Callista, the most luxurious villas to hit Palm Beach, set for launch

Each townhouse will have four bedrooms and three bathrooms across the three levels

Palm Beach, one of the hottest apartment markets across the whole of the country, is set for something a little different.

Kingbella Group, led by Joel and Laura Percey, alongside STEER Developments, founded by Rob Steer, are set to launch a boutique collection of four villas, a stone’s throw from the beach.

The luxury villas at 192 Cypress Terrace have been designed by C2 Architecture with the Mediterranean lifestyle and palette at its heart.

“Callista came from bouncing around ideas on a mood board, trying to produce a townhouse with a feel as if you’re on holiday in Europe”, Laura Percey says.

Percey says they are trying to take the next step of luxury in the suburb, with the three-level homes rich in artisan detail and featuring an entertainer-style kitchen with oversized stone island bench and Miele appliances throughout.

Callista Palm Beach 192 Cypress Terrace, Palm Beach QLD 4221 

Each townhouse will have four bedrooms and three bathrooms across the three levels.

“Palm Beach has really transformed, from cute shacks and beach houses to a next level of luxury that everyone locally, as well as interstate, now wants to buy in to.

“There’s new blood in the area, and with that comes the more modern beach house. We want to deliver beach houses that will remain for years to come.”

There has been an intentional effort in the design so the villas would suit a number of different buyers.

“We could see the owner-occupier professional enquire, with the use of the downstairs bedroom as a home office, or the downsizer in their 50’s using the functional space”, Percey said, adding that young families would be attracted to the four bedrooms, and fly-in, fly-out buyers from the eastern seaboard capital cities would show interest given the heightened level of lock-up-and-leave luxury on offer.

STEER founder, Rob Steer said with interstate migration on the rise, there’s plenty of purchasers are prepared to pay for high end stock.

“Gold Coast has emerged as one of the best performing real estate markets over the past year, recording double digit price growth for both houses and units,” Steer said.

“We’re seeing an awful lot of movement from interstate, whether it’s for holiday home purposes or those keen on spending more than half of the year on the Gold Coast.”

With double digit growth seen in Q1 2020 to Q1 2021, Steer says the developer duo are actively looking for new acquisition opportunities in both residential and commercial sites.

CBRE are handling the marketing of Callista, with prices starting from $1.75 million.

Kingbella and Steer are set to crate another small collection of luxury townhouses in Tugun, and have also just lodged plans, along with the Brisbane-based Capdev, for over 90 apartments in the in demand Rainbow Bay area.

 

Article Source: www.urban.com.au

 

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Joe Adsett reveals River Arc, Kangaroo Point apartment development

Joe Adsett said to differentiate, they went with a lower density on the 1,186 sqm site, which would typically yield 75 apartments.

The architect-turned developer, Joe Adsett, has submitted plans for his next South East Queensland residential apartment development.

Adsett, who secured a sell-out at his Maison, New Farm apartment development earlier this year, has ventured to the affluent and tightly held waterfront of Kangaroo Point, where he’s set to create a luxury $85 million, 15-level tower.

Named River Arc for its location on the curve of the Brisbane River at 44 O’Connell Street, the project will home just 14 luxe apartments, set on one of the last north-east facing, absolute riverfront development sites.

Adsett said to differentiate, they went with a lower density on the 1,186 sqm site, which would typically yield 75 apartments.

“As a practice specialising in luxury residential architecture, we have seen incredible growth in the Brisbane super prime residential market,” Adsett said.

“We believe the market has quickly matured to the point it will accept a project of this nature and to that end we have readily chosen to under develop the site from its potential density to focus on a boutique one per floor offering.”

Each of the apartments will benefit from expansive river views and range in size from 300 sqm to 550 sqm. The exclusive development offers residents a unique opportunity to directly access the water via private moorings.

“The site is uniquely positioned on a north-eastern bend of the river and we designed the building to cantilever towards the river edge.

“The cantilever is achieved by our design of an external concrete structural veil, which integrates the wall and floors into one uniform structure. The structure is not only supporting the building; it also acts to create large column free spaces which open to the water. The structure also curves to create large eaves around the building which reduce the heat load on the glass and provide acoustic attenuation between the levels.

“In addition, it allows protection from driving rain and reduces wind gusts up the vertical face of the high rise. The design of the facade curves and arches to become an object of beauty in its own right, and in turn forms the iconic look of the building.

The riverfront is dedicated to an abundance of tiered landscaping and communal amenities, providing a sanctuary for residents whilst giving back to the river ecosystem. An existing mature Flooded Gum tree is maintained by the development, preserving the natural features of the site.

The site is set to benefit from a multitude of Brisbane’s future infrastructure investment with the anticipated Riverwalk extension from Mowbray Park, Kangaroo Point Green bridge, Cross River Rail precinct, Gabba redevelopment, and local ferry terminal upgrades.

Adsett has had huge success before in Brisbane, selling-out the recently completed Maison in the nearby New Farm.

The popular architect also secured a sell-out of his first development on the Gold Coast, the luxury Rockpool at Rainbow Bay.

 

Article Source: www.urban.com.au

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Morris Property Group’s $250m Office Plans for North Quarter

Morris Property Group has unveiled plans for a $250-million office tower in Brisbane’s North Quarter precinct, in a vote of confidence for the office sector.

The developer will build a 24-storey A-grade office tower at 19 Eagle Terrace, after plans for a premium apartment project on the site were revised.

It is the latest office project for the developer, which has also commenced construction on the 26-storey Australian Taxation Office headquarters at 152 Wharf Street.

Morris Property Group director Barry Morris said Eagle Terrace’s design would be human-centric incorporating health-based concepts and a Covid-safe building design, across 19 storeys and 19,182sq m of commercial space.

It also includes a rooftop area, meditation and yoga studios and breakout spaces.

“The new Eagle Terrace commercial office project sits on the cusp of the Brisbane CBD fronting the Brisbane River and enjoys spectacular views from all levels,” Morris said.

“Brisbane is certainly ‘coming-of-age’ and the current market conditions have provided us with the confidence to proceed with demolition of the existing office building.

“We are very proud of the 152 Wharf Street project which is powering ahead and due for completion in 2022.

“The Commonwealth of Australia, represented by the Australian Taxation Office, has been great to work with in delivering this bespoke building, which will provide approximately 2400 staff members with a new home for the coming decades.”

▲ Eagle Terrace will be a 24-storey $250m A-grade office tower in Brisbane’s North Quarter. Image: Morris Property Group 

CBRE is marketing the property and Brisbane managing director Chris Butters said the large-sized floorplates, panoramic views over the Brisbane River and state-of-the-art touchless features would be attractive for tenants.

“The project launch coincides with a notable uptick in new Brisbane office requirements in the second half of 2021, as both larger occupiers and SMEs positioned themselves for an improving local economy,” Butters said.

“As the market recovers in 2022, we expect to see a continuing tightening in the prime grade sector of the market, as tenants focus on improving their overall workplace offering.

“Growth industries are particularly active, with resources companies, local professional services groups, government agencies and tech firms dominating enquiries.

“We’re also finding that larger users are applying a wider geographic lens than they have in previous cycles with Brisbane’s North Quarter garnering the most attention in 2021, with major commitments from Great Southern Bank and APA Group.”

The take up of office space in major CBD markets has exceeded pre-pandemic levels as the market starts to stabilise.

Dexus’ quarterly office review report said that while office transactions remained below average, demand supported valuations for high quality assets.

Dexus head of research Peter Studley said conditions for real estate were generally expected to improve during the next year.

“While lockdowns in New South Wales and Victoria caused a contraction in economic growth, much of the lost ground is expected to be recovered over the remainder of the 2022 financial year,” Studley said.

“Leasing markets are expected to improve in all sectors, helped by positive business conditions.

“In addition, investment demand and capital flows for real estate are likely to remain supported by low interest rates.”

 

Article Source: www.theurbandeveloper.com

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Average House Prices Edge Closer to $1m

The average price of a residential property in Australia is nearing the $1-million mark for the first time on record, with house hunters spending about $350,000 more than they did a year ago on the typical home.

According to Domain, Australian house prices have experienced the fastest annual rate of growth on record at 21.9 per cent with house prices rising three times faster than units over the past year.

Domain chief of research Nicola Powell said despite the historic surges, prices—currently being underpinned by record low-interest rates and expected investment returns—were now preparing to cool as lockdowns end nationally.

Over the three months to September, all capital cities except for Perth and Darwin hit record highs for house prices with Canberra now the second most expensive capital city to purchase a house for the first time since 2005.

Sydney, the nation’s most expensive city, hit a new record of almost $1.5 million for houses after surging 30.4 per cent—rising by roughly $6700 a week over the past 12 months.

Unit prices hit a new record high of $802,475 after gaining $18,695 over the September quarter, surpassing the mid-2017 price peak for the first time.

NSW now accounts for $3.3 trillion, or 40 per cent, of the total Australian residential real estate market.

House price change by capital city

City	Jun 21	Sep 21	QoQ	YoY
Sydney	$1,432,901	$1,499,126	4.6%▲	30.4%▲
Melbourne	$1,021,790	$1,037,923	1.6%▲	16.8%▲
Brisbane	$673,176	$702,455	4.3%▲	15.3%▲
Adelaide	$632,337	$667,888	5.6%▲	20.1%▲
Canberra	$1,015,833	$1,074,187	5.7%▲	32.4%▲
Perth	$602,248	$598,601	-0.6%▼	9.8%▲
Hobart	$631,630	$698,212	10.5%▲	31.9%▲
Darwin	$608,760	$640,068	5.1%▲	33.2%▲
Combined	$961,182	$994,579	3.5%▲	21.9%▲

^Source: Domain

Melbourne, despite being in lockdown for most of the quarter, hit a new record high of $1.038 million after increasing by 16.8 per cent in the past year—the city’s strongest annual gain in 11 years.

The number of homes selling in Brisbane continues to surpass previous records to now be at its highest point in six years with listed homes for sale 7 per cent higher over the first three weeks of October compared to the two-year average.

House prices have now reached a new record high, surpassing the $700,000 mark.

Meanwhile, Hobart house prices have almost doubled over the past five years, the steepest increase of the capital cities.

Powell said price relief was now nearing as the rate of house price growth across capital cities halved in the September quarter compared to the previous quarter, suggesting the peak pace of growth has passed.

“We’re seeing the property market begin to cool down with soaring house prices in the last year adding to ongoing affordability pressures affecting buyers participation in the market,” she said.

“As Covid-19 lockdowns and restrictions come to an end and the sustained high prices appeal to vendors, sellers are beginning to re-engage with the market, increasing supply which in turn offer greater choices for buyers.”

Unit price change by capital city

City	Jun 21	Sep 21	QoQ	YoY
Sydney	$783,781	$802,475	2.4%▲	9.5%▲
Melbourne	$575,133	$576,879	0.3%▲	6.1%▲
Brisbane	$398,538	$396,609	-0.5%▼	-1.8%▼
Adelaide	$340,586	$357,615	5.0%▲	3.3%▲
Canberra	$504,217	$489,710	-2.9%▼	-2.6%▼
Perth	$376,029	$363,653	-3.3%▼	1.3%▲
Hobart	$532,284	$532,284	0.0%	23.8%▲
Darwin	$364,187	$359,903	-1.2%▼	22.1%▲
Combined	$603,435	$609,642	1.0%▲	6.8%▲

^Source: Domain

The Reserve Bank of Australia recently acknowledged the hot housing market in its monthly board meeting minutes, and said policymakers needed to keep a close eye on lending standards.

It noted there had been an increase in loans with high debt-to-income ratios, and sustained growth in housing credit added to the risks of high household debt.

Housing credit growth is forecast to top 10 per cent on a six-month annualised basis early next year.

At the same time, wages growth is running at just 1.7 per cent, according to the latest Bureau of Statistics data.

“There has been an increase in the average loan value over the last year indicating that customers are borrowing more to keep up with rising prices and further driving house price growth,” Powell said.

“This may start to slow down as new serviceability measures are implemented from November 1.

“However, the sheer affordability of keeping up with rapid house price gains is proving a barrier for many buyers, especially first home buyers facing spiralling deposit goals and poor interest accrued on savings.

“Upsizing is also becoming a financial leap despite the benefit of strong equity growth, and particularly challenging if sold prior to purchasing.”

 

Article Source: www.theurbandeveloper.com

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Little Projects Co launch Broadbeach apartment development, Aperture

Elenberg Fraser, who has designed a number of development for them in Melbourne, created the modernist-inspired apartment building

The hotly anticipated Aperture, which will be one of the most high-end apartment developments in Broadbeach when completed in mid-2023, has officially launched to the market.

Following on from their successful first tower in Broadbeach, Signature, which sold out earlier this year, the Melbourne-based Little Projects took a different approach to Aperture, which refers to the opening of a lens’s diaphragm through which light passes.

This time they’re targeting the luxury owner-occupier, with every apartment on offer spanning a whole-level and offering over 200 sqm of internal and external space, enough space for a downsizer.

There are just 29 apartments across the 35 levels, with 26 full-floor apartments with three bedrooms, three bathrooms and three parking spaces. They start from $2.1 million, with every level of the 120 metre building offering uninterrupted ocean views from the balcony off the living area.

Aperture Broadbeach 20 Mary Avenue, Broadbeach QLD 4218 

Floorplans for the double-storey sub penthouse and penthouse are still in the works, but they expect to have four bedrooms and four bathrooms each.

Elenberg Fraser, who has designed a number of development for them in Melbourne, created the modernist-inspired apartment building, with hand-crafted materials and a minimalistic design featuring throughout. Gaggenau appliances and natural timber and stone have been used for the interiors, creating an extra level of luxury rarely seen in the market.

Leighton Pyke, Director of Little Projects Co, reckons the south end of Broadbeach is quite possibly the ultimate location to soak up the central coastal atmosphere.

“It’s part of a very tranquil enclave just a little bit away from the heart of the vibrant retail and dining precinct but within walking distance to all that Broadbeach has to offer, and only metres from the beach,” Pyke says.

Pyke said they made a conscious effort to change the course from the high-density projects and instead offer full floor collection of apartments, offering enough space for the downsizer.

“We put a lot of thought and energy into this project, alongside our talented team of architects, to come up with a design concept that blends with the superb location of the site.”

“With this project, we wanted to challenge expectations on how a luxury coastal residential collection should look and feel, so we devised a sub-tropical oasis that incorporates moody tone for an effortlessly luxe feel,” Pyke said.

KM Sales & Marketing agent Todd Matheson is handling the market.

Aperture will feature a lap pool on the podium level, with hotel-like day beds at either end. The pool is flanked by a long pool deck, and an adjoining 20 sqm barbecue area with outdoor dining space. On this level is a gym with a steam room.

The project sits just minutes from the patrolled Kurrawa beach, and a short walk from the heart of Broadbeach’s Oracle dining and retail precinct.

 

Article Source: www.urban.com.au

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Regional Rent Price Surge Biggest on Record

Australian rents have increased 8.9 per cent year-on-year during the past 12 months, the fastest pace of growth since 2008, while Darwin recorded price rises in excess of 20 per cent.

Regional rents experienced greater growth than their city counterparts in the September quarter, recording an average 2.2 per cent rise, while capital cities increased 1.7 per cent.

Darwin rents grew 20 per cent over the past 12 months, while Brisbane, Perth and Adelaide all recorded strong price growth.

Corelogic research director Tim Lawless said the strong demand for detached housing a lack of supply due to historically low levels of investor activity during the pandemic had driven rental prices higher.

“Renters are clearly looking for lower density housing options, with house rents rising at more than double the pace of units rents over the past year, however this trend is starting to narrow,” Lawless said.

Capital city rent prices 

City	Median rent	YoY change	Yield
Sydney	$595	7.2%	2.45%
Melbourne	$450	1.8%	2.76%
Brisbane	$491	9.7%	3.93%
Adelaide	$440	8.3%	4.06%
Perth	$478	14.5%	4.33%
Hobart	$507	12.8%	3.89%
Darwin	$561	20.9%	6.17%
Canberra	$663	9.6%	3.92%

^Source: Corelogic Quarterly Rental Review

Corelogic research director Tim Lawless said the strong demand for detached housing a lack of supply due to historically low levels of investor activity during the pandemic had driven rental prices higher.

“Renters are clearly looking for lower density housing options, with house rents rising at more than double the pace of units rents over the past year, however this trend is starting to narrow,” Lawless said.

“National house and unit rents [were] rising at the same rate over the September quarter at 1.9 per cent.”

“Another factor that may be contributing to rental demand is that more renters are working from home, which could be driving a trend towards smaller rental households as tenants look to maximise their space and working environment during Covid.”

Migration to regional areas has led to a boom in rent prices with regional rents rising 2.2 per cent over the September quarter and 12.5 per cent over the past 12 months, the highest increase ever recorded (since records began in 2005).

“Demographic data is showing a clear trend towards regional population growth, driven by a combination of more people leaving cities for the regions, but also fewer people moving from the regional areas to the capitals,” Lawless said.

“With regional housing rents rising 12.5 per cent over the past year at a time when household incomes have hardly budged, it’s likely that rental affordability is becoming a lot more challenging in some of the most popular regional markets.”

Adelaide remains Australia’s most affordable city to rent at $440 per week, while lockdown-ravaged Melbourne came in as the second most affordable with an average rent of $450 per week.

The skyrocketing value of properties against a backdrop of lower rent increases has led to a drop in gross yields from 3.77 per cent to 3.29 per cent in the past 12 months.

Darwin has the country’s highest gross rental yield at 6.17 per cent, followed by Perth at 4.33 per cent, Adelaide 4.06 per cent, Brisbane 3.93 per cent, Canberra 3.92 per cent and Hobart at 3.89 per cent.

Sydney (2.45 per cent) and Melbourne (2.76 per cent) have the lowest gross rental yields.

Although rental growth has eased quarter-on-quarter, Lawless said expected rents would rise nationally for the “foreseeable future” and rental affordability could become an issue.

“Data to March shows renters were spending an average of 28.7 per cent of their household income on rental payments, which is slightly above the decade average of 28.1 per cent,” he said.

“Rental affordability has deteriorated further from there, which is likely to see more renters looking towards higher density rental options where renting tends to be more affordable.”

 

Article Source: www.theurbandeveloper.com

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Charter Hall gains northern exposure

Charter Hall has paid $19.7 million for an industrial property at Brendale, in Brisbane’s northern suburbs, an area increasingly attracting institutional investor interest.

JLL director of industrial Nick Bandiera, who brokered the sale with colleagues Sam Byrne and Tim Jones, said the 5-hectare site offered passing income and development potential.

“The large scale and underutilised nature of the property appealed to Charter Hall, given its current industrial use, with the future capability of developing the site to a higher and better use given its broad zoning,” Mr Bandiera said.

“The north side has historically been predominantly privately owned. However, we are seeing a shift in that balance as tenant demand and scale continue to grow.”

“The northern Brisbane industrial market is experiencing strong inflows of institutional capital, which is set to reshape the landscape over the next few years.”

Owned by a syndicate of Victorian-based investors for decades, the site at 23-25 South Pine Road is adjacent to Strathpine Train Station, a major stop on the $1.15 billion Moreton Bay Rail Link.

“The property is primarily leased to international logistics and shipping company Wallenius Wilhelmsen Solutions, which uses the facility for the storage and assembling of agricultural and logistics equipment,” said JLL’s Sam Byrne.

 

Article Sourcec: www.afr.com

 

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Tax reforms proposed again, but don’t hold your breath

Falling interest rates to a record low and the resulting rise in property values and share prices has widened the gap between the “haves” and “have-nots” in Australia.

This has led to claims that we need to investigate ways for government to raise and distribute more revenue, to make the system “fairer”.

New South Wales premier Dominic Perrottet has only been an office for a short time, but has already flagged the possibility of replacing stamp duty on property purchases with a universal land tax.

The tax would be levied on every residence, and so affect every householder. However, it would have a disproportionate negative impact on retirees, many of whom are asset rich but cash poor.

Mr Perrottet has also suggested that the federal government consider reducing the 50 per cent discount on Capital Gains Tax (CGT) for assets held for more than a year, on grounds that it would discourage property speculators.

However, the two proposals are not in sync.

Abolishing stamp duty would give property speculators a free-kick, and every proposal in the past which canvassed an effective increase in CGT found that it would not be retrospective, and so would only apply to properties acquired after the changes were legislated.

Imagine the spate of buying before the relevant changeover date.

Another revenue-raising idea is to impose death duties in Australia.

Its proponents claim that it is not fair that many wealthy people die leaving a large amount of money to their beneficiaries. In their view, a substantial death tax should be introduced to make sure the government receives part of these estates.

They point to Britain as a great example, where a standard inheritance tax of 40 per cent is charged on those people with assets above a tax-free threshold of £325,000.

For example, if your estate is worth £625,000, you would pay 40 per cent of £300,000, or £120,000.

There are certain concessions for estates left to a spouse, and the tax may reduce to 36 per cent – if at least 10 per cent of the estate is bequeathed to charity.

Any changes to the current system are not something to be rushed. For starters, if you have a death tax you must also have a gift tax, otherwise people would simply give money away before they died.

In any event, we already have significant death taxes on estates.

For example, the taxable component of superannuation is hit with a tax of 17 per cent (15 per cent plus Medicare levy) if it is left to a non-dependent.

Then there is CGT. Although this tax is not triggered by death, the liability is passed on to the beneficiaries of an estate, who pay CGT when they dispose of the bequeathed assets.

I would not be too worried that any of these proposals are likely to be introduced any time soon.

Australia has a long history of floating controversial ideas and then quickly backing away from them once a rigorous analysis is carried out and problems come to light.

Remember the Henry tax review, which was commissioned by the Rudd government in 2008 and published in 2010? The report contained 138 recommendations, most of which were ignored.

Then, in 2014, we had the 320-page Murray report, which made 44 recommendations, most of which never saw the light of day.

In 2015, the Committee for Economic Development of Australia published a comprehensive paper entitled The Super Challenge of Retirement Income Policy, which pointed out that “constant tinkering around retirement income policies makes it difficult for those planning for retirement to make informed decisions about how best to fund their retirement”.

What we really need is governments that are prepared to leave the current system alone for the foreseeable future, so that people can plan their long-term affairs with more certainty.

 

Article Source: www.brisbanetimes.com.au

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Plans Lodged for $100m Rainbow Bay Tower

Plans have been lodged for a $100-million-plus apartment tower at the southern Gold Coast’s Rainbow Bay, where a seemingly endless summer of development activity has been running hot since the beginning of the year.

Earmarked to rise from a 1924sq m amalgamated site at 44-50 Eden Avenue—behind Greenmount headland—the 12-storey development will comprise 94 apartments, including three ground-level “town homes”, topped by a rooftop communal area with infinity pool.

The proposal has been filed with the Gold Coast City Council on behalf of CapDev Partners, Kingbella Group and Steer, marking the trio’s third joint-venture on the Gold Coast.

Three existing houses and a block of flats will make way for the Eden Avenue development.

The Plus Architecture design is aimed at “providing a vibrant and contemporary residential apartment building that will reflect the iconic coastal location”, according to the planning report filed with council.

“The design embraces the Gold Coast’s subtropical climate and lifestyle, with generous cross ventilation, shade and recesses in the building form, living areas flowing out to large balconies,” it said.

It also notes that the proposed development incorporating 212 bedrooms exceeds the site’s bedroom density of one bedroom per 25sq m but given the existing infrastructure and location the increased density can be accommodated.

The distinctive and “visually interesting” facade—with its deep recesses and large open balconies oriented towards the ocean and Tweed River—“positively contributes to the Coolangatta skyline”, the town planning report said.

▲ The 12-storey Eden Avenue development will comprise 94 apartments, including three ground-level “town homes”, topped by a rooftop communal area with infinity pool. 

“Overall, the elegant external design reinforces the high-quality apartment interiors, offering a landmark of design excellence for the Coolangatta region.”

According to the plans, the communal rooftop area spanning about 970sq m features an infinity pool, barbeque area, gym, sauna/steam rooms, function room and outdoor lounge areas.

“Landscaping at the ground level will connect to the recreation rooftop area through a number of planter boxes provided along each facade, assisting in further disguising the perceived building bulk and soften the proposed built form.”

Research showing the southern Gold Coast accounted for 43 per cent of the city’s apartment sales in the March quarter heralded the area as one of Australia’s hottest coastal markets.

Other projects in the Rainbow Bay enclave include three developments by developer Paul Gedoun’s S&S Projects—Awaken, Flow Residences and Espirit. The latter development recently recorded $71 million in sales over a “soft launch” weekend.

 

Article Source: www.theurbandeveloper.com

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Cube Developments advance construction on sold-out Mooloolaba apartment development, Picasso

Construction is expected to complete at the start of next year, with settlements forecasted for Q1 2022

Construction is ramping up at the sold-out Mooloolaba apartment development, Picasso.

The project, by the local Cube Developments, has just completed the second level of the seven-level development, which is hoping to have a roof on by Christmas.

Construction is expected to complete at the start of next year, with settlements forecasted for Q1 2022.

Picasso 3 Naroo Court, Mooloolaba QLD 4557 

Picasso is another case of the interstate buyers dominating sales in the area. Only two or three buyers hailed from the Sunshine Coast, Cube Developments Director Scott Juniper said.

“The majority of sales have been outside the local region, with around 30 per cent coming from interstate so far”, Juniper added.

The mid-year sell-out was quicker than Cube expected.

Juniper puts it down to the product and the lack of stock.

“There are no new apartments selling in Mooloolaba, so this was a big draw-card, as a rare opportunity for buyers to purchase new in the area,” Juniper says.

“The large modern apartments set Picasso apart from the market.”

The $12.5 million development, a stone’s throw from Mooloolaba Esplanade, comprises 12 apartments across seven storeys.

The interstate trend is one the Cube team are also seeing at their luxury Maroochydore project Nature, where buyers a wave of local and interstate high-rollers are wanting to maintain inner-city luxuries alongside a post-COVID lifestyle shift.

“Buyers are seeking to achieve the best of both worlds – the open-air and relaxed lifestyle that the Sunshine Coast offers, coupled with a high-end home that is on par with their Brisbane, Sydney or Melbourne residence,” Juniper said.

Nature by Cube, on the dress circle The Esplanade, was pinned for 13 luxury apartments across eight-levels, crowned by an expansive 475 sqm penthouse.

But there’s been interest in amalgamating apartments on the lower levels, to match the same size of the penthouse.

 

Article Source: www.urban.com.au

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Investors eye rental rises as house and apartment rents jump 1.9% in September quarter: CoreLogic

Both house and unit rents rose at the same rate – 1.9% – over the September quarter, according to CoreLogic’s quarterly Rental Review.

The national rental index increased 1.9% during the September quarter compared to a 2.1% rise in the June quarter.

National rental rates are 8.9% higher year-on-year, the highest annual growth in dwelling rents since July 2008.

CoreLogic’s research director Tim Lawless said a desire for detached housing remained strong, but suggested further rental affordability deterioration was likely to see more renters looking towards higher density rental options.

“Renters are clearly looking for lower density housing options, with house rents rising at more than double the pace of units rents over the past year, however this trend is starting to narrow, with national house and unit rents rising at the same rate over the September quarter (1.9%),” Mr Lawless said.

“Another factor that may be contributing to rental demand is that more renters are working from home, which could be driving a trend towards smaller rental households as tenants look to maximise their space and working environment during COVID.”

Mr Lawless noted the proportion of investors entering the market had begun to increase with investors accounting for 31% of mortgage demand in August.

Regional dwelling rents rose 2.2% over the September quarter compared to capital city dwelling rents, which increased 1.7% over the same period.

Regional Australia’s annual rate of rental growth of 12.5% in September 2021 is the highest annual figure on record, with CoreLogic rental index figures commencing in 2005.

The combined capital cities recorded annual rental growth of 7.5% over the same period, the highest annual growth rate for the combined capitals since January 2009.

The strongest quarterly rental growth was recorded in Brisbane (2.6%) and Sydney (2.3%), while Perth, which recorded a surge in rental growth earlier in 2021, saw rates increase 0.3% during the September quarter.

Trellis 20 Edmondstone Street, South Brisbane QLD 4101

Adelaide remains Australia’s cheapest capital city for rentals, with typical dwelling rents of $440p/w compared to Canberra’s rates, which are the most expensive in the country at $633p/w. Melbourne, is Australia’s second more affordable rental market, with a typical dwelling costing $450p/w to rent, or just $9.30 a week more than it costs to rent in Adelaide.

“Relative to household incomes, based on data to March, Melbourne was actually the most affordable capital city to rent, with households, on average, dedicating 26% of their gross annual household income to rent a dwelling compared with the national average of 28.7%,” Mr Lawless said.

“With Melbourne showing the largest exposure to overseas migration, at least historically, once international borders open we could see a more substantial boost to rental demand than other cities. If this is the case, we could see Melbourne once again recording a faster rate of rental growth.”

National gross rental yields have fallen 48 basis points from 3.77% to 3.29% nationally in the past 12 months.

Darwin has the country’s highest gross rental yield at 6.17%, followed by Perth (4.33%), Adelaide (4.06%), Brisbane (3.93%), Canberra (3.92%) and Hobart (3.89%). Sydney (2.45%) and Melbourne (2.76%) have the lowest gross rental yields.

“Data to March shows renters were spending an average of 28.7% of their household income on rental payments, which is slightly above the decade average of 28.1%,”Lawless said.

“Rental affordability has deteriorated further from there, which is likely to see more renters looking towards higher density rental options where renting tends to be more affordable.”

For the first time CoreLogic’s Rental Review includes a list of the top 30 most expensive and affordable rental suburbs for each capital city as well as all key rent and yield statistics.  (1.9%),” Mr Lawless said.

“Another factor that may be contributing to rental demand is that more renters are working from home, which could be driving a trend towards smaller rental households as tenants look to maximise their space and working environment during COVID.”

Mr Lawless said private sector investors are the largest contributor of rental housing and up until January 2021 made up 23% of housing market activity. The proportion of investors entering the market has begun to increase with this buyer segment accounting for 31% of mortgage demand in August.

Regional dwelling rents rose 2.2% over the September quarter compared to capital city dwelling rents, which increased 1.7% over the same period. Regional Australia’s annual rate of rental growth of 12.5% in September 2021 is the highest annual figure on record, with CoreLogic rental index figures commencing in 2005.

In comparison, the combined capital cities recorded annual rental growth of 7.5% over the same period, the highest annual growth rate for the combined capitals since January 2009.

“Demographic data is showing a clear trend towards regional population growth, driven by a combination of more people leaving cities for the regions, but also fewer people moving from the regional areas to the capitals,” he said.

“With regional housing rents rising 12.5% over the past year at a time when household incomes have hardly budged, it’s likely that rental affordability is becoming a lot more challenging in some of the most popular regional markets.”

The strongest quarterly rental growth was recorded in Brisbane (2.6%) and Sydney (2.3%), while Perth, which recorded a surge in rental growth earlier in 2021, saw rates increase 0.3% during the September quarter.

Adelaide remains Australia’s cheapest capital city for rentals, with typical dwelling rents of $440p/w compared to Canberra’s rates, which are the most expensive in the country at $633p/w. Melbourne, is Australia’s second more affordable rental market, with a typical dwelling costing $450p/w to rent, or just $9.30 a week more than it costs to rent in Adelaide.

“Relative to household incomes, based on data to March, Melbourne was actually the most affordable capital city to rent, with households, on average, dedicating 26% of their gross annual household income to rent a dwelling compared with the national average of 28.7%,” Mr Lawless said.

“With Melbourne showing the largest exposure to overseas migration, at least historically, once international borders open we could see a more substantial boost to rental demand than other cities. If this is the case, we could see Melbourne once again recording a faster rate of rental growth.”

Despite rising rental prices in the three months to September, dwelling values increased 4.8% in the same period, resulting in declining gross rental yields, a trend that has continued on a monthly basis over the past year. Gross rental yields have fallen 48 basis points from 3.77% to 3.29% nationally in the past 12 months.

Darwin has the country’s highest gross rental yield at 6.17%, followed by Perth (4.33%), Adelaide (4.06%), Brisbane (3.93%), Canberra (3.92%) and Hobart (3.89%). Sydney (2.45%) and Melbourne (2.76%) have the lowest gross rental yields.

Although rental growth has eased quarter on quarter, Mr Lawless expects rents nationally to rise for the foreseeable future but with little increase in household incomes rental affordability will eventually become an issue.

“Data to March shows renters were spending an average of 28.7% of their household income on rental payments, which is slightly above the decade average of 28.1%,” he said.

“Rental affordability has deteriorated further from there, which is likely to see more renters looking towards higher density rental options where renting tends to be more affordable.”

 

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Brisbane home owners reap rewards of renovating before selling

Slick pre-sale makeovers are helping savvy Brisbane sellers fetch record-smashing property prices from time-poor buyers who are now forking out hundreds of thousands more for a polished home with a fresh coat of paint.

Buoyed by the burgeoning market, vendors are making back up to three times the cost of the makeover, said luxury home specialist Jason Adcock, of Adcock Prestige, leading a growing number of high-end home owners to spend as much as $80,000 on renovations that could tack $300,000 onto the sale price.

“Most buyers who move into these properties are drawn to the fact that they don’t have to lift a finger once they move in,” Mr Adcock said.

“Many of our buyers are (particularly) after well-designed home offices.”

Everything from a lick of paint to a landscaped garden or a re-done kitchen had the potential to reap major financial rewards for sellers, said Mr Adcock, who is now referring roughly five clients per week to local renovation company Titan 360.

Landscaped gardens are hot property. Photo: Adcock Prestige 

While the trend is paying dividends for vendors and building firms alike, McGrath Paddington prestige property agent Alex Jordan said the flip-side was sky-high construction costs, with material prices in Brisbane rising upwards of 40 per cent in recent months.

“This is making it very expensive to do big-ticket items like the kitchen … so the biggest money-maker when selling a property – whether it’s high-end or mid-range – right now is landscaping and improving that front facade,” Mr Jordan said.

“Number two is painting as it has the biggest visual impact to the naked eye … I would say carpets are another area … and anyone that does those things gets a better outcome.”

Mr Jordan said a smart makeover – which was sometimes as simple as replacing the taps in the bathroom – was worth its weight in gold, especially in the midst of a real estate boom.

“In a fast-changing market sellers are recognising the opportunity of getting a premium result and they’re willing to invest in that … in a soft market everyone is reluctant on the other hand because the market is underperforming,” he said.

“And right now, in my view, value staging is the biggest money-maker in the business with five times (returned) on the investment spend. I find it adds $50,000 to $100,000 to the end price.”

The meticulous renovation of a classic Queenslander at 26 Thorn Street, Red Hill, helped Ray White Paddington agent Judi O’Dea recently crack the street house price record after it sold under the hammer for $2.112 million.

26 Thorn Street, Red Hill QLD 4059 

s O’Dea said the ground-breaking auction not only set a new precedent for Red Hill homes, but revealed the value of a smart makeover in the current market.

“This renovation was immaculately done by Kodiak Projects …  and that renovation got paid back in full. The buyer paid a Paddington price and it has raised the bar in Red Hill,” Ms O’Dea said.

“If you’re selling you really have to present your property to its best and my advice to all sellers is it must be very polished and that means painted and fixed up … buyers don’t want to come in and have to pick up the phone and call a tradesperson because it’s a real problem getting them right now.

“And if it costs you $20,000, a buyer will pay you $40,000 to $50,000 for your effort.

“Interstate buyers especially want to walk into that polished home … they want to start their jobs and get their kids settled as quickly as possible.”

Joanna Gianniotis, of Place Estate Agents Bulimba, said that buyer desperation to bag an abode that was liveable right off the bat was now being further fuelled by a storm of home hunters hoping to find and move into a new property by Christmas.

1 Vickers Street, Carina Heights fetched a massive price despite its humble facade. Photo: Place Bulimba 

“A lot of people are working from home as well so they definitely don’t want to do it themselves,” she said.

“A great example is a home I sold at 1 Vickers Street in Carina Heights. It’s a three-bedroom, one-bathroom home that was cleverly renovated and opened up … with a big back deck put on and it attracted so many young couples and families that I don’t think would have been there otherwise.

“In the end we achieved more than $200,000 over the reserve because of that demand.”

 

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House rental yields fall as property prices soar across the country

Rental yields have dropped in most Australian capitals, new data shows, with booming house prices clipping rent profits and forcing investors to rethink where they will buy.

Though many have traditionally looked to invest close to their own capital cities, some are now looking further afield, experts say, investing regionally or in other states to get better returns.

The COVID-19 affected markets in Sydney and Melbourne have suffered big drops in rental yield, as international students are kept out of the country, but at the same time median house prices have soared well past $1 million.

That saw Sydney’s house rental yields take the biggest fall over the September quarter, dropping by 3 per cent and by 9.3 per cent across the year, Domain’s latest rent report showed.

Likewise in Melbourne – which in September became the cheapest city in which to rent a house – house rental yields fell by 0.4 per cent over the three months to September and 4.3 per cent over the year.

Further north in Brisbane, yields also fell by 1.1 per cent over the September quarter and 4.2 per cent across the year, data showed, as median house prices continued to soar past $680,000.

Melbourne buyer’s advocate Cate Bakos said it was no surprise that rental yields were down across the capital cities given the double-digit growth in house prices across the year.

“House prices have definitely outstripped rental yields,” Ms Bakos said. “It’s not surprising given house prices have moved by 20-something per cent this year.”

However, it wouldn’t stop investors getting into the market. Many would be looking to invest for capital growth – the profit they get when selling their investment house – rather than the yield from rents, she said.

Rental Yield houses – National

Capital city	September 2021	June 2021	QoQ change	YoY change
Sydney	2.72%	2.81%	-3.00%	-9.60%
Melbourne	3.02%	3.03%	-0.40%	-4.80%
Brisbane	4.41%	4.46%	-1.10%	-4.20%
Adelaide	4.31%	4.42%	-2.40%	-3.80%
Perth	5.03%	5.03%	0.00%	4.20%
Canberra	3.92%	3.93%	-0.20%	-6.70%
Darwin	5.52%	5.42%	1.90%	8.90%
Hobart	4.40%	4.49%	-2.10%	-5.40%
Combined capitals	3.56%	3.60%	-1.20%	-4.20%

Source: Domain Rent Report, September quarter, 2021.

With prices flying, yields fell in most capital cities across the quarter,  Domain data showed, but not in Darwin. Yields there rose 1.9 per cent as rents surged by a huge 25.3 per cent, far above the jump in the city’s house prices.

Aus Property Professionals director Lloyd Edge said though Darwin’s yields looked good, most investors were wary of buying property there and were instead looking in regional areas including in NSW where the state government is now pushing to scrap capital gains tax breaks for investors.

“What I’m seeing at the moment is people are going to the regional centres like Newcastle, Orange or Albury because there is nothing like it in the city and there are much higher rental yields,” Mr Edge said. “Those with a bigger budget tend to buy two properties rather than just one.”

Property investors were also looking to cities like Adelaide, where they could get a bigger bang for their buck, he said. They were not investing as much as they once had in Sydney, or Brisbane, where yields were also falling and house prices soaring.

Rental Yield units – National

Capital city	September 2021	June 2021	QoQ	YoY change
Sydney	3.45%	3.44%	0.10%	-3.00%
Melbourne	3.93%	3.82%	2.70%	-4.20%
Brisbane	5.22%	5.13%	1.70%	1.50%
Adelaide	5.37%	5.42%	-0.90%	0.70%
Perth	5.67%	5.59%	1.50%	4.60%
Canberra	5.81%	5.86%	-0.80%	-0.50%
Darwin	7.16%	7.04%	1.60%	5.40%
Hobart	4.06%	4.48%	-9.40%	-7.90%
Combined capitals	3.95%	3.91%	1.10%	-2.20%

Source: Domain Rent Report, September quarter, 2021.

Brisbane’s rising house prices were stopping some investors from buying closer to the Brisbane CBD, Property Zest founder and principal Karen Young said.

“Every suburb’s house prices have gone up in the past six or nine months – sometimes people are getting priced out of houses that are within 15 kilometres of the city,” Ms Young said. “The huge pricing drive means cashflow investors (those looking to make a profit from rents) are finding it difficult.”

Even so, the market was busier than ever, with buyer’s advocates having to turn away business as they did not have enough time, she said.

First-time buyers, often priced out of the Sydney and Melbourne markets, were looking to invest somewhere more affordable to be able to get into the market, Ms Young said.

“There are two main groups of investors – those in the lower-priced market of $500,000 to $600,000 and then those in the $800,000 to $1.2 million price band,” she said.

Those looking to buy had not been put off by the recent announcement by the Australian Prudential Regulatory Authority on assessing borrowers’ ability to repay a mortgage at 3 percentage points above the interest rate, Ms Young said.

Meanwhile, Melbourne investors, like those in Sydney, were looking to “get on the gravy train” and buy in regional areas that had boomed during the recent coronavirus crisis, buyer’s advocate Ms Bakos said.

Those with enough money were still looking to buy period homes closer to the CBD, as they had always had great capital growth.

While yields were down in Melbourne and other capitals, it would not last for long, with rents expected to snap back once Australian borders that were closed under COVID-19 restrictions, reopened and international tenants returned, she said.

“Typically we see an elasticity in capital city rents,” Ms Bakos said. “The parity won’t be where it is at now for long.”

 

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Inside Dibcorp’s popular Bide apartments in Brisbane’s Newstead

Dibcorp has offered residents the opportunity to work hand in hand to tailor the layout, configuration and fittings of their apartment

Bide is the latest Newstead residential offering by Dibcorp Properties. It comprises 89 spacious one, two and three-bedroom apartments just three kilometres from the CBD.

The design was a collaborative effort by Twohill & James, Lat27 and Wiltshire Stevens Architecture.

Located in the heart of the upmarket riverfront suburb of Newstead, Bide is the latest part of the suburb’s transformation to an up-market residential suburb belying its industrial past.

Urban has taken a look at the floorplans on offer as the selection of apartments available starts to dwindle.

Bide 21 Longland Street, Newstead QLD 4006

• One Bedroom | One Bathroom | One Car | 72 sqm | $485,000+
• Two Bedroom | Two Bathroom | One Car | 99 sqm | $675,000+
• Three Bedroom | Two Bathroom | Two Car | 121 – 191 sqm | $1,250,000+ (Floorplan pictured below)

Apartments inside feature open-plan living and dining, a balcony space with 270 degree views and a study nook in some apartments for working from home.

Dibcorp has offered residents the opportunity to work hand in hand to tailor the layout and configuration of their apartment. There’s plenty of other upgrade options too, from floor and curtains to kitchen fittings and appliances.

Beyond the apartments, Bide residents enjoy 600 sqm of amenity across two levels, including barbeque facilities, private cabanas, landscaped areas and seated space throughout.

“Bide embodies the belief that the spaces we inhabit are essential to a balanced life. It centres around the wellness of the occupier and how the space can compliment their lives,” Dibcorp says.

It is slated for completion in early 2023.

 

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Broadbeach apartment development Assana to reach new levels as suburb’s tallest tower

The slender, 52-level Assana, at 15 Rosewood Avenue, will be the tallest tower in Broadbeach, topping the nearby The Oracle Beach Tower, which peaks at 50 storeys

The Sydney-based Macquarie Developments Group are set to develop the tallest tower in the Gold Coast suburb of Broadbeach.

The Gold Coast City Council gave the development the green light, after Macquarie amended the approved application after they bought the site in October through GV Property Group.

Macquarie Developments Group has altered the development approval that they inherited back in 2016, which was for a 42-level tower.

Assana will now rise a further 11 levels, but will have considerably less apartments, down from 186 to 146, a move which sees the developer cater to growing trend of bigger apartments for the owner-occupier.

The slender, 52-level Assana, at 15 Rosewood Avenue, will be the tallest tower in Broadbeach, topping the nearby The Oracle Beach Tower, which peaks at 50 storeys.

Head of Development and Construction Peter Galvin said his team worked closely with Gold Coast City Council, Gold Coast-based Urban Planning Services, and award-winning architects SJB, to achieve a successful outcome.

“We wanted to improve on the existing DA because we felt we could deliver a better outcome for everyone – for us, the community, and future residents,” Galvin said.

“We wanted to build a beautiful building that we can be proud of – now and in 15 years’ time and beyond.”

There will now be 195 parking spaces, with at least one per apartment.

Translated to waterfall in the Irish language, Assana will see its two-bed, two-bath product start from nearly 120 sqm. The three-bedroom apartments will have over 140 sqm of living space, and the four-bed skyhomes ranging between 240 sqm and 295 sqm,

There will be just three exclusive whole floor penthouses, with over 570 sqm of living space each.

“We want Assana to be extremely different to the rest of the market, so we’re creating some of the largest, most stunning luxury apartments Broadbeach is yet to see,” Galvin added.

“We’ve taken the approach of designing larger apartments, that are real homes, targeted at local and interstate owner occupiers who want to immerse themselves in the community and the culture.”

SJB has designed the tower so that every apartments has a corner berth, essentially giving every apartment in the building panoramic views of the ocean, the river, the city and the hinterland.

There will be extensive resident amenity, including a private lounge, a ground floor coffee shop, a state-of-the-art gym, a landscaped podium, and an infinity pool on the level 10 with views of the ocean.

Galvin said Assana was likely to appeal to downsizers and the growing southern relocation market, where a lust for lifestyle property was being fuelled by lengthy lockdowns.

“The lockdown experience in Victoria and New South Wales has put the focus on quality of life and our experience of what you want from your home. Not surprisingly many are looking to the Gold Coast for a lifestyle change, and when it comes to the Gold Coast, you won’t find a much better location than Broadbeach.”

Broadbeach is among the Gold Coast’s key development hot spots, led by the $670 million expansion of Pacific Fair, a $2 billion masterplan for The Star Gold Coast casino site and benefitting from the established Gold Coast Light Rail route.

Construction on Assana is expected in mid-2022.

 

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House and land package sales rise as buyers undeterred by long waits and cost blow-outs

Home buyers are undeterred by the prospect of new builds, snapping up more house and land packages than before COVID-19 even though building a new home is costing up to 10 per cent more and taking months longer to complete.

Surging prices for established houses have prompted first-home buyers, upgraders and investors to secure more affordable house and land packages, and record low interest rates have further buoyed demand.

House building approvals are up by 3.5 per cent nationally in August to 12,009, sitting well above the 8458 recorded at the same time in 2019, before coronavirus struck, the latest Australian Bureau of Statistics figures show.

House and land buyers have even been active through Melbourne’s record lockdown, with figures from real estate services group Oliver Hume showing a 30 per cent jump in reservations (a payment for securing a block of land) in September, compared to August.

The national general manager residential housing at Burbank Homes, Louis Sultan, said the market had been increasingly busy as coronavirus-related lockdowns in both Sydney and Melbourne began to ease.

“In Queensland it’s been a very, very busy time in terms of sales,” Mr Sultan said. “But they haven’t had the lockdown scenarios of Sydney or Melbourne.”

The extra work comes despite costs for building rising by around 10 per cent for a single-level home, and 5 per cent for a double-storey, since February. Costs have also been rising for trades and labour on builds.

Adding to the challenges, timber frames and glass have been in short supply, seeing slabs poured but further building delayed by up to five months, Mr Sultan said.

However, this hasn’t dampened the desires of those looking for their first home, or a bigger one.

Timber shortages have caused delays to starting home builds. Photo: iStock

Oliver Hume national head of research George Bougias said the challenges faced by the industry had not put off buyers of house and land packages.

“I think people are taking it in their stride and with record-low interest rates people are intent on capitalising on that,” Mr Bougias said. “There’s still a lot of energy wanting to be expressed in the market [after lockdown] and land prices have gone up quite a bit.”

Some buyers were rushing into the market, not only because house and land packages were much more affordable than many inner-city homes.

The Australian Prudential Regulation Authority announcement that it was tightening lending criteria at the end of the month could make it more difficult for some buyers to get a mortgage.

“Some people are rushing to get loans approved and do everything sooner,” Mr Bougias said. “I think overall APRA changes will have a modest impact on the market.”

While more buyers were coming into the market, the type of buyer had been changing. More of those looking for a bigger home, or bigger home office, had been buying house and land packages over the past few months.

As had investors, looking for a better deal than they could get in the expensive inner-city markets.

“The number of upsizers has increased. They’re actually looking for something where they’re not living on top of each other and have bigger home offices,” Mr Sultan said. “That demographic has increased by 40 per cent.”

HIA chief economist Tim Reardon said the number of sales remained strong after a bumper year last year, with the HIA expecting 146,000 new homes to be built this year.

Last year, the home building industry was inundated with house and land sales, when the federal government’s HomeBuilder grants of up to $25,000 were taken up by more than 109,000 people before the scheme ended in April.

“Why is there such strong demand for housing? Because there was such little housing before COVID,” Mr Reardon said. “The market had been constrained for so long – what’s happened in two years is a catch up on 20 years of under-building.”

Like many in the real estate sector, Mr Reardon said he expected the market to spark up again once state and international borders reopened and migrants returned by the end of the year. He also expected the challenges of finding timber and other materials to build homes to ease by the end of 2022.

 

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Mirvac Revises Plans for Tallest Tower in Yarra’s Edge

Mirvac has revised plans for the tallest building in the Yarra’s Edge precinct to include 190 apartments over 45 levels as the group anticipates strong growth in the Victorian market.

An extra level was added, through rationalising the rooftop plant and equipment space, to tower nine at Park Point Crescent, Docklands.

However, the number of apartments was reduced from 222 to 191 with configurations and floor-to-ceiling heights amended to meet the latest apartment design guidelines.

Work on the 11-building precinct, which began in 1999, has 1526 dwellings.

The 14.5ha site on compilation will eventually have 2300 dwellings across the towers, townhouses and river homes as well as retail, commercial space and a marina.

The decision to move ahead on tower nine followed demand for Mirvac’s recently unveiled $300-million Voyager tower in the same precinct which was 82 per cent sold.

▲ Tower nine of the Yarra’s Edge precinct which is bound by Lorimer Street and the Bolte Bridge in Melbourne. 

Mirvac head of residential Stuart Penklis said that tower nine reinforced Mirvac’s confidence in the Victorian apartment market as the state looks to ease restrictions further over the coming months.

“Mirvac is focused on accelerating our supply of high-quality apartments in Victoria as we anticipate there will be a shortage of owner-occupier residences in premium locations in the future,” Penklis said.

“The strength of the established housing market and the opening up of international borders will continue to drive very strong demand for well-designed and quality constructed apartments just like Voyager and tower nine.”

Mirvac general manager for residential Victoria Elysa Anderson said the building was designed by the group’s architecture team.

“This spectacular building is planned to rise from the bank of the river creating a new legacy for Yarra’s Edge and a new icon on Melbourne’s skyline, with its enviable location at the end of the Collins Street axis,” Anderson said.

“The building will deliver an experience that fuses the future of luxury living in harmony with lush green tranquil spaces, connecting residents with nature and promoting a sense of health and wellbeing.”

Mirvac plans to launch the yet-to-be named tower nine in the second half of 2022 aimed at the premium end of the market.

The revised planning application was submitted to the Department of Environment, Land, Water and Planning as the area is part of a Development Victoria urban renewal precinct.

 

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Villea, Palm Beach apartment development, secures 50% of sales in first month

Just 32 two and three-bedroom apartments now remain in the eight-level, BDA Architecture-designed building, which are priced from $675,000

The Palm Beach apartments market is showing no signs of slowing down.

Within the first month of its marketing, the Villea apartment development by the Sydney-based Abadeen Group, has locked away buyers for half of the apartments in the Mawarra Street block of 69.

CBRE’s Director of Residential Projects, Nicholas Clydsdale, says there’s been a real mix of buyers in the development, Abadeen’s first outside of Sydney.

“Apartments under $750,000 have had a strong uptake from first home buyers, while units over $850,000 have been snapped up from owner occupiers who love the protected Northern views to Burleigh Headland,” Clydsdale said.

Villea Palm Beach 26 Mawarra Street, Palm Beach QLD 4221 

“I think the rapid sales success we’ve had stems from the considerable value buyers recognise in Villea, with a high-end design and central positioning that offers an extremely reasonable entry point into the Palm Beach market without having to compromise on quality.”

Just 32 two and three-bedroom apartments now remain in the eight-level, BDA Architecture-designed building, which are priced from $675,000.

“Given the rate with which the first apartments vanished from the market, we expect the final allocation will be completely sold out within the coming weeks,” Clydsdale suggested.

Villea sits ideally off the Gold Coast Highway, just 400 metres from the Palm Beach shoreline and 800 metres from the popular swimming spot Tallebudgera Creek. Villea will have picturesque views across the coastline, Burleigh Headland and the hinterland.

Residents of Villea will have access to a resort-style pool, fully equipped gym, recreational BBQ area and boutique retail strip on the street-level.

“65% of purchases so far have come from Queensland locals, but a considerable 35% of buyers are Sydney residents, which is a rather impressive testament to Abadeen’s reputation which has pursued them into the Gold Coast marketplace,” Clydsdale added.

“I think whether you’re familiar with the Gold Coast or not, there’s no denying Palm Beach is the precinct with it all, and Villea is sat right at its core.”

Abadeen is an experienced developer that has completed more than $1.3 billion in residential and commercial projects over the past 20 years, predominantly in NSW.

 

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