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A higher-than-average delinquency rate by homeowners on the Mornington Peninsula in the 18 months to the end of March, was one of the main finding in the Fitch study on mortgage deficiency by postcode to the end of March. Mornington Peninsula was the third worst-performing region in Victoria with a delinquency rate of 1.66%. 
This comes despite a stable unemployment rate and stable house prices. Fitch analysed about 240,500 mortgages Australia-wide for an equivalent amount of $43 billion for this study.  Generally, though, Victoria continued to perform well in terms of mortgage arrears, with an overall delinquency rate of 1.29%. This was lower than New South Wales (1.58%) and Queensland (1.58%).  Melbourne performed in line with the rest of Victoria, with a delinquency ratio of 1.25%.  Mortgage performance in Victoria has not changed significantly over the past three years to the end of March. 
The state’s strengths include a stable and diversified economy, satisfactory affordability, and a low unemployment rate. The property market experienced considerable growth from 2008 to late 2010, before declining in 2012 and 2013.  As of the end of March, property prices in Melbourne are still 7% down from their peak in late 2010, but are at the same level as of the end of March 2010.  The unemployment rate in Victoria was 6.2% at the end of March this year, in line with historical levels. Unemployment remains low, the GDP stable, and affordability high, so Fitch does not expect a significant change in delinquency rates in Victoria in the near term.
Recent mortgagee listings and sales on the Mornington Peninsula: Under instruction from the mortgagees, Ray White Chelsea will auction <a target="_blank" href="https://www.realestate.com.au/property-house-vic-bonbeach-114210179">36 Royal Road, Bonbeach</a> (pictured below) on Saturday, July 27 at 11am. The weatherboard on 583 square metres is handy to the beach, shops and station.
{yoogallery src=[images/stories/2013/07/july10bonbeach]}
The interior has been renovated with three bedrooms plus a study, modern kitchen with stainless steel appliances and glass splashbacks, open plan lounge room all with polished floorboards. There’s ducted heating and cooling. Hocking Stuart Frankston is hoping to reap $420,000-$585,000 in a mortgagee sale for <a target="_blank" href="https://www.realestate.com.au/property-townhouse-vic-seaford-114198983">39-41 Nepean Highway, Seaford</a> (pictured below) . The townhouse, in a group of 20 named Twin Waters, has three bedrooms, two bathrooms and two car spaces.
{yoogallery src=[images/stories/2013/07/july10seaford]}
The development includes a mixture of two and three storey residences, some with bay and creek views. It has bamboo flooring, stone bench tops, stainless steel appliances, air conditioning, double car accommodation, private courtyards/balconies. The beach is across the road, and schools, shops, transport and parkland nearby. Sandra Dunbar Real Estate, McCrae, recently sold <a target="_blank" href="https://www.realestate.com.au/property-mixed+farming-vic-boneo-7536059">490 Boneo Road, Boneo</a> (pictured below), on the Mornington Peninsula, for $1.5 million in a mortgagee sale. 
{yoogallery src=[images/stories/2013/07/july10boneo]}
The 1860 farmhouse, Glenlee, is on 12.3 hectares.The iconic property is perfect for farm stay, farming or equestrian. It’s close to schools, shopping, wineries, golf courses and bay and ocean beaches.
It’s fully fenced with manageable paddocks, one with fruit orchard and the rest open to grazing. The historic outhouses, sheds and shelters support the property’s use.
Aerial image courtesy of Frankston Visitor Information Centre.
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Higher than average delinquency rate for Mornington Peninsula: Fitch

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The 2013 commercial property market continues its trend of revival with increased activity levels and record sales, according to First National Real Estate’s Mid Year Outlook.
However, the growing trend for tenant incentives - in the form of discounting - is expected to continue into the second half of 2013, according to 68% cent of First National commercial members.
“Commercial tenants have the upper hand in current conditions, with landlords resorting to offering tenant incentives of up to 30% across the Melbourne, Sydney and Brisbane office markets in a bid to retain them,” CEO Ray Ellis says.
According to the survey, members expect the rural/regional property market to perform steadily over the coming six months, however, there is still residual weakness from the recent difficult market conditions.
“The subdued market is seen as the result of the ongoing tough post-GFC lending conditions, supply and demand ratios, and the low interest rates that are propping up the market,” Ellis says.
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Revival of commercial property market continues: First National

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A key trend in the commercial property market this year will be the rise of the foreign investor, according to First National Real Estate’s Mid Year Outlook.
“Foreign investment in Australia’s property market has continued to increase on the back of the country’s stable economy and high yielding assets, with Asian buyers leading the charge,” CEO Ray Ellis says.
Another trend is the rise in the number of people buying property through their superannuation funds, which 76% of members tip will increase in the coming six months.
Ray Ellis says 2013 has been hailed as ‘the year of the property investor’ with interest rates now below rental yields in many areas and attracting investment.
“According to our members, the rental market in Australia will continue to be relatively tight, with little room for movement,” he says.
“Ongoing strong demand will tighten the market even further, with vacancy rates stretched to their limits in many areas.
“This will continue to place upward pressure on weekly rental prices.  However, given the strong affordability of housing at the moment, there is not much more the market can bear in terms of weekly rental prices.”
Queensland and Western Australia lead the anticipated weekly rental price increases, followed by New South Wales, Victoria and then South Australia.
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Commercial property market rising with foreign investment and superannuation funding: First National

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A tenant’s annoyance at having to pay an extra $1.65 in direct debit fees on top of his monthly rent prompted him to go to VCAT – and have it scrapped.
The case is significant because it’s believed thousands of landlords – through a third party - are collecting rent online or by phone via direct debit. This incurs a fee which the tribunal has ruled is unjust.
And that decision – by VCAT deputy president Ian Lulham - has thrown the legalities of the whole direct debit rental payment system into question.
‘’Clearly, I have concluded that the strength of (tenant) Mr Palmer’s claim in this proceeding is overwhelming,’’ Mr Lulham told the tribunal.
Michael Palmer, 41 leases his property through Ray White Real Estate for $2303 a month. After several months he was puzzled to see on his bank statements that an extra $1.65 was being deducted with each rent payment.
That caused him to take the landlord to VCAT to seek a refund of eight payments of $1.65 and damages of $3355.35.
At the hearing, VCAT heard that Mr Palmer had originally signed a consent form allowing a monthly direct debit of the rental – and that the system being used provided for a non-refundable transaction fee of $1.65 to a third party service.
But Mr Lulham ordered that, under the Victorian Residential Tenancies Act 1997, landlords could not demand from tenants a fee or charge relating to the establishment or use of direct debit facilities for rent payments. They should absorb the costs themselves.
He ordered that the landlord pay Mr Palmer $13.20 and $38.80 costs. He dismissed the tenant’s claim for damages and referred the matter to Consumer Affairs Victoria.
Lisa Pennell, of Ray White Corporate, said the company’s legal understanding was that, provided the tenant has the choice of paying via direct debit through the service, it could keep charging a fee.
‘’We’ve asked to meet with CAV and we’ll wait and see what they have to say before making a final decision,’’ she told Property Observer.
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The $1.65 direct debit Victorian weekly rental payment system dispute

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Highlighted by the increased proportion of homes selling for more than double their initial purchase price, a survey of First National estate agents has found that 48% expect property prices to rise.
However it is unlikely there will be any solid upturn in house prices before 2015, due to cautious spending and borrowing behaviour, the survey found.
The First National Real Estate 2013 Property Market Outlook Mid Year Outlook, released today, surveys the 400-plus member network and draws on their experience at a grass roots level, providing insight to what they anticipate the market will do in their area for the rest of the year.
‘’Our members are expecting the second half of the year to strengthen even further, with the revival experienced in the first half continuing,” says First National CEO Ray Ellis.
“Although pockets of our membership anticipate soft trading conditions for the next few months, a clear majority is optimistic that the federal election will bring a change of government as well as a positive change in their property markets.”
Interest rates are expected to remain low for some time, with 51% of members expecting them to fall further.
The report highlights the impact of ongoing low interest rates on fixed rate mortgages, which are expected to become more popular with home owners over the coming six months, according to 86% of members, with some saying home buyers may hold off longer, expecting rates to fall further still.
“The challenge of low interest rates is that they could lead to a quicker than expected rise in house prices as households take on higher levels of debt,” Ellis says.  “The associated boost to wealth and sentiment could, in time, generate stronger than expected consumption growth.”
House prices across the nation are slowly trending upwards, the agents say.
But price growth is expected to be modest, according to Ellis, and nowhere near the 5% to 7% predicted by some economists.
At the state level, first home buyers are expected to be the most active market segment in Western Australia and the Northern Territory. However, in New South Wales, South Australia, Victoria, the Northern Territory and Queensland, people upgrading their properties or buying investments are anticipated to be the most active.
Property sales volumes should remain at current levels, but for some states such as New South Wales, Victoria and the Northern Territory, they will begin to trend upwards.
“There is potential for the number of homes for sale to drop off at election time, but volumes should increase once the federal government has been decided,” Ellis says
The number of homes for sale is trending downwards, which may be partially responsible for the current high auction clearance rates in the leading indicator states of Victoria and New South Wales.
“Auction clearance rates have been consistently higher than 60 per cent nationally, and around the 70% mark in the key Melbourne and Sydney markets,” Ellis says.
“This is placing additional upward pressure on prices.”
Almost 80% of First National Real Estate members expressed confidence their agency business would grow in the second half of the year.
Some 37% of First National agencies expect they might employ additional staff members.
 
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Half of First National agents expect prices to rise, but nowhere near the 5% to 7% predicted by some economists

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Builders of infrastructure – such as roads and buildings – have been hoping for priority listing after submitting plans for works to Infrastructure Australia.
This year, 34 submissions met the body’s priority criteria. They are worth a reported $27 million.
The projects are ranked in order of priority:  from ‘early stage’ to ‘ready to proceed’.  Tax breaks are received by investors whose projects qualify as meeting the priority threshold or are judged ‘ready to proceed’.
NSW, Queensland and Victoria each have 11 projects on the priority lists, WA eight, South Australia four, Tasmania three and the Northern Territory one.
A list of major works includes upgrades for:
Pacific Highway between Sydney and Brisbane
Monash Freeway  and Warrigal Road in Victoria
Great Northern Highway in the Wheatbelt, Leach Highway in East Fremantle and the Pilbara.
Also on the list are:
National Broadband Network
At a threshold level are:
Eastern Busway in Queensland
National Ports Strategy
Below is a full list of submitted projects:
Early stages
Capacity Improvements and Expansion of the Metropolitan Commuter Rail Network (NSW; $795m)
Melton Rail Line Duplication and Electrification (Vic, $1300m)
Gold Coast Rail (Qld SE QLD Mayors; $2,875m)
Hobart: A World Class, Liveable, Waterfront City (Tas; $120m)
North West Sydney Public Transport Strategy – North West Rail Link (NSW; $7,500m - $8,500m)*
South Road (SA $tbc)
South Australia National Managed Motorways Project – South Eastern Freeway, Stirling to Crafers (SA; $4.57m)
Tram Route 86 Demonstration Project, Stages B and C (Vic; $tbc)*
Port Hedland Inner Harbour – Capacity Enhancements (WA; North West Iron Ore Alliance; Hancock; $500 - $1000m)
Transforming the Pilbara: Pilbara Cities (WA; $2900m)*
Port of Hastings (incl. Peninsula Link rail freight corridor) (Vic; $tbc)
Eyre Peninsula Port Proposals (SA, Centrex; $tbc)
Port Botany and Sydney Airport Transport Improvement Plan (NSW; $tbc)*
Northern Sydney Road Freight Access - F3-M2 (NSW; $4,750m – ($2008))
Australian Digital Train Control System (Australasian Railways Association; $20m)
Mount Isa - Townsville Rail Corridor Upgrade (QLD; $333m)
Transcontinental Rail Link - Mildura to Menindee (Mildura Development Corporation; $400m)
Bruce Highway Upgrade Strategy (Qld; $22,500m including Cooroy to Curra)
Bruce Highway - Cooroy to Curra Section A (Qld; $852m)*
Warrego highway Upgrade Strategy – Helidon to Morven (Qld; $670m)*
Tasmanian Rail Revitalisation Program (Tas; $240m)*
Hobart to Launceston Transport Strategy (Tas; $1,662m)*
An Innovation Strategy for Tasmania: Focus on Food Bowl Concept (Tas; $tbc)
 
<hr class="system-pagebreak">
Projects with real potential
Integrating Sydney’s Motorway Network
Melbourne Metro Stage 2 (Vic; tbc)*
Dandenong Rail Capacity (Vic; $tbc)*
Queensland National Managed Motorways – Bruce Highway, Beams Road to Caboolture Road (Qld; $202m)*
Queensland National Managed Motorways – Pacific Motorway, Gateway to Logan (Qld; $4.6m)*
Abbot Point Multi-Purpose Harbour (Qld; $3,300m ($2010 real)
Smart Port ICT (Vic; $16m)
South West (Bunbury) Infrastructure (WA; $605m)
Freight Access to Port of Brisbane Airport - Gateway Motorway North (Qld; $1,159m - $2,710m)
Freight Access to Port of Adelaide - Northern Connector (SA; $1,191m)
Melbourne International Freight Terminal (Vic; $tbc)
Bell Bay Intermodal Expansion Project (Tas; $150m) 
Western Interstate Freight Terminal (Vic; $tbc)
North South Rail Freight Corridors including Northern Sydney Freight (Australian Rail Track Corporation and NSW; $n/a)
Advanced Train Management System (Australian Rail Track Corporation; $500m)
East West Rail Freight Corridor (Australian Rail Track Corporation; $n/a)
Green Triangle Freight Transport Project (SA/Vic; $112m)
East West Link (Vic; $tbc)
Tasmanian Water and Sewerage Reform (Tas; $1000m)
Mid-West Energy – Stage 2 (WA; $280m)  
Threshold
Eastern Busway (Stages 2b and 3) (Qld; $825m)
National Ports Strategy – 30 year plans for ports and landside connections
Oakajee Port (potential equity injection) (WA; c.$4500m ($2010 real)
Darwin East Arm Port Expansion (potential equity injection) (NT; $336m)
National Land Freight Strategy
Tasmanian Water and Sewerage Reform (Tas; $1000m)
Mid-West Energy – Stage 2 (WA; $280m)
Ready to proceed
Brisbane Cross River Rail – core project (Qld; BCR 1.34; $5311m)*
Victorian National Managed Motorways – Monash Freeway, High Street to Warrigal Road (Vic; BCR 11.5; $14.3m)*
Victorian National Managed Motorways – Monash Freeway, Warrigal Road to Clyde Road (Vic; BCR 6.9; $100.7m)
Melbourne Metro Stage 1 (Vic; BCR = 1.3; $tbc)*
Pacific Highway Corridor upgrades (NSW, BCR = 1.5; $6400m ($2010 real))
An infrastructure policy framework is being developed for essential Indigenous infrastructure. As this is progressed, Infrastructure Australia’s Indigenous Infrastructure Sub-Committee will work with stakeholders to identify potential projects.
Infrastructure Australia proposes reforms around planning for water security, independent pricing, competition in bulk supply and consumer choice over levels of reliability
Infrastructure Australia supports proposed reforms to regulatory provisions regarding connection of remote renewable energy generation and electricity transmission connections between states.
National Broadband Network
 
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The 34 Infrastructure Australia projects that might interest property investors: List of the day

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Another big public land sale is whetting the appetites of developers with the 24 hectare former Bradmill site in Yarraville going to market with an expected price tag of $100 million.
Six kilometres from the CBD, the Yarraville Gardens redevelopment has approval for 1500 townhouses and apartments. Also on the drawing board is a 10,000 sq metre neighbourhood shopping centre, possibly with a Coles or Woollies, a library and 400 car parks.
The site (pictured below) could be home for up to 7000 people.
<img alt="yarravillejuly4one" height="296" width="470" src="/images/stories/2013/07/yarravillejuly4one.jpg">
CBRE director Mark Wizel is marketing the property internationally for the Melbourne based family business DeGroup.
“The rarity of 60 acres of residential zoned land six kilometres from the Melbourne CBD simply cannot be understated,” Wizel said.
“There is little doubt that, while off-shore Asian developers are the most active buying group for large inner city sites with residential potential, Yarraville Gardens is  expected to generate significant interest from the domestic private and institutional development market.”
Large numbers of Asian developers have already made a beeline for the Melbourne CBD and city fringe, with Wizel saying larger groups - especially from Malaysia and Singapore – are now after similarly sited townhouse and apartment projects.
“Offshore developers and local institutional developers are seeing the consistent population growth of Melbourne and adjusting their strategies accordingly,” Wizel said.
Local councils and the state government are also proactively planning for population growth, he said.
The pending sale of Yarraville Gardens follows other big deals in Melbourne, including the sale of the Amcor site ($120 million), the former Age site in the CBD ($75 million) and Nigel Satterley’s acquisition of a major parcel of land in Point Cook ($100 million).
Yarraville Gardens owner Colin DeLutis says interest in the site is strong. “We’ve been approached many times over the past five years, and we think now is the right time for a formal sale campaign.”
While Coles and Woolworths are possible anchor tenants, Delutis said a major supermarket had not been decided yet. However, he confirmed that his company would develop a shopping centre on the business zoned land with a view to retaining ownership of the centre.
The proposed mixed use residential and business development is south of Francis Street and west of McIvor Reserve. It’s surrounded by 28 hectares of parklands and is close to Yarraville station and the popular Yarraville village.
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Another $100 million-plus residential land sale pending at Yarraville Gardens

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The popular St Kilda venue Dog's Bar was sold after auction for in excess of $6 million this afternoon.
The iconic venue (pictured below) was passed in at $5.6 million.
<img alt="dogsbarjuly5one" height="348" width="470" src="/images/stories/2013/07/dogsbarjuly5one.jpg">
<a target="_blank" href="https://www.realcommercial.com.au/property-hotel+leisure-vic-st+kilda-500763279">The sale of the popular bar</a>, eight strata titled apartments and rooftop terrace was being handled by Pride Real Estate's Tony Pride and Margaret Duncan and Gross Waddell's Andrew Waddell.
The three-storey 54 Acland Street property includes a bar on the lower level and residential apartments above. It’s the first time the whole building has been offered for sale.
<img src="/images/stories/2013/07/dogsbarjuly5two.jpg" width="470" height="339" alt="dogsbarjuly5two">
A huge crowd attended the auction which started with a bid of $5 million from one of up to four bidders.
After being passed in, negotiations continued inside with the highest bidder, believed to be a local private investor who owns similar iconic properties in the area.
The agents believe the restaurant, wine bar, and outdoor seating areas have the potential to earn about $180,000 in annual rent.
The buying interest was expected from bar and hotel operators as well as investors and developers.
The future of the property is not yet clear following the sale.
It potentially could result in the closing of the venue early next year to make way for a site redevelopment, with the bar is being offered on a short-term lease until then by the vendor and proprietor David Carruthers.
Over the past 15 years the owners had accumulated the strata-titled apartments and lower-level retail components.
The Dog's Bar was opened in 1989.
Fairfax Media had reported the sale might fetch up to $8 million.
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The Dog's Bar premises at 54 Acland Street sold post-auction

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Get out into the backyard and have some fun!
That’s the message from Planet Ark in the lead up to National Tree Day on July 28.
It follows the release of Missing Trees – The Inside Story of an Outdoor Nation, sponsored by Toyota, which shows a link between childhood contact with nature and a range of health and wellbeing benefits.
It reveals that our ‘shrinking’ backyards, ‘screen time’ on PCs and tablets, and long working hours are concerning us and threatening our outdoor way of life.
“The research indicates that, while most Australians over 30 are likely to have clear childhood memories of playing in their backyard, for the first time in a number of generations, many children today are likely to have a very different set of memories,” says Planet Ark’s Rebecca Gilling.
She says that in a country of backyards, barbecues, beach and bush, Australians are known around the world as lovers of the great outdoors. However, it seems our laid-back outdoor culture is being eroded.
About one in three people spend less than 18 minutes a day on outdoor activities - about the same time as it takes to hang out the washing. Even playing cricket and football outside and having barbecues are at risk as our lifestyles and suburbs change.
A house with a backyard is still the ideal. About 72% of us would prefer to live in either a separate house with a large backyard or on a rural property but only 53% of us do. And 77% are concerned about shrinking backyards, including 83% of parents with young children who want them to have safe outdoor areas to play in.
But government policies and population pressures mean the number of houses with large backyards is shrinking, mainly as a result of decreasing supply and rising land costs.
On top of this come changes in our working hours, use of childcare, time pressures and living close to the CBD, meaning we have to place less value on backyards.
On average, those living in units or flats spend 3.5 hours a week on outdoor activities, while those in separate houses with large backyards spend 5.1 hours.
Planet Ark is encouraging us to join a National Tree Day event and plant a tree at home, in our backyard, on the verandah, rooftop or street to connect with nature and the great outdoors - and make nature part of where we live.
“As lifestyles change and the quarter acre block are no longer the norm, families should foster and maintain that important link with nature, which provides direct health benefits,” said Gilling.
“Events like National Tree Day are a fun community-focused way to get back outside, and this year we are encouraging people to register events in their own green spaces as well as get involved in public plantings.”
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Backyards may be shrinking in number, but spending more time in them makes us happier

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Retail premises and residential offerings are benefitting from Footscray’s rising property market, with many up-and-comers attracted to the area’s proximity to the CBD, trend towards high-density living, perceived cache and cheaper housing stock.
The suburb eight kilometres from the city has long been regarded as a well kept secret by locals who love its cosmopolitan feel and edgy street cred.
Herron Todd White reports the Melbourne 2030 planning strategy has designated Footscray as one of the major activity centres which are the preferred locations for future higher density residential land and mixed use development.
Houses or units have the potential for strong growth in the next four to six years, according to HTW, especially those in West Footscray, Footscray and Maidstone.
They are showing positive signs for strong growth in the detached/semi detached market. Many houses are under $500,000.
On the commercial side, a retail premises at <a target="_blank" href="https://www.commercialrealestate.com.au/property/2010546408/for-sale/vic/footscray/retail">15 Paisley Street, Footscray</a> will test the waters when it goes to auction on July 24.
It’s been used by a children’s wear retailer for the past 20 years.
Kliger Wood’s Lou Montalti and Nick Breheny are handling the sale.
The shop on 194 square metres earns a rental of $30,260 and is on a 3x3 lease from September 2011.
Rents are fixed for the first year and go up 4% in the second. Zoned Business 1 the shop has rear access via a council car park which Montalti said was a point of interest.
He says the sale could reap $750,000 to $845,000.
Sold at auction recently was a two storey brick shop, at 11 Paisley Street (pictured below), for $845,000 on an indicative yield of 3.5%.
It was touted as "a rare opportunity in a tighly held strip".
<img src="/images/stories/2013/07/footscrayjuly3one.jpg" width="470" height="328" alt="footscrayjuly3one">
The shop has a five metre street frontage and is on 146 square metres. It’s been the premises of a longstanding jeweller Kim Trang who has an option for a further three-years at $30,100 net rental plus all outgoings except land tax, says Kliger Wood’s Montalti.
A warehouse at 145-147 Geelong Road, Footscray (pictured below), has sold for $550,000.
Sweeney Estate Agents Footscray handled the sale of the 340 square metre block.
<img src="/images/stories/2013/07/footscrayjuly3two.jpg" width="470" height="320" alt="footscrayjuly3two">
The high exposure site is passed by up to 60,000-plus vehicles a day. Future uses could be a multi use development site, subject to council approvals.
The zoning is Business 3. The Footscray and Maidstone residential and commercial areas are tipped to benefit from a range of developments, such as at the railway station, Plaza and Whitten Oval.
It also helps being home to Victoria University, Western Hospital and Lonely Planet Publications.
<a href="/news">Footscray</a> residential real estate activity in the past 12 months:
Houses
•	163 houses sold
•	$520,000 median sale price
•	69 average days on market
Units
•	155 units sold
•	$364,000 median sale price
•	102 average days on market
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Commercial and residential property both on the rise in Footscray

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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