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Chinese buyers are pushing up property prices in Brisbane's suburbs that have a significant Chinese presence, according to new research by real estate firm PRDnationwide.
Brisbane suburbs with a large number of Chinese are experiencing higher property price growths relative to the average growth of the Brisbane South and Greater Brisbane areas, the data shows.
“In the past 5 years Robertson’s property price growth was over double the Greater Brisbane average,” said PRDnationwide national research manager Dr Diaswati Mardiasmo.
“A likely cause is the well documented tendency of the Chinese community to gather together,” said Dr Mardiasmo.
“The increasing number of Chinese buyers, including local, interstate, and overseas buyers has meant that there is a high level of demand for houses in these areas, pushing prices up.”
In 2014, the Financial Investments Review Board reported $12.4 billion in approvals for real estate from Chinese investors.
Seven suburbs, all located within Brisbane’s Southern area,  with an average Chinese population of 18.7 percent were found to have an average house price growth of 11.5 percent over the past 12 months, well above the average house price growth in Brisbane South and Greater Brisbane, at 5.9 percent and 4.4 percent respectively.
Mardiasmo said a large Chinese population could be taken as an indicator that a suburb would see high levels of price growth. 
The average house price growth in the suburbs surveyed over the past 5 years is 30.8 percent compared to Brisbane’s Southern area and Greater Brisbane, which sat at 22.8 percent and 18.5 percent respectively. 
“This trend seems to be relatively sustainable, as we have noted significant differences over both the short and median terms.”  
Growth also seems to be proportional to the Chinese population in an area.
Robertson, which has the highest percentage of Chinese residents at 25.3 percent, also experienced the highest property price growth, rising 38.6 percent in the last five years and 19.3 percent in the last year alone.
Eight Mile Plains had the lowest Chinese population surveyed at 11.8%. Its property price growth was 27.6% and 9.4% in the past five years and 12 months respectively.
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Brisbane's suburbs with major Chinese presence show higher home price growth: PRDnationwide

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Real estate group McGrath Estate Agents, a division of McGrath Limited (ASX:MEA), has opened a new office in Mooloolaba in Queensland’s Sunshine Coast as it looks to take advantage of strong price growth in the area.
This is the company’s fourth office in Sunshine Coast and its 20th in Queensland, said a media release. 
Chief executive John McGrath said the Sunshine Coast is one of the most exciting coastal destinations in Australia.
“The ongoing construction of one of Australia’s largest health precincts at nearby Birtinya and the new Maroochydore CBD are driving both infrastructure and employment in the region," said McGrath.
The Mooloolaba office will serve as a satellite to the Buderim office, which opened in August 2013. It is the second office under the leadership of co-principals, Damien Michael and Chris Pace. Their team will comprise of six real estate professionals.
It will service the suburbs of Mooloolaba, Minyama, Alexandra Headland, Maroochydore and Buddina.
Pace said price growth in Mooloolaba and its surrounds are back to pre-GFC levels, with the waterfront market's entry level now sitting around the $1 million range.
 
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McGrath opens office in Sunshine Coast's Mooloolaba as prices back to pre-GFC levels

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The property market in Queensland's Hervey Bay was at the start of the recovery cycle, according to valuation firm Herron Todd White's April property clock, a simple broad brush means to suggest where property prices are and which direction they are headed.
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The layout and composition of property in Hervey Bay limits the degree of fringe property. Within the same suburb, property ranges from conventional onground brick or low-set cottages to executive homes with extensive improvements or esplanade frontage.
The Hervey Bay market is well known for its affordability aspect. The past two years has seen rental rates steadily increase which has resulted in relatively good returns for investors. The developing estates offering four-bedroom, two-bathroom accommodation are achieving rental rates in the range of $360 to $380 per week with house and land package prices ranging from $345,000 to $370,000. Falling unit prices and increasing rental rates have also seen investors return to the unit market with some traditional holiday complexes converting to permanent to capitalise on the more consistent cash flow.
The older established areas of Hervey Bay also provide good affordability with early 1990 onground brick, three-bedroom, one-bathroom homes with single garages in the mid $200,000s.
This style of property achieves rental rates in the range of $280 to $320 per week. Although the continuous supply of house and land packages is creating a price ceiling for the new product market, there is potential to see some capital growth in these older established homes given the clear price gap currently being seen.
Maryborough is also a very affordable market. Prices have been falling over the past year with consistent activity in the mid to high $100,000s for typical post-war timber homes of either two- or three-bedroom accommodation. Rental rates appear to be increasing with the base rental rate in the order of $260 per week. At a price of $180,000, this would provide a gross return of 7.5%. 
Property Observer looked up some recent sales in Maryborough on www.realestate.com.au and came up with these in the affordable range.
<img src="/images/2016/05/13/main-1.jpg" alt="" width="667" height="500">
A two-bedroom highset house at <a href="https://www.realestate.com.au/property-house-qld-maryborough-121420190" target="_blank">39 Churchill Street Maryborough Qld 4650</a> (above) fetched $190,000.
<img src="/images/2016/05/13/image18.jpg" alt="" width="661" height="496">
A two-bedroom cottage at <a href="https://www.realestate.com.au/property-house-qld-maryborough-122251114" target="_blank">27 JOHN LANE Maryborough Qld 4650</a> sold for $191,000.
 
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Queensland's Hervey Bay fringes are a good bargain for investors: HTW

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Mildura in Victoria was at the start of the recovery period in Herron Todd White's latest property clock, a simple broad brush means to indicate where property prices are, and where they are going.
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While many of the dwellings constructed in Mildura’s early days were of a fairly basic standard, many have survived and continue to receive good buyer demand. These older dwellings are located within easy walking distance of Mildura’s town centre, dining and nightlife precinct and therefore appeal to both young professionals and older downsizers.
The better standard homes in Mildura are traditionally located west of Deakin Avenue, with the older character homes always well sought after.
Demand remains strong, particularly for properties with good street appeal. Values in these areas vary depending on the size of the land and residence and standard of external features, however, they typically range between $300,000 and $500,000, with some unrenovated dwellings fetching lower prices.
In the past few years there has been improving demand for homes in some inner areas on the eastern side of Deakin Avenue, in those locations within one kilometre of the town centre.
Homes in these areas are typically smaller and more affordable. Recent sales in these areas have generally been in the range of $180,000 to $280,000, with the cheaper end of this range being for dwellings that require renovation.
<img src="/images/2016/05/12/image4.jpg" alt="" style="font-size: 12.16px; line-height: 1.3em;">
To illustrate this affordability, Property Observer came across a two-bedroom bungalow at <a href="https://www.realestate.com.au/property-house-vic-mildura-121817926" target="_blank">109 Olive Avenue, Mildura</a> (above) for $287,500 on realestate.com.au
There has been a gradual trend for the more basic dwellings in these areas to be either demolished or renovated, which has contributed to an improved profile.
HTW expects these areas to continue to receive good demand from budget-conscious buyers who seek the convenience of living close to the town centre and are prepared to undertake some renovation work. 
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Victoria's Mildura is for the budget-conscious buyer: HTW

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Frasers Property Australia and Sekisui House Australia have announced the sale of The Australian Hotel and Abercrombie Heritage Terraces in Sydney's Chippendale to Solotel Hospitality Group for an undisclosed sum.
The sale concludes an international expressions of interest campaign to find a buyer, which was run by Ray White Hotel's Andrew Jolliffe.
Constructed in 1938, The Australian Hotel was one of four pubs included within the original Carlton United Brewery site. 
The purchase includes the original hotel building located at the corner site of Broadway and Abercrombie Street as well as three heritage terrace houses fronting Abercrombie Street. 
Frasers Property and Sekisui House Australia are partners on the award-winning Central Park development at the former Carlton &amp; United brewery site, which is set to house 5,000 new residents once completed.
The purchase of the Australian Hotel by hotelier Bruce Solomon and renowned chef and restaurateur Matt Moran of Solotel Hospitality Group sees the continuation of the trend of experienced operators taking their products to new areas of Sydney.
"Both Bruce and Matt have enjoyed considerable success in both Sydney and Brisbane through their ARIA, CHISWICK and Opera Bar businesses to name but a few, and we anticipate their hospitality prowess will again deliver the dynamic Chippendale area with another flagship drawcard upon completion of their Australian Hotel project," said Jolliffe. 
Central Park’s project director, Mick Caddey, said the joint venture team was pleased to bring experienced operators such as Solotel on board at Central Park.
The Australian Hotel, which will reopen in 2018 after refurbishment, will form part of Central Park’s Broadway street frontage embedded within the Foster + Partners designed DUO towers. 
“The Australian Hotel was once one of the most important local watering holes in the southern end of the Sydney CBD," Solotel Group’s managing director Bruce Solomon said.
"It saw a motley crew of Fairfax journalists, Carlton United Brewery staff and local rag-trade workers pass through its doors during the 40s, 50s and 60s." 
In addition, the three adjacent terrace houses facing Abercrombie Street will be converted into a European-style wine bar.
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Solotel buys historic The Australian Hotel at Sydney's Central Park

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A development site in Melbourne's Caulfield North is to be auctioned off on June 8 through Savills Australia and is expected to fetch around $3.9 million.
The 41-45 Hawthorn Road property comprises an 893 square metre site with retail frontage to Hawthorn Road and a flexible Commercial 1 Zone. Current improvements include a single and two-storey building.
It is being marketed by Savills’ Nick Peden and Jesse Radisich
Radisich said apart from public transport and retail, there were several schools, parks and recreation facilities nearby, including Melbourne and Caulfield Grammar, Caulfield Racecourse and Caulfield Park Bowling Club.
"Caulfield North and surrounds have been high on the list of desirable suburbs for those seeking apartment living and the demand has been driven further by a high median house price of $1,850,000 in the suburb,” Radisich said. 
The property will be sold with vacant possession.
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Development site in Melbourne's Caulfield North to go under the hammer

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<div>NSW's Wagga Wagga has been a rising market in both April and May, according to valuation firm Herron Todd White's property clock -- a simple broad brush means to suggest where property markets are and what direction prices are moving in. </div>
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<div>Like all towns and cities the edge is where expansion occurs. In Wagga Wagga, this includes areas to the north at Estella, Boorooma and Gobbagombalin, to the east at Forest Hill, to the south at Bourkelands and Lloyd and the south west at Uranquinty. All these areas have seen 10% to 20% growth in vacant land values over the past two years.</div>
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<div>It’s not necessarily affordability that people are looking for, it’s a new dwelling. It must be remembered that nothing is more than 10 minutes away in Wagga Wagga which compares a lot more favourably than the bigger cities where a trip to the local shop can take 10 minutes. Dependent on the size as well as other variables, new houses sell in the outer areas for between $350,000 and $550,000. This is comparable to the cost of housing in the central suburbs of Wagga Wagga, Turvey Park and Kooringal. It appears some people do not want the hassle of maintenance an older dwelling requires.</div>
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<div>Infrastructure does not seem to be a factor either. For example Estella, Boorooma and Gobbagombalin do not have a public school, local shop or licensed premises. It will be interesting to see how all these areas fair over the next five to 10 years. There is a chance that in the short term, because of the number of new dwellings having been constructed and currently being constructed so close together both by locals and out of town investors, that values will drop.</div>
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<div>Other factors too will have an impact including higher education funding and housing requirement, defence housing requirements and probably more importantly the weather. This is one factor that politicians can’t simply add money too. Wagga Wagga’s economy relies heavily on the rural sector and should it be negatively impacted the flow on affect will be felt around the town. 
Property Observer looked up some recently sold properties in the fringe areas of Wagga Wagga in the $350,000 to $550,000 range and found these on www.realestate.com.au:
<img src="/images/2016/05/12/main-2.jpg" alt="">
A four-bedroom house with a garden at <a href="https://www.realestate.com.au/property-house-nsw-wagga+wagga-118681587" target="_blank">3 Tubbo Place, Bourkelands Wagga Wagga</a> (above) fetched $390,000.
 
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A four-bedroom house at <a href="https://www.realestate.com.au/property-house-nsw-forest+hill-121204414" target="_blank">2 Teak Close Forest Hill NSW 2651</a> (above) sold for $510,000, according to RP Data.
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NSW's Wagga Wagga's fringes offer promise for new home buyers: HTW

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Sunshine Coast in Queensland has remained a rising market for both houses and units in valuation firm Herron Todd White's property clock --  a simple broad brush means to suggest where property markets are and what direction prices are moving in. 
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HTW also examined the fringes of Sunshine Coast in its April's report.
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The first half of 2015 was running pretty hot. There was a strong increase in sale volumes with entry level properties being the most popular. Investors comprised a higher percentage of our market with some buyers being priced out of some coastal areas. The sub $500,000 housing market close to coastal centres has shown the largest sign of the market improving. To find value and affordability for either investors or owner-occupiers, you are reviewing property type or looking further afield.
The population base generally runs along the coast from Noosa Heads south to Caloundra. While there are some small infill fringe areas near the coast, our real fringe areas tend to be the hinterland and railway townships form Cooroy in the north through to Beerwah to the south incorporating the main centre of Nambour and a number of small towns. Within these areas entry-level dwellings are around the high $200,000 to low $300,000 with these properties generally renting from between $300 to $350 per week which is not a bad return.
Within these areas there are a number of small infill subdivisions that have been performing well on the back of relatively low land prices. One big benefit is that the sizes appear to be more traditional at 600 to 800 square metre allotments with some larger rural residential allotments. Comparing this to the mainly small lot product in the coastal areas is leading buyers to look at these areas as a good alternative for families. Another factor leading to people looking at these areas to live and invest is the sense of community being generated. The schools have that country feel, there are a number of sporting clubs and the towns provide a small main street.
All in all we believe that these hinterland and railway townships have and will continue to tick over pretty well. There is very much a big affordability factor that goes into these areas and that you get some bang for your buck. We have also started to see some lifestyle factors come into play and the fact that people are looking to these areas to raise families. 
Property Observer looked up a few recent sales around the $200,000 to $300,000 plus range in Cooroy and Beerwah on www.realestate.com.au and came up with these:
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A two-bedroom townhouse at <a href="https://www.realestate.com.au/property-unit-qld-cooroy-121409690" target="_blank">6/16a Kauri Street Cooroy Qld 4563</a> (above) sold for $330,000. 
<img src="/images/2016/05/12/main.jpg" alt="" width="652" height="489">
A two-bedroom house at <a href="https://www.realestate.com.au/property-house-qld-beerwah-108437626" target="_blank">25 Greber Road Beerwah Qld 4519</a> sold for $290,500.
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Sunshine Coast's fringes offer more bang for buck: HTW

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Bond Quarter, a 105-apartment high rise by Alpha 14 Property Group, is set within a heritage-listed building on Melbourne’s famous Spencer Street.
Designed by Hayball, the 386 Spencer Street site has an area of 834 square metres, and is located in the University High School Zone.
Spread over 16 floors, Bond Quarter will comprise a mix of one and two-bedroom apartments, with the one bedroom at $385,000 and the latter from $484,000.
The developer claims sales are robust, only to be expected as the development has easy access to educational institutions including Melbourne University, medical centres and is close to public transport.
 
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Bond Quarter in Melbourne's Spencer Street combines heritage with modern living

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Hospitality veterans Bruce Solomon and Matt Moran are merging their Solotel and MorSol businesses under the Solotel brand, bringing under one umbrella some of Australia’s leading bars and restaurants, according to a media report.
The two businesses will merge under the Solotel title at the start of the new financial year, said a report in hoteling industry news website www.theshout.com.au, though it didn't mention financial details of the deal.
Currently, Solotel has a portfolio of 20 hospitality venues in Sydney and Brisbane, including the Opera Bar and The Sheaf hotel; while MorSol operates some of the best restaurants in Australia, including the two-hatted ARIA Sydney, ARIA Brisbane, CHISWICK Woollahra and CHISWICK at the Gallery.
Following the merger, Matt Moran will continue to manage the ARIA and CHISWICK restaurants – the flagship restaurants of the business. 
After the deal, Solotel's staff will number around 1500. 
Moran said the merger would open up new opportunities for the staff.
“It’s going to give lots of opportunities to lots of people. If a young chef starts in a pub one day he might have [the] ambition to be in a fine dining restaurant and vice versa – I might have a sous chef in ARIA who might want to run his own pub,” he said.
Solomon and Moran's business partnership goes back to 2000 when Solomon turned the Paddington Inn into a gastropub, with a focus on the food offering. 
Both Solomon and Moran believe that by merging the businesses, they are creating one of the most dynamic hospitality groups in the country, the report added.
The Paddington Inn will be relaunched in August, opening as a new restaurant and front bar, followed by the renovation of The Edinburgh Castle Hotel in Sydney’s CBD later this year.
Solotel have also won the bid for The Australian Hotel in the new Central Park residential and entertainment precinct on the CBD’s fringe. Both The Australian Hotel and Solotel’s three-level prestige venue in Sydney's Barangaroo will open in 2018. The Barangaroo venue will feature a bar on the ground floor, a restaurant on the first floor and a rooftop bar.
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Solotel and MorSol to merge under Solotel brand

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.

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<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."

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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."

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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."

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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.

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“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. 
&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] 
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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.” 
&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. 
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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] 
&nbsp; 
Designed by <a href="https://www.apartments.com.au/architects/nettletontribe">Nettleton Tribe</a> with interiors by <a href="https://www.apartments.com.au/interior-designers/richards-stanisich">Richards Stanisich</a>, Alex &amp; Willow is a boutique collection of generously sized two- and three-bedroom residences in the heart of Crows Nest village.&nbsp;

Completion is slated for early 2027.

[smartcode_project_cta:default project_id=6680]

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

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

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