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Although housing credit growth declined further in June, approvals for new loans increased, the Reserve Bank of Australia has noted.
This increase in approvals was broadly based, across owner-occupiers and investors, across states and across different types of lenders.
The RBA noted it was also consistent with the improved conditions in housing markets evident in a range of indicators, such as auction clearance rates and housing price growth, particularly in New South Wales and Victoria.
"If housing conditions continue to improve in the coming months, we would expect to see a further rise in loan approvals," Christopher Kent, the assistant governor (Financial Markets) said in an a<a href="https://www.rba.gov.au/speeches/2019/sp-ag-2019-08-13" target="_blank">ddress to the Finance &amp; Treasury Association</a> this morning.
Kent noted lenders have passed through most of the cash rate reductions to housing interest rates. 
"Following the 50 basis point reduction in the cash rate from June to July, lenders lowered their standard variable rates (SVRs) on housing loans by an average of 44 basis points.
"The extent of pass-through was broadly consistent with the experience of the past decade."
Kent further noted the average interest rate actually paid on outstanding variable-rate housing loans in the Reserve Bank's Securitisation Dataset decreased by 23 basis points in June, the same as the average announced reduction in SVRs.
"Similar reductions in outstanding rates are expected to be recorded for July data.
"So the declines in SVRs are being pushed through to all existing borrowers, which make up the so called ‘back book’. Rates on new loans have also been lowered.
"Indeed, new borrowers, and those refinancing existing loans, continue to be offered interest rates that are on average well below those applying to existing loans.
"So customers who are actively looking around at what's on offer, are able to take advantage of the strong competition among lenders that is focused squarely on the ‘front book’."
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j.ballantyne1990-6AQqhLzZaK

Improved housing market conditions evident: RBA

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Melbourne’s median apartment price has failed to demonstrate any growth since last year, with exactly a 0.0% year on year change, according to key market indicators from JLL Research, the ABS, REIA, and CoreLogic.
<img src="https://www.urban.com.au/images/2019/7/30/JLL%20Melbourne%201.JPG" alt="">
The lack of growth coincides with a significant downturn in the number of new developments being approved.
The 62% year on year reduction in apartment approvals is one of the most significant in the country, and almost double Sydney’s 30.6% downturn.
While the median cost of renting one bedroom units has increased by 0.3%, the rent for two bedroom units has stagnated, and three bedroom units have seen an unexpected fall of 3.2%.
The cause of this discrepancy between apartment types is unclear, however changing demographics has been attributed in the reduced demand (and price) of three bedroom units.
<img src="https://www.urban.com.au/images/2019/7/30/JLL%20Melbourne%202.JPG" alt="">
Throughout the rest of the country, the Gold Coast and Adelaide both experienced decelerating positive growth in the year’s second quarter, while Canberra, Sydney, Perth and Brisbane all saw decelerating negative growth in the same time period.
No city in the study kept up with long term average growth.
<img src="https://www.urban.com.au/images/2019/7/30/JLL%20Melbourne%203.JPG" alt="">
There will be almost as many new Melbourne apartments built this year as there were in 2018, if we are to assume all developments currently under construction will be completed.
While 2018 saw a significant fall in the number of new developments from the previous year, the data for 2019 and 2020 suggests a deceleration of this trend, with the potential for positive growth in 2021.
<img src="https://www.urban.com.au/images/2019/7/30/JLL%20Melbourne%204.JPG" alt="">
When geographically extrapolated, the JLL research demonstrates that Melbourne City makes up roughly two-thirds of all new developments either planned, approved, under construction, or completed between 2018 and 2023 (at 30,160 apartments).
The city's inner south exhibits the next most activity, with 7,757 new apartments over the same time frame.
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Melbourne's apartment market stagnates: JLL

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Struan, a 15 hectare rural property in the Upper Lachlan Shire of NSW, is on the market with a revised price guide of $179,000.
It has been listed by George Southwell and Dominic Johns from Ray White Rural Canberra/Yass.
Situated on the banks of the Flaknell Creek, the property on<a href="https://www.realestate.com.au/property-lifestyle-nsw-jerrawa-700043534" target="_blank"> Flacknell Creek Road, Jerrawa</a> comes with one dam and water holes in the creek, and an eight metre by nine metre shed.
<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/2019/8/5/jerrawa%202.jpg" alt="">
It features pasture improved native and introduced grasses and native box trees. 
With all weather access via the Flacknell Creek Road, Sturan is only 2.5 hours from Sydney, 30 minutes from Yass and one hour to Canberra.
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Struan, 15 hectare Jerrawa rural property, listed 

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A land parcel at 18 Garfield Terrace, Surfers Paradise has been listed.
The 3,239 square metre holding already has development approval for 486 units over 56 levels.
Across the 486 units, 873 bedrooms may be constructed.
It comprises a total net selling area of 43,489 square metres.
<img src="https://www.urban.com.au/images/2019/8/5/Savills%20LUXE.JPG" alt="">
The land package is listed for $25 million.
Christopher Jones and Robert Dunne of Savills are marketing the property.
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Surfers Paradise site with development approval listed for $25 million

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The sub $500,000 price point in the wider Sydney metropolitan has been an ever-diminishing market, according to the latest Herron Todd White (HTW) residential report.
But there is now more opportunity, the valuation firm said. 
It took a look at the various options across the land for investing $500,000.
The report suggests that as values decreased, the number of properties meeting this criteria reduced each year.
In the past two years however, the wider market has contracted and we now have more options in play in this market.
When buying property at this price point, purchasers will still have to sacrifice in some aspect, be it location, commute time, accommodation or the overall condition and features they desire.
"It should come as no surprise that western Sydney provides buyers with the most options in the sub-$500,000 price range, however there are still some options available in most parts of Sydney," the report said.
"Whilst these may be restricted to units, a number of these areas are now seeing the entry point for houses at well below $1 million, something that may not have been conceivable a year or two ago.
"Parramatta provides two major options for buyers with $500,000 or less to spend. You can pick up a semi-modern, one-bedroom, one-bathroom unit or an older two-bedroom, one-bathroom unit." 
A recent example is a one-bedroom unit at <a href="https://www.realestate.com.au/sold/property-apartment-nsw-parramatta-130364454" target="_blank">802/138-140 Church Street, Parramatta</a> (pictured below) selling for $488,888 on level eight in the Escen development.
This is a late 2000s built development with common pool, sauna and gym and within close proximity of the CBD and rail.
<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/2019/7/25/parramatta%201.jpg" alt="">
"Further west in Penrith, you have the option of a modern two-bedroom, two-bathroom unit or an early 2000s three-bedroom townhouse for sub-$500,000," the report noted.
Given the wider market cooling over the past 12 to 18 months, detached houses in Penrith are now becoming available for sub-$500,000.
These properties are generally in fair condition with irregular blocks or located on busy roads but provide an entry point for buyers wanting a detached dwelling on circa 600 square metres blocks.
With some smart renovations, these houses could prove to be a savvy buy in the long term.
A recent example of this is a neat brick dwelling selling for $480,000 in March.
Set on 556 square metre allotment, the family house at<a href="https://www.realestate.com.au/sold/property-house-nsw-penrith-130288870" target="_blank"> 53 Glebe Place, Penrith</a> (pictured below) comprises three bedrooms, separate kitchen and living areas, and large bathroom.
Externally, the property is neat but is prime for updating internally.
It's only minutes to local schools, trains and public transport. 
<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/2019/7/24/penrith.jpg" alt="">
West Ryde is close to the geographical centre of Sydney and doesn’t usually feature in this topic, but with the downturn over the past 12 to 18 months, there are now more opportunities for investors and first home buyers with older one-bedroom units selling for early $400,000s within close proximity of the rail and shops.
Campbelltown provides the most options for the sub-$500,000 market.
"You have the option of three-bedroom detached houses on circa 700 square metre blocks, modern two and one-bedroom units, or a variety of villas and townhouses," the valuation firm suggested. 
A recent example is an older 1960s three-bedroom, one-bathroom dwelling on 691 square metres of land selling for $450,000.
The house had some minor updates throughout and would be perfect for a first home or investment.
"If you are after a modern unit, there have been some recent sales between $420,000 and $500,000 of modern built, two-bedroom, two-bathroom units," the valuation firm stated.
The sub-$500,000 price point is mostly made up of first home buyers and investors.
These participants are generally sensitive to price and interest rate movements.
A number of the major lenders recently reducing their interest rates is likely to have a positive impact on this sector of the market.
Within the new estates in western Sydney, buyers with a budget of up to $500,000 can mostly only find land.
Examples would include a rectangular shaped 350 to 500 square metre parcel in Box Hill in the north-west or Austral in the south-west.
The variance in price will depend on frontage and position within the developing suburbs.
"Given this, we have recently seen some three-bedroom, two- bathroom villas for sale at this price point in Austral and there are units proposed for Box Hill which will fall under $500,000.
"For even better value, buyers can head to North Richmond, where for $475,000 to $500,000 you can acquire a 650 to 700 square metre, rectangular shaped block."
The commute is circa 70 kilometres from the Sydney CBD, but more importantly circa 50 kilometres from both Parramatta CBD and the proposed second airport at Badgerys Creek.
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Western Sydney provides most options in the sub $500,000 price range: HTW residential

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Some 800 anxious off-the-plan buyers of apartment in incomplete Ralan Group projects didn’t get heartening news when they attended the creditors meeting in Sydney.
The over whelming majority of buyers had allowed their deposits - that ranged from the standard 10 per cent up to 20 percent - to be released to the developer in return for 15 percent interest rates on the funds during the construction phase.
They have a small hope of getting their deposit back although not any time soon amid the <a href="/news/william-odwyers-ralan-hits-voluntary-administration">$500 million company collapse</a>.
The first creditors’ meeting was not attended by William O’Dwyer, the founder of Ralan who had promoted its projects heavily among the Chinese-speaking community.
It emerged a Sydney law firm has taken up the fight on behalf of the apartment buyers. 
Matthew Bransgrove, who heads up Bransgroves Lawyers, a firm specialising in mortgage lending litigation, was now representing Ralan investors who had released their deposits to the developer as unsecured loans.
"We are currently investigating whether it will be possible to recover the funds through legal action against either the secured creditors or the solicitors who acted for the investors," he indicated.
Bransgrove said the 15 percent interest rate being offered suggested "Ralan was operating a Ponzi scheme (in as much as the money raised from investors was being used to pay interest to other investors)."
"In the absence of a prospectus there was no way for the investors to ascertain or judge the risk involved.
"Ralan required but did not hold a AFSL licence to issue debentures.
"In borrowing the deposits from the investors Ralan was issuing debentures."
There are 1200 apartment buyers in Ralan’s Sydney and Gold Coast apartment towers among the 1800 creditors of the collapsed property developer, according to voluntary administrator Grant Thornton.
The failed developer which entered administration in late July owes at least $500 million to its creditors.
Details of the creditors’ identities shows Queensland’s Hutchinson Builders is owed $5.5m.
Grant Thornton said there were five apartment towers affected by the Ralan collapse.
They are The Orchid at Arncliffe, a long-dormant site near Sydney Airport, along with Ruby Tower 2, Ruby Tower 3, Ruby Tower 4 and Sapphire on the Gold Coast.
Grant Thornton said The Orchid, which fronts 213 Princes Highway, Arncliffe, was the only apartment tower under construction and it was in discussions with the relevant stakeholders.
Lawyer James Feng was at the meeting to represent clients who had bought into the Orchid, the incomplete 318-five tower apartment project, in 2014.
He hoped the buyers would be able to keep their purchase alive as there had been considerable price appreciation.
They had hoped it would be settled by early next year.
Said Jahani at Grant Thornton Australia said the administrators would explore whether future buyer or developers would honour the purchaser’s sale contracts but this remained uncertain.
“Purchasers may receive their deposit back if their funds are still held in a separate trust account,” he said.
One Ralan buyer Shirley Han at Roseville had known of Ralan for more than decade. She resides in a Ralan project at Roseville and has another investment at Warawee.
"They sold like hot cakes," she said.
"I don't think it is a con," she said.
"I am suffering but so too are all the workers at Ralan," she added.
Some of those who attended the meeting were the sales team who had worked for Ralan on commission-only sales contracts for years, and had also invested themselves in the off-the-plan apartments taking their apartments in lieu of regular income.
The NSW state government has indicated it was moving to ensure that off the plan apartment deposits won’t be able to be accessed prematurely by property developers.
New legislation would safeguard deposits within the trust funds of solicitors/conveyancers, estate agents or the public trustee.
The legislation passed parliament last November, but the regulations have been ­delayed and not expected until later this year at the earliest.
This article was first published in the Daily Telegraph.
 
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Ralan OTP buyers offered 15 percent returns in alleged Ponzi style scheme

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A three bedroom, one bathroom Melton South, Victoria mortgagee home has sold after 30 days on the market.
The property transacted for $340,000, despite being listed for $335,000.
Russell Parker and Sean Tan of Melton marketed the property.
Situated at <a href="https://www.realestate.com.au/sold/property-house-vic-melton+south-131494946" target="_blank">18 Bridgeford Crescent</a>, the property was previously marketed in 2010 but was unable to sell after 71 days on the market.
Ser on 580 sqm the listing said, "this great home has everything to offer any first home owners or investors alike."
It features a double garage for cars, boats or a workshop outside.
Last sold in 2007, the property transacted for $168,000.
It was last listed as a rental in 2014 seeking $280/pw.
<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 sale price for a unit in <a href="/developments/melton-south-vic-3338">Melton South</a> is $410,000, according to CoreLogic data.
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Three bedroom Melton South, Victoria mortgagee home sold

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An Elizabeth Downs, South Australia mortgagee home has been sold for $175,000.
Following an unsuccessful May auction the house saw its asking price slashed from $199,000 to $189,000 before selling.
Ken Loft of Harcourts marketed the property.
Situated at <a href="https://www.realestate.com.au/sold/property-house-sa-elizabeth+downs-131079470" target="_blank">9 Justinian Street</a>, the three bedroom, one bathroom house also has parking space for three vehicles.
Set on 720 sqm, the abode was built in 1960.
Last sold in 2015, the property transacted for $210,000, making this sale a $35,000 loss.
The home sold after 100 days on the market for only slightly above it's value in 2007 when it traded for $169,000.
<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 sale price for a unit in <a href="/developments/elizabeth-downs-sa-5113">Elizabeth Downs</a> is $176,500, according to CoreLogic data.
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Elizabeth Downs, SA mortgagee home sold for $35,000 loss

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EXPERT OBSERVER
Reserve Bank Governor Philip Lowe has said two things about unemployment in the past few weeks. Together, they lead to an inescapable conclusion.
The first was in a speech in <a href="https://www.rba.gov.au/speeches/2019/sp-gov-2019-05-21" target="_blank">May</a>, expanded on in a speech in <a href="https://www.rba.gov.au/speeches/2019/sp-gov-2019-06-20" target="_blank">June</a>. At both times the published unemployment rate was 5.2%.
Lowe said in May that while the Reserve Bank had long thought an unemployment rate of 5% was the best that could be achieved without generating worrying inflation, that view has now changed:
From today’s perspective, I think we can do better than this. My judgement of the accumulating evidence is that the Australian economy can support an unemployment rate of below 5% without raising inflation concerns.
It was good news. And then it got better.
In June he put a number on how low the unemployment rate could go before inflation became a concern:
While it is not possible to pin the number down exactly, the evidence is consistent with an estimate below 5%, perhaps around 4.5%. Given that the current unemployment rate is 5.2%, this suggests that there is still spare capacity in our labour market.
The Reserve Bank should be able to cut interest rates until unemployment fell below 5% and approached 4.5% without worrying about inflation, Lowe argued.
And in May, in a report back from a board meeting, he made it clear that’s what he would do:
At that meeting, we discussed a scenario in which there was no further improvement in the labour market and the unemployment rate remained around the 5% mark. In this scenario, we judged that inflation was likely to remain low relative to the target and that a decrease in the cash rate would likely be appropriate.
It would likely be appropriate to cut interest rates and keep cutting until the unemployment rate was driven below 5%, continuing to cut until it approached 4.5%.
Today, appearing before the House of Representatives economics committee in Canberra with the unemployment rate still stuck at 5.2% despite two consecutive rate cuts, he delivered what on the face of it was bad news.
He said the bank’s central forecast was that the unemployment rate would stay above 5% again <a href="https://rba.gov.au/speeches/2019/sp-gov-2019-08-09" target="_blank">until 2021</a>. That’s right, 2021.
But taking the two statements together, it is reasonable to conclude that the Reserve Bank will keep cutting rates until unemployment does fall below 5%. In other words, it will keep cutting rates until 2021.
<h2>Lowe ain’t done cutting…</h2>
Indeed, the Reserve Bank’s <a href="https://rba.gov.au/publications/smp/2019/aug/pdf/economic-outlook.pdf" target="_blank">quarterly forecasts update</a>, released as Lowe spoke, countenances that happening. As foreshadowed by the governor, it forecasts that the unemployment rate won’t fall back to 5% until June 2021.
And it contains several other unwelcome forecasts: economic growth of just 2.5% this year, down from a previously forecast 2.75%, and very weak inflation this year of just 1.75%, down from a previously forecast 2%.
<hr>
<a href="https://images.theconversation.com/files/287473/original/file-20190809-144888-lxfnms.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/287473/original/file-20190809-144888-lxfnms.jpg?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=754&amp;fit=clip" alt=""></a> <a class="source" href="https://www.rba.gov.au/publications/smp/2019/aug/" target="_blank">RBA Statement on Monetary Policy, August 9, 2019</a>
<hr>
But here’s the thing. All of those forecasts were compiled, as is the Reserve Bank’s custom, by taking into account not only the two interest rate cuts that have already happened (and have taken the bank’s cash rate down to an all-time low of 1%), but also two more yet to be delivered.
It is explained in the footnote:
Technical assumptions set on 7 August include the cash rate moving in line with market pricing.
The “market pricing” is the consensus of the bets placed on the futures market for what the Reserve Bank is going to do to its cash rate.
The consensus is for another cut of 0.25% in October and then another cut of 0.25% in February, taking the cash rate down to yet another all-time low of just 0.5%.
<hr>
<a href="https://images.theconversation.com/files/287484/original/file-20190809-144838-1xymcob.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/287484/original/file-20190809-144838-1xymcob.jpg?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=754&amp;fit=clip" alt=""></a> <a class="source" href="https://www.asx.com.au/prices/targetratetracker.htm" target="_blank">ASX target rate tracker</a>
<hr>
The Reserve Bank is normally at pains to point out that this is a mere technical assumption, not a guarantee of how it will move rates. But the awful truth is that its forecasts imply that unless it cut rates two more times in coming months, unemployment won’t fall to 5% by 2021, and inflation will be even weaker than the incredibly weak 1.75% it is forecasting.
<h2>…and he might not stop at zero</h2>
Two more cuts in its cash rate will take it to 0.5%, close to zero.
Lowe revealed that the Reserve Bank is investigating so-called “unconventional” monetary policy or <a href="https://parlinfo.aph.gov.au/parlInfo/download/committees/commrep/eea5d0b8-72e9-4b5e-acf8-52ed46888ced/toc_pdf/Standing%20Committee%20on%20Economics_2019_08_09_7100.pdf;fileType=application%2Fpdf" target="_blank">quantitative easing</a> that would have the same effect as taking the cash rate below zero.
“It is prudent for us to have done the work in advance to see what we would do – it’s really contingency planning,” he said.
Rates might go to zero, or below, worldwide because right now there is a worldwide glut of savings, and not enough investment.
The reality we face is that, if a lot of people want to save and not many people want to use those savings to build new capital, savers are going to get low returns. We can move our interest rates around this new structurally lower level,but we can’t escape the fact that global interest rates are low.
The Reserve Bank’s best case is that its Australian forecasts are wrong - that unemployment actually falls and that inflation, wage growth and economic growth climb.
There’s a respectable view within the bank that this might happen. Its forecasts take into account a range of positive influences, including lower interest rates, the recent tax cuts, the depreciation of the Australian dollar, a brighter outlook for investment in the resources sector, some stabilisation in the housing market, and ongoing high levels of investment in infrastructure.
But they are the result of a mechanical model that takes them into account individually. The governor’s hope is that, taken together, they will achieve more than is forecast.
He would like governments themselves to push things along, starting with the wages they pay their own employees, and he is becoming ever more bold about saying so:
Most public sectors have wage caps of 2.5%, some have 1.5%, I think in Western Australia it’s probably even lower. I can understand why governments are doing that. On the other hand, the wage caps in the public sector are cementing low wage norms across the country. Over time, I hope the whole system, including the public sector, could see wages rising at three point something.
He is as good as powerless to stop what he regards as a worldwide investment strike caused by the trade and technology disputes between the United States and China.
These disputes pose a significant risk to the global economy. Not only are they disrupting trade flows, but they are also generating considerable uncertainty for many businesses around the world. Worryingly, this uncertainty is leading to investment plans being postponed or reconsidered.
Lowe doesn’t believe further interest rate cuts would to do much to encourage businesses to invest, or to encourage home buyers to borrow.
But he is certain they will help in other ways.
They will lower the exchange rate, making Australian goods and services more competitive, and that they will free up the cash of Australians who already have home loans, what he calls the “cash flow” channel:
There is no evidence that has become less effective. It is certainly true that in the current environment, at least in my view, monetary policy is less effective than it used to be. In today’s environment people don’t run off to the bank to borrow more when interest rates fall; they are more likely to pay back their mortgage more quickly. So that dynamic is different than it used to be.
When he last appeared before the parliamentary committee in February he said the probabilities of rates going up and rates going down were <a href="https://parlinfo.aph.gov.au/parlInfo/download/committees/commrep/b9c7ee3a-c926-4f3e-acc4-cf5b8809f649/toc_pdf/Standing%20Committee%20on%20Economics_2019_02_22_6971_Official.pdf;fileType=application%2Fpdf#search=%22committees/commrep/b9c7ee3a-c926-4f3e-acc4-cf5b8809f649/0000%22">evenly balanced</a>. He didn’t say that today.
<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/rba-update-governor-lowe-points-to-even-lower-rates-121690" target="_blank">original article</a>.
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Governor Lowe points to even lower rates: Peter Martin

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The heritage Coogee residence, Smithfield Grande, has been listed for sale.
Built in 1883 as an Italianate mansion, it currently comprises 12 one bedroom, one bathroom apartments.
Gavin Rubinstein and Oliver Lavers of Ray White are marketing the listing.
Situated at, <a href="https://www.realestate.com.au/property-house-nsw-coogee-131714162" target="_blank">88 Brook Street</a> the listing says "it presents the opportunity to purchase as is, renovate further or restore this historic estate to its original grandeur and beauty".
<img src="https://www.urban.com.au/images/2019/8/9/Smithfield%20Grange%202.JPG" alt="">
Featuring soaring ornate ceilings and period fixtures, each apartment features a different layout.
The property has only changed hands four times over the past 136 years.
Set on 1,100 square metres, when fully leased it has a gross income of $307,000 according to the listing.
Steps to Coogee Beach, village shops, cafe, parks and buses, it also has parking for 12 cars.
It is for sale in one line with an auction set for September 2.
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Smithfield Grande, Coogee heritage listed for sale

The new <a href="https://www.apartments.com.au/new-apartments/yarraville-green-42-stephen-street-yarraville-vic-3013">Yarraville Green</a> development in Melbourne's inner west is showing that landscaping can be just as influential as architecture, with buyers responding strongly to the garden-first approach adopted from the outset by developer Excelon Projects and the project's design team.

Excelon appointed Six Degrees Architects and landscape architects SBLA to work collaboratively on the development, with a brief to create "a sustainable, design-led building with a focus on community."

That approach has resonated with buyers. According to Next Chapter Director Tom Hirini, who is leading the sales campaign, the landscaped communal garden has become one of the project's defining features, alongside its boutique scale and European-inspired cluster housing concept.

Local downsizers, right-sizers and established families already living in Yarraville and surrounding suburbs have accounted for the majority of purchasers.

[smartcode_project:default project_id=144913 project_image_fid=297740]

Yarraville Green will comprise 53 homes, including apartments and townhomes, arranged around the shared central garden to maximise connections to the landscaped open space. Parking has been moved underground, allowing the ground plane to be dedicated to greenery, pedestrian movement and communal spaces.

The landscape extends well beyond passive planting. Productive garden beds, a pergola, communal gathering spaces, garden sheds and a pet wash have all been integrated into the masterplan, creating spaces designed to encourage everyday interaction between residents.

[smartcode_project:default project_id=144913 project_image_fid=297741]

The interiors continue Excelon's focus on craftsmanship, incorporating bespoke elements by Melbourne artisans including leadlight detailing by Adadaz, hand-turned timber hardware by Auburn Woodturning and blown-glass lighting by Ruth Allen.

Sustainability has also been embedded throughout the project, with Yarraville Green targeting an average 7-star NatHERS energy rating through passive design principles, rooftop solar servicing common areas and rainwater harvesting for landscape irrigation.

[smartcode_project:default project_id=144913 project_image_fid=297735]

Construction continues to progress at Yarraville Green, with structural works well underway and framing works approaching completion under builder Balmain &amp; Co. The project remains on track for completion in mid-2027.

Apartments at Yarraville Green are currently priced from $625,000, while townhomes start from $1.4 million.

[smartcode_project_cta:default project_id=144913]

Joel Robinson

Garden-led design drives buyer demand at Yarraville Green

National diversified developer Fortis has officially launched Crest &amp; Walker, its latest Brisbane apartment development, with construction now underway on the 20-storey Newstead project.

Award-winning builder BINAH has commenced construction on the Bureau^Proberts-designed building, which will deliver a limited collection of 65 two and three-bedroom apartments on Kyabra Street.

[smartcode_project:default project_id=145922 project_image_fid=373556]

The project marks Fortis' fourth active residential development in Brisbane, following River House, which is nearing completion, alongside projects in New Farm and Hamilton as the national developer continues to expand its South East Queensland pipeline.

Fortis General Manager – Development Queensland Dan Boman said Crest &amp; Walker reflects the developer's long-term commitment to delivering design-led residential projects in Brisbane's established inner-city suburbs.

"We're proud to be strengthening our presence in Brisbane with Crest &amp; Walker, particularly in such a sought-after lifestyle destination as Newstead," Boman said.

"Every Fortis project is shaped by its context, and we approach each one with the respect and care it deserves.

"Our focus is always on creating places that feel connected to their neighbourhood and elevate the everyday experience for residents. Newstead continues to evolve as one of Brisbane's most sought-after urban communities, and Crest &amp; Walker reflects our ambition to contribute meaningfully to that story."

[smartcode_project:default project_id=145922 project_image_fid=373559]

Positioned between Gasworks Plaza and James Street, <a href="https://www.apartments.com.au/new-apartments/crest-walker-newstead-12-kyabra-street-newstead-qld-4006">Crest &amp; Walker</a> has been designed as a boutique residential address offering privacy and generous living spaces within one of Brisbane's most established lifestyle precincts.

The building features a contemporary brick podium softened by integrated landscaping, while the upper levels are characterised by restrained architecture and enduring materiality. Interiors have been designed to maximise natural light, acoustic performance and long-term liveability.

[smartcode_project:default project_id=145922 project_image_fid=373583]

Residences comprise spacious two and three-bedroom floorplans, with two-bedroom apartments priced from $1.55 million and three-bedroom, half-floor residences from $3.95 million.

Residents will have access to a wellness-focused rooftop featuring a swimming pool, sauna, steam room, landscaped dining spaces and outdoor lounge areas overlooking Newstead and the Brisbane CBD.

[smartcode_project:default project_id=145922 project_image_fid=373571]

Sales are being managed by Slaite Projects, with Fortis expecting strong demand from owner-occupiers seeking a high-quality, design-focused apartment in one of Brisbane's most tightly held inner-city suburbs.

Completion of Crest &amp; Walker is slated for late 2028.

[smartcode_project_cta:default project_id=145922]

Fortis expands Brisbane pipeline with launch of Crest & Walker in Newstead

The enormity of delivering a true skyscraper in Australia's new development market is often overlooked.

It has taken the best part of a decade since plans for Chevron One were first unveiled, but the 41-storey tower is now complete, with residents collecting their keys and moving into what has become one of the Gold Coast's most recognisable new landmarks.

Rising 127 metres above Chevron Island, Chevron One stands almost twice as high as any other building on the island. Its scale places it alongside the trio of towers at Jewel, arguably the last truly significant addition to the central Gold Coast skyline when they were completed around six years ago.

While there are several developments underway around a similar height to Chevron One, they are more concentrated within clusters of the highest towers in the city. The fact Chevron One sits within a developing precinct, looking back at the other high-rise developments in Surfers Paradise and Broadbeach, makes it a different proposition altogether. It will certainly become a reference point on the Gold Coast skyline.

[smartcode_project:default project_id=6515 project_image_fid=68833]

Developer Bensons Property Group is behind the 41-storey tower, which has 229 apartments, along with an exhaustive list of resident amenity spread across what is the largest development site ever assembled on Chevron Island.

The tower has been the talk of the town for years, says Ray White Projects Gold Coast agent Caitlin Rosenboom, who is selling the remaining apartments.

"People have been watching Chevron One go up for years," Rosenboom says, adding that many prospective buyers have been surprised by the scale of the views once they step inside.

"It's only when they walk through a completed apartment that they truly understand the position of the building," Rosenboom says.

"The views are jaw-dropping. Whether you're looking east over the ocean, across Surfers Paradise, along the river systems or out to the hinterland, every level offers something different but equally impressive."

[smartcode_project:default project_id=6515 project_image_fid=360215]

One of Chevron One's defining advantages is its location on the eastern side of Chevron Island on Stanhill Drive, a position which protects the views forever.

"There's only one row of houses between Chevron One and the water, and the height restrictions along the river means views from Chevron One can never be built out,"&nbsp;Rosenboom says.

While new apartment developments continue to emerge across the Gold Coast, Rosenboom says opportunities to secure a completed apartment with this level of outlook are becoming increasingly rare.

"The size of the site is something that would be incredibly difficult to replicate today," she says.

"That's allowed Chevron One to deliver the sort of amenity, open space and resident facilities that very few projects can offer. There are not many completed apartment buildings on the Gold Coast right now that can compete with the combination of scale, quality and amenity."

[smartcode_project:default project_id=6515 project_image_fid=68839]

There's around 2,000 sqm of amenity solely for the use of residents of Chevron One. Club One features a uniquely shaped swimming pool that mirrors the footprint of the building itself, set within a extensively landscaped gardens. There's also an indoor pool and spa, a fully equipped gym with a Pilates room, a yoga garden, a bookable private dining area and lounge that can host up to 30 people, and a 24-hour concierge service.

As for the buyers, Rosenboom is fielding enquiry from everywhere: Sydneysiders and Melburnians looking at the new and off-the-plan market following the changes in the Federal Budget, as well as those looking to relocate, through to South East Queenslanders seeking either a permanent home or a weekender bolthole.

"The Gold Coast lifestyle continues to resonate with people relocating from the southern states, and when they see the views and the quality of what's been delivered at Chevron One, it becomes very easy for them to understand the appeal," Rosenboom says.

A diverse mix of one, two and three-bedroom apartments remain available, with each offering "something a little different", be it the orientation and views, configuration, or level, to suit a wide variety of buyers.

The remaining apartments are ready to inspect in person, by appointment.

[smartcode_project_cta:default project_id=6515]

A decade in the making: Residents to move into Chevron One as construction wraps up

A general rule of thumb in new apartment developments is that the penthouses get the rooftop.

It's a formula that's become commonplace across Australia's apartment market. Residents might have access to a pool, gym or barbecue facilities on a dedicated lower level, but the most desirable outdoor spaces are typically reserved for the highest-priced homes at the top of the building.

<a href="https://www.apartments.com.au/developers/sherpa-property-group">Sherpa Property Group</a> has taken the opposite approach.

Rather than dedicating the rooftop to a handful of buyers, the Gold Coast developer has made it the centrepiece of its Flourish collection, creating expansive shared spaces from the best vantage point in the building.

The philosophy has reached its most ambitious expression at <a href="https://www.apartments.com.au/new-apartments/flourish-soleira-palm-beach-1150-1160-gold-coast-highway-palm-beach-qld-4221">Flourish Soleira</a> in Palm Beach, where two rooftop precincts connected by a skybridge will deliver one of the most extensive lifestyle offerings seen in a residential apartment project on the Gold Coast.

[smartcode_project:default project_id=150017 project_image_fid=374053]

"We're seeing a clear move toward developments that offer more than just an apartment," Sherpa Group founder Christie Leet said.

"People want spaces that support how they actually live, whether that's working from home, staying active, or spending time with family and friends.

"That's where amenity becomes critical. It's not just about what's included, but how those spaces are designed to be used every day."

[smartcode_project:default project_id=150017 project_image_fid=374052]

The breadth of amenity has already attracted buyers across multiple demographics. Younger first home buyers have been drawn to Soleira's one-bedroom apartments, a product rarely delivered in Palm Beach, while families have responded to practical inclusions such as the shallow children's pool adjoining the main lap pool and the extensive communal recreation areas.

Instead of a single rooftop, Soleira delivers two distinct lifestyle zones.

[smartcode_project:default project_id=150017 project_image_fid=372547]

The southern rooftop has been dedicated to wellness, featuring a gym, yoga and Pilates studio, work-from-home facilities, a wellness centre, spa, and hot and cold plunge pools.

The northern rooftop focuses on recreation and entertaining, incorporating a heated resort-style pool, private dining rooms, pizza ovens, barbecues, a golf simulator, children's recreation areas, and what is expected to be the Gold Coast's first rooftop basketball court, which will also double as a squash court.

[smartcode_project:default project_id=150017 project_image_fid=374054]

Beyond the rooftops, Soleira will introduce 1,500 sqm of curated retail beneath the towers, creating one of Palm Beach's first genuinely mixed-use lifestyle precincts where cafés, restaurants and convenience retail become part of residents' everyday lives.

Sherpa has also retained management rights across the development, allowing it to oversee the long-term operation of the building through a 24-hour concierge model. The developer is also exploring additional revenue streams within the precinct aimed at helping offset ongoing body corporate costs for residents.

[smartcode_project:default project_id=150017 project_image_fid=370962]

While Soleira is the largest project Sherpa has delivered, the rooftop-first philosophy has been evolving for several years.

It began with <a href="https://www.apartments.com.au/new-apartments/amargo-6-12-sixth-avenue-palm-beach-qld-4221">Flourish Amargo</a>, the first project released under the Flourish brand. Rather than competing at the ultra-luxury end of the market with oversized half-floor and full-floor residences, Sherpa focused on creating lifestyle-driven apartments supported by resort-style shared spaces.

Amargo introduced more than 800 sqm of rooftop amenity, combining wellness facilities, heated pools, entertaining areas, cabanas, pizza ovens and private dining spaces into what was designed as an extension of residents' homes rather than a facility used only occasionally.

[smartcode_project:default project_id=146527 project_image_fid=366550]

That approach continued with Flourish Oasis, where the same amenity-led philosophy was refined into a more boutique development. Strong demand from Sherpa's growing VIP database saw much of the project sold before it reached the broader market, reinforcing buyer appetite for apartment communities centred around shared lifestyle experiences.

Flourish Amargo is slated for completion mid-way-through next year, with Oasis to be delivered by late 2027. Flourish Soleira is expected to complete in 2030.

[smartcode_project_cta:default project_id=150017]

Sherpa takes amenity to the sky as Flourish Soleira captures booming Palm Beach demand

As apartment living continues to evolve across Sydney's growth corridors, the quality and distribution of shared spaces is increasingly shaping how residents experience home. Rather than functioning as add-ons, amenities are being embedded into the daily rhythm of a building, supporting everything from quiet retreat to social interaction, often within a single vertical community.

At <a href="https://www.apartments.com.au/new-apartments/aeris-melrose-park-nursery-street-melrose-park-nsw-2114">Aeris</a> in Melrose Park, this approach is resolved through a layered amenity offering that unfolds from ground level through to its upper podium. Developed by <a href="https://www.apartments.com.au/developers/sekisui-house-australia">Sekisui House Australia</a> in partnership with Hankyu Hanshin Properties, the project introduces 468 apartments across two towers and a mid-rise building, positioned at the highest point of the broader masterplan.

[smartcode_project:default project_id=426 project_image_fid=359199]

The amenity experience begins at street level, where two courtyards sit within a landscaped setting that connects residents to the wider network of parks and green spaces. These green spaces are not isolated pockets but part of a wider pedestrian network that links Aeris to the surrounding <a href="https://www.apartments.com.au/developments/melrose-park-nsw-2114">Melrose Park</a> precinct, including Central Park, future schools, and the Town Centre opening in July 2026. The result is a transition that moves from public to private without abrupt boundaries, allowing residents to pass through shaded, tree-lined environments before reaching the building itself.

Moving upward, the focus shifts to the level five podium, where the primary communal facilities are concentrated. This space brings together a 16-metre swimming pool, outdoor seating areas, and a communal BBQ zone arranged to take advantage of elevated outlooks. Seating is positioned beneath pergolas, creating pockets of shade that extend the usability of the space throughout the day. The pool edge aligns with views toward the wider district, reinforcing the sense of elevation that defines the project’s positioning.

In the adjacent building, this is complemented by quieter, more contemplative spaces, including an outdoor cinema set within the same level. Positioned to operate primarily in the evening, it introduces a different tempo to the shared environment, shifting from daytime activity to after-hours use without requiring separate zones.

[smartcode_project:default project_id=426 project_image_fid=360299]

The podium also accommodates an intimate private resident gym. Located on the lower levels, it gives residents convenient access to fitness facilities without leaving the building.

Above, the elevated podium sky deck extends the amenity offering, providing additional open-air spaces with elevated outlooks across the surrounding landscape. While more restrained in program, this upper level reinforces the project’s vertical progression, from ground-level greenery to elevated outlook, allowing residents to move between distinct spatial conditions within a single address.

This distribution of amenities reflects a deliberate response to how residents use space across the day. Sekisui House Australia Sales and Marketing Director Peter Kalaf points to the role these shared areas play in shaping buyer demand. Aeris has been conceived as more than a collection of apartments, with the podium pool, gym and outdoor cinema forming part of a broader lifestyle offering that extends the home beyond each individual residence.

[smartcode_project:default project_id=426 project_image_fid=360300]

What distinguishes Aeris is not the inclusion of these elements individually, but how they are arranged in relation to one another. Active, social, and passive spaces are layered vertically rather than separated, allowing residents to choose between them without leaving the building or moving far from their apartment. This proximity supports both routine use, such as a morning swim or evening workout, and more occasional gatherings, whether around the BBQ area or within the cinema setting.

The amenity design also sits within a broader framework of connectivity across Melrose Park. The Melrose Park Town Centre, anchored by Coles and Dan Murphys, features a mix of retail, dining, health and lifestyle offerings, bringing everyday convenience closer to residents. By the end of the year, more than five hectares of parks and open space, equivalent to around seven football fields of green space on residents' doorstep, will further enhance the precinct, allowing the internal facilities at Aeris to operate as an extension of the wider neighbourhood rather than a substitute for it.

Construction at Aeris continues to gather momentum, with ground floor slabs expected to be completed in late 2026 before the first sections of the buildings begin to rise above ground.

[smartcode_project_cta:default project_id=426]

Staff reporter

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