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Some $7.5 million plus is expected for Cumbrae, a grand, early Victorian property surrounded by manicured gardens, in one of Balwyn’s best streets. 
The extended five-bedroom, three-bathroom 1890s home boasts a central tower with 360-degree views. There is some 800 sqm living space.
The house, listed through RT Edgar, sits on a <a href="https://www.rtedgar.com.au/property/334763/125-yarrbat-avenue-balwyn/" target="_blank">3072 sqm Yarrbat Avenue </a>holding which takes its Scottish name from the Wark family ownership days.
Offers closed late last month without resulting sale.
It last sold at $5.65 million in 2010 and in 2007 at $4.35 million.
Title Tattle recalls it was sold at $1.1 million in 1989.
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jchancellor-FAypfDUnLy

Cumbrae, the Balwyn trophy home, remains listed

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The celebrity stylist Sibella Court can't find a buyer for her redundant rustic Paddington corner terrace even by lowering the asking price by almost $300,000.
The Victorian-era shopfront home, which helped launch Court’s The Society Inc, came onto the market several months ago at $1.65 million given her base now is in a vast warehouse at St Peters. The asking price now sits at $1.365 million.
She resides in Bondi in a shared mansion with her partner, Ben Harper, and their daughter, Silver. 
The redundant two-storey, home-cum-shopfront remains <a href="https://www.bresicwhitney.com.au/buy/27-alexander-street-paddington-11889" target="_blank">listed through BresicWhitney agent Darren Pearce</a> by the host of the ABC's Restoration Australia who bought it in early 2008 for $900,000 from publican Peter Wadsworth, after she'd returned from a decade in New York as a homewares stylist.
This article was first published in the Saturday Daily Telegraph.
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Sibella Court's Paddo price woes 

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Bishopscourt, the Anglican Church's redundant Darling Point trophy home after being perceived by church activists to be too grand, has been sold for just $18 million.
Bishopscourt, at 11 Greenoaks Avenue, is one of Sydney's most historic sandstone mansions. Details of an independent valuation of Bishopscourt by Colliers International obtained by Property Observer assessed the market value of the property as $24 million in 2009, when Sydney's $420,000 median dwelling price was almost half the current $810,000.
The sale price of the 6100 sqm holding reflected $2900 a square metre. Albeit nearer the harbour, Atherfield, another Gothic home listed currently with Christies International, comes with price hopes of more than $15 million, reflecting $13,000 per sqm. The $15 million Bellevue Hill Yoorami estate sold at $5200 a sqm last week. Darling Point's top sale remains last December's $23.2 million price secured for a contemporary home through the Agency by Coopes on Eastbourne Road at $25,000 a sqm.
Eastern suburbs estate agents always gave it a probable $25 million sale price, but the church spokesman Russell Powell recently sought to dampen expectations saying: “It is a very unique property but it isn’t the sort of place that a rock star would want to live in.” 
It was instead sold with lengthy delayed settlement terms to a buyer who fell in love with its gardens.
The $18 million sale price fell short of entry onto <a href="/news/james-packers-la-mer-unchallenged-atop-sydneys-top-10-trophy-home-sales-in-2015">Sydney's top 10 house sales on 2015.</a>
The property has been on and off the market for several years, with Craig Pontey at Ray White Double Bay coming up with the difficult sale. It was suppose to happen Tuesday with the church press release issuance delayed until today, Wednesday.
Millions will now likely be spent on its modernisation by the local buyers who will keep it as a residence.
The iconic 1840s Darling Point property had been expected to attract enormous local and international attention, but in the end Craig Pontey had just two local buyers for the heritage listed offering.
Neighbouring school Ascham wasn't that interested. The Moran family seem content with their nearby castellated abode, The Swifts, another Gothic home for archbishops in Darling Point, which was sold by Catholic Church in 1986 for $9 million.
"Not since the sale of Swifts has a similar property been brought to market," Craig Pontey said on its initial 2012 offering. 
The picturesque 1850s Darling Point mansion has been with the church since it paid £6,750 in 1910, so by next year's settlement some 106 years.
It's been home to eight archbishops, including Sir Marcus Loane, Donald Robinson, Harry Goodhew and its present occupant, the 12th archbishop of Sydney, Glenn N Davies, who recently called upon Sydney Anglicans to not only to pray for Syrian refugees but to prepare to provide a warm and generous welcome, coupled with practical assistance.
In the past the church has baulked at selling Bishopscourt, having contemplated it in 1963, 1982, 1991, 2001, and most recently in 2010 when defeated by the narrowest of margins.
In April 1993 Bishop Goodhew, when he was Archbishop-elect, stated “I think the time has come for the diocese to build a new residence for the bishop; one which is functional but not opulent”. No further action, however, was taken and Archbishop Goodhew moved in.
The latest decision to sell falls against the backdrop of the synod's reduced financial capacity after shocking stock market losses following the 2008 global financial crisis. It also poored fairly in its neighbouring residential apartment project.
Many of its parishes have revenues below the requisite amount so face the threat of ceasing to be a parish and becoming a provisional parish. The parishes of Willoughby East, Leichhardt and South Sydney have been among those on notice in recent times, along with the parishes of Auburn, Balmain, Bankstown, Coogee, Enmore/Stanmore, Kingsford, Mulgoa, Mt Druitt and Watsons Bay. 
Some church members argued that Bishopscourt produced no income, but cost at least $100,000 annually to keep in good repair. The Rector of Fairfield, Peter Lin, advised the synod in 2012 that $2 million dollars had been spent on the chimneys. He added some members of his congregation had been "scarred" by their visits there because the opulence contrasted with the way Christians lived in other countries, the Anglican press report of the 2012 sale debate noted.
Both something of exaggerations, as Property Observer understands maintenance and conservation work (excluding staff wages) undertaken at Bishopscourt in the a recent eight year period totalled $2.94 million, averaging therefore $368,000 per year.
Bishopscourt, which could revert to its earlier names of Percyville or Greenoaks, sits among the handful of pioneer homes to have survived from the 1850s.
Flowered in sandstone Gothic extravagances, it was built for the pioneer Thomas Sutcliffe Mort, who built an empire on wool, dairy, meat, mining and shipping.
The residence - mostly obscured by the fig trees on its 6216 square metre holding - was designed by architects John Hilly in the 1850s and Edmund Blacket in the 1860s. It was built around an original three-roomed 1835 cottage built for an ironmonger, Thomas Woolley.
Mort was a great supporter of the church, giving it the nearby land to build St Marks.
The church bought the estate from a land speculator in 1910, 32 years after Mort's death in 1878 and the departure of his family.
Prior to the purchase of Bishopscourt previous Bishops of Sydney had lived in a rented house in Darlinghurst (1837-1852), a rented house in Millers Point (1855-1857), and then a new house built in Randwick (on land exchanged for a site in Newtown) (1858-1911).
Shortly after his consecration in 1909, Bishop Wright had observed that the property in Randwick that had served as the residence of the Bishop of Sydney for over 50 years was “too far from the centre of things to be a city dwelling; not far enough out to be a country retreat”. The next year the Diocese bought the Greenoaks property in Darling Point. 
The Bishopscourt Sale Ordinance 2012 authorised the sale of Bishopscourt at any time within five years after the date of assent to the ordinance, ie by October 2017.
The 2012 synod was told an real estate agent familiar with Bishopscourt had indicated that there were buyers who are interested in such rare ‘icon’ properties, and that buyers in this market are not unduly concerned by the heritage issues involved.
"This view has been confirmed more recently by some other property professionals with a good knowledge of the current market for properties in the relevant price range in the Eastern Suburbs.
"It is considered that given the prevailing market and the ‘uniqueness’ of Bishopscourt its true value will not be known until expressions of interest are sought."
The sales subcommittee received indication from the real estate agent familiar with Bishopscourt that a number of potential residences would be available in the price range of $5 million to $7 million, subject to whatever requirements the Diocese may wish to include for entertainment areas and guest accommodation.
"Several of these properties have been viewed and deemed suitable," it noted, but no purchase has yet been advised.
Bishopscourt, symbolic of the Anglican Church’s historical place in the city of Sydney, includes sizeable gardens, accommodation for up to 12 guests, a conference room for 20, dining room seating up to 36, and off-street parking for 10-15 cars.
"Attempting to replicate these in an alternative residence would be difficult and the cost would be prohibitive," the synod was warned.
"The Archbishop’s ministry will always involve hospitality and entertainment, and the facilities for this should be available in a new residence.
"While recognising the potential any sale and purchase has to attract unwelcome publicity, the Standing Committee does not see that issue as sufficient to warrant the retention of the present property.
"Indeed, if well handled the sale of Bishopscourt should be seen for what it is, the most responsible course of action." 
Bishopscourt is one of the assets held by the Anglican Church Property Trust in the EOS’s capital fund. The Endowment of the See (EOS) - the fund from which distributions are made to support the office of the Archbishop - has been under financial pressure for some years despite making considerable savings in its expenditure, with a reduction from $7 million in 2008 to approximately $3 million per annum in 2012.
It was largely achieved by a reduction in staffing from 27 to 17.
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Bishopscourt, Darling Point given away at $18 million by cash strapped Anglicans

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Artificial intelligence, automation, robotics, 3D printing and other technologies are shaping the future of cities in high-speed and unpredictable ways, according to the latest Savills Europe report.
It is still debatable whether the innovations of the future will have a positive or a negative impact on society, <a href="https://image.email.savills.info/lib/fe9e13707565057575/m/1/megatrends-in-european-real-estate---issue-1-2015.pdf" target="_blank">the Megatrends in Europe report concludes</a>.
"On the one hand new technologies facilitate our lives, but on the other they displace middle level jobs, leading to increasing structural unemployment and income inequality.
"The optimists argue that, historically, technological evolution has created new jobs and industries as much as it has destroyed some of the older ones.
It suggests the affinity of the Y and Z generations with technology determines their expectations, their lifestyle and the way they relate to space.
"The smart technologies of the future will change the way we live our lives, but will they also alter the way we use physical space? connectivity, contact, communication, comfort, choice and collaboration.
"In Europe, internet penetration exceeded 70% and mobile use penetration exceeded 60% in 2014, and continue to grow.
"Information technology and the digital world reshape the real one and re-define work, mobility, communication, retailing and distribution, as users achieve more by moving less.
"Big data gathered via sensors, surveys, mapping and other sources will enable the policy makers and urban planners to analyse and share the information, leading to more efficient, more manageable, ‘smarter’ cities.'
It concluded the real estate industry is trying to adapt and preempt the changes that new technologies bring to people’s habits and lifestyle.
"It is not clear yet if technology will lead to a dramatic reduction in the need for physical space or will change the way space is used.
"Geography remains important and people continue to cluster in hubs of like-minded people.
"Cities with a spirit of innovation are likely to attract young talent and become hubs of communication, collaboration and knowledge.
"The large European capitals of London, Paris, Berlin, Munich, Amsterdam, Vienna are established centres of innovation, while smaller secondary cities also compete for this title.
It noted last year the European Commission awarded Barcelona the title of European Capital of Innovation (iCapital) ahead of Grenoble and Groningen for ‘introducing the use of new technologies to bring the city closer to citizens’. 
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Savills Europe suggests winners and losers in the high tech cities of the future

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The valuation firm Herron Todd White has issued its latest property clock for the office market - a simple broad brush means to suggest where property markets are - and what direction prices are moving in.
Melbourne, Brisbane and Tamworth are at the peak of the cycle.
<a href="/images/2015/12/14/700_commclock.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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Melbourne office property at cycle peak: HTW property clock

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The RBA has published a graph showing RMBS arrears by states.
The RBA assistant governor Guy Debelle suggests its shows that the current distribution of arrears are consistent with the variation in economic conditions across the states, though at the same time all arrears rates are relatively low in terms of credit risks.
"Of course, credit risk is not so much about the averages but the distributions," he noted.
"Having the loan level data enables an insight into the characteristics of the loans in the various tails of the distribution that warrant closer attention.
"It will also allow an assessment of the correlations between the various drivers of risk that may lead to credit deterioration."
Last month it was forecast delinquency and default rates for Australian residential mortgage backed securities (RMBS) and asset backed securities (ABS) will rise slightly from their current low levels in 2016, due to slower economic growth and a rise in unemployment, according to the report by Moody's Investor Service. 
The RBA graph was presented in his speech to the 28th Australasian Finance and Banking Conference on the liquidity regime that has been in operation in Australia.
With the caveat that the data reporting is still in its infancy, it's already apparent that there are many potential benefits coming from the understanding of the data he said.
The data covers around 2 million housing loans of the total of the approximately 6 million such loans on issue currently.
<a href="/images/2015/12/16/Screen%20Shot%202015-12-16%20at%2011.40.02%20AM.png" target="_blank">Click to enlarge</a>
<img src="/images/2015/12/16/Screen%20Shot%202015-12-16%20at%2011.40.02%20AM.png" alt="">
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WA pinpointed by RBA as having highest residential loan arrears

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The Reserve Bank of Australia governor Glenn Stevens has confirmed one of big concerns over the past year has been resolved.
He suggests official measures have held back the panicked buying that had been fuelling the property boom in Sydney following tougher lending rules imposed by the Australian Prudential Regulatory Authority which seemed to be working. 
"It had to happen," Mr Stevens told The Australian Financial Review which has published its annual interview with the RBA Governor. The interview suggests a level of comfort with the economy in the near term and that the RBA seems content to retain rates on hold.
He noted CoreLogic RP Data's price dip over recent months.
"I think that's welcome because an ongoing rapid pace of price increase, I think, leads to dynamics in the economy that are ultimately unhelpful – the possibility of people, you know, almost buying in panic, stretching their balance sheet and so on.
"So I think what we've seen is that things have calmed down a bit.
"I think that's welcome."
The newspaper said the central banker wasn't just worried about Australians taking on more debt than they could repay if interest rates rose as he was also concerned that housing was becoming too expensive for many.
"The pace of growth that we had – you can't keep going at that pace without new stimulus coming into the market from somewhere because the affordability levels just get out of reach for people unless we keep cutting interest rates which we're not doing right at the moment, obviously," he told The Australian Financial Review. 
He suggested Melbourne's market "retains a little more buoyancy" than Sydney, but declined to predict where capital city prices would go in 2016.
"So I'm happy with the way those things have worked out thus far, but what happens from here, you know, you can't tell.
"You can't pick that," he said.
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Panicked buying in decline, but 2016 price direction imprecise: RBA governor Glenn Stevens

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A mansion outside Paris has fetched a world record price of more than €275 million ($417 million) with Chateau Louis XIV sold to a Middle Eastern buyer.
<a href="https://www.cogemad.com/collections/chateau-louis-xiv" target="_blank">The chateau</a> was built as an exact scaled down replica of the Chateau de Versailles
Christie's International Real Estate was involved in brokering the deal for Cogemad which developed the palace, according to Bloomberg.
The villa is in a 23-hectare park between Versailles and Marly-le-Roi.
It took three years to construct, according to <a href="https://www.cogemad.com/" target="_blank">Cogemad's website</a>.
The house is fronted by a fountain covered in gold leaf.
"With elegantly planted parterres, a gleaming gold-leafed fountain, an infinite array of flowers, marble statues, bridle paths and a hedged labyrinth, the property's park and gardens evoke the genius of Le Notre, " Cogemad said on its website, referring to the gardener of King Louis XIV of France.
The leading French design and real-estate development company was founded 25 years ago by Saudi-born international businessman Emad Khashoggi.
Headquartered in Paris, the company is acclaimed for its sophisticated renovations of historic French palaces.
The Chateau Louis XIV with its Grand Siecle décor takes its inspiration from the 17th century architects such as Louis Le Vau, François Mansart and Claude Perrault.
There is an underwater lounge in the Chateau Louis XIV submerged in the moat surrounded by thousands of fish. 
The previous confirmed record price for a home was set when a penthouse in London sold for about $US221 million in 2011.
Of course Title Tattle recalls Russian billionaire Mikhail Prokhorov lost a 10% down payment on a €390 million villa in southern France after he failed to complete the purchase, a court ruled in 2010. 
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French palace with underwater moat lounge sold at world record price by Cogemad 

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GUEST OBSERVER
Reserve Bank Board upbeat on economy rebalancing: “Members noted that recent domestic data had generally been positive.”… “Overall, the forecasts for the Australian economy were for output growth to strengthen gradually over the next two years, as the drag on GDP growth from falling mining investment gradually diminished and activity progressively shifted to non-mining sectors”.
The Reserve Bank Board left the door open for further rate cuts if growth slows, noting that the “that the outlook for inflation may afford some scope for a further easing of monetary policy should that be appropriate to lend support to demand.”
Consumer confidence: The weekly ANZ/Roy Morgan consumer confidence rating fell from a 1-month high, down by 0.8% to 115.4 in the week to December 13. Confidence is up 4.7% over the year.
The measure of whether it was a good time to buy a major household item was up from +31 to +35 points – a near six-month high.
Car sales: New vehicle sales rose by 1% in seasonally adjusted terms in November after a 3.7% gain in October.
Higher home prices: The Bureau of Statistics reports that Australian home prices rose by 2% in the September quarter to stand 10.7% higher over the year.
The consumer confidence figures have implications for retailers, and other consumer-focussed businesses. The RBA Board minutes provides insights on the interest rate outlook. The data on car sales provide insights into consumer and business spending.
What does it all mean?
Consumer sentiment predictably eased last week from four week highs. No doubt the media discussion and preview on the expected blowout in Mid-Year Fiscal outlook added a modest dampener to the latest result. Overall confidence remains healthy consumers are still more upbeat than a year ago and sentiment is above the short-term average.
More confident consumers are more likely to spend, but there are no guarantees. But importantly the measure of whether it was a good time to buy a major household item lifted to the highest in nearly six months – a result that bodes well during the festive season. The upbeat employment data last week would have encouraged households when it comes to job security.
The Reserve Bank Board minutes make for interesting reading. Although there was no significant surprise in views. Board Members were slightly more upbeat on the prospects for the Australian economy and continued to reiterate firmer growth over the next two years. No doubt the weaker Australian dollar is supporting a rebalancing and helping to offset the weakness in mining investment. Interestingly the more upbeat view came ahead of the stronger employment numbers last week.
If the anticipated lift in activity does not take place, then this could prompt the Board to assess the need for more stimulus. And clearly the low inflation result has left the door open for a further rate cut.
Annual new vehicle sales are at record highs, suggestive of underlying strength in business and consumer sentiment and finances. But the trends aren’t uniform with sales of sports utility vehicles consistently setting new highs while passenger car sales are 24% below record levels.
<a href="/images/2015/12/15/Screen%20Shot%202015-12-16%20at%209.33.16%20AM.png" target="_blank">Click to enlarge</a>
<img src="/images/2015/12/15/Screen%20Shot%202015-12-16%20at%209.33.16%20AM.png" alt="">
 
 
What do the figures show?
Consumer sentiment
The weekly ANZ/Roy Morgan consumer confidence rating fell by 0.9 points (0.8%) to 115.4 in the week to December 13. Confidence is up 4.7% over the year and above the average of 111.4 since 2014.
Three of the five components of the index fell in the latest week:
The estimate of family finances compared with a year ago was  down from +10 to +6;
The estimate of family finances over the next year was  down from +29 to +26;
Economic conditions over the next 12 months was  down from +2 to 0;
Economic conditions over the next 5 years was  unchanged at +10;
The measure of whether it was a good time to buy a major household item was  up from +31 to +35 points – a near six-month high.
Reserve Bank Board minutes
The key quotes from the Board minutes:
Stronger growth expected: “Overall, the forecasts for the Australian economy were for output growth to strengthen gradually over the next two years as the drag on GDP growth from falling mining investment gradually diminished and activity progressively shifted to non-mining sectors of the economy. Business surveys suggested that there had been an improvement in conditions in non-mining sectors over the past year, which had been accompanied by stronger growth in employment and a steady rate of unemployment.”
Job market: “Employment growth had been strong in October and the unemployment rate had declined to 5.9%, although in trend terms it remained in the 6–6% range it had been in since the middle of 2014. Members observed that unemployment rates for most states were in the range of 5ó–6ó%.”
Housing market: “Growth in lending to investors in the housing market appeared to have eased, with a moderation in the pace of growth in housing prices in Sydney and Melbourne over recent months. Housing price growth had mostly remained subdued in other cities. While the recent changes to some lending rates for housing would reduce demand slightly, overall conditions remained quite accommodative. Members observed that supervisory measures had been helping to contain risks that may arise from the housing market.”
Inflation: “Even so, members recognised that there was still evidence of spare capacity in the economy, including in the labour market. Wage growth remained low and underlying inflation was expected to be consistent with the target over the next one to two years.”
Outlook: “Based on the available data and the forecasts, the Board decided that leaving the cash rate unchanged at this meeting was appropriate. Members judged that the outlook for inflation may afford some scope for a further easing of monetary policy should that be appropriate to lend support to demand. The Board would continue to assess the outlook, and hence whether the current stance of policy would most effectively foster sustainable growth and inflation consistent with the target”
<a href="/images/2015/12/15/Screen%20Shot%202015-12-16%20at%209.46.28%20AM.png" target="_blank">Click to enlarge</a>
<img src="/images/2015/12/15/Screen%20Shot%202015-12-16%20at%209.46.28%20AM.png" alt="">
New car sales:
According to the Australian Bureau of Statistics (ABS) new vehicle sales rose by 1%in November after a 3.7% slide in October. Passenger car sales rose by 0.7%, while sales of sports utility vehicles fell by 1.6%. But sales of “other” vehicles (includes utilities, panel vans, cab chassis, goods carrying vans, rigid trucks, prime movers, non-freight carrying trucks, and buses) rose by 6.6%.
New vehicles sales were up by 6% over the year. Passenger car sales in October were down by 3.6% while SUVs sales were up by 17% and “other vehicles” were up by 10.1%.
In rolling annual terms, a total of 1,152,601 new vehicles were sold over the year to November – a record high.
Annual sales of SUVs (403,698) hit fresh record highs in November, while annual sales of other vehicles rose from 229,635 to 232,341. Sales of passenger vehicles stood at 516,562 in the year to November, down from 517,899 in the year to October 2015.
Residential property prices
The Bureau of Statistics (ABS) has released its Residential Property Price indexes.
“The price index for residential properties for the weighted average of the eight capital cities rose 2.0%t in the September quarter 2015. The index rose 10.7% through the year to the September quarter 2015. The capital city residential property price indexes rose in Sydney (+3.1 per cent), Melbourne (+2.9 per cent), Brisbane (+1.3 per cent), Adelaide (+1.2 per cent), Canberra (+1.3 per cent) and Hobart (+0.5 per cent) and fell in Perth (-2.4 per cent) and Darwin (-0.4 per cent).
Annually, residential property prices rose in Sydney (+19.9 per cent), Melbourne (+9.9 per cent), Canberra (+4.0 per cent), Brisbane (+3.8 per cent), Adelaide (+3.5 per cent) and Hobart (+1.7 per cent) and fell in Perth (-3.3 per cent) and Darwin (-2.0 per cent).
The ABS notes that as at September 2015 there were 9.57 million homes in Australia and the average price was $612,200.
What is the importance of the economic data?
The ANZ/Roy Morgan weekly survey of consumer confidence closely tracks the monthly Westpac/Melbourne Institute consumer sentiment index but the former measure is a timelier assessment of consumer attitudes and is now closely tracked by the Reserve Bank.
The Reserve Bank releases minutes of its monthly Board meeting a fortnight after the event. The minutes give a guide to Reserve Bank thinking on interest rate settings.
The Australian Bureau of Statistics provides seasonally adjusted and trend estimates of industry data. The Federal Chamber of Automotive Industries releases estimates of car sales on the third business day of the month. The figures highlight the strength of consumer spending as well as conditions facing auto &amp; components companies.
The Australian Bureau of Statistics (ABS) provides quarterly data on residential prices. The figures provide further perspectives on the state of the housing purchase sector.
What are the implications for interest rates and investors?
The Reserve Bank will be keeping a close eye on how the non-mining business sector evolves. The outlook to invest and create more employment will be a driving factor on any further rate cuts.
CommSec expects no change to interest rate settings in 2016, although the risks lie with another rate cut given the low inflation outcomes.
<a href="/images/2015/12/15/Screen%20Shot%202015-12-16%20at%209.45.34%20AM.png" target="_blank">Click to enlarge</a>
 <img src="/images/2015/12/15/Screen%20Shot%202015-12-16%20at%209.45.34%20AM.png" alt="">
Savanth Sebastian is an economist for <a href="https://www.commsec.com.au/" target="_blank">CommSec</a> 
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Content RBA, confident consumers: CommSec's Savanth Sebastian

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GUEST OBSERVER
The minutes of the monetary policy meeting of the Reserve Bank Board were a little more upbeat on the economy than we saw in November. 
In the key section of the minutes ‘Considerations for Monetary Policy’, the Board noted that “recent data had generally been positive”. That compared with the November minutes which noted that “recent data … suggested that the moderate economic expansion had continued”. 
We also saw a more upbeat analysis of the labour market. In December the Board notes that very low interest rates and the lower currency were leading to “stronger employment growth”. In November this recognition of an improving labour market was restricted to the services sector. 
It should be noted that this more optimistic assessment was reached without the benefit of knowing the stronger than expected GDP report (released the day following the meeting) and the November employment report which showed a fall in the unemployment rate to 5.9%. 
Of course despite this more optimistic tone there was no change to the soft easing bias which was signalled using the same language as in November: “Members judged that the outlook for inflation may afford some scope for a further easing of monetary policy”. That approach continues to be justified by members recognising that there was still evidence of spare capacity in the economy including in the labour market and that wages growth remained low with inflation expected to be consistent with the target. 
Commentary on the Australian dollar was unchanged from November: “the exchange rate was adjusting to the significant declines in key commodity prices”. We are not surprised by this sentiment given that the Governor’s statement used the same approach. However as we noted in commenting on the Governor’s statement this approach could have justifiably been strengthened given that since the November meeting the AUD had increased from US0.715 to US0.725 and the iron ore price had fallen around 15%. There was a case for the Bank to question whether the AUD should have been adjusting to the recent weakness. No doubt the Bank will be monitoring this situation and if it continues it is likely to strengthen its language in the February minutes. 
There was indeed indirect recognition of this point. In November the minutes noted “Members noted that the outlook for Australia’s terms of trade was little changed”. There is no such recognition in the December minutes leaving open the possibility that reflecting this recent weakness in both iron ore and oil prices the Bank may now be further revising down its growth forecasts for the terms of trade. Westpac has certainly done that with our outlook for 2016 indicating a further fall of 10%, with implications for both household expenditure and business investment. It is likely that these adjustments will now be considered for the forecasts in the February Statement on Monetary Policy. 
Outlook
The Board clearly intended these minutes to signal no change in the policy stance. That is consistent with our own view for 2016. However, given the recent weakness in the terms of trade, risks to our view remain to the downside.
 
Bill Evans is chief economist of <a href="https://www.westpac.com.au/" target="_blank">Westpac</a>.
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RBA more positive on the Australian economy: Westpac's Bill Evans

Design-led developer-builder Lowe Living has unveiled its latest residential development, Jardin House, marking its first foray into Melbourne's blue-chip City of Boroondara.

Located a short walk from Camberwell Junction, <a href="https://www.apartments.com.au/new-apartments/jardin-house-by-lowe-living-camberwell-335-camberwell-road-camberwell-vic-3124">Jardin House</a> has been designed to appeal to affluent local downsizers and established families seeking a low-maintenance alternative to the large homes that have long defined Camberwell and surrounding suburbs.

The project will comprise a collection of two and three-bedroom apartments ranging from 92 sqm to 280 sqm, alongside a limited number of penthouse residences featuring rooftop terraces spanning more than 100 sqm, with optional private pools.

&nbsp;

[smartcode_project:default project_id=146717 project_image_fid=372212]

Lowe Living Co-Founder and Managing Director Tim Lowe said Camberwell represented a natural next step for the developer as it expands into some of Melbourne's most tightly held residential markets.

"Jardin House is an important project for our team as it marks the next evolution of our portfolio into different well-established blue-chip pockets of Melbourne," Lowe said.

"Camberwell, with its incredible walkability, family-led neighbourhood feel and superb access to education and transport, makes it a natural choice for us."

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Designed by Tristan Wong Architects, with interiors by Hecker Guthrie and landscaping by Acre, the development takes inspiration from the Art Deco architecture that remains a defining feature of many of Camberwell's established streets.

A curved facade, arched openings, textured brickwork and sculpted forms reference the suburb's architectural heritage, while extensive landscaping softens the building's presence and creates a strong connection to the surrounding tree-lined streetscape.

The project will be set behind a secure gated entrance, with residents arriving through landscaped gardens designed to create a transition between the public realm and private residences.

Inside, the residences feature natural stone and timber finishes, full-height glazing, Miele appliances and generous open-plan living areas designed for long-term owner occupation.

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While the apartments themselves have been designed to attract discerning owner-occupiers, it is the amenity offering that sets Jardin House apart from many other boutique projects currently launching across Melbourne.

The centrepiece is a 350 sqm private bathhouse curated in partnership with Aurora Spa &amp; Bathhouse founder Lyndall Mitchell.

The wellness precinct includes mineral pools, hydrotherapy experiences, a Himalayan salt room, sauna, steam room, cold plunge pools and dedicated relaxation spaces, creating what Lowe Living describes as a private wellness retreat exclusively for residents.

[smartcode_project:default project_id=146717 project_image_fid=372222]

The collaboration follows Lowe Living's recent partnership with Aurora at Maison Savoy in Brighton, although Jardin House is the first project to incorporate both indoor and outdoor wellness experiences.

Emma Lowe, Co-Founder and Managing Director of Lowe Living, said wellness was becoming an increasingly important consideration for apartment buyers.

"Collaborating with Lyndall Mitchell from Aurora Spa &amp; Bathhouse for a second time is an intentional nod to creating residences that are more than just homes, but a way to enrich the lives of our residents through wellness and longevity," Lowe said.

The amenity offering is complemented by a Technogym fitness studio, residents' lounge, private dining spaces and concierge services.

The launch comes as developers increasingly target Melbourne's established eastern suburbs, where rising land values, ageing housing stock and growing downsizer demand are creating opportunities for boutique apartment projects.

Lowe said the company expects significant generational wealth transfer across suburbs such as Camberwell in coming years, creating further demand for luxury apartment living.

"Camberwell is a blue-chip suburb where homes regularly transact for multiple millions of dollars," he said.

"The generational change of wealth in these locations expected in the coming years is significant, so we see an opportunity to create exclusive residences that appeal to older families and downsizers in order to meet this demand."

Apartments at Jardin house start from $1,195,000. The project forms part of Lowe Living's near-$1 billion portfolio of new developments across Melbourne.

[smartcode_project_cta:default project_id=146717]

Joel Robinson

Lowe Living launches Jardin House in Camberwell

As <a href="https://www.apartments.com.au/developments/north-sydney-nsw-2060">North Sydney</a> continues its transition from a commercial centre into a more layered residential and lifestyle precinct, a new generation of apartment developments is reshaping expectations around scale, amenity, and long-term liveability.

Improved transport connections through the Victoria Cross Metro, continued investment in dining and public spaces, and a constrained supply of new luxury apartments have sharpened demand for homes that combine proximity to the CBD with the privacy and outlook traditionally associated with harbourside houses.

At 177 Walker Street, <a href="https://www.apartments.com.au/developers/aland">ALAND</a>’s new apartment development <a href="https://www.apartments.com.au/new-apartments/the-walden-north-sydney-177-walker-street-north-sydney-nsw-2060">The Walden</a> enters the market with a distinctly residential approach to high-rise living. The 30-level tower will deliver 161 residences, ranging from one-bedroom apartments through to sub-penthouses and a full-floor penthouse, all oriented to capture uninterrupted views across Sydney Harbour, the Opera House, and out toward the Pacific Ocean.

[smartcode_project:default project_id=134323 project_image_fid=6395]

Designed by <a href="https://www.apartments.com.au/architects/rothelowman">Rothelowman</a>, the project takes advantage of the site’s natural topography and elevated position above the harbour. Rather than relying on density alone, the architecture focuses on outlook, orientation, and spatial flow, with every apartment occupying a corner position to maximise natural light and cross ventilation.

Rothelowman says the site itself shaped much of the architectural response.

“The site has a long history in terms of its inevitable transformation and when we came in, we took inspiration from the idea of reestablishing a sense of the site’s natural terrain and fall. Our scheme aims to integrate with the terrain and the landscape, using the undulating site to slowly reveal glimpses and views of the harbour. The rotation of the tower off grid means every apartment has a view and is naturally cross ventilated. The building's colour palette is quintessentially Sydney, with bronze and sandstone and a luminescent green colour in the glass, making it very earthy and grounded in its location.”

[smartcode_project:default project_id=134323 project_image_fid=6399]

Inside the residences, the emphasis moves toward larger-format living typically associated with standalone homes. Kitchens sit at the centre of the apartments, connecting directly to open-plan dining and living areas before extending outward into expansive winter gardens and balconies. Calacatta marble, bespoke joinery, integrated appliances, and custom metal detailing are used throughout, while three distinct interior palettes, Terrace, Opera, and Harbour, allow buyers to personalise the spaces without compromising the architectural consistency of the project.

The larger residences place particular attention on separation between entertaining and private zones. In many apartments, master suites occupy the outer corners of the floorplates, allowing bedrooms to benefit from floor-to-ceiling glazing and harbour outlooks independent of the living spaces. Dressing rooms and ensuites continue the material palette through fluted detailing, freestanding baths, and layered stone finishes.

Rothelowman says the design intent centred on creating homes that feel enduring rather than transient.

“Our philosophy is all about the way people live in these spaces, and we wanted to create homes that reflect the quality of life in this unique Sydney location. The apartments showcase expansive living spaces that are generous, sophisticated, and bold, with the ability to connect with views throughout each apartment.”

[smartcode_project:default project_id=134323 project_image_fid=353235]

A separate four-storey amenity building known as The Pavilion expands the residential offering beyond the apartments themselves. Positioned alongside the tower, the building consolidates wellness, recreation, and social spaces into a dedicated resident retreat. Facilities include a 20-metre rooftop pool and sundeck, sauna, spa, ice bath, wellness studio, gymnasium, concierge service, wine cellar, residents’ lounge, private dining spaces, and dedicated co-working areas with meeting rooms and boardroom facilities.

The amenity mix reflects the buyer profile emerging in North Sydney, where owner-occupiers and downsizers are increasingly prioritising convenience, apartment scale, and long-term usability over purely investment-driven decisions.

The Walden also represents a significant milestone for ALAND, marking the company’s first major move into Sydney’s inner-city luxury apartment market after more than two decades delivering large-scale residential communities across Greater Sydney. Founder Andrew Hrsto says the Walker Street site stood apart because of both its positioning and its rarity.

[smartcode_project:default project_id=134323 project_image_fid=6390]

“As a company, we had been searching for a site in one of Sydney’s blue-chip locations, spanning the Eastern Suburbs, the Sydney CBD and the North Shore, and when we had the opportunity to purchase this site, we immediately recognised that it could be something iconic.”

At launch, The Walden recorded more than $103 million in sales, with buyers drawn to the project’s harbour positioning, apartment scale, and proximity to the Metro, which now connects North Sydney to Barangaroo in three minutes and Martin Place in five.

ALAND has commenced construction, and is expecting a completion date in 2028.

[smartcode_project_cta:default project_id=134323]

The Walden pairs house-scale living with North Sydney connectivity

The ACT will become the first jurisdiction in Australia to abolish stamp duty for all first home buyers, with no income caps and no property price thresholds from 1 July.

The move, announced as part of the ACT Budget, completes a key election commitment from the Barr Government and removes what Chief Minister Andrew Barr described as one of the biggest barriers to entering the housing market. The reform forms part of the ACT's long-running transition away from transaction taxes and towards a broader-based property tax system.

"This budget marks a major milestone in our long-term tax reform program," Barr said, adding that the government had maintained a sustained focus on removing barriers to home ownership. He said stamp duty had long been one of the largest upfront hurdles facing buyers and that from July, "that barrier is gone" for first home buyers in the Territory.

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The changes come alongside a range of measures designed to encourage new housing supply, including support for the delivery of so-called "missing middle" housing such as terraces, townhouses and low-rise multi-unit developments.

The announcement has renewed debate around whether the ACT's approach could provide a blueprint for improving housing affordability nationally.

New research from OurTop10.com.au, conducted by Primara Research, suggests the Territory's decade-long reform agenda has produced outcomes unmatched elsewhere in Australia.

While stamp duty costs have increased by an average 67 per cent nationally over the past decade, the ACT has recorded growth of just 15 per cent, the lowest increase of any jurisdiction.

The Territory has also emerged as one of the strongest performers on housing delivery. Based on population-weighted housing targets, the ACT is sitting less than one per cent behind its target. Victoria is the next closest at seven per cent behind, while the national average sits 25 per cent below target. New South Wales is tracking 39 per cent behind.

The latest reform removes one of the final barriers facing first home buyers in Canberra.

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The average Australian home buyer currently pays $61,714 in stamp duty. In the ACT, that figure is $38,399 despite the Territory having the third-highest median house price in the country.

Until now, the ACT's first home buyer concession scheme only applied to purchases up to $1.02 million, around $51,000 below Canberra's median house price of $1.071 million. In practical terms, many first home buyers were unable to access the median-priced home without losing the concession.

From July, those restrictions disappear.

Every first home buyer in the ACT will pay no stamp duty, regardless of income or purchase price.

Canberra remains one of Australia's most expensive housing markets, with dwelling values increasing 82 per cent over the past decade. However, that growth ranks only 11th among Australia's 15 major housing markets, suggesting affordability pressures have been less severe than in many other parts of the country.

Simon Ma, CEO of OurTop10.com.au, said the latest reforms recognise that many first home buyers have simply outgrown thresholds set years ago.

"Many first home buyers aren't just looking for a way onto the ladder, they want a home their family can actually live in," Ma said.

"In a market where the median house price is over a million dollars, a concession scheme that cuts out at $1.02 million was never going to get them there.

"Removing the ceiling entirely means ACT first home buyers can now pursue the home they actually want, rather than limiting themselves to a price point designed for a very different market."

Whether other states follow remains to be seen. But at a time when most jurisdictions are struggling to improve affordability while also increasing housing supply, the ACT has quietly become the national test case for both.

15% stamp duty growth. Just 1% off the national housing target. Zero stamp duty for FHBs. Is the ACT the blueprint for the great Australian dream?

ACT abolishes stamp duty for first home buyers

A rooftop pool and spa overlooking the Brisbane CBD, private dining spaces, expansive landscaped gardens and a residents' lounge are set to crown <a href="https://www.apartments.com.au/new-apartments/callista-on-park-west-end-49-mollison-street-west-end-qld-4101">Callista on Park</a>, the final residential building within Brisbane's West Village precinct.

The rooftop amenity collection has been designed as an extension of the lifestyle already established throughout West Village, providing residents with a series of indoor and outdoor spaces that capitalise on the building's elevated position above West End.

A swimming pool and heated spa form the centrepiece of the rooftop offering, surrounded by landscaped gardens developed through a collaboration between developer Sekisui House and ASPECT Studios. The design incorporates expansive lawn areas surrounded by English garden-inspired planting.

[smartcode_project:default project_id=134800 project_image_fid=370648]

Residents will also have access to two barbecue and outdoor dining areas positioned to take advantage of views across Brisbane's skyline, neighbouring Mollison Park, and the surrounding inner-city landscape.

For larger gatherings, the rooftop includes a private dining room centred around a substantial stone island bench, complete with a full kitchen and a 10-seat dining table set beneath four-metre-high ceilings. The space has been designed to overlook both the rooftop gardens and the Brisbane CBD skyline.

A separate residents' lounge provides an additional indoor retreat connected to the broader rooftop amenity offering, creating another space for residents to work, relax or entertain guests.

[smartcode_project:default project_id=134800 project_image_fid=370647]

The attention to detail extends beyond the rooftop.

Upon arrival, residents will enter through a lobby featuring a bespoke ceiling light installation developed in collaboration between Sekisui House and Alcorn Middleton Architecture. The arrival experience is complemented by private resident mailboxes and carefully considered interior finishes designed to reflect the premium positioning of the building.

[smartcode_project:default project_id=134800 project_image_fid=372541]

The amenity offering forms part of Callista on Park, the final residential release within the decade-long transformation of the former Peters Ice Cream Factory site into West Village, one of Brisbane's most established mixed-use communities.

Designed by <a href="https://www.apartments.com.au/architects/rothelowman">Rothelowman</a> and being delivered by <a href="https://www.apartments.com.au/builders/hutchinson-builders">Hutchinson Builders</a>, Callista represents the most premium residential offering within the masterplanned precinct.

Construction is now entering its final stages, with scaffolding beginning to come down and completion expected in the first quarter of 2027.

Prices for the three-bedroom plus MPR apartments start from just over $2.6 million.

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Callista will mark the final opportunity to purchase within West Village, where residents have direct access to more than 35 retail, dining, wellness and medical operators including Harris Farm Markets, Woolworths, Function Well and Goodlife Health Clubs, Metro Arts, and a growing collection of restaurants and cafés.

Located just 800 metres from the Brisbane CBD, the precinct also places residents within walking distance of South Bank, West End's dining scene, riverfront parklands and major public transport connections.

For Sekisui House, which has delivered more than two million homes globally, Callista serves as the concluding piece of the West Village masterplan, bringing together the precinct's heritage character, parkland setting and emphasis on walkability in a final collection of larger-format residences.

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Rooftop pool, private dining and skyline gardens to crown West Village's final apartment release, Callista on Park

<a href="https://www.apartments.com.au/developments/wahroonga-nsw-2076">Wahroonga</a>’s enduring appeal has long been tied to its balance of bushland, established amenity, and access to some of Sydney’s most respected education and healthcare institutions.

Along Fox Valley Road, that combination is becoming increasingly sought after by buyers looking to remain connected to the Upper North Shore lifestyle while prioritising walkability, wellbeing, and convenience.

Developer Capital Corporation's initial vision of a 62-hectare site on Fox Valley Road was that they could create their own walkable community, bordered by&nbsp;more than 25 hectares of bushland and adjoining Coups Creek.

<img alt="Wahroonga" data-entity-type="file" data-entity-uuid="b84917a1-0d75-49b9-888c-ddf7ebfd6692" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/NEW2026_Wahroonga_Walkway.gif?VersionId=Gk3_xi5ssYfalmwuQQ5umQakddceC31j" />

<a href="https://www.apartments.com.au/new-apartments/the-residences-at-wahroonga-estate-169-fox-valley-road-wahroonga-nsw-2076">The Residences at Wahroonga Estate</a> draws directly on the area’s natural landscape, with walking trails and green corridors linking into sections of Lane Cove National Park. The surrounding network of bushwalks, cycling tracks, and reserves reinforces the suburb’s long-standing reputation as one of Sydney’s most nature-oriented residential pockets, while still maintaining close ties to village retail and transport infrastructure.

The address places residents within minutes of Wahroonga and Turramurra villages, where cafés, local grocers, boutiques, and everyday services support a highly localised lifestyle. Popular nearby venues including The Fox Café and Breeze Valley Café provide easy options for morning coffee or casual dining, while longstanding retailers such as IGA Wahroonga Fresh and Novella Fine Books continue to anchor the area’s village character.

&nbsp;

<img alt="Wahroonga" data-entity-type="file" data-entity-uuid="c4a950f7-4f05-4370-b360-b106359788e5" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/2026_Wahroonga_Entry_Gates.gif?VersionId=7n5kh9ymu.azYEYDemJkPgiIAfSw44oj" />

Healthcare access remains one of the defining locational advantages of the estate. Sydney Adventist Hospital, known locally as The San, sits directly adjacent and is one of the largest and most respected private hospitals in New South Wales. The hospital precinct incorporates specialist medical services, radiology, physiotherapy, and outpatient care, contributing to growing buyer demand from downsizers and owner-occupiers seeking long-term convenience and peace of mind.

Research commissioned by Capital Corporation found that health and wellbeing considerations are increasingly influencing downsizing decisions, particularly among buyers wanting to remain within familiar neighbourhoods while accessing medical infrastructure more easily.

Education has also historically underpinned demand across Wahroonga and the broader Upper North Shore. The estate sits close to several of Sydney’s leading private and independent schools, including Knox Grammar, Abbotsleigh, Barker College, Pymble Ladies’ College, Ravenswood School for Girls, and Loreto Normanhurst. Co-educational options including Wahroonga Adventist School and Sydney Adventist School further strengthen the area’s appeal to established families looking for long-term schooling pathways within a tightly held catchment.

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Transport connectivity supports the suburb’s liveability without compromising its quieter residential character. Wahroonga and Turramurra train stations provide direct rail access into the Sydney CBD, while the nearby Pacific Highway and M1 motorway strengthen links across the North Shore and broader metropolitan area. At the same time, the heavily treed streetscape and low-density character continue to distinguish the precinct from more urbanised parts of Sydney.

The Residences at Wahroonga Estate forms the first stage of <a href="https://www.apartments.com.au/developers/capital-corporation">Capital Corporation</a>’s broader masterplanned vision for the precinct, delivered alongside the Seventh-day Adventist Church.

[smartcode_project:default project_id=135247 project_image_fid=364995]

Designed by <a href="https://www.apartments.com.au/architects/group-gsa">GroupGSA</a> with interiors by <a href="https://www.apartments.com.au/interior-designers/coco-republic-interior-design">Coco Republic</a>, the development integrates landscaped communal spaces including a pet-friendly Green Spine, resident lounge, BBQ pavilion, and direct bushland access, reinforcing the project’s focus on outdoor connection and community-based living.

Now under construction by Gold Star iCIRT-rated builder <a href="https://www.apartments.com.au/builders/dasco-australia">DASCO</a>, The Residences at Wahroonga Estate will deliver a collection of one, two, and three-bedroom apartments priced from $990,000, with completion anticipated in 2027.

[smartcode_project_cta:default project_id=135247]

Jonathan Chancellor

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