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A two bedroom Footscray apartment has sold for $455,000 making it Melbourne’s cheapest long weekend auction sale.
The apartment at <a href="https://www.realestate.com.au/property-apartment-vic-footscray-126289306" target="_blank">8/155 Gordon Street</a> was being marketed as the “ideal low maintenance” property with price expectations between $450,000 and $490,000.
It last sold for more - in 2012 for $460,000.
The apartment was offered as a $360 a week rental earlier this year, having been offered in 2013 at $400 a week.
It features a living and dining area that leads to a courtyard along with a kitchen complete with stainless steel gas appliances.
There are two double sized bedrooms both having their own built-in robes while a third room is suitable as either a study or separate living room.
Other feature includes an undercover car space.
The property is within close proximity to public transport, shops and cafes.
The property was offered through McGrath.
The neighbouring three bedroom 80 sq m apartment followed a roughly similar path too, having sold at $460,000 recently.
It had last sold in 2012 at $450,000.
It was offered as a $390 a week rental recently, having been offered at $410 a week in 2012.
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j.ballantyne1990-6AQqhLzZaK

Two bedroom Footscray apartment sold for $455,000 - and small loss

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A Mosman house with harbour views has been listed for $4.7 million.
The home at <a href="https://www.realestate.com.au/property-house-nsw-mosman-126452922" target="_blank">16 Illawarra Street</a> has views over Sirius Cove and all the way to the eastern suburbs.
The home has four bedrooms and a study and is set within established gardens.
<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/2017/09/20/16%20Illawarra%20Street-2.jpg" alt="" style="font-size: 12.16px;">
The 784 sqm parcel was last sold in 2001 for $1.28 million before the home was built it 2007.
The property is offered through Vernon Partners agents Adam Vernon and Mitchell McClintock.
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Mosman house with harbour view listed for $4.7 million

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<div>
<h1 class="page-title">Statement by Philip Lowe, Governor: Monetary Policy Decision</h1>
<div class="rss-mr-content">
At its meeting today, the Board decided to leave the cash rate unchanged at 1.50 per cent.
Conditions in the global economy have improved. Labour markets have tightened and above-trend growth is expected in a number of advanced economies, although uncertainties remain. Growth in the Chinese economy is being supported by increased spending on infrastructure and property construction, with the high level of debt continuing to present a medium-term risk. Australia's terms of trade are expected to decline in the period ahead but remain at relatively high levels.
Wage growth remains low in most countries, as does core inflation. Headline inflation rates are generally lower than at the start of the year, largely reflecting the earlier decline in oil prices. In the United States, the Federal Reserve has indicated that it will begin the process of balance sheet normalisation in October and that it expects to increase interest rates further. In the other major economies, there is no longer an expectation of additional monetary easing. Financial markets have been functioning effectively and volatility remains low.
The Australian economy expanded by 0.8 per cent in the June quarter. This outcome and other recent data are consistent with the Bank's expectation that growth in the Australian economy will gradually pick up over the coming year.
Over recent months there have been more consistent signs that non-mining business investment is picking up. A consolidation of this trend would be a welcome development. Business conditions as reported in surveys are at a high level and capacity utilisation has risen. A large pipeline of infrastructure investment is also supporting the outlook. Against this, slow growth in real wages and high levels of household debt are likely to constrain growth in household spending.
Employment has continued to grow strongly over recent months. Employment has increased in all states and has been accompanied by a rise in labour force participation. The various forward-looking indicators point to solid growth in employment over the period ahead, although the unemployment rate is expected to decline only gradually over the next couple of years.
Wage growth remains low. This is likely to continue for a while yet, although the stronger conditions in the labour market should see some lift in wage growth over time. Inflation also remains low and is expected to pick up gradually as the economy strengthens.
The Australian dollar has appreciated since mid year, partly reflecting a lower US dollar. The higher exchange rate is expected to contribute to continued subdued price pressures in the economy. It is also weighing on the outlook for output and employment. An appreciating exchange rate would be expected to result in a slower pick-up in economic activity and inflation than currently forecast.
Growth in housing debt has been outpacing the slow growth in household incomes for some time. To address the medium-term risks associated with high and rising household indebtedness, APRA has introduced a number of supervisory measures. Following some tightening in credit conditions, growth in borrowing by investors has slowed a little recently. In the housing market, conditions continue to vary considerably around the country. Housing prices have been rising briskly in some markets, while in others they have been declining. In Sydney, where prices have increased significantly, there have been further signs that conditions are easing. In the eastern capital cities, a considerable additional supply of apartments is scheduled to come on stream over the next couple of years. Rent increases remain low in most cities.
The low level of interest rates is continuing to support the Australian economy. Taking account of the available information, the Board judged that holding the stance of monetary policy unchanged at this meeting would be consistent with sustainable growth in the economy and achieving the inflation target over time.
Click here to read the statement <a href="https://www.rba.gov.au/media-releases/2017/mr-17-21" target="_blank">on the RBA website.</a>
</div>
</div>
<div class="box-enquiries"> </div>
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Why rates have stayed on hold: Philip Lowe's RBA September 2017 statement

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Investor lending at Australian banks has dipped, according to the latest figures from the Australian Prudential Regulation Authority(APRA). APRA’s statistics show a $1.57trn total loan books of banks during August, a slight decrease of 0.1% from $1.58trn in July.
The drop was due to a decrease in investment lending with total investment loan books at the banks dropping by $3bn - around 0.5 percent from $553bn to $550bn.
Owner occupier lending rose slightly by $1.3bn (or 0.1%) from $1.022trn to $1.024trn in the same time period, Australian Broker noted.
The big four banks held $1.30bn in August which reflected 82.5% of the total market share. The owner occupier loan books of the big four sat at $830bn in August (81.0% of total market share) while investment lending sat at $472bn (85.4% of total market share). APRA’s figures for the four major banks and the largest non-major banks are as follows:
<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/2017/10/03/Table.jpg" alt="">
APRA does not re-adjust for re-classified loans. By contrast however Australian Broker also noted the Reserve Bank of Australia’s (RBA’s) monthly financial aggregates show that overall lending volumes continue to increase with total housing credit growing by 0.5% from July to August and by 6.6% year-on-year.
The RBA estimates that $58bn worth of loans was switched from investor to owner-occupier between July 2015 and August 2017.
Some $1.7bn was moved in August 2017, the website noted.
 
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Investor lending dips, as loans get switched over to cheaper owner-occupier: APRA/RBA updates

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<div>
Hong Kong retail group Glorious Sun has acquired an entire office building on Melbourne's city fringe for $42 million.
The property at <a href="https://www.realcommercial.com.au/property-offices-vic-melbourne-502516710" target="_blank">324 St Kilda Road</a>, near Dorcas Street, was bought from the WA-based investment manager Lester Group.
The fully leased eight-level building has tenants including Wesfarmers with a weighted average lease expiry of five years.
With its net annual income of about $2.45 million, the early 1980s building sold on a yield of 5.8 per cent.
"The implementation of the Melbourne Metro Rail Project has improved confidence in the St Kilda Road area, resulting in increased momentum from investors in the precinct due to expected upward pressure on rents from the significant infrastructure project," JLL's Langton McHarg said.
</div>
<div>Vacancy has been tightening on St Kilda Road with eight office blocks withdrawn from the St Kilda Road office market over the last five years totalling 71,693 sq m, leaving 672,950 sq m in available stock, JLL Research shows. Four more are likely to be withdrawn over the next two years, JLL suggests.</div>
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St Kilda office building snapped up by Hong Kong retail group for $42 million

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Michele Bullock, the RBA assistant governor, says the central bank is carefully monitoring the high levels of household debt fuelled by by rising house prices and low interest rates and regulators are looking to mitigate some of that high-risk lending areas through prudent steps.
Speaking at "Where to from here?", a panel discussion hosted by Lander &amp; Rogers and Westpac, Bullock said the core focus of the RBA was financial stability.
She made her point by addressing the issue of the resilience of banks and the resilience of households.
Bullock said APRA's prudent steps such as putting a "speed limit" on lending to investors had a definite effect on prices but that the housing market had started to rise again this year and further measures had to be taken such as capping interest-only loans at 30 percent.
She spoke about the increased oversight of APRA in monitoring the risks that banks were taking on. The purpose of these measures was "to bolster the lending quality of the banks so that the assets they had in these mortgages were well secured and lending was prudent,” she said.
Earlier this year, Bullock had said that the RBA was "prepared to do more if needed,” to check any risk from the housing market to the economy.
Back in 2014, lending to property investors was rising “very sharply” and this was an environment where house prices were rising… in Sydney and Melbourne particular, prices were rising about 20 percent annually” which was viewed as a systemic risk by the regulatory bodies.
She said it was possibly exacerbating demand, particularly for new apartments, and “all banks were increasing their exposure to housing” which meant that “if the market turned down, all banks would be affected”.
She pointed out that a substantial portion of lending was interest-only loans which was “a riskier type of lending because peopler aren’t reducing their loan-to-value ratios”.
In such a scenario, regulators had to act and said that no more than 30 percent of bank loans could be IO loans.
“Investors might be introducing more risk by exacerbating cycles in house prices, so if investors are chasing capital gains, they might be spurred on by rising house prices and then if any slowdown occurred that could affect sentiment and they could do the same on the downside,” she said. 
“It’s not their home, so they’re not going to be desperate to hang on to it, so if house prices decline, they might just get rid of it.”
Bullock said the risk from a property market decline would not only affect investors, but also owner occupiers. For owner occupiers the risk was because many were sitting on high debt, if prices fell, the value of their debt would be higher than the value of their property.
“House price per se isn’t the issue, it’s rather what the house price growth might be reflecting in behaviours and introducing risks in the sorts of debt and sorts of behaviours that people are taking on," said Bullock.
She said many households may have stretched themselves to get on the property ladder, while at the same time incomes weren't rising quickly.
“So you’ve got rising debt, rising quite quickly because house prices are rising so people are having to take on more debt but their incomes aren’t rising as quickly, so the debt-to-income ratio is actually rising,” which was a source of worry for the RBA.
On the bright side, though debt servicing was being supported by low interest rates at the moment but the question was "what happens if interest rates start to rise in these circumstances?”
She said that improved lending standards introduced by APRA such as asking banks to put in interest rate buffers…"so banks are assessing serviceability not only on the current interest rate people are paying but with an interest rate with a buffer in it, so about 7 percent as opposed to about 4 percent" was a confidence-building measure in the system.
"This would mean that households would have an increased resilience to increase in interest rates."
 Bullock also said that lots of households have buffers, such as offset accounts, redraw facilities, so they’ve “got a little bit of flex over how much they’re paying”.
"Also, the fact though average debt is high, a lot of debt is held by high income households, so that also gives us a little bit of confidence," but at the same time, high levels of debt does leave households vulnerable to shocks.
Bullock said that when interest rates do rise in Australia, they’re likely to impact consumption in a different sort of way, so this is something that the RBA will have to take into account.
 
 
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Housing-fuelled household debt remains a worry, says RBA's Michele Bullock 

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The long weekend saw significantly fewer auctions, according to CoreLogic’s latest report.
The property data firm says that the clearance rate held firm.
The combined capital cities saw significantly fewer auctions this week, with a total of 953 auctions held; the lower activity a result of most states being host to a long weekend as well as both the AFL and NRL grand finals taking place.
Despite lower auction volumes, clearance rates held firm, returning a preliminary result of 69.4 per cent, rising from the 66.2 per cent last week when final results saw volumes reach their highest level since May this year (2,782).
<a href="https://www.propertyobserver.com.au/images/2017/10/01/Screen%20Shot%202017-10-01%20at%2011.34.00%20am.jpg" target="_blank">Click to enlarge</a>
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/10/01/Screen%20Shot%202017-10-01%20at%2011.34.00%20am.jpg" alt="">
Melbourne was the main driver of the strong clearance, with a preliminary result just under 90 per cent.
Over the same week last year, activity was equally subdued, with 872 auctions held and 75.8 per cent successful.
<a href="https://www.propertyobserver.com.au/images/2017/10/01/Screen%20Shot%202017-10-01%20at%2011.34.10%20am.jpg" target="_blank">Click to enlarge</a>
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/10/01/Screen%20Shot%202017-10-01%20at%2011.34.10%20am.jpg" alt="">
Brisbane was the only capital city to see a rise in volumes week-on-week.
Melbourne saw the most significant drop in volumes this week, with only 118 auctions held.
With such a low volume of auctions held, the preliminary auction clearance rate bounced higher to reach 89.4 per cent, rising on last week’s 70.6 per cent across a much higher 1,361 auctions.
While one year ago, 114 auctions were held and an 87.2 per cent clearance rate were recorded.
<a href="https://www.propertyobserver.com.au/images/2017/10/01/Screen%20Shot%202017-10-01%20at%2011.34.21%20am.jpg" target="_blank">Click to enlarge</a>
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/10/01/Screen%20Shot%202017-10-01%20at%2011.34.21%20am.jpg" alt="">
The busiest sub-region this week was Melbourne’s West, despite the grand finals slowdown the region recorded a preliminary auction clearance rate of 92.0 per cent across the highest volume of auctions (32).
In Sydney, 597 auctions were held this week, down from 1,033 over the previous week, however higher than the 530 auctions held over the corresponding week last year.
The preliminary clearance rate of 69.1 per cent is up from the 65.9 per cent last week, and lower than the 82.5 per cent one year ago.
<a href="https://www.propertyobserver.com.au/images/2017/10/01/Screen%20Shot%202017-10-01%20at%2011.34.27%20am.jpg" target="_blank">Click to enlarge</a>
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/10/01/Screen%20Shot%202017-10-01%20at%2011.34.27%20am.jpg" alt="">
Across the Sydney sub-regions, the Northern Beaches region recorded the highest rate of clearance with 87.0 per cent of the 64 auctions clearing, while the Northern Sydney and Hornsby region held the most auctions (79).
Brisbane’s preliminary auction clearance rate this week was 48.3 per cent, down slightly from 48.7 per cent the week prior.
Auction volumes increased week-on-week, with 140 auctions held, up from the 126 last week and higher than the 115 one year ago when 43.8 per cent cleared.
<a href="https://www.propertyobserver.com.au/images/2017/10/01/Screen%20Shot%202017-10-01%20at%2011.34.35%20am.jpg" target="_blank">Click to enlarge</a>
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/10/01/Screen%20Shot%202017-10-01%20at%2011.34.35%20am.jpg" alt="">
Across the Gold Coast, 25.9 per cent of the 27 reported auctions were successful.
A total of 40 Adelaide homes were taken to auction this week, recording a preliminary auction clearance rate of 79.3 per cent across 29 results, up from 75.7 per cent over the same week last year when 45 auctions were held across the city.
<a href="https://www.propertyobserver.com.au/images/2017/10/01/Screen%20Shot%202017-10-01%20at%2011.34.42%20am.jpg" target="_blank">Click to enlarge</a>
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/10/01/Screen%20Shot%202017-10-01%20at%2011.34.42%20am.jpg" alt="">
In Perth, only 13 auctions were held this week, recording a preliminary clearance rate of 75.0 per cent across 8 results, which is higher than both last week’s result (28.2 per cent) and the clearance rate from one year ago (45.5 per cent), however volumes were lower this week.
Across Canberra a total of 44 auctions were held this week, compared to 86 last week and 49 at the same time last year. Canberra’s preliminary clearance rate of 75.7 per cent is higher than it was the previous week (67.9 per cent).
 
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Long weekend results in fewer auctions: CoreLogic

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A three bedroom house at Buronga, NSW, has been listed at $345,000 after its mortgagee auction failed to find a buyer last month.
Located at <a href="https://www.realestate.com.au/property-house-nsw-buronga-126270402" target="_blank">204 Pitman Avenue</a>, the 937 square metre property is on the outskirts of Buronga near the Murray River and has with three bedrooms - all with their own walk-in robes - while the master has its own ensuite.
The kitchen features 900 millimetre gas cooktop and oven as well as storage, walk-in pantry, gas heating and HWS and ducted cooling.
The lounge could easily be converted into a fourth bedroom or study, while there is also an entertainment area with café blinds overlooking the pool.
Mildura is located only five minutes away from the property.
The property is offered through Ray White agent Brett Driscoll.
A three bedroom house at <a href="https://www.realestate.com.au/sold/property-house-nsw-buronga-124758618" target="_blank">11 Tower Court</a>, Buronga (below) was sold for $207,000.
Built in 1990, the 710 square metre house was last sold for $160,000 in 2012.
<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/2017/09/19/11%20Tower%20Court.jpg" alt="">
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No sale for three bedroom Buronga house listed for mortgagee sale

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A six bedroom Putney house has sold for $4.3 million making it Sydney’s most expensive long weekend auction sale.
Located at <a href="https://www.realestate.com.au/sold/property-house-nsw-putney-126282822" target="_blank">45 Douglas Street</a>, the 999 square metre property had been architecturally built in 2013.
The property was last sold in 2007 for $1,165,000.
It features multiple living zones with gas fireplace as well as a separate media room.
The kitchen has a window splashback as well as a butler’s pantry.
A self-contained pool house alongside the magnesium pool and self-contained cabana is available along with an entertainer’s patio with alfresco kitchen/BBQ area.
<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/2017/10/01/45%20Douglas%20Street-2.jpg" alt="">
Master suite features its own walk-in robe and ensuite as well as balcony.
Other features include three car LUG and auto gates.
The waterfront, cafes and shops are within walking distance of the property.
The property was offered through Bresic Whitney Estate Agents Nicole Robertson and Nicholas McEvoy.
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Six bedroom Putney house sold for $4.3 million

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A four bedroom Glen Waverley house has sold for $1,617,000 making it Melbourne’s most expensive long weekend auction sale.
Located at <a href="https://www.realestate.com.au/property-house-vic-glen+waverley-126317286" target="_blank">24 Orchard Street</a>, the 665 square metre property is presented for potential redevelopment or renovation.
It last sold for $82,000 in 1984.
It features formal living zones with an entry foyer that leads to the L-shaped lounge and dining room.
There is also an open plan kitchen and meals area along with a kitchen featuring Blanco stainless steel appliances.
<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/2017/10/01/24%20Orchard%20Street-2.jpg" alt="">
Four bedrooms are available all with their own wardrobes.
Outside is a large backyard along with an entertainment area that has a BBQ area as well.
Other features include gas heating, single carport and single garage.
The property was offered through Ray White agents Calvin Huang and Alan Wang.
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Four bedroom Glen Waverley house sold for $1,617,000

One of Brisbane's last major riverfront redevelopment opportunities has taken a significant step forward, with Lendlease selected as the Queensland Government's preferred development partner for the former Visy site in South Brisbane.

The seven-hectare industrial site, positioned between South Bank and West End and 1.3 kilometres from the Brisbane CBD, will be transformed into a mixed-use precinct expected to deliver more than 4,000 new homes alongside extensive public open space and riverfront parkland.

The project is one of the largest urban renewal opportunities currently planned in Brisbane and is expected to play a key role in accommodating the city's growing population ahead of the 2032 Olympic and Paralympic Games.

Plans for the precinct include a network of riverfront promenades and boardwalks, new public plazas, parkland, amphitheatre-style gathering spaces and shared pedestrian and cycling links designed to reconnect the long-isolated site with the Brisbane River.

The Queensland Government is targeting delivery of the first homes and key public spaces before the 2032 Games, allowing the precinct to begin contributing new housing and public amenity well before the broader masterplan is complete.

The redevelopment is also expected to support more than 3,000 jobs across planning, construction and ongoing operations.

For Lendlease, the appointment adds another major urban regeneration project to its Queensland portfolio. The developer has operated in the state for more than 70 years and has delivered a number of large-scale mixed-use precincts in partnership with government.

Lendlease Development CEO Claire Johnston said the project represented one of Brisbane's most significant redevelopment opportunities.

"The transformation of the former Visy site represents a rare opportunity to reimagine one of Brisbane's most significant riverfront locations, deliver thousands of much-needed homes, and create long-term legacy," Johnston said.

"In partnership with the Queensland Government, we have the opportunity to create a new riverside destination that will help shape Brisbane's growth and how people experience the city for decades to come.

"This is exactly the type of large-scale, city-shaping development that will provide lasting benefits for Queensland, bringing together housing, jobs and world-class public spaces."

Deputy Premier and Minister for State Development, Infrastructure and Planning Jarrod Bleijie said the riverfront transformation would deliver a thriving new community precinct.

“The Crisafulli Government is delivering this golden opportunity to unlock a riverfront jewel for all Queenslanders,” Deputy Premier Bleijie said.

“This is a once-in-a-generation moment to reshape a significant slice of Brisbane and deliver lasting benefits – thousands of new homes, and public spaces for all Queenslanders to enjoy well beyond the 2032 Olympic and Paralympic Games – unlike Labor’s plan which would have delivered zero benefits and zero new homes.

“Queensland is well and truly open for business and through partnership with the private sector, we are accelerating delivery while ensuring strong housing, community and economic outcomes."

Early works on the precinct are expected to commence in April 2027.

Joel Robinson

Lendlease selected to deliver transformative South Brisbane riverfront precinct

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 plans to redevelop the 13,088 sqm WIN Grand megasite into <a href="https://www.apartments.com.au/new-apartments/crown-square-216-238-keira-street-wollongong-nsw-2500">Crown Square</a>, a new $500 million precinct with nearly 600 apartments. It also 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.

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.

Staff reporter

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