Apartments boosting building approvals in May: ABS
Housing loan values and construction approvals trend upwards leading into tomorrow’s RBA Board meeting on the cash rate
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The residential property market has bounced back strongly ahead of tomorrow’s RBA Board announcement on interest rates, data released by the Australian Bureau of Statistics today shows.
In signs that housing sales have rebounded, the value of new loans for housing rose by 4.8 percent in May, the equivalent of $24.9 billion. New owner-occupier loan commitment values went up by 4 percent to $16.4 billion while the value of new investor loan commitments increased by 6.2 percent to $8.5 billion.
Building approvals also rose during May, with the number of total dwelling approved up by 20.6 percent. This has overwhelmingly been driven by approvals in the apartment sector, ABS head of construction statistics, Daniel Rossi said.
“The rise in total dwellings was driven by the more volatile dwellings excluding houses series, which rose 59.4 per cent. This increase reflected a large number of apartment developments approved in New South Wales in May,” he said. “Approvals for private sector houses remain more subdued, rising 0.9 percent, following a 3.0 percent fall in April.”
All the action has been on the east coast, with total dwellings approved rising by 52.9 percent in NSW, followed by Tasmania, up by 41.1 percent and Victoria, which saw an increase of 15 percent. Total dwelling approvals fell in Western Australia (-11.1 percent) and South Australia (-4.8 percent). In the strongest indication that the residential apartment construction sector is forging ahead, building Approvals for private sector houses fell in South Australia (-7.2 percent), Western Australia (-4.5 percent), NSW, and Queensland (-1.8 percent).
This stylish family home combines a classic palette and finishes with a flexible floorplan
Just 55 minutes from Sydney, make this your creative getaway located in the majestic Hawkesbury region.
A Sydney site with a questionable past is reborn as a luxe residential environment ideal for indulging in dining out
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Long-term Sydney residents always had handful of not-so-glamourous nicknames for the building on the corner of Cleveland and Baptist Streets straddling Redfern and Surry Hills, but after a modern rebirth that’s all changed.
Once known as “Murder Mall” or “Methadone Mall”, the 1960s-built Surry Hills Shopping Centre was a magnet for colourful characters and questionable behaviour. Today, however, a $500 million facelift of the site — alongside a slow and steady gentrification of the two neighbouring suburbs — the prime corner property has been transformed into a luxury apartment complex Surry Hills Village by developer Toga Group.
The crowning feature of the 122-apartment project is the three-bedroom penthouse, fully completed and just released to market with a $7.5 million price guide.
Measuring 211sqm of internal space, with a 136sqm terrace complete with landscaping, the penthouse is the brand new brainchild of Surry Hills local Adam Haddow, director of architecture at award-winning firm SJB.
Victoria Judge, senior associate and co-interior design lead at SJB says Surry Hills Village sets a new residential benchmark for the southern end of Surry Hills.
“The residential offering is well-appointed, confident, luxe and bohemian. Smart enough to know what makes good living, and cool enough to hold its own amongst design-centric Surry Hills.”
Allan Vidor, managing director of Toga Group, adds that the penthouse is the quintessential jewel in the crown of Surry Hills Village.
“Bringing together a distinct design that draws on the beauty and vibrancy of Sydney; grand spaces and the finest finishes across a significant footprint, located only a stone’s throw away from the exciting cultural hub of Crown St and Surry Hills.”
Created to maximise views of the city skyline and parkland, the top floor apartment has a practical layout including a wide private lobby leading to the main living room, a sleek kitchen featuring Pietra Verde marble and a concealed butler’s pantry Sub-Zero Wolf appliances, full-height Aspen elm joinery panels hiding storage throughout, flamed Saville stone flooring, a powder room, and two car spaces with a personal EV.
All three bedrooms have large wardrobes and ensuites with bathrooms fittings such as freestanding baths, artisan penny tiles, emerald marble surfaces and brushed-nickel accents.
Additional features of the entertainer’s home include leather-bound joinery doors opening to a full wet bar with Sub-Zero wine fridge and Sub-Zero Wolf barbecue.
The Surry Hills Village precinct will open in stages until autumn next year and once complete, Wunderlich Lane will be home to a collection of 25 restaurants and bars plus wellness and boutique retail. The EVE Hotel Sydney will open later in 2024, offering guests an immersive experience in the precinct’s art, culture, and culinary offerings.
The Surry Hills Village penthouse on Baptist is now finished and ready to move into with marketing through Toga Group and inquiries to 1800 554 556.
This stylish family home combines a classic palette and finishes with a flexible floorplan
Just 55 minutes from Sydney, make this your creative getaway located in the majestic Hawkesbury region.
