<html><body>
Adman Matt Grogan, creative director and partner at Analogfolk, has sold his New York-style converted warehouse apartment in Paddington given plans to up-scale to something bigger.
He bought the 132-square-metre apartment in the Old Tobacco Factory in 2013 for $900,000 as a bachelor pad.
He now has a partner, a baby and a dog.
Di Jones’ Gary Sands and Jane Schumann had<a href="https://www.domain.com.au/3-13-21-macdonald-street-paddington-nsw-2021-2012898043" target="_blank"> a $1.4 million guide.</a>
This article was first published in the Sunday Telegraph.
</body></html>

jchancellor-FAypfDUnLy

Paddington old tobacco factory apartment sale

<html><body>
<img src="https://counter.theconversation.edu.au/content/57114/count.gif" alt="The Conversation" width="1" height="1">
GUEST OBSERVER
The Productivity Commission has condemned government plans for an “effects test” that would make it easier to stop large businesses exploiting their market power against small businesses and farmers.
It has also criticised the Coalition’s toughening of foreign investment rules for the agriculture sector and said they should be liberalised again.
The Commission’s forthright stand on both issues – in its draft report on the regulation of agriculture - puts it strongly at odds with the Nationals in particular. The minor Coalition party was critical in winning a new “effects test”, after long being concerned at the behaviour of Coles and Woolworths with suppliers. It also wanted tighter provisions for scrutiny of overseas investment in agricultural land.
After earlier putting the issue on the back burner, the government announced before the election that it would bring in an effects test. This would change the competition law so it only had to be shown that the effect, rather than the purpose, of a corporation’s decision would be to substantially lessen competition.
But the Productivity Commission says: “The existing competition regulation and oversight is adequate for managing concerns about abuse of market power by supermarkets and traders engaging with farm businesses.
“The current focus on the potential for the misuse of market power by wholesale merchants and supermarkets engaging with farmers is not well supported by evidence.”
It says introducing an effects test is unlikely to shield farm businesses from intense competition in retail food markets, adding that “shielding farm businesses from competition would also not be in the interests of consumers”.
In 2015 the government lowered the screening thresholds - at which bids go to the Foreign Investment Review Board - for agribusinesses (to A$55 million) and agricultural land (to A$15 million based on cumulative land holdings) for investors from most countries.
Presiding commissioner Paul Lindwall, in comments on the report, said the tightening “lacks a sound policy justification”.
The Commission points to the greater cost and complexity involved. “There is a risk that this will ultimately deter foreign investment in the sector without offsetting public benefits, particularly as other measures (such as the agricultural land register) are in place to increase transparency and public confidence about foreign investment in Australian agriculture,” the report says.
The Commission says it is also unclear that national interest considerations are different for foreign investors in agriculture compared with other sectors that have a higher screening threshold of A$252 million. It points especially to acquisitions in sensitive areas, such as telecommunications, transport and military-related industries.
It recommends the screening threshold for agricultural land and agribusinesses be increased to A$252 million. This was the threshold for agriculture before 2015 and applies to business acquisitions and developed commercial land for investors from most countries.
Farm businesses face a vast array of regulations, the report says.
Some lack a sound justification and should be removed. These include restrictions on the use of land held under pastoral leases, and state bans on cultivating modified crops.
Others need reform, including native vegetation and biodiversity conservation regulations and those relating to animal welfare. In the latter area the Commission recommends a new independent body.
“The process for setting standards for farm animal welfare would be improved by applying scientific principles and evidence through the creation of a national, independent body responsible for building the evidence base on community expectations, as well as for developing national farm animal welfare standards,” the report says.
Commissioner Lindwall said: “Farmers are straining under a heavy burden of regulation. They face complex regulations at every stage of the supply chain — from land acquisition to marketing. These are imposed by multiple agencies across three levels of government.”
Michelle Grattan is professorial fellow, University of Canberra, and author for The Conversation. She can be contacted <a href="https://theconversation.com/profiles/michelle-grattan-20316" target="_blank">here</a>.
</body></html>

Productivity Commission attacks competition ‘effects test’ and farm foreign investment rules

<html><body>
There are so many mixed messages at the moment about the property market. Not that there is just the one market. Sometimes the data assists, but more often it downright confuses.
Hence I was interested to glean insights on Sydney's residential off-the-plan property market from the market leaders, CBRE Residential.
Last year their well-engineered Saturday morning off the plan sales endeavours triggered near 100 percent whole block sellouts, but not any more. These days it's around 70 percent.
Indeed Sydney had returned to a “new normal”, the CBRE Residential managing director, David Milton suggested. 
He's there at the showroom coalface so is able to combine the data with strong anecdotal insights.
He says his team's sales volume has dropped by 22 per cent although enquiries are actually up 11 percent. With more two bedders in the mix their average sale price rose over the year from $959,000 to $1.139 million.
“What we’re seeing is people being more particular about what they buy," he said.
He noted it was reflected in the enquiry conversion rate – which in the four months to the end of May saw 20,569 new enquiries resulting in 990 sales. In the same four months last year there had been 18,542 new enquiries resulting in 1,268 sales.
It didn't help that after the election was called on May 7 that enquiries were down 47 percent on 2015 enquiries.
However the return to more natural pace than recent times was more due to banks tightening lending for investors and also the FIRB buyer restrictions.
CBRE has seen the percentage of sales to investors drop from 60 percent to 51 percent as owner occupiers take up the slack. First home buyers secured just 8 percent of their developer stock which started from $420,000, up from the low a year earlier of $380,000.
With 16 of its past projects reaching contract settlements so far this year, Milton advised they'd secured a 99 percent settlement rate, despite higher lender caution.
“Supply in Sydney has peaked,” Milton concluded. New supply will slow due to development funding restrictions, while some sites will be put on hold.
But he expects the larger number of owner occupier buyers this year will drive demand and price increases for high-end apartments. Only 10 percent of their sales were three bedroom apartments, with 62 percent being two bedders and 28 percent one bedroom sales.
No sign of any price correction as apartments launched this year include Essence in Double Bay where prices peaked at nearly $33,000 per square metre, The Hensley in Potts Point selling for up to $32,000 per square metre, and Iconic in Waterloo in excess of $25,000 per square metre. It was up to $25,000 at Chatswood Place. Parramatta's Promenade launch in March - where prices started at $535,000 - secured sales at up to $11,600 psm.
Although the cost of buying property in Australia has increased for foreign buyers and lending is more restricted, David Milton does not foresee a long-term impact on demand from these buyers.
“There are some short term settlement issues with FIRB buyers, but longer-term they will find a solution."
Offshore funded sales will continue to account for a significant part of the market, he says. 
This article was first published in the Saturday Daily Telegraph.
</body></html>

Owner occupiers to drive OTP demand: CBRE's David Milton

<html><body>
Billionaire Kerry Stokes has bought another big cattle station in the WA Kimberley.
The Australian suggested Stokes, chairman of the Seven Network, bought the Mount House pastoral station near Halls Creek for $20 million plus.
The station was sold by the McAlary family, owners since the 1980s.
It was once a station with 30,000 head of cattle.
Stokes bought the nearby 400,000ha Napier Downs station for about $25 million last year.
</body></html>

Kerry Stokes buys Mount House station from the McAlary clan

<html><body>
GUEST OBSERVER 
The RBA expanded on its reinstated easing bias, noting that it was waiting for inflation, housing and labour market data that would feed into the staff’s updated economic outlook.
Brexit has spilled over into lower Australian bond yields, but the RBA downplayed its potential economic effect on Australia.
We narrowly favour a 25bp rate cut to 1.5 percent in August given low underlying inflation and with the labour market losing momentum. We are surprised that increased uncertainty has not materially dented confidence, but there could be a delayed impact given job ads are down sharply in early July.
We view S&amp;P’s recent decision to lower Australia’s credit rating outlook to negative as a downside risk to growth.
DETAILS
The RBA reinstated an easing bias in July and the minutes made it clear that the bias hinged on inflation, housing and labour market data. The minutes said that “further information on inflationary pressures, the labour market and housing market activity would be available over the following month and that the staff would provide an update of their forecasts ahead of the August Statement on Monetary Policy ... [which] would allow the Board to refine its assessment of the outlook ... and to make any adjustment to the stance of policy that may be appropriate”.
Since the meeting, employment rose more slowly in June, up 8K, which confirmed that jobs growth has slowed sharply this year. The unemployment rate ticked up to 5.8 percent, after holding at 5.7 percent for the preceding three months.
The CPI is due on 27 July and we expect underlying inflation to stay weak, with the average of the trimmed mean and weighted median CPIs expected to rise by 0.4 percent in Q2 or by 1.4 percent over the year. June building approvals are due the same day as the 2 August cash rate decision and fell 5 percent in May.
The RBA was not fazed by Brexit. The RBA viewed Brexit as a successful market stress test in the wake of regulatory reforms introduced after the global financial crisis, where lower global bond yields had spilled over to Australia. The board believed it was too soon to judge the effect of Brexit on the UK economy, which would be tempered by the depreciation of the GBP. The staff anticipated a “modest adverse effect” on global growth, absent a significant financial dislocation. The board noted that the direct effect of Brexit on Australia was “likely to be quite small” given limited trade links.
The RBA seems slightly less confident about the domestic outlook. The RBA thought that the handover from the mining sector to the rest of the economy is “well advanced”, with recent data pointing to modest growth in Q2.
Positive surveyed business conditions were seen as consistent with some signs of life in non-mining business investment. However, to us the RBA seemed slightly less sure about the outlook in that it noted that indicators for consumer spending and the housing market had been mixed and that the underemployment rate had not fallen as much as the unemployment rate over the past year. The RBA also highlighted that all measures of inflation expectations were below average.
The Board repeated its warning than an appreciating exchange rate could complicate the outlook. The exchange rate was USD0.75 at the time of the July meeting, consistent with the assumption underpinning the RBA’s last set of economic forecasts. The AUD subsequently rose to about USD0.7650, but has recently eased to about USD0.7525.
OUTLOOK
We still narrowly favour a rate cut in August. We expect a 25bp rate cut to 1.5 percent given we expect underlying inflation to remain low in Q2, while the labour market has lost momentum this year (consensus: 1.5 percent; market pricing: 1.61 percent).
We also view S&amp;P’s recent decision to lower Australia’s credit rating outlook to negative as a downside risk to activity given it could either trigger further fiscal consolidation or lead to a downgrade to the actual rating that would likely place pressure on bank funding costs. We have been surprised that the spike in market volatility and increased uncertainty has not materially dented confidence – consumer confidence is down 3.3 percent over the past four weeks, while business confidence actually rose in June – but there may be a delayed reaction in that we estimate that job ads are down sharply in early July.
The fact that the easing bias mentioned housing and labour market data rather than just the CPI is unusual given the monthly stats can be volatile, but this suggests to us that the RBA may be giving itself some leeway with the Q2 CPI result as it also weighs up the state of the property market, while interpreting the labour market as a timely read on the broader economy. 
Kieran Davies is an economist for ANZ and can be contacted <a href="https://www.anz.com/personal/" target="_blank">here</a>.
</body></html>

RBA expands on its easing bias: ANZ's Kieran Davies

<html><body><div class="cq-article-content-paras section">
An off-the-plan 300 sqm apartment at Manly on Sydney's northern beaches as been sold for $9.5 million at developer CostaFox's first project.
The Bower Street apartment fetched $33,800 a square metre - the highest price paid for the suburb when sold to a local buyer.
The previous Manly record was set in 2008 at $30,000 a square metre for the $12.2 million sale of an apartment at 133 North Steyne Road, Manly, according to the Australian Financial Review.
Architect Koichi Takada designed its nautical theme for the prior developers who have sold the project onto CostaFox which was founded by Michael Fox, the former chief executive of Little Projects. 
His new company is a joint venture with Costa Asset Management.
Four of the six apartments at CostaFox's 1189sq m Bower Street project at 102 Bower Street have sold on launch.
Buyers include Julie Meldrum, the corporate communications operative, and her husband Murray Millsom, a former TV producer, who recently had their nearby home listed at $6 million.
Construction of the project will start next month and be completed in 2018.
The project was initially launched in early 2015 as The Bower through Lloyds Property agent Haig Connolly with prices of between $3.9 million and $8.9 million.
The 1189sq m site with two exisiting blocks and frontages to Bower St and Marine Pde was then offered for sale, and went under contract late last year.
But Tim Grosman, national director with CBRE, told The Manly Daily the sale had failed to complete, and the owners had decided to re-offer the property.
<a href="https://www.realcommercial.com.au/property-land+development-nsw-manly-501831074" target="_blank">It resold</a> in March when developer Victor Fong of MV Projects secured $13.1 million.
Earlier this year there was the $7 million plus sale of coal miner Tony Haggarty’s Manly apartment overlooking Fairy Bower.
The four bedroom, three bathroom 430 sqm, Vince Squillace designed apartment is spread over two levels with a terrace with a glass walled plunge pool.
On the North Steyne promenade there was a $5,125,000 sale.
The Manly record still stands at $12.2 million when a five bedroom sub-penthouse down the road sold to the co-founder of Greenhill Caliburn, Peter Hunt and wife Ellie.
The Hunt couple bought the apartment off the plan with lap pool in 2008 in the Susan Rothwell designed Waillea building.
 
</div></body></html>

$33,800 Manly price per sqm record paid

<html><body>
Members commenced their discussion of developments in financial markets by noting that financial markets had been volatile around the time of the UK referendum on EU membership.
Despite large intraday movements in prices and much greater than normal volumes, market functioning had been resilient. Members noted that this event had provided a significant stress test of market structure in the wake of the regulatory reforms introduced after the financial crisis.
The most noteworthy developments that had persisted beyond the volatility immediately surrounding the UK referendum were the depreciation of the pound, the appreciation of the yen and the decline in bond yields to historic lows in a number of major markets as well as in Australia. Sovereign yields in the United Kingdom had declined considerably, notwithstanding the UK's credit rating being downgraded. Members noted that a sizeable share of the global sovereign bond market was trading at negative rates. Swiss government bond yields were negative up to a tenor of nearly 50 years. In Australia, the 10-year bond yield reached a record low of 1.95 per cent, with the decline in the yield on Friday, 24 June having been the largest daily fall since September 2001. Some bond spreads for financial institutions in the United Kingdom and Europe had widened a little, but most other financial market movements in response to the referendum had subsequently been unwound.
Expectations for the path of monetary policy in the United States had already eased prior to the UK referendum, with the Federal Open Market Committee (FOMC) keeping monetary policy unchanged at its 15 June meeting owing to concerns about a slowing in the US labour market as well as uncertainties surrounding the UK referendum. Following the referendum, market expectations had declined further so that the FOMC was not expected to raise its policy rate again before 2018. Both the Bank of England and the European Central Bank (ECB) were expected to ease monetary policy further in the near future. The ECB had commenced its corporate bond purchase program in June, as had been announced in March.
Following the UK referendum, the pound fell sharply to its lowest level against the US dollar in over three decades. On 24 June, the pound depreciated against the US dollar by as much as 12 per cent and recorded the largest single-day movement since the pound was floated in 1971. Throughout the day, there were large volumes traded in both directions. Members noted that, as at the time of the meeting, the pound had depreciated by 9 per cent in trade-weighted terms since the referendum but remained above the levels it had reached in 2008.
Over the past month as a whole, the US dollar and euro were little changed in trade-weighted terms, while the Chinese renminbi had depreciated in both trade-weighted terms and against the US dollar. A decline in the value of the People's Bank of China's foreign currency reserves in May appeared to have reflected valuation effects, but overall the value of reserves had been broadly stable over the past few months.
The Australian dollar had appreciated against the US dollar and in trade-weighted terms over the past month, having been affected by changing expectations about the future path of monetary policy in Australia and the United States, as well as the UK referendum result.
Global share prices fell sharply following the UK referendum, but, with the exception of Japan and Europe, had subsequently largely recovered. Banking share prices were generally lower, particularly those of European and domestically focused UK banks. Members noted that ongoing problems in the Italian banking system had again come to the fore. In Australia, share prices had declined by around 4 per cent over the course of the 2015/16 financial year, with divergent outcomes across sectors reflecting the continued rebalancing of the economy following the mining investment boom.
Spreads on Australian bank debt had moved marginally higher following the UK referendum, but yields had remained at low levels. Members observed that Australian banks had issued a large amount of debt earlier in the year, limiting the need for further issuance in the near term if conditions in debt markets were unsettled. Average outstanding housing lending rates were expected to continue to edge lower as loans were refinanced following the cash rate reduction in May, although members noted that banks' serviceability requirements for borrowers had not changed.
Members noted that market pricing had assigned only a small chance of a reduction in the cash rate at the present meeting.
International Economic Conditions
Members noted that, while the UK referendum decision was likely to have an adverse effect on the UK economy, it was too early to gauge the size of that effect. Also, any adverse effects on growth arising from a reduction in access to EU markets and heightened political uncertainty were likely to be offset to some extent in the near term by the depreciation of the pound. In 2015, around one-half of the United Kingdom's exports (12 per cent of GDP) went to EU countries. Around one-half of these exports were services, of which around one-third were financial services. Estimates from the International Monetary Fund had suggested that in a relatively pessimistic scenario, in which output in the United Kingdom was around 5 per cent lower than otherwise over three years, global growth could average a little more than 0.1 percentage points lower over the next few years. Members noted that the direct effect on the Australian economy was likely to be quite small, given that only around 3 per cent of Australia's exports went to the United Kingdom and around 4½ per cent went to the rest of the European Union.
Meanwhile, growth in Australia's major trading partners looked to have remained a little below average over recent months. Growth in global industrial production had remained weak in year-ended terms, while growth in merchandise trade had picked up slightly. Inflation had generally remained below most central banks' targets, although core inflation in the major advanced economies had picked up since the previous year as labour market conditions had tightened further. Overall, commodity prices had risen over the month to be well above the low levels reached around the turn of the year.
GDP growth in the United States appeared to have picked up in the June quarter, after moderating in the March quarter, and the gradual recovery in the euro area looked to have continued. In both economies, activity in the March quarter had been driven by relatively strong growth in household consumption. Members noted that business investment had contributed to growth in the euro area and in the United States (excluding the energy sector). Growth in business investment in the United Kingdom had been moderating, which may have been partly related to the effect of uncertainty leading up to the UK referendum.
Although US employment growth had moderated in May, the unemployment rate had declined to be below estimates of its long-run equilibrium. Inflation remained below the Federal Reserve's inflation goal, although it was higher than it had been a year earlier. The unemployment rate had also declined further in the euro area, although considerable spare capacity remained. Inflation had continued to be well below the ECB's target of 2 per cent or a little below. In the United Kingdom, the unemployment rate had fallen to around long-run equilibrium levels and core inflation had been picking up.
Recent data suggested that economic growth in China had continued to ease. Subdued conditions in the mining and manufacturing sectors had contributed to weakness in private investment. The output of some key industrial products, including steel, had been little changed over the past year, although iron ore imports from Australia had increased further. Members noted that the general weakness in industrial activity had been partly offset by an increase in public sector spending, which had been particularly apparent in the strong growth of public infrastructure investment over the past year or so. Dwelling investment had also picked up since late 2015, following measures by the Chinese authorities to support demand for real estate. Buoyant property market conditions, particularly in some larger cities, had more recently prompted authorities in some regions to introduce measures to constrain housing demand. Total social financing flows had moderated in recent months and overall inflationary pressures remained subdued.
In Japan, conditions in the labour market remained tight and base wages were rising at an above-average pace. However, inflation was still below the Bank of Japan's target of 2 per cent. In the rest of east Asia, recent data pointed to a continuation of below-average growth. Economic conditions had been relatively subdued in the higher-income economies in the region, in part reflecting their greater exposure to trade.
Domestic Economic Conditions
Members observed that there had been relatively little new data on the Australian economy since the previous meeting, most of which had related to labour and housing markets. Overall, the available data for the June quarter were consistent with a moderation in GDP growth following the stronger-than-expected outcome in the March quarter, mainly because there appeared to have been a smaller contribution to growth from net exports in the June quarter. Trade data suggested that iron ore export volumes had declined from very high levels in April and May, while coal export volumes had increased marginally.
Consumption had grown at around its decade-average rate in the March quarter. More recent indicators had been mixed. The value of retail sales had increased only slightly in April and May but liaison indicated that growth in retail sales had picked up in June, partly because cold weather had boosted clothing and apparel sales. However, liaison had also pointed to ongoing pressure to discount prices in response to increased competition in some retail markets. Meanwhile, survey measures of households' perceptions of their own finances had increased in May and June, to be clearly above average.
Survey measures of business conditions and capacity utilisation had remained noticeably above their long-run averages in May. Members noted that these indicators were consistent with data and evidence from liaison suggesting that non-mining business investment had been growing in some parts of the economy that were less exposed to the effects of the decline in commodity prices and the fall in mining investment. Business credit growth was higher than a year earlier, despite easing a little recently. Liaison had suggested that the outlook for investment was relatively favourable in some commercial property sectors including retail, hotels, student accommodation and aged care. However, non-residential building approvals had remained at relatively low levels over the past year.
The unemployment rate had remained steady at around 5¾ per cent for some months, having fallen by around ½ percentage point over 2015, and the participation rate had been little changed of late. Following strong outcomes in late 2015, employment growth had moderated to be around its long-run average in year-ended terms. Over the course of 2016, employment growth had been driven by part-time jobs, while full-time employment had retraced some of its earlier strong gains. Members noted that, over the past year or so, the underemployment rate (which captures those who are employed but wanting and available to work more hours) had not fallen to the same extent as the unemployment rate. Employment growth had been relatively strong in the household services sector since the beginning of 2016 and construction employment had been rising. The forward-looking indicators of employment had been slightly weaker over recent months following gains over the preceding year, but were still consistent with employment growth in the months ahead.
Housing prices in June had risen moderately in Sydney but had declined in some other capital cities. This followed unusually large increases recorded in April and May, particularly in Sydney and Melbourne. Other indicators of housing market activity had been mixed over recent months. Auction clearance rates and sales volumes had been lower than a year earlier, although both remained a little above average. Housing credit growth had eased further, consistent with a relatively low level of turnover in the housing market and the earlier tightening in lending standards.
Recent indicators suggested that dwelling investment had continued to grow strongly, particularly for higher-density dwellings. Looking through the volatility of the data, building approvals were a little lower than a year earlier but remained elevated and implied a considerable amount of work yet to be done. At the same time, a number of measures were being implemented that could dampen foreign investors' demand for new dwellings. Several state governments had increased or were preparing to increase taxes on foreign investors in housing, while the major banks had increased restrictions on housing loan approvals for applicants relying on foreign income. Nationally, growth in rents had declined over the past year to low levels and the vacancy rate had increased to around its long-term average.
Measures of inflation expectations – from consumers, market economists, union officials and financial markets – had remained below average.
Considerations for Monetary Policy
GDP growth in Australia's major trading partners looked to have remained slightly below average over recent months, in line with earlier forecasts. GDP growth in China appeared to have eased further, which was continuing to affect economic conditions throughout the Asian region. Monetary policy remained very accommodative across the major economies and was expected to remain so given that inflation was below most central banks' targets, despite improvements in labour markets leading to full employment in several large advanced economies.
The United Kingdom's vote to leave the European Union had led to considerable financial market volatility, which had since settled. Financial markets had functioned effectively throughout the episode and borrowing costs for high-quality borrowers remained low. Any effects of the referendum outcome on UK and global economic activity remained to be seen. In any event, the referendum result implied a period of uncertainty about the outlook for the United Kingdom and the European Union. In the absence of significant financial dislocation, the staff's central case was that this uncertainty was expected to have only a modest adverse effect on global economic activity.
Commodity prices had generally increased since the previous meeting. At the time of the present meeting, the Australian dollar (in trade-weighted terms) was around the levels assumed in the forecasts at the time of the May Statement on Monetary Policy.
In the domestic economy, the transition of economic activity to the non-resources sector was now well advanced and recent data suggested that growth had continued at a moderate pace in the June quarter. Low interest rates were continuing to support household spending and the lower exchange rate since 2013 had continued to assist the traded sector of the economy. Members noted that an appreciating exchange rate could complicate the necessary economic adjustments.
Recent data showed that conditions in the labour market had been more mixed of late. The unemployment rate had remained around 5¾ per cent for most of 2016, having fallen noticeably over 2015. Inflation was still expected to remain quite low for some time given very subdued growth in labour costs and very low cost pressures elsewhere in the world.
Indicators of conditions in housing markets had been somewhat mixed over recent months. Housing prices were recorded as having risen in Sydney and Melbourne in April and May, but were little changed in June. Building approvals remained elevated at levels that would add to the considerable amount of dwelling construction work already in the pipeline. Considerable supply of apartments was scheduled to come on stream over the next few years, particularly in the eastern capital cities. At the same time, however, housing credit growth had eased, in line with a lower turnover of housing and the earlier tightening in banks' lending standards following the announcement of supervisory measures. Various state government measures and changes to bank lending requirements were likely to temper foreign investor demand for housing.
Taking account of the available information, the Board judged that holding monetary policy steady would be the most prudent course of action at this meeting. The Board noted that further information on inflationary pressures, the labour market and housing market activity would be available over the following month and that the staff would provide an update of their forecasts ahead of the August Statement on Monetary Policy. This information would allow the Board to refine its assessment of the outlook for growth and inflation and to make any adjustment to the stance of policy that may be appropriate.
The Decision
The Board decided to leave the cash rate unchanged at 1.75 percent.
</body></html>

Minutes of the July monetary policy meeting of the Reserve Bank Board

<html><body>
The Auckland-based Cook Property Group has emerged as the buyer of the Beach House Lane retail centre on Sydney's Bondi Beach.
It sold for $31.3 million, on a passing yield of 5.9 percent.
The 1166-square-metre fully-leased retail arcade runs from Campbell Parade to Curlewis Street, adjacent to Hotel Bondi.
It was reported as sold last month by Property Observer.
Cook Property, founded by commercial property investor Ben Cook, was also the buyer of the 14,760-square-metre Bunnings warehouse in Sydney's Eastgardens for $56 million last year.
Last year, Mr Cook bought one of Auckland's most expensive homes, when he paid $NZ24 million ($22.4 million) for a three-level, six-bedroom house in Herne Bay.
</body></html>

Kiwis buy Bondi Beach retail

<html><body>
<img src="https://counter.theconversation.edu.au/content/57114/count.gif" alt="The Conversation" width="1" height="1">
GUEST OBSERVER
As a researcher of nanomaterials, I am often asked: “When are we finally going to start seeing nanotechnology products on the market?”
This is a simple question to answer because the average home is already filled with products enhanced or reliant upon nanotechnology. In fact, there are several online repositories listing the more than 2,000 commercially available products that incorporate nanotechnology.
The application of nanotechnology in some areas, such as batteries, microelectronics and sunscreens is relatively well known. Let’s take a virtual tour through a home to see what else we can find.
But first, what does nanotechnology mean? It’s typically defined as the use of matter at dimensions between 0.1 and 100 nanometres. For perspective, a human hair is typically between 80,000 and 100,000 nanometers in thickness.
<h2>The kitchen</h2>
All kitchens have a sink, most of which are fitted with a water filter. This filter removes microbes and compounds that can give water a bad taste.
Common filter materials are activated carbon and silver nanoparticles.
Activated carbon is a special kind of carbon that’s made to have a very high surface area. This is achieved by milling it down to a very small size. Its high surface area gives more room for unwanted compounds to stick to it, removing them from water.
The antimicrobial properties of silver makes it one of the most common nanomaterials today. Silver nanoparticles kill algae and bacteria by releasing silver ions (single silver atoms) that enter into the cell wall of the organisms and become toxic.
It is so effective and fashionable that silver nanoparticles are now used to coat cutlery, surfaces, fridges, door handles, pet bowls and almost anywhere else microorganisms are unwanted.
Other nanoparticles are used to prepare heat-resistant and self-cleaning surfaces, such as floors and benchtops. By applying a thin coating containing silicon dioxide or titanium dioxide nanoparticles, a surface can become water repelling, which prevents stains (similar to how scotch guard protects fabrics).
Nanoparticle films can be so thin that they can’t be seen. The materials also have very poor heat conductivity, which means they are heat resistant.
The kitchen sink (or dishwasher) is used for washing dishes with the aid of detergents. Detergents form nanoparticles called micelles.
A micelle is formed when detergent molecules self-assemble into a sphere. The centre of this sphere is chemically similar to grease, oils and fats, which are what you want to wash off. The detergent traps oils and fats within the cavity of the sphere to separate them from water and aid dish washing.
Your medicine cabinet may include nanotechnology similar to micelles, with many pharmaceuticals using liposomes.
A liposome is an extended micelle where there is an extra interior cavity within the sphere. Making liposomes from tailored molecules allows them to carry therapeutics inside; the outside of the nanoparticle can be made to target a specific area of the body.
<h2>Laundry, bathroom and closet</h2>
Up to 30 percent of the weight of laundry powders is made of zeolites.
Zeolites are a family of materials made mostly of silicon oxide and aluminium oxide that have specific nanoporous cage-like structures. Similar to how a sponge can absorb water, zeolites can absorb molecules and are used to absorb heavy metals and bad-smelling compounds from the washing mixture.
Nanoparticle use in cosmetics is surprisingly common. In some cases, nanoparticles, such as aluminium oxide, are used as a transparent filler material that’s easy to apply as a fine powder. In other cases, nanoparticles play an active role.
Fullerenes are carbon arranged into a football shape and are added as “Fullersomes” to some cosmetics to act as antioxidants and free radical inhibitors.
Some companies combine gold nanoparticles with silk-like proteins as an anti-ageing/wrinkle mixture. The gold nanoparticles carry the silk-like proteins into cells to restore shape.
The bad odour of hiking socks, gym clothes and pillows is caused by bacteria. As mentioned earlier, silver nanoparticles are often added to remove the bacteria and therefore stop the smell. Other products use copper nanoparticles to achieve the same goal.
You can purchase linen, towels, clothes, rugs and all manner of material with either silver or copper added.
<h2>The garage</h2>
Nanoparticles such as graphene and carbon nanotubes are among the strongest materials known.
Currently, they are best used as composite materials to add strength with minimal weight. Both carbon nanotubes and graphene are common additives in sporting equipment such as tennis rackets, golf balls, bicycles, bicycle tyres and golf clubs.
Titianium dioxide nanoparticles are often added to paints as UV protection. These nanoparticles absorb UV light before it can degrade the pigments that give paint its colour.
They can also add some self-cleaning properties so the paint is water repelling and water droplets quickly run off the surface.
Catalytic converters have been used in cars since the 1970s to reduce smog and pollution causing emissions from cars. These converters contain a number of different nanoparticles including platinum, palladium, rhodium and cerium oxide. They cause the degradation of car exhaust into less harmful productions.
As you can see, it is likely nanotechnology has already been part of your household for many years.
Cameron Shearer is research associate in Physical Sciences, Flinders University and author for The Conversation. He can be contacted <a href="https://theconversation.com/profiles/cameron-shearer-169456" target="_blank">here</a>.
 
</body></html>

Nanotechnology in the average home: a guide

<html><body>
GUEST OBSERVER
The minutes of the July monetary policy meeting of the Reserve Bank Board confirmed the importance of next week’s June Quarter inflation report. 
The key sentences in the concluding paragraph of the “Considerations for Monetary Policy” section state: “The Board noted that further information on inflationary pressures, the labour market and housing market activity would be available over the following month and that the staff would provide an update of their forecasts ahead of the August Statement on Monetary Policy. This information would allow the Board to refine its assessment of the outlook for growth and inflation and to make any adjustment to the stance of policy that may be appropriate.”
The minutes noted that there had been relatively little new data on the Australian economy since the previous Board meeting, most of which had related to labour and housing markets.
On both counts the commentary seemed to be less upbeat. Employment growth was described as having “moderated” and it was noted that the employment growth over the course of 2016 had been driven by part time jobs while full time employment had retraced some of its earlier strong gains. 
The minutes have not referred specifically to “the underemployment rate” (those who are unemployed or employed but wanting to work more hours) over the course of this year. In these minutes the Board chooses to highlight that this underemployment rate has not fallen to the same extent as the official unemployment rate indicating that slack in the labour market is greater than implied by the unemployment rate. It is interesting that both these comments put a less positive spin on the labour market than we have seen for some time.
Information on the housing market was also described as mixed with large price increases in April and May in Sydney and Melbourne being followed by only moderate rises in Sydney and falls in some other capital cities in June. Auction clearance rates and sales volumes are described as “lower than a year earlier”.
We are always interested in observations from the minutes on the Banks’ liaison work. In that regard it was noted that non-mining business investment had been growing in some parts of the economy that were less exposed to the decline in mining investment.
However much more importantly, liaison on inflation was less encouraging with the evidence pointing to “ongoing pressure to discount prices in response to increased competition in some retail markets”.
The Bank’s surveys and measures of inflation expectations were noted as having “remained below average”.
The international commentary was balanced, noting that economic growth in China had continued to ease with general weakness in industrial activity being only partly offset by an increase in public sector spending. Commentary around the ‘Brexit’ decision remained balanced with financial markets coping comfortably with the initial volatility while bond rates declined. There are no implied concerns in the commentary around any substantial impact on either the world economy or specifically the Australian economy from those developments.
The key sentence around the Australian dollar that has been recently used in minutes and the Governor’s statements has been repeated: “Members noted that an appreciating exchange rate could complicate the necessary economic adjustments”. However the minutes noted that the Australian TWI was around the levels assumed in the May forecasts. In the forecasts the TWI was assumed at 62.5; reached 63 on the day of the Board meeting and has since risen further to 64.
Conclusion
The minutes clearly leave the door open for another rate cut in August. This will depend upon the June quarter inflation report and of course it is not clear what would be the upper bound for this report to ensure a follow up rate cut.
Westpac’s current forecast for underlying inflation in the quarter is 0.3 percent which would support the need for another move given that underlying inflation would only have risen by 0.5 percent over the course of the first half of 2016 raising a genuine question mark as to whether even the Bank’s current 1.5 percent forecast could be achieved.
A lower result for 2016 would also place the 2 percent (bottom of the 2-3 percent target range) forecast for 2017 in jeopardy.
While the Board and the Governor consistently note that the level of the AUD could complicate the economic outlook there does not appear to be any heightened concern about the current level of the currency indicating that the inflation report will be the dominant issue from the perspective of policy.
Other interesting aspects of the minutes are a more subdued sentiment towards labour markets; no hint of any concerns about the impact of the May rate cut on housing markets; and a further downbeat assessment of the Chinese economy.
At the margin, all these factors slightly improve prospects for lower rates but in the event of an upside surprise on inflation will not be enough to deliver a follow up rate cut.
BILL EVANS is chief economist of <a href="https://www.westpac.com.au/" target="_blank">Westpac</a>.
</body></html>

RBA's sober assessment of the labour market and housing: Westpac's Bill Evans

Just a few months after acquiring a prime Broadbeach site on the corner of First Avenue and Surf Parade, family-run developer <a href="https://www.apartments.com.au/developers/raptis">Raptis</a> has filed fresh plans for a new apartment development.

Raptis is seeking to deliver a <a href="https://www.apartments.com.au/new-apartments/17-19-first-avenue-broadbeach-qld-4217">29-storey tower with 73 apartments</a> on the 818 sqm site. It will be the developer's seventh project in the suburb, as they are approaching completion of The Sterling on George Avenue.

There will be a pool, barbecue and outdoor dining area, residents lounge and dining, sauna and steam room, gym, and a Yoga and Pilates studio.

<img alt="Raptis" data-entity-type="file" data-entity-uuid="b554da3f-7344-49aa-b1c9-44cf459af0d7" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-06-05%20at%2010.41.45%E2%80%AFAM.png?VersionId=zzjWu1iO1wnuYv4EV4fyOyf5nSXjGYut" />

Raptis Joint Managing Director, Evan Raptis, says they remain&nbsp;committed to developing quality infill sites across the Gold Coast in the lead-up to the 2032 Brisbane Olympics.

"This project continues our long track record of delivery in Broadbeach, and we look forward to bringing another premium development to this thriving precinct."

The announcement follows strong delivery momentum for Raptis, with The Sterling Broadbeach nearing completion and construction well underway on the final stage of the Waterpoint community adjacent to Harbour Town. The developer's continued investment in the Gold Coast reflects confidence in the region's apartment market fundamentals, underpinned by sustained Southeast Queensland population growth.&nbsp;

The outlook for the region is further bolstered by infrastructure investment tied to the Brisbane 2032 Olympic Games, which is expected to drive continued economic and population growth across the SEQ corridor.&nbsp;

Subject to a favourable response from Gold Coast City Council, construction on the new First Avenue tower is targeted to commence before the end of 2026.&nbsp;

Read more:&nbsp;<a href="https://www.apartments.com.au/news/qld/it-s-all-in-the-family-four-decades-later-raptis-continues-to-shape-the-gold-coast-skyline">It’s all in the family: Four decades later, Raptis continues to shape the Gold Coast skyline</a>

Read more: <a href="https://www.apartments.com.au/news/qld/raptis-secures-prime-surf-parade-site-for-next-broadbeach-apartment-development">Raptis secures prime Surf Parade site for next Broadbeach apartment development</a> 
&nbsp;

Gold Coast developer brings seventh Broadbeach project to market, targeting construction commencement before year end

Joel Robinson

First look: Raptis lodges plans for new 29-storey Broadbeach tower 

Brisbane development veteran Kevin Seymour's Seymour Group is set to deepen its presence on one of Brisbane's most tightly held riverfront addresses, lodging revised plans for a luxury apartment development on Oxlade, just a few doors down from The Oxlade, which it completed in 2024.

The <a href="https://www.apartments.com.au/new-apartments/70-72-oxlade-drive-new-farm-qld-4005">new project at 70-72 Oxlade Drive</a>, directly north of The Oxlade, will have 27 apartments across a seven-storey building&nbsp;overlooking the Brisbane River and Merthyr Park. It's a revision from a 2021-approved design.

Designed by bureau^proberts, the project has evolved from the previously approved 26-apartment scheme, introducing an additional penthouse level while maintaining a low-density, boutique character. The development will comprise 26 three-bedroom apartments and a single four-bedroom penthouse, supported by two basement levels with 86 car spaces and 34 bicycle spaces.

The architectural response is centred around two distinct building forms separated by a landscaped open-air atrium.&nbsp;"This dual composition captures and embraces Brisbane’s subtropical environment whilst breaking down built form and scale," the submission to the Brisbane City Council noted.

<img alt="First look: Seymour Group returns to Oxlade Drive with revised riverfront apartment plans in New Farm" data-entity-type="file" data-entity-uuid="c12d84d0-bc11-4067-b46f-5bd2d786a34d" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/new%20farm%20landscape.png?VersionId=YEPc2k5CAdh6aAPlu4uVpgZadh4MEfRd" />

A defining feature of the design is a deep landscaped void running through the centre of the building, creating what bureau^proberts describes as a "natural ravine" that enhances airflow, daylight penetration and resident amenity. The design report notes that the separation of the two building volumes is intended to maximise natural light, cross-ventilation and outlook while strengthening connections to the surrounding riverfront setting.

Curved balcony edges, integrated planting and extensive landscaping throughout the façade reinforce the subtropical design approach. The building's façade is softened by elevated gardens and planter beds, creating a green edge that complements the established landscape character of Oxlade Drive and neighbouring Merthyr Park.

New Farm has become one of Brisbane's most sought-after suburbs for developers delivering premium downsizer-focused apartments.

GRAYA has been particularly active in the precinct, completing both Chalk and York in recent years, while construction of Moray House, being delivered for Spyre, is now nearing completion. Architect-turned-developer Joe Adsett recently launched <a href="https://www.apartments.com.au/new-apartments/arcilla-new-farm-by-joe-adsett-28-maxwell-street-new-farm-qld-4005">Arcilla on Maxwell Street</a>, an exclusive collection of just nine apartments.

First look: Seymour Group returns to New Farm's Oxlade Drive with riverfront apartment plans

A new residential tower will be the first piece of a broader mixed-use precinct set to reshape a prominent Newcastle West site, with local developer <a href="https://www.apartments.com.au/developers/gwh">GWH</a> bringing its <a href="https://www.apartments.com.au/new-apartments/cambridge-quarter-newcastle-west-12-denison-street-newcastle-west-nsw-2302">Cambridge Quarter</a> vision to market.

The first release, Tempo, will introduce 87 apartments across a 24-storey tower, marking Stage 1 of the residential component of a larger urban regeneration project planned for the western end of Newcastle's city centre, encompassing the former Cambridge Hotel site.

Positioned on Denison Street, Tempo has been designed as the inaugural building within Cambridge Quarter, a precinct that will ultimately combine apartments, retail activation and revitalised public spaces including the revamping of the Cambridge Hotel.

[smartcode_project:default project_id=135876 project_image_fid=368856]

The tower will comprise a mix of one, two and three-bedroom apartments, including layouts with multipurpose rooms, catering to a broad cross-section of owner-occupiers. Apartment sizes range from around 60 sqm to 192 sqm, with a number of residences oriented to capture views across Newcastle Harbour, the city skyline and coastline.

GWH has emphasised liveability in the design, with open-plan layouts extending to generous balconies and terraces. Residents will have a choice of two interior palettes, while specifications include engineered stone benchtops, SMEG appliances, full-height bathroom tiling and secure building access. Premium upgrade packages will also be available

Multiple rooftop resident retreats will provide communal outdoor space overlooking the harbour and city, offering an elevated amenity layer above the activity of the precinct below.

[smartcode_project:default project_id=135876 project_image_fid=368851]

The broader Cambridge Quarter vision extends beyond the residential tower itself. Ground-level retail activation and landscaped public areas are planned throughout the precinct, creating a walkable neighbourhood environment connected to the surrounding renewal of Newcastle West. The Cambridge Hotel is also earmarked for future redevelopment into a family-friendly hospitality venue integrated with the new precinct.

The project is strategically positioned within walking distance of Newcastle Interchange, providing access to light rail, regional rail services and direct connections to Sydney. Residents will also be close to Honeysuckle, Newcastle Harbour and the city's beaches and coastal walkways.

[smartcode_project:default project_id=135876 project_image_fid=368852]

For GWH, Cambridge Quarter represents one of its most significant Newcastle developments to date. The locally based developer, which has operated in the Hunter region since 1995, describes the project as a new chapter in the ongoing transformation of Newcastle West.

GWH Executive Director Jonathan Craig said the project had been shaped by a focus on creating lasting community connections.

"We take pride in creating places that last. Spaces where people feel connected, comfortable and a genuine sense of belonging," Craig said.

"Cambridge Quarter is something we are truly proud of, a place shaped by local knowledge, built with care and designed to be part of Newcastle's next chapter."

[smartcode_project_cta:default project_id=135876]

GWH unveils first release at landmark Cambridge Quarter precinct in Newcastle West

<a href="https://www.apartments.com.au/developers/ss-projects">S&amp;S Projects</a>,&nbsp;Rainbow Bay's busiest developer,&nbsp;has officially lodged plans for the largest development in its booming local portfolio, seeking approval for a further 88 apartments on Boundary Street.

The proposal&nbsp;at <a href="https://www.apartments.com.au/new-apartments/209-213-boundary-street-coolangatta-qld-4225">209–213 Boundary Street, Coolangatta</a>,&nbsp;marks the next chapter in the developer's transformation of the southern Gold Coast beachside precinct. It will be its fifth in the area, having already delivered Flow, Awaken and Esprit, while construction continues on the 38-apartment Radia. The new project would rise 57 metres above a consolidated 1,518 sqm site, on the same street as Radia and Esprit.

&nbsp;

Designed by <a href="https://www.apartments.com.au/architects/cottee-parker-architects">Cottee Parker</a>, the proposed development comprises 88 two and three-bedroom apartments across a contemporary podium-and-tower form that integrates extensive landscaping from street level through to the rooftop.

The tower would be delivered above a basement and multi-level podium accommodating resident and visitor parking, with the residential component commencing from level three. The design incorporates cascading planting throughout the façade, landscaped podium edges, and deep planting zones along the Boundary Street frontage.

<img alt="First look: S&amp;S Projects lodges plans for 88-apartment wellness tower at Coolangatta's Boundary Street" data-entity-type="file" data-entity-uuid="677e6615-b5c0-4b6c-b4f9-efb14fcde1a6" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/ss%20da%20pers.png?VersionId=YOnPKQm7IFXv0M5H326djEpxk80500Hi" />

A key feature of the development is its expansive rooftop wellness and recreation precinct. Plans reveal a resort-style pool deck, gymnasium, sauna, steam room, hot and cold plunge pools, rooftop terraces, barbecue areas and landscaped relaxation spaces positioned to capture views across the southern Gold Coast coastline.

The rooftop wellness focus builds on the vision S&amp;S Projects first outlined when it acquired the site for $20.25 million last year.

"We are taking every advantage to create a truly unique rooftop wellness experience with a natural feel for residents, offering stone features throughout and an underlying theme that emulates a botanical garden," S&amp;S Projects founder and director Paul Gedoun said at the time.

The proposal seeks a 57-metre building height, representing a 50 per cent uplift on the site's mapped 38-metre height limit. Planning documents argue the additional height is consistent with recently approved and emerging towers in the immediate Boundary Street and Rainbow Bay precinct.

Urbis, acting as planning consultant, said the development would provide "88 dwellings, comprising a mix of two and three-bedroom apartments, contributing to housing choice and supply within an established medium to high-rise coastal urban neighbourhood."

The scheme has undergone extensive pre-lodgement consultation with the City of Gold Coast, with the design refined following feedback relating to architectural expression, landscaping, traffic access and podium treatment.

<img alt="S&amp;S" data-entity-type="file" data-entity-uuid="0a2d70fd-62ac-4b83-97c6-b798fc1243dd" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-06-05%20at%209.16.31%E2%80%AFAM.png?VersionId=yHmghUwKM3IVGpBktQU1mE.0Lpf3WimG" />

The architectural team is led by Brisbane-based Cottee Parker, one of Australia's most active residential design studios, with landscape architecture by Dunn + Moran. The consultant team also includes ADG Engineers, Windtech and Acoustic Works.

S&amp;S Projects has become one of the most influential private developers operating on the southern Gold Coast. Since entering Rainbow Bay in 2022, the company has assembled a portfolio exceeding $1 billion in end value, establishing itself as a key player in the area's evolution into a premium apartment destination. Pezet Matheson will again handle the sales for S&amp;S.

Coolangatta is entering another wave of apartment development, following the delivery of several prominent residential projects in recent years.

John Kearney's Immerse Projects will launch&nbsp;<a href="https://www.apartments.com.au/new-apartments/kaiya-kirra-beach-5-haig-street-coolangatta-qld-4225">Kaiya on Haig Street</a>&nbsp;soon, meanwhile, Palm Beach-based Sherpa Property Group is preparing to bring its debut Coolangatta development, <a href="https://www.apartments.com.au/new-apartments/flourish-viver-87-griffith-street-coolangatta-qld-4225">Flourish Viveré</a>, to market later this year, subject to approvals.

First look: S&S Projects proposes 88-apartment wellness tower at Coolangatta's Boundary Street

A landmark former orphanage site in Surrey Hills could be transformed into a new residential community under plans lodged by <a href="https://www.apartments.com.au/developers/antipodean-land-developments">Antipodean Land Developments</a> that would deliver 76 apartments and townhouses while restoring some of the suburb's most significant heritage buildings.

The burgeoninng Melbourne-based developer has submitted plans for the 9,158 sqm site at 1 Kent Road and 24 Durham Road, home to the former St Joseph's Home for Destitute Children, a historic institutional complex dating back to the late 19th century. The proposal seeks to adaptively reuse several heritage buildings while introducing two new four-storey residential buildings set within extensive landscaped grounds.

Designed by <a href="https://www.apartments.com.au/architects/woods-bagot">Woods Bagot</a> and Kerstin Thompson Architects, the project has been conceived as a contemporary residential village embedded within a restored heritage precinct. The development team describes the design approach as "The Village in the Garden," with new buildings positioned among mature landscaping by OCULUS and significant heritage structures.

<img alt="First look: Antipodean Land Developments plans heritage-led apartment community in Surrey Hills" data-entity-type="file" data-entity-uuid="44ec8c1b-c0b6-44ae-859e-5811b3e6a023" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Untitled%20design%20%281%29.png?VersionId=p.p1_KFh4iQoV4nisdnPfQBAsWNi7m79" />

The proposal would deliver 76 dwellings comprising a mix of apartments and duplex-style residences, significantly increasing housing supply on one of the largest privately held residential landholdings in Surrey Hills. The development includes 127 car spaces, 24 bicycle spaces and more than 1,000 sqm of communal amenity, with the existing chapel building earmarked for conversion into resident facilities.

According to the planning submission, the project centres on the restoration and adaptive reuse of the site's most significant heritage assets, including the original c.1889 St Joseph's building, the chapel designed by architect Augustus Andrew Fritsch, and the historic brick perimeter walls and entry gates. The proposal also incorporates the retention of other contributory buildings including the former infirmary and school building.

Tract Consultants, in the planning report accompanying the application, said the scheme had been shaped through extensive heritage analysis and design development.

"The shared vision for the Site by the project team has culminated in a scheme which successfully breathes life back into a historic site while delivering upon the objectives of Victoria's Housing Statement in a carefully curated and contextually responsive manner."

<img alt="First look: Antipodean Land Developments plans heritage-led apartment community in Surrey Hills" data-entity-type="file" data-entity-uuid="7263b7d8-95ea-400f-9531-6ca7d22c3c33" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Untitled%20design%20%282%29.png?VersionId=4cR1tiWOsDpgxEOwZi5vVFcyvvOsYkIE" />

The proposal is being assessed under Victoria's Significant Residential Development with Affordable Housing pathway. As part of the application, three per cent of the project's residential development cost would be contributed to the Social Housing Growth Fund. The development would also provide a diverse mix of one, two and three-bedroom residences targeting a broader range of buyers than typically found in Surrey Hills' detached housing market.

Sustainability initiatives include an anticipated 66 per cent BESS score, natural cross-ventilation to 80 per cent of apartments, 28 per cent deep soil landscaping and a canopy cover outcome exceeding local planning requirements. The proposal also sets aside more than 1,083 sqm for communal indoor and outdoor resident amenity spaces.

<img alt="First look: Antipodean Land Developments plans heritage-led apartment community in Surrey Hills" data-entity-type="file" data-entity-uuid="33fad46f-fe26-4d0a-acfd-6b776e1c6a3d" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Untitled%20design.png?VersionId=D9F6WVSyYCtGvSUmith35LRp6R7PQkw_" />

Planning documents describe the property as one of the largest underutilised residential sites in Surrey Hills, arguing it presents a rare opportunity to introduce "missing middle" housing in an established inner-eastern suburb while preserving and revitalising a significant heritage precinct.

Antipodean Land Developments has built a reputation for design-focused residential projects across Melbourne, particularly in the medium-density sector. Previous developments include Neighbourhood in Brunswick East, delivered with Breathe Architecture, and Balfe Park Lane, designed by Kerstin Thompson Architects.

They've been very active in site acquisition as they build out their future development pipeline. They recently launched Thornubury House, 45 apartments above a mix of commercial, retail, and food and beverage tenancies, and have plans for a boutique project in Fitzroy and another <a href="https://www.apartments.com.au/news/vic/antipodean-plan-apartments-for-deepdenes-missing-middle-on-whitehorse-road">"missing middle" project</a> on Deepdene's Whitehorse Road.

Jonathan Chancellor

Editor's Picks

Have something to contribute?

Developments

New apartments

New townhouses

News