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The Reserve Bank of Australia’s head of financial stability Luci Ellis offered her thoughts on Australia’s housing markets in a speech last month entitled Space and Stability: Some Reflections on the Housing-Finance System. 
In the speech, Ellis noted increasing coverage of housing markets in conversations about financial stability around the world. She urged her audience to remember residential are physical structures, located on fixed pieces of land, and emphasised the importance of urban structures to financial stability.
Here are five main points to take away from her speech:
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Jobs are becoming more centralised “Jobs are concentrated in the central business districts and the areas immediately surrounding them,” noted Ellis. “The power of the central place is even more striking if we directly contrast where the jobs are with where the employed people live,” she said, with reference to the graph below, which shows the ratio of jobs in an area to employed people living there. <img src="/images/2014/06/02/sp-so-150514-graph7-small.gif" alt=""> “Places with ratios well above 1 are employment centres, attracting commuters from elsewhere in the city, or even from outside its limits. Places with ratios well below 1 are the commuter districts, the dormitory suburbs,” she explained. “As you can see, there are factory districts away from the CBD, especially in Melbourne, and office parks on the way out to Macquarie University in Sydney. But in all of these cities, the CBD is still the job magnet.” 
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Residences are densest around the CBD “The pattern of residence is similar, though not quite as pronounced,” said Ellis. “Population density is higher near the centres and declines rapidly.” “Some of the outermost districts still contain agricultural land and a good fraction of national parks, so it isn't surprising that population densities are low in these places. I find it interesting that even some middle-ring districts are not that much denser,” she said. She noted a trade-off between space and travel time, with  
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…And that isn’t changing. “Part of the reason for the higher population density closer to the centre is historical. The inner parts of cities are older, built when we had to live more compactly. As incomes rose, people wanted bigger, nicer homes. As cars became more common, the cost of locating further out declined, and it became feasible to have those bigger homes,” said Ellis. “So newer homes further out tended to be bigger and sit on bigger blocks of land. Some of the older homes get renovated to be consistent with our higher modern incomes and aspirations. “But we don't see much expansion of block sizes in the inner areas. The land parcels stay small. Sure, it would be a legal hassle to consolidate land titles like that, but people generally don't even try. That is because they are trading off space against price and distance.” 
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The pattern is making non-capital city growth difficult Although some might expect that remote working would rise with the use of the internet, Ellis explained that “jobs are showing even greater tendency to congregate in existing centres.” And this is halting the expansion of regional areas." “I also can't help noticing how difficult it seems to grow the smaller cities in this country relative to the bigger cities. With the possible exceptions of Newcastle, Geelong and maybe Bendigo and Ballarat, few centres outside the state capitals have many corporate headquarters or other job magnets. These self-sustaining job magnets seem to be necessary to create the variety of job opportunities that would attract large numbers of former city dwellers. “Over recent years at least, these smaller centres had rates of employment growth and changes in employment-to-population ratios that were similar to or a little below those in the big cities, and a bit below those of inner-city areas,” noted Ellis. “At this rate, it will be hard for the smaller centres to start catching up with the bigger cities, relatively speaking. That means that if big-city housing prices should rise too high for some residents, smaller cities cannot provide alternative locations that are any more viable than they are today." 
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The dream of a backyard and picket fence may not be for everyone…but neither is the highrise. In her speech, Ellis said Australian cities should diversify the range of dwellings available, to ease financial and social pressures on Australians. “As a mode of living, low-density suburbia has its advantages,” said Ellis. But it does mean that distances are greater and almost every trip requires a car. The only alternative offered at the time of our first mass suburbanisation seemed to be the ‘tower in the park’, Le Corbusier's utopian dream of apartment living. But the reality turned out to be a nightmare of social isolation for the public housing tenants in those developments." She didn't advocate an end to low density detached housing, but instead said that a greater range of choices would help ensure financial stability for buyers. “I'm hopeful that the future brings Australians a wider range of places they would be happy to move to; different housing types for different family sizes and life stages; and a greater confidence that centres outside state capitals can offer the strong job markets and scope for entrepreneurship people need, and housing at a price they can better afford.  “That way, people can see an upswing in housing prices in the larger centres and say, ‘I don't have to buy into that. I don't have to stretch my finances’,” said Ellis.  “Australian household finances are not looking that stretched at the moment, and we'd like to see it stay that way.” 
</li>
</ol>
In the same speech, she urged first home buyers <a href="/expert-insights/finance/disheartened-fhbs-warned-not-to-overstretch-home-loan-borrowings-rbas-luci-ellis">not to over commit themselves with large home loans</a>. The Reserve Bank of Australia will make its June cash rate announcement tomorrow. 
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jrichardson-uRX5hFdKfN

Five thoughts on the property market from the RBA

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The newly renovated home of Townsville couple Maddi and Lloyd will be revealed tonight on Channel 7’s House Rules.
The former swimwear model and aviation firefighter <a href="/expert-insights/building/swimwear-model-maddis-shoe-room-overhaul-as-house-rules-hits-tropical-pallarenda-townsville">purchased their tilted Queenslander for $372,000 in 2013</a>. Contestants have been fighting the heat and humidity this week to give the couple a home according to their request: “Give us a laid back coastal paradise, add a splash of the Bahamas, furnish our kitchen with a dream island, layer in texture instead of colour, keep it organic.”
For those watching at home who are itching for a raised reno project of their own, Property Observer has found five Queenslanders on the market that could do with a touch up.
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<a href="https://www.realestate.com.au/property-house-qld-oonoonba-116899003" target="_blank">61 Mcalister Street, Oonoonba <img src="/images/2014/06/02/1.jpg" alt=""></a> Not so much ‘raised’ as ‘wobbling’, this two bedroom house in suburban Townsville has selling agent Paul Bow of Virgo Patterson advising that buyers “renovate or develop”. The lowset Queenslander is set on a 1,265 square metre block and features a falling apart oven and what looks to be lino flooring in the kitchen. It’s on the market for $250,000 plus.<a href="https://www.realestate.com.au/property-house-qld-oonoonba-116899003" target="_blank"> </a><a href="https://www.realestate.com.au/property-house-qld-oonoonba-116899003" target="_blank"> </a>
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<a href="https://www.realestate.com.au/property-house-qld-giru-116830959" target="_blank">510 Hodel Road, Giru</a> <img src="/images/2014/06/02/3.jpg" alt=""> Going for $268,000, a four to five bedroom house set on 15.56 acres of hobby farmland could do with a fix up. According to its listing, the owners are undertaking some renovations now, but “if not completed, you can complete this at your own leisure”. The house is a short drive away from Morrissey’s Creek, for any renovators keen to do some fishing. 
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<a href="https://www.realestate.com.au/property-house-qld-babinda-116950399" target="_blank">36 Angus Street, Babinda <img src="/images/2014/06/02/4.jpg" alt=""></a> “Cheapest House In Queensland? Be Quick For This Crazy Bargain!!” reads the listing for this 1930’s era Queenslander. The home is on the market for $155,000 through Debbie Aldred of Re/Max Real Estate Cairns. About 45 minutes south of Cairns, the roof has been recently fixed up but a few other parts of the house could use a do-over, including the bluestone tiles in the bathroom. 
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<a href="https://www.realestate.com.au/property-house-qld-babinda-114886927" target="_blank">54 Eastwood Street, Babinda</a> <img src="/images/2014/06/02/6.jpg" alt=""> If this two bedroom raised home doesn’t fetch its $160,000 asking price, it may be contending with its fellow Babinda home on Angus Street for Queensland’s cheapest house. While it features a newly renovated kitchen and newly laid vinyl flooring in the living room and carpet in the bedrooms, the house could no doubt provide lots of opportunities for an enthusiastic renovator. It currently brings in $170 per week in rent. 
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<a href="https://www.realestate.com.au/property-lifestyle-qld-hay+point-7486451" target="_blank">45 Windsor Drive Hay Point </a><img src="/images/2014/06/02/7.jpg" alt="">
This house on stilts is about five hours’ drive south of Maddi and Lloyd’s place, but they have more than a few similarities. Jody Paul of Real Estate &amp; Property Solutions Mackay writes that “you will need a tool kit for this home, and the reward will be worth the work.” 
The property’s “slightly undulating” plot is another thing this home has in common with Maddi and Lloyd’s Townsville house on stilts. Located in Mackay, this home has three bedrooms and one bathroom, and is selling with $280,000 expectations.
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</ol>
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Raise your renovation game: Stilted Queensland offerings for Maddi and Lloyd fans

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Buyers looking for a taste of inner city living with a heritage twist will get their opportunity on Saturday 30 May as the Yorkshire Brewery development launches.
The development by SMA at the old Yorkshire Brewery site in Collingwood releases the first of its 358 apartments and townhouses to the public this weekend following a media launch on Thursday night.
SMA’s Martin Strode and Tom Jordan of architectural firm Hayball unveiled the plans for the 4,500 square metre site. The heritage plot on Wellington Street will be redeveloped into three residential towers, including the brew tower itself, which at the time of its construction in 1880 was Australia’s tallest building.
The development will also include Yorkshire Square, a 480 square metre piazza that Strode says is planned to house a weekend market. There are also plans for the Brew Towers Café (the site of last night’s event), a delicatessen and a gym and yoga centre. A local gallery has also been engaged to commission a sculpture for the centre of the square.
<img src="/images/2014/05/30/collingwood-aug-7-six.jpg" alt="">
With such a strong offering of onsite facilities, there’s no doubt that SMA hopes to tap in to the recently gentrified lifestyle market offered by Collingwood (and coveted by cashed up aspiring Collingwood residents). Under the expert eye of heritage architect Peter Lovell working with Heritage Victoria, SMA promises to retain and restore the historical (and nostalgic) value of the site.
<img src="/images/2014/05/30/yorkshire-may-30.jpg" alt="">
Thursday night’s media launch finished with a beer masterclass from Clifton Hill Brewpub’s head brewer Costa Nikias. The craft brewer took the attendees through a range of craft beers and contemplated the recent boom in demand for artisanal beers.
“We’re trading up in our choices,” mused Costa. “With beer, with food, with everything.” 
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Collingwood’s Yorkshire Brewery to launch this weekend

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This week's property quiz will test the brains of movie buffs and property nerds alike. 
Here are ten homes that have secured their places in cinema history. Can you guess where they made their film debuts?
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 <img src="/images/2014/05/30/St_Patricks_Seminary_Sydney_front_view.jpg" alt=""> The former inhabitants of St Patrick's Seminary in Sydney would surely disapprove of the parties thrown inside its walls for this film.</li>
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<img src="/images/2014/05/30/ferris-bueller-house-for-sale-cameron-12.jpg" alt=""> Wagging school never seemed so glamorous.</li>
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 <img src="/images/2014/05/30/the%20godfather.jpg" alt=""> This sprawling estate has enough room for a horse - or part of one, anyway. 
</li>
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 <img src="/images/2014/05/30/a%20single%20man.jpg" alt=""> This fashionable home made its movie debut at the same time as its fashionable director.</li>
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 <img src="/images/2014/05/30/dude_0000_0726lebowski1.jpg.jpg" alt=""> "Well sir, it's this rug I had. It really tied the room together."</li>
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 <img src="/images/2014/05/30/Home%20alone%20house.jpg" alt=""> Be careful with the doorknob, and the steps, and the iron, and the stairs...and the spider. 
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 <img src="/images/2014/05/30/1200px-Ennis_House_front_view_2005.jpg" alt=""> Do androids dream of Frank Lloyd Wright homes? 
</li>
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 <img src="/images/2014/05/30/Twilight-New-Moon-House-Sale000.jpg" alt=""> Perfect for swanning around in with your pale beau. 
</li>
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 <img src="/images/2014/05/30/scarface-mansion-sale.jpg" alt=""> Say 'hello' to this $35 million mansion. 
</li>
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 <img src="/images/2014/05/30/elrod.JPG" alt=""> A certain man with a license to kill almost met his match in this mansion.</li>
</ol>
For the films that made these homes famous, click below.
<hr class="system-pagebreak">
 THE ANSWERS
<ol>
<li>
 <img src="/images/2014/05/30/St_Patricks_Seminary_Sydney_front_view.jpg" alt=""> Australian Catherine Martin won the Oscar for Best Production Design after picking this former Sydney seminary for the exterior of Jay Gatsby's mansion in The Great Gatsby. 
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<img src="/images/2014/05/30/ferris-bueller-house-for-sale-cameron-12.jpg" alt=""> Bueller? Bueller? Cameron's dad's house from Ferris Bueller's Day Off was sold for US$1.25 million earlier this year, down from its initial asking price of US$2.5 million. 
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 <img src="/images/2014/05/30/the%20godfather.jpg" alt=""> The Beverley House was the home of The Godfather's Jack Woltz. It's now listed for sale through Hilton Hyland for US $135 million. Thankfully, this estate only provided exterior shots for the movie, so you won't be haunted by any visions of beheaded horses. 
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 <img src="/images/2014/05/30/a%20single%20man.jpg" alt=""> The Schaffer Residence was Colin Firth's home in A Single Man, the directorial debut of fashion designer Tom Ford. The house sold in December 2012 after four long years on the market, for US $1.395 million to an English television ad director.</li>
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 <img src="/images/2014/05/30/dude_0000_0726lebowski1.jpg.jpg" alt=""> This cottage was the home (and unfortunate site of many beatings) of the Dude of The Big Lebowski. <a href="/news/big-lebowski-house-for-sale">It was listed for sale in 2011</a>. </li>
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 <img src="/images/2014/05/30/Home%20alone%20house.jpg" alt=""> Kevin! The abandoned McCallister pretty much tried to murder two robbers in this home in Home Alone. The house was sold by Coldwell Banker real estate for US $1.585 million in 2012. 
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 <img src="/images/2014/05/30/1200px-Ennis_House_front_view_2005.jpg" alt=""> Frank Lloyd Wright's Ennis House was made famous in the 1982 science fiction classic, Blade Runner.
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 <img src="/images/2014/05/30/Twilight-New-Moon-House-Sale000.jpg" alt=""> This West Vancouver house was home to the Cullens in Twilight. It was advertised for sale by Jason Soprovich in late 2009 for CAD $3.298 million.  
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 <img src="/images/2014/05/30/scarface-mansion-sale.jpg" alt=""> California's El Fureidis estate was the mansion in Scarface. It's currently on the market for US $35 million.  
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 <img src="/images/2014/05/30/elrod.JPG" alt=""> Another John Lautner stunner on the list. The Elrod House seems to attract a bad crowd, with villains from Diamonds Are Forever, Lethal Weapon 2 and Charlie's Angels all calling the mansion home. 
</li>
</ol>
How did you do? For homes that made it big on the small screen, click below.
<hr class="system-pagebreak">
So now you've seen the houses that earned the spotlight on the silver screen. But what about their more humble cousins on our televisions?
 <img src="/images/2014/05/30/aplacetocallhomeapril29flicker.jpg" alt="">
Camelot at Camden, pictured below, was the location for Channel 7's post war drama A Place to Call Home. 
<img src="/images/2014/05/30/placetocallhomemay9one.jpg" alt=""> 
<a href="/news/camelot-at-camden-is-captivating-as-a-place-to-call-home-location-on-channel-7s-new-1950s-drama-series">Known as Ash Park in the series</a>, the fairy tale home has 55 rooms.  Late last year, the house of one Toadie 'Toadfish' Ribecchi <a href="/news/vic/neighbours-ramsay-street-home-sells-127-000-over-reserve-wins-award">sold for $127,000 above its reserve price</a>. The '30 Ramsay Street' house from Neighbours went for $827,000.  <img src="/images/2014/05/30/ramsay.jpg" alt="">
In late 2012, the Concord cottage (pictured below) that housed the sprawling Rafter clan in Channel 7's Packed to the Rafters <a href="/news/nsw/concords-packed-to-the-rafters-house-fails-to-sell">was </a><a href="/news/nsw/concords-packed-to-the-rafters-house-fails-to-sell">passed in at auction</a>, after selling for $1 million in 2006. <img src="/images/2014/05/30/l_rafters.jpg" alt="">
 You might also be interested in this story: <a href="/news/sa/infamous-snowtown-bank-sells">Infamous Snowtown bank sells </a>
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Friday trivia: Can you guess which films made these homes famous?

Information overload: Your guide to defeating data paralysis

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Workplace design and facilities sit just behind salary as key influences on a candidate’s choice of workplace, according to research from design firm HASSELL and Empirica Research.
When you’re expecting someone to spend more than forty hours a week in an office, that office had better be good. If it’s good enough, some workers may even be willing to accept a lower salary. In HASSELL and Empirca Research’s survey, 24% of candidates reported that they would be likely to accept lower pay than they currently received if the new position came with appealing workplace facilities and culture. Appealing technology bumped that proportion up to 37%.
Pay aside, the survey found that providing an appealing workplace doubled the attractiveness of an employer to candidates, all other variables held constant. While providing facilities like gyms, childcare and outdoor spaces were found to be the most effective way of boosting a workplace’s appeal, design was found to count too.  ‘Creative, modern’ workplace design increased an organisation’s attractiveness to the prospective candidates by three times over ‘conservative, corporate’ workplace design.
<img src="/images/2014/05/28/hub%20melbourne.jpg" alt="">
Hub Melbourne. Photograph by Dianna Snape.
Though much of this information will come as no surprise to those in the architecture and design industries, HASSELL principal Steve Coster says that the empirical data will go a long way in convincing employers about the importance of design.
“There are people who are converted to the idea that workplace is worth spending time and money and effort on, and there are people who need more convincing. And one of the challenges is that we often don’t have rigorous substantiation data to make our argument,” he says.
However, he says that employers are starting to realise the benefits of quality workplaces.
“I think that’s definitely a generally higher acceptance now of the opportunity that workplace represents than there was 10 years ago, when I started working in workplace strategy type work,” says Coster.
“The more people see it and the more they experience good workplaces, the more they realise what’s possible. The biggest barrier is people not knowing what they don’t know, and not realising what a workplace can be like, and that it doesn’t have to be awful – it can actually be quite a good place to be if it’s done well.”
Coster often cites SA Water House as an example where workplace design has influenced the organisation’s culture and cut costs. HASSELL designed the over 20,000 square metre building, which included office spaces and laboratories.
 <img src="/images/2014/05/28/sa%20water%201.png" alt="">
SA Water House. Photograph by Matthew Sleeth.
“They had quite a broad cultural agenda to change the kind of organisation that they were,” says Coster.
“One of the symptoms they said would reflect progress was their attractiveness to a new generation of employees. So that was a KPI for the shift they were trying to make. And from a couple of years before they moved into their new workplace until a couple of years after, they went from less than 20 graduate applications a year to getting more than 400 applications a year.”
With mining and engineering companies in Adelaide attracting the majority of engineering graduates, the influx of interest in SA Water from new candidates was a “strategically important issue,” says Coster.
 <img src="/images/2014/05/28/sa%20water%202.png" alt="">
SA Water House. Photograph by Matthew Sleeth.
But there was also an improvement in retention and productivity of the existing workforce.
“They had a reduction in sick days by one day per person per year. With nearly 1000 employees, matter what they do, that’s 1000 days of productivity that they didn’t get before.” Meanwhile, employee turnover reduced from 10% to 8%, and graduate, trainee and apprentice retention increased from 81% to 91%.
Another example of the influence on workplace culture and design on staff retention is Hub Australia. The Hub, working on a membership basis, charges freelancers, entrepreneurs and creative to use their office spaces. Their Australian spaces were designed by HASSELL. Coster says that the Hub’s members’ willingness to pay to work there is in some ways “the ultimate test of attractiveness.”
<img src="/images/2014/05/28/hub%20sydney.jpg" alt="">
Hub Sydney. Photograph by Nathan Dyer.
“How many organisations’ employees would pay for the right to use their work place? What would you provide differently if you had to encourage people to come so much that they would pay for it – because it would have to be different to your usual cubical work station,” he says.
<img src="/images/2014/05/28/hub%20sydney2.jpg" alt="">
Hub Sydney. Photograph by Nathan Dyer.
HASSELL uses the “Walking the talk” model by Caroline Taylor to analyse and describe workplace culture.
“She talks about culture being made up of the systems, symbols and behaviours that are repeated in an organisation over time,” says Coster. The three dimensions make up a business’s system of working.
“They show you what’s valued, they show you what the priorities are,” he says.
 “The physical workplace is an opportunity to affect all three of those channels, in a very underlying, pervasive, almost passive, background sort of way.” Coster notes the classic boss workplace stakeout, in the corner office rather than sitting with the team.
"That’s a highly symbolic message about the kind of culture you want to create. And if you think about what those messages are and what kind of messages you want to enforce or eliminate; what kind of systems you want to build in and which ones you want to get rid of, you can reinforce all of that through your physical environment." 
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Can good workplace design attract talent to your company?

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Over the past two weeks, Property Observer has featured the twin cities of <a href="/expert-insights/buying/suburb-spotlight-albury-market-is-steady-and-strong">Albury</a> and <a href="/expert-insights/buying/suburb-spotlight-will-wodongas-big-spend-pay-off">Wodonga</a> separately. It’s now time to make the two cities share the spotlight, as we compare their property markets.
The local governments of Albury and Wodonga would have you believe that the two cities – one in New South Wales, the other in Victoria, are worlds apart. But with only the Murray River between them, how different can the two markets be?
The major differences between the two cities are a result of their respective governments. With Albury in New South Wales, buyers and sellers in that city have to contend with the state’s stamp duties and land tax rates. The same goes for Wodonga on the other side of the border. But despite Albury’s New South Welsh affiliations, the city is closer to Melbourne than it is Sydney.
ALBURY-WODONGA: THE KEY FIGURES
<ul>
<li>Total population: 82,083 </li>
<li>Total dwellings: 35,831 </li>
<li>Median weekly household income: $1,039 </li>
<li>Median monthly mortgage repayment: $1,452</li>
</ul>
Source: ABS 2011
Council plans may also have an impact, according to founder of Destiny Financial Solutions, television host and Property Observer columnist, Margaret Lomas.
“Wodonga has a sustained and fairly lengthy land release timetable, and to my knowledge, Wodonga seems to have more land available for land release than Albury,” she says.
However, Lomas doesn’t think land release timetables will necessarily make a  difference to investors.
“I don’t think that will ultimately affect land values,” says Lomas. “In reality, you’re not disadvantaged by living in one over the other.”
Albury’s close proximity to Wodonga (or the other way around) means that if one town benefits, so does another.
“I know the councils want to uncouple them, but you can’t really,” she says. “If you live in one or the other, you don’t miss out. The residences get to enjoy the benefits of both towns.
“I think they’re pretty much exposed to almost exactly the same growth drivers.”
As for that growth, Lomas says that it’s likely to be slow and steady for both towns, thanks to improvements from their local governments.
“I think we’ll see sustained growth in both of them. Both local governments are providing far better services to their residents, and are focussed in creating a better lifestyle for their residents,” says Lomas. She cites Wodonga’s town centre developments, the first of their kind in the town, as a move by local government to improve services. Other big spending items in Wodonga include a new saleyard at North Barnawartha and the now completed Logic industrial site.
But despite big spending agendas, Lomas doesn’t believe that we’ll necessarily see rapid growth from the two cities. She echoes the sentiment from Albury real estate agent Peter Drummond of Drummond Real Estate, who told Property Observer late last year that he believed the city’s market was “steady and strong.”
“They both have room for growth,” she says. “But a boom? I don’t think so. And I don’t think we ever see that in any country areas. But over time we could see some excellent returns in a sustained fashion.”
Photo courtesy of Wikimedia. 
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Suburb spotlight: Albury-Wodonga, how do the markets compare across the Murray?

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The median price of houses purchased in Hobart over the three months to April was $360,000, according to RP Data.
It was the lowest median house price of any capital city for the quarter. RP Data recorded 2.2% capital growth for the quarter for the city.
Property Observer looks to recent house sales in Hobart to see just what the median price will get you. It's especially timely for anyone thinking of taking a job in the newly announced Qantas call centre, with Hobart announced today as the new national base for the airline's customer contact business after the southern state offered millions of dollars in incentives at the airline.
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<a href="https://www.realestate.com.au/property-house-tas-north+hobart-116281055" target="_blank">29 YARDLEY STREET, NORTH HOBART <img src="/images/2014/05/28/1.jpg" alt=""> </a>This North Hobart cottage was sold for $357,500 in April. Outside, the 1890s home has a veranda and small garden, with an original outhouse. Inside, there are three bedrooms, with timber floorboards throughout. The house on a 196 square metre plot was purchased by the vendors in 2011 for $355,000 but was traded for only $24,000 in 1998.  Price: $357,500 Bedrooms: Three Travel to CBD: Four minute drive 
</li>
<li>
<a href="https://www.realestate.com.au/property-house-tas-howrah-116254143" target="_blank">82 NORMA STREET, HOWRAH <img src="/images/2014/05/28/3.jpg" alt=""> </a>
This 1970s era home is in Howrah, a beachside suburb with views across the Derwent River to Hobart city. It has three bedrooms, a galley kitchen overlooking the dining area and a separate living room. From the elevated porch, the homeowners can look over their neighbours’ homes to the river.
Price: $365,000
Bedrooms: Three
Travel to CBD: 15 minute drive 
</li>
<li>
<a href="https://www.realestate.com.au/property-house-tas-sandy+bay-116629799" target="_blank">8 REGENT STREET, SANDY BAY</a> <img src="/images/2014/05/28/2.jpg" alt=""> An 1885 era detached home in Sandy Bay was sold for $380,000 earlier this month. The house also includes two bathrooms and a kitchen overlooking the open plan living and dining area. The property also comes with a substantially sized paved outdoor area. The median house sale price for Sandy Bay was $650,000 in April. Price: $380,000 Bedrooms: Three Travel to CBD: Six minute drive 
</li>
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<a href="https://www.realestate.com.au/property-house-tas-bellerive-115836795" target="_blank">23 MALUKA STREET, BELLERIVE</a> <img src="/images/2014/05/28/4.jpg" alt=""> This home on the end of a cul-de-sac is in Bellerive, located on the Eastern side of the Derwent River. The three bedroom house sold for $350,000. It has a living area with polished Tasmanian Oak floorboards a modern kitchen. The vendors purchased this house for $305,000 in 2006. Price: $350,000 Bedrooms: Three Travel to CBD: 13 minute drive 
</li>
<li>
<a href="https://www.realestate.com.au/property-house-tas-howrah-116285171" target="_blank">148 TRANMERE ROAD, HOWRAH <img src="/images/2014/05/28/5.jpg" alt=""></a> Another Howrah home sold in April for $360,000. This three bedroom brick house was built in 1958. The buyers will enjoy mountain and river views, with the home set on a street bordering the River Derwent. It was sold after 33 days on the market. Price: $360,000 Bedrooms: Three Travel to CBD: 18 minute drive
</li>
</ol>
YOU MAY ALSO LIKE TO READ: 
<a href="/expert-insights/investing/what-melbournes-median-house-price-really-gets-you">What Melbourne's median house price really gets you</a>
<a href="/expert-insights/investing/what-can-you-get-for-adelaide-s-median-house-price">What can you get for Adelaide's median house price?</a>
<a href="/news/wa/what-can-you-get-for-perths-547-000-median-house-price">What can you get for Perth's $547,000 median house price?</a>
</body></html>

What can you buy for Hobart's median house price?

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Following an investor complaint about Brisbane City Council’s differential rating system, Property Observer looks at the other Queensland councils that charge higher rates for non-owner occupied properties.

Last week, television host and Destiny Financial Solutions director Margaret Lomas <a href="/news/qld/margaret-lomas-heads-fight-against-higher-council-charges-for-investors">launched a public campaign against the practice</a> on social media, urging investors to “band together to force these money- grubbing councils to stop targeting property investors”.

<a href="https://twitter.com/MargaretLomasAU" target="_blank"><img alt="" src="/images/2014/05/27/lomas-tweet-may-27.jpg"></a>

In Brisbane City Council, single residential properties are largely categorised as either “Residential – Owner Occupied” or “Residential – Non-owner occupied or mixed use”.

Owner occupied residences are described as: “residential dwelling houses and dwelling units where the sole use is as the principal place of residence of the owner/s. In this instance, eligible ownership is limited to individuals only and does not include premises owned or partially owned by a company, trust, organisation or any entity other than an individual. This is regardless of whether the premises are occupied by a shareholder or even the sole shareholder of that company, trust, organisation or entity.”

That rules out rental properties, holiday homes and anything that’s owned under your company’s name. These properties attract a rate of 0.3064 cents in the dollar, with a minimum general rate of $503.40.

[smartcode_project:default project_id=90087]

Category 7 or “Residential – Non-owner occupied or mixed use” properties are defined as “predominantly residential premises" where:

"(a)      the premises is not the principal place of residence of at least one person who constitutes the owner of the property; and/or "(b)      the owner or occupier conducts non-residential activities upon the property not in excess of [certain limitations that would see it defined as a commercial property]." 
These properties attract a rate of 0.3904 cents in the dollar, with a minimum general rate of $628.72 in Brisbane.

While Lomas has been tagging her posts on the topic with <a href="https://twitter.com/hashtag/equalratesforpropertyinvestors?src=hash" target="_blank">#equalratesforpropertyinvestors</a>, it is not just investors who see higher rates than owner occupiers. If you own a house in Noosa that you visit four times a year, you will be paying a higher rate than an owner occupier, even though you don’t generate income from your holiday home.

[smartcode_project:default project_id=94758]

A pensioner now living in a retirement community, but still holding on to her old house – perhaps to allow relatives to stay in it, or because she’s waiting for the right time to sell – will pay higher rates in Brisbane than an owner occupier.

There is no evidence to suggest that non-owner occupied properties present a greater burden on the council than owner occupied homes. In fact, when investor Andrew Hancock enquired about the rates to the Brisbane City Council, they offered the following explanation:

“This is done to ensure that properties that are the principle place of residence of their owners do not pay as much as those which are income producing. Income producing properties also have the advantage of being able to offset such expenses against taxation. Council’s principal motivation is to ensure, through its differential rating system, that the owner-occupied, single unit dwelling sector of the community contribute to a level that is affordable and value for money.”

[smartcode_project:default project_id=29167]

The following Queensland councils charge higher rates for non-owner occupied homes than owner occupied homes:

<ul>
<li>Brisbane City Council </li>
	<li>Central Highlands Council</li>
	<li>Fraser Coast Regional Council</li>
	<li>Gold Coast City Council</li>
	<li>Ipswich City Council</li>
	<li>Logan City Council</li>
	<li>Moreton Bay Regional Council</li>
	<li>Mackay City Council</li>
	<li>Mount Isa City Council</li>
	<li>Redland City Council</li>
	<li>Noosa Shire Council</li>
	<li>Rockhampton Regional Council</li>
	<li>Scenic Rim Regional Council</li>
	<li>Somerset Regional Council</li>
	<li>Sunshine Coast Regional Council</li>
	<li>Townsville City Council</li>
	<li>Whitsunday Regional Council </li>
</ul>
So far, Property Observer does not know of any councils outside of Queensland who charge different rates for owner occupiers and residential investors. 
Earlier this year, a judge in the Supreme Court <a href="/expert-insights/finance/mackay-investors-win-as-supreme-court-judge-refuses-extra-council-rates-for-rental-owners">ruled against the Mackay City Council’s decision to charge higher rates</a> for non-owner occupied properties in a civil suit launched by investors Ayril Paton and Peter Crossan. Judge Duncan McMeekin said, “To justify the categorisation the Council impermissibly took into account characteristics personal to the owners of the land and failed to restrict itself to characteristics of the subject land itself. It is simply a misuse of language to claim that the owner’s decision to reside on land, or not, is in some way a characteristic of the land.”

[smartcode_project:default project_id=27364]

Mackay City Council is reportedly appealing the decision.

Do you know any other councils that charge higher rates to non-owner occupied properties? Let us know in the comments below.

Update: As of yet, there is no sign that the councils will be required to refund rates to investors. This article mistakenly included South Burnett in the list of councils that charged different rates for investors. South Burnett does not currently charge a different rate for non-owner-occupied properties and owner-occupied properties. The article has been amended.

<h2>Properties you may be interested in:</h2>

[smartcode_project:default project_id=27638]

[smartcode_project:default project_id=29171]
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The Queensland councils charging higher rates for investors

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HSBC Bank cut its two year fixed rate home loan to 4.58% for all new borrowings over $50,000 last week.
The rate cut makes HSBC’s two year fixed rate home loan the lowest fixed rate mortgage offered by any retail bank in Australia, according to Canstar ratings as of 16 May.
HSBC Bank Australia’s head of mortgages Alice Del Vecchio says that a drop in the cost of funds has allowed HSBC to cut rates.
Customers will need to have loan applications in to HSBC before 18 July and settle by 19 September to take advantage of the 4.58% rate. After the two year period, the fixed rate will revert to HSBC’s standard variable rate. Customers will be able to make extra payments of up to $10,000 per annum.
“The ability to make additional payments is attractive as it offers the security of a fixed rate but also the flexibility for additional repayments if extra money becomes available. We also know our customers prefer a combined loan approach and so we are offering competitive variable rate pricing to complement the headline fixed rate,” said Del Vecchio.
The two year fixed rate loan has a comparison rate of 5.19% based on a secured loan of $150,000 over a 25 year term.
The bank also offers a range of one, three, four and five year fixed rate loans.
Two year fixed rate loans from the big four banks:
<ul>
<li>Commonwealth Bank: 4.84% per annum (5.73% comparison rate)</li>
<li>ANZ: 4.99% per annum (5.77% comparison rate)</li>
<li>NAB: 4.94% per annum (5.79% comparison rate)</li>
<li>Westpac: 5.04% per annum (5.93% comparison rate)</li>
</ul>
</body></html>

HSBC lowers two year fixed rate home loan

<a href="https://www.apartments.com.au/developments/broadbeach-qld-4218">Broadbeach</a> offers plenty of reasons to live vertically, but moving from a substantial family home into an apartment can expose the compromises of high-density living. Privacy, room for guests and usable living space tend to matter more when an apartment is intended as a permanent home rather than an occasional coastal base.

A typical residential floor at <a href="https://www.apartments.com.au/new-apartments/the-eveleigh-broadbeach-7-9-surf-parade-broadbeach-qld-4218">The Eveleigh</a>, on Surf Parade,&nbsp;contains just four apartments. The 94-residence development by <a href="https://www.apartments.com.au/developers/hirsch-faigen">Hirsch &amp; Faigen</a> is predominantly made up of expansive three-bedroom homes, with a limited collection of half-floor penthouses above.

Across the apartment floors, <a href="https://www.apartments.com.au/architects/rothelowman">Rothelowman</a> has used the relatively limited number of residences to give each home greater access to natural light and outlook. Living spaces extend towards full-height glazing, while a series of bay windows frame selected views across the Pacific Ocean, city and hinterland rather than treating the building edge as a continuous wall of glass.

&nbsp;

[smartcode_project:default project_id=149670 project_image_fid=360965]

“The apartment floors deliver a collection of homes that embrace controlled outlook via a series of bay windows deliberately framing moments of view,” Rothelowman Director Kim Lowman said.

From outside, those projecting forms contribute to the tower’s faceted profile. Strong horizontal and vertical elements establish its proportions, while the changing position of the sun alters the light, shadow and reflection across the façade throughout the day.

The same attention moves inside the apartments, where the material palette combines warm timber, natural stone, metallic detailing and softer curved forms. Kitchens sit within the main living zone, with stone island benches, integrated joinery and European appliances, before the living areas extend towards the glazing and the outlook.

&nbsp;

[smartcode_project:default project_id=149670 project_image_fid=360981]

Three genuine bedrooms provide room to accommodate family and guests, while two secure car spaces and storage address some of the practical considerations that can become more noticeable when moving from a larger home. Feedback from the display suite has centred on the warmth and restraint of the interiors, with buyers commenting that the residences feel like homes rather than conventional coastal apartments.

A limited collection of half-floor penthouses occupies the upper levels, increasing the scale of the living spaces and adding private balconies and elevated finishes. From this position, the outlook extends between the ocean and hinterland.

Outside the private residences, The Eveleigh separates its shared spaces between the podium and rooftop. The podium is centred on wellness, with subtropical landscaping surrounding a swimming pool and pool terrace, yoga garden, private gymnasium, sauna and hot and cold plunge facilities. Landscaped retreats and pavilions provide additional places to sit away from the main recreation areas.

&nbsp;

[smartcode_project:default project_id=149670 project_image_fid=360966]

Higher in the building, a rooftop pavilion and private dining suite sit alongside resident lounge, barbecue and outdoor dining areas, opening towards panoramic views across the ocean, city and hinterland.

“Buyers are no longer just looking for an apartment, but a lifestyle where they can relax, reset, and enjoy a balanced way of living,” Hirsch &amp; Faigen Director of Sales Matt George said.

Interest to date has come from established owner-occupiers and interstate lifestyle purchasers, including buyers planning a future move to the Gold Coast. Many are coming from larger homes and want to reduce ongoing maintenance without giving up space for family and guests, privacy, two car spaces or the ability to entertain at home.

&nbsp;

[smartcode_project:default project_id=149670 project_image_fid=360969]

Much of that daily life can also take place beyond the building without requiring a drive. Kurrawa Beach and Pratten Park are an easy walk from Surf Parade, while Pacific Fair, Oracle Boulevard, The Oasis, restaurants, cafés, entertainment and public transport are also within walking distance.

The Eveleigh is Hirsch &amp; Faigen's fourth Gold Coast development since entering the market in 2021, following The Hemingway at Palm Beach, The Emerson at Kirra and Yves at Mermaid Beach. Each of the preceding projects sold out before completion.

“Broadbeach had been on our radar throughout our time operating on the Gold Coast,” the developer said. “Following our projects in Palm Beach, Kirra and Mermaid Beach, Broadbeach represented the natural next step for the business.”

The Surf Parade site brought together proximity to the beach, protected coastal outlooks and walkability to dining, shopping and recreation. Hirsch &amp; Faigen also identified the street as an emerging premium residential address, with enough separation from Broadbeach's busier destinations to retain a quieter environment at home.

The Eveleigh is now under construction by Maxcon, with completion forecast for mid-2028. Three-bedroom residences are currently available from $2.87 million.

[smartcode_project_cta:default project_id=149670]

Joel Robinson

The Eveleigh brings house-like apartments to Broadbeach

A long-stalled Campbelltown development site is back in play, with new plans for 139 apartments set to supersede a mixed-use scheme approved almost a decade ago but never built.

The new proposal for 28 Cordeaux Street would deliver 116 market and 23 affordable apartments in a part 14-storey building, bringing a substantial new project into a Campbelltown market where new apartment supply remains limited.

Plans have been filed over the 3,092 sqm corner site at Moore-Oxley Street, around 600 metres from Campbelltown Railway Station and the city-centre retail core.

The site already carries a mixed-use residential approval dating to 2016. Doroch Architects has now been engaged on a larger replacement scheme, which is progressing as a State Significant Development Application following a Housing Delivery Authority determination in August 2025.

The apartment mix comprises 39 one-bedroom, 72 two-bedroom and 28 three-bedroom residences. Two-bedroom apartments make up just over half of the project, while three-bedroom homes account for 20 per cent.

<img alt="First look: New 139-apartment plans revive long-stalled Campbelltown city centre site" data-entity-type="file" data-entity-uuid="136dd5b9-3791-4da6-9e31-76f533f5b4de" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Campbelltown%20da2.png?VersionId=LgOSy9nwf5u.MGswBBwaGGxuX8QpHSl_" />

Of the 139 apartments, 23 will be delivered as affordable housing under the in-fill affordable housing provisions of the Housing SEPP. The affordable component represents 15 per cent of the residential gross floor area and will be managed by a registered Community Housing Provider.

Doroch has sought to break the scale of the building into two distinct elements, with a masonry podium of around four storeys establishing the street edge before the residential tower steps back above.

The corner position has shaped that approach. Cordeaux Street faces toward the commercial and civic centre, while Moore-Oxley Street leads into the lower-scale residential neighbourhood to the south, and the design verification report describes the site as "bridging the commercial core to the north and established residential areas to the south."

The podium will be expressed predominantly in face brick, while the upper levels shift to brushed and grooved concrete cladding with darker metal detailing. Recessed sections, deep balcony edges and landscaping break down the upper form, with an approximately 11.8-metre setback to the northern boundary addressing the adjoining St Peters Anglican School.

<img alt="First look: New 139-apartment plans revive long-stalled Campbelltown city centre site" data-entity-type="file" data-entity-uuid="c8b3d2d3-c561-4bfc-a5d9-a68c0c10dac1" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Campbelltown%20da1.png?VersionId=AeAEyJU02Gk2k5noUj2StziCvdQ7fW4B" />

Campbelltown has been starved of new residential developments in the last decade.

The only other notable development set to come to market this year is ALAND's Queen Square, a mixed-use precinct on over two hectares that will comprise apartments above a vibrant ground-level retail and hospitality dining precinct.

First look: New 139-apartment plans revive long-stalled Campbelltown city centre site

First Look: Sherlock Construction pitches apartments for low-rise Deception Bay

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.

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

<main data-perf-region="main">
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]

<h3 data-end="3697" data-section-id="q3n5ak" data-start="3672">&nbsp;</h3>
</main>

Jessie Richardson

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