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Opportunities to enter the Sydney residential rental market continue to dwindle due to the ongoing low vacancy rates, according to data released by the Real Estate Institute of New South Wales.
The March 2013 REINSW vacancy rate survey, has since shown a further drop in the Sydney metropolitan area to 1.8% from 1.9% at the end of February. 
The inner suburbs (0-10km from CBD) led the decline, shrinking 0.3% from last month to 1.7% returning to the same rate in December 2012.
The middle suburbs (10-25km from CBD) remained steady at 2%, but down from January when it hit 2.3%.
REINSW president Christian Payne continues to express his concern over the lack of supply in the rental market this year, after September 2012 he had said the government had failed to provide appropriate incentives to invest in the property market.
“The metropolitan market has tightened for the second month in a row and brings us back to November 2012 levels,” Mr Payne said this month.
Outside of Sydney, Illawara had shrunk by 0.1% to 2.2%, <a href="/news">Wollongong</a> had declined by 0.4% to 2.3% while the Hunter region had increased by 0.1% despite a <a href="/news">Newcastle</a> experiencing a 0.4% drop to 2.1%.
Mr Payne said despite the Orana region (which includes major centres <a href="/news">Dubbo</a>, <a href="/news">Cobar</a> and <a href="/news">Mudgee</a>), experiencing a rise of 0.5% to 1.6%, it still remained the most difficult region to find accommodation for in its third consecutive month.
According to Payne, the Central Coast availability jumped to 2.4% with 0.5% increase and Coffs Harbour remains the easiest place to find rental accommodation with an increase of 0.4% to 4.3%.
Northern Rivers and Mid-North Coast also experienced increases of 0.4% to 2.7% and 2.3% respectively.
New England saw a fall of 0.8% to 2.5%, the Riverina also saw a decline by 0.1% to 3.4% while the availability in <a href="/news">Albury</a> saw an increase of 0.1% to 1.7%.
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Sydney residential rental market continues to tighten

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The inner Brisbane strata office market is gaining momentum according to Colliers International, which recently negotiating $1.8 million in sales over three strata titled properties in and around the Brisbane CBD.
Colliers International agents Hunter Higgins and Jock Murray, who negotiated the sales, said due to low interest rates, many businesses appeared to be looking at purchasing a premise rather than renting. 
Higgins believes that the three strata properties - all purchased by owner-occupiers - indicates that the level of affordability in the Brisbane strata market is encouraging small businesses with imminent lease expiries to consider entering the owner-occupier market. 
“The level of affordability at the moment is clearly providing the impetus for these buyers to take the plunge now and buy an asset,” says Higgins. 
“From an affordability point of view, it is the ideal time for small businesses to make a move and buy their own strata unit.” 
A series of redevelopments currently happening throughout the Brisbane CBD, notably ISPT's <a href="https://www.propertyobserver.com.au/retail/ispt-proposes-new-queen-street-brisbane-retail-to-lure-zara-and-topshop/2013032159978" target="_blank">$100 million Regent Tower Windergarden</a> complex, is expected to continue to drive the growing confidence in the owner-occupier market. 
A number of strata-titled office properties within the Brisbane CBD are currently available for puchase
This include a 188 square metre <a href="https://www.realcommercial.com.au/property-offices-qld-brisbane+city-500628411" target="_blank">Edward Street</a> office asking $1.25 million, a 243 metre square office space at <a href="https://www.realcommercial.com.au/property-offices-qld-brisbane+city-5792102" target="_blank">Queen Street</a> with an asking price of $1.4 million and a 140 square metre space at <a href="https://www.realcommercial.com.au/property-offices-qld-brisbane+city-500655003" target="_blank">Adelaide Street</a> with an asking price starting at $1.1million.

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Owner occupiers see value in Brisbane strata office market

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A former ungainly Frankston waterfront complex will launch in April as luxury residential and serviced apartments following completion of the Peninsula on the Bay by developer the Asian Pacific Group.
The redevelopment of one of Victoria’s best located, but least attractive coastal buildings is expected to capitalise on investment in tourism and business in the area as well as further help rejuvenate the <a href="/news">Frankston</a> area which is tipped as a hotspot for property investors.
The redeveloped 10-storey <a target="_blank" href="https://www.peninsulaonthebay.com.au/">Nepean Highway complex</a> features 65 residential apartments with 86 serviced apartments (managed by Quest), and a ground floor serviced office complex.
Most apartments will have sea and CBD views.
Its main selling point will be its proximity to the beach and commanding views over Port Phillip Bay, the Mornington Peninsula and Melbourne's CBD.

Sale of apartments at Peninsula on the Bay will be through Quest Properties, with the prices expected to be between $250,000 and $350,000.
Quest is offering investors a 25-year lease with a secured 6.2% to 6.7% rental return fixed for the first two years and then increasing by 4% per annum under the lease.
The building, which had been long vacant and had a number of previous uses including as offices, a nightclub and leisure centre, was once referred to by comedian Barry Humphries as "the world’s ugliest building".
A number proposals for use of the site have come before the Frankston Council but failed to come to fruition before the development proposal from the Asian Pacific Group.
Frankston TV produced a <a href="https://www.youtube.com/watch?v=hUPaotgIXo4" target="_blank">video</a> last year to show the state of the building prior to  development, its proximity to the beach and location.
The redevelopment of the Peninsula Centre into a residential, commercial, retail and restaurant hub is expected to attract a series of established retail outlets as well as a restaurant to be run by popular Australian restaurateur <a target="_blank" href="https://www.propertyobserver.com.au/retail/hawthorn-east-premises-of-paul-mathis-firechief-restaurant-listed-for-march-auction/2013031259794">Paul Mathis</a>.

Property information provider Residex reported strong capital growth in the Frankston property market with an 18% increase in house prices, and a 19.5% increase in unit prices over the past three years.
The development will benefit from Frankston’s transformation into urban waterfront destination, with plans in progress for a local marina as well as the soon to be opened Peninsula Link highway upgrade, which will cut down travel time from Frankston to the CBD.
Will Deague, CEO of Asian Pacific Group, has been quick to downplay the reputation of Frankston, often touted as a problem area due to its lower-income socioeconomic demographic.
“I spent the whole weekend down there on-site and that beach is as good as anywhere.

“It’s got a lot going for it. I think it’s just a matter of time for Frankston,” he says.

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Frankston eyesore reborn as Peninsula on the Bay holiday apartments

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Meriton boss Harry Triguboff, who turned 80 earlier this month, is considering the possibility of one day handing over the reins of his billion dollar company to his four grandchildren.
However, he has no intentions of retiring from a business that has propelled him from humble beginnings as a taxi driver to the seventh-richest person in Australia.
Grand-daughter Ella Lankry is already well entrenched in the family business as the company’s marketing director while the remaining grandchildren are still at university.


 “They will be finishing in a year’s time. We shall see how they perform,” Triguboff said in an interview with BRW magazine. 
“What I do is from time to time I give my children and grandchildren some properties. It’s in their name. So whatever happens to me at least they will have their own property.” 
While Triguboff hasn’t ruled out listing Meriton, the company has generally steered clear of entering into business partnerships or joint ventures in the past and Triguboff dismisses recent speculation of a future partnership with property group, Stockland. 
“They’re a lovely company, but they have a different culture,” Triguboff says. 
“The problem with Meriton is we have never been really involved with others, we have got our own way. We have some difficulties combining with someone else,” he adds. 
The Street Talk column of the Australian Financial Review speculates there are a number of Asian parties keen to pick up a "large Australian presence in one swoop."
It reported today the interested Asian bidders had contacted Australian banks to talk about the situation.
"Asian investors are said to be attracted to changes that have occurred in Triguboff’s business.
"Meriton has moved away from the capital intensive build-and-sell structure towards being an asset manager.
"More than 70% of Meriton’s revenue now comes from income-producing assets," the AFR column noted.
Triguboff will continue to be kept busy.
Last month he announced a <a href="https://www.propertyobserver.com.au/developments/harry-triguboff-celebrates-80th-birthday-with-proposed-%24100-million-inner-sydney-site-acquisition-and-calls-for-more-rate-cuts/2013030459705" target="_blank">$100 million land acquisition for a site in Mascot </a>that could have up to 1,000 apartments over the next four years, and he further estimates another 8,000 apartments in the building pipeline to be completed on other projects.
His first apartment block at Tempe has show more than respectable price growth and rental yields over the five decades.

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Asian buyers covet, while Harry Triguboff considers one day handing Meriton reins to grandkids

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Labor Party favourite, the Art Deco-inspired <a target="_blank" href="https://www.hotelkurrajong.com.au/HomePage.aspx">Hotel Kurrajong </a>in Canberra’s Parliamentary precinct,  has sold at auction for $7.65 million to Toga Hotels and the NRMA.
The hotel, which has one of its rooms named after Australia’s 16th Prime Minister, Ben Chifley, will retain its name and art deco elegance, Toga Hotels has confirmed.
Now heritage listed, the building situated only one kilometre from Capital Hill was constructed in 1926 and designed by the Commonwealth’s chief architect, John Smith Murdoch, also responsible for designing Parliament House and the Hotel Canberra (now the Park Hyatt).
It stands at 8 National Circuit in Barton.
The sales campaign was led by Michael Heather and Paul Powderly of Collier Internation on behalf of the ACT government's Land Development Agency (LDA).
Faced with closure in the Great Depression, the hotel managed to endure under manageress Isabelle Southwell, and over the years has retained most of its historical architectural features, despite being modernised in 1964 and entirely refurbished in 1995.
The property which sits on a 16,426 square metre block provides 117 rooms with both executive and budget rooms available and additionally comes with a brassiere style restaurant, bar and several conference and function rooms.
As one of the first hotels built to accommodate government staff and officials transferring from Melbourne to Canberra for the new federal parliament, Kurrajong quickly became the hotel of choice for the Australian Labor Party (ALP).
One of the most notable guests was Australia’s 16th Prime Minister, Ben Chifley who preferred to reside at Kurrajong rather than The Lodge during his four year tenure in government. The hotel remained his primary place of residence up until his death in 1951 from a heart attack and the room now known as the Chifley room, has become a major drawcard for guests.
Briefly closing down in 1976 and 1978 due to declining patronage the hotel served as offices for parliamentary staff until the ACT Government secured a 50-year lease re-opening it in 1995 as a four star boutique hotel.
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Former Labor Party favourite the Hotel Kurrajong sells for $7.65 million

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The trendy, cosmopolitan inner Sydney enclave of Darlinghurst was the best performing Sydney suburb over 2012, according to latest quarterly report from the Real Estate Institute of NSW (REINSW).
Located just 3.2km from the CBD with its main thoroughfare being Oxford Street, house prices in Darlinghurst increased 21.2% over 2012 to a median of $1.057 million.
This was from a relatively small number of sales – 53 for the year.
Averaging just over one sale a week, it performed substantially better than <a target="_blank" href="https://www.propertyobserver.com.au/new-south-wales/sydney-house-prices-up-61-over-2012-but-little-growth-in-the-western-suburbs-reinsw/2013030759770?utm_source=po&amp;utm_medium=aida&amp;utm_campaign=news">the inner city Sydney market as a whole</a> which managed no price growth over 2012.
Bresic Whitney Darlinghurst agent Darren Pearce says the recent addition of the Hyde Park Plaza high-end apartments on College Street have added considerable real estate value to the Darlinghurst area.
Pearce said the Darlinghurst market is evenly split between owner occupiers and investors.
He adds that the suburb is still experiencing a growth spurt with the prestige, historic terrace house market currently fetching up to $1.3 million a property and beyond.
Last week Pearce sold <a target="_blank" href="https://www.realestate.com.au/property-house-nsw-darlinghurst-112977127">this five-bedroom Darlinghurst terrace</a> on Liverpool Street, for $2.275 million. It last sold for $2.1 million in 2009 and for $350,000 in 1993, according to RP Data records.
In December last year, this four-bedroom terrace on Surrey Street (pictured below) sold for $1.59 million through Gary Sands of Di Jones Real Estate – Woollahra.
It last sold for $1.02 million in 2002, according to RP Data records.
{yoogallery src=[images/stories/2013/03/march14darlinghurst]}
Another recent terrace sale was a <a href="https://www.bresicwhitney.com.au/real-estate/id/property/9641/darlinghurst/187-palmer-street/#top" target="_blank">four-bedroom house on Palmer Street</a> which sold for $1.275 million through Dominic Kuneman and Brigitte Blackman of Bresic Whitney. It last sold for $680,000 in 1999.
Pearce expects the locality and culture of Darlinghurst to continue to drive strong interest in the area,
“The proximity to the CBD is certainly a major drawing point as well as the opportunity for people to indulge in the cafe lifestyle offered by the numerous social hubs in and around the area,” he says.
The north western suburb of Woodcroft experienced the second highest annual growth in house prices with a rise 15.5% to $485,000. followed by West Pennant Hills with a 15.4% increase in its median house price to $907,500.
The Top 25 performing Sydney suburbs over 2012 were*: 
<table cellspacing="0" cellpadding="0" border="0" style="width: 470px;">
<colgroup>
<col width="58">
<col width="130">
<col width="100">
<col width="107">
<col width="139">
</colgroup>
<tbody>
<tr height="20">
<td width="58" height="20">No.</td>
<td width="130">Suburb</td>
<td width="100">% increase</td>
<td width="107">No. of sales</td>
<td width="139">Median Price</td>
</tr>
<tr height="20">
<td height="20">1</td>
<td>Darlinghurst</td>
<td>21.2</td>
<td>53</td>
<td>$1,057,500</td>
</tr>
<tr height="20">
<td height="20">2</td>
<td>Woodcroft</td>
<td>15.5</td>
<td>61</td>
<td>$485,000</td>
</tr>
<tr height="20">
<td height="20">3</td>
<td>West Pennant Hills</td>
<td>15.4</td>
<td>181</td>
<td>$907,500</td>
</tr>
<tr height="20">
<td height="20">4</td>
<td>Summerland Point</td>
<td>15</td>
<td>60</td>
<td>$325,000</td>
</tr>
<tr height="20">
<td height="20">5</td>
<td>Spring Farm</td>
<td>13.1</td>
<td>55</td>
<td>$441,000</td>
</tr>
<tr height="20">
<td height="20">6</td>
<td>Thirlmere</td>
<td>12.8</td>
<td>52</td>
<td>$437,500</td>
</tr>
<tr height="20">
<td height="20">7</td>
<td>North Curl Curl</td>
<td>12.1</td>
<td>70</td>
<td>$1,250,000</td>
</tr>
<tr height="20">
<td height="20">8</td>
<td>Berowra Heights</td>
<td>10.6</td>
<td>56</td>
<td>$648,000</td>
</tr>
<tr height="20">
<td height="20">9</td>
<td>Campsie</td>
<td>10.4</td>
<td>71</td>
<td>$740,000</td>
</tr>
<tr height="20">
<td height="20">10</td>
<td>Buff Point</td>
<td>10.3</td>
<td>56</td>
<td>$310,000</td>
</tr>
<tr height="20">
<td height="20">11</td>
<td>Oatlands</td>
<td>10.2</td>
<td>58</td>
<td>$807,500</td>
</tr>
<tr height="20">
<td height="20">12</td>
<td>St Ives Chase</td>
<td>9.8</td>
<td>50</td>
<td>$990,000</td>
</tr>
<tr height="20">
<td height="20">13</td>
<td>Seaforth</td>
<td>9.6</td>
<td>115</td>
<td>$1,425,000</td>
</tr>
<tr height="20">
<td height="20">14</td>
<td>Lisarow</td>
<td>9.6</td>
<td>71</td>
<td>$455,000</td>
</tr>
<tr height="20">
<td height="20">15</td>
<td>Bargo</td>
<td>9.4</td>
<td>74</td>
<td>$419,000</td>
</tr>
<tr height="20">
<td height="20">16</td>
<td>Kenthurst</td>
<td>9.2</td>
<td>51</td>
<td>$1,272,000</td>
</tr>
<tr height="20">
<td height="20">17</td>
<td>Wyong</td>
<td>9.1</td>
<td>71</td>
<td>$330,000</td>
</tr>
<tr height="20">
<td height="20">18</td>
<td>Guildford</td>
<td>8.8</td>
<td>206</td>
<td>$468,000</td>
</tr>
<tr height="20">
<td height="20">19</td>
<td>Bella Vista</td>
<td>8.6</td>
<td>97</td>
<td>$890,750</td>
</tr>
<tr height="20">
<td height="20">20</td>
<td>Botany</td>
<td>8.4</td>
<td>55</td>
<td>$835,000</td>
</tr>
<tr height="20">
<td height="20">21</td>
<td>Campbelltown</td>
<td>8.3</td>
<td>112</td>
<td>$325,000</td>
</tr>
<tr height="20">
<td height="20">22</td>
<td>Tumbi Umbi</td>
<td>8.3</td>
<td>89</td>
<td>$396,000</td>
</tr>
<tr height="20">
<td height="20">23</td>
<td>Canley Heights</td>
<td>8.1</td>
<td>119</td>
<td>$465,000</td>
</tr>
<tr height="20">
<td height="20">24</td>
<td>Ruse</td>
<td>8</td>
<td>72</td>
<td>$356,250</td>
</tr>
<tr height="20">
<td height="20">25</td>
<td>Greenacre</td>
<td>7.7</td>
<td>202</td>
<td>$560,000</td>
</tr>
</tbody>
</table>
Source: REINSW
*Suburbs which recorded less than 50 sales for the year were not included.
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Darlinghurst tops the 25 best performing Sydney suburbs in 2012: REINSW

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The rural homestead, The Rest, situated in the historic town of Flinders on the Mornington Peninsula <a href="https://www.realestate.com.au/property-house-vic-flinders-113030755" target="_blank">has been listed for auction</a> on March 17.
Located only 300 metres from the beach, the house is thought to be built in the 1890s and is in its original, unrenovated form.
It has retained the vintage aesthetic of the era, characterised by its high ceilings, classic detailing and an arched hallway.
Owned by the late Bob Boynton, a former Australian yachting champion, the house features four bedrooms and two bathrooms sitting on a generous half a hectare block, complete with a private garden.
Kay and Burton Real Estate agent Paul Armstrong, who is marketing the homestead, notes the declining number of similar large properties in the suburb.
“There are very few holdings left in the Flinders region that offer blocks of this size,” he says.
Armstrong believes the property will fetch between $1.75 million and $2 million when it goes to auction.
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Late yachting champ's Mornington rural retreat set for auction

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Everton Plaza, an almost fully-leased shopping centre located in Brisbane’s inner northwest, is expected to attract retail investors.
Stewart Gilchrist and Matthew Curtain of Colliers International have been tasked with the marketing campaign on behalf of Centa E Pty Ltd.
They expect the plaza will garner the interest of both local and interstate buyers.
“Indeed, the fact that the centre is well established and has almost no vacancy will be one of the most attractive aspects for any investor,” they said.

The 1.75-hectare Everton Park property, located at 791 Stafford Road, has a lettable area of 7,200 square metres with up to 230 parking spaces and features frontage to arterial roads South Pine Road and Stafford Road as well as to two rear streets.

With anchor tenant Coles, the complex comes with 26 other specialty tenants including ANZ, Chemmart, BWS, Australia Post, Brumby’s, Domino’s Pizza and the Fernwood Fitness studio which occupies the whole of the first floor.

Matthew Curtain estimates that on a fully leased basis the net annual income of the building has a $2 million potential.
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Brisbane's Everton Plaza expected to attract local and interstate buyers

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Five of Australia’s eight capital cities have shown continued growth in their housing markets in February, following the mild recovery of 2012, according to February’s RP Data Rismark home value index.
The February 2013 figure shows a slight slowing in the capital dwelling values with a  rise of 0.3% following a 1.2% jump in January.
RP Data says Melbourne, Australia’s second largest housing market, largely drove the monthly result with dwelling values up 1.5% with even stronger growth at Canberra (up 1.9%) and Darwin (up 2.3%).
But Melbourne still remains in negative territory over the year.
There was a limited rise in dwelling values in Sydney, up just 0.1% in February, but up 2.7% over the year.
Click to enlarge
<a title="Click to enlarge" href="/images/stories/2013/03/rpdatamarch1two.gif" rel="shadowbox"><img src="/images/stories/2013/03/rpdatamarch1twothumb.gif"></a>
Click to enlarge
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Results for the past quarter have shown Hobart to be the best performing capital city with a 4.2% rise in values.
Darwin performed the weakest with a 2.5% decrease in property values, but showed the highest rental yields with a gross rental yield of 6.2% for houses and 6.3% for units.
 Melbourne showed the lowest rental yields with a 3.6% gross rental yield for houses and 4.4% for units.
 Sydney retained its mantle as the most expensive Australian city with a median dwelling price of $540,000, while Hobart proved to be the most affordable capital city with a median dwelling price of $310,000.
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Melbourne assists capital city home values record modest growth in February: RP Data Rismark

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Most Australian home owners expect the Reserve Bank of Australia (RBA) to leave the official cash rate unchanged for a third consecutive month, according to a national survey conducted by mortgage broker Loan Market.
Asked what action the RBA would take at its March meeting, 53% of respondents anticipated the current cash rate to be maintained at 3%.
The Loan Market spokesman Paul Smith, said that home owners were well aware of the state of the Australian economy and the subsequent likelihood of rate cuts.
“Consumer confidence has been varied for some time but these survey results indicate that home owners are aware of the multitude of facts the RBA considers when it assess the cash rate and the impact it can have on their home loans and deposited savings,” he said.
A similar survey done in February showed 55% of home owners correctly predicted the RBA would leave rates unchanged.
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53% of home owners expect RBA cash rate to remain steady: Loan Market survey

An entity directed by HSN's Rafi Assouline and Rebel Property's Allen Linz has filed plans for an impressive new precinct in Woolloomooloo.

The major mixed-use development would transform a prominent William Street site into a new residential village anchored by affordable housing and a large public park.

The proposal, submitted as a State Significant Development Application, covers 164-172 and 174-194 William Street, a 6,398 sqm site between Forbes Street and Dowling Street on the southern edge of Woolloomooloo.

Designed by fjcstudio in collaboration with Bangawarra, Studio Bright and Tribe Studio Architects, the scheme would deliver 227 apartments across four residential buildings ranging in height up to 18 storeys, alongside retail space, public domain improvements and a new publicly accessible park.

<img alt="Rebel" data-entity-type="file" data-entity-uuid="0eb59b7c-914a-4a5c-b849-3a56749f5e93" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-06-12%20at%2011.18.51%E2%80%AFAM.png?VersionId=mxM6EEqeoLjrCiTlCzTKTvzpKuh6kSkH" />

It's another design scheme for Rebel, who took <a href="https://www.apartments.com.au/news/nsw/first-look-rebel-property-group-takes-woolloomooloo-precinct-to-nsw-government">concept plans to the NSW Gov late last year</a>.

The latest plans will be a mix of 167 build-to-sell apartments and 60 affordable apartments, with the affordable housing component representing 15 per cent of the project's gross floor area. The apartment mix includes 12 one-bedroom, 53 two-bedroom, 89 three-bedroom apartments and 13 penthouses, while the affordable housing component would comprise 42 one-bedroom and 18 two-bedroom apartments.

<img alt="Rebel" data-entity-type="file" data-entity-uuid="3b3d4553-8a8c-4af5-aa8c-519ffb1e28c6" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-06-12%20at%2011.20.12%E2%80%AFAM.png?VersionId=_Yb6ibN7eDnOtQjCNDK2eviORa4qzgv." />

Rebel Property is seeking to take advantage of the NSW Government's infill affordable housing bonus provisions under the Housing SEPP, which provide additional floor space and height in exchange for the delivery of affordable housing for a minimum of 15 years. The planning pathway allows a 30 per cent increase in floor space ratio and building height where 15 per cent of the development is dedicated to affordable housing.

&nbsp;

At the centre of the development is a 1,356 sqm sunlit public park designed to become a new community gathering space at the gateway to Woolloomooloo. The park would be complemented by a network of pedestrian laneways connecting William Street with the surrounding streets, improving permeability through what is currently a largely impermeable block.

<img alt="Rebel" data-entity-type="file" data-entity-uuid="257af931-a393-4007-8c6d-7219796df58d" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-06-12%20at%2011.20.51%E2%80%AFAM.png?VersionId=KAHy94GrhaReFsWTGDKfy39EDJ8gEEv4" />

The design team says the public domain has been heavily influenced by the site's topography and Aboriginal cultural heritage, drawing on the escarpments, gullies and landscape characteristics that historically defined the area before urbanisation. The landscape design has been developed in partnership with First Nations consultancy Bangawarra.

The project would be delivered across four separate buildings. The William Street East and William Street West buildings, designed by fjcstudio, would contain the majority of the apartments. Melbourne-based Studio Bright has designed the Forbes Street building, while Tribe Studio Architects is responsible for the Dowling Street building.

Rebel had secured approval for the concept plans late last year.

Joel Robinson

First look: HSN, Rebel, advances Woolloomooloo precinct plans

A locally heritage-listed furniture showroom on Water Street is set to become the centrepiece of a new mixed-use residential development as local developer&nbsp;<a href="https://www.apartments.com.au/developers/keylin-group">Keylin</a> seeks approval for <a href="https://www.apartments.com.au/new-apartments/lotus-on-water-street-290-water-street-fortitude-valley-qld-4006">Lotus on Water Street</a>, a 15-storey project on the Fortitude Valley side of Spring Hill.

The proposal spans 290 Water Street and 137-141 Warry Street, combining several properties into a 2,869 sqm site that sits between Fortitude Valley, Spring Hill and the rapidly evolving Victoria Park precinct. Keylin's plans would deliver 132 apartments alongside new retail, hospitality and commercial space, while retaining and repurposing the historic Brunswick Home Furnishers Showroom that fronts Water Street.

Designed by <a href="https://www.apartments.com.au/architects/jackson-teece">Jackson Teece</a>, Lotus on Water Street comprises a 12-storey residential tower rising above a three-storey podium and communal rooftop terrace. The development includes 76 apartments classified as multiple dwellings and a further 56 units proposed as short-term accommodation, designed to be flexibly used as either accommodation or permanent residences. The apartment mix comprises six one-bedroom, 54 two-bedroom and 16 three-bedroom homes.

<img alt="First look: Keylin unveils heritage-led Lotus on Water Street tower in Fortitude Valley" data-entity-type="file" data-entity-uuid="9822bb79-6c49-49c9-95ba-319e8c8d81c3" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/fortitude%20valley%20front.png?VersionId=ioW8zbN4UVebbLetTFuv92t.HkdgfR5e" />

Residents would have access to an extensive rooftop recreation level spanning more than 1,200 sqm of communal open space. Plans include a pool, gym, sauna, infrared sauna, yoga area, library, private dining room, barbecue facilities and landscaped entertainment spaces, making the rooftop the project's largest shared amenity offering.

At street level, the proposal focuses on the adaptive reuse of the heritage buildings along Water Street, where 518 sqm of retail and commercial space is planned across shop, office and food and drink outlet uses. A permeable residential lobby would be positioned between the retained heritage buildings, creating a pedestrian connection between the historic streetscape and the new tower behind.

<img alt="First look: Keylin unveils heritage-led Lotus on Water Street tower in Fortitude Valley" data-entity-type="file" data-entity-uuid="269cf3e0-7d13-48bf-a318-05a00deb5c10" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/fortitude%20valley%20podium.png?VersionId=DLXmTCLsp6GOcLpQ0h.0z7wKCw59EhN_" />

The heritage retention strategy is central to the scheme. The development application notes that the Brunswick Home Furnishers Showroom and adjoining heritage buildings will remain, with only non-significant structures on the site earmarked for removal under a previously issued Heritage Exemption Certificate. Levels one and two of the new podium are recessed behind the heritage façades to maintain their prominence within the streetscape.

Jackson Teece has drawn inspiration from the site's manufacturing history when designing the podium. The planning documents state that the façade incorporates perforated metal screening that references the woven and rattan furniture historically produced on the site. Cascading and climbing plants are integrated throughout the podium to soften the building's presentation and screen parking levels behind. The landscape strategy also informs the project's name, Lotus on Water Street, drawing on the historic Spring Hollow waterholes that once ran through Spring Hill and the blue water lilies associated with Meeanjin, Brisbane's traditional name.

The proposal also incorporates the neighbouring property at 141 Warry Street, currently occupied by a healthcare service. The existing building would remain, with nine dedicated parking spaces allocated within the new development to support its ongoing operation. In total, Lotus on Water Street proposes 117 car spaces, including 110 resident spaces and seven visitor bays, alongside 100 bicycle spaces.

<img alt="First look: Keylin unveils heritage-led Lotus on Water Street tower in Fortitude Valley" data-entity-type="file" data-entity-uuid="70cf07bc-4fd8-4e70-92dd-be8b21c4e4f0" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/fortitude%20valley%20site.png?VersionId=txlxrJImM0Sm_vTzHVKh5DDUkyL_CiiA" />

The site sits within the Spring Hill East Precinct of the Spring Hill Neighbourhood Plan and is positioned around 650 metres from both Fortitude Valley Station and Exhibition Station. It is also within walking distance of the King Street precinct, Royal Brisbane and Women's Hospital, Herston Quarter and Victoria Park, which is earmarked to become a major venue precinct ahead of the Brisbane 2032 Olympic and Paralympic Games.

Planning documents describe the location as a key gateway between Spring Hill and Fortitude Valley and highlight the area's increasing importance as new transport infrastructure and Olympic-related investment reshape Brisbane's inner north. The development team argues the project will contribute additional housing supply while activating a section of Water Street that has historically received less investment than other parts of the Valley.

Keylin has become increasingly active across Brisbane and southeast Queensland, assembling sites in strategic inner-city locations. They are currently selling and delivering <a href="https://www.apartments.com.au/new-apartments/oria-spring-hill-447-gregory-terrace-spring-hill-qld-4000">Oria Spring Hill</a>, just over 140 apartments due for completion in 2027.

Keylin plans heritage-led Lotus on Water Street apartment development in Fortitude Valley

Roseville is poised for a wave of new apartment development following the NSW Government's rezoning of land around Roseville Station under its Transport Oriented Development program.

The new planning controls have unlocked significant development potential within walking distance of the station, with a number of sites expected to be amalgamated and redeveloped in the coming years as developers seek to take advantage of the increased density allowances.

One of the more restrained developments in the precinct, and set among the first to be delivered having commenced well before the recent changes, is Hyecorp's Juliet. The boutique apartment project is already well under construction and remains on track to welcome residents by the end of the year, offering a markedly different proposition to many of the larger-scale developments now likely to emerge across the suburb.

[smartcode_project:default project_id=7395 project_image_fid=278194]

<a href="https://www.apartments.com.au/new-apartments/juliet-roseville-64-pacific-highway-roseville-nsw-2069">Juliet</a> will comprise just&nbsp;34 one-, two-, and three-bedroom apartments opposite Roseville Station. For Hyecorp, which has delivered projects across Sydney's Lower North Shore for more than three decades, Roseville presented a rare opportunity to address a growing gap in the market.

"<a href="https://www.apartments.com.au/developments/roseville-nsw-2069">Roseville</a> has long been one of the North Shore's most tightly held and desirable suburbs, offering a unique combination of village charm, established greenery, excellent transport connections, and proximity to some of Sydney's best schools and lifestyle amenities," Hyecorp said.

"We recognised a growing demand from local homeowners seeking to downsize without leaving the community they have built their lives around. The location presented a rare opportunity to create homes that cater specifically to that buyer profile."

[smartcode_project:default project_id=7395 project_image_fid=278196]

The six-level development has been designed by <a href="https://www.apartments.com.au/architects/pbd-architects">PBD Architects</a> as a collection of residences that feel more like homes than apartments. The brief centred generous floorplans, abundant natural light, quality finishes, and strong connections to outdoor space.

PBD Architects drew inspiration from Roseville's established garden suburb character, creating a building that sits comfortably within its surroundings rather than dominating them. The architecture incorporates natural materials, soft forms, layered landscaping, expansive balconies, and generous setbacks to strengthen the connection between residents and the suburb's leafy environment.

"The focus was on designing spacious, house-like residences for discerning owner-occupiers and downsizers who wanted to remain on the North Shore without compromising on comfort, privacy, or design," PBD said.&nbsp;

"Every apartment was to feel considered, timeless, and highly functional."

[smartcode_project:default project_id=7395 project_image_fid=278195]

Inside, residences feature engineered timber flooring, stone kitchen benchtops and splashbacks, integrated Fisher &amp; Paykel appliances, ducted air conditioning, and large outdoor entertaining areas designed to take advantage of district and treetop views.

Residents will also have access to a rooftop barbecue and lounge area, alongside practical amenities including parcel lockers, EV charging capability, bicycle storage, a dog wash bay, and a basement car wash facility.

The majority of purchasers so far have been local owner-occupiers from Roseville, Lindfield, Chatswood, Killara, and the broader Upper North Shore, many of whom are transitioning from larger family homes.

"Buyers are looking for spacious, house-like apartments that allow them to downsize without feeling like they are sacrificing comfort or functionality," Hyecorp noted.

"They value large kitchens, generous living areas, ample storage, quality finishes, secure parking, lift access, and low-maintenance living."

[smartcode_project:default project_id=7395 project_image_fid=278204]

Juliet sits directly opposite Roseville Train Station and within walking distance of Roseville Village, while Chatswood's retail and dining precinct is only minutes away. The development is also surrounded by some of Sydney's most established schools, including Roseville College, Ravenswood, Pymble Ladies' College, and Knox Grammar, as well as nearby parklands and golf courses.

Juliet is currently more than 75 per cent sold ahead of its anticipated completion in late 2026.

[smartcode_project_cta:default project_id=7395]

Juliet to sit quietly amid Roseville apartment boom

Sherpa Property Group has unveiled the third instalment of its Flourish series, securing full approval for the two-tower, $500 million Flourish Soleira development in Palm Beach.

<a href="https://www.apartments.com.au/new-apartments/flourish-soleira-1150-1154-gold-coast-highway-palm-beach-qld-4221">Flourish Soleira</a> will rise from a prominent site in the commercial heart of Palm Beach, the long-time home of Cash Converters and a range of local retailers.

The project will introduce a new retail and dining precinct at ground level, beneath 286 apartments.

[smartcode_project:default project_id=150017 project_image_fid=370959]

“We’re very committed to not only providing affordable residential offerings that are much needed in Palm Beach, but also delivering a vibrant new commercial heart that complements the extraordinary growth of the southern Gold Coast,” Sherpa Property Group founder Christie Leet said.

The development will sit under Sherpa's Flourish brand, which is aimed at providing a pathway into the beachside suburb for locals, first-home buyers and downsizers. In a move designed to assist first-home buyers entering the market, Sherpa has reserved all one and two-bedroom, one-bathroom apartments exclusively for eligible first-home buyers.

[smartcode_project:default project_id=150017 project_image_fid=370964]

“Our vision through Flourish is to create a vibrant retail and lifestyle focal point within the Palm Beach centre zone, delivering thriving communities underpinned by lifestyle-rich locations,” Leet said.

“So far, Flourish has been an incredible success, and we hope to carry this momentum as we progress the next two Flourish projects in Palm Beach.”

[smartcode_project:default project_id=150017 project_image_fid=371430]

Located across 1150-1164 Gold Coast Highway and 3 Sixth Avenue, the development will comprise two towers. The northern tower will deliver 154 apartments, while the southern tower will add a further 132 residences, helping address ongoing demand for new apartments in the tightly held coastal suburb.

Flourish Soleira will also feature the most extensive rooftop amenity offering ever delivered in Palm Beach.

The two towers will be connected by a skybridge, with residents gaining access to a rooftop recreation deck featuring a full-width swimming pool, hot and cold plunge pools, wellness spaces, a gymnasium, private dining facilities, massage treatment rooms, barbecue areas, a basketball court, golf simulator, indoor and outdoor dining spaces, sun lounges and extensive landscaping.

LPS Group is expected to start construction later this year.

Sherpa is already well advanced on construction of its debut Flourish project, Flourish Amargo, located just around the corner from Soleira. Meanwhile, Flourish Oasis, positioned opposite Amargo, recently commenced construction and has nearly sold out its collection of 47 apartments.

[smartcode_project_cta:default project_id=150017]

Sherpa unveils $500m mixed-use Palm Beach precinct, Flourish Soleira

Are mortgage holders set to get a reprieve from the RBA in 2026?

Big Four bank NAB believes so. They are now expecting the next move from the RBA to be a cut, rather than a hike, which they had pencilled in for August. They are unsure of the timing of the cut however, they note in their latest&nbsp;NAB Economics RBA Watch.

NAB Chief Economist, Dr Sally Auld, said recent data suggests the economy has lost momentum and the outlook for rates has shifted, noting that the broader economic backdrop has changed since earlier in the year.

“The next move in the cash rate is likely to be down, but the timing is uncertain," Dr Auld said.

"In February, growth was above trend, the economy was operating above capacity and there was uncertainty over the restrictiveness of rates. None of these conditions exist today,” she outlined.

Dr Auld said recent data pointed to softer momentum across the economy while acknowledging that at the same time, uncertainty remains a key feature of the outlook.

“Both Q1 GDP data and the NAB business survey suggest momentum in the economy has slowed, meaning that growth has likely peaked for the cycle. That said, we are cognisant there is still considerable uncertainty around the outlook, both with respect to activity and inflation.”

Dr Auld said inflation risks and labour market outcomes would be important to watch.

“On the prices side, we are still forecasting above target core inflation through to mid-2027. Margins will compress and weaker labour market outcomes are a risk.”

She said tighter financial conditions are expected to weigh on housing and activity.

“Tighter financial conditions will be reflected in a slowing in house price growth and housing credit growth. In summary, we have greater conviction that the next move in rates is down, but less conviction on the timing.”

Glenn Dwyer

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