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NAB has altered its rate cut forecast for May, now predicting that the Reserve Bank will keep the official cash rate unchanged at 2.25%.
The bank now believes the Reserve Bank will wait until August to cut the interest rate to 2.0%. NAB attributes its changed prediction to yesterday's quarter one Consumer Price Index (CPI) data, which showed underlying inflation remained within the Reserve Bank's 2-3% inflation target.
NAB has adjusted its domestic demand forecast slightly after observing improvements in retail sales, home investment and business conditions. However, the bank also noted that despite the recent increase in iron ore prices, commodity prices have decreased for the quarter, further slowing gross domestic product (GDP) and the mining sector.
"In our forecast these forces have basically offset and leave GDP growing close to, but a little below, the trend growth rate of 3% in the year ahead," NAB's forecast update reads.
"In better news, the lower starting point for the unemployment rate, and recent better pace of jobs growth, has led us to revise down the expected peak in the unemployment rate from 6.7% to 6.4%. We still expect this peak to occur around Q4 2015."
While NAB still believes the current low inflation rate and expected increases in the unemployment rate will lead to a rate cut in the future, the "urgency to cut" has reduced by the economy's recent performance.
"In a speech earlier this week, the RBA Governor implied that the cash rate already being at a super low level, household leverage being at an all-time high, and rising asset/house prices are all reasons to be cautious about reducing interest rates further," states the report.
"Latest data on house prices suggest they continue to rise strongly in Sydney and more recently this has broadened to other cities."
Despite their expectation of a 25 basis point cut in August, NAB states that "it's also possible that we continue to be pleasantly surprised by the economy which would allow the RBA to hold the cash rate at 2.25%".
 
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jrichardson-uRX5hFdKfN

NAB predicts Reserve Bank will keep rates on hold for May

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For those hoping to spin a profit from their properties, are The Block apartments really worth it?
Buyer's advocate and Block judge Frank Valentic has successfully bid on more Block apartments than anyone else, and is planning to do so again at next week's Triple Threat auction.
His clients are mostly investors, renting out their fully furnished Block purchases. Valentic has bid on 16 Block apartments in total over the years, securing four for his clients.
The first was in 2011. 39 Cameron Street in Richmond was the winning renovation for Polly and Waz, with Valentic's investor client paying $855,000. Valentic says it remains the Block purchase with the best value, calling it "the steal of the century".
"We bought it in a downturn market," Valentic tells Property Observer.
"The market peaked in April 2010, then went in a downward spiral for the next two and a half years."
A year and a half into that downward spiral, Polly and Waz's renovation appeared. A tenant who's been renting the property for three years pays $975 a week.
<img src="/images/2015/04/24/richmond%20april%2042%20one.jpg" alt="">
<a href="https://www.domain.com.au/property/for-rent/house/vic/richmond/?adid=7185085" target="_blank">39 Cameron St, Richmond</a> (currently managed by Advantage Property Consulting)
<ul>
<li>Renovated by Polly and Waz</li>
<li>Purchased by an investor in August 2011 for $855,000.</li>
<li>Currently leased for $975 per week</li>
<li>5.9% yield</li>
</ul>
The house has been recently valued at $1.1 million, following a resales of neighboring Block properties. <a href="https://www.realestate.com.au/property-house-vic-richmond-107575775" target="_blank">37 Cameron Street</a>, which was renovated by Josh and Jenna, was purchased for $1 million at the televised auction, and resold in 2013.
Rod and Tania's renovation at <a href="https://www.realestate.com.au/property-house-vic-richmond-114996643" target="_blank">43 Cameron Street</a> also resold in 2013, for $1,038,000. The result was $216,000, or 23.4%, above its 2011 price of $922,000.
The next Block property Valentic secured for a client was the Sky High apartment renovated by Western Australian couple Matt and Kim. The apartment at 201/142 Park Street in South Melbourne cost the buyer $1,455,000. The downsizer originally lived in the apartment, before moving out and renting it for $1,600 a week, or a 5.7% yield.
<img src="/images/2015/04/24/south%20melbourne%20april%2024%20one.jpg" alt="">
<a href="https://www.domain.com.au/property/for-rent/apartment-unit-flat/vic/south-melbourne/?adid=9028861" target="_blank" style="font-size: 12.1599998474121px; line-height: 1.3em;">201/142 Park St, South Melbourne </a>
<ul>
<li>Renovated by Matt and Kim</li>
<li>Purchased in July 2013 for $1,455,000 by a downsizer</li>
<li>Now used as an investment property, leased for $1,600 per week</li>
<li>5.7% yield</li>
</ul>
Valentic says his clients are attracted to the rental yields on offer at The Block apartments, with all of the Block investment properties he has secured yielding over 5%. According to SQM Research, the Melbourne implied gross rental yield for a unit is sitting under 4.5%.
"I think The Block itself has a pretty successful formula and the locations they're choosing are blue chip suburbs," says Valentic.
"They are bulletproof suburbs."
Melbourne Block series have been filmed in Prahran, Albert Park, South Yarra, South Melbourne and Richmond.
"You're up there in some of the best 10 suburbs in Melbourne in terms of price growth, demand, amenities, cafes and lifestyle," says Valentic. The tight supply of properties each season also boosts their value.
"It is a boutique block, they're only building four or five," Valentic explains.
"So each has land value – you're buying one quarter of a block of land in South Yarra or Prahran."
Perhaps the most "bulletproof" ofthe Melbourne Block properties so far has been the Dux Theatre in Albert Park, where The Block: Fans v Faves series was filmed. There, the renovators made record profits as Block property <a href="/news/substance-over-style-as-chantelle-and-steve-win-the-block-2014-fans-v-faves">prices reached $2.47 million</a>.  That's how much Valentic bid for the winning apartment, renovated by Steve and Chantelle. Unlike some of his other Block purchases, 1/47 O'Grady St, Albert Park was bought by owner-occupiers – a young couple with a baby.
<img src="/images/2015/04/24/albert%20park%20april%2024%20one.jpg" alt="">
<a href="https://www.realestate.com.au/property-apartment-vic-albert+park-116364403" target="_blank">1/47 O'Grady St, Albert Park</a>
<ul>
<li>Renovated by Steve and Chantelle</li>
<li>Purchased in April 2014 for $2,470,000 by owner-occupiers</li>
</ul>
Valentic again secured the most expensive apartment on offer last season, at The Block Sky High in Prahran. Simon and Shannon's apartment at 4/125 High Street sold for $1.9 million to an investor from Kilsyth, who plans to move in when their kids are older and leave home. Tenants were secured within a week of settlement.
<img src="/images/2015/04/24/prahran-paril-24-one.jpg" alt="">
<a href="https://www.4-125highstreetprahran.com" target="_blank">4/125 High St, Prahran</a>
<ul>
<li>Renovated by Simon and Shannon</li>
<li>Purchased Oct 2014 for $1,900,000 by investor who will move in when kids older</li>
<li>Rented for $1,900 per week</li>
<li>Yield 5.2% (plus $69,000 in depreciation)</li>
</ul>
With the apartment renting out for $1,350 per week and depreciation reaching $69,000, Valentic says his clients are more or less positively geared.
The <a href="/expert-insights/finance/the-block-triple-threats-depreciation-tax-treat-for-investors">tax benefit</a> that comes with purchasing newly renovated, fully furnished apartments is a major cash flow boost for investors.
And although the judges may put a big premium on the rugs and fancy furniture that litter the Block properties, Valentic says the $120,000 or so worth of furnishing aren't a priority for his clients. Instead, they're interested in capital growth, rental returns, and their costs.
"That's what my investors are looking for," says Valentic. "Buying in a bulletproof suburb where you find cash flow positive properties."
Note: This article originally incorrectly stated that Simon and Shannon's apartment was being rented for $1350 per week. This error has been corrected.
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With these returns, would you buy a Block apartment?

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Queensland's Lockyer Valley and Scenic Rim saw the greatest proportion of loss making resales of any near Brisbane region in the December quarter, according to CoreLogic RP Data.
The two rural local government regions are each far from the Brisbane city centre.
Lockyer Valley, which includes Gatton, Laidley, Ballard, Blanchview, Blenheim, Flagstone Creek and Ropeley, had the biggest proportion of loss-making sales, at 28.6%. The median loss for an unsuccessful sale was $24,500.
In<a href="https://www.realestate.com.au/property-house-qld-laidley-118697115" target="_blank"> Laidley, 1 Cassowary Place</a> (pictured below)sold in February. The four bedroom house sold at a loss, for $245,000. Eight years earlier, the vendors paid $257,000.
<img src="/images/2015/04/23/laidley%20april%2023%20bre.jpg" alt="">
While the Scenic Rim region recorded a smaller proportion of loss-making sales than the Lockyer Valley, at 27%, the median loss was higher, at $36,500. In total, $604,000 was lost in Scenic Rim sales in the December quarter.
Beaudesert, Boonah, Palen Creek and Maroon are all part of the Scenic Rim region.
<a href="https://www.realestate.com.au/property-house-qld-boonah-118419223" target="_blank">5 Melbourne Street, in Boonah</a>, (pictured below) sold for $275,000 in December last year.
<img src="/images/2015/04/23/boonah%20april%2023%20bre.jpg" alt="">
That's the same price vendors paid in December 2011. They had attempted to sell the property earlier in 2014, with an asking price of $309,000, before withdrawing it from the market and relisting it for $280,000 in November 2014.
CoreLogic RP Data's Pain and Gain report showed that regional Queensland had the highest proportion of loss-making resales of any areas in the country.
The Brisbane local government area (LGA) itself had the lowest proportion of loss-making resales for the December quarter, with a median profit of $163,500. Of Brisbane LGA resales, 93.8% turned a profit.
There was no area in Brisbane that was totally immune from losses in the December quarter.
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More than a quarter of sales in Lockyer Valley making a loss: Corelogic RP Data

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Rental rates would be driven upwards if negative gearing benefits were removed, the Real Estate Institute of Queensland (REIQ) claims.
The real estate industry lobby has criticised recent comments from Labor Shadow Treasurer Chris Bowen, who flagged that the party may wind back negative gearing benefits if it comes to power.
REIQ chief executive Antonia Mercorella believes negative gearing increases the supply of affordable rental properties.
"Investors help maintain supply to the rental market and a strong supply also ensures rental affordability is maintained," claims Mercorella.
"In Queensland more than a third of our population is in rental accommodation, so it's crucial that supply is maintained for this large section of the community.
"If private rentals were drastically reduced this would place enormous strain on the limited resources in public housing.
"It would also serve to drive up rents in remaining limited stock," she says.
Mercorella cited a "surge" in rents when the Hawke government removed negative gearing benefits between 1985 and 1987.
"We saw rental affordability plummet in Sydney and Melbourne when negative gearing benefits were quarantined."
Her claim mirrors those made by Treasurer Joe Hockey recently on ABC's Q&amp;A.
"You saw a surge in rents and those people who were paying rents are usually - not always, but usually - people that can't afford in many cases to buy their own homes," Hockey said last month, of the 1980s negative gearing changes.
However, his claims were refuted by economist John Daley of the Grattan Institute, who said the rental increase was confined to Sydney, which could have been attributed to an undersupply of property.
"But look beyond Sydney and rents were dead - barely moved in Brisbane, didn't go up very far in Melbourne, didn't go up very far in Adelaide," Daley said on the show. The varied performance of rents across Australia "made you suspect very strongly that the race memory we have of abolish negative gearing, that rents will go up, is a race memory built on Sydney," he said.
Mercorella, however, believes there is still reason to draw evidence to support negative gearing from the 1980s.
"Sydney and Melbourne are our bellwether states, and they lead the property market trends, so we know with absolute certainty what will happen if we do this again – it will destroy rental affordability and place enormous  strain on the public housing system as investors desert property as an asset class," she argues.
She cites the Queensland government's Housing 2020 report, published in 2013, which details plans to scale back public housing, encouraging residents to consider social housing "transitional".
According to the REIQ, investors make up 34% of owners in the residential market.
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Don't abandon negative gearing REIQ tells Labor's Chris Bowen

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When looking for an affordable purchase, many prospective buyers find themselves forced to look further out from the inner city.
CoreLogic RP Data has gathered the cheapest five suburbs within 10 kilometres of the capital city CBDs, for both house and unit markets.
The expensiveness of Sydney's suburbs is immediately apparent, with an almost $700,000 difference between the median price of its cheapest inner city suburb for houses, Turrella, and that of Hobart's cheapest inner city suburb, Clarendon Vale. In Sydney, all the cheapest suburbs for houses were close to the airport, south of the city. The unit market was more varied.
<img src="/images/2015/04/23/core-april-23-one.jpg" alt="">
<img src="/images/2015/04/23/core-april-23-two.jpg" alt="">
Source: CoreLogic RP Data
CoreLogic RP Data research Cameron Kusher noted that units are cheaper than houses in all the most affordable inner-city markets.
"In the more expensive cities such as Sydney, Melbourne, Darwin and Canberra it has become difficult to secure houses close to the city at relatively affordable prices," said Kusher.
"Given buyers are willing to pay an entry level premium – we anticipate this trend will continue over the coming years."
Kusher attributed high inner-city prices to better infrastructure and amenity, including hospitals, schools, transport and retail centres.
"Furthermore, the better schools are often also located around the inner city suburbs. As a result, demand for housing in these areas is typically much higher resulting in the cost also being higher," said Kusher.
Bellfield, in Melbourne's north, is the cheapest suburb for houses, with a median price of $582,573. The renovated brick home below, at <a href="https://www.realestateview.com.au/Real-Estate/38-wimpole-crescent-bellfield/Property-Details-buy-residential-8635282" target="_blank">38 Wimpole Crescent, Bellfield</a> (pictured below), sold in December for $506,000, after being listed with a price guide of $620,000.
The two bedroom house sits on a 605 square metre plot.
<img src="/images/2015/04/23/bellfield%20april%2023%20one.jpg" alt="">
The cheapest inner-city unit market in Australia is unsurprisingly located in Hobart. Glenorchy, which is north of the CBD, has a median unit price of just $199,303.
<a href="https://www.realestate.com.au/property-unit-tas-glenorchy-118154447" target="_blank">1/13 Sunlea Place in Glenorchy</a> (pictured below), a two bedroom unit, sold for $190,000 in December.
<img src="/images/2015/04/23/glenorchy%20april%2023%20one.jpg" alt="">
Earlier this year, it was advertised to rent at $270 per week. If the vendors secured a tenant at that price, the property would be yielding 7.4%.
Note: This article originally mistakenly referred to 38 Wimpole Crescent as 38 O'Keefe Street. The error has now been amended.
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Not much under $250,000 in Australia's most affordable mainland inner city suburbs: CoreLogic RP Data

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The government's claim that increasing home prices are due to an underlying imbalance in demand and supply is not true, according to a new report.
LF Economics' Housing Supply in Australia report draws a parallel between Australia's current market and the United States property market before the global financial crisis. The report's author, Lindsay David, writes that the American housing bubble was "blamed on a phantom shortage", which was proven untrue after the market crashed. Instead, writes David, there was actually a "massive oversupply of houses in the market".
"Every country that has suffered through a housing cycle in recent years had so-called experts claiming capital prices were based upon fundamental factors of supply and demand," reads the report.
"Unfortunately, economists considered these housing price booms to be efficiently based, so there was no need to actually test for a shortage – they are considered to exist by definition."
According to the report, Victoria is of "particular concern", with the greatest rise in housing prices but also the "largest cumulative oversupply of dwellings at 123,000" – three years' worth of excess supply.
<img src="/images/2015/04/22/soos-april-22-one.jpg" alt="">
The report determined that to cope with its growing population, between 1996 and 2014, Australia should have required a new dwelling for every 2.6 new residents. The LF Dwelling Supply Index compares the amount of new housing supply to the influx of new residents.
<img src="/images/2015/04/22/soos-april-22-two.jpg" alt="">
According to the report, while there have been some periods of undersupply, from 1996 to 2006, there was an oversupply of housing in Australia.
David attributes the surplus period between 2007 and 2009 to the global financial crisis, which lead to a moderation in construction while population growth increased.
"A deficit existed between 2011 and 2013, again moving into surplus as population growth has again slowed and another boom in dwelling construction has taken hold, especially in the capital city apartment markets," David writes.
"Given the uptick in dwelling completions and residential projects in the pipeline, a surplus appears likely for the next several quarters."
The report concluded that there is no connection between housing prices and the rise in home prices recorded since 1996.
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"Housing shortage is a myth": Report

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The three buyer's agents who have been providing advice to the contestants on The Block Triple Threat are in a unique position.
Usually tasked with representing potential buyers, Greville Pabst, Nicole Jacobs and Frank Valentic have also been helping out the vendors, the Channel 9 television series production company giving advice to the contestants each week on what buyers value in a home.
When <a href="/expert-insights/building/leading-melbourne-buyers-agents-join-the-block-triple-threat">it was announced</a> at the beginning of this season that the buyer's advocates would be joining the show, many speculated that the move was intended to prevent a repeat of last season's dismal auction results.
However, although at least two of the three buyer's agents will be representing bidders at the auction on 28 April, they insist there is no conflict of interest.
Nicole Jacobs, the founder of Jacobs Buyer Advocates, tells Property Observer that the situation is not too different from a buyer's advocates usual duties.
"Each week we gave advice as buyer advocates as to whether the couples were meeting the expectations of the South Yarra market; finishes, floor plan and fixtures," said Jacobs.
"All the couples engaged selling agents early on in the process. This campaign is no different to any other where we might be asked for advice or for feedback from a selling agent (acting for their vendor) on what we think about the property from a buyer's perspective."
The Real Estate Buyers Agent Association of Australia (REBAA) defines buyer's agents as "licensed professionals who specialize in searching, locating, evaluating and negotiating the purchase of property on behalf of buyers".
"They do not sell real estate," reads the REBAA website. "They are engaged independently and paid for by the buyer to act on their behalf. The key difference between a selling agent and buyer's agent is who they represent as, by law, an agent cannot act for and accept a commission from both parties in the same transaction."
Paul Bird of the Real Estate Institute of Victoria (REIV) says the role of the buyer's agents as judges does not quite reflect a selling agent's role.
"Under the estate agents act, you can't act as both a selling agent and a buyer's agent concurrently," says Bird.
"But this particular example is a little bit different, in that with The Block, there are some people who are giving a bit of advice to those who are looking to put the properties to market. It's really just a bit of interior design and other advice by these people."
"It is slightly different to acting as both a selling agent and a buying agent," Bird explains.
"If you were employed by the vendor to sell a house and you were wanting to bid at auction or have an associate bid on the auction, it would be a breach of the [Estate Agents Act 1980]."
He says the situation is "slightly outside of the standard clarity in the Act around being both a selling agent and a buyer's agent."
Greville Pabst clarifies that the contestants are not the actual vendors, although they stand to profit from participating in The Block. "Our role on the show is very specific – help the contestants maximise the appeal of their properties to prospective buyers," says Pabst.
"More interest in the properties means greater competition, which may result in a better sales result for the properties, and hence what contestants walk away with on auction day. However, it is important to acknowledge that in this case the vendor is in fact Watercress Productions, not the contestants."
Advantage Property Consulting's Frank Valentic, who has successfully bid on multiple Block properties before, will be attempting to do so again later this month. He notes the separation of his role as a Block judge and his role as a buyer's advocate, with his judging role wrapping up before Christmas.
"From Christmas my hat was on as a buyer's advocate," says Valentic. Jacobs also says she is well and truly working only as a buyer's agent in the lead up to the auction," she says.
"We are now focusing on pre-auction meetings with our clients and sharing with them the extensive research that we have done on each of the asset classes within the South Yarra market so they can make a fully informed decision."
Valentic explains how his judging role worked last year.
"All we're really doing is coming on and giving some tips from the buyer's perspective from what the buyers are looking for," he said.
"They've still got their selling agents guiding them and representing them."
His clients will have their budgets come auction day and he will be set on securing the properties for the best prices, while "the agents are going to be trying to sell at the highest price," says Valentic.
According to Pabst, he's received "a lot of interest" from potential buyers, especially investors. "My role as a Buyers' Advocate is to advise my clients on how to select and successfully purchase property that will deliver high capital growth. What I can tell you is we have received a lot of interest from a number of potential buyers, particularly investors due to the tax depreciation and the rental income potential of each of the four South Yarra apartments.
"While the Buyers Jury provided guidance to Block contestants throughout the renovations, on auction day we represent the buyers and their best interests"
At the end of the day, says Jacobs, the buyer's agents are only there for the buyers.
"We hope all the couples get the outcome they are looking for but ultimately, we are there to represent our buyers' interests," she says.
Note: This article has been amended to include Greville Pabst's comments. 
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No conflict of interest over judging, say Block South Yarra buyer's agents

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Melbourne inner city vendors lost a total of $4.5 million in the December quarter.
The local government area had the highest rate of loss-making sales of any Melbourne region in the three month period. According to CoreLogic RP Data's latest Pain and Gain report, 17.3% of Melbourne City resales in the final quarter of 2014 made a loss.
The Melbourne local government area includes Melbourne's CBD, Carlton, parts of Carlton North, Docklands, East Melbourne, some parts of Flemington, Jolimont, Kensington, Parkville, Southbank and West Melbourne.
It also includes parts of North Melbourne, Port Melbourne, South Wharf and South Yarra.
The median loss for Melbourne City resales in the December quarter was $27,350. With a total of $4,527,759 lost by vendors, the region also recorded the highest total loss of any Melbourne area.
Vendors who made a gross loss on Melbourne inner city sales in the December quarter in general held their properties for a shorter time than their profiteering counterparts. A loss-making vendor held their property for an average 5.6 years, while the 82.7% of profit-making sellers in the same region sold their properties after an average of 10 years of ownership.
Those who did profit made a median of $152,000 on their sale, with total gains over the quarter of $108,107,048.
It wasn't just inner city vendors who were saddled with losses in the December quarter.
In the newly-developing rural-fringe region of Melton, 11.8% of all resales resulted in a loss in that period. The loss-making properties were held for an average of 3.6 years, with a median loss of $12,000. In total, vendors lost $1,453,850 on Melton sales in the December quarter.
The Melton properties which did turn a profit were held on average for 8.5 years, and made a median profit of $85,000.
The only Melbourne local government area to have a 100% success rate in the December quarter was Murrindindi, although many would not count the area as part of Melbourne. Located in the Hume region, it includes Kinglake, Marysville, Alexandra, Buxton, Eildon, Flowerdale, Molesworth, Strath Creek, Taggerty, Yarck and Yea.
December quarter sales in Murrindindi had an average hold period of 13 years, with a median profit of $91,000.
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Almost one in five of Melbourne City resales making a loss: CoreLogic RP Data

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If you're interested in buying the townhouse renovated by Deanne and Darren on The Block Triple Threat, you can expect to pay $1,654,000, according to price prediction website realAs.
The website has released its predictions for the upcoming South Yarra auctions, which are based on a tightly-held algorithm.
Deanne and Darren's renovation at <a href="https://www.realestate.com.au/property-townhouse-vic-south+yarra-119444079" target="_blank">4/27 Darling Street</a> (pictured above) is likely to be the most expensive of the four properties, with an advertised price of $1.5 million.
RealAs predicts the next most expensive to be Josh and Charlotte's at 1/27 Darling Street. It tips the triple storey townhouse will go for $1.55 million, with an advertised price of $1.4 million.
Jess and Ayden and Tim and Anastasia's apartments seem to be neck and neck, with RealAs predicting a $1,446,000 price tag for Tim and Anastasia's at <a href="https://www.domain.com.au/for-sale/27-darling-street-south-yarra-vic-3141-2011881553" target="_blank">2/27 Darling Street</a>. Jess and Ayden's <a href="https://www.realestate.com.au/property-townhouse-vic-south+yarra-119448343" target="_blank">unit three</a> is only $20,000 behind, at $1,426,000, despite the $100,000 price gap between their quoted prices.
<ul>
<li>1/27 Darling St:</li>
</ul>
Agent quote: $1.4 million RealAs: $1.55 million
<ul>
<li>2/27 Darling St:</li>
</ul>
Agent quote: $1.3 million RealAs: $1.446 million
<ul>
<li>3/27 Darling St:</li>
</ul>
Agent quote: $1.2 million RealAs: $1.426 million
<ul>
<li>4/27 Darling St:</li>
</ul>
Agent quote: $1.5 million RealAs: $1.654 million
According to RealAs, their average prediction is within 5% of the final sale price of properties, and close to 90% of their predictions fall within a 10% margin of the final sale price.
Speaking to <a href="https://www.news.com.au/finance/real-estate/the-block-townhouses-tipped-to-sell-for-15m-plus/story-fndba8uq-1227298820902" target="_blank">News Corp earlier this week</a>, Wakelin Property Advisory director Paul Nugent also backed Deanne and Darren's apartment to take out the highest price, pricing it between $1.6 million and $1.8 million.
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Darren and Dee's renovation tipped to top The Block and sell for more than $1.6 million

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A group of seven petrol stations were on offer at today's Burgess Rawson investment portfolio auction.
Crown Casino's River Room filled with investors keen to snap up a petrol station or one of the 13 other commercial properties on offer.
The first petrol station to go under the hammer with auctioneer David Scholes was a Woolworths Caltex in the Western Australian town of Katanning.
A rather optimistic first bid was put in at $400,000, which was quite firmly rejected by Scholes.
"You have to start somewhere," mumbled the embarrassed under bidder.
The more realistic starting bid was placed at $900,000, and a group of competing bidders from Melbourne, Sydney and Western Australia brought the price to $1.03 million, often at a pace of $5,000 per bid.
The Katanning petrol station at <a href="https://www.realcommercial.com.au/property-offices-wa-katanning-501493547" target="_blank">137-139 Clive Street</a> (pictured above), which brings in $56,818 per annum, was sold on a 5.52% yield. Woolworths have recently signed a 15 year lease.
The next petrol station up for auction was also leased by Woolworths Caltex. Located at<a href="https://www.commercialview.com.au/565-581-sydney-road-coburg-vic/commercial-for-sale-details-8514182" target="_blank"> 565-581 Sydney Road in Victoria's Coburg</a>, the site brings in $253,758 per year, with Scholes noting that more than 32,000 vehicles pass by the service station daily.
Woolworths signed a 15 year lease for the site in 2012. The 1,858 square metre property, Scholes noted, is nearly opposite the former Pentridge Prison, where an apartment development is being planned.
Bidding officially began at $3.8 million after a rejected $2.75 million starting bid, before stalling at $4.15 million. After some consultation, a vendor bid was placed at $4.5 million, which was matched by a bidder. The Coburg petrol station was secured at a 5.64% yield.
Next on the auction block was a Coles Express petrol station in Queensland's Ayr. Located about 85 kilometres south of Townsville, the Coles Express at <a href="https://www.burgessrawson.com.au/3P0992#.VS3sfIWM54s" target="_blank">140-132 Edwards Street</a> (Bruce Highway) on a corner site, the 2,015 square metre property came with development approval for a fast food outlet.
Coles Express pay $288,400 net per annum in rent, with fixed 3% annual rental increases.
Scholes suggested that bidders from Brisbane, Sydney and Melbourne begin at $4 million, and a small group of bidders slowly pushed the price upwards past $5 million. After a tight bidding volley between a Sydney and Melbourne bidder, the winning $5.1 million bid from a Sydney investor saw the Melbourne hopeful walk out of the room.
The Coles Express sold at a 5.65% yield.
The vendors of the next Queensland petrol station to be auctioned weren't quite so lucky.
The Shell SPAR Express in Bundaberg, at <a href="https://www.burgessrawson.com.au/4P0146#.VS3uPIWM54s" target="_blank">15 Scotland Street</a>, was passed in after subdued interest from the crowd.
The corner petrol station site, which includes a 378 square metre SPAR convenience supermarket, brings in $337,459 per annum in rent. The tenant has signed a 20 year lease to 2032, with a fixed rental increase of 4% per year.
While Scholes attempted to entice bidders to enter the race at $4.5 million, the first bid was placed at $4 million. After just a handful of bids, the bidding stalled around $4.5 million. It was passed in at $4,525,000.
</body></html>

Mixed result for petrol station sales at portfolio auction

Local developer Harridan is seeking to turn its Woolloongabba apartment project into the first stage of a broader transformation of Burke Street, using a new 16-storey mixed-use building to establish a greener pedestrian connection toward the rapidly evolving Boggo Road transport and knowledge precinct.

The South East Queensland developer has filed plans for 154 apartments on the <a href="https://www.apartments.com.au/new-apartments/4-burke-street-woolloongabba-qld-4102">southern side of Burke Street</a>, where its proposal has been designed alongside a wider vision by LatStudios for the street.

That vision positions the southern side of Burke Street for buildings of 15 storeys and above, while envisaging lower-rise development of up to five storeys on the northern side to transition into Woolloongabba's existing character housing. It also proposes wider pedestrian verges, deep planting, new street trees and upgrades to the pedestrian approach to Boggo Road Station.

The Harridan development itself has been designed by Brisbane-based Arqus Design and will comprise 154 apartments across 16 storeys. The mix is weighted heavily toward two-bedroom apartments, with 121 proposed alongside 10 one-bedroom and 23 three-bedroom residences. There will typically be around 14 units per floor.

A lower-ground car park and three podium levels will accommodate 156 resident parking spaces, along with visitor and commercial parking. There will also be 154 resident bicycle spaces and 40 visitor bicycle parks.

&nbsp;

Harridan is a family-owned developer and part of the Holmwood Highgate Group, with more than three decades of development activity across South East Queensland. Its portfolio spans residential, commercial and industrial property, with current residential projects including Riverbank on Byron in Bulimba, Esperance Residences in Carina and The Precinct at Kinross Road in Thornlands.

Wooloongabba has been popular for apartment developers, particularly since the announcement of the 2032 Summer Olympics games in Brisbane.

While there have been a lot of development applications, it has failed to materialize into real supply.&nbsp;

Sarazin has been the major player in the area. They are under construction at Murcia Residences, on the fringe of East Brisbane and Woolloongabba. They have just launched <a href="https://www.apartments.com.au/new-apartments/the-stanley-residences-woolloongabba-8-trafalgar-street-woolloongabba-qld-4102">The Stanley Residences</a>, in Woolloongabba on Trafalagar Street. They also have Nuage coming soon on the nearby <a href="https://www.apartments.com.au/new-apartments/nuage-woolloongabba-14-wellington-road-woolloongabba-qld-4102">Wellington Road</a>.

Joel Robinson

First look: Harridan plans Burke Street transformation beside Boggo Road transport hub

IN BRIEF

<ul>
	<li>
	Just three double-storey Sky Homes sit at the top of The Waterline, each with its own private marina berth and rooftop terrace.
	</li>
	<li>
	Construction on The Waterline is complete, with the first residents expected to move in from mid-October.
	</li>
	<li>
	Sky Homes range from 282 sqm to 367 sqm and are priced from $3.65 million.
	</li>
</ul>

<hr />
Lewis Land has opened the first completed sky home for inspection at Harbour Shores, giving buyers their first opportunity to step inside one of just three double-storey residences crowning The Waterline.

Each sky home comes with its own private marina berth, rooftop terrace and Broadwater views, combining the scale of a larger home with direct access to the boating lifestyle that underpins the wider <a href="https://www.apartments.com.au/new-apartments/harbour-shores-biggera-waters-564-oxley-drive-biggera-waters-qld-4216">Harbour Shores</a> masterplan.

[smartcode_project:default project_id=113271 project_image_fid=366708]

Lewis Land Head of Development Michael Long said the inclusion of a berth with every Sky Home had become increasingly valuable as marina access across the Gold Coast tightened.

“Marina berths are becoming increasingly difficult to secure across the Gold Coast, so including one with every Sky Home makes this a genuinely rare offering,” Long said.

“The private 70-berth marina will accommodate boats up to 12 metres in length and is positioned just 2.5 kilometres from the Broadwater, placing the open ocean only 15 minutes away.

“Being able to step out of your home onto your boat is a rare luxury, and it’s something residents here can look forward to when it opens later this year.”

[smartcode_project:default project_id=113271 project_image_fid=366709]

The display opening comes as construction completes on The Waterline, with the first residents expected to move in from mid-October.

The three Sky Homes range from 282 sqm to 367 sqm and each feature three bedrooms, three bathrooms, multiple living zones, expansive kitchens with butler's pantries and large balconies taking in the Broadwater outlook.

Each residence also has three secure basement car spaces and additional storage.

“This is the first opportunity the Gold Coast has had to step into Harbour Shores and see, touch and feel what we’re bringing to life here,” Long said.

“There are only three Sky Homes within The Waterline, ranging in size from 282sqm to 367sqm, with each residence featuring three large bedrooms, three bathrooms, multiple living zones, expansive custom-built kitchens with butler’s pantry, and large balconies capturing Broadwater views.”

<img alt="Harbour Shores" data-entity-type="file" data-entity-uuid="bab65e10-4fab-45e1-92d8-fc56e2ab98ff" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-25%20at%202.00.16%E2%80%AFPM.png?VersionId=XT8q76LsPkw3cYTsvN3JfFDaPLud90PN" />

Residents of The Waterline will have access to a private pool, along with Harbour Shores' wider collection of amenity including a lagoon pool, social clubhouse, tennis court, gym, yoga facilities and sauna.

Lewis Land partnered with Studio Collective to furnish the completed display, with the interiors designed to demonstrate how the residences could function as permanent homes rather than simply as show apartments.

Studio Collective Director Melissa Park said the surrounding waterways informed the interiors, but in a more restrained way than a traditional coastal scheme.

“We drew inspiration from the canals and coastal surrounds, but our approach was to interpret that subtly through layered materials and a grounded palette of earthy tones, rather than literal coastal references,” Park said.

“We introduced hero moments of green and teal to reference the surrounding waterways, while mirrored elements help reflect natural light.

“The result is a residence that feels elevated yet comfortable, somewhere buyers can genuinely imagine themselves living, entertaining and unwinding.”

Sky Homes are priced from $3.65 million.

Lewis Land is also offering private marina berths with The Residences, its limited collection of three and four-bedroom villas positioned directly along the Harbour Shores waterfront boardwalk.

Three-bedroom villas are priced from $2.99 million, while four-bedroom residences start from $3.19 million.

Harbour Shores is being marketed by Colliers International.

[smartcode_project_cta:default project_id=113271]

Lewis Land opens sky home display as The Waterline completes at Harbour Shores

St Vincent de Paul Society Housing Australia has filed plans for a major mixed-use housing precinct on the southern edge of the North Sydney CBD, adding another significant proposal to a pocket around North Sydn​ey Station that is quickly becoming one of the LGA's busiest development zones.

The State Significant Development Application covers a 5,990 sqm site at <a href="https://www.apartments.com.au/new-apartments/1-19-mackenzie-street-lavender-bay-nsw-2060">1-19 MacKenzie Street and 211 Blues Point Road in Lavender Bay</a>, immediately south of Nor​th Sydney Station and between the commercial core and the lower-rise Lavender Bay Heritage Conservation Area.

Designed by Wardle, the proposal would deliver a new residential tower comprising 88 build-to-sell apartments and 19 affordable apartments, alongside a separate co-living building with 57 rooms and a building manager's studio.

It would also see the significant restoration and upgrade of St Francis Xavier Catholic Church, the adaptive reuse of the former school building, new parish facilities, retail, a new public square and around 1,000 sqm of publicly accessible open space.

<img alt="Vinnies North Sydney" data-entity-type="file" data-entity-uuid="d5dd7f87-a617-463e-b577-17541e01f0e9" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-26%20at%209.10.13%E2%80%AFAM.png?VersionId=4R8TsFN3P_LrrXO2HswTOIrx2blil8lh" />

The project is seeking a concurrent rezoning of the site to R4 High Density Residential and an increase in the maximum building height to allow a tower reaching RL120, or up to 20 storeys. The proposal was progressed through the NSW Government's Housing Delivery Authority pathway.

The build-to-sell component will be weighted toward larger apartments, with just six one-bedroom apartments compared with 31 two-beds, 43 three-beds and eight four-bedroom residences.

The 19 affordable apartments will comprise two studios, 15 one-bedroom apartments and two two-bedroom apartments, taking the total apartment component to 107 residences before the 58 co-living rooms are included.

<img alt="Vnnies" data-entity-type="file" data-entity-uuid="7d568ca5-cb90-4e18-96c6-d9795dba0c56" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-26%20at%209.10.05%E2%80%AFAM.png?VersionId=GY2R5M9VtQh0EKy1vajaea19PSLOPuRD" />

Wardle's design for the Vinnies site has sought to negotiate that emerging high-rise context while retaining the lower-scale character of MacKenzie Street and the adjoining heritage conservation area.

The main building adopts a three-storey podium and tower arrangement, with the podium aligned to the ridgeline and front setback of St Francis Xavier Church.&nbsp;Wardle has designed the podium with colonnades, seating, recessed entries and active ground-floor frontages, with sandstone-toned precast concrete and face brick referencing the materiality of the existing church.

The tower then steps back eight metres to the south and six metres to the north before rising in a sculpted form comprising four interlocking quadrants. Wardle has also introduced rounded forms and chamfered corners to reduce the tower's perceived bulk and improve view sharing with neighbouring development sites.

Resident facilities and outdoor areas are planned at the separation between the podium and tower at Level 3, oriented toward Sydney Harbour and the CBD skyline.

The tower itself will feature a glass reinforced concrete facade, with recessed balconies and deep reveals used both to provide shading and privacy and frame views toward the harbour and city. The lower levels take a different architectural approach, using brick and sandstone-toned finishes intended to establish a stronger relationship with St Francis Xavier Church. The Church itself will be conserved and upgraded for its continued use, while the former school building will be adaptively reused as part of the co-living component.

<img alt="Lavendar Bay" data-entity-type="file" data-entity-uuid="2d4418ad-90aa-4d49-af93-c80b140aea80" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-26%20at%209.09.47%E2%80%AFAM.png?VersionId=Kv4gzbsACaGvZSRuaqcfGC54jEJRXIDJ" />

&nbsp;

The proposal adds to an increasingly concentrated pipeline of residential development around Blue Street, MacKenzie Street and Lavender Bay.

Just west of the site, Central Element lodged plans earlier this year for one of the most significant residential developments proposed in Lavender Bay in recent years.

Central Element's SJB-designed scheme at 64-66 Lavender Street and 3-7 Middlemiss Street would deliver 163 apartments across two towers rising 23 and 32 storeys, replacing five existing apartment buildings containing 32 homes. The project also forms part of the Housing Delivery Authority pathway.

<a href="https://www.apartments.com.au/news/nsw/first-look-central-element-reveals-lavender-bay-apartment-plans?utm_source=chatgpt.com" rel="noopener" target="_blank">First look: Central Element reveals Lavender Bay apartment plans</a>

Immediately around North Sy​dney Station, another two significant proposals have emerged at 5 and 15 Blue Street.

Zurich Australian Insurance Properties is seeking to adaptively reuse its longstanding commercial building at 5 Blue Street, directly above North Sydney Station, rather than demolishing the structure.

Its SSDA proposes converting the building into a 14-storey mixed-use development with 62 apartments and 86 co-living rooms, together with ground-floor retail and a major refurbishment of Blue Street Plaza. The application is currently at the Response to Submissions stage.

<a href="https://www.apartments.com.au/news/nsw/first-look-zurich-targets-north-sydney-office-conversion-with-148-unit-proposal-above-metro-station">First look: Zurich targets North Sydney office conversion with 148-unit proposal above Metro station</a>

&nbsp;

First look: Vinnies files for 20-storey Lavender Bay apartment tower as North Sydney housing pocket heats up

When the opportunity arose for South Australian developer Palumbo to return to Kent Town, where it had previously delivered East Park Apartments and the East 
Rundle Apartments, it wasn't one the longstanding developer-builder was going to pass up.

The decision was quickly vindicated, with more than 30 apartments sold within the first month of launching <a href="https://www.apartments.com.au/new-apartments/royal-apartments-kent-town-2-8-north-terrace-kent-town-sa-5067">Royal Apartments</a> to the market.

The 206-apartment development, which will bring significant new supply to Adelaide's tightly held eastern city fringe, also gives <a href="https://www.apartments.com.au/developers/palumbo">Palumbo</a> the opportunity to bring new life to one of Kent Town's most recognisable watering holes.

[smartcode_project:default project_id=6109 project_image_fid=376073]

Royal Apartments incorporates the historic Royal Hotel, a venue Palumbo Managing Director Daniel Palumbo said has a longstanding connection with the local community.

"Everyone in the area has history with the Royal Hotel," Palumbo told Apartments.com.au.

"It was quite an active pub and social gathering place for locals. We want to bring it back to its former glory."

[smartcode_project:default project_id=6109 project_image_fid=376072]

The wider development will comprise two residential towers alongside the restored hotel, sitting on North Terrace opposite the Adelaide Park Lands.

For Palumbo, the project also marks a return to familiar territory.

The developer completed East Park Apartments next door more than a decade ago and jumped at the opportunity to develop in Kent Town again when the Royal Hotel site became available.

"The opportunity emerged, and we moved to secure the site," Palumbo said.

"We were approached by the previous landowner, who said they had extensive commitments in Sydney and weren't in a position to deliver the project.

"We took over the site and within six months recut the design scheme to be more in keeping with the type of development we want to bring to Adelaide.

"Now we're on the market and those changes have really resonated with local buyers."

That has translated into a strong start to sales, with 33 apartments transacting in the project's first 35 days.

Palumbo said the early purchaser profile had been consistent with the group's traditional focus on owner-occupiers rather than investor-led apartment stock.

"Local owner-occupiers have always been our market," he said.

"There are always some investors, but we've never developed what would be called traditional development stock. Owner-occupiers are very much our market."

[smartcode_project:default project_id=6109 project_image_fid=376068]

The buyer mix has been diverse so far, with downsizers and younger professionals both accounting for a significant portion of early sales.

South Australia's current stamp duty settings, which allow&nbsp;eligible homeowners in South Australia aged 60 savings of up to $103,830 on stamp duty when they downsize to a new property valued at up to $2 million,&nbsp;have helped encourage downsizer activity, while younger buyers in their late 20s and early 30s have been attracted to the opportunity to live immediately outside the CBD while still being able to walk into the city.



Location has been a major part of the proposition for both buyer cohorts.

[smartcode_project:default project_id=6109 project_image_fid=376075]

Royal Apartments sits on North Terrace directly opposite the Adelaide Park Lands, with residents able to walk through the parklands toward the East End, Rundle Street and Rundle Mall.

Apartments have been positioned to capture views across the parklands, Adelaide skyline, Botanic Gardens and Adelaide Hills.

Palumbo believes the scarcity of developable land along this section of the Park Lands makes the site particularly difficult to replicate.

"There's very few allotments on that side that can be developed," he said.

"If this location was in New York and you were sitting on Central Park, you'd be talking about a $60 million apartments."

Royal Apartments will offer a broad mix of residences, ranging from one-bedroom apartments through to four-bedroom sub-penthouses and penthouses.

Current listings include one-bedroom apartments from $680,000, while larger three and four-bedroom residences are priced around $2.5 million.

Residents will have access to a swimming pool, gym, barbecue and recreation areas, residents' lounge and dining space, and a communal deck.

[smartcode_project:default project_id=6109 project_image_fid=376067]

The apartments will feature generous balconies, while secure parking, bicycle storage and storage cages will also be provided.

A porte-cochère-style arrival and drop-off area has also resonated with buyers, particularly those attracted to being able to walk into the CBD during the day while retaining secure vehicle access at home.

Palumbo is acting as developer, architect and builder on Royal Apartments, continuing the vertically integrated model it has used across its South Australian portfolio.

The group was also behind the $150 million Sofitel Adelaide, the 251-room five-star hotel and residential tower which opened in 2021.

Palumbo said Royal's launch had come at an interesting time for the broader Adelaide apartment market.

Buyer confidence had initially been impacted by uncertainty surrounding the Federal Budget and broader economic conditions, but Palumbo believes sentiment is beginning to improve against a backdrop of significant investment flowing into South Australia.

He pointed to increased activity across defence and resources, including Olympic Dam, as potential long-term drivers of the state's economy and housing market.

"Money is starting to flow into Adeliade, significant amounts as Adelaide bucks the trend of the rest of the country.," Palumbo said.

"There's a lot of activity in the economy over the next decade. I think more investment will come into this market."

Early works on Royal Apartments are expected to commence this year, with major construction activity and cranes anticipated on site from early next year.

[smartcode_project_cta:default project_id=6109]

Palumbo's return to Kent Town strikes early chord with buyers

Go-to builder-developer <a href="https://www.apartments.com.au/developers/graya">GRAYA</a> is continuing to bulk out its already impressive and diverse apartment portfolio across South East Queensland. Their latest milestone is securing development approval for Silk, its boutique riverfront apartment development in St Lucia.

The approval clears&nbsp;the way for the team to begin construction planning for the 22-residence project.

<a href="https://www.apartments.com.au/new-apartments/silk-st-lucia-16-18-sandford-street-st-lucia-qld-4067">Silk</a> will rise 15 levels from an 810 sqm site at 16-18 Sandford Street, occupying a prominent bend of the Brisbane River with a prized northern aspect across Orleigh Park toward the Brisbane CBD.

The approved scheme will comprise 16 split-floor and six full-floor residences, continuing GRAYA's move into larger-format apartment developments targeting Brisbane's prestige owner-occupier market.

The project has been designed around the site's broad river frontage and dual-direction views, with GRAYA prioritising larger residences, privacy and outlook over apartment yield.

<img alt="Silk St Lucia" data-entity-type="file" data-entity-uuid="aa5c2349-f96c-4914-a812-1f2cd6827af8" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-26%20at%208.25.44%E2%80%AFAM.png?VersionId=WY0vEU_7vYjeRJKQHiCwFdMxu8PvFh52" />

GRAYA Co-founder and Chief Executive Officer Rob Gray said the project had been shaped around local homeowners wanting to remain in St Lucia without maintaining a traditional family home.

"St Lucia is one of those suburbs people do not want to leave," Gray said.

"They know the river, the trees, UQ, the golf course, Toowong and Indooroopilly, and that familiarity is hard to replace.

"True riverfront opportunities here are exceptionally scarce. What we have designed at Silk is a way to stay in the suburb people love, with the scale and privacy of a private home and far less to maintain.

"This is not typical apartment product. It is a proper home on the river, and that is exactly what this market has been missing."

The approval comes as new apartment development continues to increase across the St Lucia and neighbouring Toowong corridor, although direct riverfront sites remain considerably more tightly held.

GRAYA Co-founder and Managing Director Andrew Gray said securing the approval had removed a significant element of development risk from Silk.

"Genuine riverfront sites of this quality in St Lucia are not something that comes up regularly," Gray said.

"The approval removes a substantial layer of execution risk, and the location underwrites demand in a way very few inner-city sites can.

"The fundamentals here are as strong as anything we have assessed in Brisbane."

<img alt="Silk St Lucia" data-entity-type="file" data-entity-uuid="d0f3d734-65e1-48e8-8ed3-2e0715ffcdd9" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-26%20at%208.25.56%E2%80%AFAM.png?VersionId=sOLSs_jdHkXLWbBKzRyayf5BfTb2vPsD" />

Silk will see GRAYA return to a stretch of the Brisbane River where it already has recent construction experience. The vertically integrated group recently completed ARC in neighbouring Toowong as builder for developer Spyre, delivering the riverfront project on a constrained site.

GRAYA will take a different role at Silk, controlling the project from design and development through construction and aftercare under its vertically integrated model.

The development will include a gym and resident leisure areas at ground level, integrated with the river's edge.

Silk joins a growing pipeline for GRAYA across Brisbane and the Gold Coast, which includes Enclave, The Gallery, Coral and Ripple.

The developer-builder has also recently lodged plans for its largest project to date, <a href="https://www.apartments.com.au/new-apartments/the-silo-19-chester-street-newstead-qld-4006">The Silo</a>, a proposed <a href="https://www.apartments.com.au/news/qld/graya-buys-frasers-newstead-site-plans-the-silo-between-james-street-and-gasworks-precincts">$700 million mixed-use development</a> in Brisbane's James Street precinct.

Silk is expected to predominantly target local owner-occupiers and prestige buyers seeking a permanent riverfront home in Brisbane's inner west.

Registrations of interest are now open, with further details on the project and construction program to be released as it progresses.

<hr />
<h2>SILK PROJECT FACTS</h2>

Developer-builder: GRAYA

Project: Silk

Location: 16-18 Sandford Street, St Lucia

Apartments: 22

Built form: 15 levels

Site: 810 sqm riverfront holding

Mix: 16 split-floor and six full-floor residences

Status: Development approved

Next step: Construction planning underway

[smartcode_project_cta:default project_id=152168]

Jessie Richardson

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