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A Woollahra home designed by architect, F. Glynn Gilling home sold recently, having been listed last September with overly ambitious $4 million plus hopes.
The residence at 49 Wallaroy Road was characterised by classic architecture aimed at downsizers seeking space, style and security.
It was sold by the <a href="https://www.realestate.com.au/property-house-nsw-woollahra-120832749" target="_blank">former Vogue Living editor Robyn Holt</a> and her little known actor husband Jim Holt whom she met on the set of the 1984 Kennedy Miller miniseries Bodyline, where he apparently played cricketer Harold Larwood.
It fetched about $3.75 million when sold to a doctor having been bought by the couple in 2002 for $1.71 million, shortly before she moved to Russia to launch Vogue Russia.  
Robyn previously co-hosted the reality TV show The Renovators.
It had been long listed with Ballard Property Group, and more recently with Raine &amp; Horne’s Patrick Cosgrove as the months rolled on without any sale. McGrath’s Will Manning confirmed the property had sold, but understandably declined to reveal the result. 
 
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jchancellor-FAypfDUnLy

Wallaroy Road, Woollahra designer home sold

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Melbourne's highest sale was $2.415 million at 5 Closeburn Avenue, Prahran, a four bedroom 1905 Edwardian brick home that sold through Kay &amp; Burton.
It had sold the same time last year at $2.155 million - so 12 percent annual price growth - when it was sold through the Marshall White agency who had given a $1.7 million price guidance.
The Prahran sale edged out a $2.25 million Altona sale for the top spot. The 123 Esplanade, Altona sale was a two storey home opposite the beach, two blocks from the pier.
The cheapest weekend sale in Melbourne was a $235,000 Elwood flat at 6/6 Cyril Street that had last sold in 2008 at $195,000 and $220,000 in 2001. It had been a $230 weekly rental when advertised earlier this year, reflecting a five percent rental yield. Woodards Real Estate had been quoting $195,000 to $210,000 for the 1970s one bedder.
There have been 11 suburbs with clearance rates above 90 per cent this year, including Collingwood, Dingley Village and Seddon, according to the Real Estate Institute of Victoria.
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Prahran trophy home secures 12 percent annual price growth

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Gladys Berejiklian, the Treasurer of New South Wales, is doing her bit to prop up waning stamp duty revenues.
She's just spent a tad over $1.6 million in Northbridge after selling her two level, two bedroom 1970s North Willoughby townhouse.
Her recent acquisition last sold at $1.3 million in early 2014, so reflected 10 percent plus annual price growth for the three bedroom, circa 2000 townhouse with study which sold through Richardson &amp; Wrench agent Tanya Barrett. It has (pictured) a big backyard.
Her redundant townhouse found its buyer after three weeks on the market, well ahead of its scheduled March auction. It was bought in 2008 for $626,000 and sold at an undisclosed price through Rawa Norman at Ray White.
She will still be in her electorate of Willougby, but closer to Macquarie Street.
Meanwhile stamp duty revenue from home sales have started off 2016 in decline reducing surplus funds available for the NSW State Government's infrastructure spending spree.
Property sale transactions in January and February were the quietest for three years.
March auction levels were less than last year suggesting the dip may extend further into 2016. 
The reduced activity could signal the end of the bonanza enabling the high spending on infrastructure by the state government in surplus.
After a confidence knocking slump in auction clearance rates in December to the low 50 percent, the wet mid-summer meant prospective vendors didn't get around to prepping their houses for 2016 listing.
An early Easter also contributing to the slowdown in activity.
Last year's strength in the Sydney property boom was being especially driven by properties valued over $1.2 million, the last NSW State Budget revealed, but the housing boom longevity was not being assumed by the NSW Treasury, when in her first budget, Gladys Berejiklian announced a surplus of $2.1 billion for 2014-15 largely to windfall stamp duty receipts.
Stamp duty receipts were predicted to rise from $7.8 billion in 2015-16 to $8.6 billion in 2018-19.
This article was first published in the Sunday Telegraph.
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Gladys Berejiklian sells North Willoughby townhouse

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The marketing of Lang Walker's $2.5 billion Collins Square project in Melbourne saw adviser UBS draw up a shortlist on Friday. 
The Australian Financial Review Street Talk column suggested more than 25 parties trawled through the data, with four offers made on the entire portfolio and six groups submitting bids on individual assets.
Three bidders will be ushered through to the second round in coming weeks, sources said. 
LaSalle Investment Management is in the mix while sovereign wealth fund China Investment Corporation, which last week formed a real estate department and doubled its allocation to property, is a logical bidder. 
Mirvac Group is understood to have considered a couple of the assets, and could potentially team up with CIC.
The newspaper added there was Canadian and South African interest including listed real estate giant Redefine Properties.
The initial plan was to sell Collins Square in one line, but it is now most likely going to be broken up. 
Street Talk suggested Tower 1, which houses CBA and Transurban, was the most popular with sources suggesting the yield on that asset could break the 5 percent barrier.
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Entire Collins Square project attracts four offers

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GUEST OBSERVER
Growth remains solid, supported by the services sectors, but it is still insufficient to lift inflation. The recent lift in the AUD could start to weigh on services exports, which have been a key source of recent growth.
We expect the RBA to be on hold, but to keep its easing bias, as it seeks to put downward pressure on the AUD.
Rising AUD is an increasing problem
The RBA is expected to be on hold next week. Domestic growth is solid, commodity prices have lifted, and global markets have stabilised. There is no pressing need to cut. The more interesting question is whether the easing phase is done?
On the one hand, the rebalancing act is well underway, demand in the non-mining sectors is solid and the unemployment rate appears to be past its peak. This argues for the RBA to remain on hold. On the other hand, underlying inflation is at the bottom edge of the RBA’s 2-3 percent target band and, although demand has lifted, so far, the pickup is insufficient to drive a rise in inflation. At the same time, lower global inflation and interest rates have been driving the AUD higher, which is set to weigh further on local inflation and potentially on growth. This argues for a further cut at some point.
Given HSBC’s view that global inflation and rates will stay low for some time yet, our central case is that the RBA will cut further. Otherwise, the AUD could rise further, putting more downward pressure on inflation and local growth. Our central case has the RBA delivering a 25bp cut in Q2, following the next CPI print, which we expect will show underlying inflation dropping below the bottom edge of the RBA’s 2-3 percent target band. Importantly, the RBA’s reaction function has historically been very much driven by the quarterly CPI prints. Combine this with a labour market where spare capacity is still weighing on wages growth and an AUD that is rising and we expect the central bank may need to cut further to keep inflation on target.
However, there is a clear risk that the RBA has a higher tolerance for low inflation than we expect. It is also possible that near-term domestic indicators will lift, following the apparent end of the recent bout of financial turbulence. In addition, the timing of a potential cut is complicated by local political developments. Prime Minister Malcolm Turnbull’s recent announcement that the federal budget will be a week earlier than usual, on 3 May, means that it will be on the RBA’s May meeting day, making a cut on that day less likely. There is also a possibility (not yet confirmed) of an early election, on 2 July, which could make a Q2 cut less likely. We stick by our view that a further cut will  be needed, but acknowledge that the likelihood of a Q2 cut is about 50:50, in our view.
<a href="/images/2016/04/4/Screen%20Shot%202016-04-04%20at%209.50.05%20AM.png" target="_blank">Click to enlarge</a>
<img src="/images/2016/04/4/Screen%20Shot%202016-04-04%20at%209.50.05%20AM.png" alt="">
 
Growth has been solid as the ‘rebalancing act’ continues
The domestic indicators continue to suggest that the rebalancing of growth towards the non mining sectors is underway. Although the fall in mining investment has been massive drag on GDP growth, it has been more than offset by a strong pick-up in other factors. The significant fall in mining investment weighed on the economy over 2015, such that overall business investment subtracted around 2ppts from GDP over the year. However, the lift in other factors, including exports of resources and services, and household consumption, was sufficient to see GDP growth running at 3.0 percent y-o-y (an upside surprise to the market and RBA) (Chart 1).
The upside surprise to GDP growth was mostly driven by stronger-than-expected growth in household consumption, as the household saving rate dropped by a sharp 1.5ppts over the past year (Chart 2). Given the recent levelling out in housing prices (since August 2015) and the recent financial market turbulence, we do not expect further near-term falls in the saving rate, so we see household consumption growth slowing in the first half of 2016, in line with continued weak growth in household disposable incomes.
At the same time, other recent timely indicators also suggest that growth has slowed into the first quarter of 2016. Surveyed business conditions have pulled back from the high levels reached in the latter part of 2015, albeit they still imply solid growth rates (Chart 3). The official labour market numbers have also been weaker in recent months, albeit part of the retracement reflects measurement issues following exceptionally rapid reported jobs growth in late 2015 (Chart 4).
<a href="/images/2016/04/4/Screen%20Shot%202016-04-04%20at%209.52.30%20AM.png" target="_blank">Click to enlarge</a>
<img src="/images/2016/04/4/Screen%20Shot%202016-04-04%20at%209.52.30%20AM.png" alt="">
 
<a href="/images/2016/04/4/Screen%20Shot%202016-04-04%20at%209.53.29%20AM.png" target="_blank">Click to enlarge</a>
<img src="/images/2016/04/4/Screen%20Shot%202016-04-04%20at%209.53.29%20AM.png" alt="">
 
Recent lift in the AUD is worrisome
A key challenge the RBA faces is not that the domestic economy is not holding up well, but that local growth is insufficient to lift inflation and that weak conditions and lower interest rates in the rest of the world are putting upward pressure on the AUD. This is particularly important because the lower AUD has been a key driver of the rebalancing of Australia’s growth away from mining.
Exports of services, including tourism and education, have moved from being a significant drag on GDP growth (of around 0.75ppts four years ago) when the AUD was well above USD parity, to being a solid contributor to GDP growth more recently (0.5ppts over the past year) (Chart 5).
An increase in the AUD could weigh on growth in these sectors, which are expected to be the next drivers of Australia’s growth. In short, the response of the AUD to relative global interest rates may be becoming an increasing problem for the RBA. For more on this topic see Downunder Digest: Services exports and the AUD, 30 March 2016.
Although part of the increase in the AUD clearly reflects that commodity prices have rallied over the past month, our estimates suggest that the pick-up in the AUD has been sharper than is implied just by the rise in commodity prices (Chart 6). To a large degree, we see this as reflecting interest rate differentials, with more dovish recent commentary from the Federal Reserve’s Janet Yellen, contributing to the market’s view that the rise in US rates is likely to be slow.
The higher AUD is also set to weigh further on the inflation outlook. As at the RBA’s last set of forecasts (on 4 February 2016) the AUD was at USD0.72. The 7 percent rise since then would be expected to knock 0.1-0.2ppts off the RBA’s CPI forecasts, unless it also lifts its own domestic growth projections to offset this impact via an expected rise in domestic inflation.
To cut or not to cut, that is the question
The RBA has considerable reluctance to consider cutting further and understandably so. The cash rate is already at a record low of 2.00 percent, growth is solid and the unemployment rate appears to be past its peak. However, underlying inflation is at the bottom edge of its 2-3 percent band and the spare capacity in the labour market is keeping wages pressures subdued, which means domestic inflation is set to stay low. At the same time, the AUD has picked up, which is set to push imported inflation lower and could weigh on the new growth drivers: tourism and education exports. Much of the problem is that the rest of the world has much lower inflation and lower interest rates. If the RBA maintains its resolve, the AUD could increase further, slowing growth and weakening inflation. On balance, we expect the RBA may need to cut further.
Timing, tactics and politics
For the RBA the most common trigger for a cut is the quarterly inflation print, with the Q1 numbers due to be published on 27 April. Our central case is that the RBA’s underlying measures (the trimmed mean and weighted median) will drop below the bottom edge of the RBA’s target band in y-o-y terms. If this is the case and the unemployment rate remains well above full employment while the AUD is still higher, then the case for a cut in May would be strong.
However, the recent announcement by Prime Minister Turnbull that the annual federal budget will be handed down a week earlier than usual, on 3 May, now means that the budget will arrive on the RBA’s board meeting day. This reduces the likelihood of a cut on that day, as the central bank is unlikely to consider cutting while the government is delivering the budget.
It is also worth keeping in mind that the reason Prime Minister Turnbull has moved the budget forward is to allow him the option of calling an early election on 2 July. The prime minister is required by law to call an election before 17 January 2017 and had previously stated that an election was likely in September or October 2016. However, for political reasons, Prime Minister Turnbull is considering dissolving both houses of parliament and calling an early election on 2 July. If he were to call an early election (which is not a foregone conclusion), this could also reduce the likelihood of a further cut in rates in June or July (although it does not rule it out).
In short, irrespective of the economic numbers, a Q2 cut is looking less likely than previously for tactical reasons associated with politics. Saying this, a weak enough set of economic indicators would mean the RBA would cut anyway, despite the possible political implications.
We still expect a cut around mid-year but acknowledge that the likelihood of a cut in Q2 is now 50:50, in our view, partly due to these political possibilities.
 
<a href="https://www.about.hsbc.com.au/hsbc-in-australia/management-team" target="_blank">PAUL BLOXHAM</a> IS CHIEF ECONOMIST (AUSTRALIA AND NEW ZEALAND) FOR HSBC. 
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RBA on hold, but concerned about the rising AUD: HSBC's Paul Bloxham

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GUEST OBSERVER
The debate about wind farms is clearly not over yet.
Last week Australia’s National Heath and Medical Research Council awarded A$3.3 million to fund two new health studies: one to measure the effect of infrasound on sleep quality, balance, mood and cardiovascular health; the other to determine whether low-frequency sound from wind farms can disrupt sleeping patterns.
Given the past few years of prickly wind turbine politics, this has predictably caused quite a stir.
On one side, the usual suspects sought to capitalise on the NHMRC’s announcement. Independent senator John Madigan called for a moratorium on new wind farms, wanting all projects to be put on hold as a “precaution”.
Coalition senator Chris Back leapt to support his call, perhaps unsurprisingly given that he (along with Madigan and fellow senators Nick Xenophon, David Leyonhjelm and Bob Day) have been described by Sydney University public heath professor Simon Chapman as “sworn enemies of infrasound".
In contrast, many in the scientific community expressed their disappointment at what they see as a waste of millions of research dollars. They referred to studies from around the globe that have consistently failed to find solid evidence for a connection between infrasound and poor health.
However, funding further research on the possible health impacts of wind turbines is consistent with the NHMRC’s own conclusions in a February 2015 statement, which said:
"Given [people’s] reported experiences [of ill health] and the limited reliable evidence, NHMRC considers that further, higher-quality research is warranted."
So the nation’s largest, most respected and most trustworthy medical research funding body actually agrees that more research is a good idea.
<h2>Down tools?</h2>
Tempting though it is, this piece isn’t about rehashing the current evidence of the health impacts – real or imagined – of wind turbines. That’s been done already and will clearly continue for a while yet.
What’s more interesting, to me at least, is this appeal for a moratorium, and the more general question of how useful a tool it is for making decisions about overtly science-based issues.
Madigan’s call is a typical invocation of the precautionary principle. This asserts that if there are reasonable (that is, evidence-based, scientific) grounds to believe something new might be unsafe – or at least presents risks that unacceptably outweigh the potential benefits – then we should not proceed with the new thing.
On the surface, it’s hard to argue with that.
But when it comes to wind turbines, there is nothing to suggest that Madigan, Back and like-minded folks will consider any level of risk acceptable.
Imagine for a moment that these new studies find no statistically defensible evidence to link infrasound to human ill-health. Will those calling for a moratorium accept the results and declare wind turbines safe (or at least safe enough to lift a ban)?
I suspect not. It looks to me as if what they are actually demanding is “proof of safety”, rather than evidence of “acceptable risk”. This is, of course, impossible. To use an oft-quoted example, we can’t prove that orange juice is 100 percent safe, yet it remains defiantly on our supermarket shelves.
I’d wager a year’s salary that Madigan and friends would declare any “acceptable risk” results to be insufficient, too short-term, or generally just biased and inadequate, and demand that yet more research is done.
The naysayers are not looking for counter-evidence to their claims, most probably because there are things about wind farms that they simply do not like. If they have been unswayed by the research showing no evidence of harm so far, it seems unlikely two more studies will change their minds. 
But what about us down at the science end of town? As noted on The Conversation last year by my colleagues Jacqui Hoepner and Will Grant, “if a credible, scientifically rigorous study were to show a link between wind turbine operation and health effects, it should absolutely be taken seriously”. Agreed!
So for argument’s sake, let’s imagine that these new studies do end up producing empirically valid results that clearly suggest that infrasound from wind turbines can cause people harm. Would we science-loving citizens be prepared to bow our heads and accept the evidence; to admit that Madigan and his cohorts did the right thing by calling for a moratorium?
I’d like to think that I would. But I also imagine myself demanding more research, and I’m confident most other science-positive folks would, too. In our defence, though, we would of course be looking for evidence confirming the existence and likely extent of the harm, rather than seeking proof of some mythical, absolute guarantee of safety.
<h2>Precautionary tale</h2>
So what good will more, precautionary-principle-inspired science do? In reality, probably very little.
For one thing, practical, policy-related action can rarely wait for “all” the evidence to be in before decisions are made and actions taken (assuming such a magical, perfect-evidence situation could ever arise). Invoking the precautionary principle is not likely to simplify this situation.
Far from making decisions more evidence-based, the calls for a precautionary approach are liable to entangle us more deeply in the politics of decision-making. It’s blisteringly naïve to believe that when applied “correctly”, the precautionary principle will refocus warring factions’ attention on noble considerations like gathering sufficient, acceptable evidence and using this to guide us to the most objective solutions.
In fact, it’s arguments over what constitutes the right kind – and sufficient amounts – of evidence that lie at the heart of such disagreements, not what the evidence itself shows. Many people call for evidence-based policy – but when it’s the evidence itself that is up for debate, it’s important (as my colleague Will Grant has quipped) actually to have evidence-based evidence.
So how will this issue play out from here? Here’s my guess:
• a moratorium will probably not be called
• the new research projects will be conducted
• based on current available evidence, they will probably find little to support the idea that wind turbines located more than than 1,500 metres from humans have measurable negative health effects
• scientists will say “I told you so”
• Senators Madigan et al, should they still be around, will call for yet more research.
 
Rod Lamberts is deputy director, Australian National Centre for Public Awareness of Science, Australian National University and author for The Conversation. He can be contacted <a href="https://theconversation.com/profiles/rod-lamberts-60" target="_blank">here</a>.
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Ban new wind turbines? Not if the bar for declaring them safe is impossibly high

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The winemakers De Bortoli has emerged as the buyers of the Lusatia Park vineyard at Woori Yallock in the Yarra Valley.
The 18-hectare vineyard was bought from wine industry veteran Stephen Shelmerdine who listed it last April and sold it late last year.
The Australian Financial Review reports it is to be transferred to De Bortoli after the 2016 harvest.
Lusatia Park was bought by the Shelmerdine family in the late 1980s.
The Yarra Valley vigneron Stephen Shelmerdine and his wife Kate are part of the Myer family.
The Victorian-style home at <a href="https://www.realestate.com.au/property-acreage+semi+rural-vic-woori+yallock-119202931" target="_blank">210 Lusatia Park Road </a>in Woori Yallock had initial price expectations above $1.6 million for the five bedroom homestead with valley and mountain vistas.
It has been leased for seven years. The family company tried to sell it in 2010 and 2011 with $2.25 million hopes.
Fruit from its 1985 vines are sold to producers including PHI, a collaboration between the De Bortoli and Shelmerdine families.
The De Bortolis own vineyards in the Yarra Valle, King Valley and NSW's Hunter Valley as well as in their original base in Bilbul, in the NSW Riverina region.
The company was established by Italian migrants Vittorio and Giuseppina De Bortoli in 1928.
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De Bortoli buy Lusatia Park from Shelmerdine family

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Energy Watch boss Daniel Wallis has listed his South Melbourne terrace which was bought in the fifth series of The Block.
The entrepreneur made headlines at the 2012 auction paying $1,400,001.01 to secure <a href="https://www.realestate.com.au/property-house-vic-south+melbourne-122178618" target="_blank">403 Dorcas Street</a>.
The renovators were New South Wales brothers Andrew and Mike Jones, who had a reserve of $966,000.
At the time of sale, Wallis planned to provide the house to parents of sick children staying at the Royal Children’s Hospital.
Hocking Stuart’s David Wood has listed the home with price expectations of more than $1.6 million at its April 9 auction.
The four-bedroom terrace offers two ground-floor entertainment spaces and a rooftop winter garden terrace with a bar overlooking the CBD.
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Former Block, South Melbourne terrace listed

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Rules for keeping a pet in a rental property and the rights of landlords to enter rented premises are among topics Victorians are being asked to have a say on, as part of a Victorian Government review of the state’s rental laws.
Public consultation is underway on the third in a series of issues papers as part of the review.
Rights and Responsibilities of Landlords and Tenants considers how the Residential Tenancies Act 1997 (the Act) sets boundaries around what tenants and landlords can and cannot do throughout the tenancy.
Issues up for discussion include all aspects of letting out a property, from the first application and screening process, to moving in and compensation for ending a lease early.
Director of Consumer Affairs Victoria Simon Cohen said the review is calling for people’s views on matters such as tenants' rights to keep pets and to sub-let a property, tenant privacy and notices to end tenancies.
“The review forms part of the Victorian Government’s Plan for Fairer Safer Housing, and aims to ensure rental laws strike a fair balance between the rights and responsibilities of tenants and landlords across all forms of rental accommodation,” Mr Cohen said.
“We want to hear people’s views on the issues raised by landlords and tenants, as they exercise their rights and responsibilities during the various stages of a tenancy.
“Make a submission by sharing your story, participating in polls, blogs and discussions through the Fairer Safer Housing website."
Feedback on these issues will help identify how the needs and preferences of Victorian landlords and tenants have changed since the legislation came into effect almost 20 years ago, and indicate areas that should be a priority for reform.
Three more issues papers are scheduled for release in the first half of 2016.
“We want to hear from renters and rental property owners from all corners of the state,” Mr Cohen said.
Details about how you can have your say, including information for culturally and linguistically diverse communities, are available on the <a href="https://fairersaferhousing.vic.gov.au/renting" target="_blank">Fairer Safer Housing website</a>.
Issues for public consultation include:
<ul>
<li>the tenancy application process and appropriate screening practices</li>
<li>information that should be disclosed to a tenant at the start of a tenancy</li>
<li>digital technology and the form and service of documents and notices</li>
<li>the process to be followed when a landlord or tenant breaches a duty under the Act</li>
<li>enforcing additional terms in the tenancy agreement, including rules about pets</li>
<li>balancing the right of tenants to quiet enjoyment and the right of landlords to enter premises, particularly where the premises are being sold</li>
<li>balancing the interests of landlords and tenants in respect of sub-letting and lease assignments</li>
<li>reasons a landlord or tenant can terminate a lease, and rules around compensation for lease breaking</li>
<li>what arrangements should apply to goods left behind by a tenant at the end of a tenancy</li>
<li>increasing protections for tenants experiencing family violence</li>
<li>the conduct of agents acting on behalf of landlords.</li>
</ul>
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Property 101: Victoria reviews rules about pets and tenancy

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Estate agents were back posting "sold" stickers on their best weekend auction offerings - from a $235,000 Elwood flat to a $5.18 million Mosman trophy home - following the break from sales over Easter. 
Melbourne's St Albans with 15 listings was the nation's busiest weekend auction suburb, ahead of Sydney's Epping with 13, then Reservoir in Melbourne, with 12 offerings.
Auction activity across all the capital cities bounced back after the Easter break, but the national clearance rate dipped to 67 percent from the 1500 offerings, down on the 70.9 prior weekly result, according to CoreLogic RP Data.
There were some 530 homes put to weekend Sydney auction - and a total of 650 homes over the past week - with an overall 70 percent clearance rate.
<a href="/images/2016/04/4/Screen%20Shot%202016-04-04%20at%208.57.11%20AM.png" target="_blank">Click to enlarge</a>
<img src="/images/2016/04/4/Screen%20Shot%202016-04-04%20at%208.57.11%20AM.png" alt="">
Auction clearance rates ranged across Sydney from as high as 94 percent in the city and east to as low as 28 percent in Parramatta.
With 100 plus auctions, the North Sydney and Hornsby region was the busiest followed by the inner south west with 84 auctions.
The Sydney weekend's top under the hammer sale was a five bedroom home at 19 Lower Almora Street, Mosman. It was bought by a Singapore based expatriate. There where five registered parties, but just the two bidders after McGrath agent Anthony Zakos took the opening $4.8 million bid. There had been $4.8 million to $5 million price guidance.
Adelaide was the best performing capital with a 75 percent success rate, but like all capitals, excepting Brisbane, the clearance rate sat lower than one year ago when it was 83 percent. 
There were 567 Melbourne auctions this week, making it the second busiest after Sydney, with around 68 percent of offerings successfully finding buyers this week.
House prices in St Albans ranged from $416,000 to $845,000, for a 613 sqm apartment development site, subject to planning approval at 18 Collins Street. There was a $466,000 St Albans sale to a Sydney investor.
Melbourne's highest sale was $2.415 million at 5 Closeburn Avenue, Prahran, a four bedroom 1905 Edwardian brick home that sold through Kay &amp; Burton.
It had sold the same time last year at $2.155 million - so 12 percent annual price growth - when it was sold through the Marshall White agency who had given a $1.7 million price guidance.
The Prahran sale edged out a $2.25 million Altona sale for the top spot. The 123 Esplanade, Altona sale was a two storey home opposite the beach, two blocks from the pier.
The $235,000 Elwood flat at 6/6 Cyril Street had last sold in 2008 at $195,000 and $220,000 in 2001. It had been a $230 weekly rental when advertised earlier this year, reflecting a five percent rental yield. Woodards Real Estate had been quoting $195,000 to $210,000 for the 1970s one bedder.
There have been 11 suburbs with clearance rates above 90 per cent this year, including Collingwood, Dingley Village and Seddon, according to the Real Estate Institute of Victoria.
The strongest performing weekend Melbourne sub-region was the inner east with 74 percent success, with the regions showing no where near the broad success range witnessed in disparate Sydney's regions.
But both capitals bounced back in activity after the Easter break, though not as much in Melbourne with school holidays underway in Victoria.
School holidays always put a dampener on activity. Auction activity will be next interrupted by the Anzac Day long weekend, then the Queen’s Birthday holiday break in June, which will signal the beginning of the quieter winter auction market.
Generally, the first two weekends in July ranks as the mid-year low point of the national auction market, brought about by cooler weather and the school holidays which combine to create the mid-year market lull. 
Accordingly the prospect of a federal election in early July would be the least disruptive to the real estate industry, agents suggest.
Though agents expect the election to provide a bigger than normal distraction given that negative gearing policy will be one of the key election issues along with capital gains tax policy.
Agents expect some prospective vendors to bring forward their sales campaigns to May and June, but then closer to the election date the prospective sellers will postpone their sales campaigns until later in the year.
CoreLogic RP Data analysis of recent elections showed that there was around a 20 percent preceding drop in the volume of listings, while the clearance rate is usually unaffected. 
Historically when there is no change of government the housing market tends to respond better post-election than when there is a change.
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Auction activity bounces back post Easter

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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