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Today's rate cut won't be the only one for 2015, according to AMP Capital head of investment strategy and chief economist Shane Oliver.
<img src="/images/2015/02/03/Picture%2022.png" alt="">
The Reserve Bank today cut the official cash rate by 25 basis points, from <a href="/expert-insights/finance/rba-cuts-rates-to-record-2-25-low-at-february-2015-meeting">2.5% to 2.25%</a>.
Shane Oliver, predicting another rate cut to <a href="https://www.propertyobserver.com.au/https://twitter.com/ShaneOliverAMP/status/562475605979979777" target="_blank">2% around April</a>, says he believes the Australian dollar should sit at around US$0.75.
Shortly after the Reserve Bank's announcement, it was at US$0.77.
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jrichardson-uRX5hFdKfN

Tweet of the day: More rate cuts to come, predicts Shane Oliver

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The rental market in Queensland's Mackay continues to decline, with 10.3% of rental stock vacant, according to the Real Estate Institute of Queensland (REIQ).
The town has been fuelled in the past by its mining economy, thanks to its location near the Bowen Basin coal mining reserves. However, as coal mining work declines, in part due to falling commodity prices, so too has Mackay's popularity with workers.
There was a 3.1% vacancy rate two years ago.
The struggling rental market has seen some landlords offer rent-free periods to attract tenants.
One investor is advertising a two week free offer on a <a href="https://www.realestateview.com.au/rental-properties/10-19-23-stevenson-street-mackay/Property-Details-rent-residential-8281018" target="_blank">three bedroom townhouse style South Mackay property</a> that falls under the National Rental Affordability Scheme (NRAS).
It was available last February at $368 per week, and is now available at $300 a week, from 24 February.
The investor paid $370,000 in 2011. The median sale price of a Mackay unit or townhouse in the September 2014 quarter was $301,000, according to the REIQ. The median house price was $391,000.
It is not just NRAS investors who are seeking tenants. Another landlord is also offering a two week free rental period after lowering their asking rent from $300 per week in May 2013 to $250 per week. The <a href="https://www.realestate.com.au/property-unit-qld-mackay-404537165" target="_blank">two bedroom townhouse, pictured below,</a> is available now. 
<img src="/images/2015/02/03/2.jpg" alt="">
5/10 Romeo Street, Mackay
Domain Group senior economist Andrew Wilson says that three to four years ago, Mackay – which <a href="https://propertyobserver.com.au/finding/residential-investment/17995-thursday-observer-matusik" target="_blank">saw vacancy rates as low as 0.9%</a>, by some measures  – was a "classic overheated market".
"It became investor central, with a lot of speculation, and prices moved well beyond their fundamentals, and affordability killed demand" Wilson told Property Observer.
He notes that the mining economy peak saw a lot of housing supply brought to market, with the transient workforce unable to keep up.
"A lot of the mining workers are fly-in, fly-out, and a lot of them are actually drive-in and drive-out as well, so there was no real incentive to be a local resident. And it really was the decline of the mining sector that triggered the drop [in rental demand]."
Wilson says Mackay's market declines aren't over yet.
"There's a real oversupply in Mackay, and no bottom is falling in the market. As long as vacancy rates are that high, you're going to see investors competing for a relatively small pool of tenants.
"That puts more downward pressure on rents, and those with a short term investment view have moved on."
The competition to attract a dwindling supply of tenants has seen the investors who own <a href="https://www.realestate.com.au/property-unit-qld-mackay-412534091" target="_blank">5/9 Stevenson Street</a> in South Mackay advertise the property at $210 per week. In early 2012, they was asking for $490 per week. They paid $206,000 in April 2008.
<img src="/images/2015/02/03/1.jpg" alt="">
5/9 Stevenson Street, Mackay
The current state of Mackay's property market is perhaps not a surprise, given <a href="/news/qld/mackay-market-is-down-and-it-s-still-falling">warnings from experts</a> in the past year about oversupply.
Wilson says it will be a while before the town's market strengthens again.
"It's going to be a long journey back for a stable Mackay housing market," says Wilson.
"It was the curse of the hotspot." 
Property Observer notes the vacancy rate in Mackay was just 0.7% in December 2011.
Picture of Mackay marina courtesy of  Kris C. May/<a class="mw-mmv-license" href="https://www.propertyobserver.com.au/https://creativecommons.org/licenses/by-sa/3.0" target="_blank" style="font-size: 12.1599998474121px; line-height: 1.3em;">CC BY-SA 3.0</a>.
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Mackay's property investor woes continue as vacancy rate hits 10% 

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Most of the 30 experts surveyed by comparison website Finder predict that the official cash rate will remain at its record low of 2.5% for February.
However, Bill Evans of Westpac and Nathan McMullan of RAMS believe there will be some move from the Reserve Bank at today's meeting.
According to Finder, this is the first time since August 2013 that any respondents for their Reserve Bank Survey have predicted a rate change.
Of the 30 experts, 18 expect a cash rate change in 2015, with nine anticipating a change in the first quarter of the year. It seems the last month has given the experts much to think about, with only three survey respondents predicting a first quarter change when surveyed last month.
There is no consensus on whether the next cash rate movement will be upwards or downwards. A slight majority – 16 of the 30 respondents – predict the next change will be an increase, while the remainder believe the Reserve Bank will lower rates first.
Falling oil prices, low consumer confidence, labour force uncertainty and the Australian dollar were all raised by the expert panel.
Shane Oliver, head of Investment Strategy and chief economist of AMP Capital, said: "The RBA at its last meeting in December reiterated that a period of stability in interest rates remained prudent and since then strong data for jobs and building approvals has offset softness in economic growth and inflation indicators."
Meanwhile, NAB's Alan Oster said it was "too early to cut" rates.
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Majority of experts still expect no February rate change from RBA: Finder

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The director of comparison site Mozo.com.au predicts that variable home loan rates could dip below 4% this year as the Reserve Bank cuts the official cash rate.
<a href="https://mozo.com.au/home-loans" target="_blank">Mozo</a> director Kirsty Lamont said: "If lenders choose to pass on these cuts to customers, and I'm betting they will, Australians could see variable home loan rates start with the number three."
According to Lamont, competition among lenders has escalated in the past six months, with the popularity of non-bank lenders intensifying the fight for market share.
"It's an odds on bet that any cuts to the official cash rate will be passed on to home loan customers in 2015, as lenders fight it out over customers," she said.
Lamont is tipping two 25 basis point cuts from the Reserve Bank this year. According to <a href="https://mozo.com.au/home-loans" target="_blank">Mozo.com.au</a>, the current lowest variable home loan rate is 4.48%, offered from loans.com.au. If the lender passed on the full 50 basis point rate cut predicted, their variable rate would decrease to 3.98%, the lowest on record.
By Mozo's calculations, if a full 50 basis point cut was passed along, the annual saving on the average outstanding home loan balance of $239,000 would equal $840. If repayments were kept constant, a borrower could pay their loan off two years and two months earlier, with Mozo calculating a total saving of $16,957 in interest.
Other lenders which are currently offering variable home loans rates below 4.6% per annum include the NAB-backed UBank. Its UHomeLoan standard variable rate home loan is currently on offer at a 4.54% rate, with a 0.33% per annum offer cutting the product's usual 4.87% per annum rate.
The Queenslanders Credit Unit is offering a special on its Ultimate Home Loan, with the variable rate at 4.59% per annum. Bankwest are offering the same rate on their Super Start Home Loan, but the rate is variable for three years before climbing to 5.77% per annum.
However, Lamont and Mozo don't think rate cuts are coming quite yet, predicting the official cash rate will stay at its record low of 2.5% for February due to "improving housing data, a cooling housing market and lower oil prices".
 
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Mozo tips no cut for February, but 50 basis points to drop in 2015

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Sydney and Melbourne's performance continued to propel the national housing market in January, according to the latest CoreLogic RP Data.
Hobart, however, had a surprising start, recording the second strongest monthly result of any capital city.
It was the the strongest monthly result for six months.
Capital city dwelling values increased by 1.3% last month, but CoreLogic RP Data noted in its January Hedonic Home Value Results that the results were varied across the country.
<img src="/images/2015/02/02/core-feb-2-one.jpg" alt="">
Source: CoreLogic RP Data
Melbourne outperformed all other Australian capital cities in January, recording a 2.7% increase in dwelling values over the month. While Hobart's growth was second highest, at 1.6%, Sydney's 1.4% price growth made a significant impact on the national result due to the city's high number of homes.
CoreLogic RP Data Head of Research Tim Lawless described Hobart's results as a unique occurrence.
“Generally, Hobart has recorded the lowest rate of capital gain since the onset of the GFC, however housing market conditions  have  been  improving.    Local  economic  conditions  have  been  improving  and  Hobart  homes  are  the  most  affordable  of  any  capital  city," said Lawless.
"Additionally,  the  market  is  benefitting  from  the  return  of  ‘lifestyle  buyers’.  After  Darwin,  the  southernmost capital is also showing the second highest gross rental yields of  any other capital city.”
Hobart's median house price was $364,000 for the quarter to January, while the median unit price was $265,000.
Although Sydney's price growth slipped below both Melbourne's and Hobart's last month, its homes are still the most expensive in the country, with a median price of $850,000 for houses and $605,000 for units.
Lawless noted that Sydney's housing market has stood apart since 2009, with a 57% increase in home values from January 2009 to January 2015.
"The second highest growth rate over the same period has been in Melbourne where values are 50% higher. There is a significant gap between the next best performers over the same six year period. Darwin has seen less than half the level of growth at 24% followed by Canberra at 18% and Perth at 17% total growth," said Lawless.
Melbourne's house market was stronger than its units. House values were up 2.8% to a median of $613,000, while units were up 1.7% with a median price of $480,000. On a long term basis, price growth for detached houses has been stronger than unit price growth across the country.
Despite the strong January results, Lawless said the housing market is slowing.
"In a sign that housing market conditions are gradually cooling, the rolling annual rate of capital gain has been trending lower," he noted.
"At the end of January the annual rate of dwelling value growth across the combined capitals index had slowed to 8.0%, down from the early 2014 peak of 11.5%," Lawless said. 
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Hobart shines in 2015's strong start, but house price growth set to slow: CoreLogic RP Data's January results

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<a href="https://www.forbes.com/profile/harry-triguboff/" target="_blank">Forbes</a> has estimated property developer Harry Triguboff's net worth at US$5.6 billion (A$7.1 billion).
The result puts the Meriton founder second on Forbes' list, but he remains a fair way behind mining magnate Gina Rinehart, whose wealth is valued at US$11.7 billion (A$15 billion).
This year, Triguboff had the greatest gain of anyone on Forbes' 50 Richest Australians list, with their estimate jumping US$1.3 billion (A$1.67 billion) over twelve months. The rise is attributed in part to the interest in new Australian property from Chinese buyers, but the end figure itself was most likely taken from speculation around the sale of Meriton, which <a href="/news/harry-triguboffs-hopes-hit-15-billion-for-meriton">Triguboff recently priced at A$15 billion</a> (US$11.65 billion).
Long time BRW Rich Lister Maurice Alter, of Pacific Shopping Centres, was named a billionaire by Forbes for the first time, with an estimated net worth of US$1.3 billion (A$1.67 billion). Another shopping centre mogul, John Gandel is valued by Forbes at U$3.6 billion (A$4.6 billion).
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Highrise Harry Triguboff rises to heights of Forbes Australia rich list

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The New South Wales central coast suburb of Budgewoi has consistently been one of Australia's worst performing suburbs for value of mortgage delinquencies, according to Fitch Ratings.
In September last year, Kingston took over Budgewoi's title as the suburb with the highest value of mortgage delinquencies. Fitch Ratings noted at the time that Budgewoi had been one of its worst performing suburbs in the past five years.
The reasons behind the high rates of mortgage delinquency are unclear. Budgewoi, and the accompanying <a href="/news">Blue Haven</a>, <a href="/news">Buff Point</a> and <a href="/news">Halekulani </a>have a reputation as being popular with retirees.
The median age of the region is, at 43.9, higher than the Australian median of 37.3, according to the Australian Bureau of Statistics (ABS). As of 2012, 35.9% of the region's population were aged 55 and over, compared with the 21% in the same age bracket in an inner-city environment like Melbourne's Northcote. The listing of <a href="https://www.realestate.com.au/property-house-nsw-budgewoi-118205535" target="_blank">117b/2 Macleay Drive</a> in Budgewoi, currently on the market, describes "over 55's living", urging buyers to "retire in style".
While the ABS doesn't record the rate of government pensions and allowances, the average wage and salary income per year in 2011, which was <a href="/expert-insights/finance/nelson-bay-and-budgewoi-on-nsw-coast-still-most-delinquent-postcodes-in-australia-fitch">a high period for mortgage delinquencies</a>, was $57,995, while the average monthly mortgage payment was $2,257.
The most common definition of "mortgage stress" is spending more than 30% of your pre-tax income on loan repayments. Taking the ABS figures as a loose guide, the average Budgewoi wage earner, assuming they have a mortgage, spends roughly 47% of their income on their home loan.
Unemployment in the Budgewoi area was recorded at 7.7% in 2011. In 2013 the ABS, Labour Force, had the unemployment rate for the Wyong LGA consistently higher than the unemployment rates for the Gosford LGA and New South Wales. The unemployment rate for the Wyong LGA in September 2013 was 7.6%, considerably higher compared with the Gosford LGA (4.9%) and state (5.6%).
<img src="/images/2015/01/30/wyong-jan-30-one.jpg" alt="">
According to CoreLogic RP Data, <a href="/news">Budgewoi</a>'s median house price in December 2014 was $482,600. The median unit price in December was $405,000 – but given most of the year saw median unit prices between $215,000 and $290,000, this is likely to be a one-off fluctuation. There have been no obvious price dives, nor jumps, in the past three years, with prices modestly trending upwards with some fluctuation.
However, when Property Observer looked through properties currently on the market in the area, more than usual had a feature in common: they had been sold less than two years ago.
There is no suggestion these are forced sales, but typical vendors must face the unhelpful headwinds associated from those that are.
<a href="https://www.realestate.com.au/property-house-nsw-budgewoi-118910579" target="_blank">52 Sunrise Avenue in Budgewoi</a>, pictured below, is on the market with an auction price guide of $430,000 plus. The owners have held it for less than six months, having paid $385,000 in August 2014. They purchased the property from someone who paid the same amount in October 2013.
<img src="/images/2015/01/30/1.jpg" alt=""> 52 Sunrise Avenue, Budgewoi
<a href="https://www.realestate.com.au/property-house-nsw-budgewoi-118759103" target="_blank">1/66 Tenth Avenue</a> is currently listed at $245,000 (pictured below). <img src="/images/2015/01/30/2.jpg" alt="">
1-66 Tenth Avenue, Budgewoi
But the vendors only purchased the home in May 2014, paying $215,000. The property has been a loss-maker for owners in the past, selling for $190,000 in 2004 and then $165,000 in 2009. While the listing calls for investors, there is no known rental history at the property.
The vendors of <a href="https://www.realestate.com.au/property-house-nsw-budgewoi-118158451" target="_blank">31 Diamond Head Drive</a> (pictured below) are trying to sell it for $589,000, after purchasing it in February last year.
 <img src="/images/2015/01/30/3.jpg" alt="">
31 Diamond Head Drive, Budgewoi
They paid $353,000 for the property in February 2014.
Andrew Sorensen is principal of Raine &amp; Horne Charmhaven, which has been operating in the region since 2000. According to Sorensen, who is also marketing 31 Diamond Head Drive and 52 Sunrise Avenue, the area's mortgage delinquency issues peaked a few years ago, but have steadily been improving since then. There are currently no properties listed on realestate.com.au in the 2262 postcode which are advertised as mortgagee sales.
In 2013, there were two marked as mortgagee sales: <a href="https://www.realestate.com.au/property-house-nsw-buff+point-114906655" target="_blank">5 Regent Street, Buff Point (pictured below)</a> and <a href="https://www.realestate.com.au/property-house-nsw-blue+haven-114429847" target="_blank">26 Timbara Crescent, Blue Haven</a>.
<img src="/images/2015/01/30/4.jpg" alt="">
5 Regent Street, Buffs Point.
5 Regent Street sold for $325,000 in October, according to CoreLogic RP Data. The vendors paid $460,000 in 2004.
26 Timbara Crescent sold for higher than its purchase price, with buyers paying $262,000 in 2013, while the vendors paid $135,000 in 2005.
Sorensen noted that the amount of mortgagee in possession sales coming to the market "now is almost zero", compared with two a week coming up in the suburb a few years ago. He attributes the area's improving market to buyers priced out of Sydney's market, who are keen on the lifestyle that the central coast offers.
In the six months between March and September 2014, delinquencies in Budgewoi had improved, from 3.7% to 2.7%. Will the improvement continue?
Note: This article has been amended. It initially incorrectly stated that 31 Diamond Head Drive had also traded in November 2014.
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Are Budgewoi's mortgage delinquencies still high?

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In February last year, NAB released a list of suburbs tipped to enjoy above average capital growth over the next year.
The list was compiled from responses from a panel of respondents involved in the real estate industry, including agents, developers, fund managers and investors.
This year, 28 <a href="/expert-insights/investing/the-28-suburbs-tipped-to-enjoy-above-average-2015-price-growth-nab-economics-survey">outperforming picks</a> have been chosen including Sydney's Penrith, Melbourne's Essendon and Perth's Kelmscott.
But how did last year's picks fare?
Property Observer has cast an eye over the 27 suburbs picked out by NAB's respondents at the beginning of 2014, excluding the city centres – Darwin, Brisbane, Melbourne, Sydney and Perth – due to lack of specificity.
The suburb where NAB's respondents seem to have gotten it the most wrong is Perth's Subiaco.
Rather than enjoying "above average capital growth", Subiaco saw, according to Corelogic RP Data, that unit prices decline over 2014 by 6%. There was 1.8% median house price growth over 2014.
CoreLogic RP Data's December figures report that Perth wide, house prices were up 2.1% for the year, while units were up 1.9%.
This Subiaco house, at <a href="https://www.realestate.com.au/property-house-wa-subiaco-118078359" target="_blank">72 Townshend Road</a>, sold for $810,000 in October last year (pictured below). The price was just 1.8% up from the $795,000 vendors paid for it in 2009.
<img src="/images/2015/01/28/subiaco%20house.jpg" alt="">
Buyers paid $340,000 for <a href="https://www.realestate.com.au/property-apartment-wa-subiaco-117587127" target="_blank">10/36 Bagot Road in Subiaco (pictured below)</a> in August last year, only $5,000 than vendors paid in 2009 – a difference of just 1.4% over five years, or average annual growth of 0.03%.
<img src="/images/2015/01/28/subiaco%20unit.jpg" alt="">
However, NAB's respondents certainly did get it right with their pick of Liverpool, in Sydney.
According to CoreLogic RP Data, Liverpool houses recorded 24% median price growth over 2014, well above the city's already impressive average of 13.4%.
The south-western suburb had a median price of $629,000 in December.
After just six months of ownership, the owners of <a href="https://www.realestate.com.au/property-house-nsw-liverpool-118478895" target="_blank">the Liverpool home</a> pictured below flipped it for $625,000, $89,000 higher than their purchase price of $536,000.
<img src="/images/2015/01/28/liverpool%20house.jpg" alt="">
Over 2014, Liverpool's median unit price increased by 12.2%, while Sydney's median unit price was up 8.3% for the same period.
In November last year, the unit at <a href="https://www.realestate.com.au/property-apartment-nsw-liverpool-118305579" target="_blank">10/5 Charles Street in Liverpool</a> sold for $115,000 more than its October 2013 purchase price.
<img src="/images/2015/01/28/liverpool%20unit.jpg" alt="">
The vendors paid $230,000 for the home in 2013, before trading it for $345,000 in November – a 50% increase in just 13 months.
Here are NAB's Residential Property Survey 2014 picks for above average growth, and their actual 2014 median price capital growth, according to CoreLogic RP Data.
South Australia:
<ul>
<li>St Peters Houses: 5.6% Units: 0%</li>
</ul>
Western Australia:
<ul>
<li>
<a href="/news">Mandurah</a> Houses: 5.6% Units: 9.8%</li>
</ul>
<ul>
<li>Maylands Houses: -2.6% Units: 0.0%</li>
</ul>
<ul>
<li>South Lake Houses: 4.8% Unit: 9.9%</li>
</ul>
<ul>
<li>Subiaco Houses: 1.8% Units: -6%</li>
</ul>
Queensland:
<ul>
<li>Bulimba Houses: 16.1% Unit: 3.9%</li>
</ul>
<ul>
<li>Caboolture Houses: 3.5% Unit: -8%</li>
</ul>
<ul>
<li>New Farm Houses: 9.2% Unit: 4.2%</li>
</ul>
<ul>
<li>Toowoomba (City) Houses: 4.7% Units: -22%</li>
</ul>
<ul>
<li>West End Houses: 6.6% Units: 0.4%</li>
</ul>
New South Wales:
<ul>
<li>Blacktown Houses: 18.7% Units: 14.9%</li>
</ul>
<ul>
<li>Darlinghurst Houses: 26.1% Units: -4.8%</li>
</ul>
<ul>
<li>Dulwich Hill Houses: 8.1% Units: 21%</li>
</ul>
<ul>
<li>Liverpool Houses: 24% Units: 12.2%</li>
</ul>
<ul>
<li>Marrickville Houses 11.1% Units: 13.1%</li>
</ul>
<ul>
<li>Penrith Houses: 20.9% Units: 15.1%</li>
</ul>
<ul>
<li>Potts Point Houses: 0.0% Units: 3.7%</li>
</ul>
<ul>
<li>Rosebery Houses: 5.6% Units: 16.3%</li>
</ul>
<ul>
<li>Surry Hills Houses: 16.5% Units: 17.6%</li>
</ul>
Victoria: 
<ul>
<li>Cheltenham Houses: 10.6% Units: 7.8%</li>
</ul>
<ul>
<li>Frankston Houses: 6.3% Units: 4.1%</li>
</ul>
<ul>
<li>Glen Iris Houses: 9.5% Units: 3.5%</li>
</ul>
<ul>
<li>Hastings Houses: 0.9% Units: 8.6%</li>
</ul>
<ul>
<li>Highett Houses: 13.9% Units: 3.1%</li>
</ul>
<ul>
<li>Point Cook Houses: 3.4% Units: -13.5%</li>
</ul>
<ul>
<li>Richmond Houses: 10.3% Units: -0.2%</li>
</ul>
<ul>
<li>Toorak Houses: 7.8% Units: 4.9%</li>
</ul>
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Liverpool took off, but Subiaco was a dud: winners and losers in NAB's 27 survey predictions for 2014

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A triple level set of South Yarra townhouses is the set for the latest series of The Block.
Last night's premiere introduced audiences to the show's six new couples, who will be whittled down in elimination rounds to finally compete against one of three returning couples.
From Busselton in Western Australia come Luke and Ebony, pictured below. Ebony is a 23 year old interior designer, while Luke is a carpenter. Host Scott Cam reminds us that they are something the Block has never had before – a brother and sister team.
<img src="/images/2015/01/28/luke%20and%20ebony.jpg" alt="">
Victorian cousins Brooke and Aimee have the least renovation experience, with one a 000 call operator, and the other a full time mother (pictured below).
<img src="/images/2015/01/28/brooke%20and%20aimee.jpg" alt="">
Given The Block's punishing three weeks of elimination rounds before the game begins proper, they may be the sacrificial lambs of the series. Cam again notes that they are a Block first, as cousins (lest you think they and their fellow contestants seem exactly the same as every other person who has ever graced the set of The Block).
Tim and Anastasia, pictured below, are from South Australia.
<img src="/images/2015/01/28/tim%20and%20anastasia.jpg" alt="">
Tim describes Anastasia "in one word" as "hard working", noting that she "can probably put most blokes to shame with the effort she puts in". In the world of The Block, this is very impressive (just ask "hardest working woman in Block history" Jenna, from The Block Glasshouse).
Ayden and Jessica, pictured below, hail from Queensland.
<img src="/images/2015/01/28/ayden%20and%20jess.jpg" alt="">
Ayden is a self employed cabinet maker, while Jessica is a sales manager. Having previously renovated a house, they now own a block of land which they plan to build a home on.
From Manly are JJ and Mark, a structural landscaper and a property developer, pictured below.
<img src="/images/2015/01/28/mark%20and%20jj.jpg" alt="">
They have renovated external areas of their Queenscliff apartment.
Charlotte and Josh, below, are also from Manly. Charlotte is a food stylist and caterer while Josh is a carpenter. The couple look like they could be the Kyal and Kara, or Maxine and Karstan, or Jessica and Mark, of The Block Triple Threat.
<img src="/images/2015/01/28/josh%20and%20charlotte.jpg" alt="">
The teams' first challenge is to design and renovate a bedroom in 24 hours. Three of the six teams introduced will be eliminated at the end of the week, after renovating three rooms: a bedroom, a living and dining room and a bathroom.
They are given $10,000 to produce their first bedroom. What ensues is a lot of driving around, gasping at the modest brick townhouses, questionable decisions regarding suspended chairs, pendant light shopping (a Block staple).
The results of their labour, of course, were not revealed in the premiere episode, with producers saving that for tonight. With all this drawn out drama, The Block's triple threat may be the three long weeks of elimination rounds – which might just test the patience of viewers.
{mijopolls 83}
All pictures courtesy of Channel 9.
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The Block returns with the premiere of Triple Threat

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A vacant plot in Noosa sold for $1.8 million last week.
The result places it second in the week’s top 10 most expensive sales, according to CoreLogic RP Data.
<a href="https://www.realestate.com.au/property-residential+land-qld-noosa+heads-201053443" target="_blank">3 Natasha Avenue, Noosa Heads site</a> sold as a deceased estate at auction after 23 years of ownership.
The week’s prestige property sales were yet again relatively subdued, presumably due to low sales volumes. The most expensive property selling for $2.32 million and the top 10 bottoming out at $1.51 million.
CoreLogic’s top 10 sales of the week ending 26 January:
<a href="https://www.realestate.com.au/property-house-nsw-marsfield-118192399" target="_blank"><img src="/images/2014/07/04/yellow-one.jpg" alt="">24 Dora Street, Marsfield, NSW</a>
<img src="/images/2015/01/27/1.jpg" alt="">
This five bedroom, three bathroom house sold for $2.32 million through NNW Property last week. In its listing, the house is described as having “luxurious European styling”, which in this case refers to its marble flooring throughout the lower level, chandeliers and European kitchen appliances. The 431 square metre home sits on a 600.7 square metre block.
In 2011, the vendors paid $800,800 for the property in 2011, which they knocked down and rebuilt after using it as an investment property. The former home on the site was advertised to rent at $670 per week, representing a yield of 4.3%.
<a href="https://www.realestate.com.au/property-house-qld-noosa+heads-118687963" target="_blank"><img src="/images/2014/07/04/yellow-two.jpg" alt=""></a><a href="https://www.realestate.com.au/property-residential+land-qld-noosa+heads-201053443" target="_blank">3 Natasha Avenue, Noosa Heads</a>
<img src="/images/2015/01/27/noosa.jpg" alt="">
The vacant plot in Noosa sold for $1.8 million through Laguna Real Estate.
The elevated 932 square metre triangular site has a northerly aspect and overlooks Laguna Bay and Noosa River.
<a href="https://www.realestate.com.au/property-house-nsw-alexandria-118205343"><img src="/images/2014/07/04/yellow-three.jpg" alt="">1B Power Avenue, Alexandria, NSW</a>
<img src="/images/2015/01/27/3.jpg" alt="">
Buyers paid $1.76 for this three bedroom unit, sold at auction through BresicWhitney Real Estate Agents Glebe. The contemporary terrace has two courtyards, with a dual aspect and double height glass capturing daylight.
The vendors used 1B Power Avenue as an investment property, last advertising it to rent in March last year at $1,290 per week. At its sale price, that represents a yield of 3.8%.
<a href="https://www.realestateview.com.au/Real-Estate/8-eden-close-dudley/Property-Details-buy-residential-7909218" target="_blank"><img src="/images/2014/07/04/yellow-four.jpg" alt="">8 Eden Close, Dudley, NSW</a>
<img src="/images/2015/01/27/4.jpg" alt="">
A four-bedroom modernist house sold for $1.7 million through PRD Nationwide Newcastle, after 53 years of ownership. The house, offered for the first time since 1962, has an elevated position which offers views of the Newcastle coastline.
It includes a saltwater pool and many features of organic modernist architecture, including exposed timber and numerous full height windows to capture the surrounding environment.
<a href="https://www.realestate.com.au/property-house-nsw-glebe-117952627" target="_blank"><img src="/images/2014/07/04/yellow-five.jpg" alt="">35 Talfourd Street, Glebe, NSW</a>
<img src="/images/2015/01/27/5.jpg" alt=""> 
This four bedroom house sold through McGrath Estate Agents for $1.7 million. Set across three levels on a corner position, the home features polished concrete floors and plantation blinds, with bi-fold doors opening to a courtyard.
The vendors paid $1.15 million for the home in 2011, before undertaking significant renovations.
 
<hr class="system-pagebreak">
<a href="https://www.realestate.com.au/property-house-nsw-leichhardt-118680123" target="_blank"><img src="/images/2014/07/04/yellow-six.jpg" alt="">34 South Avenue, Leichhardt, NSW</a>
<img src="/images/2015/01/27/6.jpg" alt="">
Buyers paid $1.66 million for this double fronted Leichhardt home, sold through Harris Partners Balmain. The freestanding house has five bedrooms and two bathrooms, sitting on a 482 square metre plot.
<a href="https://www.realestate.com.au/property-house-nsw-belrose-118545235"><img src="/images/2014/07/04/yellow-seven.jpg" alt="">11 St Andrews Close, Belrose, NSW</a>
<img src="/images/2015/01/27/7.jpg" alt="">
A five-bedroom house sold through McGrath Estate Agents for $1.6 million last week. The family home, located at the end of a cul-de-sac, has a pool, with a covered deck and gardens.
Vendors paid $440,000 for the property in May 2002.
<a href="https://www.raywhite.com/qld/broadbeach/1241099/" target="_blank"><img src="/images/2014/07/04/yellow-eight.jpg" alt="">42/173 Old Burleigh Road, Broadbeach, QLD</a>
<img src="/images/2015/01/27/8.jpg" alt="">
The only apartment to make this week’s top 10 list was a Broadbeach two bedder, sold for $1,575,000 through Ray White Mermaid Beach.
Vendors made a loss on the sale, having purchased it for $1.95 million in 2008.
The apartment, which shares the 17th floor of the Verve complex with just one other, has 184 square metres of floorspace. Nearly every room offers ocean views, with a full length balcony.
<a href="https://www.realestate.com.au/property-house-nsw-beacon+hill-118222007" target="_blank"><img src="/images/2014/07/04/yellow-nine.jpg" alt="">11 Lady Penrhyn Drive, Beacon Hill, NSW</a>
<img src="/images/2015/01/27/9.jpg" alt="">
Ray White Forest Group secured the sale of this house for $1.55 million. The five-bedroom home with an elevated position is set over three levels. The ground floor has a self-contained guest suite with an en-suite, walk in robe and kitchenette.
The middle level has the master suite, another bedroom and the kitchen and dining areas, while the third level contains a further two bedrooms, a bathroom and living areas.
The vendors paid $1.03 million for the home in 2010.
<a href="https://www.realestate.com.au/property-house-wa-wembley-118802543" target="_blank"><img src="/images/2014/07/04/yellow-ten.jpg" alt="">61 Essex Street, Wembley, WA</a>
<img src="/images/2015/01/27/10.jpg" alt="">
Western Australia’s only offering to make the top 10 list this week was a $1.51 million home sold through Bexleys Real Estate. The renovated four bedroom house in Wembley has a formal living room and separate dining, with another family living area and decking outdoors for entertaining.
The property had been held for 24 years by the vendor before last week’s sale. They paid $168,000 for the home in 1990.
Amendment: This article initially misidentified the $1.8 million Noosa property as one that had been wrongly listed. The specific property has now been corrected.
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Noosa vacant plot makes top 10 sales of the week: CoreLogic RP Data

Queensland builder-developer MAYD has revealed the first look at its major North Kirra beachfront development, lodging amended plans that reduce the number of apartments and increase the proportion of larger residences.

The project is planned across a substantial 4,742 sqm amalgamated site spanning seven lots at <a href="https://www.apartments.com.au/new-apartments/2-6-pacific-parade-bilinga-qld-4225">2-6 Pacific Parade</a> and 27-33 Golden Four Drive in Bilin​ga, directly opposite Nor​th Kirra Beach.

<a href="https://www.apartments.com.au/developers/mayd-group">MAYD</a> secured the site for $32.5 million in 2025, in what was one of the Gold Coast's largest property transactions of the year.

The development will be delivered across two stages, with the first stage carrying an estimated gross realisation value of around $360 million.

The latest amendments seek to reduce the overall apartment count and shift the project further toward the owner-occupier market, with larger residences designed for buyers wanting considerably more space than traditionally offered in a beachfront apartment.

The residential mix will include townhomes, oversized two-bedroom apartments, substantial three-bedroom residences and four-bedroom homes.

MAYD has appointed Cera Stribley to lead the architecture and interiors, with the Melbourne-based design practice drawing on the beachfront setting through a series of ocean-facing terraces and heavily landscaped balconies.

Strong horizontal forms and curved balconies will define the exterior, with subtropical landscaping integrated throughout the building to soften the built form and increase the connection between the residences and the beachfront.

The project will also include an extensive collection of resident wellness and lifestyle facilities, continuing the broader shift across the Gold Coast's luxury apartment market toward larger homes supported by resort-style amenity.

<img alt="MAYD" data-entity-type="file" data-entity-uuid="d1bcbb05-e659-4b47-8bd4-1e595315e2ad" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-27%20at%202.05.03%E2%80%AFPM.png?VersionId=jj0XEud1X1DuLt7_KyElhjMdZGOXmLHP" />

MAYD Founder Todd Mould said North Kirra was increasingly appealing to buyers attracted to the more established, lower-density character of the southern Gold Coast.

"North Kirra presents one of the most compelling luxury residential opportunities currently emerging in Australia, combining absolute beachfront with the character and authenticity that buyers are increasingly seeking, and the same sense of tight-knit community that defined Burleigh and Currumbin perhaps 10 or 15 years ago," Mould said.

"With Gold Coast Airport on its doorstep, it also offers a level of accessibility that broadens its appeal across almost every market demographic."

The project comes as the southern Gold Coast continues to attract an increasing share of high-end apartment development and buyer activity.

Kirra in particular has emerged as one of the region's more tightly held beachfront markets, with its relatively low-density character, established surf and hospitality scene and proximity to Gold Coast Airport differentiating it from the higher-density markets further north.

Mould said those characteristics had informed the approach MAYD and Cera Stribley had taken to the project.

"We've worked closely with Cera Stribley to create a vision that is deeply connected to its surroundings," he said.

"Inspired by the coastline itself, the architecture has been shaped around space, privacy and resort-style living, creating a collection of homes that reflects the next generation of luxury on the southern Gold Coast."

MOTIV Managing Director Carly Cottam, who has been appointed to market the project, said buyer attention had continued to move south along the Gold Coast.

"Purchasers who may once have defaulted to Broadbeach, Main Beach or Surfers Paradise are increasingly recognising the value of a genuine beachfront location that offers lower density, strong amenity and a more established sense of community," Cottam said.

"Kirra has a powerful combination of growing demand and genuine scarcity. Beachfront supply is inherently constrained, the area remains relatively low density, and buyers are increasingly placing a premium on locations that feel established, uncrowded and authentic rather than heavily developed."

Cottam said the proximity to Gold Coast Airport was also proving increasingly important for interstate and second-home buyers.

"Being minutes from Gold Coast Airport makes it particularly compelling for interstate buyers, frequent travellers and second-home purchasers who can access an authentic coastal lifestyle almost immediately after stepping off a flight."

The acquisition takes MAYD's active development portfolio to more than $500 million, with the North Kirra project representing one of its largest undertakings to date.

MAYD is targeting an early 2027 launch.

Joel Robinson

First look at MAYD's North Kirra mixed-use precinct

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Castle Hill, the longtime hub of the Hills District, has been one of the major beneficiaries of Sydney's Metro expansion, with improved connectivity helping drive continued population growth, development and buyer demand across the Hills District.

But despite that growth, the suburb has seen relatively few major new apartment projects brought to market over the past 18 months.

Hills District developer Reve Group is looking to fill that gap with <a href="https://www.apartments.com.au/new-apartments/nova-r-ve-castle-hill-2-garthowen-crescent-castle-hill-nsw-2154">Nova Rêve</a>, a major new mixed-use precinct on the corner of Garthowen Crescent and Old Castle Hill Road, a short walk from Castle Hill Metro Station and Castle Towers.

[smartcode_project:default project_id=152737 project_image_fid=377679]

The project will comprise three residential towers alongside a hotel, restaurants, cafes and a skybar, more than 1,600 sqm of ground-floor retail and almost an acre of landscaped gardens.

It represents the largest project undertaken by Reve Group, the development arm of the Kassis family, which has been building across the Hills District for more than 30 years through Kassis Homes.

[smartcode_project:default project_id=152737 project_image_fid=377675]

Nova Rêve also represents a significant step up from the family's first apartment development, Grand Rêve, which was delivered nearby on Garthowen Crescent.

Grand Rêve introduced larger, house-like apartment layouts and premium inclusions including Wolf and Sub-Zero appliances to the Castle Hill market.

Nova Rêve takes that approach to a precinct scale, combining the residential component with hospitality, retail and substantial public and resident landscaping.

[smartcode_project:default project_id=152737 project_image_fid=377685]

Reve Group Managing Director Sam Kassis said the project reflected the family's three decades of building in the Hills, which has evolved from trophy homes on quarter-acre blocks to larger-scale apartment development.

"Grand Rêve was our first apartment project here and it showed us what this pocket of Castle Hill could be. Nova Rêve is the refinement of that idea: not just apartments, but a place the whole suburb can use," Kassis said.

A key part of that approach is the hotel, which has been designed to operate as an amenity for the wider Castle Hill community rather than solely hotel guests.

It will include restaurants, cafes, skybars and all-day dining, alongside conference and event facilities catering to business functions, community groups and private events.

At ground level, more than 1,600 sqm of shops and cafes will open onto the surrounding streets and landscaped areas.

Almost an acre of gardens designed by Land and Form Studios will run through the precinct, incorporating pathways, seating, barbecue areas and children's play spaces.

[smartcode_project:default project_id=152737 project_image_fid=377680]

Reve Group's Romio Georges said creating an active ground plane had been central to the planning of Nova Rêve.

"There are gardens with pathways, barbecues, seating and play areas, shops and cafes opening onto the street, and a hotel with restaurants and a skybar that anyone in Castle Hill can walk into," Georges said.

The project's elevated position on one of Sydney's highest ridgelines will also provide apartments with outlooks toward the Sydney skyline, surrounding parkland and the Blue Mountains.

More than 80 per cent of the apartments will occupy corner positions, with Turner responsible for both the architecture and interiors.

&nbsp;

[smartcode_project_cta:default project_id=152737]

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Nova Rêve arrives as Reve Group bets on Castle Hill's next growth phase

A collection of just 25 large-format apartments and penthouses overlooking Goodwin Park is entering the Coolangatta market, with <a href="https://www.apartments.com.au/new-apartments/marea-residences-coolangatta-27-27a-dixon-street-coolangatta-qld-4225">Maréa Residences</a> combining a low-density, residential-only approach with uninterrupted park and Pacific Ocean outlooks.

Located at 27 Dixon Street, Maréa comprises three and four-bedroom residences alongside a limited number of dual-level penthouses, with the project positioned between Goodwin Park and <a href="https://www.apartments.com.au/developments/coolangatta-qld-4225">Coolangatta</a>’s coastal precinct.

Construction has commenced, with completion currently estimated for late 2027. Three-bedroom residences are priced from $1.8 million.

[smartcode_project:default project_id=150999 project_image_fid=374005]

The project has been designed around its northern outlook across the park, with the building’s architecture, landscaping and material palette intended to establish a connection with the neighbouring green space. The residences have been configured to maximise natural light and views across Goodwin Park towards the ocean.

Inside, the material palette incorporates timber, stone and brushed brass, complemented by curved detailing and ambient lighting. Kitchens and bathrooms carry the same natural material approach, while residences also include basement parking, storage and lift access.

Maréa’s penthouses are arranged over two levels and include private pools, adding another layer to the project’s focus on larger-format apartment living. Across the development, residences are configured with three or four bedrooms rather than the broader mix of smaller apartment types commonly found in larger projects.

[smartcode_project:default project_id=150999 project_image_fid=374010]

Resident amenity is concentrated at rooftop level, where landscaped entertaining terraces and pools take advantage of elevated views across Coolangatta and the Pacific Ocean.

The project has so far been particularly well received by local owner-occupiers and downsizers, according to Urban Activation Property Sales and Marketing Director Matt George, with the residential-only format, construction quality and northern park outlook among the features resonating with purchasers.

“The uninterrupted northern aspect overlooking Goodwin Park has been a key point of difference, with buyers attracted to the sense of serenity and open space the park provides, while still enjoying easy access to the ocean and being within walking distance of the lifestyle and amenities Coolangatta has to offer,” George said.

[smartcode_project:default project_id=150999 project_image_fid=374002]

“The combination of high-quality construction, a residential-only building, park outlook and proximity to the beach has resonated strongly with the local downsizer market.”

The Dixon Street address is within walking distance of Coolangatta Beach and the broader southern Gold Coast coastline, including the surf breaks at Snapper Rocks and Kirra. Coolangatta’s cafés, restaurants and retail are nearby, while Gold Coast Airport is also within close proximity.

[smartcode_project_cta:default project_id=150999]

Maréa Residences brings parkside apartments to Coolangatta

Melbourne developer PDG has secured Victorian Government approval for its $1.5 billion Southbank development <a href="https://www.apartments.com.au/new-apartments/the-one-1-queens-bridge-street-southbank-vic-3006">The One</a>, clearing the way for the long-dormant riverfront site opposite Crown to finally be developed.

The Minister for Planning has approved the project at 1-29 Queens Bridge Street, with the Department of Transport and Planning issuing the planning permit following its assessment.

The approval will allow PDG to develop the prominent 5,059 sqm site with a major mixed-use tower comprising premium apartments, including branded residences, a luxury hotel and boutique office space.

PDG acquired the site in late 2024, with its position directly opposite Crown's main entrance and near Melbourne's Arts Precinct making it one of Southbank's most significant remaining development opportunities.

<img alt="PDG" data-entity-type="file" data-entity-uuid="3933013e-6332-4386-b9be-089df05caf17" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-27%20at%209.29.22%E2%80%AFAM.png?VersionId=sITIgBqDL0N3VNSMwWEmF5UA.uvcsRyu" />

Designed by COX in collaboration with ODO and PDG, the tower's architecture draws on the movement of the Yarra River, with six vertical pleats running the height of the sculpted facade.

The project will also see the heritage-listed Queens Bridge Hotel restored and incorporated into the development&nbsp;with new hospitality and public uses, including a rooftop venue.

A significant component of The One will be its residential amenity.

More than 5,000 sqm of resident facilities will be delivered across a single level, making it one of the largest consolidated residential amenity offerings proposed in an Australian apartment development.

The planning approval also incorporates a major upgrade of Queensbridge Square, which PDG will deliver in partnership with the City of Melbourne.

<img alt="PDG" data-entity-type="file" data-entity-uuid="73167fcd-1031-4b6f-a408-a064cfe45ed1" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-27%20at%209.29.17%E2%80%AFAM.png?VersionId=Pf1AEWxw6SNmBqR0zQW5lyEze.MtxgFp" />

The existing square will be revitalised as a new civic and pedestrian space along the Yarra River, strengthening the connection between the project, Southbank and the riverfront.

PDG Founder and Managing Director Vince Giuliano said the approval represented a major milestone for a site which has remained largely underutilised for more than 15 years.

“This is the most significant Planning Permit approval Melbourne has seen in recent years,” Giuliano said.

“For more than 15 years, this site has remained underutilised. This approval enables us to deliver a project that will contribute meaningfully to the revitalisation of Southbank, restore and reactivate an important heritage building, and create a new civic and hospitality destination for Melbourne.”

The latest approval follows an earlier planning permit issued by the City of Melbourne covering demolition works across part of the site at 9-29 Queens Bridge Street. Those demolition and early works are already underway.

PDG has also started generating early interest in the residential component from owner-occupiers ahead of a planned public launch in early 2027.

PDG secures approval for $1.5bn Southbank apartment development, The One

Local developer Harridan is seeking to turn its Woolloongabba apartment project into the first stage of a broader transformation of Burke Street, using a new 16-storey mixed-use building to establish a greener pedestrian connection toward the rapidly evolving Boggo Road transport and knowledge precinct.

The South East Queensland developer has filed plans for 154 apartments on the <a href="https://www.apartments.com.au/new-apartments/4-burke-street-woolloongabba-qld-4102">southern side of Burke Street</a>, where its proposal has been designed alongside a wider vision by LatStudios for the street.

That vision positions the southern side of Burke Street for buildings of 15 storeys and above, while envisaging lower-rise development of up to five storeys on the northern side to transition into Woolloongabba's existing character housing. It also proposes wider pedestrian verges, deep planting, new street trees and upgrades to the pedestrian approach to Boggo Road Station.

The Harridan development itself has been designed by Brisbane-based Arqus Design and will comprise 154 apartments across 16 storeys. The mix is weighted heavily toward two-bedroom apartments, with 121 proposed alongside 10 one-bedroom and 23 three-bedroom residences. There will typically be around 14 units per floor.

A lower-ground car park and three podium levels will accommodate 156 resident parking spaces, along with visitor and commercial parking. There will also be 154 resident bicycle spaces and 40 visitor bicycle parks.

&nbsp;

Harridan is a family-owned developer and part of the Holmwood Highgate Group, with more than three decades of development activity across South East Queensland. Its portfolio spans residential, commercial and industrial property, with current residential projects including Riverbank on Byron in Bulimba, Esperance Residences in Carina and The Precinct at Kinross Road in Thornlands.

Wooloongabba has been popular for apartment developers, particularly since the announcement of the 2032 Summer Olympics games in Brisbane.

While there have been a lot of development applications, it has failed to materialize into real supply.&nbsp;

Sarazin has been the major player in the area. They are under construction at Murcia Residences, on the fringe of East Brisbane and Woolloongabba. They have just launched <a href="https://www.apartments.com.au/new-apartments/the-stanley-residences-woolloongabba-8-trafalgar-street-woolloongabba-qld-4102">The Stanley Residences</a>, in Woolloongabba on Trafalagar Street. They also have Nuage coming soon on the nearby <a href="https://www.apartments.com.au/new-apartments/nuage-woolloongabba-14-wellington-road-woolloongabba-qld-4102">Wellington Road</a>.

Jessie Richardson

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