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

<html><body>
GUEST OBSERVER
Melbourne’s population is expected to almost double by mid-century, overtaking Sydney as Australia’s biggest city. But all states are growing and the increases are concentrated in the capital cities.
Along with adaptation, developing resilience and decarbonising buildings and other infrastructure – in response to climate change – the expansion and densification of the city present massive challenges for state and local council planners.
Skyscraper residential blocks and ultra-tiny apartments have already created controversy. Will Melbourne end up with a skyline like a pincushion, or Chicago without its grand style?
Are vertical communities feasible? If so, will they be gated communities?
With a two-tier, global-local real estate marke<a href="https://www.afr.com/real-estate/lower-australia-dollar-to-inflate-sydney-melbourne-property-prices-20150903-gje5ua">t</a> and growing numbers of international students, will inner Melbourne become host – or hostage – to a clutter of boarding-house-like apartments? And will those living in oversized, energy-guzzling new homes in fringe suburbs spend hours every day in private cars to reach work, school, retail and medical services?
If planning once seemed a boring job entrenched in the minutiae of approving, rejecting or amending individual development plans, today every level of planner is engaged with stakeholders. They must argue the pros and cons of designing appropriate urban policies across vast and complex economic and social landscapes.
A recent planning proposal by RMIT University researchers Michael Buxton, Kath Phelan and Joe Hurley offers a vision of an environmentally efficient compact city. This would not only protect its cultural heritage and enhance its green spaces, but also create the possibility of building in environmental justice.
<h2>What is environmental justice?</h2>
“Environmental justice” is often spatially expressed. Say a landfill, polluting industry or airport is approved in an area of social deprivation. That means locals bear most disadvantages. Consumers elsewhere not only benefit from the resulting goods and services but are protected from the damaging impacts of their production.
An example of insidious environmental injustice, revealed by Australian health scientists, is air lead concentrations. This has caused almost one-third of the variance in suburban assault rates 21 years after exposure.
A current inquiry will suggest ways that environmental justice can be applied in the Victorian Environmental Protection Authority (EPA). However, many sources of environmental injustice, such as planning, are beyond the EPA’s mandate. That makes these honourable aims a moot point.
Pockets of disadvantage often have historical and geographic sources. However, better urban planning can turn these areas into more desirable and healthy places to live. Appropriate planning strategies can minimise spatial disadvantage by ensuring services are well, and evenly, distributed throughout a city.
<h2>Community-based planning to get the mix right</h2>
The planning proposal focuses on appropriate land supply, infill opportunities and housing types. The goal is to maximise:
<blockquote>
…the effective functioning of the city through access to employment and service provision, avoiding inequitable outcomes and increased social division, and protecting amenity and providing high-quality urban design and environmental conditions.
</blockquote>
This approach respects the current heritage overlay and any pre-1945 building along the city’s tramways. Extensively using brownfield and ex-industrial land in Melbourne’s middle and outer suburbs maximises densification opportunities. It also promises to rehabilitate these neglected environments with well-serviced community-centred developments.
The researchers show that sprawling development in growth areas low in amenities could be minimised and made compact to increase service quality and quantity.
The thrust of the proposal dovetails well with a recently released report by other RMIT University researchers Tania Lewis, Victor Albert and Shae Hunter. They recommend:
<blockquote>
Using an EPA social media campaign to move away from a focus purely on “risk” and “hazards”, where communities are positioned as “victims”, to encouraging a longer-term sense of urban environmental consciousness and engagement.
</blockquote>
Scenarios that result in concrete proposals to oppose, modify and support are essential stages in coherent and engaged community-based planning. The first proposal was written to inspire debate on a pressing cluster of challenges that every Melburnian has a stake in solving.
The authors encourage lively public discussion to develop strong urban planning policies. Without these we risk our future being decided by developers, housing industry players and real estate markets.
<h2>Principles to guide us towards cities that work for all</h2>
Discontent with housing costs and options has become a 2016 election issue. Clear demands based on key principles are needed to steer the debate among our planners, politicians and parties in fruitful directions. Environmental justice is one such principle.
Australian cities should be made to work for all inhabitants. This involves evenly spreading the environmental disadvantages of industrial and commercial activities as well as the advantages of transport, educational and medical services.
This can be done through more appropriate zoning and planning regulations. The importance of this will only increase in coming decades of growth.
A city well planned in terms of environmental justice is more equitable by nature. Such a city is likely to have fewer entrenched and divisive sociopolitical conflicts.
Anitra Nelson is associate professor, Centre for Urban Research (GUSS, RMIT), RMIT University and author for The Conversation. She can be contacted <a href="https://theconversation.com/profiles/anitra-nelson-6527" target="_blank">here</a>.
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An environmentally just city works best for all in the end: Anitra Nelson, RMIT University

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A recent commercial auction by Raine &amp; Horne in Sydney's Dee Why drew strong interest, with properties selling above the reserve price.
A former Mitre 10 showroom in North Manly sold above the reserve for $3.93 million at the in-rooms auction.
The freestanding warehouse at 390-392 Pittwater Road, North Manly was sold under the hammer to a local business owner. 
The warehouse and showroom have an area of 722 square metres, as well as an additional mezzanine of 307 sqm.
Its exposure to busy Pittwater Road was a big attraction to the owner-occupiers and investors who lined up to bid for it at the auction.
A fully-tenanted, 840 square metre GLA freehold retail building at 20 Howard Avenue in Dee Why was the top draw, (above) selling for $8 million, well above the vendor’s reserve.
“This is a stunning result that illustrates the enthusiasm for doing business in Dee Why,” said selling agent Vincent West of Raine &amp; Horne Commercial Northern Beaches.
The property was snapped up by a private investor, who noted the income potential from the five long-term tenants, added West. 
The Dee Why commercial precinct is undergoing a facelift, with more momentum coming from the introduction of the Town Centre Master Plan.
“This landmark building is within a growing retail and commercial precinct, which will continue to benefit from the Dee Why’s transformation, and its close proximity to high profile residential developments, beautiful beaches and public transport,” said West.
A boutique warehouse at 2/11 Green Street, Brookvale, was also auctioned off for $651,000 to Nine Yards Coffee, an operation involved in coffee roasting.
The 158 square metre warehouse includes 65 sqm of office space, 30 sqm mezzanine, and two car spaces.
"It fronts busy Green Street just up from Warringah Mall,” said West.
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Under the hammer and over reserve – commercial auction underpins confidence in Sydney's Northern Beaches

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Commercial Property 101: Australian investor guide: Savills

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The latest research from the Burke Road, Camberwell Cityscope shows sales have jumped in the quarter to February 2016 in number and total value. 
In the latest quarter, there were 11 sales at a total value of $96.9 million, compared to 3 sales at a total value of $3.9 million in the previous quarter. 
The 12 month total is also higher, with 27 sales at a total value of $140.6 million, compared to 26 sales at a total value of $110.9 million over the previous year.
The table below shows sales recorded for the last eight updates of Burke Road Cityscope: 
<a href="/images/2016/03/9/Pulse-BKSalesGrid-580x311.gif" target="_blank">Click to enlarge</a>
<img src="/images/2016/03/9/Pulse-BKSalesGrid-580x311.gif" alt="">
 
Notable sales in the February 2016 update of Burke Road Cityscope include:
<ul>
<li>The retail and commercial components of The Well, a four level shopping centre with office space and parking at 793 Burke Road, Hawthorn East, which sold for a total of $72.5 million;</li>
<li>A high-clearance showroom with workshops on a 4,330sqm site at 139-153 Camberwell Road, Hawthorn East, which sold for $13.5 million; and</li>
<li>A two storey brick retail building at 670 Burke Road, Camberwell, which sold for $3.21 million.</li>
</ul>
Properties for sale in the February 2016 update of Burke Road Cityscope:
<ul>
<li>An 89sqm office suite with a car space at 685 Burke Road, Hawthorn East, available through Knight Frank; and</li>
<li>A 48sqm office suite with a car space at 685 Burke Road, Hawthorn East, available at an asking price of $235,000 through Hudson Bond Commercial.</li>
</ul>
Leasing opportunities listed in the February 2016 update of Burke Road Cityscope include:
<ul>
<li>A four storey office building with basement parking for 115 vehicles at 3 Prospect Hill Road, Camberwell, which has 500 to 3,476 sqm for lease through Colliers International Melbourne East;</li>
<li>A four storey office building with basement parking for 300 vehicles at 4-14 Redfern Road, Hawthorn East, which has 731 to 1,817 sqm for lease through Gorman Commercial; and</li>
<li>A four storey office building with parking for 32 vehicles at 277 Camberwell Road, Camberwell, which has 269 to 1,707 sqm for lease through JLL Glen Waverley.</li>
</ul>
<a href="/images/2016/03/9/Pulse-BKSalesChart.gif" target="_blank">Click to enlarge</a>
<img src="/images/2016/03/9/Pulse-BKSalesChart.gif" alt=""> 
 
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Burke Road Camberwell sales jump in number and total value: CoreLogic RP Data

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Over the week ending 26 February 2016, 66 commercial auctions were reported, rising sharply from 14 over the previous week signifying that the traditionally quiet period for commercial auctions has come to an end.
Last week, the clearance rate was 47.6 percent, compared to 50 percent the previous week. At the same time last year, 85 commercial auctions were reported with a success rate of 62.4 percent.
The most recent four week period shows a total of 88 auction results with 42 sales. Of these 42 sales, 31 have been reported with a sale price, totalling just over $95 million. 
<a href="/images/2016/03/9/2016_02_26_Auction_Graph.gif" target="_blank">Click to enlarge</a>
 <img src="/images/2016/03/9/2016_02_26_Auction_Graph.gif" alt="">
The table below indicates National Auction Clearance Rate figures.
<a href="/images/2016/03/9/2016_02_26_Auction_Table-580x200.gif" target="_blank">Click to enlarge</a>
<img src="/images/2016/03/9/2016_02_26_Auction_Table-580x200.gif" alt="">
 
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Commercial auction quiet period officially ends: CoreLogic RP Data

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An iconic Melbourne CBD building which was first traded in 1965 for $57,000 is back on the market with an enviable, fully-leased, tenancy profile boasting two tenants who have been on site for an average 30 years.
The 185-187 Lonsdale Street property is for private sale with an asking price of $9.9 million
The property is at the corner of Waratah Place, directly opposite QV and within both Melbourne’s Chinatown and Greek precincts -- the key to the longevity of the tenants, according to Nick Peden and Clinton Baxter of Savills, who are marketing the property with Burgess Rawson’s Jamie Perlinger and Nick Breheny,
One of the tenants, Greek cake house International Cakes, has been a tenant at the building for 46 years – one of the longest running retail-strip tenancies in the city.
"This is a really interesting building not just because of the beautiful architecture but because its standing in two of the CBD’s most iconic cross-cultural precincts – Chinatown and the Greek precinct – and of course the two tenants whose exceptionally long leases are testament to the value of the right location," said Peden.
"Chinatown is one of Melbourne's most vibrant and popular 24-hour precincts, while the Greek precinct serves a Greek population which is the largest in the world outside of Greece.’’ 
Perlinger said the three level, 550 square metre, building remained in excellent condition and stands on a 188 square metre site with a combined 30 metres frontage to Lonsdale Street and Waratah Place.
International Cakes is on a current five-year lease with two further extensions at a net rental of $240,000 per annum, while WahWah Lounge, which has been in occupation for 15 years, has a three-year lease with two three-year options at a net rental of $114,545 per annum.
International Cakes has an Australia wide reputation for producing a wide range of Greek style cakes, pastries and tarts including pasteli, nougat, halva, and loukimi.
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Historic Melbourne CBD building, first traded for $57,000, back on market

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Cromwell Phoenix Property Securities Fund has won the Morningstar Fund Manager award for listed property for the third consecutive year, confirming its position as one of Australia’s leading property securities funds.
The fund, which closed in 2015 to new investors, invests in ASX-listed property securities and delivered a total annual return of 16.3 per cent last year, outperforming the S&amp;P/ASX 300 A-REIT Accumulation Index by 1.9 percent.    “The Morningstar Awards set the benchmark for exceptional fund performance and value for investors. It’s an honour to be nominated but a true display of our team’s expertise to be awarded for the third consecutive year,” said Stuart Cartledge, managing director of Phoenix Portfolios.   “The A-REIT market continues to be an attractive proposition for investors. The broader market outlook is improving – the recovery of the Melbourne and Sydney office markets outweighs the weak performance of resource-impacted Perth and Brisbane.”   “We expect property will continue to deliver solid returns over 2016 due to the upward pressure on the value of underlying assets, and continued rental growth across all sub-sectors given reliable lease income with built-in increments,” he said.
The Morningstar Awards are designed to help investors identify exceptional funds and fund managers. Fund and fund group nominees are selected based on quantitative methodologies that emphasise outperformance over one, three, and five-year periods.
The awards were announced on March 4. 
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Cromwell Phoenix named property securities fund of the year by Morningstar

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Key amenity differentiators for office buildings like childcare and gyms are still rare, while lobby events bring a sense of engagement for workers in a building who are from different firms and who might not otherwise interact, reveals a new survey of customer service and offerings in commercial office buildings by global real estate services firm JLL.
JLL’s first Regional Customer Services and Experiences survey is a regional snapshot of 62 JLL-managed properties across eight countries in the Asia-Pacific region. Half of the properties surveyed were in Australia.  
The survey revealed that whilst some amenities, such as end-of-trip facilities, retail and concierge services are becoming widespread in commercial buildings, other differentiators such as childcare, shared meeting and conference rooms, gyms and lobby lounges were rare – with only 5-10% of buildings surveyed offering them.
“Customer service is increasingly a strong differentiator. In the current competitive market, it is increasingly difficult for a commercial office building to differentiate itself from its neighbour or a similar building down the street,” said Mike George, JLL’s head of the Premium Asset Group, Property Management.
“And the good news for building owners is that improving customer service doesn’t necessarily result in additional expense.
“Mostly it can be done for little or no additional cost to the normal day-to-day operations of the building.  Some measures, like end-of-trip facilities, require a capex commitment but other measures are about changing mindsets, attitudes and behaviours.  It does take an investment in time and effort, but done properly, can reap significant rewards, including attracting new tenants, retaining existing tenants and enhanced brand strength for the property and owner,” he added.
A JLL Paper titled, ‘Putting the customer first’ outlines the business case for offering superior customer service and engagement in commercial buildings.  
Amenity and Convenience
With office employees spending between 40 to 60 hours a week at work, there is increasing demand for more lifestyle conveniences within the workplace. Employers recognise that they can and should cater for these conveniences, like dry cleaning services and on-site physio, if they want to retain the best talent and create a productive workplace.
“End of trip facilities once served as a key differentiator amongst Premium and A-Grade buildings.  However in more mature markets, like Australia, tenants now expect them,” George said.
“The JLL Survey found 68% of buildings surveyed provided extensive bicycle storage, shower and locker and facilities.
“In contrast, only 5% of the buildings surveyed provided childcare and these were concentrated in Australia and India and in buildings and complexes that were over 300,000 square metres in size.” 
Lobby events
The JLL Survey found 68% of buildings surveyed held lobby events, with the majority stating these were quarterly events.
Explaining the importance of lobby events for building an engaged community in an office building, JLL’s Australian head of customer experience, Peter Merrett  says these create a catalyst for people who might not otherwise need to interact.  
“A single office tower can be occupied by dozens of companies, so creating this sense of community is a long-term project, comprising smaller steps to help build engagement.  These may include lobby events like a wine and cheese tasting at the end of the work day, a health and fitness challenge or even a lion dance for Chinese New Year,” he said. 
“Simple things like handing out Easter eggs or as a surprise, installing a popcorn machine in the lobby for the day can build engagement.” 
 
And what’s next?
 
Lifestyle clubs
“Lifestyle clubs are a relatively new service with the ability to attract like-minded people from different companies within a building and enhance a sense of community.  Food and wine clubs are the most popular, but other possibilities include fitness and cycling clubs.
“Clubs need not be expensive. They can usually be delivered via the property website and can be funded by club members,” said Merrett.
JLL’s customer service specialist practice area has gone from being a trial six years ago to becoming an essential part of the property management business.
“What we are delivering is a new level of hospitality and convenience services in office buildings, to assist people with things like organising sporting tickets and making restaurant bookings.  There is no cost involved for providing this personal concierge service on behalf of our guests – it is all part of the service to support business lifestyles,” said George.  
“For instance, at Liberty Place in Sydney, the concierge offers a raft of services to customers: limousine and car services, shoe shine, theatre and concert tickets, flight and holiday information, restaurant reservations and room service-style catering.”
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Popcorn lobby events: strong business case for increasing worker engagement in office buildings: JLL survey

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A site leased to Mitre 10 in Melbourne's Sorrento for 35 years recently sold for $11.465 million, nearly $6 million above its reserve price after furious bidding.
The owners of 80-98 Ocean Beach Road property in the popular holiday spot had set the reserve at $5.5 million, but competition amongst 10 bidders pushed the result to more than double that mark.
The yield works out to just 0.39 percent, one of the tightest yields ever recorded in Victoria.
A spokesperson for selling agent CBRE said no one saw the result coming, and it's finish was just as unusual it appears.
“We knew that there was some X-factor potential with this property due to its location and 40+ metre frontage to the main street, but the auction result exceeded expectations beyond comprehension,” the spokesperson said.
Selling agent CBRE defended its handling of a high-profile commercial property auction in Sorrento on Victoria's Mornington Peninsula, after the bidding was restarted at the end of the auction.
A number of those present told The Australian Financial Review the property had already sold under the hammer before a dispute arose; the property was subsequently put back on the market, and bidding resumed. The original winning bidder lost out.
The property comprises a 2,601 sqm block of land with 1,217 sqm of improvements, with street frontage on Sorrento’s main street. It has leases in place until at least 2020 to Mitre 10 and O’Brien’s Removals and Storage, but is being touted as a future development site.
Three of the bidders were Chinese developers and investors, but the winning bid came from a local investor, the spokesperson added.
“Whilst the property is potentially not earmarked for an overly large-scale development, there was a ground swell of buyer interest from parties with property in their blood wanting to deliver a project in their own backyard."
It was 1946 when Jack Womersley bought interests in a local Frankston timber mill which dated back to 1922.
In 1959, Jack became one of eight founding members of Mitre 10, before handing the reigns to sons Geoff and Fred.
The business has been run by Jack's grandson's Stuart, Peter and Scott Womersley.
The family purchased Sorrento Timber and Hardware in 2004 and the Chelsea Heights Mitre 10 store in 2007.
A former Mitre 10 site on Sydney's northern beaches sold earlier this month.
The nearby Continental Hotel at Sorrento is under offer, listed by the Di Pietro family with $15 million expectations last March.
 
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Property leased to Mitre 10 in Melbourne's Sorrento auctioned $6 million above reserve price

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A development site in Melbourne's South Wharf with plans and a planning permit for a residential project of 940 apartments has hit the market.
The 8,847 sqm site at 89 Lorimer Street within the city fringe precinct of South Wharf will be marketed by Colliers International’s Trent Hobart and Bryson Cameron on behalf of Little Projects’ Paul Little.
“This development site is of an international scale and has recently been granted with ministerial planning permit approval for a high-end dual tower development of 940 apartments, known as South Wharf Towers,” Hobart said. 
“It’s an ideal city fringe residential location just 1 km from the CBD, with view lines that span across vast parkland, the Yarra River, Port Phillip Bay and the Melbourne CBD."
The dual cylindrical towers will be designed by Elenberg Fraser architects. 
“The exceptional strength in demand from both on and offshore developers for high profile projects such as South Wharf Towers continues in Melbourne," added Cameron, saying he expected this to be the case with South Wharf Towers.
“Following the government-led planning changes in the City of Melbourne in 2015, there has been a distinct lack of residential sites for sale with only three transactions in the CBD grid in 2015. This site will address that underlying demand for a premium residential development site on the doorstep of the CBD with the bonus here being the de-risked planning and infrastructure contribution framework and proven residential location, given Mirvac’s success in the area.”
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