There are ocean views, and then there is this.

Positioned on a dramatic clifftop in Vaucluse, 8 Ray Street doesn’t just face the Pacific, it commands it. With nothing between the home and the horizon but open water, this is the kind of outlook that buyers spend decades searching for and rarely find.

The residence itself is the work of MHNDU, one of Sydney’s most respected architectural practices, with interiors conceived by Poco Designs.

Together, the collaboration has produced a home that is as thoughtfully resolved inside as it is spectacular in its setting.

Soaring ceilings and expansive glazing open every principal room to the ocean panorama, while a series of indoor-outdoor transitions dissolve the boundary between interior life and coastal landscape. Light arrives differently here depending on the season — sharp and glittering in summer, golden and low in the cooler months.

Across five bedrooms and six bathrooms, the home offers scale without sacrifice. The brief has clearly been to create a property that functions as a family residence without ever retreating into mere functionality. Two car spaces complete the picture.

Vaucluse has long been synonymous with Sydney’s most coveted residential addresses, and Ray Street occupies one of the suburb’s most elevated and protected positions. The clifftop location is permanent — no development will interrupt this outlook — a fact that buyers at this level understand immediately and price accordingly.

The suburb’s median for five-bedroom homes currently sits at $11.725 million, with 50 transactions recorded this year and an average of 43 days on market. At that level, the properties that generate the most sustained buyer interest are those with something genuinely unrepeatable about them. A never-to-be-built-out ocean position qualifies on every measure.

8 Ray Street is listed with David Malouf, Director, Double Bay at Highland Property, and Steven Chen of The Agency, and will go to auction. Private inspections are available by appointment, with a scheduled open on Thursday 18 June at 5:30 pm.

Contact David Malouf (Highland) on 0411 073 882 or Steven Chen (The Agency) on 0412 959 959.

Australia’s housing debate is often dominated by affordability and supply, but a new collaboration between Brickworks and acclaimed architecture firm Kennedy Nolan argues the conversation should also focus on the quality and longevity of the homes being built.

The project, titled Our Next Neighbourhood, examines how suburban housing could evolve in response to shrinking block sizes, rising energy costs, increasing density and changing family structures.

Rather than proposing luxury dream homes, the initiative focuses on what its creators describe as achievable suburban housing models that are more flexible, sustainable, and better suited to modern Australian life.

Brickworks commissioned Kennedy Nolan to investigate what suburban housing might look like if “design, long-term liveability and enduring materials were placed at the centre of the conversation”.

The result is two housing concepts, known as the Street Terrace and Canopy Terrace, which explore higher-density living while maintaining access to green space, natural light and privacy.

The designs incorporate adaptable floorplans that can evolve as family needs change, along with passive design principles intended to reduce reliance on mechanical heating and cooling.

Brett Ward, General Manager of Marketing at Brickworks, said the company wanted to broaden the discussion around housing beyond simply increasing supply.

“Much of the housing conversation today is understandably focused on supply and affordability, but there is an equally important discussion to be had about the quality and longevity of the homes we build,” he said.

“We wanted to explore how thoughtful design, combined with durable, resilient materials, could create homes that not only function well today, but continue to support Australian families and communities long into the future.”

Kennedy Nolan said the project was partly inspired by concerns that contemporary housing often struggles to adapt to changing household structures and environmental pressures.

The architects said innovation in suburban housing was “essential” to address changing family groupings, energy use, urban heat island effects and growing disconnection from place.

According to the design team, the concepts draw on lessons from some of Australia’s most influential housing projects while seeking to create neighbourhoods with stronger links to landscape, community and local identity.

Rachel Nolan, founder of Kennedy Nolan, said the practice saw an opportunity to reimagine suburban housing as something “more connected to our climate, our landscape, our communities and our Australian identity”.

The project comes as policymakers, developers and planners continue searching for ways to deliver more housing without sacrificing liveability, neighbourhood character or long-term sustainability.

Ophora Tallawong has launched its final release of apartments, positioning itself as one of the last opportunities for buyers to secure a new Sydney home below $700,000. 

The project, located in one of the city’s fastest-growing corridors, is offering rare buyer protections at a time when affordability is tightening and competition for quality stock is intensifying. 

According to JLL’s Q2 2025 Apartment Market Overview, Sydney’s median apartment price has already climbed to $795,000, setting a record.  

With interest rates now on a downward trend and supply still heavily constrained, experts warn that today’s price brackets may not exist next year. 

Ronnie Rahme, Development Manager at KDMC, said buyers were responding to the combination of quality and value. 

 “You simply don’t see this level of finish at these price points anymore,” Rahme said. “That’s why demand has been so strong for this final release.” 

Dr Andrew Wilson, Chief Economist at My Housing Market, says the economic drivers are clear.  “High rents and higher prices continue to provide clear incentives for first-home buyers and investors chasing solid investment returns,” he told Kanebridge News. 

 “New government initiatives to support first-home buyers will also act to place upward pressure on prices.” 

The bigger picture 

JLL’s research reinforces that point. While over 15,700 apartments are expected to be delivered nationally this year, a 40% uplift on 2024, Sydney remains undersupplied, with demand continuing to outpace completions. 

The report also notes that reductions in the RBA cash rate are expected to further fuel buyer activity, with constrained supply continuing to push prices higher into 2026. 

With construction costs soaring, Government contributions climbing, and interest rates remaining high, projects are harder than ever to bring to market, putting upward pressure on newly completed apartments. 

The pipeline of new supply is shrinking as developers delay or abandon projects that no longer stack up financially. 

According to JLL’s overview, only 2,554 completions are forecast for Sydney this year – against annual demand exceeding 30,000 dwellings. 

At the same time, population growth, rental demand, and first-home buyer incentives are intensifying competition for limited stock. The imbalance between constrained supply and resilient demand is leaving new apartments scarcer and more expensive across Sydney. 

Ophora: Last Chance In Sydney’s northwest 

Developed by KDMC and designed by Architex, the $50 million project has launched its  final release, with limited availability of 81 brand-new residences from just $545,000 for a one-bedroom, or $695,000 for a two-bedroom, which is far below Sydney’s median and significantly cheaper than nearby competition. 

The five-storey development at 37 Reis St, Tallawong, combines affordability with premium inclusions more often seen in luxury builds: ducted air-conditioning, timber floors, premium finishes, fridge cavities with water plumbing, video intercom systems, fibre internet, EV charging, landscaped gardens and a rooftop terrace with sweeping views. 

It also comes with something almost unheard of at this price point, a 10-year Latent Defects Insurance (LDI) policy. Typically reserved for multimillion-dollar projects, LDI guarantees structural integrity for a decade and is only awarded to developers with a strong building track record. 

SHC Insurance Brokers founder Stefan Hicks acknowledged the rarity of obtaining LDI, particularly for entry-level residential apartment complexes like Ophora.

“Gaining LDI is no mean feat. It’s offered selectively to developers and builders with a quality building history, and it requires both parties to employ an independent inspection service throughout construction,” he said. 

“While this insurance is well-established around the world in about 40 countries, in Australia, we’re typically seeing high-end buildings covet LDI. The fact that Ophora has joined this exclusive list of quality-assured builds is a coup for entry-level home buyers.” 

Raising the standard for affordable luxury 

Rahme says the KDMC team wanted to set a new benchmark.

 “Our mission with Ophora has always been clear: to raise the standard of what buyers should expect, regardless of budget,” he said. 

“We’ve delivered a collection of apartments with finishes and features you’d usually only find in luxury projects, and we’ve backed it with one of the most stringent insurances available in the market. That gives buyers peace of mind that their investment is protected for the long term. 

“People are walking through and realising you simply don’t see this level of quality at these price points anymore, as it’s effectively replacement cost in 2025. 

“With rates coming down and limited competition, buyers and investors are moving quickly because they know the window won’t stay open. Investors, who have recently purchased at Ophora, have reported a strong rental demand, with minimum rental yields exceeding five per cent.” 

Developments like Ophora, move-in ready, competitively priced and backed by rare structural protections (LDI), may represent the last chance for buyers to secure a sub-$700,000 apartment in Sydney. 

View Ophora on cpmrealty.com.au

To arrange a private viewing or request more information, contact Sam Elbanna from CPM Realty: 0411 222 260

Australia’s housing market has lost momentum, with Cotality’s latest Home Value Index revealing national dwelling values were flat in May as affordability constraints, higher borrowing costs and weakening buyer sentiment continue to weigh on demand.

The national result masks increasingly divergent conditions across the country.

Sydney and Melbourne led the decline, with dwelling values falling 0.9 per cent and 0.8 per cent respectively over the month.

Sydney values are now 2.1 per cent below their November 2025 peak, while Melbourne values sit 3.2 per cent below their March 2022 high.

In contrast, Brisbane, Perth and Adelaide continued to record growth, although even the stronger-performing markets are beginning to show signs of slowing.

Perth again led the capitals, recording monthly growth of 1.5 per cent and annual growth of 25.8 per cent. Brisbane values increased 0.9 per cent in May and are now 19.1 per cent higher than a year ago, while Adelaide recorded a 0.5 per cent monthly rise and annua growth of 12.3 per cent.

Cotality Research Director Tim Lawless said Australia’s housing market continues to operate at vastly different speeds depending on location.

“We are continuing to see multi-speed conditions across Australia’s housing sector, with Perth and Melbourne at opposite ends of the spectrum,” Lawless said.

“The past five years have seen these cities diverge sharply, with Perth values up a stunning 91.4 per cent while Melbourne home values are only 3.3 per cent higher since May 2021.”

Lawless said while the pace of value growth remains highly varied between cities, a common trend is emerging.

“While the speed of value change remains very different from city to city, the direction is becoming more consistent, with most markets losing momentum as demand-side headwinds intensify.”

The slowdown is becoming increasingly evident in transaction activity.

National home sales over the past three months were estimated to be 2.2 per cent lower than a year ago and 4.1 per cent below the five-year average.

Sydney and Melbourne recorded the sharpest declines in sales activity, down 17.0 per cent and 14.2 per cent respectively compared to the same period last year.

Lawless said higher listing volumes are shifting negotiating power back towards buyers.

“These are also the cities where advertised supply has risen to above average levels, providing more choice and better leverage for buyers,” he said.

The softer conditions come despite ongoing supply constraints across much of the country. Construction costs remain elevated and feasibility challenges continue to limit new housing delivery, even as governments in NSW and Victoria continue to implement planning reforms designed to accelerate approvals and increase apartment supply.

For the new apartment sector, the data highlights an increasingly important divide between established housing markets and the off-the-plan market.

While detached housing markets in Sydney and Melbourne continue to soften, the supply of new apartments remains well below the levels required to meet population growth and federal housing targets.

This imbalance is likely to continue supporting demand for new apartment stock, particularly in major urban centres where affordability pressures are forcing more buyers towards higher-density housing options.

The latest rental figures also reinforce the underlying strength of housing demand.

National rents increased another 0.6 per cent in May, taking annual rental growth to 5.9 per cent. Vacancy rates remain at just 1.5 per cent nationally, matching the record lows experienced during the post-pandemic migration surge.

Lawless said renters are increasingly reaching affordability limits.

“With renters dedicating around a third of their pre-tax income to rental payments, it’s uncertain how much longer this upswing in rents can last,” he said.

The housing slowdown is unfolding against a backdrop of improving inflation data and growing confidence that interest rates will remain on hold when the Reserve Bank meets in June.

Australia’s monthly inflation indicator has continued to trend lower in recent months, reinforcing market expectations that the RBA is unlikely to lift the cash rate again in the near term.

Financial markets and economists have increasingly shifted their focus towards the timing of future rate cuts rather than the prospect of further tightening.

While the RBA remains cautious about services inflation and housing-related costs, recent inflation outcomes have largely eased concerns that another rate rise would be required.

That is providing some support to housing sentiment, although affordability and borrowing capacity remain significant constraints.

For now, Cotality’s data suggests the housing market is entering a more subdued phase rather than facing a sharp correction.

Affordability pressures, weaker confidence and slower sales activity are weighing on demand, while population growth, tight rental markets and constrained housing supply continue to provide a floor underneath values.

The result is a housing market that remains highly fragmented, with Sydney and Melbourne continuing to cool, while Perth, Brisbane and Adelaide remain in growth mode, albeit at a slower pace than seen over the past two years.

Although Corazón was meticulously built to be the Smout family’s dream home, the glamorous Brisbane residence is now seeking its next custodian.

The luxury New Farm property named Corazón, the Spanish word for heart, was always meant to be the Smouts’ forever home.

Becky, a teacher-turned-design specialist, and her property developer husband Francisco bought a pre-war timber home on the 810sq m site back in 2022 for $2.625 million. They then painstakingly transformed it into a luxury 21st-century residence.

The laborious process included a full year of negotiations with Brisbane City Council to secure approval for the now six-bedroom, nine-bathroom architectural landmark at 563 Lower Bowen Tce.

Plans for the family of five are taking another direction, and on June 13, Corazón will go under the hammer, marketed by Matt Lancashire and his team from Ray White Collective Luxury.

“This is the most incredible house I have ever seen. The quality of the build, the finish, this family poured their heart into this home for three years, and it shows in every single detail. There is nothing else like it in Brisbane,” he said.

Since the house is headed to auction, Queensland regulations prevent agents from publicly advertising price guides.

However, according to Cotality records, the current price record for New Farm is $25 million, set by a renovated home at 17 Julius St that sold for $25 million in 2025.

The top figure paid on Lower Bowen Tce was set in 2023, when a contemporary 503 sq m property at number 603 sold for $6.2 million.

Lancashire added that demand for luxury Brisbane property had never been stronger, as more cashed-up buyers seek designer homes close to the CBD.

Just this month, Lancashire and his colleague Josh Brown set a new suburb price record when Governess, an 1860s-era home in Paddington reimagined by local builder-developer Graya, sold for an undisclosed sum reported to be “more than” $12 million.

Corazón is an example of how the Australian prestige market is currently reflecting the high-end tastes of high-net-worth buyers.

Vanessa Rader, Ray White head of research, said the nation’s wellness economy – now valued at $141 billion and representing 7.8 per cent of GDP – was actually reshaping buyer expectations.

“The most significant transformation in luxury real estate is happening behind the walls,” Rader explained.

“Intelligent wellness design is no longer coming; it has already arrived in Australia’s premium property market, redefining luxury for a generation that values optimisation.”

Today, the spacious three-storey New Farm home has 963sq m of internal and external living space, crafted for Queensland’s long summers and laidback lifestyle.

Standout design features include a dramatic double-helix spiral staircase, 3m ceilings, curved glass and steel, off-form concrete surfaces, Venetian plaster walls, and a show-stopping solid marble travertine bathtub carved from a single block of stone.

The ground floor is an entertainer’s playground with a vast open-plan living and dining zone anchored by a sleek kitchen complete with a long eat-at island bench, a hidden buyer’s pantry, plus Miele, Gaggenau and Pitt appliances.

Floor-to-ceiling glass walls peel back to reveal a paved terrace featuring a full outdoor kitchen and an integrated Beefeater barbecue.

A heated magnesium-filled pool sits next to a grassed courtyard and fire pit, with an added wellness retreat space housing a sauna, an ice bath, and a bathroom.

The entry level also houses a separate media room, a wine bar, a guest bedroom with an ensuite, a mudroom-style laundry and a home office with built-in desks.

A private lift serves all floors, including the accommodation level, which has five ensuite bedrooms, as well as a first-floor retreat and study area. In the primary suite, there is a huge dressing room, strategically placed skylights and a lavish bathroom with a double shower.

As an added bonus for the kids, one bedroom has its own rock-climbing wall and suspended net cubby.

One more level up, and the rooftop lounge with a kitchenette has sweeping city skyline views and a grand terrace.

Security features at the home include facial-recognition entry, perimeter cameras, and a comprehensive internal and external alarm system. There is also a Crestron smart home system with Dali lighting control for more than 400 fittings.

Corazón has a three-car garage with a gym and parking for up to three more cars behind the security gates. The Lower Bowen Tce home is approximately 200m from New Farm Park, 400m from Merthyr village and 2 km from the Brisbane CBD.