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The Governor-General Sir Peter Cosgrove and his wife, Lady Cosgrove, have sold their Neutral Bay home.
It had been listed for private treaty sale after the $2.1 million vendor bid at auction in mid-November. No price has been revealed, but Property Observer gleans it sold for $2.1 million.
The Cosgrove listing following the couple's recent move to their official, vice-regal residences, nearby Admiralty House in Kirribilli and Government House in Canberra.
McGrath Estate Agents had expected $2.1 million plus for the <a href="https://www.propertyobserver.com.au/https://www.mcgrath.com.au/buy/house-neutral-bay-nsw-2089/240264" target="_blank">three-storey Spruson Street semi</a>.
They paid $1.95 million in 2007, two years after Sir Peter ended his term as the Defence Force chief.
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jchancellor-FAypfDUnLy

Governor-General Peter Cosgrove sells Neutral Bay home

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Anthony Cordato, the Cordato Partners property investment lawyer, says many first-time property buyers are buying an investment property to rent out, instead of buying a home to live in.
He said the trend made perfect sense for four reasons:
<ol>
<li>Since 2011, the withdrawal of the first-home owner grant and stamp duty concessions has encouraged first-home buyers to buy an investment rather than a home.</li>
<li>Lenders, particularly second-tier lenders, offer 30-year investment loans with five years’ interest only followed by 25 years’ principal and interest, which means low repayments for five years.</li>
<li>Direct property investment has tax advantages of negative gearing and depreciation.</li>
<li>Availability of new stocks of home units and house and land packages is increasing.</li>
</ol>
"First-home buyers have merely changed into first-home investors," he suggested to the Australian Financial Review.
In October, 11.6% of home loans were made to first-time buyers, as against a long-term average of 20%, according to the Australian Bureau of Statistics. 
You may also want to read: 
<a href="/expert-insights/buying/buying-an-investment-property-while-renting-the-pros-and-cons">Buying an investment property while renting: The pros and cons</a>
 
 
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Four reasons why more first home buyers are now first time investors 

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A five-bedroom, three bathroom period home at 15 Kalimna Street, Essendon, fetched $2.917 million at weekend auction.
The initial $2.35 million pre-auction price guidance was incased during the campaign to $2.5 million plus.
<a href="https://www.realestateview.com.au/Real-Estate/15-kalimna-street-essendon/Property-Details-buy-residential-7890096" target="_blank">The grand Edwardian home</a> sits on a substantial 1115 square metre block at 15 Kalimna Street in Essendon's Windy Hill district.
It last traded at $1.86 million in 2004 and before that $460,000 in 1991.
Prices had hit $2.75 million next door in April for a home on 1074 square metres.
 
<div class="module image-module module-image-650w366h id1227148415562">
<div class="module-content">
<div class="image-block image-650w366h">
<div class="image-frame"><img src="https://resources2.news.com.au/images/2014/12/08/1227148/415562-bfed1e14-7e61-11e4-9caa-85bf895cb19f.jpg" alt="The elegant period details are a highlight at 15 Kalimna St, Essendon." width="650" height="366"></div>
 
Nelson Alexander, Essendon sold the property that features ornate cornices, open fireplaces and rich timber tones.
</div>
</div>
</div>
A self-contained guest wing is located at the rear of the house.
The wide and leafy Kalimna Street is within walking distance to Pascoe Vale and Mount Alexander roads, but you can't hear any traffic.
It's the large Federation and Edwardian brick homes that make Kalimna Street the suburb's top street.
The house was the fifth most expensive home to sell in Australia last week, <a href="/expert-insights/buying/melbourne-beats-out-sydney-in-most-expensive-sales-of-the-week-corelogic">according to CoreLogic RP Data</a>.
 
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Edwardian Essendon trophy home sale at $2.9 million

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Finally, some sales among the sportsmen of Sydney's Sutherland Shire.
Australian test cricket captain Michael Clarke has sold his Lilli Pilli home for $2.55 million.
He paid $2.87 million in 2006 for the home, pictured above. 
It was listed in August. <a href="https://www.mcgrath.com.au/buy/house-lilli-pilli-nsw-2229/206824/?searchID=41873569" target="_blank">The contemporary five-bedroom, four-bathroom split-level house</a> comes with pool, spa and boatshed on its 1670 square metre bushland riverfront block.
Earlier this year Clarke and wife, Kyly spent $8.3 million in Vaucluse.
Teammate Shane Watson has also sold his Caringbah South waterfront home, pictured below.
<img src="/images/2014/12/12/caringbah.jpg" alt="">
It reportedly went for $3.9 million which matched the $3.9 million paid in 2010.
Shane Watson and wife Lee Furlong had hoped for $4 million plus for the<a href="https://www.domain.com.au/property/for-sale/house/nsw/caringbah-south/?adid=2011413568" target="_blank" style="line-height: 1.3em;"> listing.</a>
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Michael Clarke and Shane Watson sell Sutherland Shire homes

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Terracedale, the 1873 Northcote home, sold at mid-week auction for a record $2.782 million when offered through hockingstuart Northcote.
The property at 3 McLachlan Street has easy access to Merri Creek.
The bluestone and brick residence has wide lace-trimmed verandahs.
It sits on a land holding of 1650 square metres, shaded by towering peppercorn trees.
Terracedale was <a href="https://www.hockingstuart.com.au/3_MCLACHLAN_STREET_NORTHCOTE_VIC_3070" target="_blank" style="line-height: 1.3em;">built in 1873 for the pioneer engineer William Brown</a>, one of Northcote's original grand houses.
It was the site of Melbourne's first private telephone service, from the home to church. 
Close to Westgarth Village and Rushall Station, the property had been tipped to fetch $2.5 million-plus by hockingstuart's Sam Rigopoulos and Luke Maloney. 
It has been on and off the market since 2007, with $2.65 million sought on its 2012 relisting.
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Terracedale, Northcote's $2.78 million record setting mansion

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The ANZ Bank has announced a 12-month moratorium on farm repossessions in Northern and Western Queensland and North-West New South Wales. 
ANZ CEO Australia Philip Chronican noted some of the worst drought conditions in a generation in the announcement which was the first of the big banks to respond to growing calls for Federal Treasurer Joe Hockey to intervene.
Queensland vet Dr David Pascoe; the Katters, the Queensland independent politician father-son team; Longreach-based Father Matthew Moloney; federal agriculture minister Barnaby Joyce and 2GB broadcaster Alan Jones have been among those putting pressure on the banks to stop the current spate of repossessions ahead of the wet season.
"We are acutely aware of the impact this is having on farmers, their families and on farming communities," Philip Chronican noted.
“The aim of these measures is to ease financial concerns of farmers and to demonstrate ANZ’s commitment to working with them through the cycle,” he said. 
The new package includes:
<ul>
<li>Moratorium on new farm repossessions until December 2015.</li>
<li>12-month commitment not to increase interest rates on distressed farms and interest rate relief in cases of extreme distress.</li>
<li>Financial assistance to support farmers choosing to relocate off the land.</li>
<li>Increased funding for rural counselling focussed on towns hardest hit by drought.</li>
</ul>
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ANZ announces drought farm repossession moratorium

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<img src="/images/2014/03/28/jc-silhouette-7.jpg" style="float: right;"><img src="/images/2014/03/28/mb-silhouette-6.jpg" style="float: left;">This year’s list of the top 20 Sydney house sales show price consolidation and a clearing of the cobwebs, particularly at Point Piper where the six highest priced properties on the list had languished on the market for years.
Again, Sydney's eastern suburbs proved dominant with 15 of the top 20 sales in 2014, and Mosman made a resurgence with five properties, a significant increase on its 2013 single appearance.  
As always, this Top 20 list is not quite the final version given the secrecy surrounding many of the prices of prestige sales, and no doubt there will be an addition (of about $20 million or higher) next week when much awaited tenders close on the matrimonial <a href="https://www.domain.com.au/property/for-sale/house/nsw/darling-point/?adid=2011651688" target="_blank">Darling Point home of the Rothners</a>. Were this lavish new harbourside residence sell for more than $20.5 million, it will claim eighth spot on the list. 
There is also speculation, first raised by Property Observer last month, that one of the sales was unlikely to proceed to settlement given share market misfortune.
Our commentators, Jonathan Chancellor and Margie Blok, offer their analysis of the Title Tattle annual list highlighting the 10 emerging trends.
<ol>
<li>
A non-waterfront property topped the list for the second time in the past three years. Villa Del Mare (pictured above), a lavish residence set on the elevated high side of Wolseley Road, looks unchallengable in holding <a href="/news/julia-ross-sells-villa-del-mare-the-point-piper-palazzo-trophy-home">this year’s poll position at $39 million</a>. The lavish home was sold by recruitment queen Julia Ross who bought the residence for $21.5 million in 2005 – at the time, it was a record price for a non-waterfront property, and also the second highest price paid for a house in Australia. The last time a non-waterfront property topped the Sydney list was 2012 when a hillside Rose Bay estate sold for $21.5 million.  
</li>
<li>
For the second year running, a buyer from China purchased the top-priced Sydney property. In October, Villa Del Mare was snapped up for $39 million by Golden Fast Foods Pty Ltd through Ken Jacobs of Christies and Bill Malouf of LJ Hooker Double Bay. Last month Property Observer <a href="/news/guangzhou-evergrandes-chinese-billionaire-owner-xu-jiayin-tipped-as-villa-del-mare-point-piper-buyer">shed light on the China connection</a> of Golden Fast Foods Pty Ltd by following a paper trail seemingly leading to the Chinese billionaire, Xu Jiayin, chairman of Evergrande, an integrated corporation specialised in residential building, cultural tourism, FMCG, agriculture, dairy, livestock farming and sport industry with 460 billion yuan worth of total assets and 80,000 employees. Last year’s top priced property was Altona, the Point Piper waterfront bought for $52 million through Alison Coopes. Jonathan, who claims he doesn't have a secret drone, successfully pinpointed the identity of the Villa Del Mare buyer last month. 
</li>
<li>
Piper Piper retains its poll position of Sydney’s most expensive real estate with the prestigious harbourside suburb claiming the six top-priced properties for 2014 - however, each of these properties had been for sale for years. For sale for the longest period was the <a href="/expert-insights/buying/simon-family-point-piper-sale-swings-pendulum-back-to-the-harbourfront">Simon family’s Wolseley Road waterfront residence</a> which traded eight years after its initial listing. Taking out fifth place on the list, the modernist house was bought by Global Renewables CEO, David Singh, and wife Belinda, for $30 million. It once had price hopes of $60 million, reduced to $42 million by 2011, and then $38 million by mid-2013. All eyes will be watching to see how long it takes to secure a buyer for Point Piper’s freshest 2014 prestige listing, the <a href="/news/harbourfront-110-wolseley-road-point-piper-listed-with-2014-record-hopes">Zamel family’s Wolsely Road waterfront</a> residence for sale through Bart Doff at Laing &amp; Simmons Double Bay. 
</li>
<li>
Just three of the top 20 priced properties were purchased by buyers from China, although sometimes it's a little tricky to ascertain the purchaser origins. Two are waterfront or waterfront reserve residences: 1 Loch Maree Place, Vaucluse at $13 million; and 12 Dumaresq Road, Rose Bay sold for a reported $26 million. Of course, the non-waterfront property bought by a buyer from China is top-priced Villa Del Mare in Point Piper. 
</li>
<li>Vaucluse held steady. For the second year running, it was the second busiest suburb. This year six Vaucluse properties sold - and just off the list (in 22nd)  at $12.75 million was a house bought by <a href="/news/westpac-boss-brian-hartzers-12-million-vaucluse-home">incoming Westpac boss Brian Hartzer</a>. There was a reported $16 million for a yet-to-be-finished waterfront residence in Loch Maree Place and Brett Blundy secured almost $18 million. Rag trader Nic Jacenko and his former wife, Doreen, sold to computer company millionaires, Ken and Maree Lowe, who already live in the suburb at a Fitzwilliam Road home bought for $2.1 million in 1995 from the Adler family. </li>
<li>
Mosman bounced back this year with five properties making the list. The suburb’s top 2014 price is $16.3 million for a four-storey trophy home on the <a href="/news/wine-entrepreneurs-buy-on-mosman-harbourfront-title-tattle-top-20-update">harbourfront at Curraghbeena Road</a>. Hong Kong-based expat Kate Spanton, wife of Brand Loyalty managing director Philip Spanton, bought the property from Nick Bain, former head of infrastructure at Allco Finance and now chief executive of Graphite Energy, and his wife Katherine. A neighbouring Curraghbeena Road home owned by former Cockatoo Coal executive chairman Mark Lochtenberg remains for sale with $18.5 million-plus hopes. At 18th place on the list is Mosman’s most recent waterfront sale, a Balmoral beachfront property in Wyarine Street<a href="/news/diners-reckon-bookie-tom-waterhouse-behind-11-million-plus-balmoral-beachfront-buy"> reportedly bought by bookmaker Tom Waterhouse</a> for about $12.8 million last month. There's been no paperwork yet, though plenty of other media have chased up the scoop. 
</li>
<li>
Bellevue Hill, Sydney’s most prestigious inland suburb, inched forward this year with three properties on the list compared with two homes last year. <a href="/news/bank-of-america-boss-matthew-koder-buys-bellevue-hill-trophy-home-market">Rovello, a trophy estate in Ginaghulla Road</a>, sold for $20.5 million in March to Sarah Henry, wife of engineering company boss Rupert Henry, whose company seemingly has ridden the China wave. The Henry's also recently sold their $7.8 million redundant Bellevue Hill home to Chinese buyers who are seeking $2000 a week rental. 
</li>
<li>
The list’s only significant heritage residence is Rovello in Bellevue Hill.  Designed by Wilson, Neave and Berry, the leading architectural firm of the 1920s and 1930s era, the gracious two-storey residence stands on more than 2,800 square metres of grounds with a tennis court, swimming pool, sweeping lawns and sun-drenched terraces. Set on the highest point of Bellevue Hill, it panoramic northerly views to Manly and The Heads, as well as westerly views to the Harbour Bridge. Centred around a courtyard modelled on the colonnaded Roman atriums, the house has a double-height entrance hall and 675 square metres of living space including stately living, dining and entertaining areas opening onto the north-facing terrace. The superbly proportioned circa 1937 two-storey residence is described by the Australian Heritage Commission as "probably Wilson, Neave and Berry’s finest extant piece of architecture". <a href="/expert-insights/investing/rovello-v-barford-showdown-of-1930s-wilson-neave-and-berry-designed-bellevue-hill-trophy-homes">We discussed its merits up against nearby Barford earlier this year</a>. 
</li>
<li>
Watsons Bay missed out in 21st place on this year’s Top 20 list with the sale of the Winning family’s long held waterfront property possibly for $12.75 million to a mining magnate. Its delayed settlement has yet to occur. It last sold for $1.55 million in 1992.  
</li>
<li>The cut off for the top 20 ranking jumped to $12.8 million, up from $11.4 million last year.</li>
</ol>
 The list of the year's top 20 sales is on the next page. Please click below.
<hr class="system-pagebreak">
Top 20 sales of the year (all prices in millions)
<ol>
<li>$39 - Point Piper, 63 Wolseley Road         </li>
<li>$37 - Point Piper, 112 Wolseley Road       </li>
<li>$31* - Point Piper, 106 Wolseley Road      </li>
<li>$30.5* - Point Piper, Wentworth Street      </li>
<li>$30 -  Point Piper, 130 Wolseley Road       </li>
<li>$30* - Point Piper, 60 Wunulla Road     </li>
<li>$26* - Rose Bay, 12 Dumaresq Road     </li>
<li>$20.5 - Bellevue Hill, 12 Ginahgulla Road   </li>
<li>$19 - Bellevue Hill, 17 Carrington Avenue</li>
<li>19* - Vaucluse, 29 Coolong Road </li>
<li>18* - Vaucluse, 8 Wharf Road    </li>
<li>$16.3 - Mosman, 9 Curraghbeena Road        </li>
<li>$16 - Bellevue Hill, 8A Ginahgulla Road   </li>
<li>$16* - Vaucluse, 2 Loch Maree Place</li>
<li>$16* - Mosman, 8 Burran Avenue</li>
<li>$15.6 - Mosman, 21 Carrington Avenue    </li>
<li>$15.45 - Vaucluse, 2a Vaucluse Road      </li>
<li>$14 - Vaucluse, 9 Hillside Avenue</li>
<li>$13 - Vaucluse, 1 Loch Maree Place</li>
<li>$12.8* - Mosman, 4 Wyargine Street</li>
</ol>
*    Sale reported, but not settled 
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Point Piper clears its prestige property listing cobwebs in 2014: He Said/She Said

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Fitch Ratings believes the current Australian annual rate of price growth is unsustainable, particularly in the Sydney and Melbourne markets.
The combined capital city price growth was 9.27% year on year, led by Sydney, Melbourne and Darwin.
The rate of growth remains high, but has eased since the peak in April 2014, it noted.
Growth in property prices have historically reflected a decrease in 90 plus days arrears, suggesting that high house prices have allowed borrowers to sell properties and clear arrears.
Fitch says competitive lending, high house prices and low interest rates drove improvements across all arrears, with its Dinkum RMBS Index dropping 14bp to 1.08% in 3Q14 - the lowest level in over six years. In 3Q14, 90+day arrears dropped 4bps to 0.47% - the lowest level since December 2009. And 30-59 days arrears fell to the lowest levels since August 2004.
But Fitch expects the next increase in rates would deliver a short-term shock to borrowers’ serviceability.
Fitch sees unemployment as the major driver of mortgage performance.
"The unemployment rate rose 0.2pp to 6.2% in October 2014, potentially leading to the materialisation of long-term arrears in 1Q15," the Fitch release said.
Fitch forecasts unemployment to remain relatively stable, and for interest rates to remain low in 2015.
Higher levels of unemployment, a slowdown in the housing market, and rising interest rates, could lead to servicing pressure, and in turn, higher delinquencies and low foreclosure activity.
 
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Current Australian home price growth levels unsustainable: Fitch Ratings

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The Golden Sheaf hotel at Double Bay has been sold to an eastern suburb's private investor on a 6.6% net yield.
It is on a lease-back agreement, and while no price or buyer was formally disclosed, Fairfax Media suggests just above $40 million was paid by investor Vaughan Blank.
News Ltd papers say $41 million plus.
Bruce Solomon will remain the tenant of the Golden Sheaf, using the proceeds to expand the Solotel business.
It was listed in September through <a href="/news/double-bays-golden-sheaf-hotel-returns-to-market-as-freehold-only">JLL and CBRE Hotels</a> subject to leaseback to the hotel and hospitality group, Solotel.
The hotel was offered with a combined 40 year triple net lease to the Solotel Group, with a straight 20 year first term and fixed annual rental growth of 3% per annum.
It sold through John Musca, director, investment sales, JLL Hotels &amp; Hospitality Group, and Daniel Dragicevich, CBRE Hotels director.
The hotel occupies a 1,669 square metre site area with future development potential.
The SMH previously reported it is considered among the country's most profitable pubs.
It was listed initially in <a href="/news/nsw/double-bays-sheaf-comes-with-golden-expectations">mid-2011</a>.
The heritage-listed 1936 pub was bought for $5,327,000 in 1991. 
Its New South Head Road premises was expanded after $4.8 million was spent in 2006 with purchase of the adjacent George's restaurant from Leo Varvaritis.
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Bruce Solomon sells Double Bay's Golden Sheaf Hotel

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Plastic surgeon Dr George Muchnicki has sold his St Kilda penthouse he bought because the 1850s building shared his name.
The apartment at <a href="https://www.realestateview.com.au/Real-Estate/301-125-fitzroy-street-st-kilda/Property-Details-buy-residential-7861516" target="_blank">301/125 Fitzroy Street</a> sits atop The George. No sale price has been given.
It has three bedrooms and two bathrooms with its north-facing views from the bay to the city centre over Albert Park Lake. Rooftop title with air rights were included.
Dr Muchnicki bought the 160 square metre fourth floor penthouse in 1993 for $250,000 and around 10 years later bought The George's distinctive tower, which is presently an artist studio and was offered to the buyer separately at $200,000 plus.
Wilson agents Graeme Wilson and Jutta Rubinstein were expecting more than $1.5 million for the penthouse at its 6 December auction.
The 1860s apartment is 200 square metres.
The owners' corporation fees are around $3,000 per quarter.
The George Hotel, on the corner of Fitzroy and Grey streets, survived with the recent vision of the late restaurateur Donlevy Fitzpatrick
There are rooms with high ceilings, polished floorboards and open fireplaces, with its commercial and residential zoning recently utilised as gallery space.
St Kilda's highest-priced apartment over recent months was the garden apartment at <a href="https://www.realestate.com.au/property-apartment-vic-st+kilda-117569595" target="_blank">1/32 Burnett Street</a> for $1,015,000.
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The George, St Kilda penthouse sold

A trio of Queensland property groups have unveiled plans for a $300 million mixed-use redevelopment of the former Noosa Bowls Club site, a proposal that would deliver more than 200 new homes in one of the Sunshine Coast's most supply-constrained markets.

Kilter Property, Frank Developments and Calile Malouf Investments are behind the plans for the 1.8-hectare site at <a href="https://www.apartments.com.au/new-apartments/99-noosa-drive-noosa-heads-qld-4567">99 Noosa Drive</a>, which would transform the long-vacant site into a new residential precinct featuring 208 apartments, retail, hospitality and public space.

The proposal comes as Noosa continues to grapple with housing affordability and a shortage of permanent accommodation, particularly for key workers. The site's location in Noosa Junction, close to shops, public transport and employment, aligns with the direction of Noosa Council's Housing Strategy, which encourages higher-density housing within established activity centres rather than continued urban expansion.

The draft plans include 48 affordable-by-design apartments and 48 rooming accommodation units aimed at key workers. Around 2,000 sqm of ground-floor retail and food and beverage space would activate the street frontage, alongside a new public town square and landscaped open space.

<img alt="Noosa" data-entity-type="file" data-entity-uuid="2dd02f53-1360-4e51-801e-bfd61a6c980e" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-06-26%20at%208.44.34%E2%80%AFPM.png?VersionId=x1iNs3BSMN6Jy7YUwaBZMHRrrKX2hMpy" />

&nbsp;

Frank Developments Founder and Director Frank Licastro said the development would continue the company's focus on architecturally-led residential projects while addressing one of the region's biggest challenges.

"Not only will this project exude a sense of luxury, it will also enhance not only the built environment but also the surrounding community," Licastro said.

"Noosa's success relies on the people who live and work here. Providing well-designed accommodation for key workers is critical to supporting the local economy and ensuring the Shire can continue to thrive."

Kilter Property Co-Founder Huw Williams said the focus was on delivering additional permanent housing while creating a mixed-use destination that benefits both residents and the wider community.

"Our focus is on delivering a well-considered mixed-use project that provides more permanent housing options, supports local workers and businesses, and delivers an exceptional product for the local market," Williams said.

"The redevelopment vision aligns with the long-term evolution of Noosa Junction as a vibrant activity centre, creating a destination that enhances the area's character while delivering significant economic and community benefits."

Calile Malouf Investments, best known for its role in Brisbane's James Street precinct and The Calile Hotel, will bring its place-making experience to the project. The company recently commenced construction on The Calile Noosa hotel and says the residential development will complement its growing investment in the region.

CMI Director Cal Malouf said the aim was to create a walkable precinct combining housing, retail and hospitality while remaining true to Noosa's character.

"We see a similar opportunity in Noosa to deliver a vibrant, walkable destination that combines exceptional housing, hospitality and retail in one integrated project," Malouf said.

Brisbane-based Cavill Architects has been appointed to design the project.

Joel Robinson

Noosa Bowls Club to be redeveloped into mixed-use apartment precinct

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.

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.

Jonathan Chancellor

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