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A commercial property with the possibility of dual income is up for sale in Sydney’s Brookvale. 
The <a href="https://www.raineandhorne.com.au/properties/brookvale-392642" target="_blank">warehouse/office</a>, situated within the “Eastpoint” security development on the corner of Mitchell and Wattle Roads, comes with a price tag of $652,000 ex-GST. 
Brookvale is the Northern Beaches main commercial precinct.
The property occupies 285 sqm, with the warehouse on 144 sqm and the office on 141 sqm. 
Both are tenanted, with the lease for the warehouse for four years expiring in early 2019. The gross rent is $24,324 + GST per annum.
The upstairs office is on a three-year lease till 2019 and the gross rent is $21,500 + GST per annum.
The total gross income thus comes to $45,824 + GST per annum with total outgoings at $4,854.55.
The yield works out to be 6.3%, according to the listing agents Raine and Horne.
Other features of the property are parking space for two cars; the warehouse and office are both self-contained with bathrooms and kitchenettes and two tenants means a less risk.
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Dual income property in Sydney’s Brookvale listed at $652,000

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Sax Bar, with its colonial facade and prime location in NSW’s Maitland, is up for sale at a price tag of $550,000.
Last traded for $275,000 in 2004, <a href="https://www.realcommercial.com.au/property-hotel+leisure-nsw-maitland-501671425" target="_blank">274 High Street</a> is a freehold offering.
It is close to cinemas, art gallery and only 20 minutes from Newcastle and Pokolbin. 
The double-level brick building’s front area has the main bar and seating, which is divided by a double-sided open fire place through then to another room, leading to a back courtyard. This parterre doubles the floor space and facilitates alfresco dining. The courtyard leads to Free Church Street.
The property has been restored fully.
The property is being marketed by Chris Henry of Hunter River Realty Group.
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Colonial retail offering at Maitland for $550,000

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The office sector in Sydney and Melbourne — Australia’s largest markets — is poised for modest improvement in 2016, says the latest Cushman &amp; Wakefield’s Asia Pacific Outlook for the year, after property markets ended 2015 in higher gear even with below-trend economic growth in the region.
Sydney’s CBD is benefitting from ongoing structural changes to the Australian economy, especially with the services sector in New South Wales witnessing a resurgence in employment as the state economy returns to trend growth rates, the research headed by Sigrid Zialcita notes.
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Population growth, retail spending and dwelling construction activity have been the main contributors to the state’s economic growth in recent quarters. 
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Similarly, a revival in Melbourne’s CBD will persist as corporate expansions gain traction and the flight- to-quality sees businesses relocate from the suburbs. As the development cycle ebbs, prime office rents in Melbourne’s CBD are forecast to edge up moderately as vacancies continue to fall. 
That said, expect office prices in both cities to appreciate and spur further compression in cap rates, especially for the highest-grade buildings, although investment volumes are expected to slide due to the lack of stock on the market. 
Another factor driving up prices in both cities is the perpetuation of high yields. Notably, with interest rates forecast to stay at record lows, not to mention that the Reserve Bank of Australia has left the door open to further easing to guard against downside risks, projected yield spreads (320- 340 bps) will remain among the highest in the region.
However, Western Australia, which is disproportionately exposed to mining, will continue to lag behind. As such, the office sector in Perth will continue to be sluggish.
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Sydney and Melbourne office markets treading firmer ground: Cushman & Wakefield 2016 outlook

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Landlords offering free rent, internet on new apartments in Brisbane’s CBD is not just an indication that it’s a tenant’s market, but that it is near saturation as well, says a QUT property economist.
Tenants are calling the shots in the Brisbane CBD and inner ring suburb rental market, according to QUT economist Dr Lyndall Bryant. Of the 500 properties listed in the past six months in sought-after West End, the average days to rent was 39 days.
“That’s five-and-a-half weeks of your apartment sitting empty, so landlords might as well offer a month’s free rent on a six-month lease since it’s likely to be empty anyway,” Dr Bryant said.
“The average rental in West End is $400 a week, which means that with a four-week, rent-free period, tenants, in effect, can get the equivalent of their bond back for free.
They could conceivably move into a new apartment every six months and save two months’ rent every year.
“If this is happening in West End which has great amenity – close to the river, the city and a cosmopolitan hub - what these figures are showing us is that the market is reaching saturation.”
Dr Bryant said demand for near-city apartment living came from three groups: students, young professionals and empty nesters.
With 10,000 new apartments currently under construction, it was unclear where fresh demand for these units would come from, except possibly from international students because of the falling Australian dollar.
"In addition to the 10,000 near-city apartments under construction, inner ring Brisbane has another 15,000 apartments approved and another 15,000 waiting approval.
“If all these properties go ahead there will be an apartment oversupply and it’ll be a tenants’ market for the foreseeable future.  When landlords aren’t getting returns on their investment, they sell up and property values fall.
“Brisbane has shown good investment returns in recent years but incentives such as free rent and internet indicate we are approaching saturation.
“This isn’t good for the market. Any new developments should look very closely at their value proposition until the demand fundamentals shift."
 Dr Bryant said commercial vacancies were at an all-time high.
"Brisbane office market vacancies have blown out to 15 per cent as the mining boom has contracted," she said.
"This has meant there are fewer white collar workers looking for shorter term accommodation who could take up tenancies in near-city apartments."
Dr Bryant said a further complication was recent changes by the Australian Prudential Regulation Authority (APRA) and Australian Securities and Investment Commission (ASIC) that had been effective in putting the brakes on property investment lending. 
"In an effort to cool the overheated property market down south, APRA has required the banks to actively discourage higher risk mortgage lending for property investors. That is, interest only loans, high loan to value ratio loans, and loans with very long terms.
“It’s one thing to create high-density, inner city living but not everyone wants to live in an apartment and so it’s important to maintain choice in housing types. 
“With the inner city apartment market reaching saturation, it’s time to shift the policy focus to other segments of the market such as affordable greenfield and “grey field” development."
QUT is one of five Australian universities that have come together to form the Australian Technology Network of Universities.
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Free rent and internet to lure tenants in over-crowded Brisbane CBD: QUT economist

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A 2,300 square metre retail premise sitting next to the site for Western Australia’s first Aldi store in Perth’s Champion Lakes has been snapped up by a private investor for $1.05 million.
The 125 Westfield Drive site comprises a freestanding property occupied by Champion Lakes Car Wash and Chicken Treat, securely leased until 2022 and 2019 respectively.
Champion Lakes is nearly 30 kilometres south-east of the Perth CBD.
The deal was brokered by CBRE’s Michael Milne and Richard Cash.
“Situated adjacent and in front of the Champion Lakes Shopping Centre, this property will benefit from the centre’s major refurbishment and expansion, which will include the state’s first Aldi supermarket, opening in June this year,” Milne said.
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Retail site in Perth next to upcoming Aldi store sells for $1.05 million

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A one hectare beachside development site at Scarborough Beach, around 13 kms from Perth’s CBD, has been taken to the market through JLL.
The 242 West Coast Highway holding is the largest development site currently on offer within the Scarborough Redevelopment Area - one of the largest high density mixed-use sites to be offered in the Perth metropolitan area in recent times.
The 10,165sqm White Sands Tavern site, close to Scarborough and Brighton Beach foreshore, is being offered through a JLL expressions of interest campaign.
Scarborough Beach is undergoing a $57.4 million redevelopment which will see beachfront upgrades and several high-end multi-storey apartment projects coming up.
The existing 2,892sqm (NLA) two-level building generates an annual gross income of about $212,490 plus GST.
The campaign follows the sale of the neighbouring 17,695sqm Luna Maxi site in December.
JLL’s Nigel Freshwater, Phillip Fogliani and Sean Flynn are handling the campaign.
"Combined with its dual frontage to West Coast Highway and Hastings Street to the east, the scale of offering will significantly enhance site circulation, flexibility of development and potential to achieve maximum building height,” said Freshwater.
Scarborough and Brighton are rated amongst Australia's top beaches, he added.
Fogliani said that proposed development guidelines allow a base building height of 12 storeys, which can be increased to 18, over the majority of the site and generous site coverage of up to 80 per cent.
"Existing improvements comprise a 1,438 sqm upper level which is sublet to a gymnasium operator, while the 1,114sqm ground floor incorporates a licenced bar and TAB betting area, drive-through bottle shop, conveniences and tavern infrastructure facilities,” Flynn said.
The lease, with redevelopment clause, will expire in July 2017 with a five-year option.
The EoI for the White Sands Tavern site closes on March 17.
The site last traded for $20 million in 2010 having gone backwards from it's 2007 trade of $21.5 million.
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Scarborough Beach site with mixed-use potential on the market 

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Property developer China Aoyuan Property Group Ltd has announced two more projects after tasting success with its first Australian foray, One30 Hyde Park in Sydney.
Hong Kong-listed Aoyuanpaid $18 million for the 1,000 sqm site at 188 Maroubra Road in Maroubra Junction. Plans to develop 70 apartments have been submitted to Randwick Council for approval and the developer expects to market it by the end of this financial year.
It has also entered into a conditional agreement to acquire a strategic site in Melrose Park, in the municipality of Ryde.
The Melrose Park project is on a 10,000 sqm site and is earmarked for the 2018/19 financial year. Aoyuan said it will continue to build its development pipeline in Australia.
“Aoyuan’s first overseas project, One30 Hyde Park, has impressed us with its outstanding sales performance, and we are confident that it will achieve a gross sales target of close to $400-million,” said Jacky Chan, head of Aoyuan’s Australian operations.
He said the acquisition of the Maroubra and Melrose Park sites will further the group’s strategic expansion plans and also build a strong brand awareness in Australia. 
“Australia is not a short term proposition for us. We are committed to Australia. Last year, the Australian contracted sales performance contributed to nearly 7% of the group’s total contracted sales performance,” he said.
Aoyuan other projects are in Guangdong, Chongqing, Liaoning, Jiangsu, Zhejiang, Anhui, Hunan, Guangxi and Jiangxi. It said as of June 30, 2015, the total GFA of land bank was approximately 12.76 million sqm.
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China’s Aoyuan Property Group expands Sydney footprint, buys Maroubra site for $18 million

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Median house prices fell in Perth in the quarter ended December from the comparable quarter a year earlier, although the results reflected trends seen throughout 2015, preliminary data from REIWA shows.
The December quarter showed the expected impact the Christmas and New Year period traditionally has on the property market, said REIWA President Hayden Groves.
“It’s not uncommon to see a fluctuation in the market at this time of year as it is typically a quieter time in WA real estate. Properties come off the market over the holidays and sales tend to drop off,” he said.
“We get a much clearer picture of how the market is travelling when comparing the data to the December 2014 quarter.”
Houses and units 
Perth’s preliminary median house price came in at $530,000 for the three months to December 2015.
“This is down 0.2 per cent on the revised September 2015 quarterly median and down five per cent when compared to the December 2014 median, however on an annual basis for the year to December 2015 Perth’s median house price held firm dipping just 1.8 per cent,” Groves said. 
Median price for units in the quarter fell 2.2 per cent from the year-ago quarter, though it was up 1.2 per cent to $435,000 over the quarter.
Further, 35 per cent of all house sales in the Perth metro area were in the $360,000 to $500,000 price range. 
“This shows us that first home buyers are still very active and recognise that there is an opportunity in the current market to take the step into home ownership,” Groves said. 
Sales volumes in the $500,000 to $750,000 price range weren’t far behind, making up 32 per cent of total sales volumes in the December 2015 quarter. 
Groves said activity in this bracket tended to be from current home owners who wanted to upgrade to their next home. 
Listings 
Listings for sale fell 3.8 per cent to 14,551 in the December quarter, following a peak of 16,969 in November. 
“It’s not uncommon for listings to drop off at this time of year as traditionally properties are taken off the market around the holiday period before returning to normal levels in the New Year,” Groves said.
“When we compare this figure to the December 2014 quarter we see, as was the case throughout 2015, listings are still higher than the long-term average.”
Sales volumes 
Sales volumes for the three months to December, however, fell sharply to 5,909 from 9,176 in the September 2015 quarter. 
“We estimate that once all sales have settled in the coming months the total number of dwelling sales in WA will come in at around 6,500 for the quarter,” Groves said. 
Selling days and discounting  
Average selling days in the Perth metro area were 59 days in the December quarter, again 13 days more than a year earlier.
“Additionally, 47 per cent of vendors needed to discount their asking price in order to sell in the December quarter, which is an improvement on the September quarter but higher than for the three months to December 2014,” Groves said.
Rental market 
Perth’s overall median rent price in the quarter came in at $400 per week, down $40 from a year earlier though it was steady on the September quarter.
For houses, it was $410, and for units $380. 
Rental listings increased to 9,532 in December from 8,267 in September, while the vacancy rate rose to six per cent. 
Investors were faced with short-term challenges, but it was a good time for tenants to secure a lease at more affordable prices.
“Migrations trends have changed rapidly in WA over the last six months and housing supply has increased. This has caused demand for rental housing to lessen putting downward pressure on prices. 
“The property market is cyclical and long term the projected population growth in WA is still expected to continue which will soak up stock and even out the imbalance we’re seeing,” he said. 
Regional WA 
Results were mixed across regional WA, with regions in the state’s north continuing to adjust, while those in the south were generally more stable. 
Top performers in the quarter were Augusta-Margaret River with 6.5 per cent growth to its annual median house price, followed by Blackwood with a modest increase of 0.7 per cent. 
Groves said the North West sub-region was still feeling the impact of the shift to production in the mining sector, with annual growth in the Kimberley and Pilbara regions declining 3.6 per cent and 26.6 per cent respectively. 
“These areas are experiencing an adjustment as construction slowed down significantly in a short period of time changing the employment requirements. However, when we look at the longer term growth rates for these areas we can see they have declined at a much slower rate,” Groves said.
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Perth house prices dip, rentals fall in December quarter: REIWA data

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Buying a first home can be a daunting task, as Lukas Szymanek and his partner found out. 
The couple went house searching for a year, until a billboard pointed them in the direction of Fairwater. 
“After a year spent looking for houses, we started to think we wouldn’t find anything within our budget. Then we discovered <a href="https://www.frasersproperty.com.au/NSW/Fairwater/Explore/Homes-for-sale">Fairwater,</a>” said Lukas. 
Fairwater, being developed by Frasers Property Australia (formerly Australand) in Sydney’s west, comprises two, three and four-bedroom terraces, townhouses and free-standing homes starting from $627,000. The community is close to Blacktown’s shopping precinct and train station. 
“Being close to the hospital, train station and surrounding amenities was really important for us. We also have an IKEA and Costco close by, as well the park across the road,” said Lukas. 
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Their house is part of the largest geothermal heating and cooling community in the southern hemisphere, according to Frasers. The environment-friendly technology can save up to 60% on heating and cooling costs compared with a traditional air-conditioned home. 
The temperature underground is cooler than the air in summer and much warmer in winter. Geothermal technology uses this constant temperature by circulating refrigerant through pipes 80 metres underground. When the refrigerant returns to the surface, most of the cooling or heating has already taken place, thus saving on energy costs compared to traditional air conditioning. 
The Fairwater project has got a 6-Star Green Star Communities rating from the Green Building Council of Australia (GBCA), the first in New South Wales.
“It’s been a really refreshing experience. We have been helped through every stage, from information sessions to picking the colour of materials – you become very involved in the entire process,” Lukas said.
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First home buyers search ends at Frasers’ Fairwater in Blacktown

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Darwin was the clear underperformer across all capital cities in Australia, according to the latest Office Market Report by the Property Council of Australia, with the vacancy rate nearly doubling over last year.
This was the result of an economic convergence of increasing supply and lower demand. The city reported the highest supply rate increase in Australia at the same time as it was experiencing the lowest demand growth, says the PCA.
The vacancy rate rose to 20.7 per cent from 10.9 per cent last year.
“Darwin city has recorded the highest supply rate increase and the lowest demand growth in the nation,” said PCA Northern Territory director Ruth Palmer said.
“A significant amount of supply has been brought onto the market over the last 24 months. This has occurred despite demand weakening during the same period.”
The report shows that negative demand was concentrated in the lower grades. 
“Darwin’s vacancy rate has jumped 9.8 per cent and this was largely due to -18,727sqm of net absorption and 16,286sqm of supply additions. 
All grades of space recorded vacancies of about 15 per cent. 
“In order for us to see a long-term improvement in the office market, we need further investment in the City Centre, in particular the implementation of the Darwin City Centre Master Plan projects,” added Palmer. 
“Furthermore, it's critical that we receive a commitment from the Northern Territory Government to increase employment levels in the City Centre. 
“Not only do we need to increase employment levels and investment in the city, we need to encourage further residential development to allow for additional population growth in our City Centre. 
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Darwin office vacancy rate doubles: PCA

Roseville is poised for a wave of new apartment development following the NSW Government's rezoning of land around Roseville Station under its Transport Oriented Development program.

The new planning controls have unlocked significant development potential within walking distance of the station, with a number of sites expected to be amalgamated and redeveloped in the coming years as developers seek to take advantage of the increased density allowances.

One of the more restrained developments in the precinct, and set among the first to be delivered having commenced well before the recent changes, is Hyecorp's Juliet. The boutique apartment project is already well under construction and remains on track to welcome residents by the end of the year, offering a markedly different proposition to many of the larger-scale developments now likely to emerge across the suburb.

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<a href="https://www.apartments.com.au/new-apartments/juliet-roseville-64-pacific-highway-roseville-nsw-2069">Juliet</a> will comprise just&nbsp;34 one-, two-, and three-bedroom apartments opposite Roseville Station. For Hyecorp, which has delivered projects across Sydney's Lower North Shore for more than three decades, Roseville presented a rare opportunity to address a growing gap in the market.

"<a href="https://www.apartments.com.au/developments/roseville-nsw-2069">Roseville</a> has long been one of the North Shore's most tightly held and desirable suburbs, offering a unique combination of village charm, established greenery, excellent transport connections, and proximity to some of Sydney's best schools and lifestyle amenities," Hyecorp said.

"We recognised a growing demand from local homeowners seeking to downsize without leaving the community they have built their lives around. The location presented a rare opportunity to create homes that cater specifically to that buyer profile."

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The six-level development has been designed by <a href="https://www.apartments.com.au/architects/pbd-architects">PBD Architects</a> as a collection of residences that feel more like homes than apartments. The brief centred generous floorplans, abundant natural light, quality finishes, and strong connections to outdoor space.

PBD Architects drew inspiration from Roseville's established garden suburb character, creating a building that sits comfortably within its surroundings rather than dominating them. The architecture incorporates natural materials, soft forms, layered landscaping, expansive balconies, and generous setbacks to strengthen the connection between residents and the suburb's leafy environment.

"The focus was on designing spacious, house-like residences for discerning owner-occupiers and downsizers who wanted to remain on the North Shore without compromising on comfort, privacy, or design," PBD said.&nbsp;

"Every apartment was to feel considered, timeless, and highly functional."

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Inside, residences feature engineered timber flooring, stone kitchen benchtops and splashbacks, integrated Fisher &amp; Paykel appliances, ducted air conditioning, and large outdoor entertaining areas designed to take advantage of district and treetop views.

Residents will also have access to a rooftop barbecue and lounge area, alongside practical amenities including parcel lockers, EV charging capability, bicycle storage, a dog wash bay, and a basement car wash facility.

The majority of purchasers so far have been local owner-occupiers from Roseville, Lindfield, Chatswood, Killara, and the broader Upper North Shore, many of whom are transitioning from larger family homes.

"Buyers are looking for spacious, house-like apartments that allow them to downsize without feeling like they are sacrificing comfort or functionality," Hyecorp noted.

"They value large kitchens, generous living areas, ample storage, quality finishes, secure parking, lift access, and low-maintenance living."

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Juliet sits directly opposite Roseville Train Station and within walking distance of Roseville Village, while Chatswood's retail and dining precinct is only minutes away. The development is also surrounded by some of Sydney's most established schools, including Roseville College, Ravenswood, Pymble Ladies' College, and Knox Grammar, as well as nearby parklands and golf courses.

Juliet is currently more than 75 per cent sold ahead of its anticipated completion in late 2026.

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Joel Robinson

Juliet to sit quietly amid Roseville apartment boom

Sherpa Property Group has unveiled the third instalment of its Flourish series, securing full approval for the two-tower, $500 million Flourish Soleira development in Palm Beach.

<a href="https://www.apartments.com.au/new-apartments/flourish-soleira-1150-1154-gold-coast-highway-palm-beach-qld-4221">Flourish Soleira</a> will rise from a prominent site in the commercial heart of Palm Beach, the long-time home of Cash Converters and a range of local retailers.

The project will introduce a new retail and dining precinct at ground level, beneath 286 apartments.

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“We’re very committed to not only providing affordable residential offerings that are much needed in Palm Beach, but also delivering a vibrant new commercial heart that complements the extraordinary growth of the southern Gold Coast,” Sherpa Property Group founder Christie Leet said.

The development will sit under Sherpa's Flourish brand, which is aimed at providing a pathway into the beachside suburb for locals, first-home buyers and downsizers. In a move designed to assist first-home buyers entering the market, Sherpa has reserved all one and two-bedroom, one-bathroom apartments exclusively for eligible first-home buyers.

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“Our vision through Flourish is to create a vibrant retail and lifestyle focal point within the Palm Beach centre zone, delivering thriving communities underpinned by lifestyle-rich locations,” Leet said.

“So far, Flourish has been an incredible success, and we hope to carry this momentum as we progress the next two Flourish projects in Palm Beach.”

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Located across 1150-1164 Gold Coast Highway and 3 Sixth Avenue, the development will comprise two towers. The northern tower will deliver 154 apartments, while the southern tower will add a further 132 residences, helping address ongoing demand for new apartments in the tightly held coastal suburb.

Flourish Soleira will also feature the most extensive rooftop amenity offering ever delivered in Palm Beach.

The two towers will be connected by a skybridge, with residents gaining access to a rooftop recreation deck featuring a full-width swimming pool, hot and cold plunge pools, wellness spaces, a gymnasium, private dining facilities, massage treatment rooms, barbecue areas, a basketball court, golf simulator, indoor and outdoor dining spaces, sun lounges and extensive landscaping.

LPS Group is expected to start construction later this year.

Sherpa is already well advanced on construction of its debut Flourish project, Flourish Amargo, located just around the corner from Soleira. Meanwhile, Flourish Oasis, positioned opposite Amargo, recently commenced construction and has nearly sold out its collection of 47 apartments.

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Sherpa unveils $500m mixed-use Palm Beach precinct, Flourish Soleira

Are mortgage holders set to get a reprieve from the RBA in 2026?

Big Four bank NAB believes so. They are now expecting the next move from the RBA to be a cut, rather than a hike, which they had pencilled in for August. They are unsure of the timing of the cut however, they note in their latest&nbsp;NAB Economics RBA Watch.

NAB Chief Economist, Dr Sally Auld, said recent data suggests the economy has lost momentum and the outlook for rates has shifted, noting that the broader economic backdrop has changed since earlier in the year.

“The next move in the cash rate is likely to be down, but the timing is uncertain," Dr Auld said.

"In February, growth was above trend, the economy was operating above capacity and there was uncertainty over the restrictiveness of rates. None of these conditions exist today,” she outlined.

Dr Auld said recent data pointed to softer momentum across the economy while acknowledging that at the same time, uncertainty remains a key feature of the outlook.

“Both Q1 GDP data and the NAB business survey suggest momentum in the economy has slowed, meaning that growth has likely peaked for the cycle. That said, we are cognisant there is still considerable uncertainty around the outlook, both with respect to activity and inflation.”

Dr Auld said inflation risks and labour market outcomes would be important to watch.

“On the prices side, we are still forecasting above target core inflation through to mid-2027. Margins will compress and weaker labour market outcomes are a risk.”

She said tighter financial conditions are expected to weigh on housing and activity.

“Tighter financial conditions will be reflected in a slowing in house price growth and housing credit growth. In summary, we have greater conviction that the next move in rates is down, but less conviction on the timing.”

Mortgage relief? NAB forecasts RBA rate cut, not hike, after softer economic conditions

A local downsizer has splashed $6.5 million on a penthouse in Perifa's Alex &amp; Willow development in Crows Nest. 
&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.

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&nbsp; 
Eddie Mansour, Managing Partner of <a href="https://www.apartments.com.au/project-marketer/ray-white-projects">Ray White Projects</a>, said the result demonstrates not only a headline price but also depth of demand. 
&nbsp; 
“This is an exceptional outcome and a clear reflection of sustained buyer demand for premium, well-located downsizer product,” Mansour said.

“We’re seeing a consistent pattern of local homeowners selling family residences and reinvesting into high-quality apartments that allow them to remain within their community. Alex &amp; Willow has resonated strongly with this group because it offers genuine scale, thoughtful design and immediate proximity to the village.” 
&nbsp; 
The sale reflects a broader and consistent trend of local downsizers actively seeking high-quality, low-maintenance residences close to established village centres. Agents report that demand for this product type has remained resilient, particularly where developments offer a rare combination of scale, design quality and walkable amenity. 
&nbsp;&nbsp; 
Fabrizio Perilli, Managing Director of Perifa and Versatile Group, said the sale marks a defining moment for the project. 
&nbsp; 
“The penthouse sale is a strong endorsement of the quality we have delivered, alongside our partners, and the clear demand from local downsizers for premium, boutique residences in this location,” Perilli said.&nbsp; 
&nbsp; 
“Most importantly, we’re proud to see the Alex &amp; Willow community beginning to take shape. As we move closer to completion, we’re looking forward to welcoming residents and seeing the project come to life.”&nbsp;

[smartcode_project:default project_id=6680 project_image_fid=338516] 
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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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