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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 <a href="https://www.realestate.com.au/property-house-act-forrest-122178762" target="_blank">25 Furneaux Street</a> onsite auction.
There were just the three registered parties for the house Hockey and his wife, Melissa Babbage, bought the house in 1997 for just $320,000.
The 1930s house on the market after he quit parliament to take the plumb diplomatic job of Australian ambassador to the United States.
Its LJ Hooker Canberra City agent Kaylene King told News Ltd that the price reflected "good buying.’’
Another five properties fetched $1 million elsewhere in Canberra, with the weekend top seller at 32 Carrington Street, Deakin at $1,965,000, just shy of the $2 million plus pre-auction expectations. The 2010 home sits on a 660 square metre block that cost $710,000 in 2009.
Over the three months to December 2015, 7.6 percent of Canberra homes re-sold at a loss compared to 11.2 percent over the previous quarter and 10.9 percent a year earlier, according to the latest Pain &amp; Gain report from Core Logic RP Data.
The fringe property market of Canberra has undergone significant development within the past 24 months, say valuation firm Herron Todd White in their April 2016 property clock. 
The median price for a house in Forrest is $2,150,000, according to CoreLogic RP Data. 
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jchancellor-FAypfDUnLy

Joe Hockey sells Forrest, Canberra bolthole

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The Somers beachfront offering steeped in book publishing history didn't secure its next chapter when auctioned yesterday.
It was listed by Elizabeth Lane, research author and daughter of Penguin Books co-founder Richard Lane.
There was a $3.4 million vendor bid for <a href="https://www.jelliscraig.com.au/property-details-52-54-The-Promenade-Somers/359956#.Vwn9ZDZ96AI" target="_blank">52-54 The Promenade</a>, with the seven bedroom Mornington Peninsula home now having a $3.75 million asking price through Iain Carmichael, of Jellis Craig, in conjunction with Kay &amp; Burton.
The early 1990s Young, Lehmann Architects-designed home sits in low maintenance two acre gardens by the landscape designer David Wood.
Ms Lane has maintained thousands of Penguin books - with their bright orange spine - as well as diaries and other memorabilia, which she intends to gift to the University of Melbourne library following the sale.
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No new chapter yet for Somers Penguin estate

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China's Fullshare Group has bought the Red Hill Estate vineyard on Victoria's Mornington Peninsula for just over $5 million.
The 17 hectare Shoreham Road estate was established in 1989 by the late Australian businessman, Sir Peter Derham and Lady Derham.
It produces chardonnay, pinot noir, shiraz and other varieties under the Red Hill Estate and The Bench labels. 
Rated five stars by wine critic James Halliday, the estate with 9.7 hectares under vine sold through CBRE. 
Fullshare, a top-500 Chinese company with real estate projects in Australia and also Canada, is chaired by the Hong Kong real estate billionaire Ji Changqun, ranked the 73rd richest man in China according to Forbes.
Fullshare's earlier Australian investments include the Sheraton Hotel in Port Douglas, the Whisper Bay units and apartments at Airlie Beach and the Laguna Quays resort.
Sir Peter Derham passed away in 2008, but the Derham family remains shareholders in the investment company, R H W Property that owned the property.
The Australian Financial Review reported other shareholders include Red Hill Estate chairman Martin Brenton, Deloitte tax partner Dwayne Sleep, former Deloitte partner Tim Gullifer and restaurateur Max Paganoni, owner of Max's Restaurant on the estate.
Last year the Sexton family acquired the peninsula's first vineyard, Main Ridge Estate in Red Hill, with three hectares under vine for $3.25 million.
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Mornington Peninsula vineyard sale to Chinese buyers

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The much televised terrace at 403 Dorcas Street, South Melbourne was certainly the celebrity weekend auction offering in Melbourne, though selling without much fanfare at $1.73 million.
It featured in <a href="https://www.realestate.com.au/property-house-vic-south+melbourne-122178618" target="_blank">The Block, Channel 9 series in 2012</a> when bought by the Energy Watch boss Daniel Wallis at $1,400,001.01 after its renovation by brothers, Mike and Andrew Jones.
The weekend bidding kicked off at $1.6 million with the four bedroom terrace on the market at $1.72 million.
With its preference now for Melbourne, The Block offerings are increasingly omnipresent with the South Yarra apartment renovated by Kingi and Caro in the hit renovation show lastyear, set to be raffled off as part of Mater Prize Homes prize draw.
The stressful renovation show is rumoured to return to air soon with a Port Melbourne warehouse makeover of the former Velvet soap factory administration office of J Kitchen &amp; Co.
 
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The Block, South Melbourne terrace sale without fanfare

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Residential listings fell 0.8 percent over March from February according to SQM Research, who found Hobart and Melbourne recording considerable yearly falls.
Canberra recorded the largest monthly fall in stock levels, down 6.1 percent during March 2016.
<a href="/images/2016/04/8/10926875-e60c-44d3-8a3a-5e62e8ba69ad.png" target="_blank">Click to enlarge</a>
<img src="/images/2016/04/8/10926875-e60c-44d3-8a3a-5e62e8ba69ad.png" alt="">
SQM managing director Louis Christopher said real estate listings were very steady over the course of March, with the decline in Canberra noted.
"Canberra's decline is yet more evidence the market there has now turned the corner.," he said.
"We also note the ongoing decline in listings in Hobart, which is also reflective of a recovery in the nation’s south. We also note that Hobart recorded rises in asking prices for the month.
"Over the past month, the capital city average for asking prices has increased 6.2 percent for houses, and 5.7 percent for units, with year-on- year results revealing Sydney median asking prices have risen 8.0 percent for houses and 9.4 percent for units compared to this time last year. Melbourne also experienced yearly changes with median asking prices for houses climbing 12.4 percent for houses, and 4.0 percent for units."
 
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Hobart and Melbourne continue to record yearly falls: SQM

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GUEST OBSERVER
On 6 April 2016 the ATO released a document relating to its view of what is “arms-length” terms when a self-managed superannuation fund (SMSF) borrows from a related party of the fund.   
The release of these guidelines is welcomed in that it provides details of the ATO’s current view of how these arrangements can be structured. Questions have been raised by the SMSF industry in relation to related party loans for a number of years, and this document will assist the industry with an indication of the ATO’s view.
The guidelines provide safe harbours for loan arrangements for the purchase of real property or stock exchange listed shares or units. In providing these guidelines the ATO has expressed the view in relation to the following components of the loan including - 
·        minimum interest rate to be charged; 
·        fixed or variable interest rate terms; 
·        the term of the loan; 
·        the maximum loan to value ratio; 
·        the security to be provided; 
·        the ability for personal guarantees to be provided; 
·        frequency of repayments; and 
·        the type of agreement required. 
In assessing compliance with the above, the ATO is taking a practical approach in allowing SMSF trustees until 30 June 2016 to get their affairs in order with any loans from related parties. 
As such, any SMSF that has borrowed from a related party of the fund should review the arrangements before 30 June 2016 to ascertain if there is any impact on their current borrowing arrangements.
The ATO has also stated in the guidelines that arrangements outside of the safe harbours may be acceptable. However, in the event of the ATO reviewing the arrangements the onus will be on the trustees to “demonstrate this by maintaining evidence that shows their particular arrangement is established and maintained on terms that replicate the terms of a commercial loan available in the same circumstances.” 
The key issue for SMSFs is to review their current arrangements to see if they fit within the safe harbour provided by the ATO.  If they don’t, they should review their ability to fit within the safe harbour or consider their options by either, documenting why the arrangement is commercial, refinancing or winding up the arrangement.
Brad Eppingstall is director, of RSM Australia and can be contacted <a href="https://www.rsm.global/australia/" target="_blank">here</a>.
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ATO’s announcement on Self-Managed Superannuation Funds borrowing from related parties

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Stockland has acquired the remaining 50 percent stake in the shopping centre formerly known as Sugarland Shoppingtown in Bundaberg, completing its 100 per cent acquisition of the centre.
Stockland acquired the remaining stake in the centre, which will now be rebranded as Stockland Bundaberg, for $61.5 million from a client of AMP Capital.
Stockland acquired its initial 50 percent stake in the centre from an AMP Capital managed fund for $59.25 million in October 2014.
John Schroder, Group Executive and CEO Commercial Property at Stockland, said Stockland Bundaberg SAT amongst the most productive shopping centres in their national retail portfolio. 
Stockland Bundaberg is a 22,795 square metre sub-regional shopping centre anchored by Woolworths, Big W and JB Hi Fi, and includes four additional mini-majors and 64 specialty stores. It is the anchor mall at the centre of the rapidly growing West Bundaberg retail precinct.
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Stockland takes 100 percent of Sugarland, Bundaberg

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Despite longingly looking into estate agency window displays for beach shacks whenever we are holidaying up or down the coast, most of us baulk at buying.
Nationally around 560,000 Australians have a holiday home.
Melburnians twice as likely to have a holiday home, data from Roy Morgan Research suggests.
It found five percent Melbourne residents have one compared to 2.8 percent of people in Sydney.
They can, after all, be pricey and problematic.
Over the Easter break, I was weighing up their pros and cons recalling the analysis of Pitcher Partners accountant David Staples cautioning would-be buyers to do the sums as rather than offering sanctuary and status, the reality could be a financial black hole.
“It’s generally a lifestyle choice rather than an investment,” he suggested. 
The much voiced downside owners actually complain about is that all their time is spent fixing up and maintaining their holiday homes and not enough on the leisure side.
Then there's also the daily obligations of cooking, cleaning and laundry. 
Getting the food, booze and other supplies from a local shopping centre amidst hoardes of holidaymakers can be a endurance test.
Rental returns typically can cover most costs - from maybe around eight to 10 weeks a year with renting demand lower during off season when the owner gets to enjoy the cooler conditions in their musty clothes.
Normally you'd expect a net annual yield of no more than 2 percent, even if commanding weekly rents of $2000 plus in peak periods.
Of course there's always the chance of using the income for a quick ski trip to Whistler while the tenants swat away the Christmas holiday blowies.
But the expectations of holiday guests has risen so costly household items once considered extras such as air-conditioning, a dishwasher and a huge gas barbeque are now essential.
The Nepresso machine will soon be mandatory for the vacation crowd.
Being in one location for vacation year after year can be a delight for some, safe and routine with a good book selection to catch up on, along with the scrabble and monopoly board games.
Providing just the necessary break from the hustle and bustle of the city for disconnected families, ideally, its driving distance from Sydney should not be much further than two hours if it's a true weekender.
Senior executives who take their laptop workload can enjoy regular long weekends - and envisage their eventual seamless sea change shift.
For others constantly returning to the same holiday spot is not on.
Especially when inexpensive travel deals offer destinations with hotels and resorts providing high end holiday options and staff that take care of everything.
According to Pitcher Partners, the money spent on an average holiday house could pay for about 90 days a year in a quality hotel.
The owner would need to spend their four week annual holidays, 10 public holidays and 19 weekends at the holiday home to justify the cost.
This article was first published in the Saturday Daily Telegraph.
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Holiday home could be financial black hole

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<img src="https://counter.theconversation.edu.au/content/57114/count.gif" alt="The Conversation" width="1" height="1">
GUEST OBSERVER
Watch any tourism or branding campaign for an Australian city, and chances are you’ll see plenty of appealing imagery of amenities in and around the CBD – be it restaurants, nightclubs, parks or galleries.
It is a common mantra in urban planning that good “amenity” is valuable to the economy both in its own right, particularly to attract tourism, and for attracting a productive workforce that boosts the economy more generally.
But in a recent research project, we found that hospitality businesses – including restaurants, bars and hotels – are facing some headwinds in our CBDs. These stem from what economists call a thin labour market. This roughly boils down to businesses struggling to find good workers.
In a series of interviews in Sydney, we found instances of employers experiencing problems with recruitment, reliability and retention of lower-paid workers in particular. These all have the potential to undermine the viability of the CBD hospitality sector.
<h2>Why hospitality is vulnerable</h2>
From our analysis of census data, the CBD hospitality sector is typically the biggest employer of lower-paid CBD workers – it represents around one-in-five such workers. And it is the CBD sector most dependent on lower-paid workers. Around two-thirds of hospitality workers in the CBD are in the lower pay range.
Census and housing market analysis revealed these lower-paid workers are making a lot more housing compromises to work in the CBD, compared with lower-paid workers elsewhere in the broader metro area. This includes: being more likely to rent; more likely to share with unrelated adults; more likely to forgo extra space (spare rooms or backyards); and more likely to face a longer commute. All else being equal, these compromises are going to discourage the lower-paid workers from working in the CBD.
Interviews suggested other CBD industries don’t seem to be as affected. This is partly because many of the lower-paid workers in those industries are in entry-level positions. They are making these compromises for future career and income prospects.
Most industries that employ large numbers of lower-paid workers – like retail or manufacturing – also tend to be more distributed across the metro area, closer to where workers live. This doesn’t help CBD hospitality, though. It’s tethered to the galleries and convention centres in the CBD that attract the visitors.
To be sure, these problems were not a universal experience among hospitality businesses. There were often other mitigating factors, which ensured they could attract good workers.
CBDs are usually the hub for public transport systems, which helps overcome much of the additional distance people travel. And, somewhat ironically, many lower-paid workers like working in the CBD because it offers such good amenities and lifestyle.
In some instances, hospitality jobs also seemed to be a good fit with available sources of lower-paid workers. Seasonal jobs and evening jobs attracted international workers and university students, who brought skills and experience that hospitality jobs might not usually attract.
<h2>Heed the warning signs</h2>
The sky is not falling in. However, businesses and industry groups we spoke with were increasingly aware of the challenging housing circumstances many of their workers faced.
It’s important to recognise that high housing costs aren’t just making life difficult for lower-income households, but can have broader economic impacts too. There is also a concern that this represents a thin end of the wedge – as housing affordability around the CBD deteriorates further, there’s every possibility it will leave other CBD industries seeing their lower-income labour market thinning out.
We also found governments are not well positioned to respond to this issue, which crosses a number of policy “silos”. So housing agencies hope planning agencies will distribute jobs to where the workers live; planning agencies hope transport agencies will connect distant labour markets to the CBD jobs; and transport agencies hope housing agencies will deliver more housing where the jobs are.
In the meantime, our market-led housing strategies leave lower-paid workers struggling with longer commutes and poorer living circumstances, and CBD businesses at risk of thinning labour markets.
 
Ryan Van den Nouwelant is senior research officer - City Futures Research Centre, UNSW Australia and can be contacted <a href="https://theconversation.com/profiles/ryan-van-den-nouwelant-199969" target="_blank">here</a>.
Laura Crommelin is research associate, City Futures Research Centre, UNSW Australia, and can be contacted <a href="https://theconversation.com/profiles/laura-crommelin-15376" target="_blank">here</a>.
Both are authors for The Conversation.
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High housing costs create worries for city tourism and hospitality

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GUEST OBSERVER
The Macquarie dictionary explains collateral as, “Security pledged for the payment of a loan” and to cross-collateralise is to pledge multiple securities for the payment of a loan or loans.
An Example :
1. Property A is owned by Person A
2. Person A wishes to buy Property B but has no money for deposit.
3. Person A buys Property B with 100 percent loan and the Bank holds Property A and Property B as security against loan for Property B. Property A &amp; B are said to be cross-collateralised.
In 95 percent of cases cross-collateralising is not beneficial to the borrower, it favours the bank, cross-collateralisation isn’t a problem until it becomes a problem, and then untangling it can be a long, expensive and traumatising experience. People loose fortunes both in real time, money and opportunities as a result of cross-collateralised structures.
Ten disadvantages of Cross-Collateralising your property portfolio…
#1. When you sell a property in a cross-collateralised structure you may not see any of the funds as the bank may request some or all of it to go back in against the existing loans to strengthen their position. They don’t need your permission either. Picture this you’re releasing one of your properties for an opportunity or worse still a bind, and the bank deducts funds to strengthen their position. Where would that leave you? I have seen this happen to some very asset strong and successful property investors. Answer given, Bank Policy!
#2. When you sell a property you have to resign all of the existing mortgages. Extra unnecessary paperwork.
#3. You can loose product selection and control by being with just the one bank. For example the bank can say no more interest only loans for you, we want you to take a Principle and Interest loan from now on, to reduce your debt with us. This is quite common when your borrowing levels get up with the one funder. 
#4. Bank holds far more security than often necessary, for example Property A worth $800 000 is used to buy property B for $250000. The bank has $1 050 000 of assets against $250k of loans. The result is that the bank holds all of your cards.
#5. Buying across state boarders you are subject to mortgage document stamp duty of that state, this in itself is OK, but when you have other properties as security for the purchase, regardless of the state they are in you may have to pay the mortgage document stamp duty on the entire loan amount, rather than just on your purchase price. For example, purchase property A worth $300,000 in QLD but for whatever reason you have offered another property as security and it is worth $500,000 in the ACT, you would have to pay mortgage document stamp duty on the whole portfolio of $800,000 and this is because the entire mortgage document has to be stamped in QLD. 
This duty is a state duty and is different in every state or territory. An example of the difference in the amount payable can be, where the stamp duty is $4 in a thousand, for the cross-collateralised mortgage document stamp duty you are up for approximately $3,200, but if you had your purchase as a ‘stand alone’ loan you will have to pay approximately $1,200 . If you need to find out more about this point, please give us a call.
#6. Having at least two lenders gives you the flexibility of playing one off against the other, giving you more choice an ultimately more control.
#7. If you want to realise some increased equity when properties have grown in value you need to have your whole portfolio revalued (multiple valuations instead of one, again an additional and unnecessary cost).
#8. You can run out of borrowing capacity with one lender when you reach their maximum serviceability / exposure levels.
#9. It is so much harder to move banks, if you no longer like or agree with their service or lack of. 
#10. If you have cashflow problems, your whole portfolio is at risk. Better risk management from your respect is to not cross.
There are numerous more reasons why not to cross-collateralise, especially if you have a business with Overdrafts / partners / Fixed and Floating Charges etc, there are also simple ways to combat the banks having too much security with financial instruments like Deposits under Lien and secondary funders. An experienced Mortgage/Finance broker can help you with structuring advice specific to your own needs, and keep you in control of your assets.
 
Peter Tersteeg is mortgage broker, Sage Lending Solutions and can be <a href="https://www.sagelending.com.au" target="_blank">contacted here</a>.
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Property 101: Cross-collateral loans

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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