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An off-the-plan purchase of an apartment near Monash University in Melbourne by a Chinese based buyer is caught up in the emerging settlement risk scenario.
The off-the-plan sale for $600,000 is keeping the buyer up at night. Liu Jiabing planned for his daughter’s education when he helped her to get an offer to enrol next year, and then bought an apartment in Melbourne that is due to settle next month.
“At the very first, I was told I only had to pay 20 percent downpayment,’’ said the buyer, Mr Liu, who works at a prestige foreign language school in Nanjing, in China’s east.
He told The Australian the financiers then told him to pay 30 percent, "and later 40 percent, as the banks won’t lend and we have to borrow from small ­financial organisations.
“Last night I was told I have to pay 55 percent for down-­payment.
"But how am I supposed to find so much in cash in such a short time? I still have to pay my daughter’s university fees.”
Mr Liu is among the Chin­ese parents who buy new off-the-plan apartments before sending their children to Aus­tralian universities.
AC Property, a Melboune-based property portal, has been taking four or five calls every day from buyers who seek to resell their off-the-plan apartments after finding it hard to settle, the newspaper reported.
“We have been referring our clients to mortgage brokers to see if they can get alternative finance, but we haven’t seen a single case of success so far,” said AC Property ­director Esther Yong.
In once case parents, based in Guangzhou, in China’s south, have already missed the settlement deadline of July 18 for the apartment they bought for $440,000.
The developer is now charging them about $150 a day as penalty, which is pushing Mr Li to resell as soon as possible.
The Australian columnist Robert Gottliebsen wrote today the Chinese link to the looming apartment glut puts the education sector and Australia's international reputation "in peril."
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Higher equity required for offshore Chinese buyers settling off-the-plan apartments

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Garrett Camp, co-founder of the revolutionary online transportation network, Uber has unveiled a new digital platform that is his foray into residential buying and selling.
The platform is called <a href="https://haus.com/" target="_blank">Haus</a>.
Commentary from the Inman website says it’s not trying to compete with the Zillows and realtor.coms in online home search.
Rather, Haus’s main purpose is to digitize the offer submission and acceptance process.
<a href="https://techcrunch.com/2016/07/28/uber-cofounder-launches-new-real-estate-venture-for-expa-called-haus/" target="_blank">TechCrunch</a> reported the platform lets “sellers put their listing on the platform, where buyers and their agents can both post their offers, amend them, and see an anonymized version of other offers that have been made on the property.”
Haus is only available in California.
With homeowners and buyers able to see the offers, Haus is also touting more transparency in the sales process.
The information available to potential buyers about a listing on Haus includes the terms of the offer in addition to the price.
The Names remain confidential.
“We think the openness will create a more efficient market and that the number of offers and price will ultimately be dependent on demand,” Haus GM Sarah Ham told TechCrunch.
“Bidding wars are a common, almost accepted, part of the real estate process today. But with our approach, buyers know where they stand.
"Buyers will know what they need to offer to make their offer competitive, but they also won’t negotiate against themselves.”
Camp told TechCrunch that “collecting offers and presenting them is a very manual process, the way that town car companies would pick up a phone, write the fare on the board, and send the next available driver to that location.
“It just seems much more efficient for agents to use a platform to coordinate all of this information automatically.”
Currently, Haus is free, but the company may start charging through the broker’s fee once it figures out how to add value to the negotiation process.
The project falls under Expa Studios, of which Camp is CEO.
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Uber enters the real estate world

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Heritage Bank has lifted its profit in 2015/16, despite loan approvals being down slightly.
Its retail deposits grew strongly, up by $294 million (6.05 percent) to $5.16 billion.
Its chairman Mr Kerry Betros said the results reflected the key drivers of a renewed corporate strategy that is now being implemented.  “Our Roy Morgan customer satisfaction rating at 30 June 2016 was 94.3 percent, the highest of any financial institution in Queensland,” he said.  “Canstar Blue awarded Heritage the 2016 Most Satisfied Customers award in the Challenger Bank category across Australia  “We also took out the 2016 Mozo People's Choice Award for overall customer satisfaction, an award based on actual customer reviews completed throughout Australia during the year.  “In addition, independent analysis by research company CANSTAR, found that our customers were $50 million a year better off in 2015/16 through banking with Heritage rather than one of the big four banks.  “That’s a compelling demonstration of how banking with a customer-owned organisation provides tangible benefits for our customers. “Our mutual ethos stretches back to our origins in Toowoomba 141 years ago."
Australia’s largest mutual bank, with a national presence, reported a capital adequacy ratio at 30 June 2016 was 13.95% and its liquidity ratio was 15.94%, well above regulatory requirements.
Heritage’s mortgage loan arrears greater than 30 days was 0.30 percent at 30 June 2016, well below the industry average. 
Its CEO Peter Lock said today that Heritage's unaudited financial results for the 2015/16 year showed pre-tax profit of $51.11 million, up 6.46 percent on the $48.01 million achieved the previous year.  
The after tax profit was $36.14 million, up 7.53 percent on the $33.61 million achieved in 2014/15.  Loan approvals were down slightly (3.26 percent), reaching $1.78 billion in 2015/16 compared to $1.84 billion in the previous year. 
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Heritage Bank lends less, but profits up

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The longtime Sydney automotive business, the Alto Group has listed a 6063 sqm Gordon site as a residential development offering.
The 888 Pacific Highway, Gordon, in Sydney’s north, is set to attract keen Chinese interest given its street number.
It is approved for the development of 144 residential dwellings and 730sq m retail space.
It is listed with price expectations of more than $35 million through Colliers International’s Guillaume Volz in conjunction with Shead Property.
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Alto Group list 888 Pacific Highway Gordon

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A contemporary Brighton home struggled for bids at weekend auction, but found a buyer post-auction.
The home at 1 Laburnum Court was designed by architect Martin Friedrich to be his own home. It was sold by him at $2,925,000 in 2014.
Buxton Brighton auctioneer John Clarkson took an opening bid of $3 million, which was followed by a vendor’s bid of $3.05 million.
The Laburnum Court home passed in at auction but sold later at an undisclosed price to a professional couple moving to the bayside area for the first time.
The four bedroom home had price expectations of $3.2 million-plus.
It was one of 677 auctions across Melbourne this week, recording an 75 percent clearance rate, according to CoreLogic.
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Martin Friedrich-designed Brighton home sells

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<img src="https://counter.theconversation.edu.au/content/57732/count.gif" alt="The Conversation" width="1" height="1">
GUEST OBSERVER
It’s time for a fresh look at community and policy development in rural and regional NSW – one that will deliver rewarding jobs, a proper say for people in how they’re governed, decent infrastructure, access to essential services, and an enriching environment.
<h2>Looking after the land</h2>
Rural and regional NSW provides the state with much of its food, water and tourism opportunities, as well as crucial hidden services such as regulating the climate. Properly funding projects that preserve regional environments benefits all citizens, but can also help develop regional economies.
Regional NSW is well placed to become a leader in the farming, supply and production of renewable energy, so governments may wish to consider what policy levers are needed to incentivise investment in this area.
It’s also important we involve local experts in finding ways to improve land and water management in regional areas, sustainable agricultural and forestry practices, and develop well-managed protected areas that facilitate biodiversity conservation.
Fostering people’s connection with, and appreciation of, nature can achieve health benefits, facilitate tourism and recreation, and even boost mental health.
<h2>Creating a happy and healthy regional citizenry</h2>
It’s no secret there is a shortage of GPs and other specialist medical service providers in regional areas.
Mental illness prevalence rates are similar to metropolitan areas but there is a lack of mental health services in regional areas, and self-harm rates are much higher.
Mental health prevalence rates are similar to metropolitan areas but there is a lack of mental health services in regional areas, and self-harm rates increase with remoteness.
Addressing these shortages is important if we are aiming to create a happy, healthy and productive citizenry in regional NSW – and attract highly trained professionals to the regions.
<h2>Attracting highly skilled, mobile and trained professionals</h2>
It’s important that NSW develops better ways to attract highly skilled, highly mobile and highly trained professionals to its regions. In the past, organisations like the Bathurst-Orange Development Corporation gave concessions to industry in the short term to relocate to Bathurst. This model could be revisited more broadly.
Diversity and a culturally rich environment can serve as a strong selling point for urban and international migration to regional areas.
Welcoming and inclusive communities are more likely to retain highly skilled and professional migrants. We need creative campaigns that focus on the promotion of arts and culture heritage, healthy lifestyle, sport and outdoor activities, as well as educational opportunities available outside urban centres.
Regional and rural citizens are crying out for improved infrastructure – better roads and public transport, fast and reliable broadband and telecommunications would help attract high trained professionals to the regions.
Proper access to legal services
Citizens in some remote areas of NSW lack access to legal services, and it’s important that policy be developed according to local need in context (rather than a one-size-fits-all “solution”).
It’s crucial that governments plan to ensure a mix of legal services are available to regional and rural citizens. Both private lawyers and public services are needed.
It’s important that key government departments such as the Department of Education, Department of Family and Community Services and the Department of Primary Industries have a stronger and continuous presence in regional areas.
These agencies employ lawyers. Locating these key departments in regional areas also creates opportunities for country lawyers beyond private practice and ensures citizens are getting advice from local lawyers who understand the regional context.
<h2>Breaking down stereotypes</h2>
The urban mindset is preoccupied with an image of the regions as all hay bales and agriculture, as portrayed on television shows like The Farmer Wants A Wife.
The reality is much more varied and nuanced. Vibrant arts communities exist along side long-standing farming industries. While some regional areas have been on a relative decline, much of this has to do with growth in urban areas. Services are clustered in some regional areas, and found wanting in others.
Developing a more accurate picture of what life in rural and regional NSW is really like – through funding regional art communities, social links between urban and regional citizens, and developing more realistic social marketing – would go a long way to breaking down misconceptions about country NSW.
<h2>Inclusion and consultation</h2>
A courageous government could consider creating Regional Advisory Councils, made up of representatives selected across each region. These council members could be trained to use deliberative democracy – a form of collective discussion and decision-making – to help tackle complex problems in their local areas.
Lip service is not enough. It’s important that funding be made available to help implement projects that rural and regional citizens say their local areas need.
That means breaking down the traditional silo-based approach to funding, where we run the risk of allocating money to government departments or pet projects based on the ideas of centrally located decision makers. Importantly, governance and oversight mechanisms are needed to ensure there are not conflicts of interest.
Regional policymakers could harvest the vast amounts of data available to allocate funds based on where the need is greatest; making such data publicly available where possible is a key part of results-based accountability too.
<h2>What’s at stake?</h2>
Recent political events – think Brexit, the rise of Donald Trump and voter dissatisfaction with the major parties in Australia – have underlined how disenfranchised many regional and rural citizens feel in a rapidly changing world.
We need to ensure that regional and rural citizens are not left behind as advanced economies shift away from traditional manufacturing and toward a knowledge economy. Doing so will help preserve social and political harmony for all citizens.
Alison Gerard is associate professor in Law, Charles Sturt University and can be contacted <a href="https://theconversation.com/profiles/alison-gerard-12350" target="_blank">here</a>.
Branka Krivokapic-Skoko is economist and economic sociologist, Charles Sturt University and can be contacted <a href="https://theconversation.com/profiles/branka-krivokapic-skoko-285542" target="_blank">here</a>. 
Liz Reimer is lecturer in Social Welfare, Southern Cross University and can be contacted <a href="https://theconversation.com/profiles/liz-reimer-285543" target="_blank">here</a>.
All are authors for The Conversation.
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Reimagining NSW: how a happy, healthy regional and rural citizenry helps us all

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Canterbury had Melbourne's top sale - well above its $3.5 million reserve - when a three-bedroom home at Canterbury sold for $4.11 million with four bidders competing through Kay and Burton.
It was a Lewis Coote-designed home built for the vendors in 1988 on its 847 sqm block which cost $96,000 in 1980, reflecting 11 percent annual price appreciation.
Melbourne buyers agent Mal James advised the strong result at <a href="https://www.realestate.com.au/property-house-vic-canterbury-123096942" target="_blank">9 Victoria Avenue, Canterbury</a> (above) highlighted the re-emergence of the Asian market and "it’s clashing with the strong local market" which prior to the winter break had been left to provide the market leadership. He advised three of the four bidders were of Asian background.
"We are a multi-cultural city and therefore it’s impossible for us to determine the exact nature of everybody’s citizenship on the fly at an auction – so what we are saying is, we are seeing stronger and more bidding from buyers with an Asian background – more bidding than we did in the second half of last year and the first half of this year," Mal James suggested.
The most affordable auction property reported sold at the weekend across the country was a one-bedroom unit at <a href="https://www.realestate.com.au/property-apartment-vic-st+kilda-123074814" target="_blank">3/239 Canterbury Road, St Kilda</a> (below), that sold for $211,000 by Gary Peer and Associates who had been giving a revised $200,000 plus price guidance.
<img src="/images/2016/08/08/700_vic_unit.jpg" alt="">
It last sold at $80,000 in 1998, so reflected 5.6 percent annual price growth. The 1960s apartment was recently available at $350 a week asking rental, reflecting a 8.6 percent gross rental yield.
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Clash between locals and Chinese buyers re-emerges in Melbourne's Canterbury: Mal James

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GUEST OBSERVER
As expected, the statement fell short of providing explicit forward guidance, but we interpret the larger number of risks to the outlook and the RBA’s forecast that average underlying inflation would be stuck at the bottom of the 2-3 percent target band by the end of 2018 as a strong easing bias.
Our base case is that rates remain on hold at 1.5 percent, but we see a clear risk of further cuts given the RBA expects persistently low inflation and with banks passing on only half of this week’s rate cut to home loan customers. The AUD is also important given the RBA thinks it still poses a “significant source of uncertainty” around the outlook.
In our view, today’s statement reinforces this risk. With the cash rate now close to the 1 percent floor for the cash rate, we think the RBA would be looking more closely at unconventional options if downside risks to the outlook materialise.
Persistently low inflation points to an easing bias. As expected, the RBA’s forecast profile for underlying inflation was unchanged, showing inflation at or below the bottom of the 2-3 percent target band for the entire forecast period.
Importantly, in our opinion, the RBA’s initial forecast for Q4 2018 showed average inflation remaining at the bottom of the target band rather than returning to the 2.5 percent midpoint. We think this is a dovish signal, given that the RBA cut rates this week and the forecasts are based on market pricing, which was for another rate cut.
Near-term growth was revised higher, but the RBA is more uncertain about the outlook. The RBA revised near-term growth higher given Q1 GDP was significantly higher than it had expected, but left the rest of its forecast profile for modest growth unchanged. Unemployment was expected to “move only a little lower”, with a degree of spare capacity in the labour market for some time. The statement highlighted the uncertainty about the outlook, citing China, the labour market, the housing market, and the exchange rate.
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We think the RBA would be looking more closely at unconventional options if downside risks to the economy materialise. We think the RBA would have to look more closely at unconventional policies if, say, the economy takes a turn for the worse, the exchange rate unexpectedly strengthened, and/or low inflation expectations kept actual inflation below the target band. The RBA thought the likelihood of using such options was “very remote”, but we are much less sure given the cash rate is close to the RBA’s 1 percent floor.
Governor Stevens may talk about the limits to monetary policy next week.
The Governor is speaking on 10 August at what might be his last speaking engagement before his term finishes on 17 September. We think he may cover familiar ground, emphasising that central banks are having to shoulder too much of the burden of supporting growth and argue that there are limits to what can be achieved with monetary policy. He may also repeat his support for the RBA’s inflation targeting framework and argue that tougher regulations have put the banks in a better place. 
Kieran Davies is an economist for ANZ and can be contacted <a href="https://www.anz.com/personal/" target="_blank">here</a>.
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Clear risk of further cuts from RBA: ANZ's Kieran Davies

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GUEST OBSERVER
In its Statement on Monetary Policy (SoMP) for August the Reserve Bank has made no significant changes to its forecasts.
This is an unusual development given that it cut rates earlier this week. Our scrutiny of previous rate decisions shows that on all previous occasions a rate change has been followed with a forecast change.
However, as indicated in previous notes we expected no forecast change and a rate cut on the basis that the changes to the inflation outlook in the May SoMP were so significant that a follow-up move would be necessary without any further need to change the forecasts.
In summary, the Bank, which has extended the forecast period from June 2018 to December 2018, has retained a 3% growth forecast for 2016 and 2017, and a 3½% forecast for the whole of 2018 (having forecast 3½% for the year to June 2018 in the May SoMP).
The inflation forecasts also remain the same: underlying inflation in 2016 is forecast at 1½% (mid-point of 1-2% range) and 2% (mid-point of 1½-2½% range) in 2017. One area of interest was whether the Bank would adopt an above 2% forecast for calendar 2018. Note that in May, the forecast to June 2018 was still 2% but there was scope in this statement to adopt a ‘with-in target zone’ forecast for 2018. However the Bank has decided to retain the 2% forecast (mid-point of 1½-2½% range) for the whole of 2018.
This means that with underlying inflation printing 2% for 2015, the Bank is predicting that underlying inflation will remain below or at the bottom of the band for four consecutive years. Indeed in the statement it is even more confronting than that, choosing to note “inflation is likely to remain below 2% over most of the forecast period”.
This approach certainly raises issues around whether, with a new Governor being appointed in September and adopting a new agreement with the Government, a revised approach to inflation targeting could be embraced. One approach might be to further extend the forecast period with an assertion that eventually inflation will return to the target zone; another might be to lower the specific target; while a third might be to abandon an actual arithmetic target. These issues will be revealed over the next few months.
As is the normal practise, the forecasts assume unchanged AUD and oil prices but adopt market pricing for interest rates. Despite the rate cut in August markets continue to fully price in another cut by early next year. So in comparing the forecasts in May, which also had one full cut priced in, these forecasts have an extra cut priced in. Yet they have not been changed to reflect even easier monetary policy.
So, from this perspective, even though the forecasts have not been changed the implication is a more cautious view than we saw in May.
The growth forecasts appear to be on the high side. We know the Bank assesses trend growth as 2.75% and these forecasts indicate the expectation of four consecutive years of growth above that trend. With that in mind it is very interesting that the commentary in the introduction to the statement, which is generally accepted to have been written by the Governor, notes the following: “While the prospects for growth in economic activity are positive there is room for even stronger growth”. Interpreting this statement is not clear cut. It may be specifically justifying the decision to cut in August or it may be providing guidance for the future. Given that it will clearly be so closely scrutinised it would be risky to dismiss it as only justifying the August decision. Along with the surprisingly downbeat commentary on the inflation outlook it should not be dismissed as only providing an explanation for the August decision.
Therefore the combination of a decidedly underwhelming inflation forecast with recognition that even though growth is expected to be consistently a little above trend throughout the forecast period there is scope for even stronger growth should clearly be interpreted as the Bank retaining its easing bias. While there is no specific guidance around the outlook for policy, which is usually the vehicle for signalling such a bias, the flavour around these forecasts and the commentary indicates that easing policy stance.
The commentary around the outlook for the economy lacks confidence. Weak wages growth is explained by ongoing spare capacity in the labour market; low inflation expectations and profit pressures. Spare capacity in the labour market is expected to persist for the full forecast period (out to end 2018) and the unemployment rate is not expected to fall too much. In the near term, employment growth over the second half of 2016 is expected to be modest. Further uncertainty around the labour market is noted with the observation that: “Gains in employment continue to be mostly in part time and among workers who would like more hours” raising the prospect that the degree of spare capacity is larger than implied by the unemployment rate. The emphasis on this mix of jobs growth has increased significantly since the last SoMP with, despite the rate cut, the mood around the labour market being more cautious.
There are also confident observations made about risks to overstimulating house prices with house price growth being assessed as modest since around April and inflation in rents easing to multi-decade lows. Further the Statement asserts that, “the risks associated with high and rising household leverage and rapid gains in housing prices have diminished.”
Of course, uncertainty prevails around the AUD: “It [the AUD] … represents a significant source of uncertainty for the forecasts for inflation as well as the outlook for growth in activity”.  Views around the international environment are broadly the same as we saw in May with no particular strong reaction to ‘Brexit’ or the political uncertainty in the US. As with previous statements considerable attention is given to China with the ongoing issues of the sustainability of the recent upswing in housing activity and the increasing imbalance from excessive corporate and local government debt attracting attention. It is reasonable to conclude that the Bank’s developing suspicions around China’s outlook have progressed further in this statement.
Conclusion
We are not surprised that the forecasts in the statement are unchanged. However, the commentary around the inflation prospects, and, notwithstanding a little above trend growth forecasts, recognition that there is room for even stronger growth points to this statement implying an easing bias. There is no commentary that we can see pointing out stability risks to even lower rates. Indeed the statement strongly asserts that despite the rate cut in May, conditions in the housing market have stabilised and risks in the housing market have diminished. It is also apparent that caution has entered into the assessment around the labour market with specific emphasis on spare capacity being more prominent in this statement than we saw in May.
Our current forecast is that having responded to the ‘inflation scare’ in May with two rate cuts, the Bank will be inclined to now seek a period of stability on the policy front. However the sentiment in this statement indicates that the Bank is more open to further near term stimulus than we thought would have been the case.
Over the course of the next period we will assess the usual risks to determine whether our current view should be retained. Apart from the usual run of economic data, the agreement between the new RBA Governor, Philip Lowe, and the Government will be important, while any clarification from the new Governor himself on these issues will also be welcomed.
 BILL EVANS is chief economist of Westpac and can be contacted <a href="https://www.westpac.com.au/about-westpac/westpac-group/" target="_blank">here</a>.
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RBA statement notes housing market risks have diminished: Westpac's Bill Evans

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<img src="https://counter.theconversation.edu.au/content/54952/count.gif" alt="The Conversation" width="1" height="1">
GUEST OBSERVER
We take for granted that buildings are classified and designed according to a specific use: a library, say, or school, prison or hospital.
A room, or an open area (“a space” in our modern jargon), too, is determined by its function, so we label them as bedroom, living room, boardroom, office, study or even a gift-wrapping room (if you are a Hollywood star).
Such classification is relatively new in human history. In pre-19th-century Europe and pre-modern China of more than 3,000 years, there were very few or no building types.
In modern times, overt specificity and its opposite, open planning, have caused a few problems: short building lifespan, on the one hand, and bland, lifeless open buildings, on the other, are two.
Rooms for cooking, washing and answering nature’s call must cater to these specific uses. Still, these rooms, like others, can be conceived and designed with singular or multiple characters.
We can, for example, wash in a particular room, but we may also bathe or even read there for pleasure if the room has a serene character. We often speak of rooms in terms of human character: a secretive room, a cheerful room, a gloomy room, a feminine room, a dreamy room … the list goes on.
A narrative of rooms
What did it do to humans when in pre-modern times a building was composed with a narrative of rooms and gradually given a “life” of its own?
It would be inconceivable for a modern architect to receive the instruction from a client to design a building with rooms of various characters. But this was exactly what Andrea Palladio – the 16th-century Renaissance master – was instructed to do.
Give me a dozen rooms, some for me, some for my wife, some for my sons, some for servants and some for “ease”, asked the Veneto noble when he desired a country villa. Other than the differentiation between more open rooms (entrata, sala) and more enclosed ones (stanze, camere and camerini), these rooms are sequentially characterised from expansive and lofty to cosy and intimate.
Throughout their long summers, the Veneto nobles loafed around in such ensembles of interconnected rooms to pursue otium – a Roman ideal of leisurely time spent away from business and politics in the city to read literature and philosophy, and to converse and revel in the country.
They often travelled with furniture when they visited each other in those splendid villas. Depending on the mood and the need, a canopy bed could be set up in either a stanza or a camera, hence a circumstantial bedroom in the modern sense.
The entire Villa La Rotonda, conveniently positioned on the top of a hill, was on occasions turned into this magical theatre at night with its rooms becoming viewing boxes – from where the guests would be entertained with fireworks in the valley.
Around a courtyard, each room has its place
For more than three millennia, the Chinese built everything – from house, shop, factory, theatre and temple to imperial palace and the entire city – following one configuration, a courtyard.
But the rooms lining and within the courtyard – some elevated, expansive and magnanimous, and some grounded, hidden and secretive – were designated to play different social roles.
The patriarch and his wife lived in the central building on the axis; the married sons were housed in the two side-wing buildings; the unmarried daughter and the servants were tucked away in the rows of rooms in the rear courtyard.
One’s destiny and the character of the room were matched based on the legible Confucian decorum. The central tang – the hall – was elevated on a stone platform with its southern façade open to the lower court.
When the blind musician Mian called in, Confucius paid him the utmost respect by showing him the way up to the hall. When Mian reached the steps, the Master said: “Mind the steps”. Taking him to his mat, the Master said: “Here is your mat”. When everyone was seated, the Master explained: “So-and-so is here, So-and-so is there.”
This must have been an expected and yet imperative sequence: stepping up to the hall, being allocated the appropriately positioned mat, and sitting down to converse while facing the courtyard below.
The hall is reserved for the distinguished; the lesser must remain in the courtyard. To rise to the hall without an invitation from the owner therefore is an offence. In the imperial palace, the emperor, sitting in the hall, would give audience to his ministers, on their knees, in the court.
A place under Heaven
The courtyard itself is a room with a character. Though the four wings of the courtyard frame the sky, the Chinese leave their Heaven “unclaimed” in blandness.
When leaves fell in the imperial courtyard, the emperor was informed about the arrival of autumn. Women and children cut golden leaves in various shapes and stuck them on their sideburns: a long-forgotten Chinese custom under the Song dynasty.
Heaven’s pulse, in this Song celebration of autumn, is felt through the framed sky in the courtyard, but its true meaning remains on earth – that is, the connection of the emperor with his subjects. Unsurprisingly, the emperor is “the son of Heaven”.
The atrium in a Roman courtyard domusis narrow and skyward. Its character par-excellence is akin to the oculus in the Pantheon. This “courtyard” is the Roman emperor Hadrian’s homage to both Heaven and man, but man is contained within and, subordinate to, the internalised cosmos.
Though gods were many in classical antiquity, Heaven was to be held in awe. The coffers of the concrete dome, shrinking gradually in size towards the oculus, and still the largest unreinforced concrete dome in the world after nearly 2,000 years, are in the mind’s eye of a modern philosopher a chorus of angels ascending to Heaven.
Rain, snow and occasionally hailstones fall from the oculus. But this is the divine sublime. Even to this day, a cascade of ruby rose petals descends from “Heaven’s eye” (the oculus) on every Pentecost.
By the late 19th century, a large country house of the English aristocracy could have up to 50 defined rooms – ranging from parlour, boudoir, music room, library, gentleman’s room and saloon to cloakroom, china closet, gun room and even soiled linen closet. Professor Robert Kerr took the trouble of writing a book in 1865, The Gentleman’s House, to advise architects on the art of segregation in a house.
Unlike that of the 16th-century Veneto nobles, the English country house was fully occupied throughout the year. While the English gentry retreated to some of these enclosed rooms to cultivate a selfhood, this was the end of likening a building and its rooms to a human character, and the beginning of a building as a mechanical apparatus.
“A house is a machine for living in,” declared the French avant-garde architect Le Corbusier in the early 20th century – though his own buildings are more enigmatic than those of his enthusiastic followers.
But not all has been lost. The great New Zealand architect, the late Sir Ian Athfield, and a few of his kindred spirits such as Luis Barragan in Mexico and Geoffrey Bawa in Sri Lanka, conceived and built their buildings as an ensemble of rooms of all sorts of characters.
Their work nonetheless prove the validity of a long-forgotten tradition – that is, architecture was meant to be an art of imitating a human character, rather than “designed” to cater to a specific use only.
Xing Ruan is professor of Architecture, associate dean international and director of Architecture, UNSW Australia and author for The Conversation. He can be contacted <a href="https://theconversation.com/profiles/xing-ruan-219197" target="_blank">here</a>.
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Why a building and its rooms should have a human character

Apartment buildings are increasingly being designed around how people actually live day to day, not just how they want a building to look.

For buyers, that shift is showing up in practical inclusions that respond to changing habits. Work-from-home spaces, EV charging, wellness amenities, secure bike storage and parcel management are becoming part of the broader apartment conversation, reflecting a move toward buildings that reduce friction in everyday life.

Online shopping has become one of the clearest examples of that change.

Australians spent a record $82.6 billion online in 2025, with nearly one in four retail dollars now spent online. That has made parcel delivery a regular part of apartment living, rather than an occasional inconvenience.

For apartment residents, however, the delivery process can be less straightforward than it is for detached homes. Parcels may be left in lobbies, redirected to Post Offices, missed entirely, or placed under the responsibility of building managers and concierge teams.

That is why secure parcel infrastructure is increasingly being considered alongside more familiar apartment amenities.

<iframe allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen="" frameborder="0" height="315" referrerpolicy="strict-origin-when-cross-origin" src="https://www.youtube.com/embed/-VjjLwoViX0?si=A3k7ws9NX35Uac7_" title="YouTube video player" width="560"></iframe>

Australia Post Parcel Lockers offer one way to address the issue. When a parcel arrives, residents receive a notification through the AusPost app or SMS, then collect it using a QR code or one-time PIN. The parcel is kept secure, accessible and removed from common areas.

The broader Parcel Locker network now includes more than 1,500 locations across Australia, positioned at Post Offices, shopping centres, supermarkets, transport hubs and other accessible locations.

For new apartment projects, the relevance is clear. A building’s amenity offering is no longer only about lifestyle spaces, but also about convenience, security and functionality.

As buyer expectations evolve, secure parcel delivery is becoming part of the same design conversation as flexible working, sustainable transport and resident wellbeing.

It is one less thing for residents to worry about, and another example of apartment design adapting to the way Australians now live.

Joel Robinson

Apartment design is adapting to the way Australians shop

While school holidays and trips to Europe tend to define the winter property market, there's been no cold snap at <a href="https://www.apartments.com.au/new-apartments/the-walden-north-sydney-177-walker-street-north-sydney-nsw-2060">The Walden</a> in North Sydney.

Developer-builder&nbsp;<a href="https://www.apartments.com.au/developers/aland">ALAND</a> sold more than $35 million worth of apartments throughout June, including a $6.8 million apartment that now ranks among the highest apartment sales ever recorded in North Sydney.

SRM Residential agent Ben Stewart said buyer demand throughout June reflected a mix of improving market confidence and longer-term thinking from owner-occupiers.

"We're seeing strong demand from owner-occupiers who are taking a longer-term view," Stewart said.

"Many recognise the opportunity to secure an apartment in an iconic building and premium location while values remain attractive. They may initially lease the property, but the intention is to eventually move in themselves, rather than purchasing purely as an investment."

[smartcode_project:default project_id=134323 project_image_fid=367129]

Located at 177 Walker Street, The Walden will deliver 161 one, two, three and four-bedroom residences across a 30-storey tower designed by Rothelowman. Every apartment occupies a corner position, maximising natural light, cross ventilation and views across Sydney Harbour, the Opera House, Sydney Heads and the northern districts.

Rather than a traditional balcony, the residences feature winter gardens that seamlessly extend the open plan living areas, creating versatile spaces for relaxing or entertaining throughout the year. Floor-to-ceiling glazing draws in natural light while showcasing sweeping views from the building's elevated Walker Street position.

Every apartment features high-end Calacatta marble, bespoke joinery, and fully integrated appliances.

The larger residences have been planned with distinct entertaining and private zones, with many master suites positioned on corners to capture natural light and harbour views. Walk-in dressing rooms, freestanding baths and refined stone finishes reinforce the house-like feel that has resonated with downsizers and owner-occupiers.

[smartcode_project:default project_id=134323 project_image_fid=6393]

Rothelowman Principal Ben Pomroy said the project was designed to make the most of its unique position overlooking the harbour.

"The Walden is a celebration of all things beautiful, curated for those who expect nothing less than exceptional," Pomroy says.

"Meticulously designed entertaining spaces and light-filled living areas that capitalise on capturing the natural beauty of Sydney's iconic harbour."

Residents will also have exclusive access to The Pavilion, a dedicated amenity building featuring a rooftop pool, wellness studio, gymnasium, sauna, concierge service, residents' lounge, private dining spaces and work-from-home facilities.

[smartcode_project:default project_id=134323 project_image_fid=6402]

The project marks ALAND's first major luxury apartment development in Sydney's inner-city market after more than two decades delivering residential communities across Greater Sydney.

Founder and CEO Andrew Hrsto previously said the rarity of the Walker Street site made it an opportunity the company could not overlook.

"This is a rare opportunity to bring a truly exceptional project to life in one of Sydney's most iconic locations, and to showcase our craftsmanship and design expertise at a world-class level," Hrsto said.

[smartcode_project:default project_id=134323 project_image_fid=6383]

The Walden has been introduced to the market at a time when demand for living in North Sydney is at an all-time high. Billions of dollars have been invested in infrastructure, including the recently opened Victoria Cross Metro station, located just 300 metres from The Walden, providing residents with direct access to the Sydney CBD in just minutes.

Private investment has also transformed the area through the arrival of new retail and dining destinations, elevating the lifestyle offering in what was once considered primarily a commercial precinct rather than an aspirational residential address.

The Walden is currently under construction and is scheduled for completion in 2028.

[smartcode_project_cta:default project_id=134323]

ALAND records $35 million in sales in North Sydney as The Walden bucks quiet winter selling season

The long-awaited redevelopment of the former Eastlakes Shopping Centre site has reached a major milestone, with Conquest's plans for a new mixed-use precinct officially placed on public exhibition.

The State Significant Development Application would transform the 1.7-hectare site at <a href="https://www.apartments.com.au/new-apartments/19a-evans-avenue-eastlakes-nsw-2018">19A Evans Avenue</a> into one of Sydney's largest urban renewal projects, delivering 736 apartments above a new shopping centre anchored by Woolworths, alongside specialty retail, dining, commercial space and new public open spaces.

The public exhibition marks the next chapter for the project after <a href="https://www.apartments.com.au/developers/conquest">Conquest</a> acquired the stalled Stage Two development from Crown Group, who completed the first stage across the road prior to their voluntary liquidation.

<img alt="First look: Conquest unveils plans for 736-home Eastlakes Shopping Centre redevelopment" data-entity-type="file" data-entity-uuid="5fca22c5-d1ed-4e2c-8801-03f7df1eafc8" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/eastland%20podium.png?VersionId=uomwr41nF8CmLUZRDcu3mHQechlbxucS" />

&nbsp;

Designed by DKO Architecture, the proposal comprises four residential buildings ranging from 14 to 18 storeys above a two-level retail podium. The development would deliver 736 apartments, including 74 affordable homes, 215 Build-to-Rent apartments and 521 market residences. Provision has also been made for dual-key apartments, which could increase the total number of dwellings to 877.

At ground level, the shopping centre has been designed as the suburb's new meeting place, anchored by a full-line Woolworths and complemented by a curated mix of fresh food retailers, cafés, restaurants, health services and everyday convenience shopping. Generous pedestrian links and landscaped public spaces will connect the retail precinct through to Jack Mundey Reserve, creating a more walkable and connected neighbourhood.

Conquest CEO Michael Akkawi said the redevelopment was about far more than replacing a shopping centre.

"Eastlakes has been overlooked for too long, and this is the community’s moment. We are building a shopping centre and homes, a genuine heart for the suburb, and we genuinely want locals to help shape it."

"We enrich communities through the creation of homes, places, and experiences designed for life, built to last, and owner for generations. That starts with listening, so we warmly encourage everyone with a connection to Eastlakes to view the plans and share their thoughts."

<img alt="First look: Conquest unveils plans for 736-home Eastlakes Shopping Centre redevelopment" data-entity-type="file" data-entity-uuid="22f6fb20-54fb-4bd7-8a92-48fafdd00608" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/eastland.png?VersionId=cugp7s9hrMHGJJdYzkeAkrFoQgnF4GXf" />

DKO said the design had been shaped by the site's landscape setting and surrounding open space.

"Our vision for the site embraces its unique Bidjigal identity by blending the residential living with generous landscaping and a material palette inspired by the Bidjigal locality, and celebrating the panoramic views to Botany Bay and the wetlands reserves."

"Taking cues from Country, we seek to harmonise built form with the landscape and lightly touch the earth. By reconnecting, retaining and regenerating existing ecology, and weaving in natural elements, we can deepen our connection to Country."

The landscape strategy extends across the podium and rooftops, incorporating communal gardens, children's play areas, lawns, community gardens, family gathering spaces and extensive tree planting. New landscaped links will also strengthen the connection between the precinct and Jack Mundey Reserve, while publicly accessible open spaces have been integrated throughout the development.

The proposal builds on Conquest's broader placemaking strategy for the site. Through an ongoing partnership, local artist Joe Rashbrook has been appointed Urban Art Curator, working alongside young residents to transform the project's site hoardings into a public art gallery that allows the community to engage with the redevelopment before construction is complete.

Conquest has rapidly expanded its development pipeline since acquiring the Eastlakes site, with more than $6 billion worth of mixed-use projects now in planning across Sydney, including Stanmore, Castlecrag and Waterloo.

Conquest CEO Michael Akkawi said the redevelopment was about far more than replacing a shopping centre.

First look: ‘Far more than replacing a shopping centre’ as Conquest unveils 736-home Eastlakes redevelopment

Abadeen has lodged a State Significant Development Application (SSDA) for one of Mosman's largest apartment developments in recent years, seeking approval to transform the former Honeysuckle Garden and Midas site on Military Road into a 100-apartment mixed-use development.

The SSDA, lodged with investment partner Phoenix Property Investors, proposes around $230 million worth of new housing on the prominent <a href="https://www.apartments.com.au/new-apartments/494-516-military-road-mosman-nsw-2088">494-516 Military Road</a> site.

The proposal comes as Mosman Council continues to progress its recently endorsed Masterplan, which identifies the precinct for increased housing density while maintaining the suburb's established character.

Designed by DKO Architecture, the development would comprise 100 apartments above ground-floor retail, with a rooftop wellness precinct including a gym, sauna, entertaining areas and landscaped communal spaces.

Rather than pushing to the full 12-storey height identified in Council's Masterplan, the proposal ranges between five and nine storeys, stepping down towards Hale Road. A tenth level would accommodate resident amenities rather than additional apartments.

The project has been designed to appeal to a broad range of buyers, from first home buyers and young professionals through to families and local downsizers looking to remain on the Lower North Shore.

<img alt="Mosman" data-entity-type="file" data-entity-uuid="5dada03f-5b4c-43ba-ba62-2868add31440" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-27%20at%209.57.55%E2%80%AFAM.png?VersionId=7LBy0B.Jo8_iWAFJsClcV7Q3UnXrv49r" />

Abadeen Executive Chairman Justin Brown said the apartments had been designed as genuine long-term homes rather than investor-focused stock.

"The apartments have been designed as genuine long-term homes, with efficient floorplans that maximise usable living areas, generous storage, natural light and strong connections between indoor and outdoor spaces," Brown says."

"We've focused on creating homes for a broad range of buyers, from first home buyers and growing families through to downsizers who want to remain in Mosman."

The rooftop wellness offering forms a key part of the proposal, with residents set to have access to a gym, sauna, outdoor entertaining spaces, communal dining areas, landscaped gardens and a multi-use recreation court overlooking Sydney Harbour.

<img alt="Mosman" data-entity-type="file" data-entity-uuid="d37c2d6b-583a-4a0f-b7a9-9f46b893d2f4" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-27%20at%209.58.06%E2%80%AFAM.png?VersionId=FPoa5FCm2RtzjhAh2w5FTWJbV6GHfY8D" />

DKO drew heavily on the site's natural and cultural history, undertaking a Connecting with Country process with local Aboriginal Elders to inform the architectural and landscape design.

Senior Associate Matthew Ritchard said the design sought to create a building that responded to both the site's landscape and its cultural significance.

"The architectural language of the project is a deep expression of Connecting with Country, where the materiality and colour palette serve as a bridge between the site's geological history and its future as a residential sanctuary."

The proposal also retains the site's established blue gum tree as the centrepiece of the communal landscaped gardens, while introducing activated retail fronting Military Road to strengthen the connection between Mosman and Cremorne villages.

If approved, the project would deliver 100 new homes within walking distance of shops, public transport, schools and local amenities, adding to the limited pipeline of new apartments on the Lower North Shore.

<h2>Project Snapshot</h2>

Project: Honeysuckle Garden Redevelopment

Address: 494-516 Military Road, Mosman

Developer: Abadeen and Phoenix Property Investors

Architect: DKO Architecture

Lead Architect: Matthew Ritchard

Value: $230 million

Residences: 100 apartments

Key features:

<ul>
	<li>
	Ground-floor retail
	</li>
	<li>
	Rooftop wellness precinct
	</li>
	<li>
	Gym and sauna
	</li>
	<li>
	Outdoor entertaining and BBQ areas
	</li>
	<li>
	Landscaped communal gardens
	</li>
	<li>
	Multi-use recreation court
	</li>
	<li>
	Retained mature blue gum tree
	</li>
	<li>
	Connecting with Country design process
	</li>
	<li>
	Harbour, CBD and Balmoral views from upper-level apartments
	</li>
</ul>

Abadeen Executive Chairman Justin Brown said the apartments had been designed as genuine long-term homes rather than investor-focused stock

First look: Abadeen plans 100 apartments on former Honeysuckle Garden site in Mosman

The wave of apartment proposals sweeping through Mosman shows no signs of slowing, with another major residential development lodged through the NSW Government's State Significant Development pathway.

Developer First Quadrant Properties, which recently completed Willoughby Grounds and has several projects in planning across the North Shore, has unveiled plans for <a href="https://www.apartments.com.au/new-apartments/cove-on-ourimbah-40-56-ourimbah-road-mosman-nsw-2088">Cove on Ourimbah</a>, a 63-apartment development on Ourimbah Road, adding to the growing pipeline of projects reshaping one of Sydney's most tightly held harbour suburbs.

The proposal would consolidate nine properties at 40-56 Ourimbah Road into a part eight, part nine-storey apartment building, continuing the momentum created by the NSW Government's accelerated planning pathways that have seen several significant developments emerge across Mosman over the past 12 months.

Designed by Doroch Architects, the project would deliver 63 apartments, resident wellness facilities including a gym, pool and sauna, landscaped communal spaces and basement parking, while using recessed upper levels, generous setbacks and extensive planting to reduce the perceived scale of the building.

<img alt="First look: First Quadrant Properties eyes nine-storey Mosman apartment project under State Significant pathway" data-entity-type="file" data-entity-uuid="32ee68e4-141e-4a10-8f83-48e961a5e71e" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Ourimbah%20Road%2C%20Mosman%20a.png?VersionId=CUeILFc6APlwXPc.iplElbxHvREKwjig" />

Doroch Architects said the building had been designed to reinforce Mosman's established character.

"The building's aesthetic is grounded in the existing residential character of Ourimbah Road and the broader Mosman context," the architect noted in the planning documents submitted to the NSW Government.

The design adopts a contemporary material palette of natural stone, textured concrete and brown concave metal cladding, complemented by integrated planters and deep balconies. The podium incorporates softened curved concrete forms, while increased setbacks have been provided adjacent to the heritage-listed property at 60 Ourimbah Road to create a more sympathetic transition.

The site sits around 330 metres from Mosman Town Centre, placing it within the NSW Government's Low and Mid-Rise Housing policy area, where increased residential density is being encouraged close to shops, transport and services.

The proposal follows a string of major apartment projects lodged or declared State Significant in Mosman in recent months, including Abadeen's 100-apartment Honeysuckle Garden redevelopment on Military Road and several other developments across Awaba Street, Redan Street and Muston Street from the likes of Time &amp; Place, HELM and Prosker Property.

&nbsp;

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/time-place-to-take-on-mosman-apartment-market">Time &amp; Place to take on Mosman apartment market</a>

Read more:&nbsp;<a href="https://www.apartments.com.au/news/qld/first-look-abadeen-plans-100-apartments-on-former-honeysuckle-garden-site-in-mosman">First look: Abadeen plans 100 apartments on former Honeysuckle Garden site in Mosman</a>

&nbsp;

Jonathan Chancellor

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