With few investment opportunities going forward, particularly within the Northern Precinct, it is anticipated demand for established product will remain strong. Approximately 750 apartments are within Concept Plan stage, a further 380 are awaiting development approval and 720 apartments have been deferred within the CBD and surrounds. Five projects have gained approval and are either waiting for pre-sale levels to be met or have yet to commence marketing. All of these projects will have a yield of less than 50 apartments. SEPP 65 challenges will further exacerbate supply levels going forward. Our analysis has demonstrated signifi cant capital growth opportunities can be achieved by buying off -the-plan.