<html><body>
Asian investors, hotel operators and high-net-worth individuals looking for a luxury retreat are lining up as potential buyers of the Ruffles Lodge &amp; Spa in Willow Vale in the Gold Coast hinterland.
The property is being marketed by Paul Fraser and Dean Humphries from Jones Lang LaSalle Hotels, with Fraser expecting it to sell for between $6 million and $8 million.
It is about 25 minutes north-west of Surfers Paradise and 45 minutes south of Brisbane.
According to the information memorandum, the lodge made a net operating profit of around $215,000 in the 2010-11 financial year.
Annual gross revenue has ranged between $1.1 million and $1.45 million since the lodge was expanded in late 2008.
The average daily room rate across the 12 villas has also ranged from $449 to $482 per night over the last three trading years despite occupancy ranging between 30% and 50%.
“This level of occupancy is largely representative of the lodging industry, which places more emphasis on achieving a high room yield as opposed to the number of room nights occupied,” reads the information memorandum.
“As a result room yield (RevPAR) has ranged between $181 and $240, akin to other five-star hotel operations in Brisbane and the Gold Coast.”
Fraser says the asset would appeal to someone like mining magnate Clive Palmer, who has already snapped up a number of bigger resorts in the struggling regional Queensland tourism market.
“It is tough market, but there is a lot of stock-standard hotel stock out there.
“Ruffles is a premium offering targeted at niche, high-end clientele. It gets a lot of repeat business. It’s a step up. No expense has been spared,” Fraser tells Property Observer. 
Alternatively, he says it could be turned into a private residence.
“This asset is very versatile,” he says.
The resort, which operates under the Peppers brand, is owned and operated by John and Jan Nicholls, who acquired the 18 hectares of elevated land in 2003.
The Nicholls spent 16 years running a charter boat business taking guests around the Western Pacific islands and the Great Barrier Reef before moving to Sydney in 1987 and building a much larger charter boat business, which they sold in 1996.
Following construction of the 12 luxury villas, including a two-bedroom private residence and conference and restaurant facilities, the lodge opened its doors in 2008.
The day spa, owners’ cottage and three of the villas were designed by Sydney architectural firm Allen Jack + Cottier, which also designed Elysia, the award-winning spa and health retreat in the Hunter Valley.
The main building is an extension of the Queenslander style with large veranda, stone walls, high ceilings and aged timbers re-milled from 100-year-old wharves along the Brisbane River.
The restaurant has two separate dining rooms, both with views of the coast.
According to the Ruffles website, the “‘garden gazebo”, situated on a raised knoll with views in all directions and the sun all day, is an “ideal place to relax with a book”.
“It was a massive passion of the Nicholls to build the lodge,” says Fraser. “They are selling as they are retiring and moving to Sanctuary Cove.”
Aside from the 12 luxury villas, the property includes a health spa, infinity pool, restaurant and conference facilities.
While Fraser does not yet have revenue figures, he says it has attracted a substantial number of bookings due to its location in the hinterland (as opposed to being on the coast), with little competition in the area.
Prices range from $379 for a two-night stay in the garden villa to $959 for one night in the two-bedroom executive spa.
A "5 Senses Food Fantasy Weekend" starts from $775 per night, and a degustation lunch prepared by executive chef Steve Houghton costs $100.
“The immaculate, architect-designed luxury lodge is five kilometres from Dreamworld, but its tranquil location makes it seem worlds away. Set high on a hill in manicured gardens, five private villas, three tree houses, and an executive lodge suite with an expansive separate living room have views to the Gold Coast beaches and high-rises as well as the surrounding bushland,” is how accommodation review website Fodors describes the lodge.
Ruffles Lodge is being sold via an international expressions-of-interest campaign closing July 12.
</body></html>

lschlesinger-FZcF9M3vE6

Asian investors interested in five-star Gold Coast Ruffles resort

<html><body>
WA estate agents are enjoying an improved operating environment in 2012 following a difficult 2011, says David Airey, president of the Real Estate Institute of Western Australia (REIWA). 
His comments follow the surprise finding of the 2012 <a href="https://www.propertyobserver.com.au/industry-news/one-in-five-queensland-and-wa-real-estate-offices-made-a-loss-in-2011-macquarie-benchmarking-report/2012061955194" target="_blank">Macquarie Residential Real Estate Benchmarking report</a> that 18% of WA estate agents made a loss in 2011. 
Airey attributed 2011 difficulties to “sluggish turnover” off the back of low consumer confidence. 
“Thankfully, we have seen things turn around in December 2011 and March this year, with prices up slightly and turnover jumping by 24% for the start of this year,” he tells Property Observer. 
Airey says listings have now come down to a long-term average and the market has returned to a more usual pattern after bouncing around for the past five years. 
Figures released by the REIWA on June 6 show that the number of properties for sale in Perth has come down significantly to be at its lowest level since April 2010.
The institute says the number of properties on the market including houses, units and land fell to 12,975 in early June. 
At the end of May, REIWA data showed current listings in the metropolitan region sitting at 13,291, with the number of listings trending downwards during 2012 after a peak in March of 14,358. 
“We are now at a level below the start of the year and have pretty much returned to the equilibrium we might expect from normal market conditions. 
“This is because the 2,840 listings for land is over-represented when compared with historic trends, and more developers are now listing on reiwa.com,” Airey says. 
At the same time as listing are falling, the REIWA says reported sales have been showing a steady increase as the market returns to average turnover levels. 
Airey says the high number of listings and lesser number of sales in 2011 made life difficult for many agencies, some of which were relying on rent rolls for bread-and-butter income.
The Macquarie report found that 20% of Queensland estate agents made a loss in 2011.
Real Estate Institute of Queensland (REIQ) CEO Anton Kardash says the reduction in profitability for Queensland real estate agencies in 2011 is not overly surprising "given the terrible natural disasters we experienced last year".
“These adverse weather events, coupled with the ongoing national and global economic uncertainty at the same time, meant that Queensland real estate agencies experienced some of these leanest times in many years. Indeed, many agencies choose to close their doors, reduce staff, or amalgamate to remain financially viable," Kardash says.
“This year, however, is heralding a much better period for Queensland agencies with greater overall confidence being reported in the market as well as strengthening levels of activity.
“Many agents believe the bottom of the Queensland market has passed which, together with lower interest rates and more affordable property prices, is starting to attract buyers.”
</body></html>

Improved operating environment for WA estate agents in 2012: REIWA’s David Airey

<html><body>
The seasonally adjusted estimate for new private sector house commencements fell 7.8% in the March quarter, following a fall of 2.6% in the December quarter, according to preliminary estimates from the ABS.
New house starts are down 13.1% for the year to March to 20,306.
More volatile unit commencements fell 21.6% in the March quarter following a fall of 6.3% in the December quarter.
Unit starts are down 37.7% for the year to March to 9,492.
Combined (houses and units) dwelling commencements fell 12.6% in the March quarter following a fall of 4.5% in the December quarter and are down 24.5% for the year to March.
The combined fall was significantly below market expectations, which centred on a 2.3% fall in the quarter noted Commonwealth Bank associate economist Diana Mousina.
"Monthly building approvals data, which tends to be a good leading indicator of quarterly construction data, did not suggest such a large drop in first quarter dwelling commencements.
"The housing market has been a major spot of weakness in the economy and the large fall in housing starts in the first quarter of 2012 confirm this trend," she says.

The number of seasonally adjusted dwelling commencements fell in six of the eight states and territories in the March 2012 quarter.
Dwelling commencements fell by 37.4% in New South Wales, 8.3% in Victoria, 4.8% in Western Australia, 15.8% in Tasmania, 0.4% in the Northern Territory, and 41.2% in the ACT.
Seasonally adjusted dwelling commencements increased by 2.5% in Queensland and by 0.6% in South Australia.
On a trend basis, WA recorded its eighth straight quarter of declining dwelling commencements with Victoria and South Australia recording seven straight quarterly declines.
The HIA says the March quarter figures highlight "the urgency of investment and reform to boost new housing supply".
"Dwelling commencements have been declining since the middle of 2010 and are currently running at an annualised level of 122,492," says HIA chief economist, Harley Dale.
"Excluding the new home building recession around the GST, this is the lowest level for dwelling commencements since the September quarter of 1996. Furthermore, it is a weaker outcome than was evident at any time during the GFC.
"Carve through the current argy bargy about how strong or weak the Australian economy is and you find that new housing is unequivocally weak," says Dale.
Master Builders Australia (MBA) described the March quarter result as "devastating".
MBA chief economist, Peter Jones says the extremely poor dwelling commencements result reflect high levels of consumer caution and low levels of confidence.
“The figures are a major setback for an industry that has now fallen to lows experienced during the global financial crisis. This puts at risk the viability of many building and construction operations," he says.
“The results confirm the urgency of the Reserve Bank’s decision to cut interest rates in May and June.
“Consumers are nervous due uncertainty regarding the Euro crisis, minority government and the pending introduction of the Carbon Tax.
“The glass is less than half-full for the housing sector. Jobs are being lost and more at risk," he says.
</body></html>

New home construction continues to slide, with starts down 7.8% in March quarter: ABS

<html><body>
One in five estate agencies in Queensland and nearly the same proportion in the other mining boom state WA (18%) made a loss in 2011, according to the Macquarie 2012 Residential Real Estate Benchmarking report.
The proportion of loss-making estate agencies in these two states is higher than in any other mainland state according to the report, based on Macquarie’s survey of 416 agencies carried out in February.
The figures are before principles pay themselves a salary.
The president of the Real Estate Institute of Western Australia, David Airey, said he was not surprised by the finding saying that in 2011 his state experienced three quarters of declining house price following four quarters of decline from the previous year.
He says for WA estate agents the key issue has been the slump in turnover.
“Consumer confidence has been very low for the last couple of years resulting in very sluggish turnover, which at times has been 30% below normal expectations,” Airey says.
Just 71% of Queensland agencies made a profit – the lowest proportion of all states – compared with a national average of 77%.
WA agents performed better, with 78% reporting a profit.
Around 14% of NSW real estate agencies made a loss in 2011 -just below the national average of 15%.
Despite its lacklustre property market, Victoria had the smallest proportion of firms making a loss (6%), with 85% of Victorian real estate agents making a profit in 2011 – helped by a greater focus on property management than other states.
Click to enlarge
<a rel="shadowbox" href="/images/stories/2012/06/macquariejune20.gif" title="Click to enlarge"><img src="/images/stories/2012/06/macquariejune20thumb.gif"></a>
The report notes that Queensland and WA agencies far exceed the average in terms of loss-making agencies in the period.
“They are also the two states which faced arguably the toughest sales markets in the period, excepting some regional centres that benefited from resources sector strength,” says Macquarie.
Further evidence of the tough operating environment in Queensland and WA was evidenced by the number of agencies in these two state reporting declines in gross sales commissions and agency revenue figures.
<ul>
<li>About 56% and 49% of Queensland and WA agencies respectively reported declines in gross sales commissions, against a national average of 46% .</li>
</ul>
<ul>
<li>About 46% and 45% of Queensland and WA agencies respectively reported declines in agency revenue, against a national average of 40%. </li>
</ul>
The report attributed the high proportion of Queensland agencies making a loss to a “well-documented period of natural disasters (including the Brisbane floods) in early 2011, which had a direct impact on the sales market and agencies”.
In comparison, the report says although Victoria also experienced a high number of agencies recording declines in agency revenue and gross sales commissions (46% and 52% respectively), “what is known for certain is that agencies in Victoria have rent rolls that are 35% larger, by properties under management, than the national average”.
The report found that the industry has shifted to greater focus on property management with revenue from the rent roll now accounting for 42% of total revenue in 2011 compared to 36% in 2009 with the average rent roll size increasing from 375 properties in 2009 to 436 in 2012.
Nationally, 39% of agencies reported an overall increase in profit while 42% reported a decrease.
Nearly a quarter of agencies (22%) did not make a profit in the financial year, while 58% achieved a return above 10%.
The best-performing agencies (profit margins of greater than 30%) accounted for just 10% of total agencies that took part in the survey.
</body></html>

One in five Queensland and WA real estate offices made a loss in 2011: Macquarie Benchmarking Report

<html><body>
The Property Council of Australia (PCA) has slammed the decision of a House of Representatives Economics Committee backing the doubling of the withholding tax charged for foreign investors who invest in Australian managed investment schemes. 
Many of these managed funds are used to fund big property and infrastructure projects. The new tax rate of 15% (up from the current 7.5% rate) is due to kick in on July 1. 
Government members on the committee backed the raising of the tax rate, while Coalition members backed a position held by the PCA that the tax should be scrapped because it discourages foreign investment. 
The tax hike has also been slammed by <a href="https://www.propertyobserver.com.au/tax/lend-lease-slams-15-withholding-tax-as-property-council-fails-to-convince-wayne-swan-to-scrap-it/2012053154915" target="_blank">property developer Lend Lease</a> and the Financial Services Council, which represents fund managers and superannuation funds. 
“The evidence provided by industry shows that Treasury’s reasoning is inadequate, flawed and economically harmful,” says Property Council chief executive Peter Verwer. 
“It is particularly galling that government members endorsed Treasury’s position despite Treasury’s repeated refusal to reveal its modelling on the impacts of a higher tax on the economy.” 
“Treasury didn’t even bother to assess the impact of a higher withholding tax on the federal government’s own revenue streams.”
His comments come soon after a <a href="https://www.propertyobserver.com.au/leisure/malaysian-reit-pays-%24415-million-for-marriott-five-star-hotel-portfolio/2012061455118" target="_parent">Malaysian investment trust payed $415 million for a portfolio of three five-star Marriott hotels,</a> with the deal going ahead despite the prospect of the higher withholding tax rate “causing some friction”, according to Mark Durran and Craig Collins of Jones Lang LaSalle Hotels, who negotiated the deal. 
Verwer says Treasury’s analysis of the tax hike is flawed on three counts. 
“First, Treasury says that international investors are more interested in Australia’s AAA credit rating than tax rates.” 
“Treasury doesn’t understand that investors actively compare tax rates in different countries to assess the relative impact on their investment returns.” 
“It should be obvious that after-tax returns are critical to investor decision-making,” he says. 
Secondly, Verwer says that Treasury “ignores any difference between the headline withholding rate promoted by a country and the effective rate – the rate actually imposed on investors.” 
“Treasury has not done its homework and has been conned into believing that other countries apply a 15% rate.” 
“In fact, most countries charge pension funds withholding tax of 5% or less, many charge zero.” 
“Other countries are determined to attract the patient equity capital of large pension funds, particularly when debt markets are increasingly unstable.”
“By doubling our withholding tax rate, Australia reduces its ability to compete with the lower effective rates of other countries.”
Lastly, Verwer says: “Treasury has failed to realise that a higher withholding tax will scare off international investors, which will reduce both economic activity and government revenue flows.”
“You can’t tax investment that doesn’t occur.” 
Verwer pointed to a recently released Allen Consulting Group report modelling the impact of the proposed withholding tax increase on tax takings and the broader economy. 
The report, commissioned by the PCA, shows that by 2015-16, instead of collecting $75 million, state and federal governments will only receive $36 million and GDP will shrink by $30 million. 
Both the Property Council and Financial Services Council say they have evidence that more than a $1 billion of global funds have already been directed to other countries or frozen, following the 2012 federal budget announcement.
In its defence, the government claims the new tax rate is a better balance of the needs of Australia to remain an attractive destination for foreign investors while ensuring a fair return.
Treasury is estimating a tax return of $260 million over four years generated from the withholding tax.
</body></html>

Treasury’s doubling of withholding tax ‘flawed and economically harmful’: Property Council

<html><body>
Another iconic Australian live music venue could one day become a residential development following the listing of the Tivoli live music venue in Fortitude Valley in inner Brisbane. 
The 1,500-seat music venue with its Art Deco façade is located at 48-52 Costin Street in and is considered one of Fortitude Valley’s premier live entertainment venues, hosting recent performances by Katy Perry and Lily Allen. 
It follows the listing of the former <a href="https://www.propertyobserver.com.au/leisure/jerry-pilarinos-melbourne-venue-the-palace-formerly-the-metro-nightclub-listed-for-receivership-sale/2012061955174">Metro nightclub</a> – currently The Palace live music venue – in Melbourne. 
The Tivoli is being marketed by Leon Alaban and Sean Dollar of Ray White Hotels Australia on behalf on behalf of Dromahair Pty Ltd, which acquired it in 1999 for $1.65 million and has operated it as a music venue since. 
John O’Rourke – part of the O’Rourke property development family – is the managing director of Dromahair Pty Ltd, a hospitality business based in NSW, and has also been the manager of the Tivoli since 2004. 
Since purchasing the Tivoli he has invested millions in turning it into a premier music venue. 
O’Rourke is also the managing director and owner of Longyard Golf course in Tamworth and Strutters Nightclub in Rockhampton. 
The venue, which occupies a site area of approximately 2,160 square metres, is licensed to operate from 10am to 2am, Monday to Sunday. 
It will be auctioned onsite at 11am on Wednesday, July 18, 2012. 
Alaban says the O’Rourke family have decided to sell the Tivoli as a freehold going concern. 
“The O’Rourke family have decided to divest the Tivoli, as it forms part of a family trust and is therefore being sold to dissolve the trust and pay out the beneficiaries,” he says. 
A price well in excess of the previous selling price is expected, with Alaban telling Property Observer the O’Rourke family is putting it to auction to let the market decide its value. 
Potential buyers include entertainment promoters looking for a foothold in the industry as well as investors who would want to turn the Tivoli into a residential development further down the track. Hoteliers and pub and tavern owners may also show interest, says Alaban. 
The Tivoli has no development approval and is currently zoned for small recreation or nightclub use with an eight-storey height limit. 
There is no heritage protection for the property. 
The Tivoli, which has a distinctive Art Deco façade, was built in 1917 and started life as bakery.
It adjoins the massive $2.9 billion redevelopment of the RNA Showgrounds on the northern fringe of Fortitude Valley. 
“The showgrounds precinct is set to be transformed into a lifestyle and cultural hub for the community which will have enormous economic and infrastructure benefits to Brisbane and the immediate surrounding areas,” says Alaban.
“The venue presents immaculately and has an enviable reputation throughout the entertainment industry,” he says. 
“The Art Deco-style auditorium with mezzanine holds 1,500 standing or 700 seated patrons. The Tivoli also features a reception and foyer, a main bar, lower bar, mezzanine bar, artists lounge, kitchen and designated outdoor smoking area.”
</body></html>

Brisbane’s Art Deco Tivoli nightspot up for sale and could be potential residential development site

<html><body>
HSBC chief economist Paul Bloxham and Westpac senior international economist Huw McKay have come to different conclusions about rate cut expectations for the remainder of 2012 following the release of the minutes from the June 1 RBA monetary policy meeting.
Bloxham expects just one more 25-basis-point rate cut this year, taking the cash rate to 3.25%, while McKay expects three more taking the cash rate to 2.75% by December.
“We think the RBA is probably a little ahead of the curve, having cut rates last month,” says Bloxham. 
“With global risks still tilted to the downside, we continue to expect that there may still be one more 25 basis points cut in the second half of 2012, but it is a close call,” he says. 
Bloxham says interest rate markets pricing in 90 basis points in cuts is “overdone”.
He notes the more “upbeat” nature of the minutes compared with the post-meeting statement.
“Today's minutes reiterated that the 25-basis-point cut in June was insurance against the possible effect of weakening global conditions, which was afforded because inflation is expected to remain low. In their view, local conditions had not significantly weakened. 
“They also told us that the RBA viewed the decision to cut rates on 5 June as 'finely balanced'. 
“We agree. As we noted before the meeting, our view was that local conditions did not warrant a further cut in interest rates. The minutes seem to suggest that on local conditions alone, they would probably have left rates steady. But the cut was in response to weakening global conditions.” 
McKay, however, says the best policy response from the RBA would be to reduce the cash rate by a further 75 basis points by the end of the year.
“The month-to-month path for the policy rate to achieve that end point is difficult to define precisely, with the fluid nature of the European picture making the potential timing more event-driven than is usual,” he says.
“We feel that the best policy response given the balance of domestic and international forces would be to deliver 25 basis points cuts at successive meetings in July and August, before a final move in the December quarter.”
McKay agreed with Bloxham that the June decision was a difficult one for the RBA board, which was ultimately swayed in favour of a rate cut by global concerns.
“The minutes to the board meeting of June 5, which resulted in a 25-basis-point cut in the policy rate to 3.5%, imply very strongly that a large cut was not countenanced, and that if the decision was being made solely on domestic grounds, a cut would not have been delivered,” McKay says.
“The rationale seems to have been that there were enough elements of resilience in the domestic figures for the bank to take some time to assess the impact of past easing on activity, but that with the potential for global tensions to ‘intensify’ precautionary behaviour, the ‘finely balanced’ arguments turned in favour of a cut.”
</body></html>

HSBC expects one more rate cut following RBA June meeting, but Westpac says minutes suggest three more by December

<html><body>
Watched by millions of DIY renovation fans, contestants on The Block 2012 worked hard to renovate their South Melbourne terraces in the hopes of securing the prize winning highest price at auction, scheduled for June 30.
Contestants may have high hopes of <a target="_blank" href="https://www.propertyobserver.com.au/auctions/with-%2453-million-outlay-the-block-2012-terraces-will-have-to-outperform-south-melbourne-market-to-make-close-to-a-profit/2012060454976">sale prices around the $1.2 million mark</a> but could struggle to achieve this given recent sales history.
This year there have been 12 sales of South Melbourne terraces with only four disclosing their prices, resulting in an average price of just over $1 million.
It wasnt helped this week with <a target="_blank" href="/news">South Melbourne</a> one of six suburbs to drop off the $1 million median house price perch over the past 12 months following soft trading conditions , according to first quarter 2012 figures released by the Real Estate Institute of Victoria.
The suburb had a median selling price for the first three months of the year of $967,000, according to the REIV.
RP Data put South Melbourne's median house price at a lower $925,000, down 11% over the year. But it is up 47% over the past five years. RPData suggests that the median price for houses priced over $750,000 sits at $1.068 million.
On the positive side, alternate figures compiled by Australian Property Monitors (APM) for the six months to March 2012 revealed South Melbourne to be the top-performing Melbourne suburb, with median house prices up 22.5% to $1 million, ahead of Mont Albert (up 22.4% to $1.2 million) and Fitzroy (up 22%t to $955,000).
According to Robert Larocca, spokesman for the REIV, the sale at auction of a two-bedroom terrace at 304 Moray Street at the end of March most closely resembles the type of properties that feature on The Block.
The Moray Street terrace (below) sold at auction for <a target="_blank" href="https://www.propertyobserver.com.au/https://www.thehomepage.com.au/property/residential/304-moray-street-south-melbourne/413387">$1.06 million through David Wood of Hocking Stuart Albert Park</a>.
<img src="/images/stories/2012/06/morayst.jpg">
According to the REIV, since January 1 2011 there have been 27 sales of South Melbourne terraces, of which nine vendors have disclosed the selling price.
Based on disclosed sales, two-bedroom sales have averaged $1.13 million, three-bedroom terraces have averaged $1.3 million and one four-bedroom terrace sold for $1.8 million in April last year.
<table cellpadding="0" cellspacing="0" border="0" style="width: 470px;">
<colgroup>
<col width="99">
<col width="64">
<col width="23">
<col width="71">
<col width="123">
<col width="221">
<col width="64">
</colgroup>
<tbody>
<tr height="17">
<td width="99" height="17">Street number</td>
<td width="64">Street</td>
<td width="23"></td>
<td width="71">SaleDate</td>
<td width="123">Sale Price</td>
<td width="221">Agent</td>
<td width="64">Bedrooms</td>
</tr>
<tr height="17">
<td height="17">308</td>
<td>Albert</td>
<td>Rd</td>
<td align="right">26/05/2012</td>
<td>$1,050,000</td>
<td>Greg Hocking</td>
<td>2</td>
</tr>
<tr height="17">
<td height="17">67</td>
<td>Nelson</td>
<td>Rd</td>
<td align="right">26/05/2012</td>
<td></td>
<td>Marshall White &amp; Co Pty Ltd</td>
<td>2</td>
</tr>
<tr height="17">
<td height="17">164</td>
<td>Cecil</td>
<td>St</td>
<td>19/05/2012</td>
<td>$1,060,000</td>
<td>Hocking Stuart</td>
<td>3</td>
</tr>
<tr height="17">
<td height="17">18</td>
<td>Howe</td>
<td>Cr</td>
<td align="right">12/05/2012</td>
<td></td>
<td>Greg Hocking</td>
<td>3</td>
</tr>
<tr height="17">
<td height="17"></td>
<td>Bank</td>
<td>St</td>
<td>11/4/2012</td>
<td></td>
<td>Cayzer Real Estate</td>
<td>3</td>
</tr>
<tr height="17">
<td height="17">304</td>
<td>Moray</td>
<td>St</td>
<td>24/3/2012</td>
<td>$1,060,000</td>
<td>Hocking Stuart</td>
<td>2</td>
</tr>
<tr height="17">
<td height="17">162</td>
<td>Nelson</td>
<td>Rd</td>
<td>25/2/2012</td>
<td>$1,300,001</td>
<td>Cayzer</td>
<td>2</td>
</tr>
<tr height="17">
<td height="17">141</td>
<td>Napier</td>
<td>St</td>
<td>3/12/2011</td>
<td>$925,000</td>
<td>Hocking Stuart</td>
<td>3</td>
</tr>
<tr height="17">
<td height="17"></td>
<td>Raglan</td>
<td>St</td>
<td>1/12/2011</td>
<td></td>
<td>Marshall White &amp; Co Pty Ltd</td>
<td>3</td>
</tr>
<tr height="17">
<td height="17"></td>
<td>Ferrars</td>
<td>St</td>
<td>24/11/2011</td>
<td></td>
<td>Hocking Stuart (Albert Park) Pty Ltd</td>
<td>3</td>
</tr>
<tr height="17">
<td height="17">168</td>
<td>Napier</td>
<td>St</td>
<td>22/10/2011</td>
<td></td>
<td>Hocking Stuart</td>
<td>2</td>
</tr>
<tr height="17">
<td height="17">47</td>
<td>Cobden</td>
<td>St</td>
<td>21/8/2011</td>
<td></td>
<td>Cayzer</td>
<td>2</td>
</tr>
<tr height="17">
<td height="17">297</td>
<td>Dorcas</td>
<td>St</td>
<td>6/8/2011</td>
<td>$1,320,000</td>
<td>Cayzer</td>
<td>3</td>
</tr>
<tr height="17">
<td height="17">401</td>
<td>Dorcas</td>
<td>St</td>
<td>17/6/2011</td>
<td></td>
<td>Buxton</td>
<td>3</td>
</tr>
<tr height="17">
<td height="17">403</td>
<td>Dorcas</td>
<td>St</td>
<td>17/6/2011</td>
<td></td>
<td>Buxton</td>
<td>5</td>
</tr>
<tr height="17">
<td height="17">405</td>
<td>Dorcas</td>
<td>St</td>
<td>17/6/2011</td>
<td></td>
<td>Buxton</td>
<td>4</td>
</tr>
<tr height="17">
<td height="17">407</td>
<td>Dorcas</td>
<td>St</td>
<td>17/6/2011</td>
<td></td>
<td>Buxton</td>
<td>4</td>
</tr>
<tr height="17">
<td height="17">364</td>
<td>Park</td>
<td>St</td>
<td>18/5/2011</td>
<td></td>
<td>Kay &amp; Burton Albert Park</td>
<td>4</td>
</tr>
<tr height="17">
<td height="17"></td>
<td>Dorcas</td>
<td>St</td>
<td>29/4/2011</td>
<td>$1,300,000</td>
<td>Cayzer Real Estate</td>
<td>3</td>
</tr>
<tr height="17">
<td height="17">36</td>
<td>Ferrars</td>
<td>Pl</td>
<td>1/4/2011</td>
<td>$1,800,000</td>
<td>Cayzer Real Estate</td>
<td>4</td>
</tr>
<tr height="17">
<td height="17"></td>
<td>Nelson</td>
<td>Rd</td>
<td>12/3/2011</td>
<td>$1,700,000</td>
<td>Cayzer</td>
<td>3</td>
</tr>
</tbody>
</table>
In the two years prior (2009 and 2010) REIV counts 40 sales of South Melbourne terraces, with all but three vendors willing to disclose the selling price.
Based on disclosed prices from 2009 to end of May 2012:
Two-bedroom terrace prices have ranged from $810,000 to $1.3 million.
Three-bedroom terrace prices have ranged from $710,000 to $2.17 million
Four-bedroom terrace prices have ranged from $850,000 to $2.25 million
The most recent sale was this <a target="_blank" href="https://www.domain.com.au/Property/For-Sale/House/VIC/South-Melbourne/?adid=2009656432">two-bedroom terrace at 308 Albert Street</a> (below), which sold at auction on May 26 for $1.05 million through Greg Hocking having had a $900,000-plus asking price.
<img src="/images/stories/2012/06/albertst1.jpg">
Also over the same weekend, this two-bedroom corner terrace (below) sold in a private sale for an undisclosed priced through Marshall White. It had a price guide of $695,000.
<img src="/images/stories/2012/06/terrace1.jpg">
The top sale for 2012 has been the $1.3 million paid for a two-bedroom terrace at 162 Nelson Road. This <a target="_blank" href="https://realestate.melbourneweeklyportphillip.com.au/overview/3312510/162-nelson-road-south-melbourne-3205/">1960s terrace</a> (below) sold at auction through Cayzer Real Estate’s Michael Szulc and Simon Carruthers and was aimed (given its ungainly appearance) at the renovation market:
<img src="/images/stories/2012/06/nelson.jpg">
But The Block contestants are unlikely to get anywhere near the top sale of the past three years, which was this <a href="https://www.realestate.com.au/property-house-vic-south+melbourne-106135143.pdf?15b1d46d6819249753bc9cee2184f96e">four-bedroom terrace on two street frontages of land at 21 Ferrars Place</a> (below), which sold under the hammer for $2.25 million through Hocking Stuart in December 2009.
<img src="/images/stories/2012/06/ferrars.jpg" width="470">
The cheapest recent sale has been this modern three-bedroom terrace on Napier Street (below), which sold for <a href="https://www.realestate.com.au/property-house-vic-south+melbourne-108600571">$925,000</a> at auction in December last year through David Wood from Hocking Stuart Albert Park.
<img src="/images/stories/2012/06/napier2.jpg" width="470">
This most expensive property sold over since January 2011 is this grand, renovated <a href="https://www.realestate.com.au/property-house-vic-south+melbourne-107253317">four-bedroom terrace at 36 Ferrars Place</a> (below), which sold at auction in February for $1.8 million through Cayzer Real Estate.
<img src="/images/stories/2012/06/ferrars2.jpg" width="470">
The listing describes it as an “architect-renovated dress-circle gem … a wonderful blend of period features and contemporary finishes embrace you upon entering this warm home with style”.
</body></html>

South Melbourne terrace sale prices: A guide for The Block 2012 contestants and June 30 auction bidders

<html><body>
The continued deterioration of the housing market despite lenders reducing mortgage interest rates to well below 1996 levels was discussed by the Reserve Bank board before it cut the cash rate by 25 basis points on June 1.
Overall, the minutes of the meeting  indicate that fears of a “softening” global situation spilling over into “precautionary behaviour” in Australia prompted the RBA to reduce the cash rate by 25 basis points at its June 1 monetary policy meeting.
It says the decision to cut rates was “finely balanced”.
The RBA notes that “in aggregate, housing prices continued to decline, and activity in the housing market remained weak”.
The board also acknowledged challenges facing new home construction, noting a “sharp fall in dwelling approvals in April partly accentuated by the introduction of new legislative guidelines in Western Australia”.
The RBA highlights that mortgage rates continue to fall and are now well below the average rate of more than 25 years.
“Short-term interest rates in Australia had fallen sharply following the board's decision in early May to lower the cash rate by 50 basis points,” says the RBA board.
“Following the cash rate announcement, most lenders had reduced their standard variable housing rates by between 30 and 40 basis points.
“As a result, the average interest rate on outstanding housing loans at present was about 40 basis points below the post-1996 average, while rates on small and large business loans were 30 and 60 basis points lower, respectively. Members discussed the strong competition among banks for term deposits and the continuing pressure this was having on the funding costs for Australian banks.”
The RBA notes that overall, data on the domestic economy appeared to be broadly consistent with the central bank's most recent forecasts.
“In particular, employment growth was picking up gradually, but the unemployment rate was still expected to move somewhat higher over the coming quarters. Output growth was expected to increase towards trend over the remainder of this year, and inflation (excluding the impact of the carbon tax) was expected to remain in the lower part of the 2% to 3% range.”
</body></html>

RBA notes continuing decline in house prices despite low mortgage interest rates at June 1 meeting

<html><body>
Mortgage lenders have been warned they must give equal prominence to the comparison rate when advertising mortgage products online.
This follows non-bank lender Resi agreeing to change its online home loan advertising following ASIC concerns the ads “failed to adequately disclose the comparison rate on its home loans”. The comparison rate is a single figure that includes both the interest cost and the other major fees and charges for a loan, making it easier for consumers to shop around and compare loans.
The National Consumer Credit Protection Act 2009 (National Credit Act) requires any advertising of loan interest rates to include a “comparison rate” in equal prominence.
In the case of Resi, ASIC says it was concerned “that the ad’s comparison rate wasn’t prominent enough and although the required statutory warning about the accuracy of the comparison rate was given, there was no clear reference to that warning.  “In a separate part of the website Resi included a table of other home loan products together with their interest rates but did not include any comparison rates,” says the corporate watchdog. “ASIC strongly encourages credit providers and brokers to carefully review advertising practices and all promotional materials to ensure compliance with the National Credit Act as well as ASIC’s expectations.”  ASIC commissioner Peter Kell says: “consistent disclosure of comparison rates in marketing material is a key tool for consumers trying to shop around and find the best rate on their home loan, and ASIC is closely monitoring this area.  “ASIC will act when advertisements don't comply with the law,” he adds.  ASIC acknowledged that Resi was co-operative in responding to its concerns and “promptly corrected its website”.
</body></html>

ASIC demands equal prominence for mortgage comparison rate in online mortgage advertising

The Gold Coast economy has grown by 25 per cent since 2020/21 to surpass $55 billion, but perhaps the more significant story is what sits behind the headline number.

For decades, the Gold Coast has been viewed through the lens of tourism, lifestyle and population growth. The latest State of the City Report suggests that perception is increasingly out of step with reality.

Released by Invest Gold Coast, the report ranks the Gold Coast as Australia's largest non-capital city economy and, perhaps more notably, second nationally behind Sydney for Economic Complexity, a measure that assesses the diversity and sophistication of an economy.

It's a result that places the Gold Coast ahead of Melbourne, Brisbane, Perth and Adelaide, highlighting the extent to which the city's economic base has broadened beyond its traditional industries.

Today, the Gold Coast supports more than 350,000 jobs, is home to over 83,000 businesses and generates $19 billion in annual exports. Manufacturing now accounts for 62 per cent of international export growth, while sectors including health, education, advanced manufacturing, technology and professional services are becoming increasingly important contributors to the local economy.

[smartcode_project:default project_id=150017 project_image_fid=372547]

Gold Coast Mayor Tom Tate said the report confirmed the city's evolution into one of Australia's most significant economies.

"The Gold Coast economy continues to grow at an incredible pace. This is no surprise to those of us who have watched the evolution up close," Mayor Tate said.

"As one of the most entrepreneurial, investment driven and opportunity focused economies in the country our ambition has been realised and possibilities are endless.

"The Gold Coast has built a reputation as the city that says yes. We say yes to investment, yes to opportunity and yes to people who want to build something.

"It's this mindset helping us drive major growth across health, advanced manufacturing, screen production, marine, technology and the knowledge economy."

[smartcode_project:default project_id=149670 project_image_fid=360975]

While population growth has been one of the defining stories of the past decade, the report points to a broader economic transformation taking place.

The city's knowledge economy now contributes $7.9 billion annually and supports around 31,000 jobs, while the health and wellbeing sector contributes $5.2 billion and employs more than 42,000 people. Together, the six priority sectors identified in the report account for almost $24 billion in economic output and more than 145,000 jobs.

One of the strongest examples is the Gold Coast Health and Knowledge Precinct at Southport. The 200-hectare precinct now contains more than $5 billion worth of health, education, research and innovation infrastructure and supports over 16,000 jobs.

The report also highlights the growing role of advanced manufacturing, particularly in aerospace, defence and modular construction.

Gold Coast-based Gilmour Space Technologies recently became the first Australian commercial company to attempt an orbital launch, while companies including Modscape and ModnPods are helping establish the Yatala-Stapylton corridor as one of Australia's fastest-growing advanced manufacturing hubs.

The city's entrepreneurial culture is also translating into business growth.

Since 2019/20, the number of businesses operating on the Gold Coast has increased by 22 per cent, while firms employing more than 200 people have grown by 80 per cent. The report suggests the next challenge is converting more local start-ups and medium-sized businesses into nationally significant companies.

Development activity remains another key indicator of confidence.

There are currently more than $23 billion worth of major projects underway across the Gold Coast, supported by a record 75 active cranes, a figure that now exceeds Brisbane and represents a 150 per cent increase since 2016.

[smartcode_project:default project_id=112024 project_image_fid=343235]

Importantly, the report notes the next phase of investment will need to extend beyond residential development.

While 93 per cent of crane activity is currently tied to housing, Invest Gold Coast argues future investment will increasingly need to focus on cultural, civic, infrastructure and industry-enabling projects that strengthen the city's long-term economic resilience.

Invest Gold Coast Chair Will Hodgman said the city was now benefiting from years of economic diversification.

"What is happening on the Gold Coast is the result of the city's economic base broadening, fuelled by industries with long-term, high-growth potential," Mr Hodgman said.

"This is no longer a secondary Australian economy, the Gold Coast is becoming a globally connected city with deeper capability across health, knowledge and creative industries, advanced manufacturing, technology and exports."

[smartcode_project:default project_id=108274 project_image_fid=365786]

Looking ahead, the Gold Coast's population is projected to exceed one million residents by 2046.

For a city that was once largely defined by tourism and lifestyle, the latest figures suggest the Gold Coast is becoming something more significant, one of Australia's most diverse and economically sophisticated urban economies, and increasingly one that national and international investors can no longer afford to overlook.

Joel Robinson

75 cranes, $23 billion pipeline and a $55 billion economy: Inside the Gold Coast economic boom

Ron Bakir's Homecorp has sold more than 75 per cent of the apartments in its wellness-driven Florence Residences in Surfers Paradise following its first weekend release.

The <a href="https://www.apartments.com.au/new-apartments/florence-residences-24-monte-carlo-avenue-surfers-paradise-qld-4217">26-storey project on Monte Carlo Avenue</a>, which commenced construction earlier this year, has seen a flurry of buyers secure their slice of the Gold Coast's latest wellbeing-focused offering in one of the nation's most competitive property markets.

Since the pandemic, the Gold Coast's population has grown by more than 11 per cent, a rate approximately four times faster than Sydney's, driven largely by lifestyle changes and interstate migration. While buyer activity has moderated in some markets nationally, demand for newly built dwellings on the Gold Coast continues to gain momentum as purchasers increasingly prioritise lifestyle, amenity, wellbeing, liveability and long-term investment potential.

&nbsp;

[smartcode_project:default project_id=150414 project_image_fid=372743]

Homecorp CEO Ron Bakir says buyers today are looking for more than just a home.

"What we are seeing is a shift in how people define value in property," Bakir says.

"What attracts residents to new developments is a desire for more than just a residence. They are looking for a place that complements their lifestyle, supports their wellbeing and reflects the way they want to live into the future.

"Lifestyle, longevity, proactive health, wellbeing, connection and a sense of community are increasingly shaping purchasing decisions, particularly on the Gold Coast, where these factors continue to be a major drawcard."

[smartcode_project:default project_id=150414 project_image_fid=372744]

Bakir says Homecorp is responding to this shift through an approach that places greater emphasis on design, amenity and experience working together to create places that feel considered, connected and enduring in value.

Inspired by Eastern European design, Florence Residences will comprise 120 apartments alongside a private residents-only wellness club featuring a resort-style rooftop pool, hot and cold plunge pools, a spa retreat, contemporary gymnasium, and a spacious yoga and Pilates studio.

The development will also feature a residents-only lounge with private dining facilities and a rooftop bar, premium outdoor entertaining areas, a hotel-style lobby lounge, generous bike parking, and pet-friendly amenities including a heated dog wash.

[smartcode_project:default project_id=150414 project_image_fid=372742]

A limited number of apartments remain available, with an exclusive collection of four-bedroom sub-penthouses set to be released in the coming months.

Florence is one of the latest additions to Homecorp's expanding multi-billion-dollar property portfolio, which also includes plans for a <a href="https://www.apartments.com.au/news/qld/homecorp-lodges-plans-for-260-million-moroccan-bathhouse-inspired-tower-in-budds-beach">$260 million development in Budds Beach</a> tailored to the growing wellness market.

A development application has been lodged for a 27-storey, 156-residence tower at 8–10 Acacia Avenue and 25–27 Oak Avenue, featuring a residents-only Moroccan spa-inspired sanctuary.

Apartments at Florence Residences are priced from $1,249,000, with construction expected to be completed by late 2027.

[smartcode_project_cta:default project_id=150414]

Buyers rush to Homecorp's Florence Residences as Gold Coast wellness trend gains momentum

The NSW Government has expanded its $1 billion Pre-sale Finance Guarantee program, broadening access for affordable housing providers and smaller residential developments as it seeks to accelerate housing delivery across the state.

The Minns Government says the program has already helped bring forward more than 600 homes across Sydney and regional NSW since launching in September 2025, with similar models now adopted in South Australia and Western Australia.

The latest changes, announced by Treasurer Daniel Mookhey and Minister for Planning and Public Spaces Paul Scully, are designed to improve access to finance for projects that have planning approval but are struggling to secure funding.

Among the key changes is an expansion of support for community housing providers. The program will now support up to 100 per cent affordable housing projects valued at up to $30 million when delivered by not-for-profit providers, while support for larger affordable housing developments will increase for projects worth up to $80 million.

The government says the changes will help accelerate the delivery of housing for low-income workers, older people, people living with disability, and those at risk of homelessness, while reducing reliance on direct grants or subsidised loans to bridge funding gaps.

The eligibility criteria for smaller residential developments have also been broadened. The previous $5 million minimum project value threshold has been removed and replaced with a requirement that projects deliver at least four homes.

Support has also increased for projects delivering fewer than 20 homes, with the guarantee now able to cover up to 75 per cent of dwellings in a development, capped at $30 million per project.

The changes are expected to particularly benefit smaller-scale and regional developments, which often face greater challenges meeting pre-sale requirements imposed by lenders.

Treasurer Daniel Mookhey said the scheme demonstrates how government can use its balance sheet to stimulate housing supply without relying solely on taxpayer-funded grants.

"The Pre-sale Finance Guarantee shows how this Government is using its balance sheet to reduce risk and unlock private investment, enabling new homes to move from design to construction faster," Mookhey said.

"This landmark reform allows us to deliver homes for working families at a lower cost to taxpayers, while also maintaining strong financial discipline."

Planning Minister Paul Scully said the program had already proven effective in bringing stalled projects to market.

"The Pre-sale Finance Guarantee has already proven it can unlock stalled projects and accelerate housing delivery by giving lenders the confidence they need to back good developments," Scully said.

"These changes will allow more affordable housing and smaller developments to access support so more homes can be built faster where communities need them most."

Housing Minister Rose Jackson said the expansion would help community housing providers overcome financing barriers that often delay projects.

"We know community housing providers are ready to build more homes, too often they're held back by barriers to finance," Jackson said.

"Expanding the Pre-sale Finance Guarantee helps remove those barriers so more affordable homes can get off the ground sooner."

The announcement was welcomed by the Property Council of Australia, which has long advocated for measures aimed at improving project feasibility and access to finance.

Property Council NSW Executive Director Katie Stevenson described the expansion as a practical intervention that addresses one of the most immediate constraints on housing delivery.

"This is exactly the kind of practical intervention we need right now, focused on getting projects out of the ground, not just approved," Stevenson said.

"It builds on a model the Property Council has worked closely with government to develop following calls for such a scheme ahead of last year's NSW Budget, so it's great to see it being expanded."

Stevenson said the reforms would help unlock projects that are ready to proceed but have been delayed by financing challenges. However, she noted that broader feasibility issues remain a significant barrier to increasing housing supply.

"The biggest challenge in NSW housing today is delivery. Too many projects have planning approval but are simply not financially viable to proceed under current settings," she said.

Speaking at the Property Council's NSW Housing Summit, Housing Minister Rose Jackson acknowledged that feasibility and financing pressures continue to constrain housing delivery, while reaffirming the government's commitment to work with industry on solutions.

Stevenson said the government's recognition of those challenges was encouraging ahead of next week's state budget.

"It's positive to see the government clearly recognising that feasibility pressures are now a binding constraint on supply," she said.

"With the Budget just days away, the focus must be on backing delivery, making sure projects stack up, finance can flow, and more homes can move from approval to construction."

The expanded Pre-sale Finance Guarantee forms part of the NSW Government's broader housing agenda, which also includes planning reforms, the NSW Housing Pattern Book, and a series of rezonings intended to increase housing capacity across the state.

NSW expands Pre-sale Finance Guarantee to unlock more affordable and regional housing

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]

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]

Larry Schlesinger

Editor's Picks

Have something to contribute?

Developments

New apartments

New townhouses

News