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With interest rates at record lows, more self-managed funds are snapping up commercial assets between $2 million and $5 million in Western Sydney, although owner-occupiers remain the dominant force.
The strength of the commercial market in Sydney was illustrated through a recent deal by Raine &amp; Horne Commercial, which sold a building at <a href="https://www.realcommercial.com.au/property-industrial+warehouse-nsw-lidcombe-501743026" target="_blank">211 John Street, Lidcombe</a> for $4.3 million to a Honda Motor dealer. The dealership is using the freestanding 2,000 square metre industrial building, which includes a warehouse/showroom factory, as a future service centre.
The dealership beat a number of investors and developers for the property. The building has direct access to Parramatta Road and is close to Lidcombe Railway Station and the M4 Motorway.
Raine &amp; Horne Commercial director, Industrial Services, Duarte Figueira said lower interest rates were driving up owner-occupier activity.
“Many small to medium businesses are weighing up paying a mortgage against a lease. With rates at historic lows, repaying a commercial loan and ultimately owning an asset is making plenty of sense at present,” said Figueira.
“This is a sought-after precinct and Larke Hoskins Honda will join Bunnings, Reading Cinemas, Anaconda, Costco, Woolworths, ALDI and many other retailers who have decided to set up shop here.
“We’re seeing a stream of businesses operating in flat pack furniture and flat pack bathrooms looking to secure properties in our region. They are usually businesses with 30 staff or less – although we are seeing some bigger businesses buying commercial space too.”
Apart from low interest rates, western Sydney’s improved infrastructure is attracting businesses out of CBDs such as Sydney, Parramatta, and even North Sydney according to Duarte.
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Business owners driving Western Sydney commercial sales market: Raine & Horne

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A childcare centre in Brisbane with a new 15-year lease will go under the hammer at a Burgess Rawson auction in Melbourne on May 18.
The purpose-built facility at <a href="https://www.burgessrawson.com.au/3P1290#.VzGK_WPwyb9" target="_blank">3 Camelia Avenue, Everton Hills</a> has a land area of 2,190 sqm and is licensed for 91 LDC places.
Its 15-year lease expires in 2031 with options for two 10-year extensions.
The centre earns a net income of $191,067 pa with a minimum 3 percent annual rent increases.
According to Burgess Rawson, it is a well regarded and successful child care provider with an additional centre in Bald Hills and more than 15 years experience.
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Childcare centre in Brisbane up for sale at Burgess Rawson auction

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Construction has started in right earnest at Oakland Estate, a $1 bilion masterplanned development in the Queensland township of Beaudesert, with buyers snapping up home sites.
Close to the Gold Coast and Brisbane, Oakland Estate offers brand new homesites, house and land packages with schools, parks, restaurants and retail planned.
A $30 million construction programme has started which includes the McAuley Catholic College, that will have an intake of 850 students and will open in January 2017.
nWork is also expected to start soon on a shopping village, comprising a 1,200 sqm IGA supermarket, 500 sqm of specialty stores, a fast-food restaurant and a tavern complete with function rooms, a children's play centre and a separate public bar and dining area.
A service station, including a drive-through coffee shop, are also expected to come up soon.
Oakland Estate is being developed by Robinson Projects. Lots average 750 sqm and are priced from $185,325.
Head of Robinson Projects, James Robinson, says he has also partnered with local builders to deliver a range of house and land packages priced from $346,000 with a variety of three and four bedroom floor plans. 
"Our first purchasers have predominantly been mature couples and retirees looking to make plans for the next phase of their lives," he said.
"The construction of the school has also led to strong enquiry from families who want to move to Beaudesert to raise their children in a country environment, whilst still being within a one hour drive of both Gold Coast and Brisbane City."
<img src="/images/2016/05/11/Screen%20Shot%202016-05-11%20at%209.01.38%20AM.png" alt="" width="1276" height="768">
Two of the first buyers in Oakland Estate are Peter and Lesley Wilson, who are moving from Yeppoon. The couple has bought a 785 sqm homesite at Oakland Estate.
"We are retired and have family based in Toowoomba, Gold Coast, Brisbane and Sydney, so we wanted to find a place where it would be easier for us to access the motorway or airport to visit our loved ones," Wilson said.
 
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Oakland Estate in Queensland's Beaudesert draws first buyers, $30 million construction underway

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Property developer Miller Property Corporation has plans to build dual towers comprising 197 apartments and retail spaces in inner city Newcastle.
It has filed a development application with Newcastle City Council for its mixed-use project at 464 King Street, Newcastle. 
Occupying 4585 sq metre, the towers will be named Verve Residences, and comprise one, two, three-bedroom residences through to five-bedroom sub-penthouses and penthouse.
Verve’s design will comprise two fan-shaped towers, linked by an internal ‘podium’ space with private recreational areas and gardens. The architectural design is a joint effort between CKDS Architecture and Hill Thalis Architecture + Urban Projects.
Sales are expected to commence from June 4, 2016, said a media release.
Miller Property Corporation’s experience goes back to 1974 with the development of The Castle Tavern but most recently with The Darby (Darby Street, Cooks Hill) and Eclipse (Union Street, Cooks Hill).
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Developer plans for 197 apartment project in Newcastle

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Victoria's Horsham city has been perched at the peak of the property cycle for both houses and units for April and May, according to valuation firm Herron Todd White's latest property clock -- a simple broad brush means to suggest where property markets are and what direction prices are moving in.
<a href="/images/2016/05/11/Screen%20Shot%202016-05-11%20at%208.38.42%20AM.png" target="_blank">Click to enlarge</a>
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Horsham’s residential real estate market continues to provide a stable investment for both owner-occupiers and investors. The urbanisation of today’s population is bringing senior members of the community to central service hubs such as Horsham and generally increasing the larger centre’s ability to attract and retain the younger generation and continuing its population growth. In turn this brings about expanding outer built up fringe areas and increased prices for inner city property located in close proximity to shops and services.
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As real estate in inner city Horsham continues to appreciate, more and more buyers are looking for cheaper alternatives. In larger centres such as Ballarat or Melbourne, this would see buyers moving further out of town into the suburbs and becoming more reliant on the local neighbourhood shopping centre. In Horsham, this phenomenon is generally different and sees families moving to smaller nearby town such as Murtoa and Dimboola that are located within a 30-minute drive of Horsham but maintain schools and local shops.
House prices in these smaller towns are significantly lower than Horsham. As an example, Horsham’s current median house price sits at $290,000, while Dimboola’s median house price is a far more affordable $120,000. When weighing up size and affordability, regional towns are definitely an option. 
Property Observer looked up a few recent sales around the median prices for Dimboola and came up with these from www.realestate.com.au:
 <img src="/images/2016/05/11/main.jpg" alt="" width="672" height="504">
 A three-bedroom house at <a href="https://www.realestate.com.au/property-house-vic-dimboola-119628011" target="_blank">14 Denham Street Dimboola Vic 3414</a> (above) fetched $132,000. </div>
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A two-bedroom house at <a href="https://www.realestate.com.au/property-house-vic-dimboola-120385073" target="_blank">3 Acacia Street Dimboola Vic 3414</a> (above) sold for $107,000.
 
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As Horsham's prices rise, buyers turn to cheaper fringe towns: HTW

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Ex-Middle Brighton Post Office site in Melbourne has been leased to sportswear giant Nike for around $200,000 per annnum.
Fitzroys agent Mark Talbot brokered the seven-year deal for the iconic property on the corner of Church and St Andrews Streets in Brighton.
The site was previously occupied by the failed Laura Ashley group.
Talbot said Fitzroys were appointed to re-lease the premises in a private expressions of interest campaign, following which three potential tenants were shortlisted. 
“Operators recognise Brighton’s demographics continues to support top-quality tenants,” said Talbot. 
 
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Nike moves into former post office site in Melbourne's Brighton 

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Governments and private companies could save millions of dollars and drastically reduce their carbon footprint with a simple adjustment to the way they use air-conditioning, according to new research by Savills. 
In a presentation posted to the online knowledge clearinghouse TED (Technology, Entertainment and Design), Savills Australia’s national head of Research, Tony Crabb, said air conditioning systems were generally fixed at what is considered to be an optimal 22 degrees based on an arbitrary standard which took no account of outside temperatures and employee comfort levels.
"It turns out that we heat and cool the built environment to a fixed 22 degrees. Why? Because it is the thermal comfort level of a 44-year-old-man which was determined by the Americans in the 1950s. I kid you not," he said.
"This is an arbitrary point that makes little sense and which costs governments and industry millions of dollars a year to say nothing of the impact on the environment.’’
By way of an example, Crabb said that in 2008 the United Nations, as a publicity stunt at its New York headquarters, adopted a temperature range of 19-25 degrees. A month later the UN estimated the savings at US$100,000.
"In Australia, some 40 per cent of our energy is consumed in the built environment and a large amount of that energy is used in heating and cooling. The question is why wouldn’t you adopt some flexibility with regard to your air-con temperature settings?
"If we did this in Australia in office buildings and shopping centres it would save a hundred million dollars and three hundred thousand tonnes of carbon emissions a year and it would not cost a cent. 
"Now let’s run that out through all the other property in the country including residential and then run that out around the world and we are talking billions of dollars and millions of tonnes every year,’’ Crabb said. 
Irrespective of the dollar savings, he said governments and industry should make the effort to adjust the air-conditioning as part of their social responsibility.
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Air-con at 19-25 degrees would save millions of dollars: Savills Research

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The value of residential property in Sydney has risen 137 percent over the last 10 years to rank fourth behind Mumbai (184 pe cent) in a list of world cities, according to new research by Savills.
The Irish capital Dublin was at the other end of the scale, with capital value declining 26 percent over the same period.
Ten-year residential capital value growth in all global cities surveyed averaged 73 percent to the end of 2015, with Asian cities, including Shanghai (173 percent), Hong Kong (167 percent) and Mumbai, occupying the top three positions.
Savills Australia’s national Head of Research, Tony Crabb, said while it was unlikely the high level of growth these key cities had achieved in recent years was sustainable in the long term, Australia’s strong property fundamentals, including robust population growth, would nevertheless underpin a continued high level of performance, particularly along the eastern seaboard.
"Australia’s population growth is amongst the strongest in the world and is the strongest in its history. This creates ongoing demand for residential property as well as retail goods and services which feeds into logistics, warehousing and manufacturing and ultimately demand for office property and the two cities which will benefit the most from this trend are Sydney and Melbourne.
"As the population of these two cities is set to double over the next 35 years, the key driver of long-term growth is in place, and that should see Sydney remain near the head of the table in the medium term,’’ Crabb said.
Head of Savills World Research, Yolande Barnes, said the roller-coaster ride of the global financial crisis had presented an opportunity for real estate in new and emerging markets, particularly Asia, to rival those in the West, with price growth in the new and emerging economies averaging 123 percent between December 2005 and mid-2011, compared with just 32 percent in the established cities of the old world - Paris, Tokyo, London, Sydney and New York. 
She said while capital growth fortunes reversed in the years since 2011 - old world markets grew by an average of 35 per cent and new world markets by just six per cent to December 2015 - the Asian cities remained at or near the top of the table.
However, the Asian cities at the top may now be more fully valued and therefore more exposed to price falls or stagnation, particularly during economic recession.
"Our analysis of occupier demands and rental growth across all sectors (residential and commercial) should prove a good guide to the fundamentals of different markets and would seem to point to the best prospects for capital growth lying among the cities at the foot of the table, which are enjoying population growth and occupier demand from burgeoning digital and creative industries,’’ Barnes said.
Those nearest the bottom of the table with the lowest rates of growth were in the high-supply US cities of Miami, LA  and Chicago, while Dublin’s residential values remain 26 percent below its 2005 levels, although this represents recovery after an incredible fall from its 2006 peak to its 2012 trough of -57 percent.
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Sydney residential values up 137 percent in 10 years, fourth behind Mumbai: Savills 

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NSW Central Coast was perched at the peak of the market for houses, according to valuation firm Herron Todd White's latest property clock -- a simple broad brush means to suggest where property markets are  - and what direction prices are moving in. For units, it was approaching the peak of market.
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The April report also discussed the fringes of the Central Coast. 
Due to its location just north of the Sydney metropolitan area and the good transport corridor and services between them, some may be calling the Central Coast region a fringe location of Sydney. The people of the Central Coast would of course, object to this reference, say HTW.
When discussing fringe localities on the coast, we can think of those areas on the western side of the M1 Motorway. These are mostly rural areas with generally limited services.
We are finding these areas interesting at present as the rising prices in the Sydney market have opened the symbolic door to these areas with Sydneysiders discovering the good buying to be had. A noticeable level of activity has been seen since mid 2015 and demand is quite good. We have recently looked at more properties in these areas over the past year than we have over the previous five years.
This includes areas such as Calga, Mount White, Peats Ridge and Somersby which are close and handy to the M1 Motorway and Mangrove Mountain, Bucketty and Kulnura being that little bit further out but no less popular. We have seen a renovated dwelling on 16 hectares sell recently for just over $1.7 million. This is towards the upper end of the value range with numerous other properties available closer to or below the $1 million mark. Rental returns are not that great – expect around 3% to 4% - but it must remembered that these are lifestyle properties.
Another thing to remember with these locations is that traditionally, they don’t enjoy the same value increases seen closer in. In fact, it could be argued that they only see rises every second cycle.
As we move further north, renewed interest has been shown within selected parts of the Dooralong and Yarramalong Valley areas. These are beautiful locations and well worth a close look. Another fringe location is Jilliby which adjoins the M1 Motorway. 
Strangely enough, Jilliby has been a bit quiet lately and we expect its popularity to be on the rise shortly.
Close to the Gosford CBD but considered by many as being on the fringe are the suburbs of Niagara Park, Narara and Wyoming. As a result of the market increasing, these areas have grown in popularity with a recent purchase seen of a very tidy three-bedroom family home purchased at Narara in the mid $500,000 mark – a very good buy by today’s standards. These are areas that have lacked the popularity enjoyed by the beachside suburbs and as new owners move in and gentrification occurs, they may well prove a smart buy as we move forward. Tip: take a good look at the Wyoming area.
Rental returns in these areas have hovered around the 5 percent to 6 percent mark.
Further north, we think of Chain Valley Bay, Gwandalan and Summerland Point as fringe locations. Popular with retirees and the budget constrained, these areas have also enjoyed the benefit of the rising market and it is our hope they continue to do so. They are great family locations with sound community support and good access to Lake Macquarie. Grab the fishing rod or water skis and inboard - take a look at these ones.
Rental returns for investors are pretty good in these areas at around the 5% mark generally and we think the prospects are also good in terms of values increasing.
Back to the southern end, there are also a number of locations along the coastal strip that have enjoyed continued popularity with Sydney-based owners as their choice of location for weekenders. These areas include MacMasters Beach, Killcare, Hardys Bay, Pretty Beach, Wagstaffe and Pearl Beach. So as not to offend, we are being respectful of these people and will refer to these areas as quaint or out of the way suburbs, rather than fringe locations.
Whatever the term, they fit the criteria inasmuch that they are away from the hustle and bustle of the busy Central Coast life with privacy, plenty of trees, a beach close by and a good café - de rigueur to entice investment here. Imaginative house name plates or faux rustic signs abound in these locations with The Shack and Beach House popular choices and others reminiscent of European resort spots often attached to them.
Mind your step though and think big values, not so big returns (excluding holiday rentals) and values fluctuating according to economic sentiment rather than traditional supply and demand for these areas – it’s about quality, refinement and having friends around in these locations. 
Property Observer looked up a few properties in the fringe suburb of Wyoming on realestate.com.au. The median price of houses in Wyoming was $480,000 for houses and $385,800 for units, according to CoreLogic RP Data.
A four-bedroom house with parking for three cars at <a href="https://www.realestate.com.au/property-house-nsw-wyoming-122082494" target="_blank">36 Rain Forest Road Wyoming NSW 2250</a> (below) sold recently for $475,000.
<img src="/images/2016/05/10/image3.jpg" alt="" width="675" height="506">
A two-bedroom house at <a href="https://www.realestate.com.au/property-house-nsw-wyoming-122272290" target="_blank">21 Kinarra Avenue Wyoming NSW 2250</a> (below and lead image) sold for $395,000.
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Sydney's rising property prices open doors to NSW Central Coast's fringes: HTW 

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The first resident has moved into Bli Bli’s Parklakes 2 development on the Sunshine Coast.
Dr Christopher Walker and his wife, Katie, have moved into their new four-bedroom, two-bathroom house on a 522 sqm block in the 700-lot masterplanned residential community.
“We’re looking at building another house but land is selling so quickly we’re not sure we’ll get a chance,” Dr Walker said. “It’s popular because it’s close to everything, but it’s still quiet – it’s not in the middle of all the hustle and bustle," he said. “It offers a lot of things that other residential estates can’t.” 
The development will include 438 houses, 20 hectares of forest, a park with a café, floating wetlands, a child care centre, school and a sports complex, says its website.
Parklakes 2 also features a floating wetland treatment system that will treat stormwater run-off, and is the largest of its kind to be installed in a residential development in the world, according to a media release. 
Besides being a resident, Dr Walker has also been involved with the wetland treatment system in his role as environmental manager at Covey Associates, the principal engineers working on the development.
Developer Robert Flipp said the once-sleepy town of Bli Bli was fast becoming one of the most desirable riverfront communities on the Sunshine Coast. 
Around 20 lots per month have sold in the development since it launched to the market last year, he added.
"Our onsite sales office will be completed at the end of April and our 13 home display village will be open by mid year so we expect demand to remain strong,” he said.
Earlier this year, a $20 million Bli Bli Village Centre, a mixed-use multi-level development on the corner of Bli Bli Road and David Low Way, was approved.
Existing retail stores include a Supa IGA and River Markets Shopping Complex, and the Sunshine Coast Airport too is not far.
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First resident moves into Sunshine Coast development Parklakes 2 

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.

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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.” 
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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] 
&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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