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Actor Nicole Kidman’s $6.5 million Sutton Forest country retreat will soon have a coal exploration test bore on its front perimeter – and another out the back – after the Cockatoo Coal company secured permission for 120 drill holes for its vast Southern Highlands exploration project.
Kidman is among the 424 land owners in the approved 115-square-kilometre exploration area who were recently advised as to where the holes will be drilled. Some now fear that the potential mining  will not only destroy the peace of the area but also contaminate underground water reserves.
In 2008 Nicole Kidman and her country music star husband, Keith Urban, snapped up Bunya Hill, a 45-hectare cattle stud with a magnificent 1878 Georgian mansion, thinking they would be allowed at enjoy the home in peace.
With wide sandstone verandas, pressed-metal ceilings, a carved cedar staircase and 10 marble fireplaces, it has the proportions and details that made it worthy to be leased as a vice-regal rural retreat for Lord Augustus Loftus, a governor of NSW in the colonial 1880s.
Now it has been caught up in a coal mining battle, with 2,500 locals recently telling the South Korean ambassador, Dr Woosang Kim, that there will be considerable and vocal opposition to any mining by the venture partners leading South Korean steel manufacturer POSCO and its Australian partner, Cockatoo Coal. The coal seam that POSCO and Cockatoo plan to extract lies below a vital aquifer, an important water resource for residents.
Exploration authorisations in NSW do not permit mining, but exploration is the method for gathering information about the size, quality and location of the coal seam as a prelude to whether it can be economically extracted.
Drilling of the exploration holes for the project will require an area of 25 metres by 25 metres.  Holes will be drilled in cleared areas wherever possible, and land will be fully rehabilitated on completion, according to the company website.
The miners have faced strong community opposition since in mid-2010, when the Southern Highlands Coal Action Group was formed. The community group, now called “Shoo Cockatoo” has held a series of public meetings in the Southern Highlands and has also sought the support of local politicians, including Goulburn MP Pru Goward and Wingecarribee Shire Council.
Southern Highlands Coal Action Group co-ordinator Tim Frost has been advising landowners to lock the mining company representatives out and says he is not aware of any agreeing to access so far.
SHCAG had a meeting with new Resources and Energy Minister Chris Hartcher on the Coalition Government's new Strategic Regional Land Use policy in Sydney earlier this month, which was organised by Goward.
But the coal action group weren't the only visitors to Hartcher's office, with POSCO also visiting the Macquarie Street offices.
The community’s concerns also revolve around future mining, including subsidence damage, dust and noise from surface facilities, changes to the character of the area and property values. 
Landowners fear that property values may have fallen 30% given buyer hestitation at buying while doubt remains over the prospect of mining.
The company believes there is a perception among its opponents that delaying the exploration program will stop any future mining proposal.
But the drill timeline has been recently brought forward after the timely receipt of all necessary approvals from the NSW Government and the engagement of a local drilling contractor to undertake the work, project manager Mike Cunnion said recently.
 
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The first phase of what’s known as the Hume Coal Resource is drilling at 30 sites in the Belanglo State Forest, with the program expected to take up to 16 weeks to complete.
Drilling will extend over a three-year period depending on the timing of land owner access agreements and availability of drilling rigs.
The 120 boreholes to be drilled into the Wongawilli Seam will be subject to geotechnical evaluation, and selected holes will remain as ongoing water-monitoring bores by the installation of a piezometer.
The exploration area is located in the municipality of Wingecarribee, which is referred to as the Southern Highlands and covers 2,700 square kilometres in the southern section of the Sydney Basin.
Given the generally mild climate and rich soils, the region has a traditional agricultural base, however in recent years the population has grown dramatically due to proximity and goods transport access to Sydney as well as a rural lifestyle environment.
Tourist attractions combined with growth in the wine industry, the region’s historic towns and cottage industry have caused a dramatic rise in weekend and holiday trade. The region also has a longstanding and significant manufacturing industry, including cement manufacture, brickworks, metal fabrication, mining equipment manufacture, quarrying and coal mining.
The predominant land use is agriculture, and the minimum lot size within the majority of the authorisation site is 40 hectares.
Many properties are significantly larger and represent viable commercial farms.
A proportion of the farmland consists of hobby farms, rural lifestyle and equestrian properties.
About 30% of the land in private ownership has an alternative address for rates notices.
Most of these landholders are from Sydney, with a smaller proportion from other states.
Cockatoo Coal’s website notes granting of an exploration licence does not automatically entitle the holder of the licence to enter private property. Access can only occur once an access agreement has been established. The process of negotiation of an access agreement is provided in the Mining Act.
The process requires the company to notify a landholder in writing of its intention to obtain an agreement that would allow access. The notification process must include details of the exploration works proposed and an area over which access is sought.
Land owners also have the right to negotiate the inclusion of property management issues, such as preferred access paths within paddocks, avoidance of paddocks with crops or when sensitive breeding activities are occurring, locations of any new tracks to assist in ongoing farm management, access to water and the like.
Land owners also have the right to negotiate specific issues such as preferred hours of entry, revegetation works including type of pasture to be used, and the type and location of any new gates or fencing that may be needed.
The exploration authorisation potentially allows exploration activities in an area west of Moss Vale and incorporates parts of the Belanglo State Forest. Authorisation for exploration in the Hume Project area was first granted in 1967, and various exploration programs have been undertaken since then.
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Coal mine anxiety for Nicole Kidman's Sutton Forest property

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The Block, Channel Nine's reality property series that dates back to the 2003 property boom time, has returned to the airways at the time when many commentators see the Melbourne property market as heading south.
Little wonder the ratings in Melbourne soared as anxious Melburnians tuned into the reality show to follow the journey of how the couples and the property market are faring.
The first-night ratings – with the four cottages in derelict Cameron Street, Richmond, barely sighted – attracted an average 1.342 million viewers, making it the night’s fourth-highest rating show, after Ten juggernaut Masterchef, Seven News and Today Tonight.
But they were far keener watchers in Melbourne than Sydney, with 365,000 viewers in Sydney compared with Melbourne’s 523,000 viewers.
Sydney viewing numbers matched the 2010 launch night, but there was a 44% spike in Melbourne viewers compared with the premiere of the 2010 series, which was based around a Vaucluse Sydney apartment block.
 There were 228,000 viewers in Brisbane, 124,000 in Perth and 102,000 in Adelaide.
The Melbourne viewing fillip lifted the ratings for the opening night by 17% year on year.
The 2011 opening night of The Block recorded a peak of 1.723 million viewers within the hour, with an average of 1.23 million in the first half hour and 1.41 million in the second half hour.
The first season was filmed in Bondi in 2003, with 2.2 million watching weekly – and the auction finale episode attracted 3.1 million viewers, which was the second-most watched event of 2003. Its 2003 first series coincided with the peak of the property boom along the east coast Sydney property market.
Scott Cam returned as host in the fourth series, McGrath boss John McGrath and Belle editor-in-chief Neale Whitaker as judges.
In this series, four couples are shifted into four rundown houses in Richmond. It’s a slight twist on the first three series, when it was a rundown apartment block.
The contestants are asked to hastily renovate and then sell, and they will earn the margin above the auction reserve price.
The couple whose property sells for the largest margin is declared the winner.
The 2010 Vaucluse series ended with an auction where only three of the four were sold. It took a week for the fourth flat to find it buyers.  The winners of The Block 2010, John and Neisha, took home $305,000.
Julian Cress, the founding producer, has previously stressed The Block wasn't just about property – it was also about delivering a dramatic character-and-situation storyline.
In years past four couples started and finished each renovation series.
This time The Block begins with eight couples desperate to move in – but there are only four properties, so in the first week the couples are paired off and pitted against each other in a 24-hour, do-or-die room fitout challenge.
In the first episode Shannon and Aaron from WA lost to Jenna and Josh from VIC.
In upcoming episodes it’s Polly and Warwick from NSW versus Chrissy and Toby from Queensland; then Chris and Carrie from NSW tackle Tania and Rodney from country Victoria; and two sets of sisters Katrina and Amie from country NSW confront twins Laura and Emily from Victoria.
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Melbourne property anxiety triggers home town viewing spike for The Block

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Westpac boss Gail Kelly has rejected fears of an Australian property crash, saying the recent rise in mortgage arrears is not a big concern for economy or the bank’s profits.
“There has been some concern about housing within the Australian context, but I remain very confident about housing in Australia,” she says.
“Delinquencies have picked up, but that is entirely within our expectations (and) it is off a low base.”
She says the modest fall in house prices is “quite healthy.”
“It’s really a softening rather than any underlying concerns, so I remain very confident about the Australian housing situation,” Kelly says.
Westpac reported in May that its mortgage delinquency rates of 90 days or more had risen to 0.56% from 0.43%.
At the time Kelly rejected concerns about the rising delinquencies in her mortgage book dating back to any GFC lending binge.
Kelly said the arrears were no more than expected in a $300 billion mortgage book, with just 0.56% of the 1.5 million customers 90 days or more late in repayments.
She says first-home owners are underrepresented in the delinquency figures.
“The first-home owner segment continues to perform better than the average of the portfolio,” she says.
“It is counter-intuitive, but when you think about it … the first-home owner is often in an improving scenario in their career because they’re a young accountant, doctor, lawyer, banker, and they’re in a rising income pattern in their career.
“And they’re often married, and we don’t factor in the full extent of both incomes,” she told the Australian Financial Review.
Kelly says the broader economy, which is underpinned by strong fundamentals including the resources boom and low unemployment.
“Because new lending growth has been lower recently, it magnifies that delinquency pattern,” she says.
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Westpac boss does not foresee an Australian property crash

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New housing construction in Sydney is moving in the right direction in meeting buyer desire, albeit very slowly. But Melbourne’s new housing simply mirrors its current stock mix and not current demand, according to research by the Grattan Institute.
Both capital cities have a clear mismatch between the current housing stock and the mix of housing that home buyers say they would choose, according to the Grattan report, The Housing We’d Choose, which surveyed 700 residents from Melbourne and Sydney.
It noted residents wanted more apartment-style housing but that the housing stock in the two capitals was dominated by detached houses.
In 1976, the share of detached housing was 78%, while in 2006 this was at 74%, according to the report’s author, Jane-Frances Kelly.
Some 7.4% of all Sydney’s households say that, given current prices and their budget, they would choose a semi-detached house in Sydney’s municipalities, including Sutherland Shire, Bankstown, Liverpool, Warringah, Fairfield and Auburn.
However only 2.8% of the total housing stock is made up of semi-detached dwellings in the area.
“This leaves 4.6% of Sydney’s households, or about 70,000 households, whose preferred trade-offs can’t be accommodated,” the report notes.
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The report notes many factors have triggered the mismatch between a city’s housing stock and the trade-offs residents say they would choose at a given point in time.
While noting Australians are highly mobile, the report says that the apparent mobility is driven largely by renters and younger Australians.
“Owner-occupiers are much less likely to move,” the report says.
“Indeed the difference in mobility between owners and renters in Australia is the highest in the OECD.
“People stay in the same house for a long time Relatively few houses are available at any one time, which combined with time constraints and search costs, leads movers to choose a second-best option.”
The main barrier cited by survey participants who had not recently moved and were not happy with their current homes was “the hassle and cost of finding and moving into a new house is prohibitive,” the report says.
The second most commonly cited barrier was that it would not make financial sense due to government charges.
Research has found that Australia has one of the highest transaction costs of moving house in the OECD.
The number of bedrooms was listed as the most important factor in housing choice, according to the report.
“Unsurprisingly in choosing dwellings, people give priority to the number of bedrooms, having a detached house with a garage, and ample living space.
“In short, bigger is better,” Kelly says.
In terms of location, respondents said they preferred to live in a safe neighbourhood, close to family, friends, shopping and public transport.
“Notably, closeness to work did not rank highly,” Kelly says.
Given real-world budget constraints, there is inevitably tension in satisfying preferences for both, she says.
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Housing stock not giving people what they want: Report

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Australia sits among the 25 countries with flat or negative house price growth in the March 2011 quarter, according to the latest Knight Frank Global House Price Index. Knight Frank expects the current slowdown in global housing markets to continue, hitting a low point in the December quarter 2011 based on the assumption that the Asian markets will continue to cool.
A slow recovery in global house prices is tipped for 2012.
Australia ranks 28th on the list of 50 countries, with 1.7% negative growth over the March quarter and -0.2% over the year. Australia was ranked seventh just six months ago.
Asia remains the top-performing continent, recording 8.4% growth over the last 12 months. However, this was down from 17.8% a year earlier.
The weakest region was North America, where values fell 0.4% in the year to the March quarter 2011.
Although house prices in Europe were static in the March quarter, that represents an improvement on 12 months earlier, when house prices on average had fallen 4.1% in the preceding 12 months.
Hong Kong was the strongest-performing country – up 24.2% – followed by India (21.9%) and Taiwan (14.3%).
“Price growth, while not stalling, has faltered in quarter one 2011, pointing to ongoing problems underlying the world’s housing markets,” Liam Bailey, head of residential research at Knight Frank, says.
“In the fourth quarter of 2010 overall annual price growth stood at 3.3%. Three months later this shrank to 1.8%.
“A cursory glance at the results table would suggest it’s business as normal, with Asian countries firmly implanted at the top of the table and both Europe and North America languishing behind,” Bailey says.
“But there are a few less predictable results. House prices in Russia, for example, fell 13.7% in the first three months of this year, positioning it below Ireland in the rankings.
“On the other hand, France has jumped to sixth place in the rankings, up from 30th a year earlier,” he says.
Sweden and Germany, by comparison, have experienced several quarters of positive growth only to fall back in quarter one of 2011.
Bailey says in most of these cases, with the notable exception of Germany, the housing market is reflecting the wider economy’s performance as well as responding to domestic policy decisions.
He notes the efforts on the part of Asian governments to cool house price inflation in the past year have been largely successful, although the latest figures suggest Hong Kong’s housing market is proving less responsive.
“In quarter one of 2010 annual inflation stood at 30.4%; this fell to 25.0% in quarter two 2010 and 22.1% in quarter four 2010 but has now rebounded to 24.2%,” Bailey says.
“Demand from mainland China is a key driver – accounting for nearly one in four Hong Kong property purchases.
“The Chinese market, by comparison, has seen annual price growth fall from 49% in quarter one 2010 to a more sustainable 8.4%.
“Additional measures are being adopted by the Hong Kong Government to curb inflation by launching a new mortgage database,” Bailey says.
“Banks may refuse mortgage applications, lower loan-to-value ratios or offer higher mortgage rates if applicants do not share their mortgage data.
“Such a move is expected to further suppress speculative activity, as speculators tend not to disclose their mortgage histories as it can limit their ability to own multiple flats,” Bailey says.
“In summary, we expect to see the current slowdown in global housing markets to continue, hitting a low point in quarter four 2011 – assuming the Asian markets continue to cool and the government intervention is successful – but with a slow recovery in global house prices taking place in 2012.”
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Australia ranks 28th on house price index list

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Much of the allure of owning one of the 85 Brighton bathing boxes is the bragging rights. There’s also the practicalities of having on-beach storage. But that’s getting costlier, as the newest two Dendy Street bathing boxes in the Melbourne bayside suburb sold at the weekend auction for a record $221,000 and $260,000, for the larger of the two.
Set on one of the most photographed locales in Australia, they are the second and third of four new boxes being built and sold by Bayside Council.
The dearer is 11 square metres, and the other nine square metres.
The 85 boxes are a throwback to the 19th century, when the increasing popularity of sea bathing clashed with Victorian-era prudishness.
The first of the newly built weatherboard-clad structures with gabled roof offerings, reported to cost between $15,000 and $20,000 to build, fetched a record $215,000 at auction in December 2010. 
The weekend auction through Hodges Brighton director Sam Paynter exceeded the previous record, even though four other boxes are currently listed for private sale with $185,000 plus hopes.
“Those prices will go up following the auction,” Paynter says.
Six Brighton ratepayers attended the auctions with a view to purchasing.
The boxes hit $200,000 for the first time in 2007, but during the 2008-2009 global financial downturn there was a $171,000 sale.
“They say the market’s not liquid, but there’s sizable growth since the  GFC,” Paynter says.
The first public auction was in 1999, when a box sold for $60,000.
Bayside Council’s original plan was to sell one a year for six years from 2010 to 2015.
Brighton Bathing Box Association president Chris Carlile says the new bathing boxes are welcome – if the revenue they net is used to repair broken drains, ramps and sand build-ups.
Carlile says he does not think the value of other bathing boxes will be affected by the four new boxes.
The council owns the land for each box and charges an annual licence fee of about $600.
Only Bayside ratepayers or residents are allowed to own one.  They are typically 2.4 metres by two metres by two metres.
There are about 1800 bathing boxes and boat sheds around Port Phillip and Western Port Bay, and in the past the Department of Sustainability and Environment and its predecessor, the Port Phillip Authority, have frequently expressed philosophical objection to private structures on the foreshore.
The Brighton Bathing Box association fought moves in the 1980s under the former Cain Labor government to remove the boxes.
Construction of the scheduled remaining box has yet to begin.
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Record prices for Brighton sales out of the box

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The Western Australian dairy industry was in a state of uncertainty, with low confidence and limited to no activity in the property marketplace. The dairy industry is based in the south west of the state.
But overseas buyers looking to secure food future opportunities are circling.
Although WA has had some recent rainfall, which will assist with winter pasture growth, the outlook was bleak, according to Herron Todd White.
Much of the uncertainty stems from the collapse of Challenge Dairies, Western Australia in 2010, which HTW valuer David Abel says forced producers to desperately seek out an alternative buyer/processor for their milk.
There were also fears that a farm gate price reduction was imminent, in what was believed to be the fallout from the retailer price wars.
“As a result of the above factors, the confidence within the industry has taken a real blow and with what may be considered a bleak outlook, the dairy farms on the market are receiving limited to no interest,” Abel says.
“The limited number of purchasers in the marketplace are reported to include overseas buyers looking to secure food future and investment opportunities.
“These purchasers are often well informed and aware of market conditions, so will be unlikely to be paying any ‘premiums’, and more likely to be seeking out ‘bargains’,” Abel says.
“Due to the lack of activity in the Western Australian market, there is no tangible evidence of reductions in market value, however the property market as a whole has seen a price correction and therefore, for those looking to leave the dairy industry, the term ‘price the property to meet the market’ has never been more imperative if a sale is to be achieved.
“It is my opinion that this is a time of rationalisation on a global scale and that however small and far away the white light at the end of the tunnel is at the moment, the optimist in me can see it,” he says.
“After all, the majority of us like to put milk on our cereals, in our tea, in our coffee, we like our bread to be buttered, and where would we be without cheese in our sandwiches?”
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Dairy industry complains over cheap milk as market for properties stalls

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<img src="/images/stories/flagtitletat.jpg" style="float: left; margin: 5px;">The former Pittwater retreat of actor Chips Rafferty, set on a 2,538-square-metre block at Lovett Bay north of Sydney, has been listed for sale. The deep waterfront bushland property (pictured above), which is accessible only by water, has been listed by the Dunn family after 24 years of ownership. It had been the home of Rafferty, otherwise known as John Goffage, and his wife, Ellen, in the late 1940s.
The rugged movie star of The Overlanders, a tale about the hardships of Australian outback life, paid 1205 pounds for the land and built a home amid towering gums. The Dunn family purchased the first of their two Sturdee Place holdings, with beach and jetty, in 1987 for $550,000. It has been listed by Belle Mona Vale agent Mary Rowley, who expects $4 million plus for the three-bedroom house with a prized northerly aspect. It comes with sandstone steps leading to terrace with a built-in turbo barbecue. There’s also a king-size guest cabin.
The last big sale of a home on the shores of the neighbouring Elvina, Lovett and Towlers bays was the 1920s four-bedroom sandstone house Maritana, which fetched $6.25 million on Elvina Bay in 2007. It is set on a 2,380-square-metre Douglass Estate holding, which sold through Agency by Alison Coopes. It had a 52-metre-wide waterfront, a sandy beach, jetty and boatshed in beautiful gardens with sandstone terraces. Surrounded by vast stretches of national park, Maritana was built using jarrah, kauri and spotted gum by the Gibsons of retailers Foy &amp; Gibson. Lovett Bay is named after John Lovett, who settled there in about 1836.
 
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<img src="/images/stories/flagtitletat.jpg" style="float: left; margin: 5px;">Ever-so-close NSW State of Origin coaching hero Ricky Stuart and his wife, Kaylie, have $2.5 million plus hopes for their Vaucluse, Sydney property (pictured above) –a little less than the $2.75 million they paid in 2006. Built 10 years ago, the attached two-storey Derby Street house has harbour views. The couple have it listed through Raine &amp; Horne Double Bay agent Michael Pallier. The Stuarts and their three children are renting at Cronulla, where the couple would understandably like to buy, The Vaucluse residence has until recently been rented to a British banker at $2000 a week. When the Stuarts tried to sell 12 months ago through another agent, they wanted $3 million.
 
<img src="/images/stories/flagtitletat.jpg" style="float: left; margin: 5px;">The long-retired Pickles Sydney auctioneer Storm Jacklin has spent $2,055,495 on a Noosa riverfront retreat, underlining the continued shift away from the Queensland holiday destination being almost exclusively for Melbourne's suntanned rich and famous. The Noosa Quays apartment on Noosa Sound was bought from Peter Chegwyn, the former News Ltd finance director. No idea how though how they calculated the sale price of the three-bedroom house, which was on the books of Beverley Donoghue Select Properties with $2.2 million hopes for less than a month. Its sale price equates to a nice 8.75% annual growth as Chegwyn, best remembered as chairman of Pacific Sports Entertainment and owner of the Brisbane Broncos, had  paid $445,000 in 1992 after trading up from his $275,000 Noosa Heads unit.
 
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Kardinia Park, the Sir John Sulman-designed Katoomba house (pictured above), has been bought for $2.25 million by Blue Mountains tourism operators George Saad and Huong Nguyen. It was sold recently, having been listed with $2.5 million-plus hopes through Century 21 The Village Leura agent Beris Anderson. It was the first time the nine-bedroom house on a two-hectare Birdwood Avenue holding had been sold since it was built in the late 1880s when a 2.8-hectare block was bought for 300 pounds. It was designed for the Young family, who were the founders of Bundaberg Sugar.
Sulman, a distinguished architect who died in 1934, had a house in Lawson. He sought to design an Australian style, not based on Gothic or Queen Anne. The heritage-listed residence Kardinia Park, initially known as Khandala, comes with a door featuring family height measurements dating back through the decades. It was sold by David Young, who initially sought $5 million plus buyers in 2009. Saad and Nguyen’s property portfolio includes Echoes and the stately Lilianfels Hotel. Huong Nguyen also co-owns the Hydro Majestic Hotel at Medlow Bath, which after its lengthy refurbishment is set to reopen in 2012.
 
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The former English Test cricketer Adam Hollioake, who helped create the television series Australia’s Greatest Athlete, has had his Sovereign Island, Gold Coast building block sold for $1.3 million. Hollioake, who played four Tests for England in 1997-98, and 35 one-day internationals from 1996-99, bought the Paradise Point property in 2004 for $2.3 million from land subdivider Lewis Land. It had been initially listed by the Melbourne-born Hollioake with $4 million hopes in 2007.
Set on Knightsbridge Parade East, Sovereign Islands, the 703-square -metre block has a 20-metre broadwater frontage with views stretching to the far reaches of the broadwater and national parkland. It was described as one of the best blocks in the prestigious street by its selling agent David Vertullo from the Professionals. The ever-positive Hollioake, who spends much of his time on philanthropic fundraising for the needier, and tweeting, still sees the Gold Coast as the land of opportunity.
 
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Plastic surgeon Robert Drielsma and his wife, anaesthetist Debbie Hong, have spent $9.85 million to buy the Bellevue Hill residence Carrabah (pictured above). The property had been listed with $14 million hopes. Carrabah is a three-level remodelled 1930s P&amp;O-style Drumalbyn Road house.
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The couple have yet to sell their Tony Masters-designed Tamarama house (pictured above). The contemporary, three-level Wolaroi Crescent property fetched a record $6.1 million in 2004 when sold by the Point Piper-bound investment banker Gordon Fell. The four-bedroom house, built in 2000, sits in 500 square-metre m gardens landscaped by William Dangar. It comes with pool and spa, and direct access to Tamarama Gully Park and then the beach. About $8 million was being sought through Pauline Goodyer at GoodyerDonnelley Real Estate in conjunction with David Vereker at Belle Property on its April listing.
 
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Title Tattle aims to tell you as soon as we know – often before it happens – so the word from Bonnie Doon is that the holiday shack near Lake Eildon in Victoria that featured in the comedy movie The Castle is set to be withdrawn from the market, and the place is to be spruced up. The serene holiday home of the Kerrigans might even get a shed out the back with a billiard table, Dean Shipley at RT Edgar Yarra Valley suggests. Sydney property investor Richard Moseley secured the property for $169,950 in 2006 and has wanted to sell the two-bedder 115 kilometres from Melbourne since early 2011. It might return to the market in spring.
 
<img style="float: left; margin: 5px;" src="/images/stories/flagtitletat.jpg">And don’t say that Title Tattle told you, but apparently a Mosman house that sold in 2008 for $5.5 million has quietly resold at $4.41 million. Not quite the full Tudor stockbroker-style residence, or a pioneering merchant’s mansion, but nonetheless imposing enough for the 20% price drop to quickly impact on the aspirations of other vendors around the Middle Harbour suburb. Set overlooking Clifton Gardens, it got a rave review in the News Ltd press during its marketing.
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Rafferty's place not exactly cheap as chips: Title Tattle

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The World, the troubled offshore island project off Dubai, will open its first island to the public later this year with the launch of a luxury beach resort, the local press, <a target="_blank" title="Arabian Business" href="https://www.arabianbusiness.com/">Arabian Business</a> has reported.
The World Island Beach Club based on the supposed island of Lebanon is nearing completion.
Although most of the 300 man-made islands were sold by the Nakheel property development company, building work that was the responsibility of the buyers stalled after Dubai’s real-estate bubble burst and property prices fell 60% from their peak.
“We are the first commercial development on The World,” Reza Sinnen, operations manager of the World Island Beach Club, told Arabian Business.
The development includes a 100-seat restaurant, cabanas, a lounge area and entertainment facilities, and is owned by Indian entrepreneur Wakil Admed Azmi.
Membership to the beach club could cost up to AED40,000 (A$10,300) a year and – with a pontoon that can accommodate up to 25-metre yachts – the company is keen to tap the lucrative yachting community.
“We want to run weekend events with promoters, not en masse but for people who have yachts… People around 35 to 40. Like a private club where you are known by name. I also think event and functions and launches will be a major attraction to the island,” Sinnen says.
“We have already had an enquiry from one individual who wanted the island for himself on the 31st of December, so we are definitely going to do a [New Year’s Eve] night there.”
Azmi bought Lebanon in 2008, when he saw the plunge in construction costs that accompanied the downturn as an opportunity to press ahead with building, Sinnen says.
The cost of the island and the construction work has hit AED60 million (A$15.5 million), he says.
“[Azmi] is doing everything himself and has cut down the cost of construction by nearly 70%. He project-managed himself,” says Sinnen, who estimated another AED8 million (A$2 million) would need to be invested to complete the resort in time for the opening in late 2011.
Almost all buyers on the project have failed to begin work, with the exception of work carried out by Kleindienst Group, the developer behind the six-island Heart of Europe Project.
Nakheel has said 70% of the 300 man-made islands are sold and that building work is the responsibility of the owners.
Earlier this year, Arabian Business reported that five islands on The World were up for sale at cut-price rates from owners looking to offload the land.
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First of Dubai's World islands set to open

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Foreclosure filings in the United States tumbled in May to the lowest in almost four years as banks weighed down by an increasing inventory of seized homes delayed processing defaults, according to Realty Trac.
A total of 214,927 properties received default, auction or repossession notices in May, the fewest since November 2007, the Irvine, California-based data company says.
The filings were down 33% from a year earlier and 2% from April.
It meant one in 605 households in the US got a notice.
Foreclosure filings have fallen for eight straight months on a year-over-year basis as banks rework their documentation procedures following claims they had improperly repossessed homes.
Bloomberg has reported that weak demand from buyers was making it difficult for lenders to sell the properties that they already have on their books.
"Foreclosure processing delays continue to mask the true face of the foreclosure situation,” says James J. Saccacio, RealtyTrac’s chief executive officer.
Even at a significantly lower level than a year ago, the new supply of foreclosures exceeds the amount being sold each month, he says.
Unemployment and falling home values are limiting property sales and have pushed about 28% of mortgage holders underwater on their loans, meaning they owe more than the home is worth, according to the US website Zillow Inc.
The U.S. jobless rate rose to 9.1% in May from 9% the previous month, the US Labor Department reported June 3.
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Foreclosure rate falls in the US

International developer&nbsp;<a href="https://www.apartments.com.au/developers/spg-land">SPG Land</a> is preparing to re-launch its long-awaited $1.5 billion <a href="https://www.apartments.com.au/new-apartments/paradiso-place-surfers-paradise-103-ferny-avenue-surfers-paradise-qld-4217">Paradiso Place</a> development at Budds Beach, bringing a new price point to the Surfers Paradise apartment market.

The developer will release one-bedroom apartments from $825,000 and two-bedroom apartments from $1.24 million in the three-tower development.

According to Urbis, the starting price for the two-bedroom apartments is more than $400,000 below the weighted average sale price for comparable two-bedroom apartments in Surfers Paradise during 2025, which was pinned at $1.7 million.

&nbsp;

Urbis reported quarterly average sale prices for new two-bedroom, two-bathroom apartments ranged from around $1.2 million to $1.7 million throughout 2025, peaking in the December quarter.

[smartcode_project:default project_id=106566 project_image_fid=185853]

Paradiso Place is now moving into its formal sales campaign, with a limited early-release opportunity available ahead of the public launch.

The development will comprise 845 apartments across three towers rising 40, 41 and 44 storeys from a 1.15-hectare site spanning an entire city block. The towers will sit above a new retail precinct.

"Paradiso Place represents a rare opportunity in today's market, offering premium apartments at a price point that is significantly more competitive than anything else currently available," SPG Land Sales Director Brad McMahon said.

"When you look at comparable new developments across Surfers Paradise, Main Beach and the Southern Beaches precinct, buyers are typically paying hundreds of thousands more for a similar product.

"The scale of this project and the developer-builder construction model allows us to unlock efficiencies that smaller developments simply cannot achieve. We are passing those benefits directly to buyers, while still delivering a five-star residential experience with an unmatched lifestyle."

[smartcode_project:default project_id=106566 project_image_fid=374280]

Each of the three towers designed by Rothelowman will have its own podium, connected by an elevated skybridge network to create a beachside village for residents. The resident amenity has been designed to rival a five-star hotel, with private dining rooms, resident lounges and entertainment spaces.

McMahon said the pricing strategy was a deliberate response to the current market.

"What Paradiso Place offers is a unique balance, genuine value within a premium market. Buyers are not compromising on quality, design or amenity, they are gaining access to it at a more competitive price point at a time when prices across the Gold Coast continue to reach new highs."

[smartcode_project:default project_id=106566 project_image_fid=362498]

Located around 100 metres from the beach and within walking distance of the Surfers Paradise North light rail station, Paradiso Place occupies one of the Gold Coast's most tightly held beachfront precincts.

Construction is continuing to progress, with eight of the project's 112 foundation piles now complete. Excavation has also commenced on the first diaphragm wall panel, with the first concrete poured on 15 June, marking a key milestone in the project's early works program.

[smartcode_project_cta:default project_id=106566]

Joel Robinson

SPG Land launches $1.5 billion Paradiso Place at attractive price point

Luxury developer-builder <a href="https://www.apartments.com.au/developers/lowe-living">Lowe Living</a> has achieved a new Victorian benchmark for an off-the-plan apartment, with the sale of two penthouses at its ultra-exclusive Maison Savoy development in Brighton.

The two penthouses achieved a combined sale rate of $49,926 per sqm. Both transactions eclipsed the previous identified Victorian off-the-plan price-per-square-metre benchmark, set by the 449 sqm apartment at Como Toorak, which sold at $46,659 per sqm.

[smartcode_project:default project_id=140818 project_image_fid=366473]

<a href="https://www.apartments.com.au/new-apartments/maison-savoy-brighton-150-esplanade-brighton-vic-3186">Maison Savoy</a>, Lowe Living's redevelopment of the former Brighton Savoy Hotel on absolute beachfront land at 150 The Esplanade, Brighton, has gained significant momentum since launching just eight weeks ago. Around 30 per cent of the project's 19 residences have already been secured, generating approximately $45 million in sales.

"Securing two of the three penthouse sales at this stage, within eight weeks of launching to market speaks to the confidence our clients place in Lowe Living," Lowe Living co-founder Emma Lowe said.

"They know we'll be with them through every stage of the journey, and that assurance is something we've worked hard to earn and never take for granted."

[smartcode_project:default project_id=140818 project_image_fid=366474]

Lowe said Maison Savoy was conceived as a genuine alternative to a prestige Brighton home, combining house-scale proportions with the convenience, security and lock-up-and-leave appeal of apartment living.

Lowe Living co-founder Tim Lowe said the early sales success demonstrated the resilience of Melbourne's prestige market and highlighted the growing demand for house-sized apartments among ultra-high-net-worth buyers.

"The Melbourne market has definitely been tested in recent years, with interest rates and global economic factors all creating a period of uncertainty across the real estate sector. The sales success at Maison Savoy however demonstrates that confidence remains exceptionally strong at the top end of the market.

"The prestige market is being driven by long-term lifestyle decisions rather than short-term market sentiment, which continues to create a level of certainty that befits an absolute beachfront property in a blue-chip location like Brighton.

"Brighton's fundamentals remain among the strongest in Melbourne, with limited new supply, enduring demand from an overwhelmingly local owner-occupier market, and a rare combination of beachfront amenity and proximity to the CBD."

[smartcode_project:default project_id=140818 project_image_fid=374378]

According to Cotality, Brighton remains one of Melbourne's most tightly held prestige suburbs, with an average ownership tenure of 15.3 years for houses and 12.3 years for units, while more than 73 per cent of homes are owner-occupied.

Tim Lowe said selling two of the project's three penthouses so early in the campaign was an uncommon result.

"This sales result is a reflection of quality and understanding the local market. It's incredibly rare to transact the penthouses so early in a sales campaign in any project so to have sold two of the three penthouses at Maison Savoy so soon after launch, all in-house without any external sales agency appointed, is reflective of our careful consideration of our buyers' needs and lifestyle.

"This is knowledge that is accumulated not just from data and demographic analysis, but via a deeply embedded understanding of how this type of buyer wants to live and feel in their home. We pride ourselves on getting to know our clients personally, and over the last 10 years we have been able to refine our product offering by talking one-on-one with our clients about their design and floorplan preferences.

"Being a fully integrated developer-builder with an in-house design and sales team allows us to lead every part of the process and ensure the highest quality of product and service at every touchpoint. It's a really important part of our DNA and the recent sales success at Maison Savoy indicates that our clients and purchasers are resonating with this point of difference.

"It reinforces that demand remains strong for thoughtfully designed residences that offer rarity, lifestyle and long-term value in tightly held locations, which ultimately validates Maison Savoy's positioning as creating a new benchmark for house-scale, wellness-led apartment living on Brighton's beachfront."

&nbsp;

[smartcode_project:default project_id=140818 project_image_fid=366480]

The residences at Maison Savoy start from 295 sqm, with most enjoying uninterrupted views across Port Phillip Bay. The project sits moments from the Brighton Bathing Boxes, Royal Brighton Yacht Club, Middle Brighton Baths and Church Street's retail and dining precinct.

A key feature of the development is its private residents-only bathhouse, curated by the founder of Aurora Spa &amp; Bathhouse and modelled on traditional European bathing rituals and the award-winning Sorrento bathhouse.

The wellness offering includes a hydrotherapy pool, salt room, sauna, steam room, cold plunge pool, foot activation zone and a Vichy rainfall bed, one of only a handful in Australia. Residents will also have access to a Technogym studio, lounge spaces and a dedicated concierge service offering everything from morning coffee delivery and restaurant bookings to dry cleaning and home coordination.

"Wellness-led design has become a defining factor for luxury buyers," Emma Lowe said.

"Purchasers increasingly value homes that enhance wellbeing through thoughtful design, private amenity, privacy and liveability."

The penthouse purchasers are now undertaking a bespoke customisation process curated personally by architect Pete Kennon and the Lowe Living team, one of the developer's signature service offerings.

Construction on the $160 million transformation of the former Brighton Savoy Hotel site commenced last month, with completion expected in early 2028. The project has secured funding from NAB alongside development partner Monark.

Just one penthouse remains available, along with a limited number of two and three-bedroom residences starting from $3.75 million.

Lowe Living currently has eight projects on the market across Melbourne and recently celebrated its 10th anniversary, having grown a $1 billion development pipeline alongside a $350 million construction pipeline.

&nbsp;

[smartcode_project_cta:default project_id=140818]

Lowe Living set new Melbourne off the plan apartment record

For more than three decades, Hyecorp has been delivering residential projects across Sydney's Lower North Shore, building a portfolio centred on design-led apartment living in some of the city's most established neighbourhoods.

Hyecorp recently launched the latest in its long line of apartment developments, Celine, a 29-storey tower on Archer Street in Chatswood. Like the majority of the developer's projects, Celine caters to a broad buyer demographic, offering a mix of one, two, three and four-bedroom apartments, all designed with owner-occupiers in mind.

Functionality and flexibility are often buzzwords in the new apartment market, but they sit at the core of Hyecorp's design philosophy.

Hyecorp Joint Managing Director Stephen Abolakian says the developer understands it isn't designing apartments for today's needs alone, but for how buyers will live several years into the future.

"When we launch our projects we need to be aware that these developments aren't finished for several years," Abolakian says.

"That home office in the here and now might be a nursery by the time the project completes for a prospective buyer, so we need to think about how the apartment spaces function for future uses so there's longevity in the ownership."

Celine's architects, Fuse, followed the same philosophy, saying the design extends well beyond aesthetics.

"Celine focuses on timeless architectural form and functionality, with a strong emphasis on light, proportion and materiality. The design responds to the urban context of Chatswood while delivering calm, highly liveable interiors that feel both contemporary and enduring. The floorplans have been carefully resolved to maximise usability and outperform typical market offerings in terms of efficiency and liveability."

Most apartments incorporate multipurpose rooms designed for flexibility. Each includes an integrated desk and a standard Murphy pull-down single bed, allowing the space to transition from a home office or study to guest accommodation as needs change. The layouts have also been designed to maximise natural light, storage and overall functionality.

One and two-bedroom apartments feature Miele appliances, while three and four-bedroom residences are appointed with integrated Gaggenau appliances and Taj Mahal stone benchtops.

Buyers who purchase early in the construction process can also take advantage of Hyecorp's "Live Your Way" interior design service, allowing them to personalise finishes and tailor elements of their home to suit their own lifestyle. It's a feature designed to appeal to owner-occupiers who want their apartment to feel uniquely theirs from the day they move in.

[smartcode_project:default project_id=149594 project_image_fid=362614]

While flexible floorplans have become a hallmark of Hyecorp's apartment design, the developer has also continued to place significant emphasis on resident amenity.

As buyers increasingly expect more from apartment living, shared spaces have evolved beyond a gym and barbecue area. They are now an extension of the home, providing spaces to relax, exercise, entertain and connect with neighbours.

At Celine, the resident amenity has been designed with a focus on wellness, centred on the level six podium. An infinity-edge swimming pool, spa, sauna and fully equipped gym are complemented by barbecue facilities and a residents' lounge, creating a range of spaces for relaxation, recreation and social connection above the streets of Chatswood.

Practical conveniences have also been integrated throughout the building, including EV charging provisions, smart parcel lockers, bicycle storage, a pet wash station and dedicated car wash bays, reflecting the project's focus on making everyday living as seamless as possible.

[smartcode_project:default project_id=149594 project_image_fid=362633]

"Celine has been designed to deliver a refined residential experience that reflects the evolution of Chatswood into a premium urban centre,"&nbsp;Abolakian says.

"With over 30 years of experience delivering projects across Sydney's Lower North Shore, Hyecorp brings a deep understanding of what local buyers value. Every detail has been considered to balance luxury, functionality and long-term liveability. This is not just about apartments, but about creating a lasting residential address for discerning buyers."

Hyecorp, vertically-integrated builder-developer, is anticipating construction commencement later this year.

[smartcode_project_cta:default project_id=149594]

Hyecorp brings 30 years of Lower North Shore experience to Celine in Chatswood

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>.

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.

Jonathan Chancellor

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