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A $650 million makeover with a precinct housing apartments, retail and entertainment spaces is being planned for Gosford CBD and establish Gosford as the heart of Central Coast.
The master plan for ‘Gosford Alive’ by Lederer Property outlines the redevelopment proposal of a 5.8-hectare site in Gosford CBD close to Gosford Train Station.
The project, a brainchild of Lederer Property and architects, Conybeare Morrison (CM+), is in line with the NSW government’s Draft Central Coast Strategy, which calls for new homes and employment opportunities to accommodate the forecast regional population increase of 100,000 over the next 20 years.
A Stage 1 Development Application (DA) will be lodged with Gosford City Council in the first quarter of 2016. Due to the cost of the project, NSW planning legislation requires that the DA is assessed by the Joint Regional Planning Panel on behalf of Gosford City Council.
Residents will benefit from new shopping, food and entertainment experiences with an additional 8,000 square metres of retail/commercial space and 300 more parking spaces, proposed as part of the ongoing redevelopment of the Imperial Centre. New cafés and restaurants are planned for Kibble Park, while Transit-Oriented Development (TOD) principles will connect seamlessly to existing public transport nodes and promote walkability, said a media release.
This will happen over the project’s 15-20 year horizon and extends on the work Lederer Property has already begun at the Centre which has recently undergone a $20 million redevelopment. The Kibbleplex Centre building will be replaced by apartments over the next five years.
“With Gosford Alive we’re proud to contribute to the NSW’s government’s vision to establish Gosford as the capital of the Central Coast,” said Marek Ristwej, general manager – property at Lederer Group.
Lederer Property, a part of Lederer Group, has a property portfolio including retail, office, residential and industrial.
For more information, <a href="https://gosfordalive.com.au" target="_blank">click here</a>.
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Lederer Property plan unveiled for $650 million makeover of Gosford CBD

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The tighter rules on investment property notwithstanding, investors — portfolio or SMSFs — continue to look for opportunities, as the latest report by consulting firm Digital Finance Analytics shows.
Putting this into context, the Australian residential property market is currently valued at over $5.86 trillion, with values doubling in the past 10 years.
According to the RBA, as at January 2016, total housing loans were a record $1.53 trillion.
The median number of properties held by households that are portfolio investors is eight, with the group comprising of 191,000 households, the DFA’s latest biannual report titled The Property Imperative found. 
According to the surveys in the report, most households expect house prices to rise in the next 12 months (70%), while 64% said they will transact in the next 12 months. Many will borrow more to facilitate the transaction (90%), and 52% will use a mortgage broker. Significantly, for about 23% of portfolio investors, managing their property investments has in effect become their full time job. 
Among solo investors, about 992,000 households only hold investment property, 2.5% of which are held within superannuation, shows the report.  Households in this segment will often own one or two properties, but do not consider they are building an investment portfolio. 
Around 68% of households expect prices to rise in the next 12 months, 38% expect to transact within the next year, 53% will need to borrow more, and 37% will consider using a mortgage broker. 
There are a number of barriers to investment, which the surveys identified. Many investors had already bought, so were not in the market (34%). More than 26% of potential investors were concerned by possibly adverse change to regulation – negative gearing or capital gains and 9% specifically referred to risks in the May budget. Some (12%) said they felt property prices were now too high, said the survey.
"The RBA continues to highlight their concerns about potential excesses in the housing market. In addition, Australian Prudential Regulation Authority (APRA) has been tightening regulation of the banks, in terms of supervision of lending standards, the imposition of speed limits on investment lending and has raised capital requirements for some bank," says Martin North, the founder of DFA.
"The latest RBA minutes indicates their view is these regulatory changes are slowing investment lending somewhat, though we observe that demand remains, and in absolute terms, borrowing interest rates are low."
The survey also noted the interest in investing in residential property via self managed superannuation funds (SMSFs), which can only invest if the property meets certain criteria. 
Overall, the survey showed around 3.75% of households holding residential property in SMSF, and a further 3.5% were actively considering it. 
Of these, 33% were motivated by the tax efficient nature of the investment, while others were attracted by the prospect of appreciating prices (24%), the attractive finance offers available (12%), the potential for leverage (15%) and the prospect of better returns than from bank deposits (12%). 
The proportion of SMSF in property was on average 34%. 
According to the fund-level performance from APRA to December 2015, and DFA’s own research, superannuation is big business, with total assets worth more than $2 trillion (compared with the $5.5 trillion in residential property in Australia), an increase of 6.1 % from last year. 
APRA reports that Self-Managed Superannuation funds held assets were $594.6 billion at December 2015, up from $578.9 billion in September 2015.
To read more, <a href="https://www.digitalfinanceanalytics.com/blog/latest-dfa-household-survey/" target="_blank">click here</a>.
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Investors expect property prices to rise: Martin North's DFA report

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Credit union CUA announced a nine percent rise in its group net profit after tax (NPAT) in its first-half ended December 31, driven by strong loan growth and net interest income.
The CUA Group – which includes its banking operations (the ADI) and CUA subsidiaries and insurance businesses – also recorded asset growth of more than $500 million over the six months to 31 December 2015, taking consolidated assets to a record $12.5 billion, it said. 
Loans grew 4.2 percent to $10.83 billion, with $1.5 billion in new loans. 
NPAT was $28.05 million, while net interest income was up 5.7 percent or $6.17 million for the period to $113.75 million, boosted by strong lending in FY15, new products and interest rate changes, it said. CUA said it was on track to improve its net interest margin during the second half. 
CUA’s banking business (or ADI) posted a first-half NPAT of $30.85 million, up 12.5 percent on the previous first-half result of $27.43 million.
“This is another solid financial result for CUA which reflects our focus this year on sustainable growth, investing in our future capability and building capital to enable us to lend to more customers,” CUA chief executive officer Rob Goudswaard said. 
Since launching CUA’s updated mobile banking app in October, online banking has attracted 9,500 new mobile users and the number of new registrations each month is up by 46 percent. CUA recently launched a new website.
Goudswaard said he was pleased with the continued high quality and low risk of CUA’s lending growth. Home loans with a Loan to Valuation Ratio (LVR) above 90 per cent account for less than 8 percent of CUA’s total home loan portfolio. Impairment charges were down 9.6 percent on the same period last year and CUA’s loan arrears are around half the rate being reported at industry level. 
“We also launched two new home loan products in July 2015, giving borrowers a greater choice of rates and features, depending on the size of their deposit and whether the customer is buying the property to live in or as an investment. In addition, we implemented different rates for investors across variable and fixed home loans, in response to the regulators’ focus on managing growth in investor lending.
Last year, Goudswaard had said new loan growth would not be as strong in 2016 as it needed to peg back growth in its investor loans, which is at 16 percent, were above the banking regulator's 10 percent growth cap. 
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CUA first-half profit up nine percent on net interest margin, loan growth 

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NSW’s Coffs Harbour has reached the peak of the market cycle, while Melbourne is approaching its peak, according to valuation firm Herron Todd White’s latest property clock for houses, which also discusses gentrification.
The HTW clock for March is a simple broad brush means to suggest where property markets are and what direction prices are moving in.
<a href="/images/2016/03/10/Screen%20Shot%202016-03-10%20at%2010.02.45%20AM.png" target="_blank">Click to enlarge</a>
<img src="/images/2016/03/10/Screen%20Shot%202016-03-10%20at%2010.02.45%20AM.png" alt="">
Coffs Harbour joins Dubbo, Newcastle and Central Coast at the top of the property cycle for houses, making it a clean sweep for NSW at the top.
Canberra, and the twin cities of Albury and Wodonga have entered a rising phase, while Sydney remains as a market starting to decline, joined by Horsham and South West Western Australia, shows the clock.
The Coffs Coast is made up of several small coastal and rural communities and has not yet experienced significant gentrification. 
There are several well established and sought after localities which continue to experience redevelopment or modernisation of old to new, however, these have not been gentrified, more they have always been prime locations. 
In Coffs Harbour, localities of this type that have experienced new development include Sawtell and the Jetty/ Harbour precinct and the northern beaches localities of Moonee Beach, Sapphire Beach and Emerald Beach. 
Valla Beach to the south and the popular rural township of Bellingen are also areas to which people tend to be attracted. The township of Woolgoolga (25 kilometres north of Coffs Harbour) is also experiencing new development within the central location close to the CBD and beach. Several older style cottages along the headland and central town positions are being purchased and redeveloped for more upmarket housing or higher density development. 
This is also coupled with increasing commercial activity seeing further development of the cafe and restaurant scene attracting increased popularity as a holiday destination and permanent address. 
There is one locality where the future for gentrification would appear to be the brightest - Park Beach (about five kilometres from Coffs Harbour’s CBD). This area was established in the 1970s with modest low-rise holiday and unit accommodation buildings and several single residential homes scattered throughout. Along the esplanade (Ocean Parade), higher density development has taken place with medium rise unit buildings, the landmark tavern known as the Hoey Moey and Park Beach Caravan Park making this area a popular tourist location. 
The locality has suffered from a history of negative social features and while these have been largely addressed, a stigma remains which has reduced broader market appeal. The advantage of this locality is the beachside position with major shopping facilities such as Park Beach Shopping and Home Base centres located nearby. This area is divided into two sections by a distributor road known as Hogbin Drive to the east and west. 
Although the whole locality has seen considerable new development in the past two years, predominantly through the construction of new townhouse complexes, the major development of new high-rise buildings to the east of Hogbin Drive has seen the area lift in stature. 
The area is predominantly made up of unit complexes with limited single residential dwellings available. The entry point in the area for a modest two-bedroom unit is around $150,000 to $180,000 with average prices ranging from $200,000 to $250,000. 
New three-bedroom townhouse units (west of Hogbin Drive) sell for $360,000 to $390,000, while modern units east of Hogbin Drive are priced between $420,000 to $460,000. The new high-rise buildings start at around $400,000 on the lower levels and up to $1 million plus for penthouse units. 
Among the capital cities, the ACT property market has undergone significant gentrification over the past five years with the emergence of Braddon’s Lonsdale Street precinct and the Kingston Foreshore as two of the most sought after residential locations, say HTW.
In Melbourne, the growing popularity of Footscray is being driven by revitalisation of local amenities, an increase in shops and restaurants, local council initiatives, affordability of property and significant volume residential developments.
The current median house price for the December 2015 quarter was $765,000, a slight decrease from $780,000 in September 2015 and the median unit price was $366,667 which has remained steady since September 2015. 
Among the other movers is Gladstone, which is approaching the bottom of the market, while the rural region of Gippsland in Victoria is shown as rising.
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Coffs Harbour joins 3 NSW cities at the peak: March HTW house property clock 

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Property developer Poly (Australia) Real Estate Development Pty Ltd [Poly] has received development application approval on its 501-apartment Poly Horizon project in the northern Sydney suburb of Epping.
Poly has received approval from the North Sydney Joint Regional Planning Panel (JRPP) to develop a landmark mixed-use precinct that will comprise three residential towers, including a 21-storey tower, a 22-storey tower and one seven-storey tower. The approval also includes 1,000 sqm of ground level retail.
Construction on Poly Horizon will commence in April, with the developer not requiring bank finance and therefore not needing to achieve sales thresholds to receive construction finance.
“Most developers usually need to achieve at least 80-90% pre-sales to commence construction however due to the financial strength of Poly, this is not necessary. This gives further confidence to buyers that Poly Horizon will be delivered on time,” said Poly managing director Arthur Wang.
Designed by multi-award winning architects PTW, the development features reticulated façades and will consist of a range of one-bedroom plus study, two and three-bedroom apartments as well as a small number of penthouses.
Positioned on an elevated ridgeline, the development will offer views of the CBD and the Blue Mountains.
“At completion, the project will feature a ground floor with cafes, restaurants, public art and a large podium courtyard," said Wang.
The project’s approval comes at a time when Epping is set for a transformation, with the NSW Government’s Epping Town Centre Plan to be implemented. 
For more information, <a href="https://www.polyhorizon.com.au" target="_blank">click here</a>.
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Chinese developer Poly receives approval for residential project in Sydney's Epping

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A recent commercial auction by Raine &amp; Horne in Sydney's Dee Why drew strong interest, with properties selling above the reserve price.
A former Mitre 10 showroom in North Manly sold above the reserve for $3.93 million at the in-rooms auction.
The freestanding warehouse at 390-392 Pittwater Road, North Manly was sold under the hammer to a local business owner. 
The warehouse and showroom have an area of 722 square metres, as well as an additional mezzanine of 307 sqm.
Its exposure to busy Pittwater Road was a big attraction to the owner-occupiers and investors who lined up to bid for it at the auction.
A fully-tenanted, 840 square metre GLA freehold retail building at 20 Howard Avenue in Dee Why was the top draw, (above) selling for $8 million, well above the vendor’s reserve.
“This is a stunning result that illustrates the enthusiasm for doing business in Dee Why,” said selling agent Vincent West of Raine &amp; Horne Commercial Northern Beaches.
The property was snapped up by a private investor, who noted the income potential from the five long-term tenants, added West. 
The Dee Why commercial precinct is undergoing a facelift, with more momentum coming from the introduction of the Town Centre Master Plan.
“This landmark building is within a growing retail and commercial precinct, which will continue to benefit from the Dee Why’s transformation, and its close proximity to high profile residential developments, beautiful beaches and public transport,” said West.
A boutique warehouse at 2/11 Green Street, Brookvale, was also auctioned off for $651,000 to Nine Yards Coffee, an operation involved in coffee roasting.
The 158 square metre warehouse includes 65 sqm of office space, 30 sqm mezzanine, and two car spaces.
"It fronts busy Green Street just up from Warringah Mall,” said West.
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Under the hammer and over reserve – commercial auction underpins confidence in Sydney's Northern Beaches

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An iconic Melbourne CBD building which was first traded in 1965 for $57,000 is back on the market with an enviable, fully-leased, tenancy profile boasting two tenants who have been on site for an average 30 years.
The 185-187 Lonsdale Street property is for private sale with an asking price of $9.9 million
The property is at the corner of Waratah Place, directly opposite QV and within both Melbourne’s Chinatown and Greek precincts -- the key to the longevity of the tenants, according to Nick Peden and Clinton Baxter of Savills, who are marketing the property with Burgess Rawson’s Jamie Perlinger and Nick Breheny,
One of the tenants, Greek cake house International Cakes, has been a tenant at the building for 46 years – one of the longest running retail-strip tenancies in the city.
"This is a really interesting building not just because of the beautiful architecture but because its standing in two of the CBD’s most iconic cross-cultural precincts – Chinatown and the Greek precinct – and of course the two tenants whose exceptionally long leases are testament to the value of the right location," said Peden.
"Chinatown is one of Melbourne's most vibrant and popular 24-hour precincts, while the Greek precinct serves a Greek population which is the largest in the world outside of Greece.’’ 
Perlinger said the three level, 550 square metre, building remained in excellent condition and stands on a 188 square metre site with a combined 30 metres frontage to Lonsdale Street and Waratah Place.
International Cakes is on a current five-year lease with two further extensions at a net rental of $240,000 per annum, while WahWah Lounge, which has been in occupation for 15 years, has a three-year lease with two three-year options at a net rental of $114,545 per annum.
International Cakes has an Australia wide reputation for producing a wide range of Greek style cakes, pastries and tarts including pasteli, nougat, halva, and loukimi.
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Historic Melbourne CBD building, first traded for $57,000, back on market

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Cromwell Phoenix Property Securities Fund has won the Morningstar Fund Manager award for listed property for the third consecutive year, confirming its position as one of Australia’s leading property securities funds.
The fund, which closed in 2015 to new investors, invests in ASX-listed property securities and delivered a total annual return of 16.3 per cent last year, outperforming the S&amp;P/ASX 300 A-REIT Accumulation Index by 1.9 percent.    “The Morningstar Awards set the benchmark for exceptional fund performance and value for investors. It’s an honour to be nominated but a true display of our team’s expertise to be awarded for the third consecutive year,” said Stuart Cartledge, managing director of Phoenix Portfolios.   “The A-REIT market continues to be an attractive proposition for investors. The broader market outlook is improving – the recovery of the Melbourne and Sydney office markets outweighs the weak performance of resource-impacted Perth and Brisbane.”   “We expect property will continue to deliver solid returns over 2016 due to the upward pressure on the value of underlying assets, and continued rental growth across all sub-sectors given reliable lease income with built-in increments,” he said.
The Morningstar Awards are designed to help investors identify exceptional funds and fund managers. Fund and fund group nominees are selected based on quantitative methodologies that emphasise outperformance over one, three, and five-year periods.
The awards were announced on March 4. 
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Cromwell Phoenix named property securities fund of the year by Morningstar

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Key amenity differentiators for office buildings like childcare and gyms are still rare, while lobby events bring a sense of engagement for workers in a building who are from different firms and who might not otherwise interact, reveals a new survey of customer service and offerings in commercial office buildings by global real estate services firm JLL.
JLL’s first Regional Customer Services and Experiences survey is a regional snapshot of 62 JLL-managed properties across eight countries in the Asia-Pacific region. Half of the properties surveyed were in Australia.  
The survey revealed that whilst some amenities, such as end-of-trip facilities, retail and concierge services are becoming widespread in commercial buildings, other differentiators such as childcare, shared meeting and conference rooms, gyms and lobby lounges were rare – with only 5-10% of buildings surveyed offering them.
“Customer service is increasingly a strong differentiator. In the current competitive market, it is increasingly difficult for a commercial office building to differentiate itself from its neighbour or a similar building down the street,” said Mike George, JLL’s head of the Premium Asset Group, Property Management.
“And the good news for building owners is that improving customer service doesn’t necessarily result in additional expense.
“Mostly it can be done for little or no additional cost to the normal day-to-day operations of the building.  Some measures, like end-of-trip facilities, require a capex commitment but other measures are about changing mindsets, attitudes and behaviours.  It does take an investment in time and effort, but done properly, can reap significant rewards, including attracting new tenants, retaining existing tenants and enhanced brand strength for the property and owner,” he added.
A JLL Paper titled, ‘Putting the customer first’ outlines the business case for offering superior customer service and engagement in commercial buildings.  
Amenity and Convenience
With office employees spending between 40 to 60 hours a week at work, there is increasing demand for more lifestyle conveniences within the workplace. Employers recognise that they can and should cater for these conveniences, like dry cleaning services and on-site physio, if they want to retain the best talent and create a productive workplace.
“End of trip facilities once served as a key differentiator amongst Premium and A-Grade buildings.  However in more mature markets, like Australia, tenants now expect them,” George said.
“The JLL Survey found 68% of buildings surveyed provided extensive bicycle storage, shower and locker and facilities.
“In contrast, only 5% of the buildings surveyed provided childcare and these were concentrated in Australia and India and in buildings and complexes that were over 300,000 square metres in size.” 
Lobby events
The JLL Survey found 68% of buildings surveyed held lobby events, with the majority stating these were quarterly events.
Explaining the importance of lobby events for building an engaged community in an office building, JLL’s Australian head of customer experience, Peter Merrett  says these create a catalyst for people who might not otherwise need to interact.  
“A single office tower can be occupied by dozens of companies, so creating this sense of community is a long-term project, comprising smaller steps to help build engagement.  These may include lobby events like a wine and cheese tasting at the end of the work day, a health and fitness challenge or even a lion dance for Chinese New Year,” he said. 
“Simple things like handing out Easter eggs or as a surprise, installing a popcorn machine in the lobby for the day can build engagement.” 
 
And what’s next?
 
Lifestyle clubs
“Lifestyle clubs are a relatively new service with the ability to attract like-minded people from different companies within a building and enhance a sense of community.  Food and wine clubs are the most popular, but other possibilities include fitness and cycling clubs.
“Clubs need not be expensive. They can usually be delivered via the property website and can be funded by club members,” said Merrett.
JLL’s customer service specialist practice area has gone from being a trial six years ago to becoming an essential part of the property management business.
“What we are delivering is a new level of hospitality and convenience services in office buildings, to assist people with things like organising sporting tickets and making restaurant bookings.  There is no cost involved for providing this personal concierge service on behalf of our guests – it is all part of the service to support business lifestyles,” said George.  
“For instance, at Liberty Place in Sydney, the concierge offers a raft of services to customers: limousine and car services, shoe shine, theatre and concert tickets, flight and holiday information, restaurant reservations and room service-style catering.”
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Popcorn lobby events: strong business case for increasing worker engagement in office buildings: JLL survey

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A site leased to Mitre 10 in Melbourne's Sorrento for 35 years recently sold for $11.465 million, nearly $6 million above its reserve price after furious bidding.
The owners of 80-98 Ocean Beach Road property in the popular holiday spot had set the reserve at $5.5 million, but competition amongst 10 bidders pushed the result to more than double that mark.
The yield works out to just 0.39 percent, one of the tightest yields ever recorded in Victoria.
A spokesperson for selling agent CBRE said no one saw the result coming, and it's finish was just as unusual it appears.
“We knew that there was some X-factor potential with this property due to its location and 40+ metre frontage to the main street, but the auction result exceeded expectations beyond comprehension,” the spokesperson said.
Selling agent CBRE defended its handling of a high-profile commercial property auction in Sorrento on Victoria's Mornington Peninsula, after the bidding was restarted at the end of the auction.
A number of those present told The Australian Financial Review the property had already sold under the hammer before a dispute arose; the property was subsequently put back on the market, and bidding resumed. The original winning bidder lost out.
The property comprises a 2,601 sqm block of land with 1,217 sqm of improvements, with street frontage on Sorrento’s main street. It has leases in place until at least 2020 to Mitre 10 and O’Brien’s Removals and Storage, but is being touted as a future development site.
Three of the bidders were Chinese developers and investors, but the winning bid came from a local investor, the spokesperson added.
“Whilst the property is potentially not earmarked for an overly large-scale development, there was a ground swell of buyer interest from parties with property in their blood wanting to deliver a project in their own backyard."
It was 1946 when Jack Womersley bought interests in a local Frankston timber mill which dated back to 1922.
In 1959, Jack became one of eight founding members of Mitre 10, before handing the reigns to sons Geoff and Fred.
The business has been run by Jack's grandson's Stuart, Peter and Scott Womersley.
The family purchased Sorrento Timber and Hardware in 2004 and the Chelsea Heights Mitre 10 store in 2007.
A former Mitre 10 site on Sydney's northern beaches sold earlier this month.
The nearby Continental Hotel at Sorrento is under offer, listed by the Di Pietro family with $15 million expectations last March.
 
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Property leased to Mitre 10 in Melbourne's Sorrento auctioned $6 million above reserve price

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] 
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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. 
&nbsp; 
“This is an exceptional outcome and a clear reflection of sustained buyer demand for premium, well-located downsizer product,” Mansour said.

“We’re seeing a consistent pattern of local homeowners selling family residences and reinvesting into high-quality apartments that allow them to remain within their community. Alex &amp; Willow has resonated strongly with this group because it offers genuine scale, thoughtful design and immediate proximity to the village.” 
&nbsp; 
The sale reflects a broader and consistent trend of local downsizers actively seeking high-quality, low-maintenance residences close to established village centres. Agents report that demand for this product type has remained resilient, particularly where developments offer a rare combination of scale, design quality and walkable amenity. 
&nbsp;&nbsp; 
Fabrizio Perilli, Managing Director of Perifa and Versatile Group, said the sale marks a defining moment for the project. 
&nbsp; 
“The penthouse sale is a strong endorsement of the quality we have delivered, alongside our partners, and the clear demand from local downsizers for premium, boutique residences in this location,” Perilli said.&nbsp; 
&nbsp; 
“Most importantly, we’re proud to see the Alex &amp; Willow community beginning to take shape. As we move closer to completion, we’re looking forward to welcoming residents and seeing the project come to life.”&nbsp;

[smartcode_project:default project_id=6680 project_image_fid=338516] 
&nbsp; 
Designed by <a href="https://www.apartments.com.au/architects/nettletontribe">Nettleton Tribe</a> with interiors by <a href="https://www.apartments.com.au/interior-designers/richards-stanisich">Richards Stanisich</a>, Alex &amp; Willow is a boutique collection of generously sized two- and three-bedroom residences in the heart of Crows Nest village.&nbsp;

Completion is slated for early 2027.

[smartcode_project_cta:default project_id=6680]

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

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

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