The old fish market site is gearing up for transformation, with new housing bolstering its mixed-use redevelopment.

The NSW government has announced the site of the old Sydney Fish Market at Blackwattle Bay is set to deliver more than 1500 new homes, after fast-tracking rezoning to deliver an additional 320 homes in the precinct.

The rezoning was formalised with amendments to the planning controls, allowing for more residential floor space, following public consultation between December 2024 and January 2025.

This is part of the larger $750 million redevelopment of the existing Sydney Fish Market first announced in 2019, aimed at revitalising the area with new public amenities alongside housing.

Central to the redevelopment is 6,000sqm of new public open space, a 15km continuous foreshore walk from Woolloomooloo to Rozelle Bay and a public market hall, featuring a variety of fish traders, restaurants, cafes and bars.

NSW minister for planning and public spaces Paul Scully said the rezoning removed barriers in the planning process to make it easier to build new homes.

“This project is an example of that and will now provide more than 1,500 new homes for Blackwattle Bay, while also unlocking the economic and social potential of this unique part of Sydney’s foreshore,” Mr Scully said.

“This is a once-in-a-generation waterfront renewal project that will open a hidden part of the harbour to the city and its people for the first time in over a century while suppling more homes.”

A development partner to deliver the mixed-used site will be selected following an expression of interest process. Mirvac, Lendlease and Stockland are currently in the running, with their proposals set for evaluation this July.

The government will then work with the preferred development partner to commence work on the project – with the delivery of public spaces prioritised first.

“We understand that we are facing a generational housing crisis, and we need to ensure we can deliver well-located homes close to transport, jobs and community amenity,” NSW minister for lands and property Steve Kamper said.

“The Blackwattle Bay rezoning finalisation will unlock new homes and will help to revitalise the harbour foreshore area, which will include a continuous boardwalk from Rozelle Bay all the way to Woolloomooloo.”

The current Sydney Fish Market remains operational until the completion of the new precinct, anticipated later in 2025.

The newly zoned area will likely see its first new homes by 2028, with construction continuing for six to eight years thereafter.

Are you interested in buying and building new? Check out our New Homes section.

The post NSW fast-tracks rezoning for Sydney Fish Market site appeared first on realestate.com.au.

North Melbourne resident Elio Sarpi has turned a passion project and residential curiosity into a cult following on Instagram via his account, Houses of North and West Melbourne.

The IT worker travels the streets of both suburbs taking photographs of homes that pique his interest –chasing historic records and retelling histories that have long been forgotten.

These Victorian dwellings of the past have become interesting fodder for locals too – who not only learn about the homes and commercial properties in the suburbs, but hold the key to an intriguing past of the sort of characters who lived and worked there.  

“Investigating a house feels like solving a jigsaw puzzle,” Mr Sarpi says.

“I quickly became addicted once I started. I don’t watch TV anymore; instead, I spend my evenings researching houses I’ve recently photographed, or diving into the thousands I’ve documented over the years.”

The project really kicked off once COVID kicked-in. A chance to meander the streets and take photos of Victorian heritage buildings and put their stories together – from when they were built to those who lived in them.

With 24.4K followers on Instagram, Sarpi investigates at his leisure; often finding himself buried deep down a proverbial rabbit hole of detective work.

“I started researching the stories behind these homes – their history, architecture, and the lives that shaped them,” Sarpi says.

“I’ve uncovered some truly incredible stories and connections – actors, pianists, artists, singers, bands, photographers, opera singers, even a Governor General.”

His site covers stories of migration, robberies, house fires and other homes linked to royalty.

“I recently found out that I now live in a house where a Chinese translator once lived. He had come to Australia to work on the goldfields,” says Sarpi.

The local community is also great for intel – often getting in touch to share other tid-bits that’s useful in his exploration of the suburbs past.

Many well-known faces called the suburb home, too – including actress Sigrid Thornton, who recently sold her home on Canning Street, and TV and radio personality Virginia Trioli who has lived in North Melbourne since the 1980s.

Sarpi also explores hotels that still stand on many corners in North Melbourne. The Limerick Castle, which was first licensed in 1863 has a colourful lodging past and was once run by Richmond football club forward William John Titus [or Jack as he was known from 1908-1978].

Then there’s the Ukrainian Church on Dryburgh Street which was designed by architects Smith & Tracey and completed in 1963.

Some of Sarpi’s favourite discoveries

The Lamberti House on Queensberry Street

This beautiful home, built in 1962, was designed by Johannes (John) Wallinga (1909–1970), an architect born in Groningen, the Netherlands.

The Lamberti family once owned a thriving music shop on Victoria Street, for which Wallinga also designed the interior. When the family contacted me after I first posted the house, they couldn’t recall the name of the architect. With a few helpful clues from Mrs. Lamberti – now in her nineties – and some assistance from the City of Melbourne, we were able to confirm Wallinga as the designer.

Milton Hall

A grand and ornate Victorian residence built in 1884, Milton Hall was, in more recent times, the home of Hugh O’Neill AO (1933–2022).

Coincidentally, I posted a photo of the house on the very day he passed away, and received messages informing me of his death.

The family later reached out, invited me to visit the home, and kindly shared their stories. I asked his daughters to share some of their cherished memories of growing up in the house, which I featured in a follow-up post.

Two 1869 West Melbourne Terraces on Abbotsford Street

In the 1970s, these historic terraces became La Chaumière, a French restaurant run for nearly 30 years by Géraldine and Gérald Georges. The chef was Jean-François Enconnière.

The couple painted the balconies of both terraces in the colours of the French flag and added ‘1789’ to the front – a nod to the start of the French Revolution. I shared a fantastic old photo alongside my post about the place.

One of the current owners commented, mentioning it was a favourite spot for the Labor Party – and that Gough Whitlam held his inauguration dinner there.

Florence Cottage on Capel Street West Melbourne

Built in 1865, became home to Italian immigrant Matteo Cristofaro in 1934. There, he co-founded an anti-fascist group, the Italian Group Against War, to rally Italian-Australians against Fascism and support the Communist Party.

By 1942, he helped form the Movimento Italia Libera, holding their first rally in 1943. Anti-fascists were often seen as troublemakers bringing foreign conflicts to Australia. 

I posted the house with the song Bella Ciao, the Italian folk song that was used as an anthem for the anti-fascist resistance and sung worldwide as a hymn of freedom.

After my post, his family reached out they were so grateful for my post. They knew he lived in the area, but they didn’t know he lived in Florence Cottage, they sent me a photo of him that I also posted. 

Charlton Cottage on Flemington Road, North Melbourne known as Paris 

One of my followers introduced me to a 94-year-old man who was brought home to Charlton Cottage as a newborn. I had the privilege of meeting him and spent a couple of hours listening to stories about his childhood in North Melbourne.

He wasn’t sure of the exact number of his old house, but I was able to track it down. I took a photo of it, researched its history, and shared a couple of posts about it.

Later, when I heard he was in hospital, I had the photo printed. The person who originally connected us kindly delivered it to him. He was so proud of that photo – he showed it to all the doctors, nurses, and visitors. Sadly, he passed away during that same hospital stay. I am so grateful that I have his memories documented. 

Ned Kelly Errol Street connection

These two-storey Italian Renaissance-style terraces on Errol Street, North Melbourne, date back to 1912. They were built as rental properties for Joseph Grigg, son of George Grigg, a prominent 19th-century coach builder.

George Grigg owned the elegant three-storey terrace across from North Melbourne Primary School.

The Joseph Grigg who commissioned these Errol Street terraces may be the same man who crafted Ned Kelly’s iconic suit of armour.

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A post shared by Elio Sarpi (@housesofnorthandwestmelbourne)

A skilled blacksmith and coach builder based in South Melbourne, Joseph reportedly played a remarkable role in one of Australia’s most infamous outlaw legends.

Decades earlier, in his late 20s, Joseph was running a blacksmith shop in Glenrowan when Ned Kelly and his gang stormed in, forcing him to manufacture the iron armour later worn in Kelly’s final standoff at the Glenrowan Hotel.

Held under lock and key, Joseph used parts from ploughs and harvesting machines to construct the suit. When the work was done, Kelly paid him handsomely in gold sovereigns. Joseph promptly reported the incident in a confidential meeting with the authorities, who told him to keep the payment, recognising he had earned it through no fault of his own.

Following Kelly’s capture in July 1880, crowds gathered at North Melbourne Station to catch a glimpse of the infamous bushranger as he was transported to the Old Melbourne Gaol. Just four months later, on November 11th, Kelly was hanged. Remarkably, Joseph’s involvement in crafting the armour remained a secret until his death in 1934.

Opening the door to history

“The first thing I do is consult the Sands and McDougall Directories – annual directories published in Melbourne throughout the 19th and 20th centuries. They were like a mix of a phone book, business directory, and local government record. They’re available online via the State Library of Victoria, covering the years 1860 to 1974,” says Sarpi.

He then traces the current house number back through the years to determine what it would have been in the past, noting who lived there and who the neighbours were.

“From there, I dive into Trove, the free online platform developed by the National Library of Australia. I also use the Public Record Office Victoria (PROV), which includes records related to family history, local government, land and property, immigration and passenger lists, and even education,” he says.

“There are countless resources, the State Library of Victoria has a helpful online video that introduces the basics and outlines many of the available resources. They also occasionally run free sessions on how to research the history of your house.”

And of course, there’s his followers online. 

“They also send me leads and share precious personal social history and photos that are just priceless,” says Sarpi.

“When you think about how many lives have passed through a single house over the years, the potential stories are endless. People often say ‘if these walls could talk’, now – with the community’s help through shared memories and documented facts – it feels like those walls are starting to speak. I’m sharing stories that might have otherwise been forgotten, and that’s something truly special.

“One of the most rewarding parts is helping families reconnect with the homes of their ancestors. It’s become a project that keeps growing and giving back in unexpected ways.”

The post Window to the past: Meet the unlikely home-history buff with a cult following appeared first on realestate.com.au.

As mortgage rates remain elevated and housing inventory remains tight, luxury rentals are increasingly becoming a preferred choice for high-income U.S. households, marking a shift in how high-end housing is being viewed and occupied across the U.S.

Industry data shows a marked uptick in demand for luxury rentals, especially in markets outside of traditional urban centers. Short-term stays in properties priced at $1,000 per night or more jumped 73 percent from 2019 to 2023, according to data by AirDNA. On the long-term rental side, platforms such as Zumper and Apartment List have seen consistent activity in luxury segments, despite broader cooling trends in the housing market.

Experts point to persistently high mortgage rates, continuing to hover around 7 percent, as one of the main drivers of this shift. Even financially secure buyers are opting to rent, avoiding the long-term commitment of high-interest loans and leveraging leases for flexibility and mobility.

Secondary markets take the spotlight

While cities like New York, Los Angeles, and Miami remain central to the luxury rental landscape, new hotspots are emerging. Austin, Texas; Scottsdale, Ariz.; West Palm Beach, Fla.; and Greenwich, Conn. have become prime destinations for luxury renters looking for more space, favorable tax conditions, or proximity to growing industries.

Austin, in particular, has seen notable growth. Luxury rental prices in the city have continued to climb in 2024, with high-end units listed for upwards of $3,950 per month, according to Apartment List. Markets like Salt Lake City, Tampa, Fla. and Naples, Fla. are also gaining attention as future hubs for luxury rental development, according to the USA Wealth Report.

Tenants expect more than square footage

Alongside geographic shifts, renters in the luxury space are raising their expectations. Properties with built-in smart technology—ranging from automated lighting and temperature control to security systems—are now standard at the high end of the market. Tech-forward features are increasingly used as marketing tools in listings and virtual tours.

Wellness and sustainability are also key differentiators. Many renters are seeking buildings with energy-efficient systems, air purification, touchless entry, and amenities that support well-being, such as gyms, spas, and outdoor relaxation areas. LEED-certified properties and eco-conscious developments are experiencing stronger demand.

Renting by choice, not circumstance

The rise of luxury rentals reflects a larger trend: renting is not necessarily viewed as a temporary or second-best solution anymore. For a growing number of high-income households, it’s a strategic lifestyle decision. Renting provides access to prime locations, removes the risks tied to long-term financing, and frees up capital for other investments.

The shift in consumer preferences is steadily reshaping the high-end rental market and changing the way luxury properties are marketed. Today’s affluent renters are opting for flexibility, convenience, and access to premium amenities without the long-term commitment of ownership. In response, real estate professionals are using listing syndication, high-quality visuals, and digital-first platforms to connect with this audience.

The opportunity in this segment continues to grow. Properties that offer smart home technology, wellness-focused features, and concierge-style services are attracting strong interest, particularly in markets like Palm Springs, Calif.; Naples, Fla.; and Greenwich, Conn. Short-term and seasonal luxury leases are also seeing increased demand, especially among remote workers and those relocating between cities.

With lifestyle-driven renting on the rise, industry experts expect the luxury rental segment to remain strong. For real estate professionals and property managers, this is becoming a key area for business growth and market differentiation.

Michael Lucarelli is the CEO of RentSpree.

This column does not necessarily reflect the opinion of HousingWire’s editorial department and its owners.

To contact the editor responsible for this piece: zeb@hwmedia.com.

Due to ferocious investor demand, Movement Mortgage is opportunistically selling billions in mortgage servicing rights. And the South Carolina-based retail lender is using the cash proceeds to sharpen pricing for its roughly 1,400 producing loan officers.

But while improved pricing might help win deals in the short term, Movement isn’t retaining recapture rights on some MSR sales, HousingWire has learned.

Here’s our insider’s look at Movement’s MSR strategy.

HousingWire reported earlier this month that Movement sold a $5 billion MSR package to an unknown buyer on May 7 consisting of agency loans. Sources later provided HousingWire an email authored by company president Steve Smith that stated Movement executed a trade in May to sell $4.4 billion UPB of government MSRs to Freedom Mortgage.

It’s unclear if it’s the same trade. Movement did not respond to HousingWire’s request for comment. Freedom also did not comment on the transaction.

The email, sent to staffers on May 15, however, does provide insight into Movement’s origination and capital markets strategy.

Better pricing today

“Driven by heightened buyer demand, this sale strengthens our market presence and allows us to improve our Movement rate sheet for new transactions,” Smith wrote.

“Effective 05/13/2025, we made a 0.375 price improvement to most Movement FHA and VA products for purchase money loans over $200,000,” he told staff. “In conjunction with the sales process, we have been working with Aggregators to drive the most competitive rate sheet pricing they can offer.”

He added that Movement is providing LOs with better pricing from various sources, including “internal execution and aggregator rate sheets.”

He said the capital markets team determines the best execution for the loan, whether it’s an MBS sale with servicing retained, the agency cash window or aggregator whole loan sales.

Per Smith, under current market conditions, the following type of loans may be sold monthly in whole loan form to aggregators:

• Conventional and government programs if the loan amount is >$325,000 and the occupancy is primary residence (excluding HomeReady or Home-Possible);
• Conventional agency programs for second homes and investment properties;
• Conventional high balance agency loans with FICOs >700, as well as jumbo and non-QM loans

Recapture depends on the deal

Importantly, Movement did not retain solicitation rights to the $4.4 billion portfolio. While the company endeavors to retain recapture rights when possible, it’s not always the best deal available, Smith said.

“Recapture/solicitation terms are negotiated on a transaction-by-transaction basis,” he said. “Our preference is to retain servicing rights. However, there are times when pay-ups warrant releasing solicitation rights.”

Smith wrote that Movement began selling servicing again in 2023 as investor demand improved, but retained recapture rights for 86% of servicing sales in 2023 and 2024. The strategy has shifted a bit this year due to market forces.

Movement has “switched to selling servicing rights opportunistically to improve overall execution and to sharpen rate sheets,” he wrote.

Smith told loan officers that “this does NOT mean that you cannot retain your customer relationships and continue to serve these customers with mortgage financing needs should they reach out to you for assistance, nor does it mean that every loan will be sold servicing released or without recapture rights — use tools like MORE to stay connected.”

He added that eligible LOs would receive 2.5 basis points deposit at year end for sold loans.

The company will continue to evaluate bulk sale execution on conventional and government MSRs, he said. If demand remains strong, they’ll execute sales on a semi-annual basis.

This particular $4.4 billion MSR trade is scheduled to close June 30, with the transfer occurring Aug. 4.

The market’s hot, hot, hot

Movement’s MSR deal comes at a time when the market is hot, with lenders taking advantage of strong investor demand and historically high valuations.

“Multiples are at 25-year highs,” one industry executive recently told HousingWire. In the bulk MSR market, recent trades have ranged from 130 to 139 basis points—equivalent to a 5.2x to 5.56x multiple of servicing fees—according to MCT’s May report.

Industry executives estimate that a $4 billion MSR sale could generate roughly $40 million in upfront cash for a seller. In this environment, investors are eager to acquire high-yielding, stable assets that position them to recapture borrowers when mortgage rates decline and refinancing activity rebounds.

Flávia Furlan Nunes contributed reporting.