j.ballantyne1990-6AQqhLzZaK

September 2017 RBA minutes note building approvals have stepped down 

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A five bedroom Harrison house has sold for $1.3 million making it Canberra’s most expensive weekend auction sale.
Located at <a href="https://www.realestate.com.au/property-house-act-harrison-126253618" target="_blank">56 Albatross Avenue</a>, the 663 sqm property has a rare heritage listed farm right across from the property.
Built in 2013 the property’s land was last sold in 2012 for $327,500.
It features a living area featuring a kitchen with two ovens, induction cooktop, mirrored splashback and butler’s pantry.
The kitchen also overlooks three open living areas as well.
Off the informal area is a covered alfresco area surrounded by lawns and gardens.
The lower ground floor provides a games room/media room or just a plain room and comes complete with a bar.
<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/2017/09/17/56%20Albatross%20Crescent-2.jpg" alt="">
The master bedroom features an ensuite and wardrobe as well as views of the farmland across the road.
There are three other bedrooms all with their own built-in robes while guests can stay in the fourth bedroom and the ground bedroom can be converted into a study.
Other features includes a two and a half car garage as well as extra off-street parking for boats, caravans or other cars.
A separate workshop with external access is also available.
Shops and restaurants are close by and both Horse Park Drive and Flemington Road are easily accessible.
The property was offered through Harcourts agents Jeremy Maher and Karen Lenihan.
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Five bedroom Harrison house sold for $1.3 million

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A five bedroom Burraneer house has been listed for auction.
Located at <a href="https://www.realestate.com.au/property-house-nsw-burraneer-126450062">194 Woolooware Road</a>, the 892 sqm property has recently been completely renovated.
Built in 1980 it last sold in 2013 for $1.67 million.
It features a contemporary Caesar stone kitchen with stainless steel appliances and gas cooking.
There are five bedrooms with the master having its own ensuite with a possible sixth bedroom, or study, downstairs.
<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/2017/09/19/194%20Woolooware%20Road-2.jpg" alt="">
Outdoor is a BBQ alfresco area along with an in-ground pool that is overlooked by the kitchen and living area.
Other feature includes a three car garage with additional off street parking.
The property is within walking distance to popular cafes and shops.
Its October 19 auction is through Greg Gilbert Real Estate agents Alex Pitsis and Tiffany Doble.
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Renovated Burraneer house listed for sale

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A waterfront McMahons Point house has sold for $8.3 million making it Sydney’s most expensive weekend auction sale.
Located at <a href="https://www.realestate.com.au/property-house-nsw-mcmahons+point-126201846" target="_blank">6 West Crescent Street</a>, the 720 sqm property is marketed as a ‘once in a lifetime’ property.
Built in 1941 the property is ready to be lived as it is or it can be further developed or demolished for another house (STCA).
<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/2017/09/17/6%20West%20Crescent%20Street-2.jpg" alt="">
It features formal lounge and dining with full-width entertainer’s balcony as well as manicured gardens.
It also has a boat shed complete with jetty, slipway and bathroom in the shed.
The property is close to public transport and Blues Point Road’s many eateries.
The property was offered through Belle Property agents Mark Jackson and Christian Percuoco.
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Waterfront McMahons Point house sold for $8.3 million

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A four bedroom Marsden house has sold for $320,000 making it Brisbane’s cheapest weekend auction sale.
Located at <a href="https://www.realestate.com.au/property-house-qld-marsden-126243610" target="_blank">6 Yale Street</a>, the 1028 sqm property has potentials after renovations, sub-division or even after building a granny flat.
Built in 1985 it last sold in 2003 for $109,500.
It features four bedrooms and a new kitchen with a large alfresco area as well as rear pergola/double car port area.
The median price of a house in Marsden is $360,000, a slight increase compared to last year’s median house price of $357,850.
Other features includes a water tank and free-standing bar.
The property was offered through LJ Hooker agent Tony Hall.
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Four bedroom Marsden house sold for $320,000

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Ashcroft is NSW’s worst performing suburb, according to Moody’s latest report.
The area’s delinquency rate has increased to 3.69% compared to last year’s 2.15%.
This is an increase of 1.54%.
<a href="https://www.propertyobserver.com.au/images/2017/09/19/Screen%20Shot%202017-09-19%20at%2010.27.13%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/2017/09/19/Screen%20Shot%202017-09-19%20at%2010.27.13%20am.jpg" alt="">
Ashcroft was followed by Belgravia at 3.24% and Carnes Hill with 2.37%.
Albury takes the last spot in the worst 10 performing suburb with a delinquency rate of 1.96%, an increase of 0.71%.
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Ashcroft NSW's most mortgage delinquent suburb

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A two bedroom West Gladstone unit has been listed for mortgagee sale.
Located at <a href="https://www.realestate.com.au/property-house-qld-west+gladstone-126157778" target="_blank">Unit 5 31 Scenery Street</a>, the property is marketed as a “fantastic investment opportunity in Gladstone”.
It features two bedrooms both with built-in robes, fans and carpets.
The kitchen features electric stove, drawers, cupboards and dining area.
There is an external and internal stair access to the unit and the unit is located on the upper level of the complex.
Other feature includes a single carport.
Shops, restaurants and amenities are within walking distance of the unit.
The property is offered through RE/MAX Energy agent Ros Waters.
A two bedroom unit at <a href="https://www.realestate.com.au/sold/property-unit-qld-west+gladstone-121207158" target="_blank">Unit 26/7 Kent Street</a>, West Gladstone (below) was sold for $115,000.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/09/19/267%20Kent%20Street.jpg" alt="">
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Two bedroom $60,000 West Gladstone unit mortgagee sale

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Century 21 Australia Pty Ltd has been ordered to pay more than $109,000 in compensation, plus $28,000 in interest, after the misappropriation of trust account funds by an estate agent with which it was in a franchise agreement.
Century 21 Australia Pty Ltd (ACN: 003 145 346) was ordered to pay the funds into the Victorian Property Fund (VPF), after the misappropriation of trust accounts by an estate agent.
The actions of Victorian Realty Group Pty Ltd (ACN: 135 903 374), trading as Century 21 Complete Properties, caused 13 clients to lose money.
The company was deregistered in 2013.
Those clients received compensation from the VPF. 
In 2016, the Secretary to the Department of Justice and Regulation (of which Consumer Affairs Victoria is a business unit) took action in the Supreme Court of Victoria against Century 21 Australia to recover those funds and return them to the VPF. 
Under the Estate Agents Act 1980 (the Act) each party to a franchise agreement (that is, the franchisee or franchisor) is liable for any misappropriation by an estate agent subject to the agreement. 
The original case was dismissed, as the court found that the agreement between Century 21 Australia and VRG did not constitute a franchise agreement. 
The Secretary appealed that decision, and the Court of Appeal found that the agreement between the two parties was a franchise agreement.
As such, Century 21 was liable for VRG's defalcations, in accordance with the Act.
Real estate agents Kon Balasis and Victorian Realty Group Pty Ltd (VRG), operating as Century 21 Craigieburn, were permanently disqualified from holding estate agents’ licences after breaking the law on trust accounts.
At a hearing on 1 October, 2012, the Victorian Civil and Administrative Tribunal (VCAT) found that VRG and Mr Balasis breached the Estate Agents Act 1980 in relation to:
<ul>
<li>a deficiency in the Century 21 Craigieburn trust account of $166,935.27 on 27 March, 2012, regarding deposits paid on six property sales  </li>
<li>VRG holding deposits as a stakeholder pending completion of transactions and not retaining that money in its trust account until paid to the persons entitled.</li>
<li>VRG fraudulently omitting to pay about $177,000 to the persons entitled to that money, which money was being held by VRG as a stakeholder pending completion of sales of land. Mr Balasis at the time was an officer of VRG and he knowingly authorised these contraventions</li>
<li>VRG not keeping full and accurate accounting records so as to show the true position of all moneys it received.</li>
</ul>
VCAT also found that VRG breached the Sale of Land Act 1962 in that:
<ul>
<li>it received deposit moneys in the course of transactions for the sale of land and did not hold that money as stakeholder until the purchasers became entitled to those deposits.</li>
</ul>
The tribunal ruled that Mr Balasis was guilty of conduct as an estate agent that rendered him unfit to hold a licence and he was not of good character or otherwise a fit and proper person to hold an estate agent’s licence.
VCAT cancelled Mr Balasis’ licence and permanently disqualified VRG and Mr Balasis from holding a licence.
 
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Craigieburn estate agent misappropriation triggers $109,000 compensation order against Century 21 Australia

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Sydney based national wedding dress retailer, The Sposa Group, has set up shop in Melbourne’s eastern suburbs having agreed terms on the lease of a retail building on Glenferrie Road in the heart of Hawthorn’s popular retail precinct.
Located within walking distance of Glenferrie Railway Station and Swinburne University, the 622-624 Glenferrie Road property comprises a single level 170 square metre retail/showroom space with 11 metres frontage and rear access to on-site parking.
According to Teska Carson’s Tom Maule, who brokered the deal, the property was leased on a three year term at $110,000 per annum net or $650 a square metre.
He said the tenant had sought a property in a strongly performing retail precinct within Melbourne’s coveted inner east and with the benefit of extensive main street exposure.
"This is a prime address for fashion retailing and one which has attracted numerous national retailers including Fonda, Huxtaburger, Coles, Chemist Warehouse, Woolworths and a wide variety of specialty retailers.
"The property benefits from excellent exposure to one of Melbourne’s wealthier suburbs with very good transport access and strong growth prospects,’’ Mr Maule said.
The lessor was a private investor.
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The Sposa Group takes Glenferrie Road lease 

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CBD markets for capital cities, bar Sydney and Melbourne, are seeing improving rental conditions though their growth rates are low compared to the two biggest cities, according to Colliers International’s CBD Office research and forecast report.
Sydney and Melbourne have benefitted from a “hold on supply” and consistently strong demand, pushing office rents higher and higher. 
Over the year to June 2017, prime grade face rents grew by 7.8 per cent in Sydney, and 14 per cent in Melbourne. 
Population growth in New South Wales and Victoria has been the key catalyst in the market’s “perfect storm” conditions, with migration figures well above their 10-year averages in both states fuelling strong white collar job creation – but the Colliers report revealed that office supply will be constrained during this time of strong demand.
Colliers International’s national director of Research, Anneke Thompson, said office supply for the next 12 months was “even more ominous”.
“We’re forecasting the Sydney CBD office market to contract by 50,000 sqm throughout the year to July 2018, and the Melbourne CBD to reduce by circa 5,000 sqm, based on the supply that we know will enter the market and forecast withdrawals,” she said.
The story is not as bright for other capital cities.
Brisbane appears to be in recovery mode, with a solid level of premium and A-grade office leasing deals completed throughout the first half of 2017, Colliers noted.
In line with this comeback, the vacancy rate is forecast to decline to 13-14 per cent by January 2019.
A major development was QSuper signing a heads of agreement with Shayher Group to negotiate a lease for its 300 George Street office building, which is due for completion mid-2019.
In Adelaide, vacancy is starting to fall with the market recording its highest net absorption figures since January 2014.
Net absorption in the six months to July was 4,624 sqm, while the annual figure was 6,016 sqm.
This has seen vacancy fall ever so slightly to 16.1 per cent, down from 16.2 per cent in January 2017, said Colliers.
The small decline can be partially attributed to the remainder of the recently refurbished 1 King William Street being added back into supply.
Meanwhile, Perth CBD is also seeing some stability in the office leasing market, with vacancy falling to 21.1 per cent.
Net absorption is being driven by tenants’ flight to quality and new investment spend into increasing Western Australia’s output capacity of iron ore.
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CBD office rental markets improving in Brisbane, Adelaide and Perth: Colliers 

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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New townhouses

News