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A tenanted industrial property in the Melbourne suburb of Eltham has sold for $582,000 on an indicative 4.4 percent return at auction.
The property at <a href="https://www.realcommercial.com.au/property-industrial+warehouse-vic-eltham-502425346" target="_blank">6/38 Bridge Street</a> is in a business precinct of Eltham with many of Australia’s major big box and branded traders located nearby.
Unit 6 is one of nine boutique showroom-warehouse buildings in a strata-titled development located on the corner of Bridge and Susan Streets, said selling agent Gray Johnson's Scott Ashby. 
Smaller commercial property investments that meet the needs of a private investor or a smaller superannuation fund are well sought in the auction market, according to the selling agent.
The unit has a building area of 230 sqm and is part-showroom and reception area, with a warehouse space at the back.
The tenant, a Pack &amp; Send franchisee, has occupied the property for some years, and currently holds a three-year lease with a passing annual rental of $26,100. There is the option to renew the lease for another three years.
All the usual outgoings are met by the tenant and there are annual rental increases fixed at the CPI plus one percent, so future rental income growth will flow to the purchaser.
“With prominent exposure, a position in a vital commercial precinct of Eltham’s main business area, with a sound lease covenant, I was anticipating interest at auction would see a sale price in excess of the reserve,” Ashby said.
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j.ballantyne1990-6AQqhLzZaK

Small office-warehouse in Melbourne's Eltham sells at 4% return

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Finder.com.au’s RBA cash rate survey shows all 34 experts and economists (100%) are expecting the central bank to leave the cash rate at 1.5% for July 2017.
The vast majority of <a href="https://www.finder.com.au/rba-cash-rate" target="_blank">experts and economists surveyed</a> (88%, 28) believe the next cash rate move will be in a positive direction.
Only four experts (13%) are expecting a rate cut. Predictions for when a rise may occur, however, are spread across the board.
Interestingly, eight rate hikes over two years, as recently predicted by ex-RBA board member John Edwards, looks unlikely according to the panellists. Only three respondents (Nicholas Gruen of Lateral Economics, Saul Eslake and Steven Milch of Suncorp Group) are predicting two or more rate rises in 2018.
Graham Cooke, Insights Manager at finder.com.au, says mortgage holders should brace for rate increases.
“It’s no secret that rates will start rising soon, it’s just a matter of when.
“To minimise rate shock, think about fixing a portion of your interest rate or even switching to a provider that offers more competitive interest,” he says.
With falling clearance rates in Sydney, panellists were asked if this was a sign that property prices may fall. In response, a third of respondents said prices will fall by 5% by the end of the year, a third said prices will not fall, and a further third said there may be some cooling, but no major changes.
“Low auction clearance rates may signal less demand which could see house prices dip, so we may see a cooling period in some capital city markets, but it won’t be dramatic,” he says.   According to Census data released this week, 22% of Sydney households are spending more than a third of their monthly income on rent. When asked if rent and mortgage stress were increasing in Australia’s capital cities, 58% of respondents agreed with this statement, saying those in Sydney and Melbourne most likely to bear the brunt. Meanwhile, 42% disagreed with this view.    When asked about the NSW Government’s plan to remove stamp duty for first time buyers on homes valued under $650,000 (with discounts for homes up to $800,000), a slight majority (53%, 9) thought this was a good policy, while the remaining 47% (8) did not.   While there’s been criticism of the $650,000 limit being too low, most of the panellists (9, 53%) believe it shouldn’t be any higher. Interestingly, two economists, (Savanth Sebastian of CommSec, and Nicholas Gruen of Lateral Economics) think the limit should be lifted to $1,000,000.   “The initiative to remove the duty concession for some purchases will give first homebuyers a reprieve, but with house prices in some capital cities nearing $1 million, the $650,000 cap may not be generous enough,” he says.   “Removing stamp duty for some purchases will remove a barrier of entry for first home buyers which could stimulate demand and push up property prices,” Mr Cooke says.   Here’s what our experts had to say:   Jordan Eliseo, ABC Bullion (Hold): "The RBA will have been fairly encouraged by the recent run of economic data, which will (temporarily in my view) give them confidence that they have the appropriate cash rate in place for now."   Tim Nelson, AGL Energy (Hold): "No material change in conditions from previous month. Prudential regulation is doing the 'heavy lifting' in relation to residential property market pricing. "   Shane Oliver, AMP Capital (Hold): "While downside risks to the growth and inflation outlook have increased, the RBA remains upbeat that growth will pick up particularly after recent solid jobs data. It probably also remains wary as to whether the Sydney and Melbourne property markets have really started to cool or not."   Alison Booth, Australian National University (Hold): "Insufficient change to justify moving rates either up or down."   Darryl Gobbett, Baillieu Holst (Hold): "Future potential risks of increased household leverage from lower rates still out-way any expected benefits to growth of another cut."   Dr Kishti Sen, BIS Oxford Economics (Hold): "I don't think the interest rates will fall further because of: 1. The Reserve Bank is keen to limit the amplitude of the residential cycle amid concerns about household debt and financial stability risks. Hence, it would not want to reignite the housing boom. 2. A lower cash rate will reduce the dollar but it will have little effect on investment. Meanwhile, the Federal Reserve is on a tightening phase and rate rises in the United States will narrow the interest rate differential with Australia and put downward pressure on the A$. 3. The Reserve Bank is also concerned that the more they reduce rates now, the sooner they will have to raise interest rates. I therefore expect the cash rate to stay at 1.5% over calendar year 2017 and 2018."   Richard Robinson, BIS Oxford Economics (Hold): "Inflation is low, but the RBA doesn't want to cut rates as it fears pumping up the already overheated residential property sector"   Paul Dales, Capital Economics (Hold): "The RBA will almost certainly keep rates on hold at 1.50% at this meeting. And while the recent improvement in the labour market has quashed talk of further rate cuts, weak underlying inflation will prevent the RBA from hiking rates until 2019. "   Michael Blythe, CBA (Hold): "Economy is not in need of any extra interest rate assistance" Savanth Sebastian, CommSec (Hold): "Reserve Bank looks comfortable on the interest rate sidelines. Policymakers will keep a close eye on the property market."   Dr Andrew Wilson, Domain Group (Hold): "Better recent economic news supports clear recent steady bias by the Bank"   Saul Eslake, Economist (Hold): "Data releases and other evidence since the last meeting will not have prompted any material change in the RBA's assessment of the economic outlook or the appropriate stance for monetary policy"   Mark Brimble, Griffith University  (Hold): " Bias remains to the downside with the economy struggling to generate momentum.  With banks (and apra) tightening credit the markets and sentiment are softening. Further support is required, but the rba is likely to not be willing to provide this as this stage"   Paul Bloxham, HSBC (Hold): "Underlying inflation is still below its 2-3% target."   Michael Witts, ING Bank (Hold): "The slowdown in the housing  market is occurring via the adjustment to rates for investors and interest only loans. This enables the RBA to maintain the cash rate at 1.5% for the benefit of the broader economy."   Glen Hawke, Karis Communications (Hold): "The current economic data is inconclusive of a need for a shift."   Brendan Rynne, KPMG Economics (Hold): "Continuation of excess capacity in the labour market, and the maintenance of inflation below RBA target band."   Leanne Pilkington, Laing+Simmons (Hold): "There appears to be a growing consensus among economists that the next rate move will be up, especially if some of the RBA’s forecasts around economic growth come to fruition. However, we believe that current economic, employment, political and household debt scenarios support a status quo in fiscal policy in the near term."   Nicholas Gruen, Lateral Economics (Hold): "Because they've not signalled anything else and I think they won't have the confidence to raise the rate, even if they'd like to."   Matthew Tiller, LJ Hooker (Hold): "Little discernible change in the domestic economic environment over the past month."   John Caelli, ME (Hold): "The RBA won’t cut rates because it remains concerned about fuelling further increases in house prices and household debt."   Michael Yardney, Metropole Property Strategists (Hold): "Our property markets have slowed down over the last few months taking pressure of the RBA to raise interest rates. On the other hand the RBA can't afford to drop rates to bolster our bumbling economy and further fuel our property markets. So rates will remain on hold."   Mark Crosby, Monash University (Hold): "While globally rate movements are beginning the long path back to normalisation in some key economies, the strong exchange rate and economic fragility locally point to holding rather than raising rates at this meeting."   Jessica Darnbrough, Mortgage Choice (Hold): "There is no urgent reason for the Reserve Bank of Australia to adjust the current cash rate setting. All of the latest economic data is looking fairly positive at the moment, providing the RBA with no incentive to adjust their long-standing plan of attack."   Alan Oster, NAB (Hold): "Too early to see what is happening re the labour market v house prices."   Jonathan Chancellor, Property Observer (Hold): "There is no risk in holding this July."   Matthew Peter, QIC (Hold): "The holding pattern will continue, despite a weak growth and inflation outlook, until the housing market is clearly in retreat. "   Noel Whittaker, QUT (Hold): "There is no reason to lower – and no reason to raise."   Janu Chan, St.George Banking Group (Hold): "The RBA will be encouraged by the improvement in the labour market, but will still be of the view that there remains spare capacity in the economy. That would prevent any thought of raising rates. However, ongoing concerns regarding risks from the housing market and high household debt is preventing any cuts to rates. "   Steven Milch, Suncorp Group (Hold): "Labour market strengthening balances against sub target inflation.  Little case to ease yet too early to tighten."   Brian Parker, Sunsuper (Hold): "RBA has made it pretty clear that they'd be very reluctant to cut rates again, and their view probably hasn't changed over the month."
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Experts tip July RBA rates to hold

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A four bedroom riverside South Perth, WA house has been listed with hopes of $4 million plus.
Located at <a href="https://www.realestate.com.au/property-house-wa-south+perth-123984374" target="_blank">71 Ranelagh Crescent</a>, the property has views over the CBD, park and beyond.
Built in 1991, the block of land was sold in 1990 for $562,000.
Its flexible floorplan features a renovated kitchen with stone benchtops, Miele appliances and storages.
It then leads to the front covered alfresco with built-in BBQ, pizza oven and blinds.
Downstairs has the informal lounge area along with built-in TV and projector with sunken bar to the side.
Adjacent to this is the games room, or home theatre, that opens onto another courtyard with views.
<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/2017/07/03/71%20Ranelagh%20Crescent-2.jpg" alt="">
South of the property is a bedroom with its own ensuite and is secluded from the rest of the property.
Additionally the rear of the property has a heated indoor Jacuzzi encased in glass.
Upstairs are two further bedrooms that share an ensuite along with the master that has its own bathroom, walk-in robe and views.
The CBD is 10 minutes away as is the new East Perth entertainment area while local shops are five minutes away via walking along with dining options and parks.
The property is offered through Space Real Estate agent Amy Di Vincenzo.
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Riverside South Perth house listed with $4 million plus hopes

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A former LJ Hooker real estate agent has pleaded guilty to misappropriating agency trust fund money.
Tri Duc (Joseph) Ngo was charged with 302 counts relating to electronic transfers of client deposits into the bank account of a company directed by his wife while running LJ Hooker franchise offices in Melbourne's outer eastern suburbs.
Consumer Affairs Victoria agreed to strike out 143 charges as Ngo pleaded guilty before in the Melbourne Magistrates Court on Monday.
A plea hearing in the County Court is scheduled for November 8 and 9.
Ngo was required to surrender his passport, though he doesn't have one, and reside at his Rowville address.
A CAV spokesman said Ngo’s remaining charges included 125 counts of “wrongful conversion and false accounts”, which carried a maximum penalty per offence of “a term of imprisonment of not more than 10 years” or a $77,730 fine under the Estate Agents Act 1980.
His wife Truc Thanh Le (Judy) Nguyen has pleaded not guilty to similar charges.
She is due to appear at the Magistrates Court for a one-day committal hearing on November 1.
The court was previously advised about $4 million had gone missing, but some had been paid back so the total loss was $2.1 million.
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Former estate agent Joseph Ngo pleads guilty to trust fund misappropriations

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Properties in Gordon, Killara and Pymble are appealing to a wide range of buyers, according to Savills’ latest report.
It noted across the suburbs, the median house price in January 2017 was $2.3 million, over twice the average for Greater Sydney.
It advised there is a premium for being closer to the city and in close proximity to a train station.
“Killara is the most expensive with an average house price of over $2.5 million compared to West Pymble at $1.7 million," the report advised.
“House prices have experienced significant growth over the past decade, increasing by 103%, in line with the Sydney average.
“Across the suburbs, West Pymble and Pymble experienced the strongest growth with house prices increasing 113%, reducing the value gap with suburbs closer to the city.
“Strong growth has continued over the past 12 months, driven by a lack of supply across the area, with house prices across the five suburbs increasing by 13%, outperforming the Sydney average.
“Units in the area had a median value of $970,000 in January 2017, less of a premium than houses when compared to Sydney at just one third more expensive.
“Similarly to house prices, apartment values vary in price along the train line. Pymble is roughly 10% cheaper than those in Killara and Gordon.
“Growth in unit prices has been slightly more subdued than houses with an increase of 83% over the past decade.
“However, much like houses, price rises over the past year have outperformed the Sydney average with an increase of 11%,” the report stated.
Private renters are more frequent in medium density housing areas according to Savills head of research Sophie Chick.
“The proportion of private renters varies significantly across the area,” Chick says.
“Unsurprisingly, there is a higher concentration in the areas with more medium density housing.
“Gordon has the highest proportion with 22% of the residents private renting, followed by Killara with 18%.
“Conversely, just 9% of residents in West Pymble are private renters.
“Across the suburbs, the median weekly rental value was $1,200 for a house and $700 for a unit in January 2017, equating to average yields of 2.8% and 3.7% respectively,” she commented.
International buyers are an important source of demand Savills says.
“Across the five suburbs, families with children make up over half the residents, accounting for 57% compared to an average of 45% across Sydney.
“International buyers are an important source of demand for the housing market across Sydney as both owner occupiers and investors.
“Of the five suburbs, East Killara has the highest proportion of residents born overseas, accounting for 45% of the population with a particular dominance of residents from China and Hong Kong.
“Accessibility to employment locations is high priority for many house hunters.
“Residents across the area work in a number of locations, reflecting the suburbs' connectivity to major employment hubs.
“The largest employment industry for people living in the five suburbs is the professional, scientific and technology sector accounting for 18% of employees compared to an average of 10% across Sydney.
“This industry is the fastest growing in Sydney meaning the area is well placed to draw on the newly created wealth in these industries.”
Qualities that attract residents to these areas are expected to grow Savills comments.
“It is important to assess the outlook for the area in the context of the Sydney market,” the report advised.
“Factors such as low interest rates, population growth and infrastructure investment point to a positive economic outlook for NSW over the next five years.
“These factors are expected to continue to support demand for housing, particularly in Sydney.
“However, it is likely the rate of growth will slow, given the affordability pressures and the regulatory measures implemented to slow the amount of bank lending to investors.
“Across all five suburbs, the good primary and secondary schools, connectivity, high quality housing stock and open space available are expected to continue to appeal to families looking for their long-term home regardless of market conditions.
“The development of apartments and townhouses along the Pacific Highway provides a wider range of housing options, which is likely to attract a broader demographic of buyers including first home buyers, downsizers and investors.”
For more information go to Savills' home <a href="https://www.savills.com.au" target="_blank">page</a>.
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Gordon, Killara and Pymble appeal to wide range of buyers: Savills

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Dwelling approvals came in weaker than expected with a 5.6% fall in May vs market expectations of a 1.3% decline. Total approvals were down 19.7%yr.
The decline was driven by a 12.1% drop in ‘units’, with a 0.6% gain in private house approvals providing some offset. Nationally, May saw the second lowest monthly reading on high rise approvals since June 2013 – the lowest being the weather-affected read in March.
The detail points to a sharp drop in ‘high rise’ (–20%mth) concentrated in NSW and Qld where total approvals were down 16% and 10.5% respectively. 'High rise' approvals have slumped –45% vs a year ago. Other segments continued to hold up better, 'low rise' approvals down –8.4%mth, –16.5%yr and private detached houses approvals up +0.6%mth, –6.8%mth, broadly consistent with some firming in construction-related housing finance approvals. That said, all segments are down on a year ago.
All major states are also seeing total dwelling approvals down on a year ago, the one exception being SA which has seen a strong lift in recent months led by high rise approvals (though still at a very low level). Aside from this and the aforementioned weakness in NSW and Qld, total dwelling approvals lifted 4.7% in Vic and fell 8.9% in WA.
The value of renovation approvals rebounded 12.7% in May from a 15.2% drop in April but are still down 6.2%yr and trending lower.
Non res building is more promising with a 5.3% gain in the value of approvals in May maintaining a solid uptrend. Recent strength has been across a range of sub-segments including offices, retail, hotels &amp; recreation, and education.
In terms of the total value of building – new dwellings, renovations and non residential building combined – approvals are down 13.2% vs last year's peak but have risen 7.4% since the start of the year. The state split shows the pull back concentrated in NSW and Vic with other states posting a modest gain on a combined basis.
Coming back to the more specific picture around housing, the May approvals update again highlights the dominance of high rise in the current cycle with the dramatic reduction in approvals over the last year set to drive a downturn in construction.
As discussed elsewhere, our analysis suggests it will take some time yet for the turnaround to impact aggregate activity and will tend to see a longer more protracted downturn than the short sharp cycles seen in the past.
March quarter building activity data due next week will give an updated view on the pipeline, which also looks to have been impacted by weather events early in the year. 
Non high rise approvals and wider housing market conditions are an important swing factor that could amplify the downturn – so far both appear to be holding up reasonably well although the full impact of macro prudential measures and other negatives has yet to be felt.
Matthew Hassan is a senior economist for <a href="https://www.westpac.com.au" target="_blank">Westpac</a>.
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Australian dwelling approvals weaker in May: Westpac's Matthew Hassan

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The North East region of Melbourne had the highest auction weekend clearance rate, according to CoreLogic’s latest report.
The property data firm says that out of the 99 auctions known to CoreLogic the North East region achieved a clearance rate of 80.8%.
This was followed by Mornington Peninsula with 80% and the Outer East with 78%.
<a href="https://www.propertyobserver.com.au/images/2017/07/03/Screen%20Shot%202017-07-03%20at%2011.22.52%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/2017/07/03/Screen%20Shot%202017-07-03%20at%2011.22.52%20am.jpg" alt="">
A three bedroom house at <a href="https://www.realestate.com.au/sold/property-house-vic-preston-125654066" target="_blank">4 Benambra Street</a>, Preston (above) was sold over the weekend for $1.249 million.
It was last sold in 1978 for $31,000.
Similarly a three bedroom townhouse at <a href="https://www.realestate.com.au/sold/property-townhouse-vic-preston-125628474" target="_blank">1/103 Bruce Street</a>, Preston (below) was sold for $965,000 over the weekend.
Built in 2005 it was last sold in 2006 for $325,000.
<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/2017/07/03/1_103%20Bruce%20Street.jpg" alt="">
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Melbourne's North East region takes top spot in weekend auction clearance rates: CoreLogic

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Melbourne has the tightest yields for houses while Sydney has the tightest for units, according to CoreLogic’s latest index report.
The property data firm says that Melbourne’s house yield sits at 2.6%.
Sydney follows behind with a 2.8% yield while Hobart and Darwin have the highest yields for houses. 
For units Melbourne's 4.2% yield is ranked second behind Sydney's 3.7% yield.
 
<a href="https://www.propertyobserver.com.au/images/2017/07/03/Screen%20Shot%202017-07-03%20at%2012.47.15%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/2017/07/03/Screen%20Shot%202017-07-03%20at%2012.47.15%20pm.jpg" alt="">
 
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Melbourne has tightest housing yields: CoreLogic

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Interest rate hikes aimed at curbing Australia's property boom and surging household debt would likely be "very costly" to the broader economy, a leading US central banker has warned.
John Williams, president of the Federal Reserve Bank of San Francisco, says Australian house prices are "flashing red".
But he cautioned against trying to fix the problem by hiking rates.
He said they would have "very unfavourable trade-offs" - and especially high costs in terms of unemployment and inflation".
Dr Williams suggested the lack of a housing downturn, or a recession since 1991, may be making many Australians too complacent about the risks that have built up.
"A lot of our attitudes towards investment, economic phenomena, like inflation and things like that really are shaped by our lifetimes.
"If people think there's no risk, they'll take a lot of risk," he told The Australian Financial Review
"If you raise interest rates to try to maybe slow the house price build-up or debt build-up, that harms the economy, makes it harder to achieve your central bank goals of whatever your inflation target is."
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Australian housing 'flashing red'

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The Sydney region of Ryde had the highest weekend auction clearance rate, according to CoreLogic’s latest report.
The property data firm says that out of the 29 auctions known to CoreLogic in Ryde 89.7% resulted in a successful outcome.
This was followed by Sutherland with 84% and North Sydney and Hornsby with 78.1%.
<a href="https://www.propertyobserver.com.au/images/2017/07/03/Screen%20Shot%202017-07-03%20at%2011.22.44%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/2017/07/03/Screen%20Shot%202017-07-03%20at%2011.22.44%20am.jpg" alt="">
A three bedroom house at <a href="https://www.realestate.com.au/sold/property-house-nsw-ryde-125644950" target="_blank">2 Adam Street</a>, Ryde (above) was sold over the weekend for $1.903 million.
It previously sold in 2015 for $1.46 million and again in 2010 for $700,000.
Similarly a two bedroom unit at <a href="https://www.realestate.com.au/sold/property-unit-nsw-ryde-125668754" target="_blank">4/16-18 Belmore Street</a>, Ryde (below) was sold over the weekend for $672,000.
<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/2017/07/03/4_16-18%20Belmore%20Street.jpg" alt="">
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Ryde achieves 89% weekend auction clearance rate: CoreLogic

A trio of Queensland property groups have unveiled plans for a $300 million mixed-use redevelopment of the former Noosa Bowls Club site, a proposal that would deliver more than 200 new homes in one of the Sunshine Coast's most supply-constrained markets.

Kilter Property, Frank Developments and Calile Malouf Investments are behind the plans for the 1.8-hectare site at <a href="https://www.apartments.com.au/new-apartments/99-noosa-drive-noosa-heads-qld-4567">99 Noosa Drive</a>, which would transform the long-vacant site into a new residential precinct featuring 208 apartments, retail, hospitality and public space.

The proposal comes as Noosa continues to grapple with housing affordability and a shortage of permanent accommodation, particularly for key workers. The site's location in Noosa Junction, close to shops, public transport and employment, aligns with the direction of Noosa Council's Housing Strategy, which encourages higher-density housing within established activity centres rather than continued urban expansion.

The draft plans include 48 affordable-by-design apartments and 48 rooming accommodation units aimed at key workers. Around 2,000 sqm of ground-floor retail and food and beverage space would activate the street frontage, alongside a new public town square and landscaped open space.

<img alt="Noosa" data-entity-type="file" data-entity-uuid="2dd02f53-1360-4e51-801e-bfd61a6c980e" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-06-26%20at%208.44.34%E2%80%AFPM.png?VersionId=x1iNs3BSMN6Jy7YUwaBZMHRrrKX2hMpy" />

&nbsp;

Frank Developments Founder and Director Frank Licastro said the development would continue the company's focus on architecturally-led residential projects while addressing one of the region's biggest challenges.

"Not only will this project exude a sense of luxury, it will also enhance not only the built environment but also the surrounding community," Licastro said.

"Noosa's success relies on the people who live and work here. Providing well-designed accommodation for key workers is critical to supporting the local economy and ensuring the Shire can continue to thrive."

Kilter Property Co-Founder Huw Williams said the focus was on delivering additional permanent housing while creating a mixed-use destination that benefits both residents and the wider community.

"Our focus is on delivering a well-considered mixed-use project that provides more permanent housing options, supports local workers and businesses, and delivers an exceptional product for the local market," Williams said.

"The redevelopment vision aligns with the long-term evolution of Noosa Junction as a vibrant activity centre, creating a destination that enhances the area's character while delivering significant economic and community benefits."

Calile Malouf Investments, best known for its role in Brisbane's James Street precinct and The Calile Hotel, will bring its place-making experience to the project. The company recently commenced construction on The Calile Noosa hotel and says the residential development will complement its growing investment in the region.

CMI Director Cal Malouf said the aim was to create a walkable precinct combining housing, retail and hospitality while remaining true to Noosa's character.

"We see a similar opportunity in Noosa to deliver a vibrant, walkable destination that combines exceptional housing, hospitality and retail in one integrated project," Malouf said.

Brisbane-based Cavill Architects has been appointed to design the project.

Joel Robinson

Noosa Bowls Club to be redeveloped into mixed-use apartment precinct

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.

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.

Staff reporter

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