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There was no statistical weakening in weekend auction clearance rates after Friday’s rout on sharemarkets. But only the most optimistic expect any flight to property – as occurred a month or so after the October 1987 share market crash. It’s more likely to be a repeat of the aftermath of the initial 2008 global financial crisis.
Melbourne’s clearance rate remained steady, and Sydney’s picked up a tad in weekend results.
But agents did, however, sense a shift in mood, an anxiety among both among the buyers and the sellers.
SQM director Louis Christopher notes “perhaps sellers were more keen to offload”.
And Melbourne buyers’ agent Mal James concluded the top end of the market was tough, “but it was not an absolute shocker”.
There’s no way of telling whether the property herd will panic and flood the market this spring, but there’s not likely to be a flight of purchasers towards property.
There’s just too much despondency about the leading asset classes, except cash.
The best asset class for investors today was fixed interest, not real estate, property guru Mark Bouris told Friday’s Property Council of Australia lunch in Sydney amid plunging equities markets.
“If you’ve got some spare money, there’s only one place you should have invested,“ Bouris, the founder of Wizard Home Loans who now chairs listed wealth management firm Yellow Brick Road, says. “But the question is what’s the best asset to be in at the moment, and really right now, it’s fixed interest.”
Bouris suggested about 70% of a balanced portfolio should be invested in fixed interest, including term deposits and cash management trusts. The rest ought be divided between shares and property, he says.
The turmoil is quite likely to affect the top end of the market, mirroring the aftermath of the 2008 global financial crisis. And on the weekend the James Clearance Rate for $1 million-plus listings in Melbourne was 52% on the 25 auctions the group attended. But only three actually sold under the hammer, and buyer demand was at its weakest since 2008.
“There was not one $4 million-plus bidders’ auction in the 25,” James notes. “The choice of homes on offer was average at best.
“Right now is pretty much a nothing market – and again this weekend, nothing much happened. But nothing much has happened for several months,” James says, pointing out the traditional winter slowdown.
There were 19 sales with prices above $1 million in Sydney, according to Australian Property Monitors, with another four sold for undisclosed prices. There were 12 passed in at prices above $1 million. There were two properties with no bids and four were withdrawn. So a 56% success rate of the 41 $1 million-plus listings.
Uncertainty over the local and international economic climate is clouding what is currently a bright outlook, according to economist Dr Andrew Wilson at Australian Property Monitors.
“Weekend auction clearances rates continue to fluctuate, although they remain reasonably typical of the Sydney winter housing market. Although home buyer activity is set to increase through the usually buoyant spring selling season, the impact on buyer confidence of declining economic activity may prove to have a dampening effect,” Wilson notes.
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Melbourne’s weekend clearance rate from the preliminary 460 results compiled by the Real Estate Institute of Victoria. There were 510 scheduled auctions held in Melbourne. On the same Saturday last year the clearance rate was 67%. REIV chief executive Enzo Raimondo says there are about 500 auctions next weekend. After some further results came in from the July 30 auctions, Melbourne recorded a 57% clearance rate. “The falls recorded in the stock market do not appear to have impacted the residential auction market,” Raimondo says.
 
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Sydney’s weekend clearance rate from the preliminary 217 results compiled by Australian Property Monitors. There were 264 scheduled auctions in Sydney. On the same Saturday last year the clearance rate was 60%. Clinton McNabb at APM says there are about 310 auctions due next weekend. After some further results came in from the July 30 auctions, Sydney recorded a 53% clearance rate.
 
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The weekend’s highest recorded price across Australia was on South Road at Brighton. There was just the one bidder, who secured it after auction.
“The main road would be an issue but other than that, it is hard to fault,” James Buyer Advocates principal Mal James notes.
It was a good result, according to James, as it reflected just shy of a 10% increase in the two years since its last sale.
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Marshall White agent Madeline Kennedy listed the five-bedroom French Provincial family residence on 670 square metres (pictured above and below). Photo above courtesy of James Buyer Advocates.
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It was built in 2008 with a grand foyer with Swarovski chandelier and sweeping staircase, formal American oak study, marble kitchen and a heated pool.
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jchancellor-FAypfDUnLy

Weekend auction results appear unshaken, but uncertainty looms 

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Mounting bad property loans in Australia and Ireland have contributed to the UK bank Lloyds’ £3.25 billion ($5.08 billion) six-month loss after a £1.3 billion ($2.03 billion) pre-tax profit a year earlier.
Losses on Australian loans jumped to £586 million, some 29% higher than a year earlier, as Lloyds’ exposure to weakened property prices in its Australian loan book deteriorated.
It has £12.9 billion of loans to customers in Australia, with 35% deemed to be at risk. Lloyds’ Australian property book now has £4.54 billion of impaired loans in Australia.
“Australia, while benefiting from a commodities export boom, continues to be affected by deteriorating property markets in the geographic areas and property classes where the group is exposed,” the bank says.
“Impairment on the group's commercial real estate portfolio in Australasia was the main contributor to the half-year charge.
“This portfolio is heavily exposed to Australian non-metropolitan and New Zealand real estate markets, where market conditions remain challenging and asset valuations continue to decline.
“A specific charge of £70 million was also incurred in the period as a result of losses arising from the earthquake in New Zealand.
“Impaired coverage in Australia has reduced slightly due to the impact of write-offs and new impaired cases in the period requiring lower provisioning levels,” it notes.
Last December KordaMentha was appointed to the Oracle, Broadbeach project of the Nikiforides’ family development group, Niecon, at the behest of financier BOS International (Australia), a division of Lloyds Banking Group. The National Australia Bank was also a creditor.
Lloyds has also lost £9 billion on its Irish loans since the end of 2008 and said 64pc of its £27.6bn of loans in Ireland are now impaired.
Lloyds is now winding down its multibillion-dollar Australian property loan book, made through BOS International and Capital Finance, which had been among the more aggressive lenders to Australian developers.
Lloyds shares remain well below the 63p level at which the British taxpayer effectively bought its stake during the global financial crisis. The British government is hoping to sell down stakes in Lloyds and an 83% stake in Royal Bank of Scotland to raise money to cut its deficit.
Much of the latest loss arose from compensating customers who were mis-sold insurance over preceding decades.</body></html>

Bad Aussie property loans contribute to Lloyds' £3 billion loss

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The $39 million sale of the former Dalkeith mansion built for the 1980s entrepreneur Alan Bond ranks as WA's second-most expensive house sale.
Mack Hall, of Mack Hall Real Estate, has confirmed the Watkins Road mansion on the Swan River has been bought by mining entrepreneur Steve Wyatt and his wife, Sue.
They initially expressed an interest in the home about a year ago. It was sold by businessman Barry Patterson, who was Sonic Healthcare chairman from 1999 to 2010 and previously held gold mining interests.
It last traded in 1999 for $9.5 million, which was to stand as Perth’s record until 2006.
The seven-bedroom riverfront mansion is set across six titles totalling 6,417 square metres.
Wyatt’s business associate Chris Ellison set the WA real estate record when he paid $57.5 million for iron ore heiress Angela Bennett's riverfront compound in Mosman Park in 2009.
Wyatt and Ellison set up Crushing Services International, which built and operated ore-crushing plants for mining companies.
"It was never on the market, and I mentioned it to the owner [that there was interest], but he did not want to sell it for a couple of years," Hall told The West Australian.
"Some negotiations took place, and the new owners moved in [last week]."
Gold mining magnate Ross Atkins bought the property in 1993 from the Bond family trust company, Armoy Pty Ltd, for $7.3 million, selling it six years later to Patterson after extensive renovation.
The Wyatts paid $9 million in 2006 for their current South Perth abode, which was expanded to 2,500 square metres in 2010 with the purchase of the neighbouring $3.9 million property. It has views of the city skyline from its non-riverfront promenade position.
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Mining magnate buys Perth's second-most expensive house

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{yoogallery src=[images/stories/august5lyon]}
<img src="/images/stories/flagtitletat.jpg" style="float: left; margin: 5px;">The much-besieged Melbourne Football Club champion and Channel 9 football personality Garry Lyon is in the midst of selling his 1890s <a target="_blank" title="Hawthorn" href="/news">Hawthorn </a>residence (pictured above). It has been scheduled for August 20 auction through Jellis Craig Glen Iris agent Paul Keane, who has told buyers he expects more than $3.5 million.
The marketing began before his beloved club descended into crisis last weekend, which has triggered the call for him to take on responsibilities at the club and potentially to take on the role as its coach. The weight of the club's worries is falling increasingly on Lyon's shoulders. No one’s saying where the family are moving, but given he was about to sign up again on an improved pay package at Channel 9, there’s no doubt it’s an residential upgrade.
The stately hawthorn brick residence with graceful tuck-pointed façade and return veranda sits on an 854-square-metre block. Behind its façade are modern interiors with an extension giving it a 493-square-metre floorplan over two levels. There are four bedrooms plus fitted study. Lyon bought it in 2005 for $2.74 million.
<img src="/images/stories/pottspointapt.jpg">
<img src="/images/stories/flagtitletat.jpg" style="float: left; margin: 5px;">The luxury <a target="_blank" title="Potts Point" href="/news">Potts Point</a> apartment of the hotelier John Chaina (pictured above) has been listed for mortgagee September 15 auction. The fourth-floor apartment at No. 1 Grantham Street, Potts Point, had failed to sell at its April auction, when it was passed in at $6.7 million bid after an opening $6.3 million offer. It's in the recently completed Alex Popov-designed block that replaced the Grantham serviced apartments. It was bought off the plan in November 2007 for $7.5 million. It's now been relisted through Jason Boon of Richardson &amp; Wrench Elizabeth Bay in conjunction with Rick Nolasco at Belle Property with $6 million hopes. The former unit block had been operated by the Goldstein family, who have kept the penthouse in the eight-apartment Halcyon Group development. The 250-square-metre apartments have views of Embarkation Park.
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<img src="/images/stories/flagtitletat.jpg" style="float: left; margin: 5px;">Darriwill, the 1856 five-bedroom homestead on 388 hectares at <a target="_blank" title="Mooroobool" href="/news">Moorabool</a>, has been listed with $11 million hopes by the illustrator Dougal Ramsay and his partner, Nellie Ramsay, who also own the gourmet food and wine company Darriwill Farm. Marshall White agent Richard Mackinnon and Stan Lawrence Real Estate have the property scheduled for August 17 invite-only auction. The stately 560-square-metre Vogue Living-featured Victorian homestead is located about an hour from Melbourne on the slopes of the Moorabool Valley.
The property with stables, coach house, pond, pool, lakes, bluestone woolshed, cattle yards and four-hectare vineyard has two kilometres of tree-lined frontage along the Moorabool River where it meets with Sutherlands Creek. The bluestone homestead was completed in 1856 by George and Marianne Hope, and was set up as a grazing property and vineyard.
The immediate surroundings to the house were extensively replanted in 1994, when Dougal and Nellie Ramsay purchased the property. Grapes from Darriwill are used in the Provenance label, which wine critic James Halliday has given a rating of 96 two years running. Ramsay family descendant William founded the Kiwi shoe-polish business, which sold in 1986 for $41 million.
 
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<img src="/images/stories/flagtitletat.jpg" style="float: left; margin: 5px;">Hollywood production company director Jason Schepisi secured $2.8 million for his <a target="_blank" title="Byron Bay" href="/news">Byron Bay</a> retreat (pictured above and below). The Richard Neutra-inspired, Palm Springs-style, three-bedroom Brooklet hinterland house was bought by Bought by Curtis Zuber, a director at the mortgage investor 1G WST Trust.
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It was built, along with a 15-metre pool, following its 2006 acquisition for $655,000. The Friday Hut Road property had been listed through Frances O'Connor of Belle Property Byron Bay, in conjunction with Unique Estates agent Nicolette van Wijngaarden. The Baby Lemonade production house director once lived in George Clooney's former pad beneath the Hollywood sign in Los Angeles and is the son of film director Fred. He kicked off his career making videos for Baby Animals, INXS and the Choirboys. Schepisi sold his 30-hectare Newrybar property for $1.8 million in late 2006.
<img style="float: left; margin: 5px;" src="/images/stories/flagtitletat.jpg">The film and television director Mark Joffe still has his <a target="_blank" title="Waverly" href="/news">Waverley </a>property listed for sale. Joffe's three-bedroom Kent Street terrace has ocean views. It was initially listed in September last year with hopes of $1.4 million-plus. Now it’s $1.25 million plus through Di Jones agent Jane Schumann. It cost $1.07 million in 2003.
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<img style="float: left; margin: 5px;" src="/images/stories/flagtitletat.jpg">Title Tattle aims to tell you as soon as we know – often before it happens – so the word from up north is that Darren Lockyer, the 34-time Queensland State of Origin team hero, has pulled his Brisbane home (pictured above) from this weekend’s scheduled auction. Offers are now being sought for an August 19 tender marketing campaign. The contemporary <a target="_blank" title="Paddington" href="/news">Paddington </a>five-bedroom, three-bathroom house has been listed through Tim Douglas and Gail Miller at Place Estate Agents.
<img src="/images/stories/butmaroo.jpg">
<img style="float: left; margin: 5px;" src="/images/stories/flagtitletat.jpg">And don’t say that Title Tattle told you, but Mosman businessman Bill Pulver sold his 946-hectare Butmaroo Station (pictured above) near <a target="_blank" title="Bungendore" href="/news">Bungendore </a>on the NSW southern tablelands in May for $3.87 million. Pulver had paid $1.55 million in 2001. It was bought by Penny Allinson’s Silver Brumby Pty Ltd. Allinson pioneered Enviroballs Australia, which is an eco-friendly laundry detergent.
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Garry Lyon lists Hawthorn mansion: Title Tattle

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Kinane, Brighton’s record-setting residence has been listed with price hopes of up to $20 million, which would allow it to regain the suburb’s top-seller crown.
The landmark Max Beck-built residence has been extensively renovated since it last sold for a record $11.2 million in 2006.
It has been listed by businessman Russell Small, who retired last year from the board of the telecom and utilities industry services provider Service Stream, and his partner Belinda Ding.
It has been listed through Kay &amp; Burton Brighton agent Ian Jackson, with offers due by September 7.
Kinane is set on the corner of The Esplanade and Kinane Street, fronted by Canary Island palms.
After its 1988 completion by the then Becton chief, the locals dubbed it the Brighton Town Hall because of its imposing size and prominent position on almost an entire block of the Esplanade.
The six-bedroom house sits on a 3,200-square-metre block in one of Melbourne's finest beachfront reserve locations, with views over Port Phillip Bay.
It comes with bespoke interiors conceived by designer Kalef Alaton.
The four-level house comes with an internal lift and garaging for nine cars.
Upon entering, guests are greeted by a majestic foyer decked in Italian Riviera limestone and white marble flooring. There’s Abadela timber panelling from Africa in adjacent rooms.
There are four living domains, formal and informal dining rooms and a 1,200-bottle cellar.
The grounds have a championship-size tennis court, 25-metre indoor lap pool, gym, gas-heated outdoor pool and spa with resort-style patio, home theatre, steam and sauna rooms.
The Salvo family currently hold the record for a <a target="_blank" href="/news" title="Brighton">Brighton </a>sale when they paid $15.6 million for the Calman family’s waterfront mansion on Glyndon Avenue in the suburb's "Golden Mile".
The five-bedroom mansion has a 59-metre water frontage and includes a tennis court, swimming pool, spa, sauna, gym, and rooftop entertainment area. It had been marketed in 2009 by JP Dixon for the Calmic cleaning chemical magnate Michael Calman and his wife, Mary.
The Calmans amalgamated two blocks in the late 1990s after they bought the extra block for about $5 million from the developer Adrian Campbell, who’d been involved in a tennis court fence scrap with neighbours.
Brighton’s third-place sale was when the St Kilda Football Club president Rod Buttress sold in 2007 for $11 million to Catherine O’Halloran, wife of the solicitor John O’Halloran.
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Brighton's Kinane could be back on top with price hopes of almost $20 million

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The Hyde penthouse overlooking Hyde Park Sydney has been snapped up for $12.5 million.
It had previously been speculated that the luxury penthouse had been sold for about $14 million.
Falling short of its desired initial $20 million expectations, its major selling impediment was not the flexible asking price, but rather its ongoing annual strata fee of $142,000.
It’s been bought by Marie Bolton, whose purchase details were registered earlier this month.
With almost 1000 square metres of space in the sky, the recently completed <a target="_blank" href="https://www.thehydepenthouse.com.au" title="The Hyde Penthouse">penthouse at The Hyde </a>occupies the top two floors of the 35-storey Liverpool Street redevelopment.
The penthouse has 570 square metres of interior space, along with a 15-metre wet-edge lap pool with 400 square metres of rooftop decking. It comes with views across Hyde Park towards the Harbour Bridge, Opera House and the Heads.
There's a gym, steam room, bar, a caterers' scullery and a large lounge area with fireplace.
It was initially marketed off the plan with hopes of $20 million-plus but its developer, Stockland, appreciated the luxury apartment market had tightened considerably since its late 2009 listing.
The market was not helped when the sale of two record-setting off-the-plan penthouses failed to proceed during the global financial crisis.
It was sold through CBRE agent Peter Kerras, who had the listing in conjunction with Christies International.
The Hyde Park precinct now ranks among Sydney's priciest addresses. It also snared the top off-the plan apartment sale of the past year when just short of $14 million was paid for a sub-penthouse in the College Street development The Residence.
Singapore-based architects WOHA designed the exteriors of The Hyde, and the Sydney-based interior architects Archer+Wright designed the penthouse's interiors.
Sydney's priciest apartment sale stands at $16.8 million in 2008 for a 12th-floor unit in the Bennelong block overlooking Circular Quay.
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Sydney's Hyde Park penthouse sells for discount due to $142,000 annual strata levy

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For the first time in over a decade, home ownership in the United States has dropped below 66%.
It is at its lowest level since 1998, according to the U.S. Census Bureau.
America’s home ownership peaked at 69.2% in 2004 but is now at 65.9%.
Analysts predict that the declines will continue for the next several years, due in part to stricter mortgage standards in more than a decade disqualifying would-be buyers and to rising volumes of evictions of home owners in foreclosure.
Director of research at John Burns Real Estate Consulting Wayne Yamano predicts homeownership may fall to 62% by 2015.
Not surprisingly, the accompanying home rental vacancy rates are also hitting new lows, with the national vacancy rate down to 9.2%, a 1.4% drop over the same time last year.
Meanwhile the internationally active Canada Pension Plan Investment Board has been investing in United States apartment buildings, a residential real estate sector that has managed to perform better than the broader housing market.
CPPIB has invested about $US300 million to buy stakes in eight U.S. buildings, as they are viewed as relatively safe cash-generating investments because weakness in the housing market drives former home owners to rent.
“We believe that the limited supply of high-quality rental properties and other broad demographic trends such as forecast population growth, declining home ownership and the echo-boom generation reaching peak rental propensity all support continued growth in the U.S. multi-family sector,” Peter Ballon, vice-president and head of real estate investments, told Steve Ladurantaye at The Globe and Mail.
The buildings include Archstone North Point, a 426-unit property in Massachusetts, Palazzo Westwood Village, a 350-unit property located in Los Angeles and a 45% interest in the Cadence multi-0family development project in San Jose, California.
CPPIB recently purchased a 50% joint venture interest in Northland Shopping Centre in Melbourne for a total equity commitment of A$455 million.
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Canada Pension invests in US apartments as US property ownership declines

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The outlook for the Australian dairy farm market could be improving, with some good news from the Australian Competition and Consumer Commission giving farmers some leverage to bargain with processors for better prices for milk.
In its June report Herron Todd White reported that there had been little to no interest in dairy properties due in part to the fallout of the retailer price wars.
The ACCC has extended the exemption allowing dairy farmers to collectively bargain with processors for a further 10 years.
Australian Dairy Farmers Ltd was first granted authorisation by the ACCC in 2002.
Since that time dairy farmers have formed 18 collective bargaining groups.
These groups represent about 500 farming families.
"This is an important example of how the ACCC can assist small businesses, particularly those in the agricultural sector, to achieve better outcomes in their negotiations with processors," ACCC chairman Rod Sims says.
This is the second time the ACCC has undertaken a comprehensive review of the ADF arrangements.
It is clear from submissions received that collective bargaining by dairy farmers is both supported and well understood by the industry.
The ACCC considers collective bargaining by dairy farmers has the potential to deliver better access to information and resources as well as improved input into contract negotiations.
Collective bargaining can also reduce the transaction costs associated with negotiating supply arrangements for both dairy farmers and processors.
The ACCC may authorise collective bargaining arrangements when it is satisfied that the public benefit from the conduct outweighs any public detriment.
Authorisation provides immunity from court action for conduct that might otherwise raise concerns under the competition provisions of the Competition and Consumer Act 2010.
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Outlook for dairy properties could improve with collective bargaining advantage

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AMP Capital Investors chief economist Dr Shane Oliver views the global outlook as looking softer than the Reserve Bank of Australia has been assuming.
“This combined with a continuing run of very weak economic indicators in Australia highlights why it would be a major mistake to raise interest rates any time soon.
“In fact, the case is steadily building that the next move in the cash rate will be down,” Oliver says.
Oliver says the global malaise affects Australia via three key channels: the direct impact on business and consumer confidence, the financial markets and trade.
“While demand for Australian exports remains strong, the risk is the weakness in Europe and the US adversely affects growth in China and Asia which then reduces demand for Australian exports.
“So far there is no clear evidence of this, but it is worth keeping an eye on,” Oliver says.
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Case for interest rates cut steadily building: Shane Oliver

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Actor Leonardo DiCaprio, who’s set to arrive later this month in Sydney to shoot the title role in The Great Gatsby film remake, has seemingly failed to secure his desired rental requirement of a harbourside Sydney bolthole with a tennis court.
DiCaprio, who topped the latest list of Hollywood's highest-earning actors according to Forbes.com, had his scouts looking for luxury rental lodgings with a $30,000 a week limit.
There are just 21 eastern suburb Sydney harbourfront homes with tennis courts, and eight have the tennis court directly on the water.
After the hunt for the very best of homes met dead ends over recent weeks, DiCaprio’s search party has yet to sign off on any on the short list of alternate accommodation.
“They really wanted a sports court for him, plus a gym,” one leasing insider says. “Perhaps the court was for tennis or maybe basketball?”
Australian filmmaker Baz Luhrmann is set to film a new 3D version of The Great Gatsby in Sydney next month with backing from the US studio giant Warner Bros. Fox Studios at Centennial Park in Sydney will be the production base for the film, with other parts of NSW also to be used during the filming.
Gatsby tells the F. Scott Fitzgerald's story of Nick Carraway, played by Spiderman's Toby Maguire, an idealistic yet naive Midwesterner lured into the lavish world of glamorous parties and fast cars belonging to his millionaire neighbour Jay Gatsby, played by DiCaprio.
Forbes listed DiCaprio as earning US$77 million, jumping from fifth to first place, after two box office hits last year, Shutter Island and Inception, which between them earned more than US$1 billion.
In his next films he'll play FBI chief J. Edgar Hoover.
Forbes compiled its highest earning list based on earning after speaking to celebrity agents, lawyers, producers and industry insiders to estimate what each actor earned for the year ended May 1.
Jason Clarke, Carey Mulligan, Isla Fisher and Elizabeth Debicki, fresh out of the Victorian College of the Arts, are among the other actors set to arrive to help Luhrmann revive the American literary classic.
The production will inject more than $120 million into the NSW economy, with an estimated 275 crew during pre-production since March; then more than 400 cast and crew during principal photography, and the 150 in post-production and visual effects employment.
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Leonardo DiCaprio struggles to find Sydney's West Egg for Gatsby filming

Burgeoning South East Queensland developer <a href="https://www.apartments.com.au/developers/frank-developments">Frank Developments</a> is continuing to pad out its capital city development pipeline.

The developer, led by Frank Licastro, has its sights set on Kingsford Smith Drive in Hamilton, where it is planning <a href="https://www.apartments.com.au/new-apartments/avela-60-kingsford-smith-drive-albion-qld-4010">AVELA</a>, a 166-apartment development across three towers that tier down from 28 storeys to 19 and 17.

The towers will rise above the iconic Breakfast Creek Hotel.

Frank has brought on Melbourne architecture practice <a href="https://www.apartments.com.au/architects/rob-kennon-architects">Kennon</a> to design the building, conceived as a “defining architectural marker where the airport corridor meets the inner city.”

<img alt="First look: Frank Developments plans sculptural AVELA for Brisbane's Breakfast Creek gateway" data-entity-type="file" data-entity-uuid="e787c64e-f0a4-4725-891e-e86b40ee5c5c" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/AVELA.png?VersionId=1ulwuZ9w2vQ2td7v.J2zUI7Ih_DT4Kwz" />

Kennon describes the project as a once-in-a-generation opportunity.

"Positioned at the northern gateway of Brisbane's primary CBD corridor, this project represents a singular moment in the city's urban evolution, one that will not come again," the architecture practice said in the documents submitted to the Brisbane City Council.

"Where the airport and world beyond meets the city, the building will rise as a sculptural landmark, a defining piece of architecture that signals arrival into Brisbane and anchors the connection between the city and the communities to its north."

<img alt="First look: Frank Developments plans sculptural AVELA for Brisbane's Breakfast Creek gateway" data-entity-type="file" data-entity-uuid="d572bf62-a98d-4847-95d0-889e3d3283e1" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/AVELA%20podium.png?VersionId=6.Ax4jBzTbY5ahm55iaMWNR03ODhDQSm" />

The development is centred around owner-occupier apartments, with a mix of two, three and four-bedroom residences designed to capitalise on city and river views.

Four basement levels accommodate resident parking, allowing the podium to prioritise pedestrian activity and public-facing uses like ground-floor retail, a cafe, a&nbsp;neighbourhood grocer, and a public accessible indoor pickleball court and event space.&nbsp;

There will be nearly 2,000 sqm of communal wellness and recreation facilities across three levels.

<img alt="First look: Frank Developments plans sculptural AVELA for Brisbane's Breakfast Creek gateway" data-entity-type="file" data-entity-uuid="c5ac3cbf-3c11-4219-89f3-e12d9e0f9ffd" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/AVELA%20podium%20A.png?VersionId=_.4zd1HLCKa1s6I_oxkY4NNqX6o3Yevn" />

&nbsp;

Frank Developments has increasingly focused on design-led residential projects across South East Queensland.

AVELA is Licastro's second on Kingsford Smith Drive following <a href="https://www.apartments.com.au/new-apartments/alba-92-kingsford-smith-drive-hamilton-qld-4007">Alba</a>, 85 apartments just down the road. The developer has <a href="https://www.apartments.com.au/new-apartments/mira-61-garfield-terrace-surfers-paradise-qld-4217">MIRA</a> and <a href="https://www.apartments.com.au/new-apartments/myst-burleigh-heads-270-the-esplanade-miami-qld-4220">MYST</a> on the Gold Coast, as well as <a href="https://www.apartments.com.au/new-apartments/murano-teneriffe-37-wyandra-street-new-farm-qld-4005">Murano</a> coming up in Teneriffe and <a href="https://www.apartments.com.au/new-apartments/bel-air-33-oxlade-drive-new-farm-qld-4005">Bel Air in New Farm</a>.

Joel Robinson

Frank Developments plans sculptural AVELA for Brisbane's Breakfast Creek gateway

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.

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.

<iframe allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen="" frameborder="0" height="315" referrerpolicy="strict-origin-when-cross-origin" src="https://www.youtube.com/embed/6RNt3AvtBpI?si=JUhuCV2ZRXsYaoJZ" title="YouTube video player" width="560"></iframe>

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.

[smartcode_project:default project_id=149637 project_image_fid=351027]

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.

[smartcode_project:default project_id=149637 project_image_fid=351031]

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.

[smartcode_project_cta:default project_id=149637]

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.

Jonathan Chancellor

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