Heading toward the final two weeks of football final’s action (across both codes), it would not be unreasonable to see a slight slow-down in market activity as participants on both sides of the equation take a break from major business and investment decisions, choosing instead to enjoy watching the spectacle that is live sport, especially at this time of year.
Nonetheless, in the commercial arena at least, the number of new development opportunities remains consistent with the figures over the past six to twelve months, with a slight increase in recent weeks of residential agencies listing standalone properties with associated development approval for typically small, low rise apartment projects - either in established middle-ring suburbs or establishing, designated growth precincts.
Perhaps one of the most significant news pieces that surfaced this week surrounded the cancellation and forced re-sale of a number of properties in Victoria, New South Wales, Queensland and Western Australia due to a failure to seek Foreign Investment Review Board approval prior to purchase - interestingly, investors caught up in the regulatory breaches resided not only in China, but also in the UK, Malaysia and Canada.
Whilst headlines will undoubtedly focus on future changes to regulations and impending cancellations that may occur in the short term, the critical point here is that our Nations property market quite clearly holds appeal not just on a domestic level, but more importantly on a global scale - from our perspective, this is reflective of enquiries for our clients properties increasingly being sourced from buyers in Malaysia and Singapore in particular.
With a number of prime opportunities being snapped up swiftly in our major metropolitan markets, discussion amongst a number of developers has turned to finding unique projects in previously underperforming or undercapitalised market areas.
Canberra and it’s immediate vicinity is one such market, whereby political certainty, substantially improved airport infrastructure and growing employment opportunities within the technology, professional services and consulting sectors have attracted renewed interest and investment from developers.
Colliers International’s Canberra office have experienced this demand first hand, listing Block 14 & 15, Section 85, in the suburb of Bruce with development approval for 118 units across some 6,559 sqm of land. The site is being marketed as a residential development opportunity with a full suite of existing services connected and no provisions for affordable housing - an increasingly common stipulation for macro-sites in Melbourne, Sydney and Brisbane particularly.
The site is immediately adjacent to the Australia Institute of Sport, 13km from Canberra CBD, and a large amount of amenity within 5km, such as the University of Canberra, Calvary Hospital and Belconnen Town Centre. The Belconnen Town Centre is a major employment hub with more than 7,500 public servants working within it.
Elsewhere, across Australia, here are this week’s featured development sites:
Permit Potential: Growth zone, DD07
Land Size: 1,011 sqm*
Listing Agency: Ray White - Croydon
33 Twyford Street, Box Hill North
Permit Approved: Two (2) Luxurious Homes
Land Size: 794 sqm*
Listing Agency: Jellis Craig - Hawthorn
855 - 869 Ferntree Gully Road, Wheelers Hill
Permit Potential: Medium / High Density Site
Land Size: 16,000+ sqm*
Listing Agency: CBRE - Melbourne
260 - 264 Highett Road, Highett
Permit Potential: Medium Density, Mixed-Use Development
Land Size: 1,120 sqm*
Listing Agency: JLL - Melbourne
Permit Approved: Four (4) Large Units
Land Size: 924 sqm*
Listing Agency: Ray White - Reservoir
Permit Approved: Thirteen (13) Spacious, Luxury Apartments
Land Size: 780 sqm*
Listing Agency: Savills - Victoria
3 Jacques Street, Hawthorn East
Permit Approved: Two (2) Townhouses
Land Size: 694 sqm*
Listing Agency: RT Edgar, Hawthorn
88-90 Union Street, Brighton East
Permit Potential: Luxury Residential or Aged Care
Land Size: 3,193 sqm*
Listing Agency: CBRE - Melbourne
Block 14 & 15, Section 85, Bruce
Permit Approved: (118) Dwellings
Land Size: 6,559 sqm*
Listing Agency: Colliers International - Canberra
Permit Approved: Portfolio Auction
Land Size: 5.23 Hectares*
Listing Agency: Colliers International - Wollongong
Permit Potential: Dream Home
Land Size: 607 sqm*
Listing Agency: Ray White - Epping
Permit Potential: 37 Apartments (STDA)
Land Size: 538 sqm*
Listing Agency: CBRE - Sydney
83 Booralie Road, Terrey Hills
Permit Approved: 8 Villas & 42 Apartments
Land Size: 1.95 hectares*
Listing Agency: CBRE - Sydney
Permit Approved: Nineteen (19) Townhouses
Land Size: 1,981 sqm*
Listing Agency: Harcourts Solutions - Mitchelton
29, 31 & 33 Minnie Street, Southport
Permit Potential: Zone RD5 - Medium Density
Land Size: 3,041 sqm*
Listing Agency: Fox’s Real Estate - Southport
24 - 26 George Street, Southport
Permit Potential: Multi-Unit Townhouse Development
Land Size: 1,032sqm*
Listing Agency: Fox’s Real Estate - Southport
49 - 51 Yarroon Street, Gladstone Central
Permit Potential: Zoned Mixed-Use
Land Size: 2,161 sqm*
Listing Agency: Ray White - Gladstone
93 - 99 Hampton Street, Harristown
Permit Approved: (121) Lots Over Various Stages
Land Size: 7.8 Hectares*
Listing Agency: Colliers International - Toowoomba
163 Wellington Road, East Brisbane
Permit Approved: Mixed-Use Zoned Land
Land Size: 1,610 sqm*
Listing Agency: C Property QLD
Permit Approved: 23 Apartments
Land Size: 1,112 sqm*
Listing Agency: C Property QLD
297-303 Wardell Street, Enoggera
Permit Approved: 15 Townhouses
Land Size: 3,251 sqm*
Listing Agency: Ray White New Farm
