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There was a $277,500 sale in Melbourne's Tullamarine, but with little price growth over the five years since sold at $275,000.
It too sold at just above its $250,000 to $275,000 price range.
The <a href="https://www.realestate.com.au/property-unit-vic-tullamarine-122299634" target="_blank">single storey one bedroom 1980s villa</a> with courtyard is rented at $265 a week, which also reflected little if any rental price growth over the five year ownership.
CoreLogic RP Data put the median apartment price at $350,000.
 
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jchancellor-FAypfDUnLy

Not much price or rental growth in Melbourne's cheapest

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The penthouse at 181 Exhibition Street, Melbourne has gone under contract since offers closed last week.
About $2 million was expected for the three bedroom, three bathroom apartment.
It is a two-level pad, one of four atop the mid-century Paramount building.
Chinatown is at its feet.
<a href="https://www.realestate.com.au/property-apartment-vic-melbourne-122372386" target="_blank">The apartment</a> has undergone a high-end renovation.
The complex comes with pool, gym and tennis court.
It was offered through Dingle Partners agent Tracey Fletcher.
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Exhibition Street, Melbourne penthouse under contract

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GUEST OBSERVER
The Reserve Bank has released its latest quarterly Statement on Monetary Policy (SoMP) for May.
While its growth and unemployment forecasts were left unchanged compared to February, the Banks’ inflation forecasts are more dovish than we had expected.
There is always considerable interest in the Bank’s SoMP forecasts as they offer the clearest guidance to its policy inclinations. That is even more the case this month given the May rate cut and the somewhat limited guidance in the Governor’s statement accompanying the move.
Note that an important consideration is how the Bank’s forecasts are framed by its assumptions on the exchange rate and interest rates. For May, these are for an AUD of USD 0.75 and 62.5 in TWI terms, and for ‘market pricing’ that has the cash rate falling 15bps by August and to 1.50% by February next year. That compares with forecasts in the February SoMP that assumed an AUD at  USD 0.72 and 62.0 in TWI terms, and ‘market pricing’ that had a full rate cut (from 2% to 1.75%) by September. Noting that the RBA favours the TWI for its forecasting, the assumptions around the AUD will not have significantly affected the forecasts. However, the May forecasts are based on a cash rate that is 0.25% lower across the entire forecast period.
Growth forecasts
Recall that in the last SoMP, on February 4, the RBA had growth forecast to run at 3.0% in the year to December 2016; 3.0% for the year to December 2017; and 3.5% for the year to June 2018 (all figures are mid-points of 1ppt forecast ranges).
The May SoMP forecasts for growth are unchanged. This implies that if the Bank had not cut rates by 0.25% earlier this week then the growth rate for 2017 would have been revised down.
Inflation forecasts
In February the Bank forecast underlying inflation at 2.0 percent to June 2016; 2.5 percent to December 2016; and 2.5 percent to December 2017 (again all mid-points of 1ppt forecast ranges).
The Bank is now forecasting underlying inflation to come in at 1.5 perch t to June 2016 (implying a June quarter print of 0.5 percent qtr).
Beyond that it is forecasting inflation of 1-2 percent for the year to December 2016 and 1.5-2.5 percent for the year to December 2017 and the year to June 2018, i.e. a mid-point forecast of 1.5 percent for December 2016 lifting to 2 percent thereafter.
These forecasts are at the lower end of our expectations and can therefore be interpreted as clearly more dovish than we had expected.
They are saying that even after taking into account the latest rate cut and market pricing which anticipates a further cut by early 2017, underlying inflation is most likely to remain 0.5% below the bottom of the RBA’s 2-3 percent target band in 2016 and at the very bottom of the band in 2017, staying there even out to the end of the forecast period (June 2018).
Key to understanding the outlook for policy is the discussion on inflation
The downward revisions to the RBA’s inflation forecasts reflect a structural change in its view on domestic inflation and wages growth.
The reassessment is specifically attributed to: “the broad-based” nature of the weakness in non-tradables inflation and the fact that wage outcomes were lower than expected over 2015”. 
On wages, the Bank notes that wages growth has been “much lower than the historical relationship with measures of spare capacity, such as the unemployment rate”. They suggest several factors may account for the divergence including: declining inflation expectations; the falling terms of trade; and a more flexible labour market. They also note that the phenomenon of “surprisingly low wage growth for given labour market conditions which has been apparent across a number of advanced economies” and particularly, the breakdown of the relationship between the unemployment rate and wages growth. They also, sensibly, observe the impact on wages of the movement of workers from highly paid mining related jobs to other employment. 
Accordingly the Bank has revised down its outlook for wage growth: “will remain around current low levels for longer than previously forecast and pick up only very gradually over the forecast period”. More generally, unit labour costs are expected to be much slower to pick up than in previous cycles (historically, they have tended to pick up once the unemployment rate starts to decline).
Other factors seen as contributing to weak domestic cost pressures include: heightened retail competition (also affecting tradables, softer conditions in rental and housing construction markets and declines in the costs of business inputs such as fuel and utilities.
Also notable in the discussion of uncertainties around the forecast is the comment that “it is possible that inflation expectations will be persistently lower for longer than currently anticipated”. While that is placed alongside a range of other upside and downside risks, the risks around expectations are clearly skewed to the downside.
While clearly more downbeat on the outlook for non tradables inflation, the Bank has broadly retained its view that the gradual pass-through from the fall in the AUD since 2013 can be expected to add “a bit less than half a percentage point to underlying inflation over each year of the forecast period.”
This observation is ‘hedged’ a little with both the size and timing of the effect described as “inevitably imprecise”. The Bank also sees the impact being limited by heightened retail competition.
However, the discussion still implies that the bulk of the downward adjustment in the forecasts (from 2.5% to 1.5% in 2016 and from 2.5% to 2.0% in 2017) is due to the impact from lower non-tradable inflation.
Other points of interest
While the main message is clearly around the outlook for inflation and wages growth there were some other notable comments in the May SoMP.
On the global backdrop, the RBA has lowered its forecast for growth in Australia’s major trading partners “a little” with this now seen tracking 0.5% below its 10yr average. In particular, growth momentum was assessed as slower in Asia although within the region, expectations for China were unchanged since February, the soft March quarter outcome offset by a near term boost from policy measures. China remains a standout risk for Australia with the RBA voicing concerns that these recent stimulus measures appear to run counter to the Chinese authorities’ medium term goals of deleveraging and reducing dependence on investment and heavy industry and could see problems emerge if progress towards these medium term goals is delayed.
There is also an important sidenote on commodity prices. These have rallied strongly since the February SoMP. However, the Bank makes an explicit assumption that “prices for bulk commodities will not be sustained at current levels” with iron ore and coal prices after 2016 unchanged from the February SoMP. Oil prices are assumed to sustain at US$/47bbl but these have a mixed impact on Australia due to our high imports – the net effect is to leave the Bank’s terms of trade forecast largely unchanged compared to February. This is an important assumption as the rise over the last three months, if it had been assumed to continue, would likely have led to some (albeit minor) upward revisions to its growth and inflation forecasts.
Finally, there were some notable ‘absences’ in the SoMP overview. The closing paragraphs in the overview often take a similar form to those in the Governor’s decision statement and the ‘Considerations for policy’ section. Hence it can sometimes provide a bit more guidance around the Bank’s policy views, e.g. wording that sets out a clearer view on where the Bank would like the AUD to go or gives a framework implying a clear ‘policy bias’ going forward. Neither were offered in the May SoMP although the significance of the Banks’ forecast revisions is clearly the dominant policy ‘message’ this time around.
Conclusion
The changes to the forecasts for underlying inflation in this SoMP are, for a central bank like the RBA, nothing short of spectacular. This is particularly so given the new forecasts are based on a profile for interest rates that is 0.25% lower.
The revisions entirely support our expectation of a further rate cut in August. With inflation now driving the policy decision and rates so low, we would be surprised if the Bank chose to move any earlier.
For now, we think they will stick with a plan to re-assess the inflation outlook after the next inflation report (due July 27) and deliver a further rate cut at the Bank’s August meeting.
Updates on wage inflation (May 18), unit labour costs (with the Q1 national accounts release on June 1, a week prior to the RBA’s June meeting), and a wide range of inflation expectations measures will also be of keen interest.
On face value we have to ask ourselves whether the forecasts in the Statement, being based on the expected rate cut, are acceptable for an inflation targeting central bank.
Will the Board be comfortable with a forecast that inflation only rises to the bottom of the target range by the ‘policy year’? (i.e. 2017, the 12-18mth horizon over which current monetary policy settings and assumed near term adjustments are expected to have fully worked through to the wider economy).
We cannot entirely dismiss the prospect that reaching the bottom of the zone is unacceptable to the Board and, in due course, it will assess that even further action is required.
It will certainly be a challenging introduction for the new Governor when he takes over in September. 
BILL EVANS is chief economist of <a href="https://www.westpac.com.au/" target="_blank">Westpac</a>.
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RBA cuts inflation forecasts strongly: Westpac's Bill Evans

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<img src="https://counter.theconversation.edu.au/content/57114/count.gif" alt="The Conversation" width="1" height="1">
GUEST OBSERVER
Luar Batang, one of Jakarta’s oldest waterfront squatter areas, is being flattened. Residents and their homes will be removed to free up flood-prone land and access to the city for tourists. Thousands of people will be evicted, disrupting if not destroying livelihoods, jobs, homes and long-established social networks.
Like the illegal settlements in Kalijodo district, Luar Batang has received global attention for the heavy-handiness of the state-led intervention. Yet the decision to demolish a community built on a unique combination of circumstance, place and people is unlikely to be reversed.
The Luar Batang story is not exclusive to Jakarta. In many cities in the Asia-Pacific and developing countries, informal or unplanned settlements continue to grow and are seen as a blight on city development.
These “parasites” of the city are on land that the formal planning system deemed unsuitable for development. Yet state and private developers now see them as a relatively easy land gain to reap higher financial returns.
Rather than engage in strategies to upgrade settlements, some policymakers want them “out of sight, out of mind”. The settlements’ structure, people and image do not conform to middle-class and private developer views.
<h2>Informal settlement isn’t the exception</h2>
Globally, informal settlements in urban areas are growing at an unprecedented rate. In 2016, UN-Habitat estimated that around one billion people live in slums (an extreme type of informal settlement). That’s about one-quarter of the world’s urban population.
A United Nations report, The State of Asian and Pacific Cities 2015, noted that the Asia-Pacific region has gained a reputation as home to the world’s biggest and most populated slums and informal settlements. While the urban middle class has grown and good gains have been made in reducing urban disparities, including poverty, basic human right <a href="https://unhabitat.org/urban-themes/human-rights/">s</a>remain elusive for people in such settlements.
In October 2016, the UN Habitat III Conference on Housing and Sustainable Urban Development takes place in Quito, Ecuador. This global event happens only every 20 years.
Habitat III offers policymakers the chance to adopt a better-managed, more humane approach to the complexities of urbanisation. Regional meetings and other laudable initiatives have been taking place for the last 18 months. Government, civil society and other stakeholders have been working towards a New Urban Agenda to be debated and adopted at Habitat III.
With more than 54% of the world’s population now urban, informal settlements are burgeoning. The challenges are daunting. So where will informal settlements and the people who live in them be placed at Habitat III?
<h2>Seismic shift in attitudes is needed</h2>
The emerging agenda is strongly centred on the Habitat III policy theme of the “Right to the City and Cities for All”. The sociologist Henri Lefebvre proposed the “Right to the City” in 1968. David Harvey developed the concept in the new millennium as a means to reshape urbanisation by enhancing or extending access to human rights.
The Right to the City agenda requires a monumental shift in society attitudes. It requires us to reduce sociospatial injustices, achieve sociospatial inclusion, increase equity, improve multi-level governance and, importantly, respect the sociocultural diversity that increasingly defines cities.
Therein lies a major hurdle. The rights of the people in informal settlements are being taken away or withheld at many levels, such as access to safe water, sanitation and educational opportunities. As well, their non-compliance with the norms and values of prevailing formal planning – such as land tenure and where and how they build houses, construct spaces and undertake social activities – means they have reduced rights to a city.
The Right to the City idea challenges us first and foremost as individuals to decide what basic human rights – such as land, housing, water and sanitation – are “non-negotiable” and “must haves” in city development. Changing how informal settlements and the city are viewed requires a multi-scale and multi-institutional policy underpinned by a major coalition of support.
For teachers in the privileged position of educating university students who will one day be urban planners and designers in a multicultural world, for example, this requires major realignment of planning education. We need to integrate civic responsibility and the broader Right to the City into current approaches.
Initiatives by Australian universities to work with tertiary institutions in developing countries and interested stakeholders are small but important steps. These opportunities to share ideas, work together in the field and experience everyday life in informal settlements let graduates see first-hand what the Right to the City means. This opens eyes to future international development opportunities.
As noted in a recent assessment of the Pulosari kampung (“village”) in Bandung, Indonesia, we need to “step outside our comfort zone on how we view and understand the city”.
The “Right to the City” debate at Habitat III is important for Australia in how it positions itself working with developing countries and with the greater issue of human rights for the next 20 years as mainstreamed into the urban realm.
For example, recognising the role that informal settlements play in providing affordable housing – rather than seeing them as an aesthetic problem – is part of changing society’s blinkered view of an increasingly complex urban world.
With Habitat III looming as a landmark global event, will informal settlements be taken seriously as people seek a reasonable life in the city? What impact will this have on the urban divide?
Paul Jones is associate professor, Urban &amp; Regional Planning, Faculty of Architecture, Design and Planning, University of Sydney and author for The Conversation. He can be contacted <a href="https://theconversation.com/profiles/paul-jones-2290" target="_blank">here</a>.
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Slums: Will Habitat III defend the human right to the city?

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Weekend auction clearance rates remained strong, sitting about 70 percent in both Sydney and Melbourne, underpinned by the past week's policy announcements.
The RBA board lowered the cost of borrowing - with most lending institutions passing it onto home buyers - and the Federal Budget put property investment firmly on the agenda as a byproduct to its mooted superannuation changes. 
Home loan rates are as low as 3.88 per cent for owner-occupiers and 4.04 percent for investors compared with a long-term average of about 7 percent.
Not that the money is free flowing as with stricter loan-to-value ratios (LVRs) being applied by lenders, the capacity of both local and offshore buyers for houses and apartments is being curtailed.
Dr Andrew Wilson, chief economist for Domain Group, says Sydney price growth this year was likely to be around three and four per cent and Melbourne slightly higher at between four and five per cent.
Toorak ought have secured the weekend's top two sales but the interest was not there, with the Chinese influence now just an undercurrent.
There were no bidders when <a href="https://www.realestate.com.au/property-house-vic-toorak-122376458" target="_blank">23 Montalto Avenue, Toorak was offered</a>. The vendor bid was $7.75 million for the Rodney Alsop designed family residence on 1146 sqm with pool and courtyard designed by gardening guru Edna Walling.
Another Toorak offering at 10 Cole Court was passed in on a $6.75 million vendor bid through RT Edgar after rejecting the only buyer bid of $5 million.
The home was converted in the 1950s by Sir Roy Grounds out of stables for the now razed Southdean estate.
It was offered by the Cecil family, the fourth generation owners of menswear retailer Henry Bucks.
Melbourne buyers agent Mal James said the market was missing the Chinese buying interest at prior levels.
He advised that any claims by agents that “we’ve got loads of Chinese interest from overseas” was now "drivel."
"It's not there like it was in most cases," he said.
So the top weekend sale price was instead $4.55 million at Henley in Sydney on the riverfront when <a href="https://www.realestate.com.au/property-house-nsw-henley-122395590" target="_blank">6 Sherwin Street</a> (above) sold through Ray White who suggested it needed renovation.
It narrowly exceeded the $4.5 million sale of <a href="https://www.realestate.com.au/property-house-sa-hackham+west-122429454" target="_blank">389 Barkly Street, Elwood</a>. There were five bidders for the investment opportunity of a block of four, three bedroom apartments.
The cheapest result was $250,000 in Adelaide, at just above the $239,000 price guidance.
It was a deceased estate on Beach Road which had been a recent $300 a week four bedroom rental with mechanic's garaging.
There was a $277,500 sale in <a href="https://www.realestate.com.au/property-unit-vic-tullamarine-122299634" target="_blank">Melbourne's Tullamarine</a>, but with little price growth over the five years since sold at $275,000.
It too sold at just above its $250,000 to $275,000 price range.
The single storey one bedroom 1980s villa with courtyard is rented at $265 a week, which also reflected little if any rental price growth over the five year ownership.
This week there were 1,135 auctions in Melbourne, which accounted for 52 percent of all capital city auctions.
CoreLogic RP Data advised the 71 percent Melbourne clearance rate compared to 73 percent last week and 79 per cent one year ago.
Sunshine cracked the $1 million club after a period-style family home sold under the hammer for a record-breaking $1.03 million.
It was the four-bedroom house at 1 Walter St, located on 810 sqm in the coveted Matthews Hill precinct that bettered the $935,000 record set in February this year.
<img src="/images/2016/05/09/main-2.jpg" alt="" width="675" height="506">
In Carlton the former AFL coach Denis Pagan's longtime family home sold with approval for <a href="https://www.realestate.com.au/property-house-vic-sunshine-122361326" target="_blank">three townhouses at $1.8 million</a>.
 
<a id="LPlnk683209" href="https://www.realestate.com.au/property-house-vic-carlton-122301798" target="_blank"></a><img src="/images/2016/05/09/main-3.jpg" alt="" width="568" height="426"> 
Co-owned with brother Larry, it had been mostly empty for the past decade.
Melbourne’s inner East was the softest clearance rate at 63 percent across 135 results collected.
By contrast Sydney's east was super strong. Sydney hosted 647 auctions this week with a preliminary clearance rate of 72 percent, sitting as the strongest of any capital city with three Sydney sub-regions recording success rates in the 80 percent range, including its Eastern suburbs at 89 percent.
Anyone doubting the strength can't view the latest celebrity listing as it sold withn six days of offering and weeks before its scheduled auction.
 
<img src="/images/2016/05/09/main-4.jpg" alt="" width="632" height="474">
It was a Bondi semi that performed poorly in The Block All Stars three years ago.
It has now been snapped up for sold for around $2.55 million, an 86 percent hike on the sale price under the television lights in 2013.
Sunnybrae at <a href="https://www.realestate.com.au/property-house-nsw-bondi-122539826" target="_blank">10 Tasman Street, Bondi</a>, had an initial price guide of $2.2 million having sold last at $1,375,000.
After two long weekends in a row, Brisbane auction volumes picked up this week, with 192 residential properties going under the hammer, with just 43 per cent selling.
Canberra had their mind on other matters with the 54 percent clearance rate down from 59 per cent last week and the 65 percent last year.
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Sydney and Melbourne still securing 70 percent plus auction clearance rates

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Weekend auction clearance rates remained strong, sitting about 70 percent in Sydney, underpinned by the past week's policy announcements.
Sydney's east remains super strong.
Anyone doubting the strength can't view the latest celebrity listing as it sold withn six days of offering and weeks before its scheduled auction.
It was a Bondi semi that performed poorly in <a href="https://www.realestate.com.au/property-house-nsw-bondi-122539826" target="_blank">The Block All Stars</a> three years ago.
It has now been snapped up for sold for around $2.55 million, an 86 percent hike on the sale price under the television lights in 2013.
Sunnybrae at 10 Tasman Street, Bondi, had an initial price guide of $2.2 million having sold last at $1,375,000.
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Quick resale of the Block Allstars semi in Bondi

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The largest agricultural investment under the federal government's new significant investment visa (SIV) program has been made in the $174 million float candidate Mort &amp; Co.
It owns and operates Australia's biggest independent feedlot business.
The SIV program gives foreigners resident status in exchange for a $5 million investment.
Last July the federal government changed the SIV rules to ensure that at least 40 per cent of each $5 million investment would be placed into venture capital and growth equity for smaller Australian companies.
Investment bank Moelis, which is handling the Mort &amp; Co float, confirmed that a pre-IPO investment of $16 million had been made in the cattle company largely through the Moelis significant investment visa (SIV) venture capital fund.
The Australian Financial Review reported wealthy individuals from China, Singapore and Australia have also participated.
Mort &amp; Co has more than 10,000 hectares of prime cattle stations in Queensland and NSW, and is seeking to list on the Australian Securities Exchange next year.
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SIV migrants put $16 million into Mort & Co

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Toorak ought have secured the weekend's top two sales but the interest was not there, with the Chinese influence now just an undercurrent.
There were no bidders when <a href="https://www.realestate.com.au/property-house-vic-toorak-122376458" target="_blank">23 Montalto Avenue, Toorak</a> (above) was offered. The vendor bid was $7.75 million for the Rodney Alsop designed family residence on 1146 sqm with pool and courtyard designed by gardening guru Edna Walling.
Another Toorak offering at 10 Cole Court was passed in on a $6.75 million vendor bid through RT Edgar after rejecting the only buyer bid of $5 million.
The home was converted in the 1950s by Sir Roy Grounds out of stables for the now razed Southdean estate.
It was offered by the Cecil family, the fourth generation owners of menswear retailer Henry Bucks.
Melbourne buyers agent Mal James said the market was missing the Chinese buying interest at prior levels.
He advised that any claims by agents that “we’ve got loads of Chinese interest from overseas” was now "drivel."
"It's not there like it was in most cases," he said.
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Chinese losing buying interest in Melbourne's top end property

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Construction is complete on Salta Properties’ third residential project in the Victoria Gardens Precinct, A Place to Live.
Located at 8 Burnley Street, the 61 apartment development was completed this month with an end value of $35 million.
Designed by multi-awarding winning architects and trusted project partner of Salta Properties, SJB, A Place To Live brings a graceful curvilinear silhouette and natural timber looks to the area.
Salta Properties’ managing director, Sam Tarascio, said A Place To Live was another exciting chapter of the company’s masterplan for the Victoria Gardens Precinct.
“As we complete this property we will be moving focus to our next residential development located across the road in Abbotsford, set to be released in mid-May,” said Mr Tarascio.
The building comprises six stories of one, two and three bedroom apartments, lifestyle amenities including gym facilities, a café and community centre on the ground floor adjacent to soon to be upgraded Williams Reserve.
A Place To Live follows the success of Salta Properties’ residential developments Richmond A Place To Live and Green Square and are all within minutes of each other and the company’s retail hub Victoria Gardens Shopping Centre.
All apartments at A Place To Live were sold prior to construction.
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Salta finishes latest Victoria Gardens Precinct development

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SPONSORED POST
A newcomer to Balmain, TOGA’s luxury Harbourfront Balmain development hugs the peninsula waterline and offers buyers a taste of the sophisticated village life.
Stretching out after work, wine glass in hand, observing ferries take commuters home is an archetypically Sydney indulgence, usually the preserve of a waterfront restaurant seating on an evening out.
The sleepy peninsula development Harbourfront Balmain offers this prospect in a prime city-fringe spot. Those balancing full-time work, family commitments or simply life’s wearisome routine will spy much more than the waterfront views. 
<img src="/images/2016/05/06/700_toga1.jpg" alt="">
This neighbourhood development, nestled on 150 metres of waterfrontage on the banks of the Parramatta River, looks out to Sydney Harbour capturing views north to Spectacle Island and west to the Iron Cove Bridge.
Only 29 boutique apartments remain for sale – priced from $850,000 – refreshingly reasonable for a slice of city-fringe waterfront.
Half a kilometre or so east of Harbourfront Balmain, leisurely walking distance, Darling Street offers a plentiful supply of artisanal coffee shops, designer children’s clothing boutiques and cosy bakeries.
The combination of waterfront living, charming village appeal and, peaceful surroundings acts as a magnet for downsizers, young professionals and families moving to snap up a city-lifestyle without the hustle and bustle.
Harbourfront Balmain will comprise 121 residences across eight low-rise buildings between three and five-storeys high including one, two and three-bedroom apartments and nine three-bedroom terraces.
<img src="/images/2016/05/06/700_toga3.jpg" alt="">
Half the buyers at Harbourfront Balmain are a mix of young professionals and families with young children who are moving for inclusive city-centric convenience as well as more space and a suburban feel, notes TOGA General Manager of Sales &amp; Leasing Alex Adams.  
Typically they will trade in an older-style home in the surrounding suburbs - like Rozelle, Drummoyne and Lilyfield - for a terrace home or a two or three-bedroom apartment.
“Buyers are lapping up the waterfront lifestyle with a suburban feel so close to Sydney’s jam-packed CBD,” Mr Adams said.
Designed by Bates Smart, Harbourfront Balmain features luxury amenities including a large private oasis garden, gymnasium, swimming pool and a 150-metre water frontage with impressive views.
“The incredible location, premium amenities and village atmosphere combine to reframe the experiences that shape our everyday lives,” Mr Adams said.  
“When you look at the everyday – living, eating, socialising and rejuvenating – Harbourfront Balmain offers a level of laid-back luxury rare to find so close to the city,” he added.
One, two and three-bedroom apartments include a parking space for each bedroom; a rare extravagance for a city-fringe site.
A homage to bygone factories, Harbourfront Balmain’s unique architecture reimagines the suburb’s industrial roots with aged copper roofscapes and distinctive raked brickwork.
Interiors enhance the waterfront location including reflective materials such as mirrors and tiles to respond to the harbour and maximise light and airy spaces.
<img src="/images/2016/05/06/zumbo.jpg" alt="">
Harbourfront Balmain is expected to complete in early-2017.
An on-site display and sales centre is open Thursday to Sunday 10am to 2pm or by appointment.
For more information or to register your interest visit <a href="https://www.harbourfrontbalmain.com.au/" target="_blank">www.harbourfrontbalmain.com.au</a> or call 1300 212 854.
 
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It’s Balmain, darling! This inner west village is luring buyers seeking laid back luxury

An entity directed by HSN's Rafi Assouline and Rebel Property's Allen Linz has filed plans for an impressive new precinct in Woolloomooloo.

The major mixed-use development would transform a prominent William Street site into a new residential village anchored by affordable housing and a large public park.

The proposal, submitted as a State Significant Development Application, covers 164-172 and 174-194 William Street, a 6,398 sqm site between Forbes Street and Dowling Street on the southern edge of Woolloomooloo.

Designed by fjcstudio in collaboration with Bangawarra, Studio Bright and Tribe Studio Architects, the scheme would deliver 227 apartments across four residential buildings ranging in height up to 18 storeys, alongside retail space, public domain improvements and a new publicly accessible park.

<img alt="Rebel" data-entity-type="file" data-entity-uuid="0eb59b7c-914a-4a5c-b849-3a56749f5e93" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-06-12%20at%2011.18.51%E2%80%AFAM.png?VersionId=mxM6EEqeoLjrCiTlCzTKTvzpKuh6kSkH" />

It's another design scheme for Rebel, who took <a href="https://www.apartments.com.au/news/nsw/first-look-rebel-property-group-takes-woolloomooloo-precinct-to-nsw-government">concept plans to the NSW Gov late last year</a>.

The latest plans will be a mix of 167 build-to-sell apartments and 60 affordable apartments, with the affordable housing component representing 15 per cent of the project's gross floor area. The apartment mix includes 12 one-bedroom, 53 two-bedroom, 89 three-bedroom apartments and 13 penthouses, while the affordable housing component would comprise 42 one-bedroom and 18 two-bedroom apartments.

<img alt="Rebel" data-entity-type="file" data-entity-uuid="3b3d4553-8a8c-4af5-aa8c-519ffb1e28c6" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-06-12%20at%2011.20.12%E2%80%AFAM.png?VersionId=_Yb6ibN7eDnOtQjCNDK2eviORa4qzgv." />

Rebel Property is seeking to take advantage of the NSW Government's infill affordable housing bonus provisions under the Housing SEPP, which provide additional floor space and height in exchange for the delivery of affordable housing for a minimum of 15 years. The planning pathway allows a 30 per cent increase in floor space ratio and building height where 15 per cent of the development is dedicated to affordable housing.

&nbsp;

At the centre of the development is a 1,356 sqm sunlit public park designed to become a new community gathering space at the gateway to Woolloomooloo. The park would be complemented by a network of pedestrian laneways connecting William Street with the surrounding streets, improving permeability through what is currently a largely impermeable block.

<img alt="Rebel" data-entity-type="file" data-entity-uuid="257af931-a393-4007-8c6d-7219796df58d" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-06-12%20at%2011.20.51%E2%80%AFAM.png?VersionId=KAHy94GrhaReFsWTGDKfy39EDJ8gEEv4" />

The design team says the public domain has been heavily influenced by the site's topography and Aboriginal cultural heritage, drawing on the escarpments, gullies and landscape characteristics that historically defined the area before urbanisation. The landscape design has been developed in partnership with First Nations consultancy Bangawarra.

The project would be delivered across four separate buildings. The William Street East and William Street West buildings, designed by fjcstudio, would contain the majority of the apartments. Melbourne-based Studio Bright has designed the Forbes Street building, while Tribe Studio Architects is responsible for the Dowling Street building.

Rebel had secured approval for the concept plans late last year.

Joel Robinson

First look: HSN, Rebel, advances Woolloomooloo precinct plans

A locally heritage-listed furniture showroom on Water Street is set to become the centrepiece of a new mixed-use residential development as local developer&nbsp;<a href="https://www.apartments.com.au/developers/keylin-group">Keylin</a> seeks approval for <a href="https://www.apartments.com.au/new-apartments/lotus-on-water-street-290-water-street-fortitude-valley-qld-4006">Lotus on Water Street</a>, a 15-storey project on the Fortitude Valley side of Spring Hill.

The proposal spans 290 Water Street and 137-141 Warry Street, combining several properties into a 2,869 sqm site that sits between Fortitude Valley, Spring Hill and the rapidly evolving Victoria Park precinct. Keylin's plans would deliver 132 apartments alongside new retail, hospitality and commercial space, while retaining and repurposing the historic Brunswick Home Furnishers Showroom that fronts Water Street.

Designed by <a href="https://www.apartments.com.au/architects/jackson-teece">Jackson Teece</a>, Lotus on Water Street comprises a 12-storey residential tower rising above a three-storey podium and communal rooftop terrace. The development includes 76 apartments classified as multiple dwellings and a further 56 units proposed as short-term accommodation, designed to be flexibly used as either accommodation or permanent residences. The apartment mix comprises six one-bedroom, 54 two-bedroom and 16 three-bedroom homes.

<img alt="First look: Keylin unveils heritage-led Lotus on Water Street tower in Fortitude Valley" data-entity-type="file" data-entity-uuid="9822bb79-6c49-49c9-95ba-319e8c8d81c3" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/fortitude%20valley%20front.png?VersionId=ioW8zbN4UVebbLetTFuv92t.HkdgfR5e" />

Residents would have access to an extensive rooftop recreation level spanning more than 1,200 sqm of communal open space. Plans include a pool, gym, sauna, infrared sauna, yoga area, library, private dining room, barbecue facilities and landscaped entertainment spaces, making the rooftop the project's largest shared amenity offering.

At street level, the proposal focuses on the adaptive reuse of the heritage buildings along Water Street, where 518 sqm of retail and commercial space is planned across shop, office and food and drink outlet uses. A permeable residential lobby would be positioned between the retained heritage buildings, creating a pedestrian connection between the historic streetscape and the new tower behind.

<img alt="First look: Keylin unveils heritage-led Lotus on Water Street tower in Fortitude Valley" data-entity-type="file" data-entity-uuid="269cf3e0-7d13-48bf-a318-05a00deb5c10" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/fortitude%20valley%20podium.png?VersionId=DLXmTCLsp6GOcLpQ0h.0z7wKCw59EhN_" />

The heritage retention strategy is central to the scheme. The development application notes that the Brunswick Home Furnishers Showroom and adjoining heritage buildings will remain, with only non-significant structures on the site earmarked for removal under a previously issued Heritage Exemption Certificate. Levels one and two of the new podium are recessed behind the heritage façades to maintain their prominence within the streetscape.

Jackson Teece has drawn inspiration from the site's manufacturing history when designing the podium. The planning documents state that the façade incorporates perforated metal screening that references the woven and rattan furniture historically produced on the site. Cascading and climbing plants are integrated throughout the podium to soften the building's presentation and screen parking levels behind. The landscape strategy also informs the project's name, Lotus on Water Street, drawing on the historic Spring Hollow waterholes that once ran through Spring Hill and the blue water lilies associated with Meeanjin, Brisbane's traditional name.

The proposal also incorporates the neighbouring property at 141 Warry Street, currently occupied by a healthcare service. The existing building would remain, with nine dedicated parking spaces allocated within the new development to support its ongoing operation. In total, Lotus on Water Street proposes 117 car spaces, including 110 resident spaces and seven visitor bays, alongside 100 bicycle spaces.

<img alt="First look: Keylin unveils heritage-led Lotus on Water Street tower in Fortitude Valley" data-entity-type="file" data-entity-uuid="70cf07bc-4fd8-4e70-92dd-be8b21c4e4f0" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/fortitude%20valley%20site.png?VersionId=txlxrJImM0Sm_vTzHVKh5DDUkyL_CiiA" />

The site sits within the Spring Hill East Precinct of the Spring Hill Neighbourhood Plan and is positioned around 650 metres from both Fortitude Valley Station and Exhibition Station. It is also within walking distance of the King Street precinct, Royal Brisbane and Women's Hospital, Herston Quarter and Victoria Park, which is earmarked to become a major venue precinct ahead of the Brisbane 2032 Olympic and Paralympic Games.

Planning documents describe the location as a key gateway between Spring Hill and Fortitude Valley and highlight the area's increasing importance as new transport infrastructure and Olympic-related investment reshape Brisbane's inner north. The development team argues the project will contribute additional housing supply while activating a section of Water Street that has historically received less investment than other parts of the Valley.

Keylin has become increasingly active across Brisbane and southeast Queensland, assembling sites in strategic inner-city locations. They are currently selling and delivering <a href="https://www.apartments.com.au/new-apartments/oria-spring-hill-447-gregory-terrace-spring-hill-qld-4000">Oria Spring Hill</a>, just over 140 apartments due for completion in 2027.

Keylin plans heritage-led Lotus on Water Street apartment development in Fortitude Valley

Roseville is poised for a wave of new apartment development following the NSW Government's rezoning of land around Roseville Station under its Transport Oriented Development program.

The new planning controls have unlocked significant development potential within walking distance of the station, with a number of sites expected to be amalgamated and redeveloped in the coming years as developers seek to take advantage of the increased density allowances.

One of the more restrained developments in the precinct, and set among the first to be delivered having commenced well before the recent changes, is Hyecorp's Juliet. The boutique apartment project is already well under construction and remains on track to welcome residents by the end of the year, offering a markedly different proposition to many of the larger-scale developments now likely to emerge across the suburb.

[smartcode_project:default project_id=7395 project_image_fid=278194]

<a href="https://www.apartments.com.au/new-apartments/juliet-roseville-64-pacific-highway-roseville-nsw-2069">Juliet</a> will comprise just&nbsp;34 one-, two-, and three-bedroom apartments opposite Roseville Station. For Hyecorp, which has delivered projects across Sydney's Lower North Shore for more than three decades, Roseville presented a rare opportunity to address a growing gap in the market.

"<a href="https://www.apartments.com.au/developments/roseville-nsw-2069">Roseville</a> has long been one of the North Shore's most tightly held and desirable suburbs, offering a unique combination of village charm, established greenery, excellent transport connections, and proximity to some of Sydney's best schools and lifestyle amenities," Hyecorp said.

"We recognised a growing demand from local homeowners seeking to downsize without leaving the community they have built their lives around. The location presented a rare opportunity to create homes that cater specifically to that buyer profile."

[smartcode_project:default project_id=7395 project_image_fid=278196]

The six-level development has been designed by <a href="https://www.apartments.com.au/architects/pbd-architects">PBD Architects</a> as a collection of residences that feel more like homes than apartments. The brief centred generous floorplans, abundant natural light, quality finishes, and strong connections to outdoor space.

PBD Architects drew inspiration from Roseville's established garden suburb character, creating a building that sits comfortably within its surroundings rather than dominating them. The architecture incorporates natural materials, soft forms, layered landscaping, expansive balconies, and generous setbacks to strengthen the connection between residents and the suburb's leafy environment.

"The focus was on designing spacious, house-like residences for discerning owner-occupiers and downsizers who wanted to remain on the North Shore without compromising on comfort, privacy, or design," PBD said.&nbsp;

"Every apartment was to feel considered, timeless, and highly functional."

[smartcode_project:default project_id=7395 project_image_fid=278195]

Inside, residences feature engineered timber flooring, stone kitchen benchtops and splashbacks, integrated Fisher &amp; Paykel appliances, ducted air conditioning, and large outdoor entertaining areas designed to take advantage of district and treetop views.

Residents will also have access to a rooftop barbecue and lounge area, alongside practical amenities including parcel lockers, EV charging capability, bicycle storage, a dog wash bay, and a basement car wash facility.

The majority of purchasers so far have been local owner-occupiers from Roseville, Lindfield, Chatswood, Killara, and the broader Upper North Shore, many of whom are transitioning from larger family homes.

"Buyers are looking for spacious, house-like apartments that allow them to downsize without feeling like they are sacrificing comfort or functionality," Hyecorp noted.

"They value large kitchens, generous living areas, ample storage, quality finishes, secure parking, lift access, and low-maintenance living."

[smartcode_project:default project_id=7395 project_image_fid=278204]

Juliet sits directly opposite Roseville Train Station and within walking distance of Roseville Village, while Chatswood's retail and dining precinct is only minutes away. The development is also surrounded by some of Sydney's most established schools, including Roseville College, Ravenswood, Pymble Ladies' College, and Knox Grammar, as well as nearby parklands and golf courses.

Juliet is currently more than 75 per cent sold ahead of its anticipated completion in late 2026.

[smartcode_project_cta:default project_id=7395]

Juliet to sit quietly amid Roseville apartment boom

Sherpa Property Group has unveiled the third instalment of its Flourish series, securing full approval for the two-tower, $500 million Flourish Soleira development in Palm Beach.

<a href="https://www.apartments.com.au/new-apartments/flourish-soleira-1150-1154-gold-coast-highway-palm-beach-qld-4221">Flourish Soleira</a> will rise from a prominent site in the commercial heart of Palm Beach, the long-time home of Cash Converters and a range of local retailers.

The project will introduce a new retail and dining precinct at ground level, beneath 286 apartments.

[smartcode_project:default project_id=150017 project_image_fid=370959]

“We’re very committed to not only providing affordable residential offerings that are much needed in Palm Beach, but also delivering a vibrant new commercial heart that complements the extraordinary growth of the southern Gold Coast,” Sherpa Property Group founder Christie Leet said.

The development will sit under Sherpa's Flourish brand, which is aimed at providing a pathway into the beachside suburb for locals, first-home buyers and downsizers. In a move designed to assist first-home buyers entering the market, Sherpa has reserved all one and two-bedroom, one-bathroom apartments exclusively for eligible first-home buyers.

[smartcode_project:default project_id=150017 project_image_fid=370964]

“Our vision through Flourish is to create a vibrant retail and lifestyle focal point within the Palm Beach centre zone, delivering thriving communities underpinned by lifestyle-rich locations,” Leet said.

“So far, Flourish has been an incredible success, and we hope to carry this momentum as we progress the next two Flourish projects in Palm Beach.”

[smartcode_project:default project_id=150017 project_image_fid=371430]

Located across 1150-1164 Gold Coast Highway and 3 Sixth Avenue, the development will comprise two towers. The northern tower will deliver 154 apartments, while the southern tower will add a further 132 residences, helping address ongoing demand for new apartments in the tightly held coastal suburb.

Flourish Soleira will also feature the most extensive rooftop amenity offering ever delivered in Palm Beach.

The two towers will be connected by a skybridge, with residents gaining access to a rooftop recreation deck featuring a full-width swimming pool, hot and cold plunge pools, wellness spaces, a gymnasium, private dining facilities, massage treatment rooms, barbecue areas, a basketball court, golf simulator, indoor and outdoor dining spaces, sun lounges and extensive landscaping.

LPS Group is expected to start construction later this year.

Sherpa is already well advanced on construction of its debut Flourish project, Flourish Amargo, located just around the corner from Soleira. Meanwhile, Flourish Oasis, positioned opposite Amargo, recently commenced construction and has nearly sold out its collection of 47 apartments.

[smartcode_project_cta:default project_id=150017]

Sherpa unveils $500m mixed-use Palm Beach precinct, Flourish Soleira

Are mortgage holders set to get a reprieve from the RBA in 2026?

Big Four bank NAB believes so. They are now expecting the next move from the RBA to be a cut, rather than a hike, which they had pencilled in for August. They are unsure of the timing of the cut however, they note in their latest&nbsp;NAB Economics RBA Watch.

NAB Chief Economist, Dr Sally Auld, said recent data suggests the economy has lost momentum and the outlook for rates has shifted, noting that the broader economic backdrop has changed since earlier in the year.

“The next move in the cash rate is likely to be down, but the timing is uncertain," Dr Auld said.

"In February, growth was above trend, the economy was operating above capacity and there was uncertainty over the restrictiveness of rates. None of these conditions exist today,” she outlined.

Dr Auld said recent data pointed to softer momentum across the economy while acknowledging that at the same time, uncertainty remains a key feature of the outlook.

“Both Q1 GDP data and the NAB business survey suggest momentum in the economy has slowed, meaning that growth has likely peaked for the cycle. That said, we are cognisant there is still considerable uncertainty around the outlook, both with respect to activity and inflation.”

Dr Auld said inflation risks and labour market outcomes would be important to watch.

“On the prices side, we are still forecasting above target core inflation through to mid-2027. Margins will compress and weaker labour market outcomes are a risk.”

She said tighter financial conditions are expected to weigh on housing and activity.

“Tighter financial conditions will be reflected in a slowing in house price growth and housing credit growth. In summary, we have greater conviction that the next move in rates is down, but less conviction on the timing.”

Jonathan Chancellor

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