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Property developer Golden Age secured strong weekend sales when it offered the first stage of its Park One project.
There were long queues for new apartments offered in developer Golden Age's launch of its 408-unit project in Macquarie Park.
Set 18 kilometres north of the Sydney CBD, the 230 first-stage apartments sold out on Saturday.
Around 80 per cent were sold to local buyers – mostly Chinese Australians and residents – and 20 percent to overseas buyers in China, Singapore, Canada and Malaysia. 
"People were snatching, not buying ... the display suite is going to close soon at this rate," Golden Age founder Jeff Xu said while watching on. 
"There's a lot of talk about oversupply but show us where has it fallen?...Some popular areas like North Sydney, the better suburbs, the fundamentals are balanced."
The Melbourne developer's Macquarie Park success has followed its two successful inner city developments in Waterloo and Double Bay.
Park One will feature 409 one, two and three bedroom apartments across two buildings surrounded by 5500sqm of outdoor private parkland.
Jeff Xu, Golden Age managing director said Macquarie Park is fast becoming one of Sydney’s most popular and desirable locations for home buyers.
The display suite is at 80 Waterloo Rd, Macquarie Park.
For more information, <a href="https://www.parkonesydney.com/" target="_blank">click here</a>.
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jchancellor-FAypfDUnLy

Park One's launch attracts off the plan buyers' queue for Macquarie Park offering 

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The fashion designer Collette Dinnigan and her hotelier husband Bradley Cocks have sold their Watsons Bay home only four days after it was listed and just 18 months after buying it.
Ben Collier at McGrath Estate Agents had offered $8 million price guidance for the classic Beaux-Arts style contemporary home.
He was out the front of Saturday's cancelled open for inspection telling intending inspectees of the overnight sale at an undisclosed higher price.
It last traded at $6.25 million price in 2015 when sold by James Packer's right hand man, Matthew 'Ched' Csidei and his lawyer wife Lauren Roscoe, who are now based in Europe with their two children. 
They had sought $8 million too.
It is the former Masonic Temple which Dinnigan renovated to replace some of Ched's more masculine interiors which had been installed by the interior designer, Blainey North.
Its parquetry floors from an 18th century chateaux in France's Loire Valley were certainly retained at the four bedroom, five bathroom home.
Dinnigan recently suggested its European aesthetic always appealed to her.
But these days the A-list couple are living in Rome.
During their absence it was occupied by hotelier Fraser Short as a rental before it was listed for sale last week with Ben Collier inconjunction with Will Manning.
After selling their Careel Bay, Palm Beach retreat for $3.2 million to actor Sophie Lee and adman Anthony Freedman, Dinnigan still retains a South Coast retreat.
This article was first published in the Sunday Telegraph.
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Designer Collette Dinnigan's four day Watsons Bay home sale

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Brindley Park in Merriwa, one of the upper Hunter Valley's most impressive rural estates, has been sold by the pioneer discount share broker Greg Moore and wife Libby six years after it was listed.
Headed by Michael Wang, Australia Aulong Auniu WA, a subsidiary of the Dashang Group, paid $11 million plus. It takes their recent agricultural acquistions to $82 million. They will ship the farm produce back to their 300 stores in China.
It comes with a neo-Palladian eight bedroom main residence complete with sandstone columns, tessellated granite flooring, five-metre ceilings, slate roof, Teak panelled entry and hand-carved marble fireplaces.
The more humble heritage, farm cottages date back to the Bettington family including a 110-stand shearing shed, which in 1888, its peak year, had 58,000 sheep shorn.
AAAW also own the nearby 30,000ha Glenrock Station and the 3500 ha Wootton.
This article was first published in the Sunday Telegraph. 
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Brindley Park sells to Chinese supermarket chain

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<div class="column">GUEST OBSERVER</div>
<div class="column"> </div>
<div class="column">Financial stability has become more important to the RBA, with an increased emphasis on financial stability in the updated policy agreement with the Treasurer.</div>
<div class="column"> </div>
<div class="column">In the Financial Stability Review, the RBA is more worried about the rapid growth in the already high level of debt in China, where our recent analysis highlights the downside risk this poses to Australia’s outlook. The RBA thinks local banks are in good shape, where household-related risks have “lessened a little” since April. The RBA thinks risks have increased for property development, particularly given the huge increase in the supply of apartments in Brisbane and Melbourne, and mining-related areas.
The main points from the Financial Stability Review were:
China’s high and rapidly rising debt is a key concern.</div>
<div class="column"> </div>
<div class="column">The “potential for a disruptive adjustment in China remains pronounced, given the ongoing increase in debt [is occurring] at a time when the pace of economic growth has [slowed]”. The financial system has become “increasingly large, opaque and interconnected” and easier policy aimed at stabilising the economy has fuelled the rapid growth in debt. China still has policy options to boost growth, but many of these would likely boost debt further, which “could increase the risks to longer-term reform and stability”.</div>
<div class="column">
 European and Japanese banks remain under pressure.</div>
<div class="column"> </div>
<div class="column">European banks are struggling given low profits, bad debts, and weak stock prices. Low/negative rates are pressuring net interest margins for banks in Japan and other advanced economies.</div>
<div class="column">
 Australian banks are performing well and remain “resilient to possible shocks”. Local banks have high capital and leverage ratios and have strengthened their liquidity positions. Banks have scaled back some international exposures and their exposure to the mining-related sector is small and falling (Asian bank balance sheets are the ones most exposed to mining and commercial property). Bad debts are up from low levels, mainly reflecting lending to households and companies in mining areas and the New Zealand dairy sector.</div>
<div class="column">
 Risks related to households have “lessened a little” since April given improved serviceability metrics, tighter lending standards, and slower growth in credit. Even so, the RBA notes that: 1) house prices are up “a little” in recent months in Sydney and Melbourne; 2) the ratio of debt to income is up; and 3) non-performing home loans have increased in mining areas, which are a small part of bank mortgage books. Local risks are centred on property development and mining areas.
The risks relate to: 1) the huge increase in the supply of apartments in Brisbane and Melbourne over the next couple of years; and 2) the search for yield boosting Sydney and Melbourne commercial property, and resource-related weakness in Perth and Brisbane.
For apartments, there are signs of longer settlement times and valuations falling below contract prices, while developers expect settlement failures will increase. Assessing the health of developers is hard because of the importance of unlisted and foreign developers.
Banks have tightened up on: 1) lending to borrowers who rely on foreign income, which may weigh on demand in the short term; and 2) property developers, which could help forestall future oversupply, although some developers are turning to non-banks. For commercial property, the RBA is worried that the current low level of yields may prove unsustainable if global interest rates rise and/or foreign demand declines.
The RBA also notes that APRA is reviewing bank commercial property lending practices, including for residential development, with the aim of improving lending standards. 
Kieran Davies is an economist for ANZ and can be contacted <a href="https://www.anz.com/personal/" target="_blank">here</a>.
 </div>
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RBA sees Chinese and Australian apartments risks to financial stability: ANZ

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Fencing is one of the most common sources of friction between neighbours, and this is just as likely within a strata scheme as it is between house owners.
Issues concerning fencing are governed by the Dividing Fences Act 1991 (NSW), and the first thing to do is establish whether the fence in question falls under the Act’s jurisdiction.
What does the Dividing Fences Act 1991 (NSW) say?
While the Act covers all fences defined as ‘dividing fences’, it does not cover common property fences which divide two lots within a strata scheme, or common property fences which separate a lot from communal property.
According to Look Up Strata, it’s also important to consider the various definitions of a ‘fence’. The definition of fences under the Act includes any hedge, ditch, structure, embankment or natural water course running along the boundary that separates two stretches of land.
Any wall that is part of a house, garage or other building is not included, neither is a retaining wall defined as a fence – unless it is classed as part of a foundation necessary to support the fence.
So what does this mean in practice? Perhaps your unit is partially separated from the one next door by a brick garage wall. Extending from this wall is a small hedge which runs up to the footpath.
Only the hedge section of this divide would be classified as a fence under the Act.
 
So who is responsible for strata fencing?
The owners corporation or body corporate is responsible for repairing and maintaining the principal fences which divide the communal area from the road and external footpath.
It is left to individual owners, however, to deal with fences running between their lots.
If no sufficient dividing fence exists between lots, the neighbours on each side are jointly and equally responsible for building and maintaining one.
What is the definition of a ‘sufficient dividing fence’? This is not spelled out in the Act. It is up to neighbours to agree on a definition and type of fencing they are both happy with.
If one owner wants a higher, stronger or fancier fence than the agreed basic, it is up to that individual to bear the extra cost incurred.
An Individual owner also takes financial responsibility for any extra trimming or aesthetic pruning of a boundary hedge which goes beyond a reasonable definition of ‘sufficient’ – topiary, for instance!
How various strata fence costs are broken down
Ask your strata management services for access to the scheme’s strata plan.
According to <a href="/news">NSW Government Land &amp; Property Information</a>, incorporating a 2011 memorandum covering strata schemes, responsibility for fencing is broken down as follows:
Any fence shown as a thick line on the strata plan is deemed to be a common wall, and therefore the responsibility of the body corporate.
Fencing marked as a thin or dotted line on the strata plan – or not marked at all – is the responsibility of individual owners and neighbours as laid down in the Dividing Fences Act.
The owner’s financial responsibility is broken down accordingly:
<ul>
<li>Fence dividing two lots: each owner responsible 50%-50%.</li>
<li>Fence dividing one lot from common property: owner 50% – OC 50%.</li>
<li>Fence dividing one lot from adjoining property: adjoining owner 50%- OC 50%.</li>
</ul>
For more information from Jamesons Strata Management, <a href="https://jamesons.com.au" target="_blank">click here</a>.
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Property 101: Who repairs fences dividing neighbours in a strata scheme?

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Bruce Dixon's Dixon Hospitality Group has emerged as preferred bidder for the bulk of the assets in the Keystone Hospitality Group, the Australian Financial Review has reported.
Dixon is building scale ahead of a $300 million-plus initial public offering in 2017.
Keystone Hospitality collapsed in June after failing to renegotiate lending arrangements with financiers KKR and Olympus Capital.
It owns 17 restaurants, cafes and bars including the Jamie's Italian chain as well as Bungalow 8, Cargo Bar, Chophouse Perth, Chophouse Sydney, Gazebo, and Kingsleys Brisbane and Woolloomooloo.
Dixon Hospitality Group is led by Michael Dixon, the son of former Spotless chief Bruce Dixon.
It now owns almost 40 pubs, hotels and restaurants, including 505 Wine Room in Toorak, the Tap House at Sydney Airport and the Oxford Tavern in Sydney's Petersham.
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Dixon Hospitality set to secure Keystone 

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The retired Victorian racehorse trainers Fran Houlahan and her husband Brian Johnston have listed their Pakenham training headquarters on the outskirts of Melbourne.
There is an asking price of $1.89 million for their 26-hectare Cora Lynn property.
The property at 250 Murray Road is close to the new racecourse at Pakenham Club at Tynong North.
<a href="https://www.ruralcoproperty.com.au/real-estate/property/892336/sold/other/vic/cora-lynn-3814/250-murray-road/" target="_blank">It has been listed by Ray Cullen of Ruralco Property</a> who expects interest expected from within the racing industry, as well as from farm investors as it has also been used as a base for Mr Johnston's Waygu beef operation.
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Cora Lynn equestrian property listed

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<img src="https://counter.theconversation.edu.au/content/66213/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1">
GUEST OBSERVER
Australian cities are getting hotter.
The many reasons for this include urban densification policies, climate change and social trends such as bigger houses and apartment living, which leave less space for gardens and trees. But some areas and some residents of cities are more exposed to heat than others. 
The concentration of poorer people in hotter places is known as “thermal inequity”. Our recently published research has found this is a real concern on the Gold Coast, one of Australia’s fastest-growing urban regions. 
Urban heat is known to increase rates of injury, death and disease. This is why the federal government recently established an urban greening agenda. 
The central city tends to be hotter than surrounding suburbs and rural areas – the urban heat island effect. Perhaps because of this, much of the research focus has been on the urban core. But what about heat effects in the suburbs?
What is thermal inequity?
Research from North America and Australia shows people who live in greener, leafier suburbs tend to be wealthier. We know that urban greening can cool ambient air temperatures. 
Plentiful street trees, well-designed parks and other types of green space also tend to increase residents’ physical activities and social interactions. This makes greener neighbourhoods healthier and happier. 
Unfortunately, the opposite often occurs in poorer suburbs, meaning residents suffer more heat stress. This is a consequence of fewer street trees, less green space and denser urban design. Our research found thermal inequity is a real concern in Upper Coomera, a suburb in the northern growth corridor of Gold Coast city. 
The Gold Coast has been coping with explosive rates of growth. The population is expected to double to more than 1 million in the next two decades. Growth-management policies are increasing densities in many suburbs. 
On the suburban fringe in places like Upper Coomera, land clearing for development typically removes much of the native vegetation. This in turn increases heat. 
The trend in the Gold Coast, like many cities, is for comparatively disadvantaged people to seek more affordable housing in outer suburbs. Less affluent householders become concentrated in suburbs where housing is packed tightly with fewer trees and less greenery. 
Hotter houses and neighbourhoods lead to residents paying more for electricity to keep cool. Excessive heat can also increase healthcare expenses and reduce productivity.
Research shows residents are struggling
As we explain in the video abstract for our article, we used a mail-back survey of 1,921 households to examine three questions:
1) Are residents aware of climate change?
2) Are residents concerned about climate change?
3) Do residents understand the potential of green infrastructure to help neighbourhoods adapt to climate change? 
We found more than 90% of residents were aware of climate change and almost 70% were concerned about it. Residents living in townhouses were particularly worried. Paradoxically, those living in dwellings with dark roofs were less worried, as were those with larger families.
We also found that more than 90% of respondents had air conditioning. Using statistical analysis, we determined that renters are especially vulnerable to associated energy costs, as are those with kids. 
Interestingly, we found that people living in townhouses were less likely to consider buying energy-efficient devices to lower household energy expenses, as were those with more children. This could be because renters and those with larger families may be struggling financially. 
In sum, we found that more disadvantaged households with less disposable income were living in dwellings that were more vulnerable to heat.
Next, we examined the attitudes of residents to urban greening to help combat heat in their neighbourhood. We found almost two-thirds favoured tree planting. More than half felt local streets lacked shade. 
While 90% of surveyed residents saw that shade was a key benefit of trees, just over half understood that trees can lower air temperatures. Although most residents recognised maintenance costs of trees as a disadvantage, they still favoured more urban greening.
So what can be done?
Our findings have important repercussions for urban policy. As we have previously noted, urban greening has many advantages for climate change adaptation. It is comparatively inexpensive and is politically palatable.
However, higher-density neighbourhoods like Upper Coomera often have less land available for greening. Yards are smaller and verges are typically dominated by on-street parking. 
We advocate for education campaigns about the benefits of urban greening and better urban design guidelines to make it easier for developers to increase neighbourhood greenery. Better knowledge about species selection is needed to reduce maintenance issues.
Urban greening initiatives should also use technologies like permeable paving to limit pavement uplift and capture rainfall on-site. 
Thermal inequity exists but it can be reduced. After all, if urban greenery can benefit all residents, why should the poor miss out?
 
Jason Byrne is associate professor of Environmental Planning, Griffith University and can be contacted <a href="https://theconversation.com/profiles/jason-byrne-6066" target="_blank">here</a>.
Tony Matthews is lecturer in Urban &amp; Environmental Planning, Griffith University and can be contacted <a href="https://theconversation.com/profiles/tony-matthews-234160" target="_blank">here</a>.
Christopher Ambrey is Postdoctoral Research Fellow, The University of Queensland and can be contacted <a href="https://theconversation.com/profiles/christopher-ambrey-243947" target="_blank">here</a>.
All are authors for The Conversation.
<a href="https://theconversation.com/profiles/jason-byrne-6066" rel="author"> </a>
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Out in the heat: why poorer suburbs are more at risk in warming cities

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The shortage of property listings is the biggest talking point of the 2016 spring selling season in Sydney and Melbourne.
There's many factors at play but a vicious cycle with home owners not wanting to sell while there is little on the market to then buy.
Melbourne finally gets its long awaited surge in auctions next weekend, much to the relief of buyers feeling deprived.
But the traditional pre-Derby Day-Melbourne Cup fillip sees around 1200 offerings, significantly below the record 1479 over the pre-Cup Super-Saturday last year.
Sydney's auction activity will fall away next weekend with just over 600 auctions scheduled, which according to Domain, is down on the 800 last year.
Despite home prices rising, the volumes languish well below previous highs, CoreLogic research recently noted.
CoreLogic estimates 339,000 houses and 132,000 units sold in Australia over the year to April.
The combined 471,000 annual tally was down almost 26 percent from the 633,000 transactions over the 12 months to May 2002, the last sales volume peak year.
CoreLogic research head Tim Lawless foresees the consequences of property owners less willing to list properties for sale.
Any short supply of housing stock is likely causing some urgency amongst buyers which is contributing to the upwards pressure on dwelling values, Lawless suggests.
Strong auction clearance rates continued given the lower weekend volumes with Canberra's near 84 percent narrowing topping the recent market leader, Sydney which had an 83 percent success rate.
"It has been another strong week for auction results, with a preliminary national auction clearance rate of 77.9 percent," CoreLogic's Kevin Brogan advised. The clearance rate has remained above 70 percent since the last week in July. 
There were 2,405 auctions held across the combined capital cities, up on last week's 2,290, but down on the 2,858 capital city auctions held last year.
Auction numbers were down a touch in Canberra where there were 74 auctions and an 83.9 percent success, as opposed to 86 auctions held on the same weekend last year when there was a clearance rate of 68 per cent.
Canberra prices ranged between $445,000 at Flynn and <a href="https://www.domain.com.au/3-finniss-crescent-narrabundah-act-2604-2013072115" target="_blank">$1.6 million at Narrabundah</a> (below). 
<img src="/images/2016/10/17/Screen%20Shot%202016-10-17%20at%208.30.02%20AM.png" alt="">
The Canberra top seller last sold for $240,000 in 1998. Luton Properties had offered a $1.2 million plus pre-auction price guidance on the property that had been a $1000 a week rental. 
The nation's top sale was in Toorak where $6.25 million was paid on Albany Road.
There had been a $5.5 million reserve at the Kay &amp; Burton auction which saw four bidders.
Across Melbourne, the preliminary clearance rate was steady at 78 per cent, remaining above the clearance rate for the city one year ago when it was 72 per cent.
Melbourne's outer east region was the strongest at 87 per cent.
Melbourne also had the nation's cheapest result when <a href="https://www.realestate.com.au/property/5-327-high-st-thomastown-vic-3074" target="_blank">$265,000 was secured at Thomastown</a> (below).
<img src="/images/2016/10/17/Screen%20Shot%202016-10-17%20at%208.31.36%20AM.png" alt="">
The two bedroom had last sold at $168,000. The prior top sale in the complex of five was $260,000 in 2014.
Sydney’s preliminary auction clearance rate was 83.3 percent, the 26 consecutive week above 70 percent.
The eastern suburbs of Sydney showed the strongest performance with 97 per cent of the 69 reported results selling.
Adelaide's clearance rate was 68 percent; Brisbane’s clearance rate this week was 52 percent, while Perth’s clearance rate of 50 percent was among the strongest in recent times.
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Spring racing carnival triggers short spike in Melbourne auction offerings

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<img src="https://counter.theconversation.edu.au/content/67056/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1">
GUEST OBSERVER
The Reserve Bank of Australia (RBA) sees housing finance as a smaller danger than in the past, judging by its latest Financial Stability Review, but we aren’t back to happy days just yet.
A number of economic indicators still show there’s cause for concern in the property market. 
The review does acknowledge some problems in the apartment markets in Brisbane and Melbourne, but it sees major threats to the resilience of the Australian financial system overseas: examples are the rising debt levels in China, the low performance of European banks, the Brexit, and the impact of low milk prices on New Zealand farmers (with a possible feedback effect to Australian banks).
The review highlights Australian banks’ stronger capital buffers and compliance with toughened prudential standards from the Australian Prudential Regulation Authority (APRA). Because house price growth has moderated and mortgage borrowers are substantially ahead of their scheduled payments, the risk from mortgage lending is somewhat lower. 
However, it’s surprising that the review doesn’t stress some aspects that are obvious.
What the RBA didn’t say
Although Australia hasn’t experienced the type of shock to the economy the United States did, due to the sub-prime mortgage crisis, there is substantial risk due to a large portion of mortgage loans being subject to interest-only periods of typically five years. Research for US home equity lines of credit finds the risk that people won’t be able to pay mortgage expenses increases substantially towards the end of flexible repayment terms, in particular during times of increasing lending standards.
Mortgage borrowers often have the expectation that they are able to refinance at the end of the interest-only term into a similar loan with a new interest-only period. However, this rollover is not possible in economic downturns when banks suddenly tighten their lending standards and and are likely to cut refinancing. 
The RBA’s review shows that Australian banks have tightened their lending standards and have room for further tightening, but currently we do not see larger impacts on delinquencies. Current rates of people not being able to make their mortgage payments are low but may quickly change in an economic downturn. It’s also difficult to forecast whether this will change judging by medium- to long-term trends. 
There might be other reasons why people might struggle to make their mortgage repayments. We have seen central banks following the European and US central banks in lowering interest rates and markets are expecting a reversal in the future. As most mortgage loans in Australia are at a floating rate this would imply that the largest relative payment increase will be to interest-only loans, should the RBA follow these leads. 
In addition to this, Australia continues to enjoy low unemployment rates. This may change and lower the average income levels, putting more stress on people’s ability to pay mortgage loans.
Other risk factors at play in the property market
House prices continue to grow at annualised rates of approximately 10.2% and 9% in the largest cities Sydney and Melbourne. Housing price growth has slowed down, but prices are still increasing and new mortgages are underwritten based on house prices that are disengaged with national income levels. The growth rate continues to be above the historic averages and other developed economies that have experienced similar rate cuts.
Banks have relatively reduced interest only loans and high loan to valuation ratio (LVR) style loans. However, it is also clear that origins of high risk mortgages continue at relative high levels. 
Australian Prudential Regulation, new mortgage loans for ADIs with greater than $1 bn of term loans
The fraction of interest-only loans has come down from 44% in December 2014 to 36% in March 2016. While this is a noticable decrease, more than a third of loans continue to be interest-only.
The RBA’s review argues that Australian mortgage borrowers are on average approximately two and a half years ahead of the scheduled payments. This argument does not take interest-only loans into account. 
Prepayments are generally made into offset accounts which include a redraw facility and are generally used when new properties are used. In other words, these prepayments may be quickly depleted to increase leverage but also in situations when borrowers have difficulties making payments. 
Dominance of housing loans on bank books
The largest problem of Australian banks remains the dominance of housing loans on bank books. Approximately 60% of total loans are for residential properties, and 36% of loans are business loans dominated by commercial real estate loans and loans to small and medium sized companies, which are often backed by the real estate of the business owner. 
This over-concentration is the Achilles’ heel of the Australian banking system and hard to protect against. It’s a reflection of demand for bank loans in Australia and alternatives to bank lending available to large firms. 
International financial markets may provide a solution, allowing banks to diversify and risk transfer via asset risk swaps. Unfortunately, these solutions have not been explored much in the past . The reluctance to do this is mostly based on the poor performance of overseas assets during the global financial crisis.
The RBA’s review further discusses the achievements under the Basel Committee on Banking Supervision to limit the systemic risk of financial institutions via increased regulation and higher capital buffers. The review further notes that no Australian bank is of global systemic importance. 
However this is not a reason for complacency as the failure of one of the largest Australian banks would lead to a great shock to the Australian economy. A further concentration in the banking industry would make bank products more expensive than they would be in a competitive system.
Harry Scheule is associate professor, Finance, UTS Business School, University of Technology Sydney and author for The Conversation. He can be contacted <a href="https://theconversation.com/profiles/harry-scheule-3573" target="_blank">here</a>.
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The risks in Australia’s housing market shouldn’t be downplayed

Developer <a href="https://www.apartments.com.au/developers/bottega-property-group">Bottega House</a> has secured council approval for its first Brisbane project - a $270 million luxury residential development on an absolute riverfront site in leafy St Lucia.&nbsp;

The 15-storey project, known as <a href="https://www.apartments.com.au/new-apartments/st-lucia-by-bottega-house-180-macquarie-street-st-lucia-qld-4067">St Lucia by Bottega House</a> , will occupy a prime north-facing site at 178-180 Macquarie Street, directly fronting the Brisbane River in the established inner-west suburb known for its rowing clubs, golf courses and sprawling University of Queensland campus.&nbsp;

St Lucia by Bottega House will feature a suite of amenities including dedicated wellness spaces, a mineral pool and cold plunge. The project has been positioned to attract affluent owner-occupiers seeking high-quality, house-sized apartments.&nbsp;

Bottega House has been set up by co-directors Nick Malloch, Louis Mennes and Craig Marsh.

Malloch said the project drew inspiration from its Brisbane River setting and leafy inner-west surrounds, while responding to the demands of discerning locals looking to transition from freestanding homes into apartment living.&nbsp;

"With an expansive river frontage and lush green surrounds, we knew we had to create something special that reflects the natural beauty of the location while offering residents masterfully crafted homes," said Malloch.&nbsp;

"Our intent was to complement the project's quiet, private setting by introducing residences that offer a calm retreat and sanctuary from the everyday. The result is a harmonious blend of architecture, interiors and amenity that emphasises wellbeing, comfort and beauty without excess."&nbsp;

Malloch added that project consultants had been carefully selected in alignment with Bottega House's commitment to care, quality and attention to detail. The design team includes architects <a href="https://www.apartments.com.au/architects/plus-studio">Plus Studio</a>, interiors practice <a href="https://www.apartments.com.au/interior-designers/mim-design">Mim Design</a> and landscaping by <a href="https://www.apartments.com.au/architects/urbis">Urbis</a>.&nbsp;

Three-bedroom apartments are expected to start around $5 millio. Selling agents Keenan &amp; Byrne said the pricing strategy for the project was anticipated to achieve upwards of $25,500 per square metre.&nbsp;

The project's development approval this week follows the success of Bottega House's inaugural Queensland project - a 22-storey collection of full-floor sky homes at Broadbeach on the Gold Coast which included the sale of a two-storey penthouse at a record price for a beachside residence.&nbsp;

St Lucia by Bottega House is expected to launch to market in November, with construction anticipated to be completed mid 2029.

[smartcode_project_cta:default project_id=151826]

Joel Robinson

Bottega House to make Brisbane debut with St Lucia riverfront apartment development

<a href="https://www.apartments.com.au/developers/sherpa-property-group">Sherpa Property Group</a> is advancing its affordable apartment model into Brisbane with the acquisition of another site at Cordelia Street in South Brisbane for $27 million.

Sherpa, which has a $1.7 billion pipeline across Southeast Queensland, intends to bring a cohort of apartments exclusively for first homebuyers into its proposed 186-apartment project to be built at 2 Cordelia Street.

The Sherpa model has already been incredibly well received from their Gold Coast projects, where Sherpa Group set aside a number of apartments exclusively for first homebuyers.

The new $320 million project marks Sherpa Group's second development in Brisbane, following its $255 million Symphony project, also on Cordelia Street, which is currently under construction.

Symphony will deliver 146 apartments across 28 levels, offering a mix of one, two and three-bedroom apartments. With 114 already sold, construction by <a href="https://www.apartments.com.au/builders/lps-group">LPS Group</a> is scheduled for completion in 2028.

[smartcode_project:default project_id=7574 project_image_fid=351654]

Sherpa Founder, Christie Leet, said the company was excited to be venturing into Brisbane for its second residential project.

“We’re big believers in the future of Brisbane as we lead into the 2032 Olympics and beyond,” Leet said.

“The success of Symphony has guided us into what will be our second project and we look forward to submitting our plans with council soon so we can deliver yet another quality project to the inner city residential market.

“Our Flourish model has been very well received both in Brisbane and the Gold Coast, and we’re excited to be able to offer some of these apartments again exclusively to first homebuyers to help get them into the property market.

“The model has been extraordinarily well received in our previous projects and it is something we are committed to moving forward.”

2 Cordelia Street will be designed by <a href="https://www.apartments.com.au/architects/hal-architects">HAL Architects</a> &amp; Finegrain and will include Sherpa’s signature residential amenities including pool, gym, recreation, wellness and work from home spaces.

The project will feature ground-floor commercial space, creating a vibrant amenity for residents and the surrounding community.

A development application will be lodged with Brisbane City Council in August on the code compliant site and will be launched to the market early 2027.

Sherpa acquires new site for second Brisbane apartment tower

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.

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]

Jonathan Chancellor

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