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Mortgage brokerage N1 Loans is all set to launch a own real estate arm as part of its efforts to become a “one-stop-shop” financial services company.
N1 Realty will officially start trading from July 1 in Sydney.
The group is negotiating a lease for a location in Chatswood in Sydney’s North Shore, Australian Broker reported.
The article cited N1 Loans CEO Ren Wong as saying demand from its customers for investment properties drove the decision to move into the real estate business. 
“We have over 2,000 clients in our Salesforce CRM, and given our strong pre-approvals pipeline, it's time for us to diversify,” Wong said. 
The realty arm would be headed by an industry veteran, is all Wong would say.
“We look forward to developing N1 further as a full service financial services company, making investment easier for our growing customer base,” Wong said.
The group, which started trading on the ASX earlier this year, claims it launched Australia’s first Chinese language mortgage comparison website in April 2015, a DIY property renting app connecting landlords with potential tenants in December 2015, and an English language online mortgage calculator and comparison website this month.
Earlier this week, N1 entered into a deal with insurance provider Ensurance to supply white label insurance products to its home loan clients.
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Brokerage N1 Loans diversifies into real estate business

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As if the negative gearing debate wasn't enough before the election, on July 1, there is another shocker waiting for real estate agents and property owners around Australia trying to transact in property exceeding $2 million.
According to a new ATO rule that comes into effect July 1, all Australian sellers of $2 million-plus properties will be classified as overseas investors unless they get a special tax clearance. That means that all buyers of $2 million-plus properties must deduct 10 per cent from the purchase price and pay that amount to the Australian Taxation Office (ATO) unless the seller can furnish a tax clearance, according to a recent report in The Australian. 
While the move will affect everyone, including Australians, Chinese investors will be impacted more, especially when taken together with steps taken to squeeze Chinese buying in residential property. 
Chinese and Asian buying of Sydney apartments has already fallen 50 per cent in recent weeks and the trend is spreading to other markets, particularly Melbourne. 
The current measure can be traced back to the days when former treasurer Joe Hockey caved into pressures to curb Chinese investment in Australian residential property in 2015. In the process, the treasurer was convinced by the Australian Taxation Office to widen the net to cover local residents, says the report in The Australian.
According to an ATO fact sheet, in May 2013, the government announced that it would introduce a 10% non-final withholding tax on payments made to foreign residents who dispose of certain taxable Australian property with a market value above a specified threshold. The new legislation for this measure became law in February 2016.
The $2 million rule applies to vacant land, buildings, residential and commercial property, leaseholds and strata title schemes.
The ATO website says, "The government is strengthening our foreign resident capital gains tax (CGT) regime to assist in the collection of foreign residents' liabilities."
The definition of property is very wide and includes leaseholds but does not include stock exchange investments. A purchaser who does not receive a “clearance certificate” from the vendor and does not send 10 per cent of the purchase price off to the ATO will still be liable to pay that 10 per cent to the ATO plus, almost certainly, will have to pay severe additional penalties and interest. The economics of buying the property will be severely damaged, says the media report.
It suggests that real estate agents selling $2 million plus properties should study how this new tax regime would impact their business.
For example, banks and other financiers may be affected where their secured debt exceeds 90 per cent of the value of the selling price. In a situation where the owner is being forced to sell, the banks will be better to take possession and sell themselves rather than being caught in the “tax clearance” delays.
In the majority of cases, local resident vendors will have no problem obtaining a clearance certificate, but it might increase the risk of a tax audit for property sellers who:
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<li>Have not filed tax returns for many years;</li>
<li>Have filed tax returns, which would indicate they could not afford such a property;</li>
<li>Are selling their residential house at the same time as their neighbours to a single developer, which may give rise to a profit making scheme (such that the principal residence capital gains tax exemption may not apply to the value uplift generated by selling the properties together); or</li>
<li>Where the ATO has gathered information that indicates the vendor is in the business of developing property, which means that the principal residence capital gains tax exemption may not apply.</li>
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The post by Robert Gottliebsen says this might lead to a rush to sell before July 1 and might create some property bargains for buyers.
Another implication is that as property prices rise, more vendors will fall into the $2 million plus category. Over time, the ATO may shift their audit target identification processes to $2 million-plus property vendors and away from other areas.
Additionally, if the vendor has a tax debt, the application for a “clearance certificate” may in some circumstances involve the ATO seeking to recover some or all of that tax debt from the purchaser by way of a garnishee notice. 
While the report argues that the ATO's new rule will only help recover tax legitimately owed, the danger is in the complexity. 
The legislation is yet another blow for Asian investors in Australian property. Banks have already imposed a credit squeeze on Chinese property buyers.
On July 1, the Victorian state government is set to raise the levy on foreign purchases of apartments from 3 percent to 7 percent 
For a Chinese investor, getting a tax clearance would be tough, or else they would have to give off 10 percent off the transaction price.
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New ATO rule on property deals over $2 million will hurt Chinese buyers even more

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A decrepit, but heritage-listed house in Melbourne's Richmond is up for sale for the third time in four years.
The site at <a href="https://www.domain.com.au/richmond-vic-3121-2012767622" target="_blank">336 Burnley Street</a> has stood decaying for years despite being approved for development into townhouses in 2012, said a post in domain.com.au.
The 777 square metre site was bought by Dario Rosella and his family for $1,621,000 in 2012, with plans for townhouses.
But the townhouses never took off and the property exchanged hands again in 2014 for $2,544,000 to five Melbourne-based developers, through Biggin &amp; Scott.
The developers said they would proceed with plans to build three three-bedroom townhouses and one four-bedroom townhouse. 
The property has planning permission for the construction of four townhouses, one of which will have to incorporate the rundown heritage listed cottage, which is 135 years old.
But, again, the homes were never built and the rotting home is back on the market, this time for $3 million. 
Simon Lee of Haim Real Estate is the listing agent.
The ad for the house on domain.com.au says the endorsed plan permit included:
Unit 1 - Three-storey with 3 bedrooms + study, 3 bathrooms, double garage
Unit 2 - Three-storey with 3 bedrooms, 3 bathrooms, double garage
Unit 3 - Double-storey with 3 bedrooms, 2 bathrooms, single garage
Unit 4 - Double-storey with 3 bedrooms + study, 3 bathrooms, single garage plus own driveway to the exit at the rear. 
Alternatively, the vendor has proposed a five townhouses plan subject to council approval. 
He says the vendors had planned on building the townhouses but decided to move onto a bigger, $10 million project instead.
The vendors approached the council about the removal of heritage from the weatherboard and build five townhouses instead, but their plans were shot down, adds Lee.
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Rotting heritage-listed house site in Melbourne's Richmond back on market

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The North Coast regional township of Lismore in NSW has drawn the attention of valuation firm Herron Todd White in their April 2016 property clock that talks of fringe suburbs and affordability.
Given the relatively small size of the regional centre (Lismore City), there is not a discernible fringe suburb element.
However, in regard to affordability, the older suburbs of North and South Lismore on the (curiously) western side of the river fit the bill. These particular suburbs are well known in recent history as being flood prone and have been subject to some intense debate following the construction of the levee designed to protect the Lismore CBD from nuisance floods i.e. below a one in ten year flood event. Cold comfort if a bigger flood signals its arrival... and North and South Lismore usually cop it.
The price levels and rental levels are therefore traditionally lower than the other suburbs of Girards Hill, East Lismore, Lismore Central, Lismore Heights and Goonellabah.
However, North and South Lismore are not bereft of services with local schooling nearby, a small retail strip with food outlets, bakeries and a pharmacy and its fair share of liquid refreshment from the various taverns and hotels located in this area.
A typical North or South Lismore home is generally well elevated (to escape those nasty flood waters) which in turn provides ample car-parking space and storage underneath. As a result of the estimated height of 12.4 to 12.6 metres, according to the Australian Height Datum for a so-called one in one hundred year flood event, any new residential development requires a minimum habitable floor height 500 millimetres above this level. The main habitable floor would therefore be expected to be a neck craning 2.5 to three metres above ground level.
This applies to new development. However, most of the houses in North and South Lismore were built circa 1920 to 1940 when such fastidious building regulations were not in place.
Therein lies the sting in the tail. Generally most houses with a habitable floor level below the estimated one in one hundred year flood event level could experience a lot of difficulty in securing lender finance, unless the intending owner or purchaser can provide a much higher equity injection i.e. below the standard 80% LVR. Then there is the tricky issue of insurance premiums which have soared in recent years for flood insurance.
These aspects have an impact on the overall price level for properties in North and South Lismore, but not as much as you would expect.
There was a time when purchasing a property in these areas would have a figure south of $150,000. Today, well presented and renovated homes with a floor level above the one in one hundred year flood event can attract sale prices greater than $300,000 with rental levels of $300 per week plus for 3- to 4- bedroom and 2-bathroom homes.
Generally, the median price level ranges from $230,000 to $250,000 with typical rents in the region of $250 to $280 per week for a three-bedroom, one-bathroom home.
Property Observer looked up some recent sales of houses around the median price figure in and around North and South Lismore and came up with these examples from www.realestate.com.au:
<img src="/images/2016/05/18/Screen%20Shot%202016-05-19%20at%2010.05.44%20AM.png" alt="" width="743" height="529">
1. A five-bedroom above flood-level house at <a href="https://www.realestate.com.au/property-house-nsw-north+lismore-121005566" target="_blank">17 Wotherspoon Street North Lismore</a> sold recently for $234,000.
<img src="/images/2016/05/18/main.jpg" alt="" width="673" height="505">
2. A three-bedroom house at <a href="https://www.realestate.com.au/property-house-nsw-south+lismore-121197650">39 Caniaba Street South Lismore NSW 2480</a> traded for $268,000, according to RP Data.
Just as the other suburbs in Lismore City have improved over the past 12 years, so to have the northern and southern Lismore regions.
Currently, the North and South Lismore residential markets are relatively stable with no records being broken or set, just like the other suburbs in Lismore City.
However, beware the precipitous beast known as the Northern Rivers flood rains and often the faded memories of 1954 and 1974 will come rushing to the fore. Nary has a Lismorean forgotten those times of flood and debris. A bout of that may put a dent in the value of homes on the North and South Lismore lowlands. Let’s hope not. 
 
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NSW's Lismore is flood prone, but high floor level homes fetch good prices: HTW

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Two shops in Sydney's prime eastern suburbs went under the hammer at Burgess Rawson's 103 portfolio auction recently.
Both shops 1&amp;2 and 3 at 50 Bayswater Road, Rushcutters Bay are single-tenant investments and on five-year lease terms.
Burgess Rawson is marketing the shops as good entry-level investments.
Net income from shops 1&amp;2 is $68,144 pa + GST, while Shop 3 earns $29,000 pa + GST.
Both investments come with annual CPI increases.
The location is in the midst of one of the most densely populated areas in Australia and is near to Sydney Harbour, parks, nightlife and transport.
Both properties are to be sold separately.
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Rushcutters Bay retail property listed 

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Retail group SPAR Australia will open its second store in South Sydney in the inner city suburb of Waterloo as it looks to expand its footprint in the area.
SPAR is looking to capitalise on the growing South Sydney Market, with a 302 sqm grocery store in Divercity Village at 850 Bourke Street. Its first store South Sydney store is in Redfern.
According to Colliers International's Joshua Bush, who leased the space to SPAR, there are over 20,000 people living in Waterloo, with population growth showing no signs of slowing down.
Divercity Village has an array of shops and food places, including Misura Interiors, LJ Hooker, Bumble Bee Drycleaners Pet Wonderland, La Coeur Day Spa and Zoo Family, and a Malaysian restaurant. 
“Divercity Village was created to service the direct needs of the locals and provide amenity to the currently under supplied greater Waterloo precinct. The medium age group is 32, typically university educated with a predominance of double income couples looking for convenience," he said.
There are also more than 1,000 apartments in the delivery pipeline in the immediate Divercity precinct.
Bush said SPAR's Waterloo store would offer local customers a one-stop shop. 
The store boasts an upmarket European fit out, for which the brand is famous across the world.
Nearly 11 million shoppers pass through the doors of SPAR stores in the world each day. SPAR Australia had more than 140 stores in 2015, up from 25 in 2006. 
Bush did not disclose details of the lease, but rents are seen to be growing in the area, with many new retailers paying more than $850 per square metre.
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SPAR Australia moves into Sydney’s Waterloo

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A commercial property in NSW's Moss Vale anchored by IGA and Australia Post sold under the hammer for more than $9 million at Burgess Rawson auction.
The <a href="https://www.burgessrawson.com.au/buying/NSW/Southern-Highlands/Moss-Vale/Retail/2P1181#.Vzu_XSN97-Y" target="_blank">11-13 Clarence Street</a> building in the town centre is on a long and secure 15-year lease to IGA (Metcash) extending to 2023 with a further 15-year option.
The rest is securely leased to Australia Post extending to June 2021 with a five-year option.
The combined net income from the property is $670,596 pa + GST (as at 23/07/16) with around 90 percent coming from IGA (Metcash). 
A majority of outgoings recoverable from IGA, as per the lease and there is a guaranteed 3 percent fixed annual increases from IGA.
The auction amount of $9.03 was reported by the Australian Financial Review.
Moss Vale is a town in the Southern Highlands, an hour from Sydney's outer suburbs.
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 Australia Post leased building sells for $9 million 

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Oversupply of apartments and strong buying by foreign investors could pose a risk to banks, according to international credit rating agency Fitch.
Speaking at the rating agency's conference in Sydney, analyst Andrea Jaehne said settlement risks were rising as she tried to predict the impact of oversupply of new properties on the banks, and the broader economy, the Australian Financial Review reported.
"What is going to be the impact on the economy, housing affordability, especially if we consider the percentage of the labour force employed in construction? The problem is here, not somewhere in Western Australia, and the impact on employment could be much bigger than we think."  
The concern was echoed earlier by senior Fitch manager Ben McCarthy while presenting mortgage arrears data that speculated the construction sector could become a bigger risk than mining given how many people it employed, and how much of that income serviced home loans. About eight per cent of the labour force is employed in construction compared with two per cent in mining.
On the demand for apartments, Jaehne said she was "a bit shocked" to see a steep increase over five years in approvals to foreigners, the AFR report said.
"Developers only need one approval [for off the plan apartments]. They have to market the property in the local market but often they are selling it off in Singapore, Hong Kong and Shanghai."
She said the agency didn't "have the full picture" as to who was buying these properties.
"People who buy a property off the plan don't need an approval. We compared that to what is coming on to the market and we estimate it's 25 per cent being invested by foreigners," she said.
"Also, how will offshore investors react? Will they be happy to accept no capital gains and no rental income? Are they going to sell and what does it mean if 25 per cent of the new build owners sell and what is the impact on their balance sheets?"
Fitch's concerns come as more lenders pull financing from foreign borrowers, leading to concerns that their actions may have an adverse impact on the property market. 
Jaehne presented a chart which showed that about 80,000 housing units would be completed within 12 months in Sydney, Melbourne and Brisbane, about the same number that sold last year. But an additional 125,000 units would be completed within two years.
She said an oversupply of apartments, should it eventuate, would impact the asset quality of the banks. 
The rise in house prices was a concern, she said, given it had not been matched with rising incomes. 
"House prices have gone up – but total income growth hasn't really kept up at the same pace and when you combine this with a low interest rate environment you get an increase in household leverage. That has reached levels that are significantly higher than before."
The agency, however, affirmed the AA minus ratings of the banks and pointed to mitigating factors. Australia is regarded as a strong sovereign, the central bank has full control of its monetary settings, the prudential regulator is seen as strong while the exposures of the banks are manageable.
"What gives us some comfort is that if you look at the exposure for commercial real estate - for the portion of total exposures, one of the banks with the largest exposure has 8 per cent. That is fairly small in an international context."  
The fall in interest rates and rise in house prices had also resulted in an "equity buffer" that can be chewed through, before the banks would experience losses, she said. The simplicity of the banks' business models and the sustainable nature of their profits from low risk lending also made them durable to any adverse impacts.  
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Property oversupply can pose a risk to banks: Fitch 

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An outcry in Australia against property buying by Chinese investors and tightening of lending by banks has caused them to shift focus to the US residential market, says a recent media report. 
Purchases of residential properties in the US by Chinese investors rose to US$28.6 billion last year from US$11.2 billion in 2010, said a report in The Australian based on figures from the study by the Asia Society and Rosen Consulting Group.
The report looked at how Chinese buying in Sydney and Melbourne had sparked a “public outcry” because of concerns about “speculative real ­estate investment ... that is contributing to bubble like conditions of inflated home prices and pricing out many local residents”.
The shift to the US has also been fuelled by Australian banks tightening lending criteria to Chinese. 
The report said China’s investment in overseas property would slow.
“We believe China’s economic turbulence will create a short-term speed bump for real estate investment overseas,” it stated.
The study also predicted a ­period of increased capital controls, either formally through policy announcements or informally through administrative processing — until the Chinese currency was realigned.
It said those concerns would not spill over into the local real estate market, with key executives arguing that any restrictions would likely lead to a regulation of capital inflows into Australia, and not dry up.
Cushman and Wakefield's head of capital markets for Australia and New Zealand, James Quigley, however had a contrarian view, saying a new wave of Chinese investors would be undeterred by such measures.
Quigley cited moves by large Chinese institutions, including ­insu­rance and asset man­age­ment companies, as well as high-profile developers who dominated initial investing. Their activities would be supported by lesser known, small to mid-cap companies and developers, private equity funds and wealthy individuals, he said
He also noted the number of investment approvals granted over the past three years to Chinese groups had jumped by 416 percent.
“This is a good indication that the Australian government is quite supportive of Chinese capital entering and making investments in Australia,” he said.
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Chinese look to US real estate after bank loan impositions in Australia 

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Melbourne-based developer and fund manager OpenCorp has launched a new fund to invest in a development in the Melbourne suburb of Hawthorn East.
Australian investors have the opportunity to invest in OpenCorp’s 70-apartment boutique development on Toorak Road, worth an estimated $40 million.
The $6.5 million site was acquired through a competitive tender process in December 2015. The development falls within the tightly held area of Boroondara, one of Melbourne’s most highly sought after council areas.
The Hawthorn East fund is the second project to be offered to investors under OpenCorp’s ‘Open Access Fund’, which allows investors to hold their money in the fund, generating a low-risk return, before they allocate it into new projects as opportunities arise.
OpenCorp director Matthew Lewison said the project is forecast to achieve about 50 per cent return on equity over the next 2.5 years.
“The Hawthorn East development sits within an area with extremely high demand. Projects nearby have sold out, and we expect this boutique development to attract a huge amount of interest,” Lewison says.
The first fund to be released through the Open Access Fund, the Albion Fund, was fully subscribed, raising $6.5 million in three weeks.
Since its launch on March 18, the Open Access Fund raised $10.5 million in equity in under six weeks from individual and SMSF investors.
OpenCorp has engaged architects ROTHELOWMAN to design the development, which will be marketed towards the downsizer and owner-occupier.
The development will include a ‘flexi option’ where buyers can combine two one-bedroom apartments to create a 103 sqm, three-bedroom option, with upper levels likely to have city views.
With a median house price of $2.3 million, Hawthorn East is currently Victoria’s third most expensive suburb and has long been a sought after area for Melbourne buyers.
OpenCorp currently has a project development pipeline of more than $500 million in apartments and townhouses around Australia.
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OpenCorp launches new development fund for project in Melbourne's Hawthorn East

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.

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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.

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“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.”

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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.

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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. 
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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>. 
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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. 
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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] 
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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. 
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“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.” 
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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. 
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Fabrizio Perilli, Managing Director of Perifa and Versatile Group, said the sale marks a defining moment for the project. 
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“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; 
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“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] 
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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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