Residential

The housing market could shift into under-supply in growth corridors around major cities in coming years, according to the country’s largest residential developer, Stockland.

A company linked to the builder of Sydney’s troubled Opal Tower will be liquidated, with creditors seeking as much as $36 million for a series of buildings in the city plagued by faults.

Property developers are stepping up the push for new city towers nationally in the expectation that office staff will return and apartment living will also surge as people are drawn back to city centres in coming years.

An eclectic mix of commercial properties drew interest last week, from a warehouse conversion in Melbourne’s inner-west to a billionaire’s refined estate and mansion in the Gold Coast hinterland with a $50 million price tag and a beautiful church in downtown Hobart.

Geelong’s first major hotel and apartment project in 20 years is a step closer with construction work starting on the CBD site.

US build-to-rent specialist Greystar has swooped on a major site in Melbourne that can accommodate more than 700 units, with the acquisition signalling the sector will keep firing even as developers struggle to sell apartments.

Property giant Stockland has boosted its residential pipeline with the acquisition of masterplanned community south west of Brisbane.

Stockland chief executive Mark Steinert believes there will be a longer-term shift to suburbia, benefiting the land estates that the country’s largest listed residential developer sells and the entire metropolitan economy, which he predicts will rise on the back of a move away from central business districts.

A popular bowls club in Sydney’s south west is set to be converted into a residential site after coming up for sale.