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<a href="https://www.propertyobserver.com.au/http://www.abs.gov.au/ausstats/abs@.nsf/mf/5206.0" target="_blank">Wednesday’s GDP figures</a> were good. Growth was up 0.9% in the June quarter and 3.4% over the past 12 months.
As they say in baseball: “You can’t boo a home run.” But you can ask how likely the batter is to do it next time. The detail behind the figures raises further questions.
<h2>How good were they really?</h2>
Even before we get to that, it’s worth noting than GDP per capita was up 0.5% in the quarter, amounting to a 1.8% increase over the year. That’s good, but half as much as headline growth. Per capita growth is what drives living standards.
Even on an annual basis per capita growth bounces around. The following chart shows it is usually less than 2% and only occasionally reaches 3%, but never too far from zero – even excluding the GFC.
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Growth per capita is volatile in no small part because immigration is volatile.
Standard economic theory tells us that in the long run immigration has very little impact on GDP per capita unless it drives a shift in the population’s mix of skills.
But in the short run it depresses GDP per capita because the fixed capital (such as buildings and machines) has to be shared between more workers.
Since immigration is somewhat lumpy, and the skill mix is neither obvious nor constant, there can be pretty substantial swings in GDP per capita in a high-immigration economy. At 1.6% per annum, Australia’s population growth is roughly double the OECD average, so it’s best not to get too hung up on the quarterly numbers.
<h2>Good for how long?</h2>
The larger and more pressing question in whether this quarter’s good numbers will last.
There are reasons to be sceptical. First, household expenditure was a key component of the recent growth numbers. As ABS chief economist Bruce Hockman put it:
Growth in domestic demand accounts for over half the growth in GDP, and reflected strength in household expenditure.
We’ve been sustaining strong household expenditure by saving less, but that’s unlikely to continue.
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In an economy in which heavily indebted households face mortgage rate hikes from three of the big four banks (likely to be four soon) despite no official increase in interest rates, household spending will come under pressure.
Wages growth is still languishing at around 2% (<a href="https://www.propertyobserver.com.au/http://www.abs.gov.au/ausstats/abs@.nsf/mf/6345.0" target="_blank">the most recent wages price index came in at 2.1%</a>), meaning that households aren’t earning much extra income.
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Add to this a lower Australian dollar putting pressure on the price of imports –such as mobile phones, iPads and computers, to name a few – and it seems brave to predict continued robust consumer spending.
<h2>Special for how long?</h2>
It is also worth being a bit cautious about the case for Australian exceptionalism. Yes, we’ve had a run of 27 odd years of continuous economic growth. Yes, we weathered the financial crisis better than most.
But we are also part of a global economy that is yet to see the full effects of the Trump trade war. And we are subject to the same sort of pressures that other advanced economies are facing: stubbornly low wages growth despite historically low unemployment, inflation that won’t grow, and an uncertain outlook for China – our most important trading partner.
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Can we really return to the trend growth rates of the 1990s while the countries we compare ourselves with struggle? I hope so, but I doubt it.
The newly minted treasurer, Josh Frydenberg, couldn’t help but take credit for this week’s good news. Fair enough. But he might want to be cautious. Quarterly numbers have a habit of reversing themselves. And with an election not too far away it’s politically risky to tie oneself too closely to the vagaries of the macroeconomy in general and the forecasts of Treasury and the Reserve Bank in particular.
Reserve Bank Governor Phil Lowe might have mentioned that to Frydenberg in their much photographed recent meeting.<img src="https://counter.theconversation.com/content/102717/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;">
<a href="https://theconversation.com/profiles/richard-holden-118107" target="_blank">Richard Holden</a>, Professor of Economics and PLuS Alliance Fellow, <a href="http://theconversation.com/institutions/unsw-1414" target="_blank">UNSW</a>
This article is republished from <a href="http://theconversation.com" target="_blank">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/vital-signs-national-accounts-show-past-performance-no-guarantee-of-future-results-102717" target="_blank">original article</a>.
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Past performance of national accounts no guarantee of future results: Richard Holden

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Ray White Rural and Livestock has listed Tenterden Station, a 1500 ha Guyra holding.
The agency has suggested <a href="https://www.propertyobserver.com.au/http://raywhiteruralnsw.com.au/properties/rural/nsw/guyra-2365/mixed-farming/1954755" target="_blank">Tenterden Station</a> lends itself favourably for future subdivision as the current LEP for rural land permits 200ha minimum lot sizes.
Ray White Rural and Livestock has a new Sydney-based corporate sales and marketing entity to service large scale agribusiness transactions and divestments.
The team will be led by rural agent Andrew Starr and Bruce Birch, the organisation’s national livestock director.
It will partner with local specialists in the New South Wales network of Ray White Rural to handle large corporate deals and complex aggregation sales.
It will focus on selling major agribusiness transactions as well as livestock.
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The new business was inspired by the long-term success of a corporate-grassroots entity in Brisbane, Ray White Rural Queensland, directed by Bruce Douglas and Jez McNamara. The Brisbane-based business works collaboratively and exclusively with Ray White Rural's local agents in the sunshine state helping to facilitate rural property transactions.
The new business will be based out of Sydney, and will operate statewide, Andrew Starr explained.
"The strength of relationships with family offices, corporates and international contacts based out of a capital city coupled with the local knowledge, ease of local inspections and the reputation of our agents on the ground has proven an attractive option for many vendors with major agricultural assets to sell.
"This approach has worked well for vendors in Queensland for 25 years, and we anticipate it will be as attractive for clients in New South Wales,” he said.
The dual-agent approach exposes properties to a broader buyer pool, co-director Bruce Birch said.
<a href="https://www.propertyobserver.com.au/http://raywhiteruralnsw.com.au/properties/rural/nsw/guyra-2365/mixed-farming/1954755" target="_blank">Tenterden Station at Guyra</a> has paddocks designed to facilitate a rotational grazing model aimed at maximising livestock production while maintaining pasture longevity.
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Tenterden Station listed by Ray White Rural

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New York-based investment adviser Anchorage Capital Group is set to sell its Victorian and NSW dairy farms.
There are expectations they could fetch $50 million.
The properties include two in the south-west in Victoria, two at Finley, NSW, and one in Gippsland. 
PWC has been appointed to sell the five farms which are milking about 5000 head of cows.
Anchorage purchased the properties over three years from 2014 for about $40 million.
Fairfax Media suggest three or four groups pitched on a tender to sell the dairy portfolio, which is managed and operated by ACE Farming, founded by Jeremy Bayard.
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<div class="cq-article-content-media section">The Australian Financial Review reported that ACE had purchased $15 million worth of farms including Balboora Farm at Finley as well as a large dairy farm at Blighty for a US client in 2017.</div>
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Anchorage Capital Group lists its dairy farms

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Following an ASIC review, Prospa Advance Pty Limited (Prospa) has changed loan terms in its standard form small business loan contract to address terms being unfair under the unfair contract terms provisions of the ASIC Act.
The review of Prospa’s contract is part of a broader surveillance by ASIC to examine lenders' small business loan contracts to reduce the risk of unfair contract terms.
As a result of ASIC’s review, Prospa has made a number of changes resulting in improved terms for borrowers and guarantors. The changes include addressing problematic terms outlined in ASIC Report 565: Unfair contract terms and small business loans, and changes to other terms which could have operated unfairly for borrowers and guarantors.
Prospa has agreed that all customers who entered into or renewed contracts from 12 November 2016 will have the benefit of the changes agreed with ASIC. Prospa will be communicating these changes to its small business customers with the amended contract coming into effect in early October.
ASIC’s surveillance of small business loan contracts is ongoing, and will consider regulatory action where appropriate.
Changes to Prospa’s loan contract
Prospa has agreed to make the following changes to its standard form small business loan contract: 
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<li>amended the early repayment clause so that borrowers can now      prepay their loan early without requiring Prospa’s consent, and removed      Prospa’s absolute discretion whether to provide a discount for prepayment - Prospa will now apply a published Early Prepayment Policy so borrowers  can determine the discounts they they can expect to receive if they do pay back their loan early; </li>
<li>amended the ‘unilateral variation’ clause to significantly limit Prospa’s ability to unilaterally vary contracts to specific instances. Prospa has also extended the notice period to 60 days where Prospa intends to vary fees; </li>
<li>amended clauses defining events of default to add remediation periods and materiality thresholds and to permit changes to control of the Borrower with the lender’s consent (not to be unreasonably withheld); </li>
<li>removed a broad ‘cross-default’ clause which allowed Prospa to call a default under the loan contract due to any default under another finance document related to the loan (for example, guarantee or security document); </li>
<li>restricted the borrower’s indemnity to ensure that:</li>
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–    the borrower is required to indemnify only Prospa, its employees and agents (and not third parties that are not parties to the contract such as receivers or contractors); and
–    the borrower is not required to indemnify Prospa for losses or costs incurred due to the fraud, negligence or wilful misconduct of Prospa, its employees, officers, agents, contractors or receivers appointed by Prospa; 
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<li>removed an ‘entire agreement’ clause which absolved Prospa from contractual responsibility for conduct, statements or representations made to borrowers about the loan contract; </li>
<li>limited the class of people who can provide guarantees under the loan contract to:</li>
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–    people who are actively involved in the management of a borrower’s business;
–    if the borrower is a company, people who are directors or shareholders of the borrower; and
–    if a shareholder of the borrower company is a company, directors or shareholders of that company. 
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<li>inserted a 5-business-days’ notice provision to guarantors about:</li>
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–    borrowers who are 30 calendar days behind their agreed repayment schedule; and
–    the commencement of legal proceedings against a borrower or the appointment of a receiver. 
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<li>limited the guarantor’s liability so that the guarantor is not liable for any increase in the amount of the loan principal and interest agreed at the start of the loan(but the guarantor is liable for fees and reasonable enforcement costs). </li>
<li>inserted a provision to obtain consent of the guarantor:</li>
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–    where there is a discharge or release of any security held by Prospa given by the borrower or a guarantor; and
–    where there are multiple guarantors, before releasing a guarantor. 
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<li>limited the actions of lender-appointed attorneys where there is an event of default under the loan contract so that an appointed attorney cannot act in a way that prefers the interests of the attorney over the interests of the borrower or guarantor.</li>
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Prospa’s Interest Charges and Late Fees
Prospa charges a factor rate for interest on its fixed term loans. The amount of interest, which can be considerably higher than bank loans, is fixed and disclosed at the outset and does not vary even if the loan term is extended.  The amount of interest is therefore part of the “upfront price” of the loan and is excluded from review under the unfair contract term provisions.
Late payment fees for missed payments are, however, subject to review under the unfair contract term provisions. ASIC will be undertaking further monitoring of Prospa’s charging of late payment fees to assess whether the manner in which the fees are being charged is unfair in practice.
<h2>Background</h2>
In March 2018, ASIC published REP 565, which outlines changes to small business loan contracts made by the big four banks to comply with the UCT law. This report also provides guidance to the broader small business lending industry.
At the same time ASIC announced that it will also examine other lenders' small business loan contracts to ensure that their contracts do not contain terms that raise concerns under the UCT law. ASIC is reviewing the contracts of bank and non-bank small business lenders, including Prospa, to check their compliance with UCT law.
Since publishing REP 565, ASIC is also monitoring the big four banks' compliance with the UCT law. In March 2017, ASIC and the ASBFEO completed a review of small business standard form contracts and called on lenders across Australia to take immediate steps to ensure their standard form loan agreements comply with the law (refer: 17-056MR).
In August 2017, ASIC and the ASBFEO welcomed the changes ASIC required to small business loan contracts by the big four banks (refer: 17-278MR) that have:
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<li>ensured that the contract does not contain ‘entire agreement clauses’ which prevent a small business borrower from relying on statements by bank officers (for example, about how bank discretions will be exercised)</li>
<li>limited the operation of broad indemnification clauses</li>
<li>addressed concerns about event of default clauses, including ‘material adverse change’ events of default and specific events of non-monetary default (for example, misrepresentations by the borrower)</li>
<li>limited the circumstances in which financial indicator covenants will be used in small business loans and when breach of a covenant will be considered an event of default</li>
<li>limited their ability to unilaterally vary contracts to specific circumstances with appropriate advance notice.</li>
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Prospa drops unfair loan terms for small business loans

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While there remains some positive sentiment in the rural property market across New South Wales, the ongoing drought is starting to have an impact on some buyers’ decisions to pursue rural property, according to the latest Herron Todd White rural report.
The valuation firm noted that, despite this, agents are still reporting higher levels of enquiry than they have experienced in the past several years, however a lack of supply is evident as landholders are waiting for improved seasonal conditions before trying to market and sell. 
"We are seeing continued sales across most areas of New South Wales, particularly higher rainfall areas, however due to the negative climatic conditions encountered over the past 18 months there have generally been lower sales volumes. 
"We expect this trend to continue while the area receives below average rainfall."
The HTW valuer, Angus Ross added, "the continued dry seasonal conditions across large parts of New South Wales are limiting the market’s enthusiasm for expansionary activities.
"It is our opinion that the positive cash flows generated in most areas during the past two years have been funnelled into debt consolidation rather than any expansionary movements."
Recently, Heathlea, a mixed farming property at Rannock, just a short drive from from the village of Coolamon NSW, has been sold for $2.69 million (picutured above).
Comprising 452 hectares of productive fertile farm land, Heathlea at <a href="https://www.realestate.com.au/sold/property-mixed+farming-nsw-rannock-7978134" target="_blank">2718 Ronnock Rd </a>comes with water security, stock and domestic water scheme, 61 ha of established Lucerne, and an additional 61 ha sown Autumn 2018.
Addtional features include three stand woolshed, sheep/cattle yards and spacious three bedroom brick home.
Another sale is a Mudgee rural lifestyle block which was sold for $330,000 on August 27 (pictured below).
Located at<a href="https://www.realestate.com.au/sold/property-other-nsw-mudgee-7982122" target="_blank"> 1243 Lower Piambong Rd</a>, the parcel of land consisiting of 50.92 hectares or 125 acres has been fenced into three main paddocks.
It features three dams with ample water for stocks, timber cattle yards, and rural views.
It's only 20 mins drive from Mudgee. 
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Ongoing drought impacts buyer's decision to pursue rural property in NSW: HTW rural

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Concerns around the cost of water could reduce buyer demand for horticultural properties, however this will only become evident over the next six months or so, according to the latest Herron Todd White rural report.
The valuation firm noted that the ongoing dry conditions are creating challenges for a wide cross section of our rural community. 
"This year is looking a lot like 1982, which is the last time grain growers in our regions faced the prospect of no harvest. 
"With many farmers now running continuous cropping programs and with no livestock to fall back on, the next 12 months will prove a testing time."
"Many graziers in western New South Wales are fast running out of water as well as feed. Most have spent significant sums buying in hay, grain and pellets, but are now questioning whether to quit stock if they have sufficient condition to be saleable rather than keep buying in feed. 
"Hay and grain are becoming very difficult to source and more expensive each month."
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"While this is a pessimistic outlook, we note that farmers in this region are bred to be resilient and we expect the majority will have sufficient capital or equity to ride out at least the next 12 months. 
"History also shows that few people list their properties for sale during drought conditions and so we expect the number of sales to dry up over the next six to 12 months," according to Shane Noonan and Graeme Whyte, local experts.
The cost of leasing annual allocation is now stuck above $300 per ML, which will impact on the return for particularly wine grapes but also higher value crops such as almonds, citrus and table grapes. 
There has been development of these crops over the past four to five years, much of which is reliant on leased water. 
"Any rationing of water will flow through to lower yields, further exacerbating the current shortage of some wine grape varieties," the Herron Todd White valuers noted adding that they "expect that concerns around the cost of water could reduce buyer demand for horticultural properties, however this will only become evident over the next six months or so. Returns remain good for most commodities which will justify the cost of leasing water, even though it will reduce profit."
"There have been good snow falls in the Murray catchment area and we note that there is still time for any substantial rainfall event in September to create good run off and increased allocations,." it added
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A recent noteworthy sale is Cowra station (pictured above), a 4,300 hectare mixed farming operation located 25 kilometres west of Mildura and with extensive frontage to the Murray River. 
The property has been primarily used for grazing and dryland cropping, however has some existing irrigation infrastructure and potential for expansion of this enterprise. 
The property had been on the market for many years, waiting for a buyer intending to undertake some form of irrigation development.
Another recent sale at Mildura is a 3,823 hectare viticulture/vineyard property which was traded at $180,000 (pictured below).
<a href="https://www.realestate.com.au/sold/property-viticulture-vic-mildura-7647151" target="_blank">The property at 792 Ontario Avenue</a> features low level irrigation and included water right. 
It is within a short distance to major shopping centres.
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Concerns around the cost of water could reduce buyer demand in Mildura: HTW rural

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It’s been a pretty ordinary August in the south-east of the state with continued dry conditions, fires and the annual Ekka winter westerly winds turning up on cue, according to the latest rural report from Herron Todd White.
 The valuation firm noted that dry seasonal conditions are firmly in place on both the inner and southern Downs farming regions. 
Winter cropping within the normally secure farming areas is very sparse.
"The concern now is looking ahead for this year’s summer cropping season with poor moisture profiles and limited water in storage for either planting or pre-watering."
For the Felton area, some 167 mm (6.7 inches) has been recorded for the year to date, about half that recorded in comparison to the same period last year.
For the 2017 year the overall total was still about 70% off the long term average. Overall market confidence in this area is still positive.
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In western Queensland, the season isn’t any better especially west of Morven. For example, Cheepie has received 65 mm (2.6 inches) for the year to date and many other farmers are now entering their sixth year of drought and have been running their businesses either on a retained skeleton breeder herd or have opted to drove cattle or seek alternative agistment.
The HTW valuers stated "the market in these areas has not seen the same value growth of country further east."
It indicated there have been some firming value trends particularly holdings that demonstrate a diversity of country of say Downs, alluvial frontage or Mulga.
"It’s also one area of the market that we have seen external influence impacting on values with the competition by carbon abatement brokers and proponents.
"One could also assume many of the landholders who have decided to register a carbon abatement project have done so under the pressures of seeking alternative income streams due to the drought.
"The significant capital investment in exclusion fencing has no doubt been viewed positively but the general feeling is that once the season breaks, those who have the ability to control wild dogs and vermin will be able to capitalise on improved productivity."
With the strengthening in the wool markets it’s likely to create opportunities for graziers wanting to diversify back into sheep or increase market demands from potentially existing southern producers seeking further country.
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Generally, every Shire west of the Dividing Range in the southern part of the state is drought declared with the exception of the Western Downs Shire. Between Wandoan and Taroom, between 350 mm to 490 mm have been recorded for the current year and broadly the country is reasonably pastured. 
"This sector of the market has historically been very strongly competed for by local producers, particularly those who have benefited from additional income streams created by the coal seam gas industry. With the current seasonal conditions, we are now seeing out of district buyers looking at buying country in the area as demonstrated by the sale of Loch Craig," stated Steven Cameron a local expert.
The property sold at auction in August for $3,446 per hectare ($1,394 per acre) with reports the sale result may have been influenced positively given the property was well grassed and the successful bidder had immediate access for 600 head. The auction had nine registered bidders and was sold under the hammer to a northern New South Wales angus stud producer.
A Calvert 100 acre mixed farming property was sold for $800,000 in July.
The property at <a href="https://www.realestate.com.au/sold/property-mixed+farming-qld-calvert-7952854" target="_blank">63-129 Bexleigh Lane, Calvert</a> (pictured above), features 100 acres with 25 acres of irrigated cultivation, diesel pump, two billabongs with permanent water and 6 horse paddocks plus day yards.
It comes with a three bedroom house and two bay shed. 
This drought proof, versatile and productive property is located in the Calvert area on the outskirts of Rosewood and 20 minutes to Ipswich.
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Southern Queensland drought hurting values after six years: HTW rural

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The NSW North Coast is currently dry with cold nights, but has not yet suffered as severely as the more western areas, according to the Herron Todd White rural report.
The valuation firm took a look at the current seasonal conditions in the local area and the impacts on the local property markets.
"In terms of livestock there is still some cattle feed and adequate stock water generally in NSW North Coast.
"The feed gap in this location is traditionally during winter and early spring.
"It is a summer dominant rainfall location and graziers will be eagerly awaiting the late spring and early summer storms," the report stated.
Macadamia growers are mostly located near the coast and will be hoping for rain from September onwards for the flowering period.
Sugar cane growers on the lower peat soils will have just enough moisture to plant sugar cane when the soil temperature rises above 17 degrees Celsius.
The valuers noted "some heavy clay soils may be too dry to plant until some rainfall is received. Harvesting conditions are ideal given the dry conditions. CCS levels are very good for this time of the year with Condong Mill around 12.4, Broadwater Mill around 13.2 and Harwood about 12.9. This reflects the dry conditions and low ash levels (impurities such as soil etc)."
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They concluded that, irrigators who pump from rivers and streams will be getting nervous as almost all of the rivers and creeks relied on are unregulated (do not have a major storage dam) and when water flows, drop pumping restrictions are triggered which limit the water that can be taken.
"This may affect dairy farmers, blueberry growers and other intensive horticultural operations in particular," the report noted.
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NSW North Coast irrigators getting nervous: HTW Rural

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The season is precariously placed along the border region with many requiring significant falls to guarantee crops, according to the latest Herron Todd White rural report.
The valuation firm stated, historical management and resulting soil condition has never been more evident than the current season with paddocks either side of some roads showing substantially different vigour and harvest potential reflecting the organic matter content, sowing times and general management practices.
As one farmer in the Riverina said in the second week of August “if we don’t get rain in the next two weeks, the crop will be finished”.
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Valuer David Leeds concludes by noting "a sharp rise in allocation water prices will be likewise creating some difficult decisions for those with irrigation development weighing up the likely final commodity prices with the opportunity cost of irrigating versus selling their allocation on the market."
 
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Echuca precariously rainfall reliant: HTW rural

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The Reserve Bank of Australia could cut the official cash rate if banks raised their mortgage rates several times, economist Chris Caton has suggested.
So far this month, Westpac Banking Corporation, ANZ Banking Group and Commonwealth Bank of Australia have raised their mortgage rates by 0.14 to 0.16 percentage points citing increases on offshore funding costs.
The Reserve Bank of Australia has held the official overnight cash rate at 1.5 per cent for 25 months.
Dr Caton, a retired former chief economist with BT Financial group, told the Australian Institute of Superannuation Trustees conference in Cairns could cut the cash rate.
"Of course if the banks raised their variable rates again and again and the Reserve Bank was unhappy with that it would offset that – it would.
"There's no question about that.
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"But at the moment I think they're thinking, 'we're low enough, we've been low enough for long enough, we really don't want to cut any further, there is no case to raise, unemployment's coming down, growth's OK, let's keep it where it is."
Dr Caton said he didn't expect a housing crash," Fairfax Media reported.
Dr Caton said there are no bargains out there for investors in either housing or stocks "in part because interest rates have been as low as they have for as long as they have. But I don't see any risk of any crashes either". 
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RBA could cut official cash rate: Chris Caton

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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