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Heritage properties around Canberra and Queanbeyan, typically Federation and the Californian bungalow, can range between $600,000 to just under $1 million given location according to analyst firm Herron Todd White.
In their latest heritage property report, HTW note Canberra and Queanbeyan have several heritage sites in local suburbs Ainslie, Griffith, Reid, Campbell and Kingston and in the Queanbeyan Town Centre.
"Heritage properties in Queanbeyan can range from $600,000 to $900,000. In Canberra’s inner north, examples include Ainslie at $700,000 plus and Reid at $900,000 plus and inner south, Kingston at $950,000 plus (if in a good location)," it said.
"What makes these dwellings desirable is that they are centrally located and in desirable locations and neighbourhoods (usually close to the city). Renovations of good quality on these heritage dwellings are proving to be quite valuable and naturally command strong prices as they have a unique aspect and a unique building construction (simply, everything old is new again).
"As always, heritage sites have particular restrictions on what owners looking to renovate can do to the property and will most likely experience higher construction costs to achieve renovations that reflect a mixture of the dwelling’s period character and the inclusions of modern features. Over-capitalisation is not much of an issue for these dwellings as the locations of the heritage areas usually already command strong price points."
According to HTW, heritage properties are typically a bit more difficult to value than your stock standard dwellings due to the unique nature of the property, restrictions on potential improvements and the general lack of heritage dwelling sales and advised potential investors historical data for these unique sales and knowledge of the locale are important when finding values. 
 
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Strong prices in Canberra's old made new heritage market

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GUEST OBSERVER
Wages growth remains weak. The wage price index rose just 2.1 percent y/y in the first quarter of 2016, the lowest rate on record in this series.
The weakness likely reflects both domestic and global factors. Unemployment remains elevated in Australia, but even in those economies at, or close to, full employment wage growth has remained low. We expect wages growth to remain soft over the next year or so, which will keep inflation low, while also remaining as a headwind to household spending. 
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Growth in the wage price index (WPI) slowed further in Q1. Wages rose just 0.4 percent q/q and 2.1 percent y/y – on both measures growth is the slowest on record. 
Wage growth in the private sector at +0.4 percent q/q / +1.9 percent y/y remains softer than in the public sector at +0.5 percent q/q / +2.5 percent y/y, while wage growth continues to slow across industries and states. Not surprisingly, private-sector wages growth is slowest in WA and Queensland at 1.6% y/y and 1.7 percent y/y respectively. 
We expect wages growth will remain subdued for some time. While elevated unemployment and a further adjustment in Australia’s relative labour cost structure will continue to be important drivers, weak wages growth is an increasing global phenomenon. 
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In its recent inflation forecast downgrade, the RBA clearly reassessed its view on the wages outlook. Yesterday’s minutes noted that “the forecasts embodied the expectation that growth in the wage price index would stabilise around current quarterly growth rates before gradually picking up later in the forecast period”. On that front, these numbers look to be marginally weaker than the Bank’s expectations. 
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Weak wage growth will keep inflation low. Today’s numbers suggest that growth is yet to stabilise on this measure. This suggests that the risks to the inflation outlook remain tilted to the downside, and household income growth will continue to be a constraint on consumer spending. 
 Felicity Emmett co-head of Australian economics, ANZ Research and can be contacted <a href="https://www.anz.com/corporate/research/" target="_blank">here</a>.
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Australian wages growth continues to slow: ANZ's Felicity Emmett

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GUEST OBSERVER
Today's RBA minutes, which record the deliberations that led to the 3 May cut in the cash rate, showed that the central bank had discussed both the possibility of cutting rates at that meeting or 'awaiting further information before acting'. 
The minutes note that the board had an extensive discussion about the Q1 CPI figures and the outlook for inflation given the dynamics of the labour market and current weak wages growth. The apparent hesitancy to cut, relayed in the minutes, supports our view that the RBA will probably choose to wait for the Q2 CPI print, due on 27 July, before cutting further. Our central case sees the RBA cutting to 1.50% in August and holding steady at that level over the subsequent quarters.
Facts
The RBA published the minutes for its 3 May board meeting at which the central bank decided to cut its cash rate by 25bp to 1.75%. A cut was only 45:55 priced going into the meeting and 12 of 27 economists in the Bloomberg survey expected a cut (HSBC expected a cut).
Implications
Today's minutes revealed that the 3 May board meeting, in which the RBA cut its cash rate by 25bp to 1.75%, was a fairly close call. As the minutes noted, the board had 'discussed the merits of adjusting policy at [that] meeting or awaiting further information before acting'.
The minutes report that the board spent a considerable amount of time discussing the Q1 CPI numbers and the outlook for inflation. The key question was the extent to which the new CPI numbers, which had surprised significantly to the downside, provided a signal about the on-going trend in inflation and to what extent the weaker inflation print was temporary or due to measurement error.
In the end, the board determined that the new information did materially change the inflation outlook and they delivered a 25bp cut in the cash rate to 1.75% (as we had expected).
However, the degree of hesitancy revealed in the minutes suggests that the RBA is likely to be reluctant to follow-up with a further cut without further clear information on the disinflationary trend. To us, this suggests that the RBA is unlikely to cut further until after the next CPI print, which is due to be published on 27 July.
Despite making no changes to the RBA's growth forecasts, the central bank did make a significant downward revision to its inflation forecasts. Underlying inflation had previously been expected to run near the bottom edge of the 2-3% target band, but the new forecasts showed that it was expected to remain around 1-2% over 2016 and to pick up to 1.5-2.5% by mid-2018.
This adjustment to the forecasts seemingly reflects much more than just the downside surprise to the Q1 CPI print. Rather, it is significant shift in the way the RBA sees the interaction of growth, the labour market, wages growth and inflation.
We also see a significant part of the downward adjustment to the underlying inflation forecasts as tactical. In our view, the RBA now wanted a set of inflation forecasts where the chances of a downside surprise are very low. Further downside surprises to the inflation numbers could put the credibility of the inflation targeting regime at risk. They also wanted the inflation forecasts to bolster the easing bias, despite the cut that was delivered, and in doing so, put further downward pressure on the AUD. The sharp fall in the AUD since the board meeting suggests that this tactic has worked.
We see the RBA as likely to cut further. Our central case has another 25bp cut in the cash rate to 1.50%, delivered in August, just after the Q2 CPI print. We then expect that, over time, underlying inflation may very well be a touch stronger than the RBA is forecasting, allowing the central bank to hold steady and point out that, although underlying inflation is below target, it is moving in the right direction and ahead of the forecasts. In doing this, the RBA would make use of the flexibility that is explicit in its inflation targeting regime. We see the forecasts themselves as a device that the RBA is using to loosen financial conditions.
<a href="https://www.about.hsbc.com.au/hsbc-in-australia/management-team" target="_blank">PAUL BLOXHAM</a> IS CHIEF ECONOMIST (AUSTRALIA AND NEW ZEALAND) FOR HSBC.
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RBA likely to wait until August to cut again: HSBC's Paul Bloxham

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Rents across the combined capital cities have had the weakest annual change on record with rental yields hitting record low levels, according to CoreLogic RP Data's April Rental Index.
April gross rental yields for houses are 3.3 percent and 4.2 percent for units and a year ago were 2.6 percent and 4.5 percent respectively.
According to the report the expectation is falls will continue with means that capital growth becoming a more important factor for property investors than rental returns.
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"Rental yields are lowest for houses in Melbourne (2.9%) and highest in Hobart (5.3%). Unit yields are lowest in Sydney and Melbourne at 4.0% and highest in Brisbane and Hobart at 5.3%. House and unit yields are at record lows in both Sydney and Melbourne," the report said.
"The low yield profile across Australia’s two largest cities, which are also the cities that attract the largest investment demand, suggests that most recent investors, despite the low mortgage rate settings, are likely to be utilising a negative gearing strategy to offset their cash flow losses against their taxable income. 
"Across every capital city except Hobart, where they are 10 basis points higher, house rental yields are lower now than they were at the same time last year. This is reflective of the fact that rental rates for houses are falling while values have continued to rise. 
"The unit market shows similar trends to the detached housing market. Yields are unchanged over the year in Hobart and Canberra and lower over all other capital cities. The generally softer yields point to market conditions in which unit value growth has generally outpaced unit rental growth."
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Weakest annual rental change on record: CoreLogic RP Data

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The Westpac Melbourne Institute Index of Consumer Sentiment jumped by 8.5 percent in May from 95.1 in April to 103.2 in May. <div class="layoutArea">
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The Index has now reached its highest level since January 2014. 
This result would have been affected by two very significant events: the Commonwealth Budget and the Reserve Bank’s decision to cut the overnight cash rate from 2 percent to 1.75 percent. 
Our analysis indicates that the dominant driver of the boost to confidence has been the rate cut.
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Sharp increases in the Index in response to rate cuts are fairly common, although they depend somewhat on other events at the time and whether moves were expected. The last four rate cuts have seen the Index rise on average 6.6%, with gains ranging from 3.5% to 8.5%. 
Supporting this view has been a stunning 15% increase in the confidence of those respondents in the survey who currently have a mortgage. 
On the other hand we were able to gauge respondents’ specific assessments of the Budget by asking the special question: “What impact do you expect the Federal Budget to have on your family finances over the next 12 months?” The net percentage was -22.4% compared with -22.5% in 2015 and -56.1% in 2014 (a negative means respondents saying ‘deteriorate’ outnumber those saying ‘improve’). 
Since we started asking this question in 2010 all net responses have been negative and the 2016 response is the second highest over that period (the highest being –17.1% in 2010). But this result is hardly the sort of glowing response that would explain an 8.5% jump in the Sentiment Index. 
Other aspects of the survey were also encouraging. Both Westpac and the Government are forecasting the unemployment rate to fall further to 5.5% by mid- 2017. Consistent with this view was a 5.8% fall in the Westpac Melbourne Institute Index of Unemployment Expectations to its second lowest level since January 2012. If sustained, this fall in the Index will be consistent with our expected steady improvement in labour market conditions. 
All components of the Index improved in May. The sub-index tracking respondents’ assessments of their family finances compared to a year ago increased by 3.2% while the sub-index tracking the one year outlook for family finances lifted by 7.2%. 
The economic outlook also improved. The sub-index tracking the one year outlook jumped by 13.2% and the sub-index tracking the 5 year outlook rose by 14.8%. 
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The ‘time to buy a major household item’ sub-index increased by 4.9%. 
A word of caution is appropriate at this juncture. The Reserve Bank strongly favours the ‘family finances vs a year ago’ sub- index as an indicator of future spending patterns. This component increased the least in the survey and is still below its level of two months ago. 
Consumers’ assessments of housing conditions improved, although there was a fall in confidence around the outlook for house prices. The ‘time to buy a dwelling’ lifted by 12.1%, although it is still 6.4% below its level a year ago. The strongest gains were in the most volatile state – New South Wales. 
On the other hand, we saw a more subdued outlook for house prices with a 2.6% fall in the Westpac Melbourne Institute Index of House Price Expectations. This Index is now 15.9% below its level of a year ago. 
The Reserve Bank board next meets on June 7. We expect the Board to keep rates on hold at that meeting although we are expecting a further rate cut at the August meeting. 
The Reserve Bank targets inflation and its latest forecasts point to the underlying inflation rate holding at 1.5% in 2016 – below the bottom of the 2-3% target band. That is uncomfortable but nevertheless acceptable if the forecast is for inflation to move back comfortably within the band in 2017. Current forecasts are for underlying inflation to only move to the bottom of the band in 2017, despite the Bank including a follow up rate cut in its forecast assumptions (due to its practice of adopting market pricing for its interest rate assumptions for the forecast). 
It seems likely that it will have to deliver that cut in August after it has had time to further analyse the inflation trends in the June quarter and the March quarter national accounts.
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BILL EVANS is chief economist of <a href="https://www.westpac.com.au/" target="_blank">Westpac</a>.
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Consumer sentiment responds to rate cut: Westpac's Bill Evans

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Two new properties are listed on the top ten discounted properties nationwide list from SQM Research - one in South Perth, the other in New South Wales.
The South Perth property, number two on the list, has had the price reduced $775,000 according to SQM managing director Louis Christopher.
He said the home, 82 Douglas Road South Perth, first came on the market in March 2016 with an original asking price of $1,950,000.
"The vendor has reduced the price twice, once in the middle of March, then again late last month. Overall, the property has been reduced by a massive $775,000," he said.
"With a total four bedrooms, four bathrooms, and two car spaces, and a reduction of 40 percent this property certainly has a lot to offer.
"It features two studies, two large living rooms, a generous combined kitchen and dining quarters, shed, recently installed reverse cycle air-conditioning and a below ground outdoor pool. The property is located approximately 7km outside of Perth CBD, and within short walking distance of public transport."
The second property, 69 Sarah Road Matcham, on the NSW Central Coast has spent some 516 days on market already and first came on the market in December 2014 with an asking price of $2,570,000 that was cut to under $2 million in January 2016.
It was reduced further to its current listing price of $1,775,000 last month, Louis Christopher said.
"The listing also states that a large selection of the current furniture is also included in the sale price. This is great news for interstate buyers who might not want to cart all their own furniture, and or buyers looking to lease the property out straight away," he said.
"The property is located within close proximity of local schools, cafes and shops including Erina Fair Shopping Centre. The home is also within close proximity of the stunning Terrigal Beach and only 1.5 hours’ drive from Sydney CBD."
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NSW Central Coast trophy makes SQM top ten discounted list

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GUEST OBSERVER
The weekly ANZ/Roy Morgan consumer confidence rating was unchanged at 113.9 in the week to May 8. Confidence is up 3 percent over the year and above the average of 112.1 since 2014.
Just one of the five components of the index rose in the latest week.
Chinese inflation: Chinese consumer prices fell by 0.2 percent in April to be up 2.3 percent on the year. (forecast 2.3 percent). Producer prices fell by 3.4 percent over the year (forecast -3.7 percent).
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Food inflation: Over the year food prices are up 7.4 percent with non-food prices up just 1.1 percent.
The consumer confidence figures have implications for finance providers, retailers, and companies dependent on consumer and business spending. Chinese economic data is especially of importance to exporters and importers.
What does it all mean?
The latest consumer confidence reading is quiet timely, providing the first perspective off how households have responded not just to the Federal budget but also the Reserve Bank interest rate cut. And in that context, if the Reserve Bank had been hoping for an immediate boost to confidence following the rate cut policymakers would be sadly disappointed – particularly in light of most of the major banks passing on the full rate cut to mortgage holders. Confidence was essentially flat in the past week.
The Federal budget would not have had a major impact on confidence. However it may be that the slide in the Aussie dollar negated the interest rate cut from the perspective of Aussie households. Over the past week the Australian dollar has fallen by over US4 cents. Overall a lower Australian dollar is great news not just for export orientated businesses but also the broader economy. However Aussie households tend to view a lower Australian dollar as a negative, making overseas travel and overseas online purchases more expensive.
The Chinese inflation data highlights the issues facing central banks across the globe. Chinese consumer prices fell in April and are up just 2.3 percent over the year. Deflation seems to be a more prevalent threat to a number of international economies. No doubt the weakness in commodity prices is feeding through to the weaker inflation results. In addition a weaker growth profile for the global economy is keeping price pressures under check.
China is Australia’s largest trading partner by a large margin. And China is attempting to rebalance activity away from construction, manufacturing and mining to service sectors like retailing, financial services, hotels and food services. And that rebalancing will continue to come with mixed results. Chinese authorities have scope to ease policy further if they deem it necessary.
What do the figures show?
Consumer confidence
The weekly ANZ/Roy Morgan consumer confidence rating was unchanged in the past week at 113.9 in the week to May 8. Confidence is up 3 percent over the year and above the average of 112.1 since 2014. Just one of the five components of the index rose in the latest week:
The estimate of family finances compared with a year ago was down from +6 to +5;
The estimate of family finances over the next year was down from +27 to +26;
Economic conditions over the next 12 months was down from -2 to -3;
Economic conditions over the next 5 years was unchanged at  +7;
The measure of whether it was a good time to buy a major household item was up  from +32 points to +34 points.
Chinese inflation:
Consumer prices fell by 0.2 percent in April to be up 2.3 per cent on the year. The annual result in line with forecasts.
Non-food prices  rose by 0.1 percent in the month to be up 1.1 per cent over the year. Prices of consumer goods rose 2.5 percent over the year (March 2.5 percent) with services up 2 percent (March 1.9 percent).
Food prices  fell by 1.4 percent in April after sliding by 1.8 percent in March. Food prices are up 7.4 percent over the year, down from the 7.6 percent annual gain in March. Pork prices rose by 3.2 percent after falling by 1.3 percent in March. Pork prices are up 33.5 percent in the year to April, up from the 28.4 percent annual increase to March.
Consumer good categories (year to April): Food, tobacco and alcohol 5.9 percent; Clothing 1.5 percent; Rent, fuel &amp; utilities 1.4 percent; Household goods 0.5 per cent; Transport and communication -2.4 percent; Education, culture and recreation 1.2 percent ; Healthcare 3.2 percent; Other goods and services 1.7 percent.
Producer prices fell by 3.4 percent in the year to April, firmer than the 4.3 percent decline to March and ahead of the market forecasts centred on a 3.7 percent decline. It was the smallest rate of decline since January 2015.
What is the importance of the economic data?
China’s National Bureau of Statistics  releases its monthly economic statistics around mid-month. Quarterly GDP data is released around the 19th of January, April, July and October. China’s Customs Office releases trade data, and the People’s Bank of China releases financial statistics, around the 10th  of each month. China is Australia’s largest trading partner and changes in the Chinese economic have major implications for the Aussie economy
The ANZ/Roy Morgan weekly survey of consumer confidence closely tracks the monthly Westpac/Melbourne Institute consumer sentiment index but the former measure is a timelier assessment of consumer attitudes and is now closely tracked by the Reserve Bank.
What are the implications for interest rates and investors?
From a household balance sheet perspective the outlook for retailers looks healthy. Lower petrol prices, firm confidence levels, solid home construction and healthy employment should all serve to boost spending levels. However the uncertainty over the timing of an early Federal election will weigh on activity over the short term.
The Reserve Bank will closely monitor developments in China and financial markets more generally.
Savanth Sebastian is an economist for <a href="https://www.commsec.com.au/" target="_blank">CommSec</a>
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Rate cut fails to lift confidence, China deflation: CommSec's Savanth Sebastian

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Government Property NSW sold nine more properties in Millers Point through McGrath with the most expensive, 9 Lower Fort St (above), an eight bedroom five bath home, selling for $6,100,000 at auction.
The five bedroom property at 13 Lower Fort St sold for $4,000,000.
The six bedroom home at 35 Lower Fort St sold for $3,600,000, the five bedroom at 47 Lower Fort St sold for $3,360,000, the four bedroom home at 73 Kent St sold for $2,701,000 and the four bedder at 42 Argyle Place Millers Point sold for $2,650,000. The home at 54 Kent St sold for $2,125,000.
The 62 Kent St property sold for $1,900,000 and 60 Kent St sold for $1,750,000.
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Government Property NSW sells nine more properties in Millers Point

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Poly Real Estate are launching the second stage of the Poly Horizon development in Sydney's in Epping Saturday May 7, with studio apartments starting from $420,000, one-bedroom and study apartments starting from $555,000, two-bedroom apartments from $820,000 and three-bedroom apartments from $1.4 million.
The second stage release features 266 apartments across two towers. 
<img src="/images/2016/05/06/poly2.jpg" alt="" width="720" height="883">
Poly marketing director Philip Best, says the first stage sold 83 percent within five hours of launch.
CBRE residential projects senior director, Tim Rees said the project has also been particularly popular with higher-net worth first home buyers, the majority of whom plan to be owner-occupiers.
“We’re expecting a similar result to the launch of Stage One as we’re already seeing a significant level of interest in the project’s second stage,” he said. 
For more information <a href="https://polyhorizon.com.au" target="_blank">click here</a>. 
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Poly Horizon fast track second stage release

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The Australian Property Institute has called for the establishment of a Royal Commission into banking. 
API Chief Executive Mike Zissler said he is seeing significant changes within the industry which are not in the best interests of the banks and financiers, the valuation profession and the community as a whole.
According to him industry must change if the valuation profession is to continue to remain an independent, objective and authoritative provider of valuation services to the Australian banking and financing industry. 
“We need a reset in which banks and valuers can come into a room and be pragmatic about what is happening," he said.
“Why is there so much distrust and enmity between the parties and why is it that members of the API cannot speak openly with the banks without implied threats and withdrawal of contracts as a punishment for speaking out?
“My members are more than unhappy and feel trapped. They must be able to speak with the lenders, whom they contract with, without fear of reprisal. 
“Companies have been pitted off against each other over pricing, and prices have been forced back to 1980’s rates. Yet so much more work and prescription is now required. Many companies would need to cut their margins to sub-cost pricing in order to be competitive in a tender process. Companies will be forced out of business which will inevitably lead to a monopoly and potential market failure. Moreover, some of the firms that have taken on the new work simply won’t have the capacity to service it particularly in areas they don’t have a presence,” he said. 
“As the CEO of a members-based organisation it greatly concerns me that my members are intimidated by the banking industry, which apparently has failed to recognise the harm it is doing in the long run to itself, the industry and the community.”
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Banks bully valuers to accept below-cost fees: Australia Property Institute

Abadeen has released the whole-floor penthouse crowning its recently completed <a href="https://www.apartments.com.au/buildings/park-residences-cremorne-2-sutherland-street-cremorne-nsw-2090">Park Residences</a> development in Cremorne, bringing the near-300 sqm residence to market for the first time.

Occupying the entire top floor of the boutique Lower North Shore development, the penthouse includes 221 sqm of internal living and a 74 sqm wraparound terrace, with a prized north-facing aspect taking in views across Middle Harbour.

The residence has been completed and fully furnished following a collaboration between Abadeen Executive Chairman Justin Brown and internationally recognised interior designer Jack Freeman, Founder and Managing Director of FREEMAN &amp; CO.

<a href="https://www.apartments.com.au/developers/abadeen">Abadeen</a> and Freeman approached the penthouse as a finished home, sourcing furniture, artwork, lighting and objects from Australia and overseas.

[smartcode_project:default project_id=114246 project_image_fid=378718]

Pieces from Parisian design house Pierre Augustin Rose sit alongside contemporary artworks and bespoke lighting, with Freeman drawing on recent visits to PAD Paris and Salone del Mobile Milano for the final collection.

Brown said the aim was to create a penthouse that felt more like a large-scale private home than a traditional apartment.

"The experience begins the moment the lift doors open. You're welcomed into an elegant dining room before the home opens into an extraordinary living space framed by sun-drenched harbour views.

"Every time someone walks through the front door they pause. It's not just the view, it's the incredible sense of space, the warmth created by the northern sunlight that fills the interiors, and the way every room connects so effortlessly.

"It has all the proportions of a luxury home, while delivering the effortless lifestyle and personalised experience of living in a world-class six-star hotel, combined with the simplicity and convenience of apartment living."

[smartcode_project:default project_id=114246 project_image_fid=378713]

A secure lift provides exclusive access to the penthouse level, opening to a dedicated arrival foyer and dining area before the residence expands into its main living and entertaining spaces.

Floor-to-ceiling glazing runs across the northern side of the home, connecting the interiors with the terrace and Middle Harbour outlook.

The penthouse also features a fireplace and substantial chef's kitchen, while the wraparound terrace has been designed to accommodate both everyday outdoor living and larger-scale entertaining.

[smartcode_project:default project_id=114246 project_image_fid=378720]

Freeman said the interiors had been deliberately kept restrained to complement the scale, natural light and outlook already established by the architecture.

"The penthouse is a serene study in quiet luxury," Freeman said.

"The interior pairs soft, sculptural forms with warm timber, pale stone and a restrained neutral palette. Curated artwork and metallic accents add depth, while abundant natural light creates a calm, effortlessly refined atmosphere. In my world, less is always more."

Freeman said the approach was centred around collecting individual pieces rather than simply decorating the apartment.

"Every material, every object and every piece of furniture has been curated with intention. I am a true believer in collecting versus decorating.

"The architecture already provided extraordinary natural light, remarkable volume and an uninterrupted connection to Middle Harbour. Our role was to complement those qualities with unique one-of-a-kind pieces of fine art and collectible design sourced from recent travels around the world."

[smartcode_project:default project_id=114246 project_image_fid=378694]

Among the collection are solid bronze sculptures by Lorenzo Quinn, alongside a curated crystalware collection and pieces sourced from international design fairs.

Park Residences sits opposite Cammeray Golf Club, Cammeray Croquet Club and Grand Slam Tennis Cammeray, around 300 metres from Neutral Bay Village and its established collection of restaurants, cafés and retail.

Brown said the combination of a whole-floor floorplan, northern aspect and proximity to Neutral Bay was becoming increasingly difficult to find on the Lower North Shore.

"Completed whole-floor penthouses with a sun-drenched north-facing aspect and sweeping Middle Harbour views are exceptionally rare," Brown said.

"Add a quiet position opposite golf, croquet and tennis facilities, a level walk to Neutral Bay Village and only minutes to the CBD, and you have a lifestyle that's incredibly difficult to replicate.

"This is a home that offers the privacy and generosity of a luxury residence together with the convenience of one of Sydney's best-connected harbourside locations."

The penthouse will be exclusively marketed by SRM Residential.

[smartcode_project_cta:default project_id=114246]

Joel Robinson

Abadeen unveils penthouse at Park Residences in Cremorne

New Brisbane developer Dalcott has unveiled Marrone, the first of three residential projects it is planning in and around Browning Street in South Brisbane.

<a href="https://www.apartments.com.au/new-apartments/marrone-south-brisbane-39-browning-street-south-brisbane-qld-4101">Marrone</a> will comprise 97 predominantly two- and three-bedroom apartments, with larger residences aimed squarely at the owner-occupier market.

The project will sit in a quiet pocket of South Brisbane between South Bank and West End, close to the restaurants, cultural attractions and riverfront amenity that have driven the suburb's continued transformation.

Dalcott is targeting buyers looking for more space and amenity than has traditionally been offered in the inner-city apartment market, particularly downsizers and professionals wanting to remain close to the city.

[smartcode_project:default project_id=149951 project_image_fid=377072]

Resident facilities will be concentrated around an extensive rooftop amenity offering, including a swimming pool, spa, infrared sauna, warm and cold magnesium plunge pools, private lounge, dining room and outdoor entertaining areas.

Dalcott Managing Director Lachlan Cottee said South Brisbane's combination of lifestyle, connectivity and established character had been central to the approach to Marrone.

“South Brisbane offers a combination of lifestyle, connectivity and character that’s difficult to replicate elsewhere in Brisbane,” Cottee said.

“Our focus has been on creating homes that feel connected to that environment while providing the level of design, functionality and quality that today's owner-occupiers expect.”

The residences will feature an expressive material palette. Italian Calacatta Viola marble, known for its deep burgundy veining, will be paired with aged brass tapware, Chestnut engineered timber flooring and Tuscan Oak joinery.

<img alt="Marrone" data-entity-type="file" data-entity-uuid="b8d833da-3b30-496a-ae30-07bdff371b50" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-25%20at%2010.52.35%E2%80%AFAM.png?VersionId=P6DAgOfaQzIXljKKK5j3e5NhWtrHIu9G" />

Bathrooms will feature Nara Japanese ceramics and glass bricks, while clay, walnut and brass lighting will be used throughout the apartments.

Dalcott has appointed Realm Projects, led by Managing Director Shane Foley, to handle sales and marketing following previous sold-out collaborations between the groups.

Foley said the Brisbane apartment buyer had become increasingly focused on the quality of the home itself rather than simply securing an inner-city address.

“We expect to see strong demand from buyers who still want all the advantages of inner-city living but aren’t prepared to compromise on the quality of their home,” Foley said.

“Many will be downsizers looking to leave behind the maintenance of a traditional family home without giving up the space they enjoy, while others are likely to be professionals wanting a residence that reflects the way they live today.”

“Marrone responds directly to that demand, with generous floorplans, exceptional resident amenity and a location that places some of Brisbane’s best dining, entertainment and cultural attractions within walking distance.”

<img alt="Marrone" data-entity-type="file" data-entity-uuid="61f7b22f-899e-4c0f-940a-7d3ab1bfb93a" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-25%20at%2010.52.44%E2%80%AFAM.png?VersionId=PvN1JYxBgUpyCB7efKo52WGdSDs9nmim" />

Marrone will be the first project delivered as part of Dalcott's broader investment in the precinct.

It will be followed by La Terra, a boutique project comprising penthouse-style, single-level apartments on a northeast corner site with extensive resident amenity and city views.

Cottee said Marrone represented the first stage of the group's longer-term plans for the area.

Dalcott was established in 2025 by Lachlan Cottee and Ben Dalgliesh, combining development and construction capability under an integrated model and focusing on architecturally considered residential projects.

Marrone will initially be offered through a pre-release registration campaign ahead of its broader public launch.

Dalcott targets owner-occupiers with South Brisbane debut Marrone

Parnell Developments is the latest to seek significant uplift through the NSW Government's Housing Delivery Authority on a Strathfield site previously approved for a much smaller apartment development.

Parnell has sought approval for a 32-storey mixed use tower across&nbsp;<a href="https://www.apartments.com.au/new-apartments/7-lyons-street-strathfield-nsw-2135">3-7 Lyons Street and 18 Parnell Street</a>, a&nbsp;1,857 sqm site around 400 metres from Strathfield Station. The building would yield 160 apartments, 15 per cent of which will be dedicated affordable as per the government mandate for buildings seeking additional uplift.

Approved previously was a nine-storey building back in 2022 with just over 30 apartments. That approval came prior to the project being&nbsp;progressively reconsidered as planning policy shifted toward greater density around transport hubs.

<img alt="Strathfield" data-entity-type="file" data-entity-uuid="c5af5281-a643-4eb2-b8c4-0081b59c04c7" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-25%20at%209.16.48%E2%80%AFAM.png?VersionId=37bd3mI7rHNpThOV_75VO8xsGFwWOi1u" />

Turner has designed the latest building that would replace&nbsp;existing detached homes across the four lots.

The apartment mix comprises 22 one-bedroom apartments, 107 two-bedroom and two-bedroom-plus configurations, and 31 apartments with three or more bedrooms. The scheme also includes 203 car spaces across six basement levels and 58 bicycle spaces.

The proposal has been designed around a three-storey podium addressing Lyons Street, with the tower rising above and stepping toward its upper levels.

Turner said the podium was deliberately scaled to respond to the existing street, while the taller element has been designed as part of the emerging skyline anticipated around Strathfield Town Centre and the wider Homebush transport-oriented development precinct.

The Lyons Street frontage would have a more active, pedestrian-focused character, incorporating the commercial tenancy, landscaping and a brick-framed podium with an awning.

<img alt="Strathfield" data-entity-type="file" data-entity-uuid="14b20874-b8c3-4ac7-bc03-92be9a69fb78" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-25%20at%209.17.48%E2%80%AFAM.png?VersionId=av.9TxtqIRTC6v3PkSuu1rL9rreWoe2h" />

Parnell Street, which faces the railway corridor, has been given a different architectural treatment, with double-height breeze blocks, landscaping and communal areas used to soften the interface with the rail infrastructure.

The tower itself uses curved and recessed facade elements, with wave-like indentations across the northern elevation breaking the building into three vertical forms.

A palette of grey concrete, brick and breeze blocks is complemented by clay and terracotta accents, while the upper tower adopts a lighter expression through articulated slab edges, vertical fins and recessed glazing.

Residents would have access to 467 sqm of communal open space spread across three levels. The ground floor would accommodate the more active resident areas, including barbecue and group gathering spaces and an internal communal room capable of being used for working from home.

A more passive viewing deck is proposed at level three, overlooking the ground-level landscaping and neighbouring tennis courts, while a rooftop "sunset deck" at level 30 would provide another social and relaxation space.

<img alt="Parnell" data-entity-type="file" data-entity-uuid="c3dce401-a80f-4682-8471-4caa01180880" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-25%20at%209.17.34%E2%80%AFAM.png?VersionId=Xyo8JVqbOhSJXNy6Ih.1cHL.O6i0bGR." />

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Strathfield has been earmarked for substantial change through the Strathfield Town Centre planning work and the nearby Homebush TOD precinct.

Turner's report says the project has been designed to act as a transition between the existing low and mid-rise development surrounding the site and the taller built form expected to emerge across the town centre.

The proposal is being assessed as State Significant Development under the HDA pathway, alongside the concurrent request to amend the Burwood Local Environmental Plan.

First look: New apartment tower pitched for Strathfield Town Centre precinct

An $18 million penthouse has hit the market in Main Beach as construction tops out on La Mer, the $155 million apartment development rising just metres from the beach.

Spanning around 600 sqm across the top two levels of the 29-storey tower on Main Beach Parade, the four-bedroom penthouse is one of the latest eight-figure residences to test the upper end of the Gold Coast apartment market.

Its launch comes amid continued activity at the very top of the market, following the $30 million off-the-plan sale of a Burleigh Heads penthouse earlier this year, which surpassed the Gold Coast's previous $24 million apartment record set in 2023.

The <a href="https://www.apartments.com.au/new-apartments/la-mer-main-beach-3580-main-beach-parade-main-beach-qld-4217">La Mer penthouse</a> has been designed as a private residence in the sky, with 360-degree views spanning the ocean, Broadwater, hinterland and Gold Coast skyline.

[smartcode_project:default project_id=95606 project_image_fid=378731]

All four bedrooms have ensuites, while the ocean-facing master retreat occupies around half of the upper level and includes its own lounge, private balcony, two walk-in wardrobes and an oversized ensuite with a freestanding stone bath positioned to take in the views.

The residence also features a kitchen designed to accommodate a private chef, a 3.6-metre island bench, expansive butler's pantry, wine cellar and integrated bar.

[smartcode_project:default project_id=95606 project_image_fid=378732]

A rooftop pool and substantial outdoor entertaining area with its own kitchen sit above the residence, while a grand staircase connects the two internal levels. The penthouse also has its own express lift.

OTP Group Director James Elliott, who is marketing La Mer, said the penthouse was expected to appeal to high-net-worth buyers seeking either a permanent Main Beach residence or Gold Coast holiday home.

“The La Mer penthouse represents exceptional value, considering its quality design, size, privacy and location, not to mention the 360-degree views capturing the beach and Gold Coast Broadwater,” Elliott said.

“We’re anticipating interest from high-net-worth individuals and couples seeking a residence or holiday home in the sought-after village enclave of Main Beach, taking advantage of the unprecedented growth underway in the area and neighbouring The Spit.”

[smartcode_project:default project_id=95606 project_image_fid=378736]

La Mer is being developed by developer-builder ODUS and Nazero, in partnership with funder Metrics Credit Partners.

ODUS Director Byron Sakha said topping out the tower had provided the opportunity to release the project's most significant residence.

“We’ve worked with internationally-recognised studio Sici Design on the penthouse interiors, with a focus on ensuring it isn’t luxury for luxury’s sake. Every element has been thoughtfully designed to enhance quality of life for those who call it home,” Sakha said.

“The views are the hero of virtually every space, but we’ve given equal attention to the fittings and finishes, so every detail exudes elegance and refinement.”

Sici Design Founder and Director Maria Papadopoulos said the extensive views became an integral part of the interior design rather than simply something the residence was designed around.

“The views weren't something we designed around, they became part of the design itself, with the true luxury of La Mer in its feeling of peace, calm and wellbeing,” Papadopoulos said.

“Luxury isn't defined by how something looks, but how it makes you feel, and we believe a luxurious home should be beautiful to live in, not stressful to maintain.”

The interiors combine Austral Dream Dolomite natural stone and travertine with timber flooring and a restrained coastal palette.

[smartcode_project:default project_id=95606 project_image_fid=378734]

Designed by Plus Studio, La Mer is one of the more boutique additions to the rapidly changing Main Beach apartment market.

The tower comprises just 24 full-floor, three-bedroom plus multipurpose room apartments below the two-level penthouse, giving the project a considerably lower density than many of the larger towers being developed across the Gold Coast.

Residents will have access to a pool and spa, gym, sauna, barbecue facilities, private sun lounges, yoga lawn and outdoor beach shower.

The penthouse has been released as part of the final collection of residences at La Mer, with remaining apartments priced from $4.3 million.

Construction is expected to complete later this year, with a fully furnished display apartment now open on level four.

[smartcode_project_cta:default project_id=95606]

ODUS releases $18 million penthouse crowning La Mer Main Beach

<a href="https://www.apartments.com.au/developers/far-east-consortium">Far East Consortium</a> is preparing to commence construction on <a href="https://www.apartments.com.au/new-apartments/640-bourke-street-melbourne-640-bourke-street-melbourne-vic-3000">640 Bourke Street</a> this October, marking the next milestone for the Melbourne CBD development and its higher-end Eliza Collection.

Spanning levels 44 to 68 of the 68-storey <a href="https://www.apartments.com.au/architects/rothelowman">Rothelowman</a>-designed tower, the Eliza Collection has been conceived as a lower-density offering within the broader development, with only five apartments on each floor, dedicated lift access and a collection of resident spaces reserved exclusively for Eliza Collection residents.

The Eliza Collection forms part of Far East Consortium's broader move toward larger-format residences at 640 Bourke Street, where the number of apartments was reduced from earlier plans as apartment sizes increased.

[smartcode_project:default project_id=509 project_image_fid=365685]

"What it's meant for 640 Bourke is we've actually reduced the number of apartments. We've increased the overall size of the apartments. We don't have any studios in here, and what that does for a project is it elevates it," Far East Consortium Director of Sales and Marketing Lauren Sheldon said.

Rothelowman Associate Jun Chang said the design process provided an opportunity to create more generous floorplans.

"We were given the opportunity to be more generous. The apartments became bigger and squarer than any other apartments which had been designed in the CBD before that."

[smartcode_project:default project_id=509 project_image_fid=368869]

That thinking carries through to the Eliza Collection, where the residences have been designed around the space and functionality associated with a larger home, but positioned high above the centre of Melbourne.

Kitchens are equipped with Gaggenau appliances, a butler's pantry, temperature-controlled wine cabinet and sculptural pendant lighting, while engineered timber flooring, stone and porcelain finishes and custom cabinetry feature throughout the broader interiors.

Privacy and security are another point of distinction. Eliza Collection residents have dedicated lift access, while 640 Bourke Street will provide concierge services and secure resident parking. Short-stay accommodation, including Airbnb, will not be permitted within the development.

[smartcode_project:default project_id=509 project_image_fid=365689]

Eliza Collection residents will also have exclusive access to selected amenity spaces across levels one and three of the restored Eliza Tinsley building. These include the Salon with grand piano, an art therapy room, private dining rooms and treatment rooms.

They sit within more than 3,000 sqm of amenity planned across 640 Bourke Street, alongside facilities including a pool, gym, whisky lounge and further social and wellness spaces.

The Eliza Tinsley building itself is central to the wider project's identity. Rather than treating the existing Eliza Tinsley façade as a separate element, Rothelowman used it as a starting point for the architecture of the new tower, with the historic building to accommodate the project's gallery and lobby.

"It's a significant asset and wants to be celebrated and experienced by all residents every single time they go in and out of the building," Rothelowman Principal Stuart Marsland said.

[smartcode_project:default project_id=509 project_image_fid=368872]

The tower will rise behind the retained heritage building at 640 Bourke Street, placing residents within walking distance of Southern Cross Station, Flagstaff Gardens, Queen Victoria Market and the Docklands waterfront.

With construction scheduled to begin in October, Far East Consortium has established an onsite display gallery at 640 Bourke Street, including fully built apartments that allow the project's layouts, materials and finishes to be inspected at full scale.

A fully built Eliza Collection apartment is also available to view at the display suite by appointment ahead of the planned October construction commencement.

Eligible purchasers who buy before construction commences can secure the full available off-the-plan stamp duty savings, subject to eligibility and applicable conditions.

[smartcode_project_cta:default project_id=509]

Michael Crawford

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