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The average balance of self-managed super funds has topped $1 million for the first time, the latest tax office statistics show. It was at around $800,000 four years ago.
SMSFs returned 9.8 percent on assets in fiscal 2014, the fifth consecutive year of positive returns.
"For the first time the average assets of SMSFs grew to over $1 million in 2014, a growth of 23 percent over five years," ATO assistant commissioner Kasey Macfarlane said.
"Likewise, average assets per member increased to $564,000, the highest over the period," Fairfax Media reported.
The data shows there are one million members of DIY super funds which combined are worth $590 billion in assets.
The average assets per small fund are $1,066,080 and median assets $602,629.
Nearly 31percent of SMSFs now have assets of $1 million or over, including 10.8 percent with assets between $2 million to $5 million; 2.1percent in the $5 million to $10 million range and 0.5percent with a balance over $10 million.
 
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SMSF average balance hits $1 million

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The third-time lucky sales process for beef cattle property Meeleebee Downs has yet to eventuate despite being understood to be gathering momentum earlier this year.
The Australian Financial Review's Street Talk column recently advised there are three parties in advanced due diligence in the Meeleebee auction.
The sale had been expected to wrap up by the end of March.
At least one of the bidding parties is a new investor to the agriculture and cattle industry, according to sources.
A deal fell over in December, despite a $60 million sale price and terms being agreed.
Meeleebee, a landholding of 24,340 hectares within the Roma district in Queensland.
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Meeleebee Downs sale nears?

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<img src="https://counter.theconversation.edu.au/content/57114/count.gif" alt="The Conversation" width="1" height="1">
GUEST OBSERVERS
Australia’s local government sector has been undergoing reform in recent decades. The result has been fewer and larger local governments and a reshaped role for elected members or councillors. But do councillors understand what this means for them. 
From the 1990s, the number of councils in Australia has decreased from 826 to 565. Reforms have focused on local councils’ administrative, financial and technical capacities.
These reforms tend to strengthen local government’s service-delivery role. But, so far, they have done little to support local representation and democracy. There are significant concerns that these reforms may have a negative impact on local democracy.
What the changes mean
Local government legislation has changed in many Australian states. The legislation now sets out the roles of the CEO or general manager and the role of councillors. The CEO generally has management responsibility for the organisation while councillors are responsible for strategy and policymaking.
However, what councillors may not necessarily understand is that their role is strategic leadership – not the day-to-day management of the organisation.
As part of the authors' research, we conducted a national survey of councillors on their views of their roles and responsibilities. The preliminary results make it clear they felt they should have more influence over administrative policy and procedures. The difficulty is that legislation says this is the responsibility of the CEO or general manager.
This matters. If councils are larger organisations and councillors represent more residents, it is important that they focus on understanding their communities’ needs and aspirations. For local democracy to be effective, councillors should focus on developing strategic plans to meet residents’ needs, rather than trying to manage day-to-day operations.
State governments argue that the main objective of local government reform is to make councils more efficient. They want to ensure local government’s financial sustainability and its ongoing ability to provide services to the community. This usually leads to fewer and larger local governments. 
A new role?
Australia’s 5,060 councillors represent a wide diversity of communities and govern very different kinds of organisations.
The 565 councils in Australia range greatly in size. The largest, Brisbane City Council in Queensland, has an annual operating budget of A$2.9 billion and serves a community of just over a million people. It covers an area of 133,809 hectares.
The smallest, Sandstone Shire Council in Western Australia, comprises a population of 116 and covers a land area of 3,266,650 ha. This is comparable to the size of Belgium. It had an annual operating budget in 2014 of $3.4 million.
Local government reforms include a stronger emphasis on councillors’ strategic, long-term decision-making role. In New South Wales, councils also have to establish community-engagement strategies.
These changes were intended to shift a previously widespread perception of local councils as simply managers of local services and local infrastructure to one where their role, as democratically representative bodies, gained in significance.
This defining of roles between strategic decision-making and involvement in day-to-day administration is problematic. Some councillors have expressed frustration and confusion when, following changes in the legislation, they are no longer able nor permitted to deal directly with staff.
The preliminary results of our study show that what councillors think is their role may not be the same as the intent of local government reform. Larger local governments also means councillors must represent more people.
Roberta Ryan is director, UTS Centre for Local Government and Australian Centre of Excellence for Local Government, and can be contacted <a href="https://theconversation.com/profiles/roberta-ryan-172068" target="_blank">here</a>.
Su Fei Tan is lecturer, lnstitute for Public Policy and Governance and senior research officer, Centre for Local Government,University of Technology Sydney and can be contacted <a href="https://theconversation.com/profiles/su-fei-tan-237627" target="_blank">here</a>.
Both are authors for The Conversation.
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How council mergers and reforms imperil local government democracy

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Thinking about buying your first home because you've saved for that big deposit? Or are you contemplating instead becoming a first home investor because of the current advantages of negative gearing?
Thanks to negative gearing, buying an investment property may present a better financial proposition than buying a home to live in, particularly if you and/or your partner pay income tax at a relatively high marginal rate. 
Negative gearing involves claiming a tax deduction against your taxable income from all sources for the interest and other expenses which exceed the income from a rental real estate investment.
Owner-occupiers, which includes first-home buyers, get no such incentive.
Thus for an investment property, a rule of thumb is to consider it as a business, meaning any costs running the property can be deducted from your taxable income.
Many young, and not so young, Australians are now taking to what's been dubbed rent-vesting, a trend where buyers – typically Gen Y, purchase their first property for investment purposes rather than living in it.
According to Mortgage Choice research, around 37 percent of property investors are first home buyers, compared to just 21 percent in 2014. 
Estate agent John McGrath noted the logic: buy in affordable suburban areas, while you perhaps stay at home saving or rent in inner city locations that are out of reach but offer a better lifestyle.
It is the case in many markets of Sydney where the rent on a newly acquired investment property will not cover repayments and other costs in their entirety, so an investor will have negatively gearing, and that means tax savings.
So, what are other issues to consider? Certainly the future of negative gearing will be a big federal election issue, so pay close attention on the debate on possible changes to the scheme.
Property investment needs a long-term approach, and the real benefit will likely come from the capital growth, rather than negative gearing, but strong price growth can't be taken for granted especially after the past three years.
Beware that the lenders will be closely tabulating all your actual expenditure and income assumptions in your loan applications, so its best to check for feedback before you sign up on any property purchase.
Unless you are staying rent free or subsidised at home, much of the outcome depends upon the rent you have to pay because, as with any owner-occupied house mortgage, this is paid from after-tax income.
The higher the rent you pay, the less capacity you will have to service the cost of a negatively geared investment home, even after allowing for the tax benefit from a negative gearing loss.
No two lenders will lend you the same amount, so shop around.
And when you do sound out the emerging no go postcodes that lenders are shying away from lending.
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Why negative gearing is a positive for a first home as an investment

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GUEST OBSERVER
The Foreign Investment Review Board (FIRB) annual report includes updated figures on approvals of foreign purchases of Australian residential real estate. 
The data is annual, dated and has been heavily criticised in the past as an inaccurate measure of the true level of foreign real estate purchases in Australia. 
However, it is essentially the only information on the topic with any sort of consistent back history and is therefore a rare clue as to the size, growth and composition of demand from this segment.
<a href="/images/2016/04/11/Screen%20Shot%202016-04-12%20at%208.00.54%20AM.png" target="_blank">Click to enlarge</a>
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For 2014-15, the aggregate figures show:
36.8k approvals for residential real estate purchases totalling $57.9bn, equivalent to 7.3% of total sales by number and 15.5% by value (note that the treatment of ‘developer off the plan’ approvals means this likely understates the number of properties purchased but overstates the value)
FIRB approvals are up 60-65% on 2013-14, very strong growth but slower than the 98% gain – i.e. doubling – in the previous year and the 150%+ surge in 2010-11. 
<a href="/images/2016/04/11/Screen%20Shot%202016-04-12%20at%208.02.35%20AM.png" target="_blank">Click to enlarge</a>
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The FIRB figures are lower but in the same ‘ballpark’ as the other main estimate of foreign buyer demand – the NAB property survey, respondents to which have put the proportion of foreign demand for residential real estate at around 5% for existing and 15% for newly built dwellings.
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The state breakdown of FIRB approvals shows:
Vic continues to be the dominant location for properties being purchased by foreign buyers – approvals imply foreign buyers accounted for around 14% of total sales by number and over 30% by value, the latter up 80%yr.
Qld saw particularly strong growth in 2014-15, the value of FIRB approvals jumping 180%yr, but is still a small share overall – 17% compared to NSW and Vic which combined accounted for 77% of FIRB approvals (by value).
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More recent market data shows a sharp slowdown in turnover since mid-2015. With the number of domestic owner-occupier finance approvals rising over this period, other segments are clearly driving the slowdown. While lower domestic investor activity may be the main factor, some slowing in foreign buyer activity may also be contributing. 
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<img src="/images/2016/04/11/Screen%20Shot%202016-04-12%20at%208.09.10%20AM.png" alt="" width="1606" height="1084">
Matthew Hassan is senior economist with <a href="https://www.westpac.com.au/" target="_blank">Westpac</a>.
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FIRB residential approvals: Westpac's Matthew Hassan

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GUEST OBSERVER
Australian housing finance approvals ticked up in Feb, in line with expectations and confirming other indicators suggesting markets have had a better start to 2016 after a weak finish to 2015.
The detail showed a surprisingly solid gain for investor loans but continued softening in construction-related finance approvals.
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The number of owner occupier approvals rose 1.7 percent in Feb, recovering about half of Jan’s 4.8 percent fall (revised down from –3.9 percent).
Click to enlarge
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That compares to the market forecast of a 2 percent gain – the revision to Jan bringing the final result more in line with Westpac’s 1 percent call.
Note that the holiday low period tends to make monthly housing data choppier and less reliable at the start of the year.
<a href="/images/2016/04/11/Screen%20Shot%202016-04-11%20at%202.41.06%20PM.png" target="_blank">Click to enlarge</a>
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‘New’ owner occupier approvals (ex refi) were a little firmer, up 2.5 percent mth but with annual growth more moderate (3.2 percent yr vs 5.9 percent yr including refi).
The value of housing finance approvals to investors was a mild upside surprise, lifting 4 percent mth after a 1.6 percent dip in Jan.
<a href="/images/2016/04/11/Screen%20Shot%202016-04-11%20at%202.42.23%20PM.png" target="_blank">Click to enlarge</a>
<img src="/images/2016/04/11/Screen%20Shot%202016-04-11%20at%202.42.23%20PM.png" alt="">
The total value of finance approvals to both owner occupiers (ex refi) and investors was up 3.8 percent mth, 2.7 percent yr.
Overall, the picture points to a relatively steady start to the new year, something also apparent from auction market activity.
Matthew Hassan is senior economist with <a href="https://www.westpac.com.au/" target="_blank">Westpac</a>.
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Australian housing finance February 2016: Westpac's Matthew Hassan 

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Melbourne's school holidays saw the absence of the typical prestige offerings with the top sale being $2.75 million in Aberfeldie (above).
It sold two years ago in spring 2014 at $2.32 million, so reflected 11 percent price growth for the 2006-built Victorian-era style four bedroom home with study.
Melbourne was the busiest capital city auction market this week, after Sydney was the busiest for the past two weeks.
The 794 Melbourne auctions secured a clearance rate of 73 percent, according to CoreLogic RP Data.
Inner Melbourne, with 171 auctions and North East Melbourne with 110 auctions held were the busiest sub-regions of the city this week, with clearance rates of 72 percent and 76 percent, respectively.
South East and Inner East Melbourne were the only two regions where clearance rates fell below the 70 percent mark this week.
The preliminary auction clearance rate in Sydney stayed below 70 percent again this weekend at 67 percent, down from 69 percent last week.
All much lower than one year ago when it was a redhot 83 percent. 
Sydney’s sub-regions again showed a significant amount of variation in results across the city.
Clearances rates were as high as 87 percent in Inner West and as low as 41 percent in South West.
The cheapest Sydney offering was an over 55s villa in Cronulla.   Sydney auctioneer Rocky Bartolotto noted that not only were volumes down by 25 percent, but the average registered bidder numbers were just under 4 per property, compared to April 2015 which was averaging seven.   Brisbane’s preliminary clearance rate was 56 percent this week, up on the 52 percent last week and 54 percent one year ago.
Brisbane had the weekend's cheapest sale at $237,000 at <a href="https://www.realestate.com.au/property-house-qld-waterford+west-122100694%20%20" target="_blank">Waterford West</a> for a three bedroom home (below) which, according to CoreLogic RP Data, last sold at $235,000 in 2006.
<img src="/images/2016/04/11/main-3.jpg" alt="" width="667" height="500">
Adelaide’s clearance rate was 63.6 percent this week, with Perth auctions at 25 percent last week.
Across Canberra 69 auctions were held this week with a 64 percent sales success including the $1,515,000 sale of the former bolthole of the former Federal Treasurer Joe Hockey.
The three-bedroom property in the prestigious suburb of Forrest sold soon after being passed in on a $1.5 million vendor bid at its 25 Furneaux Street onsite auction.   The national 67 percent success rate, was up from the 66 percent last week, but remaining lower than one year ago 77 percent.
The March 2016 quarter combined capital city clearance rate was 69 percent, lower than the 75 percent in the March 2015 quarter. 
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Aberfeldie tops Melbourne weekend results

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GUEST OBSERVER
Marketing to Chinese consumers is a hot topic for all businesses across different sectors.
 A common misperception for businesses is that they need to be in China to sell to Chinese consumers. This has prompted developers and agencies to invest in roadshows, exhibitions and seminars at China’s prime real estate and events, only to result in expensive failures.
With the growing Chinese population in Australia, sellers need not look too far in reaching out to their prospective Chinese buyers. At ACproperty.com.au we believe there are 3 reasons why you should begin your marketing locally before embarking on overseas marketing investments.
1. Chinese buyers rely on word of mouth recommendations from Australians
The most effective and efficient way of marketing to mainland Chinese buyers is to build a loyal following among the local Chinese communities, who can endorse your brand. Most prospective mainland Chinese buyers have friends and relatives living in Australia. This is one of the biggest reasons that influences their decision to migrate to Australia. The first thing most of them will do is to speak their relatives living in Australia, to understand which area is suitable for their lifestyle and to gain recommendations on property investments, developers or real estate agents.
Glen Waverly High and Balwyn High are classic examples on the success of word of mouth recommendations. None of the schools have advertised in China, yet every prospective mainland Chinese buyers would have heard of Glen Waverley and Balwyn School zones.
Speaking from experience, ACproperty.com.au has been enjoying tremendous success as evident from our 65 percent growth of inbound traffic from China for the past 3 years, while mainly concentrating our marketing efforts on the local Chinese communities and student associations.
2. Chinese migrants in Australia are buying properties too
A significant amount of our web traffic is from high quality leads in Australia. Agents and developers alike will find a group of high conversion Chinese customers right under their noses. The value in targeting this group grows exponentially once we realise that this is the same group that will be recommending your brand to their peers overseas.
3. Chinese buyers want authentic and unbiased local property information
A consistent piece of feedback we receive from our users is that when buying Australian property, they prefer to access an Australian site (vs. Chinese-based sites) so they can access vital local Australian market experience. Our Chinese Concierge Team are constantly receiving calls from buyers wanting to validate information they receive from Chinese sources, which they perceive as biased or incomplete.
To successfully capture the Chinese market, developers and agents should first market to the local Chinese communities, cultivating a loyal following before expanding into overseas marketing. Not only are they potential buyers, they are also huge influencers of their overseas peers. Chinese buyers also view Australian sites and sources as more trustworthy and knowledgeable. 
Australian agents and developers should leverage this inherent credibility to reach international customers and ensure their brand is top of mind among the Chinese community to successfully capture the Chinese market.
Esther Yong is director of <a href="https://www.acproperty.com.au" target="_blank">ACproperty.com.au</a>.
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 Market locally first to reach China: ACproperty's Esther Yong

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The Vestey home on the harbour at Kirribilli fetched $10.22 million when auctioned yesterday.
There were four bidders for one of the handful of freestanding homes with absolute waterfrontage in the lower north shore suburb.
It sold under the auction hammer after 49 years ownership having last traded at $66,000. 
The classic, but tired 1930s estate at <a href="https://www.belleproperty.com/buying/NSW/North-Shore-~-Lower/Kirribilli/House/8P3062-19-elamang-avenue-kirribilli-nsw-2061" target="_blank">19 Elamang Ave</a>, was knocked down to the bidder with the luck 8 bidding registration card, Michael and Louise Tang, who operate supermarkets in Papua New Guinea.
The couple, who own nearby, were the last to enter the bidding contest, at just over $10 million.
There had been a $7 million opening offer, and with a slow start the bidding flew once car dealer John Newell entered the fray at $7.6 million. Newell had been the last to lodge his bidding registration with what proved to be his unlucky bidding card, 1904.
Announced as on the market at $9.6 million, the 765 sqm property was offered following the death last October of Joyce Strong, née Vestey. 
She was the mother of the notorious Michael Telling, who died in 2010, and the grandmother of the 37 year old, Matthew. 
She was the daughter of the Hon Leonard Vestey, 1888-1954, the third son of 1st Baron Vestey. The Vestey family became one of the biggest butchery families in the world, built on the merits of cold-storage shipping. William, the first Lord Vestey, and his brother, Edmund set up an integrated business raising and killing their cattle on the cheap land in Australia and Latin America and shipping meat to Britain, where they developed a chain of butcher shops.
Dr Thomas Hugh Strong, her second husband, was with the United Nations food and agricultural organisation.
The property had been listed with a price guide of $9 million to $9.5 million through Belle Property agents Mark Jackson and Matthew Smythe. 
The last freestanding home on the Kirribilli strip traded nine years ago when money media personality Paul Clitheroe paid $7.75 million. 
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Vestey Kirribilli trophy home on the harbour sells above $10 million

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<img src="https://counter.theconversation.edu.au/content/57114/count.gif" alt="The Conversation" width="1" height="1">
The Australian drone industry is set for a shake up following the announcement of a long-awaited relaxation of regulations on their operation.
Australia’s Civil Aviation Safety Authority (CASA) says the amended regulations will come into effect in late September 2016, and with them comes the introduction of new categories of what are known as remotely piloted aircraft systems (RPAS).
The regulations define new low-risk commercial RPAS operations, which will allow operators of sub-2kg craft to fly without the need for an approval or licence.
A drone must be operated in daytime and within visual line of sight of the remote pilot to be classified as low risk. It must not be flown over populous areas and must be kept at least 30 metres from other people.
The drone cannot be flown greater than 130m above ground and it must not be flown within 5.5km of a controlled airport.
Commercial operators in this new category will have to register their operations with CASA on a yet-to-be live website.
Relaxed regulations will also apply to private owners of RPAS of up to 150kg. This is provided they only fly their drone over their private property and they do not operate their aircraft for direct commercial reward.
<h2>Why the change?</h2>
In 2002, CASA was the first in the world to regulate the operation of drones.
The regulations, contained in Part 101 of the Civil Aviation Safety Regulation (CASR 1998), were long considered ground breaking. Much of the success of the Australian unmanned aircraft industry is owed to the flexible approach outlined in the regulations.
In 2007, there were fewer than 25 certified drone operators in Australia. By March 30, 2016, this number had grown to 500, with most operating small multi-rotor RPAS.
But with this rapid growth came the increasing need for regulatory reform. CASA recognised that the regulations needed to keep pace with increasingly capable technology, and the changing operational needs of the sector.
It also realised that processing an ever increasing number of regulatory applications was not sustainable.
<h2>Welcome news</h2>
The new changes will significantly reshape the drone industry.
Operators already licensed by CASA are expected to face increased competition from the new sub-2kg RPAS operators. These new operators will be able to provide equivalent aerial photography and inspection services without the same regulatory overhead.
Similarly, there will be an increase in the number of end-users choosing to own and operate their own internal RPAS capability instead of contracting existing RPAS service providers. Examples include the use of small inspection drones on building sites and the use of drones by tactical police units to assist them in hostage situations.
But it is not all doom and gloom for the current licensed RPAS operators. The standard operating conditions applicable to the new low-risk categories are restrictive.
Larger and more reliable drones will still be needed to carry bulky and more expensive payloads such as laser scanners, and hyper-spectral and cinema-quality cameras. These drones will still need to be operated by licensed operators.
Approval is still required for first person view (FPV) outdoor flying operations, where the remote pilot flies by means of a camera mounted on board the drone.
Similarly, autonomous drones, which operate without any input from a pilot, also require CASA approval on a case-by-case basis.
Research and educational institutions, such as universities, are also expected to benefit from the new categories, provided they operate their aircraft over their own property and in accordance with all other operational restrictions.
Previously, these institutions were subject to the same licensing requirements as commercial operators.
<h2>Hobby users</h2>
The amended regulations do not address concerns posed by the rapidly growing number of hobby drone users.
Regulations applicable to hobby or recreational users are contained in CASR 1998 Part 101.G, which is the subject of a separate CASA regulatory reform project.
There is growing concern over the risks hobby users pose to other aircraft and to members of the public. Some of these hobby users are not aware of the potential danger their drone may pose.
There have been numerous near misses of small drones with passenger aircraft in recent years. As the rate of these incidents increases, there is real concern that a drone will eventually be ingested into an aircraft engine causing catastrophic damage – or worse, an airline crash.
Others are well aware of the dangers their drones may pose to the public but they are deliberately mischievous anyway.
Education remains the only effective tool, with CASA leading a campaign to educate hobby users on the safe operation of their aircraft and the regulations that apply to them.
Without doubt, the release of the amended regulations will mark a significant milestone in the history of the Australian drone industry. They will help to sustain the safe and viable growth of the sector.
But the devil may still lie in the detail, of course, with the accompanying manual of standards yet to be released by CASA. The manual will contain more detailed requirements including those for remote pilot licences, flights in controlled airspace, and flights beyond visual line of sight of the pilot.
CASA’s exact interpretation of “Aerial Work” and “Commercial Reward” also remain unclear.
Reece Clothier is senior lecturer, RMIT University and can be contacted <a href="https://theconversation.com/profiles/reece-clothier-248964" target="_blank">here</a>. Jonathan Roberts is professor in robotics, Queensland University of Technology and can be contacted <a href="https://theconversation.com/profiles/jonathan-roberts-94843" target="_blank">here</a>. Both are authors for The Conversation.
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New relaxed drone regulations will help the industry take off

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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