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Residential builders in Victoria have experienced a high level of activity over the past five years - the envy of all other states, according to the Australian Construction Industry Forum.
But its latest forecast report suggests that this high level of activity won't be sustained over the next three years (2013-2015) as the state falls in line with an improving NSW residential building sector.
<img alt="ACIF_forecasts" height="329" width="470" src="/images/stories/2013/larry_uploads/ACIF_forecasts.jpg">
This may leave local home builders in Melbourne and Victoria lamenting their businesses’ decline when compared with past good times. But the better news is that, after a period of moderation, the residential building industry will resume good growth.
“It’s important for the Victorian building and construction industry to see the bigger picture and not to panic – the sky is not falling -  however the surging business they have enjoyed in the past will pull back to a more usual level,” says ACIF executive director Peter Barda.
“The ACIF Forecasts point to Victoria returning to pace with New South Wales, with Queensland close behind, cooling back from a surging local industry over the past five years,” he says.
“The Victorian building and construction industry can see the bigger picture of demand for their services by referring to good quality industry data.
“ACIF Forecasts are generated by data and facts, but also by local knowledge of what is really happening in the economic and social marketplace that drives Victorian building and construction.’’
The chart shows how a strong period for the Victorian residential sector has been out of kilter with the other states, and how it is returning to pace.
While the growth curve has changed, it is generally an upward trend for Victorian residential building.
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Stellar Victorian residential building sector forecast to slow as NSW catches up

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A new investor asset class is emerging after one of Australia’s largest accounting and financial advisory firms bought a NSW Quest serviced apartment property on behalf of a syndicate of 60 investors.
Crowe Horwath Property senior manager, Julie Perry, says the firm paid $24.8 million for the 550 Kiewa Street property containing the 104-key Quest Albury as its first foray into the accommodation sector. It was developed in 2008. Other tenants are the Q Manhattans tapas bar and restaurant and the Endota day spa.
Perry says the investment ends a search for stable cash generating and capital growth property investment opportunities favoured by her company’s clients. 
“We have found that our clients are becoming more astute to the various opportunities in the market. When we provided them with an opportunity to invest in a strong performing, but diverse asset style, property the response was overwhelming,’’ she says. 
“The interest has reinforced the local community support for local investment.’’
Quest chairman Paul Constantinou says the transaction is part of a growing trend with investors seeking opportunities away from traditional commercial, industrial and retail sectors.
He says the serviced apartment sector is on a roll with Quest building its third property in the Albury Wodonga region. The expansion strategy follows regional and suburban growth corridors throughout Australia.
‘’Investing with Quest provides predictable returns, fixed rental income and the security of a long-term lease,’’ he says.
“During uncertain financial times, investors are turning away from traditional assets, preferring instead to safeguard their financial future by investing in assets they can see and understand.”
Quest provides short-term business traveller accommodation. Since launching 24 years ago, the group says it has become the largest and fastest growing serviced apartment operator in Australasia. There are about 150 Quest sites across Australia, New Zealand and Fiji.
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Investor syndicate buys Quest Albury serviced apartments for $24.8 million

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The sale at auction of three regional fast food outlets has demonstrated the strength of demand for commercial premises, according to commercial real estate agents Burgess Rawson.
They are among a<a target="_blank" href="https://www.propertyobserver.com.au/tax/burgers-fries-and-tax-depreciation-benefits-drive-sale-of-mcdonalds-premises-mcdonalds-washingtonbrown-tax-eofy-depreciation/2013060461524"> swag of recent sales to investors</a> taking advantage of low interest rates and the emergence of self-managed super funds acquiring commercial property. 
At its Melbourne portfolio auction yesterday the agent sold $13.81 million worth of property (nine out of 12) at an average premium above reserve of $145,000 - or 10%. This equates to a total premium above the combined vendors’ reserves of $1.31 million. 
The Toowoomba Red Rooster outlet was sold by a Melbourne-based vendor for $1.78 million at a yield of 7.23%. This was at a 19% premium above the reserve, according to Burgess Rawson agents Robert Stanley-Turner and Michael Collins, who fielded bids from Brisbane and Toowoomba. 
‘’Based on our records, the yield is the strongest for a Red Rooster since we sold the Colac freehold at 7.1% about 12 months ago,’’ Stanley-Turner says. 
The Ararat Domino’s Pizza outlet sold for $500,000 on a yield of 6.2%. At shops 3 &amp; 4, 1 Ingor Street, the new premises comes with a five year lease with multiple renewals. It’s one of more than 800 Domino’s stores in five countries. The double fronted shop on two titles was recently decorated in the latest corporate livery at a cost of $200,000. It comes with fixed 4% annual rent increases and a return of $31,000 per annum.
The Leongatha Subway store in South Gippsland was sold for $600,000 at a 5.4% yield. It was one of three premises owned by the same vendor. ‘’The sale price reflects a blended 19% premium above his combined pre-auction reserves,’’ says selling agent Raoul Holderhead. 
‘’The Subway and a Leongatha VicRoads office ($920,000) were bought by same local buyer and an IGA Liquor outlet was bought by a Melbourne based private investor.
‘’Based on our records, the 5.54% yield for VicRoads is unprecedented for Government leased investment property anywhere in Victoria.’’
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Investors upsize their appetites for high-yielding regional fast food outlets

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Low interest rates have helped nullify the usually adverse feelings of uncertainty in Canberra in the lead up to the federal election, according to valuers Herron Todd White.  
While the property market in the national capital is always affected by federal elections – after all, one in four Canberrans are civil servants – this time around there’s a subtle difference.  
Interest rates are at an historic low of 2.5% and it hasn’t been this cheap to buy a property since the 1950s.  
‘’It almost seems that, while some are sitting around discussing the potential repercussions of the poll, others are out in the market capitalising on their good fortune,’’ Herron Todd White says.  
‘’The lower interest rates have had an impact across the range in terms of potential buyers and vendors engaging in the market. Young people and couples looking for a good time to enter the market now have possibly one of the best incentives to buy.  
‘’Also older couples with kids see this current moment as a great time to sell the old residence and find a bigger one.  
‘’You can see how the market stays alive in uncertain times like these when you have a wide range of buyers and vendors all active within the market,’’ the property valuer says.  
Herron Todd White says observers could interpret the interest rate cuts as the catalyst for reviving the property market in this pre-election time with experts at Allhomes forecasting a 6% increase in property transfers in Canberra compared to last year.  
‘’Also, experts at Australian Property Monitors recorded a strong finish to the final quarter of 2012 with home prices increasing 2.1% in Canberra - which spilled over to the first quarter of 2013 - and is going to stay strong with the interest rate cuts.  
‘’Therefore, no matter what the outcome of the election, if interest rates remain this low you can definitely predict that the property market in Canberra will continue to remain stable - and possibly grow - after the election when any uncertainty fades.’’    
The Canberra house median is $555,000, according to RP Data. Two properties selling for around this figure are:
 
<a target="_blank" href="https://www.realestate.com.au/property-house-act-downer-113050927">564 Northbourne Avenue Downer, ACT</a>
The property (pictured below) sold for $505,000 on August 2. It previously sold for $408,000 in August 2009 after being on the market 152 days and $350,000 in May 2007 after being on the market 29 days.
<img height="353" width="470" src="/images/stories/2013/08/downer_aug_7.jpg" alt="downer_aug_7">
 
<a target="_blank" href="https://www.realestate.com.au/property-house-act-monash-113681495">39 Kenyon Circuit Monash ACT.</a>
 
The property (pictured below) sold for $585,000 on July 15 after being on the market 60 days. It previously sold in June 2002 for $285,000, July 1995 for $183,500, January 1992 for $152,500 and August 1991 for $43,500.
<img height="435" width="470" src="/images/stories/2013/08/monash-aug-7-one.jpg" alt="monash-aug-7-one">
 
Picture of Canberra courtesy of creative commons/flickr.
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Low interest rates reviving pre-election Canberra market: Herron Todd White

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Herron Todd White says ‘’anecdotal evidence’’ is that confidence is ‘’reasonably good’’ around the south east Queensland property market, but that job security is the big concern.
‘’It’s hard to pay your mortgage or rent without dollars coming in the door. Some certainty in the economy would be nice -- with a few observers saying a post-federal election surge is on the cards,’’ the valuer says.
‘’We wouldn’t be so bold as to make that prediction but politics and instability have played a hand in making the population uneasy on a number of fronts.’’
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Election jitters and job security unnerving SE Queensland property: Herron Todd White

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The Brisbane property sector performing the best is the trade-up market, says Herron Todd White.
Family size homes in the $1 million to $2 million range are being keenly sought by buyers wanting large blocks and sizable homes.
‘’Location is important, too. Competition is toughest within eight kilometres of the CBD, but this should come as no surprise,’’ the valuer says.
‘’This sort of real estate is generally blue-chip and will offer the best chance of capital growth in the coming years.’’
Recent million-dollar-plus house sales in the Brisbane inner suburban market include:
<a href="https://www.realestate.com.au/property-house-qld-auchenflower-112733819" target="_blank">31 MacIntosh Street, Aunchflower</a> (pictured below) 3km to the CBD, sold for $1,150,000 in January after 17 days on the market. Previous sales are November 2006 for $962,500 after 42 days on the market, June 2004 for $285,000 and March 1983 for $71,500.
<img src="/images/stories/2013/08/aunchflower_aug_30_one.jpg" width="470" height="353" alt="aunchflower_aug_30_one">
<a href="https://www.realestate.com.au/property-house-qld-hamilton-113117119" target="_blank">143 Crosby Road Hamilton</a> (pictured below), 9km from the CBD, sold for $1,550,000 in March after 61 days on the market. It was listed for sale in November 2010 and sat on the market for 171 days. It was previously sold for $640,000 in July 2003 and $460,000 in July 2002.
<img src="/images/stories/2013/08/hamilton_aug_30_one.jpg" width="456" height="342" alt="hamilton_aug_30_one">
31 Ralston Street, Wilston, 7km from the CBD, sold for $1,310,031 in March. It previously sold for $760,000 in July 2003, $635,000 in July 2002 after 43 days on the market and $105,000 in November 1987.
23 Chermside Street, Teneriffe, 2km from the CBD, sold for $1,146,000 in April after 34 days on the market. It previously sold for $330,000 in November 1997, $268,000 in April 1995 and $160,000 in May 1990.
Houses in the $1 million-$2 million range on the market include:
<a href="https://www.reiq.com/House/for-sale/paddington/2512736.aspx" target="_blank">33 Upper Cairns Terrace, Paddington  </a> 
Price: $1,500,000
In a low maintenance package, this multi-level Queenslander (pictured below) has plenty of living areas and excellent separation of space. Surrounded by greenery, this home offers a secure hub with beautiful elevation and breezes, and city and urban views. It’s within walking distance of Suncorp Stadium, transport, Petrie Terrace state school, Brisbane Grammar and Terrace schools. Also The Barracks, Given and Latrobe Terrace all within 3kms of the CBD.
<img src="/images/stories/2013/08/paddington_aug_31_one.jpg" width="470" height="314" alt="paddington_aug_31_one">
<a href="https://www.reiq.com/House/for-sale/red-hill/2427362.aspx" target="_blank">69 Glenrosa Road, Red Hill</a>
Price: $1,150,000 
Home to only four families in 110 years, this Colonial home was built for the postmaster of Brisbane in 1904. It has been extensively and sensitively renovated to suit a modern family. This well maintained home has four bedrooms, three bathrooms and offers several options for various family configurations.
<img src="/images/stories/2013/08/red_hill_aug_30_one.jpg" width="470" height="313" alt="red_hill_aug_30_one">
<a href="https://www.reiq.com/House/for-sale/fortitude-valley/2526141.aspx" target="_blank">49 Hynes Street, Fortitude Valley   </a>
Price: $1,200,000 
 This city edge opportunity is near where Newstead meets the Valley and a chic lifestyle precinct is quickly establishing. The quality of construction is evident throughout this architecturally inspired small lot home (pictured below) which was carefully constructed by the best craftsmen.
<img src="/images/stories/2013/08/fortitude_valley_aug_30_one.jpg" width="470" height="353" alt="fortitude_valley_aug_30_one">
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Brisbane's $1 million trade up market is the city's best performing price sector: Herron Todd White

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After a busy 12 months the Darwin property market has stabilised over the last quarter with median house and unit prices holding steady and the number of sales dropping considerably, according to valuers Herron Todd White.  
‘’According to REINT’s latest quarterly statistics, inner Darwin median house prices increased 5.4% over the year, however the last quarter saw no increase with the current median selling price sitting at $875,000.  
‘’In the northern suburbs, Sanderson showed 4.1% growth in the past 12 months and this last quarter saw a 1.1% increase, now at $572,500. Palmerston, which has gone up 12.7% for the 12 months to March 30, had a 2.8% increase over the first quarter with a median  house price of $550,000.’’  
Herron Todd White says the overall Darwin median two-bedroom unit price is at $425,000. This is a 2.4% increase over the past 12 months, but over the last quarter it has decreased 1.2%.  
So, while there have generally been small increases in the median price, the big change is in the sales volumes.  
The inner Darwin sales volume is 19.2%  down on the previous year - while the northern suburbs (Sanderson) recorded a 20.7% drop in sales.  
Cheaper house prices and development projects in Palmerston meant there is less of a drop at 12.3%.  
With more and more people coming to the Top End rents are still strong, the valuer says. Rent was generally up across the board in the Darwin region with three-bedroom house rentals showing a 1.9% increase in the last quarter and a 16.3% annual rise.  
‘’Anyone who bought in the past two years would now be sitting back happily with some strong capital gains. Those who bought in late 2009 and early 2010 will be breathing a sigh of relief now that the market has corrected itself after the drop in 2011.  
‘’But the gains that we have seen over the past year or so were unlikely to keep on at such a high rate because of unsustainable growth and affordability issues,’’ the valuers say.  
While things have quietened down slightly, the Darwin market is still sturdy. Indicators such as low vacancy rates and a shortage of housing mean that, while prices may have stabilised and might not increase much in the short term, investors with a long-term view will still do well.  
‘’Unit developments in the area will release more than 500 units into the market over the next 12 to 18 months which could lead to oversupply and lower rental yields,’’ Herron Todd White forecasts.  
‘’However, there are still good returns in the housing market with rents ready to rise over the short term, with infrastructure projects, such as INPEX, increasing demand.’’  
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Darwin property market stabilising, despite considerable sales drop: Herron Todd White

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New home sales figures illustrate the changing composition of new home building this year, according to the Housing Industry Association (HIA).
“Detached housing has gained momentum as non-detached housing - primarily mid/high density product - has lost momentum to date,” chief economist Harley Dale says.
“The leading home building indicators of both new home sales and building approvals are highlighting this trend.”
The HIA New Home Sales report, which surveyed Australia's largest volume builders, shows that total seasonally adjusted new home sales rose by 3.4% in June - the fourth consecutive rise.
<img alt="hia-aug-1-chart_-_Copy" height="291" width="470" src="/images/stories/2013/08/hia-aug-1-chart_-_Copy.jpg">
Detached house sales rose by 7.3%  in the last month of the 2013 financial year, but multi-unit sales dropped by 17.5%.
“Last financial year was a tale of two halves for new home sales,’’ Dale says.
‘’The first stanza was dominated by weakening detached house sales up against stronger multi-unit sales; the latter marked by an improving detached house segment occurring as the multi-unit market lost momentum.”
Dale says the overall result is that new home sales fell by 4.3% in 2012/13 when compared to the 2011/12 financial year.
“Given it was a weaker year overall for new home sales it has been very encouraging to observe upward momentum build as we moved through 2012/13,” Dale says.
“There is still a long way to go. New home sales volumes are 27% down on their long-term average. A range of leading indicators beyond just new home sales are yet to provide evidence of Australia approaching the healthy and geographically broad-based new home building levels required by our growing population and transitioning economy.”
In June detached house sales rose by 19.7% in Victoria, 7.1% in Western Australia, 3.9% in New South Wales, and 0.5% in South Australia. Detached house sales fell by 11.0% in Queensland.
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Home building composition changing with 7.3% rise in detached new home sales in June: HIA 

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Driving for show and putting for dough, Bayside City Council will next month choose from a shortlist of tenders to run the popular Sandringham Golf Driving Range on the corner of Wangara Road and George Street.
An evaluation panel has shortlisted three of five tenders who entered expressions of interest through Richard Lyons, formerly of Kevin Nixon estate agents.
The winner will be chosen by the council at its August 27 meeting.
The range comes with a new 10-year term with no option for renewal, a market review after five years, and 5% rent increases per annum, says Sally Naughton, coordinator, commercial services (leasing). Other rental details are commercial-in-confidence.
The range, established in 1987, is near several of the famed sandbelt golf courses, including Royal Melbourne and Victoria, on the site of an old tip. Its creator is long-time Royal Melbourne pro Bruce Green, who has partnered every lessee since then.
Retendering is the incumbent, Ian Wood, who has run the range with Green for the past 10 years. He says the 30 bays attract 50,000-70,000 golfers per annum.
The <a target="_blank" href="https://sandringhamdrivingrange.com.au/">Sandringham Golf Driving Rang</a><a target="_blank" href="https://sandringhamdrivingrange.com.au/">e</a>, set on 60,000 square metres, is open every day. It has floodlit practice facilities to suit golfers of all skill levels. It has a putting rink, several bunkers and a licensed cafe, Birdies. Members of the Sandringham Golfing Academy train onsite.
Other activities include demo nights, corporate golf days and social events.
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Five offers for Sandringham Driving Range rights being considered

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Lend Lease will develop Docklands’ last major parcel of uncontracted land to create a $1.6 billion precinct linking central Melbourne to Docklands.
The Batman’s Hill redevelopment on Collins Street and Flinders Street is proposed to include more than 100,000 square metres of net lettable area office space, retail space and about 600 apartments. The company will also provide public open space and infrastructure.
“This site has enormous strategic importance, linking the old and the new parts of Melbourne’s CBD,” planning minister Matthew Guy says.
“This site will be the first developed link between the CDB and Docklands and, once completed, will allow the removal of the bridge over Wurrundjeri Way to give pedestrians a sense of the natural continuation of Collins Street.
“As the last major development site in Docklands to be contracted to the market, the site will, over the next decade, bring a diverse range of public spaces, new residential and office accommodation, retail amenity and potentially a hotel.”
Guy says the 2.5 hectare site, diagonally across from Southern Cross Station, will benefit from its prestigious Collins Street address and Flinders Street frontage. It has air rights above the Wurundjeri Way road reserve adjacent to the rail corridor.
“Practically all 140 hectares of Docklands’ developable land is now contracted for development. To date, 50% of that land has been developed into the newest part of Melbourne’s CBD.’’
Lend Lease managing director Steve McCann is suitably impressed by its appointment. “The execution of a development agreement reflects our strong capabilities in mixed use inner-urban development, and the success we have demonstrated at Victoria Harbour in collaboration with Places Victoria.
“The project leverages our integrated model, including development, construction and funds management and further builds on our Victorian commercial office and residential backlog.”
Guy says Docklands is becoming a waterfront destination in line to have 20,000 residents and 60,000 workers when completed in about 2025.
“The proposed development has the potential to contribute enormous economic benefits providing around 10,000 construction jobs over the life of the project.”
Subject to planning approval and market demand, construction will begin next year with the project to be delivered in several stages over 10 years.
The proposed development includes:
·   commercial space of 100,000 square metres that equates to a net lettable floor area across four buildings for about 10,000 workers
·   600 houses
·   1000 square metres of community spaces
·   covered public square flanked by a community building and commercial towers
·   a public realm design that reinterprets the history of Batman’s Hill
·   a north-south laneway resembling the scale of those in the CBD connecting Southern Cross station and Collins Street to Flinders Street, the Northbank precinct and Yarra River.
Commercial buildings with 6-Star Green Star ratings will front Collins Street and residential developments with 5-Star Green Star ratings will be along Flinders Street.
Places Victoria CEO Peter Seamer says the Docklands master developer has attracted $8.8 billion of private sector investment and secured up to 3000 construction industry jobs annually since the urban renewal project began in 2000.
“There is currently $1.02 billion worth of construction activity under way across seven projects that will deliver 741 apartments and office space for more than 3630 workers, helping to grow Docklands’ current population from 8000 residents and 38,000 workers,” Seamer says.
Minister Guy has overseen the approval of 11 commercial developments in Docklands.
“Docklands continues to make a valuable contribution to the Victorian economy and this last link complements the $300 million community infrastructure plan announced in 2012,” he says.
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Lend Lease secures 2.5 hectare Docklands site with Collins and Flinders Street frontage

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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