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Houses are now taking 55 days to sell compared with 45 days at the same time last year, according RP Data-Rismark.
And to get a sale vendors are having to typically knock 7.2% off their asking prices across the capital cities. The required discount was 5.7% in July last year.
“The build-up in the number of homes being advertised for sale together with the slow-down in buyer demand has once again seen average selling times expand,” says Tim Lawless, RP Data research director.
“If these soft trends persist, the spring selling season is likely to open up some attractive investment opportunities for prospective buyers.
“In contrast, the selling environment is likely to be challenging for vendors, particularly if they have unrealistic price expectations,” Lawless predicts.
The softening market is also reflected in house price data, which reveal that <a href="https://www.propertyobserver.com.au/residential/housing-prices-down-nationally-in-softening-market-rp-data-rismark/2011083151364" title="RP Data" target="_blank">prices are down in most capital cities</a>.
Westpac senior economist Matthew Hassan says the weakness of prices in the July RP Data-Rismark report is “of some concern”.
“It suggests most markets are experiencing significant price corrections rather than just price slippage,” Hassan says.
“The downturn nationally is still a fairly 'soft landing', but with consumer sentiment slumping badly through July-August there is a risk further price declines could see a negative feedback loop develop between prices, expectations and demand in some markets.
“When the 2008-09 correction reached a similar point, aggressive policy easing – both in the form of rate cuts and first home buyer incentives – provided the catalyst for a swift turnaround.
“Although our analysis continues to point to substantial 'pent-up' demand for housing currently sidelined, particularly in first home buyer segments, any support from policy is likely to come later in the piece and be considerably milder.
“Westpac's forecast for 100bps in rate cuts starting in December should be sufficient to restore demand and stabilise prices in 2012 but near term risks are clearly to the downside,” Hassan says.
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jchancellor-FAypfDUnLy

Sellers need 55 days and a 7.2% discount to find buyers 

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Capital city home values fell 0.6% in July, with Canberra, Darwin and Sydney bucking what RP Data-Rismark calls the softening price trend.
It takes the decline over the first seven months of 2011 in Australian capital city home values to 3.4% to a $455,000 median dwelling price, according to RP Data research director Tim Lawless.
“But this national result conceals wide divergences across the individual cities,” Lawless notes.
Australia’s housing market could be at a crucial inflexion point, according to Rismark International economist Christopher Joye.
“If rates do remain on hold, or begin to fall, we would expect to see Australia’s housing market find a base and begin to generate capital gains again.
“If the RBA has really come to the end of its tightening cycle – which we would find surprising given the high core inflation revealed over the last six months – 2011-2012 will likely be judged one of the best buying windows seen in quite some time.
“The turning point will arrive when otherwise hawkish Australian consumers accept the notion that rates are not going to inexorably increase,” Joye says.
“The financial markets are pricing in five rate cuts while leading economists from Goldman Sachs, Deutsche Bank, Westpac and Macquarie Bank all believe that the RBA’s next move will be down.
“As the most interest rate-sensitive sector of the economy, the housing market will be the chief beneficiary of any decision by the RBA to reduce the cost of debt,” Joye says.
“Indeed, borrowers are already benefiting from de facto rate cuts. The inversion in the yield curve has seen many banks start to slash the cost of fixed-rate home loans.
“Lenders like Members Equity Bank are offering three-year, fixed-rate loans of just 6.35%, which is well below the standard variable rate benchmark of 7.8%.
“And while the rhetoric coming out of the central bank of late has been conflicting, UBS believes that the governor’s testimony to Parliament last week shifted the RBA to a ‘neutral’ stance,” Joye says.
The July RP Data-Rismark report says dwelling values in Canberra had risen by 1.8% during 2011, with much of its boost in July.
Sydney gained 0.1%  to $500,000 in July, but is down 1% over the past seven months.
Melbourne homes led the July downturn with a 1.4% fall to $475,000, taking the home price fall in Melbourne to 5.3% in the past seven months.
The report notes that Melbourne home prices had risen by a stunning 29% over 2009 and 2010.
“After years of being the perennial laggard, Sydney housing now looks to be a relatively resilient store of wealth,” Joye notes.
“Over the last 11 years, Sydney home values increased by a modest 5.6% per annum compared to an Australian capital city average of 7.8% per annum.
“Sydney housing has massively underperformed Perth (10.4% per annum), Brisbane (9.7%) and Melbourne (8.9%) housing over this period,” Joye adds.
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Prices ease in softening market with rebound in sight: RP Data-Rismark

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{yoogallery src=[images/august31eureka]}
The full-floor four-bedroom, five-bathroom penthouse in Melbourne’s Eureka Tower is expected to fetch more than $13 million when it goes on sale next month.
Occupying the 84th floor of one of the world's tallest residential buildings, the 660-square-metre apartment boasts panoramic views of the entire city and bay from almost 300 metres above Riverside Quay Southbank.
It has been listed by some of Eureka's developers – Tab and Eva Fried and architect Nonda Katsalidis, who had kept the floor since the tower was completed in late 2006.
It has a marble elevator lobby, study, bar, formal living and dining areas, butler kitchen and main kitchen, home theatre and six car parks.
Its lighting, blinds, alarm system and doors can be controlled remotely.
It is to be listed through Sean Cussell from estate agency Marshall White.
According to Wikipedia, when measured either by the height of its roof or by the height of its highest habitable floor, Eureka Tower was the tallest residential building in the world when completed.
It is also currently the building with the most floors available for residential occupancy in the world.
The building stands 297 metres in height, with 91 storeys above ground plus one basement level.
It is one of only seven buildings in the world with 90 or more storeys and is the 50th tallest building in the world.
It is also the second-tallest building in Australia and the tallest building in Melbourne.
There are a total of 84 floors of apartments.
The Summit Levels (floors 82 to 87) contain only one apartment per floor, and each apartment had an original price tag of $7 million just for the empty space; purchasers were required to fit out the apartment at additional cost.
The tower has an observation deck on level 88, a restaurant on level 89, a communications room and balcony on level 90 and water tanks on level 90 and 91.
The Q1 penthouse, the highest apartment in the Surfers Paradise skyscraper, is perched near the top of Australia's tallest building. Q1 Tower, approved in 2001 and completed in 2005, is 322 metres tall. The penthouse last sold for $4.8 million October 2010, having initially sold in 2002 for $7.8 million.
Q1 is ranked the world's third tallest residential tower after the 348-metre building The Marina Torch in Dubai won formal recognition as the tallest residential building in the world on April 29, 2011. Q1 is the tallest building in Australia and the Southern Hemisphere when measured to the top of its spire and second tallest building behind Eureka Tower in Melbourne when measured to roof and highest habitable floor.
The Sunland development group built 74th floor penthouse has a sprawling size of 940 square metres.
People say the mania for tall buildings dates back to early Egyptian times; and for more than 3,500 years the world's tallest structure was the Great Pyramid of Giza.
It wasn't until 1311 that England's Lincoln Cathedral topped it at 160 metres, a record held until 1549, when its tower was destroyed in a storm. European churches held the mantle until 1884, when the Washington Monument took the title with 169 metres. In 1889 the record was topped by the Eiffel Tower at 300 metres.
In 1930 the Chrysler Building in New York came in at 319 metres, to be followed by the Empire State Building in 1931 at 381 metres. New York's World Trade Centre hit 420 metres in 1973, but it was bettered by the Sears Tower, at 442 metres, in Chicago in 1974.The Petronas Towers in Kuala Lumpur, Malaysia, weighed in with 452 metres in 1998 and Taipei 101 in Taiwan with 509 metres in 2003.
Last month, the Burj Khalifa in Dubai hit 828 metres.
It is unlikely to lose its mantle for a decade or more, at least until the next big property boom.
Phillip Anderson, in his recent book The Secret Life of Real Estate, concluded that the most reliable indicator of a looming property bubble was the announcement, or the start of construction, of a new tallest building.
Anderson says easy credit triggers egotistical competition for the world's tallest.
"The world's tallest buildings have had a distinct and consistent habit of being completed right at the top of the real estate cycle," he says.
"Skyscrapers are speculative projects, built mostly by developers with other people's money." Anderson, the managing director of Economic Indicator Service, argues that the confluence of tallest buildings at the end of real estate cycles has been evident since 1837.
Q1 Tower would have been overshadowed figuratively if two late 1980s proposed Queensland towers – Pat Zarro's at 445 metres or John Minuzzo's at 450 metres – had ever been constructed.
The Australian record price for an apartment is $19.35 million in the Mercy Hospital redevelopment in East Melbourne.
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Eureka Tower penthouse hoped to fetch sky-high price

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Despite a tightening of availability in the inner city, Melbourne’s overall July rental vacancy rates suggest the availability of rental homes continues to improve.
It is especially obvious in the outer suburbs, according to the Real Estate Institute of Victoria.
The rental vacancy rate increased from 2.2% to 2.5%, well above the 1.75% average for the past year.
“The reduction in population growth and increase in construction of new dwellings is now beginning to provide easier conditions for renters,” REIV spokesman Robert Larocca says.
“The availability of rental homes has been very poor for the past six years, and renters will welcome the recent increase in the vacancy rate.”
But with the vacancy rate below 3% there are still too few rental homes, Larocca says.
The REIV reports the highest level of vacancies was in the outer suburbs, where 3.2% of rental homes are vacant, a substantial improvement from June when the vacancy rate was 2.1%.
In the middle suburbs the vacancy rate is 2.6% – a small improvement from June’s 2.1%.
In the inner city there has been a slight tightening from 2.4 to 2.2%.
Rental homes in regional Victoria are still scarcer than in the metropolitan area, with a vacancy rate of 1.6% compared with 1.5% in June.
Bendigo still has the tightest rental market, with a vacancy rate of only 0.3% down from 0.5% in June.
In Ballarat the vacancy rate was stable at 0.8% and in Geelong there was a minor reduction from 2.4% to 2.1%, Larocca says.
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Melbourne rental vacancy rate eases, except in inner city

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{yoogallery src=[images/stories/august16kurkulla]}
Kurkulla, the former 1880s Bowral schoolhouse in the NSW Southern Highlands, has been sold for about $4.4 million.
The residence, which is on Evans Lane near the town centre, was restored and extended under the guidance of architect Howard Tanner in 2000.
With a new two-storey wing, the five-bedroom brick-and-timber residence features high ornate pressed ceilings, jarrah floors and eight fireplaces.
There is a heated pool and a tennis court with lights on its 1.5-hectare grounds with Catherine Lewis landscaping.
Kurkulla sold through Di Dixon of Ian Rayner Real Estate in conjunction with Bill Bridges of Ballard Property.
It ceased being a boarding school for boys in 1909 when purchased by Ada Evans and her brother.
Evans was the first woman to graduate from the law school at Sydney University, but was refused admission to the bar because the law at that time disqualified woman from practising.
Her battle culminated in the Women's Legal Status Act of 1918 being passed by the Holman government. However, becoming the first woman in NSW to qualify for admission to the bar meant two further years of study.
Evans lived in Kurkulla from 1909 until her death in 1947.
It has been sold through by the Kennedy family, who bought it from the Grattan-Smith family for $4.375 million in 2006. The buyers are said to have come from Canberra.
The Southern Highlands has shown glimpses of activity, including the sale of <a href="https://www.propertyobserver.com.au/news/southern-highlands-buyer-found-after-four-year-pursuit/2011061450481" title="The Chase Sutton Forest" target="_blank">The Chase at Sutton Forest</a>. Its most noteworthy listing is Riverbend at <a target="_blank" title="Jimmy Barnes lists Berrima home" href="https://www.propertyobserver.com.au/new-south-wales/jimmy-barnes-lists-highlands-weekender-on-eve-of-cold-chisel-tour/2011080251008">Berrima by the singer Jimmy Barnes</a>.
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Former schoolhouse in Southern Highlands sold for about $4.4 million

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NSW’s non-residential stamp duty revenue has gotten off to a good start in the latest financial year boosted by premium commercial sales. 

The latest Office of State Revenue data reveals the overall annual transfer duty tally from commercial sale has gone up despite fewer sales,<a target="_blank" title="Stamp duty hasn't fallen off a cliff" href="https://www.propertyobserver.com.au/residential/stamp-duty-revenue-hasn-t-fallen-off-a-cliff-despite-slow-nsw-sales-volumes/2011083051349"> much as it has for residential property</a>. 

There was $616 million in commercial stamp duty paid in the last financial year after purchases by 10,881 investors.

In the 2009-10 financial year 12,972 investors paid a slightly lower $597 million in stamp duty.

The July commercial sales volumes were the slowest in recent years, with just 865 commercial property transactions, but investors paid $54 million in stamp duty last month, which was the highest July level since the 2008-09 financial year.

There were 1,078 sales in July 2010, with the peak years in recent times being 2,160 in July 2008 and 2,252 sales in July 2007.

The figures provide an uncertain backdrop to next week’s first O’Farrell government state budget.

Treasurer Mike Baird and Premier Barry O'Farrell have warned of a "tough" budget, due next Tuesday.
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Fewer commercial sales, but prices underpin NSW stamp duty revenue

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NSW Treasurer Mike Baird has been suggesting NSW faced a state budget crisis given falling revenues.
But the state’s stamp duty revenue hasn’t completely fallen off the cliff.
Indeed, the latest Office of State Revenue data actually reveals the overall annual transfer duty tally has gone up despite fewer house, unit, commercial and land sales.
There was $3.53 billion in stamp duty paid in the last financial year by 161,000 purchasers.
In the 2009-10 financial year 189,000 purchasers paid a slightly lower $3.51 billion in stamp duty.
Stamp duties typically represent about 20% of total state revenue.
Perhaps what has concerned Baird is that the July sales volumes were the slowest in recent years, with just 12,937 property transactions.
It was the slowest sales tally for the six years that figures are available. Buyers paid $292 million in stamp duty last month, down only slightly on the $303 million paid in July 2010.
There were 15,084 sales in July 2010, with the peak years in recent times being 18,040 in July 2009 and 18,070 sales in July 2007.
The latest monthly revenue does sit well below the $375 million paid in July 2007, but we have all had to get use to a tighter rein on income and expenditure following the global financial crisis.
The figures provide an uncertain backdrop to next week’s first O’Farrell government state budget.
The incoming state government delayed the typical May budget following its March election.
Baird presumably now has a clearer view of the so-called black hole he inherited from Eric Roozendaal, the former Labor government treasurer, and the future of his spending initiatives.
It is understood that the NSW financial position has deteriorated by hundreds of millions of dollars since April, with receipts from GST payments and payroll tax having collapsed since the budget position was last published shortly after the March election.
"The budget is under increasing pressure, as all government budgets are with the drop in revenues," Baird told the Sydney Morning Herald earlier this week. It noted stamp duties have been hardest hit.
"Recent global events will hurt our budget, just as they are hurting every budget. And it's not a small amount. It's not in the tens of millions; we're talking hundreds of millions of dollars."
Baird and the Premier, Barry O'Farrell, have warned of a "tough" budget, due next Tuesday.
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Stamp duty revenue hasn't fallen off a cliff, despite slow NSW sales volumes

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Three directors of collapsed property group Australian Capital Reserve have pleaded guilty on the eve of their criminal trial at the NSW District Court to providing false financial information in a prospectus.
The directors – Samuel Pogson formerly of Wahroonga, Murray Lapham of Turramurra, and Steven Martin of West Pennant Hills – headed the Estate Property Group and its fundraising arm, Australian Capital Reserve, until May 2007, when it was placed in administration.
Continuing the post-mortem of the risky boomtime property development company collapses that have ended up before the courts – such as Fincorp and Westpoint –  court documents reveal EPG and ACR financial records were being manipulated from 2004 to present small investors with an encouraging picture of the group’s loss-making operations.
When it collapsed, these 7,000 note holders were owed more than $300 million. Since the deed of company arrangement its creditors have received a total of 49.4¢ on the dollar, just short of the estimated return to its unsecured note holders of 59¢ on the dollar. Further distributions are forecast until July 2013.
It was reported in 2008 that Pogson had no assets, other than a bicycle. His 1890s family home, Havelock (pictured), which was owned by his wife, was sold for $3.85 million in 2008 having cost $3.9 million in 2003. Similarly, Lapham advised he had no assets other than two leased cars. He also lived in a multimillion-dollar home owned by his wife. The latest ASIC filings for Pogson and his wife give their address as one of the two Turramurra houses bought by Lapham’s wife in 2009.
The group's sales have included a $12.1 million Newcastle building that had been bought for $6 million along with the sale to Becton of much of the partly built and greenfield development site portfolio.
It had the Greenwich Village at Waterloo; Brentwood Valley Estate at Pokolbin; Wheatsheaf Place, Parramatta; Neo200, Melbourne; Grosvenor on Queens, Melbourne; The EsCeN, Parramatta; The Sanctuary at Rumbalara, Gosford; The Grange on York, Kellyville; The Verge, Camperdown; Karinya, Wahroonga; Werrington Estate, Kingswood; and Kingfisher Grove at Shortland in its portfolio.
The mezzanine financing investors were receiving a 9.55% return a year for their 10-year unsecured notes.
Pogson pleaded guilty to providing false and misleading information by inflating profits when in fact there was a loss, and along with Lapham and Martin pleaded guilty to another charge of making a false statement to obtain an advantage by soliciting investment in Australian Capital Reserve.
At a 2004 board meeting the financial controller informed the directors that the group had posted a $7.5 million loss as at December 31, 2003.
The directors asked for a list of the loss-making ventures, which were in Pokolbin in the Hunter Valley, and Gosford.
Pogson and Lapham then purchased 26 of the unsold Gosford units, increasing the sales from $17.1 million to $30.8 million, and directed the financial controller to backdate the sales and valuations.
Similar directions were given for the Pokolbin property. 
''By placing the alleged sales into the financial figures of the group it turned a pre-tax loss of $7.5 million to a pre-tax profit of $7.4 million, a turnaround of some $14.9 million,'' prosecution documents say, as reported in the Sydney Morning Herald.
The purpose ''was to entice investors to invest in the group''.
The men are due in court for sentencing submissions on October 20.
Estate Property Group Limited and its 21 subsidiaries, including ACR, went into voluntary administration in May 2007.
It raised funds through a series of nine prospectuses offering unsecured deposit notes to the investing public between April 2000 and December 2006.
ACR lent the funds it raised to other EPG subsidiaries that used the funds for the purchase and development of properties.
By May 2007, ACR had lent $332 million of note holders’ funds to 13 of EPG’s property owning subsidiaries.
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Disgraced Australian Capital Reserve property spruikers plead guilty and cry poverty

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The Capercaillie vineyard in the NSW Hunter Valley has been sold to buyers from China. The 16-hectare property with five hectares under vine had been listed at $1.89 million by Alan Jurd and Cain Beckett from Jurd’s Real Estate.
It last sold for $400,000 in 1995.
It sold snappily after being listed in July. It’s the second purchase by Chinese buyers of Hunter Valley vineyards in two months. <a href="https://www.propertyobserver.com.au/new-south-wales/windsor-s-edge-vineyard-bought-by-chinese-investor/2011072450894" target="_blank" title="Hunter's Edge">Last month a Chinese investor spent about $2.7 million on the Hunter Valley vineyard Windsor’s Edge.</a> The 48-hectare property was also sold through Cain Beckett at Jurd’s Real Estate. The buyers were keen to shore up supplies of wine for bottle shop or liquor distribution in China.
Capercaillie Wine Company was established in the Hunter Valley by Alasdair and Trish Sutherland in 1995 when they built a small modern winery on a 20-year-old vineyard.
The five-hectare vineyard in Lovedale was originally planted in the late 1970s, mainly with chardonnay supplemented with a couple of acres of gewürztraminer.
In the 1990s Alasdair replanted a small portion of the ageing chardonnay with one hectare each of the two red varieties chambourcin and petit verdot.
Alasdair is a Scot, and his heritage is reflected in the very name “Capercaillie”. It is the Gaelic name given to the black woodlands grouse, native to the pine forests of Scotland.
To enhance the range of individual Hunter Valley wines, Alasdair has chosen select parcels of grapes from other proven regions of Australia, creating multi-area blends that highlight climatic and varietal differences.
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Chinese investors buy another Hunter Valley winery

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Until the Sydney market returns to very strong conditions, the CIC Australia development company expect its South Coast sales to remain slow.
The company’s Bay Ridge development, a 142-block housing estate at the intersection of the Kings Highway and the Princes Highway about a kilometre north from Batemans Bay, has been slow to sell.
CIC was resigned to delivering the project over a number of years at a slow rate in response to market conditions, its shareholders were recently advised.
“Until such time as the Sydney market returns to very strong conditions we expect Bay Ridge to remain slow,” it says.
The Canberra-based property developer CIC Australia is part of Sir Ron Brierley’s Guinness Peat Group and is listed on the Australian Stock Exchange.
Bay Ridge was aimed at both locals and sea-changers relocating from Canberra and Sydney.
The lot sizes start at 2,500 square metres, offering the opportunity to build a large home without the constraints of a small block. With a 3,800-square-metre average size, the development seeks to combine a rural character with the convenience of town services including water, sewerage and communications.
The blocks of land start at $199,000, and house-and-land packages start with Masterton Homes at $582,000.
Notwithstanding the fact that the NSW South Coast market remains very slow, the company did recently sell the last of its lots at CIC’s Glen Mia development at Bega.
Competition was strong at the final auction in early February, and all lots were sold above the reserve.
CIC Australia commenced operations in Canberra in 1986 then under the name Jerrabomberra Estates Limited.
CIC has reported a profit after tax of $6.2 million for the six-month period based on strong presales in Canberra and Adelaide.
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Residential building block sales very slow on NSW South Coast

ASX-listed developer <a href="https://www.apartments.com.au/developers/stockland">Stockland</a>&nbsp;is continuing its push back into the new apartment market, filing plans for a prominent gateway site between Collingwood and East Melbourne.

The development giant, which moved back into the new apartment space when it announced Stanton Place in Sydney's Rosebery and have since filed plans for a 50-storey tower, are jumping into the off the plan Melbourne market.

They are hoping to create a mixed-use neighbourhood precinct for <a href="https://www.apartments.com.au/new-apartments/79-81-victoria-parade-collingwood-vic-3066">79-81 Victoria Parade</a>, replacing an existing commercial building with a scheme by <a href="https://www.apartments.com.au/architects/john-wardle-architects">Wardle</a>&nbsp;for 478 apartments,&nbsp;ground-floor retail, new public open spaces and a publicly accessible pedestrian laneway.

<img alt="First look: Stockland plans new mixed-use neighbourhood precinct for Collingwood gateway site" data-entity-type="file" data-entity-uuid="72dbbca9-3918-4073-afad-a0c0c35be8e7" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/stockland%20pers.png?VersionId=bzMVUKKxvwuNK1m0v_td126Rgct32uk_" />

The design report identifies the public realm as a central driver of the proposal.

"Collingwood has limited access to high-quality parks and public open space, and the proposal delivers valuable new areas for respite, social interaction and fine-grain retail activity."

The development would deliver a diverse mix of housing, including studio, one, two and three-bedroom apartments alongside townhouse-style residences. Two basement levels are proposed beneath the development, providing resident and retail parking as well as extensive bicycle facilities.

Wardle's design draws heavily on Collingwood's industrial character, using articulated building forms, brickwork and robust materials inspired by the suburb's warehouse and manufacturing heritage. The built form has been broken into a series of smaller volumes to better respond to the surrounding streetscape while extensive communal gardens, rooftop amenities and shared resident spaces are integrated throughout the project.

<img alt="First look: Stockland plans new mixed-use neighbourhood precinct for Collingwood gateway site" data-entity-type="file" data-entity-uuid="7b2135ed-65df-4253-ad53-f216f06bd467" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/stockland%20podium.png?VersionId=l1B6Hqn8zs772VxH6L1fDPg0KHshan9v" />

The planning documents describe the existing office building as offering little engagement with the public realm, with the redevelopment intended to create a more permeable and active neighbourhood destination.

"The proposed scheme presents a significant opportunity to deliver a vibrant retail plaza and a local neighbourhood hub serving both existing and future Collingwood residents."

The 79–81 Victoria Parade site occupies a strategic location about 1.5 kilometres east of Melbourne's CBD, at the threshold between Collingwood and East Melbourne. It is well served by tram services along Victoria Parade and sits within walking distance of St Vincent's Hospital, Fitzroy Gardens, the Fitzroy activity centre and a broad range of employment, retail and hospitality destinations.

Joel Robinson

Stockland plans new mixed-use neighbourhood precinct for Collingwood gateway site

An 1880s timber cottage that has survived Kangaroo Point's transformation from riverside suburb to high-density apartment precinct is set to become the centrepiece of <a href="https://www.apartments.com.au/developers/zephyr">Zephyr Group</a>'s proposed Banksia development.

Rather than see the locally heritage-listed Alpha Cottage as an obstacle to navigate, plans integrate the landmark home into a new 18-storey residential tower, giving one of the suburb's oldest surviving residences a new role as the project's communal hub.

The development application covers a 1,177 sqm amalgamated site at 127-133 Lambert Street and 30 Shafston Avenue, where Zephyr Group plans to deliver 64 apartments above three basement levels. Designed by <a href="https://www.apartments.com.au/architects/joe-adsett-architects">Joe Adsett Architects</a>, the proposal carefully weaves the retained heritage cottage into a contemporary residential scheme, with the tower elevated above the historic building to preserve its presence within the Lambert Street streetscape.

<img alt="First look: Zephyr Group's Banksia to wrap new Kangaroo Point tower around 1880s Alpha Cottage" data-entity-type="file" data-entity-uuid="f9dc5bdb-d691-4c60-bf2b-c3ed405a3e75" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Banksia.png?VersionId=Jh4bjlewU.o8HXWt0V4KaFA_lPcF7KWM" />

Named after the native Australian Banksia flower, the project draws inspiration from its distinctive form through curved balconies, sculpted planter boxes and cascading subtropical landscaping that soften the building's profile.

As the design report explains: "The tower's identity is defined by its feature facade, drawing direct inspiration from the Banksia wildflower. The building departs from traditional rigidity through the use of elegant, GRC-moulded planter boxes that appear as if shaped by the breeze."

Plans propose 64 apartments, comprising 32 two-bedroom and 32 three-bedroom residences, across an 18-storey tower. Residents would have access to rooftop amenities including a swimming pool, spa, gym, sauna, private cinema, dining spaces and landscaped recreation areas, while more than half the site is dedicated to planting and open space.

<img alt="First look: Zephyr Group's Banksia to wrap new Kangaroo Point tower around 1880s Alpha Cottage" data-entity-type="file" data-entity-uuid="16041b5f-033e-47fa-8fbe-9886e072c1f2" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/pool.png?VersionId=kpx5w4EbLx0_TdWfDoD1vrSs0_cZ5Ao1" />

The heritage component is the defining feature of the proposal. Constructed in the early 1880s and occupied from at least 1883, Alpha Cottage is recognised by Brisbane City Council as an important surviving example of Kangaroo Point's nineteenth-century residential development and as a representative transverse-gable timber cottage. Despite extensive redevelopment across the peninsula, the building has retained a high degree of its original form and internal fabric.

As part of the redevelopment, the cottage will be carefully relocated a short distance within its original allotment to facilitate construction before being returned to a prominent position along Lambert Street. Original verandah elements will be dismantled, catalogued and reinstated, while significant internal features, including timber flooring, wall linings, joinery, doors, windows and hardware, will be retained. Later additions, including the enclosed rear verandah, will be removed to better reveal the building's original form.

Once restored, Alpha Cottage will accommodate the building manager's office, mail room and parcel facilities, providing an active everyday use that supports its long-term conservation rather than preserving it as a static display. The heritage strategy also maintains landscaped space around the building, allowing it to remain visually distinct beneath the new tower.

<img alt="First look: Zephyr Group's Banksia to wrap new Kangaroo Point tower around 1880s Alpha Cottage" data-entity-type="file" data-entity-uuid="43b027e1-576e-4624-a66c-7cc54ea8b7be" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/banksia%20tower.png?VersionId=2W6E2yfkj2AQlWlLeV986grA5zB9f817" />

The Heritage Impact Assessment concludes that "the proposal secures the ongoing occupation, maintenance and conservation of Alpha Cottage," finding the development would result in "no more than a minor impact on the cultural heritage significance" of the building while ensuring its long-term future.

Joe Adsett Architects have designed the tower to sit above the heritage building rather than overwhelm it, creating a clear visual separation between old and new. The development's flowing balconies, integrated planting and organic façade respond to Brisbane's subtropical climate while complementing the restored cottage below.

Banksia occupies a prominent corner in Kangaroo Point within walking distance of the Kangaroo Point Bridge, Brisbane River, ferry services, QUT, the CBD and the Woolloongabba precinct. The site also benefits from direct access to active transport infrastructure and sits within an area earmarked for continued higher-density residential growth.

Zephyr Group's Banksia to wrap new Kangaroo Point tower around 1880s Alpha Cottage

Buying into a masterplanned community often means committing to a vision still years from taking shape. At <a href="https://www.apartments.com.au/new-apartments/kew-tallawong-23-27-schofields-road-tallawong-nsw-2762">Kew Tallawong</a>, that vision is already visible.

Residents have moved into the completed first stage, landscaped spaces are established, and the next chapter is now underway. Stage 1 has been completed and settled, with Stage 2 now selling off-the-plan.

Designed by <a href="https://www.apartments.com.au/architects/pbd-architects">PBD Architects</a>, <a href="https://www.apartments.com.au/new-apartments/kew-tallawong-23-27-schofields-road-tallawong-nsw-2762">Kew Tallawong</a> combines attainable apartment living with sustainability initiatives rarely seen at this price point, including rooftop solar, battery storage and a resident EV-sharing program.

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Located on Schofi​elds Road, just moments from Tal​lawong Metro Station and Schof​ields Train Station, <a href="https://www.apartments.com.au/new-apartments/kew-tallawong-23-27-schofields-road-tallawong-nsw-2762">Kew Tallawong</a> has been designed to appeal to a broad mix of buyers, from first-home purchasers looking for a foothold in Sy​dney's property market to downsizers seeking a connected, low-maintenance lifestyle.

<a href="https://www.apartments.com.au/new-apartments/kew-tallawong-23-27-schofields-road-tallawong-nsw-2762">Kew Tallawong</a> has been conceived as a thoughtfully planned masterplanned community that will evolve over multiple stages, with buyers now able to secure one, two and three-bedroom apartments within a neighbourhood that is already beginning to establish its identity.

One of the project's defining features is its focus on sustainability. Solar energy systems, battery storage and future EV charging infrastructure have been incorporated throughout the development, reflecting a long-term approach to both environmental performance and everyday convenience.

Sustainability sits at the centre of the development's vision, with solar energy systems, battery storage and future EV charging infrastructure integrated throughout the community.

That emphasis on future-ready living extends beyond the technology. Landscaped communal gardens, outdoor gathering spaces and plans for a future retail precinct aim to create a neighbourhood where residents can access daily conveniences without travelling far from home.

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The apartments themselves have been designed with liveability front of mind. Rather than chasing maximum density, the focus has been placed on creating practical homes with generous natural light, usable layouts and strong connections to outdoor space.

Importantly, these design principles have been applied consistently across the one, two and three-bedroom apartment offerings.

The appeal of <a href="https://www.apartments.com.au/new-apartments/kew-tallawong-23-27-schofields-road-tallawong-nsw-2762">Kew Tallawong</a> is also closely linked to its location within Syd​ney's rapidly evolving north-west growth corridor. Over the past decade, major infrastructure investment has transformed the area, with new transport links, business precincts and community facilities reshaping suburbs like Talla​wong and Schofiel​ds.

The agent says buyers are increasingly recognising the area's long-term potential.

"Typical buyers that we're finding across <a href="https://www.apartments.com.au/new-apartments/kew-tallawong-23-27-schofields-road-tallawong-nsw-2762">Kew Tallawong</a> especially are your first-home buyers, your investors, your upsizers as well as your downsizers," Hawes says.

Connectivity remains one of the project's strongest drawcards. Residents have access to both Tallaw​ong Metro Station and Schofi​elds Train Station, providing links to the Sydn​ey CBD, Norw​est Business Park, Macquari​e Park and other major employment hubs. Retail centres including Rous​e Hill Town Centre and Sch​ofields Village are also nearby, alongside schools, parks and future healthcare infrastructure.

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For Stage 1 resident Roji, it is the balance between convenience and comfort that has defined the experience of living at Kew.

"For me, it's a balance of quality and convenience," she says. "Everything I need is right here."

"If I wanted to catch the train, Scho​fields Station is just around the corner. Tallaw​ong Metro connects me to the city."

More importantly, she says, the development has delivered something that cannot be measured in floorplans or specifications.

"<a href="https://www.apartments.com.au/new-apartments/kew-tallawong-23-27-schofields-road-tallawong-nsw-2762">Kew Tallawong</a> feels like home."

[smartcode_project:default project_id=149637 project_image_fid=351024]

As Stage 2 enters the market, that lived experience may be one of the project's strongest selling points. Buyers are not purchasing into an untested concept or a future promise. They are joining a community that is already taking shape.

Ongoing investment in transport, retail, healthcare and public open space continues to strengthen the appeal of Syd​ney's north-west growth corridor, while <a href="https://www.apartments.com.au/new-apartments/kew-tallawong-23-27-schofields-road-tallawong-nsw-2762">Kew Tallawong</a>'s established first stage provides buyers with a tangible sense of the community's future direction.

For a limited time, buyer can secure a new home at <a href="https://www.apartments.com.au/new-apartments/kew-tallawong-23-27-schofields-road-tallawong-nsw-2762">Kew Tallawong</a> with just a $10,000.

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Kew Tallawong: A growing community taking shape in Sydney's north-west

<a href="https://www.apartments.com.au/developers/freecity">Freecity</a> has received development approval for its 51-storey mixed-use tower at 153-157 Walker Street, North Sydney, set to be one of the tallest mixed-use residential-led buildings in one of Sydney’s most sought-after commercial and residential addresses.

Lodged as a State Significant Development Application (SSDA) through the Housing Delivery Authority (HDA) pathway and approved by the NSW Department of Planning, Housing and Infrastructure following a comprehensive public exhibition and submissions process, <a href="https://www.apartments.com.au/new-apartments/153-walker-street-north-sydney-nsw-2060">the project</a> will deliver 296 apartments, alongside a 170-room, luxury hotel, activated retail and significant public domain improvements.

Situated just 200 metres from Victoria Cross Metro Station, on one of the largest developable sites in North Sydney, the development will rise to 234 metres, making it one of the tallest buildings in the suburb. With an end value of approximately $1.5 billion, the project responds directly to the NSW Government’s mandate to accelerate housing delivery in well-located, transit-connected areas.

<img alt="Freecity gets green light for mixed-use residential and hotel tower in North Sydney" data-entity-type="file" data-entity-uuid="192ec455-94bf-4e01-83ef-922b1b269d67" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Freecity%20-%20Walker%20Street%20North%20Sydney%201%20RESIZED%20.jpg?VersionId=Bzqp0SBHCDvLAHjA4QXkjuGoOEIh73Jl" />

The apartment mix will cater to a broad range of buyers, with 65 studio and one-bedroom apartments, 139 two-bedroom residences, 35 three-bedroom apartments, 48 four-bedroom homes, and nine penthouses. Residents will have access to a dedicated amenity level on Level 33, featuring a swimming pool with views towards the Harbour Bridge, Sydney Opera House and North Sydney CBD, as well as a gym, library, shared kitchen, lounge and outdoor entertaining areas.

The hotel will occupy the lower six levels of the building and include meeting and function spaces, a wellness centre with gym, yoga studio, swimming pool and sauna, further strengthening North Sydney's growing hospitality offering.

At ground level, the development has been designed to improve pedestrian connections through the precinct. More than 700 sqm of retail space will activate the street frontage, while a landscaped through-site link connecting Walker Street, Little Walker Street and Doris Fitton Park will provide new public open space with seating, paving and extensive native landscaping.

Freecity Group Co-Founder and Joint CEO Tony Sun said the project represents one of the most significant development opportunities currently available in North Sydney.

"This is one of the most significant development sites in North Sydney and it comes at a pivotal moment for the precinct," Sun said.

"North Sydney is undergoing a genuine transformation, and this project will contribute housing the city urgently needs while creating a landmark destination."

Executive Director of Development Michael Romano said demand for both residential and hotel accommodation would continue to strengthen as the Metro precinct matures.

"The structural demand for high-quality housing and hotel accommodation in North Sydney is compelling, and will only grow as the precinct continues to evolve around the new Metro station," Romano said.

Architectus has designed the tower, orientating the apartments to maximise views towards Sydney Harbour while introducing a sculpted façade intended to respond to light, wind and the surrounding skyline.

Architectus Principal Marko Damic said the design sought to create a tower that contributes to the public realm as much as the skyline.

"We wanted to design a tower that doesn't just sit in the skyline but actively participates and contributes to city life," Damic said.

First look: Freecity gets green light for mixed-use apartment and hotel tower in North Sydney

<a href="https://www.apartments.com.au/developers/abadeen">Abadeen</a> and <a href="https://www.apartments.com.au/developers/perifa">PERIFA</a> have celebrated the topping out of <a href="https://www.apartments.com.au/new-apartments/putney-wharf-harbourfront-precinct-20-waterview-street-putney-nsw-2112">Putney Wharf,</a> marking a significant milestone in the delivery of one of Syd​ney's most anticipated waterfront communities.

Located on Sydney's harbourfront at <a href="https://www.apartments.com.au/developments/putney-nsw-2112">Putney</a>, the project has now reached its highest structural point, with construction progressing strongly towards completion in 2027. 
&nbsp; 
The milestone was celebrated on-site with project partners Phoenix Property Investors, Mitsubishi Estate Asia, Versatile Construction, <a href="https://www.apartments.com.au/architects/sjb-architects">SJB</a>, consultants and stakeholders, to recognise the collective effort behind the transformation of the historic waterfront site into a vibrant new residential, marina and lifestyle destination.

[smartcode_project:default project_id=13962 project_image_fid=362240] 
&nbsp; 
<a href="https://www.apartments.com.au/new-apartments/putney-wharf-harbourfront-precinct-20-waterview-street-putney-nsw-2112">Putney Wharf</a> will deliver a mix of waterfront residences and terraces, complemented by a private 36-berth marina, waterfront dining opportunities and a revitalised foreshore designed to reconnect the community with the river's edge. 
&nbsp; 
Abadeen Executive Chairman and Founder Justin Brown said the project represented a rare opportunity to create the next chapter in Sydn​ey's long history of successful waterfront precincts. 
&nbsp; 
"Throughout Sydney, some of the city's most sought-after addresses have emerged from carefully considered waterfront precincts such as Woolloom​ooloo Wharf, Walsh Bay and Breakfast Point," Brown said.

[smartcode_project:default project_id=13962 project_image_fid=362566] 
&nbsp; 
"What makes these places so successful is that they become much more than residential developments," Brown said.

"They bring together homes, hospitality, marina facilities, public spaces and a strong sense of community in locations where future supply is incredibly limited."

Brown has long described absolute waterfront land in Sy​dney as "finite."

"Once these opportunities are developed, they are rarely replicated. That's why Syd​ney's waterfront precincts have consistently demonstrated strong demand and long-term value growth over many decades. 
&nbsp; 
"<a href="https://www.apartments.com.au/new-apartments/putney-wharf-harbourfront-precinct-20-waterview-street-putney-nsw-2112">Putney Wharf</a> is one of the few remaining opportunities to secure a residence within a masterplanned waterfront community that combines direct water access, marina ownership opportunities and a genuine village lifestyle just moments from the Sy​dney CBD."

[smartcode_project:default project_id=13962 project_image_fid=362564] 
&nbsp; 
PERIFA Founder and Managing Director Fabrizio Perilli said the project reflected a shared commitment to delivering exceptional places that create long-term value for residents and the broader community. 
&nbsp; 
"The topping out milestone is a significant achievement for the Versatile Group and a testament to the collaboration between all project partners, consultants and contractors involved," Perilli said. 
&nbsp; 
"Beyond the residences themselves, <a href="https://www.apartments.com.au/new-apartments/putney-wharf-harbourfront-precinct-20-waterview-street-putney-nsw-2112">Putney Wharf</a> will establish a new waterfront destination that celebrates the history, character and lifestyle of this unique location while creating a lasting legacy for future generations."

[smartcode_project:default project_id=13962 project_image_fid=291195] 
&nbsp; 
Construction is being delivered by <a href="https://www.apartments.com.au/builders/versatile">Versatile Construction</a>, with structural works now substantially complete across the precinct. Attention will progressively shift to the construction of the waterview terraces, apartment façades, services and interior fit-out works over the coming months. 
&nbsp; 
With limited residences and marina berths remaining, <a href="https://www.apartments.com.au/new-apartments/putney-wharf-harbourfront-precinct-20-waterview-street-putney-nsw-2112">Putney Wharf</a> continues to attract strong interest from owner occupiers and downsizers seeking a premium waterfront lifestyle within close proximity to Putne​y Village, Rh​odes, Top Ry​de and the Syd​ney CBD. 
&nbsp; 
As one of the last opportunities to secure a residence within a new masterplanned waterfront community on Sy​dney Harbour, <a href="https://www.apartments.com.au/new-apartments/putney-wharf-harbourfront-precinct-20-waterview-street-putney-nsw-2112">Putney Wharf</a> is expected to remain a highly sought-after address for years to come.

[smartcode_project_cta:default project_id=13962]

Jonathan Chancellor

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