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The film director behind Mad Max and Babe, George Miller, has listed the historic art deco The Metro theatre in Sydney's Potts Point with $20 million plus hopes.
It has been his headquarters for more than three decades, but now redundant given his relocation to Fox Studios.
It was built in 1939 as <a href="https://www.propertyobserver.com.au/https://dictionaryofsydney.org/media/5557" target="_blank">The Minerva Theatre</a> opening with a production of Idiot's Delight. Sam Hood took photos.
Metro-Goldwyn-Mayer purchased the building in 1950 and converted to a movie theatre, renaming it the Metro Cinema with stars such as Elizabeth Taylor and Richard Burton attending premieres.
Then as a theatre it hosted performances including the 1970s musical Hair by Harry M. Miller.
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<div class="cq-article-content-media section">The 2300-square-metre property at 30 Orwell Street is on the market for the first time in 35 years, but has been available for lease.</div>
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<div class="cq-article-content-media section">Miller had struggled with maximising its usage and potential in recent years, with various concepts floated but not implemented.</div>
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<div class="cq-article-content-media section">He was seeking $25 million plus at one stage for its sale.</div>
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<div class="cq-article-content-media section">It is likely to appeal to owner-occupiers, boutique hotel operators, and specialised developers with heritage expertise, Fairfax Media reported.</div>
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George Miller lists Art Deco Metro theatre in Potts Point

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The Benalla district farm of the late cattle industry leader Mike Burston sold at auction last week for $4.95 million to the award winning Wagyu beef producer, David Blackmore.
The property, East Mt Ada spans 610 hectares in the heart of Victoria's Broken River Valley.
Its Ruralco Property Hume agents Luke Marple and Brett Neilson had been expecting around $4.75 million.
Burston received an OAM last year for his services to the industry, having been on the Cattle Council of Australia for seven years.
His East Mount Ada was home to the Yallambee Poll Hereford Stud until its dispersal.
It had been farmed by Burston for about five decades after he moved from the southern Riverina.
Its carrying capacity was put as 6000 dry sheep equivalents (DSE) or 375 cow and calf units range.
Blackmore, whose beef is exported to around 20 countries, had been seeking farmland after abandoning a zoning and land use battle with the Murrindindi Shire Council at his 150-hectare Alexandra farm north of Melbourne.
This article was first published in The Weekend Australian.
 
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Wagyu beef producer David Blackmore buys Benalla district farm 

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Property, just like any other investment class, follows cycles where prices can rise, fall or plateau.
Sydney got a rare taste of a dip in September, according to CoreLogic, when it joined Darwin with values falling.
It was no great surprise, and not by much though.
After getting 80 percent percent higher over an extended five year upswing, Sydney dwelling values slipped 0.1 percent lower over the month to a $909,000 median, it’s first month-on-month decline in 17 months.
Ofcourse the headline figure is accompanied by increasing resale activity at lower prices.
The most recent CoreLogic pain gain report noted 2.6 percent of Sydney houses and 1.8 percent of units had been resold recently at a price lower than their purchase price.
This is a very low volume of resales making a loss as the national figure sits for houses at 8.1 percent and 13.3 percent for units.
Many Sydney council areas recorded no loss over the March quarter including Waverley, Ashfield, Burwood, Hunters Hill and Kogarah.
The council areas with the highest proportion of resales at a loss were Wollondilly (5.9%), Hurstville (5.7%) and Hawkesbury (4.8%).
The ups and downs in pricing can be typically explained through the classic economic theory of supply and demand and exuberance.
The rising volume of new stock on the Sydney market - both auction and private treaty - is likely to place further pressure on the market during spring, as volumes are sitting some 15 per cent higher than last October.
The Sydney property market is more likely to experience an extended plateau rather than any doomsday crash scenario due to the relatively low unemployment rate and heightened population growth.
CoreLogic's head of research Tim Lawless says that prices in Sydney will probably trend lower into 2018, although continued strong demand for housing, along with the likelihood that interest rates will remain low, will help to support a floor under housing prices.
I'd suggest much depends on Sydney investors who appear to have momentarily called time out in part because they are now paying higher interest rates after restrictive lending practices by banks.
The investors' response is an understandable reaction to policy initiatives by APRA, the financial regulator, for market cooling.
Residential investor activity has declined sharply in NSW as the latest data from the ABS reported that approved residential investor loans for buyers totalled $5.7 billion over July which was down 22 percent on June.
Sales data indicates that NSW investors were slightly more likely to incur a loss on the resale of their property than owner occupiers. Over the March quarter, 1.9 percent of investors resold their home at a loss compared to 1.8 percent of owner occupiers. 
Buying when everyone wants to sell increases the chance of quickly profiting from property, not that we've seen much flipping intent among buyers as the typical hold period has been six years. 
The time held is important, especially to sit out selling during downturns.
Sensing and tracking the price cycles can pay dividends for savvy home buyers and investors, as there are times when property purchasing can result in a wonderful early gain.
This article was first published in the Saturday Daily Telegraph.
 
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Sydney dips in current property cycle

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The Agency has expanded its national operation into Queensland with veteran local agent John Natoli holding a key role in the brand’s soon-to-be-opened Broadbeach, Gold Coast office.
John Natoli is a highly awarded agent, including the REIQ’s Gold Coast Salesperson of the Year from the mid-1990s.
<a href="https://propertyobserver.com.au/forward-planning/investment-strategy/property-news-and-insights/76198-shark-loving-estate-agent-john-natoli-calls-time-at-mcgrath-surfers-paradise" target="_blank">The local paper</a> had recently advised that the veteran Surfers Paradise agent John Natoli had told clients on his departure from McGrath that he intended to pursue his passion for underwater photography. He didn't rule out a return to property sales.
His clients include the founders of Smorgon Steel, the Smorgon family and motorcycle legend Mick Doohan. “John Natoli brings a wealth of knowledge to The Agency’s Gold Coast operation, he is the foremost authority on the Gold Coast’s prestige market,” says Matt Lahood, CEO The Agency. John Natoli has previously worked closely at McGrath with The Agency’s CEO Matt Lahood and its now the director of sales/chief auctioneer Thomas McGlynn and The Agency’s James Ledgerwood.
"The re-unification of this record-breaking team is incredibly exciting for The Agency," Matt Lahood said.
John Natoli will be joining agents Paul and Charmaine Ledgerwood and The Agency’s Projects team in the Broadbeach office, located in the The Wave building. “I’m very excited about embarking on the same process that we began seven years ago launching McGrath," Natoli said.
"But this time, we benefit from all the learnings and will streamline the process. It was an amazing period of growth and I look forward to this new opportunity with The Agency,” explains John Natoli.
“Watching The Agency in the market, I have been impressed and like what I see – the growth, the ethos and the new way The Agency is doing business.”
Along with sales, John Natoli will be focusing on the mentoring and training of the next generation of agents joining the The Agency team, a challenge John highly anticipates, “I am now in a position where I can share my experience and knowledge with others, another exciting step!”.  With a high proportion of properties on the Gold Coast sold to Melbourne and Sydney-based purchasers, The Agency’s national referral network will assist Natoli.
The McGrath agency pointed out to The Australian that it has over 2300 people in its network with 936 in its sales team.
“All businesses see movement within management and staff and the real estate sector is no different," a spokeswoman said.
“In recent times, McGrath has been fortunate to not only attract key management to positions within the company, but has also seen many return to us, which is reflective of our culture.”
 
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John Natoli joins The Agency on the Gold Coast

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Sydney estate agents will be seeking out buyers who'll be here from China this week on potential fly'n'buy visits.
The National Day Golden Week is China's big holiday when 760 million Chinese workers are able to take a week off every October.
For China’s rich and wealthy, the Golden Week provides the perfect time to head overseas for holidays, shopping, university visits along with the pursuit of property.
The Chinese strongly believe in generational investments, and property is deemed a safe and lasting asset to pass down for generations, especially if it’s with freehold ownership rights like Australia.
Ctrip, the online travel portal, is predicting more than six million Chinese travellers to head overseas during the break which runs through to October 8.
Australia sits fifth most popular destination for these Chinese holidayers behind Thailand, Japan, the US and Singapore.
New air routes help our popularity, the property website Juwai suggested, combined with easier and cheaper visas for outbound Chinese travellers to achieve their travel dreams.
Chinese incomes have seen sustained growth in recent times with an estimated 135 million travellers through this year.
Sun, sea, sand, blue skies, stunning natural environment and wildlife – think whale-watching, swimming with dolphins, and hugging koalas – are some of the draw cards behind the steady growth in tourist arrivals.
The number of Chinese visitors to Australia has hit around 1.4 million annually, so although we only receive a very small percentage of all Chinese visitors, the numbers are sufficient to have more than a ripple effect on the property market.
Some October's more than others.
Golden Week 2015 saw a Maroubra home sold for $10.5 million to a Chinese couple, who flew in to seal the deal. There was a $39 million Point Piper sale in 2014.
Golden Week holidays are important but less than they were in the past, suggests Carrie Law, the CEO of Juwai.com.
High prices in China often make our cities a better value proposition. 
These Chinese buyers are faced with their own domestic restrictions limiting buyer’s opportunities, so many mainland property buyers will be looking overseas for investment opportunities, although there are restrictions on getting their money out too.
This didn't stop Chinese real estate investors spend a record $101 billion last year globally on both residential and commercial properties – up 845 percent over the past five years, and a 25 percent up on 2015.
The US is considered top spot by most property investors from China, which explains the $50 billion spent by Chinese buyers on American real estate.
Australia comes in at second, followed by Hong Kong, Canada, and the UK, Juwai recently noted. 
Face matters in China, in a society ever conscious of reputation and hierarchy. There is no better way to do that than buy a home to show off their wealth and investment acumen to family and friends, and owning international property gains even further prestige.
These potential Chinese buyers have been looking online for options ahead of their travels next week.
China’s next Golden Week opportunity is happening next February, which is during Chinese New Year celebrations for the year of the dog.
 
 
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Agents seeking out buyers for Chinese Golden Week 

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The RBA cash rate decision came out at 2.30pm today - and rates were held again.
The bank's last move saw it go to 1.5 percent at the August 2016 meeting, so rates have been held steady for 14 meetings.
It is not the longest run of steady rates as there were 16 meetings (inclusive) between their August 2013 meeting and December 2014 where they held at 2.5 percent. There was another run of 16 meetings between July 2002 and October 2003 where rates were held at 4.75 percent.
The board noted easing Sydney house prices.
The board noted growth in housing debt has been outpacing the slow growth in household incomes for some time.
"To address the medium-term risks associated with high and rising household indebtedness, APRA has introduced a number of supervisory measures.
"Following some tightening in credit conditions, growth in borrowing by investors has slowed a little recently," the board noted.
In the housing market, conditions continue to vary considerably around the country.
Housing prices have been rising briskly in some markets, while in others they have been declining.
In Sydney, where prices have increased significantly, there have been further signs that conditions are easing.
In the eastern capital cities, a considerable additional supply of apartments is scheduled to come on stream over the next couple of years.
Rent increases remain low in most cities.
 
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Sydney housing price easing noted as RBA holds at September 2017 meeting

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The Brookfield Maze, in Central Victoria, has been listed for sale.
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<div>Avid gardener Eryl Neil and husband Jeffrey began building the maze, in 2010 on the 2.3 hectare parcel.</div>
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<div>The four-bedroom homestead at <a href="https://www.realestate.com.au/property-lifestyle-vic-myrrhee-7921606" target="_blank">1121 Benalla-Whitfield Road</a>, comes with 60-seat cafe and two bedroom guest house comes.</div>
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<div>The property is listed through Garry Nash &amp; Co agent Garry Nash.</div>
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<div>He is asking for $1 million plus.</div>
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<div>Since Eryl and Jeffrey opened the maze, which was designed to be somewhat of a challenge, in 2014 some 14,000 customers tackled the challenge.</div>
<div>It takes on average between 20 and 30 minutes to complete.</div>
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Brookfield Maze in central Victoria listed with $1 million hopes

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ANZ has acquired the realAs website which exposes under-quoting among estate agents.
ANZ advised its purchase was to help home buyers access better information about the Australian property market.
RealAs was incubated in 2011 with an algorithm to predict property prices ahead of auction by the Melbourne buyer’s advocate David Morell, who claimed underquoting was “endemic."
"It’s grubby, it’s misleading and deceptive and it’s a fraud on purchasers," he said at the time.
RealAs says not all agents under­quote, but its chief executive since its 2014 launch, Josh Rowe said realAs aimed to "restore honesty" to pricing with its estimates.
The Collin Street based boss, who has been involved in the recent .au Domain Administration fracas, has long-viewed Victoria as "the underquoting capital of Australia."
In one expose he noted the hockingstuart Richmond agency was inaccurately quoting properties by 22 percent on average, ie a $1,000,000 agent quoted house would typically sell for $1,228,000, with Rowe subsequently advising the agency property price guidance had improved to 11 percent on average.
The website claims to have predicted prices within 5 percent of the eventual sale price over the 12 month period beginning September 2016 to August 17.
It recently advised the Sydney suburb of Eastwood topped the list for misquoting of property prices with underquoting being a way estate agents ­attracted bidders to an auction who assumed the price is within reach.
Melbourne’s Tullamarine was a close second.
Balwyn North ranked as the top suburb for accurate property price quoting in Melbourne and it was Blacktown in Sydney.
The REALas price prediction is calculated using the algorithm developed with RMIT University along with buyer feedback.
REALas.com will continue to operate independently as a wholly-owned subsidiary of ANZ.
The business was founded by David Morrell, who started the first buyers’ advocacy in Australia. He said the power was significantly stacked in the selling agent’s court and wanted to give buyers the ability to pay a fair price for their homes.
Morrell co-founded it with then Hawthorn Football Club president Andrew Newbold and former DDB creative director Jeremy Press.
It quickly upset agents and in 2015 Stockdale &amp; Leggo, a large Melbourne-based group of agencies, accused the property start-up of defamation.
The agency threatened legal action with lawyer John Gdanski, saying a televised report “had serious, reputational, commercial and legal repercussions for our client”.
“For the record, our client does not engage in the practice of underquoting property prices. Our client vehemently rejects this allegation,” it says.
RealAs chief executive Josh Rowe reportedly shrugged off the legal threat, saying it was baseless and symptomatic of an industry that was unaccustomed to scrutiny.
He noted he had not mentioned the firm in comments made for the report.
“Through our lawyers, we have rejected Stockdale &amp; Leggo’s allegations that we conveyed false, misleading and defamatory imputations about them,’’ he said.
“Stockdale &amp; Leggo’s attempt to mute a new voice for home-buyers will only reduce the trust home-buyers place in real estate agents.”
The site has 2900 followers on twitter, 4500 followers on Facebook and 150 followers on Instagram.
Commenting on the acquisition, ANZ Managing Director Customer Experience and Digital Channels, Peter Dalton said it was an important acquisition for ANZ's digital transformation.
"We know customers are increasingly turning to online resources for help as they navigate the Australian property market.
“It’s also a great success story of an Australian start-up, so we’re really pleased to be working with them and looking at how we might incorporate some of their features into ANZ’s products and services in the future.”
RealAs CEO Josh Rowe said he was thrilled that ANZ has recognised the value in what was built over the past six years.
Rowe said the deal had been in the works for a year as in mid-2016 they were looking for further investment from investors outside of the original group.
In 2014 when realAs won the Westpac Innovation Challenge it advised the site was getting about 10,000 unique monthly visitors, with half downloading the app.
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ANZ buys real estate honesty agitator, realAs

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The mooted departure of McGrath agent Bethwyn Richards to The Agency is expected to be formally announced today.
Specialising in Sydney’s beachside suburbs from Bondi to Coogee, Bethwyn Richards, who has a who's who client list, had some loose ends to tidy up which meant her much delayed exist.
She takes with her a client book built up over the decades that includes Deb Hutton, Anthony Bell, Peter Overton and Jessica Rowe, Mark Carnegie, cricketers Shane Watson and David Warner and the former Swans coach, Paul Roos.
One of her recent sales was when the Footy Show's Erin Molan bought.
One of her most celebrated sales was the Bronte home of the late Heath Ledger. She sold the Bayview Street home overlooking the beach for $7 million after it traded for $4.45 million just two years before.
With the backing of mortgage broker John Kolenda, and Ausnet Financial Services, she joins other veteran McGrath agents who've launch as The Agency including Matt Lahood and Ben Collier.
The McGrath rebels teamed together last month selling their combined near 15 per cent stake for 65¢ a share to institutional investors.
Beth­wyn Richards joined the sell-off.
The group, which was headed by the former chief operating officer Geoff Lucas who had a 4.3 per cent stake, had hoped their block trade would attract a premium offering, but instead settled for deal struck at a discount below the 73 cent closing price.
The sale was less than one-third of the $2.10 a share the company was floated at in December 2015. Stock worth $42.8 million at the time of the float changed hands at $13.2 million.
The block was held by well-known agents including Ben Collier, Shad Hassen, Matt Lahood and Brad Gillespie, former McGrath agents who now work for The Agency.
The escrow condition had prevented the former McGrath insiders from offloading their shares since it listed in December 2015 at $2.10 a share.
This article was first published in the Sunday Telegraph.
 
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Real estate agent industry turmoil continues

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GUEST OBSERVER
Slowly and calmly the RBA appears to be setting the scene for the possibility of cash rate rises.
There is clearly no urgency, but the central bank will want to keep its options open. Keep in mind, unlike many other central banks, the RBA does not give explicit forward guidance (that is, it does not indicate cash rate movements ahead of time). Instead, the commentary will just gradually shift to greater optimism about growth and inflation before the first hike is delivered.
Two speeches by RBA officials this month both suggested a mild shift in tone. Assistant Governor, Luci Ellis, gave a speech making it clear that global growth is picking up and that the recovery was expected to persist.
A day later, Governor Phil Lowe, gave a speech entitled, ‘The Next Chapter’, in which he explained that the mining cycle, which has dominated the local growth story in recent years, is almost done. Although Dr. Lowe was cautious, he was generally positive about the outlook, with Australia set to benefit from rising Asian middle class incomes.
At the same time, the timely local growth indicators remain strong. Surveyed business conditions are around decade highs and job creation has accelerated to its fastest pace since 2000 over the past six months. The fast pace of job creation is expected to continue, given the marked improvement in job advertisements, job vacancies, and surveyed employment intentions.
Exports are also set to be strong in H2, partly reflecting a bounce-back in coal shipments after weather-related disruptions in H1. In addition, infrastructure investment is ramping up. We are sticking by our call that GDP growth will pick-up to 3.3% y-o-y by the Q3 print, which is due in early December.
The challenge remains as to whether this lift in growth and employment will deliver a pick-up in wages growth and inflation. The next CPI print, which is due to be published on 25 October, will be the next key number on this front. We expect the RBA to be firmly on hold next week as it awaits the next inflation print.
On fixed income strategy, the risk that the RBA hikes sooner argues for elevated money market risk premium but curves should flatten, especially beyond 10 years. 
Rising activity and strong jobs growth 
Growth is picking up pace, driven by a collection of factors. First, the sharp decline in mining investment is coming to its end: less drag from this source is net positive for growth. Second, growth in services exports remains solid, LNG exports are ramping up, as new capacity comes on-line and coal exports are bouncing back after weather-related disruptions in H1.
Third, infrastructure investment is ramping up, led by urban road and rail projects, mainly in the south- eastern states. Finally, corporate profitability has improved, partly due to higher commodity prices, which is supporting a lift in surveyed business investment intentions.
The pick-up in growth is being reflected in strong surveyed business conditions, which have been around decade-highs in recent months (Chart 1). The lift in growth is also driving a strong pick-up in hiring, with job creation running at its fastest pace in 17 years over the past six months. Most of the jobs that have been created have also been full-time positions (Chart 2).
<a href="https://www.propertyobserver.com.au/images/2017/09/29/Screen%20Shot%202017-09-29%20at%2011.03.44%20AM.png" target="_blank">Click to enlarge</a>
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The timely indicators, such as job advertisements and employment intentions, suggest jobs growth should continue in the coming months.
Wages growth is subdued, but for how long?
The challenge has been that, as yet, the improvement in the labour market has not driven a rise in wages growth (Chart 3). However, the wage price index has started to stabilise. Part of the explanation for weak wages growth may be factors that are also affecting other economies, such as: the changing nature of work due to technology; the continued effect of globalisation and offshoring; increased casualization of the workforce, and decreased unionisation (for more on these factors see Global Economics Quarterly: The Wage Conundrum, 22 June 2017). Much like in other countries, Australia’s Phillips curve – which suggests an inverse relationship between wages and unemployment – appears to have flattened (Chart 4).
<a href="https://www.propertyobserver.com.au/images/2017/09/29/Screen%20Shot%202017-09-29%20at%2011.04.52%20AM.png" target="_blank">Click to enlarge</a>
<img src="https://www.urban.com.au/images/2017/09/29/Screen%20Shot%202017-09-29%20at%2011.04.52%20AM.png" alt="">
However, in Australia’s case there may also be some idiosyncratic factors at play. In particular, the large fall in commodity prices from 2011 to 2016 weighed on national incomes, which, in turn, flowed through to weak growth in unit labour costs (Chart 5). If this explains even some part of the slowdown in wages growth then the recent lift in commodity prices and boost to mining sector profitability should flow through to some lift in wages growth. The rise in profitability has also moved beyond the mining industry, which should also imply a pick-up in wages growth over time (see Downunder Digest; Show me the money, 20 April 2017).
<a href="https://www.propertyobserver.com.au/images/2017/09/29/Screen%20Shot%202017-09-29%20at%2011.08.07%20AM.png" target="_blank">Click to enlarge</a>
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Next focus will be on the quarterly CPI print, as always
As is often the case, the October board meeting is expected to be rather dull, as it is only three weeks until we receive the all-important quarterly CPI print. The RBA is likely to flag that it is awaiting more information of prices to help firm up its view on how the economy is travelling.
The key will be the underlying measures of inflation – the trimmed mean and weighted median. These have already been showing a modest lift from the very low levels reached in mid-2016, when the RBA was forced to cut the cash rate to its current record low (Charts 7 and 8). Even a repeat of a modest print for the trimmed mean, of 0.5% q-o-q, would see underlying inflation back in the RBA’s 2-3% target band on a y-o-y basis. 
<a href="https://www.propertyobserver.com.au/images/2017/09/29/Screen%20Shot%202017-09-29%20at%2011.09.31%20AM.png" target="_blank">Click to enlarge</a>
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RBA speeches and commentary 
As we reported last month, Governor Phil Lowe explicitly stated at a parliamentary testimony in August that it would be reasonable to assume that the ‘next rate move will be up rather than down’. This month brought another mild shift in tone from the RBA. Assistant Governor Luci Ellis gave a speech making it clear that the RBA expects the current recovery in global growth to continue. Governor Lowe then gave a speech suggest that Australia’s growth story is moving on to its ‘next chapter’, most of which was upbeat about Australia’s growth prospects while still acknowledging risks, such as Australia’s high household debt levels.
Governor Lowe has also been cautious about giving any indications on timing of any cash rate rise. He has noted repeatedly that it will be ‘some time’ before rates rise. We see this as typical RBA style. The RBA does not give explicit forward guidance. Instead it shifts the tone of its discussion about the outlook for growth and inflation and leaves it to the market to determine what it might mean for the cash rate setting.
Fixed income strategy: Earlier hikes equal flatter curves
We hold on to our flattening bias. Recent upbeat communication from the RBA implies a bold reaction function. As a result, and assuming the data holds up as our economists expect, investors should consider February and May meetings as ‘live’ (currently just 6bp and 16bp of cumulative hikes priced, respectively). The sticky pricing of a risk premium into the money market should keep 3yr government bond yields elevated with the potential to re-test the top of the 1.92-2.22% Q3 range (Chart 9).
<a href="https://www.propertyobserver.com.au/images/2017/09/29/Screen%20Shot%202017-09-29%20at%2011.11.17%20AM.png" target="_blank">Click to enlarge</a>
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Yet, we are less concerned about a breakout at the long-end. In our view, 10yr yields close to the recent high of c.2.9% present a bullish signal given that level is consistent with 5yr5yr peaking around 3.5%, equal to neutral rate estimates. Also, the historic tendency for the curve to flatten sharply as the RBA hikes should be expected to repeat, especially given the rise in household’s leverage (see Little to fear for the long-end, 30 August). The potential for the curve to flatten is greatest beyond 10 years, where supply is supportive and the curve is steep, particularly vs. those markets that have already hiked rates (Chart 10). 
<a href="https://www.about.hsbc.com.au/hsbc-in-australia/management-team" target="_blank">PAUL BLOXHAM</a> IS CHIEF ECONOMIST (AUSTRALIA AND NEW ZEALAND) FOR HSBC.
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RBA on hold this month, waiting for Q3 CPI: Paul Bloxham

One of North Sydney's best-known commercial buildings could become hundreds of new homes, with insurance giant Zurich Australia lodging a State Significant Development Application (SSDA) to transform 5 Blue Street into a mixed-use residential development above North Sydney Station.

Rather than demolishing the existing building and starting again, Zurich is proposing an adaptive reuse project that would convert the landmark office building into a 15-level residential development delivering 62 apartments, 86 affordable co-living dwellings, activated retail and significant upgrades to the Blue Street Plaza.

The proposal reflects a growing trend of commercial property owners repositioning ageing office assets into residential housing as Sydney grapples with housing supply shortages and changing workplace demand.

<img alt="Zurich" data-entity-type="file" data-entity-uuid="0bba7d12-06dc-4375-aad7-238c94b21ac5" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-22%20at%2010.42.05%E2%80%AFAM.png?VersionId=NJl5oLAEBDGuPmY3RnyliKODjMc8lvRh" />

Located directly above North Sydney Metro and train station, the 3,051 sqm site occupies one of the most strategically positioned parcels of land on Sydney's Lower North Shore.

Designed by fjcstudio, the proposal seeks to retain and adapt much of the existing structure while creating a contemporary residential address that better connects with the public domain surrounding North Sydney Station.

The application proposes two basement levels, ground floor retail, affordable co-living accommodation across the podium levels, and apartments above, while preserving and enhancing the publicly accessible Blue Street Plaza.

Rather than pursuing maximum apartment numbers, Zurich has opted for a housing mix heavily weighted towards larger owner-occupier residences.

The proposal includes 62 build-to-sell apartments comprising 12 one-bedroom, 19 two-bedroom, 29 three-bedroom apartments and two premium penthouses. It also incorporates 86 affordable co-living dwellings, which would be managed in perpetuity by a Community Housing Provider.

That balance between traditional apartments and affordable housing reflects the NSW Government's push to increase housing diversity around major transport infrastructure.

The proposal has been lodged concurrently with a rezoning application, with Zurich arguing the site is ideally positioned to support additional housing given its immediate proximity to public transport, employment and services.

"The proposal aims to respond to the housing challenges facing Sydney through the delivery of diverse housing types in a highly accessible location," the design report by fjcstudio states. It also seeks to improve pedestrian amenity through upgrades to Blue Street Plaza while creating a high-performing residential building that responds to the surrounding context.

<img alt="Zurich" data-entity-type="file" data-entity-uuid="36082e15-c636-4481-bb68-5a5f6443fe39" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-22%20at%2010.41.36%E2%80%AFAM.png?VersionId=5P6VD.fvmqjQfIG3TWWMRXxQWiQBjeFB" />

Rather than replacing the commercial building, fjcstudio has developed a design that works with the existing structural framework above the rail corridor, an approach that significantly reduces demolition while allowing the site to be repositioned as a mixed-use residential precinct.

The existing structural constraints have informed much of the building's design, including its relationship with Blue Street and surrounding public spaces.

The building has been designed as a slender tower rising above a clearly defined podium, with vertically expressed façades intended to reduce the perceived bulk while reinforcing North Sydney's emerging skyline.

According to fjcstudio, the architectural language responds directly to the surrounding commercial towers while maintaining a finer grain expression more closely aligned with the neighbouring Lavender Bay streetscape.

The tower incorporates articulated façade elements, landscaped podium edges and recessed upper levels to soften its appearance and improve pedestrian amenity below.

A significant component of the proposal is the revitalisation of Blue Street Plaza.

The existing public space has long served as one of the primary pedestrian connections between North Sydney Station, Greenwood Plaza and Blue Street, yet its role is expected to become even more important following the opening of Sydney Metro.

Zurich's proposal seeks to strengthen that role by improving landscaping, introducing new retail frontages, enhancing pedestrian permeability and creating more active edges throughout the day and evening.

Ground floor retail would wrap the plaza, while separate residential and co-living entries have been designed to improve wayfinding without reducing street activation.

Landscape design has been integrated throughout the podium and public realm, softening what is currently one of the most heavily urbanised parts of North Sydney.

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fjcstudio has carefully oriented apartments towards Sydney Harbour and the CBD while using privacy blades and articulated façades to minimise overlooking between neighbouring buildings.

Large framed openings along the western elevation maximise harbour outlooks, while the eastern apartments have been angled towards the south-east to improve privacy from neighbouring development.

The project forms part of the continuing transformation of North Sydney from a predominantly commercial CBD into a genuine mixed-use city centre.

Since the completion of Victoria Cross Metro Station, developers have increasingly shifted their attention towards residential projects capable of leveraging the area's unparalleled transport connectivity.

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FiveX recently lodged plans for a 61-storey, 490-apartment tower that would become one of the tallest residential buildings in North Sydney if approved.

Aqualand continues to expand its Lower North Shore presence following the completion of AURA on Walker Street and its recent St Leonards and Roseville proposals.

Developers are also progressing projects throughout Walker Street, Miller Street and the Victoria Cross precinct as demand for well-located owner-occupier apartments continues to strengthen.

Joel Robinson

First look: Zurich targets North Sydney office conversion with 148-unit proposal above Metro station

Busy developer Aqualand Prestige has formally taken the next step in its expansion across Sydney's Lower North Shore, lodging a State Significant Development Application (SSDA) for its long-held Archer Street site in Chatswood.

The application covers <a href="https://www.apartments.com.au/new-apartments/51-55-archer-street-chatswood-nsw-2067">51-55 Archer Street</a>, a 1,767 sqm amalgamated site on the eastern edge of the Chatswood CBD, where the developer is seeking approval for a 45-level mixed-use tower delivering 114 apartments, including a significant affordable housing component, alongside retail, commercial space and six basement levels of parking.

The SSDA marks the latest milestone for a project Aqualand has been quietly progressing over the past two years. The developer first secured the site for its Aqualand Prestige platform before undertaking an alternative design excellence process with PTW Architects, ultimately avoiding a formal design competition through the Housing Delivery Authority pathway.

The proposal has evolved considerably from Aqualand's original concept. The revised scheme has been designed around larger owner-occupier product, with an unusually high proportion of three and four-bedroom apartments, targeting the more affluent buyer profile, and downsizer, emerging across the North Shore.

<img alt="Archer St" data-entity-type="file" data-entity-uuid="0171204c-5811-41b5-9b09-2335d1b7c3d0" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-22%20at%208.52.48%E2%80%AFAM.png?VersionId=6YTuxfq.puZo7k2wbfgemcO5K3QfXYGQ" />

The 114-apartment mix comprises six studios, 27 one-bedroom apartments, 18 two-bedroom apartments, 50 three-bedroom residences and 13 four-bedroom homes. A quarter of the building will be dedicated to affordable housing, well above the mandated 15 per cent&nbsp;

PTW has structured the building vertically, with affordable housing across levels one to six, premium apartments through levels seven to 31, duplex skyhomes on klevels 32 to 43, a penthouse on level 44, and a rooftop plant level above. Six basement levels will provide resident parking and servicing.

The tower is proposed to reach approximately 154 metres, placing it among a growing collection of residential high-rises transforming Chatswood's skyline.

Rather than competing purely on height, PTW says the design has been driven by creating a slimmer tower capable of delivering significantly larger apartments.

"The primary objective of this project was to create a distinctive building that stands out from the recently approved or built structures in the Chatswood area," the design report states, noting the structural efficiency allows greater investment into apartment quality and resident amenity.

Residents would have access to more than 450 sqm of communal open space including landscaped gardens, swimming pool, rooftop entertaining areas, fitness spaces, community gardens, children's play areas and barbecue facilities.

A major focus of the design has been the public domain.

The ground plane has been opened up through landscaped terraces inspired by Willoughby's sandstone ridges, with native planting, public seating, artwork, retail activation and a series of gathering spaces intended to soften what has traditionally been a hard commercial streetscape.

The landscape strategy references Blue Gum forests once common throughout the area, while incorporating Indigenous storytelling, public art and lighting installations to strengthen the connection to Country.

Chatswood has been one of Sydney's busiest apartment markets over the past 12 months, with a steady pipeline of both new project launches and fresh development applications.

Hyecorp recently launched Celine, a 122-apartment development just along Archer Street, while Changfa and Huirong Group are progressing The Anderson, an 84-apartment project on Anderson Street.

Develotek recently secured approval for a 101-apartment tower on Pacific Highway, while Tian An LFD received the green light for Hammond Greens, its apartment development on the edge of the Chatswood Bowling Club.

Commercial property developer FiveX is also making its move into the residential market. Last month it lodged plans for a 61-storey tower with 490 apartments, which, if approved, would become one of the tallest residential buildings in Chatswood.

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/first-look-fivex-targets-chatswood-skyline-with-61-storey-tower-after-north-sydney-plans">First look: FiveX targets Chatswood skyline with 61-storey tower after North Sydney plans</a>

Aqualand is also expanding its development pipeline following the launch of its luxury residential brand, Aqualand Prestige. The developer has delivered a string of high-end apartment projects across Sydney's affluent suburbs over the past decade, most recently AURA by Aqualand on Walker Street in North Sydney.

[smartcode_project:default project_id=30959 project_image_fid=292863]

It has since quietly assembled its next wave of projects.

Earlier this year Aqualand launched Boronia in Roseville, a boutique 111-apartment development on Larkin Street. The project is one of the first significant apartment developments to launch in the suburb ahead of what is expected to become one of Sydney's most active new housing precincts under the NSW Government's Low and Mid-Rise Housing reforms, which allow greater density around train stations.

[smartcode_project:default project_id=152095 project_image_fid=373685]

The developer has also lodged plans for a two-tower, 413-apartment development on Herbert Street in nearby St Leonards, further strengthening its presence across the Lower North Shore.

Beyond that, Aqualand remains behind the final stage of Barangaroo, where plans will deliver a five-hectare mixed-use precinct comprising new homes, retail, hospitality and community facilities, alongside a new Metro entrance and more than two hectares of public open space, completing the Barangaroo precinct.

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/central-barangaroo-development-takes-big-step-with-concept-proposal-approval">Central Barangaroo development takes big step with concept proposal approval</a>

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/first-look-aqualand-joins-st-leonards-apartment-party">First look: Aqualand joins St Leonards apartment party</a> 
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First look: Aqualand pushes ahead with Chatswood apartment tower as SSDA lodged for Archer Street

Mass timber is becoming an increasingly popular construction material in apartment developments, but Adelaide developer <a href="https://www.apartments.com.au/developers/otello">Otello</a> is taking the approach a step further.

At its new <a href="https://www.apartments.com.au/new-apartments/flowe-bowden-18-gibson-street-bowden-sa-5007">Flowe Bowden</a> development, the exposed cross-laminated timber (CLT) structure isn't just about reducing the building's environmental footprint. It also forms the foundation of a broader wellness strategy, influencing everything from indoor air quality and natural materials to the way residents move through and experience the building.

The 115-apartment mixed-use development, designed by Melbourne-based architecture practice Fieldwork, will occupy a prominent island site opposite Bowden Village Reserve, combining one, two and three-bedroom apartments with retail and a dedicated wellness destination.

[smartcode_project:default project_id=152022 project_image_fid=375528]

Wellness isn't confined to a gym or shared resident facility at Flowe. Instead, Fieldwork embedded the concept into the building itself.

The development has been split into two residential wings connected by a naturally ventilated central breezeway, replacing traditional enclosed corridors with open-air walkways that improve natural light, encourage cross ventilation and create more opportunities for neighbourly interaction.

"Rather than treating wellness as something that only happens on the ground floor, our response integrates it throughout the building, which led us to ask what it really means to design a healthy building," Fieldwork Director Quino Holland said.

[smartcode_project:default project_id=152022 project_image_fid=375531]

The building's architecture also reflects Bowden's industrial heritage. The lower podium references the area's historic brick and sandstone buildings, while the upper levels transition to exposed CLT, allowing the timber structure to become a defining feature throughout the apartments and shared spaces.

The use of mass timber sits alongside a range of sustainability initiatives, including a fully electric, gas-free design, rooftop solar and a targeted 5 Star Green Star rating.

[smartcode_project:default project_id=152022 project_image_fid=375524]

Inside the residences, the focus remains on natural, durable materials. Blackbutt engineered timber flooring, exposed CLT ceilings, porcelain surfaces and warm timber joinery create a calming interior palette, while low-VOC finishes and responsibly sourced materials have been selected to improve indoor air quality.

Kitchens have been designed as the centrepiece of each apartment, featuring porcelain island benchtops, timber-look cabinetry and brushed steel tapware, with layouts that maximise natural light and ventilation.

[smartcode_project:default project_id=152022 project_image_fid=375530]

The more traditional interpretation of wellness comes in the form of Level Eleven, a two-storey wellness club spanning the ground floor, mezzanine and first floor.

The facility will include a gym, yoga and reformer Pilates studios, Finnish and infrared saunas, magnesium hot and cold plunge pools, and dedicated recovery spaces. Unlike many residential wellness facilities, Level Eleven will also operate commercially, allowing the broader Bowden community to access the venue while giving residents exclusive membership benefits.

The ground floor has also been designed around everyday living. A café overlooking Bowden Village Reserve will activate the street frontage, while a bike workshop with tool storage, co-working space and dog wash has been incorporated to support daily routines and encourage interaction between residents.

"Flowe brings together my two biggest passions, creating places and creating healthier lives," Otello founder Daniel Harris said.

"We wanted to create something Adelaide hasn't seen before, a genuinely healthy building, where the way you live is lifted without even trying."

Flowe is positioned directly opposite Bowden Village Reserve and within walking distance of Bowden Railway Station and the Adelaide Entertainment Centre, placing future residents just minutes from the Adelaide CBD while remaining connected to one of the city's most established urban renewal precincts.

[smartcode_project_cta:default project_id=152022]

Otello launches wellness-focused Flowe Bowden with Adelaide-first mass timber apartment design

Not all apartment amenities are immediately visible.

Swimming pools, gyms, rooftop terraces and residents' lounges have long featured on buyers' wishlists, but as the way Australians live has changed, so too have the features that make apartment living more convenient.

Increasingly, buyers are placing value on the practical aspects of day-to-day life. Fast internet, EV charging, secure bike storage, flexible workspaces and parcel management are becoming just as relevant as lifestyle amenities, reflecting changing habits and expectations.

Online shopping has been one of the biggest drivers of that shift.

Australians spent a record $82.6 billion shopping online in 2025, with almost one in every four retail dollars now spent digitally, making parcel deliveries a routine part of everyday life rather than an occasional convenience.

For apartment residents, however, receiving those deliveries isn't always straightforward.

Without someone home to accept a parcel, deliveries can be redirected to a nearby Post Office, left in building foyers or common areas, or require building management to temporarily store packages. As apartment living continues to grow across Australia's cities, parcel management has become an increasingly important consideration for both residents and developers.

Australia Post's Parcel Locker network is one response to that shift.

<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/KPZ9j5FRdsQ?si=Qztc1dNP3ZvEIUhb" title="YouTube video player" width="560"></iframe>

Rather than relying on home delivery, eligible parcels can be directed to a nominated Parcel Locker, where they're securely stored until collected. Once a parcel arrives, residents receive a notification through the AusPost app or SMS and can retrieve it using a one-time code or QR code at a time that suits them.

The network has expanded to more than 1,500 locations nationwide, with Parcel Lockers positioned at Post Offices, shopping centres, supermarkets, transport hubs and, increasingly, within or alongside residential developments.

That growing presence reflects a broader change in how apartment buildings are being planned.

Developers are increasingly considering the operational side of apartment living alongside traditional lifestyle amenities. Just as secure mailrooms, bicycle storage and EV charging have become more common inclusions, parcel management is emerging as another feature that supports everyday convenience.

It also helps preserve the arrival experience within a building. Carefully designed lobbies and communal spaces can quickly become cluttered when deliveries accumulate, while secure parcel solutions reduce the likelihood of missed deliveries or parcels being left unattended.

For buyers comparing apartments, these everyday details are becoming part of the decision-making process.

Location, floorplans and finishes remain fundamental, but the features that simplify daily life are carrying greater weight than they once did. As online shopping continues to shape consumer behaviour, secure parcel delivery is increasingly becoming another amenity worth looking for.

Parcel delivery is joining the apartment amenity checklist

Inca Property Group has lodged a State Significant Development Application (SSDA) for Dawn, a 53-apartment oceanfront development overlooking Mona Vale Beach.

The proposal, at 35-39 Darley Street East, would replace an existing 18-apartment strata building with a new owner-occupier-focused development comprising 53 two and three-bedroom apartments, including nine affordable built-to-rent residences delivered under the State's infill affordable housing scheme.

Positioned on a 2,679 sqm elevated site around 280 metres from Mona Vale Beach, the development has been designed to maximise panoramic ocean views while responding to the site's sloping topography.

<a href="https://www.apartments.com.au/developers/inca-property-group">Inca Property Group</a> Managing Director Josh Thompson said the State Significant pathway provided greater certainty for projects of this scale.

"This State Significant pathway gives the team real certainty to progress <a href="https://www.apartments.com.au/new-apartments/dawn-35-39-darley-street-east-mona-vale-nsw-2103">Dawn</a> through to completion," Thompson said.

"It allows us to acquire a one-off site, design it carefully and deliver the right offering for the suburb, assessed by the NSW Government's planning department."

The project is one of the first developments in the area to be assessed under the NSW Government's Low and Mid-Rise Housing policy, with the site sitting on the edge of the policy's designated inner area.

The proposal includes three basement levels providing 124 car spaces, alongside a range of resident amenities including a swimming pool, gym, sauna, wellness facilities and private plunge pools for selected ground-floor and penthouse apartments.

<img alt="Dawn" data-entity-type="file" data-entity-uuid="fc1a1daf-0ce4-4f12-9076-b1fa553c7a91" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-21%20at%208.42.11%E2%80%AFAM.png?VersionId=4GZ9h.gpNkTljbxyAET8Jfhv51XUamDm" />

Thompson said Dawn had been designed specifically for owner-occupiers and downsizers, a buyer profile that has driven demand across Inca's recent Upper North Shore developments.

"The majority of buyers in our recent North Shore projects have been downsizers, and we are learning exactly what this market is looking for. Beyond the location itself, we have included resort-style amenities to deliver a genuine lifestyle offering," Thompson said.

Located within walking distance of Mona Vale Beach, the town centre, Mona Vale Golf Club and the Royal Motor Yacht Club, Dawn represents Inca's first Northern Beaches project following the sell-out of Tara on Park in Waitara and Ellis Residences, currently under construction in St Ives.

Construction will be undertaken by Inca's in-house construction arm, GOP Constructions.

Dawn is the latest major apartment proposal for Mona Vale, with the suburb emerging as one of the key beneficiaries of the NSW Government's new Low and Mid-Rise Housing policy.

New developer One Living, led by industry veteran Joseph Scuderi, recently secured a site on Mona Vale Road, on the border of Mona Vale and Pymble, where it is planning around 140 apartments.

IPM is also planning its third project in Mona Vale, significantly increasing the scale of its previous developments with an 82-apartment proposal at <a href="https://www.apartments.com.au/new-apartments/159-167-darley-street-west-mona-vale-nsw-2103">159-167 Darley Street West</a>, opposite Bayview Golf Course and less than 800 metres from Mona Vale town centre.

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/one-living-enters-sydneys-new-apartment-market-with-northern-beaches-site-acquisition">One Living enters Sydney's new apartment market with Northern Beaches site acquisition</a>

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/first-look-ipm-plans-third-mona-vale-project">First look: IPM plans third Mona Vale project</a>

Jonathan Chancellor

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