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Record low interest rates and rising demand from investors could further compress yields in Brisbane’s industrial market, according to an analysis by commercial real estate firm CBRE.
The firm’s 2016 Q1 Industrial MarketView highlights improving conditions in Brisbane’s industrial market, with the decline in business investment tapering off and production levels forecast at 5.7 percent in 2016. 
Brisbane’s industrial sector continued to witness strong levels of transaction activity,  said Ed Bull, CBRE’s senior director, Queensland Industrial &amp; Logistics.
“The sheer weight of capital looking to enter the market, coupled with the favourable interest rate environment, will fuel demand for core assets backed by secure, national covenants,” Bull said. 
“In light of this, we’re likely to see some yield compression for the right type of assets.” 
Residential construction remains a strong driver of Brisbane’s industrial market, with dwelling approvals over the past 12 months growing by 15.6 percent, while container trade out of the Port of Brisbane also increasing 3.5 percent in 2015. 
In the first three months of 2016, yields for super prime industrial assets in Brisbane remained around 6.50 percent, while prime yields still sit at 7.43 percent and secondary yields at 8.73 percent, said the report.
The rental rates for Brisbane industrial property remained steady over the quarter, with super prime at $116 per square metre, prime at $114 per square metre and secondary at $93 per square metre.
CBRE senior research manager Kate Bailey said the supply pipeline would support continued value growth in the market. 
“Following two years of significant new industrial supply, the pipeline for 2016 is considerably lower – reducing the risk of oversupply and supporting rental growth in the medium term,” Bailey said.
In Melbourne and Brisbane, a respective decrease in supply of 55 percent and 11 percent is forecast, while in the undersupplied Sydney market, 765,000 sqm is due for completion in 2016.
“This reduction in total supply entering the market is expected to encourage rent growth as demand begins to be supported by an improved industrial economy,” Bailey added. 
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Low interest rates, investor demand compressing yields in Brisbane's industrial market: CBRE 

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A retail and potential residential/commercial property at Port Melbourne on Melbourne’s bayside fringe is up for auction on June 24 through Teska Carson with expectations of more than $1 million.
The 149 Bay Street property comprises a two-level, 300 square metre, solid brick building with ground floor retail and further improvements which are currently vacant and accessed via a side walkway and/or rear lane. 
The 136 square metre site is zoned Commercial 1.
According to marketing agents, Teska Carson’s Matthew Feld and Michael Ludski, the rear and first floor space allow for conversion to residential or further commercial use subject to council approval.
Feld said the property presented purchasers with the opportunity to invest in a retail asset with significant upside.
Ludski said the property would be sold subject to a lease to Tony Codespoti – Barber Shop at $27,000 per annum.
“The area has seen extensive residential and commercial development in recent times, driven by Melbourne’s strong population growth, and property owners in the area have been the beneficiaries,’’ Ludski said.
The site is closed to Melbourne’s CBD and public transport.
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Retail site with development potential up for auction in Port Melbourne 

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Melbourne-based Piccolo Developments has purchased a quarter acre site in Fitzroy from not-for-profit Australian Volunteers International for $7.8 million.
The 71-75 Argyle Street property comprises an office building and car parking on a 1,059 square metre corner site.
It sold well above the expectations of $6 million plus at a rate of $7,635 per square metre, according to selling agents Nick Peden, Clinton Baxter and James Lockwood of Savills Australia.
Peden said they received more than 130 enquiries from local and off-shore developers and investors. 
"We had a huge amount of interest, given the location as arguably one of the best precincts for multi-unit development in Melbourne, and that interest was reflected in what was one of the best land rates of any recent comparable sale,’’ Peden said.
He said Fitzroy, and particularly the Brunswick Street precinct, was one of the popular dining, entertainment and fashion precincts in inner Melbourne.   
The property is close to the CBD and has good access to public transport. It has frontage to Argyle and Fitzroy streets.
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Melbourne developer Piccolo buys Fitzroy site for $7.8 million

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Commercial properties in NSW’s Port Macquarie are attracting self-managed super funds (SMSF) because of the Mid North Coast’s affordability and healthy yields.
“It’s a bit like Sydney in towns such as Port Macquarie, with SMSFs driving the sales of quality investment assets,” said Graeme Garrett, co-principal of Raine &amp; Horne Commercial Port Macquarie. 
SMSFs leasing a commercial property back to a related business is becoming a common trend in the sub-$500,000 market in Port Macquarie, added Garrett.
Several small business owners too are buying properties through SMSFs and then leasing them back to the business, which the current superannuation laws allow, he said.
In many cases, professionals such as accountants, lawyers, engineers, architects and real estate agents are buying commercial properties through a related DIY fund. Properties around the range $400,000-$500,000 are in particularly in demand.
“The trouble is that there’s a shortage of industrial stock in this price range to meet demand,” said Garrett.
Investors operating outside a super fund are also active in the Port Macquarie market because of the low interest rates and the fact that commercial properties are viewed as an investment safe haven, he added.
“Sydney investors seeking solid yields are also starting to make their presence felt in Port Macquarie.”
Yields for industrial stock priced below $500,000 range from 8%, while it’s 6.75-7% for retail and 8% for office space, according to Raine &amp; Horne Commercial Port Macquarie. 
“We auctioned a retail property to a Sydney investor, who purchased it through a self-managed super fund, and who intends on retiring to Port Macquarie down the track,” said Garrett. The property located at 5/56 Clarence Street, Port Macquarie sold under the hammer for $622,500.
Garrett said members of SMSFs would be best served considering a commercial asset that will appeal to future tenants.
“If you occupy it yourself now and then retire, you need to consider what appeal that property will have to future tenants and whether it will be easily let out if it’s part of your future retirement plans.
“Our proximity to Sydney and Newcastle is attracting investors from those cities through a combination of our healthy yields and commercial real estate affordability. 
“When you can buy two or three assets in Port Macquarie for the equivalent of a single-tenant property in Sydney, investors see this as value.”
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DIY super funds driving Port Macquarie commercial markets: Raine & Horne

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The Queensland city of Mackay is approaching the bottom of the market for houses while remaining in decline for units, according to valuation firm Herron Todd White's recent property clock.
Mackay was at the same stages in the April clock as well, which looked at its fringe suburbs.
There are quite a number of fringe suburbs and rural townships scattered in most directions from Mackay. These fringe areas all received good solid market gains through the period 2010 to 2013 on the back of a very strong Mackay residential market. The main attraction was affordability, with a lot more bang for your buck in these areas. Towns such as Sarina and its surrounding beach towns to the south and Marian and Mirani in the Pioneer Valley were good performers as the market moved out of Mackay. 
However, since 2014, the Mackay market has fallen significantly on the back of a weakened resource sector and the heavy reliance the Mackay residential market has on the mining industry. The market in Mackay generally has fallen between 20% and 30% with weakening demand for both sale and rental properties and rising vacancy rates. While this downturn has seen values fall, it has presented some great buying opportunities in terms of value levels not seen in Mackay for more than 10 years. 
This fall in property values in Mackay has had a huge influence on sale numbers and values in the fringe areas. The big wave that rode out of Mackay in the boom times has definitely receded. The relative affordability now experienced in Mackay has meant these fringe areas had to reposition price points to compete. Towns such as Marian and Sarina have seen significant price falls sometimes greater in percentage terms than seen in Mackay City. 
Property Observer looked up a few recent property sales in some of the fringe suburbs of Mackay such as Sarina and Marian, from www.realestate.com.au:
The median price of houses in Sarina is $299,600, according to CoreLogic RP Data. There was no recent data for units.
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The four-bedroom house at <a href="https://www.realestate.com.au/property-house-qld-sarina-121472326" target="_blank">95 West Street Sarina Qld 4737</a> last traded at $292,000.
<img src="/images/2016/06/09/Screen%20Shot%202016-06-09%20at%208.25.21%20AM.png" alt=""> 
The median house price in Marian was $420,000, according to CoreLogic RP Data. There was no recent data for units.
A four-bedroom house at <a href="https://www.realestate.com.au/property-house-qld-marian-122061830" target="_blank">25 West Street Marian Qld 4753</a> traded for $386,000. 
 <img src="/images/2016/06/09/Screen%20Shot%202016-06-09%20at%208.31.33%20AM.png" alt="" width="550" height="349">
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Resources boom over, fringes around Queensland's Mackay seeing price falls: HTW

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Rents drive values in the retail sector, valuers Herron Todd White has noted.
"If your investment remains vacant, or is tied up under an unrealistic lease, the value of the asset is under threat.
"Understanding what’s driving rents, and where your holding sits within this market, becomes imperative to ensuring you’ve got your portfolio heading in the right direction.
NSW has two regions -- Central Coast and South East NSW -- that are at the peak of market in valuation firm Herron Todd White's retail clock for last month, May -- a simple broad means of suggesting where property prices are and which direction they are headed. 
<a href="/images/2016/06/08/Screen%20Shot%202016-06-08%20at%2012.48.53%20PM.png" target="_blank">Click to enlarge</a>
<img src="/images/2016/06/08/Screen%20Shot%202016-06-08%20at%2012.48.53%20PM.png" alt="">
The report give a location-by-location analysis of rental markets, as well as some predictions on where they’re set to head.
Sydney
The retail market in Sydney has been strong over the past 12 months with increased demand from investors, increases in rental rates and lower vacancy rates.
Generally rents look likely to remain stable this year with evidence that increases in prime locations are probable.
The Sydney CBD continues to experience strong demand from local and international fashion retailers. The lack of available space has resulted in some rental growth. Smaller retail premises such as those suitable for cafes are also in demand, with rental rates showing signs of upward pressure. Recent examples indicate some small retail shops are now paying over $4,000 per square metre gross. Average rates tend to sit around $2,000 per square metre for conventional space. The demand is in part driven by increased tourism due to the low Australian dollar. Tourism generally increases demand for prime retail space.
Suburban strips have undergone a revival to some extent with increased demand driving up rental rates, particularly in areas renowned for food and beverage outlets, cafes and restaurants. Some pockets of fashion remain popular in suburban areas although retailers generally favour shopping centres. Suburban rental rates along prime strips such as Newtown, Balmain and Surry Hills are generally above $1,000 per square metre gross for well positioned, well exposed retail premises.
Discounting or decline of retail rental rates seems to be restricted to suburban strata lots. The increase in mixed use development across the Sydney metro area has increased supply. Rates here are typically negotiated on a weekly basis with incentives used to attract tenants.
The outlook for retail rental rates is positive with 2016 looking to be a year of further growth in rental values, particularly among prime locations where supply is limited.
Overall, the retail market in Sydney looks set to continue its pattern of growth for the rest of year. Demand continues, supply is limited and with low interest rates, investors are keen to secure properties with strong lease covenants. All these factors are likely to contribute to another steady year for the retail sector. 
Illawarra
Rents within the local retail property market continue to remain flat with little upward pressure due to the amount of supply and an evolving industry that continues to be impacted by online retailing and rapidly changing consumer demands.
In the Wollongong CBD, demand is mostly from local food and beverage retailers with the emergence of numerous cafes, small bars and restaurants over the years as part of a push by Wollongong City Council to activate the CBD and encourage the evening and night time economy. The number of residential unit developments taking place in the CBD should improve trading conditions for these retailers once these projects are completed. Crown Street Mall is yet to fully recover from the opening of GPT’s West Keira shopping centre and refurbishment works with a medium level of vacancies and softening rents. This precinct has seen a number of service and commercial businesses take space replacing traditional clothing and fashion retailers.
The variation in rents between prime and secondary retail tenancies remains high and this is expected to continue in the foreseeable future. Incentives remain common (10% to 20%) and letting up periods (three months to 12 months) have remained relatively consistent. In broader terms, market conditions are still skewed in favour of tenants.
Newcastle
Retail rents in the inner city of Newcastle are hot in a few localities around the city. The Boardwalk within the Honeysuckle precinct remains the most highly sought after retail precinct and consequently, the rental rates are the highest in the city on average on a rate per square metre basis. The older, more established eat street precincts along Darby Street, Cooks Hill and Beaumont Street, Hamilton are slightly secondary to Honeysuckle and while still very popular and with very low levels of vacancy, rental rates are lower on average than The Boardwalk. We should note that the Hunter Street Mall continues to reflect poor market fundamentals and high vacancy rates. Rental rates along this strip are low and have been falling for many years, though the decline in rents has slowed in recent years.
Suburban retail precincts that are secondary to these three primary retail localities obviously will show lower rental figures. There are a number of factors at play here, including local trade and demographic features and proximity to schools and regional shopping centres.
A strong secondary retail trade area is the Warners Bay precinct along The Esplanade which is adjacent to Lake Macquarie.
Our research indicates a nominal discount of 25% to 30% in the Lakeside Warners Bay retail precinct from the prime retail harbour side Honeysuckle precinct. This discount is considered typical in the market place for a strong secondary retail precinct. These rental rates are far stronger than say the Hunter Street Mall in the CBD for example.
Generally retail rents have been stagnant or even declining in secondary retail localities, while the prime spots are showing moderate rental growth due primarily to consistently low vacancy rates. This trend is expected to continue in the short term. 
NSW North Coast
Anecdotal evidence is that the retail sector remains in a state of flux with reduced sales and strong competition between retailers within market segments. The broader market is inconsistent with premium locations being well held with limited vacancies and static rents. Secondary locations are harder to lease with downward pressure on rents and lease incentives prevalent.
Ballina
Ballina CBD has experienced falls in retail rents from previous levels of $275 to $350 per square metre. Some recent leases have resulted in rents in the vicinity of $190 to $275 per square metre.
Lismore
Prime retail locations of Lismore previously would have achieved $290 to $350 per square metre. More recent evidence indicates $240 to $325 per square metre.
An example of this is 146 Molesworth Street, Lismore which was leased for $287 per square metre in 2010 and achieved $241 per square metre in 2015.
In secondary locations in Lismore, the fall has been less dramatic with rents expected to range from $90 to $175 per square metre.
Byron Bay
The exception to these broader observations is Byron Bay. Agents are reporting strong market interest from potential tenants with limited supply and upward pressure on rents. Agents are even reporting key money being paid to secure superior retail locations. At times this comes in the form of buying an existing business to secure the site. Byron Bay retail rents tend to be within the vicinity of $1,000 to $1,500 per square metre in premium locations, $700 to $1,000 per square metre for good locations and $400 to $600 per square metre for secondary locations. 
 
 
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NSW prime retail sites to grow, tough for rest in 2016: HTW retail clock

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Victoria's regional city of Mildura sits in fifth position on CoreLogic RP Data's latest list for median gross yields with a gross yield at 6.4 percent.
Its yield sits considerably higher than the national average of 4.63 percent.
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Property Observer profiles Mildura from a rental perspective.
The median sale price of a unit in Mildura was $175,000 compared with a national average of $438,000, over the last 12 months, according to the data. 
The median price change over one year was 6.30 percent, beating the national average of 2.1 percent handsomely.
Median rent for units was $215 pw against a national average of $390.
Property Observer looked up a few units around the median range available for renting around the median for Mildura on www.realestate.com.au.
1. A two-bedroom unit at <a href="https://www.realestate.com.au/property-unit-vic-mildura-418489190" target="_blank">4/209 Ninth St Mildura Vic 3500</a> is asking for $230 per week. No information was available on its last traded price on RP Data.
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2. A two-bedroom unit at <a href="https://www.realestate.com.au/property-unit-vic-mildura-418474494" target="_blank">3/276 Ninth Street Mildura Vic 3500</a> is up for rent at $200 per week. The house was recently bought for $136,000, the sale date being 27 April 2016.
<img src="/images/2016/06/03/main-1.jpg" alt="">
3. A two-bedroom unit at <a href="https://www.realestate.com.au/property-unit-vic-mildura-418397754">3/223 Walnut Avenue Mildura Vic 3500</a> is available for $230 per week. No data was available on its last traded price on RP Data.
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Mildura at fifth on Victoria's top suburbs for yields on units

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The city of Gladstone in Queensland was approaching the bottom of market cycle for houses for both April and May but it was one notch better for units, being at the declining market stage, according to valuation firm Herron Todd White's latest property clock.
The property clock is a simple broad brush means of suggesting where property prices are and what direction they are headed. 
Calliope is considered a fringe residential suburb in the current market, being located on the Bruce Highway, approximately 20 minutes from Gladstone. During the boom, Calliope expanded rapidly to help ease the accommodation demands on Gladstone. Unfortunately, as with Gladstone, development continued well past the peak of the market and supply in Calliope now heavily outweighs demand. Vacancy rates are high and this has forced rental and capital values down.
Most of the oversupply is of modern housing in new estates and there are also significant vacant land stocks available. New infrastructure is planned for the location with the local shopping centre undergoing an expansion to double the size of the IGA and provide more specialty stores. A new tavern is also planned. While this infrastructure will be good for the township, it is unlikely to curb the downward trend of values in the area. 
The median price of houses in Calliope was $377,000, according to CoreLogic RP Data. Property Observer looked up a few recent sales in the area on www.realestate.com.au:
1. A four-bedroom house at <a href="https://www.realestate.com.au/property-house-qld-calliope-121201866" target="_blank">4 Elliot Drive Calliope Qld 4680</a> sold for $369,000.
<img src="/images/2016/06/03/Screen%20Shot%202016-06-03%20at%208.58.00%20AM.png" alt="">
 
2. A three-bedroom house at <a href="https://www.realestate.com.au/property-house-qld-calliope-121839802" target="_blank">14 Trudy Avenue, Calliope, Qld 4680</a> sold for $335,000.
 
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Oversupply hurting property values in fringes of Queensland's Gladstone: HTW

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Queensland's Rockhampton has stayed at the approaching the bottom of market cycle for several months now, according to Herron Todd White's property clock -- a simple broad brush means of suggesting where property prices are and the direction they're headed in.
Its April report discusses fringe suburbs. 
Fringe suburbs within the Rockhampton region would include Gracemere to the south, Parkhurst to the north and Lakes Creek to the east. These areas are typically much more affordable largely due to the cheaper parcels of land on offer. For example a spacious brand new four-bedroom, two-bathroom brick home in Gracemere can be anywhere from $100,000 to $150,000 cheaper then Norman Gardens yet can potentially provide the same level of accommodation and comfort, with location and distance to the CBD being the key factor in value.
Rental values are also significantly cheaper in these fringe locations, in some cases up to 40 percent cheaper for similar quality homes. Future prospects see the north and eastern sides of Rockhampton as potential areas for investment, however, Gracemere appears to have an oversupply issue which makes current prices appear good buying, however it must be said that a recovery in this particular market appears to be some time in the making. 
Property Observer looked up a few recent sales in some of the fringe suburbs of Rockhampton.
The median house price in Gracemere was $329,000, according to CoreLogic RP Data. There was no recent data for units. 
A four-bedroom house at <a href="https://www.realestate.com.au/property-house-qld-gracemere-120863057" target="_blank">3 Koolamarra Drive Gracemere Qld 4702</a> sold for $325,000.
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In Parkhurst, the median house price was $355,000, according to CoreLogic RP Data. No data was available for units.
A four-bedroom house at <a href="https://www.realestate.com.au/property-house-qld-parkhurst-119948709" target="_blank">38 Bean Avenue Parkhurst Qld 4702</a> exchanged hands at the median price.
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Queensland's Rockhampton fringes are affordable, but market recovery may take long: HTW

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Queensland's Whitsundays property market was at the start of recovery cycle for houses while it was approaching the bottom of the market for units, according to valuation firm Herron Todd White's latest property clock.
It occupied the same position in April too, which also covered the fringe areas of Whitsundays.
Whitsundays has a few fringe suburbs and rural townships scattered mostly to the south and west of Whitsundays. The properties in these areas are small residential lifestyle and these continue to show a stable market.
However to the south, the areas of Midge Point and Bloomsbury are showing a downturn in the market and seem to be more affected by the Mackay market as when times were good, people where looking for their beach hut or fishing weekender and most buyers were from Mackay.
Now that the market in Mackay has had a large downturn and with the continuation of job losses there, fewer buyers are heading into this area. Laguna Quays was once a thriving golf course resort with unit and townhouse style accommodation.
"Since the golf course and all the amenities were closed, parts of the complex are now extremely run down with the exception of the units which the body corporate ensures are presented in a good condition," it noted.
These are currently selling at a fraction of the price they once were, however, maybe there is light at the end of the tunnel for this area as there is a new owner so we will wait with interest to see any resulting changes. 
Property Observer went looking for recent sales in the fringe areas of Whitsundays and found two recent ones in Midge Point. There was no recent data for median sales for Midge Point on CoreLogic RP Data.
A three-bedroom holiday home at <a href="https://www.realestate.com.au/property-house-qld-midge+point-120079325">8 Peters Avenue Midge Point Qld 4799</a> traded for $245,500.
 <img src="/images/2016/05/31/Screen%20Shot%202016-06-01%20at%208.07.07%20AM.png" alt="">
 
A one-bedroom house at <a href="https://www.realestate.com.au/property-other-qld-midge+point-118427623">33 Nielsen Pde. Midge Point Qld 4799</a> sold for $270,000, according to RP Data.
 
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Fringes of Queensland's Whitsundays impacted by Mackay, in downturn: HTW

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]

Joel Robinson

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.”

Mortgage relief? NAB forecasts RBA rate cut, not hike, after softer economic conditions

A local downsizer has splashed $6.5 million on a penthouse in Perifa's Alex &amp; Willow development in Crows Nest. 
&nbsp; 
The purchaser sold their long-held family home in the area before embarking on a six-month search for the right apartment. After inspecting a range of options across the Lower North Shore, the buyer returned to <a href="https://www.apartments.com.au/new-apartments/alex-willow-crows-nest-82-90-alexander-street-crows-nest-nsw-2065">Alex &amp; Willow</a>. 
&nbsp; 
The buyer profile reflects the project’s broader purchaser mix. <a>Alex &amp; Willow</a> has attracted predominantly local downsizers looking to transition from larger homes without compromising on space or quality, alongside a smaller cohort of upsizers and investors drawn to the project’s location and design credentials. 
&nbsp; 
The milestone sale comes as the project, developed by&nbsp;<a href="https://www.apartments.com.au/developers/perifa">Perifa</a>&nbsp;and delivered by <a href="https://www.apartments.com.au/builders/versatile-made-construction">Versatile Construction</a>, both part of Versatile Group, reaches 60 per cent sold.

[smartcode_project:default project_id=6680 project_image_fid=371325] 
&nbsp; 
Eddie Mansour, Managing Partner of <a href="https://www.apartments.com.au/project-marketer/ray-white-projects">Ray White Projects</a>, said the result demonstrates not only a headline price but also depth of demand. 
&nbsp; 
“This is an exceptional outcome and a clear reflection of sustained buyer demand for premium, well-located downsizer product,” Mansour said.

“We’re seeing a consistent pattern of local homeowners selling family residences and reinvesting into high-quality apartments that allow them to remain within their community. Alex &amp; Willow has resonated strongly with this group because it offers genuine scale, thoughtful design and immediate proximity to the village.” 
&nbsp; 
The sale reflects a broader and consistent trend of local downsizers actively seeking high-quality, low-maintenance residences close to established village centres. Agents report that demand for this product type has remained resilient, particularly where developments offer a rare combination of scale, design quality and walkable amenity. 
&nbsp;&nbsp; 
Fabrizio Perilli, Managing Director of Perifa and Versatile Group, said the sale marks a defining moment for the project. 
&nbsp; 
“The penthouse sale is a strong endorsement of the quality we have delivered, alongside our partners, and the clear demand from local downsizers for premium, boutique residences in this location,” Perilli said.&nbsp; 
&nbsp; 
“Most importantly, we’re proud to see the Alex &amp; Willow community beginning to take shape. As we move closer to completion, we’re looking forward to welcoming residents and seeing the project come to life.”&nbsp;

[smartcode_project:default project_id=6680 project_image_fid=338516] 
&nbsp; 
Designed by <a href="https://www.apartments.com.au/architects/nettletontribe">Nettleton Tribe</a> with interiors by <a href="https://www.apartments.com.au/interior-designers/richards-stanisich">Richards Stanisich</a>, Alex &amp; Willow is a boutique collection of generously sized two- and three-bedroom residences in the heart of Crows Nest village.&nbsp;

Completion is slated for early 2027.

[smartcode_project_cta:default project_id=6680]

Alex & Willow, Crows Nest penthouse sells off the plan for $6.5 million

Fresh from launching the first stage of its Wollongong precinct, <a href="https://www.apartments.com.au/new-apartments/keira-place-wollongong-120-122-smith-street-wollongong-nsw-2500">Keira Place</a>, builder-developer Urban Property Group has unveiled plans for the next phase of the masterplanned community.

Now on public exhibition through the NSW Government's Housing Delivery Authority pathway is a State Significant Development Application for a further 657 homes on the prominent gateway site opposite Beaton Park.

The proposal comprises three buildings, including two build-to-sell towers rising 25 and 30 storeys, delivering 391 apartments, alongside a 12-storey co-living building with 266 residences, making it one of the largest co-living proposals currently planned in regional New South Wales.

Of the apartments proposed in the build-to-sell towers, the majority, 310, are two-bedroom dwellings. The balance comprises 44 one-bedroom apartments and 37 three-bedroom residences. Apartment sizes range from around 50 sqm for one-bedroom homes to approximately 90 sqm for three-bedroom apartments.

<img alt="Smith St" data-entity-type="file" data-entity-uuid="19347059-1612-41a0-9c74-b86a657237f8" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-06-10%20at%2010.02.18%E2%80%AFAM.png?VersionId=sWXnaCcA.cIC6N8YT1dg5pJ2e1V3Z6z7" />

The submission says the proposal has evolved significantly from its original Housing Delivery Authority application following extensive consultation with the State Design Review Panel and Wollongong City Council.

The final scheme has been designed to align with the emerging vision for the Flinders Street Precinct, an area identified by Council as a future high-density mixed-use neighbourhood capable of accommodating substantial housing growth close to transport, employment and community infrastructure.

According to the design report prepared by COX Architecture, the development aims to "deliver a built outcome consistent with the future character of the Wollongong CBD while responding to the site's unique constraints and opportunities."

"Our vision for the next phase of the site evolution in Wollongong is grounded in three design pillars that guide the design response: place, natural environment and celebration," COX said.

"Inspired by its surroundings and grounded in the stories of place on Wodi Wodi Country, the design proposal acknowledges the established character of its setting while creating a unique and timeless identity that sits harmoniously within it.

"The design proposal responds to its specific site conditions, acknowledging the vegetation, climate, wind conditions and solar access of the site."

The architecture responds directly to the site's position between Wollongong's urban core and its natural landscape setting.

COX identified views towards Mount Keira and the Illawarra Escarpment as defining features of the site, while the upper levels of the towers will also capture expansive views across the city and out to the Pacific Ocean.

The design team has positioned the tallest buildings closer to the rail corridor, where overshadowing impacts can be better managed while establishing a landmark built form on the northern approach into the city.

<img alt="Smith St" data-entity-type="file" data-entity-uuid="79580d5b-500c-4ebf-9629-797146a4a694" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-06-10%20at%209.51.59%E2%80%AFAM.png?VersionId=WbTB1EKSG.KDfsfz0F3wp1QVa2oCMGR5" />

Urban Property Group secured the 11,000 sqm Smith Street site in 2022 and has since progressed plans for the broader Keira Place precinct.

Construction recently commenced on the first stage of Keira Place, which will deliver 150 apartments across two residential buildings, including 27 affordable housing apartments and 18 specialist disability accommodation dwellings, alongside activated ground-floor retail and commercial space.

Urban Co-CEO Patrick Elias said the commencement of construction marked a significant milestone for Wollongong and reflected the developer's long-term commitment to regional cities.

"Today's groundbreaking is about turning approvals into homes and moving quickly to deliver much-needed housing in Wollongong's city centre," Elias said.

"Keira Place will provide a diverse mix of homes close to jobs, transport and services, while setting a high benchmark for quality, durability and consumer protection."

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/groundbreaking-marks-start-of-construction-at-keira-place-in-wollongong-cbd">Groundbreaking marks start of construction at Keira Place in Wollongong CBD</a>

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Prateek Chatterjee

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