APARTMENT BUILDING APPROVALS ON THE RISE AS SECTOR POWERS INTO 2023
Individual borrowers may be feeling the heat in Australia but the multi-res market is shaping up for a busy year
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Approvals for apartment construction are responsible for an 18.5 percent increase in the total number of dwellings getting the green light during December, the Australian Bureau of Statistics reports.
In data released today, the figures are in contrast to the previous month where building approvals declined by 8.8 percent over November 2022.
“The increase in the total number of dwellings approved in December was led by a sharp rise in approvals for private sector dwellings excluding houses (+56.6 per cent),” said Daniel Rossi, ABS head of construction statistics. “The result was driven by a number of large apartment developments approved in New South Wales and Victoria.
“Approvals for private sector houses continued to track downwards, falling by 2.3 per cent.”
Private sector dwellings excluding houses includes semi detached, row or terrace houses, townhouses and apartments.
New South Wales saw the strongest increase, up 48.4 percent, followed by Victoria (up 20.7 percent), Queensland (up 8.3 percent) and Western Australia (up 6.4 percent). Tasmania and South Australia both recorded significant decreases, with overall approvals falling -49.7 percent and -24.6 percent respectively.
The strong performance in the apartment sector compared with private sector housing points to growing pressure on individual mortgage holders following a 3 percent rise in interest rates over 2022. The results for private sector housing were mixed, with some states recording rises, such as Western Australia (up 8.2 percent), Victoria (up 0.3 percent) and Queensland (up 0.2 percent) while others such as South Australia and New South Wales experiencing a drop, with approvals down -7.4 percent and -4.2 percent respectively.
This stylish family home combines a classic palette and finishes with a flexible floorplan
Just 55 minutes from Sydney, make this your creative getaway located in the majestic Hawkesbury region.
His stallion once won the Melbourne Cup, now this late legendary horse owner’s thoroughbred harbourside home is on the market.
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A perfectly-positioned harbourside residence, formerly the home of a late Melbourne Cup-winning horse owner, has come to market with $14 million price expectations for its February 22 auction.
Sitting in one of Sydney’s most coveted enclaves on Waiwera St in Lavender Bay, the duplex with never-to-be-built-out gunbarrell views of both the Sydney Harbour Bridge and Opera House was home to championship thoroughbred owner Michael Fergus Doyle. The Irish-born entrepreneur was part owner of Protectionist, the 2014 Melbourne Cup winner.
Bought by Doyle in April 2020, in an off-market deal totalling $11 million according to CoreLogic data, the two-storey Lavender Bay property is being sold by the racing legend’s family through Atlas Sydney & East Coast. Doyle, a prominent character in Sydney’s Irish community for more than 50 years after arriving down under in the 1960s with a 10 pound boat ticket, sadly passed away in November 2023 at the age of 77.
Doyle built his fortune by building a construction company from the ground up that eventually employed more than 300 people and had a contract with Sydney Water worth A$100 million a year. By 2009, Doyle sold the business to a company owned by the Singapore Government and breeding horses through Doyles Breeding & Racing became his next passion.
The contemporary four-bedroom three-bathroom property features 304sq m of internal living space with additional outdoor entertaining areas on both levels.
Beyond the impressive grand entrance foyer with a personalised floor medallion, the layout opens up to reveal a large everyday living level with a formal lounge room and casual sitting space featuring walls of windows to frame the Harbour City’s top icons. Thanks to a central skylight tower, this main living zone is also flooded with natural light.
A spacious chef-grade kitchen anchored by a long island bench is equipped with Gaggenau appliances, gas burners, dual ovens, and a grill plate. The adjoining dining area spills out onto a terrace with an integrated bar table plus a Luna Park and bridge backdrop. The entry level also houses a home office or guest bedroom with a Juliette balcony and integrated desks opposite a full bathroom.
In the main bedroom suite upstairs there is a deep full-width balcony with more landmark views, a vast walk-in wardrobe, plus a spa ensuite complete with twin vanities, heated floors and warming towel racks. Two more bedrooms on the upper level each have access via French doors to a shared street-facing terrace and built-ins with a common family-friendly bathroom.
Added extras include automatic awnings and privacy screens to the outdoor areas, marble floor tiles, and a double lock up garage with storage.
The designer duplex is located close to harbourside dining venues, foreshore parks such as Bob Gordon Reserve and Wendy Whiteley’s Secret Gardens, Kirribilli Markets and North Sydney’s bustling CBD.
Property 2 at 9-11 Waiwera St is on the market with Adrian Bridges and Daniel Chester of Atlas Sydney & East Coast with a price guide of $14 million. It is set to go under the hammer on February 22.
This stylish family home combines a classic palette and finishes with a flexible floorplan
Just 55 minutes from Sydney, make this your creative getaway located in the majestic Hawkesbury region.
