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The auction of 11 vacant blocks by Wesley College in Rose Street, Glen Waverley, last Saturday achieved an ‘’unprecedented result’’ for Barry Plant Glen Waverley.
The blocks of between 700 and 750 square metres on a two hectare site sold for an average $1.2 million each. The land had never been used for school purposes and was originally an orchard.
The sale – possibly the suburb’s largest land release - came five months after the college dumped plans for an 84-apartment complex abutting its Glen Waverley campus.
Most of the buyers were families and international buyers. However, agent Adrian Santini said one or two were bought by developers to build display homes. A further 11 blocks was sold to home builder Metricon prior to Saturday’s auction.
Rose Avenue is 500 metres from Centro The Glen, Glen Waverley station and Glen Waverley Secondary College.
“It was unprecedented,’’ Santini said. ‘’We had more than 600 people crammed into a massive marquee which we had set up for the occasion with 15 staff members lined up to handle questions and the paperwork.
‘’The blocks all sold within about 40 minutes, all achieving prices more than 25% above the average for a similar property in the area.
“They even sold for more than established homes on larger blocks.” The suburb’s median house price is $727,000, with the agent theorising that, as the original 22 blocks was reduced to only 11 after the Metricon sale, the supply/demand equation pushed prices up further.
“The majority of buyers were definitely families wanting to build in the area which is so close to excellent local schools and all amenities,” Santini says.
Barry Plant Group founder and market commentator, Barry Plant, said the whole of the property market had their eyes on the sale. “Glen Waverley has evolved to become one of Melbourne’s most sought after suburbs, and the results of the auction shows this is where the real action is in the property market.” 
 
Melbourne’s house clearance rate on the weekend was 77%, with a median price of $771,000 and the total value of properties sold at $239,320,050.
Two hundred and two flats/apartments achieved a clearance rate of 73%, with a median of $522,750 and a total value sold at $82,354,670.
The sale of 17 blocks of land achieved a clearance rate of 76%, with a median price of $1,180,000 and the total value sold at $14,103,500.
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Snapped up - 11 vacant blocks sold by Wesley College in Rose Street, Glen Waverley

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What will $1 million buy you in Melbourne versus Sydney?
It sounds a lot and, not long ago, the magical number would conjure up visions of luxury estates with grand living rooms, large gardens and perhaps a pool.
Today, that figure is more pedestrian, but it will get you into comfortable digs across a range of property types – from an inner suburban terrace to a beachside townhouse to a semi-rural three-bedder.
Recently Dr Andrew Wilson, the senior economist at Australian Property Monitors, suggested million-dollar median house price suburbs were the “meat and potatoes" of Sydney housing.
Here’s a small selection of what to expect on the house hunt... $1 million give or take a little on either side.
VICTORIA
<a target="_blank" href="https://www.realestate.com.au/property-house-vic-fitzroy-114208315">62 Young Street, Fitzroy</a> (pictured below)
In this inner Melbourne suburb a single fronted rather forlorn looking ‘’prime Victorian’’ was sold for $1.12 million last month.
Off cosmopolitan Gertrude Street, the three bedroom/two bathroom house has two street frontages and a second level extension with studio loft. It has open plan living/dining, central bathroom with spa, mezzanine retreat, courtyard and garage.
It’s close to schools, transport, Brunswick and Smith Street, restaurants, cafes and shops.
<img height="353" width="470" src="/images/stories/2013/08/fitzroy_aug_15_one.jpg" alt="fitzroy_aug_15_one">
<a target="_blank" href="https://www.realestateview.com.au/Real-Estate/155-roseneath-street-clifton-hill/Property-Details-sold-residential-5782531">155 Roseneath Street, Clifton Hill</a> (pictured below)
Just over $1 million bought this solid brick double-fronted three bedroom home in the Yarra Bend precinct.
It has a north-facing backyard with laneway access.
Features are hydronic heating and air-conditioning.
The property near parks, bike trails and train station has a living room, lounge/meals area, new stone kitchen, bathroom with spa, powder room, huge laundry. Living rooms have open fireplaces, polished floorboards and decorative ceilings.
<img height="313" width="470" src="/images/stories/2013/08/clifton_hill_aug_15_one.jpg" alt="clifton_hill_aug_15_one">
 
<hr class="system-pagebreak">
<a target="_blank" href="https://www.realestateview.com.au/Real-Estate/20-gilbert-grove-bentleigh/Property-Details-sold-residential-5790447">20 Gilbert Grove, Bentleigh</a> (pictured below)
This modernised Art Deco house sold for $1,090,000 recently.
It has four bedrooms and two bathrooms, lounge and dining rooms, and lots of entertaining space.
There are leadlights, ornate ceilings and picture rails. The granite kitchen has Ilve and Bosch appliances, and the living and meals area opens to a covered alfresco area and heated pool/spa.
Features are ducted heating and airconditioning, sunblinds, shed and driveway.
In the Brighton Secondary College zone, the house is walking distance to the Centre Road shops, bus and Allnutt Park.
<img height="313" width="470" src="/images/stories/2013/08/bentleigh_aug_15_one.jpg" alt="bentleigh_aug_15_one">
<a target="_blank" href="https://www.realestateview.com.au/Real-Estate/22-rankins-road-kensington/Property-Details-sold-residential-5785749">22 Rankins Road, Kensington</a> (pictured below)
The former Flemington &amp; District Dispensary, a Kensington landmark since 1915, sold for $997,500.
Now a house its ornate ceilings, leadlight windows, open fireplaces and polished floors reflect the elegance of the era.
A series of renovated spaces includes a spacious central Living area downstairs, study, kitchen/dining room and a landscaped garden. Upstairs are three bedrooms and a stylish bathroom.
Features are hydronic heating and off-street parking. The village and transport are nearby.
<img height="313" width="470" src="/images/stories/2013/08/kensington_aug_15_one.jpg" alt="kensington_aug_15_one">
<a target="_blank" href="https://www.realestateview.com.au/Real-Estate/47-15-beach-road-hampton/Property-Details-sold-residential-5769173">47/15 Beach Road, Hampton</a> (pictured below)
This first floor apartment in a beachside complex sold for $1,080,000.
This class act has a north-east aspect featuring expansive open plan living and dining, stone kitchen with Miele appliances and walk-in pantry.
It has three large bedrooms with robes, study/fourth bedroom, two stone bathrooms and alfresco terrace.
Extras are video intercom, lift, ducted heating/cooling, two basement car parks and storage cage. Residents can use the indoor pool, gym and communal outdoor areas.
<img height="313" width="470" src="/images/stories/2013/08/hampton_aug_15_one.jpg" alt="hampton_aug_15_one">
 
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NEW SOUTH WALES 
<a target="_blank" href="https://www.realestateview.com.au/Real-Estate/15-dean-street-strathfield-south/Property-Details-sold-residential-5779879">15 Dean Street, Strathfield South</a> (pictured below)
Spot on the million is deceased estate ‘Pal 'O Mine’, a brick and tile Californian bungalow on the market through the original owners for the first time since 1925.
It has three bedrooms, lounge room with fireplace, dining room, family/sunroom and north facing backyard. 
It has an original kitchen, bathroom and laundry. Features include decorative ceilings, verandah, architraves, side driveway and single garage. The north facing block is close to shops, schools and bus.
<img height="353" width="470" src="/images/stories/2013/08/strathfield_aug_15_one.jpg" alt="strathfield_aug_15_one">
<a target="_blank" href="https://www.realestateview.com.au/Real-Estate/5-keldie-street-forestville/Property-Details-sold-residential-5813901">5 Keldie Street, Forestville</a> (pictured below)
This archetypal cream brick veneer sold for $1,060,000.
‘Family’ is writ large here with multiple living and alfresco areas. 
A casual dining space opens to an entertainers' deck and the family room opens to a balcony. The kitchen’s European appliances include a gas stove and dishwasher. 
There are three bedrooms and two bathrooms, oversized garage, high ceilings, timber floors and alarm. The 897 square metre block has landscaped gardens and pool.
Nearby are parks, schools, buses and beaches.
 
<img height="313" width="470" src="/images/stories/2013/08/forestville_aug_15_one.jpg" alt="forestville_aug_15_one">
<a target="_blank" href="https://www.propertyobserver.com.au/https://www.mcgrath.com.au/buy/house-sylvania-nsw-2224/145772">36 Essington Crescent, Sylvania</a> (pictured below)
An offer of $950,550 bought this family home with self-contained accommodation on both levels.
At entry level is access without needing stairs, and two bedrooms with built in wardrobes.
A rumpus area with fire place opens to a balcony, kitchenette and laundry with shower and toilet.
Upstairs is a lounge room with air conditioning, balcony, three bedrooms with built-in wardrobes and an en suite to the main bedroom.
There’s a modern bathroom, kitchen with ample cupboard space, and dining area opening to a second balcony overlooking the resort-style backyard.
<img height="313" width="470" src="/images/stories/2013/08/sylviana_aug_15_one.jpg" alt="sylviana_aug_15_one">
 
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<a target="_blank" href="https://www.realestateview.com.au/Real-Estate/38-dorothy-street-wentworthville/Property-Details-sold-residential-5790819">38 Dorothy Street, Wentworth</a> (pictured below)
On a large block in the Dorothy Mount area, this two level house sold for $980,000.
Billed ‘’as-new’’ it has a spacious main bedroom with en suite and walk in wardrobe, lounge room and dining areas.
The kitchen has stainless steel appliances, gas cooking and stone bench tops.
A large lounge room and rumpus room downstairs opens out to an alfresco.
A second kitchen and bathroom are downstairs.
Features are air conditioning, alarm and intercoms.
The double garage has internal access and there’s under-house storage space.
A built in barbecue is on the tiled alfresco area.
<img height="353" width="470" src="/images/stories/2013/08/wentworth_aug_15_onw.jpg" alt="wentworth_aug_15_onw">
<a target="_blank" href="https://www.realestateview.com.au/Real-Estate/milburn-road-gymea/Property-Details-sold-residential-5858475">36 Milburn Road, Gymea</a> (pictured below)
On a near level block of 948 square metres with a 25 metre frontage this house sold for $980,000 last month.
The spacious single level brick house has four bedrooms, the main bedroom with en suite.
There are two living areas, open plan kitchen and dining room. The property is near cafes, restaurants and the station.
It has a huge north east facing backyard, covered entertaining area, double garage, and extra off-street parking.
Wide side access has potential for dual occupancy, subject to approvals.
<img height="313" width="470" src="/images/stories/2013/08/gymea_aug_15_one.jpg" alt="gymea_aug_15_one">
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What can a $1 million or so buy in Melbourne and Sydney?

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Voyeuristic interest in what has been tipped to be Australia’s most expensive house listing has prompted the on-line betting agency Sportsbet to run an opportunist book on its eventual sale price.
Its on the website's <a href="https://www.sportsbet.com.au/betting/novelty-bets/australias-most-expensive-house" target="_blank">novelty offerings</a>.
The initial betting odds followed gushing articles on the listing in both the Fairfax and News Ltd Sydney papers.
The luxury property on Carrara Road, Vaucluse is reportedly listed for $60 million but the betting agency says that’s a long shot and has made that enormous figure the outsider in the market at $9.
Attracting more interest is a figure of $45 million-$49 million at $2.80.
Other price options in the market include between $40 - $45.9 million at $3.50, $50 - $54.9 million at $3.75, under $40 million at $4.50 and $55 - $59.9 million at $6.00. “Anyone down the street would fall over themselves if they got offered $45 million, but in this case we are tipping that the owners may have to settle on it and their price tag of $60 million is an outside chance,” sportsbet.com.au’s Shaun Anderson says.
It's not the first property to attract betting as it occured very briefly when Shane Warne's Brighton house hit the market last year. The betting offering was withdrawn shortly after its blaze of publicity.
Yesterday, a poll of Property Observer readers thought the Carrara Road house sale would not top the Australian record of $57.5 million paid for a sprawling Mosman Park property compound beside the Swan River in Perth.
It was bought by mining magnate Chris Ellison from heiress Angela Bennett in 2009, at well below its original asking price of $70 million.
Earlier this year, after years on the market, one of Sydney's most prestigious waterfront mansions, Altona in Point Piper, sold for an estimated $52.5 million. Will 6 Carrara Road become the most expensive house in Australia? $1.20     No $3.75     Yes               
How much will 6 Carrara Rd sell for?
$9.00     $60 Million or more
$6.00     $55 - $59.9 Million
$3.75     $50 - $54.9 Million
$2.80     $45 - $49.9 Million
$3.50     $40 - $45.9 Million
$4.50     Under $40 Million 
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Official voyeuristic betting on the Carrara Road, Vaucluse harbourfront $60 million prospects

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Australian listed infrastructure was the best performing asset class over the year to June with an annualised return of 21.7% per annum.
This is reflected in the Property Council/IPD Australia All Property Index Q2 results which show a total return of 9.1% for the year ending June 2013.
This is comprised of a 7.3% income return and 1.7% capital return.
The results represent a marginally lower total return compared with the previous quarter’s 9.2% and last year’s 9.9%.
The index shows unlisted property and infrastructure performed consistently over the past three years, while listed investment asset classes displayed ‘’considerable return variability’’.
The Property Council/IPD Australia All Property Index has a combined value of A$137 billion representing 1574 assets. It aims to provide a broad measure of returns for commercial property investment in Australia.
The latest index results indicate that the commercial property market continues to soften with total returns falling below the long-run average annual return of 10.0%.
<img src="/images/stories/2013/08/ipd-chart-aug-14-one.jpg" width="470" height="340" alt="ipd-chart-aug-14-one">
“The latest index results demonstrate that the return performance for the Australian commercial property market continues to soften,’’ Dr Anthony De Francesco, executive director of IPD Australia and New Zealand, says.
‘’This is consistent with sluggish demand conditions, particularly for core property sectors underpinned by weak white collar employment growth and retail sales growth.’’
This scenario is likely to persist until there is a significant strengthening in macroeconomic activity, De Francesco says.
“Across unlisted real asset markets, investment in infrastructure is strengthening with an uptick in return performance. The attractiveness of infrastructure as an asset class is seeing greater inflows of capital into the sector.”
Property sector returns for retail, office, industrial, hotels and healthcare are 8.8%, 9.4%, 9.3%, 6.3% and 11.6% respectively, with healthcare the only sector showing improvement over the past 12 months.
The overall mild softening across sectors is due to weak market demand conditions, De Francesco says. This is characterised by a soft labour market where employment growth is below the long-run average growth, and softer retail MAT (Moving Annual Turnover) growth, which is also substantially below its long-run average growth rate.
Within the office sector, Green Star-rated assets outperformed the Australian all-office market by 140bps with a total annualised return of 10.8%. There was variability in returns across office grades and environmental ratings for the Sydney CBD office market.
<img src="/images/stories/2013/08/ipd-chart-aug-14-two.jpg" width="470" height="346" alt="ipd-chart-aug-14-two">
A-Grade office assets outperformed, delivering an annualised return of 9%. Segmenting Sydney CBD A-Grade office assets by environmental performance, higher returns were achieved by those with Green Star ratings, showing annualised returns of 13.3% per annum for June.
The IPD Australia Quarterly Green Property Index, sponsored by DEXUS Property Group, comprises property assets from 35 participants with a combined asset value of A$56 billion, representing around 90% of the IPD Australian commercial office database by capital value.
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Australian commercial property 9.1% total return for year ending June 2013: Property Council/IPD Australia All Property Index

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A first round new home building recovery looks set to be stopped in its tracks without increased policy focus on housing reform at a state and federal government level.
That’s the view of chief economist Harley Dale speaking at the launch of the HIA’s winter 2013 edition of its National Outlook.
Putting forward its ‘’comprehensive national report card’’ Dale predicts the new home building recovery is ‘’at risk of running out of steam’’ and that there will be a gradual improvement in renovations investment from a 10 year low.
“A strengthening in the new home building markets of NSW and Western Australia has driven a promising first round recovery in national housing starts,” he says.
“Ensuring the recovery is sustainable is the key, but that looks unlikely based on current policy settings.”
Dale says a policy focus on housing reform at state and federal levels was crucial for a first round new home building recovery. “Such an outcome would be detrimental to an improvement in housing affordability, a faster pace of economic growth, and a lift in the nation’s productivity performance.”
HIA estimates housing starts rose 8.3% last financial year to 157,108 following two consecutive years of decline. A fall of 4.2% is forecast for 2013/14 as growth in NSW and WA temporarily runs out of steam ‘’before a geographically broader-based recovery takes sufficient hold’’.
HIA estimates that total investment in renovations fell by 6.6% in 2012/13 to reach a decade low. Growth of 3.5% is forecast for this financial year, which would take investment up to $28.9 billion. This would be $1.8 billion short of the 2010/11 record.
In May this year HIA launched its Federal Election 2013 policy platform - Housing Australians - outlining 50 policy actions for a future federal government. These aim to address the growing housing affordability challenge facing Australians and to ensure a sustainable residential construction recovery to suit the economy and growing population.
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New home building recovery at risk of running out of steam: HIA

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In Mildura, 17 commercial properties have been marketed by receivers of two portfolios, with eight sold, say valuers Herron Todd White.
‘’Placing so many properties on the market at once has had a flooding impact, with five of the eight showing softer levels than had previously occurred.’’
The valuer says yields for commercial property may have softened by up to 1% over recent times as a result of this oversupply.
One receiver’s sale of seven old style compact shops in a favoured retail location showed a passing yield of 8.5%, while an adjoining block of three shops showed a freehold passing yield of 11.5% – an abnormal variance - and influenced by only one tender being received for this second property, Herron Todd White says.
‘’The marketing of one of Mildura’s prime corner retail buildings, adjoining the entrance to the Langtree Mall, has been an interesting test of investor sentiment.
‘’The two storey building is fully let with a passing net income of $252,000 per annum and an asking price of $3.1 million.
‘’The listing of this prime building has been a good barometer of investor enthusiasm for prime location and secure yields, however, while attracting interest, it has not yet been contracted.’’
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Mildura commercial property market softening under flood of listings: Herron Todd White

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The creation of whole floor - or part floor - open plan New York Style warehouse offices has transformed an older style office building in East Melbourne.
The six level building at 126 Wellington Parade, just east of the Melbourne Hilton, is opposite the Melbourne Cricket Ground and close to a major hospital precinct.
It has been owned for several years by Melbourne investor Brendan Sullivan who appointed estate agents Kliger Wood and Jones Lang LaSalle to lease the building after renovation works.
<img alt="east_melbourne_aug_14_one" height="353" width="470" src="/images/stories/2013/08/east_melbourne_aug_14_one.jpg">
Melbourne Water previously had 2000 square metres on levels two, four, five and six which became vacant last year when it moved to new headquarters at 990 La Trobe Street Docklands.
Leasing agents Michael Simonds, of Jones Lang LaSalle, and Grant McKenzie, of Kliger Wood, have since leased level six to advertising agency The Fuel Agency. It has leased 485 squares at a gross annual rent of about $400 a square metre on a five-year lease with fixed annual rental increases. Four car spaces are leased at $260 a month.
Specialist medical services group Genesis Care, trading as Radiation &amp; Oncology and Heartcare Victoria, has leased level five, also of 485 square metres, as one of its service centres. The five year lease at a gross $400 a square metres comes with fixed annual increases.
A tenancy of 321 square metres at the front of level four is leased to GFK Bluemoon under a new five-year lease on similar terms. The balance of the floor of about 175 square metres at the front of level four has been leased to FSS Advisory, also under a five-year lease.
The front of level two, at 321 square metres, has been leased to Engine Property Group for five years at $400 gross a square metre with fixed annual increases, plus additional car spaces at $260 per bay per month.
Only three small areas remain vacant in the building - 90, 110 and 155 square metres.
McKenzie has also leased two 100 square metre ground floor retail spaces on Wellington Parade. One will be a branch office for residential real estate agent Woodards, and the other a café linked to East Melbourne’s Il Duca. Both will pay annual rents of around $50,000 each.
Sullivan added residential accommodation when he had a home unit of about 200 square metres fabricated off site and craned onto the roof of the building and subsequently leased.
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Wellington Parade New York style warehouse office transforming East Melbourne

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After a tough five years, conditions in the Gold Coast retail property market appear to have stabilised during the first half of 2013, according to Herron Todd White.
There now appears to be a general perception that the market has bottomed.
The property valuation group says it is evident that there was further softening of the market in 2012, in line with a soft local economy and high unemployment, coupled with the adverse impact brought on by reduced tourist numbers and infrastructure upgrades.
‘’The mindset of many buyers in today’s market has shifted on the back of low interest rates and a more competitive finance environment.
‘’Most importantly, however, feedback from local marketing agents indicates that the interest from international investors is also increasing, which is further expanding the pool of potential buyers.
‘’Such parties are canvassing the market and appear to be taking preference towards sites within recognised retail precincts, such as Broadbeach, Surfers Paradise and Southport.’’
Herron Todd White says other beachside areas, such as Burleigh Heads and Coolangatta, are still looked upon favourably by local investors, however, the prospect of any ‘blue sky’ does not ‘’weigh heavily on the purchase decision’’.
Some notable retail transactions over the course of this year include:
• Market Square, Varsity Lakes – reportedly settled in recent weeks, achieving a sale price of around $6 million.
• Pinnacle Pines, Pacific Pines – This McDonald’s and 7-Eleven anchored convenience centre was placed under contract last year, but only emerged as a confirmed sale for $13 million in recent weeks.
• Bronberg Plaza, Southport - This 7-Eleven and IGA anchored convenience centre is reportedly in the final stages of negotiation and is set to be another example of the Gold Coast’s improving retail market.
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Gold Coast retail property stabilised over first half of 2013: Herron Todd White

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A Clifton Hill owner-occupier has reaped the rewards of Clifton Hill’s growing popularity as a development opportunity, selling a sought after mixed-use site for more than $4million – well above expectations.
Colliers International’s Ted Dwyer and Hamish Burgess sold the 243-247 Queens Parade site prior to auction amid keen buyer interest.
Local developer TSW Developments, run by David Tarascio and Adam Wulff, snapped up the 1080 square metre site, with Wulff saying its appeal lies in its prime inner city location and adaptability.
“We are impressed with the mixed use element of the site, and the flexibility it provides to redevelop for a range of different uses, such as residential, commercial or retail,” Wulff says.
“Of significant appeal is the property’s fantastic amenity with train, tram, bus and retail just a stone’s throw away.”
TSW Developments has two residential projects on the go in Balwyn.
The Queens Parade property has a 190 square metre showroom, 485 square metre warehouse, and a car park.
“From day one, we had significant interest in this property,” Dwyer says. “It is in a sought-after location, with strong local amenity and public transport, and to top it off, any future development will have views across Studley Park.”
There is also potential for the site to benefit from the proposed East-West Link.
Burgess says the success of other recent developments in the area, such as Oxley Collingwood and Graphite in nearby Fitzroy North, also fuelled interest in the Clifton Hill property.
“Inner city infill sites close to transport are always sought after, and this property is no exception. Medium-to-high density residential living in this area is in high demand, and apartment sales are at record levels.
“End residential users like this area for its retail and transport amenity, and for its trendy atmosphere and aesthetic appeal.”
The inner north has been popular lately with nearby development sites 466-482 Smith Street in Collingwood, and 304-310 Lygon Street in Brunswick, selling for $5.4 million and $2.27 million.
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Clifton Hill mixed-use development opportunity sold for more than $4 million

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A ‘’severe slowdown’’ in China’s economy would likely have a pronounced impact on Australia, with banks hit by one-or-two notch downgrades in their credit ratings, jobs being lost and house prices tumbling.
That's Standard &amp; Poor’s rating agency latest analysis.
They speculate what might unravel in a worst-case scenario, a ‘hard landing’ in China which would then stifle economic growth here by hurting jobs, damaging business confidence and causing house prices to fall by as much as 25%.
The agency says there is only a 5% probability of China suffering such a fate - which it defined as 5% gross domestic product growth or below, and which assumes "a major policy misstep, or policy inaction".
Standard &amp; Poor’s rating agency analyst Craig Michaels says under the highly unlikely “hard landing” scenario, Chinese growth will decline to 5% causing Australia’s GDP to contract by 1%.
This will cause unemployment to surge to 10%, the cash rate to fall to only 0.5%, the exchange rate to dive to $US0.65 and the terms-of-trade to decline by 13%.
Under a ‘medium landing’ scenario (20% to 25% probability), in which Chinese growth slows to 6.8%, Australian house prices would potentially fall by 10%.
Under a ‘baseline scenario” (55% to 65% probability), with China slowing marginally to 7.3% it would cause minimal fluctuations here. House prices would flatline in Australia.
As a precaution, the ratings agency has factored in a ‘’moderate slowdown’’ in Chinese growth in its current credit ratings of Australian banks, saying slower GDP growth in China this year and next "will not have a material impact on the credit metrics of the Australian financial institutions."
S&amp;P says that, at worst, the credit ratings of the big banks would fall, but only from AA- to A+, taking into account clear-cut government support for them. However, it says smaller banks could expect a ratings downgrade of two notches, dragging some below investment-grade status. S&amp;P argues that "a soft slowdown in China would likely have a no-to-low impact on Australian financial institution ratings, with few, if any, rating downgrades on Australian financial institutions’’. A medium slowdown in China "would also likely have a low impact on Australian financial institution ratings’’, S&amp;P says.
<a target="_blank" href="/news">It's not the first time S &amp; P has done its sums with worst case scenarios that have yet to come close to occuring</a>.
 
 
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A hard landing in China could hurt Australian jobs, business confidence and trigger a 25% house price fall: Standard & Poor's

An entity directed by HSN's Rafi Assouline and Rebel Property's Allen Linz has filed plans for an impressive new precinct in Woolloomooloo.

The major mixed-use development would transform a prominent William Street site into a new residential village anchored by affordable housing and a large public park.

The proposal, submitted as a State Significant Development Application, covers 164-172 and 174-194 William Street, a 6,398 sqm site between Forbes Street and Dowling Street on the southern edge of Woolloomooloo.

Designed by fjcstudio in collaboration with Bangawarra, Studio Bright and Tribe Studio Architects, the scheme would deliver 227 apartments across four residential buildings ranging in height up to 18 storeys, alongside retail space, public domain improvements and a new publicly accessible park.

<img alt="Rebel" data-entity-type="file" data-entity-uuid="0eb59b7c-914a-4a5c-b849-3a56749f5e93" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-06-12%20at%2011.18.51%E2%80%AFAM.png?VersionId=mxM6EEqeoLjrCiTlCzTKTvzpKuh6kSkH" />

It's another design scheme for Rebel, who took <a href="https://www.apartments.com.au/news/nsw/first-look-rebel-property-group-takes-woolloomooloo-precinct-to-nsw-government">concept plans to the NSW Gov late last year</a>.

The latest plans will be a mix of 167 build-to-sell apartments and 60 affordable apartments, with the affordable housing component representing 15 per cent of the project's gross floor area. The apartment mix includes 12 one-bedroom, 53 two-bedroom, 89 three-bedroom apartments and 13 penthouses, while the affordable housing component would comprise 42 one-bedroom and 18 two-bedroom apartments.

<img alt="Rebel" data-entity-type="file" data-entity-uuid="3b3d4553-8a8c-4af5-aa8c-519ffb1e28c6" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-06-12%20at%2011.20.12%E2%80%AFAM.png?VersionId=_Yb6ibN7eDnOtQjCNDK2eviORa4qzgv." />

Rebel Property is seeking to take advantage of the NSW Government's infill affordable housing bonus provisions under the Housing SEPP, which provide additional floor space and height in exchange for the delivery of affordable housing for a minimum of 15 years. The planning pathway allows a 30 per cent increase in floor space ratio and building height where 15 per cent of the development is dedicated to affordable housing.

&nbsp;

At the centre of the development is a 1,356 sqm sunlit public park designed to become a new community gathering space at the gateway to Woolloomooloo. The park would be complemented by a network of pedestrian laneways connecting William Street with the surrounding streets, improving permeability through what is currently a largely impermeable block.

<img alt="Rebel" data-entity-type="file" data-entity-uuid="257af931-a393-4007-8c6d-7219796df58d" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-06-12%20at%2011.20.51%E2%80%AFAM.png?VersionId=KAHy94GrhaReFsWTGDKfy39EDJ8gEEv4" />

The design team says the public domain has been heavily influenced by the site's topography and Aboriginal cultural heritage, drawing on the escarpments, gullies and landscape characteristics that historically defined the area before urbanisation. The landscape design has been developed in partnership with First Nations consultancy Bangawarra.

The project would be delivered across four separate buildings. The William Street East and William Street West buildings, designed by fjcstudio, would contain the majority of the apartments. Melbourne-based Studio Bright has designed the Forbes Street building, while Tribe Studio Architects is responsible for the Dowling Street building.

Rebel had secured approval for the concept plans late last year.

Joel Robinson

First look: HSN, Rebel, advances Woolloomooloo precinct plans

A locally heritage-listed furniture showroom on Water Street is set to become the centrepiece of a new mixed-use residential development as local developer&nbsp;<a href="https://www.apartments.com.au/developers/keylin-group">Keylin</a> seeks approval for <a href="https://www.apartments.com.au/new-apartments/lotus-on-water-street-290-water-street-fortitude-valley-qld-4006">Lotus on Water Street</a>, a 15-storey project on the Fortitude Valley side of Spring Hill.

The proposal spans 290 Water Street and 137-141 Warry Street, combining several properties into a 2,869 sqm site that sits between Fortitude Valley, Spring Hill and the rapidly evolving Victoria Park precinct. Keylin's plans would deliver 132 apartments alongside new retail, hospitality and commercial space, while retaining and repurposing the historic Brunswick Home Furnishers Showroom that fronts Water Street.

Designed by <a href="https://www.apartments.com.au/architects/jackson-teece">Jackson Teece</a>, Lotus on Water Street comprises a 12-storey residential tower rising above a three-storey podium and communal rooftop terrace. The development includes 76 apartments classified as multiple dwellings and a further 56 units proposed as short-term accommodation, designed to be flexibly used as either accommodation or permanent residences. The apartment mix comprises six one-bedroom, 54 two-bedroom and 16 three-bedroom homes.

<img alt="First look: Keylin unveils heritage-led Lotus on Water Street tower in Fortitude Valley" data-entity-type="file" data-entity-uuid="9822bb79-6c49-49c9-95ba-319e8c8d81c3" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/fortitude%20valley%20front.png?VersionId=ioW8zbN4UVebbLetTFuv92t.HkdgfR5e" />

Residents would have access to an extensive rooftop recreation level spanning more than 1,200 sqm of communal open space. Plans include a pool, gym, sauna, infrared sauna, yoga area, library, private dining room, barbecue facilities and landscaped entertainment spaces, making the rooftop the project's largest shared amenity offering.

At street level, the proposal focuses on the adaptive reuse of the heritage buildings along Water Street, where 518 sqm of retail and commercial space is planned across shop, office and food and drink outlet uses. A permeable residential lobby would be positioned between the retained heritage buildings, creating a pedestrian connection between the historic streetscape and the new tower behind.

<img alt="First look: Keylin unveils heritage-led Lotus on Water Street tower in Fortitude Valley" data-entity-type="file" data-entity-uuid="269cf3e0-7d13-48bf-a318-05a00deb5c10" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/fortitude%20valley%20podium.png?VersionId=DLXmTCLsp6GOcLpQ0h.0z7wKCw59EhN_" />

The heritage retention strategy is central to the scheme. The development application notes that the Brunswick Home Furnishers Showroom and adjoining heritage buildings will remain, with only non-significant structures on the site earmarked for removal under a previously issued Heritage Exemption Certificate. Levels one and two of the new podium are recessed behind the heritage façades to maintain their prominence within the streetscape.

Jackson Teece has drawn inspiration from the site's manufacturing history when designing the podium. The planning documents state that the façade incorporates perforated metal screening that references the woven and rattan furniture historically produced on the site. Cascading and climbing plants are integrated throughout the podium to soften the building's presentation and screen parking levels behind. The landscape strategy also informs the project's name, Lotus on Water Street, drawing on the historic Spring Hollow waterholes that once ran through Spring Hill and the blue water lilies associated with Meeanjin, Brisbane's traditional name.

The proposal also incorporates the neighbouring property at 141 Warry Street, currently occupied by a healthcare service. The existing building would remain, with nine dedicated parking spaces allocated within the new development to support its ongoing operation. In total, Lotus on Water Street proposes 117 car spaces, including 110 resident spaces and seven visitor bays, alongside 100 bicycle spaces.

<img alt="First look: Keylin unveils heritage-led Lotus on Water Street tower in Fortitude Valley" data-entity-type="file" data-entity-uuid="70cf07bc-4fd8-4e70-92dd-be8b21c4e4f0" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/fortitude%20valley%20site.png?VersionId=txlxrJImM0Sm_vTzHVKh5DDUkyL_CiiA" />

The site sits within the Spring Hill East Precinct of the Spring Hill Neighbourhood Plan and is positioned around 650 metres from both Fortitude Valley Station and Exhibition Station. It is also within walking distance of the King Street precinct, Royal Brisbane and Women's Hospital, Herston Quarter and Victoria Park, which is earmarked to become a major venue precinct ahead of the Brisbane 2032 Olympic and Paralympic Games.

Planning documents describe the location as a key gateway between Spring Hill and Fortitude Valley and highlight the area's increasing importance as new transport infrastructure and Olympic-related investment reshape Brisbane's inner north. The development team argues the project will contribute additional housing supply while activating a section of Water Street that has historically received less investment than other parts of the Valley.

Keylin has become increasingly active across Brisbane and southeast Queensland, assembling sites in strategic inner-city locations. They are currently selling and delivering <a href="https://www.apartments.com.au/new-apartments/oria-spring-hill-447-gregory-terrace-spring-hill-qld-4000">Oria Spring Hill</a>, just over 140 apartments due for completion in 2027.

Keylin plans heritage-led Lotus on Water Street apartment development in Fortitude Valley

Roseville is poised for a wave of new apartment development following the NSW Government's rezoning of land around Roseville Station under its Transport Oriented Development program.

The new planning controls have unlocked significant development potential within walking distance of the station, with a number of sites expected to be amalgamated and redeveloped in the coming years as developers seek to take advantage of the increased density allowances.

One of the more restrained developments in the precinct, and set among the first to be delivered having commenced well before the recent changes, is Hyecorp's Juliet. The boutique apartment project is already well under construction and remains on track to welcome residents by the end of the year, offering a markedly different proposition to many of the larger-scale developments now likely to emerge across the suburb.

[smartcode_project:default project_id=7395 project_image_fid=278194]

<a href="https://www.apartments.com.au/new-apartments/juliet-roseville-64-pacific-highway-roseville-nsw-2069">Juliet</a> will comprise just&nbsp;34 one-, two-, and three-bedroom apartments opposite Roseville Station. For Hyecorp, which has delivered projects across Sydney's Lower North Shore for more than three decades, Roseville presented a rare opportunity to address a growing gap in the market.

"<a href="https://www.apartments.com.au/developments/roseville-nsw-2069">Roseville</a> has long been one of the North Shore's most tightly held and desirable suburbs, offering a unique combination of village charm, established greenery, excellent transport connections, and proximity to some of Sydney's best schools and lifestyle amenities," Hyecorp said.

"We recognised a growing demand from local homeowners seeking to downsize without leaving the community they have built their lives around. The location presented a rare opportunity to create homes that cater specifically to that buyer profile."

[smartcode_project:default project_id=7395 project_image_fid=278196]

The six-level development has been designed by <a href="https://www.apartments.com.au/architects/pbd-architects">PBD Architects</a> as a collection of residences that feel more like homes than apartments. The brief centred generous floorplans, abundant natural light, quality finishes, and strong connections to outdoor space.

PBD Architects drew inspiration from Roseville's established garden suburb character, creating a building that sits comfortably within its surroundings rather than dominating them. The architecture incorporates natural materials, soft forms, layered landscaping, expansive balconies, and generous setbacks to strengthen the connection between residents and the suburb's leafy environment.

"The focus was on designing spacious, house-like residences for discerning owner-occupiers and downsizers who wanted to remain on the North Shore without compromising on comfort, privacy, or design," PBD said.&nbsp;

"Every apartment was to feel considered, timeless, and highly functional."

[smartcode_project:default project_id=7395 project_image_fid=278195]

Inside, residences feature engineered timber flooring, stone kitchen benchtops and splashbacks, integrated Fisher &amp; Paykel appliances, ducted air conditioning, and large outdoor entertaining areas designed to take advantage of district and treetop views.

Residents will also have access to a rooftop barbecue and lounge area, alongside practical amenities including parcel lockers, EV charging capability, bicycle storage, a dog wash bay, and a basement car wash facility.

The majority of purchasers so far have been local owner-occupiers from Roseville, Lindfield, Chatswood, Killara, and the broader Upper North Shore, many of whom are transitioning from larger family homes.

"Buyers are looking for spacious, house-like apartments that allow them to downsize without feeling like they are sacrificing comfort or functionality," Hyecorp noted.

"They value large kitchens, generous living areas, ample storage, quality finishes, secure parking, lift access, and low-maintenance living."

[smartcode_project:default project_id=7395 project_image_fid=278204]

Juliet sits directly opposite Roseville Train Station and within walking distance of Roseville Village, while Chatswood's retail and dining precinct is only minutes away. The development is also surrounded by some of Sydney's most established schools, including Roseville College, Ravenswood, Pymble Ladies' College, and Knox Grammar, as well as nearby parklands and golf courses.

Juliet is currently more than 75 per cent sold ahead of its anticipated completion in late 2026.

[smartcode_project_cta:default project_id=7395]

Juliet to sit quietly amid Roseville apartment boom

Sherpa Property Group has unveiled the third instalment of its Flourish series, securing full approval for the two-tower, $500 million Flourish Soleira development in Palm Beach.

<a href="https://www.apartments.com.au/new-apartments/flourish-soleira-1150-1154-gold-coast-highway-palm-beach-qld-4221">Flourish Soleira</a> will rise from a prominent site in the commercial heart of Palm Beach, the long-time home of Cash Converters and a range of local retailers.

The project will introduce a new retail and dining precinct at ground level, beneath 286 apartments.

[smartcode_project:default project_id=150017 project_image_fid=370959]

“We’re very committed to not only providing affordable residential offerings that are much needed in Palm Beach, but also delivering a vibrant new commercial heart that complements the extraordinary growth of the southern Gold Coast,” Sherpa Property Group founder Christie Leet said.

The development will sit under Sherpa's Flourish brand, which is aimed at providing a pathway into the beachside suburb for locals, first-home buyers and downsizers. In a move designed to assist first-home buyers entering the market, Sherpa has reserved all one and two-bedroom, one-bathroom apartments exclusively for eligible first-home buyers.

[smartcode_project:default project_id=150017 project_image_fid=370964]

“Our vision through Flourish is to create a vibrant retail and lifestyle focal point within the Palm Beach centre zone, delivering thriving communities underpinned by lifestyle-rich locations,” Leet said.

“So far, Flourish has been an incredible success, and we hope to carry this momentum as we progress the next two Flourish projects in Palm Beach.”

[smartcode_project:default project_id=150017 project_image_fid=371430]

Located across 1150-1164 Gold Coast Highway and 3 Sixth Avenue, the development will comprise two towers. The northern tower will deliver 154 apartments, while the southern tower will add a further 132 residences, helping address ongoing demand for new apartments in the tightly held coastal suburb.

Flourish Soleira will also feature the most extensive rooftop amenity offering ever delivered in Palm Beach.

The two towers will be connected by a skybridge, with residents gaining access to a rooftop recreation deck featuring a full-width swimming pool, hot and cold plunge pools, wellness spaces, a gymnasium, private dining facilities, massage treatment rooms, barbecue areas, a basketball court, golf simulator, indoor and outdoor dining spaces, sun lounges and extensive landscaping.

LPS Group is expected to start construction later this year.

Sherpa is already well advanced on construction of its debut Flourish project, Flourish Amargo, located just around the corner from Soleira. Meanwhile, Flourish Oasis, positioned opposite Amargo, recently commenced construction and has nearly sold out its collection of 47 apartments.

[smartcode_project_cta:default project_id=150017]

Sherpa unveils $500m mixed-use Palm Beach precinct, Flourish Soleira

Are mortgage holders set to get a reprieve from the RBA in 2026?

Big Four bank NAB believes so. They are now expecting the next move from the RBA to be a cut, rather than a hike, which they had pencilled in for August. They are unsure of the timing of the cut however, they note in their latest&nbsp;NAB Economics RBA Watch.

NAB Chief Economist, Dr Sally Auld, said recent data suggests the economy has lost momentum and the outlook for rates has shifted, noting that the broader economic backdrop has changed since earlier in the year.

“The next move in the cash rate is likely to be down, but the timing is uncertain," Dr Auld said.

"In February, growth was above trend, the economy was operating above capacity and there was uncertainty over the restrictiveness of rates. None of these conditions exist today,” she outlined.

Dr Auld said recent data pointed to softer momentum across the economy while acknowledging that at the same time, uncertainty remains a key feature of the outlook.

“Both Q1 GDP data and the NAB business survey suggest momentum in the economy has slowed, meaning that growth has likely peaked for the cycle. That said, we are cognisant there is still considerable uncertainty around the outlook, both with respect to activity and inflation.”

Dr Auld said inflation risks and labour market outcomes would be important to watch.

“On the prices side, we are still forecasting above target core inflation through to mid-2027. Margins will compress and weaker labour market outcomes are a risk.”

She said tighter financial conditions are expected to weigh on housing and activity.

“Tighter financial conditions will be reflected in a slowing in house price growth and housing credit growth. In summary, we have greater conviction that the next move in rates is down, but less conviction on the timing.”

Stephen Taylor

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