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The valuation firm Herron Todd White has issued its latest property clock for retail - a simple broad brush means to suggest where property markets are - and what direction prices are moving in.
NSW Central Coast, Coffs Harbour, Horsham and NSW Mid North Coast join Tamworth at the peak of the retail cycle as at February 2016.
<a href="/images/2016/02/08/700_HTW_retail.jpg" target="_blank">Click here to enlarge</a>
For more information, <a href="https://www.htw.com.au/" target="_blank">click here</a>.
 
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Tamworth stays at top; Coffs Harbour, Horsham and NSW Mid North Coast join in: HTW retail property clock

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GUEST OBSERVATION
To see Australia’s shortage of affordable housing as a failure of government is to misunderstand the politics that underpin housing.
The vast proportion of government money spent on housing directly benefits the well-off at the expense of private renters and public housing tenants.
Government policy has not, on the whole, failed. It has been a huge success insofar as protecting the opportunities for speculative investment and profit for homeowners and private landlords.
If the government was serious in wanting to end the housing crisis it would need to invest in new social housing and pursue measures that choke off, via tax reform, the opportunities for profiteering currently enjoyed by landlords and homeowners.
The pursuit of these options would be bitterly opposed – not least by many homeowners and property investors, as it would lead to a fall in house prices.
<h2>Why this misdiagnosis persists</h2>
The government’s current housing response can be viewed as a charade. Ministers have been able to convince many that the government is working hard to put in place measures to fix the problems faced by low-income households.
There are two discernible ways that the government has maintained this charade. The first is by permeating an impression that action will be forthcoming. Social Services Minister Christian Porter recently announced that he would be establishing a working group to explore ways to improve the availability of affordable housing.
Porter’s working party should come as no surprise. Over many years, governments have undertaken many reviews and enquiries.
Second is the recycling of a set of myths. Among these is that public housing is a failed policy that reinforces welfare dependency and that state and territory planners impose arbitrary rules and regulations that impede new housing development.
Public housing and planning regulation are framed as dysfunctional. We are told that affordable housing would be built quickly if the commercial sector were not impeded by bureaucratic demands.
Should we discard statements from the government that effective reforms are underway and recognise that the prospects for low-income Australians will deteriorate over the coming years? Already there are as many as 105,000 people who are without a home and 160,000 households on public housing waiting lists. The overall stock of public housing had fallen from 331,000 units in 2007-08 to 317,000 in 2013-14.
The Productivity Commission estimated that the proportion of low-income households in housing stress – that is, those that pay more than 30% of their income on housing-related costs – increased from 35% in 2007-08 to 42% in 2013-14.
In its 2012 report, the former National Housing Supply Council highlighted that between 2002 and 2012 rents increased in nominal terms by 76% for houses and 92% for flats. And the median value of a home in Australia is now A$576,100.
<h2>Sticking to the script</h2>
There are already signs in 2016 that the government intends on sticking to the usual script – one that frames the affordability crisis as stemming from a shortage of land, excessive red tape, and high labour costs within the building industry.
Acting Cities Minister Greg Hunt recently identified three critical elements that require government attention. One – land release. Two – the cost of building – and this is in particular in relation to the inner city apartments where there is an urban infill. The third is bureaucracy.
Hunt’s attribution of the causes of the housing affordability crisis are broadly in line with the pronouncements of finance, developer and real estate lobbyists. All have made similar claims and work tirelessly to safeguard the opportunities for profit-making that exist when housing is in short supply.
It is no coincidence that supply-side interventions, such as sustained investment in public housing, have been eschewed in favour of demand-based subsidies. The latter includes initiatives such as Commonwealth Rental Assistance and inputted tax subsidies that enable landlords to boost their profits, alongside first homeowner grants and the exemption of capital gains tax for owner-occupiers when they sell their home. This amounted to A$54 billion of revenue forgone in 2016.
For those who wish to reap profits from their housing investment, there are good reasons to maintain the status quo; for a shortage of supply to continue and for public housing to remain a stigmatised tenure only available for those without any recourse elsewhere.
Stressing land release as a significant cause of the affordability crisis is misleading but not surprising. This is the claim repeated by developers who wish to increase their profits. It is not uncommon for developers to delay development plans on land they have acquired on the expectation that the opportunity to secure greater profits will accrue when the land value increases at a later stage.
It is disappointing that Hunt offered such a myopic explanation of the housing affordability crisis. A more insightful analysis would attend to the failure to invest in public housing, the subsidies that distort the private rental market such as negative gearing, and the tax privileges that are extended to homeowners.
The housing problems experienced by low-income households are a symptom of entrenched inequality within Australia. Public and private tenants remain disadvantaged and have to endure problematic tenancies that are increasingly insecure. Unless this inequality is addressed, Australia’s housing problems will endure. 
Keith Jacobs is professor of sociology and ARC Future Fellow, University of Tasmania and author for The Conversation. He can be contacted <a href="https://theconversation.com/profiles/keith-jacobs-5861" target="_blank">here</a>.
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How policy success, not failure, has driven Australia's housing crisis

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GUEST OBSERVER
One of Australia’s biggest comparison sites finder.com.au reveals ‘lifestyle renting’ is sweeping the housing market, and warns the trend is putting some under dangerous housing stress.
According to the new research, Australians are shelling out up to 38 percent of their weekly income to rent in desirable locations – well above the 30 percent threshold for housing stress.
The finder.com.au analysis showed across the capital cities, renting a house in Sydney takes a staggering 37.9 percent of the NSW average wage. On average, Melbourne renters are handing over 30.7 percent of their weekly earnings on rent. Brisbane rent was also a potential source of stress, requiring 28.4 percent of the average Queensland wage. Renting an inner-city property that is close to trendy bars, cafes and work trumps the home ownership dream for a growing number. This new generation of renters are not renting while they save for their dream home – they are renting their dream home instead. It’s alarming that they are overstretching themselves. It’s a case of ‘keeping up with the Joneses’ for some who are living in properties they can’t afford. Interestingly Sydney renters spend a higher proportion of their weekly income paying rent than what some people are committing to their mortgages.
<a href="/images/2016/02/10/Screen%20Shot%202016-02-10%20at%2010.01.03%20AM.png" target="_blank">Click to enlarge</a>
<img src="/images/2016/02/10/Screen%20Shot%202016-02-10%20at%2010.01.03%20AM.png" alt="" width="806" height="785">
If you’re forking out more than 30 percent of your income to pay for housing, then you are considered to be in housing stress. The old real estate belief that people rent because they couldn’t afford to buy was not the case anymore. Some have just become accustomed to the ‘good life’ of being close to everything and are not prepared to give that up to get onto the property ladder. ‘Rentvesting’ is also becoming a more popular option for Australians – this is where people buy an investment property in a more affordable suburb as a way to enter the property market sooner, and proceed to rent in their desired location. Data from the Australian Bureau of Statistics shows an increase in households who are renting over the past two decades. In a 2013-14 report on Housing Occupancy and Costs, the ABS noted that 25.7 percent of households were renting their home privately, up from 18 percent in 1994-95. The proportion of private renters will likely continue to increase, with renters avoiding the hidden costs of homeownership, which include maintenance, council rates and insurance, Ms Hassan says. Hobart was identified as the most affordable capital city to rent where you will sacrifice 25.2 percent of your weekly wage on rent. Ms Hassan says renters could be forced out of capital cities with rents between 4.9 and 15.5 percent higher than regional areas in those states. The biggest gap was in New South Wales where the proportion of the average weekly wage to rent in the capital city (37.9 percent) was 15.5 percent higher than regional areas (22.4 percent). Renting in areas outside of the capital cities was much more affordable with the percentage of weekly earnings ranging from a modest 19.9 percent (in Victoria and Tasmania) up to 23.1 percent (in Queensland). Queenslanders pay the highest proportion of their average weekly salary on renting a home outside of the capital cities, where the average weekly salary is $1512.20 and median rent is $350. But even then, this is well within the housing stress threshold making regional living, unsurprisingly, an attractive option for some renters.
<a href="/images/2016/02/10/Screen%20Shot%202016-02-10%20at%2010.02.32%20AM.png" target="_blank">Click to enlarge</a>
<img src="/images/2016/02/10/Screen%20Shot%202016-02-10%20at%2010.02.32%20AM.png" alt="" width="837" height="763">
Top 5 tips on how to reduce housing stress
Rental costs increase almost exponentially the closer you get to the city centre, so moving a couple of train stops further away could save you hundreds of dollars a month.
If you have a good relationship with your landlord, it's always worth asking for a rent reduction if you're prepared to sign a longer term lease.
Put more aside for rent than the required amount. This will give you a buffer if you are faced with challenges.
Be in the habit of budgeting before you start a tenancy. Know what you can afford and only rent what’s reasonable. 
Give yourself a financial makeover. Go online and compare what you're paying for things like contents insurance and utilities to make sure you aren’t paying too much.
Bessie Hassan is consumer advocate at <a href="https://www.finder.com.au/" target="_blank">finder.com.au</a>.
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Lifestyle renters suffering ‘housing stress’, new research reveals: Finder.com.au's Bessie Hassan

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<div>Eleuthera, the very glamourous Exeter farm with 4000 tree olive grove in the Southern Highlands, has been sold - but only after its asking price was reduced by $1.5 million to $5 million.</div>
<div>
The rural retreat, just a hour from Sydney, was offloaded by its Monaco-based vendor, Chris Kyriakou, the longtime mining magnate known as “The Golden Greek” who first made headlines in the financial page gossip columns back in the highflying late 1980s. 
His last big splash was when the couple celebrated their birthdays together with a six-day, $1 million party on Christina Onassis’s yacht off Monaco - his 60th and her 40th some six years ago.
Nowadays there's a caveat on the property title that suggest it possibly sits among the contested matrimonial assets following his four year separation from his second wife, the onetime film producer Phoebe Baker. She gives her address as the family's Woollahra home that was bought in 2011 at $7.9 million from the publican Peter Ryan and his wife, Toni. 
They'd previously been renting Malcolm and Lucy Turnbull's Point Piper investment mansion.
His address in Monaco has been the prestigious Seaside Plaza on the Avenue des Ligures.  
Their contemporary Exeter retreat sits on the 40 hectare estate bought in the mid-1990s. The couple married there in 2000 with the home built in 2004 by the mining veteran associated with the Cayman Islands based, Natasa Mining.
Eleuthera, which was sold through Drew Lindsay and John Ross at Drew Lindsay Real Estate, comes home inspired by the modernist architectural forms of Frank Lloyd Wright/
The Ellsmore Road residence of stone, glass and masonry has five bedrooms and three bathrooms.
There's two kitchens - the internal chef’s kitchen with AGA plus the courtyard outdoor kitchen. 
The grounds also come with manager’s cottage and barn style guest accommodation along with heated pool, tennis court and stables. 
This article was first published in the Saturday Daily Telegraph.
</div>
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Eleuthera, Exeter sold after $1.5 million reduction

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Composer Guntis Sics and his journalist partner Lucy Clark are selling their hinterland Coopers Shoot retreat.
Guntis, who was nominated for an Academy Award for his sound engineering on Moulin Rouge!, has more recently worked on the upcoming Martin Scorsese directed, Silence.
Located between Byron Bay and Bangalow, the solid four bedroom home sits on a one hectare estate with entertaining decks looking over the rolling hills. There is also a self contained studio.
The pair bought the property in 2003 for $891,000. 
<a href="https://www.realestate.com.au/property-house-nsw-coopers+shoot-120568333" target="_blank">Michael Gudgeon of Ray White Byron Bay</a> has the Great Granny Waterhouse Drive property with a $1.95 million price guide.
This article was first published in the Saturday Daily Telegraph.
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Composer Guntis Sics looking to sell Coopers Shoot retreat

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GUEST OBSERVER
Retail sales were largely flat in December after rising for the prior four months. Aussie retailers have certainly faced their share of headwinds over the past year. And while it’s pretty clear that December was a soft month in terms of retail activity, the December quarter was essentially in line with longer-term averages.
What the result highlights is a momentum shift. Activity levels were strong at the start of the quarter but seem to have pulled back over the Christmas spending period. Interestingly the soft result was also mirrored in the Commonwealth Bank Business Sales Index (which measures all the debit and credit transactions that are processed across CBA eftpos terminals).
<a href="/images/2016/02/09/Screen%20Shot%202016-02-09%20at%209.04.29%20AM.png" target="_blank">Click to enlarge</a>
<img src="/images/2016/02/09/Screen%20Shot%202016-02-09%20at%209.04.29%20AM.png" alt="" width="672" height="213">
The Reserve Bank has slightly downgraded growth forecasts in 2017 and 2018. However it is important to note that the forecast changes are downward tweaks rather substantial cuts.
And rather than any serious signs of panic or concern, the downward revisions effectively opened the door to another rate cut if it becomes necessary. 
Interestingly, the accompanying commentary certainly suggests that Board Members remain uncertain about the near term outlook for the domestic economy but the longer term prospects remain relatively sound.
Importantly the weaker near term growth story is really driven by the uncertainty in non-mining business investment. However given the rather more positive view on the longer term prospects – particularly the expectations for an ongoing slide in unemployment it is by no means assured that another interest rate cut is on the cards.
Two key concerns dominate central bank thinking. The first include how the rebalancing of the domestic economy (away from mining investment) is keeping pace. And the second is the uncertain impact of the recent financial turbulence – it has the potential to see businesses and households pullback in terms of activity. Interestingly the weakness in non-mining business investment is the one area that continues to occupy policymakers thoughts. A lift in business investment is the key to supporting growth and in providing an overall lift in jobs.
The policy stance is clearly slanted towards the potential for further rate cuts rather than rate hikes. Subdued global growth, a lower terms of trade, coupled with a lack of non-mining investment are some of the risks to domestic growth.
The Reserve Bank intimated on Tuesday that the economic outlook was improving while at the same time noting inflation was lower than expected. Clearly that gives the Reserve Bank scope to cut rates, if it was needed. But the Reserve Bank is not giving any indication that it intends to act on that ‘easing bias ’ any time soon. In fact we expect the Reserve Bank to keep rates on hold over the rest of 2016.
<a href="/images/2016/02/09/Screen%20Shot%202016-02-09%20at%209.08.03%20AM.png" target="_blank">Click to enlarge</a>
<img src="/images/2016/02/09/Screen%20Shot%202016-02-09%20at%209.08.03%20AM.png" alt="">
What do the figures show?
Retail trade – December month
Retail trade was flat in December after rising for the prior four months.  In trend terms, retail trade grew by 0.3 per cent in December.
Non-food retailing fell by 0.5 per cent in December after rising by 0.5 per cent in November. Non-food retail spending is up 4.6 per cent on a year ago.
Sales by chain-store retailers and other large retailers rose by 0.4 per cent in December to be up 6.4 per cent over the year.
Sales rose in five of the eight states and territories, led by the ACT (up 2.5 per cent), Northern Territory (up 0.3 per cent), Queensland and South Australia (both up 0.2 per cent), and NSW (up 0.1 per cent). Sales fell the most in Western Australia and Tasmania (both down 0.6 per cent), and Victoria (down 0.1 per cent).
Strongest growth in the month was by “Liquor retailing” (up 1.3 per cent) followed by “Footwear and other personal accessory retailing” (up 1.2 per cent) and clothing (up 1 per cent).
The biggest drop in sales in the month was recorded by “Electrical, Electronic &amp; Gas Goods Retailing” (down 1.7  per cent) followed by “Other recreational good retailing” (down 1.5 per cent) and “Hardware, building and garden supplies retailing” (down 1 per cent).
“Newspaper and book retailing”  (down 2.6 per cent) and “Department stores”  (down 0.9 per cent).
Retail trade – December quarter
In real (inflation-adjusted) terms, retail trade rose by 0.6 percent in the December quarter – marginally below the decade average of 0.7 per cent. In real terms sales were up 2.5 percent on a year ago – below the decade average of 2.9 percent.
Strongest growth in the quarter was by “Electrical, Electronic &amp; Gas Goods Retailing” (up 5.4 per cent – the best result in a year), followed by “Other recreational good retailing” (up 4.2 percent – the best result in two years.) and “Department stores” (up 1.8 per cent).
The biggest drop in sales in the quarter was recorded by “Other retailing – stationery goods, flowers, antiques” (down 4.4 per cent), followed by “Footwear and other personal accessory retailing” (down 2.8 per cent – the weakest quarterly result in three years), and “Other specialised retailing” (down 2.6 per cent).
Retail inflation lifted by 0.7 per cent in the December quarter – the biggest quarterly rise in two years. Retail prices are up 1.6 per cent over the year. Prices of goods at “Footwear and other personal accessory retailing” rose by 3.1 per cent, with “Other retailing – stationery goods, flowers, antiques” up 2.2 per cent, and “Supermarkets &amp; grocery stores” up 1.2 per cent.
Key take-aways from the Reserve Bank report
Below are our key “take-aways” from the Reserve Bank’s latest quarterly reviews. The full Statement on Monetary Policy can be found <a href="https://www.rba.gov.au/publications/smp/2016/feb/" target="_blank">here</a>: 
Forecasts: The RBA expects annual economic growth 2-3 cent and underlying inflation around 2.00 percent over the next few months.
<a href="/images/2016/02/09/Screen%20Shot%202016-02-09%20at%209.19.13%20AM.png" target="_blank">Click to enlarge</a>
<img src="/images/2016/02/09/Screen%20Shot%202016-02-09%20at%209.19.13%20AM.png" alt="">
Economic outlook: “Forecasts for GDP growth are little changed from those presented in the November statement. Year ended GDP growth is forecast to be 2ó–3ó per cent over the year to December 2016, and to increase to 3–4 per cent over the year to June 2018.”
Inflation forecasts: “The December quarter inflation outcome was broadly in line with expectations in the previous Statement. The forecast for underlying inflation is little changed. Underlying inflation is expected to remain low over the forecast period...”
Non-mining business investment: “The outlook is for non-mining business investment to remain subdued in the near term. The ABS capital expenditure survey of firms’ investment intentions and the low level of non-residential building approvals suggest that the profile of nonmining investment will be a bit weaker than earlier”.
Labour market: “Labour market conditions have improved by more than expected at the time of the November Statement. Employment growth was above average over 2015 and the unemployment rate was around ó percentage point lower in the December quarter than earlier anticipated.”
“While employment growth is expected to slow somewhat from the rapid pace seen in the December quarter, it is forecast to remain strong enough to reduce the unemployment rate further. The participation rate is likely to rise further over coming years as individuals are encouraged to enter the labour market as employment opportunities improve.”
Foreign buyers: “ Information from the Bank’s liaison suggests that foreign buyers tend to have longterm motivations for investment and may be relatively unconcerned about temporary fluctuations in housing price growth.”
What is the importance of the economic data?
The Bureau of Statistics’  Retail trade publication contains the most current readings on the performance of consumer spending. The ABS surveys 500 ‘larger businesses’ and 2,750 ‘smaller businesses’. Retail trade covers spending at a broad range of retail outlets but excludes both petrol and motor vehicle sales. A weak retail trade result may point to a slowing economy as well weighing on the share prices of listed retail stocks. But retail trade estimates can’t be assessed in isolation – it is important to look at the influences determining future trends in consumer spending, such as income, employment and confidence levels.
The Reserve Bank releases its Statement on Monetary Policy each quarter. The Statement is the Reserve Bank’s assessment of economic and financial conditions and also contains the latest inflation views. The Statement is crucial is assessing the short-term outlook for interest rates.
What are the implications for interest rates and investors?
The outlook for retailers remains positive. Lower petrol prices, firm confidence levels, strong home construction and rising employment all serve to boost spending levels. The only area that could instil some hesitancy in the average consumer is the weaker performance of the sharemarket.
The Reserve Bank will closely monitor developments in China and financial markets more generally. Encouragingly the Reserve Bank has plenty of firepower to provide stimulus to the economy. CommSec expects no change in the cash rate over the next year.
 
Savanth Sebastian is an economist for <a href="https://www.commsec.com.au/" target="_blank">CommSec</a>
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Spending stalls, RBA tips lower jobless rate: Savanth Sebastian

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Canberra apartments have joined the other capitals, Brisbane and Melbourne at a market peak, according to the latest HTW property clock.
The valuation firm Herron Todd White has issued its latest property clock for apartments - a simple broad brush means to suggest where property markets are as at February 2016 - and what direction prices are moving in.
The valuation firm has included capital and select regional cities on the property clock for apartments price direction.
The Canberra residential unit market presents its own unique concerns, according to HTW.
The threat of oversaturation is a very real one and continues to be observed in several market segments including the Flemington Road corridor in Gungahlin and the Belconnen Town Centre. 
HTW anticipate 2016 will be a year of flat growth with demand shifting further away from the unit market in most segments and towards new detached houses.
<a href="/images/2016/02/08/700_HTW_units.jpg" target="_blank">Click here</a> to enlarge.
For more information, <a href="https://www.htw.com.au/" target="_blank">click here</a>.
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Canberra apartments join Brisbane and Melbourne at market peak: HTW property clock

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The private Australian developer Grocon had onsold its Epping, Sydney residential development site for $60 million.
It had paid $56.5 million last September for the residential site which was set to be its first high-density apartment project in Sydney in 15 years. 
The site at 30-42 Oxford Street did not have development approval on its purchase by Grocon who expected to yield around 280 apartments with an end value of $250 million.
It lodged plans with Hornsby Shire Council to build a 16-level tower.
Grocon, which has a big presence in Melbourne, had been trying to get exposure to Sydney's housing market for some time, its head of development Dan McLennan advised on purchase.
But three months on it has been onsold.
The Uniting Church sold its lot to Grocon for $28.25 million which was then sold at $30 million. The three other lots, bought at $9.4 million, were offloaded at $10 million each to Zhengtang Epping Holdings Pty Ltd.
The Epping development site would have been the first time Grocon undertook a high-density apartment development since The Cove project in The Rocks in 2000. 
The site was an amalgamation of four lots, initially brokered by Sam Brewer and Ben Hunter of JLL. 
JLL had sold $166 million worth of development sites in Epping, located in Sydney's north-west, in a six month period last year. The suburb, where large tracts of land have been rezoned, is set for major transformation with the NSW government planning to create 3750 new homes by 2031.
Zhengtang's ony other known Sydney acquistion was late last year when the company headed by Nicho Teng bought the $60 million Skyline development site at St Leonards. It has had an Adelaide project, West Franklin underway, ranked as Adelaide's largest with 500 plus apartments set for construction.
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Grocon sells Epping site to Chinese developer, Zhengtang

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The Surry Hills home of “the woman Sydney forgot” Natalie Jean Wood, whose remains were undiscovered for eight years after her death, has been put up for February 24 offsite auction.
Ms Wood was last confirmed seen in 2003 and not seen again until 2011.
Her decomposed body was found in the front bedroom of the Kippax Street terrace just short of what would have been her 87th birthday.
“That the death of a life long resident of a high density housing area should remain undiscovered until after all the flesh had rotted from her frail bones caused public disquiet,” the Coroner’s Report said.
The Kippax Street home was listed after the Supreme Court ruled Ms Wood’s sister-in-law Enid Davis would inherit the assets. 
The home, advertised as a dilapidated deceased estate, is a two-bedroom on 75 sqm at<a href="https://www.realestate.com.au/property-house-nsw-surry+hills-121704902" target="_blank"> 139 Kippax Street, Surry Hills</a> that has an external bathroom and laundry.
Selling agent PRDnationwide Perez Real Estate’s Corrinne Olsen has noted buyer interest up to $700,000.
The history of the property is fully disclosed to buyers in the contract of sale.
Property records indicate 139 Kippax Street was initially purchased by her father.
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Surry Hills terrace listing of "the woman Sydney forgot"

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Fitness First founder Tony de Leede was among the off the plan buyers in Bondi's latest residential complex, the Bondi Pacific.
He bought a fourth floor, 220 sqm apartment with curved balcony in 2012 for $3.85 million.
De Leede isn't having to move very far however, now that settlement has occurred.
But he his yet to sell his nearby redundant Campbell Parade beachfront in The Bondi complex which went to December auction.
The apartment bought for $2,725,000 in 2010 has a price guide of in the very high $3 millions <a href="https://www.century21.com.au/property/359497/" target="_blank">through Nicholas Armstrong-Smith at Century 21 Armstrong-Smith</a>.
The fitness industry veteran co-owns Gwinganna Lifestyle Retreat and the Fit N' Fast gyms.
This article was first published in the Saturday Daily Telegraph.
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Tony de Leede upgrading on Bondi Beach

Brisbane-based developer <a href="https://www.apartments.com.au/developers/azure">Azure</a> is has been greenlit for its $115 million residential project within the Gold Coast Health and Knowledge Precinct in Southport

Following the acquisition of the site at <a href="https://www.apartments.com.au/new-townhouses/1-clarke-street-southport-qld-4215">1 Clarke Street</a> in October 2025 with development application Lodgement in January 2026, Azure has been granted approval for the 114 terraces which will form the final stage of the wider Lumina development.

“It’s a fantastic milestone for us to receive the green light on our second Gold Coast project,” said Trent Keirnan, Founder of Azure.

“The Gold Coast continues to evolve, with demand for considered, high-quality residences at an all-time high. This project has been thoughtfully shaped to respond to that demand.

“We’ve worked closely with Economic Development Queensland to bring this project forward, and the collaboration has been both proactive and highly considered. Their shared commitment to quality housing outcomes has enabled a streamlined approvals process and a strong result for the precinct.”&nbsp;

Appealing to a wide demographic, the project will deliver a range of two- and three-storey designs comprising a collection of three-bedroom terrace homes as well as one- and two-bedroom apartment-style residences. The designs by <a href="https://www.apartments.com.au/architects/plus-studio">Plus Studio</a>&nbsp;focus on&nbsp;“urban coastalism”.

Residents will have access to an array of lifestyle amenities, including a resort-style pool with multiple lounging zones and landscaped gardens.

The residential offering will support the thriving Health and Knowledge Precinct, which includes Griffith University, Gold Coast University Hospital, Gold Coast Private Hospital and the new RDX Lumina and Proxima Towers, which are home to a range of health, education and research tenancies, including a 200-place childcare centre.

Azure aims for an off-market release for the project in the third quarter of this year, at the same time as construction is anticipated to start.

Joel Robinson

Azure approved for new townhouse development in Southport

Fortis has secured approval for a 57-room hotel at Richmond Square, marking another milestone in the delivery of the $330 million mixed-use precinct in Melbourne's inner east.

The hotel will occupy Levels 1 and 2 of Carmine House and forms part of Fortis' vision for Richmond Square, a precinct that will bring together apartments, hospitality, wellness and lifestyle offerings between Richmond and Cremorne.

Once complete, <a href="https://www.apartments.com.au/new-apartments/richmond-square-1-wiltshire-street-richmond-vic-3121">Richmond Square</a> will comprise 107 residences across Wiltshire House and Carmine House, alongside the hotel, hospitality venues, wellness facilities and a range of services aimed at both residents and visitors.

[smartcode_project:default project_id=13181 project_image_fid=348529]

The approval adds another layer to what Fortis is creating at Richmond Square, as developers increasingly look beyond standalone apartment buildings and towards mixed-use precincts that provide amenity and activation beyond the front door.

Jordan Winada, Head of Acquisitions (Commercial) Victoria at Fortis, said the approval was an important step in delivering the broader vision for the project.

"Richmond Square has always been about creating a destination rather than simply delivering residential apartments," Winada said.

"As buyer expectations continue to evolve, we're seeing increasing demand for developments that offer convenience, connection and access to high-quality experiences and amenity as part of everyday life.

"The hotel approval allows us to further realise that vision and create a precinct where residential living is complemented by hospitality, services and amenity in a way that is rarely seen in Melbourne's CBD and city fringe."

[smartcode_project:default project_id=13181 project_image_fid=348530]

The hotel will also support a range of optional services for residents of Carmine House, including housekeeping and linen refresh programs, laundry and dry-cleaning services, in-residence food and beverage delivery, grocery and pantry stocking services, and concierge assistance.

The approval comes as owner-occupiers continue to dominate Australia's new apartment market, with buyers increasingly seeking developments that offer convenience, flexibility and lifestyle amenity alongside their homes.

Winada said buyers are now placing greater emphasis on the broader precinct and surrounding amenity when making purchasing decisions.

"Residential amenity is no longer limited to what sits within an apartment building. Buyers are increasingly assessing the broader lifestyle ecosystem surrounding their home and the ways in which a precinct can support their day-to-day needs.

"Richmond Square has been designed to provide that experience through a carefully curated mix of residential, hospitality and lifestyle offerings that work together to create a more connected way of living."

[smartcode_project:default project_id=13181 project_image_fid=348534]

The hotel is expected to open in early 2027, with the operator to be announced later this year.

Further hospitality, retail and lifestyle tenants are also expected to be revealed in the coming months as Fortis continues to shape the offering at Richmond Square.

[smartcode_project_cta:default project_id=13181]

Fortis approved for hotel component of Richmond Square precinct

Having successfully expanded into a new region with its Caloundra apartment development, Sunset by Dusk Group, growing South East Queensland developer Dusk Group is again venturing into new territory.

The developer has lodged plans for a 70-apartment project in the Moreton Bay region, to be known as <a href="https://www.apartments.com.au/new-apartments/sunrise-on-sutton-25-sutton-street-redcliffe-qld-4020">Sunrise on Sutton</a>, named after its prime Sutton Street location, just one street back from Suttons Beach.

<img alt="Sutton" data-entity-type="file" data-entity-uuid="88a9f9ee-6ace-47f5-a0c6-8fb134b27e98" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-06-15%20at%209.20.42%E2%80%AFAM.png?VersionId=iMXmJ7_BNZAmCt.jjupMSLdV_Qa9zJAK" />

Dusk Group Directors Huw Feeney and Anthony Short seized the opportunity to acquire the near-1,800 sqm amalgamated corner site at Sutton and Ella Streets for their first project in the area.

They have again enlisted MAS Architecture Studio, the architects behind Sunset by Dusk, to design the new eight-storey development.

The building will comprise a mix of one, two and three-bedroom apartments and has been designed to maximise views towards Suttons Beach, Margate Beach and Moreton Bay.

Pending approvals, the project could launch before the end of the year.

<img alt="Dusk" data-entity-type="file" data-entity-uuid="90c0c26c-096c-4ceb-8c58-f8303aea542f" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-06-15%20at%209.20.49%E2%80%AFAM.png?VersionId=nw8bqQtpOrf5nA95tuYhtqdB59YUzmO0" />

The development will provide 111 car parking spaces and 40 bicycle spaces.

Positioned within walking distance of Suttons Beach, Bluewater Square, Redcliffe Hospital and the Redcliffe Paceway, the development will sit within one of the peninsula's increasingly urbanised coastal pockets.

Redcliffe's new apartment market remains exceptionally tight, with Gardner Vaughan Group's One Redcliffe currently the only new apartment development actively being marketed in the beachside suburb.

It's another beach-focused development for Dusk Group, who has seen considerable success at its Caloundra apartment development, <a href="https://www.apartments.com.au/new-apartments/sunset-by-dusk-group-caloundra-5-7-bombala-terrace-caloundra-qld-4551">Sunset by Dusk Group</a>.

Over 80 per cent of the 36 apartments have sold ahead of its early 2027 completion.

&nbsp;

First look: Dusk Group targets Suttons Beach precinct with 70-apartment Redcliffe proposal

Leading Brisbane developer <a href="https://www.apartments.com.au/developers/consolidated-properties">Consolidated Properties Group (CPG)</a> has completed and settled $450 million worth of apartments at Monarch Residences in Toowong, marking one of Brisbane’s most significant and prestigious riverfront residential completions in recent years.

The final apartment at Monarch sold at auction on the 30th May for $4.1m.&nbsp;

The milestone has been marked at a ribbon-cutting ceremony at <a href="https://www.apartments.com.au/buildings/monarch-residences-toowong-600-coronation-drive-toowong-qld-4066">Monarch Residences</a>, with Cr Penny Wolff highlighting the importance of completing major residential projects to boost the city’s much-needed housing supply.

The 224 apartments, delivered across two 15-level towers, are now officially in the hands of owners, including Brisbane downsizers, families and professionals who have traded traditional houses for apartment living. The completion underscores sustained demand for absolute riverfront living in Brisbane’s inner west.

<img alt="$450M Monarch Residences sells out as Brisbane riverfront demand surges" data-entity-type="file" data-entity-uuid="56ae05e9-092f-41f0-98a1-a10984fdd171" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/ROBNN_MONARCHLAUNCHEVENT-131.jpg?VersionId=p76J6weGZqseNrE6aOAjmAHUah.y65Gd" />

Monarch Residences was planned and delivered over four years on a 1.2-hectare parcel with more than 130 metres of direct frontage to the Brisbane River, occupying one of the last remaining true riverfront sites of its scale and orientation within close proximity to the CBD. The site has been transformed from an underutilised, derelict block of land, into a thriving residential precinct with Middenbury House at its centre.&nbsp;

Consolidated Properties Group CEO and Chairman Don O’Rorke says the project’s completion represents the culmination of years of careful planning, design collaboration, market conviction and outstanding team delivery.

“We announced Monarch Residences in late 2021 and it’s been one of the most strongly received residential projects in our 45-year history,” Mr O’Rorke said.

"We are incredibly grateful to the outstanding team who helped bring Monarch Residences to life. A special thank you to Hutchinson Builders and their hardworking labour force for delivering a development of exceptional quality that our residents will be proud to call home for many years to come.

“Brisbane City Council and Titles Queensland also played a huge role in getting residents into their homes early through the pilot programs they ran to speed up the approval processes. They understand the challenges of the housing industry and are doing something about it.”&nbsp;

[smartcode_project:default project_id=113455 project_image_fid=211466]

Consolidated Properties Group Head of Residential, James MacGinley said Monarch Residences showed what could be achieved when private industry and government worked together to deliver new housing for Brisbane.

“Monarch Residences has delivered more than 200 new apartments in Brisbane’s inner-west at a time when additional housing supply is critically important,” MacGinley said.

“It’s fantastic to see residents now moving into this landmark riverfront development, which reflects the strength of collaboration between Council and the project team throughout delivery.

“All government agencies played a significant hand in achieving a fast-tracked outcome for Monarch Residences with Brisbane City Council, Urban Utilities, Energex and Titles Queensland assisted to remove hurdles to achieve settlements.”

[smartcode_project:default project_id=113455 project_image_fid=302326]

With Monarch Residences now complete, CPG has launched River Living, a bespoke on-site property management service designed to enhance the resident experience. The service will support all future CPG residential projects, including the recently announced <a href="https://www.apartments.com.au/new-apartments/gloriette-30-bedivere-street-yeerongpilly-qld-4105">Gloriette</a> in Yeerongpilly and <a href="https://www.apartments.com.au/new-apartments/castile-47-skyring-terrace-newstead-qld-4006">Castile</a> in Newstead.

The completion also marks the opening of a prized leasing opportunity at the heritage-listed Middenbury House, built in 1865 and which has been carefully restored and integrated into the broader masterplan.&nbsp;

CPG said the adaptive reuse of the landmark riverfront residence presents an opportunity to introduce a complementary boutique tenancy that respects the site’s historic significance while activating the riverfront frontage.

[smartcode_project:default project_id=113455 project_image_fid=211495]

Colliers Director of Residential Andrew Scriven said the move-in phase highlights continued demand for completed premium riverfront apartments in Brisbane.

“Residents are now experiencing firsthand the scale, craftsmanship and irreplaceable riverfront position that Monarch offers,” Scriven said.

“Opportunities to secure a brand-new, completed residence on Brisbane’s absolute riverfront are exceptionally rare. Combined with the proven track record of Consolidated Properties Group and Hutchinson Builders, combined with a design vision brought to life by some of Australia’s leading architects and designers, Monarch represents a unique opportunity to purchase a home of enduring quality and prestige.”

Monarch Residences was designed in collaboration with Melbourne-based architect Wardle Studio, alongside leading national practice Cottee Parker, with construction delivered by Hutchinson Builders.

[smartcode_project_cta:default project_id=113455]

Consolidated Properties Group sells out Monarch Residences as Brisbane riverfront demand surges

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.

Jonathan Chancellor

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