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GUEST OBSERVER
As the saying goes: 
<ul>
<li>there are the things that you know; </li>
<li>the things that you know that you don’t know (the known unknown); and </li>
<li>the things that you don’t know that you don’t know (the unknown unknown). </li>
</ul>
The recent Grenfell Tower fire tragedy in London highlights the potential catastrophic consequences of failing to find out the unknown unknown things and/or failing to take action to appropriately deal with the necessary things once known, such as the condition and performance standards of the materials in the building along with the necessary maintenance obligations of the body corporate.
There has been considerable media attention around the widespread existence of non-conforming building materials and potential devastating ramifications for bodies corporate. This article is aimed at the practical and proactive steps which bodies corporate can take to empower themselves and protect their lot owners and residents.
It is certainly true that the effective maintenance of strata title buildings is a complex affair. The contracts for the construction of the buildings on scheme land are entered into between the developer and the builder, long before the lot owners are ever in the picture. This means that; the lot owners have no input into the selection of materials or the standards of construction, and they are often unaware of the location of essential documents for the proper administration of their schemes, including construction contracts, plans and specifications.
This means that the body corporate and lot owners inherit the building with often unknown building materials; unknown latent conditions and they are unaware of the maintenance requirements for their particular building. This also has a direct effect on effectively budgeting for the future expenditure to properly maintain the building in order to maximise its effective lifespan.
Add to this the fact that there is a high amount of change within bodies corporate, which exacerbates the difficulty in managing vital information about the building. Lot owners sell, body corporate managers can change from year to year, resident managers can sell their management rights and committees often change each year. What this means is that the collective knowledge of all of the people who have been involved in the building is rarely centralised and as a result, key information and documentation is often misplaced along the way or is never obtained in the first place.
We recommend that bodies corporate take control of their information and documentation by implementing a building management document or plan. By the committee working in with the body corporate manager to create a bespoke plan for the operation and management of their building, bodies corporate will be able to identify what they know, what are the known unknown things about the building, and what unknown unknown things about their building (which are generally discovered by expert reports and professional advice). Additionally, this information is to be documented and centralised so that the body corporate does not lose this information as lot owners, body corporate managers, resident managers and committees change over time.
As part of the process of creating the building management plan, it is essential for bodies corporate to know the current (point-in-time) status of their building and documentation. For this reason, we highly recommend engagement of an expert, or team of experts, to enable the body corporate to “catch up” on the history of their building by obtaining all necessary documentation and obtain a status report as to the condition of their building as at today. This information and documentation can then be included in the building management plan and future obligations and expenditure for the building can be informed by this information. Additionally, all new occurrences at the building can be recorded in the building management plan as time goes on so that committees have the information which the need to effectively act on behalf of the body corporate to make decisions within their authority and to properly inform the lot owners in order for them to make effective decisions at general meetings.
Building condition and maintenance is only one of the many things which we recommend is included in an effective building management plan. If bodies corporate know what they know, know what they don’t know, and find out the unknown unknown things, then they are in a much greater position to plan for and make effective decisions on all matters which can have an effect on their building.
Hopefully, such an approach can enable bodies corporate to minimise or prevent financial and physical disasters.
James Nickless is partner of <a href="https://www.clarkekann.com.au/newsroom/combustible-cladding-audit?utm_source=Mondaq&amp;utm_medium=syndication&amp;utm_campaign=View-Original" target="_blank">ClarkeKann Lawyers</a>. 
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j.ballantyne1990-6AQqhLzZaK

Combustible cladding is just one of many essential building owners issues: CK Lawyers

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A stylishly renovated 1870 Victorian home in Prahran was sold ahead of its auction scheduled for last weekend at $3.25 million.
Jellis Craig agent Andrew McCann said the sellers accepted a strong offer almost two weeks ahead of the weekend.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/10/27/Prahran1.jpg" alt="">
The vendors has bought the three-bedroom house in a derelict state eight years ago.
The renovation was undertaken in collaboration with March Studio and MCO-llection who transformed the double brick 1870 Victorian home in its cul-de-sac location.
The property at <a href="https://www.realestate.com.au/sold/property-house-vic-prahran-126512698" target="_blank">1 Trinian Street</a> had a price guide of $2.5 million to $2.7 million.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/10/27/Prahran2.jpg" alt="">
 
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Renovated 1870 Prahran trophy home sells pre-auction

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Canada's Saputo is set to be named preferred bidder for the operations of embattled milk processor Murray Goulburn, Australia’s largest dairy processor.
The rumoured sale price is around $1.1 billion, with the Moelis-advised Saputo the last standing.
Parmalat was a prospect and Bega Cheese released a statement to the ASX saying it was “no longer a potential purchaser”.
The Murray Goulburn chair John Spark, who will update the co-op today, has bankers increasing the pressure on the cash-starved dairy co-op.
Competition issues could now be raised if Saputo wanted to buy Murray Goulburn where the price consists of net debt of about $450 million and equity in the $550 million, according to The Australian..
The MG stock price has increased from about 65c in September to 82c, but still well below the $2.42 float price in 2015.
Others potential buyers are in the background including French-based Parmalat, along with two Chinese firms — the Lazard-advised Mengniu Dairy and BAML-advised Yili.
The UBS-advised Wilmar is also in the wings along with Rothschild-advised New Zealand giant Fonterra, which has been described by The Australian columnist John Durie as the wildcard in the battle.
The Australian Financial Review's Street Talk noted that after days of negotiations, Saputo emerged yesterday as the leading contender, with an announcement to shareholders and farmers expected at its annual general meeting in Melbourne on Friday.
Murray Goulburn has been under pressure after its milk intake plunged following a decision to retrospectively cut milk prices last year.
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In August it reduced its milk intake guidance for 2017-18 to just 2 billion litres, down from 3.5 billion litres in 2016.
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Canada's Saputo likely to bid for Murray Goulburn milk processor 

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Australian Prudential Regulation Authority chairman Wayne Byres told a Senate committee yesterday that he is worried some home loan borrowers have not properly considered the impact of rising interest rates.
He suggests these borrowers might be wrong to assume future wage growth will help retire their borrowings.
Low interest rates are "making high debt levels affordable and that won't always be the case, and that's at the heart of what we are thinking about," he advised.
He's urged bankers to exercise caution because there "a lot of things that seem at extremes".
"Household debt levels are very high relative to household income in particular…and is still on an upward trajectory," Mr Byres said.
"Interest rates are at historically low levels and household income growth is actually relatively subdued, so the idea that people will pay their debs off in the future just because their income will grow strongly is not an assumption you can necessarily make."
He told the senate committee APRA continued to work to reinforce sound lending standards.
"The measures we’ve taken appear to be having a positive impact with strengthened serviceability assessments, moderating investor loan growth and a reduction in high loan-to-valuation lending, and our most recent benchmark for interest only lending to remain below 30 per cent of total new lending looks like it has been comfortably achieved overall."
Mr Byres said on Monday the household debt-to-income ratio (DTI) would need to be "constrained" before lending limits on banks will be lifted.
He reiterated the DTI ratio was important because it shows the ability of a customer to pay back all their debts, not just a particular loan.
He suggested the DTI will be improved once banks adopt 'positive' credit reporting, overcoming a current "blindspot" of banks not being able to see their customers' full financial picture.
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Given bank blindspot, APRA's Wayne Byres again warns households on the prospect of rate rises

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Fernhill on Sydney’s western outskirts has been resisted for sale after its prospective buyer failed to secure loan and state government approvals to be redeveloped into a cemetery.
Rookwood General Cemeteries Reserve Trust had agreed to purchase the historic Mulgoa property in March for $30 million, but their conditional offer lapsed on Tuesday after Penrith city concerns of the impact of a cemetery on the heritage landscape surrounding the 1840s-built mansion.
The estate is best known as the former home of property tycoon Warren Anderson before bankruptcy forced him out and the keys were handed over in 2011 to his financier Angas Securities.
Businessman Simon Tripp and his wife Brenda were reported as buyers in 2012 after he lodged a caveat on the title claiming an interest, but their arrangement with Angas faltered.
In a statement this week Rookwood General Cemeteries Reserve Trust chief executive George Simpson said "with no formal approval from the Minister at this time RGCRT is unable to proceed with the purchase of Fernhill estate. As such, we understand the vendor will place the property back on the market.”
Listing agent Ken Jacobs, of Christie’s International, appears set to resist Fernhill which was built by the Cox family in the 1840s and remained in the family until 1896 when it was sold to the Wright family, of the Wright, Heaton and Company carrying firm.
The eight-bedroom homestead has a 16-seater dining room and a ballroom
The original stables were home to two Melbourne Cup winners, Chester in 1877 and Grand Flaneur in 1880, and the sandstone building next to them dates back to 1812.
Last year and again earlier this year debenture company Angas ­Securities faced the prospect of receivers to oversee its return of the $135 million owed to investors, but fear of a fire sale saw Angas Securities retain control of its flagship fund.
Some 2000 investors were told they must to wait another two years for their money to be returned given Angas's borrowers had fallen into arrears.
“Almost all of Angas’ remaining loan assets are non-performing and all borrowers in respect of loan assets are now subject to external administration,” it told investors.
Warren Anderson told The Australian he had written letters to politicians at all levels of government in an effort to save the estate from being turned into a cemetery. “I’m ­absolutely happy,” he said. 
He praised Minister for Western Sydney Stuart Ayres, saying he had “seen the light as far Fernhill is concerned” by halting Rookwood’s plans.
 
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Ailing Angas loses yet another Fernhill, Mulgoa buyer

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The Sydney apartment market was now suffering serious falls in certain locations, according to The Australian columnist Robert Gottliebsen.
He said Sydney's building rate for apartments in the city was set to fall by at least 50 per cent which will have a severe downward flow on to economic activity in Australia’s biggest city.
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He tips the big banks will be reporting a significant rise in their problem loans — particularly if global interest rates rise on the back of US tax cuts, though not in the current reporting season.
He says the level of apartment decline is much greater than most were predicting three to six months ago.
The repercussions will quickly spread to Melbourne, although the blows may not be as severe because apartments are much cheaper.
"Brisbane is already in trouble so may be insulated from further big falls," he wrote."
"Those looking for a fall in Sydney dwelling prices will be cracking the champagne today but unfortunately the repercussions will be nasty so the celebrations may be short lived," he added.
"If you want a headline figure, apartments sold as used apartments in the big Sydney apartment estates have fallen by at least 20 per cent.
"The fall rate for individual sales can rise to 25 per cent," although no further details were given.
"However the price fall in new apartments bought either off the plan or as the developer sells a completed apartment are down in the vicinity of 12 per cent."
He blames fewer deductions from depreciation for the gap.
"Very quietly in the last budget, Treasurer Scott Morrison stopped the deduction of depreciation on used apartments from July 1, 2017.
"That means that for an investor, a used apartment is now worth substantially less than a new apartment — hence the 20 to 25 per cent price fall which is greater than the new apartment decline."
He says the 20 to 25 per cent fall in used near city apartment prices will not be duplicated across the Sydney dwelling market "but auction clearance rates will stay low or fall back and many areas will be soft."
Gottliebsen concluded his article series with the claim the "most dangerous people" are real estate agents "who will be spruiking that there is no crisis and regulators who don’t understand the power of what they have unleashed."
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Gottliebsen says some Sydney unit prices have fallen 25 percent as market has cracked

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A total of 655 new social housing dwellings have been completed and 422 dwellings are currently under construction as a result of the Millers Point sales, as of August 2017.
These fit-for-purpose dwellings are located in a number of areas across the State including Coffs Harbour, Penrith, Jannali and Wollongong.
The latest Millers Point offerings listed by Property NSW, on behalf of Family and Community Services, is a row of two-storey federation-style apartment blocks.
Located at <a href="https://dalgetyroad.com.au/" target="_blank">15-35 Dalgety Road</a>, the six apartment blocks feature verandas to the street and rear yards.
Each block delivers a mix of two and three bedroom apartments.
Situated on the western side of Dalgety Road, the properties are conveniently located within short walking distance to the Barangaroo Reserve, Walsh Bay Arts Precinct, Circular Quay and the CBD.
The apartments will be sold individually as five blocks of four apartments and one block of two apartments.
The properties are marketed by McGrath Estate Agents, via Expressions of Interest closing November 6.
Earlier this month auctions saw seven terrace properties selling under the hammer for a combined $18,741,000.
Commenting on the continued 100% success rate, McGrath agent Lorraine Crawford said it was a very successful night with competitive bidding across all seven properties.
There were 28 registered parties placing 432 bids on the night.
 
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Millers Point sales triggers 655 new social housing dwelling completions

<html><body>More property investors are choosing to use mortgage brokers to secure finance, the third annual Property Investment Professionals of Australia (PIPA) Property Investor Sentiment Survey has found in the face of tighter lending conditions.   The national survey, which gathered insights from 742 property investors, found that 73 per cent of investors used the services of a mortgage broker to secure their most recent loan – up significantly from 65 per cent two years before.   And in the next 12 months, 83 per cent of investors intend to finance their next loan through a broker – up from 71 per cent last year. By far most investors (68 per cent) think it is unfair they have to pay higher interest rates compared to owner occupiers, the results showed.   Yet, despite the changes in lending serviceability over the past two years, the largest proportion of investors (38 per cent) report no difficulty refinancing, although a significant minority (28 per cent) aren’t sure, and 22 per cent said they are having difficulty refinancing.   Given lenders are charging higher interest rates for interest-only loans, 30 per cent of investors said they either have switched or intend to switch to principal and interest repayments, however an even bigger proportion (36 per cent) said they have no plans to switch.   PIPA chair Ben Kingsley said that the survey results confirmed that sophisticated investors were prepared to use professionals to help their grow their portfolios.   "The restrictive lending environment for investors across the nation may have removed some of the speculation out of the market, but is also preventing some sophisticated investors from investing in their financial futures as well as adding to the supply of rental properties," Mr Kingsley said.    "Our survey results show that rather than be defeated, educated property investors are opting to use professionals to assist them to achieve their goals – regardless of the lending environment."</body></html>

Mortgage brokers increasingly sought out by property investors: PIPA survey

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A two level North Adelaide heritage building has been listed for sale at $2.6 million.
Located at <a href="https://www.realcommercial.com.au/property-retail-sa-north+adelaide-502474278" target="_blank">107-109 O’Connell Street</a>, the 528 sqm property previously operated as a bar named ‘The Banque’.
It features front, side and rear balconies and is ideal for café, retail, offices and possible upstairs residence.
There are also seven spacious rooms available with off-street car parking. It last traded in 2006 at $1.65 million, and at $1.1 million in 2001.
It is offered through McGees Property agents Simon Lambert and Rory Butterworth.
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North Adelaide heritage retail building listed for sale

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A five acre resort, Riverglen Chalets, on the north western fringe of the Margaret River townsite has sold for about $3 million.
Nestled amongst huge karri, marri, jarrah and peppermint trees, the <a href="https://www.margaretriverrealestate.com.au/buy-commercial-real-estate/hotel-leisure-27-carters-road-margaret-river-wa-41049132195" target="_blank">27 Carters Road, Margaret River</a> property comprises of 14 timber chalets with private verandahs.
It is close to the town centre, supermarkets, cafes and restaurants.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/10/24/Chalet2.jpg" alt="">
Also located on site is a full sized home which provides residence for management, a 10m x 6m shed and a separate function room with bar, barbeque facilities, games and activity equipment.
The site has the potential for increasing the chalets to 20-25 units.
The asset generates a steady returns.
It was sold by Barry Granville of First National.
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Riverglen Chalets, Margaret River sold for $3 million

Eddy Haddad's <a href="https://www.apartments.com.au/developers/level-33">Level 33</a> is levelling up its approved Wollongong development, as the coastal city south of Sydney continues to prove popular in the high-density development space.

Level 33, a longtime developer in the Wollongong area, has gone through the NSW Government's Housing Delivery Authority to upsize its approved two-tower development on the corner of Crown Street and Gladstone Avenue, just 100 metres from Wollongong Station.

The developer currently has approval for 252 apartments across two buildings rising to 19 storeys. It is now seeking approval for 33 and 38-storey towers that would deliver 467 apartments, including 67 affordable homes.

Designed by <a href="https://www.apartments.com.au/architects/bka-architecture">BKA Architecture</a>, the development would comprise apartments above a three-level podium with around 1,100 sqm of retail space, along with basement parking for 448 vehicles.

According to the Urban Design Report by BKA, the proposal has the capacity to "reinforce the precinct's identity by strengthening links between health, education, and transport services, while also contributing to Wollongong's ongoing evolution as a key regional centre."

Wollongong is somewhat in vogue. Between Level 33 and Urban Property Group, the two developers have several thousand apartments planned across the city.

Level 33 is currently delivering Easterly Wollongong, one of its most boutique projects to date with just 21 high-end apartments, as well as Atchison &amp; Kenny, a 329-apartment development due for completion later this year. The developer also plans to redevelop the 13,088 sqm WIN Grand megasite into a new $500 million precinct with nearly 600 apartments and has more than 900 apartments planned for the former Bunnings Warehouse site at the intersection of Gipps and Flinders streets.

Urban Property Group is also playing a major role in the city's transformation. Its five-tower Keira Place precinct will deliver more than 800 homes, and it has recently lodged plans for a further 300 apartments near Wollongong Station.

Joel Robinson

First look: Level 33 upsizes Wollongong apartment towers

Just a week after filing plans for the final stage of its major Keira Place masterplan, <a href="https://www.apartments.com.au/developers/urban-property-group">Urban Property Group</a> has unveiled another significant housing proposal in Wollongong, this time targeting a prominent site opposite North Wollongong Station.

The developer has lodged a State Significant Development Application for a 38-storey mixed-use tower at <a href="https://www.apartments.com.au/new-apartments/4-4a-flinders-street-north-wollongong-nsw-2500">4-4A Flinders Street</a>, around one kilometre north of the <a href="https://www.apartments.com.au/new-apartments/keira-place-wollongong-120-122-smith-street-wollongong-nsw-2500">Keira Place precinct</a> currently taking shape on the edge of the CBD.

<img alt="First look: Urban Property Group plans 38-storey North Wollongong tower as Keira Place expansion gathers pace" data-entity-type="file" data-entity-uuid="2b6428f1-6405-4038-8476-897de440e90d" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/flinders%20podium.png?VersionId=QLqEvK0OuCEwRC47oHNftrw2B1YqaHF8" />

Designed by Studio.SC, the proposal comprises a 38-storey mixed-use development containing 303 apartments, including 45 affordable housing units, alongside 174 co-living residences. The scheme also includes ground-floor retail space, extensive landscaping and public domain improvements.

Studio.SC noted in the proposal it "outlines a vision for a landmark transit-oriented mixed-use development centred around North Wollongong Station, designed to support the city’s future growth while responding to the NSW Government’s housing and planning reforms."

The architecture firm said the proposal responds to the opportunities and constraints shaping future growth within the 400-metre catchment of the station and represents "a coordinated and future-focused approach to urban intensification, contributing to the long-term evolution of North Wollongong as a connected, walkable and high-density station precinct."

The site occupies a strategic corner bounded by Flinders Street, Station Street, Stafford Street and the Princes Highway, directly opposite North Wollongong Station.

<img alt="First look: Urban Property Group plans 38-storey North Wollongong tower as Keira Place expansion gathers pace" data-entity-type="file" data-entity-uuid="7863adad-1f71-4022-b850-f44b252738fd" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/flinders%20podium%20a.png?VersionId=WsU7av0g8_8R2tGHWxgHeFSlhu7yeY1V" />

The proposal follows Urban Property Group's recent submission for the second and final stage of Keira Place, which would deliver a further three buildings comprising 657 homes opposite Beaton Park. It builds on the first stage, which features 150 apartments across two towers and recently commenced construction.

Urban Property Group CEO Patrick Elias said breaking ground on the first stage marked a significant milestone for Wollongong and reflected the developer's long-term commitment to regional cities.

"Today's groundbreaking is about turning approvals into homes and moving quickly to deliver much-needed housing in Wollongong's city centre," Elias said.

"Keira Place will provide a diverse mix of homes close to jobs, transport and services, while setting a high benchmark for quality, durability and consumer protection."

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/urban-property-group-unveils-trio-of-towers-for-next-stage-of-new-wollongong-precinct-keira-place">Urban Property Group unveils trio of towers for next stage of new Wollongong precinct, Keira Place</a>

First look: Urban Property Group plans next major Wollongong tower

<a href="https://www.apartments.com.au/developers/arada">Arada</a> has wasted little time expanding its ambitions in Campsie, lodging plans for a second major project in the rapidly transforming town centre just months after unveiling its three-tower One Campsie proposal on Beamish Street.

The UAE-backed developer has now taken aim at one of the suburb’s most strategically positioned sites, filing a State Significant Development Application for a <a href="https://www.apartments.com.au/new-apartments/10-north-parade-campsie-nsw-2194">33-storey mixed-use tower</a> at 10 London Street and 43 North Parade, directly opposite the future Campsie Metro Station. The proposal is currently on public exhibition and represents another significant vote of confidence in Campsie's emergence as one of Sydney’s key transit-oriented growth centres.

Designed by <a href="https://www.apartments.com.au/architects/woods-bagot">Woods Bagot</a>, the development would deliver 156 apartments above a podium containing retail and commercial space, creating a new residential and commercial gateway to the town centre. The scheme also includes a four-level above-ground parking podium and a dedicated residential amenity floor featuring wellness and recreation facilities. At least 10 per cent of the apartments would be allocated as affordable housing for a period of 10 years.

The proposal occupies a 1,631 sqm site bounded by London Street, North Parade and Dispensary Lane, immediately adjoining the future Metro station precinct and just metres from Beamish Street’s retail and dining strip. According to the Urban Design Report, the project seeks to deliver "a great place that prioritises human-scaled experience and provides spatial improvements to the area."

<img alt="First look: Arada doubles down in Campsie with 33-storey Metro-front tower plans" data-entity-type="file" data-entity-uuid="175a8324-015b-4856-abe3-ce6f23199fa7" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/podium%20campsie.png?VersionId=742UGwXFhFBX4GEl6wX4PYIWREAgn6il" />

Woods Bagot describes the tower as a key marker within Campsie's next phase of growth.

"Located directly opposite the new Campsie Metro Station on North Parade, 10 London Street is a thoughtfully composed 33-storey mixed-use tower that contributes to the ongoing transformation of the town centre," the Architectural Design Report states. The report says the project is intended to provide "high-quality homes within a vibrant, connected urban environment, while helping define Campsie's future skyline."

A strong emphasis has been placed on the public realm. The ground floor incorporates over 500 sqm of retail space and active frontages along both London Street and North Parade, while the podium is wrapped by extensive landscaped planting intended to soften the building's scale and strengthen the pedestrian experience. The development would also widen surrounding footpaths and improve connections between the Metro station and the broader town centre.

Above the podium, residents would have access to more than 1,400 sqm of communal amenities, including a pool, gym and landscaped recreation spaces. A distinctive green-wall treatment extending across four podium levels forms a major architectural feature, helping differentiate the project within the emerging high-density precinct.

The tower's design is closely tied to the broader Campsie Town Centre Master Plan and the arrival of Sydney Metro. The Urban Design Report notes the proposal "directly supports the Campsie Town Centre Master Plan by delivering new homes in a location explicitly identified for growth, improved accessibility, and high-quality urban renewal." It adds that the project contributes to the master plan's vision for a strengthened town centre supported by thousands of new homes around the future Metro station.

<img alt="First look: Arada doubles down in Campsie with 33-storey Metro-front tower plans" data-entity-type="file" data-entity-uuid="bfd17654-253e-489a-bade-6278d63db412" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/base%20campsie.png?VersionId=3roJPMQGs36dazpkhvpvbDDP73Ld.Ica" />

The application follows Arada's recently lodged One Campsie project at 124–142 Beamish Street and 16–18 Ninth Avenue, where the developer is seeking approval for 346 apartments across three towers rising 24, 32 and 39 storeys. Together, the two proposals would cement Arada as one of the most influential developers shaping Campsie's future urban form.

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/first-look-arada-files-for-trio-of-apartment-towers-in-campsie-town-centre">First Look: Arada files for trio of apartment towers in Campsie town centre</a>

Arada entered the Australian market in 2024 and has rapidly assembled a significant development pipeline across Sydney. Alongside its Campsie holdings, the developer is soon to launch <a href="https://www.apartments.com.au/new-apartments/wattle-green-2-fishburn-crescent-castle-hill-nsw-2154">Wattle Green</a> in Castle Hill, and has expanded its local operations following its acquisition of construction firm Roberts &amp; Co.

Located around 14 kilometres south-west of the Sydney CBD, the site sits at the centre of one of Sydney's fastest-changing middle-ring precincts. The Metro conversion of Campsie Station, combined with Canterbury-Bankstown Council's master planning framework, is driving significant residential intensification around Beamish Street and North Parade, with thousands of new homes expected over coming decades.

First look: Arada doubles down in Campsie with 33-storey Metro-front tower plans

For the first time in a long time, Australia's inflation story is starting to look more like a landing than a fight.

The latest Consumer Price Index figures from the Australian Bureau of Statistics showed annual inflation eased to four per cent in May, down from 4.2 per cent in April. On the surface, that might not seem like a major move. Inflation remains above the Reserve Bank's target range and some categories continue to record stubborn price growth.

But the significance of this result lies less in where inflation sits today and more in what it means for where interest rates are likely heading next.

The biggest takeaway is that inflation continues to move in the right direction.

Markets had been bracing for another sticky result after a period where progress appeared to stall. Instead, headline inflation came in softer than expected, helped by falling fuel prices and easing transport costs. Annual transport inflation halved from 6.6 per cent in April to 3.3 per cent in May, while automotive fuel prices fell 11.9 per cent during the month following lower oil prices and the impact of reduced fuel excise measures.

While petrol prices don't solve Australia's affordability challenges, they are one of the most visible and immediate costs for consumers. Falling fuel costs feed through the economy quickly, helping ease pressure on household budgets and business operating expenses.

The ABS data also showed headline inflation is now sitting at its lowest annual level in several months, reinforcing the broader trend that price growth is gradually moderating.

That trend is important because it aligns with what many economists and lenders have been saying for the last month.

Prior to this week's inflation data, ANZ, NAB and Commonwealth Bank had all shifted their forecasts, now believing the Reserve Bank had likely reached the peak of the interest rate cycle. Following the May inflation release, ANZ reaffirmed that view.

In its latest economic update, ANZ said it expects quarterly trimmed mean inflation to come in at 3.7 per cent for the June quarter, slightly below the Reserve Bank's forecast of 3.8 per cent. Importantly, the bank said that outcome, when combined with slowing economic activity, "supports our view that the cash rate has peaked".

The Reserve Bank has spent the better part of three years attempting to bring inflation under control through higher interest rates. If Australia's major banks are correct and rates have now peaked, the conversation shifts from how much higher rates could go to when they might begin coming down.

Westpac's caution comes from underlying inflation. The trimmed mean, the measure most closely watched by the Reserve Bank, increased from 3.4 per cent to 3.6 per cent annually. Housing inflation remains elevated at 6.5 per cent, reflecting ongoing increases in rents, electricity costs and new dwelling construction.

Electricity prices remain particularly problematic, rising 21.1 per cent over the past year following the removal of government rebates.

Housing construction costs are also showing signs of renewed pressure. ANZ noted new dwelling costs rose 0.9 per cent in May and are now running at an annualised pace of 8.6 per cent over the past three months. Builders continue to face higher labour, fuel and material costs, a reminder that inflationary pressures have not completely disappeared.

Housing affordability has deteriorated largely because of higher interest rates rather than higher property prices alone. Even modest reductions in mortgage rates would improve borrowing capacity, increase buyer confidence and reduce repayment pressure on existing homeowners.

While August is far from a certainty, the latest inflation result has strengthened the view that the next move in rates is more likely to be down than up. For borrowers, buyers and the development sector, that alone represents a significant shift from the conversation that dominated much of the past two years.

The inflation result the property market was waiting for

Commercial property group FiveX is doubling down on its move into the residential space.

The group, founded by Joshua and Marko Berger more than five decades ago, has followed up its plans for a 39-storey tower on North Sydney's Alfred Street with a proposed 61-storey tower in Chatswood.

The new tower at <a href="https://www.apartments.com.au/new-apartments/815-pacific-highway-chatswood-nsw-2067">815 Pacific Highway</a>, which would be one of the tallest proposed in Chatswood in recent years, will comprise 490 apartments, 76 of which will be dedicated affordable housing and managed by Evolve Housing for a minimum of 15 years.

The project will replace the long-standing Panorama Building, originally known as the BMA Tower, a 14-storey office building completed in 1972 and designed by Hungarian-born architect Hugo Stossel. At the time of its completion, the building was the tallest structure in Chatswood and became a local landmark due to its distinctive curved form and external glass lift.

<img alt="FiveX" data-entity-type="file" data-entity-uuid="956bd299-3864-47a0-8ea6-162b5524c5d8" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-06-24%20at%201.02.03%E2%80%AFPM.png?VersionId=EWx7teUr7RcYrI9mgRytwppwt5AdUDtb" />

fjcstudio is behind the designs. Its Architectural Design Report argues the ageing commercial building no longer reflects Chatswood's role as one of Sydney's key strategic centres and that the site is ideally positioned to support significantly higher residential density.

"The site is located at the heart of Chatswood, within the TOD accelerated rezoning area that supports higher density development around the new Metro station," the report states.

"The site's role within a walkable 400-metre radius catchment is where housing, employment, retail and community uses are encouraged to cluster in support of transit-oriented living."

<img alt="fjc" data-entity-type="file" data-entity-uuid="8d198f5e-cc71-4175-9357-be6ec7207473" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-06-24%20at%201.18.27%E2%80%AFPM.png?VersionId=5WUFc3IYBPvhQMBUYLCsjJhzdcVeYodE" />

The proposal has undergone two rounds of review by the NSW State Design Review Panel, with the design evolving through an extensive assessment process focused on design excellence, public realm outcomes, residential amenity and the integration of affordable housing.

fjcstudio says the residential component provides a diverse mix of apartment typologies, supporting a broad demographic and contributing to housing supply in a highly accessible location close to major transport, employment and retail infrastructure.

The application follows FiveX's plans for a 39-storey tower at <a href="https://www.apartments.com.au/new-apartments/275-alfred-street-north-north-sydney-nsw-2060">275 Alfred Street</a>, which it <a href="https://www.apartments.com.au/new-apartments/275-alfred-street-north-north-sydney-nsw-2060">submitted through the same NSW Government pathway</a> in December. That's for 184 apartments.

Recent activity in Chatswood includes Hyecorp launching its Archer Street project, Celine, and Develotek securing approval for a 34-storey tower.

Staff reporter

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