ANZ believes the Reserve Bank is in no rush to move again.

Following the release of the May Monetary Policy Board Minutes, ANZ has taken the view that the RBA is now firmly in a holding pattern, with the cumulative impact of previous rate hikes giving the Board scope to assess how the economy evolves from here.

That positioning, in ANZ’s view, makes a June rate hike unlikely.

The bank continues to expect the cash rate to remain unchanged at 4.35 per cent for an extended period, with the RBA adopting what is effectively a wait-and-see approach.

The Minutes point to a Board that sees financial conditions as already restrictive, but without a clear read on just how restrictive they are. That uncertainty has shifted the focus away from immediate policy action and toward monitoring both domestic conditions and global developments, particularly the conflict in the Middle East.

As ANZ interprets it, the Board is deliberately avoiding strong forward guidance.

Instead, it is allowing itself flexibility, acknowledging that monetary policy has limited ability to influence the near-term trajectory of inflation, while also recognising that economic growth is likely to remain below potential for some time.

Despite that pause in momentum, ANZ notes that the Board still carries a tightening bias.

The Minutes reveal that, in weighing up its decision, the Board seriously considered another 25 basis point increase. The key debate centred on the trade-off between inflation and activity, particularly in the context of global uncertainty.

Ultimately, most members leaned toward the inflation side of that equation.

Underlying inflation is still expected to remain above target for an extended period, regardless of how external risks evolve. That has led to a view within the Board that the risks to its inflation objective have increased, and that the current cash rate may not be sufficiently restrictive to fully contain those pressures.

That’s important.

While the decision, for now, is to hold, the underlying tone of the Minutes suggests the door to further tightening has not been closed.

ANZ also points to commentary from Assistant Governor (Economic) Sarah Hunter, who highlighted the risk that inflation could pass through the economy more quickly and broadly than in previous cycles. Both Hunter and a majority of the Board expressed concern that inflation expectations could become less anchored after such a prolonged period above target.

That combination, persistent inflation and the risk of expectations shifting, is what continues to underpin the RBA’s cautious stance.

However, where ANZ diverges from the RBA is on the outlook for activity.

The Board appears relatively comfortable with current spending patterns, effectively downplaying recent declines in business and consumer sentiment. It notes that sentiment has historically been only weakly correlated with actual spending, and that feedback from its liaison program has not yet pointed to a meaningful slowdown in consumption.

ANZ is less convinced.

The bank believes the link between household disposable income, sentiment and spending is more direct than the RBA is currently acknowledging. With inflation continuing to erode real incomes, ANZ expects household spending to soften more materially than the central bank is forecasting.

That divergence matters because it shifts the balance of risk.

If activity weakens more than expected, the trade-off between inflation and growth changes. In ANZ’s view, that would reduce the need for further tightening and reinforce the case for the RBA to remain on hold.

It also suggests that the current policy setting may already be doing more work than the Board fully appreciates.

The broader takeaway from ANZ’s interpretation is that the RBA is walking a narrow path.

On one side sits the risk of inflation remaining elevated for longer than expected. On the other is the growing pressure on households and the potential for a sharper slowdown in activity.

For now, the Board is choosing to wait.

But it is a pause that still carries an underlying tightening bias, rather than a clear pivot toward easing.

In practical terms, that leaves the cash rate anchored at 4.35 per cent for the foreseeable future, with the next move still uncertain.

For borrowers, it reinforces the reality that relief is not imminent.

And for the broader economy, it highlights the delicate balance the RBA is trying to strike, between bringing inflation back to target and avoiding an unnecessarily sharp slowdown in growth.

According to ANZ, it is a balance that is becoming increasingly difficult to maintain.

Joel Robinson

RBA to hold rates for "prolonged period" rather than hikes: ANZ

<a href="https://www.apartments.com.au/developers/venturecrowd-property-projects">VentureCrowd</a> is down to the final Canopy Villa release at Cumulus Grand Villas in Carrara, as construction continues on the 59-residence gated community positioned above 100 hectares of natural savanna on the Gold Coast.

The remaining Canopy Villa forms part of one of four collections within the <a href="https://www.apartments.com.au/architects/bda-architecture">BDA Architecture</a>-designed community and has attracted interest from buyers seeking larger-format homes that combine privacy, security and low-maintenance living. Positioned within a private cul-de-sac and facing a protected black she oak forest, the four-bedroom villa includes a large private outdoor area suited to pet owners and families wanting more flexible space.

<a href="https://www.apartments.com.au/new-townhouses/cumulus-grand-villas-carrara-17-baltimore-court-carrara-qld-4211">Cumulus Grand Villas</a>, located at 17 Baltimore Court, comprises a mix of three and four-bedroom villas across the Skyline, Canopy, Savanna and Broadview collections. Prices currently range from $1.455 million to $1.895 million, with the final Canopy Villa priced from $1.825 million.

[smartcode_project:default project_id=135663 project_image_fid=360477]

The Canopy Collection villas offer four bedrooms, 2.5 bathrooms and approximately 245 sqm of internal space, alongside double garages and landscaped private areas. Expansive glazing, open-plan living spaces and private balconies have been designed to maximise natural light and outlooks toward the surrounding savanna landscape.

Construction is now underway across the fully funded development, which VentureCrowd says has become an increasingly important consideration for buyers assessing off-the-plan opportunities on the Gold Coast. The project is being delivered by <a href="https://www.apartments.com.au/builders/devcon">Devcon Property Group</a>, which has operated in South East Queensland since 1993 and delivered more than 1,000 homes across the region.

VentureCrowd Director of Property David Whitting previously said the project responds to changing buyer priorities in the prestige Gold Coast market.

“Flexible floorplans have proven particularly relevant for purchasers aged between 40 and 65, including next home buyers, downsizers and investors,” Whitting said.

[smartcode_project:default project_id=135663 project_image_fid=360505]

The buyer profile at Cumulus has reflected that shift toward owner-occupier-driven demand. Stuart Towns and Tracey Loynes recently purchased a Canopy Villa, drawn to both the lifestyle offering and the flexibility the home provided for their next stage of living together.

The couple, who met three years ago, sold their Robina home earlier this year after identifying what they saw as strong long-term investment potential at Cumulus while remaining within the same Gold Coast market. The villa’s private backyard was a major drawcard for their dog Luna, while proximity to golf courses including Emerald Lakes also aligned with their lifestyle interests.

Beyond the residences themselves, the community has been planned around shared lifestyle and recreation amenities. The Infinity Terrace will include a 20-metre heated pool, barbecue facilities, alfresco dining spaces and elevated retreat areas overlooking the surrounding landscape. Walking trails, a private nature reserve, orchard and herb garden are also integrated into the masterplan.

[smartcode_project:default project_id=135663 project_image_fid=360473]

BDA Architecture Director Darren Greenaway said the design approach was heavily influenced by the site’s outlook and secluded setting.

The practice sought to create what Greenaway described as a “little piece of paradise,” drawing inspiration from the elevated views, surrounding greenery and quiet location.

<a href="https://www.apartments.com.au/developments/carrara-qld-4211">Carrara</a> continues to attract buyers seeking larger homes within proximity to the coast but without direct beachfront pricing. Cumulus sits within easy reach of Broadbeach, Pacific Fair, Robina Town Centre and the M1, providing connections north to Brisbane and south toward the Gold Coast Airport and northern New South Wales.

The first stage of Cumulus Grand Villas is targeting completion in 2026.

[smartcode_project_cta:default project_id=135663]

VentureCrowd nears sell-out of Canopy Collection at Cumulus Grand Villas in Carrara

Waverley Council has made a call that many councils have been reluctant to make publicly. Growth is coming, regardless of who controls it.

The release of the Bondi Junction Vision and Master Plan is less about whether the Eastern Suburbs’ primary centre will change, and more about how that change is shaped, funded, and ultimately experienced on the ground. Waverley Council has released a 100-page plan which is effectively the first comprehensive blueprint for Bondi Junction in over two decades, and in doing so, signals a clear shift in how councils are positioning themselves in the current planning environment.

For the past 18 months, the conversation across New South Wales has been dominated by the State Government’s Low and Mid-Rise Housing reforms and the emergence of the Housing Delivery Authority pathway. Both have created faster, more centralised avenues for development approvals, particularly in well-located, infrastructure-rich areas like Bondi Junction.

Waverley Council’s response has been to move early, and decisively.

Rather than react to individual proposals as they come through the HDA or broader State-led reforms, Council has sought to establish a clear, place-based framework that sets the terms for how Bondi Junction evolves. The underlying position is relatively straightforward: if densification is inevitable, it should be tied to infrastructure, public domain improvements, and a cohesive vision for the centre, not delivered piecemeal through ad hoc applications.

<img alt="bondi junction" data-entity-type="file" data-entity-uuid="7f1f729c-ed99-4c6c-bf87-ffbce6991941" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-19%20at%209.58.16%E2%80%AFAM.png?VersionId=ULX4OlXKjeJ5BvNCNGL86evgXCjCfMih" />

At its core, the document is attempting to reposition Bondi Junction from what it largely functions as today, a transport interchange anchored by a major retail centre, into something far more layered. The ambition is to transform it into what the plan describes as the “civic and cultural heart of Sydney’s East,” a place that is active beyond commuting hours and capable of supporting a broader mix of uses, experiences and communities.

That repositioning is built around four key ambitions.

The first is to create a true destination. Bondi Junction already attracts significant foot traffic, with more than 86,000 daily transport users and millions of annual retail visits, but much of that activity is transient. People pass through, rather than stay.

The Master Plan seeks to change that dynamic. It leans heavily into the idea of an “18-hour economy,” extending activity well beyond traditional retail hours through dining, cultural programming, events, and a more active night-time offering. This is not just about adding more hospitality venues, but about fundamentally shifting how the centre operates, from a daytime shopping destination to a place that functions across the full span of the day and into the evening.

Oxford Street Mall sits at the centre of that shift.

Long seen as underperforming relative to its potential, the Mall is identified as one of the key catalyst projects in the plan. It is to be reimagined as a day-to-night spine, combining retail, dining, wellness and cultural uses in a way that creates a continuous flow of activity. Outdoor dining, rooftop venues, laneway activation and a curated events program are all part of the strategy, alongside significant public domain upgrades that aim to improve comfort, safety and usability.

&nbsp;

The second ambition is to transform Bondi Junction into a world-class interchange.

Despite being one of the most heavily used transport nodes in Sydney, the current experience is fragmented. Connections between the station, Westfield, Oxford Street Mall and surrounding streets are often unclear, and major roads create physical barriers that disrupt pedestrian movement.

The Master Plan proposes a more seamless, people-focused network. That includes clearer pedestrian links, improved wayfinding, better integration between transport modes, and a rethinking of how arrival into the centre is experienced. The aim is to shift the perception of Bondi Junction from a place people move through, to a place they arrive in.

The third ambition focuses on greening and open space.

One of the more consistent pieces of community feedback throughout the Vision phase was the need for more greenery, better public spaces, and a more comfortable urban environment. Despite being surrounded by major parks, Bondi Junction itself has relatively limited accessible open space, with much of the public realm dominated by hard surfaces and traffic infrastructure.

The plan responds with a network of new and upgraded public spaces, increased tree canopy, and what it terms the “Parkline,” a green link connecting Waverley Park through to Centennial Park. This is not just about aesthetics. It is about addressing heat, improving liveability, and ensuring that increased density is matched by access to high-quality outdoor space.

The fourth ambition is perhaps the most important from a development perspective: growth that gives back.

Bondi Junction is already the primary location for new housing supply in the Waverley LGA, and that is expected to continue. The area carries a target of 2,400 new dwellings by 2029, with further growth projected beyond that as demand for well-located housing continues to rise. The Master Plan does not seek to limit that growth. Instead, it attempts to shape it.

New housing is to be concentrated around transport, with stepped building heights designed to protect the character of surrounding neighbourhoods. At the same time, the plan introduces a more explicit link between development uplift and public benefit. This is where value capture becomes central.

The document outlines a framework where increased development potential is tied to contributions that fund public domain improvements, community infrastructure, open space, and affordable housing. It is an approach that recognises that much of the transformation of Bondi Junction will be delivered by the private sector, but seeks to ensure that the benefits of that growth are shared more broadly. The Civic Precinct is a key part of that equation.

Leveraging Council-owned land, the plan proposes a consolidated civic and cultural hub centred around Ebley Street. This would include new community facilities, cultural spaces, and potentially a new Council Chambers, creating a focal point for civic life that currently does not exist in Bondi Junction at scale.

It is one of several catalyst projects identified in the Master Plan, alongside the Oxford Street Mall transformation. These projects are intended to anchor change, acting as early interventions that unlock broader investment across the precinct.

Importantly, the Master Plan is not just a design document. It includes a delivery framework that sets out how these ambitions are intended to be realised.

Council is explicit in acknowledging that it cannot deliver the transformation alone. Implementation will require coordination between State agencies, private developers, landowners and the community, with a mix of planning agreements, infrastructure contributions and direct delivery mechanisms used to fund and stage improvements over time.

The plan outlines a mix of short-term, medium-term and long-term actions, from immediate public domain upgrades and planning controls, through to larger-scale projects that will unfold over the next decade or more. In practical terms, the next 12 to 24 months will be the most important.

This is when the Master Plan will move through exhibition, refinement and eventual adoption. It is also the period in which Council will seek to embed the framework into its planning controls, giving it weight in the assessment of future development applications.

Council officers have indicated that once the Master Plan is in place, it could be used as a benchmark when assessing Housing Delivery Authority proposals, and potentially reduce the need for further HDA declarations within Bondi Junction. In effect, it is an attempt to bring planning control back to the local level, while still aligning with State housing targets.

That tension between State-led reform and local planning control is not unique to Waverley. It is playing out across Sydney.

&nbsp;

&nbsp;

&nbsp;

If delivered as intended, Bondi Junction will become denser, more active, and more complex. It will support more residents, more workers, and a wider range of uses, extending beyond its current retail core into a more layered urban environment.

“The civic and cultural heart of Sydney’s East”: Bondi Junction masterplan revealed

Toorak's dress circle St Georges Road, home to some of the city's priciest homes, is set for a rare new apartment development.

Blood Diamond Group, an entity tied to Tina Brandi, wife of David Brandi who has been a prolific bidder on The Block over the years, has filed plans for an ultra-exclusive development across an amalgamated 3,662 sqm site at <a href="https://www.apartments.com.au/new-apartments/104-106-st-georges-road-toorak-vic-3142">104 and 106 St Georges Road</a>.

The proposal would replace two existing homes on the riverfront site with a five-level apartment building cascading down the steeply sloping land toward the Yarra River. Designed by Charles Wright Architects, the development has been carefully shaped around the site’s topography and river environs, with the upper levels stepping back to reduce visual bulk from both St Georges Road and the Yarra corridor.

Planning documents describe the proposal as “a site layout and building typology that is consistent with the emerging character of the area and which provides exceptional amenity for future residents without compromising that of neighbouring properties.”&nbsp;

<img alt="First look: Blood Diamond Group unveils riverfront apartment plans for Toorak Pavilion" data-entity-type="file" data-entity-uuid="ea19a17e-7528-4fa8-b727-05f2f7c025e5" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Toorak%20pavilion%20a_0.png?VersionId=rZ2IjdoUL_UrRl1sZ4wZHnQXbYUaEmUQ" />

The scheme comprises 12 apartments, including 10 three-bedroom residences, one one-bedroom apartment, and a substantial split-level five-bedroom penthouse. A 624 sqm communal rooftop terrace will crown the building, while three undercroft levels embedded into the hillside will accommodate apartments and basement parking.

The design leverages the site’s dramatic northern outlook across the Yarra River, with living areas and balconies oriented toward the water. A central atrium running the full height of the building is intended to draw natural light deep into the residences and improve internal amenity.

Landscape architecture by <a href="https://www.apartments.com.au/landscape-architect/jack-merlo">Jack Merlo Design &amp; Landscape</a> will play a major role in softening the built form, particularly along the river edge where significant setbacks have been introduced. The proposal includes a minimum 30-metre setback from the Yarra River boundary, preserving a substantial landscaped buffer between the development and the waterway.

While a mature English Oak near the front of the site is proposed for removal, the plans retain a large English Elm closer to the riverfront, alongside other established vegetation in the lower section of the property.

<img alt="First look: Blood Diamond Group unveils riverfront apartment plans for Toorak Pavilion" data-entity-type="file" data-entity-uuid="ed3bf19b-5bc7-482f-bde7-41f709a13c3a" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Toorak%20pavilion%20b.png?VersionId=SG_kBGu4rOaSPY8FtVcmPJfSCrstuOfg" />

Architecturally, the building adopts strong horizontal forms with expansive glazing and curved balcony edges facing the river. Planning documents note the upper levels “adopt a receding form” to ensure the building responds appropriately to the Yarra River environs overlay controls.&nbsp;

The surrounding streetscape is characterised by large contemporary homes embedded into the hillside, many presenting as modest one or two-storey forms to the street before expanding toward the river frontage below. The planning report notes this established pattern heavily influenced the massing strategy for Toorak Pavilion.&nbsp;

Until the recent sale of the landmark Clendon Road mansion Coonac for around $130 million, St Georges Road held the state's most expensive home, the $80,000,088 derelict "Ghost House" mansion that was bought by crypto king Ed Craven.&nbsp;

Blair House, also on St Georges Road, sold for $74.5 million in 2022.

First look: Toorak Pavilions slated for dress circle St Georges Road

Six months after a development site on Kangaroo Point’s Shafston Avenue sold for $6.55 million, plans have been lodged for a 23-storey apartment tower.

A company named JMT Mega Capital, understood to be interstate investors when the 1,222 sqm double block traded late last year through Patona Property, is proposing an 84-apartment development in place of the existing low-rise buildings.

The slender tower at <a href="https://www.apartments.com.au/new-apartments/212-220-shafston-avenue-east-brisbane-qld-4169">212–220 Shafston Avenue</a>, overlooking the Brisbane River, has been designed by <a href="https://www.apartments.com.au/architects/aplus-design-group">Aplus Design Group</a>. It will comprise a mix of one-, two- and three-bedroom apartments above six basement levels, topped by rooftop resident amenities.

<img alt="First look: 23-storey Kangaroo Point tower planned for Shafston Avenue riverfront precinct" data-entity-type="file" data-entity-uuid="7e17ba9e-553e-42ef-92b6-22081671521a" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/podium_3.png?VersionId=hlVUf99vrOjUs.vhQs0qV0DhOncUy9T8" />

The development has been designed as a vertically articulated tower with recessed balconies, curved façades and planted edges intended to soften its scale within the evolving Shafston Avenue skyline. In the submitted Urban Design Report, Aplus Design Group said the tower had been “shaped with a slender vertical expression, articulated façades, recessed balcony zones, integrated planting and a clearly defined podium relationship, helping to reduce perceived bulk and create a more elegant contribution to the Shafston Avenue streetscape and broader Kangaroo Point skyline.”

The scheme comprises 84 apartments, including 25 one-bedroom units, 34 two-bedroom apartments and 25 three-bedroom residences. A total of 104 car spaces are proposed across six basement levels, including resident, visitor and accessible parking.

Residents will have access to rooftop communal open space and shared amenities, while the development also incorporates deep planting zones and subtropical landscaping throughout the podium and tower levels. The project includes 35 per cent communal space coverage across the site and a 17.5 per cent deep soil zone allocation to support urban greening outcomes.

The application exceeds the mapped building height under the Kangaroo Point Peninsula Neighbourhood Plan and is being assessed under Brisbane City Council’s impact assessment pathway. The design team argues the additional height is supported by the site’s strategic inner-city location, existing high-density zoning, and proximity to transport and employment hubs.

“The design has been developed to make better use of a well-serviced urban site within an established high-density residential setting, while improving the street presentation and overall quality of the public realm interface,” the report states.

<img alt="First look: 23-storey Kangaroo Point tower planned for Shafston Avenue riverfront precinct" data-entity-type="file" data-entity-uuid="1ab44b1e-ff45-4bf3-8da8-8aa0cd79db33" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/site_10.png?VersionId=tSxeGekZOqj1e9g3PEn_yFoC3taKDp3U" />

The proposal adds to a growing pipeline of apartment developments reshaping Kangaroo Point ahead of the 2032 Brisbane Olympic Games, with demand continuing to strengthen for new housing supply in well-connected inner-city precincts.

Mosaic has nearly sold out its under-construction <a href="https://www.apartments.com.au/new-apartments/the-bedford-by-mosaic-16-30-prospect-street-kangaroo-point-qld-4169">The Bedford by Mosaic</a>&nbsp;and <a href="https://www.apartments.com.au/new-apartments/the-carter-by-mosaic-77-linton-street-kangaroo-point-qld-4169">The Carter</a>,&nbsp;while Pikos recently completed <a href="https://www.apartments.com.au/buildings/skye-residences-by-pikos-kangaroo-point-8-river-terrace-kangaroo-point-qld-4169">Skye Residences</a> nearby. Pikos is also delivering <a href="https://www.apartments.com.au/new-apartments/gaia-kangaroo-point-108-lambert-street-kangaroo-point-qld-4169">Gaia</a>, over 230 three- and four-bedroom apartments on Lambert Street.

First look: 23-storey Kangaroo Point apartment tower planned for Shafston Avenue riverfront precinct

Prominent New Zealand apartment and hotel operator, <a href="/developers/safari-group">Safari Group</a>, is offering up a prime investment opportunity for Australians to purchase off the plan in one of the world’s most popular ski destinations.

They recently took to market Mountain Oak Queenstown Apartments, in the growing precinct of Remarkables Park in Frankton, near the airport and at the foot of The Remarkables - the mountain range the locals like to call “The Remarks”.&nbsp;

Sydney investors have shown interest in the one, two and three-bedroom apartments that secure high-season occupancy six months over the year, primarily over summer and winter months.

They average 90 per cent occupancy across their portfolio over January, February, March, August, November and December, while shoulder season months of April, July, September and October are still occupied 70 per cent of the time, with the growing appeal of Queenstown becoming not just a hotspot for the snow, but a lifestyle destination.

Even in the low seasons of May and June, occupancy levels reach around 40 per cent.

<img alt="Safari Group’s Mountain Oak Apartments brings new investment potential to Queenstown" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/f_auto,c_limit,w_1440,q_auto/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/field/image/Ext_Cam15_Sunny.jpg?VersionId=SJAROUM_1s.Tr5ciMk4EEj5oAt_Vewmv" />

Safari’s Safari Hotels arm can also manage the holiday letting for an investor, from the listing on holiday accommodation websites such as Airbnb and Booking.com to the cleaning and maintenance of the investment. They’ve been in the short stay management business for 15 years and offer 24/7 support for investors, an important convenience benefit for any overseas investor

Another major drawcard for Australians is that New Zealand doesn’t have a stamp duty policy - so the entry price of NZ$639,000 (AU$586,000), is all that is payable on completion.

<img alt="Safari Group’s Mountain Oak Apartments brings new investment potential to Queenstown" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,dpr_2.0,q_auto:good/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/313_Livingv2_WEB.jpg?VersionId=nV229fM0ZeYpoxOrX372HyGjfwY_LR8c" />

Safari is starting construction of the 141 apartments in Q2 this year, with a two-year build estimated to complete in mid-to-late 2027.<img alt="" data-entity-type="" data-entity-uuid="" height="15" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXczFpFAb7WuA6f4f9TtKWcqXyNwR8qqtakWv352ERkpqNlP3KwIo8YKxw67jZNHfpjEGIZGv5MQTbnvLZwNt8iu9IVdOrswOjCvBZ4zhSoOOLrpt6etVEZTN1gkBho0r_R72zdHNA?key=yq3daOanqHSb88QFd8jGYKdb" title="Click and drag to move" width="15" />​

The apartments will feature modern amenities and contemporary designs with expansive windows capturing sweeping views of The Remarkables mountain range.&nbsp;

Interiors are equipped with modern finishes, premium appliances, and secure electronic key-locked doors, ensuring a comfortable living experience for residents and guests alike.

With its strategic location near Coronet Peak and Cardrona Alpine Resort, as well as key retail and dining precincts such as Market Street, Five Mile Shopping Centre, and Remarkables Market, Mountain Oak offers a strong proposition for investors seeking high rental yields and capital appreciation in one of New Zealand’s most sought-after locations.&nbsp;

Queenstown’s sustained demand for visitor accommodation and rental properties is underpinned by a shortage of housing options, attracting both local and international buyers.

Safari Group offers low-touch investment proposition in Queenstown’s popular ski fields district

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GUEST OBSERVER
The recent changes to the NSW Standard Instrument zoning definitions to allow hardware and building supplies in the IN1 zone is very welcome and long overdue. 
Retail stores are becoming more mixed and varied in the products they sell and zoning laws in planning systems must reflect the changing nature of retail.
These changes should have been made a long time ago. Land use zones and definitions which are flexible and less restrictive encourage competition and efficiency among retailers which keep prices low for consumers.
While the changes to the zoning definitions are positive, more flexibility is needed to ensure there is sufficient appropriately zoned land to accommodate retail stores, particularly those with a large floor plate. Retailers must often pursue lengthy and complicated rezoning processes, which are costly and create significant delays.
Given the substantial contribution that retail sector provides to NSW Gross Domestic Product, we encourage the NSW Government to continue reforming the Standard Instrument LEP to accommodate innovative emerging retail and business models.
A vibrant retail sector provides economic growth and significant positive benefits to the community in terms of lower prices, increased consumer choice, investment and job creation in the retail industry.
 
Chris Johnson is chief executive officer of property development industry group Urban Taskforce and can be contacted <a href="https://www.urbantaskforce.com.au/index.php?option=com_content&amp;view=article&amp;id=97&amp;Itemid=126#.Vdaart55dFI" target="_blank">here</a>.
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jchancellor-FAypfDUnLy

Zoning changes will lead to more retail competition: Chris Johnson

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A Melbourne-based developer has snapped up a mixed-use Sunbury site for $1.25 million.
The sale of 1-5 Riddell Road was brokered by Fitzroys agent Dean Alexander.
The 2,640 sqm site included three titles each owned by one member of the local family that had owned the property for over 50 years.
Alexander said the corner site was sold with a mixed-use zoning and lent itself to a variety of options.
“The property received strong interest from developers looking to capitalise on the flexibility of the site and the region’s rapid population growth,” he said.
Sunbury is the birthplace of The Ashes cricket trophy and a gateway to the Sunbury Wine region, according to the www.visitvictoria.com website.
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prateek24-ezbwHMbNAk

Developer buys Victoria's Sunbury site for $1.25 million

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Engineering contractor John Holland has agreed terms on a new office/warehouse lease at East Bentleigh in Melbourne’s south-east. 
The 7-13 Ardena Court property comprises 3,537 square metres of quality office and warehouse over two levels, including a 750 square metre office component, dual roller door access, three phase power and 25 on-site car spaces.
The property has easy access to South Road, North Road, and the Nepean Highway.
The deal was brokered by Savills Australia director Gareth Jackson and Chris Telley.
"John Holland has been contracted by the state government to complete a number of level crossing tunnelling projects in the south-east and required a modern facility in a prime location which provided quick access to key local arterials,’’ Jackson said.
He said the rental, for the one year plus one year lease, could not be disclosed but is believed to be circa $210,000 per annum net.
The lessor is a private Melbourne investor.
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John Holland takes office space on lease in Melbourne's Bentleigh

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The Property Industry Foundation (PIF) is set to raise some $600,000 this month from two of its core fundraising events which will be channelled into programs for at risk and homeless youth, including the Foundation’s own PIF House initiative.
The Middle Harbour Yacht Club recently hosted the Yachting Regatta in Sydney on 11 March, 2016.  
This week, the Foundation will hold its Sailing Challenge at the Royal Brighton Yacht Club with around 40 yachts expected to participate. The Property Industry Foundation (PIF)’s annual Charity Sailing Challenge will be held on Friday 18 March to raise funds to support homeless and at risk young people in Victoria.
Sponsored by Brookfield, the Charity Sailing Challenge was held at the Royal Brighton Yacht Club with a Jamaican themed after-party featuring live entertainment.
Special guest skippers on the day will include America’s Cup Skipper John Bertrand AM and fellow Sailor and Rio Olympics Gold Medal hopeful, Lisa Darmanin.
Around 40 registrations have been received with high-profile participants including APN Group, Brookfield, Brookfield Multiplex, Cedar Wood Properties, Charter Hall, Colliers International, Dennis Family Corp, EY, Frasers Property Australia, Hacer Group, Hayball, Investa, ISPT, Knight Frank, Macquarie Capital, Mirvac, Napier &amp; Blakeley, Probuild Quintessential Equity, Urbis and Vicinity Centres.
“It provides the industry with the opportunity to engage, network and have some fun whilst making a significant impact into the lives of at risk youth,” said Daryl Browning, chairman of PIF Victoria.
Funds raised will be channelled into programs for homeless and disadvantaged youth, including PIF’s own PIF House initiative.
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Sailing towards a brighter future

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SUPA IGA Doonside, a freestanding supermarket in an established suburb west of Sydney's Blacktown, has sold for $14,750,000 via an expressions of interest campaign.
A private investor bought the property on an initial yield of 6.1 percent, said selling agents Steven Lerche and Pat De Maria of Savills.
“The opportunity to secure a supermarket with both a net lease structure and built in rental growth is a rare prospect and therefore resulted in overwhelming interest from local, interstate and overseas investors," Lerche said.
The property has a gross leasable area of 4,402.3 square metres and is 100 percent leased to a wholly owned subsidiary of ASX-listed Metcash Limited, expiring in 2024 with a 10-year option. There are an additional four internal sub-lease tenancies. 
The centre sits on a site area of 15,300 square metres with on grade parking for about 224 vehicles.
Its location also allows for future redevelopment due to its B2 Local Centre Zoning allowing for a multitude of uses subject to council approval.
The Doonside suburb is 40 km west of Sydney’s CBD.
The centre is close to the junction of the M4 Western Motorway and the M7 Westlink. 
“The infrastructure planned for the Greater Western Sydney Region will result in a windfall for Doonside. With the release of designated development land throughout the North West corridor it will allow for further business and housing to be built for the area surrounding Doonside,” added Lerche.
Across the country, offers are due today on a fully leased neighbourhood shopping centre in Swan View that comes with an IGA store.
It is the first neighbourhood shopping centre to head to market this year, and includes a centre anchored by as 1204sq m IGA Supermarket, a Caltex Service Station, 10 specialty retail shops and four ATMs. 
The IGA Supermarket is on a 20-year lease, not expiring until 2028, and the total estimated net income exceeds $1.1 million per annum.
It is listed through Colliers International and Savills.
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Private investor snaps up SUPA IGA in Doonside for $14.75 million

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Transport and logistic tenants dominate the plus 5,000 sqm industrial leasing market in Brisbane, making up nearly 40 percent of all leasing requirements, according to Ray White Commercial.
Leasing volumes in the more than 5,000 sqm market in Brisbane has reached approximately 500,000 sqm in the past two years, Ray White Commercial (Qld) associate director - Industrial Transactions, Dan Costello.
“Transport and logistic tenants dominate the need for large and modern spaces and this segment of the market is particularly active in the pre-lease market,” Costello said. “These tenants are looking to new, purpose built facilities on long lease terms.”
However, manufacturing is a falling segment of the market and now only represents seven per cent of all tenant take-up, and dominates the secondary sector of the market.
“Other consumer uses including automotive, construction and telecommunications collectively represent half of all of the leases with a mix towards prime and secondary assets,” he said.
In her Between the Lines Plus 5,000 sqm Brisbane Industrial Leasing Market report for March 2016 Ray White Commercial's head of Research, Vanessa Rader says the market has gone through a period of uncertainty over the last two years.
“While little speculative supply has been added to the market, the move from existing to new has resulted in an increased vacancy particularly in the secondary asset class,” she said.
“This has resulted in some compression in net face rents across all quality grades, while many larger owners have become more aggressive offering incentives and discounted face rents to secure longer lease terms. Incentives remain a growing concern in the Brisbane industrial market as they are now averaging between 10 to 15 percent.”
Rader said there have been small declines in face rents across most Brisbane regions with the south-east having the lowest average net rent of $99 per sqm.
“The south-west, north and south have reduced by 6.2 percent, 6.3 percent and 6.3 percent respectively with an average rent in the range between $100 per sqm and $102 per sqm,” she said.
“The Trade Coast continues to achieve the highest rent across the Brisbane metropolitan area due to access and quality of stock. This market has attracted a lesser reduction in rents, falling by 5.1 per cent over the last two years to currently average $107 per sqm.”
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Transport and logistics dominate Brisbane industrial leasing: Ray White 

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Childcare centres are firmly on the radar of off-shore investors, as evident from the sale of a childcare centre in Melbourne's Camberwell to a China-based investor for $6.82 million after more than 70 percent expressions of interest coming from foreign buyers.
The purchaser paid more than $400,000 over the reserve - on a 5.05 per cent yield, the firmest yield yet recorded in the price range. The sale follows a similar result late last year when a China-based investor paid $2.3 million on a 5.1 per cent yield for a childcare centre at Rowville.
Head of Savill’s Childcare Investments team, Julian Heatherich, who brokered the 164-168 Warrigal Road deal with James Lockwood, said childcare centres were now flavour of the month.
"Childcare has really come of age as an asset class in its own right and this sale presents unequivocal evidence. We currently have more interest for child care investment than any other asset class. The property drew well over 100 enquiries with seven out of ten formal offers coming from off-shore,’’ Heatherich said.
Located directly opposite Wattle Park Primary School, the modern, purpose-built centre comprises a 547 square metre floor area and 24 car spaces on a 2,065 square metre site with three street frontages. It was sold subject to a 10 year lease with option for a further 10 years to national operator, Affinity Educational Group, at an annual net rental of $344,986.
Heatherich said strong government support for one of the nation’s most rapidly growing industries was a key driver of the growing demand for chlldcare centre investments with centres selling off-market, off-the-plan, prior to auction and at hotly contested auctions.
He said the Rowville property had also attracted more than 100 enquires.
Heatherich said yields for childcare centres had, until recently been in the 6 to 7 per cent range but were now below 6 per cent.
"This is another example of buyers being prepared to buy on yields under six per cent and with such a strong foreign contingent vying for these centres it’s likely that we will see yields tighten even further over the course of this year.’’
Long term leases and strong government support for one of the nation’s most rapidly growing industries along with a statutory obligation for lessees to fastidiously maintain in the best possible order a facility which houses young children, had been key drivers of the increase in demand in the sector.
The Productivity Commission report into the childcare sector suggested an additional 50,000 long day care places will be needed to accommodate the population growth in children and the subsequent demand for childcare over the next ten years, while an increase in the maximum daily subsidy for childcare, proposed by the Federal Government, has provided further confidence for a market which is already one of the nations’ strongest employment growth sectors,’’ Lockwood said.
The federal government, in the 2015 Budget, announced $3.2 billion of new spending over four years to improve the affordability of childcare for low and middle income earners.
According to the Department of Social Services data, 1.2 million children attended approved child care in the year to September 2014, up 8.1 per cent on the previous year while the number of long day care centres grew to 6601.
"Childcare centres are going to figure prominently in investor portfolio considerations for years to come. We are only seeing the start of that trend now,’’ Lockwood said.
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Childcare centre in Melbourne sells for $6.82 million

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A Sydney-based investor has snapped up a Murrumbateman service station and convenience retail centre for $4.1 million to benefit from the higher returns on offer in Canberra and surrounding markets.
Murrumbateman is in Southern Tablelands of New South Wales, nearly 40 kilometres from Canberra.
The Caltex-branded petrol station and Friendly Grocer is located at <a href="https://www.realcommercial.com.au/property-retail-nsw-murrumbateman-501764962" target="_blank">2-22 East Street</a>, fronting the Barton Highway.
The 2,716 sqm retail investment was brought to the market by a local vendor -- a prominent local builder. The vendor previously operated the service station before selling the business to the current independent operator.
The property was sold with leases to blue-chip tenant Friendly Grocer (owner by IGA), along with local business Murrumbateman Butcher. The tenancies offer a weighted average lease expiry (WALE) of about 7.48 years and produce a net income of $324,600 per annum.
 CBRE’s Mark Nicholls brokered the sale.
“The main road positioning with exposure to approximately 12,000 cars per day appealed to a range of buyers," he said.
The site features a mix of grocery, convenience and petrol retailing - with parking, six covered pumps, office and storage areas. It is the only major grocer in the catchment. 
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Service station near Canberra snapped up by Sydney buyer for $4.1 million

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Seven retail spaces on the first two levels of developer Greenland's new residential development Omnia, in Sydney's Potts Point, are on the market.
Greenland sold the<a href="https://www.omniapottspoint.com.au/" target="_blank"> first four retail spaces</a> to investors at an average price of $30,000 per square metre and has secured Woolworths to occupy this adjoining tenancies, comprising 405 sqm of floor space.
The remaining seven spaces range between 57sqm and 223 sqm.
Greenland Australia managing director Sherwood Luo said based on the success of the launch of apartments in Omnia, Greenland was confident of a similar response from the retail market.
“Omnia’s first two levels of retail space offer a unique opportunity for investors to buy within a prestigious brand new development which will be home to a high-net-worth, lifestyle-oriented residential community of some 250 residents,” Luo said.
Greenland sold 70 percent of the residential apartments at Omnia, at 226 Victoria Street, on the first day of the sales launch, including an $11 million penthouse. The development comprises 135 apartments and eight retail spaces.
“Due to the premium offering of the apartments which are designed by Durbach Block Jaggers with interiors by SJB Interiors, we’re expecting interest from retailers such as premium hair and beauty salons, gourmet delicatessens or grocers, cheese and wine bars, art dealers, homewares and designer fashion stores," said Luo.
Greenland Australia is a subsidiary of Shanghai-headquartered Greenland Group. Its current projects include Greenland Centre Sydney in the Sydney CBD which will be the city's tallest tower at 235 metres.
Other projects include Omnia in Potts Point, Lucent in North Sydney and Leichhardt Green in Leichhardt.
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Seven retail spaces at residential project Omnia in Sydney's Potts Point up for sale

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In a low growth world, investors have reassessed return expectations from core real assets and settled for returns between 6.50 percent - 7.50 percent, according to JLL's Australian Office Investment Review &amp; Outlook Report.
Transaction volumes for Australia’s office investment market surpassed the $15 billion mark in 2014 and 2015, highlighting the depth of liquidity in the sector and the demand for core assets, the report said.
While new sources of capital will enter Australia in 2016, transaction volumes are expected to be lower with activity concentrated in the $50 to $200 million lot size. 
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“Office investment markets were very active over 2014 and 2015 with high levels of liquidity, multiple capital sources competing for single assets along with multi-asset offerings. New pricing benchmarks were achieved in Sydney and Melbourne with prime office yields nudging down to 5 percent,” said Rob Sewell, JLL’s head of Office Investments – Australia. 
“In 2016, investors will concentrate on acquiring assets with strong income growth potential.
“While we are forecasting above-trend rental growth in Sydney and Melbourne, the performance will be uneven and certain sub-sectors such as A grade will outperform. 
 “There is a strong argument now with so much growth expected in the A grade sector that these assets should command prices reflecting yields lower than premium.
“Investors have accepted core returns will be lower for longer. However, they are now being faced with the prospect of a lack of genuine vendors in 2016. These investors will be forced to pay a further premium to unlock assets. This may lead to some assets being traded below 5 percent by a few groups who have very specific mandates.
“There is a resistance by the majority of investors to go below 5 percent, and with so few opportunities to consider the capital will realise they will have to move quickly to find core style assets in markets such as non-CBD Sydney and Melbourne, as well as Canberra and Adelaide.  
“Brisbane saw great activity in 2015 and we expect this to continue in 2016. Perth had increased interest from investors throughout 2015 as a counter-cyclical play and we expect to see transaction activity result this year.
“Vacancy movements are more closely linked to fluctuations in supply than to demand and limited development activity from 2017 provides an environment where vacancy will tighten and effective rents will increase,” JLL’s head of Strategic Research – Australia, Andrew Ballantyne, said.
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<img src="/images/2016/03/15/Screen%20Shot%202016-03-15%20at%201.21.34%20PM.png" alt="">
JLL projects that area-weighted CBD prime gross effective rents will increase by an average of 4.8 percent per annum between 2016 and 2019. 
“The effective rent recovery in Sydney and Melbourne provides an additional ingredient to the investment thesis and some core investors will consider opportunities that provide some leasing market exposure to the 2017 to 2018 period," Ballantyne said.
“Furthermore, core+ and value add investors will dedicate greater resources to exploring counter-cyclical opportunities in markets where the leasing fundamentals are more challenging.
“The yield spreads will be compelling for investors that can navigate idiosyncratic risks factors. As an illustration of the opportunity, the spread between average secondary yields in Brisbane and Sydney is 210 basis points – 115 basis points wider than the 10-year average of 95 basis points,” said Ballantyne.
“The recent volatility in equity markets is reinforcing the defensive characteristics of real estate. Australia is a beneficiary of pension funds adopting a higher allocation to real estate and a higher allocation to Asia Pacific. As a result, new sources of capital will emerge for core assets in 2016," said JLL’s head of International Investments – Australia, Simon Storry.  
“Sovereign wealth funds have been active buyers of commercial real estate in global gateway cities. A high proportion of sovereign wealth funds are oil-dependent funds and the correction in crude oil prices will negatively impact fund inflows.
“As a result, we could see less activity from oil-dependent sovereign wealth funds in on-market campaigns in 2016 and 2017.  However, this gap will be taken up by strong demand by Singaporean and European institutions,” said Storry.
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<img src="/images/2016/03/15/Screen%20Shot%202016-03-15%20at%201.24.41%20PM.png" alt="">
 
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