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More property owners are shifting away from auctions to private sales in order to get a better deal, experts say, as the number of listings continues to lag behind last year's numbers. 
The property market recorded another tepid weekend, with clearance rates consistent with the past several weeks, although they remain lower than last year. The number of listings are also lower, indicating the bottom of the market has not yet been reached.
"There was a bit of a concern we noted at this time last year when we saw prices falling," SQM managing director Louis Christopher toldSmartCompany this morning.
"We've got the same clearance rate here, which implies prices may have not yet stopped falling."
According to the Real Estate Institute of Victoria, Melbourne recorded a clearance rate of 60%, compared with 58% last weekend and 65% at this time last year. There were 645 reported auctions, down from the 918 listed last year.
In Sydney, the city recorded a 58.1% clearance rate, with 448 listings, down from the 518 last year, while Adelaide and Brisbane recorded rates of 42% and 38% respectively.
Christopher says more of these auctions are in private sales, as buyers believe they can get a better outcome.
"When we look at total stock levels, there is some evidence that stock for sale was peaking and that may be the case. But they rose by a significant amount in Sydney, and to a lesser extent in Melbourne."
"There are just as many private sales as there are auctions, and in my opinion sellers are moving their properties over."
Christopher says the perception of operating in a soft market will always move auctions towards private sales. "They think they're more likely to get a better outcome," he says.
And while Christopher says more auction listings may be a sign of a recovery, he suggests that's some way off.
"That's something you see when the market is generally in a recovery stage, and I wouldn't expect that to happen any time soon."
However, there is some indication listings are increasing. In Melbourne, 800 properties are set to go to market next week, and then 1,000 in two weeks' time.
This article originally appeared on <a target="_blank" href="https://www.smartcompany.com.au/index.php">SmartCompany.</a>
 
 
 
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pmcstafford-pr9eMARWoN

Sellers move from auction to private sales as market remains weak

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The New South Wales Labor opposition has taken the extraordinary step of claiming a construction business is on the brink of collapse, urging the government to step in and save the contractor from going under.
Opposition leader John Robertson has said in a statement that Reed Constructions is on the verge of collapse and 1500 jobs are at risk, even saying that contractors haven’t been paid in several weeks.
"Barry O'Farrell needs to intervene immediately to stop the loss of another 1500 construction jobs in NSW," Robertson said in a statement.
"These 1,500 subcontractors are working on NSW government-funded roads, schools and major civic buildings like the Supreme Court, but many of them haven't been paid in months."
In a statement this morning, Reed Constructions managing director Geoff Reed said the company was working out issues relating to payments carried out for Roads and Maritime Services, along with the Building the Education Revolution Program.
However, it said it would not make any other comment at this stage.
Robertson claimed in his statement that one contractor is owed about $280,000 for work completed on the Great Western Highway.
"This contractor has repeatedly tried to get in touch with the Minister for Roads and the department, but he's been told the government will not intervene," he said.
The Construction, Forestry, Mining and Energy Union also released a statement, saying the industry is in crisis and the government should do all it can to rescue Reed Construction, claiming between $60 million and $80 million is owed to 1,500 subcontractors.
According to Brian Parker from the CFMEU, Reed is waiting for a $10 million payment from the NSW government for work completed as far back as three years ago, The International Business Times reports.
Parker said the state government had the obligation to sit down with Reed and solve the problem to avert the possible loss of 10,000 jobs.
NSW Minister for Finance and Services Greg Pearce was reported in the IBT that the state government has been in discussions with Reed since the construction firm informed it of its situation.
“These small businesses are the lifeblood of the industry, employing thousands of workers in NSW,” Parker said in the statement.
“The collapse of the Kell &amp; Rigby Group and now possibly Reeds is devastating for the industry, devastating for the many people left without payment, and devastating for workers left without entitlements and employment, and also devastating in terms of confidence in the industry.”
This article originally appeared on <a target="_blank" href="https://www.smartcompany.com.au/index.php">SmartCompany.</a>
 
 
 
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NSW opposition claims construction company on the brink of collapse

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Poor retail conditions and frightened consumers were blamed for yesterday’s collapse of the Queensland-based retailer Wow Audio Visual Superstores, with its 15 stores and 500 employees, but the seeds of this collapse were actually sown two years ago.
Ferrier Hodgson partners James Stewart, Stewart McCallum and Tim Michael confirmed yesterday they had been appointed as receivers and managers, prompted by a secured creditor.
<a href="https://www.smartcompany.com.au/sales/20101007-receivers-appointed-to-property-empire-owned-by-wow-sight-and-sound-directors" target="_blank">The problems began back in 2010</a>, when two directors of Wow Sight and Sound were caught up in a property sale with hundreds of millions of dollars, when banks appointed receivers to assets controlled by the two men.
The directors and co-founders, Sam Savvas and Suds Sotiris, served as directors of property group SSI. That company owned a number of smaller companies, including The Zone Australia and Aristocon. These two entities owned properties that were placed in receivership.
At that time, Wow Sight and Sound was not placed in receivership, and retail director Con Nicolas told SmartCompany in a statement that the company operated separately and was not affected – although Savvas stepped aside as chairman and chief executive. He passed away last year.
Guy Griffiths became chief executive in 2010, while Savvas said at the time these properties had been appointed receivers due to higher pressure in global property markets.
However, yesterday receiver James Stewart said the company had been negatively impacted by a bad debt of $20 million related to the collapse of Aristocon, one of the companies that oversaw some of the troubled properties.
Stewart said the group, which had $257 million revenue in 2010-11, “had been negatively impacted by a bad debt of approximately $20 million to a related company”.
“Wow has been subject to declining sales and profitability which has escalated in recent months,” Stewart also said.
The portfolio of assets placed in administration in 2010 was reportedly worth $400 million, including a commercial building worth $70 million on its own. It was reported there were more than 50 properties up for sale to recover debts of over $300 million, with several major banks involved in the entire process.
Before all this occurred, Wow had accepted a substantial amount of money from NAB’s private equity division, Integrated Capital Solutions. <a href="https://www.smartcompany.com.au/retail/20100128-nab-s-private-equity-arm-invests-in-queensland-retail-group-wow-sight-sound">Nicolas said  the time</a> the investment would be used to expand the company’s footprint – it wanted to open 25 stores within the following three years.
However, now the company has been placed in receivership. And while receivers have not made any announcement regarding store closures, it surely adds to the nerves felt by retailers across the country, who have already watched several businesses in a variety of industries announce the closure of more than 500 stores.
Receivers are now set to begin a sale campaign for the business, which has been well known in Queensland for its support of the Broncos rugby club during 2008-11.
This article originally appeared on <a href="https://www.smartcompany.com.au/index.php" target="_blank">SmartCompany</a>.
 
 
 
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How Queensland retailer Wow was brought down by a $20 million property debt

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A major apartment complex development in Queensland has fallen into receivership, the latest victim of the state’s lacklustre property sales.
Price growth in Queensland remains depressed, with first home buyers still cautious after major banks signalled they are prepared to raise rates outside decisions made by the Reserve Bank.
According to official documents, the company behind the $170 million Alderley Square apartment development, Alderley Village, was placed in receivership in November.
Receivers Korda Mentha were contacted this morning, but no reply was available prior to publication. The Alderley Village development office was also contacted, but the line appears to be disconnected.
Construction of the development was expected to begin this year, but the development has now collapsed with $12 million in debt, according to the Australian Financial Review.
The project was reportedly backed by private South Africa-based investors. The developer behind the property is PCN Projects, which has offices in both Australia and South Africa.
That company was also contacted this morning, but no reply was available prior to publication.
The development is the latest within Queensland to fail, with a number of properties and resorts going under during the past few years. Apartment supply has exploded in the last decade, especially on the Gold Coast, which has put more downward pressure on prices.
The Alderley project would have offered over 200 new residential apartments. Reports indicate $55 million worth of apartments were sold during the first 12 months of sales, but transactions slowed soon after.
The collapse comes as home loan arrears in Queensland have also risen above those in other states.
SQM Research managing director Louis Christopher says there has been a definite slowdown in Queensland, with stock continuing to rise causing more price pressures.
“We went through 2011 when there was a period in which house prices fell in Brisbane, and the ABS says there was a 9% fall from peak to trough across 2010-11.”
“That’s a substantial correction. It’s caused enough stress for property developers who have done work based on contracted prices and for those who have to offer a buffer on those prices as well.”
Christopher says developers have had trouble gaining finance, even during the past year or so, and that he’s heard reports of banks breathing down developers’ necks – even when all the finances check out.
“There is quite a lot of stress for new property developers, particularly those working on a thin buffer of prices. When developers start making even a small loss, it can destroy them very quickly.”
This article originally appeared on<a href="https://www.smartcompany.com.au/?piffwe" target="_blank"> SmartCompany</a>.
 
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Queensland $170 million apartment project in receivership, state’s property market still under pressure

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The controversy over troubled shopping centre group DFO continues, after a Victorian Supreme Court justice on Tuesday decided business partners of the company's two former owners David Goldberger and David Wieland could launch a legal case against them. 
The decision comes after months of complicated legal battles and financial tussles over the business, which has resulted in a number of court cases and has even involved the former chairman of the Australian Competition and Consumer Commission, Graeme Samuel.
Supreme Court Justice Jennifer Davies ruled yesterday that the business partners of David Wieland and David Goldberger could launch a legal case against the two millionaires.
The case revolves around a $14 million emergency line of credit used by DFO developer Austexx to construct the company's South Wharf facility.
The two Davids were former directors of Austexx. The case is brought against them by Texxcon, a subsidiary of Melbourne-based construction and engineering firm Contexx.
According to Texxcon, Austexx borrowed $14 million from a joint venture company called Nominexx. That funding was to be used after a separate funding line had been dried up.
However, Texxcon claims this loan was not repaid, and that Austexx has engaged in misleading and deceptive conduct.
While both Davids and DFO manager Geoff Porz were able to stop Nominexx from suing the company – due to their presence on the board – Justice Davies has given Texxcon representatives permission to sue.
Texxcon claims Wieland, Goldberger and Porz breached their directors' duties by saying Austexx could pay back the money, although all three have denied this is the case.
Both Wieland and Goldberger slipped off the BRW Rich 200 list last year after Austexx went close to collapse and was forced to sell assets to reduce a $1 billion debt.
Separately, a property development company called Verticon in which the two Davids were major shareholders was placed in administration last year.
This article originally appeared on <a href="https://www.smartcompany.com.au/index.php" target="_blank">SmartCompany</a>.
 
 
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Court gives former business partners the right to pursue $14 million claim against DFO founders 

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Hotel giant Hyatt Hotels Corporation has blocked an attempt by billionaire Clive Palmer to remove it as the manager of the Coolum resort on the Sunshine Coast, after Palmer accused Hyatt of poor management and siphoning $60 million in funds from the resort over the past 20 years. 
Hyatt took Palmer to the Brisbane Supreme Court yesterday after Palmer had announced he had dumped the company as the manager of the resort, removing its signage and sacking Hyatt's general manager, Maurice Holland.
Hyatt argued that Palmer had breached the contract between the two by trying to remove it as resort manager and by sacking the general manager.
Palmer represented himself in court, and told Justice Glenn Martin that the resort could still be run without Hyatt, and that the general manager, Maurice Holland, was sacked in the resort's best interests in mind.
While Palmer threatened to close the resort if the injunction was granted, Martin granted it anyway.
"(I'm satisfied) there will be sufficient funds... to cover the short-term of the injunction I propose and secondly, the defendants good corporate citizens will not abuse their position if an injunction is granted for such a short period."
Martin said the injunction would protect Hyatt's reputation, get Holland his job back and protect the interests of those who own villas within the resort.
The case will return to court on March 1.
The action came after Palmer released a statement yesterday saying the company had been siphoning $60 million in funds over the past two decades "back to their headquarters in Chicago and there has been a major cover-up of these activities".
"We have uncovered this activity since taking over the resort last year. This should be of concern to the operators of other Hyatt resorts around Australia and worldwide. The Hyatt hasn't given the property the priority it deserves. The Hyatt Group doesn't even have a full-time employee in Queensland and we believe they are not even represented in Australia."
Hyatt's lawyers said in court that the allegation was false.
Palmer, who bought the resort in July of last year, said that despite Hyatt running the resort for over 20 years, "it has just led to millions of dollars in losses to the owners". He also commented he was surprised to learn staff were never paid bonuses.
The move comes just a day after Palmer threatened the Football Federation of Australia with court action if it tried to take away his licence – the billionaire has garnered a reputation for himself in the sport, sacking players and making controversial comments about the state of the game.
This article originally appeared on <a href="https://www.smartcompany.com.au/index.php" target="_blank">SmartCompany</a>.
 
 
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Hyatt hotel chain to stay in control of Clive Palmer’s Coolum resort despite allegations of mismanagement

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The Australian unemployment rate has fallen to 5.1%, beating expectations and driven by an increase in part-time employment.
The Australian Bureau of Statistics said this morning that the unemployment rate had fallen 0.1 percentage points, with part-time employment lifting by 34,000 to 3.4 million and full-time employment up by 12,3000 to 8.063 million. Economists surveyed by AAP had tipped full-time jobs would increase by 12,000.
"The increase in seasonally adjusted part-time was driven by an increase in female part-time employment, whereas the increase full-time employment was driven by an increase in male full-time employment," ABS said.
The number of people unemployed fell by 15,300 last month to 614,200, and the labour participation rate edged up 0.1 percentage points to 65.3%.
The statistics bureau added that although recent reports have suggested 2011 was the year with the lowest employment growth since 1992, this statement does not take into account estimations that population growth last year was the lowest in 10 years.
"An alternative method of analysis that removes the effect of population growth is to compare average employment to population ratios for each year."
"In 2011, the employment to population ratio was 62.2%, which is the third highest rate of employment in the last 30 years, up 0.1 percentage points from 2010 and 6.1 percentage points higher than the low in 1992."
This article originally appeared on <a target="_blank" href="https://www.smartcompany.com.au/index.php">SmartCompany</a>.
 
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Unemployment drops to 5.1%

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Woolworths has signalled that it will sell off the troubled Dick Smith chain following a structural review of the business, also announcing that it will close up to 100 stores over the next two years.
The announcement comes after an analysts' report from CSLR that predicted the company would close over 100 stores in the chain.
According to a statement this morning, Woolworths said that its consumer electronics chain will remain important for Woolworths through its Big W chain and its multichannel offer.
"A strategic review, announced in November 2011, concluded that Woolworths' main strengths are primarily in larger format, multichannel, high volume retail segments with market-leading positions," the company said in a statement.
"The future of the Dick Smith business, which is profitable, experiencing positive sales growth and has a strong brand position, could be better realised through new ownership."
The review found that investment and management attention given to Dick Smith "has been disproportionate relative to its position within the Woolworths' group".
With the company now focused on increasing activity in core trading divisions, the company agrees separating the model from the company is the best option.
"A divestment of Dick Smith will enable the Woolworths group to focus more investment on serving customers in its core business with a strong multichannel offer, backed with market leading fulfilment systems and an effective store network," chief executive Grant O'Brien said in a statement.
Staff affected by the closures will be moved around in the Woolworths group, the company said.
Recently CSLA analysts David Thomas and Richard Barwick <a target="_blank" href="https://www.propertyobserver.com.au/retail/analysts-predict-dick-smith-to-close-190-stores-as-pressure-weighs-on-retail/2012012353112">suggested Woolworths close 190 Dick Smith stores.</a>
This article originally appeared on <a href="https://www.smartcompany.com.au/index.php" target="_blank">SmartCompany</a>.
 
 
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Woolworths to sell struggling Dick Smith chain and close 100 stores

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Woolworths should consolidate its Dick Smith electronics chain into its existing Big W network, an analyst says, after a report called for the retail giant to close more than half the brand’s stores in favour of boosting Dick Smith’s online presence.
The report, written by CSLA analysts David Thomas and Richard Barwick and entitled Off With Dick’s Head, suggests Woolworths should close 189 of the chain’s 386 stores.
The CSLA report says the stores should be closed given Dick Smith is generating such a small return for Woolworths, posting $22 million in EBITDA in 2010-11.
“This is virtually irrelevant in the context of group EBIT north of $3 billion,” the report states.
It also notes Woolworths does not have time or money to make the chain into a key player, given it’s focusing on competing with Coles and the rollout of Masters.
Other analysts agree. Peter Esho, chief market analyst at City Index Asia Pacific, says it would make sense for Woolworths to consolidate the Dick Smith chain into its Big W network of stores.
“If you look at the footprint, there is a lot of overlap between Dick Smith and Big W, and we think it makes strategic sense to enhance them,” he says.
“We think it makes strategic sense to utilise the space there, and that would drive more traffic into Big W.”
Woolworths was contacted this morning, but a reply was not provided prior to publication.
The analysts say the recommendations could almost double Dick Smith’s profitability in the short term to $40 million, adding that a Woolworths divestment of the entire asset was unlikely in the current market due to expected difficulties in finding a buyer.
The report also notes that Woolworths would be reluctant to spend more money on Dick Smith. Esho says given the company is lagging market leader JB Hi-Fi, it makes more sense to integrate it with an existing business.
“It’s dominant, but it’s certainly not the most dominant player. The current position doesn’t really justify having a separate chain for electronics and Big W,” he said, also noting that Dick Smith’s online capabilities could integrate well with Big W.
“If you’ve got a competitive Big W with a well-defined consumer electronics strategy, it gives you the ability to try something else. For now, [rival discount department store] Kmart is just going to chip away on price in the consumer electronics market.”
The Dick Smith chain has been owned by Woolworths since the early 1980s, and started growing in 2001 after acquiring the Tandy chain of companies. It closed 320 stores in Australia, but the CLSA report still says there is a “massive gap” between the company and the next biggest thing, JB Hi-Fi.
Esho says moving the chain away into the Big W stores will allow the company to take new risks.
“If you put that chain into the Big W stores, it gives you more freedom to try other things. As of right now, there is no opportunity there.”
The prediction comes during a troubling time for retail. Just last week Speciality Fashion Group announced it may close more than 100 stores due to excessive rents and sluggish sales.
This article originally appeared on <a href="https://www.smartcompany.com.au/index.php" target="_blank">SmartCompany</a>.
Photograph by Kieran McGlone
 
 
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Analysts suggest Dick Smith should close 190 stores as pressure weighs on retail

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Demand for home loans has continued to increase for an eighth consecutive month in November, according to the latest figures from the Australian Bureau of Statistics.
The figures show the number of loans granted rose by a seasonally adjusted 1.4% to 46,953, after a downwardly revised 46,953 in October.
Total housing finance rose by 2.1% to $2.03 billion.
This article originally appeared on<a target="_blank" href="https://www.smartcompany.com.au/index.php"> SmartCompany</a>.
 
 
 
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Housing finance lifts for eigth consecutive month

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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