NEWS: Ghost block hits the Halloween headlines

Observatory-towers.jpg

The Observatory Towers dream has turned into a financial a defects nightmare.

Just in time for Halloween, there’s one there’s one story that jumps out of this week’s feed of apartment-related stories from across the country’s media.

It’s about a 173-unit ‘ghost’ apartment block in Parramatta that’s lain empty for three years for the simple reason that it was badly built and the developer has gone bust.

And there’s more horror lurking in that shadows of this yarn. The defunct developer, Dyldam, was partly owned by Sam Fayad who has what is believed to be the largest bankruptcy in Australian history, with personal debts of more than $2.8 billion, including $46.5 million owing to the Australian Taxation Office. 

If that story hasn’t scared you off, there’s the Queensland resident who has tried to prevent the chairman of her Body Corporate from smoking in his apartment as the fumes find their way into her flat through ventilation ducts.

An Adjudicator said the chair had tried to mislead the hearing and their right to use their property as they saw fit was not “unfettered”.  But you can probably guess which way they ruled.

That’s just two of the stories in this week’s feed from Left Field Communications.  If you want to get a full daily feed, for free, with stories about houses as well as apartments, just read down to the end of this post and you’ll find a link to their website

ABC Online – Free

Gold Coast high-rise approved despite height limit as acting mayor says ‘precedent is gone’
A tower in Palm Beach is set to be approved despite exceeding the area’s height limit. A planning expert says Queensland’s system allows flexibility, meaning limits act as guidelines, not strict rules. Dominic Cansdale

City of Sydney to investigate reducing short-term rental cap to 60 days a year
City of Sydney council votes to investigate lowering the cap on un-hosted short-term rentals from 180 days a year to 60 days. Councillors say there are at least 5,000 short-term rentals available in the city alone. Declan Bowring

Proposal to change building height restrictions in Adelaide CBD
Proposed changes to building height rules will make it easier for developers to add extra storeys to CBD construction plans, the SA government says. The proposal follows an agreement between the government and Adelaide Airport. Daniel Keane

Apartment construction scheme unveiled by SA government ahead of 2026 election
The SA government has said it would financially underwrite up to $500 million of apartment construction in Adelaide’s CBD if re-elected in March. The scheme is intended to boost apartment construction in what the premier described as the “mid-tier of the market”. Abc.net.au

Apartments.com.au – Free

Aqualand unveils final release at AURA, North Sydney, with exclusive buyer incentives
Aura by Aqualand has entered its final chapter with a limited release of its last available residences, alongside a lifestyle incentives package for both owner-occupiers and investors. Urban Editorial

Curated for the way you live: Studio Tate brings personalised interiors to The Regent
At The Regent in Fitzroy, future residents aren’t simply choosing a home; they’re shaping one that reflects who they are and how they live. Urban Editorial

Callista on Park completes West Village’s walkable, parkside vision
Callista on Park marks the final chapter of West End’s celebrated West Village precinct, emerging alongside the expansive green canopy of Mollison Park. Urban Editorial

A rare South Melbourne sub-penthouse with room to move
Challenging the trend of compact living, The Eighth delivers true house-like scale in a vertical format. Positioned on the penultimate level of The Eighth, a newly completed development by Projects by Crema, the sub-penthouse offers more than just generous dimensions, it redefines what sub-penthouse living can look like in Melbourne’s Domain Precinct. Urban Editorial

Abadeen launches The Parker in Caulfield North, secures $6.25 million sub-penthouse sale
Just weeks after launching to their latest new Melbourne apartment development to the market, national apartment developer Abadeen has secured the sale of its sub-penthouse. Joel Robinson

Brisbane Times

Wilston Queenslander was once a cottage. Now it’s the street’s fourth-highest sale
A 1930s Queenslander that went from humble cottage to luxe family retreat has sold for $3,006,000 after six buyers fought it out before a concert-sized crowd in one of Wilston’s most exclusive pockets. Sarah Webb

Domain – Free

How to get two interest rate cuts without waiting for the RBA
Home owners can access the equivalent of two rate cuts without waiting for the Reserve Bank (RBA) to move by simply refinancing to a cheaper home loan, analysis shows. Maria Gil

Wollstonecraft unit vendor slashes reserve by $50,000 to sell for $1.28m
A two-bedroom apartment in Wollstonecraft sold under the hammer for $1,285,000 on Saturday after spirited bidding lifted the price $35,000 past its $1.25 million reserve. Carmen Forward

The Melbourne suburbs where house prices rose most this year
Buyer enthusiasm for falling interest rates and anticipation of more help for first home buyers has pushed up prices in a range of Melbourne suburbs over the past 12 months, more than 25 per cent in some locales. Jim Malo

Inside an opulent Brisbane penthouse with a 1000kg bathtub
A Queensland power couple’s lavish six-bedroom penthouse has hit the market — and it comes with a wild feature in the bathroom. Orana Durney-Benson

Realestate.com.au – Free

Qld unit owner takes on own body corp manager over smoking
A Queensland unit owner has taken action against their own body corporate chairperson for smoking on their own lot. Samantha Healy – Queensland

Expert warns of RBA’s ‘nuclear option’ for mortgage holders
This isn’t a drill. Your mortgage is officially on a knife-edge, and Compare the Market’s Economic Director David Koch just laid out the terrifying truth. Lydia Kellner

Double Bay ‘the new Beverly Hills’ as $60m penthouse revealed
Prominent property developer Charles Mellick says Sydney’s Double Bay now rivals Beverly Hills in Los Angeles. “Double Bay has stepped into a dazzling new era, one that mirrors the glamour, energy and polish of Beverly Hills,” says Mellick, the executive director of Fortis. Stephen Nicholls

Affordability driving intense competition for townhouses
Townhouses have emerged as the clear frontrunner at a Queensland auction event over the weekend with affordability driving intense competition. Aleisha Dawson – Brisbane

Gold Coast units now more expensive than Sydney’s
It’s now more expensive to buy a unit on the Gold Coast than in Sydney with the Glitter Strip unit market continuing to boom. Aleisha Dawson — Gold Coast

Castle Hill’s Carrington Place reveals penthouse collection
A collection has launched of eight exclusive penthouses in Stage One of Carrington Place, the largest residential masterplan in Castle Hill in Sydney’s northwest. Kaylee Cranley – Sydney

Sydney Morning Herald

Fixing housing’s a vote winner. But which fix and which voter?
We hear a lot about Australia’s housing problems from politicians, developers, economists, NIMBYS and YIMBYS. But what about voters? What do they make of our housing affordability challenges? And which policies to fix the problem have popular support? Matt Wade

In the middle of Parramatta sits a 24-storey residential tower. No one lives there
Elegant, timeless and convenient — that was how Observatory Place, a 24-storey residential building in Parramatta featuring 173 apartments, was described by its developer. But despite construction finishing in 2022, the tower is abandoned. Ellie Busby

Sydney suburbs where house prices are rising fastest
House prices leapt by nearly 30 per cent in one Sydney suburb over the past 12 months, and by double digits in a string of others, as the fastest quarterly price growth in two years set new records. Sue Williams

The plan: one 16-storey tower, one 25-storey tower. The result: two 50-storey towers
The final undeveloped portion of Wentworth Point, the peninsula that holds the title of being the country’s most populated postcode, is a step closer to being turned into two 50-storey apartment towers after a decision by the state government’s Housing Delivery Authority. Anthony Segaert

The Adelaide Advertiser

Premier Peter Malinauskas to unveil $500m city apartment fund in bid to ease housing crisis
Premier Peter Malinauskas is set to announce a major $500m plan to kickstart apartment construction in Adelaide’s CBD. Paul Starick

The Age

Neighbours lose appeal rights in new laws to slash planning approval times
Victorian residents will lose their rights to appeal or be notified about neighbouring new homes and low-rise apartment developments under a major overhaul of the state’s planning laws designed to slash maximum approvals times to as little as 10 days. Daniella White

This western suburb is ripe for a housing boom, council says. Developers disagree
More than 20 sites in the heart of Footscray have planning permits that would deliver more than 4000 apartments, but are sitting idle, in some cases for several years, due to low confidence in the market. Adam Carey and Patrick Hatch

Anarchy’: Technicality renders owners corporations effectively useless
Owners corporations have been unable to enforce their own rules after a single, technical ruling by a Victorian tribunal created “anarchy” for residential buildings across the state. Rachael Dexter

The Australian

Aware’s splashed $150m with plans to rejuvenate The Barracks precinct in Brisbane
Superannuation fund-backed Aware Real Estate is planning to rejuvenate The Barracks precinct in Brisbane after snapping it up for close to $150m, betting it can ride the surge in residential development and a kick from Olympics-related spending. Ben Wilmot

Labor’s green-tape loophole to speed up projects
The environment minister will be able to ignore green-tape laws in “rare circumstances” to push through projects deemed to be in the national interest, in a move designed to win Coalition support for reforms that would fix the broken approvals system. Greg Brown

House prices are hitting new highs in every capital and regional area
House prices grew by 0.5 per cent over the month and 6.3 per cent over the year to hit a new peak in September, according to PropTrack’s Home Price Index. Megan Lieu

The Australian Financial Review

$10b Housing Australia Future Fund faces audit
The Albanese government’s $10 billion Housing Australia Future Fund (HAFF) will be audited, following criticisms it is behind schedule to deliver 40,000 social and affordable homes. John Kehoe

This resident backs higher density Woollahra. But what about Campsie?
David Murphy lives in Woollahra, the inner Sydney suburb where the Minns government wants to revive an abandoned train station and add up to 10,000 new homes in a plan that has outraged NIMBYs — Murphy’s not among them. Paul Karp

What is gazumping? The trend catching out first home buyers
A Queensland first home buyer who missed out on purchasing a unit despite having an informal agreement is worried that he is already priced out of the market, as new buyers rush to secure what they can amid an undersupply of suitable homes. Lucy Slade

‘A perverse outcome’: Mosman NIMBY case comes down to fight over 800m
Mosman resident Judith Pearson is ready to argue up hill and down dale that “walking distance” is too uncertain a term to be in planning law. When is 800 metres’ walking distance not 800 metres? When experts give evidence that the concept of “walking distance” is so uncertain that planning laws relying on it should be thrown out. Paul Karp

Berejiklian government may have sold Sirius block to insolvent developer
The company that redeveloped Sydney’s landmark Sirius building into luxury apartments may have been insolvent when it controversially acquired the property six years ago from the former Coalition government, documents circulated to creditors show. Campbell Kwan

Buyers secure $1.45m off-market Coogee apartment in a week
A two-bedroom, one-bathroom apartment with car park at 24/23-25 Vicar St, Coogee, NSW. Sold off-market for $1.45 million. Michael Bleby

Japanese firm Marubeni joins Dockland’s build-to-rent project
Sydney investment house AsheMorgan has tapped Japanese companies Marubeni Corporation, Haseko Corporation and Mizuho Leasing as partners in delivering its $600 million build-to-rent project in Melbourne’s Docklands. Sarah Petty

Housing Australia chair resigns after workplace probe
Carol Austin resigned as chairwoman of the Albanese government’s housing agency on Friday following an investigation last year into allegations of bullying of staff after she sought to shake up Housing Australia. John Kehoe and Michael Bleby

The Daily Telegraph

‘Live the rest of my life happy’: 70 social housing units completed above Waterloo Metro
A new transport hub in the heart of Sydney will soon be home to 100 social housing residents directly above a metro station. Thomas Sargeant

Coalition reveals plan to build 10,000 homes in Sydney’s west
NSW Opposition Leader Mark Speakman has vowed to resurrect a shelved 10,000-home development in Sydney’s west if the Coalition wins government. Mr Speakman has pledged to put the Camellia-Rosehill plan into action if elected. James O’Doherty

Coffs Harbour’s 18 storey soup kitchen site revamp for essential workers
An ambitious development application is expected to be lodged by the end of the year which would see a century old church soup kitchen anchoring an 18-storey mixed-use precinct. Toni Moon

The Gold Coast Bulletin

Majority of councillors approve 13-level tower in medium density zone at Jefferson Lane
A controversial 13-level tower has won council approval for Palm Beach, setting a new height level in the process. Paul Weston

Dreamworld: Future of Gold Coast theme park’s expansion plans
A rare intervention by Queensland’s Deputy Premier has cleared the way for Gold Coast theme park Dreamworld’s ambitious makeover into a sprawling entertainment and residential precinct. Paul Weston and Andrew Potts

One Park Lane: 101-storey two tower development approved for Gold Coast’s Southport
The southern hemisphere’s tallest tower has been approved for the Gold Coast, with the $700m mega-project set to transform Southport’s skyline. Andrew Potts

Gold Coast and Northern NSW real estate: The latest auction and sales results for week ending October 26
Surfers Paradise proved to be a hot market last week with 14 properties selling for a total value of $15.3 million. See the latest auction and sales results. Peter Farago and Sayee Shree Ravi Sankar

The Illawarra Mercury

Wollongong’s biggest development goes on public exhibition after redesign
The new plan for the WIN Grand development has gone on public exhibition with taller buildings, a 166-room hotel and design changes that the developer says will improve pedestrian access and maximise the delivery of housing. Ben Langford

Urban Developer – Partly Free

ACT’s ‘Significant’ Reforms Unlock Missing Middle
Thousands more row houses, duplexes and lowrise apartments could be added to ACT’s housing inventory after the territory won community support for the “most significant” planning changes in decades. Renee McKeown

Aqualand North Sydney BtR Highrise Waved Ahead
The developer of an “underutilised” parcel of North Sydney land is poised to begin after a 46-storey tower proposed for the site won the nod from the Independent Planning Commission. Clare Burnett

VCAT Rejects Luxury Fitzroy Apartment Scheme Appeal
Plans for a luxury apartment project at Fitzroy have been thrown into doubt after the Victorian planning tribunal blocked its permit and the site sold. Clare Burnett

Fresh Plans Add 12 Storeys to Greenlit Gold Coast Tower
Upscaled plans have been filed adding 12 storeys to an approved tower scheme along a Surfers Paradise riverfront development hotspot. Phil Bartsch

State Issues Call-In Notice for Dreamworld Masterplan
A call-in notice for the proposed Dreamworld Masterplan, a major mixed-use tourism and housing development on the northern Gold Coast, has been issued by the Queensland Government. Lindsay Saunders

Japanese Giants Join $600m Melbourne BtR Scheme
AsheMorgan has secured backing from a trio of heavyweight Japanese investors for the first stage of District Living, a $600-million build-to-rent precinct in Melbourne’s Docklands. Leon Della Bosca

WA’s $75m BtR Development Helping Hand Opens
A $75-million fund to kickstart build-to-rent developments in the West has launched. The WA Government’s build-to-rent fund is now seeking expressions of interest for low and no-interest loans for build-to-rent proposals. Patrick Lau

Gold Coast’s New Supertower Era a Test of Nerves
“The developer will have to be very generous to the builder, or the builder will have to have big balls.” So says Scott Hutchinson of the realities of delivering a 101-storey dual tower development on the Gold Coast in the lead-up to the 2032 Brisbane Olympics. Phil Bartsch

Ambertree’s 14-Storey Carlton PBSA Tower Waved Ahead
A century-old piano factory is a step closer to becoming a 14-storey student accommodation tower after HS Optimus Holdings was greenlit for the adaptive reuse project at Carlton. Leon Della Bosca

Scentre 17-Tower Masterplan Includes ACT’s Tallest Highrise
Westfield shopping centre owner Scentre Group is continuing its move into the mixed-use residential space with a major masterplan in the ACT. Clare Burnett

Coronation 1000-Home BtR Scheme Greenlit at Erskineville
One of Sydney’s biggest build-to-rent projects has been approved, clearing the way for Coronation Property to begin work on its Inner West site. Greenlit by the City of Sydney, the $2.3-billion precinct at Erskineville will transform a 5ha former industrial site. Lindsay Saunders

Takada’s ‘Gum Tree’ Tower Replaces BtR in South Brisbane
Brisbane’s push to deliver 210,800 new homes by 2046 continues as plans by internationally renowned architect Koichi Takada are filed for a 290-apartment tower inspired by Australian gum trees. Leon Della Bosca

Porsche in the Sky as MIRA Captures GC500 Race Energy
Frank Developments took its latest Gold Coast project—MIRA at Northcliffe Beach—to new heights yesterday morning, literally. Sponsored Content

View.com.au – Free

The region where it’s now more expensive than Sydney to buy an apartment
The Gold Coast has officially taken a title few would have expected even five years ago: it’s now more expensive than Sydney to buy an apartment. Sonia Taylor

You could own an entire apartment block in Paddington for $9.5 million
If you’re looking for a home that will fit the whole family, check out this entire apartment block for sale in Paddington. January Jones

Tackling Victoria’s housing crisis – 92 new homes bringing hope to Melbourne’s west
More than 160 Victorians in need of housing now have a safe place to call home, following the completion of a $52 million social housing project in the heart of Footscray, a development that’s being hailed as a model for how community partnerships can help tackle Victoria’s deepening housing crisis. Emily Rayner

The city that everyone thought was cheap is now Australia’s second most expensive
Sydney remains one of the most expensive housing markets on the planet, but the bigger story from this year’s Demographia International Housing Affordability Report may be what’s happening further south. Emily Rayner

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These are just the strata-related stories from this week. You can get links to all the latest property stories – houses as well as apartments – for free by registering on the LeftField website.

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    Jimmy-T
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      Halloween horror as apartment block sits empty for years due to defects – and the former developer has $2.8 billion in debts.

      [See the full post at: NEWS: Ghost block hits the Halloween headlines]

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    Reply To: NEWS: Ghost block hits the Halloween headlines
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