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Combustible cladding is set to be completely banned on all new Queensland buildings.
The Queensland Minister for Housing and Public Works Mick de Brenni proposed the new regulation as part of a two-pronged approach to provide a lifeline to the State’s certifiers caught up in a shrinking insurance market.
The combustible cladding ban would extend to all aluminium composite panels with a PE core of greater than 30 per cent, and it would restrict usage across all buildings in Queensland.
Mr de Brenni said the proposals would help to protect Queenslanders, but called on the Commonwealth Government to protect Australians and introduce an importation ban on all aluminium composite panels with a PE core.
“I’ve made numerous calls on the Commonwealth to ban this combustible cladding at the border, they can’t keep dodging this responsibility to the people of Australia,” Mr de Brenni said.
“This is an opportunity to both reduce risk and back Australian manufacturing jobs, to which Prime Minister Scott Morrison should be jumping at the chance.
“And again, I call on Minister Karen Andrews to urgently address the issue at a national level, as the retraction of the insurance market has to be rectified by the Federal Treasury."
The proposals discussed at yesterday's meeting include also requiring certifiers to declare that combustible cladding hasn’t been used, and that there hasn’t been any product substitution during the construction process.
The other key solution to help certifiers proposed by the Queensland Government during the industry meeting, was to allow certifiers to remain licensed while they are holding professional indemnity (PI) insurance featuring cladding related exclusions.
Mr de Brenni said the ban on combustible cladding paved the way for the Queensland Government to allow certifiers to hold PI insurance with exclusions.
“By banning combustible cladding on new construction in Queensland, it means there doesn’t need to be an expense for certifiers in the form of exclusion free insurance,” Mr de Brenni said.
“However, allowing insurance with exclusions is a time-limited solution that provides the industry with immediate confidence to continue operating.
“These proposals are designed to ensure that jobs growth in Queensland doesn’t slow and construction industry practitioners continue to remain in the industry.
“We’ve already seen insurers attempting to cut and run from the market by withdrawing their insurance products and that means they escape their obligations, and that’s not on.
“This has put at risk hundreds of thousands of jobs in the sector and it’s got the potential to impact homeowners who would be left holding the can if they have to pursue litigation with dodgy buildings.
“Certifiers provide a level of protection for homeowners and we need to keep them in the industry.
“It means that as of today, the 400 licensed certifiers in Queensland will continue to be able to work tomorrow, and that means our record on job creation will continue, however subject to stringent conditions.
“The restrictions are part of the immediate term resolution of the issues to be followed by a suite of longer term system reform approaches including continuing to pursue a national ban on the importation of dodgy cladding.
“Prime Minister Morrison has a chance here to help rebuild confidence in the industry and back in local manufacturing jobs by banning dodgy cladding that fails community standards, but in the meantime we will have to impose extra requirements on the sector.”
Yesterday's proposals followed a number of weeks’ discussion with industry leaders on solutions to the certifier insurance issue.
A PricewaterhouseCoopers report released by the Palaszczuk Government yesterday shines a light on the effects caused by the deregulation of the Australian construction industry.
“Building industry professionals, from architects, to engineers and building certifiers, plus developers, play a pivotal role in ensuring that the built environment is safe and fit-for-purpose."
Mr de Brenni said PwC’s analysis showed the issue was not limited to Queensland, but a national issue affecting the building industry in all states and territories.
“Queensland has continued to work with industry on this issue,” he said. “I am committed to ensuring the viability of Queensland’s building and construction industry and am invested in ensuring the most appropriate and considered approach is taken to this situation.
“Queensland has led the way on behalf of the Building Ministers’ Forum for permanent labelling of  aluminium composite panels, reducing the issues found through investigations around product substitution.
“But whilst Queensland leads the nation with building industry reforms, there is still more work to be done.”
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j.ballantyne1990-6AQqhLzZaK

Combustible cladding banned on all new Queensland buildings

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ME Bank has announced it will cut interest rates for all existing variable home loan customers by 0.15%, after passing on the full RBA rate cut in June.
The effective date for the latest reduction in variable home loan rates is 23 July. 
ME bank said, "In setting interest rates ME considers the needs of all stakeholders while ensuring the pricing of all products remains sustainable."
Just hours after the RBA announced they are further dropping the cash rate by 0.25% today, non-bank lenders were slashing rates ahead of the Big four.
<a href="https://www.athena.com.au/?gclid=Cj0KCQjw5J_mBRDVARIsAGqGLZCKwKfQxKUvNT0g33wrh6Kg2oBRfwJBwNSWn4iuj0nJVqF2uEWWJ6EaAqxjEALw_wcB" target="_blank">Athena</a> home loans announced it will be passing on the full rate cut.
Another passing on the full rate cut with rates as low as 2.89% is Reduce Home Loans.
Both Reduce Home Loans and Athena's cuts are effective immediately.
Reduce Home Loans was awarded Australia’s Cheapest Home Loan by Money magazine in 2016, 2017, 2018 and 2019.
Resimac and subsidiary State Custodians have both announced they will be passing on the full July RBA rate cut, effective July 24.
The <a href="/expert-insights/finance/big-four-face-non-bank-lender-rate-cut-blitz">Big Four</a> were slower facing a blitz of quick cuts from non-bank lenders, however they have all announced their proposed rate changes which can be seen below.
<img src="https://www.urban.com.au/images/2019/7/3/July%20Big%204-1.JPG" alt="">
(Source: Ratecity.com.au)
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ME Bank announces July home loan rate cuts

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There are certainly opportunities in the current 2019 market to pay less than the last price.
But is there really such a thing as buying a bargain when it comes to property? And where are they?
This series of articles looks are specific examples of sale price or asking price falling. 
We take a look at where and if possible why this is happening.  
We came across this property for consideration.
<img src="https://www.urban.com.au/images/2019/6/22/Malvern%20East%20Bargain%202.JPG" alt="">
A one bedroom, one bathroom Malvern East apartment has sold for $103,000.
This marks a $44,000 price reduction on it's previous sale price of $147,000 in 2008.
Situated at <a href="https://www.realestate.com.au/sold/property-apartment-vic-malvern+east-130623358" target="_blank">203/60 Waverley Road Malvern East</a>, the 2003 built unit was sold at auction.
It is Student Only Accommodation, meaning it can only be rented out to students, and it is a 5 minute walk to the Monash Uni Caulfield Campus which has more than 18,000 enrolled students.
The secure entry complex includes swipe security via lifts, and access to a common room, BBQ area, and bike racks, just 13 minutes from the Melbourne CBD.
Last listed as a rental in December 2017 at $275/pw, the price is significantly lower than the December 2016 rental price of $410/pw.
It is up to you to determine if the offering is a truly beneficial bargain.
Remember buying at the bottom of the cycle is fraught – as you can't really precisely pick the bottom nor know just how long until you see some price growth.
Be aware you could be buying a poor quality property in an area with ongoing issues of oversupply of stock.
The oversupply could be also putting downward pressure on rents.
Other price declines could be because the vendor needs a quick sale or paid way over the top on its last purchase chase.
Property Observer suggests property purchasing really does need to be a very well considered proposition with a long term mindset.
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Bargain property in Malvern East? Apartment price down 30 percent 

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A West Gladstone, Queensland mortgagee house has sold for $335,000, 40% of its previous sale price.
It saw a loss of $515,000 over 11 years since it transacted for $850,000 in 2008.
Luke Watts of Elders Real Estate held the listing.
Situated at <a href="https://www.realestate.com.au/sold/property-house-qld-west+gladstone-128014414" target="_blank">12 Piper Street</a>, the four bedroom two bathroom house sold after 530 days on the market.
After one unsuccessful auction in May 2018 the home was listed with an asking price of $380,000, reduced to $370,000 in June 2018 and again to $349,000 in June 2019.
The current price is not dissimilar to its value in 1999 when it traded for $265,000.
The four bedroom, two bathroom house was constructed in 1990. 
Set on 810 sqm the home features sprawling views of Mt Larcom and the harbour.
<a href="https://www.propertyobserver.com.au/subscribe" target="_blank"><img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/1/Subscriber%20strip%20ad.jpg" alt=""></a>
The median price for a home in <a href="/developments/west-gladstone-qld-4680">West Gladstone</a> is $182,550 according to CoreLogic, which calculate its annual change in median price over the past 10 years as -5.8%. 
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West Gladstone mortgagee sold for $515,000 loss

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A Pacific Paradise, Queensland home has been sold for $505,000.
The four bedroom, two bathroom house sold after an unsuccessful June 1 auction.
Brad Reed of North Shore Realty marketed the listing.
Situated at <a href="https://www.realestate.com.au/sold/property-house-qld-pacific+paradise-131139082" target="_blank">10 Parkland Drive</a>, the home resides in the “Sands Estate” in Pacific Paradise.
Set on 600 sqm, the home features a double lockup garage.
The 2006 built home has a fully fenced backyard and a built in wardrobe in all four bedrooms.
The listing described it as a "solid brick and tile home."
It is located minutes from public transport, Mudjimba Beach, Maroochy River, schools and other amenities.
Last sold in May 2006, the property transacted for $190,000, a $20,000 increase on its April 2006 sale price of $170,000.
<a href="https://www.propertyobserver.com.au/subscribe" target="_blank"><img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/1/Subscriber%20strip%20ad.jpg" alt=""></a>
The median price for a home in <a href="/developments/pacific-paradise-qld-4564">Pacific Paradise</a> is $485,050 according to CoreLogic, which calculate its annual change in median price over the past 10 years as 2.8%. 
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Pacific Paradise, Queensland mortgagee home sold after unsuccessful auction

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GUEST OBSERVATION
There’s a very good chance that later today the Reserve Bank will cut its cash rate to 1%. Some predict more cuts by the end of the year, <a href="https://theconversation.com/buckle-up-2019-20-survey-finds-the-economy-weak-and-heading-down-and-thats-ahead-of-surprises-119455" target="_blank">perhaps to 0.5%</a>.
It’s understandable. Economic growth is <a href="https://www.propertyobserver.com.au/https://www.abc.net.au/news/2019-06-05/australian-economy-slows-to-levels-last-seen-in-gfc/11180688" target="_blank">under-performing</a>; prices and wages are <a href="https://theconversation.com/our-economic-model-looks-broken-but-trying-to-fix-it-could-be-a-disaster-118397" target="_blank">scarcely growing</a>; and for three quarters now the economy has been in what might be called a <a href="https://www.smh.com.au/business/the-economy/australia-falls-into-per-capita-recession-as-growth-tumbles-20190306-p5122r" target="_blank">per-capita recession</a> (the economy is not growing as fast as the population).
In the central banker cookbook there’s a note in red next to this description. It reads: “cut interest rates.”
But the Reserve Bank’s cash rate is already close to zero, at 1.25%. What if the needed cut is 2 or 3 percentage points?
Lowe knows his cookbook
Reserve Bank governor Philip Lowe hopes that cutting the rate will help in two ways.
First, it will ease the mortgage burden on households, freeing up money for spending and making it easier for them to borrow. This may help sustaining house prices and reigniting the construction boom.
Second, by cutting the rate offered on Australian bonds and deposits, cutting the rate will devalue the Australian dollar, making Australian exports more attractive overseas.
The problem with the first channel is that more borrowing builds up debt. But Australian households are already among the <a href="https://www.propertyobserver.com.au/https://www.abc.net.au/news/2018-10-30/australia-most-country-to-risks-of-rising-household-debt/10445814" target="_blank">most indebted in the world</a>, with private debt worth twice what the whole economy can produce in an entire year, so more debt may leave Australians even more exposed if things turn down and they lose their job. The Irish economy <a href="https://www.propertyobserver.com.au/https://www.abc.net.au/news/2018-10-08/how-much-is-australia-in-2018-like-ireland-in-2007/10343364" target="_blank">collapsed</a> when that happened during the global financial crisis.
The problem with the second channel is that it makes it harder to import. Bear with me.
Which Australia?
When I arrived in this sunny country in 2011, my colleagues and friends were always talking of the transition out of the mining and construction economy.
In few words, the story goes like this: the Australian economy boomed when East Asia started demanding our iron and coal. When that slowed down, the economy stayed afloat, because mining workers transferred to the cities to build new residential neighbourhoods for the growing population. By the time that ends we will have built a strong service economy–strong enough to take the place of construction.
But this transition hasn’t really happened, perhaps in part because of low interest rates.
Unlike mining, services need to import most of their inputs and compete on a global market for workers. A weaker dollar increases their costs.
And unlike construction, they are not particularly capital intensive. So low interest rates don’t much help them.
All isn’t lost
The services industries that are our future would be better off if it the Reserve Bank didn’t need to try so hard – there is a lot the government can do.
The services sector needs investments in the sort of infrastructure that would make our global cities attractive to live in.
It also needs reforms to make our services more competitive at home, perhaps by disturbing the distribution duopoly or by <a href="https://theconversation.com/how-changing-our-bank-account-numbering-system-will-be-a-win-for-customers-40236" target="_blank">making the big four banks compete harder for customers</a>. As well, the government has a role in absorbing (directly and indirectly) some of the workforce that inevitably will lose out when the mining and construction sectors contract.
At best, the Reserve Bank is buying time for the government. Alone it probably can’t avoid a recession forever.
<a href="https://theconversation.com/profiles/gabriele-gratton-457958" target="_blank">Gabriele Gratton</a>, Associate Professor of Economics and Scientia Fellow, <a href="http://theconversation.com/institutions/unsw-1414" target="_blank">UNSW</a>
This article is republished from <a href="http://theconversation.com" target="_blank">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/rate-cuts-might-hurt-as-well-as-help-what-if-this-man-didnt-need-to-do-as-much-119378" target="_blank">original article</a>.
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Rate cuts might hurt and help, what if Philip Lowe didn't have to do so much? Gabriele Gratton

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GUEST OBSERVATION
Rarely does a Reserve Bank governor get to remake Australia.
HC “Nugget” Coombs, the first Reserve Bank governor, did.
As director general of the Department of Post-War Reconstruction from 1943, he was instrumental in creating the <a href="https://openresearch-repository.anu.edu.au/bitstream/1885/47102/3/FromCurtintoKeating2.pdf" target="_blank">White Paper on Full Employment in Australia</a> that was adopted as a guide by prime ministers from Chifley to Menzies to Whitlam.
He ensured the objective of full employment became part of the charter of the Reserve Bank when he became its <a href="https://museum.rba.gov.au/exhibitions/make-your-money-fight/role-of-hc-coombs/" target="_blank">first governor</a> in 1960, moving over from the then government-owned Commonwealth Bank, which had performed the Reserve Bank’s functions up to then.
After once again cutting interest rates to a new record low at a special Reserve Bank board meeting in Darwin on Tuesday, his latest successor Philip Lowe will travel to Yirrkala in Arnhem Land to visit the site where some of the Coombs ashes were buried.
HC Coombs gave us full employment
<a href="https://images.theconversation.com/files/282375/original/file-20190702-126369-16qvlv3.jpg?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=1000&amp;fit=clip"><img src="https://images.theconversation.com/files/282375/original/file-20190702-126369-16qvlv3.jpg?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=237&amp;fit=clip" alt=""></a>
 HC Coombs, Reserve Bank governor 1960-68.<a href="https://commons.wikimedia.org/wiki/File:H._C._Coombs.jpg"> </a>
On Tuesday night in Darwin, he <a href="https://www.rba.gov.au/speeches/2019/sp-gov-2019-07-02" target="_blank">paid tribute</a> to Coombs. He said that in his dual roles as governor of the Reserve Bank and chair of the Council for Aboriginal Affairs, he was a strong advocate for land rights and the preservation of cultural values and traditions.
Another governor who remade Australia was Bernie Fraser, head of the treasury when Prime Minister Paul Keating made him governor of the Reserve Bank in 1989 – shortly before Australia plunged into recession.
He cut rates dramatically from early 1990, as might have been expected in order to bring about a recovery. But then, well before the recovery was complete (and the unemployment rate was still about 10%), he stopped cutting and started pushing rates back up – much to Keating’s displeasure.
Bernie Fraser gave us low inflation
<a href="https://images.theconversation.com/files/282374/original/file-20190702-126376-2qkk8n.jpg?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=1000&amp;fit=clip"><img src="https://images.theconversation.com/files/282374/original/file-20190702-126376-2qkk8n.jpg?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=237&amp;fit=clip" alt=""></a>
 Bernie Fraser, Reserve Bank governor 1989-96. Lukas Coch/AAP
His rationale appears to have been to salvage something out of the unusual circumstances in which Australia found itself. With inflation on the ropes because of the recession, he decided to keep it there – to squeeze out high inflation forever. With one temporary exception during the introduction of the goods and services tax in 2000 it never again returned to the rates of 5% or more that had been common.
He did it not because of an unusual opportunity, and changed Australia forever.
And so to Philip Lowe, who on Tuesday night in Darwin indicated that he too was taking advantage of an unusual opportunity and would probably change Australia forever.
Until a few years ago, it was thought that Australia’s rate of “full unemployment” – the rate below which unemployment couldn’t stay without stoking inflation – was touch over 5%. As it has fallen to 5% in the past year without stoking either inflation or much-wanted wage growth, the bank has come to revise its view.
It now thinks something has changed and the “full employment” is <a href="https://www.rba.gov.au/speeches/2019/sp-ag-2019-06-12-2" target="_blank">probably 4.5% or lower</a>, a low that was reached during the peak of the mining boom but hasn’t been sustained since the early 1970s. Aiming for an unemployment rate of 4.5% instead of 5% would get 69,000 more people into work.
Lowe wants unemployment lower
Lowe could have ignored the opportunity to push unemployment down that far, to a low that hasn’t been sustained since the 1970s. Instead, in Darwin on Tuesday night, he embraced the opportunity, saying his board was:
prepared to adjust interest rates again if needed to get us closer to full employment and achieve the inflation target in a way that supports the collective welfare of all Australians
Governor Lowe plans to usher in the lowest unemployment target in half a century. He believes the economy can sustain it. He said several times on Tuesday that he would prefer the government to help out <a href="https://www.rba.gov.au/speeches/2019/sp-gov-2019-07-02" target="_blank">with infrastructure projects and the like</a>, but if it won’t, he is “prepared to adjust interest rates again if needed to get us closer to full employment”.
He is doing it because the opportunity is there, as did Coombs and Fraser before him.
There’s no telling (yet) how far rates will have to fall to achieve it. Without setting out to, Lowe is remaking Australia.
<a href="https://theconversation.com/profiles/peter-martin-682709" target="_blank">Peter Martin</a>, Visiting Fellow, <a href="http://theconversation.com/institutions/crawford-school-of-public-policy-australian-national-university-3292" target="_blank">Crawford School of Public Policy, Australian National University</a>
This article is republished from <a href="http://theconversation.com" target="_blank">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/ultra-low-unemployment-is-in-our-grasp-how-philip-lowe-became-the-governor-who-lifted-our-ambition-119754" target="_blank">original article</a>.
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Ultra-low unemployment is in our grasp thanks to Philip Lowe: Peter Martin

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An industrial investment in Kunda Park has been offered to market through Savills.
The 10 meter high span building with office space has been offered for sale fully leased.
Featuring a net lettable area of approximately 2,556 sqm, Heka Diprose Pty Ltd currently occupy Unit 1, 49 Enterprise Street, and are secured on a five year lease with a further four x five year options.
Set on a 3,156 sqm site, it is being offered for sale by Scott Gardiner and Jason O’Meara of Savills.
Director of Savills, Scott Gardiner, said the property ticks a lot of boxes for the current tenant, so he is expecting Heka Group will stay on a long term lease.
“This is a superb industrial investment opportunity zoned medium impact industry in the heart of the well-established Kunda Park Enterprise Estate,
“Properties of this size, scale and positioning on a solid lease rarely come to the market,” Mr Gardiner said.
The current net rental is $240,000 per annum, subject to annual rental increases of 3% with adjusted as at 1 August to $247,200 per annum.
The property was built in 2004 with high end industrial warehousing and office space across two levels, plus it has car parking accommodation for 26 vehicles.
Director of Savills, Jason O’Meara, said Kunda Park is a highly sought after location for investors and tenants, given its strategic location just west of the Bruce Highway and ease of access to key road links such as Maroochydore Road.
Improvements to the property include two x ten tonne cranes, large oven, spray booth, and a sand blasting room, plus strengthened mezzanine floor.
Neighbouring tenants include Toll, One Steel, Kelly Green Crane Hire, Stoddart Group, and Country Chef.
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Savills list industrial facility in Kunda Park

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Hub Australia, Australia’s largest privately owned coworking provider, has opened its third Melbourne CBD coworking space, Hub Parliament Station.
Located at 1 Nicholson Street in the ICI House, also known as the Orica Building, Hub Parliament Station totals 2,757 sqm across three levels (levels 16, 17 and 18)
Hub Parliament Station will accommodate over 500 members with MitchelLake Group, ClearPoint Counsel and The Bravery Trust each leasing space at the coworking site.'
The newly opened location is Hub Australia’s sixth, with its footprint now totalling 23,000 sqm across Australia.
ICI House was constructed in 1958 and considered one of Australia’s first skyscrapers with this year marking its 60th anniversary.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/7/3/Hub%20parliament%202.jpg" alt="">
Designed by Bates Smart, the space underwent a multi-million dollar refurbishment to create a coworking space with Palm Spring-like influences
Over five tonne of custom breezeblocks are used throughout, in screens, walls and joinery, referencing the existing concrete waffle slab and ground floor lobby brickwork.
Hub Parliament Station offers its members access to a range of workspaces including bespoke offices for up to 14 people, private offices, open plan dedicated and flexible desks, break out areas, high-tech meeting and event spaces.
Additional amenities include a fully serviced café operated by Hub Australia’s dedicated in-house hospitality team, large serviced meeting rooms, member kitchen and lounge, fitness space, end-of-trip facilities with towel service, parent and wellness rooms.
A media studio is also made available to all members which includes a full suite of podcasting equipment as well as the latest in Virtual Reality equipment.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/7/3/Hub%20parliament%203.jpg" alt="">
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Hub Australia opens first skyscraper coworking space, Hub Parliament Station in Melbourne

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There are certainly opportunities in the current 2019 market to pay less than the last price.
But is there really such a thing as buying a bargain when it comes to property? And where are they?
This series of articles looks are specific examples of sale price or asking price falling. 
We take a look at where and if possible why this is happening.  
We came across this property for consideration.
A 2.5 acre lot in Dalby, a town in the Darling Downs region of Queensland, which has been sold for a $145,000 loss six years on.
The property sold for $115,000, less than 45% of what it transacted for in 2013.
Peter Forbes of Property Centre held the listing.
Lot 12, Branch Creek Road is a full fenced lot on the outskirts of town.
All that currently resides on the property is a concrete base shed with electricity.
Last sold in Febrary 2013, the holding changed hands for $260,000.
The property has been listed for sale since December 2015, originally with an asking price of 180,000.
That asking price was first reduced to $150,000 in October 2018, and again in February 2019 to $120,000.
<img src="https://www.urban.com.au/images/2019/7/3/Dalby%202.JPG" alt="">
<div>
Property Observer advise that it is up to you to determine if the offering is a truly beneficial bargain.
Remember buying at the bottom of the cycle is fraught – as you can't really precisely pick the bottom nor know just how long until you see some price growth.
Be aware you could be buying a poor quality property in an area with ongoing issues of oversupply of stock.
The oversupply could be also putting downward pressure on rents.
Other price declines could be because the vendor needs a quick sale or paid way over the top on its last purchase chase.
Property Observer suggests property purchasing really does need to be a very well considered proposition with a long term mindset.
As a part of this series, we've already had a look at properties in <a href="/expert-insights/buying/bargain-property-at-mount-eliza-home-at-2-million-discount">Mount Eliza</a>, and <a href="/expert-insights/buying/bargain-property-in-central-geelong-sale-price-dips-after-one-year">Central Geelong</a>.
</div>
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Bargain property in Dalby? Residential lot sold for less than half previous sale price

One of North Sydney's best-known commercial buildings could become hundreds of new homes, with insurance giant Zurich Australia lodging a State Significant Development Application (SSDA) to transform 5 Blue Street into a mixed-use residential development above North Sydney Station.

Rather than demolishing the existing building and starting again, Zurich is proposing an adaptive reuse project that would convert the landmark office building into a 15-level residential development delivering 62 apartments, 86 affordable co-living dwellings, activated retail and significant upgrades to the Blue Street Plaza.

The proposal reflects a growing trend of commercial property owners repositioning ageing office assets into residential housing as Sydney grapples with housing supply shortages and changing workplace demand.

<img alt="Zurich" data-entity-type="file" data-entity-uuid="0bba7d12-06dc-4375-aad7-238c94b21ac5" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-22%20at%2010.42.05%E2%80%AFAM.png?VersionId=NJl5oLAEBDGuPmY3RnyliKODjMc8lvRh" />

Located directly above North Sydney Metro and train station, the 3,051 sqm site occupies one of the most strategically positioned parcels of land on Sydney's Lower North Shore.

Designed by fjcstudio, the proposal seeks to retain and adapt much of the existing structure while creating a contemporary residential address that better connects with the public domain surrounding North Sydney Station.

The application proposes two basement levels, ground floor retail, affordable co-living accommodation across the podium levels, and apartments above, while preserving and enhancing the publicly accessible Blue Street Plaza.

Rather than pursuing maximum apartment numbers, Zurich has opted for a housing mix heavily weighted towards larger owner-occupier residences.

The proposal includes 62 build-to-sell apartments comprising 12 one-bedroom, 19 two-bedroom, 29 three-bedroom apartments and two premium penthouses. It also incorporates 86 affordable co-living dwellings, which would be managed in perpetuity by a Community Housing Provider.

That balance between traditional apartments and affordable housing reflects the NSW Government's push to increase housing diversity around major transport infrastructure.

The proposal has been lodged concurrently with a rezoning application, with Zurich arguing the site is ideally positioned to support additional housing given its immediate proximity to public transport, employment and services.

"The proposal aims to respond to the housing challenges facing Sydney through the delivery of diverse housing types in a highly accessible location," the design report by fjcstudio states. It also seeks to improve pedestrian amenity through upgrades to Blue Street Plaza while creating a high-performing residential building that responds to the surrounding context.

<img alt="Zurich" data-entity-type="file" data-entity-uuid="36082e15-c636-4481-bb68-5a5f6443fe39" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-22%20at%2010.41.36%E2%80%AFAM.png?VersionId=5P6VD.fvmqjQfIG3TWWMRXxQWiQBjeFB" />

Rather than replacing the commercial building, fjcstudio has developed a design that works with the existing structural framework above the rail corridor, an approach that significantly reduces demolition while allowing the site to be repositioned as a mixed-use residential precinct.

The existing structural constraints have informed much of the building's design, including its relationship with Blue Street and surrounding public spaces.

The building has been designed as a slender tower rising above a clearly defined podium, with vertically expressed façades intended to reduce the perceived bulk while reinforcing North Sydney's emerging skyline.

According to fjcstudio, the architectural language responds directly to the surrounding commercial towers while maintaining a finer grain expression more closely aligned with the neighbouring Lavender Bay streetscape.

The tower incorporates articulated façade elements, landscaped podium edges and recessed upper levels to soften its appearance and improve pedestrian amenity below.

A significant component of the proposal is the revitalisation of Blue Street Plaza.

The existing public space has long served as one of the primary pedestrian connections between North Sydney Station, Greenwood Plaza and Blue Street, yet its role is expected to become even more important following the opening of Sydney Metro.

Zurich's proposal seeks to strengthen that role by improving landscaping, introducing new retail frontages, enhancing pedestrian permeability and creating more active edges throughout the day and evening.

Ground floor retail would wrap the plaza, while separate residential and co-living entries have been designed to improve wayfinding without reducing street activation.

Landscape design has been integrated throughout the podium and public realm, softening what is currently one of the most heavily urbanised parts of North Sydney.

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fjcstudio has carefully oriented apartments towards Sydney Harbour and the CBD while using privacy blades and articulated façades to minimise overlooking between neighbouring buildings.

Large framed openings along the western elevation maximise harbour outlooks, while the eastern apartments have been angled towards the south-east to improve privacy from neighbouring development.

The project forms part of the continuing transformation of North Sydney from a predominantly commercial CBD into a genuine mixed-use city centre.

Since the completion of Victoria Cross Metro Station, developers have increasingly shifted their attention towards residential projects capable of leveraging the area's unparalleled transport connectivity.

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FiveX recently lodged plans for a 61-storey, 490-apartment tower that would become one of the tallest residential buildings in North Sydney if approved.

Aqualand continues to expand its Lower North Shore presence following the completion of AURA on Walker Street and its recent St Leonards and Roseville proposals.

Developers are also progressing projects throughout Walker Street, Miller Street and the Victoria Cross precinct as demand for well-located owner-occupier apartments continues to strengthen.

Joel Robinson

First look: Zurich targets North Sydney office conversion with 148-unit proposal above Metro station

Busy developer Aqualand Prestige has formally taken the next step in its expansion across Sydney's Lower North Shore, lodging a State Significant Development Application (SSDA) for its long-held Archer Street site in Chatswood.

The application covers <a href="https://www.apartments.com.au/new-apartments/51-55-archer-street-chatswood-nsw-2067">51-55 Archer Street</a>, a 1,767 sqm amalgamated site on the eastern edge of the Chatswood CBD, where the developer is seeking approval for a 45-level mixed-use tower delivering 114 apartments, including a significant affordable housing component, alongside retail, commercial space and six basement levels of parking.

The SSDA marks the latest milestone for a project Aqualand has been quietly progressing over the past two years. The developer first secured the site for its Aqualand Prestige platform before undertaking an alternative design excellence process with PTW Architects, ultimately avoiding a formal design competition through the Housing Delivery Authority pathway.

The proposal has evolved considerably from Aqualand's original concept. The revised scheme has been designed around larger owner-occupier product, with an unusually high proportion of three and four-bedroom apartments, targeting the more affluent buyer profile, and downsizer, emerging across the North Shore.

<img alt="Archer St" data-entity-type="file" data-entity-uuid="0171204c-5811-41b5-9b09-2335d1b7c3d0" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-22%20at%208.52.48%E2%80%AFAM.png?VersionId=6YTuxfq.puZo7k2wbfgemcO5K3QfXYGQ" />

The 114-apartment mix comprises six studios, 27 one-bedroom apartments, 18 two-bedroom apartments, 50 three-bedroom residences and 13 four-bedroom homes. A quarter of the building will be dedicated to affordable housing, well above the mandated 15 per cent&nbsp;

PTW has structured the building vertically, with affordable housing across levels one to six, premium apartments through levels seven to 31, duplex skyhomes on klevels 32 to 43, a penthouse on level 44, and a rooftop plant level above. Six basement levels will provide resident parking and servicing.

The tower is proposed to reach approximately 154 metres, placing it among a growing collection of residential high-rises transforming Chatswood's skyline.

Rather than competing purely on height, PTW says the design has been driven by creating a slimmer tower capable of delivering significantly larger apartments.

"The primary objective of this project was to create a distinctive building that stands out from the recently approved or built structures in the Chatswood area," the design report states, noting the structural efficiency allows greater investment into apartment quality and resident amenity.

Residents would have access to more than 450 sqm of communal open space including landscaped gardens, swimming pool, rooftop entertaining areas, fitness spaces, community gardens, children's play areas and barbecue facilities.

A major focus of the design has been the public domain.

The ground plane has been opened up through landscaped terraces inspired by Willoughby's sandstone ridges, with native planting, public seating, artwork, retail activation and a series of gathering spaces intended to soften what has traditionally been a hard commercial streetscape.

The landscape strategy references Blue Gum forests once common throughout the area, while incorporating Indigenous storytelling, public art and lighting installations to strengthen the connection to Country.

Chatswood has been one of Sydney's busiest apartment markets over the past 12 months, with a steady pipeline of both new project launches and fresh development applications.

Hyecorp recently launched Celine, a 122-apartment development just along Archer Street, while Changfa and Huirong Group are progressing The Anderson, an 84-apartment project on Anderson Street.

Develotek recently secured approval for a 101-apartment tower on Pacific Highway, while Tian An LFD received the green light for Hammond Greens, its apartment development on the edge of the Chatswood Bowling Club.

Commercial property developer FiveX is also making its move into the residential market. Last month it lodged plans for a 61-storey tower with 490 apartments, which, if approved, would become one of the tallest residential buildings in Chatswood.

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/first-look-fivex-targets-chatswood-skyline-with-61-storey-tower-after-north-sydney-plans">First look: FiveX targets Chatswood skyline with 61-storey tower after North Sydney plans</a>

Aqualand is also expanding its development pipeline following the launch of its luxury residential brand, Aqualand Prestige. The developer has delivered a string of high-end apartment projects across Sydney's affluent suburbs over the past decade, most recently AURA by Aqualand on Walker Street in North Sydney.

[smartcode_project:default project_id=30959 project_image_fid=292863]

It has since quietly assembled its next wave of projects.

Earlier this year Aqualand launched Boronia in Roseville, a boutique 111-apartment development on Larkin Street. The project is one of the first significant apartment developments to launch in the suburb ahead of what is expected to become one of Sydney's most active new housing precincts under the NSW Government's Low and Mid-Rise Housing reforms, which allow greater density around train stations.

[smartcode_project:default project_id=152095 project_image_fid=373685]

The developer has also lodged plans for a two-tower, 413-apartment development on Herbert Street in nearby St Leonards, further strengthening its presence across the Lower North Shore.

Beyond that, Aqualand remains behind the final stage of Barangaroo, where plans will deliver a five-hectare mixed-use precinct comprising new homes, retail, hospitality and community facilities, alongside a new Metro entrance and more than two hectares of public open space, completing the Barangaroo precinct.

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/central-barangaroo-development-takes-big-step-with-concept-proposal-approval">Central Barangaroo development takes big step with concept proposal approval</a>

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/first-look-aqualand-joins-st-leonards-apartment-party">First look: Aqualand joins St Leonards apartment party</a> 
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First look: Aqualand pushes ahead with Chatswood apartment tower as SSDA lodged for Archer Street

Mass timber is becoming an increasingly popular construction material in apartment developments, but Adelaide developer <a href="https://www.apartments.com.au/developers/otello">Otello</a> is taking the approach a step further.

At its new <a href="https://www.apartments.com.au/new-apartments/flowe-bowden-18-gibson-street-bowden-sa-5007">Flowe Bowden</a> development, the exposed cross-laminated timber (CLT) structure isn't just about reducing the building's environmental footprint. It also forms the foundation of a broader wellness strategy, influencing everything from indoor air quality and natural materials to the way residents move through and experience the building.

The 115-apartment mixed-use development, designed by Melbourne-based architecture practice Fieldwork, will occupy a prominent island site opposite Bowden Village Reserve, combining one, two and three-bedroom apartments with retail and a dedicated wellness destination.

[smartcode_project:default project_id=152022 project_image_fid=375528]

Wellness isn't confined to a gym or shared resident facility at Flowe. Instead, Fieldwork embedded the concept into the building itself.

The development has been split into two residential wings connected by a naturally ventilated central breezeway, replacing traditional enclosed corridors with open-air walkways that improve natural light, encourage cross ventilation and create more opportunities for neighbourly interaction.

"Rather than treating wellness as something that only happens on the ground floor, our response integrates it throughout the building, which led us to ask what it really means to design a healthy building," Fieldwork Director Quino Holland said.

[smartcode_project:default project_id=152022 project_image_fid=375531]

The building's architecture also reflects Bowden's industrial heritage. The lower podium references the area's historic brick and sandstone buildings, while the upper levels transition to exposed CLT, allowing the timber structure to become a defining feature throughout the apartments and shared spaces.

The use of mass timber sits alongside a range of sustainability initiatives, including a fully electric, gas-free design, rooftop solar and a targeted 5 Star Green Star rating.

[smartcode_project:default project_id=152022 project_image_fid=375524]

Inside the residences, the focus remains on natural, durable materials. Blackbutt engineered timber flooring, exposed CLT ceilings, porcelain surfaces and warm timber joinery create a calming interior palette, while low-VOC finishes and responsibly sourced materials have been selected to improve indoor air quality.

Kitchens have been designed as the centrepiece of each apartment, featuring porcelain island benchtops, timber-look cabinetry and brushed steel tapware, with layouts that maximise natural light and ventilation.

[smartcode_project:default project_id=152022 project_image_fid=375530]

The more traditional interpretation of wellness comes in the form of Level Eleven, a two-storey wellness club spanning the ground floor, mezzanine and first floor.

The facility will include a gym, yoga and reformer Pilates studios, Finnish and infrared saunas, magnesium hot and cold plunge pools, and dedicated recovery spaces. Unlike many residential wellness facilities, Level Eleven will also operate commercially, allowing the broader Bowden community to access the venue while giving residents exclusive membership benefits.

The ground floor has also been designed around everyday living. A café overlooking Bowden Village Reserve will activate the street frontage, while a bike workshop with tool storage, co-working space and dog wash has been incorporated to support daily routines and encourage interaction between residents.

"Flowe brings together my two biggest passions, creating places and creating healthier lives," Otello founder Daniel Harris said.

"We wanted to create something Adelaide hasn't seen before, a genuinely healthy building, where the way you live is lifted without even trying."

Flowe is positioned directly opposite Bowden Village Reserve and within walking distance of Bowden Railway Station and the Adelaide Entertainment Centre, placing future residents just minutes from the Adelaide CBD while remaining connected to one of the city's most established urban renewal precincts.

[smartcode_project_cta:default project_id=152022]

Otello launches wellness-focused Flowe Bowden with Adelaide-first mass timber apartment design

Not all apartment amenities are immediately visible.

Swimming pools, gyms, rooftop terraces and residents' lounges have long featured on buyers' wishlists, but as the way Australians live has changed, so too have the features that make apartment living more convenient.

Increasingly, buyers are placing value on the practical aspects of day-to-day life. Fast internet, EV charging, secure bike storage, flexible workspaces and parcel management are becoming just as relevant as lifestyle amenities, reflecting changing habits and expectations.

Online shopping has been one of the biggest drivers of that shift.

Australians spent a record $82.6 billion shopping online in 2025, with almost one in every four retail dollars now spent digitally, making parcel deliveries a routine part of everyday life rather than an occasional convenience.

For apartment residents, however, receiving those deliveries isn't always straightforward.

Without someone home to accept a parcel, deliveries can be redirected to a nearby Post Office, left in building foyers or common areas, or require building management to temporarily store packages. As apartment living continues to grow across Australia's cities, parcel management has become an increasingly important consideration for both residents and developers.

Australia Post's Parcel Locker network is one response to that shift.

<iframe allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen="" frameborder="0" height="315" referrerpolicy="strict-origin-when-cross-origin" src="https://www.youtube.com/embed/KPZ9j5FRdsQ?si=Qztc1dNP3ZvEIUhb" title="YouTube video player" width="560"></iframe>

Rather than relying on home delivery, eligible parcels can be directed to a nominated Parcel Locker, where they're securely stored until collected. Once a parcel arrives, residents receive a notification through the AusPost app or SMS and can retrieve it using a one-time code or QR code at a time that suits them.

The network has expanded to more than 1,500 locations nationwide, with Parcel Lockers positioned at Post Offices, shopping centres, supermarkets, transport hubs and, increasingly, within or alongside residential developments.

That growing presence reflects a broader change in how apartment buildings are being planned.

Developers are increasingly considering the operational side of apartment living alongside traditional lifestyle amenities. Just as secure mailrooms, bicycle storage and EV charging have become more common inclusions, parcel management is emerging as another feature that supports everyday convenience.

It also helps preserve the arrival experience within a building. Carefully designed lobbies and communal spaces can quickly become cluttered when deliveries accumulate, while secure parcel solutions reduce the likelihood of missed deliveries or parcels being left unattended.

For buyers comparing apartments, these everyday details are becoming part of the decision-making process.

Location, floorplans and finishes remain fundamental, but the features that simplify daily life are carrying greater weight than they once did. As online shopping continues to shape consumer behaviour, secure parcel delivery is increasingly becoming another amenity worth looking for.

Parcel delivery is joining the apartment amenity checklist

Inca Property Group has lodged a State Significant Development Application (SSDA) for Dawn, a 53-apartment oceanfront development overlooking Mona Vale Beach.

The proposal, at 35-39 Darley Street East, would replace an existing 18-apartment strata building with a new owner-occupier-focused development comprising 53 two and three-bedroom apartments, including nine affordable built-to-rent residences delivered under the State's infill affordable housing scheme.

Positioned on a 2,679 sqm elevated site around 280 metres from Mona Vale Beach, the development has been designed to maximise panoramic ocean views while responding to the site's sloping topography.

<a href="https://www.apartments.com.au/developers/inca-property-group">Inca Property Group</a> Managing Director Josh Thompson said the State Significant pathway provided greater certainty for projects of this scale.

"This State Significant pathway gives the team real certainty to progress <a href="https://www.apartments.com.au/new-apartments/dawn-35-39-darley-street-east-mona-vale-nsw-2103">Dawn</a> through to completion," Thompson said.

"It allows us to acquire a one-off site, design it carefully and deliver the right offering for the suburb, assessed by the NSW Government's planning department."

The project is one of the first developments in the area to be assessed under the NSW Government's Low and Mid-Rise Housing policy, with the site sitting on the edge of the policy's designated inner area.

The proposal includes three basement levels providing 124 car spaces, alongside a range of resident amenities including a swimming pool, gym, sauna, wellness facilities and private plunge pools for selected ground-floor and penthouse apartments.

<img alt="Dawn" data-entity-type="file" data-entity-uuid="fc1a1daf-0ce4-4f12-9076-b1fa553c7a91" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-21%20at%208.42.11%E2%80%AFAM.png?VersionId=4GZ9h.gpNkTljbxyAET8Jfhv51XUamDm" />

Thompson said Dawn had been designed specifically for owner-occupiers and downsizers, a buyer profile that has driven demand across Inca's recent Upper North Shore developments.

"The majority of buyers in our recent North Shore projects have been downsizers, and we are learning exactly what this market is looking for. Beyond the location itself, we have included resort-style amenities to deliver a genuine lifestyle offering," Thompson said.

Located within walking distance of Mona Vale Beach, the town centre, Mona Vale Golf Club and the Royal Motor Yacht Club, Dawn represents Inca's first Northern Beaches project following the sell-out of Tara on Park in Waitara and Ellis Residences, currently under construction in St Ives.

Construction will be undertaken by Inca's in-house construction arm, GOP Constructions.

Dawn is the latest major apartment proposal for Mona Vale, with the suburb emerging as one of the key beneficiaries of the NSW Government's new Low and Mid-Rise Housing policy.

New developer One Living, led by industry veteran Joseph Scuderi, recently secured a site on Mona Vale Road, on the border of Mona Vale and Pymble, where it is planning around 140 apartments.

IPM is also planning its third project in Mona Vale, significantly increasing the scale of its previous developments with an 82-apartment proposal at <a href="https://www.apartments.com.au/new-apartments/159-167-darley-street-west-mona-vale-nsw-2103">159-167 Darley Street West</a>, opposite Bayview Golf Course and less than 800 metres from Mona Vale town centre.

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/one-living-enters-sydneys-new-apartment-market-with-northern-beaches-site-acquisition">One Living enters Sydney's new apartment market with Northern Beaches site acquisition</a>

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/first-look-ipm-plans-third-mona-vale-project">First look: IPM plans third Mona Vale project</a>

Staff reporter

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