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GUEST OBSERVER
The minutes from the RBA’s December Board meeting, at which the cash rate was left unchanged at 2%, don’t give too much new information on the Bank’s thinking but have a marginally more positive tone. 
On household consumption, the RBA seems less worried about the outlook, noting the improvement in retail conditions and removing the reference to the risks to the outlook included in the minutes from the November meeting. The Bank is expecting consumption growth to lift to above-average rates from 2016, and while retail outcomes have improved, we continue to see this forecast as somewhat ambitious, given soft wages growth is likely to weigh on consumption for some time. 
The Board seems broadly comfortable with the housing outlook, noting that dwelling investment is likely to continue to grow but at a slower rate. The minutes did, however, highlight that it was still too early to assess the effect of the recent increase in lenders’ mortgage rates on the housing market. 
On non-mining business spending, the Board seems almost unperturbed by the weakness in the CAPEX survey, noting that while non-mining business investment intentions remained weak, business condition were “clearly above average” in the household and business services sector, which were less capital intensive. 
On the labour market, while noting the improvement in the unemployment rate and measures of job vacancies, the Board continues to point to soft wages growth as evidence of spare capacity in the labour market. 
On the AUD, the minutes contained very little commentary, only noting that the AUD had appreciated against the USD “in contrast to most other currencies”. 
Consistent with the post-meeting statement, the minutes again noted 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”. 
We continue to expect the RBA to cut rates next year. We recently pushed back the timing of those moves, and now expect the Bank to cut rates by 25bps in May and August. We still expect the stimulus from housing and the lower AUD to fade next year, but the recent strength in the labour market precludes a cut as early as February. For 2016, there is also a possibility that further rises in lending rates from the banks, to offset regulatory changes that have raised minimum capital requirements, would cause an unwelcome tightening of financial conditions. With the inflation outlook providing no impediment to lower rates, we think the Bank has scope to provide further stimulus. 
This week’s FOMC meeting will also be important to the monetary policy discussion, firstly, to gauge the market impact of the first Fed rate hike in nearly a decade; and secondly to absorb the Fed’s forward guidance on the likely trajectory of US interest rates. 
We are also likely to get a further update on the Bank’s thinking over the next week or so, with a newspaper interview with Glenn Stevens likely to be published, consistent with the experience of the past few years.
Felicity Emmett co-head of Australian economics, ANZ Research and can be contacted <a href="https://www.propertyobserver.com.au/https://au.linkedin.com/pub/felicity-emmett/5a/3ba/256" target="_blank">here</a>.
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RBA feeling more comfortable: ANZ's Felicity Emmett

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Villa Rocca Bella, the Whale Beach oceanfront retreat of the late soprano Dame Joan Sutherland sold in one of the quickest sales on the pricey northern beaches this year.
The four bedroom, 1950's home on a double block was bought by Lorraine Tarabay, wife of Rare Infrastructure fund manager Nick Langley.
Whispers of a $6.9 million sale proved correct.
It was 38 years ago that it sold for $167,000. 
The three level house has been little used in recent times by her husband Richard Bonynge, who calls home Montreux in Switzerland, but keeps a bolt hole in Potts Point.
This article was first published in the Saturday Daily Telegraph.
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Dame Joan Sutherland's Villa Rocca Bella, Whale Beach retreat sold

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A loss-taking Melton South house sold at $216,000 was the cheapest weekend auction result.
It had been listed since November last year with $240,000 to $270,000 hopes.
The three bedroom 1975 home had last traded at $257,000 in 2011.
The <a href="https://www.realestate.com.au/property-house-vic-melton+south-121223070" target="_blank">5 Blackwood Drive, Melton South</a> offering sold through PRD Nationwide who marketed it as "perfect for an investment property or for a first home buyer."
<a href="/news">The suburb's median house price sits at $244,000</a>, down on the $258,000 peak in 2011, according to CoreLogic RP Data.
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Big price fall at Melton South, Melbourne's cheapest auction locality

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The RBA December board minutes noted the 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.
"In the established housing market, auction clearance rates and housing price growth had declined over recent months in Sydney and to a lesser extent in Melbourne.
"Prices were declining in Perth and rising moderately in much of the rest of the country."
The Reserve Bank of Australia board members observed that the growth of total housing credit had been little changed.
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"The easing in housing price growth in Sydney and Melbourne and apparently lower growth in lending for the purpose of investor housing had followed an earlier tightening in lending terms, partly in response to supervisory measures announced by the Australian Prudential Regulation Authority.
"It was still too early to assess the effect of the modest increase in lenders' mortgage rates in November (for both investors and owner-occupiers) on the housing market.
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"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."
The December minutes also noted the available data suggested that dwelling investment had increased in the September quarter.
"Building approvals remained at high levels, despite having eased somewhat since the start of the year.
"This was consistent with the expectation of further increases in dwelling investment in coming quarters, albeit at a gradually declining rate."
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APRA measures are containing housing risk: RBA

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The former Wallaby and professional rugby union player Mark Gerrard has sold his recently completed new build at Narrabeen for around $2.5 million. 
Mark, who is currently playing for the Toyota Industry Shuttles in Japan, only finished the four bedroom Narrabeen home in early spring. Paul Franks of Domain Real Estate was the selling agent for the property.
Gerrard, who gew up in Narrabeen, earned 23 caps for Australia over his two year national team career. He had been an apprentice carpenter for three years so he loved getting involved in his first project on the 700 sqm block.
The former Melbourne Rebels fly-half was set to live in the home with his wife, Larisa and their three children, however when Larisa fell pregnant during construction and with Mark living in Japan they felt the home was too big for her to care for four children.
“We still had the thought of living here for good after he was born", he said.
“But as time went by and the house took a lot longer to build, our plans changed.”
Marks favourite feature of the home is the indoor/outdoor, pool bar which is adjacent to the gourmet kitchen.
"I am most proud of the kitchen with its four metre Carrara marble island bench," he said.
“You can be at the pool bar and still see the view through the kitchen and out to the deck and beyond."
The pool is positioned on the top floor of the three level property.
“The open space … up there is relaxing, like you’re up in your own treetop oasis,” he suggested.
 
This article was first published in the Saturday Daily Telegraph.
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Rugby player Mark Gerrard sells in Narrabeen

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GUEST OBSERVER
Some days saving for a first home can feel like running a marathon, and as any distance runner knows, at some stage you could hit the wall of fatigue.
In running terms that’s the point where energy levels start to drop and athletes have to fight the urge to toss in the towel and head back to the change rooms. 
If you find your enthusiasm for growing savings is starting to flag, it can pay to adopt the strategies used by professional runners to forge ahead even when the wall tries to slow them down.
Keep a consistent pace
Throwing as much cash as possible into your savings without allowing for fun stuff is a sure fire way to burn out. Life is meant to be enjoyed, and you still need to able to head out on the town occasionally, take a break on vacation or chill out with friends. 
Aiming to stick to a consistent pace of saving can help you avoid saving fatigue. Crunch the numbers to work out how much you need to save on a regular basis to reach your first home deposit target. Once you have the numbers in place it’s just a matter of maintaining the momentum. 
Fuel your head space
Marathon runners often use visualisation techniques to stay motivated. They imagine themselves crossing the line first or breaking a long-held record, and that can be the tonic they need to keep going.
If your enthusiasm for savings is flagging, stay motivated by picturing how great it’s going to feel to look at your home and think “Yep, I own that”. Sure, you may not win a gold medal but remember, your home is a tax-free asset and an excellent investment. Property values across Australia’s eight state capitals have risen by around 5.3% each year over the last ten years. Buying your first home could certainly put you on top of the winner’s podium when it comes to growing personal wealth.
Run your own race
Don’t feel pressured to buy in an expensive suburb just because your friends, work mates or siblings are. There is value to be found in suburbs further out from the city centre. These may not be your dream location but sometimes homes in outer suburbs can benefit from renovations, and that makes them affordable – and they offer a blank canvas for you to add value through improvements. Run your own race and buy where you can afford.
Carb stack your savings
In the same way that distance runners take advantage of stopping points to fuel up on carbohydrates, first home buyers can boost their deposit by improving the return their money earns. 
Online savings accounts can offer higher interest than everyday transaction accounts but if you’ve had your existing account for a while check to see what your money is earning - a high introductory rate may have lapsed. Explore options to earn bonus rates, like holding your everyday account and savings account with the same bank. It all helps you smash through the wall of fatigue and hit the finish line a whole lot sooner.
 
Patrick Nolan is head of home loans, <a href="https://www.mebank.com.au" target="_blank">ME Bank</a>.
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Four tips to beat first home buyer fatigue: ME Bank's Patrick Nolan

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Ernst &amp; Young is close to selling the Kidman family’s ­vast cattle estate, minus the offending ­property near Woomera, to Chinese-based buyers.
The preferred Hunan Dakang bid will re-emerge with an Australian partner to buy all the Kidman property except Anna Creek at a price a little below the original bid at $370 million, according to The Australian business columnist John  Durie.
"The bid will be approved with little fuss and everyone will wonder what all the noise was about," he wrote today, adding the sale of the rest of the property to the same Chinese bidder, complete with an Australian partner, will restore some sanity to the debate. 
Australia's biggest private rural landholding, which includes the world's largest cattle station, is up for sale by the pioneering pastoralist company, S. Kidman and Co. 
Eleven cattle stations covering more than 100,000 square kilometres are being offered through Ernst and Young Adelaide.
S. Kidman and Co. is 98% owned by members of the Kidman family, represented by 58 shareholdings. Not all wanted to sell, The Land reported earlier this year, adding last financial year the company reported a net operating cashflow of $9.3 million and paid dividends of 20 cents a share. 
But it recorded a net after tax loss of $1.4m as herd numbers declined 15 per cent because of tough seasonal conditions to 182,350 head, and their livestock market value fell about $10 million to $97.4 million.
The cattle king Sir Sidney Kidman's first purchase was in 1886: Owen Springs south-west of Alice Springs.
The business still has cattle stations across Western Australia, the Northern Territory, Queensland and South Australia. 
Anna Creek Station in South Australia's outback, with defence security proximity concerns, is the largest at 23,000 square kilometres. 
The other holdings include Helen Springs in the Northern Territory and Ruby Plains in Western Australia, Durham Downs, Durrie, Glengyle, Morney Plains, Naryilco and Rockybank in Queensland; Innamincka, Macumba and Tungali in South Australia where the company is headquartered.
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S. Kidman cattle empire set for sale to same Chinese bidders

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GUEST OBSERVER 
The Australian property landscape is nearing a significant turning point – as the Sydney and Melbourne markets start to run out of steam, two other cities are emerging as the next investment destinations of choice. 
Unless you’ve been living under a rock recently, you’ll know that house values in Sydney and Melbourne have skyrocketed. 
The average dwelling price in Sydney has spiked about 16% in the past year, while Melbourne prices have increased by about 14%.
However, the signs are that these markets are close to running out of steam.
This downward trend is expected to continue into 2016 as well, as investors continue to move their attention away from the overheated markets. 
So as these two markets begin to slow, where’s the next destination of choice for property investors?
There are two clear standouts in my view – Brisbane and Perth. Why? Because both of these cities are continuing to evolve into their own.
While I admit that much of the wealth created in Brisbane and Perth over the past decade has been through the resources boom, both cities are currently undergoing significant structural change.
While the resources sector will always provide valuable contributions to these cities, there is a concerted move by each state government to grow other industries, such as professional services, health, tourism and education, among others. 
With this transformation, both cities are developing strong, diversified economies, which will prove resilient in the long term and underpin property prices. 
Currently, both Brisbane and Perth represent great value for money for property investors. 
Housing affordability has improved in both cities in 2015. The average Perth household spends about 21% of their income on mortgage repayments, which is the lowest level since 2004. 
Similarly, Brisbane households spend about 23% of their income on mortgage repayments. 
These are among the most affordable capital cities in Australia, particularly compared to Sydney and Melbourne households, which spend 39% and 32%, respectively, of their income on mortgage repayments.
Given the strong long-term outlook for Brisbane and Perth and relative affordability, it makes sense for property investors to turn to these cities to gain exposure to these underrated markets. I wouldn’t expect significant gains in the next 12 months, but over the medium term I’m confident these two cities will outperform Melbourne and Sydney.
 
Damian Collins is the founder and managing director of Momentum Wealth and can be contacted <a href="https://www.momentumwealth.com.au/damian-collins/" target="_blank">here</a>.
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Shifting markets provide opportunities for property investors in 2016: Damian Collins

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GUEST OBSERVER - 2016 ANTICIPATORY YEAR IN REVIEW! 
The year started with markets successfully coming to terms with the first rate hike from the Federal Reserve since 2006.
The language from the statement on December 16 and associated speeches from various officials emphasised that markets were not to expect the style of the three previous tightening cycles which lasted around a year and saw rates lifted by 200-300 basis points.
However, it became increasingly clear that the US economy, led by the household sector, was beginning to gather some momentum. Accordingly, markets started to anticipate a more marked pace of tightening through 2016 and 2017 than had been anticipated in 2015.
In the early months, these anticipations proved to be prescient as the US household sector responded to strong jobs growth; low oil prices and an improving housing market.
In the event, the US economy seemed reasonably resilient to higher rates and a rising USD with the FED actually tightening on four occasions – the last move in December.
The US share market also responded to the improving growth outlook. The share market, which had been flat in 2015, reacted maturely, accepting that a modest uplift in interest rates right across the curve was really just consistent with the return toward more normal financial conditions (as opposed to the QE period) and bond rates more accurately reflected growth and inflation expectations. In turn, those growth expectations improved steadily through the year while inflation settled around the FED’s target of 2%.
Such an environment provided a gradual boost to the US dollar although markets had already boosted the US dollar strongly (up 25%) in the previous two years in anticipation of the FED’s first move. Further dollar strength of around 10% did not unnecessarily constrain the consumer led boost to the US economy.
However, in the first half of the year, this boost to US demand had not been sufficient to stabilise commodity markets. The volatile downswing in commodity prices continued through the first half of 2016, albeit at a slower pace than we had seen in the closing months of 2015. 
China’s officials continued to ease policy through lower interest rates; lower bank reserve ratios and some further direct assistance to the housing market. But unsold housing inventory remained formidable and construction and industrial production continued to slow. On the other hand, policies directed at boosting consumption were proving to be successful. The rebalancing of China’s economy progressed further in 2016. 
In the early months of 2016, low cost producers in iron ore; coal; oil and gas further boosted supply despite weak demand. Prices for these producers remained above production costs although profits were squeezed. The resulting weakness in commodity prices weighed further on the currencies and incomes of the commodity exporting economies. Those emerging economies like Brazil; Russia; Indonesia and Malaysia with high levels of dollar based borrowings and reliance on commodities were caught in the pincer effect of weakening incomes and rising costs of funding foreign debt. 
Those economies which relied on manufacturing goods (including other ASEAN; other East Asia ) and exports to the US consumer did much better seeing their currencies stabilise and interest rates relatively steady. Other emerging markets which relied mainly on domestic demand and were prepared to embrace reform, like India, boosted growth.
Europe stabilised at a better growth rate than had been expected at the beginning of the year. European households continued to embrace lower oil prices; record low interest rates and easier credit and the fall in the EUR to around parity with the USD boosted exports, particularly consumer based exports to the US and China. Fears about a break-up of the Euro system eased as the region’s growth momentum improved. 
Australia was dealt the following “hand” by the rest of the world: slowly rising interest rates particularly in the long end of the curve (courtesy of the US Federal Reserve); a weakening AUD (down around 10% in the first half of the year); further falls in commodity prices leading to another 10% fall in its terms of trade and an improvement in equity markets as US and European markets provided a positive lead – although in the first half of the year the resources sector continued to languish.
Markets were longing for a stabilisation in commodity prices and by mid -year some difficulties in supply chains in the oil sector and an unexpected moderation in supply from traditional producers; a sharp lift in closures of high cost Chinese iron ore mines and the on -going boost from the US consumer improved prospects of stability in the second half. Equity markets quickly seized on those prospects for stability.
The downward momentum in the terms of trade through the first half of the year constrained income growth for the third year in a row.
Australian households managed to maintain spending at a faster pace than expected by further lowering the savings rate given the services driven boost to employment growth and surprising stability in housing markets. Poorest housing performance over the year was centred around Western Australia and regional Queensland reflecting the ongoing stresses in those economies with the unwinding of the mining boom. The so called “overheated” markets in Sydney and Melbourne showed some pockets of weakness but generally disappointed the doomsayers. 
China continued to affect Australia through three channels – resource volumes and prices; services exports and capital inflows. As commodity supply adjusted to the weaker demand conditions the focus was gradually taken off the resources link to focus on services exports and capital flows. Developments in China continued to be favourable to those latter channels. Tourism and education continued to increase rapidly, especially in NSW and Victoria, while there was no slowing in direct investment interest in Australia by Chinese households and firms. 
Australia’s property markets stabilised. Offshore investment demand in residential and commercial property took up where it left off in 2015. House price appreciation slowed markedly but there was no sign of falls, except in some pockets directly affected by the mining downturn. Home owners and investors enjoyed a year of reasonable calm in the housing market.
The Reserve Bank of Australia, wary of the impact of the commodity cycle on Australia, held rates steady for the entire year. However, as markets began to observe some stability in commodity markets, prospects for an eventual rate hike in Australia started to firm with the most likely timing centring on mid–2017.  
2016 was a Federal election year. The new Liberal leadership aimed at boosting confidence which would mean a stronger spending response than might be expected given the income squeeze from the weaker terms of trade. There was no “big bang” in the Budget. Despite much talk about increasing the GST; cutting the company tax rate; and yet another overhaul of superannuation, the government steered a much more conservative course. 
The fiscal objective was not to target a “surplus” date but to demonstrate that the deficit was gradually shrinking, greatly assisted by reasonable anticipation of stability in commodity markets from around mid–year. Opportunities were taken to introduce “positive growth” packages such as more funds for infrastructure; innovation and education. Spending cuts were limited to funding new growth initiatives.
Markets were more focussed on policies and the election than some need for rapid Budget repair. 
Australia retained its AAA rating for another year particularly as it became clear through the year that the commodity cycle was stabilising. 
Sadly neither political party was prepared to address reform of the labour market , arguably Australia’s most pressing need. Local election forecasts are beyond the scope of even this report. 
The US election delivered an unsurprising result with the return of the Clinton dynasty. Hilary Clinton defeated a spirited Marco Rubio who was exhausted and financially drained by his campaign to stop Donald Trump in the Republican primaries. 
As we enter 2017, we acknowledge that, arguably, the three most powerful positions on the planet – US President; the Chancellor of Germany; and the Chairman of the Federal Reserve are now held by great women. 
 
Story teller Bill Evans is chief economist of <a href="https://www.westpac.com.au/" target="_blank">Westpac</a>. He wrote a one off anticipatory year in review suggesting just how 2016 might pan out.
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No signs of house price falls other than in mining towns: Westpac's Bill Evans' look forward 2016 Year in Review

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Interests associated with the horse breeder Rob Crabtree has listed a St Andrews Beach retreat, La Rochelle.
The four bedroom, four bathroom 438-446 Dundas Street property sits on a 3996 square metre distant beachfront block.
Abutting the Peninsula Coastal Walk track, the timber four-level house has been listed through Kay &amp; Burton’s Liz Jensen and David Heathcote.
They are <a href="https://www.realestate.com.au/property-house-vic-st+andrews+beach-118555103" target="_blank">asking $2.3 million.</a> It sold at $2.4 million in 2012 to interests associated with Crabtree who owns champion mare Black Caviar’s maternal grandmother.
Another trophy home at St Andrews Beach was listed with $3 million plus hopes through Michael Kivlighon at RT Edgar earlier this year.
The <a href="https://www.realestate.com.au/property-house-vic-st+andrews+beach-120675453" target="_blank">3-5 Moana Court</a> home had been a beach shack in the 1970s when builder Damian Thomas bought the place. It has been recently sold at $3.05 million.
Three years ago, Damian and wife Dianne replaced the shack with the modern homedesigned by Architecture Work's John Lochhead.
With five bedrooms, two bathrooms, the Mornington Peninsula house offers ocean views through floor to ceiling windows.
The island bench in the kitchen is built from wood reclaimed from the Mornington Pier.
The median price for a home in <a href="/news">St Andrews Beach is around $545,000</a>, according to CoreLogic RP Data.
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Horse breeder Rob Crabtree lists St Andrews Beach retreat

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.

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[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."

[smartcode_project:default project_id=146717 project_image_fid=372227]

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.

[smartcode_project:default project_id=146717 project_image_fid=372225]

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.”

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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.

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“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.

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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.

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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.

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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.

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Jonathan Chancellor

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