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The latest research from Norwest Cityscope shows a substantial decrease in the total value of sales over the last quarter.
For the three months to April 2015, there were 35 sales at a total value of $64.6 million, compared to 38 sales at a total value of $148.1 million for the three months to January 2015.
However, the most recent quarter shows an appreciable increase to the quarter ending October 2014, when there were 35 sales at a total value of $15.2 million.
The figures for the year ending April 2015, of 146 sales at a total value of $247.6 million, represent a considerable increase on those for the year ending April 2014, when there was a total of 142 sales at a total value of $128.3 million.
Significant properties for sale in the April 2015 update of Norwest Cityscope include:
<ul>
<li>Part of Hills Corporate Centre, 15 Brookhollow Avenue, Baulkham Hills, a two-storey office building with warehouse space, available through Coutts Industrial Real Estate; and</li>
<li>An office/warehouse unit of 1,384 sqm with parking for 32 vehicles at 18 Lexington Drive, Bella Vista, at an asking price of $3.65 million through Norwest Commercial and Industrial.</li>
</ul>
Significant leasing opportunities in Norwest Cityscope include:
<ul>
<li>Century Estate, a group of commercial and industrial buildings on a 54,390-sqm site with parking for over 500 vehicles at 2 Solent Circuit, Baulkham Hills, which has up to 3,120 sqm of office space available through Norwest Commercial and Industrial;</li>
<li>The aforementioned Norwest Quay, which has up to 2,640 sqm of office space available through Colliers International Sydney West and Norwest Commercial and Industrial; and</li>
<li>Norwest C3, a group of three four-storey office buildings with a net lettable area of 15,099 sqm and parking for 682 cars at 3 Columbia Court, Baulkham Hills, which has office space of 450 to 2,200 sqm available through Norwest Commercial and Industrial and CastleCorp Real Estate (pictured above).</li>
</ul>
Notable sales recorded in the April 2015 update of Norwest Cityscope include:
<ul>
<li>Norwest Quay, a four-storey office building with a net lettable area of 10,836 sqm and basement parking for 427 vehicles at 21 Solent Circuit, Baulkham Hills, which sold for $38,915,306;</li>
<li>A 16,000-sqm site of vacant land at 26 – 28 Norbrik Drive, Bella Vista, which sold for $5,202,344; and</li>
<li>The 8,170-sqm site of the Quest Serviced Apartments development at 24 Norbrik Drive, Bella Vista, which sold for $3,550,000.</li>
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jchancellor-FAypfDUnLy

Norwest, Sydney commercial property insights: CoreLogic RP Data Citiscope

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The Salvo Property Group has paid $6.28 million for a Southbank residential development site.
The<a href="https://www.realcommercial.com.au/property-land+development-vic-southbank-501442827"> 39-51 Hancock Street</a> property is a vacant 632 square metre block on the corner of Clarendon and Hancock Streets abutting the Westgate Freeway.  
Savills’ Nick Peden and Clinton Baxter, who brokered the deal, said the property was originally acquired by VicRoads in the 1970s for construction of the Westgate Freeway.
It was positioned within the Capital City Zone which permits and promotes higher density development up to 100 metres (or 33 levels) in height. 
The Salvo Property Group has a reputation of creating affordable luxury.
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Salvo buy Southbank site through Savills

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The Torrens Building, one of Adelaide's most notable surviving purpose-built Government office buildings, has been listed for sale.
Completed in 1881, it was the largest public building of its period and one of the largest buildings in the city.
It was used continuously for Government Offices for over a century, with notable occupants including the Registrar-General.
The building is regarded as the best remaining example of Renaissance Palladian style architecture in Adelaide, set on the eastern side of Victoria Square.
It is among a raft of buildings the State Government has signalled will be put up for sale.
The InDaily website noted others included “the State Administration Centre, Education Building, Wakefield House, Torrens Building, 12 Victoria Place, vacant land known as Hemmings Place and 24 Flinders Street”.
A boom in land speculation and a haphazard grant system resulted in the loss of over 75% of the 40,000 land grants issued in the colony of South Australia in the early 1800s so to resolve the deficiencies of the common law and deeds registration system, Robert Torrens, a member of the colony's House of Assembly, proposed a new title system in 1858, and it was quickly adopted.
The Torrens title system was based on a central registry of all the land in the jurisdiction of South Australia, embodied in the Real Property Act 1886 (SA). 
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Torrens Building, Adelaide listed for State Government selloff

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Myer's Top Ryde store could be the first of as many as 20 stores earmarked for closure as part of plans to secure the 115-year-old retailer's future.
The Australian Financial Review reports Myer is planning to close its four-year-old store.
They space is tipped as set to fall to Coles or Kmart, as according to a development application with City of Ryde Council, Top Ryde City plans to replace the two-level Myer store with a supermarket, a major tenant and a "mini-major."
Myer and ​​Top Ryde City confirmed that the centre was considering a range of refurbishment options, but advised no decision had been made.
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Myer tipped to exit Top Ryde

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The Australian-listed Ruralco Holdings has lost its chief executive John Maher.
Maher has stepped down after nine years at the helm of the rural services group. 
Its chief financial officer Ruth Martin has also resigned.
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John Maher quits as Ruralco boss

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Ray White’s commercial property auctions in the March quarter of 2015 achieved an 83% clearance rate for investment auctions, according to the group’s inaugural Auction Insights report.
Ray White Commercial senior director Auctions and Investments, Richard Impiombato, said 15 of the 18 investment properties were sold for a total of $30.203 million.
There was an average of five registered bidders per property.
“Passive investment property with the ‘trifecta’ of a long lease, secure covenant and attractive location are in strong demand,” Richard Impiombato said.
Ray White Commercial took 55 properties to auction nationwide during the March quarter for an overall clearance rate of 58.18% and total sales of $52,641,000.
He said of the 32 sold properties, 15 were sold under the hammer, 10 post-auction and seven prior to auction.
Sales over the March quarter were $12 million for a residential development site at Surry Hills in Sydney and $7.3 million for an investment sale at Cranbourne in Melbourne.
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Five bidders for every Ray White Commercial investment auction

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The Today show money correspondent Ross Greenwood advised the full 25% rate cut savings was worth $3.34 billion in potential stimulus – money back in the economy.
But not all banks are passing on the full cash rate cut.
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With some $1.33 trillion in home owner and investor home loans, <a href="https://www.9jumpin.com.au/show/today/videos/4207691939001/" target="_blank">Greenwood </a>calculated that on all banks passing the rate cut on in full.
However the Commonwealth Bank is only passing on part of Tuesday's cut in official rates to its home loan customers, but has interestingly also taken the step of raising some deposit interest rates.
The country's biggest bank has lowered its standard variable mortgage rates by 0.20 percentage points to 5.45%.
CBA's group executive for retail banking, Matt Comyn, said the bank had considered the needs of deposit customers as well as borrowers in its decision.
"Lifting the rates for our deposit customers at a time when the cash rate is decreasing recognises the importance of savings income, particularly for retirees and young people."
The CBA move comes after ANZ earlier said it would lower its standard variable home loan rate by 0.25 percentage points to 5.38%, effective Friday.
NAB has copied Commonwealth Bank's move to keep some of the Reserve Bank's 0.25 per cent cut to the cash rate. 
NAB will cut its standard variable rate to 5.43 per cent, with its lowest fixed rate at 4.49 per cent for one year and 4.59 per cent for five years. 
 
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Full rate cut was worth $3.34 billion in potential stimulus: Ross Greenwood

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Ithiel, the two storey heritage listed Penshurst mansion, has been listed for auction this weekend.
It is listed through <a href="https://www.sandersnoonan.com/for-sale/penshurst/house/inverness-avenue/gWtwDw5kb9CxqiNvDOWj/" target="_blank">Sanders Noonan Real Estate</a> agents David Hughes and Panos Myrianthis with $1.4 million plus hopes.
CoreLogic RP Data shows<a href="/news"> the suburb's median house price sits at record $990,000 levels</a>.
It was designed by architect James S. Hannan in the late 1880s on Inverness Avenue, where it has city skyline views from its cul de sac location.
The five bedroom Victorian Italianate mansion comes with asymmetrical facade with faceted bay, round arched windows, bracketed eaves and arcaded loggia. Its verandah comes with iron supports and decorative brackets and frieze.
It was built by the local builder John Sproule for Daniel James, who bought Penshurst Park Estate lot. 
The name 'Ithiel' is thought to be of biblical origin, meaning "God is with me" as Daniel James and his family (a wife and seven children) were staunch members of the Church of England.
Daniel James had worked for David Jones as a tailor, then he set up his own business as a tobacconist, then as a tailor in Oxford Street, Sydney. 
He retired in 1890 aged 51, dying in 1910. 
Sydney George Blanton, a clothing merchant, purchased the home in 1913, finding it suitable for his family of eight children.
In 1928 the land around Ithiel was subdivided, and again in 1954 and 1955, to its current 1176 square metres.
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In 1942, Ithiel was sold to Horace Edgar Frank Pinnock, a scientific instrument maker and amateur astronomer, then in 1955 to Stanley Vernon Royal, a chemist who purchased the house as an investment and converted it into four flats. 
Kenneth Robinson, who purchased Ithiel in the late 1960s, began restoring the house to its original condition. 
It last sold in 2008 at $1.02 million, when the suburb had a $625,000 median, with further restoration.
There have been three sales in the past year on the avenue at $1.3 million plus.
A recent $1.96 million sale on Denision Street holds the suburb record price for a 2003 built home on 700 plus square metres. Another house on Denision Street sold in early 2015 at $1,583,000. 
 
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Heritage Ithiel listing as Penshurst median heads towards $1 million

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The $500,000 early 2014 purchase in Reservoir was House Rules contestant couple Bronik and Corrine's first property purchase.
Bronik Davies also advised Channel 7 viewers that he was the first of his male descendants to own a house. It is in Melbourne's northern suburbs.
He has a $448,000 mortgage which would be wiped if the couple win the renovation competition.
<a href="/news">Reservoir's median house price is at $538,000</a>, according to CoreLogic RP Data.
He is the only carpenter in the competition.
Bronik, 27, has spent the last 10 years working as a chippie and it's a job he loves. "I enjoy building something from scratch and seeing what I end up with," he says.
His girlfriend of two years, Corrine, 28, describes Bronik as being ‘super impulsive', like the time he bought their house without telling her.
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"We were out watching the cricket and he gets this call," she laughs. "He's like, 'Babe, guess what? We just bought a house!' I still get goosebumps thinking about it."
The 1960s weatherboard they bought early last year was the first house they looked at.
Despite it being a ‘bombsite' and an ‘eye-sore', it was situated where they could see themselves raising a family.
"We want to make this place our forever home; an open space where we feel comfortable and can raise some kids," Bronik said.
The only habitable area is the living room which is where they eat and sleep.
While they had a vision for the property, hefty mortgage repayments have stalled renovations.
"Knowing that we have such a huge mortgage hanging over our heads has put a lot of strain on us financially," Bronik says.
"We can't afford it financially," Corinne advised, with House Rules just the opportunity they'd been waiting for.
Corrine's no stranger to renovation, having remodelled a milk bar she once owned into a funky café. Corrine now holds down two jobs as a barista and retail assistant.
Victoria took the House Rules title in 2014 with Adam and Lisa's win.
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Bronik, a dual Frank Rosbrook Medal winner, captains the Cougars in the AFL Northern Football League.
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Bronik and Corrine's $448,000 House Rules mortgage - 1st generation home owners

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Just eight Sydney properties sold at weekend auction under $500,000.
The cheapest was a<a href="/expert-insights/buying/cabramatta-had-sydneys-cheapest-auction-offering-what-you-get-for-400-000"> two bedroom Cabramatta flat</a> at $400,000.
Leaving Sydney is the stark reality facing many of its residents who can't afford to buy house or apartment.
Regional NSW is far cheaper for what has been recently dubbed as "economic housing refugees".
Onthehouse Residex put the Sydney house median a $917,000, while country NSW is $394,500.
Units are cheaper, but the gap not as wide with the median Sydney unit value at $613,500 and $330,500 in NSW country.
Realestate.com.au has around 5200 listings of houses priced between $200,000 and $300,000, from Aberdare, near Cessnock, to Yass.
CoreLogic RP Data recently noted just how rampant Sydney's increase in home values has been among all Australian capital cities with values, most recently increasing by 13% annually.
Although Sydney home values are increasing at a faster pace than all other capital cities, the 13% annual rise is below the peak annual growth rate of 16.7% in April 2014.
Over the five years to January 2015, Sydney home values have increased by a total of 35.6%, which is the strongest rate of growth of any city over that period.
The recent growth comes on the back of total value growth of just 14.4% over the previous five years, which was the lowest amongst all capital cities.
Between January 2000 and January 2005, Sydney home value growth was greater than it has been over the past five years with values rising 62.3%.
Sydney house values have recorded a higher level of growth than units, increasing by 13.8% over the year as opposed to 9.9% for units.
So where outside of Sydney is the price growth tamer for houses over the past year?
CoreLogic RP Data says it is the Richmond Tweed district followed by the Murray district.
But closer to Sydney it is the Illawarra rather than the Hunter.
<img src="/images/2015/05/05/core-may-5-one.jpg" alt="">
Source: CoreLogic RP Data
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Sydney or the bush: Where should housing economic refugees head? 

One of Brisbane's last major riverfront redevelopment opportunities has taken a significant step forward, with Lendlease selected as the Queensland Government's preferred development partner for the former Visy site in South Brisbane.

The seven-hectare industrial site, positioned between South Bank and West End and 1.3 kilometres from the Brisbane CBD, will be transformed into a mixed-use precinct expected to deliver more than 4,000 new homes alongside extensive public open space and riverfront parkland.

The project is one of the largest urban renewal opportunities currently planned in Brisbane and is expected to play a key role in accommodating the city's growing population ahead of the 2032 Olympic and Paralympic Games.

Plans for the precinct include a network of riverfront promenades and boardwalks, new public plazas, parkland, amphitheatre-style gathering spaces and shared pedestrian and cycling links designed to reconnect the long-isolated site with the Brisbane River.

The Queensland Government is targeting delivery of the first homes and key public spaces before the 2032 Games, allowing the precinct to begin contributing new housing and public amenity well before the broader masterplan is complete.

The redevelopment is also expected to support more than 3,000 jobs across planning, construction and ongoing operations.

For Lendlease, the appointment adds another major urban regeneration project to its Queensland portfolio. The developer has operated in the state for more than 70 years and has delivered a number of large-scale mixed-use precincts in partnership with government.

Lendlease Development CEO Claire Johnston said the project represented one of Brisbane's most significant redevelopment opportunities.

"The transformation of the former Visy site represents a rare opportunity to reimagine one of Brisbane's most significant riverfront locations, deliver thousands of much-needed homes, and create long-term legacy," Johnston said.

"In partnership with the Queensland Government, we have the opportunity to create a new riverside destination that will help shape Brisbane's growth and how people experience the city for decades to come.

"This is exactly the type of large-scale, city-shaping development that will provide lasting benefits for Queensland, bringing together housing, jobs and world-class public spaces."

Deputy Premier and Minister for State Development, Infrastructure and Planning Jarrod Bleijie said the riverfront transformation would deliver a thriving new community precinct.

“The Crisafulli Government is delivering this golden opportunity to unlock a riverfront jewel for all Queenslanders,” Deputy Premier Bleijie said.

“This is a once-in-a-generation moment to reshape a significant slice of Brisbane and deliver lasting benefits – thousands of new homes, and public spaces for all Queenslanders to enjoy well beyond the 2032 Olympic and Paralympic Games – unlike Labor’s plan which would have delivered zero benefits and zero new homes.

“Queensland is well and truly open for business and through partnership with the private sector, we are accelerating delivery while ensuring strong housing, community and economic outcomes."

Early works on the precinct are expected to commence in April 2027.

Joel Robinson

Lendlease selected to deliver transformative South Brisbane riverfront precinct

Eddy Haddad's <a href="https://www.apartments.com.au/developers/level-33">Level 33</a> is levelling up its approved Wollongong development, as the coastal city south of Sydney continues to prove popular in the high-density development space.

Level 33, a longtime developer in the Wollongong area, has gone through the NSW Government's Housing Delivery Authority to upsize its approved two-tower development on the corner of Crown Street and Gladstone Avenue, just 100 metres from Wollongong Station.

The developer currently has approval for 252 apartments across two buildings rising to 19 storeys. It is now seeking approval for 33 and 38-storey towers that would deliver 467 apartments, including 67 affordable homes.

Designed by <a href="https://www.apartments.com.au/architects/bka-architecture">BKA Architecture</a>, the development would comprise apartments above a three-level podium with around 1,100 sqm of retail space, along with basement parking for 448 vehicles.

According to the Urban Design Report by BKA, the proposal has the capacity to "reinforce the precinct's identity by strengthening links between health, education, and transport services, while also contributing to Wollongong's ongoing evolution as a key regional centre."

Wollongong is somewhat in vogue. Between Level 33 and Urban Property Group, the two developers have several thousand apartments planned across the city.

Level 33 is currently delivering Easterly Wollongong, one of its most boutique projects to date with just 21 high-end apartments, as well as Atchison &amp; Kenny, a 329-apartment development due for completion later this year.

The developer plans to redevelop the 13,088 sqm WIN Grand megasite into <a href="https://www.apartments.com.au/new-apartments/crown-square-216-238-keira-street-wollongong-nsw-2500">Crown Square</a>, a new $500 million precinct with nearly 600 apartments. It also has more than 900 apartments planned for the former Bunnings Warehouse site at the intersection of Gipps and Flinders streets.

Urban Property Group is also playing a major role in the city's transformation. Its five-tower Keira Place precinct will deliver more than 800 homes, and it has recently lodged plans for a further 300 apartments near Wollongong Station.

First look: Level 33 upsizes Wollongong apartment towers

Just a week after filing plans for the final stage of its major Keira Place masterplan, <a href="https://www.apartments.com.au/developers/urban-property-group">Urban Property Group</a> has unveiled another significant housing proposal in Wollongong, this time targeting a prominent site opposite North Wollongong Station.

The developer has lodged a State Significant Development Application for a 38-storey mixed-use tower at <a href="https://www.apartments.com.au/new-apartments/4-4a-flinders-street-north-wollongong-nsw-2500">4-4A Flinders Street</a>, around one kilometre north of the <a href="https://www.apartments.com.au/new-apartments/keira-place-wollongong-120-122-smith-street-wollongong-nsw-2500">Keira Place precinct</a> currently taking shape on the edge of the CBD.

<img alt="First look: Urban Property Group plans 38-storey North Wollongong tower as Keira Place expansion gathers pace" data-entity-type="file" data-entity-uuid="2b6428f1-6405-4038-8476-897de440e90d" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/flinders%20podium.png?VersionId=QLqEvK0OuCEwRC47oHNftrw2B1YqaHF8" />

Designed by Studio.SC, the proposal comprises a 38-storey mixed-use development containing 303 apartments, including 45 affordable housing units, alongside 174 co-living residences. The scheme also includes ground-floor retail space, extensive landscaping and public domain improvements.

Studio.SC noted in the proposal it "outlines a vision for a landmark transit-oriented mixed-use development centred around North Wollongong Station, designed to support the city’s future growth while responding to the NSW Government’s housing and planning reforms."

The architecture firm said the proposal responds to the opportunities and constraints shaping future growth within the 400-metre catchment of the station and represents "a coordinated and future-focused approach to urban intensification, contributing to the long-term evolution of North Wollongong as a connected, walkable and high-density station precinct."

The site occupies a strategic corner bounded by Flinders Street, Station Street, Stafford Street and the Princes Highway, directly opposite North Wollongong Station.

<img alt="First look: Urban Property Group plans 38-storey North Wollongong tower as Keira Place expansion gathers pace" data-entity-type="file" data-entity-uuid="7863adad-1f71-4022-b850-f44b252738fd" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/flinders%20podium%20a.png?VersionId=WsU7av0g8_8R2tGHWxgHeFSlhu7yeY1V" />

The proposal follows Urban Property Group's recent submission for the second and final stage of Keira Place, which would deliver a further three buildings comprising 657 homes opposite Beaton Park. It builds on the first stage, which features 150 apartments across two towers and recently commenced construction.

Urban Property Group CEO Patrick Elias said breaking ground on the first stage marked a significant milestone for Wollongong and reflected the developer's long-term commitment to regional cities.

"Today's groundbreaking is about turning approvals into homes and moving quickly to deliver much-needed housing in Wollongong's city centre," Elias said.

"Keira Place will provide a diverse mix of homes close to jobs, transport and services, while setting a high benchmark for quality, durability and consumer protection."

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/urban-property-group-unveils-trio-of-towers-for-next-stage-of-new-wollongong-precinct-keira-place">Urban Property Group unveils trio of towers for next stage of new Wollongong precinct, Keira Place</a>

First look: Urban Property Group plans next major Wollongong tower

<a href="https://www.apartments.com.au/developers/arada">Arada Australia</a> has wasted little time expanding its ambitions in Campsie, lodging plans for a second major project in the rapidly transforming town centre just months after unveiling its three-tower One Campsie proposal on Beamish Street.

The UAE-backed developer has now taken aim at one of the suburb’s most strategically positioned sites, filing a State Significant Development Application for a <a href="https://www.apartments.com.au/new-apartments/10-north-parade-campsie-nsw-2194">33-storey mixed-use tower</a> at 10 London Street and 43 North Parade, directly opposite the future Campsie Metro Station. The proposal is currently on public exhibition and represents another significant vote of confidence in Campsie's emergence as one of Sydney’s key transit-oriented growth centres.

Designed by <a href="https://www.apartments.com.au/architects/woods-bagot">Woods Bagot</a>, the development would deliver 156 apartments above a podium containing retail and commercial space, creating a new residential and commercial gateway to the town centre. The scheme also includes a four-level above-ground parking podium and a dedicated residential amenity floor featuring wellness and recreation facilities. At least 10 per cent of the apartments would be allocated as affordable housing for a period of 10 years.

The proposal occupies a 1,631 sqm site bounded by London Street, North Parade and Dispensary Lane, immediately adjoining the future Metro station precinct and just metres from Beamish Street’s retail and dining strip. According to the Urban Design Report, the project seeks to deliver "a great place that prioritises human-scaled experience and provides spatial improvements to the area."

<img alt="First look: Arada doubles down in Campsie with 33-storey Metro-front tower plans" data-entity-type="file" data-entity-uuid="175a8324-015b-4856-abe3-ce6f23199fa7" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/podium%20campsie.png?VersionId=742UGwXFhFBX4GEl6wX4PYIWREAgn6il" />

Woods Bagot describes the tower as a key marker within Campsie's next phase of growth.

"Located directly opposite the new Campsie Metro Station on North Parade, 10 London Street is a thoughtfully composed 33-storey mixed-use tower that contributes to the ongoing transformation of the town centre," the Architectural Design Report states. The report says the project is intended to provide "high-quality homes within a vibrant, connected urban environment, while helping define Campsie's future skyline."

A strong emphasis has been placed on the public realm. The ground floor incorporates over 500 sqm of retail space and active frontages along both London Street and North Parade, while the podium is wrapped by extensive landscaped planting intended to soften the building's scale and strengthen the pedestrian experience. The development would also widen surrounding footpaths and improve connections between the Metro station and the broader town centre.

Above the podium, residents would have access to more than 1,400 sqm of communal amenities, including a pool, gym and landscaped recreation spaces. A distinctive green-wall treatment extending across four podium levels forms a major architectural feature, helping differentiate the project within the emerging high-density precinct.

The tower's design is closely tied to the broader Campsie Town Centre Master Plan and the arrival of Sydney Metro. The Urban Design Report notes the proposal "directly supports the Campsie Town Centre Master Plan by delivering new homes in a location explicitly identified for growth, improved accessibility, and high-quality urban renewal." It adds that the project contributes to the master plan's vision for a strengthened town centre supported by thousands of new homes around the future Metro station.

<img alt="First look: Arada doubles down in Campsie with 33-storey Metro-front tower plans" data-entity-type="file" data-entity-uuid="bfd17654-253e-489a-bade-6278d63db412" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/base%20campsie.png?VersionId=3roJPMQGs36dazpkhvpvbDDP73Ld.Ica" />

The application follows Arada Australia's recently lodged One Campsie project at 124–142 Beamish Street and 16–18 Ninth Avenue, where the developer is seeking approval for 346 apartments across three towers rising 24, 32 and 39 storeys. Together, the two proposals would cement Arada Australia as one of the most influential developers shaping Campsie's future urban form.

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/first-look-arada-files-for-trio-of-apartment-towers-in-campsie-town-centre">First Look: Arada Australia files for trio of apartment towers in Campsie town centre</a>

Arada Australia entered the Australian market in 2024 and has rapidly assembled a significant development pipeline across Sydney. Alongside its Campsie holdings, the developer is soon to launch <a href="https://www.apartments.com.au/new-apartments/wattle-green-2-fishburn-crescent-castle-hill-nsw-2154">Wattle Green</a> in Castle Hill, and has expanded its local operations following its acquisition of construction firm Roberts &amp; Co.

Located around 14 kilometres south-west of the Sydney CBD, the site sits at the centre of one of Sydney's fastest-changing middle-ring precincts. The Metro conversion of Campsie Station, combined with Canterbury-Bankstown Council's master planning framework, is driving significant residential intensification around Beamish Street and North Parade, with thousands of new homes expected over coming decades.

First look: Arada Australia doubles down in Campsie with 33-storey Metro-front tower plans

For the first time in a long time, Australia's inflation story is starting to look more like a landing than a fight.

The latest Consumer Price Index figures from the Australian Bureau of Statistics showed annual inflation eased to four per cent in May, down from 4.2 per cent in April. On the surface, that might not seem like a major move. Inflation remains above the Reserve Bank's target range and some categories continue to record stubborn price growth.

But the significance of this result lies less in where inflation sits today and more in what it means for where interest rates are likely heading next.

The biggest takeaway is that inflation continues to move in the right direction.

Markets had been bracing for another sticky result after a period where progress appeared to stall. Instead, headline inflation came in softer than expected, helped by falling fuel prices and easing transport costs. Annual transport inflation halved from 6.6 per cent in April to 3.3 per cent in May, while automotive fuel prices fell 11.9 per cent during the month following lower oil prices and the impact of reduced fuel excise measures.

While petrol prices don't solve Australia's affordability challenges, they are one of the most visible and immediate costs for consumers. Falling fuel costs feed through the economy quickly, helping ease pressure on household budgets and business operating expenses.

The ABS data also showed headline inflation is now sitting at its lowest annual level in several months, reinforcing the broader trend that price growth is gradually moderating.

That trend is important because it aligns with what many economists and lenders have been saying for the last month.

Prior to this week's inflation data, ANZ, NAB and Commonwealth Bank had all shifted their forecasts, now believing the Reserve Bank had likely reached the peak of the interest rate cycle. Following the May inflation release, ANZ reaffirmed that view.

In its latest economic update, ANZ said it expects quarterly trimmed mean inflation to come in at 3.7 per cent for the June quarter, slightly below the Reserve Bank's forecast of 3.8 per cent. Importantly, the bank said that outcome, when combined with slowing economic activity, "supports our view that the cash rate has peaked".

The Reserve Bank has spent the better part of three years attempting to bring inflation under control through higher interest rates. If Australia's major banks are correct and rates have now peaked, the conversation shifts from how much higher rates could go to when they might begin coming down.

Westpac's caution comes from underlying inflation. The trimmed mean, the measure most closely watched by the Reserve Bank, increased from 3.4 per cent to 3.6 per cent annually. Housing inflation remains elevated at 6.5 per cent, reflecting ongoing increases in rents, electricity costs and new dwelling construction.

Electricity prices remain particularly problematic, rising 21.1 per cent over the past year following the removal of government rebates.

Housing construction costs are also showing signs of renewed pressure. ANZ noted new dwelling costs rose 0.9 per cent in May and are now running at an annualised pace of 8.6 per cent over the past three months. Builders continue to face higher labour, fuel and material costs, a reminder that inflationary pressures have not completely disappeared.

Housing affordability has deteriorated largely because of higher interest rates rather than higher property prices alone. Even modest reductions in mortgage rates would improve borrowing capacity, increase buyer confidence and reduce repayment pressure on existing homeowners.

While August is far from a certainty, the latest inflation result has strengthened the view that the next move in rates is more likely to be down than up. For borrowers, buyers and the development sector, that alone represents a significant shift from the conversation that dominated much of the past two years.

Jonathan Chancellor

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