There’s never a dull moment in property – unless you count the recent obsession with interest rates as pundits tried to pretend that they might not have gone up this week, just to raise a little interest (pun intended).

Meanwhile the “will he, won’t he?” question of whether the treasure will do something with negative gearing (he will) and capital gains tax (ditto) in next week’s budget rumbles on as if everybody doesn’t know the answer.

However, there are real stories to pique your interest, like the basement flat with no windows in the major rooms that just sold for over $1 million.

Or the fact that Bunnings and Kmart are combining forces to build apartments faster and cheaper.  Lower prices are just the beginning, as they say.

And City of Sydney are finally going to do something about Airbandbloomingb after a decade of dodging the main reason for people being priced out of the city.

Having once been hired to host a City of Sydney seminar on apartment living, only to be bumped by the blessed Clover Moore who opened the meeting to howls of outrage when she said Airbnb would not be on the agenda, I can say about bloody time.

All these stories and more are in this week’s news feed from Leftfield Communications.

Domain

RBA hikes cash rate to 4.35 per cent as global oil crisis drives inflation
The cash rate has just been raised 25 points to 4.35 per cent by the Reserve Bank of Australia (RBA) on fears that the continuing oil crisis could lead to runaway inflation far beyond the bank’s target band of 2-3 per cent.

‘No windows, no parking’: Underground Rose Bay apartment sells for $1.3 million
An apartment in one of Sydney’s most sought-after neighbourhoods has sold for an eye-watering sum, despite several major drawbacks.

Brisbane set to overtake Sydney as Australia’s most expensive unit market
Brisbane’s red-hot unit market could soon become the most expensive capital-city unit market in the country, overtaking Sydney, new data reveals. The city’s median unit price hit an all-time high of $800,500 in March, rising 4.9 per cent over the quarter, Domain’s latest House Price Report shows.Dan F.

ABC Online

Liveable Victoria launched to campaign against Labor’s planning reforms
A statewide coalition of 34 residents’ groups will campaign to oppose the Victorian government’s planning reforms, arguing councils and community members should have greater input into how their neighbourhoods are shaped by development.

Prime Minister Anthony Albanese readies federal budget to favour gen Z and millennial voters
Prime Minister Anthony Albanese is preparing to break an election commitment and overhaul property tax perks in this month’s budget, to give younger Australians a “fair crack” at owning their own homes.

Planning and Environment Court approves Sheraton high-rise development for Hervey Bay
A wildlife group had appealed a local council’s approval of an 18-storey resort development for a Queensland town. The court has approved amended plans to reduce the building’s height and minimise the impact of lighting on surrounding wildlife.

Realestate.com.au

Shock shake-up: Kmart, Bunnings owner to build homes 50pc faster
The owner of Bunnings and Kmart, has unveiled a major housing push, claiming Wesfarmers will build apartments 50 per cent faster and 20 per cent cheaper, which could potentially cut as much as $158,000 off unit prices.

Five rate hike shock: Borrowing costs to hit GFC highs
Aussies face a shocking five interest rate hikes this year, with markets now tipping GFC-high mortgage costs and smashed buying power.

Major Aussie city the latest to crack down on Airbnb amid worsening rental crisis
In an effort to soften soaring rents in Australia’s priciest city, the City of Sydney has pledged to investigate a short-term rental ban throughout the 26 square kilometre local government area.

Aus landlord reveals horror tenant battle
An Aussie nurse has laid bare the uphill struggle landlords face to remove tenants who fail to pay for months on end.

City of Sydney moves to ban short-term rentals amid housing crisis
Airbnbstyle stays could be outlawed in parts of Australia’s biggest city as councils nationwide race to free up scarce rentals.

Government’s first-home buyer scheme outpaced by spiking population
More than 70,000 first-home buyers have bought a Queensland property using the Federal Government’s five per cent deposit scheme, but experts warn it’s not enough to meet the surging population.

Urban Developer – Partly Free

Downsized Carlingford Plans Greenlit After LMR Zone Switch
A $102-million state-significant Capio project in Sydney’s north-west has won approval, clesring the way for a two-building scheme yielding 118 apartments.

Built, Wesfarmers Launch $250m WA Modular Homes Play
Australian construction heavyweight Built Group has revealed it will expand into modular housing under a partnership with Wesfarmers. At the heart of the plans is Built Living; an offsite manufacturing business aimed at accelerating apartment delivery across Australia.

Alta’s Office-to-Apartment Scheme Greenlit for Albert Park
Most developers looking at a half-empty1970s office tower on a premium boulevard would see it as a knock-down, rebuild proposition. Fraser and Partners founder Callum Fraser saw something worth keeping.

Apartment Sector Drags Down National Home Approvals
Home approvals slide back more than 10 per cent across March as apartments dragged down the national total, fresh data has revealed. The total number of homes approved fell 10.5 per cent during the month to 17,300, according to seasonally adjusted data released by the Australian Bureau of Statistics (ABS).

Local Agreement Trumps State Approval in Adelaide Tower Height Fight
In a decision with ramifications for South Australia’s property sector, a court has rejected a 53m tower plan permitted by a state panel in favour of a 25m height cap negotiated 12 years ago between a council and the project’s developer.

Multiplex to Build Sirona Urban Towers at WA’s Seaside Cottesloe
Perth developer Sirona Urban has appointed tier-one builder Multiplex to bring its $500-million two-tower hotel and residential project at the affluent beachside suburb of Cottesloe out of the ground.

Inner-City Appetite Drives $21m Woolloongabba Site Sale
A Woolloongabba development site previously earmarked for a residential tower has sold for $21 million as demand for inner-city redevelopment opportunities stays hot despite wider market uncertainty.

Greystar Tops Out $175m Zetland BtR, Hunts More Sydney Sites
Greystar’s $175-million build-to-rent project in Sydney’s Zetland has topped out as the twin towers reach their seven-storey pinnacle. The 190-home scheme at 888 Bourke Street is under construction by TQM, with a February 2027 completion still on track despite the construction sector impacts from the Iran conflict.

Pay-walled

The Australian Financial Review

NSW knocks 7 accelerated projects out for being too slow
The NSW government has knocked back seven residential development projects given the initial nod under the state’s accelerated Housing Delivery Authority process but which then failed to meet a deadline to submit their project for approval.

RBA left with little choice but to hit consumers, house prices and jobs
Michele Bullock has to slow the economy down. But with business borrowing booming and the government still spending, its households that are in the gun.

A rate rise was inevitable. The real story is how the RBA got there
The Reserve Bank deliberately deprived itself of the ability to respond to a major external shock. Its high-wire act required everything to go just right.

New homes to receive carve-outs from CGT and negative gearing changes
The Albanese government will carve out new homes from changes to negative gearing and abolishing the 50 per cent capital gains tax discount to be unveiled in next week’s budget, which will also include a crackdown on the use of trusts.

Default risks grow for first home buyers with 5pc deposit
Interest rates that could rise again this week and surging petrol prices will squeeze first home buyers already struggling to meet home loan repayments, especially those who used the federal government’s 5 per cent deposit scheme.

Stoush over Gold Coast apartments has PE deal maker in court
A major Melbourne real estate agency has been forced to place hundreds of thousands of dollars into a court-managed account amid a dispute over commissions owed on the sale of a glitzy Gold Coast development.

The Australian

Interest rate hikes hit older homeowners harder than ever before
Rising rates and bigger home loans are shattering the mortgage timeline, leaving older Australians trapped in debt instead of owning their home outright.

Reserve Bank warns of more rate hikes as inflation fight trumps job concerns
The sliver of good news is Michele Bullock’s Reserve Bank still thinks it can tame inflation starting next year. The bad? There’s a high price to pay: through jobs, growth and borrowing costs that keep climbing.

Jim Chalmers says winding back property tax concessions is the ‘right decision’
Jim Chalmers has seized on “really serious” intergenerational pressures to defend the Albanese government moving to break an election promise and wind back property tax concessions, declaring he will build trust by convincing Australians it’s the “right decision for the right reason”.

The Sydney Morning Herald

‘The most amount of caution I’ve seen’: How home owners are managing rate hikes
Potential home buyers and existing borrowers have become more cautious over the last two months, amid rising interest rates, spikes in petrol prices and the cost of living.

Buyer pays $2,226,000 for a city bolthole in Chippendale
An expansive warehouse-style apartment in Chippendale that was held as a city bolthole for 21 years has traded hands at auction to an interstate buyer seeking the same convenience for $2,226,000.

The Age

Young couple win keys to $937,000 apartment in bayside suburb
A plush, two-bedroom apartment with bay views in Port Melbourne sold for $937,000 following a bidding war at auction on Saturday.

The Brisbane Times

Site the size of a football field set for high-end transformation
Construction of a huge luxury apartment complex in New Farm is set to begin on the site of a demolished aged care facility. Dubbed “Rosemont”, the development at 424 Bowen Terrace will comprise 74 units and four freestanding houses across a piece of land almost the size of a football field.

The Gold Coast Bulletin

Developer Jon Drew plans new Main Beach tower after finishing huge Lagoon project
The Gold Coast developer who defied industry norms by scrapping sunset clauses has announced his next Main Beach project will follow the same buyer-friendly approach.

The West Australian

Built Living: Wesfarmers tips $100m into joint venture with developer Built for cheaper, faster apartments
WA conglomerate Wesfarmers is shifting into apartment construction and will tip $100 million into a joint venture it says can help address WA’s affordable housing supply crisis.

Herd on the Terrace: Perth’s Central Park skyscraper needs Pitbull to check the pipes, dale!
Iconic rapper Pitbull’s musical admonition to “check your pipes” and confirm they’re the healthy type has proven particularly relevant to tenants at Perth’s Central Park skyscraper. We’re told there was a bit of a deluge — or trickle, depending on who you ask — in the 226 metre building in late April after a pipe leak.

Apartments.com.au

Big Projects taps Sydney’s YSG for first multi-residential project at The Frederick Mermaid Beach
Apartment developers in the Gold Coast are finding new, creative ways to differentiate themselves from competing projects, as new supply starts to flow through up and down the Coast.

ALTA Property to deliver $200 million Queens Road apartment tower
Melbourne-based property developer ALTA Property has this week achieved planning approval for the adaptive re-use of a former commercial tower into a $200 million, 169-apartment project at 10 Queens Road, one of the last developable sites along the Albert Park Lake-fronting boulevard.

Construction to commence at luxury Glen Iris townhome project, Orchard Mews
Construction is set to begin at Orchard Mews in Glen Iris, with PC Whitehall & Sons now appointed as the townhome development moves into its next phase. The development by MontCoeur, located at 18 Scott Grove, is now around 30 per cent sold, with completion targeted for late-2027.

First look: NewQuest Property proposes new St Ives apartment development
A rare new apartment development has been proposed on the fringe of St Ives Village. Developer Newquest Property has lodged plans for a low-rise apartment project designed by well-regarded architecture firm Warren & Mahoney, which is best known for its work in the multi-residential sector in Melbourne.

Bilinga House apartments snapped up as Greyburn commences construction
Centa Property Group has achieved two major milestones at its Bilinga House apartment development in the sought-after southern Gold Coast. They’ve almost sold 50 per cent of the Golden Four Drive building, while at the same time announcing the commencement of construction through reputable builder Greyburn Construction.

How first home buyers can enter the Sydney property market for under $500k
Breaking into the Sydney property market has long felt out of reach for many first home buyers, particularly as median house prices sit above $1.6 million and unit prices push beyond $900,000.

Conquest partners with Woolworths to deliver mixed-use Waterloo project
Private equity real estate firm Conquest has entered into a $220 million partnership with Woolworths’ development arm, Fabcot, to deliver its long-awaited Waterloo project on Bourke Street.

A decade in the making: KTQ launches Casilia at Kirra Point
The final residential release within the Kirra Point masterplan is set to launch, as strong pre-sales signal sustained demand for the Southern Gold CoastJoel Robinson

The St George & Sutherland Shire Leader

4300 homes: Appeal to extend consultation period on Kurnell peninsula plans
The state government has been asked to extend the consultation period for the Kurnell peninsula planning proposal, which includes 4300 new homes, many in apartment blocks.

Court appeal over deemed refusal of apartments project in Cronulla Town Centre
An appeal has been filed with the Land and Environment Court against the deemed refusal of a proposed new development of two buildings with 48 apartments in the heart of the Cronulla Town Centre.

The Illawarra Mercury

Hundreds of new homes planned as Calderwood development enters new phase
After a successful pre-launch sales period, more blocks within a master-planned community near Albion Park are hitting the market. Developer Sekisui House Australia has launched its $520 million master-planned community, Cascadia Calderwood.