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Property developer Tim Gurner says demand from investors has "stopped, not just slowed."
He told The Australian Financial Review that a drop off in Chinese off-the-plan investors would reduce supply of new apartments - and mean that prices and rents would go up.
"We need 16,000 new apartments a year in Melbourne and this will be the first year we meet that target. But we'll only get 5000 next year," he said.
With demand from investors having stopped, following the recent removal of off-the-plan stamp duty concessions, Mr Gurner said he was happy to be now developing apartments for local owner occupiers at the high end of the market.
He said downsizers had been the most significant demographic shift into the new apartment market that he had seen as a developer in recent times.
He has a $65 million Toorak development.
Prices in Mr Gurner's six-level Hawksburn Village project will start from $1.1 million for a two-bedroom apartment rising to more than $3 million for a three-bedder and over $10 million for the biggest 400 square metre-plus top floor penthouse. 
The project at 162-164 Williams Road, which recently received planning approval, is being developed in partnership with landowners the Smorgons whose Escor Group occupy premises on the site.
There will be 22 apartments plus ground floor commercial space to be occupied by Escor Group alongside an upmarket wine bar.
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j.ballantyne1990-6AQqhLzZaK

Melbourne apartment investor demand has stopped, not just slowed: Tim Gurner

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Canberra is the third most expensive capital to purchase a unit, according to CoreLogic’s latest report.
The property data firm says that units in Canberra have a median price of $415,000.
This is cheaper than Sydney’s median unit price of $695,000, but is more expensive than Hobart’s $273,500.
<a href="https://www.propertyobserver.com.au/images/2017/08/28/Screen%20Shot%202017-08-28%20at%201.23.21%20pm.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/2017/08/28/Screen%20Shot%202017-08-28%20at%201.23.21%20pm.jpg" alt="">
Canberra is also the third most expensive place to purchase a house with the median price sitting at $605,000 compared to Sydney’s $875,000 or Hobart’s $385,000.
A three bedroom unit at <a href="https://www.realestate.com.au/property-apartment-nsw-queanbeyan-125807802" target="_blank">10/43 Anthill Street</a>, Queanbeyan (above) has been listed for between $410,000 to $425,000.
Built in 2006 it last sold for $405,000 in 2016.
A one bedroom unit at <a href="https://www.realestate.com.au/property-apartment-act-kingston-125389850" target="_blank">50/29 Dawes Street</a>, Kingston (below) has been listed for $410,000.
<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/2017/08/28/50_29%20Dawes%20Street.jpg" alt="">
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Canberra third most expensive capital to purchase units: CoreLogic

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Accused murderer Ron Medich and his property developer brother, Roy have sold their substantial landholding adjacent to the proposed second airport at Badgerys Creek.
The sale is rumoured to be more than $500 million, according to the SMH's investigative reporter Kate McClymont.
It is to companies associated with Chinese property billionaire Shen Yuxing, also known as Tin Ching Shum.
Sources close to the deal say it is contingent upon Foreign Investment Review Board approval.
Mr Shum is the majority shareholder of property developing company Boyuan Holdings which listed on the Australian Securities Exchange last year.
It has been buying up properties in the Hunter Valley and Marsden Park in Sydney's north-west.
The sale to the Chinese investors includes the Medich brothers' 344-hectare site at Elizabeth Drive, Badgerys Creek, and their nearby 73ha holding in Bringelly.
"Unfortunately, we have signed confidentiality agreements so I can't make any comment," said Roy Medich of the sale to the SMH.
The proposed purchase, via put and call options struck last month, was not mentioned in Boyuan's half-yearly notice to the ASX, which was filed last week.
The Medich brothers purchased the Badgerys Creek site in 1996 from the CSIRO.
Zoned agricultural, the Mediates secured the farm for $3.5 million, or about $10,000 a hectare. 
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Medich brothers sell Badgerys Creek farm to Chinese buyers

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The Surfers Paradise trophy home at 113 Commodore Drive is going under the hammer next month.
The late 1980s mansion was built for the tourism and resort developer Keith Williams.
The <a href="https://www.realestate.com.au/property-house-qld-paradise+waters-126255742" target="_blank">Mediterranean-style riverfront residence</a> was built by legendary Gold Coast construction figure Ron McMaster.
Keith’s wife Thea travelled to Italy with architect Roger Parker to get inspiration for the home which features a three-level staircase inspired by the Vatican.
There are arched windows, wrought iron chandeliers and Roman bath-style pool.
The mansion was subsequently owned by Dreamworld founder John Longhurst.
It was bought in 2013 by its current owners, local businessman Sep Abedian and wife Flora who have bought elsewhere.
Mr Abedian, the brother of Sunland Group founder Soheil Abedian, says he was drawn to the home’s status, size and outlook.
Spanning three levels and covering 1200sq m of floorspace, the home features an eight-seat cinema, grand entry, games room with wet bar, seven-car basement garage, wine cellar, gym, workshop, jetty, pool and spa.
There are reminders of the original occupants with the Williams family crest still adorning wallpaper in the games room.
The property’s noteworthiness was highlighted in 2015 when the Abedians were asked by the Gold Coast City Council to open up their home as part of the inaugural Gold Coast Open House program that celebrates important architectural landmarks.
Matt Gates, of Ray White Prestige, is marketing the 1489sq m property.
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1980s Keith Williams mansion hits the market at Surfers Paradise

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The City and Inner South had the highest weekend auction clearance rate in Sydney, according to CoreLogic’s latest report.
The property data firm says that 80.6% of its 67 auctions were cleared.
This is followed by Baulkham Hills and Hawkesbury with 79% and the Eastern Suburbs, North Sydney and Hornsby with 77.4% each.
<a href="https://www.propertyobserver.com.au/images/2017/08/28/Screen%20Shot%202017-08-28%20at%2011.28.43%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/2017/08/28/Screen%20Shot%202017-08-28%20at%2011.28.43%20am.jpg" alt="">
Sutherland had only 57.5% of its auctions cleared.
A two bedroom apartment at <a href="https://www.realestate.com.au/sold/property-apartment-nsw-enmore-126042958" target="_blank">1/21-27 Tupper Street</a>, Enmore (above) was sold for $818,000.
Built in 1977 it last sold in 2000 for $111,000.
Another two bedroom apartment at <a href="https://www.realestate.com.au/sold/property-apartment-nsw-erskineville-126071874" target="_blank">4/116 Swanson Street</a>, Erskineville (below) was sold for $987,000.
Built in 1996 it last sold for $580,000 in 2009.
<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/2017/08/28/4_116%20Swanson%20Street.jpg" alt="">
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Sydney's city and Inner South scores 80% weekend auction clearance rate: CoreLogic

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The former T.J. Cawthorns Corner grocery store at 4 Alexander Street in Seddon, Victoria is on the market for between $1.55 and $1.7 million.
Dubbed the ETA Peanut Butter house by locals, the double-brick, mid-Victorian shopfront has potential to extend and re-develop, according to the listing.
It has dual frontages to both Alexander Street and Werner Street and <a href="https://www.realestate.com.au/property-house-vic-seddon-126047630" target="_blank">sits on a 363sqm (appx) site</a>.
The listing states it has 4 metre high, ornate pressed metal ceilings in the enormous studio/shop front, along with double front display windows and polished concrete floors.
"Rooms include a secure store-room/bedroom/office along with three double bedrooms, two featuring polished boards and built-in robes, one featuring cast fireplace and leadlight windows," it said.
"Living area provides a northerly garden aspect. Kitchen offers a sun drenched box bay window, meals/dining living space with built in window box seating and cedar bookshelves, polished Kauri floorboards and gas heating/cooking. 
"The large backyard features a recently built weatherboard studio with north facing window and built in shelving, off street parking, rainwater tank, recycled brick paving and gorgeous fruiting olive, apricot and fig trees.
"The home is solar passive with a zone 8 thermal mass, R36 wool insulation, North-East aspect and solar panels.
"Perfect for an imaginative residential development, or simply update the kitchen &amp; bathroom for a very cool and contemporary home business."
The property goes to auction 1pm, Saturday 26 August through Sweeney Estate Agents Yarraville.
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Former T.J. Cawthorns Corner grocery, Seddon listed

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Fortitude Valley has the highest proportion of properties rented in 2016 in metropolitan Queensland, according to CoreLogic’s latest report.
The property data firm says that 65% of properties in Fortitude Valley are rented.
This is an increase of 5% compared to 2011 and 10% higher than in 2006.
A two bedroom unit at 79/41 Gotha Street, Fortitude Valley (above) is available for rent for $450 per week.
Another two bedroom unit at 401/29 Robertson Street, Fortitude Valley (below) is available for $550 per week.
<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/2017/07/27/401_29%20Robertson%20Street.jpg" alt="">
A one bedroom studio at <a href="https://www.realestate.com.au/property-studio-qld-fortitude+valley-421732890" target="_blank">C69/131 Wickham</a>, Fortitude Valley (below) is available for rent for $290 per week.
<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/2017/08/30/C69_131%20Wickham.jpg" alt="">
A two bedroom apartment at <a href="https://www.realestate.com.au/property-house-qld-fortitude+valley-421722542" target="_blank">43/35 Gotha Street</a>, Fortitude Valley (below) is available for $470 per week for rent.
<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/2017/08/30/43_35%20Gotha%20Street.jpg" alt="">
Parramatta – Rosehill has the highest proportion of rented properties in 2016 for metropolitan Sydney, according to CoreLogic’s latest report.
The property data firm says that 64% of properties in the Parramatta – Rosehill area are rented.
Below is the residential vacancy rates for Parramatta according to SQM Research.
<a href="https://www.propertyobserver.com.au/images/2017/07/27/Screen%20Shot%202017-07-27%20at%2012.21.14%20pm.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/2017/07/27/Screen%20Shot%202017-07-27%20at%2012.21.14%20pm.jpg" alt="">
In 2006 60% of properties in the area were rented, but it then fell in 2011 to 57% before increasing again in 2016.
Below is the implied property gross rental yield for Parramatta according to SQM Research.
<a href="https://www.propertyobserver.com.au/images/2017/07/27/Screen%20Shot%202017-07-27%20at%2012.21.47%20pm.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/2017/07/27/Screen%20Shot%202017-07-27%20at%2012.21.47%20pm.jpg" alt="">
A two bedroom unit at 10/2-6 Campbell Street, Parramatta is available for rent for $520 per week.
Another two bedroom unit at 6/27-29 Sorrell Street, Parramatta (below) is available for $420 per week.
<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/2017/07/27/6_27-29%20Sorrell%20Street.jpg" alt="">
The Melbourne CBD has the highest proportion of rented properties in metropolitan Melbourne for 2016, according to CoreLogic’s latest report.
The property data firm says that 63% of properties are currently rented.
Below is the residential vacancy rates for Melbourne according to SQM Research.
<a href="https://www.propertyobserver.com.au/images/2017/07/27/Screen%20Shot%202017-07-27%20at%2011.42.40%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/2017/07/27/Screen%20Shot%202017-07-27%20at%2011.42.40%20am.jpg" alt="">
In 2006 57% of properties in the area were rented before it increased to 59% in 2011 before rising again in 2016.
Below is the implied property gross rental yield for Melbourne according to SQM Research.
<a href="https://www.propertyobserver.com.au/images/2017/07/27/Screen%20Shot%202017-07-27%20at%2011.43.26%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/2017/07/27/Screen%20Shot%202017-07-27%20at%2011.43.26%20am.jpg" alt="">
A one bedroom unit at 1/9 Bell Street, Fitzroy is available for $485 per week.
A two bedroom house at 14 Hughes Street, Carlton North (below) is available for $410 per week.
<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/2017/07/27/14%20Hughes%20Street.jpg" alt="">
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Fortitude Valley has 65% of properties as rentals: CoreLogic

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Wheelers Hill has the highest housing median growth in Victoria, according to Investar’s latest report.
The property data firm says that Wheelers Hill’s housing median price has grown by 49%.
This is followed by Aspendale with 45% and Box Hill South with 43%.
<table border="1" cellspacing="0" cellpadding="0"><tbody>
<tr>
<td valign="top" width="93">
Suburb
</td>
<td valign="top" width="64">
Postcode
</td>
<td valign="top" width="70">
Bedrooms
</td>
<td valign="top" width="84">
Median price
</td>
<td valign="top" width="94">
Median growth
</td>
</tr>
<tr>
<td valign="top" width="93">
Wheelers Hill
</td>
<td valign="top" width="64">
3150
</td>
<td valign="top" width="70">
4
</td>
<td valign="top" width="84">
$1,299,000
</td>
<td valign="top" width="94">
49%
</td>
</tr>
<tr>
<td valign="top" width="93">
Aspendale
</td>
<td valign="top" width="64">
3195
</td>
<td valign="top" width="70">
4
</td>
<td valign="top" width="84">
$1,150,000
</td>
<td valign="top" width="94">
45%
</td>
</tr>
<tr>
<td valign="top" width="93">
Box Hill South
</td>
<td valign="top" width="64">
3128
</td>
<td valign="top" width="70">
4
</td>
<td valign="top" width="84">
$1,300,000
</td>
<td valign="top" width="94">
43%
</td>
</tr>
<tr>
<td valign="top" width="93">
Kyneton
</td>
<td valign="top" width="64">
3444
</td>
<td valign="top" width="70">
2
</td>
<td valign="top" width="84">
$427,500
</td>
<td valign="top" width="94">
40%
</td>
</tr>
<tr>
<td valign="top" width="93">
Mornington
</td>
<td valign="top" width="64">
3931
</td>
<td valign="top" width="70">
4
</td>
<td valign="top" width="84">
$1,000,000
</td>
<td valign="top" width="94">
39%
</td>
</tr>
</tbody></table>
A four bedroom house at <a href="https://www.realestate.com.au/property-house-vic-wheelers+hill-126022678" target="_blank">302 Jells Road</a>, Wheelers Hill (above) has been listed for sale.
It was last sold in 2002 for $423,000.
Another four bedroom house at <a href="https://www.realestate.com.au/property-house-vic-glen+waverley-125886734" target="_blank">11 Gareth Court</a>, Glen Waverley (below) has been listed for $1.28 million.
Built in 1973 the property was last sold in 1978 for $61,500.
<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/2017/08/01/11%20Gareth%20Court.jpg" alt="">
A four bedroom house at <a href="https://www.realestate.com.au/sold/property-house-vic-wheelers+hill-125867018" target="_blank">9 Tiki Court</a>, Wheelers Hill (below) was sold for $1,277,500.
It last sold in 2007 for $565,000.
<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/2017/08/18/9%20Tiki%20Court.jpg" alt="">
Another four bedroom house at <a href="https://www.realestate.com.au/sold/property-house-vic-glen+waverley-125855242" target="_blank">20 Cowrie Street</a>, Glen Waverley (below) was sold for $1.2 million.
It last sold in 1993 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/2017/08/18/20%20Cowrie%20Street.jpg" alt="">
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Wheelers Hill scores highest housing median growth in Victoria: Investar

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Geelong took the top spot with highest weekend auction clearance, according to CoreLogic’s latest report.
The property data firm says that 87.5% of its 32 auctions were cleared.
This is followed by Hunter with 68.4% and Gold Coast with 57.9%.
<a href="https://www.propertyobserver.com.au/images/2017/08/28/Screen%20Shot%202017-08-28%20at%2011.28.59%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/2017/08/28/Screen%20Shot%202017-08-28%20at%2011.28.59%20am.jpg" alt="">
The region with the lowest auction clearance rate was the Sunshine Coast with only 47.1% of its 17 cleared.
A three bedroom house at <a href="https://www.realestate.com.au/sold/property-house-vic-geelong+west-126043270" target="_blank">38 Preston Street</a>, Geelong West (above) was sold for $802,000.
A two bedroom apartment at <a href="https://www.realestate.com.au/sold/property-apartment-vic-geelong-125986170" target="_blank">2B Mercer Street</a>, Geelong (below) was sold for $755,000.
<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/2017/08/28/2B%20Mercer%20Street.jpg" alt="">
Sales over recent times have included a three bedroom house at <a href="https://www.realestate.com.au/sold/property-house-vic-geelong-126001886" target="_blank">3 Stradling Avenue</a>, Geelong for $830,000.
Built in 1950 the property was last sold in 2010 for $615,000.
A four bedroom house at <a href="https://www.realestate.com.au/sold/property-house-vic-portarlington-125918918" target="_blank">30 Ramblers Road</a>, Portarlington (below) was sold for $901,000.
<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/2017/08/21/30%20Ramblers%20Road.jpg" alt="">
A three bedroom house at <a href="https://www.realestate.com.au/sold/property-house-vic-belmont-125700926" target="_blank">58 Summit Avenue</a>, Belmont (below) was sold for $535,000.
<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/2017/07/11/58%20Summit%20Avenue.jpg" alt="">
A three bedroom house at <a href="https://www.realestate.com.au/sold/property-house-vic-geelong+west-125224550">4 McNabb Avenue</a>, Geelong West (below) was sold for $630,000.
<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/2017/05/08/4%20McNabb%20Avenue.jpg" alt="">
 A three bedroom house at <a href="https://www.realestate.com.au/sold/property-house-vic-leopold-125126690" target="_blank">38-42 Birchbank Court</a>, Leopold (below) sold for $880,000.
<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/2017/05/04/38-42%20Birchbank%20Court.jpg" alt="">
 
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Geelong scores 87% weekend auction clearance rate: CoreLogic

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Melbourne’s Mornington Peninsula had the highest weekend auction clearance rate, according to CoreLogic’s latest report.
The property data firm says that 85.7% of its 35 auctions were cleared.
This is followed by the Outer East with 83.3% and North West with 83.1%.
<a href="https://www.propertyobserver.com.au/images/2017/08/28/Screen%20Shot%202017-08-28%20at%2011.28.52%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/2017/08/28/Screen%20Shot%202017-08-28%20at%2011.28.52%20am.jpg" alt="">
The Inner East only had 69.2% of its auctions cleared taking last place.
A three bedroom house at <a href="https://www.realestate.com.au/sold/property-house-vic-frankston+south-126067790" target="_blank">53 Fleetwood Crescent</a>, Frankston South (above) was sold for $902,000.
A three bedroom townhouse at <a href="https://www.realestate.com.au/sold/property-townhouse-vic-bonbeach-126113446" target="_blank">1/15-17 Genoa Avenue</a>, Bonbeach (below) was sold for $775,000.
Built in 2007 it last sold for $545,000 in 2010.
<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/2017/08/28/1_15-17%20Genoa%20Avenue.jpg" alt="">
</body></html>

Mornington Peninsula takes top spot in Melbourne's weekend auction clearance rate: CoreLogic

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 Australia</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 Australia'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 Australia 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 Australia files for trio of apartment towers in Campsie town centre</a>

Arada Australia 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 Australia 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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