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Foreigners buying houses in Victoria will be be required to pay new taxes, in an audacious state budget scheme aimed at capitalising on statistics showing foreign demand for new properties in Victoria has leapt from about 5% in 2011 to more than 30% in 2014.
Copying the practice of many Asian countries, foreign nationals will pay a new tax equivalent to 3% of the purchase price of Victorian apartments and houses, estimated to raise $279 million over four years if there isn't a backlash with Asian buyers instead going to other capital cities in other states.
On a CoreLogic RP Data median Melbourne house price of $605,000, foreigners would pay an extra $18,150 in stamp duty and on a $470,000 median Mebourne apartment price $14,100.
An $800,000 apartment will pay an extra $24,000, in addition to about $43,000 in current stamp duty charges. It is not clear if foreign buyers will enjoy current off the plan stamp duty exemptions.
It is proposed foreign housing investors will also pay an extra 0.5% in land tax from 2016 on new and existing properties, raising $53.5 million over four years.
Permanent Australian residents and New Zealand citizens are set to be exempt from the new taxes, and in the case of joint owners, the surcharge will be applied to the foreign owner's share only.
Victorian State Treasurer Tim Pallas said it was unfair that overseas buyers did not contribute their fair share for services and infrastructure.
Treasurer Tim Pallas, who is delivering his first budget on Tuesday, said the surcharges were "modest" and would force foreigners to contribute to services and infrastructure.
"It is inherently unfair on Victorians for foreign purchasers to take the gains of owning property in Victoria - through the services and infrastructure that Victorians pay for over an extended period of time - without contributing their fair share," Pallas told Fairfax Media.
"Amenity in and around Melbourne is important and it is why people are so keen to live here. If you own a property in the area then you should contribute accordingly, and these modest charges go some way to redressing that balance."
The federal government currently solely regulates foreign investment in Australia through the largely ineffective Foreign Investment Review Board (FIRB).
The FIRB revealed this week that the value of foreign investment in new Australian homes tripled last financial year. 
China is the biggest foreign purchaser of Australian real estate, having spent $12.4 billion in 2013-14 - up from $5.9 billion in 2012-13.
Property commentator <a href="https://petewargent.blogspot.com.au/2015/05/whats-really-happening-with-foreign" target="_blank">Pete Wargent blogged </a>that Victoria (41%) and New South Wales (39%) accounted for 80% of foreign residential approvals by dollar value in 2014, with Queensland (11%) and Western Australia (5%) mopping up most of the remainder. South Australia accounted for just 0.4%. 
<img src="https://2.bp.blogspot.com/-Q3WEvkVtocA/VULsSYNiMRI/AAAAAAAAVAY/Fwq5cVfH4UE/s1600/FIRB5.jpg" width="640" height="278">
Source: Pete Wargent.
Most of this investment in residential real estate was approved for new dwellings (11,338 approvals), rather than for existing property (7,915), vacant land (3,150), redevelopment (534) or developer approvals (103).
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jchancellor-FAypfDUnLy

Shock new Victorian government taxes proposed for Asian home buyers by Daniel Andrews

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The Melbourne property developer BPM has bought a Brighton bathing box as a communal facility for residents at its upcoming apartment project, The Standard (pictured below), on nearby Bay Street, Brighton.
The bathing box cost $175,000 with an $80,000 fit-out by interior designers Hecker Guthrie. 
<img src="/images/2015/05/01/brighotn%20april%2030%20bre.jpg" alt="">
It will be for the exclusive use of residents of The Standard which is a 110-apartment project at 209-213 Bay Street designed by architects Elenberg Fraser.
They will have to book a day at the beach box at no cost through the building's owners' corporation.
<img src="/images/2015/05/01/brighotn%20april%2030%20two.jpg" alt="">
The project was unveiled late last year in an Investorist Live pre-launch hosted by a panel including Investorist founder Jon Ellis, BPM marketing director Ashley Bramich and Elenberg-Fraser architect Edward Pearse.
The prices were typically around $9,000 to $10,000 per square metre, priced between $412,500 to $975,000. Construction began recently with an anticipated 16 month build. There are 19 apartments available for purchase.
The bathing box 47 is among the beach boxes that date back in 1862, designed as changing rooms to protect the modesty of bathers.
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Nothing standard as bathing box thrown in for Brighton apartment buyers

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Treasurer Joe Hockey has told Reuters the re-sale of the Point Piper trophy home, Villa del Mare has taken place.
Nothing publicly has occurred, but an Australian buyers have been found by its the billionaire owner Xu Jiayin (許家印 also known as Hui Ka Yan).
There was a 90 day divestiture order Treasurer Joe Hockey that announced to force the sale of the $39 million Point Piper trophy home, Villa del Mare.
"The property that has been reported has been re-sold to an Australian citizen, and we are investigating around 100 other cases," Joe Hockey told Reuters. 
"In some cases people are disclosing their own failure to comply with the law."
No details on any off market sale have emerged, other than the Treasurer's comments to Reuters' Matt Siegel and Paul Ingrassia, being then reported first on News Ltd, then Fairfax Media websites later.
The forced sale by one of China's richest men Xu Jianyin followed a crackdown on enforcing foreign ownership rules.
The head of the Evergrande Real Estate Group was given 90 days on March 3 to divest the property as it was deemed to have been bought without approval from the Foreign Investment Review Board.
Agents were not aware the property has been shown since the order.
 
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Villa del Mare has been onsold: Treasurer Joe Hockey tells Reuters of mystery Point Piper sale

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China is the biggest foreign purchaser of Australian real estate, spending $12.4 billion in 2013-14.
In 2012-13 China's investment was just $5.9 billion, a report from the Foreign Investment Review Board Report (FIRB) shows.
For the first time, China is the main source of foreign investment, pushing the United States into second place.
China's total investment last financial year was $27.7 billion, while the US were approved to invest $17.5 billion.
Canada is Australia's third largest foreign investor ($15.4 billion) followed by Malaysia ($7.2 billion).
In 2010 the United Kingdom was the second biggest foreign investor in Australia, but is now ranks 12th.
The foreign appetite for Australian homes has centred on new dwellings, with total spend on off the plan apartments up from $5.73 billion to $16.4 billion.
The foreign spend on existing homes jumped almost $2 billion to $7.17 billion last financial year.
The statistics did not give a breakdown of the residential investments by country.
But the FIRB did reveal the number and value of property transactions almost doubled from 11,668 transaction to 23,054 in 2013-14.
The value of proposed investment in residential real estate increased to $34.7 billion, up from $17.2 billion. 
Investment in newly developed homes was up 200% to $25.8 billion while investments in existing homes – that can only legally be bought by temporary residents in Australia – was up 32% to $7.17 billion, up almost $3 billion. 
Commercial real estate investment also increased from $34.8 billion to $39.9 billion.
Investments in real estate accounted for almost half China's total, with its $12.4 billion approved investment more than twice the amount of the Americans on real estate.
The FIRB figures tally approved investment rather than actual investment. While China has topped the US for annual approvals, the US, Great Britain and Japan still have greater accumulated investment in Australia than China.
The federal government is close to finalising proposed new fees for foreign investors buying Australian property which Treasurer Joe Hockey hopes will  "restore confidence" in the foreign investment system which had not prosecuted anyone for breaching the rules since 2006.
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Chinese now officially the  top FIRB spenders

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Mount Eliza's Palladian palace, Palazzina, has been sold for $4.5 million.
It was listed in late 2013, and sold earlier this year to Chinese buyers.
The landmark 8 Royston Court was last sold $3.75 million in 2007 by the German businessman Joachim Mueller to former cosmetics company boss Rudi Miklosvary and his wife, Ilona.
The design of the 2001-built property at 8 Royston Court was inspired by the Palladian style of architecture of 17th century Italy.
Set on 0.8 hectares of landscaped gardens, Palazzina has 12 main rooms including a library, study and conference or sports room.
There is also a wine cellar and a Protech golf green with a range of special tees.
The block cost $556,000 in 1998.
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Mount Eliza's Palladian palace, Palazzina, sold

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The hailstorm that hit Sydney recently damaged several warehouses, with CBRE estimating that more than 150,000 square metres of warehouse space is now urgently needed.
Vacancy rates are likely to decline, Peter Blade, director of industrial property at CBRE tipped.
The Australian Financial Review reported companies such as Costco, Linfox, Hitachi Transport, Beiersdorf Australia, Hyundai's Mobis, and Metcash are all in a race to find accommodation.
Hitachi Transport had only moved into its state of the art brand new premises, comprising about 17,000 square metres, last week and was now likely to have to relocate into an older building.
The largest affected was Metcash, whose 82,853 square metre distribution centre at Huntingwood sustained significant damage. Costco's property at Huntingwood Drive is also out of action.
Landlords affected include Goodman Group and Australand Property Group. However most of the damage will be covered by insurance. Peter Blade forecasts rents for medium-sized buildings to rise from about $110-$115 to above $115 in the medium-term.
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Hailstorm dents Sydney industrial warehouse availability 

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Negative gearing property investors now total 1,967,260 across Australia, according to the ATO latest data.
That's up from the 1,895,775 in the previous tax year, 2011-12.
There were 1,811,175 investors claiming rental income in the 2010-11 year.
The ATO has a investor rental video series on <a href="https://www.ato.gov.au/General/Property/Residential-rental-properties/" target="_blank">working out your tax correctly</a>.
The statistics for the 2012–13 income year were sourced from 2013 individual income tax returns processed by 31 October 2014. The statistics are not necessarily complete.
This data is not representative of the total number of properties.
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Nearly two milllion negative gearing investors across Australia: ATO

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So the foreman Keith was the closest to estimating the selling price when he suggested $2 million quite early in the latest season of The Block.
No-one else went closer - not even <a href="/expert-insights/building/darren-and-dees-renovation-tipped-to-top-the-block-and-sell-for-more-than-1-6-million">the realAs guesstimate website algorithms</a> which struggle factoring in emotion.
Jellis Craig’s Andrew McCann and Carla Fetter again lead an auction campaign to deliver a win for the provocative couple, Deanne and Darren Jolly on The Block Triple Threat.
This was the second win for the Jellis Craig sales team, having previously secured a win for the Voss brothers on The Block Glasshouse last year.
The televised auction saw, 4/27 Darling Street, South Yarra go under the hammer with five buyers.
Supported by the Sydney auctioneer Damien Cooley, Jellis Craig sold the apartment for $2.29 million against its ultra-conservative reserve of $1,455,000.
The entire block of the then 12 apartments had been bought for $5.69 million before the four townhouse conversion, so the reserves didn't even match the initial pre-renovation acquisition costs.
Gotta love the Deanne and Darren comeback win on The Block - walking away with $935,000 in funds will see them re-enter the property market <a href="/expert-insights/buying/former-afl-ruckman-darren-jolly-sells-surrey-hills-and-joins-the-block-prahran">after selling in Surrey Hills</a>. That's after they take their girls on a spontaneous holiday.
But the other big winner on the night was their auctioneer Damien Cooley who yet again showed up the locals for his sale topping auctioneering results.
He's won four times for his clients.
Sure this time they had the best apartment with the key features of the biggest balcony space and undercover access from the garage.
But Damien Cooley secured the decisive last bid from the buyers agent Nicole Jacobs to possibly win the night for Deanne and Darren.
He then had to see if it was enough, which it was.
Damien Cooley showed the merits of the auction system which currently puts most of his Sydney vendors in the plum position of getting more out of buyers than they would ever dream.
<img src="/images/2015/05/01/image1.JPG" alt="">
Obviously the Block silliness triggered higher than sensibly expected prices.
Comparable sales of townhouse apartments in South Yarra have ranged between $8,000 and $10,000 per square metre, while the Block apartments fetched between $12,000 and $13,000/sqm.
Just before Damien conducted the auction Deanne’s last words were “leave nothing on the table”, and Damien did just that.
<img src="/images/2015/05/01/image2.JPG" alt="">
The couple would have finished in second place if he had not secured a final bid of $32,000, winning the series by just $25,000.
Buyers agent, Nicole purchased the property on behalf of a couple with teenage children. The family was downsizing from their large home in Brighton who no longer wanted the responsibility of maintaining a backyard and pool.
<img src="/images/2015/05/01/image3.JPG" alt="">
They loved the idea of purchasing a home with everything included and plan to sell the entire contents of their Brighton home (minus a few valuable items) and keep all of Deanne and Darren’s winning furnishings and styling.
<img src="/images/2015/05/01/image4.JPG" alt="">
Photos: Supplied
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Damien Cooley highlights "nothing left on the table" auctioneering style in The Block win

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The Elizabeth Bay home of the historian Victor Crittenden, who died last May, fetched $700,000 at Cooley Auctions this week.
He had long been a longtime Elizabeth Bay local, buying some four decades ago.
The one bedroom apartment, with study, was set on the top floor of the art deco block, Chesham.
It sold through Brigitte Blackman at LJ Hooker.
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Chesham, Elizabeth Bay one bedder fetches $700,000

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The Toorak home of Tony Suhan, the Australian importer and distributor of Advanti alloy wheels and Nexen tyres, has been listed.
It is a townhouse designed by Nicholas Day. There's three bedrooms, a home cinema, living and dining spaces and a private north-facing garden and an internally accessed basement double garage. 
It is a short walk to Toorak Village from its location.
 Marshall White agents Marcus Chiminello and Nicole French holds the <a href="https://www.marshallwhite.com.au/7e-woorigoleen-road-toorak-174607/" target="_blank">7E Woorigoleen Road listing</a>. There have been reported $2.7 million hopes for its May 9 auction, though Property Observer has been more recently advised they are anticipating buyer interest in the early to mid $2,000,000 range.
It cost $2.7 million in 2011.
There is around 310 square metre space in the 1999-built townhouse that first sold at $1.11 million.
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Toorak townhouse by Nicholas Day listed

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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