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I am always amazed when Australians talk about their assets: they’ll tell you about their houses, their businesses or their boats.
It surprises me because in my opinion, your greatest asset is the ability to generate revenue.
I was reminded of this a few days ago when I was told of the plumber who had a stroke, leaving his wife with no form of income to cover the mortgage and other bills. When she called on her husband’s accountant to sort out the business, she got a surprise: he had income protection insurance.
Not every wife who calls her husband’s accountant gets a response like that.
Our economy has shifted to high rates of self-employment in the past 30 years, with professionals and tradies selling their services on a contracted basis. Although you see this most prominently on construction sites and mines, the legal, accounting, management and engineering professions have all moved towards contracting during my time in the work force.
This shift has been good for the economy and good for the contractors (in most cases), but I’ve noticed a glaring lack of sickness and injury safety nets in the contracting fields. The unions, over the decades, built a solid system of sick leave and workers’ compensation to protect the families of a worker who got sick.
But most contractors do not fall under the award system, and they also do not have the most basic of protection coverage: income protection.
Income protection insurance pays a percentage of a sick worker’s income during a period of inability to work due to injury or illness. The insured usually agrees to a waiting period, for instance you may have to be off work for two weeks before you are considered incapacitated.
It’s an invaluable expense for self-employed people because it goes some of the way to securing that crucial asset – income – while you’re lying on your back recovering.
The last research I saw on this subject was from AXA. It found that among self-employed males, only 23% of income was covered, and among female contractors, only 14% of income was protected.
At the same time, 89% of Australians have comprehensive car insurance.
If you’re a self-employed person in a household where your income is the main or the sole source of revenue, you should consider what happens to the bills and the mortgage and the vehicle costs if you have to spend a few months off work.
I’m not talking about a workplace accident, because when you operate through a company structure you need workers’ comp coverage, and most mining and construction companies won’t allow a contractor on the property without first showing his or her workers’ comp slip.
I’m talking about the scrapes and misfortunes that people go through away from the workplace: the broken leg at netball, the tummy bug in Bali, the stroke, the bout of pneumonia, the stomach ulcer, the hernia operation, the chemotherapy, etc. In short, the medical dramas that seem to happen to someone else until they happen to us.
The protracted global financial crisis has made us focus on our finances, and consequently Australians are pulling out of consumer debt and not taking mortgages in anywhere near the volumes they did pre-GFC.
This behaviour is essentially a de-risking of households – a choice to not hold debt lest something happen that reduces the capacity to pay it back.
There’s another way of looking at the same concern: insure your income.
For those who haven’t done it, I suggest you talk to either a financial adviser or to an insurance broker. Life insurance is not enough – it’s a welcome safety net to the people you leave behind when you die, and you should definitely have it if you are the main breadwinner and you have a mortgage.
But what if you can’t work for two months? You’re still alive, but that’s long enough to put the house at risk, to miss car payments, to max out credit cards and to put undue financial stress on your family.
Many self-employed people belong to a professional or trade organisation that offers income protection insurance, but they can’t make you take it.
I urge those who have not covered their income to at least talk to a broker and discuss why it is that you’d insure your car but not your main source of financial security.
Income is your greatest asset – it’s worth protecting.
Mark Bouris is executive chairman of <a href="https://www.ybr.com.au/" target="_blank">Yellow Brick Road</a>, a financial services company offering home loans, financial planning, accounting and tax, and insurance.
This article first appeared in News Ltd. newspapers
 
 
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Insure your greatest asset – your income: Mark Bouris

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The major banks independently lifted their mortgage rates last week, and I was surprised with the number of questions I was being asked.
Many mortgage borrowers want to switch to a cheaper lender after these interest rate rises, but they’re confused about three questions: how much money will I save? What options do I have outside the major banks? And, is it worth the hassle of switching?
Let’s start with the first question: the answer is that you can save hundreds from your first new mortgage payment and you can save tens of thousands over the life of the new loan.
Let’s say two customers have an average $350,000, 30-year mortgage. The Westpac customer, with a standard variable rate of 7.46%, will pay $55,440 more over the life of the loan than the Yellow Brick Road customer, who has a rate of 6.84%.
Even a NAB customer, with the lowest standard variable rate of the big banks, will pay $38,160 more than a Yellow Brick Road customer.
This is simply the comparison sitting on my desk right now. Your job is to find your own examples and know how much you will pay over the life of your loan and then run different interest rates through the online calculators.
This brings me to the second question: what mortgage options are available to me?
To understand your options, I suggest two paths: you get online and research the comparison web sites, or you see a mortgage broker.
There are many comparison sites available on the internet. The service I find simplest is Canstar Star Ratings, but there are quite a few.
You should start by knowing exactly how your current loan works: the interest rate, the features, the fees, etc. Perhaps make a list of what you like about your current loan, because even if you think you’re paying too much, there may be features that you have come to rely on, such as 100% offset, fortnightly payments and easy redraw.
Be honest about the features – their value may be greater than what you can save.
Scroll down and look at how many home loans are cheaper than you’re paying, and then weed them out until you find the loans that also have the features and fees you want.
If it’s too daunting or time consuming, you can see a mortgage broker. These experts know the market and can match you with the best priced and best featured home loan.
It’s very rare that a broker can’t find a better loan than the one you have already – it’s their job.
The harder you look, the more you’ll find lenders you may not have heard of: credit unions, regional banks, building societies and mutuals.
Don’t be put off by their supposed obscurity. According to Abacus, the industry body for the Australian mutual sector, there are 119 mutual lenders in this country with a combined 4.6 million customers. Generally speaking, these lenders are the ones with the lower interest rates because they don’t need the high profit margins that the big banks rely on.
Armed with options and convinced you can save money, is it a hassle to actually change a home loan?
That depends on how organised you are. Personally I don’t think a few hours of collecting paperwork is a high price to pay for saving $40,000.
I suggest you do it this way: organise a new, lower-priced loan at a lender. You will need proof of identity, of employment and of earnings.
You’ll receive a written loan offer in which the new lender will commit to “buying out” your current loan, without exit fees of course.
Your options will now expand because in my experience, nine times out of 10 your current bank – when contacted by the new lender – will offer to match your new rate.
Having gone through this process, you now have real choice: choice of price and choice of who you borrow from. You have answered your own questions and come out with a better result than when you started.
This is how home lending should operate. That fact that it doesn’t frustrates me.
Borrowers either become complacent about their set-and-forget mortgage, or they’re scared of changing from a big bank.
What I would tell them is that the first thing you do when you change mortgage is change your attitude.
So you’d like to save $40,000 over the life of a mortgage? It could be time to change your attitude.
Mark Bouris is executive chairman of <a href="https://www.ybr.com.au/" target="_blank">Yellow Brick Road</a>, a financial services company offering home loans, financial planning, accounting and tax, and insurance.
This article first appeared in News Ltd. newspapers
 
 
 
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Don’t be afraid to refinance – it could save you tens of thousands: Mark Bouris

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The decision to keep official interest rates on hold last week means the economy is looking strong in the opinion of the Reserve Bank economists.
While most of the metrics considered by the Reserve Bank – European sovereign debt, the US economy, Chinese growth – are out of our control, the consequence of changing interest rates impacts on everything we do.
When we wait for the RBA’s decision on the cash rate at the start of each month, we tend to convince ourselves that interest rates are the only thing that counts in a home loan. But a mortgage is not only about price; there are also features and service, either of which can be as important as price.
I’ve written recently about mortgage pricing, pointing out that the big four banks have 90% of all new mortgages, yet their mortgage rates are around one percentage point higher than many of the non-banks and credit unions’ home loans.
And when it comes to features there are lenders who still won’t let you pay fortnightly, won’t let you access 100% offset on the loan account and won’t allow redraws on your excess mortgage payments.
So, price and features differ in the mortgage market, but it’s service that may be the most important.
Borrowing to buy property is a long-term commitment and is the largest debt most people will ever take on. Most borrowers admit they need advice, guidance and management. They need service.
When I was young, loan managers at the banks formed relationships with the people they approved: they visited customers at their homes; they came over to say hello when they saw you at the club; they gave advice and they contacted you personally if the loan was in arrears.
I’m not claiming that this was a golden era of customer service: banks themselves thought it prudent for loan managers to stay close to borrowers, to know their customers, to be proactive when someone lost a job or there was a matrimonial break-up.
When the 1990s started and hundreds of bank branches were being shut down, we were sold on a new version of the bank-customer dynamic. We were told that relationships were inefficient and the new era was about transactions.
If you look at all the advances in banking in the past 25 years, most of them are concerned with transactions: ATMs, phone banking, internet banking, iPhone apps. And we love it.
But what about service?
Back in the ‘90s, my business offered mortgages about one percentage point lower than the banks’, and we worked on having the best standard variable rate mortgage in the market, with redraw facilities, weekly and fortnightly payments, etc.
But the interesting part was the service. Originally, some high-paid American banking consultants advised us to build an electronic, distributed banking model, which essentially meant no branches but lots of call centre and internet access.
Guess what? The borrowers wanted service. They wanted a branch on a high street, where a manager took an interest in their circumstances and was part of the community. They wanted advice, guidance and management.
We started building branches, we trained loan managers who became their own small business owners and we ensured that the mortgage was not simply a transaction or a product: it was a relationship in which both the lender and the borrower were invested.
By 2003, the non-bank lenders had taken 15% of the Australian mortgage market, from a standing start in 1995.
And it wasn’t only the non-banks proving that Australians wanted to talk to experts about their mortgages. We have also seen the rise of mortgage brokers since the mid-1990s as borrowers sought out an actual person to give guidance.
Brokers now account for around 43% of all new mortgages in this country.
So now, even in a time when technology is king, service is still at the centre of the proposition for Yellow Brick Road.
I think it’s OK for Australians to feel uncomfortable with the transaction-based mortgage approach and to start demanding that they deal with a loan manager they can see, a face they can recognise and an expert they can be guided by.
Service has not died out. Ask someone who’s really happy with their mortgage: nine times out of 10 they’ll have a relationship with their lender.
Good service with your mortgage is still available, but if you want it you have to make a choice.
Mark Bouris is executive chairman of <a target="_blank" href="https://www.ybr.com.au/">Yellow Brick Road</a>, a financial services company offering home loans, financial planning, accounting and tax, and insurance.
This article first appeared in News Ltd. newspapers
 
 
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Service counts when finding a mortgage broker: Mark Bouris

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General investors and superannuation contributors did not do well over 2011.
The Australian share market lost about 15% of its value, and SuperRatings reports that even conservative “balanced” super funds went backwards by 1.9%.
House values in Australia’s capital cities dropped by around 3% to 4% during 2011.
So what should people be investing in this year?
I suggest a serious look at investing in property and renting it out to tenants.
There are several reasons for this outlook, including soft house prices, strong rental demand and the prospect of solid total returns.
You ideally want to buy the property at a time when real estate is in the downturn phase of its cycle, you want to rent it out when rental demand is high, and these two factors should come together to produce a total return that not only beats inflation but also compares favourably with alternative investments.
One of the first rules of buying property is that you must not overpay. This is important for two reasons: firstly, you don’t want your income from the property being overshadowed by high mortgage repayments; and secondly, capital growth in the property is as important as the monthly cashflow from rental income, and you will enjoy greater capital gains when you buy the property for a lower price.
With property prices having been flat or going backwards for two years, it seems like a good time to buy.
Property can also be looked at in terms of affordability, and affordability is attractive for investors right now. Disposable household incomes grew about 6% in the year to September 2011 while dwelling values declined by a total of 3.3% since May 2010, according to RP Data-Rismark research.
Rismark says disposable incomes per household have risen about 15% further than capital city dwelling values since the end of 2003.
When many people buy investment properties, they simply want to buy the cheapest place they can find and rent it for the highest rent they can charge. I advise potential landlords to hold out for a property that is in a sought-after area, close to shops, transport and schools.
There is no point having a rental property that you can afford when no one wants to pay you to live in it.
Then you have to look at rental demand because when you buy an investment property, you are going into business as a landlord.
On this score, there’s some good news for property investors. Weekly rents across the capital cities rose 1% over the December 2011 quarter and are 6.3% higher than at the same time last year.
This suggests rental demand is exceeding supply, which is good for landlords. Anecdotally, you hear stories of people queuing to see the good properties and offering to pay more rent than advertised to secure the property.
While this is a good result financially, it’s also a benefit in terms of tenant management. One of the biggest headaches for a landlord is a bad tenant, but when demand is strong you don’t have to take the first applicant. You can pick the tenant who is best suited to your property and who has the best record.
If you feel you can buy cheaply in the current property market and you can take advantage of the strong rental demand, then you have to think about your total return.
The total gross return enjoyed by property investors around Australia has averaged 1% per cent over 2011, much better than the 15% losses experienced in Aussie shares.
The average capital city apartment is now offering a gross rental return of 5.1%.
This is looking like a strong scenario for investors wanting to buy property, and if the current financial market pricing for further interest rate cuts comes to pass, the outlook for housing in 2012 looks positive for not only owner-occupiers, but landlords too.
As a final hint to first time property investors, I would urge you to take professional advice before entering into this: consult a solicitor or accountant about your tax position as a landlord, use an insurance broker to get the right insurances, and spend some time finding the right property management company.
It’s a good time to be a landlord, but only if you do it properly.
Mark Bouris is executive chairman of <a target="_blank" href="https://www.ybr.com.au/">Yellow Brick Road</a>, a financial services company offering home loans, financial planning, accounting and tax, and insurance.
This article originally appeared in News Ltd. papers.
 
 
 
 
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Now is a good time to become a landlord, but you must do it properly: Mark Bouris

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I kicked off 2012 with a tweet where I asked followers what they thought the biggest issues would be in the new year. The first response was mortgage interest rates and the domination of the big banks.
It's an interesting concept and one that I think Australians have been sold short on. What do I mean by this? Simply that the solution to the problem of high mortgage rates and mortgage domination by a few players is almost entirely the result of borrowers' choice.
There is an interesting situation in Australia right now where the big four trading banks write more than 90% of all new mortgages. That's a highly dominant position by world standards. You'd expect that the reason four banks write nine out of 10 mortgages is that they offer lower rates – something you'd expect given the scale that such market dominance affords.
But the big four are not cheaper: Canstar's RateCity comparison tables were posted on January 3, and I was having a look, seeing who was offering what right at the start of the new year. I was struck by how much more expensive the banks were: their standard variable rate mortgages were bunched together, from NAB's 7.22% to Westpac's 7.36%, with Commonwealth's 7.31% and ANZ's 7.3% in the middle. Yet there were more than 20 mortgage lenders with standard available rates about one percentage point cheaper than the big banks. These are credit unions and non-bank lenders, mostly.
We also know that the government changed the law last year so that Australians could switch from their current mortgage to another one without paying penalties – the exit fee ban. And we also know that because of the internet and the rise of mortgage brokers, there's never been as much information available as there is now.
From my perspective it's clear that mortgage interest rates are high for 90% of Australians because they choose to have it this way. I experienced this a decade ago when I was the executive chairman of Wizard Home Loans. Together with other non-bank lenders – Aussie and RAMS – we offered mortgages with better prices, service and products. By 2003, non-bank lenders had about 15% of the mortgage market and banks had halved their mortgage margins. Now? Non-banks have 1% of the mortgage market and their interest rates are much lower than the bank competition.
The answer 10 years ago was the same as it is today. If borrowers want the best deal for themselves they have to exercise their right to choose.
That's what makes a vibrant free market: providers making their best offer, and consumers making a choice.
Mark Bouris is executive chairman of <a href="https://www.ybr.com.au/" target="_blank">Yellow Brick Road</a>, a financial services company offering home loans, financial planning, accounting and tax, and insurance.
This article originally appeared on <a href="https://neoskosmos.com/news/en/Peoples-choice" target="_blank">Neokosmos.com</a>
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Borrowers must exercise their freedom of choice: Mark Bouris

Roseville is poised for a wave of new apartment development following the NSW Government's rezoning of land around Roseville Station under its Transport Oriented Development program.

The new planning controls have unlocked significant development potential within walking distance of the station, with a number of sites expected to be amalgamated and redeveloped in the coming years as developers seek to take advantage of the increased density allowances.

One of the more restrained developments in the precinct, and set among the first to be delivered having commenced well before the recent changes, is Hyecorp's Juliet. The boutique apartment project is already well under construction and remains on track to welcome residents by the end of the year, offering a markedly different proposition to many of the larger-scale developments now likely to emerge across the suburb.

[smartcode_project:default project_id=7395 project_image_fid=278194]

<a href="https://www.apartments.com.au/new-apartments/juliet-roseville-64-pacific-highway-roseville-nsw-2069">Juliet</a> will comprise just&nbsp;34 one-, two-, and three-bedroom apartments opposite Roseville Station. For Hyecorp, which has delivered projects across Sydney's Lower North Shore for more than three decades, Roseville presented a rare opportunity to address a growing gap in the market.

"<a href="https://www.apartments.com.au/developments/roseville-nsw-2069">Roseville</a> has long been one of the North Shore's most tightly held and desirable suburbs, offering a unique combination of village charm, established greenery, excellent transport connections, and proximity to some of Sydney's best schools and lifestyle amenities," Hyecorp said.

"We recognised a growing demand from local homeowners seeking to downsize without leaving the community they have built their lives around. The location presented a rare opportunity to create homes that cater specifically to that buyer profile."

[smartcode_project:default project_id=7395 project_image_fid=278196]

The six-level development has been designed by <a href="https://www.apartments.com.au/architects/pbd-architects">PBD Architects</a> as a collection of residences that feel more like homes than apartments. The brief centred generous floorplans, abundant natural light, quality finishes, and strong connections to outdoor space.

PBD Architects drew inspiration from Roseville's established garden suburb character, creating a building that sits comfortably within its surroundings rather than dominating them. The architecture incorporates natural materials, soft forms, layered landscaping, expansive balconies, and generous setbacks to strengthen the connection between residents and the suburb's leafy environment.

"The focus was on designing spacious, house-like residences for discerning owner-occupiers and downsizers who wanted to remain on the North Shore without compromising on comfort, privacy, or design," PBD said.&nbsp;

"Every apartment was to feel considered, timeless, and highly functional."

[smartcode_project:default project_id=7395 project_image_fid=278195]

Inside, residences feature engineered timber flooring, stone kitchen benchtops and splashbacks, integrated Fisher &amp; Paykel appliances, ducted air conditioning, and large outdoor entertaining areas designed to take advantage of district and treetop views.

Residents will also have access to a rooftop barbecue and lounge area, alongside practical amenities including parcel lockers, EV charging capability, bicycle storage, a dog wash bay, and a basement car wash facility.

The majority of purchasers so far have been local owner-occupiers from Roseville, Lindfield, Chatswood, Killara, and the broader Upper North Shore, many of whom are transitioning from larger family homes.

"Buyers are looking for spacious, house-like apartments that allow them to downsize without feeling like they are sacrificing comfort or functionality," Hyecorp noted.

"They value large kitchens, generous living areas, ample storage, quality finishes, secure parking, lift access, and low-maintenance living."

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Juliet sits directly opposite Roseville Train Station and within walking distance of Roseville Village, while Chatswood's retail and dining precinct is only minutes away. The development is also surrounded by some of Sydney's most established schools, including Roseville College, Ravenswood, Pymble Ladies' College, and Knox Grammar, as well as nearby parklands and golf courses.

Juliet is currently more than 75 per cent sold ahead of its anticipated completion in late 2026.

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Joel Robinson

Juliet to sit quietly amid Roseville apartment boom

Sherpa Property Group has unveiled the third instalment of its Flourish series, securing full approval for the two-tower, $500 million Flourish Soleira development in Palm Beach.

<a href="https://www.apartments.com.au/new-apartments/flourish-soleira-1150-1154-gold-coast-highway-palm-beach-qld-4221">Flourish Soleira</a> will rise from a prominent site in the commercial heart of Palm Beach, the long-time home of Cash Converters and a range of local retailers.

The project will introduce a new retail and dining precinct at ground level, beneath 286 apartments.

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“We’re very committed to not only providing affordable residential offerings that are much needed in Palm Beach, but also delivering a vibrant new commercial heart that complements the extraordinary growth of the southern Gold Coast,” Sherpa Property Group founder Christie Leet said.

The development will sit under Sherpa's Flourish brand, which is aimed at providing a pathway into the beachside suburb for locals, first-home buyers and downsizers. In a move designed to assist first-home buyers entering the market, Sherpa has reserved all one and two-bedroom, one-bathroom apartments exclusively for eligible first-home buyers.

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“Our vision through Flourish is to create a vibrant retail and lifestyle focal point within the Palm Beach centre zone, delivering thriving communities underpinned by lifestyle-rich locations,” Leet said.

“So far, Flourish has been an incredible success, and we hope to carry this momentum as we progress the next two Flourish projects in Palm Beach.”

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Located across 1150-1164 Gold Coast Highway and 3 Sixth Avenue, the development will comprise two towers. The northern tower will deliver 154 apartments, while the southern tower will add a further 132 residences, helping address ongoing demand for new apartments in the tightly held coastal suburb.

Flourish Soleira will also feature the most extensive rooftop amenity offering ever delivered in Palm Beach.

The two towers will be connected by a skybridge, with residents gaining access to a rooftop recreation deck featuring a full-width swimming pool, hot and cold plunge pools, wellness spaces, a gymnasium, private dining facilities, massage treatment rooms, barbecue areas, a basketball court, golf simulator, indoor and outdoor dining spaces, sun lounges and extensive landscaping.

LPS Group is expected to start construction later this year.

Sherpa is already well advanced on construction of its debut Flourish project, Flourish Amargo, located just around the corner from Soleira. Meanwhile, Flourish Oasis, positioned opposite Amargo, recently commenced construction and has nearly sold out its collection of 47 apartments.

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Sherpa unveils $500m mixed-use Palm Beach precinct, Flourish Soleira

Are mortgage holders set to get a reprieve from the RBA in 2026?

Big Four bank NAB believes so. They are now expecting the next move from the RBA to be a cut, rather than a hike, which they had pencilled in for August. They are unsure of the timing of the cut however, they note in their latest&nbsp;NAB Economics RBA Watch.

NAB Chief Economist, Dr Sally Auld, said recent data suggests the economy has lost momentum and the outlook for rates has shifted, noting that the broader economic backdrop has changed since earlier in the year.

“The next move in the cash rate is likely to be down, but the timing is uncertain," Dr Auld said.

"In February, growth was above trend, the economy was operating above capacity and there was uncertainty over the restrictiveness of rates. None of these conditions exist today,” she outlined.

Dr Auld said recent data pointed to softer momentum across the economy while acknowledging that at the same time, uncertainty remains a key feature of the outlook.

“Both Q1 GDP data and the NAB business survey suggest momentum in the economy has slowed, meaning that growth has likely peaked for the cycle. That said, we are cognisant there is still considerable uncertainty around the outlook, both with respect to activity and inflation.”

Dr Auld said inflation risks and labour market outcomes would be important to watch.

“On the prices side, we are still forecasting above target core inflation through to mid-2027. Margins will compress and weaker labour market outcomes are a risk.”

She said tighter financial conditions are expected to weigh on housing and activity.

“Tighter financial conditions will be reflected in a slowing in house price growth and housing credit growth. In summary, we have greater conviction that the next move in rates is down, but less conviction on the timing.”

Mortgage relief? NAB forecasts RBA rate cut, not hike, after softer economic conditions

A local downsizer has splashed $6.5 million on a penthouse in Perifa's Alex &amp; Willow development in Crows Nest. 
&nbsp; 
The purchaser sold their long-held family home in the area before embarking on a six-month search for the right apartment. After inspecting a range of options across the Lower North Shore, the buyer returned to <a href="https://www.apartments.com.au/new-apartments/alex-willow-crows-nest-82-90-alexander-street-crows-nest-nsw-2065">Alex &amp; Willow</a>. 
&nbsp; 
The buyer profile reflects the project’s broader purchaser mix. <a>Alex &amp; Willow</a> has attracted predominantly local downsizers looking to transition from larger homes without compromising on space or quality, alongside a smaller cohort of upsizers and investors drawn to the project’s location and design credentials. 
&nbsp; 
The milestone sale comes as the project, developed by&nbsp;<a href="https://www.apartments.com.au/developers/perifa">Perifa</a>&nbsp;and delivered by <a href="https://www.apartments.com.au/builders/versatile-made-construction">Versatile Construction</a>, both part of Versatile Group, reaches 60 per cent sold.

[smartcode_project:default project_id=6680 project_image_fid=371325] 
&nbsp; 
Eddie Mansour, Managing Partner of <a href="https://www.apartments.com.au/project-marketer/ray-white-projects">Ray White Projects</a>, said the result demonstrates not only a headline price but also depth of demand. 
&nbsp; 
“This is an exceptional outcome and a clear reflection of sustained buyer demand for premium, well-located downsizer product,” Mansour said.

“We’re seeing a consistent pattern of local homeowners selling family residences and reinvesting into high-quality apartments that allow them to remain within their community. Alex &amp; Willow has resonated strongly with this group because it offers genuine scale, thoughtful design and immediate proximity to the village.” 
&nbsp; 
The sale reflects a broader and consistent trend of local downsizers actively seeking high-quality, low-maintenance residences close to established village centres. Agents report that demand for this product type has remained resilient, particularly where developments offer a rare combination of scale, design quality and walkable amenity. 
&nbsp;&nbsp; 
Fabrizio Perilli, Managing Director of Perifa and Versatile Group, said the sale marks a defining moment for the project. 
&nbsp; 
“The penthouse sale is a strong endorsement of the quality we have delivered, alongside our partners, and the clear demand from local downsizers for premium, boutique residences in this location,” Perilli said.&nbsp; 
&nbsp; 
“Most importantly, we’re proud to see the Alex &amp; Willow community beginning to take shape. As we move closer to completion, we’re looking forward to welcoming residents and seeing the project come to life.”&nbsp;

[smartcode_project:default project_id=6680 project_image_fid=338516] 
&nbsp; 
Designed by <a href="https://www.apartments.com.au/architects/nettletontribe">Nettleton Tribe</a> with interiors by <a href="https://www.apartments.com.au/interior-designers/richards-stanisich">Richards Stanisich</a>, Alex &amp; Willow is a boutique collection of generously sized two- and three-bedroom residences in the heart of Crows Nest village.&nbsp;

Completion is slated for early 2027.

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Alex & Willow, Crows Nest penthouse sells off the plan for $6.5 million

Fresh from launching the first stage of its Wollongong precinct, <a href="https://www.apartments.com.au/new-apartments/keira-place-wollongong-120-122-smith-street-wollongong-nsw-2500">Keira Place</a>, builder-developer Urban Property Group has unveiled plans for the next phase of the masterplanned community.

Now on public exhibition through the NSW Government's Housing Delivery Authority pathway is a State Significant Development Application for a further 657 homes on the prominent gateway site opposite Beaton Park.

The proposal comprises three buildings, including two build-to-sell towers rising 25 and 30 storeys, delivering 391 apartments, alongside a 12-storey co-living building with 266 residences, making it one of the largest co-living proposals currently planned in regional New South Wales.

Of the apartments proposed in the build-to-sell towers, the majority, 310, are two-bedroom dwellings. The balance comprises 44 one-bedroom apartments and 37 three-bedroom residences. Apartment sizes range from around 50 sqm for one-bedroom homes to approximately 90 sqm for three-bedroom apartments.

<img alt="Smith St" data-entity-type="file" data-entity-uuid="19347059-1612-41a0-9c74-b86a657237f8" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-06-10%20at%2010.02.18%E2%80%AFAM.png?VersionId=sWXnaCcA.cIC6N8YT1dg5pJ2e1V3Z6z7" />

The submission says the proposal has evolved significantly from its original Housing Delivery Authority application following extensive consultation with the State Design Review Panel and Wollongong City Council.

The final scheme has been designed to align with the emerging vision for the Flinders Street Precinct, an area identified by Council as a future high-density mixed-use neighbourhood capable of accommodating substantial housing growth close to transport, employment and community infrastructure.

According to the design report prepared by COX Architecture, the development aims to "deliver a built outcome consistent with the future character of the Wollongong CBD while responding to the site's unique constraints and opportunities."

"Our vision for the next phase of the site evolution in Wollongong is grounded in three design pillars that guide the design response: place, natural environment and celebration," COX said.

"Inspired by its surroundings and grounded in the stories of place on Wodi Wodi Country, the design proposal acknowledges the established character of its setting while creating a unique and timeless identity that sits harmoniously within it.

"The design proposal responds to its specific site conditions, acknowledging the vegetation, climate, wind conditions and solar access of the site."

The architecture responds directly to the site's position between Wollongong's urban core and its natural landscape setting.

COX identified views towards Mount Keira and the Illawarra Escarpment as defining features of the site, while the upper levels of the towers will also capture expansive views across the city and out to the Pacific Ocean.

The design team has positioned the tallest buildings closer to the rail corridor, where overshadowing impacts can be better managed while establishing a landmark built form on the northern approach into the city.

<img alt="Smith St" data-entity-type="file" data-entity-uuid="79580d5b-500c-4ebf-9629-797146a4a694" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-06-10%20at%209.51.59%E2%80%AFAM.png?VersionId=WbTB1EKSG.KDfsfz0F3wp1QVa2oCMGR5" />

Urban Property Group secured the 11,000 sqm Smith Street site in 2022 and has since progressed plans for the broader Keira Place precinct.

Construction recently commenced on the first stage of Keira Place, which will deliver 150 apartments across two residential buildings, including 27 affordable housing apartments and 18 specialist disability accommodation dwellings, alongside activated ground-floor retail and commercial space.

Urban Co-CEO Patrick Elias said the commencement of construction marked a significant milestone for Wollongong and reflected the developer's long-term commitment to regional cities.

"Today's groundbreaking is about turning approvals into homes and moving quickly to deliver much-needed housing in Wollongong's city centre," Elias said.

"Keira Place will provide a diverse mix of homes close to jobs, transport and services, while setting a high benchmark for quality, durability and consumer protection."

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/groundbreaking-marks-start-of-construction-at-keira-place-in-wollongong-cbd">Groundbreaking marks start of construction at Keira Place in Wollongong CBD</a>

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Mark Bouris

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