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ANZ chief executive Mike Smith has played down concerns about the subdued housing market by providing measured commentary on the contraction in house prices as the bank reports underlying profit of $4.5 billion for the nine months to the end of June.
The result was up 5.5% on the previous corresponding period, in line with half-year forecasts.
“There has been a correction in housing prices, but frankly this has been modest and quite orderly,” said Smith in a results briefing today.
Smith says the bank is “not running the business on the hope that the subdued lending environment will end anytime soon”.
“We won’t see pre-GFC credit growth anytime soon in the future,” he said, adding that this was the "new norm".
“We are not seeing anything that surprises us.
"Boring is the new black, and we are happy to be boring."
Smith reported that lending assets grew by 7.7% over the nine-month period, strengthening ANZ's funding profile, and he called the overall result a “solid performance”.
“We are upbeat about the business and where it is heading,” he added.
ANZ chief financial officer Shayne Elliott confirmed this subdued outlook, saying credit trends have been “as expected”.
Elliott says the bank’s retail lending book (mortgages) is performing well, "although there has been some stress in our commercial lending book, but this is not having a material impact".
While big four rival the Commonwealth Bank reported a small contraction on net interest margins on financial products, ANZ said group margins have been stable and Australian margins had increased slightly after declining 13 basis points in first half of the year.
The Australian Financial Review reported that this was a sign that the bank’s contentious decision to adjust interest rates outside of the Reserve Bank of Australia’s cycle on the second Friday of every month was starting to pay off.
However, Smith also acknowledged the decline in customer satisfaction ratings for ANZ – as reported by Roy Morgan – dating to the decision to implement the independent interest rate review.
He said the bank was looking to address this and was working on new initiatives in the Australian network with details to be announced later in the year.
“Market share in traditional banking, household deposits, household lending and commercial has increased despite challenging economic conditions. While asset repricing has been largely offset by deposit pricing pressure the divisional margin has recovered slightly since the end of the first half,” said the bank in a statement.
“The productivity program announced earlier in the calendar year is on track to deliver a half on half decline in expenses. Credit quality is sound and within expectations in both the retail and commercial books including 90 day mortgage arrears which have reduced further from the end of the half."
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House price correction 'modest and orderly': ANZ boss Mike Smith

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Developer Mirvac represents quality, stability and performance. Real estate agents use ‘built by Mirvac’ as a sales tool. The company's careful character is one reason investors were surprised – some say shocked – when chairman James MacKenzie announced the resignation of Mirvac’s CEO, Nick Collishaw, after four years in the top job.
The company has a replacement: Susan Lloyd-Hurwitz. Currently overseas, Lloyd-Hurwitz has an investment background, including with Macquarie Group, a factor that flags a potential shift in business model for Mirvac, according to investment researcher Morningstar’s property analyst, Tony Sherlock.
“Lloyd-Hurwitz brings extra experience in the funds management side,” he says. Sherlock says others in the industry have moved to a different capital structure for developments and Mirvac may be looking to catch up.
Mirvac’s performance has not been bad; certainly not worse than other developers caught up in the slowdown in construction, and housing prices, created by the GFC, Sherlock points out.
So what does a board, such as Mirvac’s, have to weigh up when it decides to part ways with its chief executive?
Industry expectations
Developers have had a spate of leadership changes – Stockland’s longstanding leader, Michael Quinn, will depart next February; earlier this year, Victor Hoog Antink left the top job at DEXUS Property Group, and FKP Property Group’s Peter Brown is also set to leave.
Whatever the factors influencing Mirvac’s share price – down from more than $5 in 2008 to $1.35 today – it is clear that rivals are clearing the decks for change.
The risks of a clean sweep
Mirvac’s CFO, Justin Mitchell, resigned in April and was due to leave in October, but he has already been replaced, prompting his departure in July. He had been there for eight years, and worked closely with Collishaw through the GFC.
With both leaders’ departures, Mirvac lost a lot of experience in one hit.
Peter Wilson, the national president of the Australian Human Resources Institute, says: “The CEO and CFO are two very important positions … Clean sweeps are unfortunate.”
What walks out the door with senior executives are their general expertise and their relationships. “Those always walk with senior people,” Wilson says. “You protect yourself by ensuring a range of people are involved on important projects. The CEO won’t have a lot of detail; not enough to replicate the project.”
The benefits of a clean sweep
A new leader brings fresh ideas and a morale boost. Chief executives and chief financial officers work closely together and it can be difficult when one leaves for the remaining leader to switch allegiances.
With both gone, Lloyd-Hurwitz can come in and stir things up, add new perspectives and bring a fresh look at old problems, Wilson says. “That is healthy. We expect that,” he says.
It provides an opportunity for the company to reposition itself.
Collishaw is a ‘details man’, according to reports. “Steady, straight, direct and knew his stuff,” is how he was described in an article last year in The Australian.
Lloyd-Hurwitz suggests a progressive, more daring appointment – a woman, relatively young, with global expertise and a different skill set: less in the nuts and bolts of real estate, and more in broader strategies and financial nous.
Strategy change
Sherlock says that rivals such as Westfield, Goodman and Lend Lease have changed their business model to a “capital light” approach. For any one project, half the money comes from debt, and half from equity. “The developer puts in 20% of the equity, and gets 80% from other investors – sophisticated investors – and they earn management fees on the other equity,” he says. “There is a flavour of the old Macquarie model.”
Prior to her current role as managing director, Europe, of LaSalle Investment Management, Lloyd-Hurwitz held senior executive positions at Macquarie Group and Lend Lease in Australia, America and Europe. Mirvac’s announcement says: “Susan’s real estate experience spans fund and portfolio management in both direct and indirect markets, fund development, mergers and acquisitions, disposals, research and business strategy,”
Managing nerves
If investors were surprised by the news, staff will also feel nervous. However, the announcement of a new CEO, the quick replacement of the departing CFO and the appointment of the chair, James MacKenzie, himself an experienced CEO, will all go towards alleviating staff concerns, Wilson says.
“People are going to get nervous if the company doesn’t have a sensible response, and that sensible response is five years of planning,” Wilson says. “People leave jobs about every five years. The foundation for any board’s response to a departure is to have a strong succession planning framework. It doesn’t matter which executive is departing; you must have a pipeline of successors. If you have that, the easiest way to respond is to say, ‘It is sad that this person is leaving, but we are a strong organisation and we have X who can step into the role.”
The next step
Mirvac has already issued guidance to the market about its upcoming result, Sherlock says. “What is more important is what will happen going forward. They are positioned at the premium end of the development market, at the top end of $2 million-plus,” he says. “They might find them harder to offload. I am not saying they will move out of that space, but rather than doing 10 more of those, they might put effort or capital into other areas.”
Such as? Cutting corporate overheads, which are seen as fairly high. Rivals such as Stockland and Westfield have had job cuts. Other have also been doing share buy-backs to allow investors a way out.
This article originally appeared on <a target="_blank" href="https://www.leadingcompany.com.au/">Leading Company.</a>
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The challenges Mirvac will face after two departures from its board

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REA Group, the dominant online real estate listings business and publisher of realestate.com.au, has posted a<a target="_blank" href="https://www.afr.com/p/business/marketing_media/rea_reports_pc_profit_jump_sK50CeCzO76euVYulKkHCM"> </a>29% rise in net profit to $87 million for the 2012 financial year ahead of analysts’ expectations, but real estate agent numbers have fallen 5%.
The group earned revenues of $278 million for the year ending June 30, a 16% rise on revenue of $238 million in the previous financial year.
Over the full year, the number of paying real estate agents declined by 5% to 9,069 and the number of listings dropped 2% to 761,329 - despite figures from SQM Research showing residential listings rising from 377,000 to 387,000 over the course of REA's reporting period.
REA Group said the decrease in paying agents to 21,448 in 2012 from 22,919 in 2011 was the result of “market contraction and consolidation”.
The drop in agent numbers was offset by a 16% rise in revenue per agent to $1,693.
Two years ago, REA Group reported it had 9,612 agents subscribing to its online offerings.
It reported that it had a unique audience of 2.9 million during 2012, with its nearest competitor, Fairfax’s Domain, achieving 1.6 million.
On the key measure of unique browsers for the year, realestate.com.au reported a figure 6.49 million – comparative figures on this metric appear not to be available in the current or previous year's results.
Realestate.com.au accounted for 61% of total minutes Australian spent on residential property portals as of June 2012, with Domain managing 17% of total minutes.
More than a third of total visits (34%) to property portals are via mobile devices, and REA chief executive Greg Ellis expects most of REA’s traffic to come from smartphones and tablets within three years.
Downloads for realestate.com.au’s iPhone, iPad and Android apps have reached 1.1 million, with mobile continuing to be a growth platform for the group.
Residential revenue increased by 12%, commercial revenue grew by 17% and media and developer revenue grew by 31% due to increased take-up of value-added products across all segments.
Ellis says he is cautious about the short-term outlook for the Australian property market with the downturn that began at the start of 2012 “out of alignment with the general economy”.
Despite this cautious outlook, Ellis is confident of double-digit growth in the current financial year.
“In Australia, we achieved 15% growth across the residential, commercial and media businesses and surpassed one million downloads of our realestate.com.au mobile apps.  Our high-growth Italian business achieved revenue growth of 35%. 
"In other international markets we achieved solid growth and continued to increase our leadership.”
The group derives 88% of its revenue from its Australian listings businesses – realestate.com.au, realcommercial.com.au, holiday rentals business homeaway.com.au and property.com.au.
Australian revenue growth was 15% for the full financial year, but slowed to 14% year-on-year in the second half, down from 16% in the first half – reflecting the impact of the market downturn Ellis referred.
The publisher also announced that it would pay shareholders a better than expected final dividend of 20.5¢ per share.
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REA Group says market contraction to blame for drop in realestate.com.au agent numbers as profits rise 29%

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ASIC has cancelled the Australian financial services (AFS) licence of investment firm Lion Advantage Limited and banned its chief executive, David Hickie, from providing financial services for two years after undertaking a surveillance of the business.
Hickie provided consulting services to Mark McIvor’s failed mortgage fund operator Equititrust in November 2011 and was appointed a director of Equititrust in January 2012.
He was a director at ASX-listed software group Sofcom from March 2008 to April 2009.
At the time of his appointment Sofcom noted that he had over 39 years'experience in banking, finance and funds management and says tha for a "period of approximately a decade" he was a non-executive director of Societe Generale Australia Limited securitisation conduits, ACE Limited, ACE Funding Limited, AUSTRA Limited and HOMES Limited and has also provided consulting for structured finance to a number of parties locally as well as offshore.
Lion Advantage provided financial product services to retail clients and acted as a responsible entity, operating four registered managed investment schemes that invested in real property.
The firm’s services included issuing, acquiring and disposing of interests in managed investment schemes.
The cancellation of Lion’s AFS license was effective August 10, 2012, and Hickie’s banning was effective from August 14. ASIC found that Lion Advantage had breached a number of the financial, reporting and other obligations of a financial services licensee in contravention of the Corporations Act.
Among its failures, ASIC found that Lion Advantage repeatedly failed to lodge audited financial reports on time for Lion Advantage and the schemes it operated and did not and did not have adequate professional indemnity (PI) insurance in place.
ASIC was also concerned that Lion Advantage and David Hickie “failed to comply with the obligation to notify ASIC of significant breaches, and did not have adequate compliance measures in place to ensure compliance with financial services laws”.
"Companies have important obligations that are central to ensuring the transparency and accountability of the reporting process and must comply with their reporting requirements to ensure users of financial reports like shareholders and creditors have the information available to them to help them make informed decisions," said ASIC commissioner Greg Tanzer.
"Licensees who fail to maintain adequate PI insurance expose retail clients to the risk that they go uncompensated in circumstances where a licensee has insufficient funds to meet client claims. EDR schemes are equally important as they provide consumers with alternatives to legal proceedings in respect of resolving complaints with their financial service providers.’ In an April 2012 report, David Whyte, the ASIC-appointed receiver of Gold Coast mortgage fund operator Equititrust, noted that David Hickie had been engaged by Equititrust in November 2011.
The Supreme Court of Queensland appointed Whyte to wind up the Equititrust Income Fund (EIF) and Equititrust Priority Class Income Fund (EPCIF) on November 21. The court also appointed Whyte as receiver of the property of EIF and EPCIF.
Whyte says that “David Hickie of Lion Advantage has worked closely with Mark McIvor and Ross Honeyman (director of financial services)” devising an alternative strategy for Equititrust.
McIvor and Honeyman had sought to be reimbursed for the consultancy fee paid to Hickie, but Whyte had refused on the grounds that it was “not properly and reasonably occurred in the winding up of the fund”.
Richard Albarran, Blair Pleash and Glen Oldham of Hall Chadwick as liquidators of Equititrust Ltd on April 20, 2012.
Lion Advantage and David Hickie have the right to appeal to the Administrative Appeals Tribunal for a review of ASIC’s decision.
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Lion Advantage loses financial services licence and CEO David Hickie banned by ASIC for two years

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The upmarket inner-Hobart suburb of Battery Point, known for its convict history and million-dollar houses, is Tasmania's most crowded, at 3,069 people per square kilometre. The 0.68-square-kilometre suburb has a population of 2,097, according to RP Data.
The Launceston suburb of Mayfield is the most densely populated Tasmanian suburb outside of Hobart, with a density of 2,326 people per square kilometre.
According to June quarter sales figures from the Real Estate Institute of Tasmania (REIT), Battery Point recorded a  median sale price of $1.08 million off just four recorded sales, making it also one of the most tightly held suburbs in Hobart.
Steve Yannarakis from Knight Frank Tasmania, who both sells properties and lives in Battery Point, says the suburb does not feel crowded.
“It’s like any other inner-city suburb such as Paddington in Sydney or Middle Park in Melbourne,” he tells Property Observer.
“There are no blocks of high-rise apartments.”
Yannarakis says houses are built on small blocks – compared with the large blocks in Sandy Bay – and land values are high.
“It’s the most expensive suburb in terms of value per square metre of land.”
He says the REIT figures on Battery Point, which show just four sales, tend to lag the market.
Yannarakis recently sold a heritage home in Battery Point for $1.3 million that he says will settle in a couple of weeks and is likely to be the highest sale of the year.
Yannarakis says Battery Point is also popular with mainlanders.
“They like to buy here if they move to Tasmania.”
“It has everything that you need. It is very close proximity to the Salamanca Place entertainment strip and Hampden Road Village
“It’s very cosmopolitan, for Hobart anyway.”
Angelina Droblina from Ripple Property, who has a number of listings in Battery point including this <a href="https://www.realestateview.com.au/Real-Estate/30-11-battery-square-battery-point/Property-Details-buy-residential-4296751">two-bedroom unit at Battery Square</a> priced at $330,000 and above, describes it as one of the most exclusive suburbs in Hobart.
“It has loads of historically significant property and is aesthetically beautiful offering a village lifestyle on cusp of the CBD,” she says.
She agrees with Yannarakis that it does not have a crowded feel.
“There is only one very tall building in Battery Point -  Empress Towers - and five other blocks with no  more than 20 or 30 apartments in each.
“It is a very highly sought after area."
She says the REIT June quarter figures reflect the current state of the market.
Her most recent sale was a four bedroom, two bathroom townhouse, which she sold to mainlander, who was buying it for his daughter. It sold for $650,000.
According to realestateview.com.au, there are 23 properties for sale in Battery Point.
They include this striking waterfront home at 58A Napolean Street, one of a number of listings being marketedy Yannarakis, which featured in<a href="/news"> Title Tattle in April this year.</a>
The Maria Gigney-designed home (pictured below) incorporating glass and steel blend with Jarrah timber accents and has views across the Derwent River from the Casino to Hobarts Eastern shore.
{yoogallery src=[images/stories/2012/08/aug15battery]}
The original house dates back to 1962 before being upgraded by owner and pharmacist Greg Kay. It includes a 12.5-metre indoor saltwater lap pool.
Given the small number of sales the change in the median price in Battery Point is statistically unreliable but over the last two years, house prices have shown strong growth, up 27% since June 2010.
According to the REIT, there were  133 sales recorded in inner Hobart over the three months to June, a 2.3% increase over the quarter with the median house price rising falling 5.6% to $435,000.
The institute also found that Hobart was the only location to record an increase for the quarter, of 4.8% to a median of $370,000.
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Battery Point easily edges out Mount Stuart as Tasmania's most crowded suburb

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Born in Britain, educated in Australia, Susan Lloyd-Hurwitz has become the face of women in property, whether she likes it or not.
In an industry still heavily dominated by men, Lloyd-Hurwitz's appointment as CEO of Mirvac marks a significant first for women.
The stats are truly against women when it comes to development, real estate and property  in Australia. Back in 2006, the ABS reported that just 15-20% of the property and development sector is female, despite this sector employing almost a fifth of the workforce.
Mirvac made the announcement yesterday that Lloyd-Hurwitz would become its new CEO, following the departure of Nick Collishaw.
Lloyd-Hurwitz, 45, is currently based in London as the Europe managing director of LaSalle Investment Management. She has previously held senior executive roles at Macquarie Group and Lend Lease in Australia, Europe and the US.
Mirvac Group chairman James MacKenzie says Lloyd-Hurwitz has spent 23 years in the industry, working accross four continents and a variety of facets in the property sector.  "She is a respected leader of people and businesses, has a global outlook and is well-versed in the opportunities and challenges associated with all parts of the business cycle," he says.
This article originally appeared on <a target="_blank" href="https://www.womensagenda.com.au/">Women's Agenda</a>
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Mirvac's Susan Lloyd-Hurwitz the face of women in property

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Listed property trust Dexus has announced the acquistion of two prime office acquisitions in the Brisbane and Sydney CBDs as its portfolio weighting in office assets increased to 70% over the course of 2012 financial year to June 30.
Dexus has acquired the 12 Creek Street office tower in the Brisbane CBD known as the “Blue Tower” due to its distinctive blue glass façade for $241.6 million.
The 34-level building, which was built in 1989, has 32,000 square metres of office space and was put up for sale by the Australian Property Growth Fund marketed by Bill Tucker and Rick Butler of CBRE and Geoff McIntyre and Ben McGrath from Jones Lang LaSalle.
Tenants include a number of resource and mining businesses including Esso Australia and BMA Coal as well as Optus, Macquarie Bank and the Reserve Bank of Australia.
Dexus is expecting mining and business services to drive demand growth in the medium term in the Brisbane CBD with the current vacancy rate of 8.3% expected to trend downwards.
Chief executive Darren Steinberg says Dexus is targeting an internal rate of return of 10.2% per annum over the next 10 years for the building, which has been significantly upgraded.
“We are increasing our presence in Brisbane which has favourable growth forecasts,” Steinberg said at today’s full results briefing.
The Blue Tower is only the second Brisbane office tower owned by Dexus.
It’s other Brisbane office holding is the 26-level 123 Albert Street building, which opened in October last year  with a six star Green Star energy rating.
It is more commonly known as the "Rio Tinto" tower with the mining giant leases 25,600 square metres of the total 37,000 square metres available in the building in a 10 year deal, which commenced with the opening of the building.
The 12 Creek Street acquisition means Dexus operates over 55,000 square metres of Brisbane office space - 10% of its office portfolio.
Dexus has also acquired 50 Carrington Street, a 19 level tower in the Sydney CBD, overlooking Wynyard Park with tenants including REST Super fund, Austral Mortgage Corporation and Goldberg lawyers.
Steinberg says the office tower, which was built in 1982 is a “well located boutique property” that it intends to refurbish.
Dexus is targeting an internal rate of return of 10.6% over the next three years and Steinberg says he is excited about the acquisition, with new leasings to be targeted at lawyers and accounting businesses.
Dexus expects demand for Sydney office space from the banking sector to be subdued in 2013 – Dexus has 52% of its office portfolio in Sydney covering 259,000 square metres of space.
Steinberg says that under the revised Dexus strategy, it will focus on “office sector leadership” and expects investors to gravitate to “quality real estate”.
“We will be the proxy for high quality Australian offices and aim to be the leading owner and manager of Australian offices,” he said.
Steinberg says the new strategy includes “keeping close to our tenants and have proactive approach to managing our tenants”.
“We are confident we can retain key tenants.”
Following the sale of the US portfolio, Steinberg says Dexus's offshore exposure is now considered “non-core”.
“We will focus on the core CBD office markets of Sydney, north Sydney, Brisbane, Melbourne and Perth.”
However, he says Dexus will not target specific percentage holdings in CBD markets, but will make acquisitions where it sees value.
Ross Du Vernet, Dexus head of strategy, transactions and research, says the growing divergence in views about global growth will impact on tenants' commitments to longer-term office leasings.
However, he says the view among Dexus's key office tenants is “not too bad” but they remain cautious.
Du Vernet says most CBD office markets are at equilibrium except for Perth, which is undersupplied, while the Melbourne market is oversupplied.
“Melbourne is the toughest, with Perth and Brisbane the best.
“Rental growth is expected to soften in Sydney due to the Barangaroo South project, but we still expect growth," says Du Vernet.
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Dexus acquires Brisbane’s “Blue Tower” as it sees office growth potential in Queensland capital

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Listed office and industrial property developer Dexus has recorded a sharp slump in full-year profits with a mixed outlook for both commercial sectors over the next two years.
Dexus reported annual statutory profits of $181.1 million for the 12 months to June 30, compared with profits for the previous period of $553 million – a fall of 67%.
Much of this was the result of Dexus recording a $117 million loss from the $770 million sale of its US property portfolio.
Delivering his first set of full-year results since replacing Victor Hoog Antink as chief executive at the end of March 2012, Darren Steinberg said the company expected to lift earnings per security by 1.3% to 7.75¢ in 2012-13.
He said Dexus was operating in a challenging and volatile environment with the focus on “actively managing the portfolio”.
Dexus increased the value of its office portfolio from $4.5 billion to $4.7 billion with an occupancy rate of 97% and completed 75,600 square metres of leasing deals.
New office leased completed during the year yielded average rental increases of 4.6%
The flagship <a href="https://www.propertyobserver.com.au/office/dexus-one-bligh-street-named-best-tall-building-in-australasia/2012061555133" target="_blank">One Bligh Street office tower </a>is now 90% leased, while another major project, 123 Albert Street in Brisbane, is 99% leased.
The value of the Dexus industrial portfolio increased from $1.6 billion to $1.7 billion with 300,000 square metres leased over the year.
Major Australian acquisitions over the course of the financial year included the $201.5 million acquisition of the 452 Flinders Street office tower in Melbourne via its third party funds management business.
<a href="https://www.propertyobserver.com.au/western-australia/government-employee-super-fund-to-buy-half-of-perth-office-tower-qv1/2011082551284" target="_blank">It also sold QV1</a>, the third tallest building Perth at 40 stories, for $310 million.
In total Dexus undertook $1.6 billion worth of property transactions involving 95 properties.
From the 2014 financial year, Dexus expects an improvement in tenant demand for office space in line with improved employment forecasts with the national vacancy rate to fall further in 2013.
It also expects an increase in demand for warehouse space in line with projected growth in imports.
Dexus expects the value of prime grade office and industrial properties to increase in value as yields tighten.
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Dexus reports 67% slump in profits, with mixed outlook for offices and warehouses

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The Top Ryde shopping centre in north-western Sydney has been formally listed for sale with price expectations in excess of $360 million following an $800 million redevelopment.
The metropolitan regional shopping centre, ranked Australia’s 39th biggest shopping mall by floor space, is being marketed by Simon Rooney from Jones Lang LaSalle on behalf of receivers and managers Joseph Hayes and Jason Preston from McGrathNicol.
The centre was officially opened on August 20, 2010, and comprises approximately 78,000 square metres of lettable area.
The redevelopment has included the opening of a Fitness First Platinum gym in April.
The centre is anchored by a two level Myer department store, Big W, Woolworths, Franklins and ALDI supermarkets and eVent Cinemas.
It also includes a medical centre and an estimated 220 specialty tenancies.
The centre has been in the hands of external administrators since the company behind the redevelopment, Bevillesta, entered voluntary administration in February 2011 after being unable to repay debts.
Numerous potential buyers have run a ruler over the property since it fell into administration, with the retail centre almost sold in July 2010 to a GPT-managed fund.
Bevillesta appointed BRI Ferrier as administrator, with creditors to the company claiming they were owed about $900 million. It included a syndicate of five banks owed more than $600 million, according to Fairfax Media.
It was valued at $350 million in May and was due to be put up for sale shortly after valuation.
“The time is now ideal for a new specialist retail owner/manager to reposition and relaunch the centre, which presents significant value creation opportunities," says Rooney.
“All key stakeholders have approved this transaction process and are genuinely keen to see a successful and early sale outcome, following a successful asset transition programme implemented by centre management.”
“The opportunity to acquire a 100% interest in a virtually brand new, major regional shopping centre asset in metropolitan Sydney is a once in a cycle proposition.”
“Major regional retail holdings have and continue to be tightly held and the attractive investment fundamentals for a fully integrated town centre development such as Top Ryde City are nearlyimpossible to replicate this close to the Sydney CBD."
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Top Ryde Sydney shopping centre returns to market with $360 million-plus expectations

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<img src="/images/stories/2012/08/164m.gif">
How much listed real estate investment trust Charter Hall has agreed to pay to acquire Stockland Bay Village in Bateau Bay on the NSW Central Coast following an on-market expression-of-interest campaign managed by Colliers International. The shopping centre sold in line with book value. Colliers International’s Lachlan MacGillivray, who led the sales campaign with Heath Crampton, says it is the largest agency-negotiated sub-regional transaction for 2012. Stockland Bay Village, to be reverted to Bay Village Shopping Centre, is anchored by Woolworths, Coles, Kmart and Aldi, three mini-majors and more than 80 specialty stores and three pad sites. The shopping centre is situated on a prime 90,000-square-metre site, with a gross lettable area of 29,162 square metres and was expanded and refurbished by Stockland in 2005 and 2006.
 
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<img src="/images/stories/2012/08/150k.gif">
The price paid for a 40-square-metre strata office at 1 Queens Road on the Melbourne CBD fringe just off St Kilda Road. The office has $12,607 net income per annum and was sold by Gideon Marcus from Teska Carson Richmond. The existing tenant is reputably Melbourne's largest service office provider. The office is leased for two years with two further terms of one year.
 
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<img src="/images/stories/2012/08/4point75m.gif">
How much an undisclosed group from the national not-for-profit health sector paid for the The Edmondstone Motel, a three-star-rated accommodation asset at 24 Edmondstone Street, South Brisbane. The sale of the 21-room property was part-negotiated by Hiep Nguyen from First National Commercial.
 
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<img src="/images/stories/2012/08/2point675m.gif">
The price paid for a tenanted industrial warehouse in the Newcastle suburb of Mayfield West. The property at 3 Metal Pit Drive, Mayfield West, was marketed and sold by Ray White Commercial Newcastle Principal John Parnham on behalf of Newcastle developer ATB Morton. The warehouse is tenanted by workplace safety equipment supplier Protector Alsafe on a long-term lease. It was purchased post-auction by a consortium of local investors. The property is located in the Steel River Industrial Estate just 10 minutes from the Newcastle CBD and 15 minutes from the airport. The sale price reflected a net yield of 8.44%.
 
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<img src="/images/stories/2012/08/4point65m.gif">
The price paid in a private sale after auction for 5.6 hectares of freehold industrial land at 169 Australis Drive, Derrimut, in Melbourne’s outer west. The property was sold by Nathan Bingham and Stephen Newsham from Colliers International to a private developer. The vendor was Booth Transport. “The purchaser has acquired the land with the intention of opening the door for pre-lease opportunities," says Bingham. “The land will be developed as a major distribution centre within the next 12 months.”
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Commercial hammer prices: Charter Hall buys Stockland mall for $164 million

Design-led developer-builder Lowe Living has unveiled its latest residential development, Jardin House, marking its first foray into Melbourne's blue-chip City of Boroondara.

Located a short walk from Camberwell Junction, <a href="https://www.apartments.com.au/new-apartments/jardin-house-by-lowe-living-camberwell-335-camberwell-road-camberwell-vic-3124">Jardin House</a> has been designed to appeal to affluent local downsizers and established families seeking a low-maintenance alternative to the large homes that have long defined Camberwell and surrounding suburbs.

The project will comprise a collection of two and three-bedroom apartments ranging from 92 sqm to 280 sqm, alongside a limited number of penthouse residences featuring rooftop terraces spanning more than 100 sqm, with optional private pools.

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Lowe Living Co-Founder and Managing Director Tim Lowe said Camberwell represented a natural next step for the developer as it expands into some of Melbourne's most tightly held residential markets.

"Jardin House is an important project for our team as it marks the next evolution of our portfolio into different well-established blue-chip pockets of Melbourne," Lowe said.

"Camberwell, with its incredible walkability, family-led neighbourhood feel and superb access to education and transport, makes it a natural choice for us."

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Designed by Tristan Wong Architects, with interiors by Hecker Guthrie and landscaping by Acre, the development takes inspiration from the Art Deco architecture that remains a defining feature of many of Camberwell's established streets.

A curved facade, arched openings, textured brickwork and sculpted forms reference the suburb's architectural heritage, while extensive landscaping softens the building's presence and creates a strong connection to the surrounding tree-lined streetscape.

The project will be set behind a secure gated entrance, with residents arriving through landscaped gardens designed to create a transition between the public realm and private residences.

Inside, the residences feature natural stone and timber finishes, full-height glazing, Miele appliances and generous open-plan living areas designed for long-term owner occupation.

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While the apartments themselves have been designed to attract discerning owner-occupiers, it is the amenity offering that sets Jardin House apart from many other boutique projects currently launching across Melbourne.

The centrepiece is a 350 sqm private bathhouse curated in partnership with Aurora Spa &amp; Bathhouse founder Lyndall Mitchell.

The wellness precinct includes mineral pools, hydrotherapy experiences, a Himalayan salt room, sauna, steam room, cold plunge pools and dedicated relaxation spaces, creating what Lowe Living describes as a private wellness retreat exclusively for residents.

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The collaboration follows Lowe Living's recent partnership with Aurora at Maison Savoy in Brighton, although Jardin House is the first project to incorporate both indoor and outdoor wellness experiences.

Emma Lowe, Co-Founder and Managing Director of Lowe Living, said wellness was becoming an increasingly important consideration for apartment buyers.

"Collaborating with Lyndall Mitchell from Aurora Spa &amp; Bathhouse for a second time is an intentional nod to creating residences that are more than just homes, but a way to enrich the lives of our residents through wellness and longevity," Lowe said.

The amenity offering is complemented by a Technogym fitness studio, residents' lounge, private dining spaces and concierge services.

The launch comes as developers increasingly target Melbourne's established eastern suburbs, where rising land values, ageing housing stock and growing downsizer demand are creating opportunities for boutique apartment projects.

Lowe said the company expects significant generational wealth transfer across suburbs such as Camberwell in coming years, creating further demand for luxury apartment living.

"Camberwell is a blue-chip suburb where homes regularly transact for multiple millions of dollars," he said.

"The generational change of wealth in these locations expected in the coming years is significant, so we see an opportunity to create exclusive residences that appeal to older families and downsizers in order to meet this demand."

Apartments at Jardin house start from $1,195,000. The project forms part of Lowe Living's near-$1 billion portfolio of new developments across Melbourne.

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Joel Robinson

Lowe Living launches Jardin House in Camberwell

As <a href="https://www.apartments.com.au/developments/north-sydney-nsw-2060">North Sydney</a> continues its transition from a commercial centre into a more layered residential and lifestyle precinct, a new generation of apartment developments is reshaping expectations around scale, amenity, and long-term liveability.

Improved transport connections through the Victoria Cross Metro, continued investment in dining and public spaces, and a constrained supply of new luxury apartments have sharpened demand for homes that combine proximity to the CBD with the privacy and outlook traditionally associated with harbourside houses.

At 177 Walker Street, <a href="https://www.apartments.com.au/developers/aland">ALAND</a>’s new apartment development <a href="https://www.apartments.com.au/new-apartments/the-walden-north-sydney-177-walker-street-north-sydney-nsw-2060">The Walden</a> enters the market with a distinctly residential approach to high-rise living. The 30-level tower will deliver 161 residences, ranging from one-bedroom apartments through to sub-penthouses and a full-floor penthouse, all oriented to capture uninterrupted views across Sydney Harbour, the Opera House, and out toward the Pacific Ocean.

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Designed by <a href="https://www.apartments.com.au/architects/rothelowman">Rothelowman</a>, the project takes advantage of the site’s natural topography and elevated position above the harbour. Rather than relying on density alone, the architecture focuses on outlook, orientation, and spatial flow, with every apartment occupying a corner position to maximise natural light and cross ventilation.

Rothelowman says the site itself shaped much of the architectural response.

“The site has a long history in terms of its inevitable transformation and when we came in, we took inspiration from the idea of reestablishing a sense of the site’s natural terrain and fall. Our scheme aims to integrate with the terrain and the landscape, using the undulating site to slowly reveal glimpses and views of the harbour. The rotation of the tower off grid means every apartment has a view and is naturally cross ventilated. The building's colour palette is quintessentially Sydney, with bronze and sandstone and a luminescent green colour in the glass, making it very earthy and grounded in its location.”

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Inside the residences, the emphasis moves toward larger-format living typically associated with standalone homes. Kitchens sit at the centre of the apartments, connecting directly to open-plan dining and living areas before extending outward into expansive winter gardens and balconies. Calacatta marble, bespoke joinery, integrated appliances, and custom metal detailing are used throughout, while three distinct interior palettes, Terrace, Opera, and Harbour, allow buyers to personalise the spaces without compromising the architectural consistency of the project.

The larger residences place particular attention on separation between entertaining and private zones. In many apartments, master suites occupy the outer corners of the floorplates, allowing bedrooms to benefit from floor-to-ceiling glazing and harbour outlooks independent of the living spaces. Dressing rooms and ensuites continue the material palette through fluted detailing, freestanding baths, and layered stone finishes.

Rothelowman says the design intent centred on creating homes that feel enduring rather than transient.

“Our philosophy is all about the way people live in these spaces, and we wanted to create homes that reflect the quality of life in this unique Sydney location. The apartments showcase expansive living spaces that are generous, sophisticated, and bold, with the ability to connect with views throughout each apartment.”

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A separate four-storey amenity building known as The Pavilion expands the residential offering beyond the apartments themselves. Positioned alongside the tower, the building consolidates wellness, recreation, and social spaces into a dedicated resident retreat. Facilities include a 20-metre rooftop pool and sundeck, sauna, spa, ice bath, wellness studio, gymnasium, concierge service, wine cellar, residents’ lounge, private dining spaces, and dedicated co-working areas with meeting rooms and boardroom facilities.

The amenity mix reflects the buyer profile emerging in North Sydney, where owner-occupiers and downsizers are increasingly prioritising convenience, apartment scale, and long-term usability over purely investment-driven decisions.

The Walden also represents a significant milestone for ALAND, marking the company’s first major move into Sydney’s inner-city luxury apartment market after more than two decades delivering large-scale residential communities across Greater Sydney. Founder Andrew Hrsto says the Walker Street site stood apart because of both its positioning and its rarity.

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“As a company, we had been searching for a site in one of Sydney’s blue-chip locations, spanning the Eastern Suburbs, the Sydney CBD and the North Shore, and when we had the opportunity to purchase this site, we immediately recognised that it could be something iconic.”

At launch, The Walden recorded more than $103 million in sales, with buyers drawn to the project’s harbour positioning, apartment scale, and proximity to the Metro, which now connects North Sydney to Barangaroo in three minutes and Martin Place in five.

ALAND has commenced construction, and is expecting a completion date in 2028.

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The Walden pairs house-scale living with North Sydney connectivity

The ACT will become the first jurisdiction in Australia to abolish stamp duty for all first home buyers, with no income caps and no property price thresholds from 1 July.

The move, announced as part of the ACT Budget, completes a key election commitment from the Barr Government and removes what Chief Minister Andrew Barr described as one of the biggest barriers to entering the housing market. The reform forms part of the ACT's long-running transition away from transaction taxes and towards a broader-based property tax system.

"This budget marks a major milestone in our long-term tax reform program," Barr said, adding that the government had maintained a sustained focus on removing barriers to home ownership. He said stamp duty had long been one of the largest upfront hurdles facing buyers and that from July, "that barrier is gone" for first home buyers in the Territory.

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The changes come alongside a range of measures designed to encourage new housing supply, including support for the delivery of so-called "missing middle" housing such as terraces, townhouses and low-rise multi-unit developments.

The announcement has renewed debate around whether the ACT's approach could provide a blueprint for improving housing affordability nationally.

New research from OurTop10.com.au, conducted by Primara Research, suggests the Territory's decade-long reform agenda has produced outcomes unmatched elsewhere in Australia.

While stamp duty costs have increased by an average 67 per cent nationally over the past decade, the ACT has recorded growth of just 15 per cent, the lowest increase of any jurisdiction.

The Territory has also emerged as one of the strongest performers on housing delivery. Based on population-weighted housing targets, the ACT is sitting less than one per cent behind its target. Victoria is the next closest at seven per cent behind, while the national average sits 25 per cent below target. New South Wales is tracking 39 per cent behind.

The latest reform removes one of the final barriers facing first home buyers in Canberra.

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The average Australian home buyer currently pays $61,714 in stamp duty. In the ACT, that figure is $38,399 despite the Territory having the third-highest median house price in the country.

Until now, the ACT's first home buyer concession scheme only applied to purchases up to $1.02 million, around $51,000 below Canberra's median house price of $1.071 million. In practical terms, many first home buyers were unable to access the median-priced home without losing the concession.

From July, those restrictions disappear.

Every first home buyer in the ACT will pay no stamp duty, regardless of income or purchase price.

Canberra remains one of Australia's most expensive housing markets, with dwelling values increasing 82 per cent over the past decade. However, that growth ranks only 11th among Australia's 15 major housing markets, suggesting affordability pressures have been less severe than in many other parts of the country.

Simon Ma, CEO of OurTop10.com.au, said the latest reforms recognise that many first home buyers have simply outgrown thresholds set years ago.

"Many first home buyers aren't just looking for a way onto the ladder, they want a home their family can actually live in," Ma said.

"In a market where the median house price is over a million dollars, a concession scheme that cuts out at $1.02 million was never going to get them there.

"Removing the ceiling entirely means ACT first home buyers can now pursue the home they actually want, rather than limiting themselves to a price point designed for a very different market."

Whether other states follow remains to be seen. But at a time when most jurisdictions are struggling to improve affordability while also increasing housing supply, the ACT has quietly become the national test case for both.

15% stamp duty growth. Just 1% off the national housing target. Zero stamp duty for FHBs. Is the ACT the blueprint for the great Australian dream?

ACT abolishes stamp duty for first home buyers

A rooftop pool and spa overlooking the Brisbane CBD, private dining spaces, expansive landscaped gardens and a residents' lounge are set to crown <a href="https://www.apartments.com.au/new-apartments/callista-on-park-west-end-49-mollison-street-west-end-qld-4101">Callista on Park</a>, the final residential building within Brisbane's West Village precinct.

The rooftop amenity collection has been designed as an extension of the lifestyle already established throughout West Village, providing residents with a series of indoor and outdoor spaces that capitalise on the building's elevated position above West End.

A swimming pool and heated spa form the centrepiece of the rooftop offering, surrounded by landscaped gardens developed through a collaboration between developer Sekisui House and ASPECT Studios. The design incorporates expansive lawn areas surrounded by English garden-inspired planting.

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Residents will also have access to two barbecue and outdoor dining areas positioned to take advantage of views across Brisbane's skyline, neighbouring Mollison Park, and the surrounding inner-city landscape.

For larger gatherings, the rooftop includes a private dining room centred around a substantial stone island bench, complete with a full kitchen and a 10-seat dining table set beneath four-metre-high ceilings. The space has been designed to overlook both the rooftop gardens and the Brisbane CBD skyline.

A separate residents' lounge provides an additional indoor retreat connected to the broader rooftop amenity offering, creating another space for residents to work, relax or entertain guests.

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The attention to detail extends beyond the rooftop.

Upon arrival, residents will enter through a lobby featuring a bespoke ceiling light installation developed in collaboration between Sekisui House and Alcorn Middleton Architecture. The arrival experience is complemented by private resident mailboxes and carefully considered interior finishes designed to reflect the premium positioning of the building.

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The amenity offering forms part of Callista on Park, the final residential release within the decade-long transformation of the former Peters Ice Cream Factory site into West Village, one of Brisbane's most established mixed-use communities.

Designed by <a href="https://www.apartments.com.au/architects/rothelowman">Rothelowman</a> and being delivered by <a href="https://www.apartments.com.au/builders/hutchinson-builders">Hutchinson Builders</a>, Callista represents the most premium residential offering within the masterplanned precinct.

Construction is now entering its final stages, with scaffolding beginning to come down and completion expected in the first quarter of 2027.

Prices for the three-bedroom plus MPR apartments start from just over $2.6 million.

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Callista will mark the final opportunity to purchase within West Village, where residents have direct access to more than 35 retail, dining, wellness and medical operators including Harris Farm Markets, Woolworths, Function Well and Goodlife Health Clubs, Metro Arts, and a growing collection of restaurants and cafés.

Located just 800 metres from the Brisbane CBD, the precinct also places residents within walking distance of South Bank, West End's dining scene, riverfront parklands and major public transport connections.

For Sekisui House, which has delivered more than two million homes globally, Callista serves as the concluding piece of the West Village masterplan, bringing together the precinct's heritage character, parkland setting and emphasis on walkability in a final collection of larger-format residences.

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Rooftop pool, private dining and skyline gardens to crown West Village's final apartment release, Callista on Park

<a href="https://www.apartments.com.au/developments/wahroonga-nsw-2076">Wahroonga</a>’s enduring appeal has long been tied to its balance of bushland, established amenity, and access to some of Sydney’s most respected education and healthcare institutions.

Along Fox Valley Road, that combination is becoming increasingly sought after by buyers looking to remain connected to the Upper North Shore lifestyle while prioritising walkability, wellbeing, and convenience.

Developer Capital Corporation's initial vision of a 62-hectare site on Fox Valley Road was that they could create their own walkable community, bordered by&nbsp;more than 25 hectares of bushland and adjoining Coups Creek.

<img alt="Wahroonga" data-entity-type="file" data-entity-uuid="b84917a1-0d75-49b9-888c-ddf7ebfd6692" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/NEW2026_Wahroonga_Walkway.gif?VersionId=Gk3_xi5ssYfalmwuQQ5umQakddceC31j" />

<a href="https://www.apartments.com.au/new-apartments/the-residences-at-wahroonga-estate-169-fox-valley-road-wahroonga-nsw-2076">The Residences at Wahroonga Estate</a> draws directly on the area’s natural landscape, with walking trails and green corridors linking into sections of Lane Cove National Park. The surrounding network of bushwalks, cycling tracks, and reserves reinforces the suburb’s long-standing reputation as one of Sydney’s most nature-oriented residential pockets, while still maintaining close ties to village retail and transport infrastructure.

The address places residents within minutes of Wahroonga and Turramurra villages, where cafés, local grocers, boutiques, and everyday services support a highly localised lifestyle. Popular nearby venues including The Fox Café and Breeze Valley Café provide easy options for morning coffee or casual dining, while longstanding retailers such as IGA Wahroonga Fresh and Novella Fine Books continue to anchor the area’s village character.

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<img alt="Wahroonga" data-entity-type="file" data-entity-uuid="c4a950f7-4f05-4370-b360-b106359788e5" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/2026_Wahroonga_Entry_Gates.gif?VersionId=7n5kh9ymu.azYEYDemJkPgiIAfSw44oj" />

Healthcare access remains one of the defining locational advantages of the estate. Sydney Adventist Hospital, known locally as The San, sits directly adjacent and is one of the largest and most respected private hospitals in New South Wales. The hospital precinct incorporates specialist medical services, radiology, physiotherapy, and outpatient care, contributing to growing buyer demand from downsizers and owner-occupiers seeking long-term convenience and peace of mind.

Research commissioned by Capital Corporation found that health and wellbeing considerations are increasingly influencing downsizing decisions, particularly among buyers wanting to remain within familiar neighbourhoods while accessing medical infrastructure more easily.

Education has also historically underpinned demand across Wahroonga and the broader Upper North Shore. The estate sits close to several of Sydney’s leading private and independent schools, including Knox Grammar, Abbotsleigh, Barker College, Pymble Ladies’ College, Ravenswood School for Girls, and Loreto Normanhurst. Co-educational options including Wahroonga Adventist School and Sydney Adventist School further strengthen the area’s appeal to established families looking for long-term schooling pathways within a tightly held catchment.

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Transport connectivity supports the suburb’s liveability without compromising its quieter residential character. Wahroonga and Turramurra train stations provide direct rail access into the Sydney CBD, while the nearby Pacific Highway and M1 motorway strengthen links across the North Shore and broader metropolitan area. At the same time, the heavily treed streetscape and low-density character continue to distinguish the precinct from more urbanised parts of Sydney.

The Residences at Wahroonga Estate forms the first stage of <a href="https://www.apartments.com.au/developers/capital-corporation">Capital Corporation</a>’s broader masterplanned vision for the precinct, delivered alongside the Seventh-day Adventist Church.

[smartcode_project:default project_id=135247 project_image_fid=364995]

Designed by <a href="https://www.apartments.com.au/architects/group-gsa">GroupGSA</a> with interiors by <a href="https://www.apartments.com.au/interior-designers/coco-republic-interior-design">Coco Republic</a>, the development integrates landscaped communal spaces including a pet-friendly Green Spine, resident lounge, BBQ pavilion, and direct bushland access, reinforcing the project’s focus on outdoor connection and community-based living.

Now under construction by Gold Star iCIRT-rated builder <a href="https://www.apartments.com.au/builders/dasco-australia">DASCO</a>, The Residences at Wahroonga Estate will deliver a collection of one, two, and three-bedroom apartments priced from $990,000, with completion anticipated in 2027.

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Larry Schlesinger

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