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CBRE's 2016 annual results reveals its pre-tax operating profit fell 30 percent in 2016.
Directors advised the reported pre-tax operating profit of $37,573,000 represents a 30.3 percent decrease on the 2015 reported pretax operating profit of $53,886,000.
The consolidated net profit of the estate agency after income tax was $24,909,000 down on the $36,910,000 in 2015.
The group revenue sat at $488 million, up only slightly on the $475 million of the 2015 calendar year.
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EBITDA fell to $60,281,000 from $63,923,000. 
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Trade receivables sit higher at $130 million.
There was no dividend paid or declared by the company, which employed 1870 staff, nor any significant changes in the state of affairs of the group.
CBRE Pty Limited is a private company domiciled in Australia.
The immediate parent entity of CBRE Pty Limited is Relam Amsterdam Holdings, and the ultimate parent entity of CBRE Pty Limited is CBRE Group, Inc. incorporated in the United States of America. 
Loans from related parties comprise loans provided by CBRE Luxembourg Finance for $17,237,000, up from $16,462,000 in 2015. 
The consolidated financial statements of CBRE Pty Limited, and its controlled entities for the financial year ended 31 December 2016 were lodged with ASIC this week, after being signed off by new board appointee Jamie Maione. 
CBRE advised an APAC operating entity sits under the CBRE Pty Ltd reporting group and a number of costs borne in that entity were related to financial adjustments in Asia (not Pacific).
After initial publication of the results on Property Observer, commentary was supplied from Ray Pittman, President &amp; CEO, Pacific who advised CBRE’s Pacific business recorded gross revenue growth of 7% in local currency in Q1 2017 relative to the corresponding quarter in 2016.
"This followed record revenue growth in the previous quarter and was against a backdrop of constrained capital markets activity in the institutional sector. 
"CBRE’s strong performance was driven by both our brokerage and professional services teams." 
He advised standouts included the performance of our Advisory &amp; Transaction Services business lines, with our industrial and office leasing teams recording particularly strong revenue growth of more than 70%. 
"Solid revenue growth was also recorded by our residential and commercial valuations businesses and by our Asset Services and Global Workplace Solutions teams," he said.
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CBRE profit dives 30 percent

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GUEST OBSERVER
Australian buyers are living beyond their means and overcapitalising on property purchases in a desperate attempt to enter the market.
New research by GlobalX notes 67 percent of conveyancers and property lawyers believe buyers are overcapitalising and leaving themselves at significant risk, with 60 percent warning Australia is experiencing a property bubble.
While the steady increase of land and property value in recent years had kept buyers optimistic for positive returns – the sector had become increasingly wary about the long-term stability of continued growth.
Housing affordability is a generational problem in Australia and, with 65 percent of respondents indicting housing is now unaffordable for Australia’s middle class, we need to look at ways to rectify this escalating issue.
One recently proposed solution that has caused great debate is the suggestion that young Australians should be able to dip into their superannuation for property investment.
Like the political divide, the industry is also split on this issue, with 54 percent of conveyancers and property lawyers disagreeing with the proposal, and almost 46 percent championing the idea.
There is no one solution that will suit everyone’s agenda, desires and position on this, so we need to focus on ways to reduce overinvestment to avoid devastation and crippling debt if – and/or when – the property bubble bursts.
When looking to overseas investment as an indicator of increased competition and higher pricing, 42 pe cent of conveyancers and legal professionals believe the level of foreign investment will increase.
We also asked whether Australia should ban foreign investment to help ease housing pressure and received some polarising results.
Around 47 percent of respondents wanted to see foreign investment restricted, while 52 percent did not see a ban as a viable solution.
Despite these concerns, new CoreLogic data suggests performance in Australia’s regional housing markets will remain mixed but is expected to cool across the board from 2018 onwards.
Industry professionals were eagerly awaiting the next Federal Budget to see how the government would respond on this issue.
New South Wales has been vocal in its support of addressing this issue and we are now waiting to see how this will be addressed on a federal level, or by other state parliaments.
 
Peter Maloney is chief executive officer, GlobalX and can be contacted <a href="https://globalx.com.au" target="_blank">here</a>.
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Conveyancers ring ‘overcapitalising’ alarm bell

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GUEST OBSERVER
As rents soar in Melbourne and Sydney, the rental market in Western Australia has become more affordable for low-wage workers since the end of the mining boom.
But many households still struggle to find affordable accommodation.
Today Anglicare released its annual national Rental Affordability Snapshot, which includes a focus on each state. 
In WA, 14,123 private rentals were advertised at the beginning of April, up 8% from a year ago. With increased stock, rents are becoming more affordable across the state. The median rent in the Perth metro area fell 11% to A$350; by 6% in the Southwest and Great Southern regions; and by 7% in the Northwest, including the Pilbara and Kimberley. 
Following years of inflated rents during the mining boom, working families in WA are seeing some real improvement in rental affordability – defined as less than 30% of household income. More than 46% of properties listed in Perth were found to be affordable for a couple both earning minimum wages and receiving Family Tax Benefit in 2017, compared to 39% in 2016. Similar families could afford 23% of properties in Melbourne and only 4% in Sydney. 
Single parents on a minimum wage had far fewer options. They could afford only 6% of listed properties in Perth. In all of Sydney and Melbourne, only one property was affordable for single parents on a minimum wage.
The situation remains dire for households on fixed incomes in WA – as it does for similar households across Australia. A person on a disability pension could afford only 25 properties (0.2% of available properties). A single parent could afford 48 (0.3%). And pensioners could afford 105 (2.7%) in all of WA. 
People on Newstart or Youth Allowance had no affordable options in the entire state. This includes boarding houses and share houses, where rooms are rented out individually. 
<h2>What are the consequences?</h2>
With more than 18,500 households on the waiting list for social housing and an average wait time of three years, most low-income households must find somewhere to live in the private rental market. When housing is unaffordable, low-income households end up paying a large percentage of their income on rent. Doing this means they forgo basic necessities, borrow money to stay afloat and, in some cases, experience homelessness. 
The number of people at risk of homelessness is increasing every year. More than 24,000 Western Australians sought help from a homelessness service in 2016, an increase of 5% from the previous year.
The slowing state economy has brought insecurity and uncertainty to many working families. With growing rates of unemployment and under-employment, and increased casualisation of the workforce, many WA households are in precarious financial circumstances. 
Anglicare WA financial counsellors report an increase in requests from tenants who have had to break their lease due to a job loss or needing to move interstate for employment. They find themselves liable for the period the rental remains vacant in the soft housing market, as well as the difference between the rent they paid and the likely reduced rent for new tenants. 
Landlords remain protected from the loss, while the tenants often end up paying for a home they no longer live in.
<h2>What can be done?</h2>
To start with, increasing the stock of social housing would go some way to overcoming the lack of affordable options for people on low incomes. 
The creation of affordable housing bonds, similar to those discussed by Treasurer Scott Morrison in his address to the Affordable Housing and Urban Research Institute earlier this month, would create a pool of funds for social housing providers to use to build more stock. However, such a mechanism is still many years off.
In the meantime, increasing the rate of Newstart from the current $268 per week to ensure a basic standard of living for job-seekers would bring households living in poverty back from the brink of homelessness. 
Two other policy options would also help improve housing affordability for people on low incomes. The government should remove distortionsin the tax system that inflate the cost of housing and discourage institutional investment in the private rental sector. Commonwealth Rent Assistance could also be increased and better targeted.
The main conclusion from this study is that broader discussions about housing affordability overlook the fact that the private rental market is not capable of meeting the needs of many people on low and fixed incomes without trapping them in poverty by consuming most of their available funds.
 
Shae Garwood is honorary research fellow, School of Social and Cultural Studies, University of Western Australia and author for The Conversation. She can be contacted <a href="https://theconversation.com/profiles/shae-garwood-293422" target="_blank">here</a>.
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Housing still out of reach for many even as rents fall in post-boom Western Australia

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GUEST OBSERVER
The Q4 CPI printed 0.5 percent compared to Westpac’s forecast for 0.6 percent.
The market median was also 0.6 percent. The annual rate is now 2.1 percent/yr compare to 1.5yr in Q4, 1.3 percent/yr in Q3 and 1.0 percent/yr in Q2. The June quarter was the lowest rate of annual inflation since June 1999.
The core measures, which are seasonally adjusted and exclude extreme moves, rose 0.4 percent on average compared to the market’s expectation of 0.5 percent rise.
Westpac’s forecast was also 0.5 percent. In the quarter, the trimmed mean gained 0.48 percent while the weighted median lifted 0.38 percent, both on the softer side of expectations highlighting just how modest the broader inflation picture is outside a few isolated sectors. The annual pace of the average of the core measures is now 1.8% from 1.5%yr in Q4 and Q3.
The six month annualised pace of core inflation came in 1.8%yr, a modest lift from the 1.6%yr pace in Q1, making this the eighth quarter in a row the six month pace has been below the bottom of the target ban. Our current forecasts do not see the six month annualised pace of core inflation returning to the band till the March quarter 2018.
<a href="https://www.propertyobserver.com.au/images/2017/04/27/Screen%20Shot%202017-04-27%20at%208.25.59%20AM.png" target="_blank">Click to enlarge</a>
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As always there were surprises in the quarter even from the components we have some data on but this time they were quite modest. Our forecast 0.6%qtr was based on large contribution from power bills, auto fuels and the usual seasonal bump in health care, domestic travel and education being partially offset by falling fruit &amp; vegetables, seasonal discounting for clothing, footwear and household contents plus the steady decline in audio visual &amp; computing prices.
What stood out compared to our forecasts was the stronger rise in dwelling prices (1.0%qtr vs 0.5%qtr expected) but this was the only significant upside surprise. Food prices overall fell –0.2% (0.0% expected) while household contents &amp; services were down 1.0% (1.0% expected), health costs rose just 2.0% (2.6% expected), car prices continue to fall (–0.5% vs 0.5% expected) and a surprising 1.9% fall in holiday travel (+0.9% expected) due to an unexpected fall in domestic travel costs.
The March quarter continues the run of softer inflation prints as the competitive margin squeeze appears to remain in place. Dwelling costs have lifted a bit (we don’t know if that is due to the inclusion of attached dwellings prices) and rising power bills are coming through but rent inflation remains very modest. So even with inflationary expectations drifting back towards the long-run average (we suspect fuel and power bills are responsible for this) there is little in this release to suggest that inflation is gathering any momentum. 
Our preliminary estimate for the core measures for Q2 2017 is 0.5%qtr/1.7%yr holding inflation below the bottom of the RBA’s target band. 
Fuel prices and rising power bills does not change the fact competitive pressures continue to prevent inflation from accelerating.
Rising fuel prices were there, as was the usual seasonal bump in education and health as well as the jump in power bills. And we did see a bit of a lift in dwelling prices (which now includes attached dwellings) associated with strong jumps in Sydney and Brisbane which added to the expected lift in electricity prices. However, as we noted in our preview, there was clear risk that the recent appreciation in the AUD, along with intense competition in the retail space, would limit the upside risks and, in fact, could present some downside risks to our forecasts.
In the end this came through with falling prices for clothing &amp; footwear household contents &amp; services, car prices, audio visual &amp; computing &amp; international travel.
ABS estimates small negative seasonality in the March quarter.
The ABS analysis points to some seasonality in the March quarter CPI with the seasonally adjusted estimate rising 0.55% a percentage point up on the headline 0.45% estimate.
After trimming the core measures rose 0.4 percent/qtr.
The core measures, which are seasonally adjusted and exclude extreme moves, rose 0.4% on average compared to the market’s expectation for 0.5% rise. Westpac’s forecast was also 0.5%. In the quarter, the trimmed mean gained 0.48% while the weighted median lifted 0.38% highlighting just how modest the broader inflation picture is outside a few isolated sectors. The annual pace of the average of the core measures is now 1.8% from 1.5%yr in Q4 and Q3.
The six month annualised pace of core inflation came in 1.8%yr, a modest lift from the 1.6%yr pace in Q1, making this the eighth quarter in a row the six month pace has been below the bottom of the target ban. Our current forecasts do not see the six month annualised pace of core inflation returning to the band till the March quarter 2018.
For a broader core inflation measure, more in line with some international measures, all groups excluding food &amp; energy rose 0.3%qtr/1.5%yr.
Competition is holding back traded goods inflation as the AUD appreciation lowers import prices.
As always there were surprises in the quarter even from the components we have some data on but this time they were quite modest. Our forecast 0.6%qtr was based on large contribution from power bills, auto fuels and the usual seasonal bump in health care, domestic travel and education being partially offset by falling fruit &amp; vegetables, seasonal discounting for clothing, footwear and household contents plus the steady decline in audio visual &amp; computing prices.
In the quarter, the ABS reported a 0.2% decline in food prices with falling fruit &amp; vegetables prices (–1.9% we expected –2.1%) adding to a broader than expected weakness. The rise in auto fuel was much as we expected (5.7%) as were the gains in tobacco &amp; alcohol (1.1%). However, traded goods prices continue to fall overall as clothing &amp; footwear fell 1.5% (our forecast was –1.9%), household contents fell 1.0% (forecast was –0.6%), car prices fell 0.3% (forecast was –0.5%) while the seasonal lift in domestic holiday travel did not happen. In fact domestic holiday cost fell (–0.3% vs 4.0% forecast) compared to the rise that the BITRE data was suggesting.
All up traded prices fell 0.2% in Q1 but due to base effects the annual pace lifted to 1.3%yr from 0.1%yr. We would argue that this soft pace of traded price inflation highlights just how competitive the retail space has become and how retailers have very little ability to pass on any upstream price pressures.
Non-traded prices lifted less than 1.0% in the quarter.
Housing is a key factor underpinning the momentum in core and non-traded inflation. The 0.8% rise in Q1 was much as expected (0.7% forecast) but the composition was interesting. Dwelling purchases gained 1.0% with outsized gains in Sydney and Brisbane (1.3% and 1.9% respectively) adding to the steady 1.0% gain in Melbourne. There has been something of a turnaround in Perth with a 0.2% rise in Q4 but prices fell 0.8% in Q1. We also have to note that we don’t know what impact the inclusion of attached dwelling prices have had on this series. Rents continue to move very gradually higher with a 0.1% gain in the quarter.
Rising energy bills are starting to appear in the CPI with a 2.2% rise in utilities bills in Q1; we had forecast a 2.4% rise. We expect that power bills inflation with gather some momentum through 2017 and there is a clear risk this could extend into 2018.
<a href="https://www.propertyobserver.com.au/images/2017/04/27/Screen%20Shot%202017-04-27%20at%208.27.08%20AM.png" target="_blank">Click to enlarge</a>
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Holding back the pace of non-traded price gains was a more modest 3.1% rise in education (3.8% was expected) and a 2.0% gain in health (2.6% expected). The Federal Government has been targeting rising health costs and the Q1 lift in pharmaceutical in particular was smaller than it has been in recent years (4.9% vs 5.7% expected).
Non-traded prices rose 0.9% lifting the annual pace to 2.6%yr from 2.1%yr. Rising housing costs are key to this and without the constraints on education and health non-traded inflation would be rising at a more rapid pace placing some upwards pressure on core inflation. 
Looking forward housing remains key as other price pressures remain subdued and the AUD pass through is restrained.
The March quarter was another soft update on inflation. Competitive margin squeeze remains in some consumer sectors while the gains for health and education have been more modest than expect. Dwelling costs have gathered momentum adding to the pressure from power bills but rents inflation is holding a 22yr low. So despite the recent rise in inflationary expectations towards the long run average, the March CPI update suggests that inflation remains well contained.
Our preliminary estimate for the core measures for Q2 2017 is 0.5%qtr/1.7%yr holding inflation below the bottom of the RBA’s target band. Our projections do not see core inflation return to the band until September quarter 2018 while headline inflation is set to ease back below the band by early 2018. 
 
Justin Smirk is ‎senior economist, Westpac Group and can be contacted <a href="https://www.westpac.com.au/about-westpac/westpac-group/" target="_blank">here</a>.
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Rent inflation is holding a 22yr low: Justin Smirk

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The Federal Government may yet tinker with negative gearing in next month's budget. 
The most likely scenario would see the introduction of a limit of say two claimable investment properties or alternatively a dollar value cap on how much can be negatively geared by investors. 
There are now a record 2.05 million taxpayer individuals with an ownership interest in a rental property in Australia.
This represents a jump of 348,000 investors over six years, increasing at around 1000 every week.
The latest release of ATO data for 2014-15 tax year show the number of individuals with just the one investment property stands at a record 1.468 million.
Some 383,000 eventually get to two investment properties. 
There are therefore just 10 percent who own three or more.
Less than one percent of investors, or just 19,198, become potential headlines for their triumph by owning six or more property.
Preventing negative gearing from the third property onwards would be consistent with Treasurer Scott Morrison's view that changes to the housing market ought be done in a "surgical" role rather than involving a "chainsaw".
The data release prompts two questions in my mind: Why do Australians typically stop at just the one? How many investment properties do you need?
I have a theory that many Australians are almost accidental investors rather than professional investors.
That is they do so in a rather relaxed way, keeping up with the Joneses, heard it was a god nest egg, but with no intention of getting around to ratcheting it up beyond the one.
These investors often do so after little research, minimal financial services advice, and in their near neighbourhood and often for the use of the extended family as required.
One or two properties is definitely not enough to fully fund your retirement. 
Estate agent John McGrath suggested it could be argued that even six won’t be enough to fund your retirement if you want a good lifestyle.
He recently offered some tips to help figure out how many investments you’re going to need to achieve your goals, by saying the best idea is to work backwards.
"Say you want to fully fund your retirement with $100,000 in passive income.
"Would five properties returning $20,000 per year would work?
"Actually, no. You'll need to pay tax on that income and even if you owned all five debt-free, they’re still going to cost money to maintain."
He pointed out strata levies on five two bedroom apartments in Sydney could easily add up to $20,000 per year.
McGrath noted if you're aiming to fund your retirement, it's critical that your properties achieve solid capital growth.
He said a common strategy was selling half your portfolio to pay off the remaining assets; and you live off the income from those that are left.
This article was first published in the Sunday Telegraph.
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How many investment properties is enough for retirement?

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The Davis Cup coach Lleyton Hewitt and wife Bec have spent $12.7 million on a newly built Georgian style Toorak residence.
It comes after the Hewitt's recent departure from Sydney with the recent $5 million sale of their home in Kenthurst which cost $3 million in 2006, just before he won the Queen's Club Championship in Wimbledon. Bec and Lleyton were both big celebrities in their own right before they combined their star power, after a whirlwind romance in 2005.
He was the then Wimbledon champion and she was a star of the enduring soapie, Home and Away.
There's no tennis court on the Hewitt's new Toorak abode set on one of Toorak's finest boulevards.
The new Georgian style residence was recently built by Peter Johnston's Royale Constructions.
Their Melbourne base, a $10 million penthouse atop the Yve building on St Kilda Road remains for sale on the Sotheby's International website.
The apartment offers 710 sqm internal space and 443 sqm outdoor living space over levels 19 and 20.
The couple are now spending most of their time in Melbourne, although he has a new endeavour, leading the elite Albany Tennis Academy at Windsor High School in The Bahamas where they first moved  when they purchased a $3.8 million property in 2009.  
"This new chapter of my career at the Albany Sports Academy allows me the opportunity to train, lead and grow rising stars from around the world in the game I love," Hewitt said on its launch earlier this month. Albany is a luxury resort community jointly owned by Tavistock Group, Tiger Woods and Ernie Els.
This article was first posted in the Saturday Telegraph.
 
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Lleyton and Bec Hewitt spend $12.7 million on Georgian Toorak trophy home

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GUEST OBSERVER
For renting to become a truly viable, long-term alternative to home ownership, greater rental affordability and security is needed.
Deloitte Access Economics’ Chris Richardson recently suggested that young Australians would be better off renting than trying to buy a house. He argued:
… rents today make a lot more sense than housing prices.
This may be true. However, the situation for renters is far from clear-cut. Rents continue to increase in Australian cities, and are out of reach for low- and very-low-income earners.
Renters also face substantial housing insecurity. In Australia, 50% of renters are on a fixed-term one-year lease; 20% are on a month-to-month “rolling” lease. 
For renting to become a truly viable, long-term alternative to home ownership, greater rental affordability and security is needed.
Rental affordability
Longer-term structural changes to tackle housing affordability, including boosting the supply of social housing and increasing tenure diversity, will be essential. There are some promising moves, including the recently announced proposal for a bond aggregator model to fund social and affordable housing.
Failing a substantial increase in affordable housing, there will be a need to increase rent assistance payments, particularly in high-cost regions. 
This acknowledges that housing costs differ across the country and that many low-income earners need to remain in high-cost regions. This includes older people whose social and family networks are in these regions, and people who work in these areas.
Many industries in high-cost cities are dependent on people who earn low and very-low incomes. These people have a right – and need – for affordable, secure housing – and a house that is a home.
Affordability is the thin end of the wedge
For renting to become a true alternative to home ownership, greater rental security is needed. 
To move toward secure rentals we need to reward long-term investment. One example might include encouraging institutional investors, including superannuation companies and other businesses that invest in large amounts of rental housing, who are in it for the long haul.
However, there is no reason to assume that institutional investors will offer more affordable rental properties, or be any better landlords than so-called “mum and dad” investors. We therefore need to pursue changes to rental laws to ensure renters, including the growing generation of long-term renters, can experience a secure sense of home. Specific changes include:
Removing no-grounds eviction. The perceived risk of eviction leads to stress for renters. And the right to no-grounds eviction can lead to retaliatory eviction by landlords when tenants exercise their rights, including rights to maintenance and repairs.
The Tenants’ Union of NSW has called for a balancing of landlord and tenant interests through tenancy laws that specify reasonable grounds for termination.
Such laws could follow the German example. In Germany, rental laws ensure security of tenancy while retaining the right of landlords to terminate a lease in certain circumstances, such as if a tenant violates the lease agreement (for example, by not paying rent) or if the landlord requires the property for personal use. 
Rent increases are sometimes a “backdoor” way of evicting tenants. In a recent survey, 11% of renters reported receiving a “rent hike after requesting a repair and 10 percent said that their landlord or agent became angry”. We need stronger regulation of rent increases and stronger penalties for unreasonable increases.
There are precedents for this in other jurisdictions. Germany again provides a great example. There, rent increases are allowed less frequently. And they:
… must be based in the rents of three similar dwellings or a database of local reference rents and rents may not increase more than 20 percent over three years. 
Ensuring the right to make a home. Rental laws need to ensure the right of tenants to make their house into a home, including making cosmetic changes to a property, ability to keep pets, and allowing alterations that would allow an older person or person with a disability to live there.
Some older renters I have interviewed recently have had to move after these types of adjustments were rejected by landlords who thought age-related modifications were not attractive.
In New South Wales, the right to make changes that would ensure a property is liveable for people with different housing needs is being considered as part of the current residential tenancy law review. However, the right to make cosmetic changes is excluded.
Popular wisdom often suggests that tenants and landlords have different interests. In fact, they have very similar interests. Both benefit from secure tenancies and a property that is well maintained and cared for.
Failure to ensure rental affordability and security will require a raft of policy changes in other areas, including pension income calculations that assume home ownership. It will also condemn a generation of long-term renters to increasingly unaffordable and insecure housing.
Emma Power is an ARC DECRA fellow based in the Institute for Culture and Society at Western Sydney University. She can be contacted <a href="https://theconversation.com/profiles/emma-power-250930">here</a>.
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For renters, making housing more affordable is just the start: Emma Power

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Signs of reduced feverish buyer intent have emerged at auctions although the Saturday morning auction scene is still a sellers' market. 
There were no registered bidders when a Holland Park West, Brisbane offering was put to weekend auction, suggesting the market may be edging towards the buyers' advantage.
<a href="https://www.realestate.com.au/property-house-qld-holland+park+west-124989542"></a><a href="https://www.realestate.com.au/property-house-qld-holland+park+west-124989542" target="_blank">The three-bedroom, one-bathroom cottage</a> was relocated to its current location in 1929, when moved from Kangaroo Point to make way for the Storey Bridge.
The Place Bulima agent Shane Hicks said interest had been good from first homebuyers, investors and developers who’d like to knock the house down.
But with no registered bidders, the auction was over as soon as it began, The Courier Mail reported.
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Domain's chief economist Dr Andrew Wilson was cautious on the nation's weakened weekend results.
"It may be easing," he told The Australian Financial Review while adding he would like to see more data before saying we've just seen the top.
Dr Wilson said that the overall market direction would centre on the cost of mortgages.
"I think interest rates are the key," he said.
The national weekend clearance rate of 72.1 was still well up 69.7 per cent in the same time last year, CoreLogic data indicate.
The top auction sale across the country took over an hour to secure at Toorak.
There were the three bidders for the property which was announced on the market at $5 million.
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Auctioneer Justin Long sold <a href="https://www.realestate.com.au/sold/property-house-vic-toorak-124977254" target="_blank">13 Toorak Avenue, Toorak</a> for $5,733,000. The offering last sold in 1986 at $493,000.
Sydney's top sale was $5.4 million in Strathfield - $900,000 over its reserve price.
<a href="https://www.realestate.com.au/property-house-nsw-strathfield-125082646" target="_blank">The four bedroom home on a 929sqm block</a> located on Strathfield's Golden Mile was marketed by Devine agent Aaron Papadimatos as a rebuild opportunity. 
It is on the same street where the $8.41 million suburb record was paid last year.
In Longueville a four-bedroom home sold for $400,000 over reserve.
Bidding for<a href="https://www.realestate.com.au/sold/property-house-nsw-longueville-125090306" target="_blank"> 26 Dunois Street</a>, opened at $4 million and with four registered bidders, it sold for $5.3 million, well above the $3,975,000, it last traded for in 2015.
Auction activity increased significantly across the combined capital cities this week after last week’s Easter break, with 1,732 homes taken to market and a preliminary clearance rate of 72.1 per cent, down from 73.9 per cent last week across fewer auctions (493).
Melbourne saw the most significant increase in activity, with volumes increasing from 102 last week to 823 this weekend.
It also secured the highest clearance rate of all the capital cities at 76.8 per cent.
Melbourne sales included world road race champion Judith Arnt who sold the Kensington house she has shared with her partner for $903,000.
<a href="https://www.realestate.com.au/property-house-vic-kensington-125057130" target="_blank">The two bedroom</a> single fronted timber period residence sold through Rendina director Lou Rending who said they were upsizing in Kensington.
There were three bidders competing with a young professional couple winning the keys, The Herald Sun noted.
It last sold at $643,500 in 2011.
Both Melbourne's clearance rate and volumes are higher than what was seen over the corresponding week last year, when 69.7 per cent of the 1,565 auctions cleared, according to Kevin Brogan, CoreLogic's auction analyst. 
Melbourne's strongest performer, in terms of clearance rate was the Inner East where 86.2 per cent of these auctions were successful. 
<a href="https://www.realestate.com.au/property-house-vic-surrey+hills-125040026" target="_blank">The 1880s residence Tandarra</a>, a four bedroom home that was once the Surrey Hills Police Station, sold with buying interest from four bidders. The auctioneer Luke Banitsiotis announced the old cop shop on the market at $2,650,000, with it then sold at $2,867,000.
It came with 3.4 metre high ceilings, intricate cornices and ceiling roses, ceiling arches and functional marble fireplaces.
In Sydney, 585 auctions were held this week, up from 279 over the previous week.
The preliminary weekend clearance rate of 75.8 per cent was down from 77 per cent last week and also lower than this time last year, when a clearance rate of 77.4 per cent was recorded across 643 auctions.
A converted community hall in Sydney’s inner west Summer Hill fetched $500,000 over reserve when <a href="https://www.domain.com.au/80-smith-street-summer-hill-nsw-2130-2013477658" title="">80 Smith Street</a>, which was built by The Salvation Army, sold for $2.7 million on Saturday. 
The former hall has served as a family home with adjoining office space, for the past six years since sold at $1.6 million.
Weather had little effect on early autumn auction attendance and consistent record breaking results, the Gerard Partners agency blogged.
"Not the case it would seem with school holidays and holiday weekends, which clearly had an effect on today's auction attendance," the agency advised on Saturday noting with smaller than typical crowds and a mixed bag of results with half of the properties attended being passed in. 
The Ryde region recorded the strongest clearance rate of 95.7 per cent across 29 auctions. 
There were 134 Brisbane auctions this week with a preliminary clearance rate of 45.8 per cent, having increased from 42.3 per cent last week across 32 auctions and higher than one year ago when there were 130 auctions with a success rate of 37.6 per cent.
The most active auction across the country was likely when developers were keen on <a href="https://www.realestate.com.au/property-house-qld-nundah-125041038" target="_blank">the prospects</a> for 79 Bage St, Nundah. 
There were 23 registered bidders battling it out for the four title 1630 square metre holding its two-bedroom colonial home.
The home is likely to be relocated as the site is zoned for multiple houses or multi-unit.
Ray White Ascot agent Damon Warat secured $2.55 million selling to a local developer who will land bank the holding while planning a project.
Adelaide saw a preliminary clearance rate of 64 per cent, with 50 reported results across a total of 98 scheduled auctions.
Adelaide’s previous clearance rate was 67.6 per cent and at 59.5 per cent one year ago. 
Across Canberra a total of 54 auctions were held this weekend, compared to 56 at the same time last year.
Canberra’s preliminary clearance rate of 70.2 per cent was lower than it was the previous week's 75 per cent.
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Buyers hit and miss at post-Easter weekend auctions

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Housing affordability is not a new problem, and as the Federal Treasurer Scott Morrison pointed out, he like anyone in Sydney has actual experience that it has actually never been easy to buy a home.
He rightly argues, dealing with housing affordability must involve a scalpel, not a chainsaw given the likely or unintended consequences of some policy.
He warns declining housing affordability can't be answered with lower economic growth.
It is likely the housing affordability will be an important policy focus of the Turnbull Government May budget.
And to try to shape the agenda, the Treasurer gave a 4600 word speech this month to outline some of the issues.
I took four nuggets from his speech to the Australian Housing and Urban Research Institute which highlight the complexity of it all.
1) Some two million taxpayers in Australia have an interest in a residential investment property. Around 72 per cent own just one property and 90 per cent own no more than two. Less than one percent of investors have six or more investments. Around 1.3 million of these taxpayers negatively gear, including 58,000 teachers and one in five police officers. 
2) Mum and dad investors are putting a roof over the head of around a quarter of all renting households in the country. If mum and dad investors were not part of our private rental market, there would be fewer rental properties available, meaning higher rents. Morrison notes disrupting negative gearing would come at a cost, especially to renters. It would not be good news for the 30 per cent of Australian households who rent. 
3) Morrison said you can't help first homebuyers save for a deposit by implementing policies that increase their rent. Over 85 per cent of private renters move within five years and almost one third of moves are forced. Around 47 per cent of low-income rental households in our capital cities spend more than 30 per cent of their household income on housing costs. His concern for families with children who need housing stability to have beneficial access to schools and medical assistance suggests we need longer term leases. 
4) Australian residential property investment is more geared to capital gain than yield. Morrison sees the need to establish a new institutional investment class as is occurring overseas. Property needs to be a longer term fixed interest investment that can comfortably sit within institutional investment portfolios and Australian super funds. 
"Previous governments have avoided dealing with these issues for fear of raising and disappointing expectations," Morrison concluded, adding that failure to confront these issues in the past can be traced back to the problems we face today. I only hope he hasn't overly raised expectations.
Morrison's first property purchase cost $330,000 with his wife, bought in Bronte in 1995, where he grew up as a child, and then they upgraded to the Shire at $920,000 in 2009.
This article first appeared in the Daily Telegraph. 
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Scott Morrison advises housing affordability is not a new problem

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<img src="https://counter.theconversation.edu.au/content/75533/count.gif?distributor=republish-lightbox-advanced" alt="The Conversation" width="1" height="1">
GUEST OBSERVER
Our cities are increasingly beset by a lack of affordable housing, inequality, lagging infrastructure – the list goes on.
To the rescue, we now have the New Urban Agenda and the Sustainable Development Goals (SDGs). But how can they help?
Responding to the urban century
Australia and 166 other countries agreed the New Urban Agenda at the Habitat III conference in Quito last October. The agenda frames global policy for cities and urban settlements for the next 20 years. Signatories will be measured against its objectives.
This historic agreement did not attract the same attention as the Paris climate agreement, yet it has similarly profound and linked potential. The Paris agreement will determine what action countries take on climate change, shaping policies on energy use and carbon production. The New Urban Agenda will aim for city sustainability, shaping our liveability, homes and neighbourhoods.
The agenda responds to the urban century. It recognises the growth energised by cities but also their spatial, social, cultural and economic inequalities.
Action is urgently called for to tackle inequality. The shift to cities hasn’t reduced inequality. Instead, it has shifted poverty to cities and deepened inequality in the process.
Two key concepts of the New Urban Agenda are the “city for all” and the “right to the city”. It also clearly links to Sustainable Development Goal 11, which aims to:
… make cities and human settlements inclusive, safe, resilient and sustainable.
A lack of joined-up thinking
Three key problems beset our approach to cities. In principle, the New Urban Agenda and SDG 11 can help overcome these.
1) Policy siloes persist despite decades of rhetoric about joining up policy and programs. Housing affordability, planning and transport, economic development, public health and education, for example, remain remarkably siloed.
Transport policy rarely looks at employment and health impacts. Policy for providing affordable homes rarely examines the impact of employment and economic strategy on housing affordability. Promoting social cohesion and social inclusion is rarely considered in developing and delivering the education system.
Cities are intricate, entwined collections of people, plans and infrastructures. Throwing isolated and disconnected solutions at complex problems is a recipe for failure, but it’s one that is constantly repeated.
2) Governments not only typically divide their approaches to social and economic policy, they also have split responsibilities between levels of government. Separate ministers and departments deal with the very narrowly defined aspects of their portfolio.
In Australia, the policy separation between states and federal government magnifies the silo issue. Wide cracks between levels of government allow critical planning and policy decisions to be postponed for decades.
In this policy void, local and city governments often lead the way on issues of liveability, climate change mitigation, sustainability and social cohesion. However, many of the levers for change are above their reach. Those powers reside in state and federal governments.
3) Private sector, government and civil society interests remain fractured and opposed. Not enough attention is paid to negotiating common interests. Cities need capital but they also need to be liveable places for all citizens. New alliances are needed to reconcile needs and resources.
All the above problems are related to the overwhelming need for integration, which provides a common meeting point for a wide range of players to approach complex problems.
Not a task for government alone
Australia has no national housing or energy strategy. But both are critical to successful nations and cities.
The joined-up phrasing of the New Urban Agenda and SDG 11 offer an entry point. They provide a catalyst for integration in three critical areas:
policy formulation to tackle multiple, connected problems;
fresh attempts to develop integrated multi-level governance; and
reframed governance across bureaucracy, business and civil society.
Shared ideals, objectives and delivery mechanisms linked to the New Urban Agenda are the first step. This has already led to the setting up of a multi-partner initiative to support sustainable urban development.
The New Urban Agenda is the product of many hundreds of urban scholars, mayors, policymakers and community voices. It provides an integrative policy framework that sets a broad direction toward better cities.
Planning for the future of our cities can no longer ignore growing social, economic and environmental issues. And these are all exacerbated by wealth and income inequalities. The task of reframing governance across bureaucracy, business and civil society must recognise the uneven resources across the city, and reconcile the interests around the table.
Signing the Habitat III declaration was easy. Implementing the New Urban Agenda is a challenge that government will not be able to meet alone.
Ralph Horne is<a href="https://theconversation.com/profiles/ralph-horne-160543"> </a>deputy pro vice chancellor, Research &amp; Innovation; Director of UNGC Cities Programme; Professor, RMIT University and can be contacted <a href="https://theconversation.com/profiles/ralph-horne-160543" target="_blank">here</a>.
David Adamson is Emeritus Professor, Social and Community Policy, The University of South Wales and can be contacted <a href="https://theconversation.com/profiles/david-adamson-259956" target="_blank">here</a>.
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What can the New Urban Agenda and Sustainable Development Goals do for cities?

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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