developments/palm-beach-qld-4221">Palm Beach</a>, over a year before its anticipated completion.

&nbsp;

Located at 7-9 Sixth Avenue, the $67 million development has resonated strongly with both local owner-occupiers and downsizers seeking high-quality apartments within walking distance of the beach, dining precincts and everyday amenities.

[smartcode_project:default project_id=151449 project_image_fid=357458]

Christie Leet, Founder of <a href="https://www.apartments.com.au/developers/sherpa-property-group">Sherpa Group</a>, said the sell-out reflected both the strength of the Palm Beach market and the success of Sherpa's community-first approach to development.

"The sell-out of Oasis is a fantastic outcome and reinforces the strong demand we're seeing for thoughtfully designed apartments in lifestyle locations," Leet said.

"From the outset, our vision was to create a development that genuinely enhanced the Palm Beach community while providing residents with exceptional homes and wellness-focused amenities.

"We've been incredibly encouraged by the level of local support throughout the campaign, 72.5 per cent of buyers are locals, with a significant proportion of purchasers choosing Oasis as their future home rather than an investment."

[smartcode_project:default project_id=151449 project_image_fid=357463]

Construction is now progressing following development approval, with trusted builder LPS Group delivering the project and completion anticipated in Q3 2027.

Oasis forms part of Sherpa Group's successful Flourish collection, which has become recognised for its focus on wellness, community and elevated coastal living.

[smartcode_project:default project_id=151449 project_image_fid=357469]

Residents will have private access to a rooftop amenity space featuring a pool, gym, sauna, steam room, hot and cold plunge pools, spa and barbecue facilities.

"The success of Oasis demonstrates that buyers continue to prioritise quality, location and lifestyle," Leet said.

"We are proud to have delivered a project that has resonated so strongly with the market and look forward to bringing Oasis to life for our future residents."

Sherpa recently launched <a href="https://www.apartments.com.au/new-apartments/flourish-soleira-palm-beach-1150-1160-gold-coast-highway-palm-beach-qld-4221">Flourish Soleira</a>, its third instalment of the Flourish brand in Palm Beach following Flourish Oasis and <a href="https://www.apartments.com.au/new-apartments/amargo-6-12-sixth-avenue-palm-beach-qld-4221">Flourish Amargo</a>.

[smartcode_project_cta:default project_id=151449]

Sherpa sells out Flourish Oasis in booming Palm Beach

Urban Property Group's <a href="https://www.apartments.com.au/new-apartments/la-vera-macquarie-park-94-talavera-road-macquarie-park-nsw-2113">La Vera</a> is leading the next phase of Macquarie Park's residential evolution, with the new apartment development set to become the first of several new apartment projects in the precinct to complete.

The 169-apartment building has now topped out ahead of its scheduled completion in the third quarter of 2026, as new residential investment continues to reshape one of Sydney's largest employment hubs into a true mixed-use precinct.

[smartcode_project:default project_id=134951 project_image_fid=368645]

Cox Architecture has designed La Vera to capture the best of its unique positioning on Talavera Road, orienting the building towards Lane Cove National Park.&nbsp;The building features a sculpted northern façade with flowing curves inspired by the surrounding landscape, while its city-facing elevation adopts a more structured architectural expression to maximise skyline views.

"The vision for the project was to conceive a building that adopted an organic and curvilinear form to the northern portion that faces the Lane Cove National Park," <a href="https://www.apartments.com.au/architects/cox-architecture">Cox Architecture</a> Director Felipe Miranda said.

"The residents that reside in the northern portion of the building benefit by having beautifully crafted curved balconies that speak to the natural context and heighten the relationship of their internal living spaces to the external balconies."

[smartcode_project:default project_id=134951 project_image_fid=358802]

La Vera offers a diverse mix of one, two, three, and four-bedroom configurations, with prices currently starting from $740,000. Buyers so far have been a mix of Sydney-based investors,&nbsp;metro commuters, owner-occupiers and downsizers from surrounding North Shore suburbs.

Both investors and owner-occupiers have been drawn to La Vera's proximity to Macquarie University, Macquarie University Hospital, Macquarie Centre and the Sydney Metro, infrastructure that supports both strong rental demand and a convenient lifestyle for residents.

The apartments feature full-height glazing, timber flooring throughout living areas, stone kitchen benchtops, SMEG appliances, floor-to-ceiling bathroom tiling and ducted air conditioning.

Residents will have access to a rooftop recreation level featuring a swimming pool, sauna, barbecue facilities and landscaped relaxation areas, complemented by additional communal space at ground level. Many apartments enjoy uninterrupted views across Lane Cove National Park, reinforcing the project's connection to its natural setting.

[smartcode_project:default project_id=134951 project_image_fid=364551]

<a href="https://www.apartments.com.au/developers/urban-property-group">Urban Property Group</a>, a family-owned developer and builder with nearly four decades of experience, holds a 4.5-star iCIRT rating and was Australia's first developer to introduce 10-Year Latent Defects Insurance (LDI). La Vera is the first apartment development in <a href="https://www.apartments.com.au/developments/macquarie-park-nsw-2113">Macquarie Park</a> approved to offer the additional insurance protection, alongside a five-year warranty on SMEG appliances.

Urban Property Group CEO Patrick Elias said the additional protection reflects changing buyer expectations in the off the plan market.

"Consumers are a lot more weary and a lot more concerned in buying off the plan than they ever have been. Having LDI is a tool to portray the confidence that we have in our product, and a confidence we want buyers to share," Elias said.

Following completion of the building later this year, buyers will move into their apartments well before Christmas.

[smartcode_project_cta:default project_id=134951]

La Vera closes in on completion as Macquarie Park continues residential transformation

Townsville

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Townsville has recorded a rise in its residential vacancy rate, lifting from 5.7 percent to a record high of 7.1 percent over September.
Antonia Mercorella, chief executive officer of the REIQ said this is surprising because Townsville’s property market, overall, is reasonably steady.
"Local agents tell us, anecdotally, that there have been a few break-lease situations where people are leaving to become owner occupiers, but how widespread this is, it’s hard to say," she said.
“This is always a risk when interest rates are at historic lows."
“However, it’s too early to draw any concrete conclusions about the Townsville market; next quarter may reveal the September result to be anomalous.”
<a href="/images/2016/10/25/Vacancy%20rate%202.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2016/10/25/Vacancy%20rate%202.jpg" alt="">
Very high vacancies:
<ul>
<li>Gladstone 8.9 percent</li>
<li>Mackay 6.9 percent</li>
<li>Townsville 7.1 percent (record)</li>
<li>Burdekin 9.6 percent</li>
<li>Cassowary Coast 7.7 percent</li>
<li>Livingstone 8.3 percent</li>
</ul>
 (Source: REIQ)
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jonathanchancellor-7SQnKwU6yx

Townsville vacancy rate hits 7.1 percent record high

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The North Queensland Cowboys five-eighth Michael Morgan has sold his Townsville investment property.
The 24-year-old NRL star purchased the four-bedroom, <a href="https://www.realestate.com.au/property-house-qld-bohle+plains-123935982" target="_blank">two-bathroom Bohle Plains home</a> in 2011 for $146,000.
It sold in early November having been listed October 26 for $349,000 through John Bowen at First National Real Estate – Nicholson.
It’s been a rental at $390 per week.
He still owns a waterfront apartment overlooking the marina which was purchased in 2014.
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firstname1-iYD4UYzvBa

Cowboy Michael Morgan sells Townsville investment

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Over the last quarter, Townsville’s retail market has seen a resurgence of local buyers (owner-occupiers and investors) in the sub $1.5 million entry level retail investment sector, according to Herron Todd White’s latest report.
The property advisory firm says that the end of 2015 saw a flurry of larger retail sales driven by southern investors including Vincent Village for $16.7 million and Rising Sun Shopping Centre for $9.85 million. There were also a number of other retail properties in the $3 million to $5.5 million range.
The flow-on from this investment along with an increased level of market sentiment has seen the recent sale of several smaller strip commercial and suburban convenience centres.
These properties, some of which have been on the market for an extended period of time, have vacancies and low WALEs.
Local buyers including intending owner- occupiers and investors are potentially seeing the opportunity to realise upswing in this secondary retail product and that coupled with the affordability is making the potential for capital returns enticing.
This resurgence, possibly on the back of recent positive announcements including the Stadium and Waterfront precincts, is indicating a renewed level of confidence amongst local buyers in the market.
The Cairns retail market passed through the bottom of the cycle during the course of 2014 but the limited recovery thus far means that the retail property market remains relatively flat.
It must also be said that retail property sales in Cairns are sporadic, with most sales involving retail property being of mixed use retail and office buildings or tenant buyouts of single premises.
High exposure CBD retail space remains reasonably well occupied, but vacancies are more noticeable in the lesser exposure locations and CBD fringe.
Rents have remained generally stable, showing ranges of $600 to $800 per square metre per annum for prime CBD space and $1,000 to $1,500 per square metre per annum in key tourist precincts such as the Cairns Esplanade.
Blue chip retail located within the main Esplanade tourist strip and CBD show reasonably low vacancies, though there is also limited demand from new businesses.
There remains good investor demand for well leased properties which rarely come onto the market.
There have been no retail property sales of note thus far during 2016, however the Bellview Hotel, which represents a prime hotel and retail redevelopment site on the Cairns Esplanade with significant holding income, has been recently placed on the market.
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j.ballantyne1990-6AQqhLzZaK

Local buyers back Townsville's retail market: HTW

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There is an oversupply of rentals in Townsville with available properties exceeding demand, according to Herron Todd White’s (HTW) latest market report.
The property advisory firm says that although there are issues with rental vacancy, the trend is steady.
HTW said there is fair demand for new houses, which coincides with a steady trend of new houses being built despite increasing volume of house sales.
<a href="/images/2016/11/04/Qld%20houses.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2016/11/04/Qld%20houses.jpg" alt="">
New properties in Townsville are almost never sold at prices exceeding their potential resale value, the report said.
Other regions with a fair demand for new houses includes Whitsundays and Brisbane.
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Townsville housing market currently in oversupply: HTW

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Townsville’s residential market remains slow with the most active sector being property priced under $450,000, according to Herron Todd White’s latest monthly market report.
The property advisory firm says that the median house price as at June 2016 was $335,000. The under $450,000 price bracket covers a wide section of the housing market with the upper end providing for modern homes in modern land estates.
One example would be a four bedroom home at <a href="https://www.realestate.com.au/property-house-qld-kirwan-123817466" target="_blank">58 Greenwood Drive</a> (above) that is for sale for $349,000.
HTW says the buyers are mostly owner occupiers looking to upgrade the amenity of their property or move to a better location.
Renovators are also active in this price bracket with the availability of tradespeople and the low cost of borrowing appealing to this type of buyer.
"Overall affordability remains the key focus for buyers who must take into consideration their own financial and employment positions and are buying properties they perceive as good buying based on their current economic circumstances," the report advised.
The slowest sector is currently the vacant land market which has seen a significant reduction in sale volumes over the past two years.
This reflects a lack of buyer confidence in the market stemming from the subdued economy, along with the economics of building a new home versus the cost of buying an existing home.
The inner city unit market and the higher end residential housing market are also less frequently traded.
This is due to a combination of thin volumes of stock on the market along with vendors willing to hold back going to market until conditions improve.
"Within the inner city unit market we have seen some recent sales by vendors unwilling to hold on for market improvement that have reflected significant decreases in value from purchase prices."
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Townsville residential market remains slow: HTW

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Sales activity across Townsville has been trending lower over the past few years and the most recent 12 month period is no exception, with 10.4 percent fewer transactions over the 12 month period ending May 2016 when compared to the year ending May 2015, according to CoreLogic's regional market report.
<a href="/images/2016/09/07/Screen%20Shot%202016-09-07%20at%2011.04.13%20AM.png" target="_blank">Click to enlarge</a>
<img src="/images/2016/09/07/Screen%20Shot%202016-09-07%20at%2011.04.13%20AM.png" alt="">
Over the past five years, Townsville has averaged 3,778 sales annually, which is much lower than the 5,202 over the preceding five year period.
<a href="/images/2016/09/07/Screen%20Shot%202016-09-07%20at%2011.04.20%20AM.png" target="_blank">Click to enlarge</a>
<img src="/images/2016/09/07/Screen%20Shot%202016-09-07%20at%2011.04.20%20AM.png" alt="">
More recently, Townsville home values have fallen on the back of a weak local economy, down 4.5 per cent for houses to $317,125 and 3.7 per cent lower over the year for units, with the typical unit value currently sitting at $254,381.
<a href="/images/2016/09/07/Screen%20Shot%202016-09-07%20at%2011.04.27%20AM.png" target="_blank">Click to enlarge</a>
<img src="/images/2016/09/07/Screen%20Shot%202016-09-07%20at%2011.04.27%20AM.png" alt="">
Townsville home values are currently lower than they were five years ago.
<a href="/images/2016/09/07/Screen%20Shot%202016-09-07%20at%2011.04.44%20AM.png" target="_blank">Click to enlarge</a>
<img src="/images/2016/09/07/Screen%20Shot%202016-09-07%20at%2011.04.44%20AM.png" alt="">
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Weak local economy causes home values to fall in Townsville region: CoreLogic

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A prime three hectare Townsville CBD waterfront development site is being offered for sale again. 
It is being marketed again on behalf of receivers Ferrier Hodgson. 
The Saltwater, Airlie Beach site is adjacent to The Ville Resort Casino having been one part of the extensive portfolio amassed by former Gold Coast developers Resort Corp. 
There are views across the Coral Sea to Magnetic Island from the site at 48 Sir Leslie Theiss Drive.
The site consists of five community title lots, totalling 29,638sqm of land area with 440 metre of water frontage.
The site has a preliminary approval for a mixed residential development that allows for up to an estimated 61,000sqm of Gross Floor Area (GFA) across the site offered to market through Colliers International.
In 2011 the Resort Corp receivers marketed the troubled company's last major asset which was consolidated at a $49.5 million cost in 2007 when bought from Consolidated Properties.
The original project was earmarked to develop 570 apartments.
In 2007, Resort Corp boasted a development portfolio on the northern NSW and Queensland coasts totalling $1.35 billion.
Linked to Paul Brinsmead and Peter Madrers, the group was placed in voluntary administration in March 2009, declaring debts of more than $300 million.
The site also failed to sell after an expressions-of-interest campaign in 2010.
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jchancellor-FAypfDUnLy

Townsville development site listed again

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With the median house price in Townsville currently trending at around $330,000, an investment of $500,000 will net you a good quality modern home in desirable residential suburbs or a renovated house within the inner city suburbs, say valuation firm Herron Todd White in their July 2016 residential market report. 
“Our suggestions from 12 months ago have not changed much with the median price and market sentiment softening during this period making it very much a market for owner occupier buyers,” says HTW.
Following the recent announcement of federal funding from both sides of government for the proposed CBD stadium and entertainment precinct, houses in the inner city localities of South Townsville, North Ward and Belgian Gardens would be a desirable location for a $500,000 investment. These suburbs typically have renovated older style houses, typically on traditional sized lots within close proximity to the CBD and The Strand. 
Other suggested localities include the middle class suburbs of Idalia, Annandale and Douglas.
"For $500,000 you could buy a good quality masonry block constructed home within a modern residential estate featuring lifestyle facilities such as parks and walking and bike paths," says HTW.
These areas are also within close proximity of major employment hubs including Lavarack Army Barracks, Townsville Hospital and James Cook University. 
Property Observer found a two-bedroom, two-bathroom inner city apartment around the median price on www.realestate.com.au at <a href="https://www.realestate.com.au/property-unit-qld-townsville+city-122431462" target="_blank">1206/106 Denham Street, Townsville City, Qld</a>, which recently exchanged hands for $355,000.
<div class="propertyStats"> </div>
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A modern home beckons owner occupiers for $500,000 in Queensland’s Townsville: HTW 

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As the major regional centre in Queensland, Townsville has an opportunity to shape a new and sustainable economic future if it can connect to the growing business, trade and investment opportunities in key Asian markets, according to ANZ.
The optimism for Townsville’s farmers and businesses in light of the significant demand from Asia comes as ANZ recently hosted its Opportunity Asia Forum, bringing together local business leaders to discuss the growing export and diversification opportunities for North Queensland into Asia.
ANZ general manager regional business banking Christine Linden said Australia’s reputation for high quality produce and North Queensland’s proximity to Asia gives local business a considerable edge.
“As Asian economies continue to grow and generate demand for a wide range of our goods and services, Australian businesses need to be ready to capitalise on the export opportunity. By sharing industry and sector trends from across the region we work towards cultivating an environment where North Queensland businesses are informed and empowered to look to Asia for real growth,” said Ms Linden.
ANZ regional executive Veronica Kregor said the event came at an time for the region with recent investment announcements including the increase in military spending from the Singapore Government and planned Federal Government rail infrastructure and marine maintenance investments, all pointing to a brighter future.
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FNQ's Townsville future rests with key Asian markets: ANZ

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It’s a marvel that Australia has any regional cities left.
Every time there’s a major (and sometimes relatively minor) business reversal, media declares the death of the local economy and often the collapse the local property market.
Legendary author Mark Twain could have been speaking for Newcastle, Wollongong, Geelong and many other regional cities when he said that “the reports of my death have been greatly exaggerated”.
The latest Australian regional city to inspire a premature obituary is Townsville in the wake of the decision by political and business buffoon Clive Palmer to shed 237 jobs at his Queensland Nickel refinery. 
As has become common in the wake of such events, the media coverage has been a tad over the top since the announcement. I’ve seen reports predicting devastation of the local economy. One suggested Townsville would become “a ghost town”.
Admittedly some of the dire forecasts have been sourced from sacked workers who were understandably emotional.
But beyond the unfortunate impacts on the affected families, the downsizing of the Queensland Nickel business is not a catastrophe for Townsville.
The northern Queensland city is one of Australia’s strongest regional economies. It has wonderful diversity, with a broad range of strong industry sectors providing employment and economic activity.
It has a major (and expanding) military presence, a massive government sector, a significant education industry, a busy tourism industry and various activities related to the resources sector, among others. 
Few Australian regional cities can match it for strength and diversity.
A couple of years from now the Queensland Nickel kerfuffle will be seen as a minor blip in the economic life of this very strong city.
Townsville is not the first regional economy to be declared terminal and it won’t be the last.
Last rites have been administered in recent years to both Wollongong and Geelong, which nevertheless remain very much alive and kicking.
Wollongong was proclaimed an impending basket case when Bluescope Steel announced some major downsizing in 2011. Media went overboard. I recall one headline predicting that property values would fall 50%.
But something quite different occurred. The Wollongong property market has recorded strong price growth in the years since, partly because it caught the wave from Sydney and partly because of positive events in the local economy. 
What the doomsayers overlooked when they over-reacted to the Bluescope Steel job cuts is that there are a lot of  other things happening in Wollongong besides the smokestack industries. Like many other regional cities, Wollongong has been busily reinventing itself and these days has strong industry sectors in education, IT and tourism, among others.
The gradual decline in employment at the steelworks has been going on since the 1970s. Back then, Bluescope Steel employed 27,000 people. Today it provides jobs to only 10% of that number. In the meantime, Wollongong has moved on and created new modern industries to sustain itself.
It’s doing just fine.
So is Geelong, although it should have shuffled off this mortal coil before now, in the wake of bad news about the Ford car plant and one or two other old-style industries. 
But, like Wollongong, Geelong isn’t a blue collar factory town any more. Its biggest employment sectors are eduction and health. The city is thriving as an affordable lifestyle alternative to Melbourne, to which it is now better connected since the completion of the $5 billion Regional Rail Link.
Major new enterprises are opening up in Geelong. One is the National Disability Insurance Scheme, which is being headquartered in Geelong and is attracting other enterprises that want to be located near it.
In real estate terms, Geelong is the strongest market in regional Victoria and I don’t expect that to change any time soon.
There are echoes in this situation also of Newcastle, which was expected to wither and die following the closure of BHP activities in the late 1990s. But check it out today and you’ll find a strong and vibrant city where spending on new infrastructure and property developments totals many billions of dollars. 
And so it will be with Townsville. I’m sure those 237 people who are losing their jobs are suffering (I’ve experienced retrenchment a couple of times in my life and it’s not pleasant) but Townsville as a community and as an economy will not be devastated. 
We’re talking 237 jobs in a city of 200,000 people. Even allowing for flow-on effects, Townsville’s future is as strong as ever.
Terry Ryder is the founder of <a href="https://www.hotspotting.com.au/" target="_blank">hotspotting.com.au</a>. You can <a href="https://mailto:ryder@hotspotting.com.au" target="_blank">email him</a> or follow him on <a href="https://twitter.com/hotspotting" target="_blank">Twitter.</a>
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