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Annual inflation has crept back into the Reserve Bank of Australia's 2-3 per cent target range for the first time in 3 1/2 years after a jump in education, health and transport costs.
CBA noted inflation is essentially comfortable.
"To be more precise, inflation has bottomed, and is lifting - albeit at a very modest pace.
"In fact inflation has only crept into the lower end of the Reserve Bank’s target 2-3 per cent inflation band for the first time in 2½ years."
Justin Smirk at Westpac noted rising fuel prices were there, as was the usual seasonal bump in education and health as well as the jump in power bills.
"And we did see a bit of a lift in dwelling prices (which now includes attached dwellings) associated with strong jumps in Sydney and Brisbane which added to the expected lift in electricity prices.
"However, as we noted in our preview, there was clear risk that the recent appreciation in the AUD, along with intense competition in the retail space, would limit the upside risks and, in fact, could present some downside risks to our forecasts.
"In the end this came through with falling prices for clothing &amp; footwear household contents and services, car prices, audio visual &amp; computing &amp; international travel.
"All up core inflation rose just 0.4%qtr/1.8%yr with a six month annualised pace of just 1.8% year," he noted.
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j.ballantyne1990-6AQqhLzZaK

Inflation picks up in March 2017 quarter

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Listed financial services provider Thorn Group has agreed terms on a lease for office space in Melbourne’s Richmond, at a rate the leasing agents say is the the top rate in the area.
The 577 Church Street property was let at $151,000 per annum net, on a three-year term with a further option of two years. 
The leasing agents were Teska Carson’s Fergus Evans and Luke Bisset along with Colliers’ Tom Rothel.
Evans said the rental, at a rate of $500 per square metre was, with one other Cremorne Street property, the top rate in the area.
"This is an immaculate office space with panoramic city views in one of the most sought after inner suburban or fringe office markets in Melbourne and that was reflected in what is currently the highest square metre rental rate in Richmond,” said Evans.
“The grand foyer, large boardroom, roof top garden or balcony and 180 degree views, along with the open plan area and separate partitioned offices, secure access and car parking make this a highly attractive property.’’ Evans said. 
The 300 square metre property is in the heart of Richmond’s café and fashion precincts and provides easy access to public transport.
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Thorn Group takes office lease in Melbourne's Richmond 

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Weakness in discretionary spending habits of consumers continues and looks set to stay in place throughout 2017, according to Herron Todd White’s latest report.
The property valuation firm says that retail owners remain under pressure to maintain occupancy in their assets, with evidence of increasing incentives in this market.
"Vacancy rates increased across the board throughout the last year however remain lowest in the Hay and Murray Street Mall locations, followed then by regional shopping centres.
There is however an increasing trend towards tenants on short term leases, holding over and pop-up style shops," the report stated.
HTW advises that construction activity in regional and sub-regional sector will need to increase over the coming years.
"Over the next few years construction activity across the regional and sub-regional centre sector will need to increase as owners seek to grow and reposition their assets," the report advised.
Retail as an asset class is in the midst of a changing paradigm with many assets under utilised or failing to meet the expectations of consumers.
The integration of better child care, office, health and entertainment offerings needs to be considered to keep assets front of mind for the ever more discerning consumer.
"However increasing vacancies, stagnant or declining rents along with a moderating population growth have created more uncertainty for the timing of some of the mooted major centre expansions.
Recently, rising neighbourhood centre space combined with subdued demand has caused rental rates to deteriorate.
Neighbourhood centre rents declined by approximately 10% during 2016 to average around $600 per square metre.
Retail as an asset class remains on the radar for many investors (institutional, syndicates and private high net worth individuals) as it provides a relatively secure cash flow or upgradable investment options," the report stated.
This has resulted in investors accepting lower internal rates of return which is flowing into tighter yields for quality assets.
“We have noted a marked increase in eastern states based private investors who are willing to accept far lower yields for assets than local investors are prepared to accept,” the report stated.
The focus of the next WA government needs to be on investment in infrastructure which will support the shift from Perth being a mining headquarters to becoming a bona fide tourist destination.
"With that investment from government will come private development opportunities in the form of hotels and tourism based centres which will in turn drive the demand for world class retail opportunities, which will be the impetus to trigger retail expansion.
Government and industry need to work together on this solution otherwise the outlook for retail in Perth on the whole will remain bleak," the report advised.
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Perth retail market continues to experience increasing vacancy rates: HTW

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The NSW Government plans for the next section of Barangaroo’s public domain have been revealed, with forthcoming features set to include a new Sydney Harbour cove, a one-hectare public park, an expanded waterfront walkway and a public pier. A proposal released by the Barangaroo Delivery Authority fulfills its commitment to delivering more than half of Barangaroo as open public space, and completes the design of the two hectares dedicated to Barangaroo South.
<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/2017/04/26/Barangaroo4.jpg" alt="" width="368" height="230">
Chief executive officer of the Barangaroo Delivery Authority, Craig van der Laan, remarked that the designs are an exciting proposal for the creation of more beautiful public spaces at Barangaroo, which will be of enormous benefit to the people of Sydney.
“The new harbour cove and public park represent the next step in the extraordinary transformation of Barangaroo from a 22-hectare concrete container terminal into a world class, vibrant waterfront precinct,” he said in a statement. 
Lendlease will construct the public space, which is due to open in 2021. Landscape architects Grant Associates, who designed Gardens by the Bay in Singapore, have created the park and garden design.
The design includes Waterman’s Cove, a fully-accessible amphitheatre-style boardwalk on the water. It also includes the extension to Wulugul Walk around the Crown Sydney Hotel Resort. 
<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/2017/04/26/Barangaroo3.jpg" alt="" width="372" height="238">
 The one-hectare Hickson Park will provide a green link from the CBD into the heart of Barangaroo’s retail and dining precinct.
Architect and design adviser, Bob Nation AM, who has overseen the design development, added that the plans provide extensive public benefit and a completely different park experience to Barangaroo Reserve and the waterfront parkland proposed for Central Barangaroo.
“The Reserve catches a lot of direct sun, as will the western-facing parklands in Central Barangaroo. Hickson Park will get the northern sun in winter, but will be more sheltered from the wind and the hot western sun in summer,” he said.
<a href="https://www.propertyobserver.com.au/images/2017/04/26/Barangaroo5.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/2017/04/26/Barangaroo5.jpg" alt="" width="370" height="262">
According to Lendlease's managing director of Barangaroo South, Rob Deck, the business is delighted to be working with the Authority on the next important stage of Barangaroo.
“Grant Associates will bring their extensive international expertise to create a truly exceptional public space,” he said.
A Development Application will be lodged with the Department of Planning and Environment, and be available on public exhibition as part of the planning process.
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NSW Government reveal plans for new harbour cove and public park at Barangaroo

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GUEST OBSERVER
This year is the United Nations’ International Year of Sustainable Tourism for Development. UN World Tourism Organisation Secretary-General Taleb Rifai declared it gave: "A unique opportunity to advance the contribution of the tourism sector to the three pillars of sustainability – economic, social and environmental, while raising awareness of the true dimensions of a sector which is often undervalued."
Sustainable tourism comes from the concept of sustainable development, as set out in the 1987 Brundtland report. Sustainable development is:
"A development which meets the needs of current generations without compromising the ability of future generations to meet their own needs.
British environmental activist George Monbiot argued that, over the years, sustainable development has morphed into sustained growth. The essence of his argument is that little resolve exists to go beyond rhetoric. This is because environmental crises require we limit the demands we place on it, but our economies require endless growth.
At the moment, economic growth trumps environmental limits, so sustainability remains elusive.
What is sustainable tourism?
Tourism is important to our efforts to achieve sustainable development. It is a massive industry, and many countries rely on it for their economies.
In 2016, more than 1.2 billion people travelled as tourists internationally, and another 6 billion people travelled domestically.
According to the UN World Tourism Organisation, sustainable tourism is:
"Tourism that takes full account of its current and future economic, social and environmental impacts, addressing the needs of visitors, the industry, the environment and host communities."
Following on from Monbiot’s criticism, we might ask if efforts are directed at “sustaining tourism”, or instead harnessing tourism for wider sustainable development goals.
No place is off the tourism circuit
Looking at some of the tourism trouble spots, complacency is not called for.
Venice residents have accused tourists of “destroying their city”. Barcelona’s government has passed legislation to limit new tourist accommodation. The Galapagos sees mass tourism’s arrival threatening the iconic wildlife that attracts visitors.
No place is off the tourism circuit, so tourism grows with few limits. Ironically, tourists even want to tour Antarctica to see its pristine environment before it disappears (“last-chance tourism”). This is despite their impacts contributing to global warming and threatening this last wild place.
It is difficult to get a complete picture of the impacts of tourism because no-one is working to build a comprehensive view. So, insights are fragmented.
While we might be sceptical that UN “years” are often more rhetoric than real, we can nonetheless seize the opportunity to make tourism more sustainable.
How can tourism be made more sustainable?
Tourism can be made more sustainable through several achievable measures. Some look to technological solutions so we can continue business as usual. Others highlight conscious consumerism and ideas like slow travel.
But in a world in which growing populations with endless consumer demands are pitted against a fragile environment, we require more concerted effort.
1) Governments must implement policies that foster sustainable development by overcoming the growth fetish. Tourism then should be developed only within sustainable development parameters. Governments must tackle the environmental limits to growth and climate change challenges we confront. Tourism development requires integrated planning. So, we need the government tourism authorities – such as Tourism Australia or state tourism commissions – focused equally on integrated planning as the marketing they currently emphasise.
2) Consumers should be educated for responsible travel choices. For example, few realise that all-inclusive resorts result in economic benefits from tourism leaking out of the host economy back to the home economies of the big multinationals and corporations that often own such resorts (think Club Med). Civics education in schools could educate for responsible travel.
3) Local communities, often treated as only as one stakeholder among the many, must have a right to participate in tourism decision-making and have a say on if and how their communities become tourism destinations.
4) Workers of tourism must have their rights respected and given decent conditions. Tourism should not be allowed to continue as a low-wage and precarious source of employment.
5) The tourism industry needs to assume greater responsibility, submitting to local tax regimes and regulations so its presence builds thriving communities, rather than undermining them. This is increasingly essential as a social license to operate. The industry should also educate its clients on responsible tourism.
6) Non-governmental organisations are essential for reporting on the abuses of tourism, including land grabs, human rights abuses, community opposition and corruption.
Harnessing these essential stakeholders in a rigorous agenda for sustainable development, rather than sustaining tourism, would make the UN’s “year” more meaningful.
 
Freya Higgins-Desbiolles is affiliated with the Centre for Tourism and Leisure Management, University of South Australia. She can be <a href="https://theconversation.com/profiles/freya-higgins-desbiolles-181651" target="_blank">contacted here</a>.
 
 
 
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Tourism industry grows without restriction – but there are ways to curb its environmental damage

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Commercial property prices have continued to rise by more than rents, and yields have now reached historically low levels, according to RBA’s Financial Stability Review 2017.
Nonetheless, yields on Australian commercial property remain higher than in many overseas property markets and other asset classes, which has attracted investors, including foreign buyers, it noted.
<a href="https://www.propertyobserver.com.au/images/2017/04/19/Graph%202.8.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/2017/04/19/Graph%202.8.jpg" alt="">
The current heightened commercial property valuations may leave some leveraged investors vulnerable to subsequent price declines.
In particular, if global interest rates were to increase more quickly than investors currently anticipate or demand from foreign or domestic investors were to decline, a consequent price decline may lead leveraged property investors to breach loan-to-valuation covenants on bank debt.
They would then be required to inject additional equity to support their loan facilities, which may prompt further sales and price declines if they were unable to do so.
Like residential property markets, conditions in commercial property markets vary significantly by state and type of asset.
Investor demand is strongest in Sydney and Melbourne, and for office and industrial properties.
In Sydney and Melbourne, prices for office property are rising, and growth in rents has increased in recent months due to strong tenant demand.
In Brisbane, office prices are rising at a much slower rate, while prices in Perth are flat. Office vacancy rates are elevated in Brisbane and Perth (Graph 2.9).
<a href="https://www.propertyobserver.com.au/images/2017/04/19/Graph%202.9.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/2017/04/19/Graph%202.9.jpg" alt="">
There is some evidence that conditions in the prime-grade Brisbane and Perth office markets may be stabilising, though this appears to have come at the expense of secondary-grade markets where the outlook remains weak.
Falling rents and increasing vacancy rates have motivated tenants to relocate into better quality office spaces.
Accordingly, prime-grade tenant demand picked up in Brisbane over the past six months, while in Perth analysts generally expect the vacancy rate in prime-grade office property to stabilise, with little new supply forecast to come on line over the next couple of years.
Conditions in industrial and retail commercial property markets also vary by city. Stronger local economic conditions and infrastructure investment have supported tenant demand in the Sydney and Melbourne industrial markets, and rent growth has picked up noticeably in Sydney.
Conditions in Brisbane may be stabilising, while rents in Perth continue to fall.
In retail property markets, tenant demand has been soft nationally.
In 2016, APRA reviewed banks’ commercial property lending practices, including lending for residential development.
The review examined banks’ underwriting standards and portfolio controls.
Among other things, the review found evidence at some ADIs of weak underwriting standards and that the ability of lenders’ boards to monitor the risk profile of lending was hampered by inadequate information systems.
Over the past six months, banks have tightened their commercial property lending standards and growth in banks’ commercial property exposures has slowed, due primarily to slower growth in lending for residential and land development (Graph 2.10).
<a href="https://www.propertyobserver.com.au/images/2017/04/19/Graph%202.10.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/2017/04/19/Graph%202.10.jpg" alt="">
A decline in Australian banks’ commercial property exposures has been offset by an increase in Asian banks’ commercial property exposures (Graph 2.11).
<a href="https://www.propertyobserver.com.au/images/2017/04/19/Graph%202.11.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/2017/04/19/Graph%202.11.jpg" alt="">
Find the RBA's latest Financial Stability Review 2017 <a href="https://www.rba.gov.au" target="_blank">here</a>.
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Commercial prices continue to rise more than rents: RBA

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A parcel of 24 rural properties located in Victoria’s agricultural region of Colac Otway is being marketed by CBRE Agribusiness. 
Located between Geelong and Portland, the portfolio consists of properties ranging in size from 30 hectares to 240 hectares, including some harvested properties that will be available for purchase with vacant possession.
Comprising around 2,600ha of freehold land, it is currently planted to Eucalyptus Globulus.
CBRE’s Peter and Jarrod Ryan are marketed the properties. 
According to Peter, the portfolio represented an outstanding opportunity to acquire attractively priced land in a reliable, high rainfall agricultural region.
“Previous to its current use as a timber plantation, the properties were utilised for either high value dairy or grazing – and provide significant scope for reversion to these uses,” he said.
“Alternatively, post-harvest, the properties are suitable to replant to a range of timber species, with their location ideal for plantation management being situated within haulage range to export ports at Geelong and Portland, and also close to processing facilities at Colac, Geelong and Portland.”
The Otway Portfolio is being offered for sale either as a portfolio, individual properties or any combination to suit requirements.
Asset manager New Forests Asset Management is also seeking to enter into sale and leaseback arrangements with the purchaser, retaining management of the properties until the conclusion of each harvest.
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Timber opportunity in prime Victorian forests

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Westpac has raised the fixed rates attached to nearly all of its interest only packaged loans.
The bank lifted fixed rates by up to 30 basis points, with interest only rates for owner occupiers now on par with the rates available to investors. 
Owner occupiers on interest-only fixed loans will be the hardest hit — iincreasing rates by 30 basis points across 1, 2, 3, and 5 year fixed deals.
Westpac’s sister banks St.George, BankSA and Bank of Melbourne also joined the rate hike with increases of up to 25 basis points.
A small number of four year fixed rates were slashed however, with 25bp being the most generous cut among them. 
This news comes after CommBank hit investors across 14 of its mortgage products last Friday, with hikes of up to 0.50 basis points.
Last month Westpac increased its variable home loans interest rates for: 
<ul>
<li>Owner occupiers customers by 0.03% to 5.32% per annum with principal and interest repayments (comparison rate 5.46% per annum*)</li>
<li>Owner occupiers customers by 0.08% to 5.49% per annum with interest only repayments (comparison rate 5.63% per annum*)</li>
<li>Residential investment property loan rate customers by 0.23% to 5.79% per annum with principal and interest repayments (comparison rate 5.93% per annum*)</li>
<li>Residential investment property loan rate customers by 0.28% to 5.96% per annum with interest only repayments (comparison rate 6.01% per annum*)</li>
</ul>
 
Comparison site finder.com.au found the likely <a href="https://www.finder.com.au/bank-interest-rates" target="_blank">average home loans rates</a> (below).
They compared the <a href="https://www.finder.com.au/cheapest-home-loans" target="_blank">cheapest home loan rates available</a> and found UBank have the lowest interest rates at 3.74 percent.
<a href="https://www.propertyobserver.com.au/images/2017/04/26/Finder%20home%20loans.jpg" target="_blank">Click here 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/2017/04/26/Finder%20home%20loans.jpg" alt="" width="614" height="184">
Mozo have too <a href="https://mozo.com.au/home-loans/fixed-rate" target="_blank">compared the best fixed rate home loans</a>, suggesting CUA offer the lowest interest rates at 3.84 percent.
In a ratecity.com.au's '<a href="https://www.ratecity.com.au/home-loans" target="_blank">Todays top loans section</a>', Beyond Bank offers a rate of 3.88 percent.
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Westpac raise interest-only fixed rates for owner occupiers and investors

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Fresh data from PRDnationwide has indicated that the Coolangatta property market cooled during the final quarter of 2016, having recorded growth in median house price of just 1.0%, and unit prices experiencing a reduction of 4.2%. As one of the earliest settlements on the Gold Coast, Coolangatta is located approximately 29 kilometres from the Gold Coast CBD. Its predominant demographic is singles and home sharers between the age of 35 and 44.
During this period, Coolangatta properties received a median house price of $600,000 and a unit price of $445,000. Comparatively, median house prices in the nearby Gold Coast City region grew by 7.0% to $610,000 and unit prices lifted by 3.9% to $400,000.
<a href="https://www.propertyobserver.com.au/images/2017/04/19/coolangatta%20graph.png" target="_blank">CLICK TO ENLARGE</a>
<a href="https://www.propertyobserver.com.au/images/2017/04/19/coolangatta%20graph.png" target="_blank"><img src="https://www.urban.com.au/images/2017/04/19/coolangatta%20graph.png" width="700" height="512"></a>
Ongoing project development in Coolangatta and its surrounding suburbs for the first half of 2017 is valued at approximately $19.6 million, of which more than half (57.7%) is to be spent on residential dwellings. This is followed by infrastructure (25.5%) and mixed use developments (10.2%).
Positively, rentals in Coolangatta recorded a very low average vacancy rate of 0.3% throughout December 2016, with the low rate suggesting that there is consistent high demand for rental properties, in turn signifying a healthy investment environment.
Median rent for units in Coolangatta has enjoyed a rising trend over the past year, sitting at $413 per week in the final quarter of 2016. House rent has experienced a slight decrease to $480 per week.
The average amount of days rental properties have sat on the market has stayed under 31 days over the past year, with houses currently sitting at a low 24 days and units at 19 days.
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Coolangatta property market cooled in late 2016: PRDnationwide

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The NSW Central Coast's strongest performing locations - both now and for the past several years - has been the peninsula suburbs at the southern end of the region, according to Herron Todd White’s latest report.
The property valuation firm says that included Umina Beach, Woy Woy and Ettalong with records being set and broken in very short periods of time.
"Almost daily, we talk to people and hear the surprise at the prices being paid," HTW's latest report noted.
"These areas have been around forever.
"Originally a holiday or retirement destination, this has been evolving over the years to become popular with first home buyers or those looking at a lower cost base.
"Nowadays, these areas have become a magnet for renovators, value adders with those looking to exit the Sydney market finding these areas particularly attractive due to the comparative level of affordability," the report stated.
It’s this exodus from the Sydney market that is seen to be driving the values in these locations.
"Regularly, we are seeing prices rocketing past the $700,000 mark when the same property could have been purchased for much less just a few short years ago.
A three bedroom villa at <a href="https://www.realestate.com.au/property-villa-nsw-ettalong+beach-125076934" target="_blank">3/30 Flounder Road</a>, Ettalong Beach (above) has been listed with a price guide of between $675,000 to $725,000.
Similarly a four bedroom house at <a href="https://www.realestate.com.au/property-house-nsw-woy+woy-124940918" target="_blank">35 Pratley Street</a>, Woy Woy (below) has been listed with a price guide of between $670,000 to $735,000.
<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/2017/04/20/35%20Pratley%20Street.jpg" alt="">
"Knowing this, established locals are reluctant to pay the asking prices, but for every hesitant local, there is a new resident eager to step in," the report noted.
$700,000 nowadays will secure a 2-to 3-bedroom fibro dwelling close to the shops and beach or a mid 1970s style, 3-bedroom brick and tile a little further from the shops," the report advised.
Renovations are aplenty and the builders are happy.
"The peninsula has always had a love affair with backyard granny flats, mostly in the form of a converted garage and some even being council approved.
But recently, they have been popping up everywhere and granny flat builders are flat out.
These are particularly popular with investors who in many cases are effectively doubling the income received from a property.
"Whether the proliferation of granny flats is good for the area remains to be seen, but we have been saying for some time now that the increasing values have passed the point of being sustained on an ongoing basis and we still believe this to be the case," the report stated.
"The market moves on without waiting and whilst we can worry about the future of the peninsula’s values, a flow on effect is being seen in other areas further along the coastal strip and at this stage, we haven’t heard any complaints of things getting out of hand.
“In this regard, we see the older areas on the fringe of the Gosford CBD as being the big winners.
"This includes areas such as Narara, Niagara Park and Wyoming,” the report stated.
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NSW Central Coast granny flats doubling investor income: HTW

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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