<html><body>
Australian house prices are rising again with two exceptions: unit markets in Sydney and Melbourne. Declining unit prices are being driven by high levels of supply, problems in the rental market and foreign students not returning.
However, these declines are now fairly modest at a capital city level. In Melbourne, apartment prices are down 1.2% while Sydney is down 0.2% since the start of the pandemic. It is likely they will return to growth in the coming months.
At a suburb level, the impact of poor rental market conditions is more apparent, and prices have dropped considerably.
Topping the list for capital city unit market price declines is Carlton in Melbourne’s Inner North where the median price for units has dropped 22% over the past 12 months, reflecting the weak student rental market. It is possible declines in Melbourne’s Highett and Ormond are being driven by a similar trend.
Gungahlin, in the red-hot Canberra market, is surprisingly showing big declines in prices, down 20%.
Surprisingly weak conditions are also being seen in parts of the recovering Perth market. Mandurah, Mount Lawley and Fremantle units are all seeing price declines in excess of 10%.
In Sydney, high development areas such as Sydney Olympic Park and North Ryde are topping the list for price declines.
Probably the biggest surprise is Melbourne CBD, which has seen the most dramatic rise in vacant apartments in Australia. At present, prices remain steady.
While prices are well down on last year, housing market conditions are improving, and this will flow through to unit pricing over the next 12 months. For many of these markets, renters will also return, which will support values.
For now, if you are someone who is looking for an affordable property or consider yourself a counter-cyclical buyer, be prepared to take on a bit of risk and these areas may be worth a look.
Australian luxury property defies the downturn and global trend
We are continuing to see strong conditions for luxury properties around Australia. On realestate.com.au, views per listing for $10 million-plus properties have increased from 1,800 prior to the pandemic to more than 4,500.
Some of this may be to do with people being stuck at home and dreaming about beautiful homes, but price growth is now occurring, suggesting at least some of this search activity was from serious buyers.
While luxury is having its moment in Australia, globally it isn’t uniformly the case as shown by the latest Luxury House Price Index from Knight Frank.
Global gateway cities such as Paris, London, Hong Kong and New York are all seeing declining prices at luxury price points.
This is a little bit surprising given there seems to be a flight to safe assets more broadly and property, particularly in these markets, is generally seen to be very safe.
It may have more to do with how COVID-19 has impacted these markets, suggesting high net worth buyers may be looking at certain locations for health reasons, rather than to park their cash.
This certainly holds true for the city that is topping the list in Knight Frank’s report – Auckland. New Zealand has been one of the least impacted countries in the world in terms of COVID-19 infections and has also seen the biggest increase in luxury house prices over the past 12 months.
It also holds true, although to a lesser extent, in Australia. Melbourne luxury homes have still experienced a price increase, but at only 0.2% it is far less than Sydney and Perth at 2.3% and 2.2% respectively.
 
</body></html>

nconisbee-4KnoX9XmtH

Apartment buyers must strike while the iron is hot: REA's Nerida Conisbee

<html><body>
Remember when our retail spend was shifting from buying things to buying experiences? That was only four months ago.
Since then, Australians have been spending more at supermarkets and on consumer electronics than on apparel and at department stores. Our expenditure on experiences, in particular travel, has been almost non-existent. It was therefore interesting to hear that in China there has been a rebound in luxury spending post COVID-19 lockdowns.
(Spending excessively after a period when one has had limited opportunities to spend has emerged after the lockdown, where in several Chinese cities, consumers flocked the various brand outlets to beat the lockdown blues.)
The most recent retail trade data for May did show an element of ‘revenge spending’ by Australian consumers. After plunging 17.7% in April, spending bounced back 16.3% in May. June is likely to look similarly positive, although, the Melbourne lockdowns are likely to start to drag it back again in July.
At the beginning of the first lockdown in mid-March, I thought that the most impacted property sector would be shopping centres, but it has remained surprisingly resilient despite the enormous challenges for retailers.
While the sector has remained somewhat resilient, the vacancy rate has risen. According to JLL, the national average shopping centre vacancy rate rose to 5.1% in June from 3.8% six months earlier. This rate excluded temporary closures.
By far the most impacted precincts have been CBDs where the vacancy rate has now hit 10%. Working from home has been disastrous for CBD retailing. The other big shift has been the acceleration of online retailing. In a three-month time period, it has gone from 9% of retail sales to 10.5%. Not exactly a runaway pace but a sharp increase over a short time period.
For now, our expenditure on travel, eating out and entertainment outside the home is likely to remain far more muted. Meanwhile expenditure at supermarkets and on takeaway food is likely to be far more positive. While I can’t see myself rushing out to buy luxury brands any time soon, the rush to the shops in China is hopefully a good news story for shopping centres over the next 12 months.
NERIDA CONISBEE is the Chief Economist at REA
</body></html>

Can revenge spending help save retail property? REA's Nerida Conisbee

<html><body>
We are in recession; unemployment is rising, and we should be in a situation where house prices catastrophically fall. Yet, they remain resilient.
Across Australia, prices have softened slightly since March (except in Canberra), but comparing prices to the same time last year, Sydney is doing remarkably well. A lot of this has to do with how hot the market was leading up to March, but the surprising resilience is also being driven by a stable banking sector.
In Sydney, the strongest markets continue to be those priced well above the current house price median of $969,500. There are definitely some areas of weakness in Sydney at the moment, but it isn’t for houses in premium suburbs, many of which have seen double digit price growth.
Topping the list for price growth is Petersham with a 32% increase since last year. Meanwhile, the most expensive suburb on the top growth list is the north shore suburb of Lindfield, which is now getting close to a $3 million median.
It does appear that people are also keen to hold on to their properties if they can, and would prefer to tap into superannuation or selling shares.
A recent survey by Fidelity Investments found that 26% of Australians plans to access their super early in the next 12 months, while 4.5% plan to sell shares.In comparison only 1.8% plan to sell property. This is a major contributor to stable pricing; COVID-19 doesn’t appear to be denting our obsession with property.
<img src="https://www.urban.com.au/images/2020/7/20/REA%20July%201.JPG" alt="">
NERIDA CONISBEE is the Chief Economist at REA
</body></html>

Sydney suburbs seeing double-digit price growth: REA's Nerida Conisbee

<html><body>
EXPERT OBSERVER
Search activity on realestate.com.au has seen a bigger jump in views per listing for regional parts of Australia than for capital cities. This is likely to be explained by COVID-19 as people are perhaps looking for bigger places to live and aren’t currently tied to a central workplace. Longer term, acceptance of flexible working does mean that living in a capital city may no longer be necessary. 
<img class="sc-qYHHM dyhwPj size-full wp-image-594332" src="https://www.realestate.com.au/blog/images/800x500-fit,progressive/2020/06/27164223/dural-property.jpg" alt="" width="800" height="500">
<div class="sc-pTFCl bXqHjO">
It appears that during COVID-19, affordability may be of less importance to property buyers in regional areas and that lifestyle factors are becoming more important. To this point, the most viewed property listing on realestate.com.au in Australia this week is a <a href="https://www.realestate.com.au/property-acreage+semi-rural-nsw-dural-132147574" target="_blank" rel="noopener noreferrer">property in Dural</a> (pictured above), which has received almost 300,000 views. 
</div>
While broadly, regional Australia has seen an uplift, what is also interesting is the regions that have jumped up in popularity. We tend to see certain areas always being far more popular. Mornington Peninsula, while not technically regional, tops the list, which is driven by a great lifestyle and easy access to Melbourne. Central Coast and Illawarra are consistently in the top three. Both are similarly close to Sydney, have nice beaches and are relatively affordable.
The biggest change has been the two areas that have dropped off the list – Ballarat and south-east Tasmania – and the two that have pushed up – Richmond-Tweed and Southern Highlands and Shoalhaven. The two new additions offer some of the most expensive regional properties in Australia while the ones that have dropped off were affordable.
<img src="https://www.urban.com.au/images/2020/7/5/REA%20MAY%202020.JPG" alt="">
NERIDA CONISBEE is the Chief Economist at the REA
</body></html>

Flexible working leading to demand for property in regional Australia

<html><body>
EXPERT OBSERVER
A comparatively low number of mortgagee sales hints at positivity for the property market, however, levels of home owner distress may be revealed in coming months.
Meanwhile, demand for homes outside of capital cities continues to soar as buyers search for property in regional Australia.
No signs of distress a positive for property
There are many levels of distress in property markets but one of the most extreme circumstances is when the bank takes ownership of your home and it becomes a mortgagee sale. Positively, the number of mortgagee sales is currently very low (only five listed on realestate.com.au) and they are in fact lower than at the same time last year.
The biggest decline in mortgagee sales has surprisingly been for apartments. Although we are seeing rising listings in areas with large numbers of apartments, those listings aren’t mortgagee sales. While this is good news on the surface, some owners may be in challenging situations but just haven’t moved to the highest level of distress yet.
It’s worth noting that although we haven’t seen high levels of distress yet, we may start to see this increase in the coming months. The mortgage payment freezes being offered by many banks will come to an end and unemployment doesn’t look like it is going to rapidly decrease any time soon.
More positively, banks are still well capitalised and are more likely to work with home owners under stress rather than take possession of their homes. We are also not seeing rapid declines in house prices so that will help ensure that home owners aren’t left with a bigger loan than the house is worth if they need to sell.
<img src="https://www.urban.com.au/images/2020/7/5/REA%20mortgagee.JPG" alt="">
NERIDA CONISBEE is the Chief Economist at the REA
</body></html>

Low number of distressed property sales, for now at least: REA's Nerida Conisbee

<html><body>
EXPERT OBSERVER
With Australians now having to holiday domestically, perhaps a local ski resort chalet might be on the minds of property seekers.
<div class="sc-pZzYQ sc-oTcDH cVSFPU">
<img class="sc-qYHHM dyhwPj size-full wp-image-596037" src="https://www.realestate.com.au/blog/images/800x500-fit,progressive/2020/07/04174529/thredbo.jpg" alt="" width="800" height="500"><div class="sc-pTFCl bXqHjO">
This property in Thredbo is recently under offer. Picture: realestate.com.au
</div>
<hr class="sc-pYbQl koSjHi sc-qbCpE geCAmz">
</div>
Thredbo is currently the most popular ski resort for property seekers in Australia, closely followed by Falls Creek.
There are too few sales to see if COVID-19 has impacted pricing at these resorts but we can see that the most viewed property in Thredbo is <a href="https://www.realestate.com.au/property-alpine-nsw-thredbo-131373914" target="_blank" rel="noopener noreferrer">3/8 Cascades Close</a><a href="https://www.realestate.com.au/property-alpine-nsw-thredbo-131373914"></a>.
It features iconic chalet wooden panelling appropriate for an Alpine getaway and is all yours for $790,000.
<img src="https://www.urban.com.au/images/2020/7/5/REA%20ski%20resort.JPG" alt="">
NERIDA CONISBEE is the Chief Economist at the REA
</body></html>

Thredbo the most popular ski resort for property seekers: REA's Nerida Conisbee

<html><body>
EXPERT OBSERVER
Foreign students unable to get into Australia is a blow to Australia’s education sector with Universities Australia estimating that over the next three years, universities will lose over $16 billion due to COVID-19. With 25% of all tertiary students from overseas, this has flow on not only to university coffers but to the wider economy.
For property, the rental market was hit immediately as a result of COVID-19. The number of available rental properties jumped as students didn’t return to campus and short-stay listings were instead leased on the long-term market. Airbnb is slowly getting back to business with domestic tourism starting again but there are problems arising for investors. Particularly, in areas that already had weak rental demand (primarily apartments in western and south-western Sydney), as well as areas with high proportions of rental housing aimed at students.
<img src="https://www.urban.com.au/images/2020/7/5/REA%20vacancy.JPG" alt="">
Not surprisingly, the areas that are most at risk are those that are close to large universities. Melbourne CBD, Clayton and Carlton have seen big increases in properties listed for rent on realestate.com.au, of which a number are aimed at students. In many of these locations we are starting to see a steady rise in properties for sale. Property owners may not yet be in distress but no doubt many are worried about the possibility of a continued deterioration of these rental markets. The potential for mortgage repayment relief stopping in September is problematic, particularly as it’s unlikely foreign students will be back before then.
NERIDA CONISBEE is the Chief Economist at the REA
</body></html>

University suburbs’ are suffering from COVID-19: REA's Nerida Conisbee

<html><body>
EXPERT OBSERVER
When considering commercial property, you may think you need a lot of money, and most commercial property is indeed expensive. However, there are bargains to be had.
The majority of the cheapest listings sold on realcommercial.com.au in the past 12 months were storage units and regional development sites, some even with incomes.
The third cheapest commercial listing sold in the past 12 months – a development site in Brigalow – included a billboard, which was reported as earning $13,000 per annum. Not bad for a $36,000 purchase price.
The 10th cheapest – an office suite in Dandenong – is leased for $5,700 per annum, which again, isn’t a bad yield on a $57,000 purchase.
<img src="https://www.urban.com.au/images/2020/7/1/Cheap%20commercial.JPG" alt="">
NERIDA CONISBEE <a href="https://www.realestate.com.au/news/author/nerida-conisbee/" target="_blank">is the chief economist for the REA Group</a>
</body></html>

What commercial property is selling for bargain prices? REA's Nerida Conisbee

<html><body>
EXPERT OBSERVER
As Australian house hunters wade through the economic uncertainties brought on by COVID-19, it seems many are hoping to stumble upon a bargain.
We are yet to see any dramatic shift in house prices despite some economists predicting increases as well as major price falls – some even say the falls are already occurring.
Nevertheless, house hunters appear to be preparing to strike when the iron is hot, which is evidenced in very high levels of buyer search activity on realestate.com.au during the health crisis.
They might get what they’re hoping for in spring when financial supports from the Federal Government and the banks – which are largely keeping the property market afloat – grind to a halt.
Characteristics Australians look for in properties under $400K
The average property seeker on realestate.com.au shows a strong preference for a house with four bedrooms, two bathrooms and two car parks.
For those looking at cheaper homes – under $400K – houses are still preferred, but the greater availability of cheaper apartments means many will end up looking at apartments. Preferences for cheaper houses are three bedrooms, two bathrooms and one car park.
Perhaps the only consistency between both buyer types is air conditioning and secure parking, with these features being the most popular for both.
Beyond that, regular buyers show a much stronger preference for a swimming pool while bargain hunters are satisfied with built-in-robes.
Most in-demand affordable suburbs and properties
Every city has affordable suburbs, but Adelaide and Hobart top the list for the most in demand. Rosewater in Adelaide, only 10km from the Adelaide CBD and containing some lovely period homes, is currently the most in-demand affordable suburb in Australia.
Coming in at number two is New Town in Hobart where it might not be possible to purchase a house for under $400,000, but you can certainly get a unit. Not a bad price for waterside living. 
<div class="flourish-embed flourish-table" data-src="visualisation/2595461?206536" data-url="https://flo.uri.sh/visualisation/2595461/embed"><img src="https://www.urban.com.au/images/2020/7/1/REA%20MAY%2031.JPG" alt=""></div>
If $400,000 is out of the budget, and rural living isn’t an issue, <a href="https://www.realestate.com.au/property-house-sa-kadina-130477510" target="_blank">an ultra-cheap one bed, one bath, and one car is available in Kadina</a> – 150km from Adelaide – for $35,000. Marketed as unliveable and unsafe to walk through, the 950sqm of land may appeal.
NERIDA CONISBEE <a href="https://www.realestate.com.au/news/author/nerida-conisbee/" target="_blank">is the chief economist for the REA Group</a>
</body></html>

What bargain buyers want the most: REA's Nerida Conisbee

<html><body>
The stage is well and truly set for the return of theatrical home sales in New South Wales, after the state government lifted restrictions on in-person auctions and open-for-inspections this weekend.
Real estate agents are back to selling homes in an environment that maximises their performance and prospective homebuyers have been able to inspect properties more easily.
The Northern Territory lifted restrictions on live auctions and open-for-inspections last weekend, while up to 10 people are allowed to inspect homes in Western Australia.
A return to the usual ways that people can buy, sell and rent property is the best news for the industry since mid-March, but the real benefit will come once we see increased real estate listings.
A big challenge for Australia’s economic recovery will be confidence, and right now, listing volumes are still well down.
Listings are down but buyer search activity is up
Since the weekly low over a month ago, buyer search activity on realestate.com.au has increased by 46 per cent nationally and is now flowing through to buyer enquiry.
Enquiry is now up 24 per cent compared to the same time last year. While the connection between buyer enquiry and transactions is not an exact one, it does show greater intent to purchase than searches alone.
There are many factors driving this uptick including a relatively low number of active COVID-19 cases, a stable banking system, incredible levels of government stimulus, and importantly, the gradual opening of the economy.
Interest in commercial farming surges ahead
Buyer interest in all commercial property types dropped in April with the exception of commercial farming.
Compared to April last year, demand (views per listing) is now up 22 per cent. At the other end of the commercial property spectrum, retail demand dropped 37 per cent and office demand declined 30 per cent.
Interest in commercial farming is likely to be partly driven by COVID-19. Unlike shopping centres and offices, which are experiencing high numbers of closed stores and empty spaces, farms are still operational, and people still need food.
Other factors also playing a role in commercial farming demand include the weak Australian dollar and the drought breaking,. Many buyers are also looking beyond seasonal and commodity cycles when purchasing.
Western Australia is attracting the most interest while South Australia is the only state with a decline in activity. During the drought, some WA commercial farms were recording bumper conditions contrasting what was happening on the eastern seaboard.
Homes are selling faster compared to last year
Interesting data looking at days on site from realestate.com.au outlines just how quickly homes are selling at the moment compared to the same time last year.
Seasonality often impacts how quickly properties sell. For example, selling a home in January generally takes longer than in September, which is also consistent with broader market activity.
Since COVID-19 lockdowns started in mid-March, days on site – the number of days a listing was active on realestate.com.au to the date it was delisted due to being sold – has increased.
However, this increase is not unusual and is typical of what we see in April given the Easter holiday period, as well as Anzac Day.
Encouragingly, days on site in April 2020 were far lower than what they were in April 2019. It is likely that the low number of properties for sale, combined with increasing levels of search and enquiry, are driving this trend.
NERIDA CONISBEE <a href="https://www.realestate.com.au/news/author/nerida-conisbee/" target="_blank">is the chief economist for the REA Group</a>
</body></html>

Listings are down but buyer search activity is up: REA's Nerida Conisbee

An entity directed by HSN's Rafi Assouline and Rebel Property's Allen Linz has filed plans for an impressive new precinct in Woolloomooloo.

The major mixed-use development would transform a prominent William Street site into a new residential village anchored by affordable housing and a large public park.

The proposal, submitted as a State Significant Development Application, covers 164-172 and 174-194 William Street, a 6,398 sqm site between Forbes Street and Dowling Street on the southern edge of Woolloomooloo.

Designed by fjcstudio in collaboration with Bangawarra, Studio Bright and Tribe Studio Architects, the scheme would deliver 227 apartments across four residential buildings ranging in height up to 18 storeys, alongside retail space, public domain improvements and a new publicly accessible park.

<img alt="Rebel" data-entity-type="file" data-entity-uuid="0eb59b7c-914a-4a5c-b849-3a56749f5e93" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-06-12%20at%2011.18.51%E2%80%AFAM.png?VersionId=mxM6EEqeoLjrCiTlCzTKTvzpKuh6kSkH" />

It's another design scheme for Rebel, who took <a href="https://www.apartments.com.au/news/nsw/first-look-rebel-property-group-takes-woolloomooloo-precinct-to-nsw-government">concept plans to the NSW Gov late last year</a>.

The latest plans will be a mix of 167 build-to-sell apartments and 60 affordable apartments, with the affordable housing component representing 15 per cent of the project's gross floor area. The apartment mix includes 12 one-bedroom, 53 two-bedroom, 89 three-bedroom apartments and 13 penthouses, while the affordable housing component would comprise 42 one-bedroom and 18 two-bedroom apartments.

<img alt="Rebel" data-entity-type="file" data-entity-uuid="3b3d4553-8a8c-4af5-aa8c-519ffb1e28c6" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-06-12%20at%2011.20.12%E2%80%AFAM.png?VersionId=_Yb6ibN7eDnOtQjCNDK2eviORa4qzgv." />

Rebel Property is seeking to take advantage of the NSW Government's infill affordable housing bonus provisions under the Housing SEPP, which provide additional floor space and height in exchange for the delivery of affordable housing for a minimum of 15 years. The planning pathway allows a 30 per cent increase in floor space ratio and building height where 15 per cent of the development is dedicated to affordable housing.

&nbsp;

At the centre of the development is a 1,356 sqm sunlit public park designed to become a new community gathering space at the gateway to Woolloomooloo. The park would be complemented by a network of pedestrian laneways connecting William Street with the surrounding streets, improving permeability through what is currently a largely impermeable block.

<img alt="Rebel" data-entity-type="file" data-entity-uuid="257af931-a393-4007-8c6d-7219796df58d" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-06-12%20at%2011.20.51%E2%80%AFAM.png?VersionId=KAHy94GrhaReFsWTGDKfy39EDJ8gEEv4" />

The design team says the public domain has been heavily influenced by the site's topography and Aboriginal cultural heritage, drawing on the escarpments, gullies and landscape characteristics that historically defined the area before urbanisation. The landscape design has been developed in partnership with First Nations consultancy Bangawarra.

The project would be delivered across four separate buildings. The William Street East and William Street West buildings, designed by fjcstudio, would contain the majority of the apartments. Melbourne-based Studio Bright has designed the Forbes Street building, while Tribe Studio Architects is responsible for the Dowling Street building.

Rebel had secured approval for the concept plans late last year.

Joel Robinson

First look: HSN, Rebel, advances Woolloomooloo precinct plans

A locally heritage-listed furniture showroom on Water Street is set to become the centrepiece of a new mixed-use residential development as local developer&nbsp;<a href="https://www.apartments.com.au/developers/keylin-group">Keylin</a> seeks approval for <a href="https://www.apartments.com.au/new-apartments/lotus-on-water-street-290-water-street-fortitude-valley-qld-4006">Lotus on Water Street</a>, a 15-storey project on the Fortitude Valley side of Spring Hill.

The proposal spans 290 Water Street and 137-141 Warry Street, combining several properties into a 2,869 sqm site that sits between Fortitude Valley, Spring Hill and the rapidly evolving Victoria Park precinct. Keylin's plans would deliver 132 apartments alongside new retail, hospitality and commercial space, while retaining and repurposing the historic Brunswick Home Furnishers Showroom that fronts Water Street.

Designed by <a href="https://www.apartments.com.au/architects/jackson-teece">Jackson Teece</a>, Lotus on Water Street comprises a 12-storey residential tower rising above a three-storey podium and communal rooftop terrace. The development includes 76 apartments classified as multiple dwellings and a further 56 units proposed as short-term accommodation, designed to be flexibly used as either accommodation or permanent residences. The apartment mix comprises six one-bedroom, 54 two-bedroom and 16 three-bedroom homes.

<img alt="First look: Keylin unveils heritage-led Lotus on Water Street tower in Fortitude Valley" data-entity-type="file" data-entity-uuid="9822bb79-6c49-49c9-95ba-319e8c8d81c3" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/fortitude%20valley%20front.png?VersionId=ioW8zbN4UVebbLetTFuv92t.HkdgfR5e" />

Residents would have access to an extensive rooftop recreation level spanning more than 1,200 sqm of communal open space. Plans include a pool, gym, sauna, infrared sauna, yoga area, library, private dining room, barbecue facilities and landscaped entertainment spaces, making the rooftop the project's largest shared amenity offering.

At street level, the proposal focuses on the adaptive reuse of the heritage buildings along Water Street, where 518 sqm of retail and commercial space is planned across shop, office and food and drink outlet uses. A permeable residential lobby would be positioned between the retained heritage buildings, creating a pedestrian connection between the historic streetscape and the new tower behind.

<img alt="First look: Keylin unveils heritage-led Lotus on Water Street tower in Fortitude Valley" data-entity-type="file" data-entity-uuid="269cf3e0-7d13-48bf-a318-05a00deb5c10" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/fortitude%20valley%20podium.png?VersionId=DLXmTCLsp6GOcLpQ0h.0z7wKCw59EhN_" />

The heritage retention strategy is central to the scheme. The development application notes that the Brunswick Home Furnishers Showroom and adjoining heritage buildings will remain, with only non-significant structures on the site earmarked for removal under a previously issued Heritage Exemption Certificate. Levels one and two of the new podium are recessed behind the heritage façades to maintain their prominence within the streetscape.

Jackson Teece has drawn inspiration from the site's manufacturing history when designing the podium. The planning documents state that the façade incorporates perforated metal screening that references the woven and rattan furniture historically produced on the site. Cascading and climbing plants are integrated throughout the podium to soften the building's presentation and screen parking levels behind. The landscape strategy also informs the project's name, Lotus on Water Street, drawing on the historic Spring Hollow waterholes that once ran through Spring Hill and the blue water lilies associated with Meeanjin, Brisbane's traditional name.

The proposal also incorporates the neighbouring property at 141 Warry Street, currently occupied by a healthcare service. The existing building would remain, with nine dedicated parking spaces allocated within the new development to support its ongoing operation. In total, Lotus on Water Street proposes 117 car spaces, including 110 resident spaces and seven visitor bays, alongside 100 bicycle spaces.

<img alt="First look: Keylin unveils heritage-led Lotus on Water Street tower in Fortitude Valley" data-entity-type="file" data-entity-uuid="70cf07bc-4fd8-4e70-92dd-be8b21c4e4f0" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/fortitude%20valley%20site.png?VersionId=txlxrJImM0Sm_vTzHVKh5DDUkyL_CiiA" />

The site sits within the Spring Hill East Precinct of the Spring Hill Neighbourhood Plan and is positioned around 650 metres from both Fortitude Valley Station and Exhibition Station. It is also within walking distance of the King Street precinct, Royal Brisbane and Women's Hospital, Herston Quarter and Victoria Park, which is earmarked to become a major venue precinct ahead of the Brisbane 2032 Olympic and Paralympic Games.

Planning documents describe the location as a key gateway between Spring Hill and Fortitude Valley and highlight the area's increasing importance as new transport infrastructure and Olympic-related investment reshape Brisbane's inner north. The development team argues the project will contribute additional housing supply while activating a section of Water Street that has historically received less investment than other parts of the Valley.

Keylin has become increasingly active across Brisbane and southeast Queensland, assembling sites in strategic inner-city locations. They are currently selling and delivering <a href="https://www.apartments.com.au/new-apartments/oria-spring-hill-447-gregory-terrace-spring-hill-qld-4000">Oria Spring Hill</a>, just over 140 apartments due for completion in 2027.

Keylin plans heritage-led Lotus on Water Street apartment development in Fortitude Valley

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."

[smartcode_project:default project_id=7395 project_image_fid=278204]

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.

[smartcode_project_cta:default project_id=7395]

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.

[smartcode_project:default project_id=150017 project_image_fid=370959]

“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.

[smartcode_project:default project_id=150017 project_image_fid=370964]

“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.”

[smartcode_project:default project_id=150017 project_image_fid=371430]

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.

[smartcode_project_cta:default project_id=150017]

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.”

Nerida Conisbee

Editor's Picks

Have something to contribute?

Developments

New apartments

New townhouses

News