Plans for an 11-storey residential tower at Mosman Park are gathering support as the 48-apartment, transit-oriented development goes to public consultation.
Residential developer Peet Limited plans to develop the 1518sq m site at 8-10 Glyde Street as part of the Mosman Park Town Centre precinct, 14km south-west of the Perth CBD, to deliver greater density in the area.
The Klopper-and-Davis-designed development includes a three-storey podium and a “slender” tower to reduce visual bulk.
According to town planners Hatch RobertsDay, the vision for the site was to “deliver an exemplary mixed-use development” that would celebrate the character of the area.
“The proposed mixed-use development offers a highly activated ground floor to Glyde Street, the introduction of a public plaza space and integrated parklet with a podium-tower building typology that delivers human-scale development at the street level,” the design report stated.
“The team has recognised the importance of the subject site as an entry to Glyde Street, and in response the design intent is to move away from a shorter, bulkier building towards the development of a taller, slender building that provides a better response to streetscape context via the delivery of a three-storey podium.”
The apartment tower would include six one-bedroom apartments, 20 two-bedroom apartments, 16 three-bedroom apartments, and six penthouses as well as a three commercial tenancies on the ground floor.
Two other mixed-use developments have won approval along Glyde Street: a seven-storey Fabric Property development at 38 Glyde Street, and NOMA, a nine-storey mixed-use development at 42 Glyde Street.
According to the design report, the building’s neutral colour palette would complement the heritage of the area.
“The buildings features, materials and colours complement the overarching historic theme reminiscent of the twine factory, existing wool shop and Mosman Park’s architectural identity,” the report stated.
“White textured face brick and the curved design of the podium reflect the interwar functionalist architecture of the nearby Camelot Cinema.”
Klopper and Davis said it would “[stitch] together the strands of pre-colonial, federation and mid-century influences into a single narrative for the town’s heart”.
The town is planning for a further 1600 dwellings by 2050 as part of the Perth and Peel @ 3.5 Million plan, and the Glyde Street Residences development would diversify housing and business opportunities within the Mosman Downtown precinct.
The planning proposal for 8-10 Glyde Street has been through its three design review sessions and, according to the design review panel, the “applicant has responded constructively to the feedback provided” and was now eligible for public consultation.
Article Source: www.theurbandeveloper.com
Brisbane’s best property buys starting from $445,000
Aria offer over 1,100 sqm of resort-style amenity at Trellis, South Brisbane apartments
The ground-level homes the Temple of Wellness, designed to be in-keeping with the lush foliage throughout the development
The award-winning Queensland developer, Aria Property Group, are taking the resident amenity to the next level in the latest South Brisbane apartment development, Trellis.
They’re offering residents offer 1,100 sqm of facilities scattered throughout the 13-level, Rothelowman-designed development, crowned by the most impressive amenity of all, the Residents’ Rooftop Club.
That will feature an infinity pool with views across Brisbane, a hot & cold magnesium bath, a lounge, public barbecue areas, and a private dining room.
The ground-level homes the Temple of Wellness, designed to be in-keeping with the lush foliage throughout the development.
A series of gardens line the path to the Temple of Wellness, where residents will walk through the cascading waterfall to a fully equipped fitness centre and meditation zone, home to weights, pilates reformers, cardiovascular equipment and meditation pods.
Aria Living also offers complimentary group yoga and group personal training fortnightly.
Residents at Trellis will also have access to a podcast/boardroom, serving as a multi-use space for working at home. There’s also a Residents’ Wine Cellar.
Apartments in Trellis start from $739,000 for an apartment with two bedrooms and two bathrooms. Three-bedroom apartments are priced from $1,084,000.
Completion is slated for mid-2023.
Article Source: www.urban.com.au
Australian property reaches 32-year annual growth peak in September
It’s no secret that Australian real estate has been going gangbusters this year, but CoreLogic’s latest findings really help just how big this boom has been.
Property prices grew another +1.5 per cent in September, pushing the median Australian home price up +20.3 per cent over 12 months. That’s the highest rate of annual growth since June 1989.
This truly is a once in a generation event and a major opportunity for sellers. But, with gains slowly reducing and a rush of stock expected to come to the market, are things about to change?
National property values: September 2021
Monthly change: +1.6%
Monthly change: +1.1%
While the overall sentiment is that the market has been cooling off since the +2.8 per cent monthly peak in March, a +1.5 per cent jump in September is still well above the decade average (+0.4 per cent).
Australia’s median property price is now $674,848, almost exactly $100,000 more than it was at the beginning of January 2021.
Houses in Sydney, Brisbane, Adelaide, Hobart and Canberra all gained at least another +2.0 per cent in September, with Melbourne up +1.1 per cent.
Regional markets had another strong month and on the whole outperformed the capitals. Among the biggest movers were NSW (+2.0 per cent), QLD and Tasmania (+1.7 per cent) and units in WA (+2.4 per cent).
Even though we’re still looking at big monthly numbers in many cities and regions, the bigger picture does show that growth is easing off.
As the CoreLogic report states, “although growth conditions remain positive, it is becoming increasingly clear the housing market moved past its peak rate of growth.”
New spring listings hit the market but total stock is still well down
With lockdowns pushing the start of the spring selling season back, there’s been plenty of anticipation around fresh listings coming to the market—and they’re finally arriving.
Sydney in particular has seen a huge surge of new properties coming online, +23.1 per cent up from August according to SQM Research.
Melbourne listings are up a healthy +9.9 per cent, with plenty more expected to come once restrictions ease further, while Brisbane, Perth and Adelaide have also seen a bump up in their numbers.
Canberra, which entered lockdown later than Sydney and Melbourne, seems further from returning to ‘normal’ again, and the drop in listings reflects that. But Sydney’s path through could foreshadow what’s to come in the other locked-down markets.
Even with new listings coming online, CoreLogic says the total amount of stock on the market is still “extremely low” (-25.5 per cent below the five-year average) and with demand remaining so high, desperate buyers are snapping up whatever they can.
“Nationally, homes are selling in 35 days, up from 29 days in April, and vendor discounting levels remain around record lows at – 2.8 per cent,” Mr Lawless says.
It’s also worth noting that, even with total listings so low, the total number of monthly sales are well beyond the five-year average, suggesting that most of anything that’s making it to the market is being bought up.
With days on market and vendor discounting so low, auction clearance rates back up to their highest levels since March and available stock on the market way below average, all the indicators point to very strong selling conditions as spring moves on.
Affordability issues continue to cool the market
Even though we’re still seeing well-above-average monthly growth, the overall trend since March 2021 has been towards easing gains.
CoreLogic’s research director Tim Lawless believes this has in part been driven by first home buyers being squeezed out of the market thanks to soaring prices and fewer government incentives.
“With housing values rising substantially faster than household incomes, raising a deposit has become more challenging for most cohorts of the market, especially first home buyers,” he says.
He points to ABS lending data, which shows that the number of first home buyer loans fell -20.5 per cent between January and July, suggesting that those buyers may have changed their tactics to ‘rentvest’—seeking an investment property in cheaper markets while renting where they live.
It’s widely forecast by the big banks and pundits alike that growth will continue to slow into 2022 as more buyers are priced out of the market, so it’s unlikely that sellers will be able to gain too much more out of this cycle.
Houses are still outperforming units despite high prices, but that could change
It may seem contradictory to the above, but house prices continue to increase at a more rapid rate than units even though detached housing is becoming less and less accessible to buyers.
In most capital cities, houses have outpaced units this year by double or more.
Thanks to the prevalence of remote working now, the ‘race for space’ mentality is still driving people to seek lifestyle improvements during the pandemic, and that means houses have been in hot demand.
There’s a chance that could change in some of the country’s most expensive markets, though, and houses may cool off while units make up some ground.
As BuyersBuyers co-founder Pete Wargent told OpenAgent, affordability constraints have meant a number of buyers—particularly in markets like Sydney—have had to adjust their new home search.
“My guess is that, the way the median house price has gone in Sydney, there will be a shift towards units,” he said. “Prices are so high now that affordability will start to bite for the detached house market.”
What’s next for the Australian property market?
There’s been a lot of talk about if and when APRA may tighten home loan lending conditions, and that’s now been announced.
From November it will become more difficult for borrowers to be approved for a mortgage, a move that is widely tipped to slow down the already cooling market as buyers may end up with less purchasing power.
CoreLogic also predicts that, once lockdowns have ended and people return to more normal spending habits, the conditions that have helped many save considerable amounts of money during the pandemic may shift and demand for housing could ease.
They also suggest the influx of stock expected as the spring selling season continues to unfold will start to give buyers more choice and dilute some of the frenzied demand we’ve seen, which could take more heat out of the market.
So, in the medium term, there are a number of factors that look set to reduce growth. But for now, with stock low and demand high, interest rates remaining at record lows and pent-up pressure ready to release from lockdowns, it’s very much a seller’s market right now.
Article Source: www.openagent.com.au
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