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Low interest rates have been supporting the established housing market, and prices have been moving higher in many residential markets across Australia, however they remain below earlier peaks in most markets, the Reserve Bank of Australia has noted.
The general improvement in sentiment was apparent in auction clearance rates, the bank assistant governor (economy) Christopher Kent said in an address to The Australian Institute of Building last night.
"After falling sharply in 2011, these rates recovered to around average levels in both Sydney and Melbourne in late 2012 and they appear to have increased further early this year," he said.
"This move may in part have been helped by a tendency of vendors to adopt more realistic expectations, as evidenced by a rise in vendor discounts – that is, the extent to which a property sells below its listed price.
"These discounts had risen gradually as the market weakened through 2011; more recently, the degree of vendor discounting has returned to more normal levels."
He said with interest rates low and housing prices having picked up in much of the country, "more people are now confident that either housing prices will keep rising or at least not decline."
"We can see this in some of the available survey measures of housing price expectations.
"This is important for prospective entrants to the market, particularly for developers and investors, who might otherwise be wary of undertaking a new venture or purchasing a house for fear of a capital loss.
But Kent advised not all markets across the country were "in the same boat."
"In Melbourne, for example, there is some question as to whether supply has moved ahead of demand, particularly in the market for apartments in the inner-city area.
"This possibility is certainly consistent with the fact that prices for houses and units in Melbourne are quite a bit lower than the peaks of early 2011," citing RP Data Rismark graphs.
Kent said any assessment of what's been happening to housing prices will depend somewhat on which market you are looking at and over what time period.
"For the country as a whole, housing prices have been rising gradually since about May 2012, and are now about 4% higher than they were at that time.
"However, if you were a developer who had made plans and purchased land for development around October 2010, when housing prices last peaked, then you might be forgiven for focusing on the fact that house prices are still below their previous peaks in many locations.
"In particular, prices are still quite a way below their peak in Brisbane and Melbourne, while prices have been quite flat for a few years in Adelaide and outside of the capital cities in the mainland states," he said.
The general strengthening, Kent said, had been helped by 175 basis points worth of cuts to the cash rate since late 2011, and the decline in mortgage interest rates that has followed from these cuts.
<p class="textAlignCenter breakafter" style="margin: 0px; padding: 0px 0px 1.5em; border: 0px; font-size: 1.2em; vertical-align: baseline; line-height: 1.3em; color: #404040; text-align: center !important;"><a style="margin: 0px; padding: 0px; border: 0px; font-size: 12px; vertical-align: baseline; background-color: transparent; color: #404040;" href="https://www.rba.gov.au/speeches/2013/images/sp-ag-140313-graph2.gif" target="_blank" title="Graph 2: Housing Prices"><img src="https://www.rba.gov.au/speeches/2013/images/sp-ag-140313-graph2-small.gif" alt="Graph 2: Housing Prices" width="470" height="381" style="margin: 0px; padding: 0px; background-color: transparent; float: left;"></a>
 
 
 
 
 
 
 
 
Photo by aussiegall, courtesy of Flickr
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jchancellor-FAypfDUnLy

Not all Australian property markets in the same boat says RBA as vendors adopt more realistic expectations

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Wall Street trader Martin Zweig, who purchased the penthouse apartment in New York City’s Pierre Hotel for a record $US21.5 million in 1999, has died, so the New York papers have this week suggested it will soon hit the market.
It's the penthouse decked out by our own Double Bay chatelaine, Lady (Mary) Fairfax as a project undertaken after the 1987 death of her husband, Sir Warwick Fairfax, the media mogul.
The <a target="_blank" href="https://www.nypost.com/p/news/local/pierre_apt_for_RjryN8E9a0lfRXNPuUrItO?utm_medium=rss&amp;utm_content=Local">latest speculation</a> suggests $US100 million-plus for the Pierre triplex penthouse that sits some 150 metres above Central Park.
<img height="627" width="470" src="/images/stories/2013/03/pierremarch15one.jpg" alt="pierremarch15one">
Of course, it has been for sale on and over the interim though never finding a buyer, with Title Tattle recalling it may have had something to do with extraordinary co-op owner's quarterly levies.
Title Tattle had the honour of visiting the penthouse in 1994 at the kind invitation of Lady Fairfax.
Set underneath the Pierre's distinctive mansard roof, it had been the talk of the town given the long-abandoned ballroom had been painstakingly restored after being bought in 1989. It had previously been little more than the dumping ground for the hotel's spare mattresses for two decades.
I wrote that its renovation left guests in wondrous awe.
Its four-passenger lifts dropped them off to the 41st floor foyer where Rodin's The Walking Man formed the centrepiece.
There was the Fairfax family crest and motto Lucem Fer Fax (Oh torch, bear light), displayed on the mosaic ceramic floor.
It was up the divided black Belgium marble staircase, past the magnificent Rothschild chest, to the ballroom. According to Lady Fairfax, the chest was one of five in the world, and she said she owned three at the time.
Overhead the imposing 14-foot, 130- year-old chandelier saved from Sydney's now demolished Prince Edward Theatre dominated the 80-foot-long, 45- foot-wide ballroom.
It had 28-foot-high vaulted ceilings and 15-foot arched windows.
I recall that despite the hectic pace of the New York street life below, only the six cockatiels twitting in the 18th Century Victorian birdcage broke the silence. And when excited they sent bird feathers fluttering throughout the room.
Through the ballroom, and past the sandstone French provincial fireplace, were the elevators to the bedroom wing, where the master bedroom suite came complete with fireside spa-bath and shag pile carpet. Lady Fairfax had trumped Ivana!  Then there are the guest rooms, kitchens and staff quarters.
Lady Fairfax bought the 41st, 42nd and 43rd floors of the 1929 hotel for around $US12 million and spent an estimated further $US5 million decorating the space. The apartment decor was the work of Sydney decorator Frank Grill, who had collaborated with Martyn Cook.
Grill, who once gave his address as Laurina Avenue, Helensburgh, apparently came to Manhattan as a little boy and stared up at all the wonderful towers. "But now that I've scaled some of them myself, the view is much more reassuring if you're looking down," he once exclaimed.
Other Australians who held their heads high among the Manhattan gargoyles - almost side-by-side at Fifth Avenue's epicentre with Lady Fairfax - were Dick and Jeannie Pratt who kept a Sherry Netherland tower apartment. The 36th-floor duplex was once occupied by Cecil Beaton, the photographer who maintained a mysterious decade-long love affair with Greta Garbo. Later the apartment was the residence of the renowned movie mogul, Jack Warner. Grill collaborated on the Pratt project with New York's Sandra Nunnerley and when in the mid-1990s the entire 35th floor was isted, it was an opportunity too good to be forgone by the Pratt clan.
Of course, it was newspaper magnate William Randolph Hearst who set the New York benchmark in 1913 with his Riverside Drive quintuplex. The publisher, who then went on to build his San Simeon estate on the West Coast, even erected an iron walkway to an adjacent roof. But that was in order to avoid process servers often waiting outside the five-storey Clarendon apartment after the 1929 stock market crash. His financiers finally foreclosed in 1939 gutting the 12-storey Hearst-owned block into 60 apartments.
Zweig died in February this year at his South Florida home, on Fisher Island, aged 70. He had very different tastes to Lady Fairfax. Last year, he hired a crane to install a yellow, 1934 Packard convertible in their fifth-floor Fisher Island living room.
His <a target="_blank" href="https://www.miamiherald.com/2013/02/27/3255430_p2/coral-gables-native-martin-zweig#storylink=cpy">Miami Herald obituary</a> said his memorabilia collection includes the dress Marilyn Monroe wore to sing “Happy Birthday” to President John F. Kennedy in 1962.
Photo by Janine and Jim Eden, courtesy of Flickr
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Pierre New York triplex penthouse poised for new collector 

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Bellevue Hill has secured its highest sale for eight months.
It was at mid-week auction for $7.7 million.
The six-bedroom, six-bathroom Victoria Road was designed by Gergely &amp; Pinter Architects for the Stockland founder Ervin Graf, who started building fibro houses in the western suburb of Sefton in the early 1950s.
{yoogallery src=[images/stories/2013/03/march14bellevue]}
In the late 1950s Graf took over the smallest company on the stockmarket, Stocks and Holdings, which became the property giant, the Stockland group. 
Graf had bought the Bellevue Hill block in 1961 and had the house built in the early 1990s. It was held by his widow, Kitty until 2003.
In his last BRW Rich List inclusion, Graf's fortune was estimated at $105 million, accrued after emigrating from Hungary. 
Auctioneer Damian Cooley said there were four registered bidders at the auction <a href="https://www.realestate.com.au/property-house-nsw-bellevue+hill-112911647" target="_blank">held for Agency by Alison Coopes and Savills International</a> agent Robert Lowe.
The three-level residence,  built 21 years ago, last traded before its latest renovation for $5,715,000 in March 2011 when sold by Marc and Ann-Marie Albert, and before for $3.95 million in March 2003.
In 2010 Alison Coopes negotiated a $6.4 million sale of the property with Jun Qiu, a Chinese buyer, but the purchase was blocked by the Treasury's foreign-investment division.
The grandeur starts with its marble-floored foyer with a seven-metre-high ceiling, lift and stairwell that features a double-height stained-glass window designed by artist Penella Fesq.
The suburb's median house price <a href="/news">fell 12% over 2012, figures compiled by the REINSW reveal</a>.
The median house price as of December 2012 is $2,945,000 compared to $3,345,500 in December 2011.
The $7.7 million sale is the highest sale in Bellevue Hill since last may when the Haifer family sold Coppernoll, the 1920s Kambala Road residence for $9.8 million. It sold off-market to the Lederer family having been extensively renovated in 2003 after it was traded for $2.85 million in 2000. 
The Kambala Road property was briefly listed with $10 million hopes in 2004. The 1,347-square-metre property has a wide street frontage and security gates that open to a driveway down to two double garages and a porte cochere. The rear comes with a wide covered terrace overlooking the swimming pool and level lawn.
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Bellevue Hill secures $7.7 million house sale

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Braeden Lord, the Aussie Farmers Direct chief, and his wife Jo have listed their Kew home.
The renovated home comes with four bedrooms plus a formal living room, a TV room and a study.
It is scheduled for March 16 auction through <a target="_blank" href="https://www.33edgecombestreetkew.com/details">Marshall White agent Nick Ptak</a> with $2.8 million-plus hopes.
The English-style two-storey family residence, set in a quiet position in the prized Studley Park precinct,  sits in Ian Barker-designed gardens.
It has a solar-heated self-cleaning in-ground pool and spa on its 972-square-metre block.
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Braeden Lord lists Kew home

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The metamorphosed Butterfly House, on Military Road, Dover Heights, has been listed by BHR Estate Agents Edgecliff.
Offers close May 2 through Daniel Baran and Reece Coleman who are expecting above $6.5 million for the house, which Baran sold in late 2010 for $5.05 million.
Its been fully renovated since purchase.
Its now being marketed as one of Sydney’s most extraordinarily unique and beautiful homes - on the market after receiving the final finishing touches.
<img alt="butterflymarch14one1" src="/images/stories/2013/03/butterflymarch14one1.jpg" width="470" height="506">
"More than a decade after the well-known Dover Heights residence broke new ground with its curved walls and glass structure, the home is complete with the most advanced home automation, a world-class cinema and fittings that give this property international qualities rarely seen in this country," Baran says.
Spread over six split levels, the location has views over both the ocean and harbour.
Five bedrooms are in the eastern wing while the living areas take full advantage of vistas towards the Opera House, city skyline and Bridge.
The residence’s north facing aspect allows light to flow throughout the home, along with the natural ventilation system.
<img alt="butterflymarch14two2" src="/images/stories/2013/03/butterflymarch14two2.jpg" width="470" height="313">
It was 1996 when the architect Ed Lippmann received a request to create a home with “no straight lines” - one he did not believe was serious but the client was a firm believer in feng shui, Chinese laws governing how spatial arrangement affects energy flow.
But he was also as visionary as Mr Lippmann. The plans, which took countless hours, created a residence never before built in Australia with no harsh angles or corners.
It is suggested the requirement for all glass panels to be curved even prompted glass manufacturing into new territory.
The home was built by 2005. “It’s not really a house,” Mr Lippmann says in the BHR marketing. “It’s a piece of sculpture that works as a house.”
“In terms of a house this is the most outstanding I’ve done as it doesn’t follow any normal structure,” he continues.
“This house changes the way the people inside it feel – it has an intangible quality that comes from the fluid shapes. There is no other house like it in Australia.”
The initial owner sold the home before final details were completed, and Mr Lippmann has worked with the current owner to complete the finishes in the home add such fixtures as the Crestron home automation, custom joinery and panelling before adding the gym, cinema room and final joinery in recent months.
He says the Butterfly House masterpiece is now complete.
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Metamorphosed Butterfly House at Dover Heights on market again

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Savills has secured the reported £80 million sale of a terrace house opposite Regent's Park in London.
Spread over a vast 21,500 square feet, One Cornwall Terrace is a Grade 1 listed mansion.
Expected to have been purchased by a buyer from Russia or the Middle East, it was bought by a British property mogul.
<a href="https://www.propertyobserver.com.au/https://www.propertyobserver.com.au/international/ytc-wednesday-flicker-4-one-cornwall-the-world-s-most-expensive-terrace-house/2012120258234" target="_blank">Just four months after its listing</a>, the seven-bedroom, nine-bathroom property was snapped up by the property trader Marcus Cooper.
The neo-classical Stucco-styled facade has Corinthian pilasters and a grand two-storey bay embellished with sculpted Greek goddess Artemis.
Mr Cooper has spent the past 20 years buying and selling other fine homes including the 25-bedroom Witanhurst in Highgate.
Cornwall Terrace was originally designed and built in the 1820s by architect Decimus Burton with the project overseen by famed John Nash. Decimus Burton also built Buckingham Palace.
It was the official London residence of the New Zealand High Commissioner from 1955 until the 1970s.
The Daily Mail, which broke the news, suggested it was about 500 times more expensive than the average property.
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Marcus Cooper buys £80 million London terrace house

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The developers of the Pacific Bondi Beach complex are to combine two penthouses and market it as a $25 million penthouse offering.
Spanning about 600 square metres with 40 metres of beach-facing frontage, the decision creates Australia’s highest-priced apartment.
It has been variously reported that seven or nine of the 19 lighthouses luxury apartments have pre-sold, at prices ranging from $3 million to $10.5 million.
<img height="258" width="470" src="/images/stories/2012/09/pacificbondi.jpg" alt="pacificbondi">
On <a target="_blank" href="https://www.propertyobserver.com.au/developments/pacific-bondi-beach-buyers-riding-the-property-wave-through-to-the-2015-tide/2012090956465">its September launch </a>last year it was reported that five of the 19 penthouses sold, with a European buyer paying $9 million, a Hong Kong expatriate paying $10.3 million and a local buyer $10.5 million.
A further release of three, priced from $8.1 million to $15 million through CBRE and McGrath, occurred recently under instructions by the developers <a target="_blank" href="https://www.pacificbondibeach.com.au">Eduard Litver of Capit.el Group and Allen Linz of Rebel Property Group</a>.
<img height="234" width="470" src="/images/stories/2012/09/bondipac2.jpg" alt="bondipac2">
Lighthouses that face away from the beach have sold at prices reflecting about $16,000 per square metre.
But prices for beach-facing stock has fetched $45,000 per square metre.
<img height="283" width="470" src="/images/stories/2012/09/bondipac3.jpg" alt="bondipac3">
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Bondi Beach's $25 million penthouse price hopes

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Many Australians are comfortable with using debt to fund investments like a rental property, but financial commentator Paul Clitheroe says they shouldn’t let the prospect of negative gearing draw them into an investment that doesn’t stand on its own merits.
"Tax benefits should be seen as icing on the cake, but a tax deduction alone is not a good enough reason to invest," the veteran investment adviser suggests.
Clitheroe says it’s the sort of debt he calls ‘effective debt’ as it can be a useful tool for building personal wealth.
He says the problem is that many people become irrationally excited about the tax savings of negative gearing.
"Let’s be quite clear on this – a loss on an investment may reduce your tax, but it is still a loss, and the whole point of investing is to make money and build wealth.
"Yet I often hear people justify a dud investment with the claim 'but it's a tax deduction'."
Clitheroe says the bottom line is that tax breaks should never be the main motivation to invest.
"If an asset is only generating a return of 4% and you’re paying 6% interest on the underlying loan, the investment is not building your wealth.
"Over time it will do little more than deplete your wealth unless it is also providing decent capital growth over time."  
The ipac executive says an additional pitfall of gearing was assuming the investment will generate sufficient income to meet the loan repayments.
"This can be a dangerous assumption because it doesn’t always happen as rental properties inevitably experience periods of vacancy, and the cash flow that may have made a significant contribution to the loan repayments can quickly diminish or dry up altogether."
<a target="_blank" href="https://www.paulsmoney.com.au/blog/paul-clitheroe">On his blog</a>, Clitheroe details how gearing means borrowing to invest.
"Used wisely, gearing can beef up your investment returns and allow investors to purchase high value assets they wouldn’t otherwise be able to afford, like a rental property. "An investment is said to be ‘negatively geared’ when the costs of owning the asset, including interest on the loan used to buy it, outweigh the returns it generates.
"For example if a rental property delivers annual rent worth $20,000, but its running expenses including mortgage interest come to $30,000  each year, it is negatively geared to the tune of $10,000 annually.
"This figure, which represents a loss, can usually be claimed on tax, and this is where the appeal of negative gearing lies. "The problem is that many people become irrationally excited about the tax savings of negative gearing."
ipac is one of Australia’s largest financial advisory firms with more than 200 staff, and offices around Australia. It is a wholly owned subsidiary of the AMP group.
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Paul Clitheroe warns against negative gearing for just the tax deductions

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The Chinese developer Greenland Group has secured Sydney’s tallest apartment tower project after it bought the Sydney Water Board site from Brookfield Asset Management for a reported $100 million.
The Canadian company paid just over $140 million for the old Water Board site in 2007 securing approval for the $200 million development 
The site occupies half a city block with three street frontages in the emerging residential precinct at 115 Bathurst Street, which has <a href="/news">stage one development approval</a> for more than 400 apartments over 60 levels, and 11 basement levels of car parking.
<img alt="kaanfinch1" height="885" width="241" src="/images/stories/2013/03/kaanfinch1.jpg">
The tower’s height of 240 metres would just pip Meriton Apartments’ 230?-metre World Tower.
The acquisition reportedly through CBRE agent David Milton included the heritage-listed former Sydney Water Board building at 339 Pitt Street which The Australian Financial Review speculates could become a $75 million hotel as Greenland owns and operates a substantial network in China and Europe.
Greenland is one of Shanghai’s largest state-owned enterprises with projects in about 65 mainland cities.
It focuses on extra-high landmark buildings, including three listed as the top 10 highest worldwide.
Melbourne has been the preferred place for the bulk of Chinese developer interest with consultant Kevin Stanley writing on Property Observer that the Chinese component of the offshore developer trend in Australia comprises 17 projects of the 58 presently monitored.
"Interestingly, of these Chinese-backed projects, 74% by apartment numbers are in Melbourne," <a target="_blank" href="/news">he wrote</a>.
For more on the allure of Australian property to Asian buyers, <a target="_blank" href="http://propertyobserver.com.au/ebooks/free-ebook-australias-allure-for-asian-residential-property-investment">download our free eBook. </a> The eBook is also available for<a target="_blank" href="http://propertyobserver.com.au/ebooks/australias-allure-for-asian-residential-property-investment-free-ebook"> free download in Chinese.</a>
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High achieving Chinese developer belated push into Sydney takes the Water Board site

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More than 300 people attended the weekend launch by Mirvac of the latest offering of its Harold Park development at Glebe.
Stage two of the Eden development was put to market with some 60% of the terraces and apartments sold.
Gelatissimo gelato, organic food from the Veggie Patch Van and freshly brewed T2 tea and espresso coffee was on offer at the display suite, located at the corner of Ross Street and Wigram Road, Glebe.
<img src="/images/stories/2013/03/haroldparkmarch11one.jpg" width="470" height="342" alt="haroldparkmarch11one">
One-bedroom apartments started at $525,000. There were 27 one-bedders on offer ranging from 50 square metres to 75 square metres; 33 two-bedders (75-100 sq m) from $830,000; five three-bedders (105-125 sq m) from $1,325,000 and nine three-bed terraces (165-180 sq m) from $1.74 million.
The priciest offerings were $1.895 million four-bedroom terraces.
Mirvac is transforming the former Harold Park Paceway into a $1 billion infill housing development with construction on the first precinct, Locamo, currently under way. The Harold Park master-plan allows for 1,250 dwellings with a 208,000 square metre network of landscaped parks.
<img src="/images/stories/2012/11/eden.jpg" width="470" height="551" alt="eden">
Mirvac’ s residential chief executive, John Carfi, told The Australian Financial Review there had been a surge of interest in the project.
“When you are buying off-the-plan it is always encouraging to see the development under construction,” he said.
<a href="https://www.propertyobserver.com.au/new-south-wales/no-false-start-as-mirvac-secures-eden-harold-park-terrace-sellout/2012111257768" target="_blank">The weekend sales follow the success of the initial offering last November</a>.
The release of apartments in the first of the two eight-level Eden buildings now sits at 70% sold off-the-plan, with the release of the second building, with 74 terrace homes and apartments, brought forward.
"I think Glebe was a little overlooked before, as there wasn't a whole lot of quality homes available," Mirvac development director Stuart Penklis told Fairfax Media.
"I liken it to when we built Raleigh Park in Kensington, on the site of the old cigarette factory. We put in quality product and parks, and got rid of the ugly factory and we saw a spike in property values, making it a much more desirable suburb."
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Sales at Mirvac's latest Harold Park Eden complex gallop along

ASX-listed developer <a href="https://www.apartments.com.au/developers/stockland">Stockland</a>&nbsp;is continuing its push back into the new apartment market, filing plans for a prominent gateway site between Collingwood and East Melbourne.

The development giant, which moved back into the new apartment space when it announced Stanton Place in Sydney's Rosebery and have since filed plans for a 50-storey tower, are jumping into the off the plan Melbourne market.

They are hoping to create a mixed-use neighbourhood precinct for <a href="https://www.apartments.com.au/new-apartments/79-81-victoria-parade-collingwood-vic-3066">79-81 Victoria Parade</a>, replacing an existing commercial building with a scheme by <a href="https://www.apartments.com.au/architects/john-wardle-architects">Wardle</a>&nbsp;for 478 apartments,&nbsp;ground-floor retail, new public open spaces and a publicly accessible pedestrian laneway.

<img alt="First look: Stockland plans new mixed-use neighbourhood precinct for Collingwood gateway site" data-entity-type="file" data-entity-uuid="72dbbca9-3918-4073-afad-a0c0c35be8e7" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/stockland%20pers.png?VersionId=bzMVUKKxvwuNK1m0v_td126Rgct32uk_" />

The design report identifies the public realm as a central driver of the proposal.

"Collingwood has limited access to high-quality parks and public open space, and the proposal delivers valuable new areas for respite, social interaction and fine-grain retail activity."

The development would deliver a diverse mix of housing, including studio, one, two and three-bedroom apartments alongside townhouse-style residences. Two basement levels are proposed beneath the development, providing resident and retail parking as well as extensive bicycle facilities.

Wardle's design draws heavily on Collingwood's industrial character, using articulated building forms, brickwork and robust materials inspired by the suburb's warehouse and manufacturing heritage. The built form has been broken into a series of smaller volumes to better respond to the surrounding streetscape while extensive communal gardens, rooftop amenities and shared resident spaces are integrated throughout the project.

<img alt="First look: Stockland plans new mixed-use neighbourhood precinct for Collingwood gateway site" data-entity-type="file" data-entity-uuid="7b2135ed-65df-4253-ad53-f216f06bd467" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/stockland%20podium.png?VersionId=l1B6Hqn8zs772VxH6L1fDPg0KHshan9v" />

The planning documents describe the existing office building as offering little engagement with the public realm, with the redevelopment intended to create a more permeable and active neighbourhood destination.

"The proposed scheme presents a significant opportunity to deliver a vibrant retail plaza and a local neighbourhood hub serving both existing and future Collingwood residents."

The 79–81 Victoria Parade site occupies a strategic location about 1.5 kilometres east of Melbourne's CBD, at the threshold between Collingwood and East Melbourne. It is well served by tram services along Victoria Parade and sits within walking distance of St Vincent's Hospital, Fitzroy Gardens, the Fitzroy activity centre and a broad range of employment, retail and hospitality destinations.

Joel Robinson

Stockland plans new mixed-use neighbourhood precinct for Collingwood gateway site

An 1880s timber cottage that has survived Kangaroo Point's transformation from riverside suburb to high-density apartment precinct is set to become the centrepiece of <a href="https://www.apartments.com.au/developers/zephyr">Zephyr Group</a>'s proposed Banksia development.

Rather than see the locally heritage-listed Alpha Cottage as an obstacle to navigate, plans integrate the landmark home into a new 18-storey residential tower, giving one of the suburb's oldest surviving residences a new role as the project's communal hub.

The development application covers a 1,177 sqm amalgamated site at 127-133 Lambert Street and 30 Shafston Avenue, where Zephyr Group plans to deliver 64 apartments above three basement levels. Designed by <a href="https://www.apartments.com.au/architects/joe-adsett-architects">Joe Adsett Architects</a>, the proposal carefully weaves the retained heritage cottage into a contemporary residential scheme, with the tower elevated above the historic building to preserve its presence within the Lambert Street streetscape.

<img alt="First look: Zephyr Group's Banksia to wrap new Kangaroo Point tower around 1880s Alpha Cottage" data-entity-type="file" data-entity-uuid="f9dc5bdb-d691-4c60-bf2b-c3ed405a3e75" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Banksia.png?VersionId=Jh4bjlewU.o8HXWt0V4KaFA_lPcF7KWM" />

Named after the native Australian Banksia flower, the project draws inspiration from its distinctive form through curved balconies, sculpted planter boxes and cascading subtropical landscaping that soften the building's profile.

As the design report explains: "The tower's identity is defined by its feature facade, drawing direct inspiration from the Banksia wildflower. The building departs from traditional rigidity through the use of elegant, GRC-moulded planter boxes that appear as if shaped by the breeze."

Plans propose 64 apartments, comprising 32 two-bedroom and 32 three-bedroom residences, across an 18-storey tower. Residents would have access to rooftop amenities including a swimming pool, spa, gym, sauna, private cinema, dining spaces and landscaped recreation areas, while more than half the site is dedicated to planting and open space.

<img alt="First look: Zephyr Group's Banksia to wrap new Kangaroo Point tower around 1880s Alpha Cottage" data-entity-type="file" data-entity-uuid="16041b5f-033e-47fa-8fbe-9886e072c1f2" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/pool.png?VersionId=kpx5w4EbLx0_TdWfDoD1vrSs0_cZ5Ao1" />

The heritage component is the defining feature of the proposal. Constructed in the early 1880s and occupied from at least 1883, Alpha Cottage is recognised by Brisbane City Council as an important surviving example of Kangaroo Point's nineteenth-century residential development and as a representative transverse-gable timber cottage. Despite extensive redevelopment across the peninsula, the building has retained a high degree of its original form and internal fabric.

As part of the redevelopment, the cottage will be carefully relocated a short distance within its original allotment to facilitate construction before being returned to a prominent position along Lambert Street. Original verandah elements will be dismantled, catalogued and reinstated, while significant internal features, including timber flooring, wall linings, joinery, doors, windows and hardware, will be retained. Later additions, including the enclosed rear verandah, will be removed to better reveal the building's original form.

Once restored, Alpha Cottage will accommodate the building manager's office, mail room and parcel facilities, providing an active everyday use that supports its long-term conservation rather than preserving it as a static display. The heritage strategy also maintains landscaped space around the building, allowing it to remain visually distinct beneath the new tower.

<img alt="First look: Zephyr Group's Banksia to wrap new Kangaroo Point tower around 1880s Alpha Cottage" data-entity-type="file" data-entity-uuid="43b027e1-576e-4624-a66c-7cc54ea8b7be" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/banksia%20tower.png?VersionId=2W6E2yfkj2AQlWlLeV986grA5zB9f817" />

The Heritage Impact Assessment concludes that "the proposal secures the ongoing occupation, maintenance and conservation of Alpha Cottage," finding the development would result in "no more than a minor impact on the cultural heritage significance" of the building while ensuring its long-term future.

Joe Adsett Architects have designed the tower to sit above the heritage building rather than overwhelm it, creating a clear visual separation between old and new. The development's flowing balconies, integrated planting and organic façade respond to Brisbane's subtropical climate while complementing the restored cottage below.

Banksia occupies a prominent corner in Kangaroo Point within walking distance of the Kangaroo Point Bridge, Brisbane River, ferry services, QUT, the CBD and the Woolloongabba precinct. The site also benefits from direct access to active transport infrastructure and sits within an area earmarked for continued higher-density residential growth.

Zephyr Group's Banksia to wrap new Kangaroo Point tower around 1880s Alpha Cottage

Buying into a masterplanned community often means committing to a vision still years from taking shape. At <a href="https://www.apartments.com.au/new-apartments/kew-tallawong-23-27-schofields-road-tallawong-nsw-2762">Kew Tallawong</a>, that vision is already visible.

Residents have moved into the completed first stage, landscaped spaces are established, and the next chapter is now underway. Stage 1 has been completed and settled, with Stage 2 now selling off-the-plan.

Designed by <a href="https://www.apartments.com.au/architects/pbd-architects">PBD Architects</a>, <a href="https://www.apartments.com.au/new-apartments/kew-tallawong-23-27-schofields-road-tallawong-nsw-2762">Kew Tallawong</a> combines attainable apartment living with sustainability initiatives rarely seen at this price point, including rooftop solar, battery storage and a resident EV-sharing program.

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Located on Schofi​elds Road, just moments from Tal​lawong Metro Station and Schof​ields Train Station, <a href="https://www.apartments.com.au/new-apartments/kew-tallawong-23-27-schofields-road-tallawong-nsw-2762">Kew Tallawong</a> has been designed to appeal to a broad mix of buyers, from first-home purchasers looking for a foothold in Sy​dney's property market to downsizers seeking a connected, low-maintenance lifestyle.

<a href="https://www.apartments.com.au/new-apartments/kew-tallawong-23-27-schofields-road-tallawong-nsw-2762">Kew Tallawong</a> has been conceived as a thoughtfully planned masterplanned community that will evolve over multiple stages, with buyers now able to secure one, two and three-bedroom apartments within a neighbourhood that is already beginning to establish its identity.

One of the project's defining features is its focus on sustainability. Solar energy systems, battery storage and future EV charging infrastructure have been incorporated throughout the development, reflecting a long-term approach to both environmental performance and everyday convenience.

Sustainability sits at the centre of the development's vision, with solar energy systems, battery storage and future EV charging infrastructure integrated throughout the community.

That emphasis on future-ready living extends beyond the technology. Landscaped communal gardens, outdoor gathering spaces and plans for a future retail precinct aim to create a neighbourhood where residents can access daily conveniences without travelling far from home.

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The apartments themselves have been designed with liveability front of mind. Rather than chasing maximum density, the focus has been placed on creating practical homes with generous natural light, usable layouts and strong connections to outdoor space.

Importantly, these design principles have been applied consistently across the one, two and three-bedroom apartment offerings.

The appeal of <a href="https://www.apartments.com.au/new-apartments/kew-tallawong-23-27-schofields-road-tallawong-nsw-2762">Kew Tallawong</a> is also closely linked to its location within Syd​ney's rapidly evolving north-west growth corridor. Over the past decade, major infrastructure investment has transformed the area, with new transport links, business precincts and community facilities reshaping suburbs like Talla​wong and Schofiel​ds.

The agent says buyers are increasingly recognising the area's long-term potential.

"Typical buyers that we're finding across <a href="https://www.apartments.com.au/new-apartments/kew-tallawong-23-27-schofields-road-tallawong-nsw-2762">Kew Tallawong</a> especially are your first-home buyers, your investors, your upsizers as well as your downsizers," Hawes says.

Connectivity remains one of the project's strongest drawcards. Residents have access to both Tallaw​ong Metro Station and Schofi​elds Train Station, providing links to the Sydn​ey CBD, Norw​est Business Park, Macquari​e Park and other major employment hubs. Retail centres including Rous​e Hill Town Centre and Sch​ofields Village are also nearby, alongside schools, parks and future healthcare infrastructure.

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For Stage 1 resident Roji, it is the balance between convenience and comfort that has defined the experience of living at Kew.

"For me, it's a balance of quality and convenience," she says. "Everything I need is right here."

"If I wanted to catch the train, Scho​fields Station is just around the corner. Tallaw​ong Metro connects me to the city."

More importantly, she says, the development has delivered something that cannot be measured in floorplans or specifications.

"<a href="https://www.apartments.com.au/new-apartments/kew-tallawong-23-27-schofields-road-tallawong-nsw-2762">Kew Tallawong</a> feels like home."

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As Stage 2 enters the market, that lived experience may be one of the project's strongest selling points. Buyers are not purchasing into an untested concept or a future promise. They are joining a community that is already taking shape.

Ongoing investment in transport, retail, healthcare and public open space continues to strengthen the appeal of Syd​ney's north-west growth corridor, while <a href="https://www.apartments.com.au/new-apartments/kew-tallawong-23-27-schofields-road-tallawong-nsw-2762">Kew Tallawong</a>'s established first stage provides buyers with a tangible sense of the community's future direction.

For a limited time, buyer can secure a new home at <a href="https://www.apartments.com.au/new-apartments/kew-tallawong-23-27-schofields-road-tallawong-nsw-2762">Kew Tallawong</a> with just a $10,000.

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Kew Tallawong: A growing community taking shape in Sydney's north-west

<a href="https://www.apartments.com.au/developers/freecity">Freecity</a> has received development approval for its 51-storey mixed-use tower at 153-157 Walker Street, North Sydney, set to be one of the tallest mixed-use residential-led buildings in one of Sydney’s most sought-after commercial and residential addresses.

Lodged as a State Significant Development Application (SSDA) through the Housing Delivery Authority (HDA) pathway and approved by the NSW Department of Planning, Housing and Infrastructure following a comprehensive public exhibition and submissions process, <a href="https://www.apartments.com.au/new-apartments/153-walker-street-north-sydney-nsw-2060">the project</a> will deliver 296 apartments, alongside a 170-room, luxury hotel, activated retail and significant public domain improvements.

Situated just 200 metres from Victoria Cross Metro Station, on one of the largest developable sites in North Sydney, the development will rise to 234 metres, making it one of the tallest buildings in the suburb. With an end value of approximately $1.5 billion, the project responds directly to the NSW Government’s mandate to accelerate housing delivery in well-located, transit-connected areas.

<img alt="Freecity gets green light for mixed-use residential and hotel tower in North Sydney" data-entity-type="file" data-entity-uuid="192ec455-94bf-4e01-83ef-922b1b269d67" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Freecity%20-%20Walker%20Street%20North%20Sydney%201%20RESIZED%20.jpg?VersionId=Bzqp0SBHCDvLAHjA4QXkjuGoOEIh73Jl" />

The apartment mix will cater to a broad range of buyers, with 65 studio and one-bedroom apartments, 139 two-bedroom residences, 35 three-bedroom apartments, 48 four-bedroom homes, and nine penthouses. Residents will have access to a dedicated amenity level on Level 33, featuring a swimming pool with views towards the Harbour Bridge, Sydney Opera House and North Sydney CBD, as well as a gym, library, shared kitchen, lounge and outdoor entertaining areas.

The hotel will occupy the lower six levels of the building and include meeting and function spaces, a wellness centre with gym, yoga studio, swimming pool and sauna, further strengthening North Sydney's growing hospitality offering.

At ground level, the development has been designed to improve pedestrian connections through the precinct. More than 700 sqm of retail space will activate the street frontage, while a landscaped through-site link connecting Walker Street, Little Walker Street and Doris Fitton Park will provide new public open space with seating, paving and extensive native landscaping.

Freecity Group Co-Founder and Joint CEO Tony Sun said the project represents one of the most significant development opportunities currently available in North Sydney.

"This is one of the most significant development sites in North Sydney and it comes at a pivotal moment for the precinct," Sun said.

"North Sydney is undergoing a genuine transformation, and this project will contribute housing the city urgently needs while creating a landmark destination."

Executive Director of Development Michael Romano said demand for both residential and hotel accommodation would continue to strengthen as the Metro precinct matures.

"The structural demand for high-quality housing and hotel accommodation in North Sydney is compelling, and will only grow as the precinct continues to evolve around the new Metro station," Romano said.

Architectus has designed the tower, orientating the apartments to maximise views towards Sydney Harbour while introducing a sculpted façade intended to respond to light, wind and the surrounding skyline.

Architectus Principal Marko Damic said the design sought to create a tower that contributes to the public realm as much as the skyline.

"We wanted to design a tower that doesn't just sit in the skyline but actively participates and contributes to city life," Damic said.

First look: Freecity gets green light for mixed-use apartment and hotel tower in North Sydney

<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]

Jonathan Chancellor

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