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Local Melbourne investor JAK Investment Group has paid $3,810,000 for 14 office suites at 425 Docklands Drive, Docklands.
The units were originally developed by ING in 2005 as part of the Waterfront City precinct.
The office suites are currently fully leased to a range of small and medium businesses. 
The deal was brokered by Lemon Baxter director Paul O’Sullivan.
Harbourtown Shopping Centre, adjacent to the precinct, was recently acquired by Ashe Morgan Capital for $140,000,000 and is being repositioned as a shopping and entertainment drawcard. Harbourtown has recently announced the commitment of a new Hoyts Cinema Complex and Early Learning Centre.
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Office suites in Melbourne's Docklands change hands for $3.81 million 

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East Coast industrial vacancies have risen for the first time in a year, driven by a 6.2 percent increase in Melbourne, although Sydney and Brisbane recorded small declines over the quarter, according to the latest Industrial Vacancy Analysis research report by Knight Frank.
The total industrial vacancy on the East Coast currently sits at 2.19 million square metres, with a 2.3 per cent increase recorded over the past quarter. However, total vacancy fell by 8.3 percent over the past year, with Sydney driving this result, down a staggering 39 per cent over the year to April 2016.
Sydney was the standout market over the past year, recording a two per cent fall in vacancy over the past quarter to 482,820 square metres, said Knight Frank’s Group director of Research &amp; Consulting, Matt Whitby. 
Over the past year, however, vacancies have fallen from a peak of 807,485 square metres in January 2015.
“Sydney has seen a steady upward trend in leasing deal volumes, resulting in above-average stock take up for the past nine consecutive quarters. This is a result of a number of factors, including increased economic activity, particularly in the household goods and construction sectors, and high demand in the Sydney area due to the development of key infrastructure projects. However it is also due to large institutional owners moving tenants among portfolio assets,” he said.
Brisbane recorded a fall in vacancy for the third consecutive quarter, down by nine per cent since the recent peak in mid-2015, taking the total to 636,288 square metres. “Despite the recent improvement, the vacancy remains 51 per cent above the long-term average and tenant demand is still patchy. However, the vacancy level within existing assets should continue to decrease with tenants having the opportunity to upgrade their accommodation at lease end on competitive terms.”
“The Melbourne market continued its recent steady growth in vacancies, with a 6.2 per cent increase recorded over the past quarter to over a million square metres now available (1,074,788 square metres). This increase was dominated by prime stock (up 16 per cent), as secondary vacancy actually fell by two per cent over the quarter,” Whitby said. 
According to Whitby, although the level of vacant industrial space across the Australian East Coast market rose modestly over the past quarter, both prime and secondary vacancy fell over the past year, down by seven percent and nine percent respectively.
“Despite prime stock being highly in demand by industrial occupiers, given it is new and able to be tailored to individual businesses’ needs, the proportion of prime stock available now outweighs secondary stock across the East Coast.
“The key factors are due to current market conditions – cost-conscious occupiers are looking towards secondary stock. In addition, the emergence of new stock on the market has driven up availability.”
According to Whitby, “As at April 2016, the proportion of total vacancies made up of prime stock is now 53 per cent of East Coast industrial vacancies, up from 45 percent two years ago, and 37 percent three years ago.”
Whitby said that the preference in the market for prime space is clear to see, with 59 percent of take-up recorded being within prime accommodation over the 12 months to April 2016. The greatest bias to prime absorption was seen within the Sydney and Brisbane markets where 71 percent and 60 percent respectively of the annual take-up was prime space. In Melbourne, prime space accounted for only 48 per cent of take-up over the 12 months to April 2016.
Knight Frank’s head of Industrial, Greg Russell, said that following a softer pipeline of speculative stock over the past year, the April quarter saw the level of speculative stock available increase by 12 percent across the Australian East Coast market. 
“The interesting statistic this quarter, is that the level of speculative stock under construction has jumped 17 percent over the past quarter and more than doubled over the past year, from 53,500 square metres to 108,000 square metres currently, however, the speculative space completed but remaining vacant fell 31 per cent over the past year to 113,719 square metres.” 
“This has been predominantly driven by an increase in take-up for completed speculative product, coupled with new speculative commencements, as confidence returns in the markets, particularly in Sydney.
“The major institutional developers still have a healthy pipeline for further speculative development, and it will only take a few commitments to really see the speculative construction levels spike later this year and into 2017.”
Russell added that while the level of larger vacant options has been increasing in Melbourne, they have fallen in Sydney and Brisbane. The general trend towards upgrading accommodation by tenants means that prime, larger options will continue to attract solid demand and hence take-up. In Sydney, there are only eight prime opportunities above 10,000 square metres (down from 15 a year ago), while 23 over 10,000 square metres exist in Melbourne (up from 14 options a year ago), and there are 11 prime vacancies above 8,000 square metres in Brisbane (compared to 11 a year ago).
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Brisbane
In Brisbane’s industrial sector (3,000 sqm+), total vacant space during the first quarter of 2016 fell by slightly to 636,288 square metres, but was down 6.4 per cent from a year ago (680,151 square metres).
Knight Frank’s joint head of Industrial Queensland, Mark Clifford and Chris Wright said, “The pre-lease market has been quite active and has contributed to the slow reduction in the vacancy levels. A flight to quality is evident and will continue whilst aggressive leasing deals are on offer.
“Pre-committed new construction is expected to provide further backfill vacant space over the course of 2016 with Beaumont Tiles, Couriers Please, Lindsay Bros Transport and OI all expected to make significant relocations during the year.
“We believe a series of imminent commitments will provide a solid boost to the leasing market. Tenants 6,000 square metres plus with a sufficient lead time will continue to be attracted to new construction as the low yield environment for long WALE assets supports construction at relatively lower rental levels."
Sydney
In Sydney’s industrial sector (5,000 sqm+), solid leasing activity has underpinned a decline in total vacant space, reducing 1.9 per cent during the first quarter of 2016 to 482,820 sqm.
Tim Armstrong, head of Industrial, NSW said, “Sydney’s industrial vacancies are now at a series low, which was the result of above average gross take up which measured 190,337m² over the past quarter, 35 per cent above the series average.
“Recent leasing demand has been primarily driven by 3PL groups as businesses continue to outsource logistic functions; however, there have been increased enquiry levels from pharmaceutical/medical operators in recent months.”
In terms of location, the Outer West continues to underpin leasing demand, accounting for 44 per cent of gross take-up over the first quarter of 2016 as four 10,000 sqm+ options were leased. However, a number of large backfill leasing options are starting to come back onto the market including the DHL backfill space at 227 Walters Road, Arndell Park which will partly offset above average leasing demand.
“While a number of speculative developments have been added to vacant stock levels over the past quarter, the reality is they aren’t remaining vacant for too long. In the first quarter of 2016, 25,442 sqm of under construction speculative stock was leased, highlighting the drive for operational efficiencies and demand for modern stock. Currently, unleased speculative stock measures 59,602 sqm, all of which is under construction with no vacant completed speculative stock available," said Armstrong.
“The generally positive outlook for the NSW economy is expected to see a continuation of solid leasing activity, particularly as there are a number of large briefs in the market which should crystallise into gross absorption throughout 2016,” said Armstrong.
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Melbourne
Knight Frank’s senior director, head of Industrial Victoria, Gab Pascuzzi, said the impact of the upcoming closure of the automotive manufacturing and supply industry will start to come into fruition at the end of 2016. “To date this has had minimal impact on the industrial market, however we anticipate this will put increased pressure on vacancy rates across traditional industrial locations in 2017; predominantly across lower-grade secondary stock.
“Over the past 12 months, we have seen an increase in pre-commitment activity across Melbourne. Given the shortage of prime existing options in the market combined with increased tenant demand, we anticipate prime backfill space from the likes of Target and The Reject shop coming to the market later this year will be will be absorbed quickly.”
According to Pascuzzi, “The south-east region recorded the highest level of leasing activity since Q1 2010, totalling 70,995 square metres. However, we are seeing pressure in the market with a lack of large existing options notably in the West, with just two vacant stock options above 20,000 square metres.”
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Perth
In Perth’s industrial sector (2,000sqm+), vacant industrial space in Perth increased by 16 per cent over the past quarter to 647,746 square metres, a series high.
Knight Frank’s senior director, head of Industrial WA, Jarrad Grierson, said Perth’s industrial market continued to be affected by the slowdown in the resources sector and relatively low market confidence with escalating levels of vacant space in the market.
“The Perth industrial market has a high correlation with the resources sector where companies are currently sitting idle or downsizing, triggering downward pressure on rental rates. Some businesses are taking advantage of the softer market conditions and looking to upgrade into better quality accommodation in a better location.
“Vacancy in secondary-grade buildings increased by 22 per cent over the past quarter and almost doubled over the past year and now accounts for 76 per cent of total stock. This is in stark contrast to the prime market, where vacancy was unchanged over the past quarter and actually fell by 24 per cent over the year.
“There continues to be a demand for sublease space in the market as these properties offer competitive rents and incentives in order to replace tenants. Activity in the market is also evident from pre-leasing activity that has occurred in the last 12-24 months.
“The market had 200,000 square metres of newly developed pre-lease space come on line, including a 42,000 square metres warehouse pre-leased to K-Mart in Jandakot in February. Moving forward this will continue to impact the level of backfill space once occupiers relocate into new industrial space,” concluded Grierson. 
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East Coast industrial vacancies rise for the first time in a year: Knight Frank

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Industrial property transactions are rising in Perth, going by a number of off-market deals in warehouse properties in the city’s industrial locations, according to Savills.
A recent transaction involved the off-market sale of a warehouse/office property in Kewdale for $8.5 million, brokered by James Condon and Matthew Hopkins of Savills.
The property at 172 Kewdale Rd comprises a 4,000sq m warehouse plus 660sqm of office on a 12,148sqm site.
It was purchased by an owner-occupier, with existing tenant Tytec Pty Ltd vacating mid-2017.
“After a decade of Perth’s core industrial properties being tightly held, the market is now seeing prime core properties being unlocked with owner-occupiers and investors back in the market looking for opportunities,” Condon said.
“Savills has seen recent examples of this totalling over $40 million worth of industrial properties being sold in the first quarter of 2016. The low interest rate environment being well below investment yields has seen the owner-occupiers actively looking for opportunities in Perth core industrial market.”
Savills' latest Perth Industrial research briefing for Q1 shows a total of $715 million worth of industrial property transactions in Perth in the 12 months to March 2016, up from $437 million in the previous year. The reported volume and value of Perth industrial property transactions, above $20 million, is the highest in a decade, according to Savills research.
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Off-market industrial sales picking up in Perth: Savills

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A fully refurbished Frankston aged-care facility has recently sold for $5.05 million, as buyers actively target this sector to meet the needs of Australia’s ageing population.
The 45-bed facility at 382-384 Nepean Highway was offered to the market with vacant possession through an expressions of interest campaign. It has a landholding of 3,759 sqm.
CBRE’s Josh Twelftree, Scott Orchard and Josh Rutman negotiated the sale.
Twelftree said the property was snapped up by an owner occupier. 
“The opportunity to acquire an aged care asset was a key selling factor, with investors gaining confidence in the sector due to the projected future growth of Australia's elderly population – with individuals over 65 years predicted to increase from 2.5 million in 2002 to 4.2 million in 2021,” said Twelftree.
Australia currently has about 2,800 residential aged care facilities providing care to more than 160,000 elderly people. Over the next 10 years, the number of residents is projected to reach more than 250,000.
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Aged-care facility in Melbourne's Frankston fetches $5.05 million

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A heritage building in Melbourne's Oakleigh has sold for $1.5 million to a local investor in a deal brokered by CBRE.
Located at 1527 Dandenong Road, the 369 sqm corner property was originally occupied by ES&amp;A Bank, built during the inter-war period.
The building’s red-brick façade and original bank vault was impacted with a heritage overlay, affecting the development potential of the corner site.
The sale price represented a land rate of $4,065 per sqm. The property is zoned commercial 1. 
The selling agents were CBRE’s Ed Wright, Sandro Peluso and Chao Zhang. 
“Despite the site’s development restrictions given the heritage building and lack of permits, the campaign still received strong interest due to the current investor confidence in the Melbourne market,” said Zhang.
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Heritage building in Melbourne's Oakleigh sells for $1.5 million

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Queensland's Cairns was a rising market for houses while it was starting to recover for units, according to valuation firm Herron Todd White's property clock -- a simple broad brush means to suggest where property markets are and the direction they're headed to.
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In Cairns, the outer or fringe areas essentially mean the Edmonton to Gordonvale corridor on the southern side of the city. The area is a significant growth node bearing much of the brunt of the current and future population expansion. Indeed, Edmonton and Gordonvale were both satellite sugar towns which are now being well and truly swallowed alive by the urban expansion of Cairns.
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Housing development in the Edmonton to Gordonvale corridor is dominated by single dwellings located on 600 to 800 square metre allotments. There is precious little in the way of apartment developments. Most sales in the current market appear to be to intending owner-occupiers. The investor market is soft. 
For investors, the most popular purchases are standard four-bedroom, two-bathroom new dwellings which typically sell around the $340,000 to $360,000 mark and typically rent in the $420 to $450 per week range. There are higher quality homes typically up to $450,000 in price, but at this level still only pull $420 to $450 per week in rent. 
Our feedback is that 10 to 20-year-old three-bedroom, one-bathroom dwellings are harder to move in the current market, particularly in the $260,000 to $300,000 category. It may be these dwellings that are offering the better buying opportunities with these homes typically renting for $310 to $330 per week. 
However, the key to buying an investment property in the Cairns housing market at present is to concentrate on the current rate of rental return, not on the prospect of future capital gain which may be some time coming. 
Property Observer found a few recent sales in the range $260,000 to $400,000 in Cairns' fringes on www.realestate.com.au.
A four-bedroom house at <a href="https://www.realestate.com.au/property-house-qld-edmonton-122382446" target="_blank">18 Novelli Street Edmonton Qld 4869</a> sold for $372,000.
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A three-bedroom house with a double garage at <a href="https://www.realestate.com.au/property-house-qld-gordonvale-122094146" target="_blank">28 Buzacott Street Gordonvale Qld 4865 </a>sold for $273,000.
 
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Investor market soft in Cairns' fringes: HTW

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The Victorian town of Cobram tops CoreLogic RP Data's latest list for median gross yields for units at 7 percent.
Its yield sits considerably higher than the national average of 4.63 percent.
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Property Observer profiles Cobram from a rental perspective.
The median sale price of a unit in Cobram was $170,000, 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 5.26 percent.
Median rent for units was $230pw in Cobram against a national average of $390.
Property Observer looked up a few units around the median range available for renting around the median for Cobram on www.realestate.com.au.
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1. A two-bedroom unit at <a href="https://www.realestate.com.au/property-apartment-vic-cobram-418414534">2/91 High Street Cobram Vic 3644</a> is available for $210 per week. Last traded price $110,000 in 1992, according to CoreLogic RP Data.
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2. A two-bedroom unit at <a href="https://www.realestate.com.au/property-apartment-vic-cobram-418414454">5/69 Campbell Road Cobram</a> is available for a rent of $240 per week.
 
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Victoria's Cobram tops rental yields for units: CoreLogic RP Data

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A 195-hectare Surf Coast development, The Sands Torquay Resort, is set to hit the market in Victoria's coastal township of Torquay with price expectations of $25 million.
The master-planned subdivision at 2 Sands Boulevarde comprises a hotel Peppers The Sands, an 18-hole championship golf course, clubhouse and health club facilities integrated with a residential subdivision surrounding the course and an additional 4000 sqm of vacant land opposite the clubhouse with potential for further development.
Colliers International’s Guy Wells, Stephen Burt and Raymond Tran have been appointed to sell the property on behalf of the Handbury Group. 
“This major landholding within the fast-growing township of Torquay represents a one-off investment and development opportunity in one of Victoria’s most popular destinations,” Wells said.
“Torquay is well known as the home of surfing in Victoria and is a hub of major surfing activity at the northern end of the Great Ocean Road. The township of Torquay has grown significantly in the past 10 years and developments such as The Sands Torquay Resort have added to the popularity of the location."
The golf course was designed by Stuart Appleby and the resort has a pro shop, members locker rooms and clubhouse facilities. There is also a separately operated health club with an indoor pool.
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Adjacent to the clubhouse is the Peppers The Sands hotel comprising 112 rooms and suites over three levels, conference facilities, restaurant and bar facilities and tennis courts.
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“This distinctive hotel, designed by award-winning Melbourne architects Perrott Lyon Mathieson, is unique to the area and draws visitors from the surrounding region and beyond from Melbourne,” he said. “The hotel operates under a marketing agreement with Mantra Group and under the Peppers Brand. This agreement could be transferred to a new owner as desired.”
The Sands Torquay Resort is part of a residential development known as The Sands which includes about 400 residential homes and 150 townhouses around the picturesque golf course. 
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Surf Coast's The Sands Torquay resort to hit the market, $25 million expected

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The Hills of Carmel released 2,000 lots of housing land in the recently rezoned Box Hill in Sydney's north west, worth more than $1.3 billion.
The ribbon cutting on May 13 was done by Ray Williams, MP, Member for Castle Hill and Parliamentary Secretary to the Premier for Western Sydney, with other VIPs also attending. Among those present was Bob Welsh, property development consultant for The Hills of Carmel.
The Hills of Carmel, a master-planned community on 223 hectares sub division, has all services currently enabled on site and housing construction will begin in 2017.
Blocks on sale start at $390,000 for 300 square metres, with additional lots available for purchase at 375, 450 and 550 square metres. 
Slated to include playing fields, a shopping centre, schools, and outdoor space, the development will create thousands of new jobs and inject an estimated $700 million into the local economy.
The land, first owned by Governor William Bligh, has been used in past for orchards, dairy farms and the pioneering breeding of Brahman cattle stud, according to a recent article in the Daily Telegraph.
Development is now being handed by descendants of Albert Scheinberg, who purchased the major part of the land in 1960, it said. 
The event was held at 43 Boundary Road, Box Hill.
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Land lots worth $1.3 billion in Sydney's Box Hill released to home buyers

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The Coffs Coast is made up of several small coastal and rural townships located at varying distances from the major centre of Coffs Harbour, which was at the peak of market for both houses and units in valuation firm Herron Todd White’s April 2016 property clock. 
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The HTW property clock is a simple broad brush means of indicating where property markets are, and which direction they're headed in.
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A high proportion of the population would be considered fringe dwellers, being within commuting distance of Coffs Harbour for work and major facilities including tertiary education, airport and medical facilities. When considering the fringe dweller, a travelling time of around 30 to 60 minutes from Coffs Harbour is assumed, which would be considered standard travel time to work in most major metropolitan areas. 
North of Coffs Harbour, this time criteria would see you reach the more traditional beachside locations of Arrawarra, Arrawarra Headland, Mullaway and Corindi Beach (30 to 35 minutes). Traditionally these areas have been popular due to the small community feel, beach access and proximity to good facilities at Woolgoolga to the south. 
Entry level prices start at $300,000 for basic three-bedroom cottages and extended upwards of $1 million for prime headland locations. Corindi Beach is the cheapest of these localities with recent vacant land sales in the $160,000 to $200,000 price range for 600 to 800 square metre sites. House prices start at around $300,000 with average prices around $400,000 and rental returns around $400 per week. 
Further north (40 minutes) is the sleepy sherman’s village of Red Rock where there are basic corner store facilities and a bowls club, traditionally developed as weekend style accommodation popular with rural land owners. Entry level is around $275,000 for very basic accommodation with average prices in the $350,000 to $400,000 range. Due to the more distant location and lack of facilities, rental returns are low and not the reason one would purchase in this area. Capital appreciation has been steady over recent years although can be very slow during times of economic downturn. 
From here, a further 15 minutes drive will place you in the rural localities of Dirty Creek, Kungula and Halfway Creek. These areas are midway between Coffs Harbour and Grafton and are typically scrubby country with land sizes ranging from 4,000 square metres to 200 hectares. Entry level for small acreage sites with no building can be as low as $25,000 or around $100,000 for sites with basic weekend accommodation. Typically, these are rural lifestyle location with minimal market movement and low rental returns. 
To the north west of Coffs Harbour, dotted along the Orara Way (the back road to Grafton) are several rural townships such as Coramba, Nanna Glen and Glenreagh which provide cheap housing options in small communities within commuting distance. Prices for modest three-bedroom homes start around $250,000, however, these areas do not have high rental returns and generally show slow capital growth. 
Moving south of Coffs Harbour, the townships of Urunga, Valla Beach and Nambucca Heads are within a 45-minute drive which is soon to be reduced with the opening of the Pacific Motorway upgrade (Urunga Bypass) at the end of 2016. These areas have seen recent increases in rental returns and capital growth as part of the highway upgrade work currently being undertaken. Urunga (20-minute drive) is popular with the retiree market due to its reasonable facilities, good water and beach access and proximity to Coffs Harbour. Entry level is $300,000 to $350,000 with average house prices between $400,000 and $425,000. Expected rental return for the average three-bedroom home is $350 per week. 
Valla Beach, which is 10 minutes further south, has become an extremely popular beachside locality with recent land releases for a standard 600 to 800 square metre site ranging from $165,000 to $200,000. Entry level for basic older style cottages is $350,00 to $375,000 with prices rising to around $750,000. Rental returns have recently increased due to the influx of road workers, plus we have seen capital growth in the order of 5% to 10% over the past 12 months. 
The cheapest or best value for money locality is Nambucca Heads which lies 45 minutes south of Coffs Harbour. Being a low socio-economic locality, Nambucca Heads has traditionally seen little capital growth over the past five to seven years, however, like Urunga and Valla Beach, has experienced increases in rental returns and market activity due to the Pacific Motorway upgrade. Nambucca offers good lifestyle opportunities with quality beaches and waterways and school and shopping facilities. Entry price is around $250,000 and the average price for a three-bedroom home is around $300,000 to $325,000 returning $330 to $350 per week. 
In short, there are many options for the fringe dweller within the region offering a wide variety of options from remote rural localities to popular beachside communities. Typically, these areas have been established for their lifestyle attributes and not capital growth or rental returns, however, increasing population growth and infrastructure improvements in the form of Pacific Motorway upgrades to the north and south of Coffs Harbour are seeing renewed interest in these fringe localities, placing upward pressure on rental returns and increasing capital growth.
Property Observer looked up recently sold homes in the Coffs Coast region around the average prices and came up with these:
<img src="/images/2016/05/13/main.jpg" alt="" width="683" height="512">
A four-bedroom house at <a href="https://www.realestate.com.au/property-house-nsw-corindi+beach-121571806" target="_blank">53 Simon Street Corindi Beach NSW 2456</a> sold for $415,000, according to <a href="https://www.realestate.com.au">www.realestate.com.au</a>.
<img src="/images/2016/05/13/700_brick.jpg" alt="">
A four-bedroom house at <a href="https://www.realestate.com.au/property-house-nsw-nambucca+heads-121807822" target="_blank">30 Lee Street Nambucca Heads NSW 2448</a> sold for $330,000, according to <a href="https://www.realestate.com.au">www.realestate.com.au</a>.
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Lifestyle options abound in fringes of Coffs Harbour: 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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&nbsp;

Prateek Chatterjee

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