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<div class="domain-article-share-panel is-top" data-sticky-id="0">A NSW Supreme Court case finished on Tuesday, only a day into its scheduled five days, when 11 would be off-the-plan unit buyers at a Surry Hills block, were offered a confidential cash sum in addition to the refund of their deposits to walk away from their purchases.</div>
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<div class="domain-article-share-panel is-top" data-sticky-id="0">The case involved a 22-unit block, Short Lane Apartments, at 352 Bourke Street, who put down their deposits in late 2013 after marketing by CBRE Residential.</div>
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<div class="domain-article-share-panel is-top" data-sticky-id="0"><img src="https://www.urban.com.au/images/2017/09/13/Screen%20Shot%202017-09-13%20at%2010.22.34%20AM.png" alt="" width="611" height="360"></div>
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<div class="domain-article-share-panel is-top" data-sticky-id="0">The project still appears under <a href="https://www.propertyobserver.com.au/https://www.cbresi.com.au/success-stories/short-lane-surry-hills/70" target="_blank">success stories</a> on the CBRE website.</div>
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<div class="domain-article-share-panel is-top" data-sticky-id="0"><a href="https://1pt.com.au/showcase/shortlane/" target="_blank">All 22 apartments</a> were sold within the first half hour of the opening day "with prices escalating rapidly as demand showed no sign of waning."</div>
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<div class="in-content-ad">It was a landmark court case under new “sunset clawback” laws designed to ensure new apartment developers could not unfairly tear up sales contracts so they can make more money on delayed property sales.</div>
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<div class="in-content-ad"><img src="https://www.urban.com.au/images/2017/09/13/Screen%20Shot%202017-09-13%20at%2010.25.58%20AM.png" alt=""></div>
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The developer was taking some of his apartment buyers to court after they refused to allow him to tear up their sales contracts following construction delays, in the first legal test of the “sunset clawback” laws.
The developer-builder Kanaan Kanaan accused some of his buyers as "being greedy about it." 
The case in NSW Supreme Court was seen as a major test of laws designed to protect consumers buying new apartments.
However final negotiations for a settlement began only after acting Justice Arthur Emmett wondered aloud in the courtroom whether the new laws gave him the power to order a result with a sum of money to be paid by the developer. 
The court heard that, instead of the projected 15 months to complete the project, it had taken more than 52 months. 
The potential owner-occupiers and investors bought into the building in 2013 but the apartment weren’t finished by October 30, 2016, the date by which time the so-called “sunset clause” was triggered, which enables either the developer, or the purchaser, to cancel the sale and rescind the contracts if the building was not finished by its proposed completion date, noted Fairfax Media. 
In late 2015, legislation was introduced in the Parliament to protect buyers against developers intentionally delaying completion then rescinding contracts in order to cash in on rising property prices. Under the new laws, the developer has to justify his actions.
<img src="https://www.urban.com.au/images/2017/09/13/Screen%20Shot%202017-09-13%20at%2010.27.47%20AM.png" alt="">
Developer-builder Kanaan Kanaan, of Komplete Constructions, wrote to the buyers of units in his six-level Short Lane building at 352 Bourke Street five days before the cut-off date to tell them he would be rescinding their contracts and refunding their deposits.
If the developer wishes to rescind a contract, he must first seek permission from the purchaser to go through with the termination, under the laws championed by the then NSW Minister for Innovation and Better Regulation Victor Dominello.
If the buyer does not agree, then the developer can apply to the NSW Supreme Court for permission to allow the rescissions to take effect.
Acting Justice Arthur Emmett in the Equity Division of the court was told that Kanaan had been hampered by a number of problems, delays and postponements which made it impossible for him to complete the Woods Bagot-designed apartments in time. 
Instead of the 15 month target, more than 52 months went by since the Development Application was approved.
“There were major delaying events that made it impossible to complete the project despite his best endeavours,” his barrister Ian Roberts told the court. “These events postdate the sales contracts.”
It is understood the eight buyers who have refused the developer permission to rescind – three others agreed and four more agreed with an extra payment – will be arguing that cancellation of their contracts will mean the developer will make a windfall because of the “extraordinary rise in the value of Sydney property” in the interim.
They will be alleging that the delays were only due to poor management, a succession of applications to council, and an appeal to the Land and Environment Court.
The purchasers allege that the changes would increase the value of only the parts of the building, such as the retail lots and the four top floor apartments, that the developer retained.
But Roberts said the delays were beyond Kanaan’s control. Among them was an electrical kiosk substation that wouldn’t have enough room to be accessed when the building went up. After a number of discussions and applications, that was removed.
That meant, however, more space was freed up for retail lots at the base of the building, so consent was then sought for those and a redesign commissioned. There was also an application to add an additional floor to the building that was turned down by the NSW Land and Environmental Court in April 2016.
Consent was granted for a rooftop garden in September 2016 for the exclusive use of the developers’ top-floor apartments. Finally, there were delays in the delivery of windows and in procuring the difficult designed form at the top of the building.
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j.ballantyne1990-6AQqhLzZaK

Slow developer settles court case after taking 11 apartment buyers to court under 'sunset clawback' laws

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The McGrath rebels ended up selling their combined near 15 per cent stake yesterday for 65¢ a share to institutional investors.
The listed agency had faced the prospect of alleged activist investors picking up the stake but the stock was instead placed with Australian institutions who likely back the group’s management.
The sale was handled stockbroker Wilsons, which last week lodged a substantial shareholding notice for a 14.66 per cent McGrath holding.
The sale was less than one-third of the $2.10 a share the company was floated at in December 2015. Stock worth $42.8 million at the time of the float changed hands yesterday at $13.2 million.
The group, which included former chief operating officer Geoff Lucas who had a 4.3 per cent stake, had hoped their block trade would attract a premium offering, but instead settled for deal struck at a discount below the 73 cent Monday closing price.
The block was held by well-known agents including Ben Collier, Shad Hassen, Matt Lahood and Brad Gillespie, former McGrath agents who now work for The Agency.
The escrow condition had prevented the former McGrath insiders from offloading their shares since it listed in December 2015 at $2.10 a share.
Another of the holders, Beth­wyn Richards, currently works for McGrath, while Geoff Lucas has since moved to ­artisan bakery group Sonoma.
Shares hit a low of 54¢ in June, but lifted recently as there was talk of private equity firms circling.
Mr Lucas, who left McGrath in August last year after a seven-year stint, told The Australian Financial Review that as an investor he had to be properly aligned with the board, management and strategy of the company he invested in.
"I can't say [the McGrath] strategy is satisfying me at the moment," he said.
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McGrath rebels sell at 65 cent with swipe from Geoff Lucas on departure

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A three bedroom house near the Murray River in Buronga, NSW has been listed for mortgagee sale.
Located at <a href="https://www.realestate.com.au/property-house-nsw-buronga-126270402" target="_blank">204 Pitman Avenue</a>, the 937 sqm property is five minutes from Mildura.
It last sold for $68,000 in 2006.
It features three bedrooms, all with their own walk-in robes, while the master has its own walk-in robes and ensuite.
The kitchen features a 900mm gas cooktop and oven, walk-in pantry, gas heating, HWS and ducted cooling.
A separate lounge is available and it could be converted into a study or fourth bedroom.
An entertainment area is also available and overlooks what could be a pool.
The property is offered through Brett Driscoll of Ray White for September 23 mortgagee auction under instructions from Westpac.
Another three bedroom house at <a href="https://www.realestate.com.au/sold/property-house-nsw-buronga-123775594" target="_blank">176 Pitman Avenue</a>, Buronga (below) was recently sold in June for $253,000.
<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/2017/09/12/176%20Pitman%20Avenue.jpg" alt="">
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Buronga, NSW house listed for Westpac mortgagee sale

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Non-major lender Suncorp has unveiled a number of discounts on its investor and owner occupier loan products in response to being awarded Bank of the Year – Fixed Rate Home Loan by CANSTAR.
Effective from today (12 September), the bank's Investment Home Package Plus two and three year fixed rates will drop by 0.20% p.a. and 0.30% p.a. respectively, bringing both rates to 4.29% p.a.
In addition to the fixed rate award, Suncorp also received a five star rating for two of its home loan products:
<ul>
<li>Bank to Basics Owner Occupied Construction Loan</li>
<li>Home Package Plus Owner Occupied Fixed Rate Loan</li>
</ul>
“The CANSTAR award and five star ratings are further confirmation that we are offering products that deliver value for our customers,” said Suncorp banking &amp; wealth CEO David Carter.
“In June this year, we announced some changes to interest rates to give additional support to customers in the owner-occupied market, and from today I am pleased to say we will go further.
“This is a reflection of recent reductions to fixed rate funding costs, allowing us to lower our two most popular fixed rate loan products for investors.”
The rate changes and special offers come into effect in what is traditionally a busy season for home buyers, he added.
“Customers who take advantage of these offers will also have the convenience of being able to access more than 3,300 fee-free ATM’s, as part of Suncorp’s new partnership with the rediATM network.”
Gateway Credit Union has earned 5-star ratings from CANSTAR for some home loan products.
Gateway’s Premium Package Home Loan for both owner-occupier and investment as well as the Premium Package 5-Year Fixed Rate Home Loan for both owner-occupier and investment have earned the rating
Paul Thomas, Gateway CEO, said the 5-star rating proved the leading credit union was a strong contender in the market.
“This is another great achievement for Gateway, especially in light of the competitive landscape in which the home loan market currently operates in," he said.
"This endorsement from CANSTAR is another feather we can stick in our cap when it comes to our ability to provide home loan products that offer value, flexibility and innovation,” said Mr Thomas.
Gateway won Mozo’s Australia’s Best Credit Union 2017 for the second consecutive year.
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Suncorp drop fixed investor rates, Gateway products get CANSTAR tick

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Investment bank Goldman Sachs wants to fill the gap in commercial lending created by a tightening by major banks, and will finance $1 billion in loans to residential developers.
The loans could range across a mix of residential and commercial lending and will centre around construction and development loans, but not mortgages.
Ever since local banks tightened their lending for development and construction loans about 18 months ago to cut down their exposure to the housing boom, many developers were left stranded without funds for their planned apartment projects.
Goldman Sachs wants to use this opportunity for lending, but would charge a higher interest rate, according to The Australian Financial Review’s Street Talk column.
Goldman plans to operate at the same level as banks, exercising the same credit review and due diligence as major lenders.
Street Talk cited sources close to Goldman Sachs saying all prospective deals would be carefully examined, and only high-quality projects and experienced developers will be considered. The global investment bank is eyeing deals above $100 million.
The bank will also consider non-real estate commercial loans.
Sources said millions of dollars have already been committed towards senior, stretched senior loans and first mortgages over projects. Mezzanine funding is also being considered.
Many groups such as Balmain, the largest commercial lender outside the major Australian banks, Wingate, Chifley Securities, Alceon and Qualitas have been active in this space.
Also in the game are more "shadowy" lenders such as high net worth clubs, with funds obtained from local and foreign sources as well as various foreign banks. 
The surge in this sector, though still small at 6 per cent of the entire financial market, had prompted the Reserve Bank to say in its last financial stability review that increased non-bank securitisation especially in mortgage related products warranted "ongoing attention".
 
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Goldman Sachs starts commercial lending to developers

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National not for profit training, employment and community services organisation STEPS Group Australia is expanding in the Northern Territory after securing space in the CasCom Centre business park in Darwin.
STEPS has leased a 416 sqm office at the CasCom Centre at <a href="https://www.sentinelpg.com.au/properties/cascom-centre/" target="_blank">13-17 Scaturchio Street, Casuarina</a>, from Sentinel Property Group, which purchased CasCom last year for $34 million.
The CasCom Centre is a six-building business park with nearly 10,944 sqm of gross lettable area.
The property is predominantly leased to territory and federal government departments.
STEPS has taken up a six-year tenancy at a gross rental of $430 per sqm per annum.
Established in 2010, Brisbane-based Sentinel has a total national portfolio of more than 40 retail, industrial, office, land, tourism infrastructure and agribusiness assets in Queensland, New South Wales, Victoria, Western Australia, the Australian Capital Territory and the Northern Territory with a total value in excess of $1 billion.
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STEPS leases space in Darwin business park

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A four bedroom Spalding, Geraldton, Western Australia house has been listed for mortgagee sale for $75,000.
Located at <a href="https://www.realestate.com.au/property-house-wa-spalding-126287622" target="_blank">63 Crawford Street</a>, the 800 sqm property requires extensive renovations.
Built in 1975 it last sold for $295,000 in 2009.
It features a double garage with manual roller doors.
The current median price of a house in Spalding is $188,000, which is an increase on last year’s median price of $177,500.
The property is offered through Mike Paterson of Professionals.
A three bedroom house at <a href="https://www.realestate.com.au/sold/property-house-wa-spalding-125892574" target="_blank">5 Koojarra Street</a>, Spalding (below) was sold in September for $125,000.
It last sold in 2011 for $195,000.
<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/2017/09/12/5%20Koojarra%20Street.jpg" alt="">
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Four bedroom Spalding, Western Australia house for mortgagee sale

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A retail property in Melbourne’s inner-eastern suburb of Hawthorn has changed hands for an undisclosed sum.
The property at <a href="https://www.realcommercial.com.au/property-retail-vic-hawthorn-502491222" target="_blank">7/672 Glenferrie Road</a> was advertised for auction on August 30.
The 80 sqm three-level property comprises a ground floor retail component, a mezzanine area with additional seating, and a basement kitchen preparation area.
It is located within the strongly performing Don Arcade, next to Glenferrie railway station.
The Arcade is also close to banks, major retailers such as Woolworths and within a short walk of Swinburne University Student HQ.
The selling agents were Teska Carson’s Anthony Choi and Michael Taylor.
The property was to be sold subject to a five-year lease to Cupcake Central with a five-year option at a current rental of $91,158 per annum with fixed 4.5 per cent increases.
"The Don Arcade is also part of the well-known and strongly performing Glenferrie Road retail precinct, which, along with Glenferrie station and Swinburne University, underscores its success as a micro retail destination,’’ Choi said.
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Retail space rented to bakery in Melbourne's Hawthorn sold

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Development has been approved for Mirvac's Sydney Olympic Park development Pavilions.
The developer have slated 705 new homes for the site. 
The approval came the day before the launch of Verde, the second building at Pavilions from Mirvac.
Since weekend launch, 68 first home buyers have purchased at Pavilions.
Around one-third of the apartments in Verde are prioritised for the first home buyer.
Toby Long, Mirvac’s General Manager, Residential Development NSW &amp; Major Projects said, the strength of our sales to first home buyers means we are building a strong community of new property owners who will play an integral role in the future of Sydney Olympic Park.
“We are delighted to see so many young people grab the opportunity to invest in their future and we look forward to helping them on this journey,” he said.
“Demolition of existing buildings began last week, a significant milestone in the development timeline, and with DA approval we are now very pleased to be in a position to begin construction on program.
“The NSW Government has identified Sydney Olympic Park as a priority growth area and critical to its plans to provide jobs, homes and recreation in the Sydney to Parramatta corridor.”
Mirvac began selling the first of four buildings at Pavilions in February this year when launchingThe Right Start, an initiative that allows pre-qualified first home buyers to exchange on a five per cent deposit with the remaining five per cent paid in two annual instalments.
The four buildings at Pavilions range from nine to 35 storeys,
More than 75 per cent of the apartments and terrace homes at Pavilions have sold.
<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/2017/09/11/Verde%20at%20Pavilions%20Aerial.jpg" alt="">
Mr Long said the government has set a target of 10,700 new homes for 23,500 new residents, 34,000 new jobs, new schools and more shops, cafés and parks for Olympic Park that will revitalise the entire area, creating a vibrant new town centre alive with the people who live and work here, not just those who come to attend an event.
“This is a vision for city building in a prime location midway between the established CBD of Sydney and the emerging CBD of Parramatta," he said.
“It sits within the knowledge corridor where the jobs of the future are being created in employment centres such as Ryde and Macquarie Park,” said Mr Long.
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Mirvac gains DA approval for Sydney Olympic Park as second building sells

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A classic 1925 Myrtle Bank bungalow sold for $1.27 million making it Adelaide’s most expensive weekend auction sale.
Located at <a href="https://www.realestate.com.au/sold/property-house-sa-myrtle+bank-126227630" target="_blank">31 Ferguson Avenue</a>, the 1010 sqm property is a blend of original and contemporary features.
It last sold for $317,000 in 2000.
It features a large porch area at the entrance as well as a formal lounge/dining room with its own fireplace and double windows.
The kitchen has bench space, pantry, stainless steel gas cooker, dishwasher and breakfast bar and leads to the casual living 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/2017/09/10/31%20Ferguson%20Avenue-2.jpg" alt="">
There are four bedrooms with the master having its own ensuite and walk-in robe while the other three have their own built-in robes.
Outside is an outdoor area with landscaped gardens.
Other features includes garden shed, undercover parking for two cars and additional off street parking.
Public transport, shops and cafes are within close proximity of the property.
The property was offered through Harris Real Estate agent Suellen Salt.
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Classic 1925 Myrtle Bank bungalow sold for $1.27 million

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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