<html><body>
A five bedroom Forrest house has sold for $2.875 million making it Canberra’s most expensive weekend auction sale.
Located at <a href="https://www.realestate.com.au/sold/property-house-act-forrest-125971866" target="_blank">27 Tasmania Circle</a>, the 1367 sqm property is opposite historic Collins Park.
It was built in 2012 on a block sold in 2011 for $1.62 million.
It features a floorplan that includes a both formal and informal living room both with gas fireplaces.
There is also a gourmet kitchen that is central to the property and overlooks the in-ground swimming pool while accessible from the office area.
It features gas cooking, wood benchtop and Marble Island.
<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/2017/08/13/27%20Tasmania%20Circle-2.jpg" alt="">
A study, office, guest room with its own two-way ensuite are also available on this property.
Upstairs is the master bedroom with walk-in robe and ensuite along with three further bedrooms, all with walk-in robe while two have their own built-in desks.
The property is moments to Manuka Village.
The property was offered through Luton Properties agents Richard Luton and Sophie Luton.
</body></html>

j.ballantyne1990-6AQqhLzZaK

Five bedroom Forrest, ACT house sold for $2.875 million

<html><body>
The historically and architecturally significant 122 Nicholson St, Fitzroy was passed in at its weekend auction.
It was passed in on a $3.2 million vendor bid as more than 100 people watched, The Herald Sun reported.
Built in 1862 and extended in the 1880s, the boom-style residence was last auctioned for $2.37 million a decade ago.
It remains for sale for $3.5 million through Nelson Alexander Fitzroy.
Designed in neo-Renaissance style at Fitzroy, it had been listed with initial price expectations between $3.5 million to $3.8 million.
The guidance was amended to $3.3 million to $3.5 million during the campaign.
Located at <a href="https://www.realestate.com.au/property-house-vic-fitzroy-125932210" target="_blank">122 Nicholson Street</a>, the property was the home of architect J.B Denny.
The property sold in 1998 for $660,000 and in 2007 at $2.37 million.
J B Denny erected a four-room cottage on the site in the 1860s. Denny was the architect and at that time was also superintending architect at St Patrick's Cathedral. 
He is recorded as occupier of an enlarged house on this site until it was sold. It appears that at that time alterations were made to the building and its present appearance basically dates from that period.
The house, situated at the corner of King William Street, features a two tier arcade, a notable example of boom style house design.
The 1890s home sits opposite the Exhibition Building, minutes from the CBD and Brunswick Street.
</body></html>

Neo-Renaissance Fitzroy trophy home passed in at auction

<html><body>
A former broker has been handed an eight year, nine-month sentence for a $1.9 million fraud related to his company Adelaide Lending Centre.
The district court judge who handed down the sentence to former broker Michael Samra has described the $1.9 million case as “a consistent and persistent demonstration of fraud” through actions that were “premeditated, deliberate and repetitive”.
In the final ruling, Her Honour Judge Geraldine Davison described the circumstances which led to Samra pleading guilty to six counts of deception, according to the Mortgage Broker.
Samra’s broking business, Adelaide Lending Centre (ALC Group), was formed on July 13, 1999 at which time Samra was co-director and shareholder along with his wife. He became the sole director on 19 May 2009.
ALC Group was placed into voluntary liquidation on August 6, 2009 after a letter of demand. The liquidation was completed on August 19, 2015.
Meanwhile, Samra himself became bankrupt on 3 March 2010 and was discharged from bankruptcy on 30 October 2013.
Samra's modus operandi included getting a number of individuals to invest funds which would then be lent to clients in the building industry with promises of high interest rates (30% for 30 days). However, Judge Davison gave several examples of how these funds did not make it to either builders or developers and were instead paid to other investors dealing with the firm.
The fact that funds were immediately sent out to various investors meant that Samra was effectively “robbing Peter to pay Paul”, she said.
“There is ongoing litigation by some creditors to recover moneys lost in their investments with the ALC Group. The total amount of money invested with the group by the investors who are the subject of the charges totals just over $1.9 million,” the judge said.
“Contrary to the representations that had been made by you in January 2009, the amount of $150,000 and the amounts of $50,000 and $70,000 were not lent to builders or developers but instead were paid to other investors in the ALC Group,” she said of one case.
ASIC began investigating the ALC Group in September 2009.
“ASIC investigated the collapse of your group and conducted a reconstruction in relation to the invested deposits through your group for the period from 1 January to 31 July 2009. That reconstruction shows that in that period there were deposits into your bank account totalling over $66m. Investor deposits totalled $58m and there were further miscellaneous deposits of over $7m,” the judge said. 
ASIC found that payments from Samra’s bank account totalled over $67 million with payments from investors equalling $64 million.
In determining the sentence, Davison considered the impact of these actions on investors with ALC Group.
“These people have been generally hardworking individuals who have been striving to do their best to provide for their families and their own retirements,” she said. 
“Each of them has been significantly financially disadvantaged by your behaviour. Beyond that, of course, they have the devastation and stress that comes from financial difficulties and the effect of having so badly judged the situation as they see it.” 
“You knew that you had this significant financial difficulty that was unlikely to be resolved when you sought and obtained the funds that were used to prop up the business, knowing at the time when you obtained them that there was little, perhaps no prospect that they would be repaid.” 
Davison did acknowledge Samra’s personal circumstances, noting that he had no ability to make reparations for his actions. She also recognised the stress Samra would have been under while trying to keep his business afloat. This led to two suicide attempts, hospitalisation and psychiatric treatment in July 2009.
“However, these factors, whilst they would have impaired your judgment significantly, do not mean that you were unaware of the nature and quality of your actions,” she said.
In deciding the sentence, Davison took into account a range of factors, including Samra’s apology and his previous good character, as well as the amount of money involved, a belated guilty plea, and a lack of any reparations made.
</body></html>

Former mortgage broker handed jail term for $1.9 million fraud

<html><body>
Auction volumes rose to their highest level in three months, according to CoreLogic, with Canberra taking the mantle of best selling capital city as cracks emerged in the traditional auction powerhouse, Melbourne.
The number of homes taken nationally to auction rose to 2,000, compared with 1,850 over the prior week.
The preliminary auction clearance rate of 70.5 per cent was up on last week’s final 68.2 percent clearance rate.
Over the corresponding weekend last year, the clearance rate was higher at 75 per cent but on less stock, as just 1,471 auctions were held.
Canberra was the weekend's strongest auction market with an 87 percent success rate.
Its top sale was a five bedroom Forrest house sold for $2.875 million.
Located at <a href="https://www.realestate.com.au/sold/property-house-act-forrest-125971866" target="_blank">27 Tasmania Circle</a>, the home was built in 2012 on its 1367 sqm block opposite historic Collins Park.
Luton Properties also sold the nation capital's cheapest offering, a two bedroom MacGregor townhouse for $345,000.
Located at <a href="https://www.realestate.com.au/sold/property-townhouse-act-macgregor-125979282" target="_blank">13/204 Macfarlane Burnet Avenue</a>, the property is currently tenanted at $360 per week.
Across Canberra a total of 57 auctions were held, compared to 69 last weekend.
Canberra’s preliminary clearance rate was well up on the 70 percent of the previous weekend.
First home buyers have surged into the ACT market in strong numbers, according to Domain's chief economist, Dr Andrew Wilson.
Adelaide had the next best success rate, with 72.9 per cent of the 59 reported results sold.
It was a big improvement over the previous week’s 63 percent clearance rate and the 68.8 per cent one year ago.
Adelaide's offering ranged between an uninhabitable four bedroom house at <a href="https://www.realestate.com.au/property-house-sa-ingle+farm-123655150" target="_blank">29 Aranga Avenue</a>, Ingle Farm sold for $297,000 by the mortgagee and a $1.37 million sale of a four bedroom <a href="https://www.realestate.com.au/property-house-sa-campbelltown-125928814" target="_blank">Maynard Avenue</a>, Campbelltown house sold for $1.37 million.
With a 72 percent success rate, Sydney was next strongest narrowing pipping Melbourne’s preliminary clearance rate of 71 per cent.
"Melbourne has remained the stronger performer for many weeks, but it was possible that Melbourne’s final clearance rate could drop below the 70 per cent mark for the first time since July last year," CoreLogic's auction analyst Kevin Brogan suggested.
Domain's chief economist, Dr Andrew Wilson noted Melbourne was being "weighed down" by a surge in pre-spring listings after an unusually hot winter market.
The Melbourne clearance rate was down from last week’s final clearance rate of 73.9 per cent and lower the clearance rate for the city one year ago (78.9 per cent).
Melbourne was host to 948 auctions, higher than the 911 held last week, and substantially higher than a year ago when there were 605 Melbourne auctions held over the week.
Of the nine Melbourne sub-regions, the strongest performer, in terms of clearance rate was the North East with a 78.6 per cent success rate.
Sydney’s preliminary clearance rate this week was 72 per cent across 625 notified auction results from a total of 782 auctions held across the city.
"Looking back at this weekend last year, 635 auctions were held across Sydney and a clearance rate of 78.3 per cent was recorded," Brogan noted. 
An $8 harbour front at Longueville was the nation's most expensive weekend auction sale.
Built in 1970, the five bedroom property was last sold in 2006 for $5 million.
It features a split level design on its 1277 sq m block at <a href="https://www.realestate.com.au/property-house-nsw-longueville-125980638" target="_blank">40A Mary Street</a>.
The offering through McGrath Estate Agents came with pool, jetty, boatshed and deep mooring.
Melbourne's top two sales were development sites including a Camberwell site sold at $5.01 million.
Located at <a href="https://www.realestate.com.au/sold/property-house-vic-camberwell-125960974" target="_blank">5-7 Braeside Avenue</a>, the 1550 sqm site came with townhouse plans by Alta Architecture.
The property, approved for eight homes, sold through Marshall White.
The next top price was at Port Melbourne with a site fetching $4.75 million.
The Chapman Memorial Hall sits on a <a href="https://www.realestate.com.au/sold/property-other-vic-port+melbourne-126067106" target="_blank">711 sqm Ross Street site</a>.
An art deco Prahran house sold for $4.2 million. <a href="https://www.realestate.com.au/sold/property-house-vic-prahran-125959154" target="_blank">The Linden Court</a> home sold at $2,535,000 in 2011. 
A 1933 six bedroom Toorak home at <a href="https://www.realestate.com.au/property-house-vic-toorak-125941454" target="_blank">3 Myrnong Crescent</a> was passed in on a vendor bid of $7 million.   
Brisbane was host to 100 auctions with the 63 results reported, recording a preliminary clearance rate of 54 per cent.
Last week, auction volumes across the city were higher with 156 auctions held across the city and a 48.7 per cent clearance rate.
Brisbane cheapest result was a three bedroom Darra townhouse at $316,000.
Located at <a href="https://www.realestate.com.au/property-townhouse-qld-darra-125972834" target="_blank">102/35 Ashridge Road</a>, the property was marketed by Ray White as ideal for savvy investors with its likely rent estimated to be $370 to $390 per week.
In Perth, 32 auctions took place with 10 results reported so far.
Perth’s preliminary clearance rate was 40 per cent.
 
</body></html>

Cracks emerge in oversupplied Melbourne August auction market

<html><body>
Olympian and Commonwealth Games gold medal-winner Lauren Hewitt and her husband Richard are selling their Glen Iris home.
Hewitt, a gold-medalist in the 4x100 metre relay and bronze medalist in the 200 metres, paid $2 million for the home with Richard in 2009.
Set in the Muswell Hill precinct, the <a href="https://www.realestate.com.au/property-house-vic-glen+iris-126046346" target="_blank">1920s art deco residence</a> has four bedrooms and two bathrooms.
Between $2.8 million and $3.08 million through Marshall White agents Zali Reynolds and James Redfern, who have set an August 26 auction.
<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/2017/08/11/14%20Britten%20Street-2.jpg" alt="" style="font-size: 12.16px;">
Hewitt won gold medals in the 4x100 metre relay at the 1998 Commonwealth Games in Kuala Lumpur and then another gold four years later in Manchester.
Since retiring Hewitt established the Lauren Hewitt Nutrition business.
The family are set to move overseas.
 
 
 
</body></html>

Olympian Lauren Hewitt lists Glen Iris house

<html><body>
The Chinese property apartment developer SJD, which recently acquired two adjoining sites in Double Bay, has unveiled its plans for the first luxury apartment complex.
The off-the-plan development, at 20-26 Cross Street, is being marketed with the Chinese development company giving it a rather bizarre name, 1788.
SJD recently secured the development site from veteran property developer Bill Roche for $54.6 million, reflecting around $1,750,000 per apartment based solely on its residential component. 
The bespoke residences are being marketed as an elegant sculptural architectural building drawing on the cultured European ambience of Double Bay with gentle concave and convex curves.
There will be 31 luxury residences.
Last month SJD snapped up the neighbouring commercial property paying a reputed $45 million.
The property, Bay Village at 28-32 Cross Street has a site area of around 1,030 sqm through father son team, Craig Pontey of Ray White Double Bay and Matt Pontey of Colliers International.
Double Bay, having been crippled by the opening of the Westfield Shopping Centre in Bondi Junction, is regaining its momentum after newly built prestige residential complexes, the reopening of the major hotel, a new library and the Kiora shopping space.
CBRE’s Ben Stewart, who is marketing the 1788 development, was having an each way bet on the direction Double Bay's demographic direction.
He noted he'd seen a change in the type of people living in and visiting Double Bay.
“Traditionally it was an older market – and it still is a downsizer market – but there is also a younger demographic coming in,” he says.
“However, empty nesters are a big part of the area as they like the village lifestyle.”
With architecture and interiors by Bates Smart, Stewart says 1788 was designed to attract the older demographic with the best finishes he'd ever seen, he said.
“The majority of units are facing north so the aspect is really good, and it’s a low-maintenance development so it’s low cost to maintain.”
</body></html>

SJD launches luxury 1788 apartment project in Sydney's Double Bay

<html><body>
The Reserve Bank Governor’s commentary was similar to the Monetary Policy Statement released a fortnight ago.
However his comments today provided more clarity and reinforced our view that interest rates are likely to remain on hold over the next 12 months.
Interestingly the question and answer time highlighted the pragmatic approach the central bank takes in discussing an array of topical issues.
When prompted by parliamentarians about the discussion in the recent Reserve Bank Board meeting on the neutral cash rate, the Governor highlighted that markets will always react to what is said, but the decision to discuss the neutral cash rate setting at the July Board meeting was made earlier this year.
And the message that the Governor wanted to get across was that “it was a reasonable assumption that the next move in interest rates was up rather than down but it is some time away” and the neutral setting for the economy is lower than where it has been in the past.
The Governor made comments on business investment saying it was being held back by a range of uncertainties such as global politics and some domestic policy settings.
Given the strength in the business conditions, the central bank has “been looking for a strong pick-up in private business investment outside the resources sector. This is taking longer to occur than expected”.
And the RBA believes that this reluctance to commit to significant investment could possibly continue for some time yet.
No doubt the level of commitment by businesses to invest in the economy will be watched very closely by policymakers and be a key metric in the outlook for interest rates.
Interestingly, there was a lot of robust discussion on a variety of issues ranging from the mechanisms to control house prices, the growth of household debt, payments systems, Australia’s infrastructure spending, the benefits of a lower Australian dollar, even the cost of electricity prices, penalty rates and tax reform.
Certainly there is a lot that is occupying policymaker thoughts at present.
Overall the Reserve Bank Governor was more optimistic on the medium term outlook for the Australian economy.
Highlighting that even when it comes to mining investment the pullback is almost complete.
The focus now is to ensure an ongoing lift in non-mining business investment to support medium term growth objectives.
CommSec expects no change to interest rates over next year.
Below are the comments Philip Lowe made in regards to various topics.
On economic assessments, "There has been an improvement in survey-based measures of business conditions and capacity utilisation has increased.
“Employment growth has also picked up and retail spending has been a bit stronger of late. Financial conditions remain favourable, with interest rates remaining low and banks willing to lend”.
“In summary, our central scenario is for GDP to grow at an average of around 3 per cent over the next couple of years.
“This would be better than we have seen for some time.”
On business investments, “For some time we have been looking for a strong pick-up in private business investment outside the resources sector.
“This is taking longer to occur than expected.
“While we do see positive signs in parts of the economy, many firms still show some reluctance to commit to significant investment, often citing a range of uncertainties.
“It is possible that this reluctance will continue for a while yet.
“But it is also possible that the improvement in business conditions that we have seen will give firms the confidence to invest more, after a period of under-investment.
“We have incorporated a middle path into our own forecasts.”
On the household sector, “There is an adjustment going on, with many people getting used to lower growth in their real wages.
“Many now see this as more than just a temporary development, with wage increases of 2 point something per cent now the norm.
“In my view, the underlying drivers of the slower wage growth in Australia are much the same as we are seeing overseas.
“At the same time, the household sector is also dealing with higher levels of debt relative to income.
“Higher electricity prices are also affecting household budgets.
“This all means that consumer spending behaviour is something we continue to watch carefully.”
On economic transitions, “The transition to lower levels of mining investment following the mining investment boom is now almost complete.
“This means that falling levels of mining investment will not be a drag on the economy for much longer.
“Instead, with some large LNG projects reaching completion soon, GDP growth is expected to be boosted by a lift in LNG exports”.
On China, “In China, growth has surprised on the upside a little of late.
“The main challenge there continues to be containing the risks from the build-up of debt, while at the same time keeping growth on a steady path.
“This remains a work in progress.”
When asked about the outlook for wages Philip Lowe replied that he hopes to see the annual wage grow by 3.5% over time, inflation 2.5% and productivity 1%.
He also believes that we should be capable of achieving “3-point-something” annual wage growth.
On wage growth he said, “There is an adjustment going on, with many people getting used to lower growth in their real wages.”
“Signs wages are picking up for some construction and IT jobs due to stronger demand for workers”.
He also stated that it was up to the Government to improve structural things such as tax policy, competition policy and education reform.
On prudential housing measures he stated, “I think we have done enough for the time being.”
He reasonably assumed that the next move in interest rates is up, “but quite some time away,” however the average cash rate in the future will be lower than in the past due to lower real rate.
On the level of household debt Philip Lowe stated, “We are cognisant of the high level of household debt and take it into consideration when deciding on policy.”
In terms of inequality he believes that Australia is doing better than other countries and while the productivity is not growing fantastically, it is not doing bad either.
For prices he says that there are lots of prices in the consumer price index that are weak such as food and clothing.
Energy prices are affecting business investment; household budgets and will affect CPI.
He also commented about full time employment saying that an unemployment rate as somewhere around 5%, but he doesn’t see that happening in the next three years.
The latest comments from the Reserve Bank Governor support the view that interest rate settings will be stable for some time yet.
While Governor Lowe said that had a number of areas are being watched closely, from the strength in Chinese demand, to rising Australian dollar, investment and rising household debt.
There are no signs of imminent action on rates.
Savanth Sebastian is a senior economist for <a href="https://www.commsec.com.au/" target="_blank">CommSec</a>.
</body></html>

Next move in interest rate is "up": Savanth Sebastian

<html><body>
A majority interest in the two flagship Australian developments of China's Wanda Group are to be sold to a private entity controlled by the company's founder, Wang Jianlin.
Just two days after Wanda labelled an Australian Financial Review report that is was considering a sale "completely false", the company announced the "disposal" on Thursday morning.
While the assets are being sold to a related private entity controlled by Mr Wang, one investment advisor said it was likely to be the first step in broader reorganisation of the assets.
"He [Mr Wang] has a history of taking a two-step approach to acquisitions so this looks like it's going in the opposite direction," said the person.
The announcement said the Hong Kong-listed Wanda Hotel Development will sell a 60 per cent interest in its $1 billion Circular Quay apartment and hotel tower in Sydney and its $900 million Jewel resort on the Gold Coast to Mr Wang's company, Wanda Commercial Property.
The deal should allow the Hong Kong-listed company to lower its debt levels and give Mr Wang time to reorganise the assets away from the glare of the public market.
Shares in Wanda Hotel rose as much as 41 per cent on Thursday after the asset restructuring plans were announced.
The listed vehicle is also selling its 60 per cent interest in Wanda's Chicago and London developments.
The final terms are yet to be announced, but the company said the sale price would be based on net asset values based on an independent valuation.
Wanda Hotel is also buying US$1.1 billion in assets from related entities to the group and Mr Wang. These include Wanda Culture Travel Innovation Group, which designs and constructs theme parks and Wanda Hotel Management, which designs and operates hotels.
Wanda has had its wings clipped by Beijing in recent weeks as concerns mount that it, and other private companies, have over paid for foreign assets and these now pose a systemic risk to the Chinese banking system.
Other companies targeted by authorities include the HNA Group, which holds a 13 per cent stake in airline Virgin Australia; Fosun Group, which is developing apartments in Brisbane and Sydney; and Anbang Insurance, which bought New York's Waldorf Astoria in 2014.
The crackdown is expected to filter down to smaller private companies and state-owned enterprises as Beijing worries about offshore deals going bad and capital outflows putting downward pressure on its currency.
It is also looking to avoid a Japan-style collapse, which followed an offshore acquisition binge by Japanese firms in the late 1980s and early 1990s.
China's outbound investment fell 43 per cent over the first half of this year and its Vice Minister for Commerce Qian Keming said last week that "irrational" offshore investment had been contained.
</body></html>

Wanda restructures Australian projects

<html><body>
A warehouse-style house at Fitzroy has been listed with price guidance between $2.6 million to $2.8 million.

Located at <a href="https://www.realestate.com.au/property-house-vic-fitzroy-126080870" target="_blank">15 Little George Street</a>, the property was completed in 2014, a year before it was last sold for $2.14 million.

It was designed by Andrew Maynard.

Being three levels high to comes with views of the city.

It features three large bedrooms with the top floor being the ensuite as well as a north side living and dining area that opens towards the courtyard.

<img alt="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/08/11/15%20Little%20George%20Street-2.jpg">

The kitchen has Miele appliances and there are also a study nook and two bathrooms available on the property.

Other features includes a garage and a wine rack.

The median price of a house in Fitzroy is $1,447,500, an increase of $97,500 compared to last year’s median price.

The property is offered through Jellis Craig agents Bev Adam and Hamish Adam.
</body></html>

Fitzroy warehouse home listed for between $2.6 million to $2.8 million

<html><body>
Chair
Members of the Committee
It is a pleasure to be here in Melbourne to explain our thinking on the Australian economy.
My colleagues and I view this as an important part of the accountability process for the Reserve Bank.
As usual, we look forward to answering your questions.
Since we last met in February, the global economy has strengthened.
As a result, in most advanced economies, economic growth has been sufficient to push unemployment rates down further.
A number of countries now have unemployment rates that are close to, or below, conventional estimates of full employment.
Conditions have also improved in many emerging market economies, partly due to an increase in global trade.
Commodity prices have mostly risen over recent months.
In China, growth has surprised on the upside a little of late.
The main challenge there continues to be containing the risks from the build-up of debt, while at the same time keeping growth on a steady path.
This remains a work in progress.
Economic growth has also picked up in the euro area, with conditions the best they have been since the euro area crisis in 2012.
On the other side of the ledger, though, in the United States the earlier optimism that the new administration's fiscal policies would spur stronger growth has dissipated.
Since we last met, the Federal Reserve has increased interest rates twice and the policy rate in the United States now stands at 1¼ per cent.
Despite this, the US dollar has depreciated in global markets, which has surprised many observers.
The Bank of Canada has also increased its interest rate, reversing some of the policy insurance it took out earlier when the outlook was less positive.
Elsewhere, there is no longer an expectation that central banks will announce yet further monetary stimulus and some central banks have indicated that they may scale back some of the current stimulus if conditions continue to improve.
This is a positive development.
As well as this change in the outlook for global monetary policy, another prominent theme in discussions of the global economy of late has been the slow growth in wages.
Despite the success that a number of countries have had in generating jobs, wage growth remains low.
This is contributing to a continuation of inflation rates that are below target in most advanced economies, although in headline terms they are mostly higher than a year ago.
The reasons for the low growth in wages are complex.
The fact that it is a common experience across countries suggests some global factors are at work.
One possibility is that workers feel a heightened sense of potential competition; either from advances in technology or from international competition.
More competition means less opportunity to put your price up. In the case of workers, it means slower rates of increase in wages.
At the same time, many workers feel an increased sense of uncertainty and they feel less secure.
This too is contributing to slow aggregate wage growth.
The slow growth in wages is underpinning the low inflation outcomes in much of the world.
It is possible that these effects will pass and that the normal relationship between tighter labour markets and higher wages will reappear.
It is also possible that the current environment turns out to be quite persistent.
How things turn out on this front is likely to have a significant bearing on the next stage in the global economic cycle.
I would now like to turn to the Australian economy.
The most recent GDP data are quite dated now and are for the March quarter.
They showed growth weaker than we had earlier expected.
This, however, partly reflected temporary factors, including weather-related disruptions to production and quarter-to-quarter volatility in resource exports.
Since then, the recent run of data has been consistent with a pick-up in growth.
There has been an improvement in survey-based measures of business conditions and capacity utilisation has increased.
Employment growth has also picked up and retail spending has been a bit stronger of late.
Financial conditions remain favourable, with interest rates remaining low and banks willing to lend.
The Reserve Bank released its latest forecasts for the economy last Friday.
In summary, our central scenario is for GDP to grow at an average of around 3 per cent over the next couple of years.
This would be better than we have seen for some time.
The transition to lower levels of mining investment following the mining investment boom is now almost complete.
This means that falling levels of mining investment will not be a drag on the economy for much longer.
Instead, with some large LNG projects reaching completion soon, GDP growth is expected to be boosted by a lift in LNG exports.
For some time we have been looking for a strong pick-up in private business investment outside the resources sector.
This is taking longer to occur than expected.
While we do see positive signs in parts of the economy, many firms still show some reluctance to commit to significant investment, often citing a range of uncertainties.
It is possible that this reluctance will continue for a while yet.
But it is also possible that the improvement in business conditions that we have seen will give firms the confidence to invest more, after a period of under-investment.
We have incorporated a middle path into our own forecasts.
On the investment front a positive development has been an increase in spending on public infrastructure, particularly transport.
This is directly supporting aggregate demand and is having some positive spin-offs elsewhere in the economy.
It is also addressing earlier under-investment and should improve the supply side of the economy.
Another factor that has a bearing on the outlook is the behaviour of households.
There is an adjustment going on, with many people getting used to lower growth in their real wages.
Many now see this as more than just a temporary development, with wage increases of 2 point something per cent now the norm.
In my view, the underlying drivers of the slower wage growth in Australia are much the same as we are seeing overseas.
At the same time, the household sector is also dealing with higher levels of debt relative to income.
Higher electricity prices are also affecting household budgets.
This all means that consumer spending behaviour is something we continue to watch carefully.
One positive development in this area over recent times has been a pick-up in employment growth, which should boost incomes.
A little while ago, employment growth was on the weak side and the unemployment rate had ticked up.
In contrast, in recent months employment growth has been noticeably stronger and more people have entered the labour force.
Encouragingly, the gain in jobs is evident in all states, including in Western Australia and Queensland, which have been adjusting to lower levels of mining investment.
Our central scenario is for the national unemployment rate to move gradually lower, although it is likely to be some time before we reach what could be considered full employment in Australia.
Another area that we continue to watch closely is the housing market. Conditions continue to vary significantly across the country.
The Melbourne and Sydney markets have been much stronger than elsewhere.
There are some signs of slowing in these two markets, although these signs are not yet definitive.
In some markets, a large increase in the supply of new dwellings is expected over the next year as new buildings are completed.
This increase in supply is expected to have an effect on prices.
In terms of inflation, when we last met I suggested that inflation was at a trough and was expected to increase gradually.
Recent outcomes have been consistent with this.
Both headline and underlying inflation have risen and are currently running a little under 2 per cent.
Inflation is likely to continue to move higher gradually, with the headline measure boosted by higher prices for tobacco, electricity and gas.
A consideration working in the other direction is increased competition in the retail sector, particularly from new entrants.
This is likely to continue for a while yet.
The low wage increases are also contributing to the subdued inflation outcomes.
One factor that is influencing the outlook for both economic growth and inflation is the exchange rate.
The recent appreciation means lower prices for imported goods and it is weighing on the outlook for domestic output and employment.
Further appreciation, all else constant, would cause a slower pick-up in inflation and slower progress in reducing unemployment.
Since August last year, the Reserve Bank Board has held the cash rate steady at 1.5 per cent.
This setting of monetary policy is supporting employment growth and a return of inflation to around its average rate of the past couple of decades.
The Board is seeking to do this in a way that does not add to the medium-term balance-sheet risks facing the economy.
It has been conscious that a balance needs to be struck between the benefits of monetary stimulus and the medium-term risks associated with rising levels of debt relative to our incomes.
As a result, the Board has been prepared to be patient.
The fact that the unemployment rate has been broadly steady has allowed us this patience.
We have preferred a prudent approach, which is most likely to promote both macroeconomic and financial stability consistent with the medium-term inflation target.
The Reserve Bank has continued to work closely with APRA through the Council of Financial Regulators to address financial risks.
Our assessment is that the various supervisory measures – including a focus on lending standards and placing limits on investor and interest-only lending – will work to strengthen household balance sheets over time.
Financial institutions have adjusted to the new requirements and these requirements are contributing to the resilience of the system as a whole.
I would now like to briefly mention three matters related to the Bank's other functions that may be of interest to the Committee.
The first is that the banking industry is in the final stretch of developing the New Payments Platform (NPP).
As we have spoken about previously, this new payments infrastructure will provide Australians with the ability to make real-time, information-rich payments on a 24/7 basis.
It will also make addressing of payments much simpler, using email addresses and mobile phone numbers, rather than BSB and account numbers.
It has been a complex project and the Reserve Bank has played an important role, both in policy terms and as a provider of a key part of the infrastructure.
As the government's bank, the Reserve Bank will also make the new payment capabilities available to its government banking customers.
The new system is expected to commence processing payments later this year.
It is likely to start off small and gradually ramp up next year as financial institutions gain experience with a new way of operating 24/7.
The second matter is that when we met in February, I said that I had commissioned an external review of the efficiency of the Bank's operations.
That review has now been completed. It concluded that our support areas were functioning well and assisted the achievement of the Bank's important public policy objectives.
At the same time, it suggested some areas for us to focus on.
One was the development of a shared internal services centre to drive continuous improvement.
Another was further evolution in our approach to IT as some of our major IT-related projects come to an end.
These projects are in the banking and payments areas and have been undertaken in the national interest.
As these projects wind down we are looking to make sure that the size and structure of our IT function remains appropriate.
More broadly, as some of these projects finish this year, the Bank's overall staff numbers will decline.
Finally, I would like to take this opportunity to announce that we will be releasing the new $10 banknote next month, on 20 September.
Printing of the new notes has been completed at our printing works in outer Melbourne.
The new notes contain the same world-leading security features as the new $5 note that we issued last September, including the clear top-to-bottom window, and the tactile feature so that it can be recognised by vision-impaired members of the community.
Construction has also recently been completed on our new banknote storage and processing facility at Craigieburn, which will soon commence operations.
Thank you. My colleagues and I are here to answer your questions.
The speech was delivered to the House of Representatives Standing Committee on Economics.
For more information click <a href="https://www.rba.gov.au" target="_blank">here</a>.
</body></html>

RBA on electricity and property price watch: RBA Governor Philip Lowe

Article summary

<ul data-end="785" data-start="311">
	<li data-end="459" data-section-id="5hbcyr" data-start="311">Pikos Group has released the five-penthouse collection at Skye Kangaroo Point, headlined by a two-storey sky home spanning more than 1,000 sqm.</li>
	<li data-end="561" data-section-id="1p7lq8n" data-start="460">Early buyer interest suggests the residences could set a new Queensland apartment price record.</li>
	<li data-end="667" data-section-id="1y70z0l" data-start="562">The collection includes four move-in ready penthouses and the highly customised Skye One residence.</li>
	<li data-end="785" data-section-id="yvm0y1" data-start="668">The release caps one of Bri​sbane's most ambitious luxury apartment developments overlooking the Brisbane River.</li>
</ul>

<hr data-end="790" data-start="787" />
Pikos Group has released the five-penthouse collection at its <a href="https://www.apartments.com.au/buildings/skye-residences-by-pikos-kangaroo-point-8-river-terrace-kangaroo-point-qld-4169">Skye by Pikos</a> development in Kangaroo Point, with early buyer interest indicating the flagship residences could eclipse every apartment sale previously recorded in Queensland.

The collection crowns the luxury riverfront development with five residences, including four completed penthouses and Skye One, a two-level sky home spanning more than 1,000 sqm that will be tailored to its eventual owner.

[smartcode_project:default project_id=90059 project_image_fid=374075]

Wanting to offer a fully customisable home, Pikos is offering Skye One as a blank canvas, allowing the buyer to work alongside the developer's design team to customise the home's layout, finishes and internal spaces.

The residence will feature a 247 sqm private rooftop terrace with its own swimming pool, sauna, steam room, outdoor kitchen and multiple entertaining areas overlooking the Brisbane River and CBD skyline.

The remaining four penthouses have been completed and are ready for immediate occupation, each offering four bedrooms, expansive open-plan living areas, soaring ceilings and private lift access.

[smartcode_project:default project_id=90059 project_image_fid=374059]

One of the defining features throughout the project is its use of Roman Classic Travertine, with more than 20,000 sqm of the natural stone imported from Italy after being personally selected by Pikos Group Founder and Executive Director Pedro Pikos, interior designer Julie Williamson and third-generation stone specialist Mario Caucci.

Pikos said the penthouse collection represented the culmination of the company's long-term vision for Skye.

"True legacy isn't measured by what we build today, but by what endures tomorrow," Pikos said.

"Our ambition is to create places that become more valuable with time, enrich the lives of generations, and stand as timeless landmarks long after we've stepped away."

[smartcode_project:default project_id=90059 project_image_fid=374060]

Williamson said the interiors were inspired by the natural character of Kangaroo Point and the Brisbane River rather than international design trends.

"Materiality tells the story of a place," Williamson said.

"We looked to the movement of the Brisbane River, the texture of the cliff face and the warmth of the surrounding landscape to create interiors that feel understated, enduring and unmistakably Brisbane."

Positioned above the Kangaroo Point cliffs, Skye places residents within walking distance of Howard Smith Wharves, South Bank and James Street while offering uninterrupted river and city views.

[smartcode_project_cta:default project_id=90059]

Joel Robinson

Brisbane's next apartment price record? Pikos unveils Skye's exclusive penthouse collection

Article summary

<ul data-end="888" data-start="289">
	<li data-end="442" data-section-id="8tsh6o" data-start="289">DVB Projects is preparing to launch its second Gold Coast apartment development, with demolition now underway at 137 Old Burleigh Road, Broadbeach.</li>
	<li data-end="573" data-section-id="1nyxl3e" data-start="443">The 34-level tower will comprise just 49 ultra-luxury residences, including half-floor, full-floor and penthouse apartments.</li>
	<li data-end="717" data-section-id="oiyimj" data-start="574">The launch follows strong demand at DVB's nearby Sea Glass project, which is more than 50 per cent sold and currently under construction.</li>
	<li data-end="888" data-section-id="epk9o9" data-start="718">The development adds to the transformation of Old Burleigh Road, with premium beachfront apartment projects continuing to reshape the tightly held Broadbeach strip.</li>
</ul>

<a href="https://www.apartments.com.au/developers/dvb-projects">DVB Projects</a> is preparing to launch its second Gold Coast apartment development, with demolition now underway on the Broadbeach site as the Sydney developer moves closer to bringing the ultra-luxury project to market.

The 34-level tower at <a href="https://www.apartments.com.au/new-apartments/137-old-burleigh-road-broadbeach-qld-4218">137 Old Burleigh Road</a> will comprise just 49 residences, ranging from half-floor apartments through to full-floor homes and a penthouse. The launch follows the strong sales performance of DVB's nearby Sea Glass development. More than half of the apartments at Sea Glass, on the other side of Broadbeach, have been snapped up, well ahead of its late 2027 completion

<img alt="DVB Projects to commence demolition on $320m Broadbeach luxury tower" data-entity-type="file" data-entity-uuid="2944b4be-c84e-4b54-8dc1-c712e76704c0" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/E02_Exterior_Street%20Level%20Entrance.jpg?VersionId=YoNig7pRdrE3HCue7sUj78LzJteeQf3H" />

The start of demolition at 137 Old Burleigh Road signals DVB Projects’ underlying confidence in the Gold Coast’s luxury beachside apartment sector.

“We see the Gold Coast as one of the most compelling lifestyle markets in Australia, particularly at the premium end where demand continues to deepen,” said Dean Brown, Managing Director of DVB.&nbsp;

“This project has been carefully designed to respond to that demand - delivering large-format residences with a level of quality, privacy and amenity that is still relatively rare in the apartment market on the beachside."

Brown says the site itself is "exceptional."

"Old Burleigh Road is one of the most tightly held beachfront strips, and opportunities to deliver a project of this scale and calibre in this location are extremely limited.”

<img alt="DVB Projects to commence demolition on $320m Broadbeach luxury tower" data-entity-type="file" data-entity-uuid="398f377a-c037-455e-9250-0c5e0d84c35b" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/I12_FF%20Balcony.jpg?VersionId=NwOiRWGMubR1c8wthuEfggklcja7al9." />

The project will comprise 40 half-floor residences of approximately 260 sqm, alongside eight full-floor residences spanning around 524 sqm.

A single penthouse will crown the building, featuring a private pool, barbecue area, indoor gym and dedicated entertaining spaces.

Residents will have access to a resort-style suite of amenities, including a 20-metre pool with daybeds, a gymnasium, hot and cold plunge pools, a sauna, and private residents’ lounge and dining facilities.

<img alt="DVB Projects to commence demolition on $320m Broadbeach luxury tower" data-entity-type="file" data-entity-uuid="d1642bb0-9a66-4427-a022-dfc0988c6287" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/A02_Pool%20to%20View.jpg?VersionId=c0IXPyn_Gp_Kn3XCwzMrqIVkAdCEwVXP" />

Sales agent Todd Matheson, of <a href="https://www.apartments.com.au/project-marketer/pezet-matheson">Pezet Matheson</a>, which is marketing both 137 Old Burleigh Road and Sea Glass, said 137 Old Burleigh Road would address a clear gap in the market for genuine luxury products.

“There are very few opportunities on the Gold Coast where buyers can secure a residence of this size and quality in a new building,” Matheson said.

“What we’re seeing is a growing cohort of downsizers and interstate buyers who still want space - they’re not willing to compromise on living area, entertaining or finishes.

“This project has been designed with that buyer in mind. It offers the scale of a home, combined with the convenience and security of apartment living, in one of the coast’s most desirable positions.”

<img alt="DVB Projects to commence demolition on $320m Broadbeach luxury tower" data-entity-type="file" data-entity-uuid="59aae0ca-5639-4320-8aca-d0bf60f48e43" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/E01_Exterior%20Hero.jpg?VersionId=DS8Zfy2WtgUEtdfe0TEUuf1W1GfcZq8S" />

Located on a 1,156 sqm site one block from the beachfront, the development will replace an ageing walk-up building and is expected to contribute to the ongoing transformation of the Old Burleigh Road strip into one of the Gold Coast’s most prestigious residential corridors.

With the development moving into the delivery phase, 137 Old Burleigh Road is slated to hit the market later this year.

[smartcode_project_cta:default project_id=145141]

DVB Projects to launch second Broadbeach apartment tower as demolition commences

A proposal to redevelop one of North Sydney's ageing commercial buildings has taken another step forward, with plans for a 38-storey mixed-use tower adding momentum to the long-awaited transformation of the Alfred Street precinct.

Now on public exhibition through the NSW Government's Housing Delivery Authority-led State Significant Development pathway, the proposal for 271-273 Alfred Street would replace an underutilised commercial building with 95 apartments, ground-floor retail, commercial space and affordable housing. The proposal was submitted by&nbsp;Tara Shore Pty Ltd, acting for the John Taylor Family Trust.

While the project will deliver much-needed housing on the southern edge of the North Sydney CBD, it also represents another piece of a broader precinct that has spent years in planning limbo.

<img alt="First look: New public domain vision underpins 95-apartment North Sydney tower on Alfred Street" data-entity-type="file" data-entity-uuid="7e1ce1b4-38df-48ab-992f-386814d86308" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Alfred%20St%20da%20podium.png?VersionId=sC_h6w.A9VEoB98qsqowPlIoz__sBZBt" />

Despite its proximity to both North Sydney Station and the Victoria Cross Metro, redevelopment of Alfred Street has progressed slowly over the past decade as broader planning controls, zoning and building heights remained unresolved. The introduction of the Housing Delivery Authority pathway has provided a new avenue for projects to progress, allowing rezoning and development assessment to occur concurrently and unlocking sites that have long been earmarked for renewal.

Designed by Office of Cortese &amp; Gilder, the proposal seeks to do more than replace an ageing office building. The architects have positioned the project as the first stage of a wider public domain vision that would improve pedestrian connectivity and create a more cohesive mixed-use precinct as neighbouring sites are redeveloped over time.

The proposal includes a widened Alfred Street setback, new street trees, landscaping and outdoor seating, along with a landscaped through-site pedestrian link connecting Alfred Street with Little Alfred Street. The connection is intended to become the first section of a future east-west pedestrian network extending across the precinct.

<img alt="First look: New public domain vision underpins 95-apartment North Sydney tower on Alfred Street" data-entity-type="file" data-entity-uuid="8ea39ac3-46ad-4562-b4a0-b862e91c2dda" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Alfred%20St%20da%20site.png?VersionId=K7umCd21KpetEFuVfsPlnJKhUOsmTTdV" />

The mixed-use tower would comprise retail space at ground level, commercial uses on level two and apartments from level three upwards.

In total, the development would deliver 95 apartments, including nine one-bedroom, 28 two-bedroom, 56 three-bedroom and two four-bedroom residences. Twenty-one apartments, representing 15 per cent of the residential gross floor area, would be secured as affordable housing and managed by a registered community housing provider for at least 15 years.

Nine basement levels would provide 133 resident car spaces, seven motorcycle spaces and 111 bicycle spaces.

According to the Architecture and Urban Design Report, the public domain strategy is designed to transform what is currently an inward-facing commercial edge into a more active and connected pedestrian environment, creating a stronger relationship between the commercial core and surrounding residential neighbourhoods.

Office of Cortese &amp; Gilder has also prepared a broader public domain framework spanning neighbouring properties between 263 and 283 Alfred Street, arguing that a coordinated approach to redevelopment will deliver better public spaces, improved tower separation and a more connected streetscape as the precinct evolves.

The proposal comes at a time where North Sydney is slated for future residential growth. Commercial developer FiveX has residential plans for the neighbouring site at 275 Alfred Street. They've proposed a 39-storey mixed-use tower with 184 apartments, while Freecity was recently approved for nearly 300 apartments across a 51-storey building on Walker Street.

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/first-look-freecity-gets-green-light-for-mixed-use-apartment-and-hotel-tower-in-north-sydney">First look: Freecity gets green light for mixed-use apartment and hotel tower in North Sydney</a>

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/first-look-fivex-plans-39-storey-residential-tower-in-booming-north-sydney">First look: Fivex plans 39-storey residential tower in booming North Sydney</a>

&nbsp;

Alfred Street the latest North Sydney pocket to be transformed by residential development

Buyers considering a residence at boutique Gordon townhouse development <a href="https://www.apartments.com.au/new-townhouses/lume-gordon-43-47-dumaresq-street-gordon-nsw-2072">Lume</a>&nbsp;now have another reason to bring forward their decision.

For a limited time, purchasers of a residence at Lume will receive a BMW iX3 50 electric SUV, valued at more than $120,000, as part of their purchase. The offer is designed to add value for buyers while complementing the lifestyle envisioned for the architecturally designed Upper North Shore development.

Scott Timmins, Development Manager at <a href="https://www.apartments.com.au/developers/winim">WINIM</a>, said the partnership was created to provide buyers with a compelling reason to act.

"In today's market, buyers need a compelling reason to act now, and the BMW partnership was designed to create that catalyst. We wanted to add genuine value for our future purchasers. Choosing the all-electric BMW iX3 50 also reflects the values behind LUME, forward-thinking design, innovation and a more sustainable way of living. It's a premium incentive that complements the lifestyle our buyers aspire to and rewards those who commit early."

[smartcode_project:default project_id=7354 project_image_fid=374893]

Delivered by WINIM in partnership with Burtonwood Investment Partners, Lume comprises 14 architecturally designed two, three and four-bedroom townhomes created for families seeking the space of a freestanding house with the ease of modern, low-maintenance living.

The three-storey residences, designed by award-winning architecture practice <a href="https://www.apartments.com.au/architects/rothelowman">Rothelowman</a>, have been tailored for families and multi-generational living, featuring private internal lifts, flexible lower-level spaces, generous open-plan living and entertaining areas, media rooms, and landscaped outdoor spaces with custom outdoor kitchens.&nbsp;

Inside, engineered oak flooring, bespoke dining joinery with integrated wine fridges and backlit bars, sculptural porcelain bathrooms, Parisi freestanding baths and Astra Walker tapware create interiors that balance functionality with refined finishes.

Each townhome has been designed to combine generous internal spaces with sustainability initiatives such as EV charging infrastructure, while <a href="https://www.apartments.com.au/landscape-architect/arcadia-landscape-architecture">Arcadia</a>'s landscaped communal areas, centred around a restored creek line and native planting, encourage residents to connect with nature and spend more time outdoors.

[smartcode_project:default project_id=7354 project_image_fid=269527]

Rothelowman's Gary Tsui said the architecture was conceived to respond carefully to its Upper North Shore setting.

"Our vision was to create elegant, uplifting homes that draw on and positively contribute to the local character through meticulously considered design and an interaction with the surroundings."

The communal landscape has been designed as more than an open space between homes. Arcadia's Ben Newell and Kate Phillips said the adjoining reserve provided an opportunity to create a distinctive natural retreat for residents.

"Just as waterways carve their way through Ku-ring-gai's landscape, a raised boardwalk weaves through the reserve, connecting the homes to this tranquil oasis."

[smartcode_project:default project_id=7354 project_image_fid=374892]

Located just 300 metres from <a href="https://www.apartments.com.au/developments/gordon-nsw-2072">Gordon</a> Village and Gordon railway station, Lume offers convenient access to Sydney's CBD while placing residents close to some of the North Shore's leading schools, including Ravenswood, Pymble Ladies' College and Knox Grammar. Lane Cove National Park, Gordon Golf Club and a range of cafés and restaurants further reinforce the family-focused lifestyle on offer, with the BMW iX3 50 complementing everything from local trips around Gordon to weekend drives and city commutes.

Construction is underway with completion expected in mid-2027.

[smartcode_project_cta:default project_id=7354]

Boutique Gordon townhomes now come with a BMW iX3 50

Two apartments have sold for more than $10 million at EADE Byron Bay, setting some of the highest apartment prices ever achieved in the coastal town and underlining the growing appetite for luxury beachfront apartments in Australia's most popular coastal locations.

The $210 million project by Vitale Property Group has now secured more than $70 million in sales, led by residences that changed hands for $12.75 million and $11.75 million.

The record-breaking transactions reinforce the shift occurring in Byron Bay's premium property market, where affluent downsizers and lifestyle buyers are increasingly opting for high-end apartments over large beachfront homes.

<a href="https://www.apartments.com.au/new-apartments/eade-byron-bay-29-shirley-street-byron-bay-nsw-2481">EADE Byron Bay</a> occupies a rare 6,000 sqm absolute beachfront site on the corner of Shirley and Milton Streets overlooking Main Beach and The Wreck surf break, just 350 metres from Byron Bay's town centre.

The 25-residence development is the first beachfront apartment project approved in Byron Bay in more than a decade and is currently under construction, with completion expected in May 2027.

[smartcode_project:default project_id=145590 project_image_fid=359521]

The project has attracted a mix of local Byron Shire residents downsizing from larger homes, alongside interstate buyers from Sydney, Melbourne and Brisbane seeking a permanent coastal lifestyle without compromising on space.

Designed by <a href="https://www.apartments.com.au/architects/hayball">Hayball</a> and with interiors by <a href="https://www.apartments.com.au/interior-designers/alexander-co">Alexander &amp; Co</a>, EADE comprises&nbsp;10 garden apartments ranging from 284 sqm to 622 sqm, nine with private pools, five full-floor apartments and 10 rooftop residences with private plunge pools, expansive outdoor entertaining areas and uninterrupted ocean views.

[smartcode_project:default project_id=145590 project_image_fid=359527]

<a href="https://www.apartments.com.au/developers/vitale-property-group">Vitale Property Group</a> Managing Partner Chris Vitale said the project's combination of scale, location and limited future supply was driving buyer demand.

"There isn't another beachfront holding in Byron Bay of this size and position that could be developed again," Vitale said.

"Buyers are responding to the scarcity and the irreplaceability of a site of this calibre and to floorplans they can't find elsewhere in the market.

"We are seeing buyers place significant value on quality, space, design, resort-style amenities and the rarity of the location. The sales achieved to date demonstrate that discerning purchasers recognise the long-term significance of what is being created at EADE Byron Bay.

"Many are coming from larger homes in the Byron region, or from Sydney, Melbourne and Brisbane, and are after the space, security and convenience, without the upkeep of a house."

&nbsp;

[smartcode_project:default project_id=145590 project_image_fid=359523]

The Byron Bay project follows Vitale Property Group's delivery of the Mondrian Hotel and Private Residences at Burleigh Heads, with EADE continuing the developer's focus on luxury coastal developments.

Residents will have access to a resort-style swimming pool, gymnasium, sauna, cold plunge pool, concierge services and dedicated workspaces, while the project is targeting an 8-Star Green Star rating.

EADE Byron Bay is being exclusively marketed by Projx Australia in conjunction with WHITEFOX Projects.

WHITEFOX National Projects Director Phillip Rand said demand had been driven predominantly by owner-occupiers.

"We are seeing buyers at EADE place significant value on quality, space, design, resort-style amenities and the rarity of this location," Rand says.

"The sales achieved to date demonstrate that purchasers at this level recognise the long-term significance of what is being created at EADE Byron Bay."

Residences at EADE Byron Bay are currently priced between $4.75 million and $15.95 million.

&nbsp;

&nbsp;

&nbsp;

&nbsp;

&nbsp;

[smartcode_project_cta:default project_id=145590]

Staff reporter

Editor's Picks

Have something to contribute?

Developments

New apartments

New townhouses

News