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Limited signs of distress in commercial property so far: REA's Nerida Conisbee

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EXPERT OBSERVER
There are always some businesses and individuals that do well out of a downturn, and the same can be said for property.
Some markets will be hit but not every market will be impacted in the same way.
While it is still very uncertain how much prices will fall, rising unemployment and problems in the rental market suggest that eventually they will.
The areas most at risk are those that feature large amounts of rental apartments. In contrast, premium suburbs and big homes on big blocks are still seeing high levels of activity on realestate.com.au and a drop in listings suggests bargain hunters may be disappointed.
While falling home values usually improve affordability, it is only helpful if people are still in a financially secure position to purchase them.
Without a job, cheap housing is still unaffordable.
Without a secure job, banks may be less inclined to lend. We’re yet to see the impact of COVID-19 on house prices, and while we can safely assume that they won’t rise in the next few months, they won’t necessarily fall by a meaningful amount either.
NERIDA CONISBEE <a href="https://www.realestate.com.au/news/author/nerida-conisbee/" target="_blank">is the chief economist for the REA Group</a>
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COVID-19 is unlikely to improve housing affordability: REA's Nerida Conisbee

How do Australian house prices compare to the rest of the world? REA's Nerida Conisbee

Auction clearance rates strong with Sydney's housing boom spreading: REA's Nerida Conisbee

Housing undersupply not only in Australia but globally: Nerida Conisbee

Sydney rents are falling but not everywhere: Nerida Conisbee

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EXPERT OBSERVER
We predict commercial investors will buy up alternative real estate.
Alternative assets are defined as illiquid and traded only through private markets. This includes real estate, private equity, car washes, childcare, medical centres, service stations and self-storage. In short, the property element of anything that is income generating. 
In some cases, real estate debt is classified as alternative. According to a recent report from Cushman &amp; Wakefield, this was a big growth area in 2019. As shown in the chart below, 2019 was a very strong year for commercial property transaction volumes. 
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2020/1/28/5_NEWS_ALT.jpg" alt="" width="345" height="194">
While there was disagreement amongst commercial property researchers as to whether it was the highest volume ever recorded, or the second highest, it was certainly a big year, notes Conisbee.
Conisbee explains the significance of this, On one hand, it does show there is no shortage of money – lots of investors, both local and offshore are very keen to buy commercial property in Australia.
There are a lot of reasons for this. Finance is cheap, there is lots of money around, tenant demand is strong and Australia’s relative political and economic stability compared to the rest of the world makes it a safe option. 
It does, however, also mean that a lot of people were selling. In particular, although offshore investors were a big component of the high volumes, they were also big sellers. Part of this may just be a realignment of portfolios (e.g., too much Australia, not enough Canada) but it could also be because some think Australian commercial property is at the top of the cycle, getting too expensive and now is a great time to sell before there is a correction.
In 2020, conditions are likely to continue to be positive for most sectors. 
Office vacancies remain very low in Melbourne and Sydney and are falling in Brisbane and Perth. 
Industrial demand continues and high yielding alternative assets are popular with those wanting a decent return. 
Development site values are likely to rise as the residential market continues to recover. There are however a few negatives – conditions for retail property continue to deteriorate. 
Unless your tenant is a luxury retailer or you are in an inner urban area that has seen lots of new apartments, you are probably getting minimal rental growth, at best, or are struggling to get a tenant. The bushfires are also likely to have mixed impacts – global real estate firm, Heitman, has dropped their attractiveness ranking for Melbourne and Sydney over concerns about climate change and fire risk. On the other hand, the rebuilding effort could be positive for demand for some commercial property types.
Nerida Conisbee is the chief economist for REA Group.
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Commercial investors to buy up alternative real estate: Nerida Conisbee

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GUEST OBSERVER
The Australian economy continues to show sub-trend growth, facing headwinds caused by falling commodity prices and a hangover from one of the largest mining booms. Whilst the New South Wales and Victorian economies pace ahead, the Western Australian and Queensland economies continue to experience challenges as their resource driven growth continues to decline.
At its meeting on Tuesday, the RBA Board decided to keep the cash rate unchanged at 2.00%. 
Key points raised regarding the decision by the Bank include the following:
<ul>
<li>Australia's two paced economy continues in disparate directions as the eastern states pull ahead with solid economic performances.</li>
<li>Australian dollar reaches the lowest level since May 2009 on the back of US economic data and declining commodity prices.</li>
<li>Greek debt crisis fallout averted, however, concerns remain over Chinese share market volatility. An estimated $US450 billion of capital has flowed out of China in last four quarters according to JPMorgan. Australian real estate likely recipient as this trend is expected to continue.</li>
<li>Unemployment continues to show positive signs with a benign increase from a revised 5.9 percent in May to 6.0 percent in June. The eastern seaboard office demand to increase as unemployment remains on steady decline while economy adjusts away from commodity driven growth.</li>
<li>The eastern seaboard industrial and logistics sector to show strong growth as merchandise trade volumes increase.</li>
<li>Retail turnover growth remains slow, but healthy, as South Australia and New South Wales demonstrate strong growth. Turnover growth forecast as Australian dollar forecast for record lows.</li>
<li>Strong economic fundamentals encouraging the re-rating of market yields</li>
</ul>
The economic recovery is back on track having averted a fallout Greek debt crisis, however, potential for further corrections in the Chinese share market are likely. According to JPMorgan, a capital outflow of $US450 billion from China has occurred in the last four quarters. Australian assets have been a major destination of these outflows due to their high risk adjusted return. This is expected to continue as volatility in the Chinese share market continues. Economic data from the U.S revealed a lower than expected second quarter growth. Although the annualised rate of 2.3% was higher than the 0.6% in the first quarter, it fell short of expected forecasts. However, the Fed has signalled that it remains poised for an interest rate hike this year, potentially as early as September. In light of this announcement, the Australian dollar reached a fresh six year low of $US72 cents on Monday.
Given the continuing decline in commodity prices and the probable near-term U.S interest rate hike, the Australian dollar will likely fall below the $US 70 cent mark by the end of the year. This will increase the demand for Australian property assets as they become relatively cheaper for both domestic and offshore investors. Domestic retailers will also benefit from this as the declining dollar will increase the demand from online shoppers, brick-mortar stores and an influx of inbound tourism. The industrial and logistics sector must also respond to increased retail activity and the increased demand from the manufacturing and agricultural sector as conditions ease with the dollar.
In consideration of the recent historically low growth period, the RBA Governor last week indicated the RBA would revaluate its assumption on trend growth. However, in the interim, the forecasted growth of 2.5% remains below the currently assumed trend growth of 3-3.25%. However, the Victorian and New South Wales economies continue to demonstrate strong economic fundamentals with steady growth rates, reducing unemployment, retail turnover growth and increased international trade volumes. These strong fundamentals have encouraged a re-rating of the market as sharper yields from major transactions begin to crystallise. Aside from the CIC acquisition of Investa portfolio transacting at an initial yield of 5%, Blackstone's patrial acquisition of 161 Castlereagh Street and the Qatar Investment Authority's share of Barangaroo Tower 1 were at a yields below 6%. These sharp yields are continuing to emerge in the industrial and logistics sector.
The Coles Chilled Distribution in Eastern Creek was purchased by Mapletree Investments for $253 million with an initial yield of 5.6%. Additionally, KWAP Pension Fund purchased an asset in Lenore Drive, Erskine Park for $79.5 million at initial yield of 5.97%.
In the year to March, New South Wales and Victoria continued to show solid economic growth. The South Australian economy was the only mining-heavy economy to show strong growth. This growth was underpinned by solid population growth, housing construction and retail spending. However, the South Australian economy faces grim times ahead as its unemployment rate in June reached a 15-year high resulting from the long expected stripping out of manufacturing jobs.
Employment figures have stabilised since the latter part of 2014. Previous concerns of the national unemployment rate surpassing 6.5% in the coming year have now subsided. Unemployment rates on the eastern seaboard continue to decline and momentum in demand for office space continues. Unemployment in New South Wales, Melbourne and Queensland has declined steadily since January, whereas the Western Australian and South Australian markets continue to struggle. A depreciating Australian dollar is poised to assist the services sector as blue collar employment regains momentum with increased demand from Australia and the greater region alike.
The industrial and logistics sector is currently experiencing a shift as the growth shifts towards the eastern states. The downward trend in the Australian dollar and the economic growth has had a positive impact of international trade volumes on the eastern seaboard trade hubs. Conversely, the declining commodity prices have had a pronounced negative impact on trade volumes on the western seaboard.
These disparate rates were also present in retail turnover growth. New South Wales and South Australia showed strong retail growth underpinned by strong population growth and housing construction. As discussed earlier, retail trade is expected to benefit from the depreciating Australian dollar and increased tourism. Additionally, New South Wales, Victoria and Queensland are expected to show strong retail turnover growth in line with higher gross state product forecasts.
Nerida Conisbee is national director of research for Colliers International.
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Two paced economy continues in disparate directions: Colliers' Nerida Conisbee

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The Reserve Bank of Australia board has elected to maintain the nation’s cash rate at 2%. While a global economic recovery remained soft, there were some benefits to be found for Australia’s property sector. 
Concerns over a potential Greek exit from the Euro and the lowest share in global growth by emerging economies in over a decade are at the forefront of economic discussions at present. 
A more primary concern has been identified in China, Australia’s largest trading partner, with economic growth in the first quarter of the year slowing to 7%.
However, overall, the global recovery still on track as the US and UK move ahead.  
The situation in Greece is unlikely to have a discernable impact on Australian property demand, however there is expected to be a move by some investors to safe haven locations. When it comes to buying property, Australia is considered a safe location.  
The Australian dollar has reached a six year low as the ‘no’ vote in the Greece referendum on Monday raised uncertainty in the financial markets. This depreciation of the dollar could temporarily alleviate pressure upon the RBA for further rate cuts, as the economy adjusts to falling commodity prices and mining investment.
A low Australian dollar is likely to encourage some offshore investors to look even more favourably upon Australian property. This includes China, which is now the strongest offshore investor in Australian property.
Job advertisements were up 1.3% in June, according to figures from ANZ, and we are seeing this being reflected in high levels of tenant enquiry, particularly in the Sydney and Melbourne CBDs.
At the moment, business services and the IT&amp;T sectors are driving demand, however we are starting to also see higher levels of enquiry from financial services firms. 
Dwelling price growth continues to surge ahead in Sydney and Melbourne as property continues to be the largest contributor to Australian GDP.
Looking forward, growth in spending is forecast as household goods retailing is expected to benefit from the large pipeline of residential construction. Further stimulus is expected from the Government’s small business tax package.
Large format retailing is expected to be the main beneficiary of this growth and these high levels of consumer demand are also reflected in strong investor demand in this type of shopping centre asset.
Nerida Conisbee is national director of research for Colliers International.
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The road ahead for Australian property: Colliers' Nerida Conisbee

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Last year was a great year for office building owners in the Perth CBD. Net effective rents for A-grade properties jumped by 24% over the 12 months to mid-year and the vacancy rate started to decline dramatically, estimated to be less than 4% by the third quarter of 2011.
The impact of the two-speed economy is now particularly apparent in this market. Next year, demand is expected to continue to accelerate, however, there are a number of new developments that will help to moderate rental growth and absorb tenants.
A move to decentralise hovernment tenants to non-CBD locations will also assist in accommodating demand.
The Brisbane CBD is also experiencing significant demand, however the floods at the start of the year, as well as a significant pipeline of development have led to relatively flat rental levels. Next year, there will be two buildings completing, One One One Eagle Street and King George Central. Similarly to Perth CBD, these will help to moderate rental growth, however net absorption levels are expected to be high, with rental growth really starting to accelerate towards the end of the year.
Although the Brisbane and Perth CBD office markets will be the obvious beneficiaries of growth in the mining sector, other CBDs are also expected to benefit. According to Deloitte Access Economics, Melbourne is a world leader in the provision of front and back office services to mining, while the Adelaide CBD is likely to benefit from the Olympic Dam expansion, with the first stage of this expected to complete by late 2013.
Australian office property has been the <a href="https://www.propertyobserver.com.au/commercial/offshore-investment-in-australian-commercial-property-at-20-year-high/2011122052916" target="_blank">most popular investment category for overseas investors</a>. The total volume of Australian office property acquired by offshore purchasers increased from $644 million in 2008 to $3 billion in 2011, a 365% increase. Asian and North American investors were the dominant purchasers.
Next year, these volumes are likely to continue provided there are enough owners willing to sell. Globally, there is still a lot of capital looking for a place to invest and Australian property is attractive due to Australia’s high levels of transparency and relatively solid performance.
Poor economic performance in Europe and the US is a positive for Australian property from this perspective. It is expected that similar to last year, Asian investors will be the main purchasers.
The likely sellers next year are the REITS, with some indicating that they plan to sell non-core assets. It is also possible that private investors will look to capitalise on the strong demand for their assets. The main competitors for Australian property will be the wholesale funds that are also looking to buy.
Nerida Conisbee is national director of office research at <a href="https://www.colliers.com.au/" target="_blank">Colliers International</a>
For more expert forecasts for the property market in 2012, <a href="http://propertyobserver.com.au/ebooks/free-ebook-property-forecasts-for-2012" target="_blank">download our free eBook</a>.
 
 
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Perth and Brisbane CBD office markets to get mining sector boost in 2012

Design-led developer-builder Lowe Living has unveiled its latest residential development, Jardin House, marking its first foray into Melbourne's blue-chip City of Boroondara.

Located a short walk from Camberwell Junction, <a href="https://www.apartments.com.au/new-apartments/jardin-house-by-lowe-living-camberwell-335-camberwell-road-camberwell-vic-3124">Jardin House</a> has been designed to appeal to affluent local downsizers and established families seeking a low-maintenance alternative to the large homes that have long defined Camberwell and surrounding suburbs.

The project will comprise a collection of two and three-bedroom apartments ranging from 92 sqm to 280 sqm, alongside a limited number of penthouse residences featuring rooftop terraces spanning more than 100 sqm, with optional private pools.

&nbsp;

[smartcode_project:default project_id=146717 project_image_fid=372212]

Lowe Living Co-Founder and Managing Director Tim Lowe said Camberwell represented a natural next step for the developer as it expands into some of Melbourne's most tightly held residential markets.

"Jardin House is an important project for our team as it marks the next evolution of our portfolio into different well-established blue-chip pockets of Melbourne," Lowe said.

"Camberwell, with its incredible walkability, family-led neighbourhood feel and superb access to education and transport, makes it a natural choice for us."

[smartcode_project:default project_id=146717 project_image_fid=372227]

Designed by Tristan Wong Architects, with interiors by Hecker Guthrie and landscaping by Acre, the development takes inspiration from the Art Deco architecture that remains a defining feature of many of Camberwell's established streets.

A curved facade, arched openings, textured brickwork and sculpted forms reference the suburb's architectural heritage, while extensive landscaping softens the building's presence and creates a strong connection to the surrounding tree-lined streetscape.

The project will be set behind a secure gated entrance, with residents arriving through landscaped gardens designed to create a transition between the public realm and private residences.

Inside, the residences feature natural stone and timber finishes, full-height glazing, Miele appliances and generous open-plan living areas designed for long-term owner occupation.

[smartcode_project:default project_id=146717 project_image_fid=372225]

While the apartments themselves have been designed to attract discerning owner-occupiers, it is the amenity offering that sets Jardin House apart from many other boutique projects currently launching across Melbourne.

The centrepiece is a 350 sqm private bathhouse curated in partnership with Aurora Spa &amp; Bathhouse founder Lyndall Mitchell.

The wellness precinct includes mineral pools, hydrotherapy experiences, a Himalayan salt room, sauna, steam room, cold plunge pools and dedicated relaxation spaces, creating what Lowe Living describes as a private wellness retreat exclusively for residents.

[smartcode_project:default project_id=146717 project_image_fid=372222]

The collaboration follows Lowe Living's recent partnership with Aurora at Maison Savoy in Brighton, although Jardin House is the first project to incorporate both indoor and outdoor wellness experiences.

Emma Lowe, Co-Founder and Managing Director of Lowe Living, said wellness was becoming an increasingly important consideration for apartment buyers.

"Collaborating with Lyndall Mitchell from Aurora Spa &amp; Bathhouse for a second time is an intentional nod to creating residences that are more than just homes, but a way to enrich the lives of our residents through wellness and longevity," Lowe said.

The amenity offering is complemented by a Technogym fitness studio, residents' lounge, private dining spaces and concierge services.

The launch comes as developers increasingly target Melbourne's established eastern suburbs, where rising land values, ageing housing stock and growing downsizer demand are creating opportunities for boutique apartment projects.

Lowe said the company expects significant generational wealth transfer across suburbs such as Camberwell in coming years, creating further demand for luxury apartment living.

"Camberwell is a blue-chip suburb where homes regularly transact for multiple millions of dollars," he said.

"The generational change of wealth in these locations expected in the coming years is significant, so we see an opportunity to create exclusive residences that appeal to older families and downsizers in order to meet this demand."

Apartments at Jardin house start from $1,195,000. The project forms part of Lowe Living's near-$1 billion portfolio of new developments across Melbourne.

[smartcode_project_cta:default project_id=146717]

Joel Robinson

Lowe Living launches Jardin House in Camberwell

As <a href="https://www.apartments.com.au/developments/north-sydney-nsw-2060">North Sydney</a> continues its transition from a commercial centre into a more layered residential and lifestyle precinct, a new generation of apartment developments is reshaping expectations around scale, amenity, and long-term liveability.

Improved transport connections through the Victoria Cross Metro, continued investment in dining and public spaces, and a constrained supply of new luxury apartments have sharpened demand for homes that combine proximity to the CBD with the privacy and outlook traditionally associated with harbourside houses.

At 177 Walker Street, <a href="https://www.apartments.com.au/developers/aland">ALAND</a>’s new apartment development <a href="https://www.apartments.com.au/new-apartments/the-walden-north-sydney-177-walker-street-north-sydney-nsw-2060">The Walden</a> enters the market with a distinctly residential approach to high-rise living. The 30-level tower will deliver 161 residences, ranging from one-bedroom apartments through to sub-penthouses and a full-floor penthouse, all oriented to capture uninterrupted views across Sydney Harbour, the Opera House, and out toward the Pacific Ocean.

[smartcode_project:default project_id=134323 project_image_fid=6395]

Designed by <a href="https://www.apartments.com.au/architects/rothelowman">Rothelowman</a>, the project takes advantage of the site’s natural topography and elevated position above the harbour. Rather than relying on density alone, the architecture focuses on outlook, orientation, and spatial flow, with every apartment occupying a corner position to maximise natural light and cross ventilation.

Rothelowman says the site itself shaped much of the architectural response.

“The site has a long history in terms of its inevitable transformation and when we came in, we took inspiration from the idea of reestablishing a sense of the site’s natural terrain and fall. Our scheme aims to integrate with the terrain and the landscape, using the undulating site to slowly reveal glimpses and views of the harbour. The rotation of the tower off grid means every apartment has a view and is naturally cross ventilated. The building's colour palette is quintessentially Sydney, with bronze and sandstone and a luminescent green colour in the glass, making it very earthy and grounded in its location.”

[smartcode_project:default project_id=134323 project_image_fid=6399]

Inside the residences, the emphasis moves toward larger-format living typically associated with standalone homes. Kitchens sit at the centre of the apartments, connecting directly to open-plan dining and living areas before extending outward into expansive winter gardens and balconies. Calacatta marble, bespoke joinery, integrated appliances, and custom metal detailing are used throughout, while three distinct interior palettes, Terrace, Opera, and Harbour, allow buyers to personalise the spaces without compromising the architectural consistency of the project.

The larger residences place particular attention on separation between entertaining and private zones. In many apartments, master suites occupy the outer corners of the floorplates, allowing bedrooms to benefit from floor-to-ceiling glazing and harbour outlooks independent of the living spaces. Dressing rooms and ensuites continue the material palette through fluted detailing, freestanding baths, and layered stone finishes.

Rothelowman says the design intent centred on creating homes that feel enduring rather than transient.

“Our philosophy is all about the way people live in these spaces, and we wanted to create homes that reflect the quality of life in this unique Sydney location. The apartments showcase expansive living spaces that are generous, sophisticated, and bold, with the ability to connect with views throughout each apartment.”

[smartcode_project:default project_id=134323 project_image_fid=353235]

A separate four-storey amenity building known as The Pavilion expands the residential offering beyond the apartments themselves. Positioned alongside the tower, the building consolidates wellness, recreation, and social spaces into a dedicated resident retreat. Facilities include a 20-metre rooftop pool and sundeck, sauna, spa, ice bath, wellness studio, gymnasium, concierge service, wine cellar, residents’ lounge, private dining spaces, and dedicated co-working areas with meeting rooms and boardroom facilities.

The amenity mix reflects the buyer profile emerging in North Sydney, where owner-occupiers and downsizers are increasingly prioritising convenience, apartment scale, and long-term usability over purely investment-driven decisions.

The Walden also represents a significant milestone for ALAND, marking the company’s first major move into Sydney’s inner-city luxury apartment market after more than two decades delivering large-scale residential communities across Greater Sydney. Founder Andrew Hrsto says the Walker Street site stood apart because of both its positioning and its rarity.

[smartcode_project:default project_id=134323 project_image_fid=6390]

“As a company, we had been searching for a site in one of Sydney’s blue-chip locations, spanning the Eastern Suburbs, the Sydney CBD and the North Shore, and when we had the opportunity to purchase this site, we immediately recognised that it could be something iconic.”

At launch, The Walden recorded more than $103 million in sales, with buyers drawn to the project’s harbour positioning, apartment scale, and proximity to the Metro, which now connects North Sydney to Barangaroo in three minutes and Martin Place in five.

ALAND has commenced construction, and is expecting a completion date in 2028.

[smartcode_project_cta:default project_id=134323]

The Walden pairs house-scale living with North Sydney connectivity

The ACT will become the first jurisdiction in Australia to abolish stamp duty for all first home buyers, with no income caps and no property price thresholds from 1 July.

The move, announced as part of the ACT Budget, completes a key election commitment from the Barr Government and removes what Chief Minister Andrew Barr described as one of the biggest barriers to entering the housing market. The reform forms part of the ACT's long-running transition away from transaction taxes and towards a broader-based property tax system.

"This budget marks a major milestone in our long-term tax reform program," Barr said, adding that the government had maintained a sustained focus on removing barriers to home ownership. He said stamp duty had long been one of the largest upfront hurdles facing buyers and that from July, "that barrier is gone" for first home buyers in the Territory.

[smartcode_project:default project_id=139989 project_image_fid=350986]

The changes come alongside a range of measures designed to encourage new housing supply, including support for the delivery of so-called "missing middle" housing such as terraces, townhouses and low-rise multi-unit developments.

The announcement has renewed debate around whether the ACT's approach could provide a blueprint for improving housing affordability nationally.

New research from OurTop10.com.au, conducted by Primara Research, suggests the Territory's decade-long reform agenda has produced outcomes unmatched elsewhere in Australia.

While stamp duty costs have increased by an average 67 per cent nationally over the past decade, the ACT has recorded growth of just 15 per cent, the lowest increase of any jurisdiction.

The Territory has also emerged as one of the strongest performers on housing delivery. Based on population-weighted housing targets, the ACT is sitting less than one per cent behind its target. Victoria is the next closest at seven per cent behind, while the national average sits 25 per cent below target. New South Wales is tracking 39 per cent behind.

The latest reform removes one of the final barriers facing first home buyers in Canberra.

[smartcode_project:default project_id=139989 project_image_fid=359152]

The average Australian home buyer currently pays $61,714 in stamp duty. In the ACT, that figure is $38,399 despite the Territory having the third-highest median house price in the country.

Until now, the ACT's first home buyer concession scheme only applied to purchases up to $1.02 million, around $51,000 below Canberra's median house price of $1.071 million. In practical terms, many first home buyers were unable to access the median-priced home without losing the concession.

From July, those restrictions disappear.

Every first home buyer in the ACT will pay no stamp duty, regardless of income or purchase price.

Canberra remains one of Australia's most expensive housing markets, with dwelling values increasing 82 per cent over the past decade. However, that growth ranks only 11th among Australia's 15 major housing markets, suggesting affordability pressures have been less severe than in many other parts of the country.

Simon Ma, CEO of OurTop10.com.au, said the latest reforms recognise that many first home buyers have simply outgrown thresholds set years ago.

"Many first home buyers aren't just looking for a way onto the ladder, they want a home their family can actually live in," Ma said.

"In a market where the median house price is over a million dollars, a concession scheme that cuts out at $1.02 million was never going to get them there.

"Removing the ceiling entirely means ACT first home buyers can now pursue the home they actually want, rather than limiting themselves to a price point designed for a very different market."

Whether other states follow remains to be seen. But at a time when most jurisdictions are struggling to improve affordability while also increasing housing supply, the ACT has quietly become the national test case for both.

15% stamp duty growth. Just 1% off the national housing target. Zero stamp duty for FHBs. Is the ACT the blueprint for the great Australian dream?

ACT abolishes stamp duty for first home buyers

A rooftop pool and spa overlooking the Brisbane CBD, private dining spaces, expansive landscaped gardens and a residents' lounge are set to crown <a href="https://www.apartments.com.au/new-apartments/callista-on-park-west-end-49-mollison-street-west-end-qld-4101">Callista on Park</a>, the final residential building within Brisbane's West Village precinct.

The rooftop amenity collection has been designed as an extension of the lifestyle already established throughout West Village, providing residents with a series of indoor and outdoor spaces that capitalise on the building's elevated position above West End.

A swimming pool and heated spa form the centrepiece of the rooftop offering, surrounded by landscaped gardens developed through a collaboration between developer Sekisui House and ASPECT Studios. The design incorporates expansive lawn areas surrounded by English garden-inspired planting.

[smartcode_project:default project_id=134800 project_image_fid=370648]

Residents will also have access to two barbecue and outdoor dining areas positioned to take advantage of views across Brisbane's skyline, neighbouring Mollison Park, and the surrounding inner-city landscape.

For larger gatherings, the rooftop includes a private dining room centred around a substantial stone island bench, complete with a full kitchen and a 10-seat dining table set beneath four-metre-high ceilings. The space has been designed to overlook both the rooftop gardens and the Brisbane CBD skyline.

A separate residents' lounge provides an additional indoor retreat connected to the broader rooftop amenity offering, creating another space for residents to work, relax or entertain guests.

[smartcode_project:default project_id=134800 project_image_fid=370647]

The attention to detail extends beyond the rooftop.

Upon arrival, residents will enter through a lobby featuring a bespoke ceiling light installation developed in collaboration between Sekisui House and Alcorn Middleton Architecture. The arrival experience is complemented by private resident mailboxes and carefully considered interior finishes designed to reflect the premium positioning of the building.

[smartcode_project:default project_id=134800 project_image_fid=372541]

The amenity offering forms part of Callista on Park, the final residential release within the decade-long transformation of the former Peters Ice Cream Factory site into West Village, one of Brisbane's most established mixed-use communities.

Designed by <a href="https://www.apartments.com.au/architects/rothelowman">Rothelowman</a> and being delivered by <a href="https://www.apartments.com.au/builders/hutchinson-builders">Hutchinson Builders</a>, Callista represents the most premium residential offering within the masterplanned precinct.

Construction is now entering its final stages, with scaffolding beginning to come down and completion expected in the first quarter of 2027.

Prices for the three-bedroom plus MPR apartments start from just over $2.6 million.

[smartcode_project:default project_id=134800 project_image_fid=351535]

Callista will mark the final opportunity to purchase within West Village, where residents have direct access to more than 35 retail, dining, wellness and medical operators including Harris Farm Markets, Woolworths, Function Well and Goodlife Health Clubs, Metro Arts, and a growing collection of restaurants and cafés.

Located just 800 metres from the Brisbane CBD, the precinct also places residents within walking distance of South Bank, West End's dining scene, riverfront parklands and major public transport connections.

For Sekisui House, which has delivered more than two million homes globally, Callista serves as the concluding piece of the West Village masterplan, bringing together the precinct's heritage character, parkland setting and emphasis on walkability in a final collection of larger-format residences.

[smartcode_project_cta:default project_id=134800]

Rooftop pool, private dining and skyline gardens to crown West Village's final apartment release, Callista on Park

<a href="https://www.apartments.com.au/developments/wahroonga-nsw-2076">Wahroonga</a>’s enduring appeal has long been tied to its balance of bushland, established amenity, and access to some of Sydney’s most respected education and healthcare institutions.

Along Fox Valley Road, that combination is becoming increasingly sought after by buyers looking to remain connected to the Upper North Shore lifestyle while prioritising walkability, wellbeing, and convenience.

Developer Capital Corporation's initial vision of a 62-hectare site on Fox Valley Road was that they could create their own walkable community, bordered by&nbsp;more than 25 hectares of bushland and adjoining Coups Creek.

<img alt="Wahroonga" data-entity-type="file" data-entity-uuid="b84917a1-0d75-49b9-888c-ddf7ebfd6692" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/NEW2026_Wahroonga_Walkway.gif?VersionId=Gk3_xi5ssYfalmwuQQ5umQakddceC31j" />

<a href="https://www.apartments.com.au/new-apartments/the-residences-at-wahroonga-estate-169-fox-valley-road-wahroonga-nsw-2076">The Residences at Wahroonga Estate</a> draws directly on the area’s natural landscape, with walking trails and green corridors linking into sections of Lane Cove National Park. The surrounding network of bushwalks, cycling tracks, and reserves reinforces the suburb’s long-standing reputation as one of Sydney’s most nature-oriented residential pockets, while still maintaining close ties to village retail and transport infrastructure.

The address places residents within minutes of Wahroonga and Turramurra villages, where cafés, local grocers, boutiques, and everyday services support a highly localised lifestyle. Popular nearby venues including The Fox Café and Breeze Valley Café provide easy options for morning coffee or casual dining, while longstanding retailers such as IGA Wahroonga Fresh and Novella Fine Books continue to anchor the area’s village character.

&nbsp;

<img alt="Wahroonga" data-entity-type="file" data-entity-uuid="c4a950f7-4f05-4370-b360-b106359788e5" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/2026_Wahroonga_Entry_Gates.gif?VersionId=7n5kh9ymu.azYEYDemJkPgiIAfSw44oj" />

Healthcare access remains one of the defining locational advantages of the estate. Sydney Adventist Hospital, known locally as The San, sits directly adjacent and is one of the largest and most respected private hospitals in New South Wales. The hospital precinct incorporates specialist medical services, radiology, physiotherapy, and outpatient care, contributing to growing buyer demand from downsizers and owner-occupiers seeking long-term convenience and peace of mind.

Research commissioned by Capital Corporation found that health and wellbeing considerations are increasingly influencing downsizing decisions, particularly among buyers wanting to remain within familiar neighbourhoods while accessing medical infrastructure more easily.

Education has also historically underpinned demand across Wahroonga and the broader Upper North Shore. The estate sits close to several of Sydney’s leading private and independent schools, including Knox Grammar, Abbotsleigh, Barker College, Pymble Ladies’ College, Ravenswood School for Girls, and Loreto Normanhurst. Co-educational options including Wahroonga Adventist School and Sydney Adventist School further strengthen the area’s appeal to established families looking for long-term schooling pathways within a tightly held catchment.

[smartcode_project:default project_id=135247 project_image_fid=262183]

Transport connectivity supports the suburb’s liveability without compromising its quieter residential character. Wahroonga and Turramurra train stations provide direct rail access into the Sydney CBD, while the nearby Pacific Highway and M1 motorway strengthen links across the North Shore and broader metropolitan area. At the same time, the heavily treed streetscape and low-density character continue to distinguish the precinct from more urbanised parts of Sydney.

The Residences at Wahroonga Estate forms the first stage of <a href="https://www.apartments.com.au/developers/capital-corporation">Capital Corporation</a>’s broader masterplanned vision for the precinct, delivered alongside the Seventh-day Adventist Church.

[smartcode_project:default project_id=135247 project_image_fid=364995]

Designed by <a href="https://www.apartments.com.au/architects/group-gsa">GroupGSA</a> with interiors by <a href="https://www.apartments.com.au/interior-designers/coco-republic-interior-design">Coco Republic</a>, the development integrates landscaped communal spaces including a pet-friendly Green Spine, resident lounge, BBQ pavilion, and direct bushland access, reinforcing the project’s focus on outdoor connection and community-based living.

Now under construction by Gold Star iCIRT-rated builder <a href="https://www.apartments.com.au/builders/dasco-australia">DASCO</a>, The Residences at Wahroonga Estate will deliver a collection of one, two, and three-bedroom apartments priced from $990,000, with completion anticipated in 2027.

[smartcode_project_cta:default project_id=135247]

Nerida Conisbee

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