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Members of the Fairfax-owned holiday accommodation listing site Stayz have received compensation after the website suffered a technical glitch that stopped them being paid for properties rented out to tenants.
The glitch, which lasted from December 19 to January 4, was extended due to staff going on holiday, a spokesperson has confirmed.
"It was a small number of transactions caused by a simple technical problem. It lasted a little longer than it should have because of the holiday period," the spokesperson confirmed to SmartCompany this morning.
The spokesperson says the affected members – less than 3% of property owners – will have their listing on the site free of charge for the next two months.
"A review is also underway to determine how the glitch was extended due to the holiday period."
Notification of the problem was sparked when users said they had not received payments dating back to Christmas, with some bills running into the thousands of dollars.
But the spokesperson says everything is back to normal for the site, which lists 33,000 properties.
"It was a simple technical problem, the system is now carrying on as it was before and the problem is resolved."
This article was originally published on <a target="_blank" href="https://www.smartcompany.com.au/">SmartCompany</a>.
 
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Stayz members receive compensation after holiday technical glitch

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Consecutive interest rate cuts have boosted the property sector with new figures from the Housing Industry Association showing new home sales rose by 6.8% in November, in a second consecutive monthly rise in sales. 
However, the result comes alongside a pessimistic result from the Australian Industry Group-HIA performance of construction index, which showed that although the pace of activity continued to improve, industry activity still contracted.
HIA economist Harley Dale says the improvement is directly tied to last year's consecutive interest rate cuts.
"The improvement is being driven by an increase in detached house sales, with the multi-unit market quite weak again."
"But this shows we've had two months of improvement, a modest rise in October and quite a healthy one in November."
The figures show detached sales rose by 0.9%, driven by sales in New South Wales and Victoria. Multi-unit sales, however, fell by 17%.
Detached sales rose by 22.8% in New South Wales, 11.6% in Victoria, 5.7% in Western Australia and 4.7% in Queensland. Sales fell by 11.3% in South Australia.
However, Dale points out this is coming from a low base – sales in September were at their lowest in several years, and the construction industry is still suffering. But he also says that despite the industry recovering from such a low base, the statistics are encouraging.
"The interest rates are what we're putting it down to. And really, if we hadn't had a recovery afterwards that would have been more surprising. We're encouraged that the first month of a rate cut we see an increase."
"The question remains, however, can this be sustained in the long-term? We still have a long way to go."
Economists suspect the RBA could even cut interest rates again next month. Dale says another rise in sales for December, coupled with a February interest rate cut, would start the year off on a good note.
"If we see that, we can start talking about the fact we're moving in the right direction. It's nice to have some better news to release at the start of the new year."
However, it isn't all good news. The performance of construction index increased by 1.4 points to 41 in December, still below the 50-point level separating expansion from contraction. Engineering construction rose to 51.3, but home building fell to 32.9.
Australian Industry Group director of public policy Peter Burn said in a statement the result shows how the multi-speed economy is still playing out, with the engineering sector speeding ahead thanks to the mining boom while residential construction lags behind.
"The increased pace of contraction in the house building sub-sector in December remains deeply concerning."
"Nevertheless, the easing of the pace of contraction in overall activity and in new orders across all sub-sectors, serve as glimmers of hope that 2012 may see a return to more balanced growth across the industry."
Dale says although he hopes for more sales in December, "the PCI is still looking very weak, and reinforces how much work there is left to do in 2012".
This article originally appeared on <a href="https://www.smartcompany.com.au/index.php" target="_blank">SmartCompany</a>.
 
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New home sales rise 6.8% in November as interest rates decline, but experts warn still more work to do in 2012

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Birchwood Consolidated, the developer of the new 26-level Equus development in the Perth central business district, has entered administration, as Master Builders Western Australia notes that smaller builders are being hit by reduced demand for small projects.

The Perth-based company appointed a receiver and manager last week. KordaMentha partner Craig Shepard, who has worked on Lincraft, Timbercorp and Enviroinvest, got the job.
Shepard was in Perth this morning and could not be contacted before deadline. He is quoted in the Australian Financial Review saying the project was high-quality, but marred by higher costs and subdued demand.
The development, which comprises apartments, commercial suites and a ground-floor shopping arcade, was completed earlier this year.
It has called itself "Perth's newest and most exciting development" and an "overwhelming success that has exceeded the expectations of all involved".
Michael McLean, director at Master Builders Western Australia, says he was aware that the Equus development had some problems, including unions' issues with foreign labour.
But he stressed that he was not aware of the reason for Birchwood's collapse, such as a lack of pre-sales or project delays or price increases.
McLean adds it's been a difficult year for the building industry, with small- and medium-sized businesses and projects hit harder than their larger counterparts. Financing is also a problem for small operators, McLean says.
"The number of small to medium jobs have reduced," McLean told SmartCompany this morning. "The tender lists been more competitive and it's more difficult to win work."
But McLean predicted 2012 would be an improvement on this year, citing a number of projects coming on-stream and the healthy civil engineering sector.
"The industry is going okay; the turnover of work being carried out by the industry is reasonable in an historical sense."
CBRE this morning said that the WA residential market "remains in the midst of a slowdown punctuated by falling levels of buyer activity".
CBRE Global Research and Consulting Manager Sam Reilly said owner-occupiers and investors were held back by concern on the global economic outlook.
This article originally appeared on<a href="https://www.smartcompany.com.au/index.php" target="_blank"> SmartCompany</a>.
 
 
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Perth-based developer enters administration

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The Housing Industry Association has amended its forecasts for housing starts in the year ahead, saying it expects the current financial year to result in just 141,000 new starts, well below demand.

However, the prediction comes as housing finance and approvals figures have been improving over the last few months, with the latest interest rate cuts expected to spur some activity.
HIA economist Harley Dale told SmartCompany this morning the group is now forecasting a 10.4% decline in starts for 2012, "recognising clear downside risks for the forecast" given the situation in Europe.
"It's roughly the same forecast we've had the whole year, give or take a thousand starts or so, but there's been some upwards revisions on the previous financial year on the part of the ABS and we've made some modest amendments to our regional forecast."
"Our aggregate forecast is within that area of 141,000 starts for the current year."
There is some improvement expected in 2012-13, Dale says, when the organisations forecasts a 6% rise in starts to reach about 149,000.
But overall, Dale says that's coming from a low base and even then, housing starts will need much more activity in order to cater for demand.
"We're looking at an increase of around 6% for that year, and that's following two consecutive years of declines."
"But to put that into perspective, we're talking about forecasts that would put housing starts in the 140s. A 6% rise gets you just under 150,000, and the underlying demographic demand is running at about 175,000 dwellings per year."
The lack of housing starts has been a point of contention in the industry, especially as more construction providers collapse into insolvency as the industry suffers the worst number of insolvency appointments.
"It's better than further declines," Dale says. "But there's still a long way to go to get to the levels on par with the requirement for the growing population."
This article originally appeared on <a href="https://www.smartcompany.com.au/index.php" target="_blank">SmartCompany.</a>
 
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HIA upgrades housing starts forecasts, but warns industry still has a long way to go

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Arrears in the Australian property market have improved over the year, with delinquencies falling to 1.42% in the September quarter, down from 1.77% in March, according to the latest research from Fitch Ratings.

The improvement comes as homeowners recover from the year's natural disasters in January, Fitch says, while interest rates cuts should provide more scope for improvement in the first half of 2012.
Fitch Australia head of Australian structured finance Natasha Vojvodic told SmartCompany this morning areas stretched by higher property prices have benefited from stable interest rates.
"There haven't been any interest rate rises, and they have really remained stable the entire year. This gives a lot of home owners the ability to adapt to mortgage repayments."
Regions which have performed badly in the past have continued to show disappointing results, Fitch said. Fairfield-Liverpool is still the worst area in the country, while the Sydney south-western suburbs, the Gold Coast and Western Australia's south-west region are all experiencing higher than average arrears.
However, overall arrears in these areas have decreased. In Fairfield-Liverpool, 30 day arrears fell from 2.99% to 2.63%, while in south-west Western Australia, they fell by 76 basis points to 2.17% – although Fitch says this is still above average.
Western Australia recorded the most improvement out of any state, with arrears falling from 1.99% to 1.5%.
"Regional employment has improved in Western Australia, which led to the rise. The mining sector has really expanded so it's been easier for borrowers there to adapt."
"The 30- to 60-day arrears have improved the most."
Queensland has remained the worst performing state, although arrears are down from 2% to 1.7%. Victoria saw arrears fall to 1.04%, with most of those concentrated in the north-western part of Melbourne.
Based on loan amounts, Nelson Bay is the worst performing postcode with a delinquency rate of 7.1%. Other suburbs including Budgewoi, Casuarina and Helensvale still remain in the list of the worst performers.
Vojvodic says arrears are expected to increase in the New Year, but mostly as a result of Christmas spending, saying lower interest rates should provide homeowners with some relief.
"The usual Christmas and holiday spending flows through the first quarter of the year, and so going forward we expect arrears to increase, which is typical this time of year."
"But during the first quarter the interest rate declines should offset some of that. As to the extent of that offset, it's unknown."
The 20 worst performing postcodes in Australia, by number:
1.	<a target="_blank" href="/news">Budgewoi</a>, NSW 2262 – 3.5% 2.	<a target="_blank" href="/news">Nelson Bay</a>, NSW 2315 – 3.1% 3.	<a target="_blank" href="/news">Kangaloon</a>, NSW 2576 – 3.0% 4.	<a target="_blank" href="/news">Surfers Paradise</a>, QLD 4217 – 29% 5.	<a target="_blank" href="/news">Cessnock</a>, NSW 2325 – 2.6% 6.	<a target="_blank" href="/news">Plumpton</a>, NSW 2761 – 2.6% 7.	<a target="_blank" href="/news">Kingston</a>, QLD, 4114 – 2.5% 8.	<a target="_blank" href="/news">Helensvale</a>, QLD 4212 – 2.5% 9.	<a target="_blank" href="/news">Crestmead</a>/<a target="_blank" href="/news">Marsden</a>, QLD 4132 – 2.4% 10.	<a target="_blank" href="/news">Eagle Vale</a>, NSW 2558 – 2.3% 11.	<a target="_blank" href="/news">Port Kennedy</a>, WA 6172 – 2.3% 12.	<a target="_blank" href="/news">Gorokan</a>, NSW 2263 -2.2% 13.	<a target="_blank" href="/news">Macquarie Fields</a>, NSW 2564 – 2.2% 14.	<a target="_blank" href="/news">Taree</a>, NSW 2430 – 2.2% 15.	<a target="_blank" href="/news">Hamlyn Terrace</a>, NSW 2259 – 2.2% 16.	<a target="_blank" href="/news">Green Valley</a>, NSW 2168 – 2.2% 17.	<a target="_blank" href="/news">Hoxton Park</a>, NSW 2171 – 2.1% 18.	<a target="_blank" href="/news">Karuah</a>/<a target="_blank" href="/news">Swan Bay</a>, NSW 2324 – 2.1% 19.	<a target="_blank" href="/news">Casuarina</a>, WA 6167 – 2.1% 20.	<a target="_blank" href="/news">Ipswich</a>, QLD 4305 – 2.1%
This article originally appeared on <a href="https://www.smartcompany.com.au/index.php" target="_blank">SmartCompany.</a>
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Mortgage arrears decline in September quarter, but NSW dominates list of struggling suburbs: Fitch report 

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As we look to what's ahead for 2012, Property Observer is republishing some of our most noteworthy stories of 2011.
 
Retailers are no longer bluffing when making threats about shutting down stores to escape unrealistic rents, one industry expert has warned, after department store giant Myer announced it would shut down one of its two ACT stores.
The announcement also comes just a few weeks after Myer chief executive Bernie Brookes said the business was having trouble negotiating over retail rents.
The department store confirmed last week that it would not renew its lease at the Tuggeranong store, saying it has continued to review the merits of its existing store portfolio. It also noted that the store represented less than 1% of total group sales and that customers are opting to visit alternative Myer stores.
However, David Gordon, partner in charge of the national retail advisory practice at WHK Group, says there may be other factors at play – namely, that retailers aren't bluffing anymore.
"Every retail lease negotiation has an element of bluffing there, but retailers don't have much room to move right now. When they say a spade is a spade, they actually mean it right now."
Brookes made comments several weeks ago suggesting the company was having trouble dealing with a landlord, and that it was able to win a discount on rents by suggesting the company could close its store.
While it isn't clear whether that particular argument had any effect on the latest decision to close this store, Gordon nevertheless says it's emblematic of a shift in how retailers are approaching these negotiations.
"Retailers just don't have the flexibility to play this type of game anymore, because the top line is coming down. They don't have the ability to mess around and accept an outcome that will hurt their profit."
"They're not bluffing when they say if they take these outcomes proposed by the landlord they'll lose money."
Gordon says larger retailers' preparedness to shut stores may continue over the next year as consumer confidence remains soft and rents stay high.
"It's clear that Myer just isn't getting the correct sales-to-rents ratio. There are just too many costs involved here for the store to turn a profit."
"It's quite difficult, especially at this time of year, to reduce service staff or cut costs. There will be times during the year when you can do that but certainly not now."
However, Gordon says there's not a lot that can be done when it comes to cutting rents.
"Everyone understands that rents are too expensive, but there's not much that can be done. Landlords have obligations to their banks and their covenants would require overall rent per square metre of a certain price."
"There are alternatives, but ultimately it comes down to negotiation and as we see here retailers are willing to just up and leave."
Myer also said it would be opening up a store in the ACT, although it won't be opened until sometime during the 2014 financial year.
This article originally appeared on <a href="https://www.smartcompany.com.au/index.php" target="_blank">SmartCompany</a>.
Photograph by Paul Downey
 
 
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Myer store closure shows retailers playing hardball in rent negotiations

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The year has ended on a low note for the property sector, but some experts believe a pick-up could begin from early next year, bolstering prices.
Auction results from this past weekend showed clearance rates in Melbourne and Sydney in the 50s – as they have been for the last few months.
SQM Research managing director Louis Christopher says the year's results were "pretty much in line with expectations".
"We thought at the start of the year we would see a 5-10% decline in the capital cities, and although numbers are still coming in that's what has appeared to have happened."
"We have Sydney, which has down a little bit better than that, but certainly you would put other cities into that category including Perth, Brisbane and Melbourne. Those capital cities have fallen into that category."
Christopher says the downturn in the property sector has been around for 18 months, and warns it may take awhile before any recovery takes hold. However, he points to encouraging ABS data showing housing starts and finance has been improving over the past four months.
"We think there will be a decline in the March quarter next year as well, but that is where it's going to bottom out."
Everything depends on Europe, he says. "If all goes well, we should see a recovery in the June quarter of next year. We'll see some indicators before then of how the economy is going, and hopefully that will continue."
This past weekend is emblematic of the year's results in clearance rates. In Melbourne, the Real Estate Institute of Victoria said only 254 properties sold out of 482 on the market, with a clearance rate of 53%.
This time last year, the clearance rate was 62%.
"This weekend is the final one this year with a substantial number of auctions – there are only another 40 auctions scheduled to occur before the end of the year," chief executive Enzo Raimondo said in a statement.
In Sydney, the city recorded a 50.1% rate, while Adelaide and Brisbane recorded rates of 26% and 28% respectively.
Christopher says these results may continue for awhile, but assuming the European situation doesn't deteriorate, will improve over next year.
"We'll see clearance rates go up to the 50s in February, and generally they will pick up from there."
"It should be noted over the next few months we'll be getting a few mixed signals from the housing market, but over next year the situation should improve."
This article originally appeared on<a href="https://www.smartcompany.com.au/" target="_blank"> SmartCompany.</a>
 
 
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Auctions end year on a low note but prospects strong for 2012: SQM

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Despite two consecutive interest rate cuts the construction industry might not begin to recover until late next year, experts have warned, after official figures showed housing starts fell in the September quarter.

The warning comes as the construction industry continues to suffer under their highest number of insolvencies in any industry. Yesterday, South Australian builder Candetti Constructions was also confirmed to have been placed in administration.
Housing Industry Association economist Andrew Harvey says yesterday's data showing a 12.1% annual decline in the number of new houses built in the September quarter should be taken in context with the most recent rate cuts – but also says it's a dire situation.
"We are coming off a low base. And in my personal view, those rate cuts were fundamental in turning around confidence."
"But the nervousness around the situation in Europe has really pervaded through the new home market and it might take more than the couple of cuts we've already had to pick up the starts."
In fact, Harvey says, any recovery may be a long way off, closer to the end of next year than in the next few months. With economists expecting another rate cut in February, Harvey says it'll take some time for the benefits to seep through the rest of the market.
"If you look at the national accounts data, it's showing there's not that much to the Australian economy," he says.
"It's going to take some time for these cuts to feed through. We're looking until around mid-2012 or even later, towards the end of next year, before things start picking up."
The situation comes as the industry continues to suffer the highest insolvency appointments out of any other sector. Over the past year several smaller businesses have fallen over, and some larger firms have failed as well, with Candetti in South Australia only the latest casualty<a target="_blank" href="https://www.propertyobserver.com.au/industry-news/construction-group-candetti-constructions-placed-in-administration/2011121352829">.</a>
"The situation in construction is starting to feed into society in general," Harvey says. "You get the feeling that you don't want to see this continue for another eight months."
Harvey says the government needs to stop focusing on mining as the saviour of the economy, and recommends action to be taken for home owners. Despite rate cuts already announced, and possibly more on the way, he says it's time for some external assistance to get the industry moving.
"Home building is essential to having the economy growing again."
"With all of the uncertainty swirling around at the moment, it's probably at the stage where the federal government has to do something."
This article originally appeared on <a target="_blank" href="https://www.smartcompany.com.au/">SmartCompany</a>.
 
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Housing industry warns interest rate cuts may not boost sector until late 2012

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Property investors and pundits may be forgiven for thinking new AFG data showing an increase in the number of new home loan inquiries is a good sign for the sector, but a new site designed to help home owners in financial trouble has put the brakes on any celebration.

The site, <a target="_blank" href="https://doingittough.info/">doingittough.info</a>, was developed and now operated by the Australian Bankers' Association, and allows home owners who are experiencing financial difficulty to contact their banks and figure out ways of obtaining some financial assistance.
But despite the connotations of releasing such a site in the current economic environment, ABA chief Steve Munchenberg says the site isn't a commentary on whether the European crisis could impact home lending, as some economist have predicted.
Instead, he says the website is a response to home owners who feel they don't have the ability to continue paying their mortgage when they actually have numerous options available.
"Back at the beginning of the year, with the floods, and then cyclone Yasi, we were able to go public then and highlight the fact that people could talk to their bank and get a quick release for a period of time to get them through some difficulties."
"We've seen other parts of the economy doing it a bit tough. And there is a reluctance on the part of some people to tell their bank they are going through hard times."
"I think people have given us a lot more credit for foresight than we should take."
The website itself offers tests for financial strength, along with information on what you can do when struggling through financial difficulty, and how you can apply for hardship provisions.
Munchenberg says the website isn't a commentary on arrears or defaults, which he points out is quite low. Instead, he says it's about dealing with people who don't feel they have any other option.
"When we have people in financial difficulty, they don't instinctively think to contact the bank. But the reality is the bank has a bunch of programs in place to help people in those situations."
"We would rather find out if you're under pressure early to make sure we can all work through that, rather than have people hide that fact and then get into a state where it's much harder to pay it all back."
However, despite the insistence that the site is not a warning, data shows Australians are spending more of their income on mortgage payments, even as prices have slowed. Real estate groups such as the Real Estate Institute of Australia believe this to be a serious problem.
<a href="/news">But new figures from AFG paint a different picture for the market</a>. The country's biggest mortgage broker recorded an 18.4% increase in mortgages processed in November, altogether worth $2.9 billion.
Investors took up 40% of mortgages, with the company saying it was most likely spurred on by the Cup Day interest rate cut.
The figure was the highest since March 2009, on a monthly basis. Fixed rate loans fell to just 17.2%, with stand variable loans taking a 63.1% share. The average size of all mortgages rose to $396,000 from $395,000.
But while the figures may suggest the market is on the verge of booming, auction clearance rates present another story. In both Sydney and Melbourne, sales have remained in line with results from the past three months.
In Melbourne, the Real Estate Institute of Victoria recorded a 55% rate, slightly up on last week but down from the 60% recorded this time last year. Chief executive Enzo Raimondo said for the fifth week in a row "there has been no substantive change in the level of demand".
It expects that trend to continue through the end of the year, even during next week when 900 auctions are expected.
Sydney recorded a 52% clearance rate, while Brisbane and Adelaide recorded rates of 20% and 36.8% respectively.
This article originally appeared on <a href="https://www.smartcompany.com.au/index.php" target="_blank">SmartCompany.</a>
 
 
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Mortgage enquiries on the rise, but banking lobby group launches mortgage stress website

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.”

Patrick Stafford

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