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One in 20 off-the-plan buyers walked away from their Melbourne apartment purchases in June, according to the law firm, Maddocks.
The law firm processed over 800 apartments contracts in June.
They recorded that 5 per cent of the purchases did not settle on their apartment.
The historical average was about 3 percent.
It record of default rates sat at 2 percent between February and April, when volumes were lower.
Of those buyers who did not settle in June, roughly two-thirds were foreign-based, The Australian Financial Review noted.
The Maddocks firm handles about 15 percent of all off-the-plan sales in Melbourne each year worth around $3 billion.
Its development practice partner, Nick Holuigue, played down the rise in defaults.
"Our figures don't show any dramatic increase in settlement defaults, despite the usual big rise in settlement volumes in June," he said.
"They show that despite the banks changing or tightening their lending policies and the media talking up the risk of rising defaults, buyers – including foreign buyers – are still settling their contracts and sourcing finance where required.
"The only thing we are hearing from developers and experiencing ourselves is that foreign buyers are perhaps taking a little longer to settle.
"Nothing we are experiencing in our dealings with a variety of buyers' representatives give us cause for concern that our developer client's FIRB-approved buyers are going to be unable to settle."
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jchancellor-FAypfDUnLy

One in 20 fail to settle Melbourne OTP purchases

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GUEST OBSERVER
Less than half an hour after the Reserve Bank of Australia cut the official cash rate to the new low of 1.5 percent, some of the nation’s lenders announced their interest rate movements. 
I am disappointed to see some lenders choose shareholder profits over customer outcomes. 
The RBA’s decision to cut the cash rate in August didn’t come as a surprise. 
Against a backdrop of historically low inflation, softening employment and an Australian dollar stubbornly determined to stay above $0.75 USD, it was only a matter of time before we saw the RBA cut the cash rate.
That said, at a time when the economy could do with the lift that a cut to the cash rate would provide, it was deeply disappointing to hear some of the nation’s largest and most profitable lending institutions announce that only 10 or 13 of the 25 basis point reduction would be passed on to their mortgage customers. 
It would be very easy to let this partial rate cut pass under a veil of rhetoric around the cost of wholesale funds, and requirements to hold increased amounts of capital against mortgages.
The reality is however, if all lending institutions chose an equally profit focused approach and held back this proportion of the 25 basis point cut, then this equates to something like $2 billion dollars taken out of the pockets of Australian mortgage holders and placed onto the bottom line of institutions that are already generating tens of billions of dollars in profits every year. 
It is also disappointing to see that whilst some lenders are quick in announcing these partial rate reductions, it takes them a little longer to implement these cuts at all - it can sometimes be weeks and/or months. 
There is no reason why a lending institution cannot pass on rate reductions to their customers as soon as they are announced. By choosing to delay their approved rate cuts, these lenders are further adding to their swelling bottom lines at the expense of their customers. 
Interestingly, while lenders take weeks to pass on any rate cuts to their home loan customers, I wonder how long it takes for the same institutions to reduce the amount of interest they will pay on savings and transaction accounts.
There is still a high degree of market volatility. Unemployment has edged slightly higher over the last month, consumer confidence is down, and housing affordability remains a critical issue for many.
Knowing this, I would like to see more of our lenders act in the interests of their customers.
John Flavell is chief executive officer <a href="https://www.mortgagechoice.com.au/" target="_blank">Mortgage Choice</a>.
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Are Australia's banks being greedy?

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The waterfront Clontarf trophy home, Portovenere has set a suburb record at more than $10 million.
It was redundant to the Belgiorno-Nettis family needs.
The <a href="https://www.realestate.com.au/property-house-nsw-clontarf-121904242" target="_blank">early 1960s modernist residence</a> was built by the late Transfield co-founder Franco Belgiorno-Nettis and his wife Amina.
With three sons, Marco, Luca and Guido, the couple bought their first lot in 1958 of the eventual 3668-square-metre holding for £2325.
It was just after Belgiorno-Nettis snr and Carlo Salteri founded the construction and engineering company, Transfield. 
The family's other recently sold real estate, included $3,665,000 for their Kirribilli apartment, $2.85 million for their Parriwi Road, Mosman apartment and $3.7 million for the house next door to Portovenere.
They were listed<a href="https://www.domain.com.au/1-3-amiens-road-clontarf-nsw-2093-2012591974"> </a>following family matriarch Amina Belgiorno-Nettis’ death last September.
Portovenere bettered the suburb's previous high of $8.7 million set in 2009 when Bradley Hunt bought the non-waterfront home of Citigroup executive Paul Sanger.
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Clontarf's trophy home, Portovenere sold

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<img src="https://counter.theconversation.edu.au/content/62621/count.gif" alt="The Conversation" width="1" height="1">
GUEST OBSERVER
The transition to a clean energy future is upon us, as shown by the huge uptake of solar panels and by the Turnbull government’s decision to set up a A$1 billion Clean Energy Innovation Fund. But what about those people who are at risk of being left behind?
Our survey of lower-income households shows that information about low-carbon living is often difficult to access, and that assistance is sometimes misdirected.
As a result, transitioning to low-carbon living is much harder for these households than it should be.
<h2>Listening to the people</h2>
Between December 2015 and June 2016, we held 23 focus group discussions with 164 lower-income households across eight metropolitan and regional centres in New South Wales, South Australia, Tasmania and the Northern Territory. Our aim was to try to understand the challenges these households face in transitioning to low-carbon living. This was part of a wider study, funded by the Cooperative Research Centre for Low Carbon Living, on finding ways to help poorer households reduce their carbon impact.
Almost everyone we spoke with supported the idea of low-carbon living. However, the ability to afford whiz-bang green technology – from expensive solar panels and battery systems right down to LED lightbulbs – is a big issue for these households.
Significant increases in energy costs since the late 2000s have added to this problem. In some states, bills have more than doubled in just the past six years.
While money is a key problem, it’s not the whole story, and there are ways to help. We have found a range of factors, besides affordability, that limit lower-income households’ ability to transition to low-carbon living.
<h2>Finding reliable information</h2>
Not everyone is looking for a hand-out; many just want to know how they can help themselves become more energy-efficient.
A major barrier that cropped up time and again in our survey is accessing the “right” information. Many people get good tips about assistance programs through friends and family, or via charities like the Salvation Army (one of our in-kind project partners).
But outside these avenues, information is often only available online, and many of our participants said that they either can’t afford internet access at home or, more importantly, don’t know what to search for.
What little information trickles through is often hard to understand. The Tasmanian government, for instance, offers a range of concessions on power and heating bills for older people or those who need to run medical equipment at home. But the benefits are expressed in cents per day (the current electricity concession, for instance, is 132.557¢ per day), which can make them unnecessarily hard for customers to calculate. Eligibility criteria are also often complicated.
With access to government services increasingly being moved online, the process can become a confusing rigmarole for many people, while others may miss out entirely.
<h2>Misdirected assistance</h2>
Most of the assistance programs available to lower-income households, such as Centrelink Utilities Allowances, are aimed squarely at providing financial relief.
States and territories also have their own rebate schemes to offer relief from rising energy costs. In NSW, for example, EAPA vouchers are designed to provide emergency and crisis relief.
But with lower-income households less likely to own their homes, they are often precluded from accessing programs to encourage green energy, such as solar panel rebates. This is a classic split incentive – the owner buys the panels (and gets the rebate) but the tenant gets the benefit (lower bills), making the owner less likely to invest.
This leads to the question of why rebates are not offered for using green energy, as well as for installing it.
“Green” criteria already exist in some other assistance programs. For example, the No Interest Loan Scheme, which helps lower-income households buy products such as whitegoods, now requires appliances to meet certain energy-efficiency standards.
The same principle could easily be used to help lower-income renters access electricity from cleaner energy sources.
Giving poorer households free home energy assessments is a good start, but they are focused purely on cutting energy consumption.
<h2>Removing hurdles</h2>
The compounding impacts of energy bill increases mean that many lower-income households are doing it pretty tough. Forgoing comfort in not turning on the heater or air-conditioner is one thing, but skipping meals or medication (as many of our survey respondents do) can have significant impacts on health and well-being.
Unfortunately, lower-income households have been going without life’s essentials for far too long. Setting up assistance programs is a good start, but we need to make sure that those who need help are getting it.
Here are our five suggestions for making it happen:
<ol>
<li>
Get the info out there. It’s important that people get the right information when they need it. Putting information online is great but it cannot be the only way – consideration must be given to those without internet access or who are less computer-literate.</li>
<li>
Keep it simple. Information needs to be straightforward and clear. If it’s stuffed with jargon and confusing numbers, it can become self-defeating.</li>
<li>
Support the support organisations. Charities like the Salvation Armyand the St Vincent de Paul Society serve important roles within our community, but they too need our continued help, especially when funding is not keeping up with needs.</li>
<li>
Get value for the public’s money. A billion-dollar public fund may sound like a big deal, but this is small fry compared to Australia’s A$878 billion annual domestic consumption expenditure. Nonetheless, it is a good start in heading towards the right direction. We just need to make sure it helps those who need it most.</li>
<li>
Overcome personal pride. Asking for help is never easy, and that’s why so many lower-income families go without. Making sure that incentive programs reach the right people, in the right way, can dramatically improve their willingness to use them. Hopefully, in the long run, fewer families will need to go without.</li>
</ol>
Edgar Liu is research fellow at City Futures Research Centre, UNSW Australia and author for The Conversation. He can be contacted <a href="https://theconversation.com/profiles/edgar-liu-32200" target="_blank">here</a>.
Bruce Judd is professor, UNSW Australia, and author for The Conversation. He can be contacted <a href="https://theconversation.com/profiles/bruce-judd-137243" target="_blank">here</a>.
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It’s not easy being green, especially when affordable help is so hard to find

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GUEST OBSERVER
The RBA has cut the official cash rate by 0.25 percent taking it to 1.5 percent, a new record low.
Money markets had priced in around a 70 percent probability of a cut and economists were split roughly 80 percent/20 percent in favour of a cut.
In justifying the move the RBA stated that “prospects for sustainable growth in the economy, with inflation returning to target over time, would be improved by easing monetary policy at this meeting.”
With the RBA seeing growth “continuing at a moderate pace”, the latest rate cut is all about adding to confidence that inflation will head back to the 2-3% target zone within a reasonable time and to help maintain downwards pressure on the value of the $A in the face of ongoing delays in Fed rate hikes.
In terms of inflation the RBA is trying to prevent a further fall in inflation expectations that could push wages growth to new record lows and make it even harder to get inflation back to target. The longer inflation remains low and below target the greater the risk that it will become entrenched as we have seen in several other developed countries in recent years.
<a href="/images/2016/08/03/image004.png" target="_blank">Click to enlarge</a>
<img src="/images/2016/08/03/image004.png" alt="">
Source: ABS, AMP Capital
In relation to the $A, the RBA is clearly keen to see it continue to help trade exposed sectors like tourism, manufacturing and higher education. The problem though is that “easy for longer” monetary policy globally – particularly in the US with seemingly endless delays in Fed rate hikes – is putting upwards pressure on the $A. Following the rate cut the $A is actually up slightly – highlighting the upwards pressure that it faces. If the RBA had not cut it would probably be on its way to $US0.78 or maybe $US0.80 – which as the RBA indicates “could complicate” the adjustment in economy. 
Finally, after the full pass through of the May rate cut it looks like we are only seeing partial bank pass through to mortgage rates this time around with a couple of major banks passing on just 0.1-0.13 percent this time around. This may reflect ongoing pressure on the major banks to hold more capital (which is a more expensive source of funding) and competition amongst major banks to offer more attractive term deposits. That said some small lenders may pass the cut on in full in order to expand their market share.
Will there be another cut? As always after a move the RBA’s guidance doesn’t give much away and often leads many to conclude that it has reverted to a neutral bias on future rate moves. However, we are allowing for one more rate cut in November based on our expectation that the September quarter inflation data (due in late October) will remain much lower than desired and that upwards pressure on the $A will likely remain.
Implications
For the economy the RBA’s latest rate cut is positive in that it will help support household spending power (albeit it will be muted by the only partial pass through of the latest cut to mortgage rates) and help keep the $A lower than otherwise would be the case. While low bank deposit rates are bad news for those relying on income from bank deposits it’s worth recalling that the value of household debt is more than double that of household bank deposits. 
Quite clearly, there is a risk that the latest RBA rate cut reinvigorates home price strength in Sydney and Melbourne. However, the RBA is clearly now less concerned given more cautious bank lending attitudes and a considerable supply of apartments set to come on stream. If this is not the case then it can clearly work with APRA again to make sure that it is.
For investors relying on bank interest, the decision by the RBA to cut the cash rate is not good news. That said competitive pressures have seen some banks raise their deposit rates a bit lately.
The trouble is that the they are still very low. Beyond day to day cash requirements, the key for investors currently in cash or term deposits is to work out what is most important to them: absolute certainty regarding the capital value of their investment or obtaining access to a higher more stable income flow at the cost of volatility in the value of their investment.  
In this, there are several alternative investments to cash, including shares offering high and sustainable dividend yields, commercial property, corporate debt and infrastructure investments
<a href="/images/2016/08/03/image005.png" target="_blank">Click to enlarge</a> 
<img src="/images/2016/08/03/image005.png" alt="">
Source: RBA, AMP Capital
<a href="https://www.propertyobserver.com.au/https://plus.google.com/110172465327488162875?rel=author" target="_blank">SHANE OLIVER</a> is head of investment strategy and economics and chief economist at <a href="https://www.ampcapital.com.au/home" target="_blank">AMP Capital</a> and is responsible for AMP Capital's diversified investment funds. 
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RBA cuts the cash rate to a new record low of 1.5 percent: Shane Oliver

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The Victorian era jewel of Mirvac’s 190-dwelling Moreton development, historic Moreton Manor, has been sold for around $9 million.
Scarba House, as the the Victorian Italianate mansion was once known, had been originally built as a four-room cottage in the 1850s, but extended in the 1880s.
The Benevolent Society ran it as a children’s welfare home from 1920 until 1986, before it sold to Mirvac in 2013.
Architects Tina Engelen and William Fung, co-directors of CO-AP, were commissioned with heritage firm Design 5 Architects to undertake the restoration.
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Scarba House, Bondi trophy home sold

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Foreign buyers of property in Vancouver now have to pay a 15 percent transaction tax.
British Columbia legislators passed the new law which means new tax means non-Canadian residents buying a $2 million home will have to pay an additional $300,000 in tax.
"While investment from outside Canada is only one factor driving price increases, it represents an additional source of pressure," British Columbia Finance Minister Michael de Jong said in a statement.
"This additional tax on foreign purchases will help manage foreign demand while new homes are built to meet local needs.
Meanwhile the City of Vancouver has identified the need for a vacancy tax in order to meet rental supply issues.
The new foreign buyer tax could face a court challenge as it may be in violation of the Canada-China Bilateral Investment Treaty.
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Property 101: Canada introduces foreigners' transaction tax

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GUEST OBSERVER
The RBA cut its cash rate by 25bp to 1.50 percent, in line with the market and HSBC's expectations.
Although growth is holding up well, inflation is too low. The RBA noted that 'prospects for sustainable growth in the economy, with inflation returning to target over time, would be improved by easing monetary policy at this meeting'.
The statement provided little forward guidance, beyond noting that inflation was expected to remain low for 'some time'. We expect the RBA to now spend the next few months noting that they are waiting to see the full effect of the 50bp of cuts that they have delivered this year.
Looking further out, we see wages growth and local inflation gradually lifting, as the rebalancing act comes to its end (around mid-2017, in our view). We see the RBA on hold in coming quarters, rather than cutting further.
Facts
The RBA cut its cash rate to 1.50 percent today as expected by 20 of 25 economists surveyed in the Bloomberg survey, including HSBC. Just prior to the decision the market was pricing a 72 percent chance of a 25bp cut.
Implications
The RBA cut its cash rate to a new record low of 1.50 percent, driven by concerns about inflation being too low. Although growth has been solid, underlying inflation is below the bottom edge of the RBA's 2-3 percent target band and the balance of risks is for further low inflation to continue.
In the RBA's post-meeting statement, they described the rebalancing of growth that is underway, suggesting that 'overall growth is continuing at a moderate pace, despite a very large decline in business investment' and noted that 'other areas of domestic demand, as well as exports, have been expanding at a pace at or above trend'. However, this has, so far, not generated enough price pressure to keep inflation on target.
With inflation low, there was little standing in the way of the RBA cutting its cash rate further to support more growth and help to return inflation to target sooner than otherwise. Although the RBA could have argued that the inflation target is 'flexible' and allows for inflation to be below (or above) target for periods of time, they were clearly sufficiently concerned about the low level of inflation to cut further nonetheless.
Later this week the RBA will publish its quarterly official statement, which will provide more detail on the motivation for today's cut and set out a new set of forecasts. We expect the growth and inflation forecasts to be largely unchanged from May, with growth expected to a bit above trend over the forecast horizon and inflation expected to gradually lift back to target.
Over the next few months, we expect the RBA to shift its post-board meeting commentary to noting that they are waiting to see the full effect of the 50bp of cuts they have already delivered this year. We expect them to maintain this rhetorical tactic for the rest of this year. We see the next live meeting as likely to be February 2017, barring any significant surprises.
Looking further out, we see wages growth and local inflation gradually lifting, as the rebalancing act comes to its end. In our view, a key driver of the low inflation in Australia has been the rebalancing of growth following the end of the mining boom. As a result, we see inflation as likely to pick-up when the rebalancing act is complete, which we forecast to be around mid-2017. For more detail on this view see: 'Australia's low inflation: It's a part of the rebalancing act', 13 July 2016.
Of course, our view also relies on a few global factors. In particular: that commodity prices are past the trough; that China's growth remains solid and supports demand for Australia's services exports; and, that the Federal Reserve's next move is to lift rates (our US economist is expecting the next hike in Q2 2017). 
 <a href="https://www.about.hsbc.com.au/hsbc-in-australia/management-team">PAUL BLOXHAM</a> IS CHIEF ECONOMIST (AUSTRALIA AND NEW ZEALAND) FOR HSBC. 
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Another cut to help stoke inflation: HSBC's Paul Bloxham

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Bank Australia will be passing on the full 0.25% cut on its variable loans.
It takes the standard variable home loan rate down from 4.99% to 4.74%. The effective date for these changes will be<a href="https://bankaust.com.au/about-us/news/corporate2/bank-australia-passes-on-full-rba-official-rate-cut-on-variable-loans/" target="_blank"> Friday 5 August</a>. 
Bank Australia, previously known as mecu, was recently named as the Canstar Customer Owned Bank of the Year.
Canstar evaluated the product offerings of over 50 customer owned banks in Australia.
Mitchell Watson, Canstar group manager, research, said Bank Australia not only offered outstanding value products within the lending space, but also offered its customers value for money when it comes to its savings and transaction accounts.
They researched 266 deposit accounts, 1,211 home loans, 63 credit cards and 200 personal loans.
Damien Walsh, Bank Australia’s managing director said the award was an endorsement of the organisation’s unique mutual prosperity proposition – offering great value to the customer while also operating in an ethical and socially responsible manner.
 
 
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Which bank has passed on the full RBA August 2016 cash rate cut? 

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The Commonwealth Bank has announced the lowering its standard variable mortgage rate by only 13 basis points, the first lender to respond to the August rate cut by the RBA.
It is around half of today's Reserve Bank's 25-basis-point official rate cut. The CBA's owner occupier rate will hit record low 5.22%.
The National Australia Bank is passing on even less, cutting its standard variable mortgage and business loan rates by just 10 basis points.
Both NAB and CBA customers will also have to wait to get the benefit of the rate reduction until August 19.
Third big bank to make the cut was the ANZ whose home loan will come down by 0.12% pa to historic low of 5.25% pa for owner occupiers.
St George reduced its standard variable rate by 0.14% to 5.30% from 23 August.
Meanwhile Bank Australia will be passing on the full 0.25% cut on its standard variable home loan rate down from 4.99% to 4.74%. The effective date for these changes will be Friday 5 August. 
Westpac was the last of the big banks to come out, offering a 0.14% cut, the biggest of the big four to move. Westpac dropped their SVR to 5.29% from 23 August.
"We’ve reduced our standard variable interest rate by 10bps to 5.25% pa effective 19 August," the NAB advised.
NAB Chief Operating Officer, Antony Cahill, said NAB had carefully considered the needs of customers and shareholders and the current economic and regulatory environment in making this decision.
“We have had to strike the right balance between providing customers with competitive mortgage rates and continuing to generate attractive returns for our 584,000 shareholders, while recognising that NAB’s funding costs have been steadily increasing due to a range of factors, including the need to strengthen our balance sheet,” Mr Cahill said.
As a result of today’s announcement, NAB customers with a standard variable rate home loan will save $18 each month on their home loan principal and interest repayments, or $216 every year (based on a $300,000 loan over a 30-year term).
At 5.25% p.a., NAB’s new Standard Variable Rate will be the lowest it has been for more than 40 years. In November 2010, the average standard variable interest rate across Australian banks was 7.80% per annum*, compared with NAB’s new Standard Variable Rate of 5.25% p.a. and under 4.00% p.a. for some fixed rate products.
As at March this year, NAB home loan accounts are, on average, almost 15 months ahead on their repayments, and Mr Cahill said NAB has a range of home loan products available to suit customers’ needs.
“We understand some customers want to have certainty about their monthly repayments and that’s why we offer a number of highly competitive fixed-rate terms which allow customers to lock in interest rates for all or part of their home loan,” Mr Cahill said.
NAB is currently offering a suite of “4-under-4” fixed rate home loan offers. For owner-occupier principal and interest borrowers, interest rates ranging from 3.75% p.a. to 3.99% p.a. are now available across 1, 2, 3 and 4 year terms. Competitive offers are also available to those borrowing for investment purposes.
Also, from Monday 8 August, NAB will increase its interest rate on 8-month Term Deposits by 0.85% p.a., introducing a Blackboard Special of 2.90% p.a. (interest paid at maturity).
<a href="https://nabnews.efront-flare.com.au/wp-content/uploads/2016/08/Graph.png"><img class="alignnone size-full wp-image-3783" src="https://nabnews.efront-flare.com.au/wp-content/uploads/2016/08/Graph.png" alt="Graph" width="1332" height="824"></a>
 
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Commonwealth Bank and NAB pass on a bit of the official RBA cut

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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