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The former Kew home of the longest serving prime minister Sir Robert Menzies has been snapped up pre-auction having been listed with $4.5 million hopes. 
<a href="https://www.propertyobserver.com.au/https://www.jelliscraig.com.au/property-details-74-Charles-Street-Kew/376402">Talgai, the 1890s property on leafy Charles Street</a>, played home to the Menzies family in the early 1920's.  
Their time in the five bedroom, three bathroom property was brief however as by 1924 the family had moved into their newly built Grange Road, Culdares, a reference to the eponymous Scottish seat of the Menzies clan.  
Jellis Craig agents Campbell Ward and Richard Winneke secured the sale of Talgai which last sold in 1985 for $322,000 when bought by the Curtin family.  
The property, which was rented from the printer and engraver, Charles Shugg, was where Bob and Pattie's second son, Robert was born. 
Winneke has also sold other Melbourne houses lived in by Menzies – in nearby Howard Street and in Reid Street in Balwyn. 
After his 1966 retirement, Sir Robert and Dame Patti Menzies famously lived at Haverbrack Avenue, Malvern. Witty Menzies dubbed Haverbrack Avenue "have a look avenue" on taking up residence.
This article was first published in the Weekend Australian Mansion Australia property section.
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 Former Kew home of Sir Robert Menzies sold pre-auction

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Melbourne had the nation's cheapest result when a South Yarra flat fetched $260,800 at weekend auction.
The one bedroom <a href="https://www.realestate.com.au/property-apartment-vic-south+yarra-122585466" target="_blank">Punt Road offering</a> last traded at $32,500 in 1983.
Williams Batters had offered a $240,000 to $260,000 price guidance on the apartment that had been rented in 2013 at $280 a week.
 The median price for a unit in South Yarra is $573,185, according to CoreLogic RP Data.
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Melbourne's cheapest sale in South Yarra

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The nation's priciest weekend auction result was when an Elizabeth Bay harbourfront apartment - five doors along from the Boomerang trophy home offering - fetched $7 million.
It last sold in 1997 at $3.6 million off the plan through estate agent Martin Schiller. There were just the two bidders for the <a href="https://www.realestate.com.au/property-apartment-nsw-elizabeth+bay-122567054" target="_blank">240 sq m, three-bedroom apartment</a> which sold through McGrath agent Peter Starr at its reserve price. The strata levies sit at $48,000 annually given the full time concierge in the boutique block.
Melbourne's top weekend result was $5.11 million when a <a href="https://www.realestateview.com.au/real-estate/14-monomeath-avenue-canterbury-vic/property-details-buy-residential-10181423/" target="_blank">Monomeath Road, Canterbury home</a> was sold through Jellis Craig.
Bonbret, a five bedroom 1910 Edwardian home (below) sat on a 1,021 sqm garden lot which last sold in 2007 at $2.99 million.
<img src="https://www.urban.com.au/images/2016/05/30/Screen%20Shot%202016-05-30%20at%209.36.57%20AM.png" alt="" width="618" height="426">
There was a big Brighton sale too - but it was a record price paid for a bathing box on Dendy Beach.
The bidding for <a href="https://www.realestate.com.au/property-house-vic-brighton-122566182" target="_blank">bathing box 44</a> (below) kicked off at $275,000, which was just $20,000 short of the prior record set in February.
Two competing locals saw bathing box 44 sell at $307,000, having last sold four decades ago.
<img src="https://www.urban.com.au/images/2016/05/30/Screen%20Shot%202016-05-30%20at%209.39.25%20AM.png" alt="">
According to CoreLogic RP Data, as the property market moves towards its traditional winter hibernation, Melbourne was by far the busiest capital city auction market this week.
Some 1,157 auctions were held, up from 843 last week, but lower than one year ago when 1,248 went under the hammer.
The success rate for the city remained stead at 70 per cent, but well down on the 80 per cent last May.
Performance was somewhat varied with clearance rates ranging from as high as 78 per cent in the outer East across 77 auctions to as low as 65 per cent in the South East across 121 auctions.
Melbourne had the nation's cheapest result when a <a href="https://www.realestate.com.au/property-apartment-vic-south+yarra-122585466" target="_blank">South Yarra flat</a> (below) fetched $260,800. The one bedroom Punt Road offering last traded at $32,500 in 1983. Williams Batters had offered a $240,000 to $260,000 price guidance on the apartment that had been rented in 2013 at $280 a week.
<img src="https://www.urban.com.au/images/2016/05/30/Screen%20Shot%202016-05-30%20at%209.42.17%20AM.png" alt="">
Sydney was again the strongest capital city with a 75 percent clearance rate based on 773 auctions held across the city, with 615 results reported so far. In comparison, last year there was an 85 percent from the 1,149 auctions.
Sydney has maintained a relatively strong mid-70s clearance rate since mid-February this year.
Strong sub regions this week included the Eastern Suburbs at 91 percent across 116 auctions and North Sydney and Hornsby at 83 percent across 114 auctions.
Brisbane had 190 auctions this week, up from 131 last week, but lower than the 213 one year ago. Preliminary results show a clearance rate of 40.2 percent across the city, compared to 50.9 percent last week and 48.0 percent at the same time last year.
The preliminary clearance rate for Adelaide was 52.6 percent this week with 122 auctions held, down from 68.8 percent last week across 92 auctions. At the same time last year, there was less auction activity (92) and a higher success rate (67.4 percent).
There were 107 Canberra auctions this week, the busiest week since March with a 64 percent success rate, down from 67 percent last week and 68 percent one year ago. 
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$7 million Elizabeth Bay offering tops weekend sales

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<img src="https://counter.theconversation.edu.au/content/57114/count.gif" alt="The Conversation" width="1" height="1">
GUEST OBSERVER
The Property Council heralded the federal government’s proposal to introduce UK-style City Deals as part of a new Smart Cities Plan as:
"a real innovation in policy [that will] break down the barriers between federal, state and local government – and make all of them partners in economic growth."
Our evidence from the UK experience suggests there are pros and cons in both City Deals and Devolution Deals.
<h2>The pros and cons</h2>
These deals have emerged as the preferred methods of formulating public policy and resource allocation in UK decentralisation. This kind of explicitly “informal governance” is novel and innovative.
“Deal-making” is good at providing a channel for local authorities to talk to central government. It empowers local actors, encourages strategic thinking, promotes innovation and stimulates governance reform.
But the process is marked by problems. These include:
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capacity nationally and centrally limited by budget austerity;
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lack of transparency;
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highly uneven resource allocation;
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slippage from announcement to implementation; and
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limited evaluation of progress to date.
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As the process has matured with each new round of deal-making, common elements have emerged alongside more bespoke and particular dimensions. But participants are fatigued by the centrally orchestrated deal-making process and episodic timetable, are unclear about the criteria for assessing proposals and uncertain about where it is heading next – and to what ends.
Those negotiating the deals have experienced the paradox that central government is dominating this chapter of decentralisation.
<h2>What Australia might expect</h2>
Unpacking some of these issues may help us understand the rationale behind Australia’s interest in City Deals.
First, against a background of rising public debt, City Deals are said to represent an attempt by the federal government to introduce a new approach to investing in urban infrastructure. However, Australia’s net debt-to-GDP ratio (19 percent) remains a fraction of the UK’s, which is nearly 83 percent.
Clues as to what is expected of City Deals were evident in the press release launching the Smart Cities Plan. The government said the plan will:
"draw on the Commonwealth’s co-ordination capacity and the strength of its balance sheet at a time of historically low interest rates, to get the best infrastructure projects off the ground."
The government’s fiscal position can be used in various ways – either through direct borrowing or de-risking private investment. The City Deal approach’s logic suggests that, in return for “drawing upon” federal capacity, states and local government will be asked to agree mechanisms that ensure local areas prioritise infrastructure projects that deliver growth.
Despite the rhetoric surrounding innovative funding and financing, such concepts have proved difficult to implement in the UK. Instead, emasculated local authorities, facing continued budgetary pressures, have sought long-term (up to 30 years) grant funding from the national government.
For its part, the UK government has also found grants easier to manage than complex earn-back arrangements of the kind devised initially in the Greater Manchester City Deal.
Second, if City Deals are introduced in Australia, then individual agreements will be negotiated between three tiers of government. The experience of the newer City Deals in Scotland (Glasgow, Aberdeen and Inverness) and Wales (Cardiff) – involving UK government, devolved administrations and local authorities more akin to a federal-type situation – may be more instructive for Australian policymakers.
Like the UK, Australia’s national government is proposing to incentivise actions and accountabilities at the sub-national level.
The UK government has dangled the carrot of long-term grant funding to “encourage” local authorities to establish statutory governance partnerships across city regions.
City Deals in Australia may be part of a similar drive for local government reform. This reflects arguments that direct funding of local government by federal government creates efficiencies, and that new investment in local infrastructure requires effective cross-border local government collaboration.
Finally, statements that the City Deals have been instrumental in the “renaissance of Greater Manchester and Glasgow” should be treated with great caution. UK City Deals and Devolution Deals are still at an early stage. Monitoring and evaluation of their impact remains in its infancy.
Ultimately, City Deals may prove successful in Australia and the UK. But, at this initial stage, adopting the model without careful scrutiny and analysis feels more like taking a punt than backing a certainty.
Peter O'Brien is research associate, Centre for Urban and Regional Development Studies (CURDS), Newcastle University and can be contacted <a href="https://theconversation.com/profiles/peter-obrien-97345" target="_blank">here</a>.
Andy Pike is professor of Local and Regional Development, Newcastle University and can be contacted <a href="https://theconversation.com/profiles/andy-pike-130682" target="_blank">here</a>.
John Tomaney is professor of Urban and Regional Planning, UCL and can be contacted <a href="https://theconversation.com/profiles/john-tomaney-148821" target="_blank">here</a>.
All are authors for The Conversation.
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Deal or no deal: are UK-style City Deals a good bet for Australia?

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Bloomberg has reported on the waning interest Chinese buyers have in Australian property.
<div class="inline-media__unlinked-image"><a href="/images/2016/05/30/488x-1.png" target="_blank">Click to enlarge</a></div>
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It has noted in the first four months of the year, visits by potential buyers to realestate.com.au listings in New South Wales state from China declined 25 percent over the same period last year.
Views of properties in Victoria fell 8.9 percent, Bloomberg noted.
Listings in Western Australia saw the biggest drop of 35 percent, according to the portal, which is the nation’s biggest property website.
After many months where developers have failed to secure sellouts, Lendlease sold all 391 apartments of its third and final stage of its Darling Square apartments on Saturday.
The Sydney CBD sales secured around $460 million during a a four-hour period.
The apartments were priced between $630,000 and $3.5 million through CBRE. 
Many were "seasoned property buyers" who have some equity behind them.
The absence of foreign buyers was noticeable compared to the first and second stage sellouts in 2014 and 2015, the Australian Financial Review noted.
The first stage sellout in 2014 by Lend Lease secured the off the plan sellout of all 357 Sydney apartments, with revenue estimates as high as $650 million.
About 25 percent of apartments were sold to offshore ­buyers, the proximity to UTS encouraging purchasing by Chinese families.
Set on the doorstep of Darling Harbour, Haymarket, Chinatown and Ultimo, the initial Darling Square prices ranged from $700,000 for a 50-square-metre, one-bedroom ­apartment to $3.5 million for a 130-square-metre sky home.
This is not to say the Chinese buyers aren't there.
At weekend auction a Monomeath Avenue, Canterbury offering with pool on 1021square metres attracted five registered bidders, who pushed the price well over its reserve of $4.8 million to sell at $5.11 million.  
"There was a lot of Chinese interest, in fact all but the winning bidder were Chinese," selling agent Tom Ryan from Jellis Craig told The Australian Financial Review.
"It was almost as if they were a bit reluctant to buy it - the Chinese are still in the market but they don't seem to be as explosive," he said.
 
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Waning Chinese buying interest in Australian property browsing

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An article by the Fairfax Media Domain executive editor on Australia's richest man, the property developer Harry Triguboff has been taken down from the Sydney Morning Herald Domain website.
But not before several thousand shares after its brief Saturday posting.
The article about a hospital attendance was uploaded <a href="https://www.smh.com.au/execute_search?text=triguboff&amp;ss=smh.com.au%2Fexecute_search.html" target="_blank">at around 7am Saturday morning</a>.  
Only a cached version is accessible.
The now unpublished Domain article, which came with two seemingly surreptitious waiting room photos of the billioniare, was headlined:
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<h1>Australia’s richest person, Harry Triguboff is in public hospital waiting room</h1>
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<div><img src="https://static.domain.com.au/domainblog/uploads/2016/05/27211336/2_gp63to.jpg" alt="Australia's richest person, Harry Triguboff, at St Vincents on Friday morning." width="750" height="421"></div>
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<div>The removed article noted just days after being named the nation’s richest person that the property developer Harry Triguboff was "mixing with the hoi polloi at St Vincents (sic) Emergency. </div>
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<div>"Emerging from his Mercedes, with the aid of an aluminium stick, Triguboff, 83, who has built more apartments in Australia than anyone else, walked slowly through the doors."</div>
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<img src="https://static.domain.com.au/domainblog/uploads/2016/05/27211336/3_gp6a30.jpg" alt="Harry Triguboff has no plans to retire and will celebrate his top dog status on the Rich List with his many employees next week." width="353" height="465" style="font-size: 12.16px; line-height: 1.3em;">
“I’m just returning this boot, and I need to have some X-rays,” the article said he told the triage nurse in the Friday morning attendance.
He’d tripped over his little black four-month-old poodle, Susie, a week ago, and broken his toe.
“She was just playing,” he advised.
The SMH article author, Stephen Nicholls noted, "in the X-ray waiting room, I congratulated him on making it to the top of BRW’s list."
Triguboff topped the Fairfax Media's 2016 BRW Rich 200 list for the first time with $10.62 billion in wealth.
“Yes thank you, I’ve never been number one,” he said, again grinning broadly, the article noted.
“I’ve been number three a couple of times.”
What now for him, <a href="https://webcache.googleusercontent.com/search?q=cache:DakGh3FCYtcJ:www.domain.com.au/news/australias-richest-person-harry-triguboff-is-in-public-hospital-waiting-room-20160527-gp6238/+&amp;cd=4&amp;hl=en&amp;ct=clnk&amp;gl=au" target="_blank">Nicholls said he asked?</a>
"Any plans to retire? “Retire – what would I do?” he said, adding he’s “now got so much money, I don’t know what to do with it all”.
The Australian's Margin Call business gossip column had written of Harry's busted foot mid-last week illustrated with a <a href="https://nicholsoncartoons.com.au/2016-05-26-harry-triguboff-broke-his-foot-is-the-week-before-announcement-of-australias-richest-person-cartoon" target="_blank">Nicholson cartoon</a>.
*Jonathan Chancellor was the SMH property editor from 1986 to 2011, and has been a News Corp Australia property columnist since 2015.
 
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SMH Domain unpublishes article on Harry Triguboff's broken toe

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The pioneering former Oxford Street fashion retailer Robby Ingham and his wife Sarah have yet to sell their Tamarama home.
The five bedroom home has point blank ocean vista and views back to beach given its position above the iconic coastal walk.
The garden on the 440 sqm double block features a sheltered entertaining area, gym and 25 metre lap pool that spans the block.
<a href="https://www.goodyer.com.au/1P3163" target="_blank">The Gaerloch Ave property</a> was withdrawn from its scheduled May 21 auction through Pauline Goodyer of Goodyer Real Estate with an inaccurate subsequent Fairfax Media report that it had been sold.
"It offers a resort-inspired lifestyle," Goodyer said.
More than $12 million is being sort.
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Tamarama trophy home still for sale

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GUEST OBSERVER
Cash interest rates are at 1.75 percent - a historic low in Australia. This low rate means that it is an opportune time to invest in property and the number of investments acquirable is maximised.
However, interest rates are an issue of contention in popular media. There has been much speculation about why they are so low, the Reserve Bank of Australia’s decision to reduce them for this month, and whether interest rates are likely to go up or down next. 
A common question that we are asked is how will an increased interest rate affect my investment property? To understand this, it’s vital to understand what drives interest rates to rise and fall. In short, interest rates respond to a growth, or decline, in the economy. 
For example, a number of investors that I speak to are afraid of history repeating itself, and I’m often reminded of the late eighties, when interest rates were up at 17 per cent. 
This is a significantly higher rate than what we are seeing today, however the median house price grew 50 per cent when interest rates were at that level (between 1987-1989). 
This was a time of extreme inflation and economic growth for Australia, pushing up property prices, but also wages. 
Applying this to 2016, the RBA explains their choice to leave interest rates at historic lows using a few different points. 
It is suggested by the RBA that the global economy is growing at a slower pace than predicted, commodity prices have declined, financial markets remain volatile, and inflation is low. 
These conditions lead to the RBA to their decision, stating that monetary policy must remain accommodative, and low interest rates support demand. 
As demonstrated, the national and global economy has a direct effect on interest rates in Australia, but what happens to your investment if they go up? Investors are often concerned that an increase in interest rates will mean that they will no longer be able to afford to hold their investment property. 
Fortunately, this is not true. As mentioned, interest rates typically move in response to a growth in the economy. This leads to an increase of property values, wages, and rental income. 
Further to this, higher interest rates lead to more advantageous tax benefits becoming available. If the value of your investment property grows significantly, substantial equity is created, in turn increasing your borrowing capacity and number of properties acquirable. 
It is difficult to predict what will happen next, however a fear of increasing interest rates should not deter you from investing in a property. If you’ve been thinking about investing for some time, today’s low interest rates are likely to maximise your success. 
Michael Beresford is director, OpenCorp and can be contacted <a href="https://www.opencorp.com.au" target="_blank">here</a>.
  
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Ambiguous interest rates and their effect on your investments

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<img src="https://counter.theconversation.edu.au/content/57114/count.gif" alt="The Conversation" width="1" height="1">
GUEST OBSERVER
The conflict between urbanites and wildlife recently developed a new battleground: the small coastal New South Wales town of Batemans Bay, where the exceptional flowering of spotted gums has attracted a huge influx of grey-headed flying-foxes from across Australia’s southeast.
In response to intense and highly publicised community concern, federal Environment Minister Greg Hunt has announced he will seek an immediate National Interest Exemption to facilitate dispersal of these bats – a move that risks undermining legal protections afforded to this and other threatened species.
Similar conflicts are occurring elsewhere in NSW, such as the Hunter region, where some unscrupulous members of the public lit a fire in a flying-fox roost at Cessnock.
With the ongoing expansion of the human urban footprint, animals are increasingly confronted with urban environments. Human encroachment into natural habitats generally negatively affects biodiversity. However, urban landscapes can present wildlife with an irresistible lure of reliable food supplies and other resources. While urban wildlife can provide a range of benefits to health and wellbeing, it can also be cause for frustration and conflict.
Urban human-wildlife conflict is a growing area of management concern and scientific research. But the research suggests that the current strategies for addressing NSW’s conflicts between humans and flying-foxes might not have the intended results.
<h2>Ruling the urban roost</h2>
Australian flying-foxes are becoming more urbanised, and the noise, smell and droppings from their roosts can have huge impacts on local residents.
A fundamental problem underlying current approaches to urban roosts is a lack of understanding of the extraordinary mobility of flying-foxes. They are some of the most mobile animals in Australia, with movements that range from foraging trips of up to 120 km in a single night to long-distance nomadism covering thousands of kilometres in a single year.
While roosts can remain active for decades, they are more like backpacker hostels than stable households, housing a constantly changing clientele that comes to visit local attractions. Roosts are connected into large networks through which flying-foxes move in response to changes in local food resources.
This explains the sudden influx in places such as Batemans Bay where preferred food suddenly becomes abundant. But it also highlights the importance of a national approach to flying-fox management and conservation.
Intense local flowerings of Eucalypts, such as spotted gums, produce copious amounts of nectar and pollen, which attract large numbers of flying-foxes and other species for several weeks. When a relatively small local flying-fox population that is tolerated by its human neighbours suddenly increases tenfold, it can place severe pressure on the local community.
Despite their transient nature, these influxes are often wrongly interpreted as population explosions, leading to calls for culling. In comparison, more humane tactics – such as using loud noise or vegetation removal to disperse the flying-foxes – can seem like a more balanced response. But does dispersal actually work?
<h2>Shifting the problem elsewhere</h2>
There is now ample evidence to show that dispersals are extremely costly and can exacerbate the very human-wildlife conflict that they aim to resolve.
Most dispersals result in the flying-foxes returning the original roost as soon as the dispersal program ends, because naïve new individuals continue to arrive from elsewhere. Overcoming this can take months or years of repeated daily dispersal.
Other dispersals result in flying-foxes establishing new roosts a few hundred metres away, typically within the same urban environment in locations that we cannot control. This risks shifting the problem to previously unaffected members of a community and to other communities nearby. 
While flying-foxes are often portrayed as noisy pests, they serve our economic interest by providing irreplaceable pollination and seed-dispersal services for free. What’s more, those same bats that annoy people during the day work tirelessly at night to maintain the health of our fragmented forests and natural ecosystems.
So it is in our national interest to manage conflict at urban roosts, by using approaches that balance community concerns with environmental consideration.
To be considered “successful”, a dispersal should permanently reduce conflict to a level that is acceptable to the community without causing significant harm to the animals. However, dispersals are currently implemented at the local council level with little or no monitoring of the impacts in or outside the immediately affected area. This makes it hard to assess whether they have been successful.
For example, it is not uncommon for flowering to cease and flying-fox numbers to decline naturally during the period of active dispersal. This gives the community a false sense that a permanent solution has been achieved, when in fact the issues will recur the next time the trees blossom. There is thus an urgent need for urban roosts to be managed with properly defined and applied criteria for success.
<h2>Evidence-based management</h2>
Unfortunately, lack of research effort directed at “ugly” and “less popular” Australian animals means that very few evidence-based management tools are available to deal with contentious roosts.
Research targeting a few key areas would greatly help efforts to improve urban roost management. For instance, we do not know how flying-foxes choose their roost sites, which leaves us unable to design “carrot solutions” by creating more attractive roost sites elsewhere.
Intensive tree-flowering events are relatively infrequent and hard to predict. This means that it is difficult to prepare communities for a sudden influx of flying-foxes.
Furthermore, the acceptability of various flying-fox management options differs between sections of the community, so it is difficult to find optimal solutions. Social scientists are currently trying to help identify priority areas that promote long-term viability of flying-foxes while also easing conflict with humans.
Local, state and federal governments continue to allocate considerable funds for dispersal responses, even though such actions are high-risk activities for local communities and are unlikely to provide long-term solutions. We argue strongly that targeted research is needed to better inform land managers and affected communities of flying-fox ecology and provide them with low-cost, low-risk, evidence-based tools for dealing with urban roosts.
Flying-foxes don’t care about legislative borders, and state-based responsibility for wildlife management leads to discontinuity in approaches between jurisdictions. While flying-foxes are being monitored at the national scale, this initiative needs to be combined with a uniform federal approach for managing flying-foxes in our human landscapes. Otherwise, conflicts such as those faced by the residents of Batemans Bay will continue unabated.
Justin Welbergen is senior lecturer in Animal Ecology, Western Sydney University and can be contacted <a href="https://theconversation.com/profiles/justin-welbergen-19618" target="_blank">here</a>.
Peggy Eby is adjunct senior lecturer, Centre for Ecosystem Science, UNSW Australia and can be contacted <a href="https://theconversation.com/profiles/peggy-eby-269776" target="_blank">here</a>.
Both are authors for The Conversation.
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Not in my backyard? How to live alongside flying-foxes in urban Australia

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<img src="https://counter.theconversation.edu.au/content/57114/count.gif" alt="The Conversation" width="1" height="1">
GUEST OBSERVER
The Real Estate Institute of Australia (REIA) has unleashed the hounds on Labor’s proposed reforms to negative gearing.
The REIA’s campaign, Negative Gearing Affects Everyone, follows the lead of the Property Council, which describes the Australian housing market as a “house of cards”, with the REIA stressing how “fragile” the Australian economy is. You might be tempted to dismiss this as propaganda from people who exaggerate for a living, but evidence is mounting of instability close to the REIA’s home: the off-the-plan apartment sector.
An array of forces are converging to give the multi-unit house of cards a shove. Over the past couple of years apartment development has boomed. The Australian Bureau of Statistics shows building approvals for new flats, units and apartments reached a huge peak last year. It has stepped down in the most recent quarter, but is still very high.
<a href="/images/2016/05/27/image-20160525-25213-knw2ks.png" target="_blank">Click to enlarge</a>
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<h4>ABS, 8731.0 Building approvals, Table 6</h4>
You can see this development in the skylines of our cities, especially in Sydney, Melbourne, Brisbane and Canberra – and in the RLB Crane Index. RLB counts a total of almost 650 cranes engaged in construction in our capital cities, and says more than 80% of these are on residential projects.
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<h4>RLB Crane Index, 8th Edition</h4>
This coming supply is reflected in CoreLogic’s projections for new units hitting the market. It estimates that sales for more than 92,000 new units will be settled in the next 12 months, only slightly less than last year’s total number of sales of new and established units. The year after, a further 139,000 new units sales are due to be settled, substantially more than total sales (new and established) last year.
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<h4>Source: CoreLogic</h4>
<h2>Dampeners on demand</h2>
But for all this supply, it appears there may be much less demand than anticipated, particularly from the foreign investors who did so much to stoke the boom. Evidence for this includes:
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Over the last six months the Chinese government has tightened controls over currency exchange by its citizens. This has restricted their capacity to buy – and repay loans to buy – property in Australia and elsewhere. This in turn has led to…
</li>
<li>
Credit restrictions by Australian banks. Last month each of the Big Four banks restricted how much they’ll lend to foreign buyers (lower loan-to-valuation ratios), with Westpac withdrawing altogether. This month, Macquarie has pulled its horns in.
</li>
<li>
The Victorian government has doubled the stamp duty payable by foreigners – it’s now 7 percent of the property purchase price. The NSW government is reported to be considering doing something similar; it is also introducing checks for residency and Foreign Investment Review Board approvals as a condition for conveyance of property titles, and the FIRB is now charging $5,000 for applications.
</li>
</ul>
Foreign demand for new dwellings (as gauged by the NAB’s Quarterly Australian Residential Property Survey) was already down over the first quarter of the year, before the credit restrictions cut in. Now the media are reporting that Chinese demand for apartments has “fallen off dramatically”: Meriton says the number of Chinese buyers of its apartments halved in the last month.
As those cranes in the sky indicate, there’s a lot of people out there – foreign and local – who’ve paid deposits and entered into contracts to pay boom-era prices on completion of their units. When they go to the bank to borrow the balance, they may find that, between lower loan-to-valuation ratios and lower valuations, they are caught short. Some might make up the difference by selling another property, but many of those settlements projected by CoreLogic may not settle at all.
The result: deposits forfeited, unsold units dumped on the market – accelerating the bust – and possibly, at least for buyers who are actually in the jurisdiction, the threat of being sued by developers for the loss of the contracted higher price.
<h2>So what might policymakers do?</h2>
Faced with such a calamity, why won’t our politicians do something to shore up demand for all these newly constructed rental properties? Oh wait….
This is precisely what Labor’s proposed negative-gearing reform promises do, by allowing rental losses to be set against non-rental income only where the property is newly built. Under Treasurer Bowen, Australia’s dedicated army of negative gearers would be given new direction and purpose, switching from the established dwelling market into the new-built market deserted by foreign buyers. Furthermore, because no-one after the first purchaser can call a dwelling new (and hence get the same preferential treatment on their gearing), they may be inclined to hang on to their properties even as demand looks weak.
We should still expect such a reform to reduce total investor demand for housing, and hence reduce house prices overall. These are both good things. But it may also help cushion what might otherwise be a drastic and painful collapse in the new-build sector.
Both the REIA and the Coalition government talk about Australia’s “transitioning” economy. They should consider negative-gearing reform as a measure for transitioning out of our presently fragile, property-bubble-led economy.
Chris Martin is research fellow, Housing Policy and Practice, UNSW Australia and author for The Conversation. He can be contacted <a href="https://theconversation.com/profiles/chris-martin-203935" target="_blank">here</a>.
</body></html>

Might Labor’s negative-gearing policy yet save the housing market?

The Victorian Government has secured the passage of the Building Legislation and Treasury Legislation (Tax Relief) Amendment Bill 2026, introducing a suite of reforms aimed at improving consumer protection and confidence in the apartment market.

Resilience Insurance, Australia’s leading Latent Defects Insurance (LDI) provider, has welcomed the move.

The LDI elements of the Bill passed with bipartisan support and now moves to the Legislative Council where debate and passage are expected later this month. It represents a significant milestone in the national shift toward stronger, longer-term protection for apartment buyers.&nbsp;

The reform would deliver practical benefits across the housing system. Apartment owners will have stronger protection if major defects emerge, developers and builders will have a clearer quality framework to work within, and the State will reduce the risk of serious building failures becoming a long-term financial and social burden for households, communities and government.&nbsp;

LDI helps support apartment delivery while providing stronger protection for buyers and encouraging better construction outcomes.&nbsp;

Resilience LDI provides apartment owners with 10 years of insurance-backed cover for major structural defects from completion, with direct claim access to the insurer. This means owners are not required to first pursue developers or builders through costly legal action before accessing protection.&nbsp;

Resilience Insurance has been operating in Australia since 2022 and has already insured hundreds of development projects covering many thousands of apartments across Australia.&nbsp;

At approximately 1.8 per cent of build cost, it is a cost-competitive alternative to the traditional two per cent Strata Bond, bond while delivering significantly broader and longer protection.&nbsp;

“The Victorian Lower House vote shows that reforms like this succeed when they are practical, evidence-based and supported by industry," says Corey Nugent, CEO of Resilience Insurance.

"Victoria is moving quickly on a reform that will make a real difference for apartment buyers, while supporting better building outcomes and greater confidence in apartment delivery.

“This is step one. We look forward to the Bill completing its passage through the Legislative Council and to working with government and industry to implement the framework effectively.”&nbsp;

Fast Facts: What is Resilience LDI?&nbsp;

<ul>
	<li>Resilience Latent Defects Insurance (LDI): Covers major structural defects for 10 years from completion.&nbsp;</li>
	<li>Consumer-first: Direct claim access, no need for lengthy legal action.&nbsp;</li>
	<li>Cost advantage: At approximately 1.8% of build cost, LDI is typically priced below the traditional 2% Strata Bond while offering broader protection.&nbsp;</li>
	<li>Market leader: Resilience Insurance is the first approved LDI provider in NSW.</li>
</ul>

The Building Legislation and Treasury Legislation (Tax Relief) Amendment Bill 2026 has passed the Victorian Lower House, putting Victoria on track to become the first state to legislate an industry workable LDI framework as a formal alternative to the Strata Building bond. 

Joel Robinson

10-year Latent Defects Insurance for new apartment buyers set to land in Victoria

Just a few months after acquiring a prime Broadbeach site on the corner of First Avenue and Surf Parade, family-run developer <a href="https://www.apartments.com.au/developers/raptis">Raptis</a> has filed fresh plans for a new apartment development.

Raptis is seeking to deliver a <a href="https://www.apartments.com.au/new-apartments/17-19-first-avenue-broadbeach-qld-4217">29-storey tower with 73 apartments</a> on the 818 sqm site. It will be the developer's seventh project in the suburb, as they are approaching completion of The Sterling on George Avenue.

There will be a pool, barbecue and outdoor dining area, residents lounge and dining, sauna and steam room, gym, and a Yoga and Pilates studio.

<img alt="Raptis" data-entity-type="file" data-entity-uuid="b554da3f-7344-49aa-b1c9-44cf459af0d7" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-06-05%20at%2010.41.45%E2%80%AFAM.png?VersionId=zzjWu1iO1wnuYv4EV4fyOyf5nSXjGYut" />

Raptis Joint Managing Director, Evan Raptis, says they remain&nbsp;committed to developing quality infill sites across the Gold Coast in the lead-up to the 2032 Brisbane Olympics.

"This project continues our long track record of delivery in Broadbeach, and we look forward to bringing another premium development to this thriving precinct."

The announcement follows strong delivery momentum for Raptis, with The Sterling Broadbeach nearing completion and construction well underway on the final stage of the Waterpoint community adjacent to Harbour Town. The developer's continued investment in the Gold Coast reflects confidence in the region's apartment market fundamentals, underpinned by sustained Southeast Queensland population growth.&nbsp;

The outlook for the region is further bolstered by infrastructure investment tied to the Brisbane 2032 Olympic Games, which is expected to drive continued economic and population growth across the SEQ corridor.&nbsp;

Subject to a favourable response from Gold Coast City Council, construction on the new First Avenue tower is targeted to commence before the end of 2026.&nbsp;

Read more:&nbsp;<a href="https://www.apartments.com.au/news/qld/it-s-all-in-the-family-four-decades-later-raptis-continues-to-shape-the-gold-coast-skyline">It’s all in the family: Four decades later, Raptis continues to shape the Gold Coast skyline</a>

Read more: <a href="https://www.apartments.com.au/news/qld/raptis-secures-prime-surf-parade-site-for-next-broadbeach-apartment-development">Raptis secures prime Surf Parade site for next Broadbeach apartment development</a> 
&nbsp;

Gold Coast developer brings seventh Broadbeach project to market, targeting construction commencement before year end

First look: Raptis lodges plans for new 29-storey Broadbeach tower 

Brisbane development veteran Kevin Seymour's Seymour Group is set to deepen its presence on one of Brisbane's most tightly held riverfront addresses, lodging revised plans for a luxury apartment development on Oxlade, just a few doors down from The Oxlade, which it completed in 2024.

The <a href="https://www.apartments.com.au/new-apartments/70-72-oxlade-drive-new-farm-qld-4005">new project at 70-72 Oxlade Drive</a>, directly north of The Oxlade, will have 27 apartments across a seven-storey building&nbsp;overlooking the Brisbane River and Merthyr Park. It's a revision from a 2021-approved design.

Designed by bureau^proberts, the project has evolved from the previously approved 26-apartment scheme, introducing an additional penthouse level while maintaining a low-density, boutique character. The development will comprise 26 three-bedroom apartments and a single four-bedroom penthouse, supported by two basement levels with 86 car spaces and 34 bicycle spaces.

The architectural response is centred around two distinct building forms separated by a landscaped open-air atrium.&nbsp;"This dual composition captures and embraces Brisbane’s subtropical environment whilst breaking down built form and scale," the submission to the Brisbane City Council noted.

<img alt="First look: Seymour Group returns to Oxlade Drive with revised riverfront apartment plans in New Farm" data-entity-type="file" data-entity-uuid="c12d84d0-bc11-4067-b46f-5bd2d786a34d" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/new%20farm%20landscape.png?VersionId=YEPc2k5CAdh6aAPlu4uVpgZadh4MEfRd" />

A defining feature of the design is a deep landscaped void running through the centre of the building, creating what bureau^proberts describes as a "natural ravine" that enhances airflow, daylight penetration and resident amenity. The design report notes that the separation of the two building volumes is intended to maximise natural light, cross-ventilation and outlook while strengthening connections to the surrounding riverfront setting.

Curved balcony edges, integrated planting and extensive landscaping throughout the façade reinforce the subtropical design approach. The building's façade is softened by elevated gardens and planter beds, creating a green edge that complements the established landscape character of Oxlade Drive and neighbouring Merthyr Park.

New Farm has become one of Brisbane's most sought-after suburbs for developers delivering premium downsizer-focused apartments.

GRAYA has been particularly active in the precinct, completing both Chalk and York in recent years, while construction of Moray House, being delivered for Spyre, is now nearing completion. Architect-turned-developer Joe Adsett recently launched <a href="https://www.apartments.com.au/new-apartments/arcilla-new-farm-by-joe-adsett-28-maxwell-street-new-farm-qld-4005">Arcilla on Maxwell Street</a>, an exclusive collection of just nine apartments.

First look: Seymour Group returns to New Farm's Oxlade Drive with riverfront apartment plans

A new residential tower will be the first piece of a broader mixed-use precinct set to reshape a prominent Newcastle West site, with local developer <a href="https://www.apartments.com.au/developers/gwh">GWH</a> bringing its <a href="https://www.apartments.com.au/new-apartments/cambridge-quarter-newcastle-west-12-denison-street-newcastle-west-nsw-2302">Cambridge Quarter</a> vision to market.

The first release, Tempo, will introduce 87 apartments across a 24-storey tower, marking Stage 1 of the residential component of a larger urban regeneration project planned for the western end of Newcastle's city centre, encompassing the former Cambridge Hotel site.

Positioned on Denison Street, Tempo has been designed as the inaugural building within Cambridge Quarter, a precinct that will ultimately combine apartments, retail activation and revitalised public spaces including the revamping of the Cambridge Hotel.

[smartcode_project:default project_id=135876 project_image_fid=368853]

The tower will comprise a mix of one, two and three-bedroom apartments, including layouts with multipurpose rooms, catering to a broad cross-section of owner-occupiers. Apartment sizes range from around 60 sqm to 192 sqm, with a number of residences oriented to capture views across Newcastle Harbour, the city skyline and coastline.

GWH has emphasised liveability in the design, with open-plan layouts extending to generous balconies and terraces. Residents will have a choice of two interior palettes, while specifications include engineered stone benchtops, SMEG appliances, full-height bathroom tiling and secure building access. Premium upgrade packages will also be available.

Multiple rooftop resident retreats will provide communal outdoor space overlooking the harbour and city, offering an elevated amenity layer above the activity of the precinct below.

[smartcode_project:default project_id=135876 project_image_fid=368851]

The broader Cambridge Quarter vision extends beyond the residential tower itself. Ground-level retail activation and landscaped public areas are planned throughout the precinct, creating a walkable neighbourhood environment connected to the surrounding renewal of Newcastle West. The Cambridge Hotel is also earmarked for future redevelopment into a family-friendly hospitality venue integrated with the new precinct.

The project is strategically positioned within walking distance of Newcastle Interchange, providing access to light rail, regional rail services and direct connections to Sydney. Residents will also be close to Honeysuckle, Newcastle Harbour and the city's beaches and coastal walkways.

[smartcode_project:default project_id=135876 project_image_fid=368852]

For GWH, Cambridge Quarter represents one of its most significant Newcastle developments to date. The locally based developer, which has operated in the Hunter region since 1995, describes the project as a new chapter in the ongoing transformation of Newcastle West.

GWH Executive Director Jonathan Craig said the project had been shaped by a focus on creating lasting community connections.

"We take pride in creating places that last. Spaces where people feel connected, comfortable and a genuine sense of belonging," Craig said.

"Cambridge Quarter is something we are truly proud of, a place shaped by local knowledge, built with care and designed to be part of Newcastle's next chapter."

[smartcode_project_cta:default project_id=135876]

GWH unveils first release at landmark Cambridge Quarter precinct in Newcastle West

<a href="https://www.apartments.com.au/developers/ss-projects">S&amp;S Projects</a>,&nbsp;Rainbow Bay's busiest developer,&nbsp;has officially lodged plans for the largest development in its booming local portfolio, seeking approval for a further 88 apartments on Boundary Street.

The proposal&nbsp;at <a href="https://www.apartments.com.au/new-apartments/209-213-boundary-street-coolangatta-qld-4225">209–213 Boundary Street, Coolangatta</a>,&nbsp;marks the next chapter in the developer's transformation of the southern Gold Coast beachside precinct. It will be its fifth in the area, having already delivered Flow, Awaken and Esprit, while construction continues on the 38-apartment Radia. The new project would rise 57 metres above a consolidated 1,518 sqm site, on the same street as Radia and Esprit.

&nbsp;

Designed by <a href="https://www.apartments.com.au/architects/cottee-parker-architects">Cottee Parker</a>, the proposed development comprises 88 two and three-bedroom apartments across a contemporary podium-and-tower form that integrates extensive landscaping from street level through to the rooftop.

The tower would be delivered above a basement and multi-level podium accommodating resident and visitor parking, with the residential component commencing from level three. The design incorporates cascading planting throughout the façade, landscaped podium edges, and deep planting zones along the Boundary Street frontage.

<img alt="First look: S&amp;S Projects lodges plans for 88-apartment wellness tower at Coolangatta's Boundary Street" data-entity-type="file" data-entity-uuid="677e6615-b5c0-4b6c-b4f9-efb14fcde1a6" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/ss%20da%20pers.png?VersionId=YOnPKQm7IFXv0M5H326djEpxk80500Hi" />

A key feature of the development is its expansive rooftop wellness and recreation precinct. Plans reveal a resort-style pool deck, gymnasium, sauna, steam room, hot and cold plunge pools, rooftop terraces, barbecue areas and landscaped relaxation spaces positioned to capture views across the southern Gold Coast coastline.

The rooftop wellness focus builds on the vision S&amp;S Projects first outlined when it acquired the site for $20.25 million last year.

"We are taking every advantage to create a truly unique rooftop wellness experience with a natural feel for residents, offering stone features throughout and an underlying theme that emulates a botanical garden," S&amp;S Projects founder and director Paul Gedoun said at the time.

The proposal seeks a 57-metre building height, representing a 50 per cent uplift on the site's mapped 38-metre height limit. Planning documents argue the additional height is consistent with recently approved and emerging towers in the immediate Boundary Street and Rainbow Bay precinct.

Urbis, acting as planning consultant, said the development would provide "88 dwellings, comprising a mix of two and three-bedroom apartments, contributing to housing choice and supply within an established medium to high-rise coastal urban neighbourhood."

The scheme has undergone extensive pre-lodgement consultation with the City of Gold Coast, with the design refined following feedback relating to architectural expression, landscaping, traffic access and podium treatment.

<img alt="S&amp;S" data-entity-type="file" data-entity-uuid="0a2d70fd-62ac-4b83-97c6-b798fc1243dd" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-06-05%20at%209.16.31%E2%80%AFAM.png?VersionId=yHmghUwKM3IVGpBktQU1mE.0Lpf3WimG" />

The architectural team is led by Brisbane-based Cottee Parker, one of Australia's most active residential design studios, with landscape architecture by Dunn + Moran. The consultant team also includes ADG Engineers, Windtech and Acoustic Works.

S&amp;S Projects has become one of the most influential private developers operating on the southern Gold Coast. Since entering Rainbow Bay in 2022, the company has assembled a portfolio exceeding $1 billion in end value, establishing itself as a key player in the area's evolution into a premium apartment destination. Pezet Matheson will again handle the sales for S&amp;S.

Coolangatta is entering another wave of apartment development, following the delivery of several prominent residential projects in recent years.

John Kearney's Immerse Projects will launch&nbsp;<a href="https://www.apartments.com.au/new-apartments/kaiya-kirra-beach-5-haig-street-coolangatta-qld-4225">Kaiya on Haig Street</a>&nbsp;soon, meanwhile, Palm Beach-based Sherpa Property Group is preparing to bring its debut Coolangatta development, <a href="https://www.apartments.com.au/new-apartments/flourish-viver-87-griffith-street-coolangatta-qld-4225">Flourish Viveré</a>, to market later this year, subject to approvals.

Jonathan Chancellor

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