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Oybin, an 1880s Annandale mansion, sold at competitive weekend auction for $3.12 million.
Its sits on Johnston Street's historic Ridge Development, which commands sweeping views of the city and the harbour.
<a href="https://www.realestate.com.au/sold/property-house-nsw-annandale-123643482" target="_blank">Built in the Classical Revival style</a>, the home fell into disrepair but it has been extensively restored over recent decades.
Surrounded by 120-year-old palms, it was listed with $3 million price guidance by the BresicWhitney agent Matthew Carvalho.
There was an opening bid of $2.925 million after a $2.9 million vendor bid began proceedings at the onsite auction beneath planes flying through the cloudy sky.
The enduring existence of Oybin is due entirely to locals who rallied to form the Annandale Association and save local historic homes from 1970s unit developers.
They were just in time as high-rise unit blocks sits on two sides.
It last sold at a suburb price record of $2.1 million in 2007 when the Italianate villa was sold by Dr Dwight Dowda and psychologist Francesco Lo Pizzo.
It had previously traded at $580,000 in 1995 when sold by renovators, Paul and Yvonne Maule. 
Vendor Norma Perry researched the architect C.H.E Blackmann. The mansion was designed by, and built for, Charles Blackmann who quit Australia, so it was researched, with a local barmaid and money embezzled from his partnership with architect John Sulman. 
She published a racy tale of fraud and exile, but records his substantial contribution to architecture in Australia, along with a story of German migration, mining, family life in Victorian times and the consequences of his desertion and flight to California.
This article was first published in the Sunday Telegraph.
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Oybin, the Italianate Annandale villa sold

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Flemington has been recently ranked the Melbourne suburb with the fastest selling houses.
Houses listed by private treaty in Flemington sell in 39 days, according to Investar’s latest market report.
It was followed by Kensington at 40 days and Caulfield South at 42 days.
Houses price growth at Flemington appears to also have some gallop too.
The three bedroom Edwardian home at <a href="https://www.realestate.com.au/sold/property-house-vic-flemington-123684630" target="_blank">17 Sturt Street</a> (above) was offered for weekend auction with initial price guidance between $850,000 to $900,000, which was upped to $860,000 to $940,000 during the marketing campaign.
It fetched $1,237,000 at weekend auction having last sold at $585,000 in 2005.
The Malvern home of the late legendary bookmaker Sid Hill and his widow Marcia sold for $3.15 million on Saturday.
It was declared on the market at $2.95 million as four bidders battled for the home. 
Auction clearances rose to their highest level this year across Australia.
The national average rate clearance hit 80.2 percent, up from 76. 2 percent last week, CoreLogic's preliminary numbers showed.
In Sydney, the success rate rose to 85.6 percent from 81.4 percent last week as the number of spring auctions fell to 866 from 913.
Melbourne clearances increased too from 77.7 percent to 81.8 percent, while its auction numbers rose, to 1378 from 1182 last week given the push forward from the pending spring racing carnival distraction.
While listing numbers typically head higher the deeper into the spring selling season, this year they remain stubbornly weak.
Every capital city except Canberra had less weekend auction stock than a year ago.
Every capital city recorded a preliminary clearance higher than a year ago.
CoreLogic's Kevin Brogan noted the 2641 auctions scheduled for the week to Saturday was 16 percent below the 3143 of the same weekend last October. 
Domain had Reservoir and Richmond, in Melbourne, as the busiest suburbs for auctions across the nation with 21 residential homes set to go under the hammer.
They were followed by St Kilda (20) and Brighton (19) also have a relatively high number of auctions.
In Melbourne, Australia’s largest auction market, 81.8 percent of the 1,229 reported auctions sold this week.
"This is the second time this month the clearance rate for Melbourne has been above 80 per cent," Kevin Brogan said.
The 1,378 auctions held across Melbourne was lower than the 1,690 auctions held one year ago, when there was a notably lower clearance rate of 69.7 percent.
Melbourne's top sale was a Hawthorn house. The double fronted <a href="https://www.realestate.com.au/sold/property-house-vic-hawthorn-123674538" target="_blank">1890s Hawthorn Grove house</a>, (below) Brehon fetched $5.02 million with three bidders. 
<img src="/images/2016/10/24/Screen%20Shot%202016-10-24%20at%209.56.04%20AM.png" alt="">
It was listed by Jellis Craig with $4 million plus price guidance, then selling well above the $4.3 million reserve price set for the deceased estate which is one of the last unrenovated properties on the street. 
There was a $5.5 million top bid at Balwyn but it did not sell.
A <a href="https://www.realestate.com.au/property-apartment-vic-west+footscray-123678098" target="_blank">West Footscray apartment</a> (below) scored the nation's cheapest sale when a one bedroom unit sold for $200,000.
<img src="/images/2016/10/24/Screen%20Shot%202016-10-24%20at%209.57.06%20AM.png" alt="">
It was just $10,000 higher than its $190,000 sale in 2012. The one bedroom apartment had most recently been a $250 a week rental.
In Sydney, 866 auctions were held this week, down from 913 over the previous week.
"The preliminary clearance rate of 85.6 per cent is the highest recorded for the year to date," Kevin Brogan said.
Since the beginning of spring Sydney’s clearance rate has remained above 78 per cent.
The 85.6 per cent success rate sits significantly higher than this time last year, when a clearance rate of 61.3 per cent was recorded across 1,024 auctions.
The Blacktown region recorded the strongest clearance rate of 93.8 per cent across 22 auctions.
Sydney's top sale was a riverfront mansion which sold for <a href="https://www.realestate.com.au/property/72-champion-rd-tennyson-point-nsw-2111" target="_blank">$8.3 million at Tennyson Point</a> (below) smashing its $7 million reserve.
<img src="/images/2016/10/24/Screen%20Shot%202016-10-24%20at%209.58.16%20AM.png" alt="">
The selling agent Matthew Ward said four registered bidders competed to own the home which was built eight years ago.
Brisbane was host to 192 auctions this week and so far 118 results have been reported, with 53.4 per cent of successful sales.
Brisbane's top sale was $2.8 million in East Brisbane when the quintessential Queenslander, <a href="https://www.realestate.com.au/property-house-qld-east+brisbane-123695558" target="_blank">Quambathella</a> (below) was sold through Ray White.
<img src="/images/2016/10/24/Screen%20Shot%202016-10-24%20at%2010.00.24%20AM.png" alt="">
It was listed by the Brisbane hairdresser, Jon LeCourt who founded the hairdressing chain Jon LeCourt Salons in the early 1970s.
He purchased the home in 1987 for $325,000.
Quambathella, built in the early 1900s by real estate agent George Blocksidge, sits on a prime 3644sq m block.
The cheapest Brisbane district sale was $285,000 at Eagleby. 
<img src="/images/2016/10/24/Screen%20Shot%202016-10-24%20at%2010.01.39%20AM.png" alt="">
The f<a href="https://www.realestate.com.au/property-house-qld-eagleby-123711382" target="_blank">our bedroom late 1970s house</a> (above) had traded last in 1984 at $41,650.
Adelaide saw a preliminary clearance rate of 77.4 percent while Perth’s clearance rate was 46.2 percent across 33 auctions.
Canberra had a total of 64 auctions this week, compared to 72 last week and 58 at the same time last year. 
Canberra’s preliminary clearance rate of 74.4 percent was down on the previous week's 82.8 percent.
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Clearance rate gallops to year high, as auction listings stay stubbornly low

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The Office of State Revenue (NSW) are hosting free information sessions on surcharge purchaser duty and surcharge land tax.
These will focus on surcharge purchaser duty which applies to foreign persons who acquire residential land, and surcharge land tax which applies to foreign persons who acquire or already own residential land.
The definitions of foreign persons and residential land will be explained, as well as exemptions, calculations and more.
Session will be run from various locations around New South Wales;
<ul>
<li>Sydney CBD - 2 November</li>
<li>Bondi Junction - 9 November</li>
<li>North Sydney - 14 November</li>
<li>Wollongong - 15 November</li>
<li>Newcastle - 17 November</li>
<li>Parramatta - 21 November</li>
<li>Queanbeyan - 22 November</li>
<li>Wagga Wagga - 23 November</li>
<li>Dubbo - 29 November</li>
<li>Orange - 30 November</li>
<li>Campbelltown - 1 December</li>
<li> </li>
</ul>
You can register online at:
<a href="https://www.osr.nsw.gov.au/info/seminar/online">www.osr.nsw.gov.au/info/seminar/online</a>
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Property 101: Foreign surcharge information sessions for NSW

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Gina Rinehart's desire to secure Australia's largest landholder, cattle company S.Kidman &amp; Co with a Chinese investor, is being challenged.
The rival bid has been confirmed from wealthiest graziers including BRW Richlisters Tom and Pat Brinkworth and Sterling Buntine.
The Kidman's preferred bid, at $365 million, comes via Australian Outback Beef (AOB), a consortium two thirds controlled by mining magnate Gina Rinehart, and a Chinese business partner, Shanghai CRED.
Their bid does not include Anna Creek, a property in South Australia that raised national security concerns when Chinese interests tried to buy the Kidman properties last year.
BBHO has since emerged, comprising four of the nation's wealthiest outback cattle and transport families offering $385 million, for all the properties including Anna Creek.
The local bid would avoid scrutiny by Australia's Foreign Investment Review Board given BBHO's directors, Viv Oldfield, Tom Brinkworth, Sterling Buntine and Malcolm Harris, represent some of the most prominent names in the outback.
The bid has not yet been received, but once it is, AOB has the right to match the offer.
AOB and Kidman have an agreement that triggers a $3.8 million break fee if either party walks away.
A finalised sale is expected early next year. 
Alice Springs businessman Viv Oldfield is most well known as a race horse trainer.
The 58 year old runs cattle on pastoral land in the Northern Territory and South Australia, and has partnered with a fellow pastoralist to sell cattle to China.
East of Alice Spring, Mr Oldfield runs cattle across the jointly managed properties Andado Station, Horseshoe Bend and New Crown.
He owns an outback transport company, Tanami Transport, of which S Kidman and Co is client.
The South Australian pastoralist Tom Brinkworth owns more than 100 properties spread across more than 400,000 hectares 
Sterling Buntine owns Alroy Downs Station and Dalmore Downs, along with Lissadell, Bedford Downs and Lansdowne stations in the Kimberley in Western Australia.
Malcolm Harris and his family recently gained approval to apply for a freehold lease on WA's Gogo Station at Fitzroy Crossing.
The family owns Benmarra Station in the Northern Territory, and Rockhampton Downs, near Tennant Creek.
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S.Kidman battle between Gina Rinehart and Richlisters

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GUEST OBSERVER
Australia’s immigration system is at risk of losing public confidence, undermining its long running success.
The government needs to make policy changes to put migrant workers and employers back on equal footing.
The successful “Brexit” campaign to leave the European Union illustrates the consequences of failing to properly manage public perception of immigration. Changes to the United Kingdom’s immigration policy were producing economic benefits and helping to plug gaps in the UK labour market. However, opponents successfully blamed the EU’s free movement of labour for increased immigration and various social and economic problems. 
Australia’s situation is different, but there is weak regulation of the employers who hire migrant workers, especially temporary visa holders who are often susceptible to being mistreated. This is serving to marginalise migrants in the labour market and broader society.
Large intakes of economic immigrants have not led to major political upheaval in Australia. Aside from occasional spikes in support for Pauline Hanson’s One Nation, anti-immigration parties have failed to establish ongoing influence. Labor and the Coalition have supported expansive economic immigration policies for much of the post-war era.
The impact of economic immigration on Australia’s population, economy, and labour market is virtually unmatched. Since 1945, immigrants and their immediate descendants have accounted for over half of the nation’s population growth. 
More than one in four workers in Australia were born in another country. The foreign-born population as a share of total population is higher in Australia than in any other OECD country, except for Luxembourg and Switzerland.
Australia’s immigration policies have changed significantly in recent years. They have shifted increasingly towards temporary immigration, focused on skilled, working holiday and international student visas. 
While this marks a departure from Australia’s legacy of encouraging immigrants to settle on a permanent basis, benefits of these changes are evident.
Economic immigrants have offset an ageing population, improved labour productivity, helped businesses to source skills that are difficult to find at short notice and addressed the needs of regional areas and industries. 
Unemployment among skilled immigrants is negligible because they tend to be employed in high-income occupations and contribute more to government revenue through taxation than they take through public services and benefits.
Just as a steady inflow of immigrants has eased Australia’s shift from a manufacturing to a services economy, they will play an important role in helping our businesses to innovate in the face of intensified global competition and technological change.
However reforms are needed to maintain public support for sustained immigration intakes. Most importantly, widespread underpayment and mistreatment of working holidaymakers and international students in the workplace must be addressed urgently. 
Such issues have been exposed internationally. They may negatively impact Australia’s competitive standing in industries such as education and horticulture that rely heavily on temporary migrant workers.
Recent media reports, government inquiries and academic studies show that mistreatment of temporary migrant workers is not limited to 7-Eleven. Policy changes particularly through strong enforcement of regulations are needed to restore level playing fields for business and the workforce.
Some visa arrangements can cause temporary migrant workers to become dependent on their employers. For example, international students are required to work no more than 40 hours per fortnight. 
A small transgression exposes international students to potential visa cancellation and removal. Their resident rights, enrolment in education, and employment are then dependent on employers not sharing any breaches of their visa conditions with the Department of Immigration and Border Protection. Unless these and other arrangements the create dependence on employers are fixed, temporary migrants will remain fearful of seeking redress. 
Weak enforcement of employment laws fails to deter unscrupulous employers from underpaying and mistreating temporary migrants and puts honest employers at a competitive disadvantage. 
The Fair Work Ombudsman has only 250 inspectors for 2.1 million workplaces and 11.6 million workers. It needs more resources to ensure that our employment laws are enforced in industries with large numbers of temporary migrant workers such as food services, hospitality, retail, and horticulture.
Allocation of temporary skilled 457 visas must reflect genuine skills shortages rather than recruitment problems some employers experience, which are often the result of the low wages and poor conditions they offer to prospective employees. 
The policies governing 457 visas must take greater account of objective longer-term labour market needs. This includes providing opportunities for decent employment and attractive career paths for workers, rather than serving subjective short-term employer interests.
Economic immigration in Australia has been managed remarkably successfully. But for the good of the country we must address current challenges that have the potential to undermine public confidence in existing immigration policies.
Chris F. Wright is postdoctoral Research Fellow, University of Sydney and can be contacted <a href="https://theconversation.com/profiles/chris-f-wright-9738" target="_blank">here</a>.
Stephen Clibborn is associate lecturer, The University of Sydney Business School, University of Sydney and can be contacted <a href="https://theconversation.com/profiles/stephen-clibborn-111815" target="_blank">here</a>.
Both are authors for The Conversation.
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Australia is at risk of losing migrants who are vital to the health of our economy

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GUEST OBSERVER
Why is it that despite how much and how often we use toponyms (place names) linguists, geographers, cartographers, and historians know so little about how they actually work? 
Why is it that place names are less prone to change than other aspects of language like accents and pronunciations? And how is it that regardless of how well furnished a map or smartphone may be with place names and directions, we still bloody well get lost? And why are so many Australian places named after knobs?
Eamon Evans’s 280-page Mount Buggery to Nowhere Else: the stories behind Australia’s weird and wonderful place names lists hundreds of place names — colonial, Aboriginal, German, and other — that adorn our country. It is an entertaining, non-academic read with a playful manner, which charts place names from the serious – the many names for Australia, for example – to the jocular, like Australia’s many rude and dirty topographic monikers.
Many of Evans’s humorous stories go a way to responding to some of the scientific inadequacies and toponymic foibles so common in place naming studies. And after I’ve spent almost a decade inundated with often sterile and uninspirational place name theory and how it may fit within more general research in onomastics, the study of proper names, Evans’s tongue-in-cheek take is more than welcome.
The book begins with a reasonable and justified dis of Lucky Starr and his 1962 claim “I’ve been everywhere.” Evans doubts this claim—fair enough, Lucky lists at least 94 places – and estimates this large country of ours has around four million place names. Visiting all of these sites would take yonks, around half a lifetime tells Evans, and would involve using lots of petrol, shoes, and time travelling beyond the Black Stump and back o’ Bourke. He claims the observations and offbeat remarks in this companion save us from doing all this legwork and allows us to sit back and enjoy the often-bumpy yet comical toponymic ride.
I grew up in Adelaide, surrounded by road and place names honouring rich and powerful, dead white men (plus a minuscule number of women). I mean, how many William Streets, Edward Streets, Victoria Everythings, and Queen Elizabeth Otherthings does Australia need? 
Naming is power, which Evans obviously understands. Furthermore, he takes the piss. And he bloody well should. Our eponymous (of a person) place name landscape is largely boring as bat turd and as stodgy and starchy as badly cooked porridge.
In telling us about the histories and etymologies (origins) of places, the colonial makeup of our pre-European toponymically terra-annuled joint is made real. Take Lake Alexandrina in South Australia:
"named after Her Royal Highness Princess Alexandrina of Kent, the then heir to the British throne. A nice gesture, but perhaps a wasted one, as the princess much preferred her middle name. We now call her Queen Victoria."
We get quirky introductions to each of the nine chapters – one for Australia and one each for every state and territory – plus more toponymic toilet humour than one could poke a dirty toilet brush at in an outback dunny. The knob gets quite a mention, which we are told is a prominent rounded hill, mountain, or elevation on a ridge, with Chinamans Knob, Governors Knob, Iron Knob, Nimbin’s Blue Knob, Spanker Knob, and Yorkeys Knob. I think you get the picture. 
We’re told about Mount Little Dick in Victoria, which Evans hopes is named after a small man named Richard who used to live there and nothing else, Lake Fanny near Mossy Nipple Bend in Tasmania, and a few perky hills also in Tasmania called The Nipples.
This feminal place name reminds me of a topographical name on Kangaroo Island I documented back in 2009. The Tits is a place with undulating landscape similar to a woman’s corporeal scenery on the left side of Hog Bay Road near Pelican Lagoon. Between the Tits is a fishing ground off Kangaroo Head, which uses the space between The Tits in lining up the ground. 
Apart from the colonial propensity for double entendres, some of these places are simply the victim of time: Cockburn (pronounced “ko-burn”) was named after the prominent sailor Sir George Cockburn. Intercourse Island, 1,500 kilometres north of Perth, was the site of a productive conversation between Captain Philip Parker King and some local Indigenous people. 
The listing of the town Verdun in South Australia gives excellent information about the cleansing-cum-sanitisation of German place names in South Australia during the Great War. Friedrichstadt became Tangari, Neudorf became Mamburdi, and Hahndorf became Ambleside to become Hahndorf again in 1935. “About the only German place name that wasn’t changed,” Evans tells us, “was Adelaide – a city named after a German princess”.
Let’s not forget those place names which are mistakes. For example, Bundle Bundle was bungled to become Bungle Bungle; Mount Kokeby, named after Baron Rokeby, was misspelled as “Kokeby” after a spelling error in one of the town’s first train timetables. Place names are filled with specimens of our laziness and folly.
One can always quibble about what was not given. Regarding the contemporary issue of dual naming, something which could be taken from both a humorous and serious perspective, it was a shame not to have seen a little more beyond the Uluru-Ayers Rock example. For example, Nobbys Head in Newcastle is officially known as Whibayganba. What was formerly known as Grampians National Park in Victoria is now officially called Grampians / Gariwerd. The area contains the dual name Halls Gap / Budja Budja.
Dual place naming is a weighty and contentious affair in modern Australian politics and the social cartography of this once unnamed land is dependent on best representing all levels of place naming: Indigenous, British, German, and others. Perhaps this is something for the second edition of Evans’s book, if he’s not too buggered.
The story of Adaminaby, a mining town in New South Wales Evans says was supposedly named in honour of the line, “Ada’s mine it be,” makes one wonder about the credibility of some bush toponymic lore. But Evans happily acknowledges the hazier areas of his research, and ultimately, who cares?
Place names are fun and their study should be the same. What Evans offers is an amusing take on a potentially very dry topic. It’s not a weighty book and is minus a conclusion to pull it all together, but it would make a grouse Chrissie present. 
If wit and quips can be used to good effect to get people thinking about important matters like place naming from a humorous and lively perspective, then Evans’s account is a noble achievement.
Joshua Nash is postdoctoral research fellow, School of Behavioural, Cognitive and Social Sciences, University of New England and author for The Conversation. He can be contacted <a href="https://theconversation.com/profiles/joshua-nash-307771" target="_blank">here</a>.
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Buggered if I know where I am: the stories behind Australia’s weird and wonderful place names

Housing finance above decade averages in six states and territories: CommSec's Craig James

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GUEST OBSERVER
The Financial Stability Review usually is a straight-forward document with few controversial issues raised.
But in the latest report the Reserve Bank has been uncharacteristically forthright, warning banks for the need to be vigilant and continue to maintain tighter lending standards.
The RBA notes that the “risks to the banking system have somewhat increased over the past six months” but “tighter lending practices will, over time, leave the industry better placed to cope with any future deterioration in the housing market and the broader economy”.
In effect this time round the Financial Stability Review reads a bit like a report card on the banking sector and in that context Aussie banks have been given a pat on the back for the efforts to ensure higher quality loan books. However there is no doubt there is a much more concerned tone from policymakers about the outlook. In effect the report highlighted potential future concerns and stressed that the right measures are put in play now to avoid instability. The key is to ensure that lending standards are not being compromised.
The RBA did provide a further warning to banks on the commercial property sector and even more so on international exposure – “especially housing and agricultural lending in New Zealand where the risks have continued to grow”. 
Interestingly the last time policymakers provided a warning of this sort was on the Aussie dollar and the likelihood that it was overvalued and would fall at some point in the future – a result that has played out over the past year.
Encouragingly the Financial Stability Review highlighted the low levels of financial stress being faced by household. Confirming that “labour market conditions, which strongly influence the extent of household financial stress, have improved so far this year”. And importantly there is more comfort within the report with the RBA noting that 16 percent of borrowers are ahead in repayments by two years or more.  
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According to the latest housing occupancy data, 61 percent of households have at least one spare bedroom. The data confirms recent trends showing that there is plenty of spare capacity in our existing homes, even though we have been utilising some of this extra capacity in the past five years. The latest figures have clear implications for the housing industry. If Australians are keen to utilise their homes more efficiently then construction will be more constrained in coming years. 
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What does the report say?
On Australian Banks, the RBA noted: “As noted, most banks have now strengthened the serviceability metrics used in their mortgage lending and taken steps to slow the pace of growth in investor lending towards APRA’s expectations. Banks also report that they are becoming increasingly wary of lending to property developers in markets that look oversupplied. The large banks have enhanced their resilience recently by raising substantial amounts of fresh capital in advance of new prudential requirements.”
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  On Australian businesses the RBA noted “Outside the property sector, risks to the financial system from non- financial businesses remain low and the sector’s finances are generally in good shape. Business failure rates have fallen significantly across most industries and states over recent years and, in aggregate, are close to decade lows, although business failures have picked up a little in recent month”.
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 On Australian households the RBA noted “Many households have likewise been bolstering their resilience in a number of ways, including paying down their debt faster than contractually required and increasing their offset account balances.” .. “Aggregate mortgage buffers – as measured by balances in offset and redraw facilities – remain around 16 per cent of outstanding loan balances, equivalent to more than two years of scheduled”.
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 Further, the RBA noted “Moreover, price competition for new and lower-risk owner-occupier borrowers remains strong, despite the forthcoming increase in the indicator rate announced by Westpac”.
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 On housing, the RBA said “Large data resubmissions by several banks also indicate that the level of investor lending over recent years has been higher than had initially been reported. Over recent months, lenders have announced changes to a range of price and non-price lending terms and conditions to strengthen lending practices and respond to supervisory expectations (for details, see ‘The Australian Financial System’ chapter). Since then, there have been tentative signs that investor demand has started to cool..”
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 On commercial property the RBA noted “So far, the near-term risks to the domestic financial system from the commercial property sector appear modest, but they are rising. Although banks’ commercial property exposures declined as a share of their total assets after the financial crisis, growth in this type of lending has picked up in recent years, driven by the major Australian banks and by Asian-owned banks.”
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 The RBA has provided special sections in the report dealing with Australia’s shadow banking system. At present “The shadow banking sector represents only around 5 percent of financial system assets in Australia. This share is down from over 10 percent in 2007 and well below that for a number of large economies”. “Because of its small size and minimal credit and funding links to the regulated banking system, the shadow banking sector in Australia is judged to pose limited systemic risk. Nonetheless, the Reserve Bank and other Australian financial regulators continue to monitor shadow banking activity for signs of risk”.
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Housing Occupancy &amp; costs 
In 2007/08, the number of people, on average, in Australian homes lifted for the first time since records were first maintained in 1910. The number of people per home rose from 2.51 to 2.56; lifted further to 2.57 in 2009/10 and has lifted further to 2.59 in 2013/14. The number of people per home lifted to the highest levels in 14 years.
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 The number of bedrooms per home hit a record high of 3.14 in 2013/14, up from 3.11 bedrooms in 2011/12. Almost 61 percent of households indicated that they had one or more spare bedrooms in the 2013/14 survey, down from 61.7 percent in the 2011/12 survey.
The proportion of households that owned their homes outright rose from 30.9 percent to 31.4 percent in 2013/14. Owners with a mortgage fell from 36.6 percent while renters lifted from 30.3 percent to a record high of 31.0 percent.
What is the importance of the economic data?
The Financial Stability Review is published by the Reserve Bank every six months. The report is basically a health check on the financial sector but it also assesses the state of household and business balance sheets.
The Bureau of Statistics releases estimates of Housing Occupancy &amp; Costs every two years. The data shows whether people are buying or renting and how efficiently people are utilising their homes.
What are the implications for interest rates and investors?
The Reserve Bank has highlighted an array of potential risks for the financial system and in essence given further credence of the need to maintain tighter bank lending standards. Overall the report suggests a slightly dovish tone to the broader economic landscape.
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<div class="column">There is significant spare capacity in Aussie homes and there has been a greater willingness in recent years for younger people to share accommodation with others or stay longer in the family home. The trends in housing occupancy have clear implications for builders, developers and building material companies. If the trend to greater utilisation of homes continues then there will be less need to build more homes.</div>
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 CommSec expects interest rates to stay on hold over the next few months although the risks lie with another rate cut. 
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<div class="column">Savanth Sebastian is an economist for <a href="https://www.commsec.com.au/" target="_blank">CommSec</a></div>
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RBA warning to banking sector: CommSec's Savanth Sebastian

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GUEST OBSERVER
Westpac’s forecast for the headline CPI is 0.9 percent qtr which lifts the annual pace to 1.5 percent/yr from 1.0 percent/yr. 
September is traditionally a stronger quarter (mostly due to the annual price resetting for administrated prices) with the ABS seasonal factor worth 0.3ppts. This results in the seasonally adjusted CPI rising a smaller 0.6 percent/qtr.
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Key to the solid rise is the strong price gains for food, housing (mostly via utilities) and recreation. Helping to hold the gains down in the quarter were falling prices for auto fuel, communication and clothing &amp; footwear. 
Overall, traded prices are forecast to rise 0.9 percent, despite the 3.4 percent fall in auto fuel prices, which boosts the annual pace from 0.0 percent/yr to 0.6 percent/yr. Excluding fruit, vegetables, fuel and tobacco, traded goods prices are forecast to rise 0.3 percent/0.6 percent/yr in Q3 highlighting just how modest imported inflationary pressures are.
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Housing costs remain key to core and non-traded inflation. September quarter saw a significant jump in electricity bills lifting utility costs 5.7 percent/qtr. In 2015Q3 utility prices fell 0.5 percent. Other housing costs remain benign with rents falling in Perth, Darwin and Canberra while dwelling purchase prices have moderated in Sydney, Melbourne &amp; Brisbane while the declines are gathering pace in Perth.
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Core inflation (average) is forecast to print 0.4 percent/qtr (0.39 percent at two decimal places) which will see annual core inflation lift to 1.6 percent/yr from 1.5 percent/yr. The trimmed mean is forecast to rise 0.38 percent while the weighted median forecast is 0.40 percent. The six month annualised pace of the average of the core measures is forecast to lift to 1.7 percent/yr from 1.3 percent/yr in Q2 which remains a modest inflationary pulse.
 
The pass through from the early weakness in the AUD did not provide the normal boost you would expect and so we doubt the recent appreciation of the currency will act as a further brake on prices. Outside of housing, where we are forecasting a modest gain following a statistical bounce in Q2, the risks to our forecast are balanced. 
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A quick recap on the June quarter CPI 
The headline CPI came in as expected rising 0.4 percent in Q2. The annual rate is now just 1.0 percent/yr compared to 1.3 percent/yr in Q1, which is the lowest rate of annual inflation since June 1999. 
The core measures, which are seasonally adjusted and exclude extreme moves, rose 0.48 percent compared to the market’s expectation of 0.4 percent rise; Westpac was slightly lower at 0.35 percent. The annual pace of the average of the core inflation measures is now 1.5 percent, the lowest print we have yet seen for this measure. 
The key observations from the June quarter CPI was some recovery in housing costs, a lift in health costs and some sign of AUD pass-through with a 2.0 percent lift in clothing &amp; footwear prices. Given the core print in Q2, and our expectations for Q3, we do think we have seen the low in the annual pace of core inflation. 
Some solid ‘knowns’ but, as always, many ‘unknowns’!
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In the June quarter, while there was still no broad based acceleration in prices, there were some promising signs that we may have found a base in the disinflationary cycle. For the September quarter, we expect a number of one off positive factors will boost the headline measure well above the underlying momentum of core inflation.
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There is a known boost (partly seasonally) from fresh fruit &amp; vegetables plus the usual seasonal rise in utilities and domestic holiday travel. Partially offsetting these gains is a fall in automotive fuels, the seasonal fall in pharmaceuticals, domestic holidays and further declines in communication prices. 
However, as always, a large number of unknowns remain. In particular, while we expect house purchase prices will return to a more modest pace than we saw through 2015Q4 and 2016Q1 we wonder if the 0.9 percent/qtr bump in Q2 the start of a new stronger trend. 
We also don’t have access to a lot of the data the ABS uses and, in many cases, it is not possible to replicate the survey process the ABS uses causing many small errors along the way. We use many alternative sources and surveys as a guide but our forecasts are, in the end, subject to a significant amount of personal judgement. 
Automotive fuels are a meaningful drag this quarter. 
One of the most obvious events in the last few quarters has been the extreme volatility in the pump price of automotive fuels. Starting the quarter at $1.22/l the pump price then fell to a low of $1.10/l around mid-August before rallying to a high of $1.18/l at the end of the quarter. In terms of the quarterly averages, we forecast that the price of automotive fuels will fall around 3.4 percent contributing –0.12ppts to the CPI. Fuel is the most significant negative we have identified for the September quarter CPI. 
Fruit &amp; vegetables set for strong bounce. 
For the September quarter we forecast an 8 percent rise in vegetable prices plus a very robust 14 percent rise in fruit prices. All up, the 11.3 percent rise in fruit &amp; vegetable prices will add 0.33ppt to the CPI. 
Running into the spring flush we are looking for softer meat &amp; seafood prices (–0.4 percent) but rising wholesale price late in the quarter means the decline is less than you would usually expect. We are also very aware of the ongoing price discounting in the very competitive groceries space and what appears to be a lack of pass through from the weaker AUD to imported foodstuffs. Our forecasts see food &amp; non-alcoholic beverages contribute 0.35ppt to the CPI. 
Partial re-index of the tobacco excise. 
Tobacco excise is re-indexed to the CPI in the month of September so we incorporate 1/3 of this increase in the September quarter average and the other 2/3 will appear the in December quarter. We are looking for the usual modest gains in alcoholic beverages but note we should be past the greatest pressure from the weaker AUD for imported beverages. 
Seasonal rise for domestic holiday travel costs. 
The BITRE (Bureau of Infrastructure, Transport &amp; Regional Economics) data on best price economy airfares is pointing to the usual seasonal bump for domestic airfares in Q3. So for the September quarter we are forecasting a 1% rise in domestic holiday costs, while the previous weaker AUD will help boost international holiday travel, at the margin (remembering that prices are applied to when the travel is taken not when it was booked). As such we are looking for a 2.6%qtr rise in holiday travel &amp; accommodation. 
Dwelling prices to moderate from Q2 bump. 
The June quarter saw a bump up in dwelling costs (0.9 percent/qtr on average, prices lifting by this much in Melbourne and Brisbane thus supporting the 1.5 percent bounce in Sydney). We are looking for the gains to fall back to around their three quarter average for the cities (0.6 percent/qtr of Sydney and Melbourne, 0.4 percent in Brisbane, 0.3 percent in Adelaide while prices continue to fall in Perth) resulting in a modest 0.4%qtr the price of dwellings purchased.
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Housing overall makes a solid contribution of 0.31ppts. 
Rents are expected to remain on a very benign path with a gain of just 0.2 percent. This follows a 0.2 percent in Q2, 0.1 percent in Q1 and a 0.2 percent in Q4. While rents are clearly under pressure in WA and easing in other capital cities, in aggregate they tend to be relatively sticky given the way they are measured in the CPI and so we would expect any downside risk to this forecast to be very modest.
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However, electricity prices surged in the September quarter and power companies adjusted prices in the face of rising wholesale prices. All up, electricity prices are expected to rise 8.4 percent. In total utilities are forecast to rise 5.7 percent as the usual Q3 price rising in other utilities is somewhat less than that for electricity. 
Ex-housing, the CPI is forecast to rise 0.6 percent. 
The impact of the AUD is shifting to appreciation without the earlier depreciation having any meaningful impact. 
We also expect that we are nearing the end of the inflationary impact, if there has been much impact, of the earlier AUD depreciation. In Q2 and again in Q3 the AUD has strengthened a little. As such, we are making a very small allowance for a bit more pass-through in clothing &amp; footwear and household contents &amp; services. The September quarter normally experiences post-June sales discounting for clothing &amp; footwear and this year we expect the discounting to be a bit less usual. Westpac is forecasting a 0.1 percent fall in clothing and footwear and a 0.8 percent rise (0.07ppt) in household contents &amp; services. 
The one area we do expect to see some pass-through from the weaker AUD is in car prices as the fall in the AUD against the Japanese Yen has been much greater than other currencies given the significant appreciation in the Yen to the US dollar. We are forecasting a 0.2% rise in car prices contributing 0.01ppt to the CPI. Car prices fell 1.4 percent in Q2 and our Q3 forecast is very modest compared to the 1.1 percent gain in 2015Q3. 
Overall seasonality tends to be significant positive in Q3. 
With seasonal re-pricing for administrated goods (ie. rates, utilities, public transport etc), the ABS reports Q3 with a seasonal positive. That is, our seasonally adjusted estimate is 0.3ppt weaker at 0.6% than our headline CPI forecast. There is a caveat however: the ABS conducts concurrent seasonal re-analysis and the revisions to the seasonal factors can be quite significant. 
Core inflation to remain well below the bottom of the band. 
Westpac is forecasting the average of the core measures to rise by 0.39 percent in Q3 with the annual pace lifting to 1.6 percent/yr from 1.5 percent/yr. Traded goods &amp; services are forecast to rise 0.9 percent/qtr with the annual pace accelerating to 0.6 percent/yr from 0.0 percent/yr; non-traded prices are also forecast to rise 0.9%qtr for an annual pace of 2.1 percent/yr from 1.6 percent/yr. The six month annualised pace of the average of the core measures is forecast to lift to 1.7 percent/yr from 1.3 percent/yr in Q2. 
Risks balanced for headline. 
We expect that the pass through from the earlier AUD weakness has all but passed and the fall in petrol prices more than offset by rising housing costs. But core inflation remains well contained. There may be some upside risk for housing, particularly if Sydney is on a new stronger trend, but we are cautious that traded goods in particular may be softer than what we are expecting. 
Justin Smirk is ‎senior economist, Westpac Group and can be contacted <a href="https://www.westpac.com.au/about-westpac/westpac-group/" target="_blank">here</a>.
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June quarter saw a bump up in dwelling costs: Westpac's Justin Smirk

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GUEST OBSERVER
The Property Council of Australia has welcomed the release of the government’s draft revision of the South East Queensland Regional Plan. 
The refresh of the State Government’s seven year old regional land-use plan is an important moment for industry, councils and the broader community alike. 
The goal of the regional plan is to outline how future growth can be accommodated in a manner which maintains the enviable way of life for South East Queenslanders.
While it’s certainly not everything the property industry feels is required, it does appear the State has taken onboard a number of the recommendations we have made during the consultation process. 
These included a commitment to greater monitoring and reporting against the plan, a strategic assessment of environmental values and focus on delivering employment as well as housing across the region. 
The property industry will now be sifting through the detail of the draft to test the underlying assumptions and determine if the Government’s approach is realistic.
The Government has proposed a shift towards more infill development to meet future housing demand, with a new target of 60 percent infill and 40 percent greenfield over the next 25 years. 
What the industry wants to deliver is a wide range of housing choice for South East Queenslanders.
South East Queensland will need considerably more of every type of housing over the next 25 years, whether it is apartments, new homes, retirement villages or student accommodation. 
We will be analysing this nominal infill target to ensure that it doesn’t create any artificial constraint on the delivery of new houses, and have a corresponding impact on affordability. 
The proposed modest expansion of the urban footprint isn’t anything revolutionary, but it acknowledges that growth is inevitable and Government’s role is to appropriately cater for it in a sustainable manner. 
As industry pours over the detail, we will be looking to ensure that each community in SEQ has its own adequate supply of future housing and employment lands.
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A strategic region-wide assessment of environmental considerations has been flagged by the Government in the plan as the way forward to achieve an evidence-based approach to ecological protection. 
Industry strongly supports the push to identify with certainty those areas that should be protected from urban uses, and those areas where urban uses are agreed to be the highest and best use of the land.
This will not only reduce red tape, but also achieve far better environmental outcomes.
Public consultation on the draft plan will run until 3 March 2017. It is expected that the final plan will come into effect in mid-2017. 
Once the document is finalised, the Government must take the leadership role in ensuring that their plan doesn’t gather dust, but is implemented on the ground.
This will mean sitting down with local governments to understand what impediments exist to ensuring this land is delivered to market as quickly as possible. 
Given the plan’s emphasis on infill development, this leadership role will also mean offering greater support to local governments over contentious infill projects.” 
The Property Council has called on the Queensland Government to establish a $200 million Regional Project Fund to assist local governments in financing key infrastructure that will enable them to translate the new South East Queensland Regional Plan (SEQRP) into their local planning schemes. 
As our population grows, so too will the demand for housing. If we want to ensure South East Queensland is an affordable place to live into the future, we need to unlock new housing supply to match this demand.
Chris Mountford is Queensland executive director of the Property Council and can be contacted <a href="https://www.propertycouncil.com.au" target="_blank">here</a>.
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South East Queensland Regional Plan refresh moves towards infill housing development

<a href="https://www.apartments.com.au/developers/skymark-group">Skymark</a>'s boutique Cronulla development Solis has secured a 10-year Latent Defects Insurance policy through Resilience Insurance, providing buyers of the 16-residence building on Ewos Parade with structural and waterproofing protection that extends a decade beyond the building's completion.

Currently under construction and due for completion in late 2027, <a href="https://www.apartments.com.au/new-apartments/solis-cronulla-8-ewos-parade-cronulla-nsw-2230">Solis</a> is one of a small number of new developments in the Sutherland Shire to carry Resilience LDI coverage, a distinction that carries increasing weight as buyer confidence in the off-the-plan sector continues to be shaped by how developers stand behind their product.

Latent Defects Insurance, which entered the Australian market in 2022 when Resilience Insurance was approved to offer the cover, protects buyers against major structural or waterproofing defects for ten years post-completion. Unlike traditional statutory warranties, it operates as a first-resort policy, if a covered defect arises, the insurer responds directly, without the buyer needing to pursue the builder or developer through a lengthy claims process.

Resilience Insurance CEO Corey Nugent has noted that the product addresses something fundamental to the new apartment market.

"The overarching feedback from prospective buyers in the new development space is that they want more confidence and assurances around the quality of the build," Nugent says.

"Resilience Insurance Latent Defects Insurance not only gives them complete peace of mind for 10 years, but it shows the developer they are buying from is standing by their product."

[smartcode_project:default project_id=150499 project_image_fid=370898]

For Solis, the Resilience LDI policy adds a meaningful layer of accountability to an already considered project. The development comprises nine two-bedroom and seven three-bedroom residences, including one dual-level three-bedroom apartment, across a five-storey building on Ewos Parade, positioned between Shelly Beach and South Cronulla.

Garden apartments connect directly to private landscaped courtyards, while upper-level homes capture beach views to the east from level four and above.&nbsp;

All 16 residences include at least one balcony or courtyard, and select apartments on the upper floors feature bar areas and secondary flexible living spaces.

Hiba Sander, Managing Director of Skymark, says Solis offers a rare balance, nestled between the quiet beauty of secluded beaches and the lively charm of South Cronulla's esplanade.

"It's a place to choose your pace and live gracefully, seaside'," Sander says.

[smartcode_project:default project_id=150499 project_image_fid=370900]

The architecture, designed by <a href="https://www.apartments.com.au/architects/ida-design-group">IDA Design Group</a>'s Michael Trinh, draws from the natural erosion patterns of <a href="https://www.apartments.com.au/developments/cronulla-nsw-2230">Cronulla</a>'s sandstone headlands, translating the organic forms of the coastline into soft curves, pavilion-style massing, and a material palette chosen for longevity in a salt-tinged environment.&nbsp;

Textured natural stone, soft renders, and timber-look battens reference the tones of the surrounding cliffs, while the building has been oriented to maximise natural light and passive ventilation, with primary living spaces facing north and east to capture morning sun and sea breezes.

"At Solis, our aim was to create architecture that feels quietly confident, grounded in natural materials like stone and timber, and elevated by light and landscape," Trinh says.&nbsp;

"The buildings are designed to sit gently within their coastal surrounds, with expansive glazing and abundant greenery creating a seamless dialogue between inside and out."

[smartcode_project:default project_id=150499 project_image_fid=370897]

Interiors by <a href="https://www.apartments.com.au/architects/hot-black">Hot Black</a> carry the same material language through to every room. Kitchens feature integrated Gaggenau appliances, sculpted stone benchtops, and Lo &amp; Co joinery, while bathrooms feature natural stone, timber, and brushed metal finishes.&nbsp;

Hot Black Founder and Design Director Sophie Safrin describes the intent as one of considered restraint: "At Solis, every detail has been thoughtfully considered to create a timeless coastal retreat, calm, refined, and effortlessly liveable. From natural finishes to seamless indoor-outdoor flow, Solis offers a quiet elegance that's deeply connected to its surroundings.

The landscape, designed by Julian Brady of <a href="https://www.apartments.com.au/landscape-architect/sitedesignstudios">Site Design Studios</a>, treats green space as an integral part of the resident experience rather than an afterthought.&nbsp;

"Gentle curves and layered native plantings mirror the ebb and flow of the ocean," Julian Brady says, "creating a serene connection between architecture and place."&nbsp;

Coco Republic has provided bespoke furniture packages tailored to the project's coastal palette.

[smartcode_project:default project_id=150499 project_image_fid=370899]

Skymark has an established track record in the Sutherland Shire, with a portfolio spanning Cronulla, Woolooware and Burraneer that includes Isla, Sylva, Bask, Shells, Sula and Mist. Securing LDI on Solis reflects a broader shift in how the developer is positioning its buildings to buyers, at a time when Resilience Insurance expects the policy to become mandatory in New South Wales by 2028.

Sales at Solis are launching soon through Ray White Projects, with an official event scheduled for 11 June. Enquire for more information.

[smartcode_project_cta:default project_id=150499]

Joel Robinson

Skymark takes out 10-year Resilience Insurance LDI at Solis Cronulla

Investors may soon find themselves with fewer reasons to buy established property and more incentives to look towards the new apartment market.

Proposed changes to negative gearing and capital gains tax concessions would see new and off-the-plan apartments retain access to the tax benefits, while established properties would miss out, creating a clear advantage for buyers purchasing newly built housing.

The policy direction aligns with what many developers have been saying for several years. Australia needs more housing supply, and governments are increasingly looking for ways to encourage investment into new stock rather than existing homes.

The challenge for investors is that suitable product is becoming harder to find.

For much of the last decade, one-bedroom apartments were the cornerstone of investor demand. They offered a lower entry price, strong rental appeal, and were a common feature across most apartment developments.

Today, the development pipeline looks very different.

Across both New South Wales and South East Queensland, developers are increasingly targeting owner-occupiers and downsizers, delivering larger two, three and four-bedroom apartments in response to changing buyer preferences. While one-bedroom apartments still exist, they now form a much smaller portion of many new projects.

That shift has created a shortage of investor-friendly stock, particularly in well-located projects close to transport, employment hubs and lifestyle amenity.

At the same time, rising apartment prices have pushed many new developments beyond the reach of traditional investors. On the Gold Coast and across South East Queensland, it's becoming increasingly difficult to find new apartments priced around the $1 million mark, particularly those offering strong rental fundamentals and long-term growth prospects.

We've rounded up four new apartment developments where investors can still secure a foothold in the market for around $1 million or less.

<h2 data-end="1140" data-start="844">Flourish Soleira</h2>

<h2>Priced from: $1.07 million</h2>

Popular Palm Beach developer Sherpa is soon to officially launch its newest local apartment development, Flourish Soleira.

The one-bedroom apartments in the building were only offered to first home buyers rather than investors, and all of those have been snapped up. The two-bedroom apartments will start from $1.07 million, and the three-bedrooms, still a good investment given the popularity of Palm Beach for owner-occupiers, starting at $2,045,000.

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[smartcode_project:default project_id=150017 project_image_fid=370964]

Flourish Soliera will comprise 153 apartments across two buildings, connected by a skybridge, the first ever delivered in the suburb.

True to Sherpa's booming Flourish brand of apartment projects, Flourish Soleira will have extensive rooftop amenity across both buildings including a&nbsp;wellness centre with gym, work from home, yoga, pilates, a&nbsp;heated pool, private dining rooms, pizza oven and barbecues, basketball court, and golf simulator.

<h2>Corallo, Palm Beach</h2>

Priced from: $841,500

Nearby Flourish Soleira is Changfa Group's beachfront-inspired Corallo development. They still have some one-bedroom apartments remaining, priced from $841,500.

The 105-apartment project on Palm Beach Avenue is otherwise dominated by larger two and three-bedroom residences, many of which are aimed at owner-occupiers and downsizers.

[smartcode_project:default project_id=112194 project_image_fid=808]

For investors, the appeal lies in Palm Beach's continued transformation from a laid-back beachside suburb into one of the Gold Coast's most sought-after residential markets. Residents at Corallo will be within walking distance of Palm Beach's surf beaches, the recreational amenity of Tallebudgera Creek, and the increasingly popular collection of cafes, restaurants and boutique retailers along the suburb's central dining precinct.

<h2>Corner House, Stones Corner</h2>

<h2>Priced from: $880,000</h2>

One of only two Brisbane apartment developments to make the list with prices under $1 million is DeMartini Fletcher's Corner House development in Stones Corner.

One-bedroom apartments start from $880,000 within the 88-apartment development, providing investors with exposure to one of Brisbane's most established inner-south locations.

[smartcode_project:default project_id=149098 project_image_fid=330594]

Stones Corner has long been supported by strong tenant demand due to its proximity to major employment and education destinations. The suburb sits less than five kilometres from Brisbane's CBD and is within easy reach of the Princess Alexandra Hospital, Greenslopes Private Hospital, Queensland Children's Hospital and several university campuses.

The project's location within a walkable urban village environment, surrounded by retail, dining and public transport infrastructure, continues to attract both professionals and healthcare workers seeking accommodation close to work.

Parkdrive Apartments, Chermside

Priced from: $749,000

The most affordable apartments across Brisbane's new and off the plan market are in Chermside where developer AusDev is selling one-bedroom apartments from $749,000, and two-beds from $929,000, at its recently launched Parkdrive development.

The development is strategically positioned in one of Brisbane's largest employment and retail precincts, placing residents within easy walking distance of Westfield Chermside, The Prince Charles Hospital, St Vincent's Private Hospital Northside and the suburb's major bus interchange.

[smartcode_project:default project_id=152125 project_image_fid=363782]

Already under construction and scheduled for completion in early 2028, Parkdrive benefits from Chermside's ongoing evolution into Brisbane's northern metropolitan centre. The suburb continues to attract significant public and private investment, supporting population growth and underpinning long-term rental demand.

For investors focused on yield and tenant depth, the combination of healthcare, retail and transport infrastructure within close proximity provides a strong foundation for occupancy and rental performance.

Investors to turn to new apartments after Federal Government changes spark hunt for Queensland's best $1 million apartments

A mix of Gold Coast locals, fly-in, fly-out purchasers from Sydney and Melbourne, and Brisbane-based families has driven early sales success at Broadbeach's newest apartment tower, Lumara.

The 26-level project, a joint venture between builder-developer 5Point Projects and Bourke Projects, comprises just 37 luxury residences and is attracting a buyer profile that is looking for exclusivity, above the most amenity-rich suburb on the Gold Coast.

[smartcode_project:default project_id=150454 project_image_fid=364156]

Jamie Bourke, Director of Bourke Projects, says every buyer secured so far intends to use Lumara as a lock-up-and-leave residence, combining holiday use with the ability to work remotely when required.

“The size of the apartments, both half- and full-floor options, and the different zones within the floorplans, lends itself perfectly to dedicated home office setups and multi-generational family holidays,” Bourke says.

That flexibility has become a key drawcard for affluent buyers seeking a second residence on the Gold Coast without sacrificing the ability to conduct business away from their primary home base.

The absence of holiday letting within the building has also resonated strongly with purchasers.

“This type of buyer doesn't need to generate holiday rental income,” Bourke says. “They're paying for exclusivity, privacy and certainty around who their neighbours are.”

[smartcode_project:default project_id=150454 project_image_fid=366491]

The strong demand comes amid broader shifts in the high-end apartment market following the Federal Budget announcements in May.

“We were already seeing strong enquiry from high-net-worth buyers, but that has only accelerated since the policy changes,” Bourke says.

“A lot of those buyers are looking to place more capital into premium lifestyle assets rather than investment-grade stock that has been targeted by the Federal Government.”

[smartcode_project:default project_id=150454 project_image_fid=366486]

Designed by Cottee Parker, Lumara adopts a slender, sculpted form with an emphasis on natural materials suited to its beachfront setting. The architectural approach draws on coastal influences, with a palette of stone, timber and concrete selected for durability and the ability to weather over time.

Apartments are limited to three and four-bedroom configurations, with a maximum of two residences per floor through the mid-levels and a selection of full-floor and dual-level homes in the upper levels. All apartments are oriented to the north to maximise natural light, cross-ventilation and views across the ocean, city skyline and hinterland.

A two-level amenity offering is positioned high within the building on levels 20 and 21, conceived as a sky wellness retreat. Facilities include a magnesium pool, spa, sauna and steam rooms, alongside more social spaces such as a private dining room, resident lounge, workspaces and outdoor barbecue areas integrated with landscaped greenery.

The uppermost levels are reserved for larger-format residences, including several full-floor homes and a dual-level penthouse with its own private wellness features and recreational spaces.

&nbsp;

To give buyers confidence, 5Point and Bourke commenced construction ahead of the apartments launching to the market, a sure-fire way to prove they mean business, and the building will be delivered. They are targeting a 2028 completion date.

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Locals, interstate holiday makers, drive early sales at Lumara, Broadbeach's newest luxury apartment tower

Often when it comes to purchasing property, the biggest barrier to entry is the deposit. Buyers of established homes typically aim for a 20 per cent deposit to avoid the added cost of Lenders Mortgage Insurance, while most property transactions require around a 10 per cent deposit when contracts are exchanged.

The off-the-plan market works differently, with buyers typically paying a deposit during construction and settling the balance upon completion. As completion approaches at <a href="https://www.apartments.com.au/new-apartments/fabbrica-fitzroy-369-gore-street-fitzroy-vic-3065">Fabbrica Fitzroy</a>, developer <a href="https://www.apartments.com.au/developers/pace-development-group">Pace</a> is making it easier for buyers to secure a residence through a deposit-matching incentive. Purchasers need only contribute a five per cent deposit*, with Pace matching the remaining five per cent.

The offer comes as Pace unveils a completed display apartment and townhouse, now available for inspection by appointment ahead of the project's Spring completion.

[smartcode_project:default project_id=139552 project_image_fid=371009]

Designed by <a href="https://www.apartments.com.au/architects/sjb-architects">SJB</a> with interiors by <a href="https://www.apartments.com.au/interior-designers/winwood-mckenzie-architecture">Winwood Mckenzie</a> and landscaping by <a href="https://www.apartments.com.au/landscape-architect/acre">Acre</a>, Fabbrica draws on Fitzroy’s industrial and manufacturing history, incorporating references to the former Argyle Shirt Factory and Life Savers Confectionery Company that once occupied the site.

The development comprises 85 residences, spanning low-maintenance apartments through to larger-format townhouses with private street access and double lock-up garages, a relatively uncommon offering in Fitzroy’s higher-density apartment market.

Pace says the project has been designed to appeal to buyers seeking inner-city convenience without sacrificing space, flexibility, or amenity.

[smartcode_project:default project_id=139552 project_image_fid=371016]

Inside the residences, Winwood Mckenzie has focused on adaptable layouts and integrated detailing, with features including custom joinery, and concealed storage solutions. The material palette leans into warm, tactile finishes intended to complement the building’s industrial architectural language.

Fabbrica’s rooftop amenity is a key part of the project offering. Spanning around 800 sqm, the communal rooftop includes a private dining room, communal kitchen, lounge spaces, work-from-home zones, and outdoor dining areas overlooking the Melbourne CBD skyline.

[smartcode_project:default project_id=139552 project_image_fid=371017]

Landscape architecture studio Acre has introduced a layered rooftop garden designed to soften the urban setting while creating a more communal environment for residents.

The Fitzroy location also positions residents within walking distance of Brunswick Street, Smith Street, parks, cafés, galleries, and public transport, while remaining only minutes from Melbourne’s CBD. The project has an enviable Walk Score of 96.

[smartcode_project:default project_id=139552 project_image_fid=371025]

Pace, which is also delivering the project as builder, has developed more than 100 projects across Melbourne over the past three decades. The vertically integrated approach has become increasingly common among developers seeking greater control over construction delivery amid broader market pressures affecting the apartment sector.

The strikingly contemporary Gore Street development is now around 70 per cent complete, with purchasers expected to move into their new homes in Spring 2026. A limited number of residences remain available under the current deposit match offer.

*Conditions apply in relation to the deposit match offer.

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Pace offers five per cent deposit match at Fabbrica Fitzroy ahead of Spring completion

Sydney developer Hyecorp's roots on the Lower North Shore stretch back three generations, and that deep understanding of the market continues to shape where and how it develops today.

From high-rise towers to boutique apartment projects, the family-run developer has built its reputation by focusing on a part of Sydney it knows intimately. Founded by Michael Abolakian in the early 1990s, Hyecorp is now led by his sons Stephen, Troy and Patrick.

Stephen Abolakian, joint managing director alongside Troy, has spent more than two decades in the business, overseeing development, planning, finance, marketing and sales.

Abolakian says the developer's disciplined focus on where it chooses to operate has been, and continues to be, one of Hyecorp's greatest strengths.

“We know the buyer profile exceptionally well,” Abolakian says.

“The demographics between places like Willoughby, Chatswood, St Leonards and Roseville are very similar. There are nuances between suburbs and projects, but culturally and from a buyer perspective, there’s a strong overlap.”

That buyer has historically been overwhelmingly owner-occupier driven.

Unlike many Sydney apartment developers that have traditionally relied heavily on investor demand, Hyecorp’s projects have typically attracted downsizers, upsizers, rightsizers and family owner-occupiers seeking long-term homes rather than short-term investments.

“Historically, investors have been a much smaller portion of our demand profile,” Abolakian says.

“We design for owner-occupiers. We don’t design for yield, we design for comfort, amenity, family living and long-term usability.”

That philosophy extends well beyond apartment layouts.

From landscaping and communal gardens to shared amenities and circulation spaces, Hyecorp’s developments are designed around how people actually live, something Abolakian believes has become increasingly important in Sydney’s apartment market.

“There was probably a period where having an approved project in market was enough,” he says.

“There wasn’t as much competition and if you built it, buyers would come. That’s no longer the case.”

“There’s more supply in the pipeline now, particularly with TOD precincts and low and mid-rise reforms opening up opportunities across Sydney. Buyers have more choice, so if you get the product wrong, they’ll simply go elsewhere.”

[smartcode_project:default project_id=110379 project_image_fid=311393]

The shift has forced developers to become more sophisticated in how they approach apartment design, particularly as owner-occupier expectations continue to rise.

For Hyecorp, that means thinking beyond who the buyer is today and designing for who they may become in five or 10 years' time.

“People buying now often aren’t moving in for several years,” Abolakian says.

“You might have a young couple buying today, but by the time they move in they may have children, older children, or changing lifestyle needs. You’ve got to think about how families evolve.”

That thinking also shapes Hyecorp’s approach to amenity, which positions wellness at the forefront.

[smartcode_project:default project_id=149594 project_image_fid=362634]

While resort-style facilities have become increasingly common marketing tools across Sydney apartment developments, Abolakian says the challenge is ensuring amenities are genuinely usable and appropriate for the scale of the project.

“If amenities are done right, they can materially improve the living experience,” he says, adding however that if you&nbsp;overdo it or get it wrong, you can end up with facilities nobody uses that simply create ongoing strata costs.”

That balance is something Hyecorp is aiming to strike with projects like Roseville Avenue, one of the group's upcoming Lower North Shore developments, which Abolakian describes as bringing a resort-style living experience into a metropolitan setting.

“It’s about creating something that feels special without being excessive,” he says.

“Good gardens, quality apartments, thoughtful amenity. Creating that resort feeling in a metro location.”

<img alt="Hyecorp" data-entity-type="file" data-entity-uuid="13c4c0f3-b1b7-44cf-9344-0b3d1d07797a" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-06-02%20at%2012.14.57%E2%80%AFPM.png?VersionId=9OLWjyj2bYkDV35F78WJnyMSPfc2bJ2z" />

The focus on owner-occupier product comes as Sydney’s apartment market continues to navigate a difficult development environment.&nbsp;For Hyecorp, maintaining an in-house operating model across construction, sales, marketing and development management has become increasingly important in navigating that environment.

“We’ve always believed in keeping a lot of the process in-house,” Abolakian says.

“It creates efficiencies, but it also creates quality control. You can make faster decisions and ensure the end product stays aligned with the original vision.”

Despite the challenges, Abolakian believes demand for quality owner-occupier apartments across Sydney remains strong beneath the surface, particularly across established Lower North Shore suburbs where downsizers continue to seek new housing options close to existing communities.

“There are definitely people waiting,” he says.

“Once some of the broader uncertainty settles, whether that’s the global environment or some of the local economic noise, I think the right projects will perform very strongly.”

Hyecorp currently has three residential developments on the market across Sydney’s Lower North Shore.&nbsp;Audrey, St Leonards, positioned opposite Newlands Park, is nearing completion and preparing to welcome its first residents, with the project now almost sold out.

Hyecorp has also recently launched&nbsp;<a href="https://www.apartments.com.au/new-apartments/celine-chatswood-37-archer-street-chatswood-nsw-2067">Celine Chatswood</a>, an architectural tower, while continuing to deliver&nbsp;<a href="https://www.apartments.com.au/new-apartments/juliet-roseville-64-pacific-highway-roseville-nsw-2069">Juliet Roseville</a>, a more boutique scale of development with just 34 apartments.

Jonathan Chancellor

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