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A rare Australian federal government Treasury refusal to an intending overseas buyer has emerged in a recent Sydney auction offering.
The attempt by Zhixiong Hua to purchase the Strathfield home was deemed contrary to the national interest under the Foreign Acquisitions and Takeovers Act 1975 in an April 7 order under subsection 21A(2).
The possible knockdown 1920s house, with lovely polished floors, at 86 Nicholson Street, Strathfield sold for $1.8 million at its March 28 auction through LJ Hooker agents David Pisano, who is currently holidaying overseas, and Jeffrey Wan, who said he was unaware of the actual sale details. The 902 square metre holding was being offered to the market for the first time in over 43 years in a highly multi-cultural inner west locality. About a quarter of the street is owned by families of Asian descent, mostly Vietnamese.
And local agents tell Property Observer the offshore Chinese buying presence has been limited around Strathfield during 2014 given currency fluctuations, other than off the plan offerings mostly elsewhere in the inner west, especially Burwood.
The Treasury departmental rejection has been quickly suggested as a sign Treasurer Joe Hockey was prompting a new direction in government policy. No property purchase proposals were rejected in 2012-13, compared with 13 in 2011-12, as the Labor government moved to its conclusion.
While the FIRB approval process is wrapped in secrecy, it is most likely the refusal relates to the buyer's intent and the issue of foreign buyers purchasing existing houses, demolishing them and rebuilding new, bigger homes when they are deemed liveable already.
<blockquote>
The offshore Chinese buying presence has been limited around Strathfield during 2014 given currency fluctuations.
</blockquote>
This is against Foreign Investment Review Board policy aimed at seeking increased housing stock that directs foreign buyers away from existing homes, typically allowing them to buy and demolish existing houses if they subdivide the block and build two or more dwellings. They may only knock over houses that are “derelict and uninhabitable”.
It is however the first known refusal since the Rudd government crackdown on overseas buyers which got underway in 2010-2011 which stopped more than 43 transactions, when the government was feeling the backlash of the electorate.
Back then three knock backs were in Sydney, with other sales thwarted in the Byron Bay district, the Gold Coast, Melbourne and Perth.
The most expensive halted acquisition was a $6.4 million house on Victoria Road at Bellevue Hill. The proposed acquisition by Jun Qiu was blocked in early 2011 by the compliance and real estate screening unit of the Treasury's foreign investment division. The Bellevue Hill house was listed with $7 million expected, having last traded in 2003 for $3.95 million, and eventually sold at $5.715 million.
There was also the planned purchase of a $2.3 million house at South Golden Beach, near Byron Bay, by an English couple, David and Angela Wright, which was also not given approval.
On the Gold Coast, the sale to overseas buyers of a vacant block at Paradise Point, was stopped in 2010.
Less expensive sales of a $550,000 house at Seven Hills and a unit at Sefton were also halted in the prior crackdown.
The Department of Treasury is likely to have rejected other through the interim, but typically the proposed residential real estate purchasers have quietly withdrawn voluntarily to avert the ASIC gazette spotlight. In 2012-13, some 446 proposals - with 76% involving real estate - were withdrawn typically because applicants submitted concurrent applications and didn't need to proceed after their initial purchase. 
 
<blockquote>
Under the current FIRB rules, temporary residents have to seek approval to buy real estate in Australia.
</blockquote>
 
Under the current FIRB rules, temporary residents have to seek approval to buy real estate in Australia.
Overseas-based investors are encouraged to buy newly built real estate, such as off-the-plan apartments, and must start construction on vacant land within two years.
The last crackdown under the Rudd government which moved to introduce laws to restrict rapid house price increases.
It also set up a 1800 hotline aimed at trying to stop people buying real estate outside the foreign investment laws.
The hotline received 131 calls in the first few months after the assistant treasurer Nick Sherry announced it and other measures aimed at cooling fears that foreign buyers were driving prices up.
The compliance hotline, 1800 050 377<img class="skype_c2c_logo_img" src="resource://skype_ff_extension-at-jetpack/skype_ff_extension/data/call_skype_logo.png">1800 050 377, and an email address, <a href="mailto:FIRBCompliance@treasury.gov.au" target="_blank">FIRBCompliance@treasury.gov.au</a>, remains for people wanting to raise potential compliance issues. 
Nick Sherry also announced a monitoring system, piloted in Sydney and Melbourne, to match records from the Foreign Investment Review Board with state land title offices and visas from the Department of Immigration to track who was buying what.
There has been little transparency since which has triggered the current federal government to set up its own parliamentary inquiry headed by politician Kelly O'Dwyer who recently wrote "the only thing that has grown faster than Australian housing prices has been the rate of articles about foreign investment in residential real estate."
O'Dwyer added "unfortunately, most of the commentary was built on the back of anecdotes because useful statistics are limited."
The House Economics Committee announced an inquiry into Australia’s foreign investment policy in the context of residential real estate which will be headed by O'Dwyer.
The committee has invited submissions by 9 May, 2014, and is expected to report later this year.
Of course currently ‘national interest’ is not defined in the FATA 1975, and the Treasurer has the power to decide what constitutes the national interest in relation to each particular proposal on a case-by-case basis. 
The policy identifies relevant factors, and the FIRB recognises that the relative importance of these factors will vary depending on the nature of the target enterprise and the impact of the investment, having regard to widely held community concerns. The policy states that an investment that enhances economic activity (e.g., developing productive capacity or new technology) is less likely to be contrary to the national interest.
<div title="Page 9">Factors considered by the Treasurer and the government when assessing foreign investment proposals may include:<ol>
<li>National security interests – any effect on Australia’s ability to protect its strategic and security interests;
</li>
<li>Competition issues – any resulting control, particularly where concentration could lead to distortions to competitive market outcomes;
</li>
<li>The impact on government policies – the impact on Australian tax revenues and the government’s objectives in relation to matters such as the environment;
</li>
<li>The impact on the economy and the community – the impact of the proposed investment on the general economy and any plans to restructure an Australian enterprise following the acquisition, together with the nature of the funding of the acquisition; the level of Australian participation in the enterprise after the foreign investment; and the interests of employees, creditors and other stakeholders; and</li>
<li>The character of the investor – whether the investor has clear commercial objectives, and whether the investor is subject to adequate and transparent regulation and supervision. 
</li>
</ol>
</div>
<img src="/images/2014/04/09/jc-tear-out-april-9.jpg" alt="">
Picture: The federal government's notice blocking the sale of 86 Nicholson Street, Strathfield.
Just before the decision to hold an inquiry the FIRB released details on overseas buying activity.
Temporary residents allowed to buy one property to live in numbered 5,091 last financial year.
A further 4,499 approvals were granted for foreign individuals to purchase a new dwelling.
However no divestiture orders were made, <a href="/expert-insights/investing/no-divestiture-orders-as-chinese-buyers-top-the-12-025-foreign-investors-firb">continuing the trend set in 2010-2011 and 2011-2012</a>. 
Property Observer noted it had been aware that there had been earlier orders where the buyers failed to undertake its development undertakings, but not for several years.
Kelly O'Dwyer has noted from 2011-12 to 2012-13, Foreign Investment Review Board approvals for foreign investment in developed residential real estate grew by 29% in number and over 50% in value terms (mostly for temporary residents). 
Approvals to develop new residential housing grew less strongly in number, up 13%. However, there was a dramatic slump in value for this category, driven by a $5 billion fall in “off the plan” pre-approvals.
"But we don’t know how much of the newly developed housing stock is re-sold or rented to locals – or conversely, how much stays empty for vast periods and is used simply as a store of value or an occasional holiday home," O'Dwyer said.
"The lack of information on this front is surprising.
"After all, Australia’s foreign investment policy as it applies to residential policy is intended to boost the supply of new housing, and thus provide both economic and social benefits.
<blockquote>
"Foreign investors cannot generally buy established dwellings as investment properties or homes." - Kelly O'Dwyer
</blockquote>
"Foreign investors cannot generally buy established dwellings as investment properties or homes.
"Temporary residents can apply to purchase one established place to live in, but are expected to sell it when they leave Australia."
O'Dwyer stressed the inquiry was not focused on investors from any given country.
"It is taking a holistic approach to examining if current policy settings deliver the best outcomes for Australia.
"The clear policy objective is to ensure foreign investment drives an increase in housing supply.
"It’s too early to judge what areas will receive the most attention and scrutiny.
"But it is fair to expect that transparency and compliance will make the short list.
"For instance, are requirements for temporary residents to sell properties when they leave Australia, being observed and enforced," she queried.
The relevant penalties are hardly intimidating, she added.
"If caught, offenders retain the post-tax proceeds and face a maximum financial penalty of $85,000.
"Given the rapid growth in house prices in Sydney and Melbourne in particular, and given Australia’s safe-haven status, it’s easy to see the fine becoming the “cost of doing business” for many," she said.
The latest refusal was under the Foreign Acquisitions and Takeovers Act 1975 section 21A which reads:
Acquisitions of interests in Australian urban land
             (1)  In this section:
foreign person means:
                     (a)  a foreign corporation in which a natural person not ordinarily resident in Australia or a foreign corporation holds a substantial interest; or
                     (b)  a foreign corporation in which 2 or more persons, each of whom is a natural person not ordinarily resident in Australia or a foreign corporation, hold an aggregate substantial interest.
             (2)  Where the Treasurer is satisfied that:
                     (a)  a foreign person proposes to acquire an interest in Australian urban land; and
                     (b)  the proposed acquisition would be contrary to the national interest;
the Treasurer may make an order prohibiting the proposed acquisition.
Note: For the criminal liability of an officer of a corporation if the corporation contravenes or fails to comply with an order under this subsection, see sections 30 and 31.
             (3)  Where the Treasurer makes such an order in relation to an interest in Australian urban land, he or she may also make an order in relation to:
                     (a)  a specified foreign person; or
                     (b)  a specified foreign person and specified associates, or the persons included in a specified class of associates, of that person;
directing that that person shall not, or none of those persons shall, whether alone or together with any other or others of them, acquire:
                     (c) any interest in the land or other thing concerned; or
                     (d)  any such interest except to a specified extent.
Note: For the criminal liability of an officer of a corporation if the corporation contravenes or fails to comply with an order under this subsection, see sections 30 and 31.
             (4)  Where a foreign person has acquired an interest in Australian urban land and the Treasurer is satisfied that the acquisition is contrary to the national interest, the Treasurer may make an order directing the foreign person to dispose of that interest within a specified period to any person or persons approved in writing by the Treasurer.
Note: For the criminal liability of an officer of a corporation if the corporation contravenes or fails to comply with an order under this subsection, see sections 30 and 31.
             (5)  Before the end of the period specified in the order or of that period as extended under this subsection, the Treasurer may, by writing signed by the Treasurer, extend or further extend that period or that period as so extended, and in that event the order has effect as if the period as so extended or further extended had been specified in the order.
             (6)  For the purposes of subsection (4), but without limiting the generality of that subsection:
                     (a)  a foreign person shall be taken to have acquired an interest in Australian urban land if the person becomes, with or without the knowledge of the person, a beneficiary in a trust estate (other than a deceased estate) that consists of or includes an interest in Australian urban land; and
                     (b)  where paragraph (a) applies and the trust estate is a discretionary trust estate—a reference to the disposal of the interest of the foreign person is a reference to the disposal of such assignable benefits in relation to that trust estate as may ultimately vest in that foreign person.
             (7)  The Treasurer shall not refuse to approve a person for the purposes of subsection (4) unless the Treasurer is satisfied that the person is a foreign person and that it would be contrary to the national interest for that person to acquire the interest concerned.
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jchancellor-FAypfDUnLy

Chinese buyer's Strathfield house purchase plans blocked

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Today's Westpac Melbourne Institute index that tracks sentiment on ‘time to buy a dwelling’ indicates it is falling among the public, as wiser buyers seemingly await the Sydney and Melbourne markets to cool or pause a little.
No winner reveal - so mild spoiler alert from Property Observer - but don't expect tonight's The Block 2014 Albert Park Fans V Faves results to reflect that trend as all four O'Grady Street warehouse properties have sold at auction within quite a bullish narrow price band. 
No tearaway winner in this inverted renovation auction sweepstakes countdown. Though it was such a unique opportunity, there had to be a couple of bidders who at one key point during the four offerings, went mildly silly relative to what was on offer and on the unfolding comparative prices for the approximate 250 square metre apartments. The auction order appeared almost to dictate the outcome.
Ofcourse a fit out can always be discarded, where as location and aspect, which is especially misunderstood, are harder to shift and also to value. We know The Block is not the real world of property, but for many viewers it's a rare insight used by the foolhardy to gauge the market temperature. It does however realistically show auction desperation.
The Channel 9 series certainly secured what the viewing public wanted. Huge over reserve prices given waywardly adjusted, already conservative asking prices set by nervous producers wanting to avoid a repeat of the 2011 Cameron Street, Richmond auction disaster. 
<blockquote>
Huge over reserve prices given waywardly adjusted, already conservative asking prices set by nervous producers wanting to avoid a repeat of the 2011 Cameron Street, Richmond auction disaster. 
</blockquote>
So at 47 O'Grady Street healthy auction prices paid by $2 million plus owner occupiers seeking over-capitalised warehouse offerings complete with double rainhead showers. 
Quite a remarkable residential transformation of former Mushroom Record offices that replaced the former silent movie hall that closed in 1929. To think something sold at $66,250 in 1979 could now reap in around $9.6 million, having been bought by<a href="/expert-insights/investing/the-block-albert-park-warehouse-price-appreciation-in-history"> the Watercress production company from Lloyd Williams for $5.85 million last year</a>.
Back to the Westpac index time to buy dwelling which fell by a further 3.9% during April to now be down by 20% nationally from the recent peak in September last year. 
It is significant that the fall has been particularly acute in Victoria where the peak to trough slump has been 39%.
That came because of a particularly sharp 19% fall in April. And I would suggest it's highly likely that the Melbourne market is also making a call - differentiating between houses and units.
Last weekend Robert Larocca at RP Data noted Melbourne’s preliminary clearance rate had fallen to the lowest reading so far this year.
In the private treaty Melbourne market, Larocca says new listings are almost one third higher than this time last year, and he says the current numbers "paint a picture of a remarkably healthy market."
He noted vendor discounting is lower at 6.1% for houses compared to 6.7% a year ago and 5.8% compared to 6.5% for units, in the most recent data.
But have a look at the the time on market data for the month of February showing that the average time between advertising and the contract of sale being signed was 57 days for houses and 65 for units in Melbourne.
For the housing market, this is considerably stronger than last year when it was 72 days, however, the unit market is showing the impact of high levels of new supply as it is now longer than a year ago when it was 60 days.
The overall Westpac Melbourne Institute Index of Consumer Sentiment actually increased by 0.3% in April, though Westpac's chief economist, Bill Evans, commented while the overall index hardly moved, the components were quite volatile.
“While the Reserve Bank did not lower rates further at its April meeting there was minimal speculation around a move and therefore Reserve Bank policy is likely to have been a neutral for this month," Bill Evan said.
"In fact the confidence of those folks with a mortgage fell by just 0.7%," he noted.
POSTSCRIPT ON THE ACTUAL BLOCK 2014 RECORD SMASHING AUCTION RESULTS
The results were as follows:
<ol>
<li>Steve and Chantelle, 1/47 O’Grady: $2.47 million ($636,000 above the adjusted reserve)</li>
<li>Alisa and Lysandra, 3/47 O’Grady: $2.375 million ($616,000 above the adjusted reserve)</li>
<li>Kyal and Kara, 2/47 O’Grady: $2.44 million ($567,250 above the adjusted reserve)</li>
<li>Brad and Dale, 4/47 O’Grady: $2.31 million ($507,250 above the adjusted reserve)</li>
<li>Good luck for anyone embarking on a property flipping venture on the back of what they've just witnessed!</li>
</ol>
 
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Ignore The Block 2014 warehouse auction results: Melburnians increasingly thinking now is not the time to buy

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The former observatory South Yarra home of Professor Georg von Nuemayer - a noted astronomer and polar explorer - has been sold.
The landmark South Yarra home fetched $3,195,000, with just the two bidders.
Located on a corner block, the 203 square metre four bedroom home has several living areas plus terrace courtyard and double garage.
The 119 Domain Road, South Yarra property was sold by <a href="https://www.kayburton.com.au/property/119-domain-road-south-yarra" target="_blank">Kay &amp; Burton agents </a><a href="https://www.kayburton.com.au/property/119-domain-road-south-yarra" target="_blank">Gowan Stubbings and Emma Bloom</a>, who had expected between $2.75 million and $3 million.
It has last traded for about $1 million in 1998.
Title Tattle recalls $2.5 million was achieved two along in 2009 when the Georgian-style townhouse of property entrepreneur Will Deague sold. It had cost $1.7 million when 123 Domain Road was bought in 2004, opposite the Royal Botanic Gardens.
Von Nuemayer, who lived between 1826 and 1909, was the director of the Flagstaff Observatory, and former member, councillor, Vice President and honorary life member of the Royal Society of Victoria.
There now sits a plaque on the property commemorating the significance of the home set on the Hope Street corner, formerly known as Montpelier Terrace/Place. 
After he arrived in Melbourne in January 1857, he secured government funding for an interim observatory, with the instruments provided by the King of Bavaria, at what is now Flagstaff Gardens. The Botanic Gardens observatory opened in 1862.
Von Neumayer undertook major astronomical work from the basement in the Domain Road property during his residency in the 1860s.
Historic sketches of the pendulum room where the work was conducted (such as the one below) appear in then contemporaneous publications. 
<img src="/images/2014/03/27/south-yarra-heritage-march-27-one.jpg" alt="">
Source: Royal Society of Victoria
 
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Iconic Domain Road, South Yarra listing shines in $3,195,000 million sale

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Greg Norman is designing a private golf course for the central Victorian property of the former Essendon AFL club president David Evans
The 18-hole private course is envisaged for the property north-east of Melbourne, on the Goulburn River near Alexandra in the Murrindindi Shire.
Norman and his design team walked the property with Evans on the weekend, according to Fairfax Media, with the prospect of creating something similar to the late Kerry Packer's Ellerston Hunter Valley private course which was completed in 2001.
The Perth-born Evans, who moved from Kew to Hawthorn with wife, Sonya after paying around $6.5 million in 2010 for the 1885 mansion, Woodfield, will turn 50 later this year.
Norman said the Evans property had perfect terrain and climate for a golf course.
Evans apparently met Norman for the first time at the Essendon-Collingwood Anzac Day match in 2013 with the former world number one golfer, and global golfing entrepreneur, now on the advisory board of Evan's Melbourne-based stockbroking and investment firm, Evans and Partners.
Local Alexandra golfers play at the Alexandra Golf Club on Gordon Street or at the course of the Stonelea Country Estate on Connellys Creek Road.
Ellertson (pictured below) in the upper Hunter Valley in NSW has been <a href="https://www.gngcd.com/course-detail-photo.php?course_id=39" target="_blank">highly ranked on the bucket list of golfers</a>. <a href="https://www.golf.com/photos/top-15-greg-norman-courses/ellerston-golf-course#354349" target="_blank">It ranks atop the all-time 15 private courses on the golf.com list</a>.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2014/04/08/image-7.jpg" alt="">
Last week Greg Norman launched of a marketing campaign seeking investors to build and operate a tourism project on Great Keppel Island.
<div>Norman is the ambassador for the $2 billion Tower Holdings development on the island, which includes an 18-hole championship golf course designed by him.</div>
Along with his Great White Shark Enterprises, global estate agents JLL have been engaged to source international investors.
The investment bank, Moelis &amp; Company, has been engaged as lead financial advisor to the project by the owner, Tower Holdings chief, Terry Agnew.
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Greg Norman's latest project - a private golf course for Melbourne investment banker David Evans

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Freiberg House, the iconic early 1960s Kew residence, has been listed for sale for the first time since its design by Chancellor and Patrick.
The property at <a href="https://www.realestate.com.au/property-house-vic-kew-116460747" target="_blank">26 Yarravale Road</a> was completed between 1958 and 1960 for Freda and Martin Freiberg set within the first entirely native garden designed by Edna Walling.
Hamish Tostevin of Marshall White, expects $2 million plus at its April 12 auction.
The Freiberg's chose the architects after finding their work to be suitably in the style of Frank Lloyd Wright for their steep 960 square metre block close to the Yarra River's Studley Park.
The three-level five bedroom home features exposed timber and brickwork, with expansive areas of glass providing a leafy outlook.
It appeared on the cover of Best Australian Houses (1961), edited by Neil Clerehan given its status as significant for its use of traditional Australian forms and materials, along with its avant-garde planning.
{qtube vid:=J__d58EdYe8}
The Melbourne based architecture firm, formed in 1953, was headed by David Chancellor (no relation) and William Patrick and became known for notable institutional buildings as well as private residential projects. 
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Freiberg House, 1960s Kew residence designed by Chancellor and Patrick listed

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It is not just the Sydney auction market that quickly regained its 2013 spring momentum after the December break, but private treaty sales too remain strong, according to the latest March figures from Australian Property Monitors.
Both days on market for private treaty sales and the required vendor discount to secure a sale reflect it's very much a sellers' market.
Well for almost everyone, other than Lleyton Hewitt at Palm Beach and Wayne Gardner at Manly.
<img src="/images/2014/04/07/heat-chart-april-1-one.jpg" alt=""> 
<img src="/images/2014/04/07/heat-chart-april-1-two.jpg" alt="">
Sydney’s preliminary auction clearance rate for Saturday April 5 was still at around 80 per cent for the 10th consecutive weekend as vendors take advantage of the best autumn sales environment on record.
The median weekend house price was $1.1 million and the median unit price was $700,000.
Ofcourse that's much higher than the typical $765,000 median for houses and the $540,000 median for typical units.
The most expensive property reported sold at auction at the weekend was a five bedroom house at 10 McDougall Street, Kensington sold for $3,775,000 by BHR Group, setting a suburb record.
Not a week goes by without a record with this one well heralded as the vendors Macquarie Bank divisional director Duncan McDonald and his wife Fiona had been expecting more than $3.5 million in <a href="https://www.mybhr.com/real-estate-for-sale-10-mcdougall-street-kensington-nsw/1457412/" target="_blank" style="line-height: 1.3em;"></a>the inner eastern suburb with a previous high of $3.2 million dating from 2010 on Baker Street.
The house, with 294 square metre floor space at 10 McDougall Street, sold through Damien Bickmore-Hutt of BHR Estate Agents after an opening bid of $3.6 million.
The string of recent records across Sydney saw another record in the southern Sydney suburb of Bexley with a $2.15 million sale at 5 Wallace Street bettering the previous record of $2,025,000 set in December last year at 37 Wallace Street.
The weekend's cheapest was 331/95 Station Road, Auburn at $156,000 selling to an investor through Ray Fayad at Laing &amp; Simmons Auburn.
<div>Yes the $156,000 top sale was just over double what it last sold for - but that was $71,500 way back in 1994.</div>
<div> </div>
<div>So rather than this double every 7 or 10 years, here's a case where its 20 years to double.</div>
<div> </div>
<div>Last rented out at around $240 a week, it reflected a healthy eight percent yield. Though the asking rent was at $230 a week some four years ago.</div>
<div> </div>
<div>The agent Ray Fayad was saying $155,000 plus in the pre-auction price estimate, so he was spot on. Just the three registered bidders, in part because its 26 square metre size doesn't really fit the bank lending requirements.</div>
There were some 900 properties across Sydney for auction with APM reporting a clearance rate of 80.6 percent. 
"This result kept this year’s unbroken sequence of 80 percent plus weekend auction clearance rates intact, now stretching back 10 weeks to Saturday February 1," Dr Wilson the APM senior economist said. 
However the revised figures are now tracking at around 75% which is still a strong result, but as I suggested several weeks ago there was a slight market weakening. Perhaps not in terms of volume, buyer numbers, but in the price heights being achieved.
Even the bullish Dr Wilson yesterday detected "early signs are emerging of a slight weakening of auction market activity" with the auction clearance rate trend over the past 6 weeks falling gradually.
He rightly adds that a moderation in auction activity was no real surprise given record numbers of auction listings being offered to the market over recent weeks.
This weekend is set to smash the all-time record for auctions with around 1080 expected to be conducted on a Saturday in Sydney, being the first time Sydney and Melbourne both have 1000 plus auctions. 
The last Sydney record auction bonanza was the 970 offering on 14 December in the lead up to Christmas 2013.
So it will the busiest Sydney Saturday on record, with official records being compiled since Australian Property Monitors started keeping the data in the late 1980s when Sydney was only just beginning to take a shine to onsite auction with the lead from the trend setter Andrew Gibbons agency.
As the APM charts above shows it's not just auction activity, but the normally slower private treaty is turning over nicely nationally across the capital cities especially. 
Of course something might always emerge from left field.
Rod Cornish, a division director of Macquarie Capital and a long-time follower of property cycles, told the AFR's Robert Harley recently that "until we see rates rise to a tipping point level, we don’t see a downturn in prices.”
“We will get that, but I don’t think that is a 2014 story. We will not see the tipping point till 2015 or 2016,” Cornish estimates.
That's can't be what the RBA Governor Glenn Stevens wants to hear.
His recent comments were spot on when he took the opportunity to warn about the potential excesses in housing.
Pointing expressly to the recent experience of south east Queensland housing prices and activity Stevens noted “that the cycle can be so drawn out is a salient lesson, including for those outside Queensland. Even if a full-blown crisis does not eventuate, as was true of Australia, overdoing it on housing on the way up is usually followed by a fairly extended period of working off the problems.”
Let's hope the buyers quickly work off their aggression so we avoid a full blown crisis.
 
 
 
 
 
 
 
 
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Sydney's private treaty strength evident in low discounting and shorter days on market: APM 

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The online rural homestead auction trend continues. Rossiville Homestead, which was part of the land grant to Captain Francis Rossi in 1826 at Goulburn, has been listed for online auction.
The 1826 stone homestead sits within a private, old world garden with tennis court and in-ground pool on 170 acres. More than $2.3 million is tipped.
The homestead at 157 Range Road is enhanced is to the sandstone two storey coach house.
Rossiville was established by Captain Francis Nicholas Rossi, from a noble Corsican family, in 1826, when he received a grant of 2,560 acres from Governor Darling for his services to the state after a successful term as police superintendent of New South Wales.
Francis Nicholas Rossi died at Rossiville age 75 years in 1851 and was succeeded by his eldest son Count Francis Rossi who took over the estate with his main interest the breeding of racehorses. In 1890 the government purchased Rossiville for the purpose of establishing a hospital, after which it was utilised by the Department of Agriculture in 1908. 
There's also a sandstone grooms’ quarters, Olympic size arena and significant farm shedding and stabling.
It comes with hectares of gently undulating, fertile country with two kilometres of frontage to the Wollondilly River with an approved two lot subdivision.
"As one of Goulburn’s original properties Rossiville Homestead offers a genuine opportunity to acquire a portion of the district’s heritage, the marketing says.
Bidding starts at <a href="https://www.saleezy.com.au/property.aspx?id=111105" target="_blank">www.saleesy.com.au</a> on April 29 with bidding to close May 7, 2014 at 11.00am through Allan McDonald at Professionals Goulburn in conjunction with Carpenters.
A neighbouring property with modern home on 40 acres has also been listed for sale with $480,000 plus hopes.
Last month <a href="/expert-insights/buying/colonial-kippilaw-near-goulburn-sells-for-4-2-million-in-pioneering-online-auction">Kippilaw, the colonial Breadalbane homestead outside of Goulburn</a>, was sold for $4.2 million via online auction.
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Rossiville, the 1826 pioneering Goulburn homestead, joins the online auction trend

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The Walter Burley Griffin Castelcrag house, Creswick, aka the house of seven lanterns, has been listed for sale.
Albeit with extensions, the house retains aesthetic significance as a residence erected in 1926.
Enthusiasts says the property is an outstanding combination of house and landscape, adhering to the Griffin doctrine of organic architecture. 
The house retains many of its original design features, attributed to the innovation of Griffin, including the knitlock block and the distinctive design of the french doors and windows, incorporating timber joinery.
It is one of a group of three Griffin houses in The Barbette sited near the escarpment edge with staggered setbacks. 
Sadly the seven lanterns now long removed were evidence of Griffin's experimentation into sculptural segmental architecture.
It is one fourteen houses designed by Griffin and built in Castlecrag and one of the thirteen remaining. 
It is being marketed by the McGrath agents as "an iinspiring home that successfully unites Walter Burley Griffin's Creswick house, with a minimalist contemporary residence, delivering a marriage of effortless modern living with revolutionary, timeless design all nestled in a tranquil harbourside setting."
It is set on 891 square metres.
<a href="https://www.mcgrath.com.au/buy/house-castlecrag-nsw-2068/222771/?searchID=38078299" target="_blank">Offers are due 14 May with McGrath agents David Forrester and Grant Borley</a>. It is understood around $2.5 million is being sought.
It is offered by the architect Barbara Bunton and her husband Paul who designed and built a two-level addition to the original two-bedroom property, linking the two with a bridge.
The original flat roofed singe storey house was 82 square metres with separate living and dining rooms, two bedrooms, bathroom and small kitchen.
 Even at the time of its construction it was considered a small house and described in the Australian Home Beautiful in 1929 as a "house for elfin folk." 
The Creswick House was built in 1926 for Mrs Alice Creswick who lived in Burwood. Mrs Creswick was a member of the Theosophic Society whose meeting rooms were near Griffin's offices in Bligh Street. Both Walter and Marion Griffin were Theosophists. 
Griffin was compelled to purchase the completed house after Mrs Creswick threatened legal action based on the unhealthy environment of the house due to water penetration and damp.
Marion sold it after Griffin's death to Eric Nicolls, Griffin's architectural partner who owned it for five years until 1949.
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Creswick, Walter Burley Griffin's Castlecrag house of seven lanterns listed

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Macquarie Bank divisional director Duncan McDonald and his wife Fiona set a suburb record in the Sydney suburb of Kensington this weekend at $3.775 million.
<a href="https://www.mybhr.com/real-estate-for-sale-10-mcdougall-street-kensington-nsw/1457412/" target="_blank">It had been tipped to fetch more than $3.5 million</a>, topping the inner eastern suburb high of $3.2 million dating from 2010 on Baker Street.
<a href="https://twitter.com/CooleyAuctions" target="_blank">Cooley Auctions tweeted the record result</a>. It was among the 845 Sydney offerings which secured an auction clearance rate of 80.7%, according to Australian Property Monitors.
 The Hong Kong based couple bought the 689 square metre McDougall Street block in 2007 for $660,000, then commissioned master builder Peter Dunkley to build a five-bedroom, four-bathroom home with a pool in 2007. All behind its delightful 1915 Federation facade.
The McDonalds, who rented the house to Peter Dunkley during their overseas sojourn, plan to make a tree-change to the NSW coast near Bellingen.
The couple provided a testimonial for Peter Dunkley's work on his website saying Peter was the ultimate perfectionist and will not tolerate anything less than the best possible result.
They indicated he had done two jobs for them - completed on time and on budget.
"It is no coincidence that Peter’s projects continue to make top and record breaking results at auction in all suburbs which he has worked," <a href="https://peterdunkley.com.au/?page_id=14" target="_blank">the McDonald's praise coming home to roost in their own favour this weekend</a>.
The house, with 294 square metre floor space at 10 McDougall Street, sold through Damien Bickmore-Hutt of BHR Estate Agents after an opening bid of $3.6 million.
Title Tattle notes there is more auction action when 29 McDougall Street - owned by Peter Dunkley's wife, Melissa - goes to forthcoming mid-week auction with $2.3 million hopes through McGrath agent Andrew Livingston. Title Tattle notes the property cost $2.2 million in 2010, having been listed by prior owners in 2008 with ambitious $2.35 million hopes, so no tear-away expectations there now for the 1901 Federation with approved 2012 renovation plans costing $500,000.
The McDonald's sale continues the string of recent records across Sydney.
There was another record set this weekend in the southern Sydney suburb of Bexley with a $2.15 million sale at 5 Wallace Street bettering the previous record of $2,025,000 set in December last year at 37 Wallace Street.
<a href="/expert-insights/buying/happy-as-larry-as-dover-heights-trophy-mansion-sale-sets-new-8-million-record">This week another record was set at $8.02 million Dover Heights</a>.
A two-bedroom house with a rear studio made out of recycled tin has broken Redfern's house price record, <a href="/expert-insights/buying/corrugated-iron-1940s-tin-shed-2-73-million-redfern-record-after-raffaello-rosselli-repurposing">selling for $2.73 million in late March</a>.
A crowd of 100 gathered at 105 Marriott Street, to watch less than a handful of bidders push the price $230,000 above the $2.5 million reserve for the 265 square metre property.
Records have also been set this year at;
Warren Ball Avenue, Newtown: undisclosed but $3.5 million plus (previous $3.2 million in 2010)
Water Street, Wahroonga: $9.2 million ($7.5 million in 2013)
Llandilo Avenue, Strathfield: $6.8 million ($5.75 million in 2007) through Joseph Georges &amp; Co
Larose Avenue, Matraville: $2.04 million ($1.93 million in 2014)
Trevilyan Avenue, Rosebery: $2.17 million ($2.02 million in 2013)
Belmore Road, Peakhurst: $1.64 million ($1.48 million in 2013)
Montpellier Ridge, Bella Vista: $2.24 million ($2.08 million in 2013)
Georges River Crescent, Oyster Bay: $3.45 million ($2.9 million in 2007)
 
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Kensington suburb record price from Macquarie banker sale of Peter Dunkley built trophy home

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There was no black swan in sight, though a white swan painting hung on the dining room wall.
There's now a new $8.02 million record for Dover Heights after the six bedroom home at 246 Military Road sold at Thursday night auction.
The three storey home was <a href="https://rwdbgroup.com/nsw/dover-heights/1107322/" target="_blank">sold through Ray White Double Bay agents Daryl Rosen and Jeannine Yates</a>. About $6 million were the stated initial marketing price expectations.
The previous Dover Heights record stood at $7.1 million set in 2007. The same house resold at the lower $6.8 million when Channel 7 morning television host <a href="/expert-insights/investing/larry-emdur-says-good-morning-to-breathtaking-cliff-top-property">Larry Emdur bought on the prestigious cliff top in 2011</a>.
The highest prior Military Road price stood at the $5.97 million when the Selim family bought the <a href="/news/ed-lippmann-designed-butterfly-house-dover-heights-sells">Ed Lippmann architecturally designed Butterfly House</a>.
"No expense has been spared in the creation of this exquisite brand new tri-level masterpiece," the Ray White marketing suggested.
Capturing views over Sydney Harbour, it had been designed by the architect Julian Brenchley of Brenchley Architects, best known for their work on the Channel 9 renovation series, The Block over several series.
It came with six bedrooms and seven bathrooms.
There was a a resort-style rooftop terrace plus swimming pool, spa, sauna and steam room.
The 650 square metre block last traded at $2.7 million in 2008.
Competing Chinese Australian parties took the bidding on 246 Military Road well beyond the slightly vague low $7 millions on the market indications given by the Ray White auctioneer James Keenan.
The bid tally got to 58 bids with four parties all up seeking the property after the $6 million opening bid. The underbidders were represented by David Cohen from the hastingsproperty.com.au buyers agency.
Dover Heights has featured high on the radar of Chinese buying interest. A recent survey put it in fifth place in Sydney's top 10 most searched suburbs on the juwai.com website.
1) Sydney
2) Turramurra
3) Vaucluse
4) Mosman
5) Dover Heights
6) St Ives
7) Drummoyne
8) Hunters Hill
9) Parramatta
10) Darling Point
"Just witnessed a Chinese War for a new house on main eastern suburbs road with bus stop out front sell for $8.02m! Completely nuts!," <a href="https://twitter.com/bradceyles" target="_blank">one auction attendee tweeted</a>.
Eclipsing the Surfers Paradise office traditional status, the Ray White Double Bay team currently sits as the top selling office within the entire Ray White Group.
Its 20 strong sales team secured $119 million in sales during March.
"It is significant that this outstanding figure was achieved across a wide range of sales and prices, its not just a small handful of sales," agent Craig Pontey said.
"What this indicates to me is that the strength of market activity is now more widely spread, than might have been the case six or 12 months ago.
"This is a positive because if activity is widespread across the entire market it does help to indicate a generally health market with more people on the move, selling and trading up," he said.
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Happy as Larry as Dover Heights trophy mansion sale sets new $8 million record

<a href="https://www.apartments.com.au/developers/abadeen">Abadeen</a> and <a href="https://www.apartments.com.au/developers/perifa">PERIFA</a> have celebrated the topping out of <a href="https://www.apartments.com.au/new-apartments/putney-wharf-harbourfront-precinct-20-waterview-street-putney-nsw-2112">Putney Wharf,</a> marking a significant milestone in the delivery of one of Syd​ney's most anticipated waterfront communities.

Located on Sydney's harbourfront at <a href="https://www.apartments.com.au/developments/putney-nsw-2112">Putney</a>, the project has now reached its highest structural point, with construction progressing strongly towards completion in 2027. 
&nbsp; 
The milestone was celebrated on-site with project partners Phoenix Property Investors, Mitsubishi Estate Asia, Versatile Construction, <a href="https://www.apartments.com.au/architects/sjb-architects">SJB</a>, consultants and stakeholders, to recognise the collective effort behind the transformation of the historic waterfront site into a vibrant new residential, marina and lifestyle destination.

[smartcode_project:default project_id=13962 project_image_fid=362240] 
&nbsp; 
<a href="https://www.apartments.com.au/new-apartments/putney-wharf-harbourfront-precinct-20-waterview-street-putney-nsw-2112">Putney Wharf</a> will deliver a mix of waterfront residences and terraces, complemented by a private 36-berth marina, waterfront dining opportunities and a revitalised foreshore designed to reconnect the community with the river's edge. 
&nbsp; 
Abadeen Executive Chairman and Founder Justin Brown said the project represented a rare opportunity to create the next chapter in Sydn​ey's long history of successful waterfront precincts. 
&nbsp; 
"Throughout Sydney, some of the city's most sought-after addresses have emerged from carefully considered waterfront precincts such as Woolloom​ooloo Wharf, Walsh Bay and Breakfast Point," Brown said.

[smartcode_project:default project_id=13962 project_image_fid=362566] 
&nbsp; 
"What makes these places so successful is that they become much more than residential developments," Brown said.

"They bring together homes, hospitality, marina facilities, public spaces and a strong sense of community in locations where future supply is incredibly limited."

Brown has long described absolute waterfront land in Sy​dney as "finite."

"Once these opportunities are developed, they are rarely replicated. That's why Syd​ney's waterfront precincts have consistently demonstrated strong demand and long-term value growth over many decades. 
&nbsp; 
"<a href="https://www.apartments.com.au/new-apartments/putney-wharf-harbourfront-precinct-20-waterview-street-putney-nsw-2112">Putney Wharf</a> is one of the few remaining opportunities to secure a residence within a masterplanned waterfront community that combines direct water access, marina ownership opportunities and a genuine village lifestyle just moments from the Sy​dney CBD."

[smartcode_project:default project_id=13962 project_image_fid=362564] 
&nbsp; 
PERIFA Founder and Managing Director Fabrizio Perilli said the project reflected a shared commitment to delivering exceptional places that create long-term value for residents and the broader community. 
&nbsp; 
"The topping out milestone is a significant achievement for the Versatile Group and a testament to the collaboration between all project partners, consultants and contractors involved," Perilli said. 
&nbsp; 
"Beyond the residences themselves, <a href="https://www.apartments.com.au/new-apartments/putney-wharf-harbourfront-precinct-20-waterview-street-putney-nsw-2112">Putney Wharf</a> will establish a new waterfront destination that celebrates the history, character and lifestyle of this unique location while creating a lasting legacy for future generations."

[smartcode_project:default project_id=13962 project_image_fid=291195] 
&nbsp; 
Construction is being delivered by <a href="https://www.apartments.com.au/builders/versatile">Versatile Construction</a>, with structural works now substantially complete across the precinct. Attention will progressively shift to the construction of the waterview terraces, apartment façades, services and interior fit-out works over the coming months. 
&nbsp; 
With limited residences and marina berths remaining, <a href="https://www.apartments.com.au/new-apartments/putney-wharf-harbourfront-precinct-20-waterview-street-putney-nsw-2112">Putney Wharf</a> continues to attract strong interest from owner occupiers and downsizers seeking a premium waterfront lifestyle within close proximity to Putne​y Village, Rh​odes, Top Ry​de and the Syd​ney CBD. 
&nbsp; 
As one of the last opportunities to secure a residence within a new masterplanned waterfront community on Sy​dney Harbour, <a href="https://www.apartments.com.au/new-apartments/putney-wharf-harbourfront-precinct-20-waterview-street-putney-nsw-2112">Putney Wharf</a> is expected to remain a highly sought-after address for years to come.

[smartcode_project_cta:default project_id=13962]

Joel Robinson

Abadeen, PERIFA, top out Putney Wharf harbourfront precinct

Kew has long been regarded as one of Melbourne's premier residential suburbs. It's a location defined by its grand period homes, leafy streets and some of the city's most prestigious schools, yet it has often sat just outside the spotlight cast on neighbouring Hawthorn and Camberwell.

Increasingly, however, buyers are recognising that Kew offers much of what draws people to those suburbs, with a quieter residential setting, exceptional amenity and long-term owner-occupier appeal.

Within a few minutes' walk, residents can access Kew Junction, one of Melbourne's most established village centres. Cafés, bakeries, restaurants, supermarkets, boutique retailers and everyday services are all on the doorstep, with local favourites including Centonove, Adeney Milk Bar Cafe, and Frank &amp; Harri creating the type of walkable lifestyle that has become increasingly difficult to find in Melbourne's inner east. Beyond the immediate neighbourhood, Glenferrie Road's renowned shopping and dining precinct in Hawthorn and the retail, dining and entertainment offerings of Camberwell Junction are both just a short drive or tram ride away.

The suburb is equally well connected. Tram routes 48 and 109 provide direct access to the CBD, while High Street and Cotham Road connect residents to the wider inner east.&nbsp;Nearby access to the Eastern Freeway also places the Yarra Valley, Mornington Peninsula and Melbourne Airport within easy reach, adding another layer of convenience for weekend travel.&nbsp;It's a rare combination of connectivity and tranquillity, where quiet residential streets sit just moments from some of Melbourne's most established shopping and lifestyle precincts.

For families, Kew remains one of Melbourne's most tightly held addresses. Carey Baptist Grammar School, Xavier College, Methodist Ladies' College, Trinity Grammar, Ruyton Girls' School and Genazzano FCJ College are all nearby, while the Yarra River parklands, walking trails and sporting clubs provide another layer of lifestyle appeal.

It's within this established pocket that developer Ricdanic is delivering <a href="https://www.apartments.com.au/new-apartments/wimba-ave-kew-9-11-wimba-avenue-kew-vic-3101">Wimba Ave</a>, a boutique collection of just 13 residences across two buildings named after its location on the tree-lined Wimba Avenue,&nbsp;within one of Kew's most prestigious pockets where homes have been known to sell up to and above $8 million.

[smartcode_project:default project_id=140755 project_image_fid=354809]

The residences prioritise the space that buyers are increasingly searching for but struggling to find in established suburbs. Living areas extend beyond five metres in width, ceiling heights range from three to five metres, and apartments open onto private gardens averaging around 125 sqm. Selected residences also feature balconies of approximately 60 sqm, while premium inclusions include Miele appliances, double-glazed windows, EV readiness, fully electric systems and a 7.2 NatHERS energy rating.

Architect Chris Idle says opportunities to deliver homes of this scale within established suburbs have become increasingly uncommon.

"There are very few opportunities to do these kinds of developments in leafy, established suburbs," he says. "To get this level of amenity, natural light, and architectural freedom in such a setting is extremely rare."

[smartcode_project:default project_id=140755 project_image_fid=366267]

The architecture draws on Kew's established character through the use of handmade Krause bricks, while landscaping by John Patrick introduces 23 plant species, including nine native varieties, creating an environment which focuses just as much on nature as it does the building.

Construction on Wimba Ave is well underway by renowned high-end builder Sinjen, with completion expected in late 2027. Prices start from $2.22 million.

[smartcode_project_cta:default project_id=140755]

The enduring appeal of Kew's tree-lined streets and village lifestyle

"For me, it's the location." That was the first thing Chris pointed to when reflecting on why he and his wife Marita decided to purchase at Candela Ivanhoe, the under-construction new apartment development by Salter Brothers in the heart of the north-eastern M​elb​ourne​ suburb. ​

"We've lived here before… everything is here," Chris said.

"Our doctor is around the corner, there's dentists, pilates, everything we need, restaurants, fast food places, two train stations, Ivanhoe and Darebin, both in walking distance. You don't need anything else."

<iframe allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen="" frameborder="0" height="315" referrerpolicy="strict-origin-when-cross-origin" src="https://www.youtube.com/embed/X8K0Bozug7A?si=Puwc6vx_ZO0qQZF8" title="YouTube video player" width="560"></iframe>

Just 10 kilometres from Melbo​urn​e's CBD, Ivanhoe combines direct city connectivity with the amenity of an established village community. Residents have access to highly regarded schools, expansive parklands, public transport, and a thriving retail and hospitality precinct centred around Upper Heidelberg Road, all within a neighbourhood that has retained its leafy character despite its proximity to the city.

<a href="https://www.apartments.com.au/new-apartments/candela-ivanhoe-40-upper-heidelberg-road-ivanhoe-vic-3079">Candela Ivanhoe</a> sits within the heart of this established landscape, positioned just moments from Ivanhoe Village and within walking distance of many of the suburb's most sought-after amenities.

[smartcode_project:default project_id=342 project_image_fid=364553]

From Candela, residents can access cafés, grocers, wine bars, restaurants and essential services on foot, while Ivanhoe Station and Darebin Station provide direct connectivity across Mel​bour​ne. The development is also surrounded by some of the suburb's best-known lifestyle destinations, including Pinkie, Laurent, Enni, Docasa and Woodfire Pizza e Cucina, alongside Ivanhoe Plaza, Woolworths, pharmacies and specialty retailers.

Green space is another defining feature of the suburb. Darebin Parklands, Ivanhoe Park, Nellie Ibbot Park and the Yarra River trail network provide extensive opportunities for recreation, while Ivanhoe Golf Course and Ivanhoe Tennis Club continue to underpin the area's long-established lifestyle appeal.

The suburb's education offering further strengthens demand. Ivanhoe Grammar School, Ivanhoe Girls' Grammar School, Mary Immaculate Primary School and Ivanhoe Primary School have helped establish the area as one of Melbou​​rne's most sought-after schooling precincts, attracting families and downsizers alike who want to remain connected to the area.

[smartcode_project:default project_id=342 project_image_fid=357510]

While location was the priority for Marita and Chris, the project itself also needed to meet their expectations.

"Whilst location was paramount, I was also looking at design of the environment and Candela ticked every box," Marita said.

"We're just thrilled with our choice."

[smartcode_project:default project_id=342 project_image_fid=336455]

Developed by <a href="https://www.apartments.com.au/developers/salter-brothers">Salter Brothers</a>, Candela Ivanhoe has been designed to complement its village setting, with an emphasis on generous floorplans, natural light and practical everyday living.

Residents will have access to a range of shared amenities, including a communal rooftop garden and dedicated residential lounge, complemented by a ground-floor café and lifestyle wellbeing centre, helping foster the sense of community already emerging among future owners.

That approach has resonated strongly with the market. More than 90 per cent of purchasers at Candela Ivanhoe are owner-occupiers, with buyers ranging from downsizers and second-home buyers to young families and first home buyers, creating a genuinely multi-generational community of grandparents, parents and children. It reflects a broader shift across Melbo​​urne's apartment market, where buyers are increasingly prioritising neighbourhood quality, lifestyle amenity and long-term liveability.

Currently under construction by Ironside, Candela Ivanhoe comprises 58 apartments. Candela Ivanhoe is scheduled for completion in the coming months, and residents can move in from September. One to four bedroom residences, prices from $649,000 and limited opportunities remaining.

[smartcode_project_cta:default project_id=342]

Location and lifestyle drive demand at Candela Ivanhoe

As apartment buyers increasingly look beyond the four walls of their residence, the quality and depth of shared amenity has become a defining factor in how developments are designed and experienced, particularly in the high-rise, new apartment development space.

In Southbank, where high-density living continues to evolve, developers are placing greater emphasis on creating environments that support wellbeing, connection, and convenience as part of everyday life.

That approach sits at the heart of <a href="https://www.apartments.com.au/new-apartments/aura-at-melbourne-square-7-hoff-boulevard-southbank-vic-3006">AURA</a>, the latest residential tower in <a href="https://www.apartments.com.au/developers/osk-property">OSK Property</a>’s $3.5 billion Melbourne Square precinct. Rising 67 storeys above Hoff Boulevard, the 673-apartment development has been conceived around what OSK describes as a “vertical wellness ecosystem”, a layered collection of amenities that extends throughout the building rather than being confined to a single podium level.

[smartcode_project:default project_id=151921 project_image_fid=370263]

The amenity offering begins on the seventh level within the AURA Club, a dedicated resident hub focused on health, relaxation, and daily convenience. Here, residents will have access to an indoor swimming pool, cold plunge, spa, sauna, and steam room, alongside a fully equipped gym, reformer Pilates studio, and yoga room.

The wellness facilities are complemented by a range of spaces that acknowledge the changing ways people live and work. Work-from-home lounges and co-working areas sit alongside a library, music room, games room, cinema facilities, and open-air terrace spaces, providing residents with flexible environments that can adapt throughout the day.

[smartcode_project:default project_id=151921 project_image_fid=367468]

Beyond the internal amenity, AURA introduces a series of Japanese-inspired gardens that form a quieter counterpoint to the tower’s social spaces.

Landscaped retreats feature curated outdoor dining, tranquil courtyard seating, fire pit, and a tea house pavilion. Rather than functioning as simple recreational areas, the gardens have been designed as places for reflection and informal gathering, drawing on principles of balance, nature, and calm that underpin the project's broader design philosophy.

[smartcode_project:default project_id=151921 project_image_fid=367810]

The social amenity continues to evolve as residents move higher through the building. Levels 49 and 50 house the Meridian Club, where a lounge bar, conservatory spaces, and private dining rooms take advantage of elevated city views. At the summit of the tower, the exclusive Cumulus Club spans Levels 66 and 67, offering additional lounges, private dining, and meditation and treatment rooms positioned above Melbourne’s skyline.

For OSK Property, the extensive amenity offering reflects a broader focus on wellbeing as a core component of apartment living rather than an added feature.

“Aura stands tall as an exemplar of holistic wellness – its focus on social, physical and mental health culminate in a building that is calming, restorative and relaxing, where residents will have their own sanctuary within the well-connected and sought-after Southbank,” says OSK Property CEO Chong Boon Woon.

[smartcode_project:default project_id=151921 project_image_fid=367796]

AURA’s amenity strategy extends beyond the tower itself through its integration with the wider Melbourne Square precinct.

Residents will have direct access to Kennedy Park, Southbank’s 3,745 sqm landscaped public park, alongside a full-line Woolworths supermarket, childcare centre, hospitality venues, and approximately 1,600 sqm of additional retail planned within AURA’s lower levels. Together, these elements create a highly connected residential environment where daily needs, recreation, and wellness are woven into the fabric of the community.

[smartcode_project:default project_id=151921 project_image_fid=370253]

As Melbourne’s apartment market continues to mature, developments are increasingly judged by the lifestyle they provide beyond individual residences.

Through its combination of wellness facilities, landscaped retreats, social clubs, and precinct-wide amenity, AURA represents a shift toward a more comprehensive model of vertical living, one where shared spaces play as significant a role as the homes themselves.

[smartcode_project_cta:default project_id=151921]

AURA elevates amenity living at Melbourne Square

Builder-developer Scion is the latest to target Sydney's booming Hills Showground Metro precinct, filing plans for more than 100 apartments within walking distance of the station.

Scion has lodged a concurrent rezoning and State Significant Development Application for <a href="https://www.apartments.com.au/new-apartments/27-33-middleton-avenue-castle-hill-nsw-2154">27–33 Middleton Avenue</a>, where it plans to replace four existing homes with an 11 and 14-storey mixed-use development comprising 109 apartments, six affordable housing dwellings, and a ground-floor café.

Designed by BHK Architects, the proposal includes three levels of basement parking with 174 spaces, more than 1,200 sqm of communal open space, and extensive landscaping across the 3,791 sqm site.

The development has been designed as two buildings connected by a recessed wintergarden spine, with the 14-storey building positioned to the south and the 11-storey building to the north.

<img alt="Scion" data-entity-type="file" data-entity-uuid="64dc359d-736b-43b8-87a8-70a8285cab47" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-06-25%20at%208.47.01%E2%80%AFPM.png?VersionId=PXh.m8id_aevBPHEckPf88wQ2RQThPos" />

The apartment mix has been weighted towards owner-occupiers, with 13 one-bedroom apartments, 55 two-bedroom residences, 31 three-bedroom apartments, six three-bedroom lofts, and four four-bedroom homes. Six apartments will be dedicated as affordable housing in line with the NSW Housing SEPP.

According to the Architectural Design Report by BKH, the proposal seeks to create "a place-responsive architecture" inspired by the natural landscape surrounding Cattai Creek, while strengthening the public domain through landscaping, active frontages and a neighbourhood café.

Atlas Urban, in its Urban Design Report, says the proposal takes a different approach to increasing density around Hills Showground Station by favouring a more slender, vertically articulated built form over a conventional mid-rise outcome. The report argues this allows for greater deep soil planting, improved solar access and a better public domain outcome, while still delivering additional housing close to rapid public transport.

The site sits around 500 metres from Hills Showground Metro Station, within a precinct earmarked for significant residential intensification following the opening of the Sydney Metro Northwest line. Planning documents accompanying the application note that Greater Sydney's population has grown by more than one million people since planning for the precinct first began, reinforcing the need to accelerate housing delivery around existing transport infrastructure.

Scion is expanding its development pipeline which also includes <a href="https://www.apartments.com.au/new-apartments/chatham-west-ryde-2-6-chatham-road-west-ryde-nsw-2114">Chatham in West Ryde</a>, 62 apartments which are approaching completion. They also have a State Significant Development Application with the NSW Government's Housing Delivery Authority for <a href="https://www.apartments.com.au/new-apartments/96-anzac-avenue-west-ryde-nsw-2114">145 apartments on Anzac Avenue</a>, also in West Ryde.

Jonathan Chancellor

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