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Foreign investments by state-owned enterprises in Australia must be made on a “purely standalone commercial basis” and should not be driven by a political agenda, according to Brian Wilson,  the recently appointed new chairman of the Foreign Investment Review Board (FIRB).
The comments from Wilson, who was appointed in April, suggest where the FIRB will focus its attention when considering whether to approve future foreign investment requests by sovereign wealth funds.
In value terms, the most recent FIRB annual report revealed that about a quarter of foreign investment applications are for real estate purchases.
Wilson’s comments come as the debate over foreign investment becomes even more politicised following opposition leader Tony Abbott delivering a speech in Beijing calling for tougher rules governing foreign investment.
Abbott said it was seldom in Australia’s interest to allow a foreign governments to control an Australian business.
But Wilson stressed the test should always be commercial.
“Australian businesses, however they are owned, should be run on a purely commercial basis and not as an extension of the policy, political or economic agenda of a foreign government,” Wilson told Dow Jones Newswires.
ANZ chief executive Mike Smith has also weighed into the debate, warning that Australia needs foreign investment and calling on politicians to do a better job of explaining the role it plays in the economy.
"I understand the public opinion around [the foreign investment debate], but a lot of it is not based on fact but on shock. It is the duty of politicians to forge public opinion, to inform the public about what is good for the country, rather than pandering to it in a populist manner,” The Australian reported Smith as saying.
The FIRB's most recent commercial decision was to allow Yancoal Australia Limited, a subsidiary of Hong Kong and New York-listed Yanzhou Coal Mining Company Limited,  to merge with Gloucester Coal Limited.
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lschlesinger-FZcF9M3vE6

Foreign investments by sovereign wealth funds must have pure commercial basis: FIRB chairman

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The self-anointed "shadow RBA board", comprising a panel of academics and economists, is in favour of the cash rate remaining on hold at 3.5% today but says there is uncertainty over its direction in the next 12 months.
The shadow board gave 65% weight to the RBA keeping the interest rate unchanged at 3.5%, while an increase to 3.75% had about 15% weight.
Support for a decrease in the cash rate of 25 basis points or more received a weight of nearly 20%.
The shadow board comprises 10 members including former RBA board member Warwick McKibbin, Paul Bloxham, chief economist at HSBC Bank Australia, and former ANZ chief economist and current Bank of America Merrill Lynch Australia chief economist Saul Eslake.
The finding of the shadow board are presented every month just prior to the official RBA cash rate announcement by <a target="_blank" href="https://theconversation.edu.au/">The Conversation website</a> in conjunction with the Centre for Applied Macroeconomic Analysis (CAMA).
 
In its latest update, the shadow board warns that the risks to aggregate demand are finely balanced, with McKibbin and Macquarie University’s Jeffrey Sheen continuing to “see possible demand pressures in the domestic economy that are consistent with a higher interest rate”.
The board is almost evenly split on whether rates will rise or fall over the next 12 months.
Shadow board projections: 
<table cellpadding="0" border="0">
<thead><tr>
<td valign="top"></td>
<td valign="top">
Current
</td>
<td valign="top">
6 month
</td>
<td valign="top">
12 month
</td>
</tr></thead>
<tbody>
<tr>
<td>
Probability rates rise
</td>
<td>
15.6%
</td>
<td>
29.4%
</td>
<td>
43.9%
</td>
</tr>
<tr>
<td>
Probability rates stay put
</td>
<td>
66.1%
</td>
<td>
21.7%
</td>
<td>
16.1%
</td>
</tr>
<tr>
<td>
Probability rates fall
</td>
<td>
18.3%
</td>
<td>
48.9%
</td>
<td>
40%
</td>
</tr>
</tbody>
</table>
In his commentary HSBC’s Paul Bloxham recommends the RBA keep the cash rate on hold this month, with “evidence from the past month shows that previous cash rate cuts appear to be providing some support for the housing and retail sectors, although some part of this also reflects government payments to compensate for the carbon tax”.
“Overall, the economy appears to be tracking at close to trend. While inflation is low, which allows scope for further cuts, signs of solid demand suggest there is no urgency to provide further stimulus at this stage,” he says.
James Morley, Professor at the University of New South Wales, said that monetary policy remained in a “somewhat accommodative stance, but with little immediate cause for concern about inflationary pressures”.
“Headline inflation is low, although the less volatile measure of underlying inflation is on target, albeit at the bottom end of the 2% to 3% target range.
“This allows an increased weight on keeping the policy rate steady in the near term and slightly increases the possible need for further easing in the event that underlying inflation falls below the target range,” says Morley.
The full shadow board is:
<ul></ul>
<ul style="color: #111111; font-family: Arial, sans-serif; font-size: 14px; line-height: 20.399999618530273px;">
<li>Shaun Vahey, Professor, RSE, ANU. (non-voting chair)</li>
<li>Paul Bloxham, Chief Economist (Australia &amp; New Zealand), HSBC Bank Australia Ltd</li>
<li>Mark Crosby, Dean of the Global MBA Program, Acting Dean of the Global BBA Program, and Professor of Economics, S P Jain Center of Management in Singapore</li>
<li>Mardi Dungey, Professor, University of Tasmania, CFAP University of Cambridge, CAMA</li>
<li>Saul Eslake, Chief Economist, Bank of America Merrill Lynch Australia</li>
<li>Bob Gregory, Professor Emeritus, RSE, ANU, Professorial Fellow, Centre for Strategic Economic Studies, Victoria University, Adjunct Professor, School of Economics &amp; Finance, Queensland University of Technology</li>
<li>Warwick McKibbin, Professor, RSE, ANU, CAMA</li>
<li>James Morley, Professor, University of New South Wales, CAMA</li>
<li>Jeffrey Sheen, Professor &amp; Head, Department of Economics, Macquarie University,Editor, The Economic Record, CAMA</li>
<li>Mark Thirlwell, Director, International Economy Program, Lowy Institute for International Policy</li>
</ul>
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‘Shadow RBA board’ favours cash rate hold in August but split over future direction

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Property prices and land prices in the Queensland mining town of Gladstone are expected to begin to ease once new and more affordable housing projects are completed, according to new analysis from PRDNationwide.
This easing will occur over time, with the biggest residential development project in the region – Devine’s $1.4 billion Riverstone Rise community – being completed in stages over the next 15 to 20 years.
However, the report for the March half-year warns of a number of headwinds facing investors including an expanding  fly-in, fly-out workforce, requiring investors to revise down rental expectations to secure tenants.
Gladstone ranked third in Your Investment Property magazine’s 2012 list of Top 100 suburbs and was ranked second last year. The town is home to the world’s biggest alumina refinery, Australia’s biggest aluminium smelter and the country’s largest cement operation.
There are currently $69 billion worth of projects currently in the early stages of construction, and projects worth a further $26 billion are expected to commence in the next few years.
The PRDnationwide report says that high rental yields can still be achieved in the current market, but warns investors to be diligent to not only buy at the right price, but to buy something that has competitive tenant appeal.
“Vacancy rates have been quiet turbulent during the first half of 2012, as investor demand grossly outstrips owner occupier demand,” says the report.
“Uncertainty surrounding rental vacancy is exacerbated by an ever expanding fly-in, fly-out workforce, with many workers vacating to mining/construction campsites.
“As a result, many investors are forced to make sizeable revisions to their rental price expectations in order to secure a tenant on a reasonable lease. Given the current median prices recorded across all markets, there is no doubt that some investors, particularly those who entered the market in 2012, paid a premium on their investment with a heightened expectation of strong cash-flow.”
PRDnationwide Queensland analyst Rob Matta, who compiled the Gladstone Region Highlight Report, says Devine’s project is likely to ease the housing shortage in the Gladstone region and alleviate price growth pressures.
Construction of stage one of Devine’s $1.4 billion Riverstone Rise community in Gladstone has commenced. The project which is expected to take 15 to 20 years to complete, has been approved for 2,900 homes, two shopping centres and a new school.
It is located in Benaraby, approximately 20 kilometres south of Gladstone City, the new community aims to provide an affordable and diverse alternative to the offerings within Gladstone City.
Stage one features 120 allotments ranging in size up to 740 square metres and prices starting from $165,000.
Matta says there are several projects are several other projects in the pipeline, but the problem remains that few of these projects are delivering stock at a realistic price point.
Currently, though, PRDnationwide says house and land prices in the Gladstone region continue to go “from strength to strength”, with a median house price of $479,750 and a median land price of $250,000 for the March 2012 half-year period.
More than 87% of Gladstone houses that sold over the March 2012 half-year sold for more than $400,000, compared with 67% that sold over this price point a year ago.
Giving an indication of just how rapidly house prices have shifted upwards in Gladstone over the past two years, in the March 2010 quarter, just over a third (37%) of houses sold above this price point.
Click to enlarge
<a title="Click to enlarge" rel="shadowbox" href="/images/stories/2012/08/prdaug7.jpg"><img src="/images/stories/2012/08/prdaug7thumb.jpg"></a>
For more, download our free eBook <a target="_blank" href="http://propertyobserver.com.au/ebooks/free-ebook-property-investing-in-queenslands-resources-boom">Residential Property Investment Amid Queensland's Resources Boom.</a>
 
<hr class="system-pagebreak">
 
However sales volumes have eased significantly due to the unaffordability of house and land over this period, with sales across the region down 27.3 % compared with the March 2011 half-year period and land sales down by 48.9 %.
PRDnationwide says there were 327 houses sold across the 12 suburbs that comprise the Gladstone City Area and 149 land transactions in the six months to March 2012.
Sales volumes also decreased in the unit market, which failed to sustain the exploding uplift in activity experienced during 2010-11, registering a total of 107 transactions in the March 2012 half-year period a decrease of 20.7% from the level of volumes recorded in the corresponding period in March 2011.
“The lack of affordable house and land is driving sales volumes back down, exacerbated by unprecedented rental growth which continues to inflate values accordingly,” says Matta.
Matta says the development of the Devine project repesents both good and bad news for the people of Gladstone City – depending on what side of the fence they sit.
“The good news is, that developments like this are likely to entice would-be investors and perhaps first-home buyers to snap up an opportunity they could not previously have afforded,” he says.
“The bad news is, for developers, investors or those who have recently paid a premium to live in the area, that rental vacancy may increase in the market, with rents and subsequent prices likely to correct as a result,” he says.
“As relenting as the fight is for the market to find equilibrium, the earmarked growth in the region’s economy and workforce is likely to ensure the fight continues for a long time to come.”
The PRDnationwide report attributes the revival of the Gladstone property market “solely to the booming resource industries in the Bowen and Surat basins”.
“Substantial projects such as the Curtis Island LNG facility have provided the catalyst for the recent flurry of investor interest, with many looking to capitalise on the opportunity for solid capital growth and attractive rental yields,” it says.
The report investigated three main areas – Agnes Water, Tannum Sands and Gladstone City – and found that demand for investment properties is rising in the Agnes Water Area.
PRDnationwide Agnes Water director Tim Lawry says the property market continues to benefit indirectly from the mining boom – with up to 80% of inquiry and purchases coming from the central Queensland region.
For more, download our free eBook <a href="http://propertyobserver.com.au/ebooks/free-ebook-property-investing-in-queenslands-resources-boom" target="_blank">Residential Property Investment Amid Queensland's Resources Boom.</a>
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Gladstone property hotspot facing headwinds, with investor demand 'grossly outstripping owner-occupier demand': PRDnationwide

<html><body>
<img src="/images/stories/2012/08/300.gif">
The advertised net rent per square metre per annum for office premises at 214 Park Street, South Melbourne, that will be taken up by Antony Catalano’s Metro Media Publishing (MMP) business.<a href="https://www.propertyobserver.com.au/industry-news/accc-approves-fairfax-weekly-review-deal/2012052454818"> Metro Media’s 50% merger with Fairfax Media </a>was approved by the ACCC in May. MMP is the publisher of Melbourne real estate advertising glossy The Weekly Review. There was 1,210 square metres of space available for lease in the two-storey free-standing building, with the lease negotiated by Paul O'Sullivan and Richard Curtain from Lemon Baxter South Melbourne.
 
<hr>
<img src="/images/stories/2012/08/700.gif">
The estimated gross face rent per square metre per annuam that Discount Vitamin Warehouse will pay to lease 93 square metres of retail space at 321a Chapel Street in Prahran, Melbourne.  The lease was negotiated by Mike Crittenden, Colliers International Executive for retail leasing. “We are noticing a shift from tenants to secure space in the Prahran/Windsor precinct, due to the type of shopper in the area and also the competitive rentals, rather than the South Yarra end, which historically has demanded higher rentals,” Crittenden says.
 
<hr>
<img src="/images/stories/2012/08/495.gif">
The initial gross rental of per square metre per annum that Rendezvous Hotels will pay to lease 287 square metres of office space at level six at 23 O'Connell Street in the Sydney CBD. The group is part of The Straits Trading Company Limited of Singapore. The leasing transaction at the former Permanent Trustee building was completed on behalf of owner Accord Pacific Resorts Pty Ltd by Ray White Commercial Office leasing directors John Skufris and Anthony Harris. Rendezvous Hotels has taken up a five-year lease. 
 
<hr>
 
<img src="/images/stories/2012/08/380.gif">
The commencing rent per square metre per annum that an unnamed international A-grade tenant will pay in a pre-commitment deal for 4,540 square metres of office space at levels 1 and 2 at Botanicca 8, within the Botanicca Corporate Park in Richmond, Melbourne. The lease was negotiated by Rob Joyes from Colliers International. The eight-year lease was negotiated on behalf of joint venture partners Pacific Group of Companies and Icon Developments. Peter Evans, Colliers International national director of corporate solutions, acted for the tenant in the negotiations. The new building will be completed by November 2013. Botanicca 8 is part of Botanicca Corporate Park at 576 Swan Street, Richmond offering more than 8,300 square metres of A-grade office space over four levels. 
 
<hr>
 
<img src="/images/stories/2012/08/100.gif">
The estimated annual rental per square metre that Melbourne Martial Arts company XFC Training will pay to lease a new facility at Bayswater in Melbourne’s eastern suburbs in a deal negotiated by Savills Australia. Located in the Bayswater Business Park, the Lot 31 Corporate Boulevard, facility comprises a 1,000 square metre building, which was specifically designed and built to suit the tenant’s requirements. Savills Adrian Smith, who brokered the deal, said the company had taken a five year lease with two, five year options.  The lessor was a local developer.
Negotiated a new lease? <a href="mailto:news@propertyobserver.com.au">Send an email to us</a> with the details and we will publish it our next edition of our commercial leasing ladder.
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Commercial leasing: Watch this space

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In the 17 months since it kicked off its “break-up” campaign on Valentine’s Day last year, NAB has steamed ahead of its big four rivals in providing home loans for owner-occupiers, APRA figures reveal.
From February 29, 2011 to June 30, 2012, APRA figures show that NAB has grown its owner-occupier loan book by $22 billion, to leap ahead of ANZ as the nation's third biggest mortgage lender, with a loan book worth $131 billion.
This translates into mortgage growth of 20% over this time period and comes as NAB revealed that it <a href="/news">would</a><a href="/news"> sign up its one millionth new customer – since the start of the break-up campaign – this week</a>.
Its closest rival over this period, ANZ, has grown its mortgage book by just over $12 billion (11% growth), with $9 billion loan book growth for Westpac 5.6% during this time period, and $7.5 billion added to the Commonwealth Bank’s loan book (4%).
The figures also reveal solid rates of growth at some of the second-tier banks over the same 17-month period, with Bendigo &amp; Adelaide Bank and Bank of Queensland growing their mortgage books by 25% each.
Top 10 fastest-growing owner-occupier loan books in volume terms
<table border="1" cellspacing="0" cellpadding="0" width="370"><tbody>
<tr>
<td width="143" nowrap valign="top"></td>
<td width="87" nowrap valign="top"></td>
<td width="76" nowrap valign="top"></td>
<td width="64" nowrap valign="top"></td>
</tr>
<tr>
<td width="143" nowrap valign="top">
Bank 
</td>
<td width="87" nowrap valign="top">
Loan book  end of June ($ millions)
</td>
<td width="76" nowrap valign="top">
End of Feb 2011
</td>
<td width="64" nowrap valign="top">
Increase in  loan book
</td>
</tr>
<tr>
<td width="143" nowrap valign="top">
NAB
</td>
<td width="87" nowrap valign="top">
$131,333
</td>
<td width="76" nowrap valign="top">
$109,296
</td>
<td width="64" nowrap valign="top">
$22,037
</td>
</tr>
<tr>
<td width="143" nowrap valign="top">
ANZ
</td>
<td width="87" nowrap valign="top">
$123,619
</td>
<td width="76" nowrap valign="top">
$111,473
</td>
<td width="64" nowrap valign="top">
$12,146
</td>
</tr>
<tr>
<td width="143" nowrap valign="top">
Westpac
</td>
<td width="87" nowrap valign="top">
$168,686
</td>
<td width="76" nowrap valign="top">
$159,737
</td>
<td width="64" nowrap valign="top">
$8,949
</td>
</tr>
<tr>
<td width="143" nowrap valign="top">
CBA
</td>
<td width="87" nowrap valign="top">
$178,931
</td>
<td width="76" nowrap valign="top">
$171,447
</td>
<td width="64" nowrap valign="top">
$7,484
</td>
</tr>
<tr>
<td width="143" nowrap valign="top">
Bankwest
</td>
<td width="87" nowrap valign="top">
$36,946
</td>
<td width="76" nowrap valign="top">
$31,426
</td>
<td width="64" nowrap valign="top">
$5,521
</td>
</tr>
<tr>
<td width="143" nowrap valign="top">
Bendigo and  Adelaide Bank
</td>
<td width="87" nowrap valign="top">
$14,858
</td>
<td width="76" nowrap valign="top">
$11,967
</td>
<td width="64" nowrap valign="top">
$2,891
</td>
</tr>
<tr>
<td width="143" nowrap valign="top">
Bank of Queensland
</td>
<td width="87" nowrap valign="top">
$12,311
</td>
<td width="76" nowrap valign="top">
$9,840
</td>
<td width="64" nowrap valign="top">
$2,470
</td>
</tr>
<tr>
<td width="143" nowrap valign="top">
Suncorp
</td>
<td width="87" nowrap valign="top">
$22,595
</td>
<td width="76" nowrap valign="top">
$20,217
</td>
<td width="64" nowrap valign="top">
$2,378
</td>
</tr>
<tr>
<td width="143" nowrap valign="top">
Macquarie Bank
</td>
<td width="87" nowrap valign="top">
$2,321
</td>
<td width="76" nowrap valign="top">
$1,273
</td>
<td width="64" nowrap valign="top">
$1,048
</td>
</tr>
<tr>
<td width="143" nowrap valign="top">
Members Equity Bank
</td>
<td width="87" nowrap valign="top">
$4,607
</td>
<td width="76" nowrap valign="top">
$3,737
</td>
<td width="64" nowrap valign="top">
$870
</td>
</tr>
<tr>
<td width="143" nowrap valign="top">
ING Bank
</td>
<td width="87" nowrap valign="top">
$27,938
</td>
<td width="76" nowrap valign="top">
$27,277
</td>
<td width="64" nowrap valign="top">
$661
</td>
</tr>
<tr>
<td width="143" nowrap valign="top">
QT Mutual Bank
</td>
<td width="87" nowrap valign="top">
$723
</td>
<td width="76" nowrap valign="top">
$191
</td>
<td width="64" nowrap valign="top">
$532
</td>
</tr>
<tr>
<td width="143" nowrap valign="top">
AMP Bank
</td>
<td width="87" nowrap valign="top">
$5,257
</td>
<td width="76" nowrap valign="top">
$4,786
</td>
<td width="64" nowrap valign="top">
$470
</td>
</tr>
<tr>
<td width="143" nowrap valign="top">
Citigroup
</td>
<td width="87" nowrap valign="top">
$5,080
</td>
<td width="76" nowrap valign="top">
$4,708
</td>
<td width="64" nowrap valign="top">
$372
</td>
</tr>
<tr>
<td width="143" nowrap valign="top">
Source: APRA
</td>
<td width="87" nowrap valign="top"></td>
<td width="76" nowrap valign="top"></td>
<td width="64" nowrap valign="top"></td>
</tr>
</tbody></table>
 As a rough guide, NAB adding $22 billion to its mortgage book over this time frame would translate into around 75,000 owner-occupier home loans (based on the average size of mortgage being just under $294,000, according to ABS housing finance figures).
This can only be a rough estimate, as the APRA figures do not reveal the value of each bank’s mortgage book that has been run off during this time period.
This week, NAB said it was expected to sign on its one millionth new customer since launching the break-up campaign.
While some people may have assume the bank has opened 1 million new accounts, NAB has confirmed to Property Observer that it has gained one million new customers since the start of the campaign.
NAB's break-up campaign coincided with the bank keeping its promise to maintain the lowest standard-variable mortgage rate of the big four banks until at least the end of 2012 – though the gap between it and ANZ and Commonwealth Bank has narrowed.
NAB has an SVR of 6.78%, marginally below that of the Commonwealth Bank and ANZ (6.80%), with Westpac at 6.89%.
For more, <a href="/news">view our free webinar Refinancing and the Interest Rates Riddle.</a>
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NAB surges ahead of big four rivals on owner-occupier mortgage lending since February 2011 ‘break-up’: APRA

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There is expected to be a rise in the number of forced sales of retail strip properties and warehouses in the second half of the year, according to Colliers International’s Matthew Meynell.
Meynell, team manager of Colliers Insolvency Property Services division in NSW, expects a rise in distressed retail strips listed for sale due to the impact of the high Australian dollar on importing costs as well as retail strip landlords struggling to compete with the “super regional centres” on rental rates per square metre.
A distressed asset is one that is put up for sale, usually at a cheaper price, because the owner is forced to sell due to bankruptcy or excessive debt.
<a target="_blank" href="https://www.propertyobserver.com.au/retail/more-than-650-australian-stores-closed-in-first-six-months-of-2012/2012071655589">According to calculations by SmartCompany last month</a>, more than 650 retail store closures have been announced since the beginning of the year, and more than 1,600 workers left without jobs. Retail businesses including Fletcher Jones, GAME, WOW Sight and Sound, Dick Smith, Speciality Fashion Group have all announced plans to scale back their retail footprints dramatically.
Last year warehouses were the most prominent distressed asset class among forced sales due to the struggling manufacturing sector, and Meynell expects industrial assets to remain prominent among distressed listings.
Colliers International figures for the first half of the year show a drop in the number of distressed commercial assets listed for sale from 378 to 329 following a drop in companies entering into external administration from a peak in September 2011.
Click to enlarge
<a title="Click to enlarge" rel="shadowbox" href="/images/stories/2012/08/colliersaug6.gif"><img src="/images/stories/2012/08/colliersaug6thumb.gif"></a>
Queensland had the highest number of distressed assets for sale in the first six months of the year at 143, but this was well down from the 181 listed for sale for the first six months of 2011.
There was also a smaller drop in distressed assets listed for sale in NSW and WA.
Meynell says in both states there has been a lot more of “micro-managing of distressed assets” which has cleaned out a lot of the distressed assets listed for sale after the GFC.
Current listings of distressed commercial properties include the 10,000-square-metre Casula Central bulky goods centre in Sydney being sold by Brett Burridge from Knight Frank and the 6,500-square-metre Home Central Retail Centre in Coffs Harbour listed for sale by Troy Mitchell of LJ Hooker Commercial and Jon Tyson of Savills Brisbane.
High-profile distressed asset listings include the Crowne Plaza Hunter Valley, which hotelier Jerry Schwartz is finalising plans to buy for $45 million. The property was listed for sale by Meynell alongside Colliers International colleague Steam Leung on behalf of receivers Ferrier Hodgson.
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Increase in forced sales of retail strips and warehouses expected in second half of 2012: Colliers International

<html><body>
David Devine’s Metro Property Development group has increased its commitment to the inner-Brisbane apartment market, with approval granted for an $80 million project in South Brisbane.
The 12-level development, called The Plaza, has been designed by architects Deicke Richards and is due to be built at the corner of Russell and Manning streets on a 2,270-square-metre site and will feature 168 apartments.
Off-the-plan marketing of the project will begin later this month.
<img src="/images/stories/2012/08/plaza.jpg">
It will offer a mix of one- and two-bedroom apartments, ranging in price from $330,000 to $575,000.
The building will also feature a pool, gymnasium, outdoor dining area and garden reading room.
The Plaza site is situated just behind the Brisbane Convention Centre and close to the South Bank rail station and bus interchange, the Brisbane art gallery and cultural precinct, South Bank Parklands and the CBD.
<img src="/images/stories/2012/08/plaza2.jpg">
The project will take the value of Metro’s approved apartment developments in Brisbane to more than $400 million.  Metro currently has 1,337 apartments under construction or approved for development in inner Brisbane and a further 950 apartments in the pipeline. Metro is involved in <a href="https://www.propertyobserver.com.au/developments/construction-of-david-devines-madison-heights-tower-begins-with-87-of-units-sold-off-the-plan/2012071155517">three joint-venture projects with Indian-owned developer Pearls Australasia</a> in the inner north:
<ul>
<li>the 30-level <a target="_blank" href="https://www.propertyobserver.com.au/developments/construction-of-david-devines-madison-heights-tower-begins-with-87-of-units-sold-off-the-plan/2012071155517">Madison Heights</a> project in Bowen Hills in the inner-north, where construction has just commenced; </li>
<li>the 195-apartment The Chelsea also in Bowen Hills, which is sold out and</li>
<li>
<a target="_blank" href="https://www.propertyobserver.com.au/developments/buyers-snap-up-20-of-fortitude-valley-s-brooklyn-offerings/2011101351911">Brooklyn on Brookes</a> in Fortitude Valley  where construction is due to commence in August or September</li>
</ul>
In addition, Devine is also building the Riverside Hamilton Harbour project in partnership with Leightons.
Metro says it has received more than 200 registrations of interest for The Plaza project.
“We believe South Brisbane will continue to build on the reputation it has established as one of the city’s most popular lifestyle hubs,” says David Devine.
“With its proximity to schools, universities, hospitals, major entertainment venues and access to major transport, it is a great opportunity for buyers and investors.
“Apartments in the area are definitely undersupplied and there is great demand for an affordable, quality product that is sophisticated and stylish."
Metro marketing director Ken Woodley says there are more than 26,000 white-collar workers in the South Brisbane area and more than 80,000 students attend universities and colleges nearby.
“We anticipate demand for The Plaza from the local market will be very strong," he says.
Metro is expecting interest from young professionals, owner-occupiers and investors.
According to Urbis, the rental vacancy rate for apartments in Brisbane’s inner city sits at approximately 1.35% and is forecast to tighten to 1% or less by by December 2012.
South Brisbane recently ranked as top investment suburb, according to Your Investment Property magazine's Top 100 suburbs lists.
According to Resolution Research &amp; Strategists managing director Diana Howes,  the South Brisbane apartment market is chronically undersupplied.
“Taking into consideration the forecast increase in resident population in the South Brisbane/West End neighbourhood plan it is evident that this market is currently chronically undersupplied and will remain so until such a time as significant development and construction is undertaken to service demand,” she says.
Metro Property Development was created in 2010 by Devine Limited founder David Devine and business partners Ken Woodley and Luke Hartman.
To find out more about new projects in the inner Brisbane, Download Property Observer’s <a href="http://propertyobserver.com.au/ebooks/free-ebook-the-brisbane-inner-city-market" target="_blank">free eBook: Brisbane's Inner-City Urban Renewal</a>, which provides an overview and analysis of the current inner-Brisbane apartment market scene.
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David Devine’s Metro group wins approval for $80 million inner-Brisbane project The Plaza

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Property developer Mirvac has appointed Greg Dyer as its new finance director, replacing Justin Mitchell.

He will commence the role on September 4 and will also join the board of Mirvac.


Dyer was previously chief financial officer at property developer Mulpha Australia (a position he has held since 2005) and has also served on the board of FKP Property Group.


Prior to his role at Mulpha, Dyer was CFO at publisher APN News &amp; Media Limited.


Dyer is a qualified chartered accountant.


Last week <a href="https://www.propertyobserver.com.au/news/mirvac-gets-planning-go-ahead-on-harold-park-where-31-of-sales-have-been-to-first-home-buyers/2012072955756">M</a><a href="https://www.propertyobserver.com.au/news/mirvac-gets-planning-go-ahead-on-harold-park-where-31-of-sales-have-been-to-first-home-buyers/2012072955756">irvac received planning approval for its $1.1 billion residential development at Harold Park</a>, in the inner-Sydney suburb of Glebe.</body></html>

Developer Mirvac appoints Mulpha’s Greg Dyer as new finance director

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An entire undeveloped outer-west Melbourne suburb adjacent to Mt Atkinson has been listed for sale.
Mt Atkinson is a "dormant shield volcano" – a volcano made up of runny magma that forms a cone that has a flattened dome-like shape – and it together with nearby Mount Cottrell, also a dormant volcano, are the only elevated parts of otherwise flat terrain in the region.
The volcano itself sits on private land, rising just 100 metres, with the intended suburb to be developed on the contours of Mt Atkinson.
<img src="/images/stories/2012/08/wholesuburb.jpg">
The 555-hectare parcel of land at 1- 59 Greigs Road is being offered to developers as the opportunity to create a self-sustainable community incorporating residential, retail, business and industrial uses.
It is located 25 kilometres north-west of the Melbourne CBD, between the Western Freeway, the proposed outer metropolitan ring road and the Deer Park Bypass,  a few kilometres west of Caroline Springs.
It was brought inside the urban growth boundary in 2010.
The recent release of the Western Growth Corridor Plan by the Growth Areas Authority (GAA) designated the site to deliver a mixture of conventional, medium- and high-density housing, a higher-order business precinct comprising a mix of business uses (such as office parks, research and development), a specialised town centre and a dedicated industrial precinct.
The site is being marketed by CBRE’s Tom Hayes and Charlie Buxton and is being targeted at both national and offshore developers. 
It will be sold via a request for proposals campaign, closing on September 14 at 4pm.  No price indication has been given.
Hayes says the large parcel of land and flexible zoning offered developers the opportunity to create a self-sustainable community offering a multitude of housing and employment options.
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“The massive scale of this opportunity will guarantee the successful purchaser the opportunity to make their mark on Melbourne,” he says.
Buxton highlights that the site connects directly to the arterial road system, the future OMR/western highway interchange and the Melbourne-to-Ballarat rail line.
This, he says, places it in the unique position to operate as a transit-oriented white-collar employment hub and to accommodate a higher diversity of housing.
Mt Atkinson represents the highest point within the western growth corridor.
The property benefits from uninterrupted city and Port Phillip Bay views.
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Whole outer-west Melbourne suburb – adjacent to dormant volcano – listed for sale, with subdivision developer interest expected to erupt

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NAB’s red star appears to be on the rise, with its customer satisfaction rating continuing to increase.
It is also preparing to sign up its one millionth customer 18 months after launching its "break-up" campaign urging customers of the other big four banks to switch over.
In addition, banking analysts at Nomura are encouraging their clients to increase their holdings in NAB (alongside Westpac), rating the bank as a buy. The agency rates ANZ as neutral and are urges clients to reduce their Commonwealth Bank (CBA) stock holding.
Nomura banking analyst Victor German says NAB and Westpac are "best placed to deliver better margin performance over the medium term".
Nomura analysis shows NAB has the fastest growing home loan book (9.1%) over past 12 months, almost matched by ANZ (9%), with CBA (4.5%) and Westpac (4.4%) lagging.
The rebirth of the NAB brand comes as former CBA chief David Murray backs a review of the banking system.
Murray said a review should look at ways to improve the ownership structure of banks, adding that the issue of “too big to fail” would remain “very front of mind of all the regulators”.
The NAB break-up campaign kicked off on Valentine’s Day 2011, when NAB said it would pay the $700 early mortgage exit fee for CBA and Westpac customers switching to NAB as part of a campaign of eliminating mortgage and credit card fees.
NAB was the first major bank to abolish home loan early exit fees in December 2010 – ahead of the government ban from July 1 last year.
Bank customer satisfaction ratings compiled by Roy Morgan show that NAB’s satisfaction rating has been rising since the end of 2009, when the bank first began abolishing its over limit fee on credit cards and reduced credit card late payment fee from $30 down to $5.
Between 2008 and mid-2010 NAB’s satisfaction rating was the lowest of the big four banks at a time when its share price lagged the banking index. This culminated in an internal revamp of the bank, led by chief executive Cameron Clyne, who replaced John Stewart as NAB boss in January 2009.
The bank currently has the highest satisfaction rating of the major banks at 78.2% as measured by Roy Morgan, with ANZ the lowest ranked (and on a steep downward trajectory coinciding with apparent customer distaste for its independent interest rate decisions).
NAB became the top-ranked big four bank at the start of 2012 – and while it did dip in the first few months of the year, it has maintained its leads over the other banks.
Over the past 12 months to June, NAB’s customer satisfaction rating has improved by 3.6 percentage points.
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Clyne told the Australian Financial Review the expectation of signing up its one millionth new customer this week was a significant milestone and well ahead of its target.
However, Paul Dowling from banking analysts East &amp; Partners has warned that the key for the bank will be growing the amount of business they get from their new customers.
“The real test is the next 18?months, two years, to see what NAB can do with these customers. This is great, they’ve got to first base, 1?million new customers, but it’s what comes next.”
NAB’s group executive of personal banking Lisa Gray says the bank must now focus on retaining the new customers and cross-selling them other products.
For more, <a href="/news">view our free webinar Refinancing and the Interest Rates Riddle.</a>
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With millionth new customer, NAB ‘break-up’ campaign causes red star to shine

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.

&nbsp;

[smartcode_project:default project_id=146717 project_image_fid=372212]

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."

[smartcode_project:default project_id=146717 project_image_fid=372227]

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.

[smartcode_project:default project_id=146717 project_image_fid=372225]

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.

[smartcode_project:default project_id=146717 project_image_fid=372222]

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.

[smartcode_project_cta:default project_id=146717]

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.

[smartcode_project:default project_id=134323 project_image_fid=6395]

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.”

[smartcode_project:default project_id=134323 project_image_fid=6399]

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.”

[smartcode_project:default project_id=134323 project_image_fid=353235]

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.

[smartcode_project:default project_id=134323 project_image_fid=6390]

“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.

[smartcode_project_cta:default project_id=134323]

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.

[smartcode_project:default project_id=139989 project_image_fid=350986]

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.

[smartcode_project:default project_id=139989 project_image_fid=359152]

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.

[smartcode_project:default project_id=134800 project_image_fid=370648]

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.

[smartcode_project:default project_id=134800 project_image_fid=370647]

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.

[smartcode_project:default project_id=134800 project_image_fid=372541]

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.

[smartcode_project:default project_id=134800 project_image_fid=351535]

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.

[smartcode_project_cta:default project_id=134800]

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.

&nbsp;

<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.

[smartcode_project:default project_id=135247 project_image_fid=262183]

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.

[smartcode_project_cta:default project_id=135247]

Larry Schlesinger

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