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Greenbox, an architectural firm has signed a five-year lease at Bligh Chambers.
Savills Australia’s Liz Braithwaite and Chris Rowe negotiated the lease for the 300 sqm space at $1,230 per sqm.
They did so on behalf of commercial real estate agency, Kingsmede, saying the new tenant “leapt” at the opportunity to occupy the 25 Bligh Street, Sydney space.
Bligh Chambers is a 31 level office tower with other suites ranging from 72 sqm to 612 sqm.
“Good quality existing fitted suites are leasing rapidly in comparison to open-plan refurbished spaces,” Ms Braithwaite noted.
This deal was made on the back of an upcoming lease expiry and Ms Braithwaite said that this space is in high demand.
“This is the third leasing transaction within this building that we have completed in the past six months, proving continuous demand for sub 300 sqm fitted opportunities in the ‘B’ grade market,” she concluded.
Architects Greenbox have 25th floor space.
Around a decade ago the architectural firm peckvonhartel, who have had 20th floor space, were appointed to redesign the forecourt of 25 Bligh Street, the modernist commercial building.
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j.ballantyne1990-6AQqhLzZaK

Architectural firm secure Sydney CBD lease through Savills

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A retail property on Bay Street, Brighton has sold under the hammer.
The property was the former premises of Wild Holly Cakes, a local institution that opened back in 1937.
The property at 389-391 Bay Street has two adjoining buildings over two titles with a combined 444 square metres of lettable area, on a 371 square metres site.
Mark Talbot and James Lockwood of Fitzroys sold the property on behalf of the oweners, the O’Callaghan family.
Lockwood said four bidders competed for the property, with the end sale price $400,000 above reserve.
“Despite being offered with vacant possession, more than 60 enquiries were received from local investors, owner occupiers and developers looking to secure a presence in this rapidly developing part of Bay Street, east of North Brighton train station,” Lockwood said.
Talbot said investors and owner occupiers have targeted Brighton retail offerings recently.
He noted recent sales,including 167 Martin Street for $1.55 million at a 2.2% yield; the $1.45 million off-market sale of 165 Martin Street at a 1.6% yield; and a dwelling freehold at 83 Church Street for $3.08 million at a yield of 1.9%.
“The superb fundamentals of an affluent and growing immediate catchment have made a notable impact on one of Melbourne’s most highly regarded locations,” Talbot said.
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Brighton’s Wild Holly Cakes premises sold

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GUEST OBSERVATION
Imagine planning a public transport system for a large city by providing one bus at a time on one route that might serve a few dozen people (but nobody knows how many). That is what planning for housing affordability looks like in most Australian capital cities: innovative projects take years to develop and never get scaled up into a system.
Who can we learn from? In July, the lead author returned to three cities comparable to Melbourne that she visited in 2015 – Vancouver, Portland and Toronto – to re-interview key housing actors and review investment and policy changes over the past three years. All have big housing affordability problems, caused by a strong economy and 30 years of largely unregulated speculative housing. A lack of federal government involvement has exacerbated these problems.
But these four cities have recently developed very different approaches to housing systems planning, with increasingly divergent results. Toronto has gone backwards. Vancouver and Portland, though, are reaping the rewards of good metropolitan policy, from which we have drawn ten lessons for Melbourne.
Before we discuss these, let’s take stock of the affordable housing challenge in Melbourne.
Who needs affordable housing, and how much of it?
The Victorian state government has recently defined <a href="https://www.planning.vic.gov.au/policy-and-strategy/affordable-housing" target="_blank">affordable housing incomes and price points</a> for both Greater Melbourne and regional Victoria for households on very low (0-50% of median income), low (50-80%) and moderate (80-120%) incomes. It has enshrined “affordable housing” as an explicit aim in the Planning and Environment Act. <a href="https://engage.vic.gov.au/fairersaferhousing" target="_blank">Better protection for renters</a> has also been developed.
These are great steps, but we need to go further in the next term of government.
The Australian government estimated that <a href="https://www.pc.gov.au/research/ongoing/report-on-government-services/2018/housing-and-homelessness/rogs-2018-partg-sectorg-attachment.pdf" target="_blank">142,685 lower-income</a> renter households in Victoria were in housing stress in 2015-16. Over 30% and in many cases over 50% of their income was going to rent or mortgage payments.
Our research team at Transforming Housing has more recently calculated a deficit of <a href="https://theconversation.com/put-unused-and-lazy-land-to-work-to-ease-the-affordable-housing-crisis-102720" target="_blank">164,000</a> affordable housing dwellings. Over 90% of the deficit is in Greater Melbourne.
A simplified version of the price points necessary for households to avoid housing stress (one that leaves out household size and <a href="https://theconversation.com/affordable-housing-is-not-just-about-the-purchase-price-75859" target="_blank">additional costs and risks of poorly located housing</a> on the city fringe) looks like this:
<a href="https://images.theconversation.com/files/237830/original/file-20180925-85785-al4fz6.png?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=1000&amp;fit=clip"><img src="https://images.theconversation.com/files/237830/original/file-20180925-85785-al4fz6.png?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=754&amp;fit=clip" alt=""></a>
<a class="source" href="/news" target="_blank">Palm, Raynor &amp; Whitzman (2018)</a>, Author provided
Affordable home ownership bears no resemblance to the current market in which the median unit price is well over <a href="https://www.propertyobserver.com.au/http://www.abc.net.au/news/2018-05-01/sydney-melbourne-housing-property-market-royal-commission/9713738" target="_blank">$700,000</a>. Median rents are affordable to many moderate-income households, at about $<a href="https://dhhs.vic.gov.au/publications/rental-report" target="_blank">420</a> a week. Whether such housing is available, with a vacancy rate of less than 1%, is another issue, <a href="https://www.sgsep.com.au/news/latest-news/rental-affordability-index-may-2018-results-available-now" target="_blank">particularly for very low-income households</a>.
The Victorian government has a <a href="https://www.planmelbourne.vic.gov.au/" target="_blank">metropolitan planning strategy</a> that states the need for 1.6 million new dwellings between 2017 and 2050. That’s almost 50,000 new homes a year. Using the new definitions, we can calculate ideal ten-year new housing supply targets to meet the needs of all residents of Greater Melbourne.
<a href="https://images.theconversation.com/files/237834/original/file-20180925-82029-1hcrqn1.png?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=1000&amp;fit=clip"><img src="https://images.theconversation.com/files/237834/original/file-20180925-82029-1hcrqn1.png?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=754&amp;fit=clip" alt=""></a>
Author provided
The biggest problem is not overall supply. In the six months from February to July 2018, there were <a href="http://stat.data.abs.gov.au/Index.aspx?DataSetCode=BA_GCCSA" target="_blank">28,602</a> dwelling unit approvals in Greater Melbourne. At that rate there would be 572,040 new units by 2028, which is more than the total need projected by Plan Melbourne.
The problem is that the price points of these dwellings are beyond the means of 64% of households – 456,295 would need to be affordable, appropriately sized and located to meet most people’s needs. <a href="https://www.theage.com.au/national/victoria/pretty-vacant-20000-properties-empty-across-inner-melbourne-20171109-gzi55w" target="_blank">All too many</a> will be bought as investments and remain vacant.
Plan Melbourne doesn’t provide targets for affordability, size or location. This is left to six subregions, each with four to eight local governments, which have not produced these reports in the 18 months since the plan was released.
Affordable housing targets that exist in state documents are woefully inadequate. <a href="https://www.vic.gov.au/system/user_files/Documents/housing/FINAL%20PDF%20DTF046_Q_housing01.pdf" target="_blank">Homes for Victorians</a> has an overall target of 4,700 new or renovated social housing units over the five-year period 2017-22.
An <a href="https://www.vic.gov.au/affordablehousing/housing-supply-and-planning/inclusionary-housing" target="_blank">inclusionary zoning</a> pilot on government-owned land might yield “as many as” 100 social housing units in five years. <a href="https://dhhs.vic.gov.au/public-housing-renewal-program" target="_blank">Public housing renewal</a> on nine sites is expected to yield at least a 10% uplift, or 110 extra social housing units, in return for sale of government land to private developers. This is certainly not maximizing social benefit.
What can we learn from Vancouver and Portland?
Although <a href="https://vancouver.ca/files/cov/2018-housing-vancouver-annual-progress-report-and-data-book.pdf" target="_blank">Vancouver</a> has huge housing affordability issues, it has been able to scale up housing delivery for very low-income households – about 15 times as much social and affordable housing as Melbourne over the past three years. Both <a href="https://vancouver.ca/files/cov/rental-incentive-guidelines.pdf" target="_blank">Vancouver</a> and <a href="https://www.pdx.edu/sba/sites/www.pdx.edu.sba/files/01-Missing-Condos-Seidman.pdf" target="_blank">Portland</a> have ambitious private sector <a href="https://theconversation.com/build-to-rent-could-be-the-missing-piece-of-the-affordable-housing-puzzle-82320" target="_blank">build-to-rent</a> programs, with thousands of new affordable rental dwellings near transport lines.
Both cities have influenced senior governments. Canada is investing C$40 billion (A$42.6b) over the next ten years in its <a href="https://www.placetocallhome.ca/pdfs/Canada-National-Housing-Strategy.pdf" target="_blank">National Housing Strategy</a>.
In contrast, Toronto has had a net loss of hundreds of units of social housing. This is due to disastrous lack of leadership at local and state (provincial) levels.
Our new report highlights 10 lessons for the Victorian government:
<ol>
<li>
Establish a clear and shared definition of “affordable housing”. Enabling its provision should be stated as a goal of planning. This has been done.
</li>
<li>
Calculate housing need. We have up-to-date calculations, broken down by singles, couples and other households, as well as income groups, in this report
</li>
<li>
Set housing targets. Ideally, you would want a target of 456,295 new units affordable to households on very low, low and moderate incomes. Both <a href="http://www.infrastructurevictoria.com.au/30-year-strategy" target="_blank">Infrastructure Victoria</a> and the <a href="http://everybodyshome.com.au/" target="_blank">Everybody’s Home</a> campaign have suggested a more attainable ten-year target: 30,000 affordable homes for very low and low-income people over the next decade. This would allow systems and partnerships between state and local government, investors and non-profit and private housing developers to begin to scale up to meet need.
</li>
<li>
Set local targets. The state government, which is responsible for metropolitan planning, should be setting local government housing targets, based on infrastructure capacity, and then helping to meet these targets (and improve infrastructure in areas where homes increase). We have developed a simple tool we call <a href="https://www.arcgis.com/home/webmap/viewer?webmap=98830487b4d348de8bd81bba1669a0c2&amp;extent=144.8533,-37.8711,145.1062,-37.7585" target="_blank">HART: Housing Access Rating Tool</a>. It scores every land parcel in Greater Melbourne according to access to services: public transport, schools, bulk-billing health centres, etc.
</li>
<li>
Identify available sites. We have mapped over 250 government-owned sites, not including public housing estates, that could accommodate well over 30,000 well-located affordable homes, with a goal of at least 40% available to very low-income households. Aside from leasing government land for a peppercorn rent, which could cut construction costs by up to 30%, a number of other mechanisms could quickly release affordable housing. Launch Housing, the state government and Maribyrnong council recently developed <a href="https://theconversation.com/portable-units-and-temporary-leases-free-up-vacant-land-for-urgent-housing-needs-86753" target="_blank">57 units of modular housing</a> on vacant government land, linked to services for homeless people. The City of Vancouver and the British Columbia provincial government recently scaled up a similar pilot project to <a href="https://vancouver.ca/people-programs/temporary-modular-housing.aspx" target="_blank">600 dwellings built over six months</a>.
</li>
<li>
Create more market rental housing. <a href="https://vancouver.ca/people-programs/creating-new-market-rental-housing.aspx" target="_blank">Vancouver</a> has enabled over 7,000 well-located moderately affordable private rental apartments near transport lines in the past five years, using revenue-neutral mechanisms. <a href="https://www.pdx.edu/sba/sites/www.pdx.edu.sba/files/01-Missing-Condos-Seidman.pdf">Portland</a> developers have almost entirely moved from speculative condominium development to more affordable build-to-rent in recent years.
</li>
<li>
Mandate inclusionary zoning. This approach, presently being piloted, could be scaled up to cover all well-located new developments. <a href="https://www.propertyobserver.com.au/https://www.portlandoregon.gov/bps/71274" target="_blank">Portland</a> recently introduced mandatory provision of 20% of new housing developments affordable to low-income households or 10% to very low-income households. If applied in Melbourne, this measure alone could meet the 30,000 target (but not the current 164,000 deficit or 456,295 projected need).
</li>
<li>
Dampen speculation at the high end of the market. This would help deal with the oversupply of <a href="https://www.economy.com/dismal/analysis/datapoints/292072/A-Tax-on-Luxury-Homes/" target="_blank">luxury housing</a>. <a href="https://www.theglobeandmail.com/opinion/article-new-bc-tax-on-high-value-homes-goes-largely-unnoticed/" target="_blank">Taxes on luxury homes, vacant properties and foreign ownership</a> could help fund affordable housing.
</li>
<li>
Have one agency to drive these changes. The impact of an agency like the <a href="http://vaha.ca/" target="_blank">Vancouver Affordable Housing Agency</a> is perhaps the most important lesson. The Victorian government has over a dozen departments and agencies engaged in some aspect of affordable housing delivery. We suggest repurposing the <a href="https://vpa.vic.gov.au/" target="_blank">Victorian Planning Authority</a> with an explicit mandate to develop and deliver housing affordability, size diversity and locational targets set by the next state government.
</li>
<li>
A systems approach is essential to build capacity. It will take time, coordination and political will for local governments to meet targets, non-profit housing providers to scale up delivery and management of social housing, private developers and investors to take advantage of affordability opportunities, and state government to plan for affordable housing. Eradicating homelessness and delivering affordable housing for all Victorians is possible. But it needs a systems approach.<img src="https://counter.theconversation.com/content/102852/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" style="border: none !important; box-shadow: none !important; margin: 0 !important; max-height: 1px !important; max-width: 1px !important; min-height: 1px !important; min-width: 1px !important; opacity: 0 !important; outline: none !important; padding: 0 !important; text-shadow: none !important;">
</li>
</ol>
Carolyn Whitzman, Professor of Urban Planning, University of Melbourne
Katrina Raynor, Postdoctoral Research Fellow, Transforming Housing Project, University of Melbourne
Matthew Palm, Postdoctoral Research Fellow, Transforming Housing Research Network, University of Melbourne
This article is republished from <a href="http://theconversation.com">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/ten-lessons-from-cities-that-have-risen-to-the-affordable-housing-challenge-102852" target="_blank">original article</a>.
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Lessons from cities that have risen to the affordable housing challenge

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GUEST OBSERVATION
ABC’s Four Corners coverage showing mistreatment of residents in Australia’s aged care facilities has led to much discussion about ideas to improve care. One proposal is to introduce ratings, which would provide a score reflecting the quality of residential aged care services.
Ratings have come up before in reports about aged care in Australia – in the 2004 “Hogan Review”, the Productivity Commission’s 2011 Caring for Older Australians inquiry and, most recently, in the 2017 Carnell-Paterson Review, which led to the government establishing a new Aged Care Quality and Safety Commission. These reports all refer to the ratings system used in England.
In Australia, aged care homes are expected to meet 44 accreditation standards, receiving either a pass or fail for each one. These standards will be replaced in 2019 with new aged care quality standards, but homes will still only be expected to pass or fail each standard.
In the past, virtually all providers passed accreditation. This means it has been impossible to tell the difference between providers that excel and those that just scrape through.
England has had two attempts at using ratings since 2004. The current system was introduced in 2014 by the Care Quality Commission (CQC) – the body responsible for inspecting care in nursing homes. During CQC inspections, each home is given a rating against five questions: is it safe, is it effective, is it responsive, it is caring and is it well led?
The four ratings are: outstanding, good, requires improvement, or inadequate. At the end of the inspection, the home is given an overall rating. Homes are legally required to display their ratings, both at the home’s location and on its website.
Recent research shows these ratings are a good indicator of how residents feel about their quality of life in the home. Unsurprisingly, homes with lower rates of staff turnover and fewer staff vacancies also tend to perform better.
So, what are the lessons for Australia?
1. Ratings rarely affect consumer choice; they improve provider quality
Consumers don’t usually use ratings to find care. Choosing an aged care home is not like choosing a hotel or restaurant.
People looking for care are often in the middle of a crisis, such as the death of a partner or an unexpected stay in hospital. The older person is too unwell to make the decision themselves. All too often, families simply choose the closest home or settle for any home that has a place.
Ratings work mostly because they change the behaviour of care providers. When a previous system of ratings in England was abandoned in 2008, providers that had been sceptical of the ratings beforehand argued for their re-introduction.
People I interviewed for my research said this was because homes with the best ratings could negotiate better rates for care, and care home companies could use the ratings to set goals and targets for their staff.
2. Quality is subjective, but only for the little things
Discussions about quality in aged care often come back to the issue that everyone has personal preferences and it is difficult to agree on one definition of quality. The sort of example that comes up is whether a resident would be more interested if a home had Foxtel or Sky or if wine was served with meals.
These are not the sorts of questions that need ratings. Older people, or more frequently their families, can answer these questions themselves by visiting homes, trying the food, seeing the quality of accommodation and asking questions about, for instance, en-suite bathrooms and menu options.
What people need help with is understanding what they cannot easily judge for themselves. Such as:
<ul>
<li>does the home have enough staff and the right mix of skills?</li>
<li>does the home support its staff to form meaningful and supportive relationships, not only with the residents but also with families and with each other?</li>
<li>does the home use good practice in supporting people living with dementia, or in caring for people at the end of their lives?</li>
</ul>
This is where the right sorts of ratings can help shed light on the parts of care that are difficult to assess. Most importantly, it gives providers a good steer on where to focus their efforts.
3. Be prepared to publicise poor care
An important feature of the system in England is that the CQC regularly draws attention to poor care. It does this not just through the ratings but also through other reports it produces about care in England, such as the annual State of Care report. The CQC also provides reports on specific issues – for instance, the difficulties older people with dementia face when they move between care homes and hospitals.
In the first three years of the current ratings scheme, while most homes were rated “good”, 21% of providers received “inadequate” or “requires improvement” ratings, something highlighted in the State of Care report. While about a fifth of the homes rated “inadequate” stayed the same at re-inspection, the CQC found 82% had improved their overall rating. Of the homes rated “requires improvement”, 58% improved at the next inspection.
Such transparency is currently impossible in Australia as the Aged Care Act 1997 restricts what can be made public about poor care in the first place.
4. Ratings are part of a package
While not perfect, the ratings system in England has helped to communicate what good care looks like and given providers something to aim for. This is demonstrated by the popularity of practice guidance on how to get an “outstanding” rating.
But Australian policymakers need to assess other differences with England’s system. The CQC has considerable enforcement and legislative powers when compared to the Aged Care Quality Agency in Australia. The CQC can shut down providers and even bring criminal charges. Australia’s Quality Agency has to refer providers to the Health Department for action.
The UK also has a raft of rights-based legislation to protect vulnerable residents, such as the Mental Capacity Act 2005 and the Deprivation of Liberty Safeguards. In Australia, reports into human rights and elder abuse have highlighted the gaps in the legislation to protect the rights of older people.
There are also more organisations involved in care in England and the CQC’s activity is supplemented with safeguarding and quality monitoring by local councils, which organise care.
Ratings may be useful for improving quality in Australia, but should be seen as only one part of a very large and complex puzzle.<img src="https://counter.theconversation.com/content/103688/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" style="border: none !important; box-shadow: none !important; margin: 0 !important; max-height: 1px !important; max-width: 1px !important; min-height: 1px !important; min-width: 1px !important; opacity: 0 !important; outline: none !important; padding: 0 !important; text-shadow: none !important;">
Lisa Trigg, Research Associate, London School of Economics and Political Science
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/four-lessons-for-australia-from-englands-system-of-rating-its-aged-care-homes-103688" target="_blank">original article</a>.
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Four lessons for Australia from England’s system of rating its aged care homes

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The wider Melbourne retail leasing market continues to see varied results, according to the latest Herron Todd White (HTW) commercial report.
The valuation firm took a look at the changing face of the retail sector across the nation. 
It suggests Melbourne CBD and inner suburban retail strips have continued to evolve throughout 2018, underpinned by population growth, changes in consumer behaviour and varied consumer confidence.
While some segments of the market continue to experience strong results, likely a reflection of the limited quality stock available, other areas have seen declining rents and tenant demand.
There are a number of factors driving the current trends and changes within the CBD’s retail leasing market.
HTW noted Melbourne City Council has forecast that the population of the CBD will grow by over 50% in the next 10 years, driven predominantly by overseas migration.
"The implementation of vertical suburbs, incorporating ground floor and podium retail uses and upper level residential apartments, is becoming more popular as developers seek to maximise site utilisation and amenity for residents," the report said.
National and international retails are taking advantage of population growth and the centralisation of retailers through the establishment of flagship stores in prime locations, it noted.
Luxury retailers such as Longines, Fendi and Brooks Brothers opened new flagship stores within the CBD in 2018 and Apple’s plans for a global flagship store within Federation Square continue to take shape.
"These retailers appear to be opting for a more centralised model of retailing appealing to consumers demanding a more convenient and interactive shopping experience," HTW advised.
"For larger national and international retailers, this new approach does appear to be working."
It noted demand for retail space within regional and super regional shopping centres has strengthened throughout 2018.
Conversely, smaller retailers unable to sustain the higher rental rates demanded by these centres have struggled with these effects, compounded by the vacating anchor tenants along older retail strips unable to provide the convenient experience modern consumers demand.
"Retail strips such as Chapel Street, South Yarra and Bridge Road, Richmond are continuing to experience a shift away from traditional retailing such as clothing towards service and food based uses," HTW noted. 
<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/2018/10/3/SMAK.jpg" alt="">
Indicative of this shift towards food based services is 6c Daly Street, South Yarra.
The SMÄK Food House (pictured above) only opened in 2016 and joined several other cafe's on Daly Street including Little Frankie's and Fancy Nance.
This is due to numerous factors including retailers now preferring to be located within the Melbourne CBD and major shopping centres such as Chadstone together with increased online shopping for fashion items which reduces the need for a physical store presence.
With the ongoing increase in population due to numerous apartment projects there will likely still be demand for retail space within these precincts for various types of uses, particularly food and service based, on a longer term basis.
"We have been advised by local leasing agents that tenant demand within these precincts has declined in recent years for various reasons. For example, in previous years Bridge Road incorporated a large number of discount clothing and footwear outlets, however many tenants have now relocated to enclosed discount outlet centres such as Direct Factory Outlets (DFO) in South Wharf and Essendon, " the HTW report said. 
Landlords have continued to seek increasing rentals and these have generally become unaffordable for tenants. Retail rents have declined substantially over the last few years and in some instances by over 40%.
Local leasing agents have advised that quantum of money and affordability are major considerations for tenants within these strips, particularly local retail operators.
<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/2018/10/2/south%20yarra.jpg" alt="">
A South Yarra corner property with dual street frontage is now on the rental market with the price of $60,000 per annum. 
Located at<a href="https://www.realcommercial.com.au/property-retail-vic-south+yarra-502961782" target="_blank"> 448 Chapel Street</a> (pictured above) it features 163 square metre floor area and rear access from Elllis Street.
<img src="https://www.urban.com.au/images/2018/10/3/Chapel%20hunt.JPG" alt="">
Another example on the Chapel Street strip is 352 Chapel Street, South Yarra.
Set on 320 sqm it is a fully fitted cafe/restaurant ready for a new tenant.
The two floor rental listing is held by James Spencer of Fitzroys and was previously tenanted by the restaurant Chinacy.
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Melbourne retail leasing market sees varied results: HTW

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A planning application has been lodged for a proposed $85 million student accommodation tower in the Adelaide CBD, set to become the tallest purpose-built student-only accommodation building in the world.
The application for the 124.2 metre tall tower has been lodged by developer Hines Property on a site it owns at 29 Twin Street between Grenfell Street and Rundle Mall adjacent the Ibis Adelaide Hotel (also developed and owned by Hines Property).
The world’s tallest student accommodation building is currently the Student One Wharf Street tower in Brisbane at 122 metres tall.
Hines Property has planned the 38-storey solely student-use development with architecture firm Woods Bagot.
The building will include a range of accommodation options from single studio rooms through to five and six-bedroom apartments, incorporating a total of 510 beds.
In addition to the ground floor lobby and cafe, the tower will include a communal mezzanine lounge, cinema and events space, study and dining area, garden retreat and rooftop lawn, gym, wellness and yoga space. 
<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/2018/9/27/Twin%20hero%202.jpg" alt="">
Construction of the 29 Twin Street project is anticipated to commence next year and take 18 months to complete.
James Hines, Managing Director of Hines Property said:
"There are already over 10,000 international and interstate students enrolled at the city-based universities and they provide a significant economic benefit to the state.
"This development will undoubtedly be the drawcard accommodation option for students considering Adelaide as a destination to undertake their studies."
Established in 2003, Hines Property is a privately-owned property development and investment group focusing on high-rise residential, office, hotel and mixed-use development projects.
Hines Property is also the largest owner of hotel accommodation in Adelaide, with more than 600 hotel rooms in its portfolio, including the Pullman Adelaide Hotel and the Ibis Adelaide Hotel.
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World's tallest student-only accommodation tower proposed in Adelaide

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<div>
Capital city buyers took a break from auctions on the long weekend, accompanied by a significant drop in auction listings.
But coastal offerings were much appreciated by buyers seeking cheaper dress circle opportunities.
</div>
There was a $726,000 auction sale at <a id="x_mcntLPlnk881881" class="x_mcntOWAAutoLink" href="https://www.realestate.com.au/sold/property-house-nsw-wooloweyah-129200650" target="_blank" data-auth="NotApplicable">Wooloweyah near Yamba</a> (above) in northern NSW.
"Only two sales have taken place on the lakefront in Wooloweyah during the past two years," Ray White agent Daniel Kelly noted.
The three bedroom lakefront 131 Lakes Boulevard offering last sold in 2011 at $460,000 after 200 plus days on market.
Further north in tropical Queensland, a Kinka Beach waterfront reserve home near Yeppoon was snapped up for $245,000.
The three bedroom <a id="x_mcntLPlnk428438" class="x_mcntOWAAutoLink" href="https://www.realestate.com.au/sold/property-house-qld-kinka+beach-129156442" target="_blank" data-auth="NotApplicable">886 Scenic Highway home</a> (below), on Shoal Bay, was offered for sale by mortgagees.
It had last sold at $320,000 in 2005.
<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/2018/10/2/shoal.jpg" alt="">
"The highest home appears structurally sound and has plenty of internal space to make a full upgrade on the home worth while," Ray White agent Lindsay Lodrick suggested 
Capital city auction activity took a back seat to the AFL and NRL Grand Finals, with buyer disinterest sending the preliminary combined capitals clearance rate below 50 percent for the first time since December 2012.
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Preliminary results showed a clearance rate of just 49 per cent, according to CoreLogic, down from 52 per cent last week.
Click here <a href="https://www.propertyobserver.com.au/images/2018/10/2/CL-Oct2.jpg" target="_blank">to enlarge.</a>
<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/2018/10/2/CL-Oct2.jpg" alt="">
Sydney’s auction clearance rate plummeted to 45 per cent, its lowest level in a decade.
There were just 380 Sydney auctions scheduled — well down on last Saturday’s super Saturday of 800.
CoreLogic auction commentator Kevin Brogan said the 45 percent result was based on the 223 that had been reported.
The preliminary clearance rate was 14 per cent down on prior Saturday.
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Melbourne saw the biggest drop in volumes with only 69 homes taken to auction returning a preliminary auction clearance rate of 55 per cent, while last week there were 1,160 auctions held and the final clearance rate came in at 53 per cent. 
This time last year, 122 auctions were held across the city.
Real Estate Institute of Victoria figures show the number of auctions tumbled from 4132 in September 2017 to 3260 in September 2018, with fewer auctions on every weekend compared to a year prior.
Melbourne's top sale was at Templestowe Lower where a four-bedroom family home passed in at $1.25 million, but the sold for $1.28 million.
The <a class="x_mcntOWAAutoLink" href="https://www.realestate.com.au/property-house-vic-templestowe+lower-129218522" target="_blank" data-auth="NotApplicable">369 George Street, Templestowe Lower</a> offering sold within its advertised price range of $1.19 million to $1.29 million.
The nation's top sale was the pre-auction sale of <a id="x_mcntLPlnk767878" class="x_mcntOWAAutoLink" href="https://www.realestate.com.au/sold/property-house-nsw-lindfield-129259878" target="_blank" data-auth="NotApplicable">22 Gladstone Parade, Lindfield</a> (below) which saw $3.65 million secured by Savills agent Stephanie Hearn.
<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/2018/10/2/lind.jpg" alt="">
The modern family home came with five bedrooms and five bathrooms.
CoreLogic noted it was one of 63 pre-auction deals secured by Sydney agents.
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The highest sale under the hammer was on the Parramatta River at <a id="x_mcntLPlnk663968" class="x_mcntOWAAutoLink" href="https://www.realestate.com.au/property-house-nsw-chiswick-129147858" target="_blank" data-auth="NotApplicable">41 Burns Crescent, Chiswick</a> (below) which sold for $3,550,000.
<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/2018/10/2/parra.jpg" alt="">
The property had been in the same family for 55 years — they’d built the house which attracted three bidders from the four registered parties.
The Sunday Telegraph reported the written reserve was adjusted lower and the buyer upped his offer by $50,000, sealing the deal with plans for rebuilding.
A six-bedroom, six-bathroom waterfront reserve home at <a id="x_mcntLPlnk375106" class="x_mcntOWAAutoLink" href="https://www.realestate.com.au/property-house-nsw-wollstonecraft-129141170" target="_blank" rel="noopener noreferrer" data-auth="NotApplicable">16 Mulray Ave, Wollstonecraft</a>, failed to sell at weekend auction with just the one registered bidder.
Its Stone agents Annika and Aaron Bongiorno had given a price guide of $5.7 million.
Brisbane had the nation's cheapest capital city outcome when $260,000 was paid for 12 Kirton St, Redbank Plains.
<a id="x_mcntLPlnk208006" class="x_mcntOWAAutoLink" href="https://www.realestate.com.au/property-house-qld-redbank+plains-129219718" target="_blank" rel="noopener noreferrer" data-auth="NotApplicable">The three bedroom property</a> was marketed as needing some TLC.
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Capital city buyers take a break from auctions on long weekend

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Billionaire hedge fund manager Sir Michael Hintze has bought an 842-hectare grazing aggregation in Central Victoria.
It is at Willatook, south-west of Bendigo.
He had paid about $7.5 million, for the latest farm in his extensive eastern Australia enterprise which comes with a $340 million net value.
The land holdings are valued at $240 million.
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Hintze has bought the Webster family property who intend to retire.
Hintze has plans for prime lambs across the aggregation of the <a href="https://www.realcommercial.com.au/property-commercial+farming-vic-willatook-502785238" target="_blank">Murraba, Maloneys and Glenholme</a> properties.
They have a carrying capacity for about 12,500 sheep, Fairfax Media reported.
The acquisition also included 450 angus cows, 350 yearlings, 30 angus bulls and 150 crossbred ewes.
The enterprise has signalled its preference for expanding its portfolio with properties that have exposure to high-rainfall environments.
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MH Premium Farms owns more than 40 properties covering in excess of 72,000 hectares in eastern Australia, producing prime lambs, wool and beef, broad-acre cropping of cereals and oilseeds, and irrigated cotton and sugar.
Sir Michael founded London hedge fund CQS, which manages more than $US12 billion.
His rural business showed a strong $13 million operating profit in its 2017 financial year with continuing good results from the grazing properties and a return to prosperity in the cropping properties where both rain and available water assisted with good returns on crops.
The income was $27 million.
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External bank debts are secured by first registered mortgages over certain freehold properties.
The Rabo bank facility of $22 million expires in 2023, and is subject to three yearly reviews. 
The Westpac facility of $60 million is a mixture of bank bills, term debt and a working capital facility. The facilities are subject to annual reviews. Its Westpac balance at 30 June 2017 is $49,500,000.
The Westpac facility included debt due to the purchase of the Deltroit property.
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Sir Michael Hintze spends $7.5 million on Central Victorian farm

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Malcolm Turnbull has listed his "very lightly lived in" Kingston Foreshore, ACT penthouse for sale.
The <a href="https://www.propertyobserver.com.au/https://www.allhomes.com.au/ah/act/sale-residential/78-11-eastlake-parade-kingston-canberra/1317577780511" target="_blank">Eastlake Parade apartment</a> has been listed<a href="https://www.propertyobserver.com.au/https://www.allhomes.com.au/ah/act/sale-residential/78-11-eastlake-parade-kingston-canberra/1317577780511" data-track-relatedarticle="inarticlelink"> </a>by Berkely Residential on AllHomes.
It is tipped to fetch at least $2.5 million.
The Turnbulls bought the apartment off the plan for about $1.8 million in 2006.
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Turnbull spent his first four months as prime minister there before moving into The Lodge in January 2016 after renovations.
The two-level, three-bedroom penthouse features marble bathrooms, a huge terrace with a covered outdoor kitchen, in-slab heating and polished hardwood floors.
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<div id="plista_widget_outstream">It is described as a "very lightly lived in" with the "most sensational views over Lake Burley Griffin, East Basin and the city".</div>
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<div class="_1lwW_">The property is open to expressions of interest until October 11.</div>
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Malcolm Turnbull lists Canberra penthouse

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The Block NZ season finale saw a buyer place a winning bid on one of the renovated properties via the real estate auction app, Gavl.  
It enabled the buyer, Mike Wyeth, to secure the property from the comfort of his home, which went under the hammer for $921,500.
The live grand final of Three’s The Block NZ was a first for any reality television show in Australia and New Zealand for an absentee buyer winning while watching from their own home. 
Gavl (<a href="https://www.gavl.com/" target="_blank" data-auth="NotApplicable">gavl.com</a>) is the world’s leading platform for real estate auction live streaming and bidding and the official digital auction partner for season seven of The Block NZ.
One of the renovated properties on the program – 25 Frances Bryers Road in Hobsonville, Auckland – attracted four registered bidders as they bid online through Gavl. 
During the live auction, Gavl representatives at the auction site announced the bids of all registered online Gavl bidders.
Gavl bidders watched the auction live through the app and were able to see the current bids displayed on their screen. 
Following a bidding war between the buyers in the room and those bidding via Gavl, the property sold under the hammer for $921,500 to a buyer through Gavl.  
Earlier in the evening two bidders via Gavl went head-to-head on Amy and Stu’s property, before it was knocked down to a buyer in the room.
Gavl’s live auction bidding function enables property buyers to watch and make bids at auction in real time from anywhere in the world – giving sellers a broader auction audience.
 It’s patent-pending platform is the only available technology dedicated to the real estate industry that live-streams events with a one second latency – including Facebook Live.
 
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Gavl secures Block NZ buyer from comfort of home

An entity directed by HSN's Rafi Assouline and Rebel Property's Allen Linz has filed plans for an impressive new precinct in Woolloomooloo.

The major mixed-use development would transform a prominent William Street site into a new residential village anchored by affordable housing and a large public park.

The proposal, submitted as a State Significant Development Application, covers 164-172 and 174-194 William Street, a 6,398 sqm site between Forbes Street and Dowling Street on the southern edge of Woolloomooloo.

Designed by fjcstudio in collaboration with Bangawarra, Studio Bright and Tribe Studio Architects, the scheme would deliver 227 apartments across four residential buildings ranging in height up to 18 storeys, alongside retail space, public domain improvements and a new publicly accessible park.

<img alt="Rebel" data-entity-type="file" data-entity-uuid="0eb59b7c-914a-4a5c-b849-3a56749f5e93" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-06-12%20at%2011.18.51%E2%80%AFAM.png?VersionId=mxM6EEqeoLjrCiTlCzTKTvzpKuh6kSkH" />

It's another design scheme for Rebel, who took <a href="https://www.apartments.com.au/news/nsw/first-look-rebel-property-group-takes-woolloomooloo-precinct-to-nsw-government">concept plans to the NSW Gov late last year</a>.

The latest plans will be a mix of 167 build-to-sell apartments and 60 affordable apartments, with the affordable housing component representing 15 per cent of the project's gross floor area. The apartment mix includes 12 one-bedroom, 53 two-bedroom, 89 three-bedroom apartments and 13 penthouses, while the affordable housing component would comprise 42 one-bedroom and 18 two-bedroom apartments.

<img alt="Rebel" data-entity-type="file" data-entity-uuid="3b3d4553-8a8c-4af5-aa8c-519ffb1e28c6" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-06-12%20at%2011.20.12%E2%80%AFAM.png?VersionId=_Yb6ibN7eDnOtQjCNDK2eviORa4qzgv." />

Rebel Property is seeking to take advantage of the NSW Government's infill affordable housing bonus provisions under the Housing SEPP, which provide additional floor space and height in exchange for the delivery of affordable housing for a minimum of 15 years. The planning pathway allows a 30 per cent increase in floor space ratio and building height where 15 per cent of the development is dedicated to affordable housing.

&nbsp;

At the centre of the development is a 1,356 sqm sunlit public park designed to become a new community gathering space at the gateway to Woolloomooloo. The park would be complemented by a network of pedestrian laneways connecting William Street with the surrounding streets, improving permeability through what is currently a largely impermeable block.

<img alt="Rebel" data-entity-type="file" data-entity-uuid="257af931-a393-4007-8c6d-7219796df58d" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-06-12%20at%2011.20.51%E2%80%AFAM.png?VersionId=KAHy94GrhaReFsWTGDKfy39EDJ8gEEv4" />

The design team says the public domain has been heavily influenced by the site's topography and Aboriginal cultural heritage, drawing on the escarpments, gullies and landscape characteristics that historically defined the area before urbanisation. The landscape design has been developed in partnership with First Nations consultancy Bangawarra.

The project would be delivered across four separate buildings. The William Street East and William Street West buildings, designed by fjcstudio, would contain the majority of the apartments. Melbourne-based Studio Bright has designed the Forbes Street building, while Tribe Studio Architects is responsible for the Dowling Street building.

Rebel had secured approval for the concept plans late last year.

Joel Robinson

First look: HSN, Rebel, advances Woolloomooloo precinct plans

A locally heritage-listed furniture showroom on Water Street is set to become the centrepiece of a new mixed-use residential development as local developer&nbsp;<a href="https://www.apartments.com.au/developers/keylin-group">Keylin</a> seeks approval for <a href="https://www.apartments.com.au/new-apartments/lotus-on-water-street-290-water-street-fortitude-valley-qld-4006">Lotus on Water Street</a>, a 15-storey project on the Fortitude Valley side of Spring Hill.

The proposal spans 290 Water Street and 137-141 Warry Street, combining several properties into a 2,869 sqm site that sits between Fortitude Valley, Spring Hill and the rapidly evolving Victoria Park precinct. Keylin's plans would deliver 132 apartments alongside new retail, hospitality and commercial space, while retaining and repurposing the historic Brunswick Home Furnishers Showroom that fronts Water Street.

Designed by <a href="https://www.apartments.com.au/architects/jackson-teece">Jackson Teece</a>, Lotus on Water Street comprises a 12-storey residential tower rising above a three-storey podium and communal rooftop terrace. The development includes 76 apartments classified as multiple dwellings and a further 56 units proposed as short-term accommodation, designed to be flexibly used as either accommodation or permanent residences. The apartment mix comprises six one-bedroom, 54 two-bedroom and 16 three-bedroom homes.

<img alt="First look: Keylin unveils heritage-led Lotus on Water Street tower in Fortitude Valley" data-entity-type="file" data-entity-uuid="9822bb79-6c49-49c9-95ba-319e8c8d81c3" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/fortitude%20valley%20front.png?VersionId=ioW8zbN4UVebbLetTFuv92t.HkdgfR5e" />

Residents would have access to an extensive rooftop recreation level spanning more than 1,200 sqm of communal open space. Plans include a pool, gym, sauna, infrared sauna, yoga area, library, private dining room, barbecue facilities and landscaped entertainment spaces, making the rooftop the project's largest shared amenity offering.

At street level, the proposal focuses on the adaptive reuse of the heritage buildings along Water Street, where 518 sqm of retail and commercial space is planned across shop, office and food and drink outlet uses. A permeable residential lobby would be positioned between the retained heritage buildings, creating a pedestrian connection between the historic streetscape and the new tower behind.

<img alt="First look: Keylin unveils heritage-led Lotus on Water Street tower in Fortitude Valley" data-entity-type="file" data-entity-uuid="269cf3e0-7d13-48bf-a318-05a00deb5c10" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/fortitude%20valley%20podium.png?VersionId=DLXmTCLsp6GOcLpQ0h.0z7wKCw59EhN_" />

The heritage retention strategy is central to the scheme. The development application notes that the Brunswick Home Furnishers Showroom and adjoining heritage buildings will remain, with only non-significant structures on the site earmarked for removal under a previously issued Heritage Exemption Certificate. Levels one and two of the new podium are recessed behind the heritage façades to maintain their prominence within the streetscape.

Jackson Teece has drawn inspiration from the site's manufacturing history when designing the podium. The planning documents state that the façade incorporates perforated metal screening that references the woven and rattan furniture historically produced on the site. Cascading and climbing plants are integrated throughout the podium to soften the building's presentation and screen parking levels behind. The landscape strategy also informs the project's name, Lotus on Water Street, drawing on the historic Spring Hollow waterholes that once ran through Spring Hill and the blue water lilies associated with Meeanjin, Brisbane's traditional name.

The proposal also incorporates the neighbouring property at 141 Warry Street, currently occupied by a healthcare service. The existing building would remain, with nine dedicated parking spaces allocated within the new development to support its ongoing operation. In total, Lotus on Water Street proposes 117 car spaces, including 110 resident spaces and seven visitor bays, alongside 100 bicycle spaces.

<img alt="First look: Keylin unveils heritage-led Lotus on Water Street tower in Fortitude Valley" data-entity-type="file" data-entity-uuid="70cf07bc-4fd8-4e70-92dd-be8b21c4e4f0" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/fortitude%20valley%20site.png?VersionId=txlxrJImM0Sm_vTzHVKh5DDUkyL_CiiA" />

The site sits within the Spring Hill East Precinct of the Spring Hill Neighbourhood Plan and is positioned around 650 metres from both Fortitude Valley Station and Exhibition Station. It is also within walking distance of the King Street precinct, Royal Brisbane and Women's Hospital, Herston Quarter and Victoria Park, which is earmarked to become a major venue precinct ahead of the Brisbane 2032 Olympic and Paralympic Games.

Planning documents describe the location as a key gateway between Spring Hill and Fortitude Valley and highlight the area's increasing importance as new transport infrastructure and Olympic-related investment reshape Brisbane's inner north. The development team argues the project will contribute additional housing supply while activating a section of Water Street that has historically received less investment than other parts of the Valley.

Keylin has become increasingly active across Brisbane and southeast Queensland, assembling sites in strategic inner-city locations. They are currently selling and delivering <a href="https://www.apartments.com.au/new-apartments/oria-spring-hill-447-gregory-terrace-spring-hill-qld-4000">Oria Spring Hill</a>, just over 140 apartments due for completion in 2027.

Keylin plans heritage-led Lotus on Water Street apartment development in Fortitude Valley

Roseville is poised for a wave of new apartment development following the NSW Government's rezoning of land around Roseville Station under its Transport Oriented Development program.

The new planning controls have unlocked significant development potential within walking distance of the station, with a number of sites expected to be amalgamated and redeveloped in the coming years as developers seek to take advantage of the increased density allowances.

One of the more restrained developments in the precinct, and set among the first to be delivered having commenced well before the recent changes, is Hyecorp's Juliet. The boutique apartment project is already well under construction and remains on track to welcome residents by the end of the year, offering a markedly different proposition to many of the larger-scale developments now likely to emerge across the suburb.

[smartcode_project:default project_id=7395 project_image_fid=278194]

<a href="https://www.apartments.com.au/new-apartments/juliet-roseville-64-pacific-highway-roseville-nsw-2069">Juliet</a> will comprise just&nbsp;34 one-, two-, and three-bedroom apartments opposite Roseville Station. For Hyecorp, which has delivered projects across Sydney's Lower North Shore for more than three decades, Roseville presented a rare opportunity to address a growing gap in the market.

"<a href="https://www.apartments.com.au/developments/roseville-nsw-2069">Roseville</a> has long been one of the North Shore's most tightly held and desirable suburbs, offering a unique combination of village charm, established greenery, excellent transport connections, and proximity to some of Sydney's best schools and lifestyle amenities," Hyecorp said.

"We recognised a growing demand from local homeowners seeking to downsize without leaving the community they have built their lives around. The location presented a rare opportunity to create homes that cater specifically to that buyer profile."

[smartcode_project:default project_id=7395 project_image_fid=278196]

The six-level development has been designed by <a href="https://www.apartments.com.au/architects/pbd-architects">PBD Architects</a> as a collection of residences that feel more like homes than apartments. The brief centred generous floorplans, abundant natural light, quality finishes, and strong connections to outdoor space.

PBD Architects drew inspiration from Roseville's established garden suburb character, creating a building that sits comfortably within its surroundings rather than dominating them. The architecture incorporates natural materials, soft forms, layered landscaping, expansive balconies, and generous setbacks to strengthen the connection between residents and the suburb's leafy environment.

"The focus was on designing spacious, house-like residences for discerning owner-occupiers and downsizers who wanted to remain on the North Shore without compromising on comfort, privacy, or design," PBD said.&nbsp;

"Every apartment was to feel considered, timeless, and highly functional."

[smartcode_project:default project_id=7395 project_image_fid=278195]

Inside, residences feature engineered timber flooring, stone kitchen benchtops and splashbacks, integrated Fisher &amp; Paykel appliances, ducted air conditioning, and large outdoor entertaining areas designed to take advantage of district and treetop views.

Residents will also have access to a rooftop barbecue and lounge area, alongside practical amenities including parcel lockers, EV charging capability, bicycle storage, a dog wash bay, and a basement car wash facility.

The majority of purchasers so far have been local owner-occupiers from Roseville, Lindfield, Chatswood, Killara, and the broader Upper North Shore, many of whom are transitioning from larger family homes.

"Buyers are looking for spacious, house-like apartments that allow them to downsize without feeling like they are sacrificing comfort or functionality," Hyecorp noted.

"They value large kitchens, generous living areas, ample storage, quality finishes, secure parking, lift access, and low-maintenance living."

[smartcode_project:default project_id=7395 project_image_fid=278204]

Juliet sits directly opposite Roseville Train Station and within walking distance of Roseville Village, while Chatswood's retail and dining precinct is only minutes away. The development is also surrounded by some of Sydney's most established schools, including Roseville College, Ravenswood, Pymble Ladies' College, and Knox Grammar, as well as nearby parklands and golf courses.

Juliet is currently more than 75 per cent sold ahead of its anticipated completion in late 2026.

[smartcode_project_cta:default project_id=7395]

Juliet to sit quietly amid Roseville apartment boom

Sherpa Property Group has unveiled the third instalment of its Flourish series, securing full approval for the two-tower, $500 million Flourish Soleira development in Palm Beach.

<a href="https://www.apartments.com.au/new-apartments/flourish-soleira-1150-1154-gold-coast-highway-palm-beach-qld-4221">Flourish Soleira</a> will rise from a prominent site in the commercial heart of Palm Beach, the long-time home of Cash Converters and a range of local retailers.

The project will introduce a new retail and dining precinct at ground level, beneath 286 apartments.

[smartcode_project:default project_id=150017 project_image_fid=370959]

“We’re very committed to not only providing affordable residential offerings that are much needed in Palm Beach, but also delivering a vibrant new commercial heart that complements the extraordinary growth of the southern Gold Coast,” Sherpa Property Group founder Christie Leet said.

The development will sit under Sherpa's Flourish brand, which is aimed at providing a pathway into the beachside suburb for locals, first-home buyers and downsizers. In a move designed to assist first-home buyers entering the market, Sherpa has reserved all one and two-bedroom, one-bathroom apartments exclusively for eligible first-home buyers.

[smartcode_project:default project_id=150017 project_image_fid=370964]

“Our vision through Flourish is to create a vibrant retail and lifestyle focal point within the Palm Beach centre zone, delivering thriving communities underpinned by lifestyle-rich locations,” Leet said.

“So far, Flourish has been an incredible success, and we hope to carry this momentum as we progress the next two Flourish projects in Palm Beach.”

[smartcode_project:default project_id=150017 project_image_fid=371430]

Located across 1150-1164 Gold Coast Highway and 3 Sixth Avenue, the development will comprise two towers. The northern tower will deliver 154 apartments, while the southern tower will add a further 132 residences, helping address ongoing demand for new apartments in the tightly held coastal suburb.

Flourish Soleira will also feature the most extensive rooftop amenity offering ever delivered in Palm Beach.

The two towers will be connected by a skybridge, with residents gaining access to a rooftop recreation deck featuring a full-width swimming pool, hot and cold plunge pools, wellness spaces, a gymnasium, private dining facilities, massage treatment rooms, barbecue areas, a basketball court, golf simulator, indoor and outdoor dining spaces, sun lounges and extensive landscaping.

LPS Group is expected to start construction later this year.

Sherpa is already well advanced on construction of its debut Flourish project, Flourish Amargo, located just around the corner from Soleira. Meanwhile, Flourish Oasis, positioned opposite Amargo, recently commenced construction and has nearly sold out its collection of 47 apartments.

[smartcode_project_cta:default project_id=150017]

Sherpa unveils $500m mixed-use Palm Beach precinct, Flourish Soleira

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

Staff reporter

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