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A conglomerate of partners and brokers within Shore Financial have purchased two floors at 153 Walker Street in a deal possibly exceeding $3 million, as withdrawal of stock due to residential projects and the Sydney metro increase demand for North Sydney office space.
Colliers International’s Tom Appleby, who brokered the deal, did not confirm the sale price but said it was the largest on-market commercial strata transaction in North Sydney since 2006.
The Financial Review reported the transaction to be worth $3.03 million.
“After years of price stagnation, lack of supply and pent up demand are likely to push some strata sales above $6,000 per square metre this year.”
The strata had been owned by a private company for more than 20 years.
Colliers International anticipates nearly 148,000 sqm of stock to be withdrawn by 2020. Another 27,600 sqm of stock is slated for demolition in 2017 to make way for the new “Victoria Cross” train station in North Sydney, as part of the Sydney Metro project.
“It’s no wonder vacancy rates have fallen to a four-year low in North Sydney (7.1 per cent) and to the lowest level since 2008 (9.6 per cent) in the St Leonards / Crows Nest precinct,” said Appleby.
With limited strata supply slated, and larger developments at 100 Mount Street (~40,600 sqm) and 1 Denison Street (~45,720 sqm) unlikely to be fully completed until 2019, demand for existing stock will remain fierce.
Applyby said the property drew interest from both owner-occupiers and leasing tenants hunting for office space, yield-driven investors and developers.
"We love North Sydney; it’s really starting to get its buzz back. We’re extremely excited about entering the next phase of our journey as we strive to become Australia’s largest independent mortgage broker,” said Theo Chambers, Shore Financial’s co-founder and director.
“We’re expecting strata transactional activity to be significant in 2016, especially given strong market fundamentals and the looming onset of Strata Reform," Appleby said.
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Strata Financial buys office space in North Sydney for more than $3 million

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A mechanics warehouse in Gold Coast’s Southport has fetched $260,000 at a Ray White auction.
The seller was Tony Ruscoe and wife Janet who own Tony Ruscoe Mechanical Repairs.
Zoned Trade in Precinct Six, <a href="https://www.raywhite.com/qld/southport/1357473/?lang=en" target="_blank">4 Price Street</a> is spread over 188 square metre with an additional rear yard. 
It has four allocated car parks and is close to Light Rail and the CBD. 
The property was auctioned by Ray White Industrial’s Steve Macgregor.
The warehouse had been listed with nearly $400,000 hopes plus GST through Nai Harcourts John Corby. 
The property last traded in 1999 when bought for $135,000.
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Southport mechanics warehouse nets $260,000 at auction

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First time buyers are reacting to the Australian house price boom by increasingly turning to investment property, apprehensive of missing out as a majority expect prices to rise, says a recent report by consulting firm Digital Finance Analytics.
According to the latest Property Imperative, a bi-annual report by DFA on the residential sector, the survey identified about 321,000 households as first time buyers with the majority seeking to purchase, or have recently buying an owner-occupied property (72%), while the rest preferring an investment property. 
Only 9% of these households expect to transact within the next 12 months, despite 53% believing house prices are set to rise in the same term.
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The Australian residential property market of 9.53 million dwellings is currently valued at over $5.86 trillion and includes houses, semi-detached dwellings, townhouses, terrace houses, flats, units and apartments with the value doubling in the past 10 years, says the report.
"It is one of the most significant elements driving the economy, and as a result it is influenced by state and federal policy makers, the Reserve Bank (RBA), banking competition and regulation and other factors. Indeed, the RBA is 'banking' on property as a critical element in the current economic transition," says Martin North, founder of DFA.
"Residential property remains in the cross-hairs of many players who wish to influence the economic, fiscal and social outcomes of Australia. In policy terms, debates around negative gearing and capital gains tax breaks for investment properties have hotted up."
Data from the CoreLogic RP Data Home Value Index shows dwelling values across Australia’s combined capital cities rose 0.5% in February, pushing home values 1.4% higher over the past three months.
Coming back to the survey, the biggest barrier for first timers to purchase include high house prices (52%), fear of unemployment (7%), finding the right property (24%) and rising costs of living (6%). In terms of financing, 60% of households will need to borrow more than they can currently obtain to transact, whilst 62% of households will consider using a mortgage broker to assist with the finance arrangements. 
The barriers do vary by state. In NSW, first time buyers were finding it more difficult to find a suitable place to buy (31%), whereas costs of living were less significant here. In WA, fear of unemployment (24%) and high prices (52%) were the most significant barriers. 
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First time buyers are split between looking for a house or a unit (in Sydney more are looking for a unit). A greater proportion (21.5%) this time were simply not sure what to buy, or where to buy, a rise from 4% in 2013, the survey showed.
A greater proportion of first time buyers in Sydney are likely to buy, or have bought a unit, rather than a house. In the other states, the preference for a house is stronger, though in Melbourne and Brisbane, it continues to drop. In Perth, house preferences are stronger. 
While comparing the elements influencing a buying decision, the report found a stronger focus on price in 2015. Schools are important, then access to transport, though almost all elements were traded away because of high prices. 
Whilst the ABS tweaked their estimates of first-time buyers taking a mortgage to adjust for the decline in first owner grants, they still give an incomplete picture. 
The traditional wisdom is that first time buyers are sitting out of the property markets, because prices are high, loans harder to get, and confidence is falling. However, one of the most significant developments surrounding first time buyers is that many more are now going direct to the investment sector. 
The original data from the ABS, shows a small rise in the month to 15.1% in December 2015 from 14.9% in November 2015. The DFA data for investor FTB also rose. 
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Also included in the DFA survey are more than 1.35 million households aspiring to purchase property, with 83% looking for owner-occupied and 17% investment. At the moment 21% are actively saving, hoping to buy sometime in the future.
The number of first time buyers are still sitting at around 13,000 a month in total, still well below the peaks in 2009. Our surveys indicate strong FTB investor appetite. The changed underwriting requirements are, however, having an impact. 
There are a number of drivers to this trend. 
First, most first time buyers were unable to afford to purchase a property to occupy, in an area that made sense to them and were being priced out of the market. 
Next, many were anxious they were missing out on recent property gains, so decided to buy a less expensive property (often a unit) as an investment, thanks to negative gearing, they could afford it. 
These buyers are hoping the growth in capital could later be converted into a deposit for their own home – i.e. the investment property is an interim hedge into property. Some are also teaming up with friends to jointly purchase an investment, so spreading the costs. In fact, about one third who purchased were assisted by the bank of mum and dad, and would consider an investment property by accessing their superannuation for property investment purposes. 
Given the heady state of property prices, the growth in investment property by prospective first time buyers is on one hand logical, on the other concerning. The report warns against increasing first-time buyer incentives. 
A deeper look at the trend shows the prospect of potential capital gains being the highest rated driver at 27%, whilst the desire for somewhere to live is just 27%. The prospect of tax savings is up to 12%, whilst the advantage of a First Home Owner Grant (FHOG) is falling away as these grants become less accessible (1%). Ten percent of buyers now expect to pay less than renting, whilst the prospect of greater security remains about the same. 
In conclusion, the report says first time buyers are being infected by the notion that property is about wealth building, rather than somewhere to live. The idea may be tested if interest rates rise later, or property prices fall from their current levels, it warns. 
The overriding result from the survey is the first time buyers are very fearful of missing out, and though recent changes to underwriting standards may cramp their style, but DFA still expects to see a continued rise in the number of first time investor buyers.  
For the report, <a href="https://www.digitalfinanceanalytics.com/blog/latest-dfa-household-survey/" target="_blank">click here</a>.
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First timers fearful of missing out, turning to investment property: DFA survey

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Queensland’s Sunshine Coast continues to be high on the expansion agenda for McGrath Estate Agents, with the real estate group opening a new office in the seaside suburb of Caloundra. 
This is the company’s 15th office in South-East Queensland and 18th in Queensland.
Situated 90 km north of Brisbane’s CBD, Caloundra is at the gateway to the Sunshine Coast and known for its beautiful beaches, lush hinterland and affordable living. 
“Caloundra is gaining in popularity with seachangers who are recognising the great value and buying opportunities available in this beachside community. With major investment in infrastructure for the surrounding region, I expect the entire Coast will experience further growth and Caloundra will no doubt be a beneficiary of that,” said McGrath chief executive John McGrath.
Caloundra is one of South-East Queensland’s emerging lifestyle destinations that until recently was overshadowed by neighbouring Noosa Heads and Mooloolaba, he said.
McGrath Caloundra will service the local area from Parrearra in the north to Bribie Island in the south. It will service the suburbs of Caloundra, Pelican Waters, Little Mountain, Currimundi and Meridan Plains. 
The new office will be led by the husband and wife team of Jodie and David Hedley-Ward. 
Jodie was a ‘Residential Salesperson of the Year’ finalist at the ‘REIQ Awards for Excellence’ in both 2014 and 2015, while David has extensive local and international real estate experience having worked throughout Australia, New Zealand and the UK. 
The team will comprise eight sales agents.
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McGrath continues its Sunshine Coast expansion into Caloundra

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ASX-listed Rent.com.au Limited had more than 610,000 unique visitors to the website in February 2016, following on a record 615,405 visitors in January.
It also had almost 1,300 new landlord listings in the month, a new high, the company said in a regulatory announcement.
Rent managing director Mark Woschnak said the February UV traffic result was in line with expectations, representing sustained growth over January on a per day basis. 
“While strong UV numbers are important and demonstrate an increase in the awareness of <a href="https://www.rent.com.au/" target="_blank">Rent</a>, we are pleased with the launch of the national sales team ahead of schedule and continued gains made in agent and non‐agent registrations during the month of February," Woschnak said.
Rent now has more than 6,800 real estate agents registered with it and it has completed the deployment of its field sales team.
“We now have an on the ground agent sales presence right across the country and we are set to benefit from this continued increase in agent registrations. In addition to that, we have also had our biggest month yet for landlord listings,” said Woschnak. 
“Over the coming months we are focussing our resources on driving faster growth in agent and non‐agent registrations as we look to increase our overall level of listings content from the approximately 80 percent of national property listings that we currently have on site." 
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Rent.com.au had record landlord listings in February: ASX announcement

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The regional city of Horsham in Victoria has slipped from the peak of market position to the start of the decline phase, according to the latest recent Herron Todd White housing clock. 
The valuation firm has issued its latest property clock - a simple broad brush means to suggest where property markets are as at February 2016 - and what direction prices are moving in.
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The Horsham residential property market has drawn an outside gate for the start of the 2016 race and will have to work hard to get around the subdued demand and lack of market confidence to get to the fence by the end of the financial year, according to HTW.
The track is likely to be slow, especially at the top end of the market with a limited buyer pool.
Unit values are likely to remain stable due to an oversupply of stock but modern homes in the centre field ($300,000 to $400,000 owner-occupier market) are expected to run a solid race due to maintained strong demand and limited rental stock, says the report.
The volatility of the rural residential market will be closely watched throughout 2016, adds HTW.
The tail end of the field ($100,000 to $200,000) represents longer odds but maintains affordability compared to the centre field.
The median house price in Horsham at the end of 2015 was $237,000 and for units $212,250, according to RP Data.
As an illustration, Property Observer found a three-bedroom house at <a href="https://www.realestate.com.au/property-house-vic-horsham-121788406" target="_blank">52 Francis Street</a> on sale for $240,000 on realestate.com.au. 
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Victoria's Horsham comes off top of HTW's property clock

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Changes to price quoting announced by the government are a significant step forward and bring transparency and consistency to property transactions, the Real Estate Institute of Victoria said on Friday.
The changes include:
<ul>
<li>Delivery of a new fact sheet for buyers, which will include recent comparable sales for a property, the median price for the suburb and, most importantly, the agent’s estimated sale price for the property;</li>
<li>The revision of the property’s estimated selling price - if the agent receives an offer, in writing, that is higher than the current advertised or estimated price;</li>
<li>No “offers over” or “price-plus” advertising to buyers – with the selling price only provided as either a single price, or a price range (which must fall within 10 per cent of the upper and lower end).</li>
</ul>
The new rules will apply to residential private sales and auctions, not commercial.
REIV CEO Enzo Raimondo said the changes would benefit those looking to buy real estate in Victoria.
He added that the reforms would be effective in a variety of market conditions, and for all stakeholders in property transactions.
“The changes will provide consistency in pricing of property and the information provided to both vendors and buyers,” he said.
Raimondo said the reforms were the result of a joint effort by the REIV and the Office of the Minister for Consumer Affairs.
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New price-quoting rules ‘a significant step forward for industry’: REIV 

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A potential development site at a beachfront location at Main Beach on the Gold Coast has been sold at a Ray White auction for $6.5 million.
The nearly 617 sqm block at 3513 Main Beach Parade is currently occupied by a block of flats.
It was sold under the hammer to a local investor by Michael Willems of Ray White Commercial Gold Coast on behalf of an interstate owner.
“We had an extraordinary response to the marketing campaign with 76 enquiries from a wide range of potential purchasers including local and overseas based investors as well as developers,” Willems said.
 The property comprises 2 x 3 bedroom apartments and 2 x 2 bedroom apartments.
 “There is an option for the purchaser to continue to rent out the property or develop subject to obtaining approval (STCA),” he said. “This is absolute beachfront land at Main Beach so it was highly sought after.”
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Main Beach site sold at Ray White auction for $6.5 million

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Fixed-rate mortgages accounted for more than one in every five home loans in February, despite a small drop in demand, Mortgage Choice advised.
Fixed-rate home loans accounted for 22.28% of all loans written throughout February – just 1.34 percent down from the 23.62 percent from the previous month, according to the mortgage broker’s latest national home loan approval data. Mortgage Choice based its research on new borrowers who sourced a loan through it in February.
Chief executive John Flavell said while fixed rates saw a small drop in demand throughout February, they continue to prove a popular home loan product choice for many Australians.
“We are still seeing quite a bit of volatility in the interest rate market, causing many borrowers to opt for the security of a fixed rate home loan,” he said, while adding that going forward, he wouldn’t be surprised to see demand for fixed rate products taper off.
“Given the Reserve Bank of Australia has indicated that they won’t hesitate to cut rates again if the need arises, borrowers may be encouraged to take out variable rate home loans and take full advantage of the current low interest environment,” he said.
Across the country, demand for fixed rate products was highest in New South Wales, accounting for 28.42 percent of all home loans written in February.
Queensland and South Australia were not far behind, with fixed-rate demand at  23.64 percent and 17.29 percent respectively.
Meanwhile, Victoria and Western Australia saw lower demand for fixed rates, with only 16.92 percent and 13.23 percent of all loans written in each state respectively.
Overall, variable rate home loans remained the most popular with borrowers, with 77.72 percent opting for a variable rate mortgage in February.
“The property market may still be showing signs of volatility, but the reality is that interest rates continue to sit at all-time lows. So, regardless of whether a borrower takes on a variable or fixed rate mortgage they can rest assured that they’re securing a great deal,” Flavell said.
Property Observer looked up the best fixed rate products on <a href="https://mozo.com.au/home-loans/fixed-rate" target="_blank">www.mozo.com.au</a> and found interest rates ranging from 3.79% to 4.44% on a period of one to three years.
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Fixed rate home loans dip in February, says Mortgage Choice

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This week, CoreLogic RP Data is tracking a total of 2,230 capital city auctions, with auction activity set to slow down in both Sydney and Melbourne, the nation’s two most active auction markets.
This week, 1,179 Melbourne auctions are being tracked, compared to 1,347 last week while Sydney will be host to 701 residential auctions, down from 919 last week and also lower than the 944 a year earlier. In Adelaide (96), Brisbane (126) and Perth (29), auction activity is also set to be quieter this week, while Canberra is the only capital city auction market where more homes will be taken to auction this week compared to last week, rising from 75 last week to 88 scheduled this week. 
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Capital City Auctions this week:
Sydney: 701
Melbourne: 1,179
Brisbane: 126
Adelaide: 96
Perth: 29
Canberra: 88
St Kilda (25), Reservoir (23) and Mount Waverley (18) all situated in Melbourne are the busiest individual suburbs for auctions this week. Outside of Victoria, the most auction activity will occur in Maroubra (NSW), where 11 auctions will be held. 
Summary of last week’s results:
CoreLogic RP Data collected a total of 2,476 auction results last week, accounting for almost 92% of all auctions held. The final auction clearance rate remained above the 70 per cent mark for the fourth consecutive week at 71.4%, which was slightly weaker than the preceding week where 71.8% of auctions were successful.
Melbourne’s clearance rate last week was 74.8%, the strongest result of any capital city, followed closely by Canberra, where clearance rates rebounded from 61.9% the previous week to 72.3% last week and Sydney at 72.1%.
Adelaide’s clearance rate has remained steady over the past two weeks, with last week’s final results showing 64% of auctions across the city were successful. In Brisbane, last week’s clearance rate of 57.4% is the strongest result seen so far this year and far outperformed the Gold Coast, where a final auction clearance rate of 42.4% was recorded. 
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Weekend auction activity set to slow down in both Sydney and Melbourne: CoreLogic RP Data

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

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

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

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