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The weekend of June 1 saw the start of winter auctions for 2013.
A running joke in the industry is that if you’re a buyer intending to bid on a weekend auction - pray that it rains!
We at Secret Agent wanted to ask ourselves a very simple question. Could rain affect auction prices?
Would it have a detrimental effect on property pricing?
Our initial thoughts were that it wouldn’t impact results. If a buyer was set to bid on a property, the weather wouldn’t impact the way a serious purchaser would peruse it.
However, we started following some interesting research on the correlation of stock market performance and the weather, and this started our quest to establish if in fact the Melbourne property market was influenced by the weather.
The research mentioned was prepared by the University of Berkeley, and compared the DowJones Industrials and weather patterns from 1948 - 2010.
The market recorded an average reduction of 2.8% on cloudy days over that time period (62 years of data).
We looked at the winter months when an auction occurred on a wet day (i.e. more than 4mm of rain) and there was an average price difference of of 5% less as opposed to auctions that took place on a dry day with less than 4mm of rain.
This finding was compiled with 2012 Melbourne sales results that occurred on a Saturday (i.e. at auction) between June and August 2012.
<ul>
<li>Average auction result with less than 4mm of rain, $1,003,300</li>
<li>Average auction result with 4mm or more of rain, $956,800</li>
</ul>
The lower 5% difference could be expected for property owners auctioning on a rainy day!
The one saving grace to this situation is that some correlations over the past decade show that prices on a whole are stronger in winter than those at other points in the year.
The reason for this is the scarcity of stock in winter. A vendor could be wise to sell in winter, but only on a dry day!
Paul Osborne is managing director of buyers' advocate <a href="https://secretagent.com.au/" target="_blank">Secret Agent</a>.
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Wet winter days can impact auction results: Paul Osborne

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Melbourne buyers' agent Paul Osborne of Secret Agent has looked at some of Melbourne's top inner suburbs to get an indicative price per square metre. 
The monthly focuses on houses in Melbourne's inner-city suburbs within a six-kilometre radius of the Melbourne GPO, addressing 26 suburbs.
"Our square metre-rate comparison is the first of its kind for the inner-city suburbs of Melbourne," he says.
"As expected for the period July to September 2012, East Melbourne was the most expensive of the 26 suburbs reviewed, with a median price of $12,676 per square metre of land.
"The most economical inner city suburbs were Brunswick at $2,546 and Brunswick East at $2,514.
"The median price per square metre in the premium suburb of Hawthorn at $3,281 demonstrates the traction that the inner city suburbs have in the property market," he says.
 
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At $2,514 per square metre Brunswick East has cheapest house prices in inner Melbourne: Paul Osborne

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We get the odd frustration from having an auction operate under a different formula from the standard schedule 1 auction (explained below).
A few weeks ago, we were bidding on behalf of a client for the property 74 Falconer Street North Fitzroy (pictured below). Half an hour before the auction, we were made aware that one of the owners of the property were intending to bid at their own auction. The sale situation was a deceased estate.
<img src="/images/stories/2012/09/falconher.jpg">
A number of siblings were the beneficiaries, and one sibling wanted to buy the property from the other siblings. They used an open market strategy, and we ended up being outbid by that sibling at the auction.
It was a disappointing situation. We felt that the entire campaign should have this mentioned in its marketing material rather than being made aware just 30 minutes prior to the auction.
As a guide to these confusing situations, we’ve included below the different types of auctions so buyers can be best informed about these and what they mean.
By law, the estate agent must display the auction rules 30 mins prior to auction. The auction can either be schedule 1, 2, 3, 4 or a schedule 1 with an alternative.
Here is the breakdown:
Schedule 1:
The most common auction in Victoria. A schedule 1 auction allows the agent to place a bid on behalf of the vendor, however no co-owner bidding to take place.
The alternative to schedule 1 is exactly the same listed above with no vendor bidding at all. This is the purest auction possible. However, most auctions will not use this.
Schedule 2:
Where two co-owners own the property, one co-owner may bid for the property, plus the auctioneer may also take a vendor bid on behalf of the owners.
Schedule 3:
The property has two owners or more, and some (but not all) co-owners may bid for the property. The auctioneer may also take vendor bids.
Schedule 4:
Two or more co-owners own the property. All co-owners may bid on the property, however vendor bids cannot be taken by the auctioneer.
This can be a marriage situation were both husband and wife are bidding for their own property together with the open market!
A good tip for property buyers is to always look at the rules of the auction before you intend to bid. Even take a photo with your smartphone to ensure that the auction you are bidding on is a pure auction. Owners bidding on their own property can distort the price paid to unrealistic levels, and you don’t want to be left buying a property at a figure that isn’t market driven.
Paul Osborne is the founder of Melbourne buyers' agency <a target="_blank" href="https://secretagent.com.au/">Secret Agent</a>.
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Make sure you understand the type of auction you are attending

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The decade of 2000 to 2010 was a special one. With the exception of 2008, property prices went in one direction – up!
Melbourne clearance rates highlight the occurrence. 
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<a rel="shadowbox" href="/images/stories/2012/08/osborne.jpg" title="Click to enlarge"><img src="/images/stories/2012/08/osbornethumb.jpg"></a>
Source: <a target="_blank" href="https://www.reiv.com.au/">REIV</a>
According to The Economist, Australian house prices are still 36% overvalued.
Melbourne has been Australia’s most dominant city over the past decade. Over the past few years (2011-12), the Melbourne market has started to experience the hangover effects from the 2008 GFC government stimulus that artificially boosted auction clearance rates and helped propel the exuberance.
Sections of the market around the inner-city pockets are still showing resistance to the changing market conditions.
There are numerous examples of those sales that haven’t fared well in the current market. These are the places that have been sold twice within the past five years or have at least attempted to do so.
It's a list of properties that haven't been so lucky:
<img src="/images/stories/2012/08/osborne12.jpg">
43 Summerhill Avenue, Glen Iris
Then: May 15, 2010, sold for $1,491,000
Now: Back on market at $1,299,000
 
<hr>
 
<img src="/images/stories/2012/08/osborne11.jpg">
217 Rossmoyne Street, Thornbury
Then: May 1, 2010, sold for $920,000
Now: August 18, 2012, passed in at $790,000
Asking price $849,000 
 
<hr>
 
<img src="/images/stories/2012/08/osborne6.jpg">
27 Collett Street, Kensington
Then: February 9, 2008, sold for $580,000
Now: July 21, 2012, sold for $547,500
 
<hr class="system-pagebreak">
 
<img src="/images/stories/2012/08/osborne7.jpg">
60A May Street, Fitzroy North
Then: October 30, 2010, sold for $1,440,000
Now: June 2, 2012, sold for $1,432,000
 
<hr>
 
<img src="/images/stories/2012/08/osborne4.jpg">
8 Bayview Street, Prahran
Then: June 18, 2010, sold for $1,020,000
Now: March 31, 2012, sold for $960,000
 
<hr>
 
<img src="/images/stories/2012/08/osborne5.jpg">
15 Collett Street, Kensington
Then: November 6, 2010, sold for $627,000
Now: March 13, 2012, sold for $589,000
 
<hr>
 
<img src="/images/stories/2012/08/osborne3.jpg">
10 Quantock Street, Canterbury
Then: September 17, 2010, sold for $2.1 million
Now: October 18, 2011, sold for $1.83 million
 
<hr>
 
<img src="/images/stories/2012/08/osborne10.jpg">
319 Richardson Street, Princes Hill
Then: November 14, 2009, sold for $1,045,000
Subsequent: September 18, 2009, sold for $1,033,000
 
<hr>
 
<img src="/images/stories/2012/08/osborne8.jpg">
47/1 Queensberry Street, Carlton 
Then: December 21, 2007, sold for $953,000
Subsequent: August 12, 2009, sold for $840,000
 
<hr>
 
<img src="/images/stories/2012/08/osborne9.jpg">
462 Canning Street, Carlton North
Then: August 18,2007, sold for $1,175,000
Subsequent:  July 24, 2009, sold for $1,100,000
Paul Osborne is the founder of Melbourne buyers' agency <a target="_blank" href="https://secretagent.com.au/">Secret Agent</a>.
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Nine Melbourne homes feeling the hangover effects from the 2008 GFC government stimulus: Paul Osborne 

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Talk often centres around Melbourne being an expensive city, and it is – make no mistake about it.
But how does Melbourne compare internationally?
We’ve analysed a number of Melbourne’s top suburbs to get an indicative price per square metre rate for property, and compared them to the world leaders across the globe.
For starters we’ve sourced the most expensive cities across the world to see how they compare. The top 10:
<ol>
<li>Monaco: $58,000 per square metre. This is world’s most expensive place. It helps when you don’t have to pay taxes!</li>
<li>London: $48,000 per sqm</li>
<li>Hong Kong: $45,000 per sqm (Houses only)</li>
<li>Geneva: $33,000 per sqm</li>
<li>Hong Kong: $27,000 per sqm(Apartments only)</li>
<li>Paris: $25,000 per sqm</li>
<li>Singapore: $24,000 per sqm</li>
<li>Moscow: $23,000 per sqm</li>
<li>Zurich: $23,000 per sqm</li>
<li>New York $21,500 per sqm (Apartments only)</li>
</ol>
(Data compiled for last quarter 2011)
We’ve used the average square metre price in Melbourne as our comparison point. We’ve also compared the most recent quarter prices and benchmarked them to houses only, so apartments have been excluded from the data.
So how do we compare for different suburbs? Here is an interesting selection:
• East Melbourne: $11,133 per sqm Melbourne’s highest-priced inner-city suburb, East Melbourne takes the cake.
• Carlton: $9,409 per sqm
• Fitzroy: $6,888 per sqm
• Brunswick: $3,380 per sqm (With 48 sales recorded, this was the largest data set collected for a suburb)
• Abbotsford: $6,785 per sqm
• Hawthorn: $3,443 per sqm (Suprising result)
• Albert Park: $8,181 per sqm
• North Melbourne: $7,230 per sqm
• West Melbourne: $4,986 per sqm
• Yarraville: $2,229 per sqm
• South Melbourne: $7,652 per sqm
Surprising outcomes were the low per square metre rate attributed to Hawthorn. Brunswick was the most accurate data example thanks to a pool of 48 transactions. The inner west showed the most favourable square metre rate, with Yarraville at just over $2,000 per square metre. West Melbourne was the most affordable suburb on the doorstep of the city.
Interesting takeaways are:
<ul>
<li>London is 21.5 times more expensive than Yarraville</li>
<li>Hong Kong is four times more expensive than East Melbourne</li>
<li>Monaco is 16 times more expensive than Hawthorn (When it comes to price per square metre of real estate)</li>
</ul>
Melbourne is an expensive city. However compared to world standards, Melbourne is still far behind the big cities (or tax havens) when it comes to price per square metre of land.
Click to enlarge
<a title="Click to enlarge" href="/images/stories/2012/07/secretagent1.jpg" rel="shadowbox"><img src="/images/stories/2012/07/secretagent1thumb.jpg"></a>
<a title="Click to enlarge" href="/images/stories/2012/07/secretagent2.jpg" rel="shadowbox"><img src="/images/stories/2012/07/secretagent2thumb.jpg"></a>
Paul Osborne is the founder of Melbourne buyers' agency <a href="https://secretagent.com.au/" target="_blank">Secret Agent</a>.
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Yarraville, Hawthorn, even East Melbourne lag behind the world's big cities for residential property prices: Paul Osborne

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Meelbourne's top end has more big sales “off market” than on market at present.
The latest market conditions have created nervousness for many owners, and they’ve become a lot more cautious about adopting a full blown marketing campaign.
So the number of “off-market” sales is increasing rapidly, especially in the price range of $2.5 million and above.
We’ve now noticed that in the inner city for example, more sales are being made through “off-market” channels than advertised ones at present.
This creates a whole new world of discreet sales, handshake deals and confidentially agreements.
So what are the benefits of “off-market” transactions for buyers and sellers?
• Privacy kept in tact
• Home only open to the most qualified of buyers
• Buyers can negotiate free of any public street theatre
• Terms of agreement can be much more creative
• Prices kept confidential
• No large marketing commitments
Paul Osborne is the founder of Melbourne buyers' agency <a href="https://secretagent.com.au/" target="_blank">Secret Agent</a>.
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Melbourne top-end sales increasingly carried out off market

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The width of a terrace can make for huge variations in sale prices achieved.
The common terrace sits with a frontage of 4.5 metres to 5.1 metres. Suburbs such as Carlton, North Melbourne and South Melbourne are cramped with terraces of this size.
As the convergence of inner-city living continues to accelerate, many buyers are faced with the prospect of buying a single-fronted terrace, as the premium paid for double-fronted homes is often just too great.
We are noticing the slightly larger terrace, with a common frontage of between 5.5 metres to 6.5 metres is a hotly contested accommodation bracket.
The differences in prices paid is not a value for the extra land being purchased, but for the privilege of being able to find that type of property in the first place.
Price per square metre can increase by up to $750 per square metre for land that allows for that extra width. The homes sitting on these wider blocks also generally have a grander feel to them and strong bones for going up and out with renovations.
Carlton North
(Both properties need work, and the position is an excellent comparison.)
<img src="/images/stories/2012/05/cnorth1.jpg">
 
<img src="/images/stories/2012/05/cnorth2.jpg">
 
<hr>
 
<img src="/images/stories/2012/05/fnorth1.jpg">
<img src="/images/stories/2012/05/fnorth2.jpg">
 
 
 
 
 
Paul Osborne is the founder of Melbourne buyers' agency <a target="_blank" href="https://secretagent.com.au/">Secret Agent</a>.
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How inner-city terrace width makes a world of difference

ANZ believes the Reserve Bank is in no rush to move again.

Following the release of the May Monetary Policy Board Minutes, ANZ has taken the view that the RBA is now firmly in a holding pattern, with the cumulative impact of previous rate hikes giving the Board scope to assess how the economy evolves from here.

That positioning, in ANZ’s view, makes a June rate hike unlikely.

The bank continues to expect the cash rate to remain unchanged at 4.35 per cent for an extended period, with the RBA adopting what is effectively a wait-and-see approach.

The Minutes point to a Board that sees financial conditions as already restrictive, but without a clear read on just how restrictive they are. That uncertainty has shifted the focus away from immediate policy action and toward monitoring both domestic conditions and global developments, particularly the conflict in the Middle East.

As ANZ interprets it, the Board is deliberately avoiding strong forward guidance.

Instead, it is allowing itself flexibility, acknowledging that monetary policy has limited ability to influence the near-term trajectory of inflation, while also recognising that economic growth is likely to remain below potential for some time.

Despite that pause in momentum, ANZ notes that the Board still carries a tightening bias.

The Minutes reveal that, in weighing up its decision, the Board seriously considered another 25 basis point increase. The key debate centred on the trade-off between inflation and activity, particularly in the context of global uncertainty.

Ultimately, most members leaned toward the inflation side of that equation.

Underlying inflation is still expected to remain above target for an extended period, regardless of how external risks evolve. That has led to a view within the Board that the risks to its inflation objective have increased, and that the current cash rate may not be sufficiently restrictive to fully contain those pressures.

That’s important.

While the decision, for now, is to hold, the underlying tone of the Minutes suggests the door to further tightening has not been closed.

ANZ also points to commentary from Assistant Governor (Economic) Sarah Hunter, who highlighted the risk that inflation could pass through the economy more quickly and broadly than in previous cycles. Both Hunter and a majority of the Board expressed concern that inflation expectations could become less anchored after such a prolonged period above target.

That combination, persistent inflation and the risk of expectations shifting, is what continues to underpin the RBA’s cautious stance.

However, where ANZ diverges from the RBA is on the outlook for activity.

The Board appears relatively comfortable with current spending patterns, effectively downplaying recent declines in business and consumer sentiment. It notes that sentiment has historically been only weakly correlated with actual spending, and that feedback from its liaison program has not yet pointed to a meaningful slowdown in consumption.

ANZ is less convinced.

The bank believes the link between household disposable income, sentiment and spending is more direct than the RBA is currently acknowledging. With inflation continuing to erode real incomes, ANZ expects household spending to soften more materially than the central bank is forecasting.

That divergence matters because it shifts the balance of risk.

If activity weakens more than expected, the trade-off between inflation and growth changes. In ANZ’s view, that would reduce the need for further tightening and reinforce the case for the RBA to remain on hold.

It also suggests that the current policy setting may already be doing more work than the Board fully appreciates.

The broader takeaway from ANZ’s interpretation is that the RBA is walking a narrow path.

On one side sits the risk of inflation remaining elevated for longer than expected. On the other is the growing pressure on households and the potential for a sharper slowdown in activity.

For now, the Board is choosing to wait.

But it is a pause that still carries an underlying tightening bias, rather than a clear pivot toward easing.

In practical terms, that leaves the cash rate anchored at 4.35 per cent for the foreseeable future, with the next move still uncertain.

For borrowers, it reinforces the reality that relief is not imminent.

And for the broader economy, it highlights the delicate balance the RBA is trying to strike, between bringing inflation back to target and avoiding an unnecessarily sharp slowdown in growth.

According to ANZ, it is a balance that is becoming increasingly difficult to maintain.

Joel Robinson

RBA to hold rates for "prolonged period" rather than hikes: ANZ

<a href="https://www.apartments.com.au/developers/venturecrowd-property-projects">VentureCrowd</a> is down to the final Canopy Villa release at Cumulus Grand Villas in Carrara, as construction continues on the 59-residence gated community positioned above 100 hectares of natural savanna on the Gold Coast.

The remaining Canopy Villa forms part of one of four collections within the <a href="https://www.apartments.com.au/architects/bda-architecture">BDA Architecture</a>-designed community and has attracted interest from buyers seeking larger-format homes that combine privacy, security and low-maintenance living. Positioned within a private cul-de-sac and facing a protected black she oak forest, the four-bedroom villa includes a large private outdoor area suited to pet owners and families wanting more flexible space.

<a href="https://www.apartments.com.au/new-townhouses/cumulus-grand-villas-carrara-17-baltimore-court-carrara-qld-4211">Cumulus Grand Villas</a>, located at 17 Baltimore Court, comprises a mix of three and four-bedroom villas across the Skyline, Canopy, Savanna and Broadview collections. Prices currently range from $1.455 million to $1.895 million, with the final Canopy Villa priced from $1.825 million.

[smartcode_project:default project_id=135663 project_image_fid=360477]

The Canopy Collection villas offer four bedrooms, 2.5 bathrooms and approximately 245 sqm of internal space, alongside double garages and landscaped private areas. Expansive glazing, open-plan living spaces and private balconies have been designed to maximise natural light and outlooks toward the surrounding savanna landscape.

Construction is now underway across the fully funded development, which VentureCrowd says has become an increasingly important consideration for buyers assessing off-the-plan opportunities on the Gold Coast. The project is being delivered by <a href="https://www.apartments.com.au/builders/devcon">Devcon Property Group</a>, which has operated in South East Queensland since 1993 and delivered more than 1,000 homes across the region.

VentureCrowd Director of Property David Whitting previously said the project responds to changing buyer priorities in the prestige Gold Coast market.

“Flexible floorplans have proven particularly relevant for purchasers aged between 40 and 65, including next home buyers, downsizers and investors,” Whitting said.

[smartcode_project:default project_id=135663 project_image_fid=360505]

The buyer profile at Cumulus has reflected that shift toward owner-occupier-driven demand. Stuart Towns and Tracey Loynes recently purchased a Canopy Villa, drawn to both the lifestyle offering and the flexibility the home provided for their next stage of living together.

The couple, who met three years ago, sold their Robina home earlier this year after identifying what they saw as strong long-term investment potential at Cumulus while remaining within the same Gold Coast market. The villa’s private backyard was a major drawcard for their dog Luna, while proximity to golf courses including Emerald Lakes also aligned with their lifestyle interests.

Beyond the residences themselves, the community has been planned around shared lifestyle and recreation amenities. The Infinity Terrace will include a 20-metre heated pool, barbecue facilities, alfresco dining spaces and elevated retreat areas overlooking the surrounding landscape. Walking trails, a private nature reserve, orchard and herb garden are also integrated into the masterplan.

[smartcode_project:default project_id=135663 project_image_fid=360473]

BDA Architecture Director Darren Greenaway said the design approach was heavily influenced by the site’s outlook and secluded setting.

The practice sought to create what Greenaway described as a “little piece of paradise,” drawing inspiration from the elevated views, surrounding greenery and quiet location.

<a href="https://www.apartments.com.au/developments/carrara-qld-4211">Carrara</a> continues to attract buyers seeking larger homes within proximity to the coast but without direct beachfront pricing. Cumulus sits within easy reach of Broadbeach, Pacific Fair, Robina Town Centre and the M1, providing connections north to Brisbane and south toward the Gold Coast Airport and northern New South Wales.

The first stage of Cumulus Grand Villas is targeting completion in 2026.

[smartcode_project_cta:default project_id=135663]

VentureCrowd nears sell-out of Canopy Collection at Cumulus Grand Villas in Carrara

Waverley Council has made a call that many councils have been reluctant to make publicly. Growth is coming, regardless of who controls it.

The release of the Bondi Junction Vision and Master Plan is less about whether the Eastern Suburbs’ primary centre will change, and more about how that change is shaped, funded, and ultimately experienced on the ground. Waverley Council has released a 100-page plan which is effectively the first comprehensive blueprint for Bondi Junction in over two decades, and in doing so, signals a clear shift in how councils are positioning themselves in the current planning environment.

For the past 18 months, the conversation across New South Wales has been dominated by the State Government’s Low and Mid-Rise Housing reforms and the emergence of the Housing Delivery Authority pathway. Both have created faster, more centralised avenues for development approvals, particularly in well-located, infrastructure-rich areas like Bondi Junction.

Waverley Council’s response has been to move early, and decisively.

Rather than react to individual proposals as they come through the HDA or broader State-led reforms, Council has sought to establish a clear, place-based framework that sets the terms for how Bondi Junction evolves. The underlying position is relatively straightforward: if densification is inevitable, it should be tied to infrastructure, public domain improvements, and a cohesive vision for the centre, not delivered piecemeal through ad hoc applications.

<img alt="bondi junction" data-entity-type="file" data-entity-uuid="7f1f729c-ed99-4c6c-bf87-ffbce6991941" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-19%20at%209.58.16%E2%80%AFAM.png?VersionId=ULX4OlXKjeJ5BvNCNGL86evgXCjCfMih" />

At its core, the document is attempting to reposition Bondi Junction from what it largely functions as today, a transport interchange anchored by a major retail centre, into something far more layered. The ambition is to transform it into what the plan describes as the “civic and cultural heart of Sydney’s East,” a place that is active beyond commuting hours and capable of supporting a broader mix of uses, experiences and communities.

That repositioning is built around four key ambitions.

The first is to create a true destination. Bondi Junction already attracts significant foot traffic, with more than 86,000 daily transport users and millions of annual retail visits, but much of that activity is transient. People pass through, rather than stay.

The Master Plan seeks to change that dynamic. It leans heavily into the idea of an “18-hour economy,” extending activity well beyond traditional retail hours through dining, cultural programming, events, and a more active night-time offering. This is not just about adding more hospitality venues, but about fundamentally shifting how the centre operates, from a daytime shopping destination to a place that functions across the full span of the day and into the evening.

Oxford Street Mall sits at the centre of that shift.

Long seen as underperforming relative to its potential, the Mall is identified as one of the key catalyst projects in the plan. It is to be reimagined as a day-to-night spine, combining retail, dining, wellness and cultural uses in a way that creates a continuous flow of activity. Outdoor dining, rooftop venues, laneway activation and a curated events program are all part of the strategy, alongside significant public domain upgrades that aim to improve comfort, safety and usability.

&nbsp;

The second ambition is to transform Bondi Junction into a world-class interchange.

Despite being one of the most heavily used transport nodes in Sydney, the current experience is fragmented. Connections between the station, Westfield, Oxford Street Mall and surrounding streets are often unclear, and major roads create physical barriers that disrupt pedestrian movement.

The Master Plan proposes a more seamless, people-focused network. That includes clearer pedestrian links, improved wayfinding, better integration between transport modes, and a rethinking of how arrival into the centre is experienced. The aim is to shift the perception of Bondi Junction from a place people move through, to a place they arrive in.

The third ambition focuses on greening and open space.

One of the more consistent pieces of community feedback throughout the Vision phase was the need for more greenery, better public spaces, and a more comfortable urban environment. Despite being surrounded by major parks, Bondi Junction itself has relatively limited accessible open space, with much of the public realm dominated by hard surfaces and traffic infrastructure.

The plan responds with a network of new and upgraded public spaces, increased tree canopy, and what it terms the “Parkline,” a green link connecting Waverley Park through to Centennial Park. This is not just about aesthetics. It is about addressing heat, improving liveability, and ensuring that increased density is matched by access to high-quality outdoor space.

The fourth ambition is perhaps the most important from a development perspective: growth that gives back.

Bondi Junction is already the primary location for new housing supply in the Waverley LGA, and that is expected to continue. The area carries a target of 2,400 new dwellings by 2029, with further growth projected beyond that as demand for well-located housing continues to rise. The Master Plan does not seek to limit that growth. Instead, it attempts to shape it.

New housing is to be concentrated around transport, with stepped building heights designed to protect the character of surrounding neighbourhoods. At the same time, the plan introduces a more explicit link between development uplift and public benefit. This is where value capture becomes central.

The document outlines a framework where increased development potential is tied to contributions that fund public domain improvements, community infrastructure, open space, and affordable housing. It is an approach that recognises that much of the transformation of Bondi Junction will be delivered by the private sector, but seeks to ensure that the benefits of that growth are shared more broadly. The Civic Precinct is a key part of that equation.

Leveraging Council-owned land, the plan proposes a consolidated civic and cultural hub centred around Ebley Street. This would include new community facilities, cultural spaces, and potentially a new Council Chambers, creating a focal point for civic life that currently does not exist in Bondi Junction at scale.

It is one of several catalyst projects identified in the Master Plan, alongside the Oxford Street Mall transformation. These projects are intended to anchor change, acting as early interventions that unlock broader investment across the precinct.

Importantly, the Master Plan is not just a design document. It includes a delivery framework that sets out how these ambitions are intended to be realised.

Council is explicit in acknowledging that it cannot deliver the transformation alone. Implementation will require coordination between State agencies, private developers, landowners and the community, with a mix of planning agreements, infrastructure contributions and direct delivery mechanisms used to fund and stage improvements over time.

The plan outlines a mix of short-term, medium-term and long-term actions, from immediate public domain upgrades and planning controls, through to larger-scale projects that will unfold over the next decade or more. In practical terms, the next 12 to 24 months will be the most important.

This is when the Master Plan will move through exhibition, refinement and eventual adoption. It is also the period in which Council will seek to embed the framework into its planning controls, giving it weight in the assessment of future development applications.

Council officers have indicated that once the Master Plan is in place, it could be used as a benchmark when assessing Housing Delivery Authority proposals, and potentially reduce the need for further HDA declarations within Bondi Junction. In effect, it is an attempt to bring planning control back to the local level, while still aligning with State housing targets.

That tension between State-led reform and local planning control is not unique to Waverley. It is playing out across Sydney.

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If delivered as intended, Bondi Junction will become denser, more active, and more complex. It will support more residents, more workers, and a wider range of uses, extending beyond its current retail core into a more layered urban environment.

“The civic and cultural heart of Sydney’s East”: Bondi Junction masterplan revealed

Toorak's dress circle St Georges Road, home to some of the city's priciest homes, is set for a rare new apartment development.

Blood Diamond Group, an entity tied to Tina Brandi, wife of David Brandi who has been a prolific bidder on The Block over the years, has filed plans for an ultra-exclusive development across an amalgamated 3,662 sqm site at <a href="https://www.apartments.com.au/new-apartments/104-106-st-georges-road-toorak-vic-3142">104 and 106 St Georges Road</a>.

The proposal would replace two existing homes on the riverfront site with a five-level apartment building cascading down the steeply sloping land toward the Yarra River. Designed by Charles Wright Architects, the development has been carefully shaped around the site’s topography and river environs, with the upper levels stepping back to reduce visual bulk from both St Georges Road and the Yarra corridor.

Planning documents describe the proposal as “a site layout and building typology that is consistent with the emerging character of the area and which provides exceptional amenity for future residents without compromising that of neighbouring properties.”&nbsp;

<img alt="First look: Blood Diamond Group unveils riverfront apartment plans for Toorak Pavilion" data-entity-type="file" data-entity-uuid="ea19a17e-7528-4fa8-b727-05f2f7c025e5" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Toorak%20pavilion%20a_0.png?VersionId=rZ2IjdoUL_UrRl1sZ4wZHnQXbYUaEmUQ" />

The scheme comprises 12 apartments, including 10 three-bedroom residences, one one-bedroom apartment, and a substantial split-level five-bedroom penthouse. A 624 sqm communal rooftop terrace will crown the building, while three undercroft levels embedded into the hillside will accommodate apartments and basement parking.

The design leverages the site’s dramatic northern outlook across the Yarra River, with living areas and balconies oriented toward the water. A central atrium running the full height of the building is intended to draw natural light deep into the residences and improve internal amenity.

Landscape architecture by <a href="https://www.apartments.com.au/landscape-architect/jack-merlo">Jack Merlo Design &amp; Landscape</a> will play a major role in softening the built form, particularly along the river edge where significant setbacks have been introduced. The proposal includes a minimum 30-metre setback from the Yarra River boundary, preserving a substantial landscaped buffer between the development and the waterway.

While a mature English Oak near the front of the site is proposed for removal, the plans retain a large English Elm closer to the riverfront, alongside other established vegetation in the lower section of the property.

<img alt="First look: Blood Diamond Group unveils riverfront apartment plans for Toorak Pavilion" data-entity-type="file" data-entity-uuid="ed3bf19b-5bc7-482f-bde7-41f709a13c3a" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Toorak%20pavilion%20b.png?VersionId=SG_kBGu4rOaSPY8FtVcmPJfSCrstuOfg" />

Architecturally, the building adopts strong horizontal forms with expansive glazing and curved balcony edges facing the river. Planning documents note the upper levels “adopt a receding form” to ensure the building responds appropriately to the Yarra River environs overlay controls.&nbsp;

The surrounding streetscape is characterised by large contemporary homes embedded into the hillside, many presenting as modest one or two-storey forms to the street before expanding toward the river frontage below. The planning report notes this established pattern heavily influenced the massing strategy for Toorak Pavilion.&nbsp;

Until the recent sale of the landmark Clendon Road mansion Coonac for around $130 million, St Georges Road held the state's most expensive home, the $80,000,088 derelict "Ghost House" mansion that was bought by crypto king Ed Craven.&nbsp;

Blair House, also on St Georges Road, sold for $74.5 million in 2022.

First look: Toorak Pavilions slated for dress circle St Georges Road

Six months after a development site on Kangaroo Point’s Shafston Avenue sold for $6.55 million, plans have been lodged for a 23-storey apartment tower.

A company named JMT Mega Capital, understood to be interstate investors when the 1,222 sqm double block traded late last year through Patona Property, is proposing an 84-apartment development in place of the existing low-rise buildings.

The slender tower at <a href="https://www.apartments.com.au/new-apartments/212-220-shafston-avenue-east-brisbane-qld-4169">212–220 Shafston Avenue</a>, overlooking the Brisbane River, has been designed by <a href="https://www.apartments.com.au/architects/aplus-design-group">Aplus Design Group</a>. It will comprise a mix of one-, two- and three-bedroom apartments above six basement levels, topped by rooftop resident amenities.

<img alt="First look: 23-storey Kangaroo Point tower planned for Shafston Avenue riverfront precinct" data-entity-type="file" data-entity-uuid="7e17ba9e-553e-42ef-92b6-22081671521a" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/podium_3.png?VersionId=hlVUf99vrOjUs.vhQs0qV0DhOncUy9T8" />

The development has been designed as a vertically articulated tower with recessed balconies, curved façades and planted edges intended to soften its scale within the evolving Shafston Avenue skyline. In the submitted Urban Design Report, Aplus Design Group said the tower had been “shaped with a slender vertical expression, articulated façades, recessed balcony zones, integrated planting and a clearly defined podium relationship, helping to reduce perceived bulk and create a more elegant contribution to the Shafston Avenue streetscape and broader Kangaroo Point skyline.”

The scheme comprises 84 apartments, including 25 one-bedroom units, 34 two-bedroom apartments and 25 three-bedroom residences. A total of 104 car spaces are proposed across six basement levels, including resident, visitor and accessible parking.

Residents will have access to rooftop communal open space and shared amenities, while the development also incorporates deep planting zones and subtropical landscaping throughout the podium and tower levels. The project includes 35 per cent communal space coverage across the site and a 17.5 per cent deep soil zone allocation to support urban greening outcomes.

The application exceeds the mapped building height under the Kangaroo Point Peninsula Neighbourhood Plan and is being assessed under Brisbane City Council’s impact assessment pathway. The design team argues the additional height is supported by the site’s strategic inner-city location, existing high-density zoning, and proximity to transport and employment hubs.

“The design has been developed to make better use of a well-serviced urban site within an established high-density residential setting, while improving the street presentation and overall quality of the public realm interface,” the report states.

<img alt="First look: 23-storey Kangaroo Point tower planned for Shafston Avenue riverfront precinct" data-entity-type="file" data-entity-uuid="1ab44b1e-ff45-4bf3-8da8-8aa0cd79db33" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/site_10.png?VersionId=tSxeGekZOqj1e9g3PEn_yFoC3taKDp3U" />

The proposal adds to a growing pipeline of apartment developments reshaping Kangaroo Point ahead of the 2032 Brisbane Olympic Games, with demand continuing to strengthen for new housing supply in well-connected inner-city precincts.

Mosaic has nearly sold out its under-construction <a href="https://www.apartments.com.au/new-apartments/the-bedford-by-mosaic-16-30-prospect-street-kangaroo-point-qld-4169">The Bedford by Mosaic</a>&nbsp;and <a href="https://www.apartments.com.au/new-apartments/the-carter-by-mosaic-77-linton-street-kangaroo-point-qld-4169">The Carter</a>,&nbsp;while Pikos recently completed <a href="https://www.apartments.com.au/buildings/skye-residences-by-pikos-kangaroo-point-8-river-terrace-kangaroo-point-qld-4169">Skye Residences</a> nearby. Pikos is also delivering <a href="https://www.apartments.com.au/new-apartments/gaia-kangaroo-point-108-lambert-street-kangaroo-point-qld-4169">Gaia</a>, over 230 three- and four-bedroom apartments on Lambert Street.

Paul Osborne

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