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Sydney had the nation's highest sale when a four-bedroom waterfront home at 78 Wrights Road, Drummoyne sold for $8.05 million.
The pre-auction price guidance was $6 million to $6.5 million. The waterfront home came with jetty, pontoon and a permanent boat mooring facility (above). 
The property was one of about 540 scheduled to go under the hammer across the city on Saturday, the first day of the spring selling season. 
Domain Group put the Sydney clearance rate at 80 percent and CoreLogic at almost 84 percent.
The number of homes taken to auction across Australia over the weekend fell slightly to 1,858, compared to the 2,153 auctions held last week and 2,297 one year ago, CoreLogic advised.
The 78 percent national clearance rate was higher than the previous week’s result of 74 per cent and up from last year, when the clearance rate was recorded at 73 percent and in decline.
The results show that Sydney's 83.9 percent rated higher than the improving Melbourne which had a 79 percent success rate.
Both cities were host to fewer auctions this week when compared to last week.
Melbourne's preliminary clearance was up from last week’s result of 77.4 percent.
The 79 percent clearance rate is the highest preliminary rate Melbourne has recorded this year.
"It also marks the ninth week in a row that Melbourne’s clearance rate has been recorded above 70 percent," CoreLogic spokesperson, Kevin Brogan said.
The preliminary clearance rate is higher than the 75 percent one year ago.
There were 826 auctions held in Melbourne, down from last week’s 1,060 auctions and lower than the 992 auctions held at the same time last year.
Of the nine sub-regions in Melbourne, the strongest performer was the Mornington Peninsula where 93 per cent of the 30 reported results were successful.
A five-bedroom 2002-extended 1930s house on 1300 sq m in Kew sold through Jellis Craig for $6.24 million ranked as Melbourne's top seller (below).
<img src="/images/2016/09/05/Screen%20Shot%202016-09-05%20at%209.05.40%20AM.png" alt="">
It last sold in 1997 at $1.27 million. More than $5.5 million was the pre-auction price guidance.
Kew also had Melbourne's second dearest sale at $4.8 million at 51 Rowland Street.
In Sydney, a preliminary clearance rate of 83.9 per cent was recorded, up on 78 percent over the prior period. There were around 540 weekend auctions and 780 across the week.
"Since the final week in April this year, Sydney has consistently recorded weekly clearance rates above the 70 per cent mark," Kevin Brogan said.
"One year ago, auction activity across Sydney was significantly higher, with 1,023 auctions held and 76.9 percent clearing."
Ryde's 95 percent and the Northern Beaches' 91 percent recorded the highest preliminary clearance rates of the sub-regions.
With 135 Brisbane homes taken to auction, Brisbane recorded their highest preliminary clearance rate for the city this year at 58 percent, up from 44 percent last week and higher than one year ago, when 42 per cent of the 130 properties taken to auction were successful.
In Brisbane, the most expensive residential property to sell was a renovated Hamptons-style, five-bedroom house at Bardon which sold for $2.5 million to a Singaporean couple (below).
<img src="/images/2016/09/05/Screen%20Shot%202016-09-05%20at%209.06.49%20AM.png" alt="">
The pre-war Queenslander at 167 Simpsons Road was transformed with an 18 month renovation had previously traded at $1,186,000 in late 2014.
Brisbane had the nation's cheapest weekend auction result which was $330,000 on Macleay Island. The 137 Beelong Street two bedroom, with water views across the bay, sold through First National Real Estate.
Adelaide saw a preliminary clearance rate of 80, across 57 reported auctions; the highest Adelaide has recorded for the year.
Over the previous week Adelaide’s clearance rate was 63 percent and 69 at the same time last year.
In Perth, auction numbers fell to 26 this week with a preliminary clearance rate of 16 percent. Just six auctions have been reported.
Last week, the final clearance rate for Perth was 34 percent across 29 auctions.
Canberra’s preliminary rate was 77 per cent this week, compared to 71 percent last week and 71 percent one year ago.
The week’s 77 percent is the highest preliminary clearance rate Canberra has seen since early March this year.
CoreLogic has captured 76 results, rising from 56 last week. 
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jchancellor-FAypfDUnLy

More capital cities secure year high clearance rates 

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GUEST OBSERVER
The continuing question of what return a rural property can demonstrate has been the source of many discussions between valuers, investment managers and accountants involved in financial modelling of rural assets.
Buyer motivation, data access and credibility, commodity and seasonal fluctuations are among the variables that influence a decision about how much someone will pay for an asset.
So while a complex calculation can be built, I asked my research guy Rick, if he could simply overlay the Eastern Young Cattle Indicator (EYCI) and Queensland Cow Market Indicator (QCMI) across the Queensland Grazing Property Index (QGPI) as reported annually by Herron Todd White and see what came up.
The result is per the graphic below and it reveals a very interesting story.
EYCI and QCMI with the QGPI for settled ales over 2,000 hectares
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For the period 1997 to 2004 the result reflected that  the land values moved in line with, but six months behind the underlying commodity movements with a high conviction.
From 2004 to 2009 however the value of rural land growth to the peak of the market in 2009 was significant with values increasing 62% on the median price in the five years, the ECYI decreasing 15.5% and the QCMI decreasing 10.6%. In other words the driver of land value was not reflective of the commodity return. This disconnect was also highlighted in the QRAA Rural debt surveys in 2009 and 2011.
From 2009 to 2013 the conviction between the land value and commodity return come back into relative alignment, but largely because of the fall in values not the rise in commodity prices.
2014 and 2015 then show the impact of the significant shift in the beef pricing and subsequent impact on land values. The rate of growth in the curve for the EYCI and QCMI is as sharp as at any point in the past 20 years which is no surprise for those in the industry. The jump in land values however is possibly more of a surprise.
So the question then moving forward for all stakeholders is what is the sustainability of the commodity market pricing relative to current sale yard, processor grids and live export pricing? There are potential risks out there (Indian frozen buffalo, Brazil exports etc) that could place a cap on prices and possibly see a reduction in the market place. If this were to occur, the logical view would be that the land values if still following the lag period would adjust accordingly or at least flatten out.
I have recently presented to a few banks and corporate clients and commented that the rapid rise in values in some sense has actually in my mind brought time forward. Where we thought the values may get to in say 2018 have been achieved in 2015 and 2016. The shift has been good for vendors and agents are reporting across the country that it is harder to find or list assets relative to the demand currently. Does the market settle a bit to draw breath or does demand see another level of value shift in land? Only time will tell.
Conclusion: Forecasting the land value movements based on the commodity price overlay which has a six month lag may be a good guide to looking at least into the short term land market values. This assumes the conviction between the commodity outlook and the land values remains high. Of course valuers are not there to forecast or predict the future. They deal with settled sales evidence in a consistent manner of analysis so that our clients have a consistent reference for the conclusions drawn.
The Australian Farm Institute has for its winter edition sought to investigate this question and I was fortunate enough to be asked to contribute to the discussion.
For those interested in reading the five articles from industry and educational institutions, go to the website <a href="https://www.farminstitute.org.au" target="_blank">www.farminstitute.org.au</a> and you can subscribe to the journal. The process of writing this article was good in that it really challenged me to look nationally for information and data to see where the value relationship to land and returns sits based on settled sales over many years. 
Tim Lane the national rural director at HTW and can be contacted <a href="https://www.htw.com.au" target="_blank">here</a>.
 
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Rural returns and land values: HTW's Tim Lane

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GUST OBSERVER
We have compared some sales data on Airlie Beach and Cannonvale units against Mackay units. 
When looking at the Mackay unit sales (not Mackay Harbour),  the number of sales has dropped from a high 215 sales in 2013 to financial year 2016 only recording 40 sales (median price $283,000). Mackay Harbour achieved 7 sales throughout the 2016 financial year, which was down from 30 sales in the 2011 financial year (median price $465,000). Cannonvale units have bounced back a little in the number of sales with 78 recorded sales, up from 52 sales in the 2015 financial year (median price $290,000 – up from $250,000).
<a href="/images/2016/09/02/Screen%20Shot%202016-09-02%20at%201.09.48%20PM.png" target="_blank">Click to enlarge</a>
<img src="/images/2016/09/02/Screen%20Shot%202016-09-02%20at%201.09.48%20PM.png" alt="">
Airlie Beach unit sales have been reasonably consistent last year with 72 sales, which is down from 84 in the previous year. 
The median price has dropped to $348,000. It is interesting to see the difference in the median prices for the units at Mackay comparing to Airlie Beach. In my mind, the units in Airlie Beach still represent great value for money when you can get an excellent ocean view starting as low as $230,000. The tourism numbers coming into the region are still going very strong and this is reflecting on the gross income on the holiday let apartments. 
Stephanie Bacon from our sales team has a severely reduced apartment at the Port of Airlie for only $635,000 which has income statements of an identical unit in the complex that is 100 percent holiday let for well over $80,000 per annum.
<a href="/images/2016/09/02/Screen%20Shot%202016-09-02%20at%201.11.28%20PM.png" target="_blank">Click to enlarge</a>
<img src="/images/2016/09/02/Screen%20Shot%202016-09-02%20at%201.11.28%20PM.png" alt="">
 
On a net basis this is around 4 percent which is very unusual for holiday letting properties in Airlie Beach. 
Most holiday let apartments return between 2 percent and 3 percent nett. 
Add the fact that the complex is one of the highest rated complexes in the area and it could be the best buy in your portfolio. <a href="https://campaign.raywhite.com/collect/click.aspx?u=9GxQQ+FJ4ndpBD8fNX7G8KClk3SSuzTl45qNoLo6BuasQ/3DOXSINysEh1ywyRwxrIldNM9w6T4ciReJKplyDA==&amp;rh=ff0096295de6c5cc6f21e214cf46a47315f84bb7" target="_blank"></a>
 Mark Beale is principal of Ray White Whitsunday and can be contacted <a href="https://raywhitewhitsunday.com.au" target="_blank">here</a>.
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Whitsunday price performance compared to Mackay

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GUEST OBSERVER
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When an empty train pulls in to Flinders Street Station, the first thing people look for is a place to sit down for their journey home. 
If they are lucky enough, they will score a seat before there is no longer any sitting space available. As much as prolonged sitting isn't great for our health, most of us would prefer to sit than to stand. This is not just on the train ride home; we prefer to sit to eat lunch, socialise, soak up the sun, or read a book. 
Sittable space is something that is easily overlooked in urban planning. It is one of the most important traits of great urban spaces according to William H. Whyte, a seminal figure in urban design thinking. Most of Whyte’s findings come from observing pedestrians going about their daily activities in the streets of New York City. In his film entitled “The Social Life of Small Urban Spaces”, Whyte describes what he means by sittable space and why it is so crucial. 
Federation Square is a large urban space in Melbourne, one in which there are always plenty of people sitting, despite the fact there are few proper chairs. People are adaptable; we can turn most surfaces into a seat if we want to. According to Whyte, good urban design does not make sitting an effort. 
Whyte recommends a minimum of one linear foot of sitting space for every 30 square feet of open space, which is approximately 6-10% of the total area. 
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He has identified the many forms of seating, and how to best design them: 
1. Chairs 
Chairs should not be fixed. They serve a pleasant social ritual because people simply like to move chairs, despite having no apparent practical function for doing so. Fixed chairs, while preventing theft, don’t work well as distances are usually uncomfortable. 
2. Benches 
These should not be placed in isolation, as is often a mistake made in many public squares to “punctuate architectural photographs", according to Whyte. Benches must also be deep enough to fit two people, as smaller ones can become socially awkward and make it difficult for sitters to feel relaxed. The primary reason for having wider benches is not to increase 
the number of people sitting, but to give them more choice, which directly influences their perception of crowding or not crowding. 
3. Ledges 
These are commonly found at the corners of buildings, elevated platforms or around planter boxes. They should be at the right height, dry, flat and unobstructed. Stepped ledges are particularly useful in creating many options for sitting. 
4. Steps 
Whyte recommends that steps, in order to be ‘sittable', be low and easy. This also makes going up and down a simple task. 
5. Grass 
Not much needs to be explained here - walk by the State Library of Victoria on any given day to see how grass is the perfect seat (or bed) for a sunny day. 
Urban spaces that provide an infinity of seating combinations invites more people to use them. If you think that increasing the number of seats in a space will result in overcrowding - think again. Based on Whyte’s observations, people have an “instinctive feel for the number that’s right for a place”. This is called its effective capacity, and even during peak hours the number of sitters will never exceed this, despite having plenty of room for more people. 
The next time you take a seat in a public space, pay attention to the people around you - does the number of happy, comfortable sitters reflect the overall success of the area? 
For more information, <a href="https://secretagent.com.au/" target="_blank">click here</a>.
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The importance of sittable space: Secret Agent

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CoreLogic's head of research Tim Lawless said that Sydney gross rental yields for units was the lowest across the capitals at 3.9 percent. 
<div>Melbourne was not that far behind.</div>
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<div>Sydney's units median price now sits at $665,500.</div>
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<div data-canvas-width="34.800000000000004">Rental markets continued to run soft, with capital city rents falling a further -1.1 percent over the past three months to be -0.5 percent lower over the year.</div>
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<div data-canvas-width="34.800000000000004">The weakest rental conditions are being experienced in Darwin and Perth, where dwelling rents fell by -9.4 percent and -14.1 percent respectively over the past twelve months.</div>
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<div data-canvas-width="34.800000000000004">Most of the capitals recorded rental falls over the year, however rents have shown some subtle growth in Melbourne, Canberra and Hobart.</div>
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<div data-canvas-width="34.800000000000004">The gross rental yield profile in Sydney and Melbourne has once again pushed to a new record low in August.</div>
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<div data-canvas-width="34.800000000000004">Sydney and Melbourne have each recorded the lowest gross rental yields across the capitals for houses at 2.8 percent, both of which are record lows for the cities.</div>
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<div data-canvas-width="34.800000000000004">Gross rental yields on units tend to be higher compared with houses, however the gross yield for attached housing product is also at a record low, averaging 4.1 percent across the capital cities and ranging from 3.9 percent in Sydney to 5.4 percent in Hobart.</div>
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<div data-canvas-width="34.800000000000004">Mr Lawless said, “The disparity in the performance of housing markets across the capital cities and from region-to-region highlights the diverse economic and demographic factors around the country. “Such diversity, not only regionally, but also across housing types, makes reading the housing market more challenging than ever.</div>
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<div data-canvas-width="34.800000000000004">"Complicating this is the fact that a record amount of new housing construction is under way, with more in the pipeline.</div>
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<div data-canvas-width="34.800000000000004">“With so much new supply being delivered to the market in the form of units, we are already seeing significantly slower growth rates for units compared to houses in a number of cities.</div>
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<div data-canvas-width="34.800000000000004">"As these unit projects come to completion and ultimately settlement, the underperformance of new unit stock could create headwinds for the market in certain geographies.”</div>
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Record low yields for Sydney and Melbourne: CoreLogic

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Yellow Brick Road is poised to appoint former the Westpac Banking Corp executive Adam Youkhana as general manager of its wealth unit.
The Australian Financial Review's Street Talk column said Youkhana, former head of Westpac Private Bank's financial planning arm will join the Mark Bouris-led diversified financial services group next week.
He will replace Matt Lawler who resigned in July.
Youkhana joined Westpac in 2010 after a stint at National Australia Bank. 
The appointment comes after a sweeping restructure at YBR which included a shift to a franchise model.
Yellow Brick Road's annual loss rose to $9.5 million from $2.6 million despite annual revenue increasing 31 per cent.
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Adam Youkhana set to join Yellow Brick Road

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GUEST OBSERVER
Retail sales disappointed in July coming in flat vs expectations of a 0.3 percent gain. Annual growth slowed to 2.7 percent with the monthly trend estimate tracking a very weak 1.1 percent annualised pace.
There are some caveats to the July number however. In particular, the storetype breakdown showed an unusually large fall in department store sales – down 6.2 percent in the month in seasonally adjusted terms, coming off a decent 4.5 percent gain in June.
That volatility may reflect shifts in the timing of sales which can be exaggerated by seasonal adjustment (we had similar issues in 2013 and 2012 with a strong June followed by a sharp fall in July that mostly reversed in August).
Weather conditions may also have played a part with an abnormally mild July (the 5th warmest on records back to 1961 according to the Bureau of Meteorology) although this did not stop clothing retailers from posting a 0.3 percent gain.
Ex department stores, retail sales were up a much more respectable 0.4 percent mth, 3.1 percent yr.
Looking across other categories: basic food retail bounced back with a 0.7 percent gain following a very weak June (–0.5 percent mth, the second biggest monthly decline in the last six years); household goods disappointed again with a 0.7 percent fall, ‘other’ retail rose 0.2 percent and cafes and restaurants saw a robust 1.2 percent gain.
As noted in previous reports, some of the ‘mixed messages’ from retail at the moment likely reflect widely diverging performances by state with consumers in the growth centres in the south-east boosting discretionary spend but those in mining states cutting back.
For total sales this pattern reversed somewhat in July with sales softer in Vic (–0.6 percent mth) and NSW (–0.2 percent mth) vs modest gains in Qld (0.5 percent mth) SA (0.5 percent mth) and WA (0.3 percent mth).
Note that all sales figures are in dollar value terms so include any price effects from discounting.
Matthew Hassan is senior economist with <a href="https://www.westpac.com.au/" target="_blank">Westpac</a>.
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Australian July retail sales flat: Westpac's Matthew Hassan

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A three level five-bedroom mansion in Point Piper has been confirmed as sold at $6.45 million.
The sale at 2 Wunulla Road had been previously reported by Fairfax Media as "sold for about $8 million." 
The property was marketed as exuding European elegance.
Records show Cobra Equity Investments, a company linked to the diversified group, Cobra Group founded by the Canadian-born, London based Chris Niarchos sold the home at a closed auction. The main shareholder in the company is Michael Hogg, a director in Cobra's subsidiary, the marketing company Appco based in Surry Hills. 
The property last sold in 2006 for $5.1 million. 
The Agency's Michelle Andrewartha and Daniel Baran had the listing.
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Point Piper price was $6.45 million

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GUEST OBSERVER
Australia’s largest listed, carbon intensive companies say management lost focus on carbon matters, abandoned energy projects and didn’t have the commercial imperative to produce long-term strategic action on reducing emissions after the carbon tax was repealed, new research finds.
Our research looked at the comparative views of emitters before and after the repeal of the carbon tax legislation, in interviews with 18 senior managers from nine carbon-intensive listed companies.
Two years have passed since Australia’s carbon tax was repealed. It was introduced by the Labor government and came into effect in 2012.
The carbon pricing scheme asked big emitters to pay for each tonne of emissions above a threshold of 25,000 tonnes, in carbon units, and these were at a fixed charge of: $23 a tonne in 2012, $24.15 a tonne in 2013 and $25.40 a tonne in 2014.
The Swinburne research found the financial pressure exerted by the carbon tax forced companies to take action to manage emissions. As one senior executive observed at the time:
“…the threat is our operating costs will increase, and we won’t be able to pass that cost on through to our customers, and, therefore, our earnings suffer as a result”.
In July 2014, the coalition government repealed the carbon tax by replacing it with the “Direct Action” plan which works primarily by providing funding to companies to incentivise emission reduction activities. The government has spent A$1.7 billion on 143 million tonnes of emissions, at an average cost of A$12 a tonne.
Many of the companies interviewed for our research said Direct Action was not as effective as a carbon tax in driving companies to act urgently and manage emissions. The carbon tax gave companies incentives to act because it increased utilities prices, adding financial burden for some companies, in addition to these companies being liable under the tax.
One manager said:
“The scheme [carbon tax] now obviously having a cost associated with those emissions, it was a case of trying to understand where the costs were and essentially how we capture that information and how we track it.”
The existing National Greenhouse Energy Reporting Act 2007 (which requires high emitters to report emissions) does not provide the same incentives because it’s only a compliance measure with no direct financial burden.
Our research found the carbon tax created not only financial pressure but also a reputation threat for high emitting companies.
When the carbon tax was repealed, the focus on carbon emissions in these companies shifted. In some cases this showed up in the form of changes to staff hiring, away from environmental or technical specialists and towards legal staff. One manager explained it as:
“Even though we may not have the technical background in some respects, I think there’s a lot of interest in the legal profession into climate issues, you know, the social issues.”
This shift in focus was partly due to a lack of top management attention to the issue and partly because the financial justification for having dedicated personnel to tackle emissions decreased.
Some companies postponed or abandoned energy management projects after the repeal of the carbon tax. For example, one manager observed that his company had postponed A$1.5 billion worth of long term renewable investment projects due to the carbon tax repeal and the political uncertainty around the Renewable Energy Target.
Another factor is the lower use of techniques such as provision of incentives and setting targets for emissions management compared with the period of the carbon tax. One manager stated his company was no longer investing in target setting as there was no financial return for doing so.
Almost all interviewees in our research agreed that the carbon tax had been an effective mechanism when it was in place. Certain companies have a clear expectation a carbon price will re-emerge. They are proactively monitoring this issue. One manager described it as:
“We shadow in a carbon price across our portfolio of assets, determine what the potential impact is for [company name] and how we would manage that. We’ve continued to invest in carbon reduction…The business now looks at it as a cost-of-doing business opportunity."
Overall, the research provided mixed evidence about achieving Australia’s commitment, made at the Paris climate change summit, to reduce emissions to 26-28% on 2005 levels by 2030. Some companies are acting as though the carbon tax never left us, while for others carbon emission management is no longer a strategic issue.
The financial pressure exerted from the carbon tax was a strong motivation for all sample companies to take urgent action on emissions management. So the challenge for the current government is whether Australia’s current policy incentives for corporate constraint of carbon are strong enough to deliver.
Jayanthi Kumarasiri is lecturer in Accounting, Swinburne University of Technology and can be contacted <a href="https://theconversation.com/profiles/jayanthi-kumarasiri-292785" target="_blank">here</a>.
Christine Jubb is professor of Accounting, Associate Director Centre for Transformative Innovation, Swinburne University of Technology and can be contacted <a href="https://theconversation.com/profiles/christine-jubb-296433" target="_blank">here</a>.
Keith Houghton is emeritus professor Australian National University, and holds a part-time position at, Swinburne University of Technology and can be contacted <a href="https://theconversation.com/profiles/keith-houghton-296537" target="_blank">here</a>.
All are authors for The Conversation.
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Direct Action not as motivating as carbon tax say some of Australia’s biggest emitters

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A second Palm Beach house designed by the internationally acclaimed architect Peter Muller has quietly hit the market. 
It is the redundant weekender of the fashion industry veteran Peter Weiss and his wife Doris.
They have listed their hillside pavilion style architectural gem following their recent purchase on the Pittwater waterfront, a Walter Barda-designed designed home. It seems Peter and Doris have always wanted a sandy west facing weekender on the peninsula so they spent $10 million plus for the home which was built for another rag trader Gordon Smith and his wife, Julianne.
Peter Robinson, of LJ Hooker Palm Beach, has been asked to sell the redundant Bynya Road 1960s Muller designed home that they bought in 2010 for $3.5 million.
It has been owned by a who's who - especially in the 1990s - including ad man John Nankervis and then wife Amanda who bought it from another adman Michael Magnus in 1995 for $500,000. The model agent Peter Chadwick, spotted as dapper as ever at the mid-week launch of the Aladdin musical, paid $680,000 to buy it in 1997 selling it in 2002 at $1.9 million.
The other Muller currently for sale is just two doors away. It is the 1954 family home of the Muller family who owned it for a decade.
The hilltop bushland home, with views towards Pittwater, has just had a two year refurbishment. It has been listed by the Martin family who bought it for $1.8 million in 2013 from the real estate agent Peter Thane who had paid $265,000 in 1986.
It is being marketed by the Modern House agency as 'the seminal mid-century family home of one of Australia's most influential architects."
Muller was an architect in private practice from 1952 until retiring aged 80 in 2007.
This article was first published in the Sunday Telegraph.
 
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Peter Muller designed Palm Beach home listed by Peter Weiss

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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