One of North Sydney's best-known commercial buildings could become hundreds of new homes, with insurance giant Zurich Australia lodging a State Significant Development Application (SSDA) to transform 5 Blue Street into a mixed-use residential development above North Sydney Station.

Rather than demolishing the existing building and starting again, Zurich is proposing an adaptive reuse project that would convert the landmark office building into a 15-level residential development delivering 62 apartments, 86 affordable co-living dwellings, activated retail and significant upgrades to the Blue Street Plaza.

The proposal reflects a growing trend of commercial property owners repositioning ageing office assets into residential housing as Sydney grapples with housing supply shortages and changing workplace demand.

<img alt="Zurich" data-entity-type="file" data-entity-uuid="0bba7d12-06dc-4375-aad7-238c94b21ac5" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-22%20at%2010.42.05%E2%80%AFAM.png?VersionId=NJl5oLAEBDGuPmY3RnyliKODjMc8lvRh" />

Located directly above North Sydney Metro and train station, the 3,051 sqm site occupies one of the most strategically positioned parcels of land on Sydney's Lower North Shore.

Designed by fjcstudio, the proposal seeks to retain and adapt much of the existing structure while creating a contemporary residential address that better connects with the public domain surrounding North Sydney Station.

The application proposes two basement levels, ground floor retail, affordable co-living accommodation across the podium levels, and apartments above, while preserving and enhancing the publicly accessible Blue Street Plaza.

Rather than pursuing maximum apartment numbers, Zurich has opted for a housing mix heavily weighted towards larger owner-occupier residences.

The proposal includes 62 build-to-sell apartments comprising 12 one-bedroom, 19 two-bedroom, 29 three-bedroom apartments and two premium penthouses. It also incorporates 86 affordable co-living dwellings, which would be managed in perpetuity by a Community Housing Provider.

That balance between traditional apartments and affordable housing reflects the NSW Government's push to increase housing diversity around major transport infrastructure.

The proposal has been lodged concurrently with a rezoning application, with Zurich arguing the site is ideally positioned to support additional housing given its immediate proximity to public transport, employment and services.

"The proposal aims to respond to the housing challenges facing Sydney through the delivery of diverse housing types in a highly accessible location," the design report by fjcstudio states. It also seeks to improve pedestrian amenity through upgrades to Blue Street Plaza while creating a high-performing residential building that responds to the surrounding context.

<img alt="Zurich" data-entity-type="file" data-entity-uuid="36082e15-c636-4481-bb68-5a5f6443fe39" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-22%20at%2010.41.36%E2%80%AFAM.png?VersionId=5P6VD.fvmqjQfIG3TWWMRXxQWiQBjeFB" />

Rather than replacing the commercial building, fjcstudio has developed a design that works with the existing structural framework above the rail corridor, an approach that significantly reduces demolition while allowing the site to be repositioned as a mixed-use residential precinct.

The existing structural constraints have informed much of the building's design, including its relationship with Blue Street and surrounding public spaces.

The building has been designed as a slender tower rising above a clearly defined podium, with vertically expressed façades intended to reduce the perceived bulk while reinforcing North Sydney's emerging skyline.

According to fjcstudio, the architectural language responds directly to the surrounding commercial towers while maintaining a finer grain expression more closely aligned with the neighbouring Lavender Bay streetscape.

The tower incorporates articulated façade elements, landscaped podium edges and recessed upper levels to soften its appearance and improve pedestrian amenity below.

A significant component of the proposal is the revitalisation of Blue Street Plaza.

The existing public space has long served as one of the primary pedestrian connections between North Sydney Station, Greenwood Plaza and Blue Street, yet its role is expected to become even more important following the opening of Sydney Metro.

Zurich's proposal seeks to strengthen that role by improving landscaping, introducing new retail frontages, enhancing pedestrian permeability and creating more active edges throughout the day and evening.

Ground floor retail would wrap the plaza, while separate residential and co-living entries have been designed to improve wayfinding without reducing street activation.

Landscape design has been integrated throughout the podium and public realm, softening what is currently one of the most heavily urbanised parts of North Sydney.

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fjcstudio has carefully oriented apartments towards Sydney Harbour and the CBD while using privacy blades and articulated façades to minimise overlooking between neighbouring buildings.

Large framed openings along the western elevation maximise harbour outlooks, while the eastern apartments have been angled towards the south-east to improve privacy from neighbouring development.

The project forms part of the continuing transformation of North Sydney from a predominantly commercial CBD into a genuine mixed-use city centre.

Since the completion of Victoria Cross Metro Station, developers have increasingly shifted their attention towards residential projects capable of leveraging the area's unparalleled transport connectivity.

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FiveX recently lodged plans for a 61-storey, 490-apartment tower that would become one of the tallest residential buildings in North Sydney if approved.

Aqualand continues to expand its Lower North Shore presence following the completion of AURA on Walker Street and its recent St Leonards and Roseville proposals.

Developers are also progressing projects throughout Walker Street, Miller Street and the Victoria Cross precinct as demand for well-located owner-occupier apartments continues to strengthen.

Joel Robinson

First look: Zurich targets North Sydney office conversion with 148-unit proposal above Metro station

Busy developer Aqualand Prestige has formally taken the next step in its expansion across Sydney's Lower North Shore, lodging a State Significant Development Application (SSDA) for its long-held Archer Street site in Chatswood.

The application covers <a href="https://www.apartments.com.au/new-apartments/51-55-archer-street-chatswood-nsw-2067">51-55 Archer Street</a>, a 1,767 sqm amalgamated site on the eastern edge of the Chatswood CBD, where the developer is seeking approval for a 45-level mixed-use tower delivering 114 apartments, including a significant affordable housing component, alongside retail, commercial space and six basement levels of parking.

The SSDA marks the latest milestone for a project Aqualand has been quietly progressing over the past two years. The developer first secured the site for its Aqualand Prestige platform before undertaking an alternative design excellence process with PTW Architects, ultimately avoiding a formal design competition through the Housing Delivery Authority pathway.

The proposal has evolved considerably from Aqualand's original concept. The revised scheme has been designed around larger owner-occupier product, with an unusually high proportion of three and four-bedroom apartments, targeting the more affluent buyer profile, and downsizer, emerging across the North Shore.

<img alt="Archer St" data-entity-type="file" data-entity-uuid="0171204c-5811-41b5-9b09-2335d1b7c3d0" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-22%20at%208.52.48%E2%80%AFAM.png?VersionId=6YTuxfq.puZo7k2wbfgemcO5K3QfXYGQ" />

The 114-apartment mix comprises six studios, 27 one-bedroom apartments, 18 two-bedroom apartments, 50 three-bedroom residences and 13 four-bedroom homes. A quarter of the building will be dedicated to affordable housing, well above the mandated 15 per cent&nbsp;

PTW has structured the building vertically, with affordable housing across levels one to six, premium apartments through levels seven to 31, duplex skyhomes on klevels 32 to 43, a penthouse on level 44, and a rooftop plant level above. Six basement levels will provide resident parking and servicing.

The tower is proposed to reach approximately 154 metres, placing it among a growing collection of residential high-rises transforming Chatswood's skyline.

Rather than competing purely on height, PTW says the design has been driven by creating a slimmer tower capable of delivering significantly larger apartments.

"The primary objective of this project was to create a distinctive building that stands out from the recently approved or built structures in the Chatswood area," the design report states, noting the structural efficiency allows greater investment into apartment quality and resident amenity.

Residents would have access to more than 450 sqm of communal open space including landscaped gardens, swimming pool, rooftop entertaining areas, fitness spaces, community gardens, children's play areas and barbecue facilities.

A major focus of the design has been the public domain.

The ground plane has been opened up through landscaped terraces inspired by Willoughby's sandstone ridges, with native planting, public seating, artwork, retail activation and a series of gathering spaces intended to soften what has traditionally been a hard commercial streetscape.

The landscape strategy references Blue Gum forests once common throughout the area, while incorporating Indigenous storytelling, public art and lighting installations to strengthen the connection to Country.

Chatswood has been one of Sydney's busiest apartment markets over the past 12 months, with a steady pipeline of both new project launches and fresh development applications.

Hyecorp recently launched Celine, a 122-apartment development just along Archer Street, while Changfa and Huirong Group are progressing The Anderson, an 84-apartment project on Anderson Street.

Develotek recently secured approval for a 101-apartment tower on Pacific Highway, while Tian An LFD received the green light for Hammond Greens, its apartment development on the edge of the Chatswood Bowling Club.

Commercial property developer FiveX is also making its move into the residential market. Last month it lodged plans for a 61-storey tower with 490 apartments, which, if approved, would become one of the tallest residential buildings in Chatswood.

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/first-look-fivex-targets-chatswood-skyline-with-61-storey-tower-after-north-sydney-plans">First look: FiveX targets Chatswood skyline with 61-storey tower after North Sydney plans</a>

Aqualand is also expanding its development pipeline following the launch of its luxury residential brand, Aqualand Prestige. The developer has delivered a string of high-end apartment projects across Sydney's affluent suburbs over the past decade, most recently AURA by Aqualand on Walker Street in North Sydney.

[smartcode_project:default project_id=30959 project_image_fid=292863]

It has since quietly assembled its next wave of projects.

Earlier this year Aqualand launched Boronia in Roseville, a boutique 111-apartment development on Larkin Street. The project is one of the first significant apartment developments to launch in the suburb ahead of what is expected to become one of Sydney's most active new housing precincts under the NSW Government's Low and Mid-Rise Housing reforms, which allow greater density around train stations.

[smartcode_project:default project_id=152095 project_image_fid=373685]

The developer has also lodged plans for a two-tower, 413-apartment development on Herbert Street in nearby St Leonards, further strengthening its presence across the Lower North Shore.

Beyond that, Aqualand remains behind the final stage of Barangaroo, where plans will deliver a five-hectare mixed-use precinct comprising new homes, retail, hospitality and community facilities, alongside a new Metro entrance and more than two hectares of public open space, completing the Barangaroo precinct.

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/central-barangaroo-development-takes-big-step-with-concept-proposal-approval">Central Barangaroo development takes big step with concept proposal approval</a>

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/first-look-aqualand-joins-st-leonards-apartment-party">First look: Aqualand joins St Leonards apartment party</a> 
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First look: Aqualand pushes ahead with Chatswood apartment tower as SSDA lodged for Archer Street

Mass timber is becoming an increasingly popular construction material in apartment developments, but Adelaide developer <a href="https://www.apartments.com.au/developers/otello">Otello</a> is taking the approach a step further.

At its new <a href="https://www.apartments.com.au/new-apartments/flowe-bowden-18-gibson-street-bowden-sa-5007">Flowe Bowden</a> development, the exposed cross-laminated timber (CLT) structure isn't just about reducing the building's environmental footprint. It also forms the foundation of a broader wellness strategy, influencing everything from indoor air quality and natural materials to the way residents move through and experience the building.

The 115-apartment mixed-use development, designed by Melbourne-based architecture practice Fieldwork, will occupy a prominent island site opposite Bowden Village Reserve, combining one, two and three-bedroom apartments with retail and a dedicated wellness destination.

[smartcode_project:default project_id=152022 project_image_fid=375528]

Wellness isn't confined to a gym or shared resident facility at Flowe. Instead, Fieldwork embedded the concept into the building itself.

The development has been split into two residential wings connected by a naturally ventilated central breezeway, replacing traditional enclosed corridors with open-air walkways that improve natural light, encourage cross ventilation and create more opportunities for neighbourly interaction.

"Rather than treating wellness as something that only happens on the ground floor, our response integrates it throughout the building, which led us to ask what it really means to design a healthy building," Fieldwork Director Quino Holland said.

[smartcode_project:default project_id=152022 project_image_fid=375531]

The building's architecture also reflects Bowden's industrial heritage. The lower podium references the area's historic brick and sandstone buildings, while the upper levels transition to exposed CLT, allowing the timber structure to become a defining feature throughout the apartments and shared spaces.

The use of mass timber sits alongside a range of sustainability initiatives, including a fully electric, gas-free design, rooftop solar and a targeted 5 Star Green Star rating.

[smartcode_project:default project_id=152022 project_image_fid=375524]

Inside the residences, the focus remains on natural, durable materials. Blackbutt engineered timber flooring, exposed CLT ceilings, porcelain surfaces and warm timber joinery create a calming interior palette, while low-VOC finishes and responsibly sourced materials have been selected to improve indoor air quality.

Kitchens have been designed as the centrepiece of each apartment, featuring porcelain island benchtops, timber-look cabinetry and brushed steel tapware, with layouts that maximise natural light and ventilation.

[smartcode_project:default project_id=152022 project_image_fid=375530]

The more traditional interpretation of wellness comes in the form of Level Eleven, a two-storey wellness club spanning the ground floor, mezzanine and first floor.

The facility will include a gym, yoga and reformer Pilates studios, Finnish and infrared saunas, magnesium hot and cold plunge pools, and dedicated recovery spaces. Unlike many residential wellness facilities, Level Eleven will also operate commercially, allowing the broader Bowden community to access the venue while giving residents exclusive membership benefits.

The ground floor has also been designed around everyday living. A café overlooking Bowden Village Reserve will activate the street frontage, while a bike workshop with tool storage, co-working space and dog wash has been incorporated to support daily routines and encourage interaction between residents.

"Flowe brings together my two biggest passions, creating places and creating healthier lives," Otello founder Daniel Harris said.

"We wanted to create something Adelaide hasn't seen before, a genuinely healthy building, where the way you live is lifted without even trying."

Flowe is positioned directly opposite Bowden Village Reserve and within walking distance of Bowden Railway Station and the Adelaide Entertainment Centre, placing future residents just minutes from the Adelaide CBD while remaining connected to one of the city's most established urban renewal precincts.

[smartcode_project_cta:default project_id=152022]

Otello launches wellness-focused Flowe Bowden with Adelaide-first mass timber apartment design

Not all apartment amenities are immediately visible.

Swimming pools, gyms, rooftop terraces and residents' lounges have long featured on buyers' wishlists, but as the way Australians live has changed, so too have the features that make apartment living more convenient.

Increasingly, buyers are placing value on the practical aspects of day-to-day life. Fast internet, EV charging, secure bike storage, flexible workspaces and parcel management are becoming just as relevant as lifestyle amenities, reflecting changing habits and expectations.

Online shopping has been one of the biggest drivers of that shift.

Australians spent a record $82.6 billion shopping online in 2025, with almost one in every four retail dollars now spent digitally, making parcel deliveries a routine part of everyday life rather than an occasional convenience.

For apartment residents, however, receiving those deliveries isn't always straightforward.

Without someone home to accept a parcel, deliveries can be redirected to a nearby Post Office, left in building foyers or common areas, or require building management to temporarily store packages. As apartment living continues to grow across Australia's cities, parcel management has become an increasingly important consideration for both residents and developers.

Australia Post's Parcel Locker network is one response to that shift.

<iframe allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen="" frameborder="0" height="315" referrerpolicy="strict-origin-when-cross-origin" src="https://www.youtube.com/embed/KPZ9j5FRdsQ?si=Qztc1dNP3ZvEIUhb" title="YouTube video player" width="560"></iframe>

Rather than relying on home delivery, eligible parcels can be directed to a nominated Parcel Locker, where they're securely stored until collected. Once a parcel arrives, residents receive a notification through the AusPost app or SMS and can retrieve it using a one-time code or QR code at a time that suits them.

The network has expanded to more than 1,500 locations nationwide, with Parcel Lockers positioned at Post Offices, shopping centres, supermarkets, transport hubs and, increasingly, within or alongside residential developments.

That growing presence reflects a broader change in how apartment buildings are being planned.

Developers are increasingly considering the operational side of apartment living alongside traditional lifestyle amenities. Just as secure mailrooms, bicycle storage and EV charging have become more common inclusions, parcel management is emerging as another feature that supports everyday convenience.

It also helps preserve the arrival experience within a building. Carefully designed lobbies and communal spaces can quickly become cluttered when deliveries accumulate, while secure parcel solutions reduce the likelihood of missed deliveries or parcels being left unattended.

For buyers comparing apartments, these everyday details are becoming part of the decision-making process.

Location, floorplans and finishes remain fundamental, but the features that simplify daily life are carrying greater weight than they once did. As online shopping continues to shape consumer behaviour, secure parcel delivery is increasingly becoming another amenity worth looking for.

Parcel delivery is joining the apartment amenity checklist

Inca Property Group has lodged a State Significant Development Application (SSDA) for Dawn, a 53-apartment oceanfront development overlooking Mona Vale Beach.

The proposal, at 35-39 Darley Street East, would replace an existing 18-apartment strata building with a new owner-occupier-focused development comprising 53 two and three-bedroom apartments, including nine affordable built-to-rent residences delivered under the State's infill affordable housing scheme.

Positioned on a 2,679 sqm elevated site around 280 metres from Mona Vale Beach, the development has been designed to maximise panoramic ocean views while responding to the site's sloping topography.

<a href="https://www.apartments.com.au/developers/inca-property-group">Inca Property Group</a> Managing Director Josh Thompson said the State Significant pathway provided greater certainty for projects of this scale.

"This State Significant pathway gives the team real certainty to progress <a href="https://www.apartments.com.au/new-apartments/dawn-35-39-darley-street-east-mona-vale-nsw-2103">Dawn</a> through to completion," Thompson said.

"It allows us to acquire a one-off site, design it carefully and deliver the right offering for the suburb, assessed by the NSW Government's planning department."

The project is one of the first developments in the area to be assessed under the NSW Government's Low and Mid-Rise Housing policy, with the site sitting on the edge of the policy's designated inner area.

The proposal includes three basement levels providing 124 car spaces, alongside a range of resident amenities including a swimming pool, gym, sauna, wellness facilities and private plunge pools for selected ground-floor and penthouse apartments.

<img alt="Dawn" data-entity-type="file" data-entity-uuid="fc1a1daf-0ce4-4f12-9076-b1fa553c7a91" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-21%20at%208.42.11%E2%80%AFAM.png?VersionId=4GZ9h.gpNkTljbxyAET8Jfhv51XUamDm" />

Thompson said Dawn had been designed specifically for owner-occupiers and downsizers, a buyer profile that has driven demand across Inca's recent Upper North Shore developments.

"The majority of buyers in our recent North Shore projects have been downsizers, and we are learning exactly what this market is looking for. Beyond the location itself, we have included resort-style amenities to deliver a genuine lifestyle offering," Thompson said.

Located within walking distance of Mona Vale Beach, the town centre, Mona Vale Golf Club and the Royal Motor Yacht Club, Dawn represents Inca's first Northern Beaches project following the sell-out of Tara on Park in Waitara and Ellis Residences, currently under construction in St Ives.

Construction will be undertaken by Inca's in-house construction arm, GOP Constructions.

Dawn is the latest major apartment proposal for Mona Vale, with the suburb emerging as one of the key beneficiaries of the NSW Government's new Low and Mid-Rise Housing policy.

New developer One Living, led by industry veteran Joseph Scuderi, recently secured a site on Mona Vale Road, on the border of Mona Vale and Pymble, where it is planning around 140 apartments.

IPM is also planning its third project in Mona Vale, significantly increasing the scale of its previous developments with an 82-apartment proposal at <a href="https://www.apartments.com.au/new-apartments/159-167-darley-street-west-mona-vale-nsw-2103">159-167 Darley Street West</a>, opposite Bayview Golf Course and less than 800 metres from Mona Vale town centre.

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/one-living-enters-sydneys-new-apartment-market-with-northern-beaches-site-acquisition">One Living enters Sydney's new apartment market with Northern Beaches site acquisition</a>

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/first-look-ipm-plans-third-mona-vale-project">First look: IPM plans third Mona Vale project</a>

First look: Inca eyes Mona Vale with State Significant DA for Dawn apartments

New South Wales

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With prices rising in Sydney and its surrounds, many investors will look further out to regional areas for cheaper entry level prices and higher yields.
But where should you look?
John McGrath has tipped four New South Wales areas “to watch” for growth in the state's regions.
<a href="/news">Moss Vale </a>
First on the list is Moss Vale – a “beautiful village area with diverse housing,” he says.
“Moss Vale is a 10 minute drive south of Bowral and offers better value but the same lifestyle,” he notes, pointing to median house prices approximately $185,000 cheaper than Bowral.
Houses
<ul>
<li>Median price: $400,000</li>
<li>Rental yield: 4.68%</li>
</ul>
Source: RP Data
<a href="/news">Mount Ousley</a>, <a href="/news">Balgownie</a>
North of Wollongong’s CBD, McGrath notes that the areas are popular with both young families and Sydney commuters due to its easy access to the Princes Motorway for just a half an hour trip to Sydney’s southern border.
“[It’s a] fantastic local village shops at Balgownie and a lot of housing diversity,” he says.
Houses – Mount Ousley
<ul>
<li>Median price: $510,000</li>
<li>Rental yield: 5.25%</li>
</ul>
Source: RP Data
Houses – Balgownie
<ul>
<li>Median price: $577,000</li>
<li>Rental yield: 4.06%</li>
</ul>
Source: RP Data
John McGrath's next two tips are on the next page. PLease click below.
 
<hr class="system-pagebreak">
<a href="/news">Blackheath </a>
Meanwhile, he points to the wonderful character homes in Blackheath on offer from $350,000 on quarter-acre blocks.
“It has a lively local village and is already benefiting from road upgrades enabling faster access to Sydney,” he says.
Houses
<ul>
<li>Median price: $380,000</li>
<li>Rental yield: 4.52%</li>
</ul>
Source: RP Data
<a href="/news">Kincumber</a>
Kincumber is the affordable neighbour of suburbs <a href="/news">Avoca Beach</a> and<a href="/news"> Saratoga</a>, and as a result offers good yields, he says.
It has “prospects for capital growth with today’s prices about 20% less than Avoca Beach and Saratoga”.
Houses
<ul>
<li>Median price: $427,000</li>
<li>Rental yield: 4.87%</li>
<li>Source: RP Data</li>
</ul>
Click on the names of the suburbs for more details. For other suburb information, see our free data pages here.
You might also want to read:
<a href="/expert-insights/investing/john-mcgrath-s-10-sydney-suburb-picks">John McGrath's 10 Sydney suburb picks</a>
<a href="/news/qld/john-mcgrath-s-five-south-east-queensland-hotspots">John McGrath’s five South East Queensland hotspots</a>
<a href="/news/act/john-mcgrath-s-three-canberra-hotspots-under-the-microscope">John McGrath’s three Canberra hotspots under the microscope</a>
Photo of Moss Vale courtesy of Bidgee/<a class="mw-mmv-license cc-license" href="https://creativecommons.org/licenses/by-sa/3.0/au/deed.en" target="_blank">CC-BY-SA-3.0-au</a>.
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jduke-EHk3XBmHkn

John McGrath’s top four regional New South Wales hotspots

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The New South Wales government have acted upon many of the recent Samson report on local government, however further reform is needed to ensure an effective council structure, particularly in Sydney’s metropolitan areas, said Urban Taskforce CEO Chris Johnson.
The New South Wales government have announced its 'Fit for the Future' blueprint for local governments, which includes a package of financial incentives to encourage amalgamations across Sydney and joint organisations of councils in rural areas.
“The final report by the Independent Local Government Review Panel released in October 2013 proposed amalgamating councils in metropolitan Sydney to form between 12 and 18 new councils to replace the 41 smaller existing councils,” said Johnson.
“The government’s incentive package strongly encourages individual councils to fit into the review panel’s structure. The Urban Taskforce supports more efficient councils particularly if they relate to the state government’s regional structure for planning and other service delivery.”
This incentive package totals $1 billion, according to New South Wales Premier Mike Baird who launched the program. This is broken down into $258 million to assist councils who merge, cheaper finance for councils who need to build and maintain community facilities and up to $100 million in savings through cuts to red tape. Another $5.3 million has been set aside to establish regional joint organisations.
He noted that councils could acquire more planning powers with critical mass, with larger planning offices able to help Sydney’s growth – particularly when taking a regional approach.
“A number of large Western Sydney councils are already demonstrating a pro-growth professional attitude to planning and this needs to continue,” Johnson said.
“The proposal for regional councils to create new regional Joint Organisations where savings can be made through shared services is a good move and could also apply in Sydney if not enough councils want to amalgamate.”
At present, there are 41 councils in Greater Sydney. The blueprint notes that: “This means multiple licences, fees and approvals for small business and different development rules for people who want to build or renovate their homes.”
Councils are required to submit proposals on “how they plan to be Fit for the Future” by 30 June 2015 for an independent review.
The official timeline expectations see the changes taking place by September 2016, when new local government elections will occur. Mergers are expected to be complete, with a new Local Government Act in place, rural councils commencing and the regional joint organisations established.
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Council amalgamations key to Sydney’s planning growth: Urban Taskforce

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Vacancy rates in the inner and outer Sydney suburbs led a downward shift in available rental properties, however Albury is the most difficult area in which to get a rental across the state, according to the Real Estate Institute of New South Wales statistics.
In the August 2014 REINSW Vacancy Rate Survey, Albury’s vacancy rate increased by 0.1%, but at 1.7% it is the most difficult place to find rental accommodation.
Coffs Harbour saw a 0.3% rise to 3.4%, with the Northern Rivers increasing 1.7% to 3.7%, the highest figure for the area in more than two years.
Inner Sydney in general, however, isn’t far behind with the survey recorded a 0.2% vacancy drop to 1.8%.
REINSW president Malcolm Gunning said that outer Sydney suburbs dropped 0.1% to 1.8%. Middle ring suburbs actually increased by 0.2%, to 2.1%.
“We hit the bottom of the availability trend in March 2014 with 1.4% and have been tracking upwards for the last five months,” said Gunning.
“This decline could really be considered a slight glitch. Over the next few months it is expected that availability will continue to improve as more properties enter the marketplace as a result of the construction boom in Sydney,” he said.
The Hunter’s availability dropped 0.5% to 3.3%, reversing gains made in July, while Newcastle slipped the same amount from 3.2% to 2.7%.
The Illawarra dropped 0.1% to 2.0%, and Wollongong increased 0.1% to 2.2%.
Even vacancy rates in New England slipped, after being at an 11 year high, to 3.5% - a 0.7% drop. Orana continued the trend, falling 1.0% to 2.1%.
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Which New South Wales region has the lowest vacancy rate? (And it's not Sydney)

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Some years ago I published a report called "Iconomics" – the economics of iconic real estate locations or situations. It used research to show that many of Australia’s most iconic investments were duds.
Apartments at Noosa Heads were at the top of my list of iconic failures – and today, despite some value growth in the past 12 months, the typical Noosa unit is still worth considerably less than it was 10 years ago.
On average, Noosa apartments have fallen in value at a rate of 3% per year for the past decade. It’s the ultimate real estate lemon among our iconic locations.
Surfers Paradise apartments have been little better. Despite all the clamour and propaganda about the recovery of the Gold Coast market, there has been no growth in the past 12 months in the median unit price in Surfers Paradise. Prices remain well below the levels of five years ago.
The New South Wales counterpart of these iconic flops is <a href="/news">Byron Bay</a>, a favoured burial ground for the money of people with way too much income and not nearly enough nous.
I was prompted to return to this report by another iconic loser, The Australian newspaper, which recently declared “a boom in Byron”.
What prompted this rather big statement about a market that has delivered almost zero growth for 10 years? It was a press release from the developer of a small project described as “a luxury beachfront development”.
The development had sold five apartments off the plan and that, apparently, constituted a boom. Clearly, Byron is growing off a very small base.
The research shows that Byron Bay prices have spent more time going backwards than forwards in the past decade. House prices have collapsed several times in the past 10 years, including double-digit declines in 2006, 2009-2010 and 2012-2013.
Over the past three years, the Byron median house price has dropped by an average 3.4% per year. The long-term growth rate, the average annual growth over 10 years, is marginally better than Surfers Paradise – about 2% per year.
Similar to houses, the median price for units remains lower than three years ago and the average growth rate over five years is basically zero.
Australian Property Monitors figures indicate the typical Byron Bay apartment placed on the market takes almost a year to find a buyer, while houses typically take seven to eight months to sell.
The Australian quoted local agents as claiming that sales turnover in Byron Bay is up 150% on a year ago. But a quick check of the latest data shows no change at all in overall sales volumes compared to a year ago – and for houses there has actually been a small decline in sales volumes.
The problem for Byron is that there is no economic substance to the iconic status. Investing in Byron is like buying in a mining town – it’s a one-industry town.
And, like mining, tourism is volatile and vulnerable. There can be sharp price peaks but they are always – always – followed by a trough of equal or greater magnitude.
I would urge investors to not be deluded by headlines proclaiming a property boom in Byron.
You can contact Terry via <a href="https://mailto:ryder@hotspotting.com.au" target="_blank">email</a> or on <a href="https://www.twitter.com/hotspotting" target="_blank">Twitter</a>. 
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terryryder-YECXbqmri2

There's no boom in Byron Bay

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Students in Newcastle are ditching the dodgy sharehouses and putting forward more cash for contemporary homes, claims one agent marketing a townhouse development close to the University of Newcastle.
Mark Kentwell, managing director of PRDnationwide Newcastle and Lake Macquarie, said students are willing to pay for more comfortable accommodation - with the help of their parents.
"Many student houses are older-style homes which have had verandahs and dining rooms converted into extra bedrooms,” said Kentwell.
“Students are now seeking out more comfortable, clean and modern living quarters with built in wardrobes and space to study in their rooms.
“Often students have some form of financial assistance from their parents who generally prefer to see them in better properties.” Kentwell claims that the increase in students from Sydney and overseas attending the University of Newcastle, is driving the demand for higher quality student accommodation.
The University of Newcastle ranks highly among Australia's newer universities, with Times Higher Education naming the it the world's 28th best university under 50 years old.
According to Kentwell, developers are rethinking the student housing market as the University of Newcastle grows.
“They’ve recognised that students are a key driver of housing demand and price growth in the area,” he said.
“As this growth continues it will put pressure on existing student-friendly housing.
“Savvy developers have seen this and they are rolling out product to meet this burgeoning, yet discerning, market.”
PRDnationwide is marketing Shortland Terrace at Shortland, which is yet to launch. Kentwell said the eight townhouses, located 500 metres from the University of Newcastle's main campus, will be marketed to investors.
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Newcastle students keen to upgrade, says agent

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Tantallon, on Bourke Street in Dubbo, is a circa 1888 home that has been operating as a brothel for more than 16 years.
It is up for sale for $850,000 <a href="https://www.realestate.com.au/property-house-nsw-dubbo-107576045" target="_blank">through Ray White – Dubbo’s Rod Crowfoot</a>.
The listing notes it is the “only approved bordello” in Dubbo and is currently leased until 20 October 2015.
Due to its “highly sought after and unique use”, it brings in $75,920 per annum plus GST. Potential owner occupier interest is noted as welcome, with the current vendor potentially able to negotiation with the tenant.
Intriguingly, the property only has two bedrooms and one bathroom.
On 2,460 square metres, it fronts the Newell Highway at Lot 21.
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Dubbo’s “only approved bordello” hits the market

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Losing applicants to Victoria, the NSW government has scrapped its minimum investment in NSW Waratah bonds for its Significant Investor Visa (SIV) requirements.
The decision will make it easier for overseas applicants to seek NSW investment.
The Deputy Premier and Minister for Trade and Investment Andrew Stoner from 1 September, applicants seeking NSW nomination will be able to invest 100% of their funds in the complying investment of their choice.
“Nominations will no longer be tied to a minimum investment in NSW Waratah bonds,” Stoner said.
Under the Significant Investor Visa, successful applicants are required to invest $5 million in complying investments for a minimum of four years before being eligible to apply for a permanent visa.
Up to now, NSW nominated applicants have had to make a minimum investment of 30% of this, or $1.5 million, in NSW Waratah Bonds used to fund state infrastructure projects. Returns on a Waratah bond are less than that desired by some investors.
“To make it easier for investors, and to give them more choice, the NSW government is removing the requirement to invest a minimum amount in Waratah bonds," Stoner advised.
Victoria has attracted 49% of investment from SIV applicants, while NSW has received 35%.
In the past year, $300 million from Chinese nationals has been invested in Waratah bonds, which are transferred into Restart NSW and applied solely to new infrastructure projects.
"It will provide a level playing field between NSW and other Australian States to attract SIV investors," David Chin, the BasisPoint Consulting managing director said.
The federal government has attracted $1.7 billion and granted 343 residency visas to foreigners, 85% to Chinese, under the significant investor visa program.
The figures show that at 31 July, another 602 people applied.
Since the 2012 scheme started slowly, the Abbott government implemented processing measures that has increased the approval rate, granting 31 investor visas in June and 57 in July.
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NSW Waratah bonds no longer compulsory for Significant Investor Visa applicants

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Pineleigh, one of Goulburn's finest homes, has been bought by Pru Goward, the NSW state planning minister.
It is an 1873 two storey Victorian residence marketed as being "imbued with a sense of effortless grace and style".
It is set on three acres of sweeping lawns and established gardens.
The four bedroom house comes with an alfresco pool area. The interiors are dressed with fireplaces, high patterned ceilings and delightful timber windows.
Century 21 Town and Country agent Justin Gay secured the delayed settlement sale late last year with settlement recently indicating the $1.15 million sale price for the 8,939 square metre property.
The historic Pineleigh was sold by hotelier Peter Griffiths which bought the larger 1.5 hectare property for $1.12 million in 2006.
The house was built for blacksmith Henry Monkley. The Sisters of St Joseph acquired the property in 1929 for a novitiate and used it until it became a private residence again in 1970.
 
 
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Pru Goward's Goulburn trophy home purchase

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Mullengandra Homestead at Albury in southern NSW has been sold for $1,525,000.
It was passed in at October auction last year, then given a $1.75 million asking price through <a href="https://www.realestateview.com.au/Real-Estate/mountain-creek-road-albury/Property-Details-sold-residential-6059019" target="_blank">Geoff Stean at Stean Nicholls Albury</a>.
It sold in late 2013 with the settlement price recently lodged.
There have been four higher sales over the past two years.
Earlier this year there was a $2.57 million sale of 500 hectares at Cookardinia. A 280 hectare holding at Culcairn settled last month at $2,485,000. There was a $2.45 million sale last year at Henty for a 98 hectare holding.
Mullengandra Homestead is located 38 kilometres from Albury in a town best known for the 1950 Russell Drysdale painting of the hotelier, <a href="https://www.abc.net.au/arts/drysdale/paintings/46.htm" target="_blank">George R</a><a href="https://www.abc.net.au/arts/drysdale/paintings/46.htm" target="_blank">oss of Mullengandra</a>.
It comes with four bedroom 1900 homestead, plus coach house, machinery shed, hay shed and yards.
The original coach house has been fully renovated to provide guest accommodation.  
The 101 hectare farm has an orchard with apricots, peaches, nectarines, olives and citrus trees. There is also a vegetable and herb garden comprising of eight raised beds. 
It boasts a full size sand dressage arena, two horse stables and a tack room. 
It consistently grows out between 100 and 120 Angus Steers annually. 
There are 10 dams.
It has been a much traded property, last selling at $1.3 million in 2010, the same price as in 2006.
In 2002 it sold at $765,000 and in 1999 at $565,000
There was a $400,000 sale of 329 Mountain Creek Road, Mullengandra in 1997.
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Southern NSW farm, Mullengandra Homestead sells for $1,525,000

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This week is full of announcements from some big Australian companies. Things are changing.
Two announcements come from BHP Billiton and AGL and both will have a big impact on the Hunter Region of NSW. Hopefully a positive change that will strengthen the local economies and translate to the housing market.
As you all know, property is my number one choice of investment strategy. In contrast, my share market investment experience is pretty limited. In fact, I can nail it down to two things; watching what my managed superannuation fund does and sitting around a table with a group of girlfriends drinking wine and having a little bit of input into the allocation of my investments in our Kash Kow funds.
The Kash Kows was formed about 10 years ago when a few women decided we should build our investments and have a bit of fun trying to figure out how the stock market works. We all throw in $25 per month then when there is enough money in the kitty, make some (usually) dodgy decisions on what we buy. We do try and get in 'guest speakers' ply them with alcohol and nibblies then hit them up for a tip. Other times we will actually do some real  research to work out what company to invest in. We started as 'share traders' which quickly turned to 'share investors' when none of us had time to watch the daily fluctuations of the share market and actually do the trades.
Luckily for us we had purchased BHP long ago at about $12 a share. While I can safely say we are nowhere near their major shareholders, I do take an active interest in what BHP do, particularly in the Hunter.
'BHP's demerger sees it keep it's Hunter Valley coal mines' read one headline that caught my eye this week.  With the big company deciding to split their interests and assets into two, I wondered what was their criteria in choosing which would stay with BHP and which would be 'spun out'.
Recently BHP was able to boost exports and cut costs sufficiently to overcome the slide in commodity prices. Its current share price is reflecting this. So are the vacancy rates in <a href="/news">Muswellbrook </a>and <a href="/news">Singleton</a>. Cutting costs meant letting go of contractors and downsizing some divisions.  However productivity so it seems, has never been so good.
I read it's the first time in three years that BHP has improved profits year-on-year. This has been achieved despite prices for some of BHP’s most important commodities – particularly iron ore and copper – trending lower during the 2014 financial year.  They seemed to have ramped up their volume in coal.
BHP has said it would include its Illawarra metallurgical coal business in NSW in the demerged group, but would be hanging on to its thermal coal assets in the state’s Hunter Valley. Metallurgical coal is less abundant than thermal coal and is primarily used in the production of coke, which is an important part of the integrated steel mill process. 
“In a single step, we will significantly increase BHP Billiton’s focus on the exceptionally large resource basins that underpin its competitive advantage. As we move towards a simpler portfolio, comprised of our pillars of Iron Ore, Copper, Coal, Petroleum and potentially Potash, we will become a higher-margin, higher-return business..." said BHP Billiton Chief Executive Officer Andrew Mackenzie.
My interpretation of this change is a sign of confidence from the company in the coal mines of the Hunter Valley.
The other big 'change' announcement this week was the AGL and Macquarie Generation (MacGen) owned by the NSW State Government acquisition. The deal covers the Bayswater and Liddell power stations near Muswellbrook, the Liddell solar farm, the Hunter Valley gas turbine near Liddell, the development site ‘‘Bayswater B’’ for a new base load power station four kilometres west of Bayswater, and the Tomago generation development.
From the proceeds, about $700 million is expected to go into the government infrastructure fund Restart NSW to fund high priority future infrastructure projects across NSW like schools, rail, roads and hospitals. The <a href="https://www.hunterinfrastructure.nsw.gov.au/About.aspx" target="_blank">Hunter Infrastructure &amp; Investment Fund</a> will benefit from this.
AGL says there are many strategic benefits to this purchase and plans to spend $405 million over four years on revised maintenance and upgrades at its Liddell and Bayswater plants.
Hopefully this change and investment will also trickle down into the local economies.
And so I ponder on these two large change projects and have to agree with George Bernard Shaw that "Progress is impossible without change".
<a href="https://www.propertybloom.com.au" target="_blank">www.propertybloom.com.au</a>
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