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GUEST OBSERVER
The Westpac–Melbourne Institute Consumer Sentiment Index rose by 7.8% in August from 92.2 in July to 99.5 in August. 
This is a very surprising result. Movements of the Index of this magnitude are unusual and generally associated with highly significant events such as interest rate moves or Commonwealth Budgets. There is no comparable event they may have triggered this response although the solution may lie with international issues and housing.
Last month we conjectured that the main reason behind the 3.3% fall in the Index related to concerns around global issues associated with Greece and the Chinese equity market. That fall had followed a fall in June of 7.1% (also influenced by concerns around Europe in particular) from the big increase in May (8.0% jump) which was most likely associated with the Reserve Bank’s rate cut in early May and a positive response to the Commonwealth Budget.
It seems that with the tensions in Greece and the Chinese equity market no longer dominating the media consumers are feeling more relaxed. However, the Index remains below 100 and is therefore the 16th reading out of the last 18 where the Index has been below 100 indicating that pessimists have consistently outnumbered optimists.
Ongoing positive news around house prices may also have buoyed confidence. Certainly there was a much larger lift in the confidence levels of those respondents who wholly own a property (up 6.2%) or who hold a mortgage (up 11.0%) than those who are out of the housing market (up 4.3%).
 
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However confidence is not being boosted by the expectation of more interest rate relief. In our special question around the outlook for mortgage rates 55% of respondents expect mortgage rates to rise over the next 12 months; 35% expect rates to be steady; and 5% expect further rate cuts (5% with no opinion)
Over that 18 month period there have been two months (following the RBA’s rate cuts in February and May) when Confidence has rallied but this has not proved to be sustained.
I expect that this current “rally” will equally prove to be unsustainable particularly given a resurgence of concerns around China and the evidence last week that the unemployment rate lifted to 6.3%.
The rise in the overall Index was associated with a modest improvement in respondents’ confidence around the labour market. The Westpac Melbourne Institute Index of Unemployment Expectations fell by 2.1% following a 1.3% fall in July (a lower level indicates that respondents are more confident with the labour market outlook). However the Index is still above the level in May and 6% above the level in October 2011 immediately before the Reserve Bank began its easing cycle.
Not surprisingly, all components of the Index increased. Possibly reflecting the house price theme we saw a huge lift in “family finances compared to a year ago” of 15.5% while “family finances over the next 12 months” rose by 3.9%.
Prospects for the economy, possibly influenced by a more settled global outlook, also lifted. “Economic conditions over the next 12 months” rose by 13.4% and “economic conditions over the next five years” was up by 5.8%. However note that these two components are still down on a year ago: –8.7% and –2.1% respectively.
“Whether now is a good time to buy a major household item” rose by 3.7% but is also still down 1.6% on last year.
Sentiment towards housing improved. “Whether now is a good time to purchase a dwelling” increased by 8.2%. But that really only represents a recovery from the precipitous fall last month of 15.4%. The level in August is still 8.5% below the level in June and still represents the second lowest print for this Index since November 2010 – the aftermath of the Reserve Bank’s rate hike cycle. There was only one state, New South Wales, where the Index fell further (– 3.3%) from the July level. The Index for New South Wales is now 22% below its level two months ago. This sentiment is probably being driven by concerns around both affordability and prospects for prices.
Respondents were less confident about the outlook for house prices. The Westpac–Melbourne Institute Index of House Price Expectations fell by 5.6% (to 137.7) from its level in July (145.8) and is now down by 10.3% over the year. 
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BILL EVANS is chief economist of <a href="https://www.westpac.com.au/" target="_blank">Westpac</a>.
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jchancellor-FAypfDUnLy

August consumer sentiment index rise surprising: Bill Evans

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The 117-square-metre high tech billboard sign on a wall in the heart of Melbourne's CBD sold at Burgess Rawson auction last week for $3.05 million.
Set on a wall on the corner of Flinders Street and Swanston Street above Melbourne's busiest pedestrian crossing, the digital billboard, worth $1 million, is currently rented out by an advertising company until 2039 for $375,000 a year.
The rent is set to increase ever year by CPI and every fifth year to match the market.
A rare Melbourne signage property at 7/238 Flinders Street is leased to Digital Outdoor Media (VIC) Pty Ltd, a leading Australian marketing company.
It comes with view and access agreement with adjoining property.
Burgess Rawson agent Graeme Watson was advising pre-auction of its high yield anticipation circa 10%.
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$3.05 million billboard sale at Flinders and Swanston

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Property investors have enjoyed a remarkable period of generational lows for interest rates, Melbourne buyers advocate Richard Wakelin says.
"One that will not remain indefinitely," he told The Australian Financial Review.
He suggests the recent move to raise rates was delivered with plenty of guidance from regulators that investor growth must slow to avoid trouble later on.
"Yet some participants' sense of entitlement is so ingrained that even a small and well-explained tweak up in rates causes apoplexy.
"I'm not uncomfortable that rates are now higher for investors than for home buyers. 
"Traditionally, it was always the case that investors paid more than home owners because, all things being equal, an investor is the higher risk. 
"If you're in financial trouble you'll make more of an effort to hang on to the family home than your investment property."
Richard Wakelin says one of the biggest risks in a property market sitting atop strong sustained capital growth "was a loss of discernment."
"Good judgment is put to one side and every property looks like a winner.
"A rising tide lifts all boats, and all that. It is a time when we see the brazen spruikers and con artists emerge, pushing up prices for junk assets.
"It only takes a mild softening in the wider market for the value of these peripheral properties to collapse, causing financial havoc for many families."
RICHARD WAKELIN is the director and founder of <a href="https://wakelin.com.au/" target="_blank">Wakelin Property Advisory</a>.
Richard is hosting a webinar on how to prepare to sell your home or investment property this spring at 8pm Wednesday, August 12. You can sign up <a href="https://wakelin.com.au/webinar" target="_blank">here</a>.
 
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Investor growth must slow to avoid trouble later on: Richard Wakelin

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GUEST OBSERVATION
The current parliamentary inquiry into home ownership is in the midst of public hearings, questioning, among other things, the decline in home ownership among younger Australians.
This, however, is not a recent issue. For a long time young people have found it difficult to purchase their first home. Home ownership rates for households aged 25-34 began to decline close to 40 years ago; declines for those aged 35-44 followed a decade later.
Declines have been most dramatic among low to moderate income households; only younger households in the top quintile of the household income distribution have been (relatively) protected.
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Declines have been most dramatic among low to moderate income households; only younger households in the top quintile of the household income distribution have been (relatively) protected.
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<h2>A 40-year problem</h2>
These declines date back to social, demographic and economic changes that began up to 40 years ago. Social change in the 1970s saw the number of both single adult and dual income households increase. This resulted in increasing disparities in household incomes. The increasing numbers of high income households increased housing demand and triggered pressures on the housing market that began to squeeze out lower income households.
These pressures have been maintained by ongoing household income inequality, which has been <a href="https://theconversation.com/senate-report-shows-why-australia-needs-to-talk-about-inequality-36121">increasing in Australia since the mid-1980s</a>, compounded by growing earnings inequality and the impacts of uneven economic growth.
The squeeze on lower income households was intensified during the 1980s by high inflation and high nominal interest rates that limited borrowing capacity and created significant deposit gaps for those already facing income constraints.
From the 1990s, younger households were additionally constrained by the burden of education debt and deterred from home ownership by the implementation of compulsory superannuation which slowed down earnings growth.
As inflation and nominal interest rates fell throughout the 1990s, financial liberalisation contributed to an increase in the availability and reduction in the cost of housing finance. This, along with associated changes in lending criteria, disproportionately benefited high income households, most of whom were already established home owners.
The willingness of established households to invest in both owner-occupied housing and investor housing was fuelled by changes in our tax system that made housing an extremely attractive investment. Tax benefits for owner-occupiers increased in 1985 when owner-occupied housing was exempted from the newly introduced capital gains tax. For housing investors (whether negatively or positively geared), benefits arose from the asymmetric treatment of income and expense. These tax benefits increased in 1999 for debt financed investors prepared to speculate on rising real house prices.
Demand pressures from established households in the past two decades (readily seen in <a href="https://www.propertyobserver.com.au/https://www.abs.gov.au/ausstats/abs@.nsf/mf/5609.0">housing finance data</a>) have reinforced ongoing pressures on urban land markets from population growth.
Declines in agriculture and manufacturing and the rise of the services sector have led to an increasingly urbanised population with jobs being concentrated in the centres of our capital cities. Increased demand has contributed to an increase in, and a steepening of, land price gradients in these cities. This is partly a result of the innate shortage of centrally located land in areas where job concentration is greatest, partly in response to state government strategic policies encouraging infill development, and partly in response to the inadequate investment in, and cost of, transport infrastructure.
In other words, increasing land values in urban locations are an inevitable outcome of the combined impact of:
<ul>
<li>the pressure of income and population growth;</li>
<li>structural change which results in increasing urbanisation and concentration of (knowledge-based) employment in its central locations</li>
<li>a failure to invest in rapid-transit transport infrastructure that facilitates cost-effective access to employment and essential services.</li>
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Quick fix solutions to the housing affordability problems that have led to declining home ownership rates often look to land release and urban planning policies. These might ease supply shortages driven by a growing population, but they are less likely to work when price growth is coming from increasing demand for bigger and better located dwellings. This demand is driven both by economic growth and by increasing inequality.
Higher housing prices arising from demand and supply pressures have had a number of effects. They have increased the wealth of established home owners and provided a platform for further increases in demand for housing, reflected in upgrading of existing homes, and in demand for second homes and investment dwellings. In so doing, they have excluded a growing proportion of younger households, and particularly low to moderate income households, from home-ownership. Some of this group can’t afford to buy, others would rather rent in a higher cost location closer to job opportunities than live on the outskirts of our metropolitan regions where housing may be more affordable.
<h2>The underlying issues</h2>
Short term cyclical factors are not enough to explain declining rates of home ownership amongst younger households. Underlying structural factors and changing institutional arrangements have been critical.
These include:
<ul>
<li>our system of housing finance that makes it relatively easier for better-off households to accumulate housing assets through debt finance;</li>
<li>our income taxation system that provides these households with an incentive to treat property as a means of accumulating wealth ahead of its more essential role as providing shelter; and</li>
<li>our system of property rights that ensures those who do own land are able to act as rent-seekers by expropriating for their own the increase in land values not of their own making.</li>
</ul>
These institutional arrangements reinforce existing housing and wealth inequalities.
If the decline in home ownership among younger households is not reversed, then ultimately Australia’s aggregate home ownership rate will fall. Whether this matters is an entirely different question. But it does suggest it’s time policy makers recognise the underlying structural drivers of current housing outcomes and consider which households will benefit from new policies that support property ownership.
Judith Yates is honorary associate professor at the University of Sydney and author for The Conversation. She can be contacted <a href="https://theconversation.com/profiles/judith-yates-148000" target="_blank">here</a>.
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What’s really keeping young and first home buyers out of the housing market? Judith Yates

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An Emerald Hill bluestone terrace built in 1859 has been listed for sale.
It was once owned by William Thistlethwaite, a former mayor of South Melbourne.
Just two bedrooms at <a href="https://www.realestate.com.au/property-house-vic-south+melbourne-120084013">7 Cecil Place, South Melbourne</a> plus sitting room and living room, and kitchen to the courtyard.
The property is listed at $950,000 through Marshall White’s Adrian Wood after failing to sell at recent auction.
It last sold at $160,000 in 1989.
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Emerald Hill bluestone terrace offering

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Compass Housing Services, a community-housing group currently managing 3,500 properties housing 5,700 tenants in NSW, as well as another 850 properties in Queensland, stated in its submission to the House of Representatives Standing Committee on Economics Inquiry into Home Ownership in Australia, that home ownership will soon only be available for those in the top tax bracket. 
"In the case of Sydney, where already stretched prices have increased by 33% in the last three years alone and the median house prices is fast approaching the million dollar mark, it would be fair to say we are already there. 
"The percentage of Australians aged 25-34 who own their homes (either outright or with a mortgage) has dropped by 17% over the last 25 years. The 35-44 year age bracket has also seen a big fall with just 62% now counting themselves as home owners compared with more than 75% in the early 1980s."
Another change has been the amount of debt households are taking on in order to buy a property. 
"Between 1987 and 2013, Australia’s household debt per person has increased from under $20,000 per person to almost $80,000 per person with more than three quarters of that debt tied up in the domestic property market, an increase of 50% since 1990. 
"A lack of affordability for first home buyers can place additional strain on the rental market which in turn can increase demand on social housing or homelessness services. 
"To plug the affordability gap between social housing and the private rental market, most states offer alternative, less intensive forms of housing assistance. In most states, low-income households struggling to pull together the bond for a rental property can access interest free loans from the state government. 
"It is estimated around 20% of all households in Queensland’s rental market rely one of these loans in order to secure their tenancy."
Tax Policy Impact
"The Australian Council of Social Service has reported more than half of geared investors are in the top 10% of the income scale and 30% earn more than half a million dollars a year. 
"Similarly, the Australia Institute has reported that 55% of the benefits from capital gains tax (CGT) discounts and negative gearing flow to the top 10% of income earners while households in the lower half of the income range receive only about 20 per cent of negative gearing benefits and less than 8% of capital gains benefits.
"If this data is correct, it would seem that while advantageous to certain sections of the community, the current tax treatments have played a major role in concentrating home ownership in the hands of fewer Australians."
Compass Housing Services believes that the lack of affordability is partially a consequence of "well- intentioned tax concessions" and the current tax policies favour investors over first home buyers.
"Data from the Australian Bureau of Statistics indicates less than 10 per cent of home loans to investors are used to construct new housing with the overwhelming majority simply used to purchase established dwellings. 
"Compass urges that a due and proper independent assessment of the current tax system that enables access to benefits to more younger Australians, while boosting supply of new dwellings should be conducted and the government respond accordingly. 
"Compass recommends the reintroduction of a revamped National Rental Affordability Scheme with more stringent controls on eligibility to ensure the benefits flow to those for whom they’re intended. 
"Compass recommends the committee consider legislative options to encourage greater superannuation industry investment in new residential property or affordable housing schemes. 
Compass Housing Services named three key benefits of greater outsourcing of social housing provision.
Additional human services and tenant development opportunities 
"Would allow community housing providers like Compass to help the movement of some social housing tenants into the private rental sector and home ownership, thereby releasing old social housing stock for redevelopment or sale with monies raised reinvested in the provision of greater numbers of new and more appropriate dwellings."
Stock transfer 
"Secondly, following UK experience, we know that significant stock transfer creates the opportunity for organisations to become major agents in housing supply. As capacity and confidence develops, a wider range of human and support services emerge to support tenants. 
"Additionally, favourable borrowing conditions for social housing, not-for-profit organisations encourage entry into direct building of social housing as well as the supply of local infrastructure including schools and medical facilities." 
Innovative funding arrangements for community-housing providers 
"Finally, community-housing providers are able to enter innovative funding arrangements with private sector partners, often through the creation of special purpose vehicles (SPVs). 
"SPVs can bring important capital sources to the social housing market and involve major home building agents within a framework in which the community provider manages tenancies and provides human services and tenant support systems."
 
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Home ownership may be limited to the top tax bracket: Compass Housing Services

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Jane Clarke, the widow of the late Macquarie Bank co-founder David Clarke, is set to depart her apartment in the Arts and Crafts Darling Point mansion, Babworth House, almost two years after its listing. 
It came with overly ambitious $20 million expectations, finally selling to developer Denis Ellerker at around $11.5 million.
It had been <a href="https://www.domain.com.au/for-sale/2-1-mount-adelaide-street-darling-point-nsw-2027-2011826067" target="_blank">relisted earlier this year with $12.5 million hopes</a>.
After it was bought by the Clarke's in 2003 for $8 million, architect Michael Suttor and designer Michael Love collaborated. 
Seems thankfully there's no sales commission to be paid by the executors with the deal done direct.
Ofcourse the art collection that lined the walls of the former 1915 home for retailer Sir Samuel Hordern were sold recently at top prices.
This article was first published in The Saturday Daily Telegraph.
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Babworth, Darling Point trophy apartment sale

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Angela Fleming, the widow of the late grocery tycoon Jim Fleming, hasn't stayed long on the Point Piper harbourfront.

She bought mining executive Ian Stolyar's Point Piper apartment (photographed on sale) for $12.3 million in late 2013, but quietly sold it recently.

She secured $13.5 million from motorcycle dealer Robert Cassen through LJ Hooker Bill Malouf.

Angela Fleming had beaten off the Maloney hotelier family to secure the Point Piper apartment. 

Since her husband's death, Angela has sold Donnington Grange, with its so-called classic neo-Georgian pedigree atop Bellevue Hill, for $19 milion in 2014.

Anakela, their Palm Beach beachfront, near Sand Point, sold to the Uncle Tobys founder Doug Shears in 2007 at a record $15 million. 

Hawaii is her much loved preference these days having often holidayed there with Jim.

Nicknamed "The Grocer", Jim Fleming married Angela Yang in 1994. His first marriage had ended in 1982 to the model Lois Wherrett who after marrying in 1955 had three sons, Lee, Dean and Paul. 

Lois Wherrett was in a lesser known, but none-the-less, quintessential 1954 Max Dupain photograph with Hugin sewing machine in a Sydney street.

The Fleming family matriarch, Lois Fleming has recently listed her Ken Woolley-designed Darling Point The Point Villas apartment which was bought new in 2002 for $5,375,000 from developers Bill Shipton and Mark Bouris. It has been listed for August 27 auction through Raine &amp; Horne's Max Spartalis and Aaron Fleming, the grandson.

Easily more than $8 million is expected. 

The article was first published by the Saturday Daily Telegraph.

 

Related Projects:

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Angela Fleming sells Point Piper prestige apartment

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Balwyn North is the only suburb outside Sydney with an $1 million plus apartment median price in the six months to June 30.
Sydney now has 16 of the nation's 17 suburbs where apartments have a $1 million median - up from nine last year, according to Australian Property Monitors.
Sydney's top-priced apartment suburb is Point Piper with a $1,615,000 median, just ahead of Milsons Point on $1.6 million.  
 
$1,615,000 -Point Piper
$1,600,000 - Milsons Point
$1,525,000 - Darling Point
$1,350,000 - Millers Point
$1,265,000 - Cremorne Point
$1,252,500 - Double Bay
$1,230,000 - Cabarita
$1,230,000 - The Rocks
$1,180,000 - Rozelle
$1,164,000 - Edgecliff
$1,100,000 - Kirribilli
$1,075,000 - Clovelly
$1,070,000 - Ramsgate Beach
$1,060,000 - Caringbah South
$1,015,000 - Huntleys Cove
$1,010,000 - Manly
$1,000,000 - Balwyn North (VIC)
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Balwyn North the only suburb outside Sydney with $1 million apartment median price 

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No sooner had the fashion designer Collette Dinnigan sold her Paddington trophy home than another Dinnigan has bought in the trendy suburb.
It is her brother, creative director Seamus who has spent $1.08 million. It was listed through <a href="https://www.domain.com.au/sold/5-mary-place-paddington-nsw-2021-2011803863" target="_blank">BresicWhitney agent Catherine Dixon</a> with $900,000 plus hopes. Just 70 square metres space throughout the rare freestanding terrace.
Collette's sandstone Paddington Street house fetched $6.5 million when sold recently to Francis and Barbara Kennedy following her $6.25 million purchase at Watsons Bay with husband Brad Cocks.
This article first appeared in The Sunday Telegraph.
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Paddo still has a Dinnigan

The Gold Coast economy has grown by 25 per cent since 2020/21 to surpass $55 billion, but perhaps the more significant story is what sits behind the headline number.

For decades, the Gold Coast has been viewed through the lens of tourism, lifestyle and population growth. The latest State of the City Report suggests that perception is increasingly out of step with reality.

Released by Invest Gold Coast, the report ranks the Gold Coast as Australia's largest non-capital city economy and, perhaps more notably, second nationally behind Sydney for Economic Complexity, a measure that assesses the diversity and sophistication of an economy.

It's a result that places the Gold Coast ahead of Melbourne, Brisbane, Perth and Adelaide, highlighting the extent to which the city's economic base has broadened beyond its traditional industries.

Today, the Gold Coast supports more than 350,000 jobs, is home to over 83,000 businesses and generates $19 billion in annual exports. Manufacturing now accounts for 62 per cent of international export growth, while sectors including health, education, advanced manufacturing, technology and professional services are becoming increasingly important contributors to the local economy.

[smartcode_project:default project_id=150017 project_image_fid=372547]

Gold Coast Mayor Tom Tate said the report confirmed the city's evolution into one of Australia's most significant economies.

"The Gold Coast economy continues to grow at an incredible pace. This is no surprise to those of us who have watched the evolution up close," Mayor Tate said.

"As one of the most entrepreneurial, investment driven and opportunity focused economies in the country our ambition has been realised and possibilities are endless.

"The Gold Coast has built a reputation as the city that says yes. We say yes to investment, yes to opportunity and yes to people who want to build something.

"It's this mindset helping us drive major growth across health, advanced manufacturing, screen production, marine, technology and the knowledge economy."

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While population growth has been one of the defining stories of the past decade, the report points to a broader economic transformation taking place.

The city's knowledge economy now contributes $7.9 billion annually and supports around 31,000 jobs, while the health and wellbeing sector contributes $5.2 billion and employs more than 42,000 people. Together, the six priority sectors identified in the report account for almost $24 billion in economic output and more than 145,000 jobs.

One of the strongest examples is the Gold Coast Health and Knowledge Precinct at Southport. The 200-hectare precinct now contains more than $5 billion worth of health, education, research and innovation infrastructure and supports over 16,000 jobs.

The report also highlights the growing role of advanced manufacturing, particularly in aerospace, defence and modular construction.

Gold Coast-based Gilmour Space Technologies recently became the first Australian commercial company to attempt an orbital launch, while companies including Modscape and ModnPods are helping establish the Yatala-Stapylton corridor as one of Australia's fastest-growing advanced manufacturing hubs.

The city's entrepreneurial culture is also translating into business growth.

Since 2019/20, the number of businesses operating on the Gold Coast has increased by 22 per cent, while firms employing more than 200 people have grown by 80 per cent. The report suggests the next challenge is converting more local start-ups and medium-sized businesses into nationally significant companies.

Development activity remains another key indicator of confidence.

There are currently more than $23 billion worth of major projects underway across the Gold Coast, supported by a record 75 active cranes, a figure that now exceeds Brisbane and represents a 150 per cent increase since 2016.

[smartcode_project:default project_id=112024 project_image_fid=343235]

Importantly, the report notes the next phase of investment will need to extend beyond residential development.

While 93 per cent of crane activity is currently tied to housing, Invest Gold Coast argues future investment will increasingly need to focus on cultural, civic, infrastructure and industry-enabling projects that strengthen the city's long-term economic resilience.

Invest Gold Coast Chair Will Hodgman said the city was now benefiting from years of economic diversification.

"What is happening on the Gold Coast is the result of the city's economic base broadening, fuelled by industries with long-term, high-growth potential," Mr Hodgman said.

"This is no longer a secondary Australian economy, the Gold Coast is becoming a globally connected city with deeper capability across health, knowledge and creative industries, advanced manufacturing, technology and exports."

[smartcode_project:default project_id=108274 project_image_fid=365786]

Looking ahead, the Gold Coast's population is projected to exceed one million residents by 2046.

For a city that was once largely defined by tourism and lifestyle, the latest figures suggest the Gold Coast is becoming something more significant, one of Australia's most diverse and economically sophisticated urban economies, and increasingly one that national and international investors can no longer afford to overlook.

Joel Robinson

75 cranes, $23 billion pipeline and a $55 billion economy: Inside the Gold Coast economic boom

Ron Bakir's Homecorp has sold more than 75 per cent of the apartments in its wellness-driven Florence Residences in Surfers Paradise following its first weekend release.

The <a href="https://www.apartments.com.au/new-apartments/florence-residences-24-monte-carlo-avenue-surfers-paradise-qld-4217">26-storey project on Monte Carlo Avenue</a>, which commenced construction earlier this year, has seen a flurry of buyers secure their slice of the Gold Coast's latest wellbeing-focused offering in one of the nation's most competitive property markets.

Since the pandemic, the Gold Coast's population has grown by more than 11 per cent, a rate approximately four times faster than Sydney's, driven largely by lifestyle changes and interstate migration. While buyer activity has moderated in some markets nationally, demand for newly built dwellings on the Gold Coast continues to gain momentum as purchasers increasingly prioritise lifestyle, amenity, wellbeing, liveability and long-term investment potential.

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Homecorp CEO Ron Bakir says buyers today are looking for more than just a home.

"What we are seeing is a shift in how people define value in property," Bakir says.

"What attracts residents to new developments is a desire for more than just a residence. They are looking for a place that complements their lifestyle, supports their wellbeing and reflects the way they want to live into the future.

"Lifestyle, longevity, proactive health, wellbeing, connection and a sense of community are increasingly shaping purchasing decisions, particularly on the Gold Coast, where these factors continue to be a major drawcard."

[smartcode_project:default project_id=150414 project_image_fid=372744]

Bakir says Homecorp is responding to this shift through an approach that places greater emphasis on design, amenity and experience working together to create places that feel considered, connected and enduring in value.

Inspired by Eastern European design, Florence Residences will comprise 120 apartments alongside a private residents-only wellness club featuring a resort-style rooftop pool, hot and cold plunge pools, a spa retreat, contemporary gymnasium, and a spacious yoga and Pilates studio.

The development will also feature a residents-only lounge with private dining facilities and a rooftop bar, premium outdoor entertaining areas, a hotel-style lobby lounge, generous bike parking, and pet-friendly amenities including a heated dog wash.

[smartcode_project:default project_id=150414 project_image_fid=372742]

A limited number of apartments remain available, with an exclusive collection of four-bedroom sub-penthouses set to be released in the coming months.

Florence is one of the latest additions to Homecorp's expanding multi-billion-dollar property portfolio, which also includes plans for a <a href="https://www.apartments.com.au/news/qld/homecorp-lodges-plans-for-260-million-moroccan-bathhouse-inspired-tower-in-budds-beach">$260 million development in Budds Beach</a> tailored to the growing wellness market.

A development application has been lodged for a 27-storey, 156-residence tower at 8–10 Acacia Avenue and 25–27 Oak Avenue, featuring a residents-only Moroccan spa-inspired sanctuary.

Apartments at Florence Residences are priced from $1,249,000, with construction expected to be completed by late 2027.

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Buyers rush to Homecorp's Florence Residences as Gold Coast wellness trend gains momentum

The NSW Government has expanded its $1 billion Pre-sale Finance Guarantee program, broadening access for affordable housing providers and smaller residential developments as it seeks to accelerate housing delivery across the state.

The Minns Government says the program has already helped bring forward more than 600 homes across Sydney and regional NSW since launching in September 2025, with similar models now adopted in South Australia and Western Australia.

The latest changes, announced by Treasurer Daniel Mookhey and Minister for Planning and Public Spaces Paul Scully, are designed to improve access to finance for projects that have planning approval but are struggling to secure funding.

Among the key changes is an expansion of support for community housing providers. The program will now support up to 100 per cent affordable housing projects valued at up to $30 million when delivered by not-for-profit providers, while support for larger affordable housing developments will increase for projects worth up to $80 million.

The government says the changes will help accelerate the delivery of housing for low-income workers, older people, people living with disability, and those at risk of homelessness, while reducing reliance on direct grants or subsidised loans to bridge funding gaps.

The eligibility criteria for smaller residential developments have also been broadened. The previous $5 million minimum project value threshold has been removed and replaced with a requirement that projects deliver at least four homes.

Support has also increased for projects delivering fewer than 20 homes, with the guarantee now able to cover up to 75 per cent of dwellings in a development, capped at $30 million per project.

The changes are expected to particularly benefit smaller-scale and regional developments, which often face greater challenges meeting pre-sale requirements imposed by lenders.

Treasurer Daniel Mookhey said the scheme demonstrates how government can use its balance sheet to stimulate housing supply without relying solely on taxpayer-funded grants.

"The Pre-sale Finance Guarantee shows how this Government is using its balance sheet to reduce risk and unlock private investment, enabling new homes to move from design to construction faster," Mookhey said.

"This landmark reform allows us to deliver homes for working families at a lower cost to taxpayers, while also maintaining strong financial discipline."

Planning Minister Paul Scully said the program had already proven effective in bringing stalled projects to market.

"The Pre-sale Finance Guarantee has already proven it can unlock stalled projects and accelerate housing delivery by giving lenders the confidence they need to back good developments," Scully said.

"These changes will allow more affordable housing and smaller developments to access support so more homes can be built faster where communities need them most."

Housing Minister Rose Jackson said the expansion would help community housing providers overcome financing barriers that often delay projects.

"We know community housing providers are ready to build more homes, too often they're held back by barriers to finance," Jackson said.

"Expanding the Pre-sale Finance Guarantee helps remove those barriers so more affordable homes can get off the ground sooner."

The announcement was welcomed by the Property Council of Australia, which has long advocated for measures aimed at improving project feasibility and access to finance.

Property Council NSW Executive Director Katie Stevenson described the expansion as a practical intervention that addresses one of the most immediate constraints on housing delivery.

"This is exactly the kind of practical intervention we need right now, focused on getting projects out of the ground, not just approved," Stevenson said.

"It builds on a model the Property Council has worked closely with government to develop following calls for such a scheme ahead of last year's NSW Budget, so it's great to see it being expanded."

Stevenson said the reforms would help unlock projects that are ready to proceed but have been delayed by financing challenges. However, she noted that broader feasibility issues remain a significant barrier to increasing housing supply.

"The biggest challenge in NSW housing today is delivery. Too many projects have planning approval but are simply not financially viable to proceed under current settings," she said.

Speaking at the Property Council's NSW Housing Summit, Housing Minister Rose Jackson acknowledged that feasibility and financing pressures continue to constrain housing delivery, while reaffirming the government's commitment to work with industry on solutions.

Stevenson said the government's recognition of those challenges was encouraging ahead of next week's state budget.

"It's positive to see the government clearly recognising that feasibility pressures are now a binding constraint on supply," she said.

"With the Budget just days away, the focus must be on backing delivery, making sure projects stack up, finance can flow, and more homes can move from approval to construction."

The expanded Pre-sale Finance Guarantee forms part of the NSW Government's broader housing agenda, which also includes planning reforms, the NSW Housing Pattern Book, and a series of rezonings intended to increase housing capacity across the state.

NSW expands Pre-sale Finance Guarantee to unlock more affordable and regional housing

Design-led developer-builder Lowe Living has unveiled its latest residential development, Jardin House, marking its first foray into Melbourne's blue-chip City of Boroondara.

Located a short walk from Camberwell Junction, <a href="https://www.apartments.com.au/new-apartments/jardin-house-by-lowe-living-camberwell-335-camberwell-road-camberwell-vic-3124">Jardin House</a> has been designed to appeal to affluent local downsizers and established families seeking a low-maintenance alternative to the large homes that have long defined Camberwell and surrounding suburbs.

The project will comprise a collection of two and three-bedroom apartments ranging from 92 sqm to 280 sqm, alongside a limited number of penthouse residences featuring rooftop terraces spanning more than 100 sqm, with optional private pools.

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Lowe Living Co-Founder and Managing Director Tim Lowe said Camberwell represented a natural next step for the developer as it expands into some of Melbourne's most tightly held residential markets.

"Jardin House is an important project for our team as it marks the next evolution of our portfolio into different well-established blue-chip pockets of Melbourne," Lowe said.

"Camberwell, with its incredible walkability, family-led neighbourhood feel and superb access to education and transport, makes it a natural choice for us."

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Designed by Tristan Wong Architects, with interiors by Hecker Guthrie and landscaping by Acre, the development takes inspiration from the Art Deco architecture that remains a defining feature of many of Camberwell's established streets.

A curved facade, arched openings, textured brickwork and sculpted forms reference the suburb's architectural heritage, while extensive landscaping softens the building's presence and creates a strong connection to the surrounding tree-lined streetscape.

The project will be set behind a secure gated entrance, with residents arriving through landscaped gardens designed to create a transition between the public realm and private residences.

Inside, the residences feature natural stone and timber finishes, full-height glazing, Miele appliances and generous open-plan living areas designed for long-term owner occupation.

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While the apartments themselves have been designed to attract discerning owner-occupiers, it is the amenity offering that sets Jardin House apart from many other boutique projects currently launching across Melbourne.

The centrepiece is a 350 sqm private bathhouse curated in partnership with Aurora Spa &amp; Bathhouse founder Lyndall Mitchell.

The wellness precinct includes mineral pools, hydrotherapy experiences, a Himalayan salt room, sauna, steam room, cold plunge pools and dedicated relaxation spaces, creating what Lowe Living describes as a private wellness retreat exclusively for residents.

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The collaboration follows Lowe Living's recent partnership with Aurora at Maison Savoy in Brighton, although Jardin House is the first project to incorporate both indoor and outdoor wellness experiences.

Emma Lowe, Co-Founder and Managing Director of Lowe Living, said wellness was becoming an increasingly important consideration for apartment buyers.

"Collaborating with Lyndall Mitchell from Aurora Spa &amp; Bathhouse for a second time is an intentional nod to creating residences that are more than just homes, but a way to enrich the lives of our residents through wellness and longevity," Lowe said.

The amenity offering is complemented by a Technogym fitness studio, residents' lounge, private dining spaces and concierge services.

The launch comes as developers increasingly target Melbourne's established eastern suburbs, where rising land values, ageing housing stock and growing downsizer demand are creating opportunities for boutique apartment projects.

Lowe said the company expects significant generational wealth transfer across suburbs such as Camberwell in coming years, creating further demand for luxury apartment living.

"Camberwell is a blue-chip suburb where homes regularly transact for multiple millions of dollars," he said.

"The generational change of wealth in these locations expected in the coming years is significant, so we see an opportunity to create exclusive residences that appeal to older families and downsizers in order to meet this demand."

Apartments at Jardin house start from $1,195,000. The project forms part of Lowe Living's near-$1 billion portfolio of new developments across Melbourne.

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Lowe Living launches Jardin House in Camberwell

As <a href="https://www.apartments.com.au/developments/north-sydney-nsw-2060">North Sydney</a> continues its transition from a commercial centre into a more layered residential and lifestyle precinct, a new generation of apartment developments is reshaping expectations around scale, amenity, and long-term liveability.

Improved transport connections through the Victoria Cross Metro, continued investment in dining and public spaces, and a constrained supply of new luxury apartments have sharpened demand for homes that combine proximity to the CBD with the privacy and outlook traditionally associated with harbourside houses.

At 177 Walker Street, <a href="https://www.apartments.com.au/developers/aland">ALAND</a>’s new apartment development <a href="https://www.apartments.com.au/new-apartments/the-walden-north-sydney-177-walker-street-north-sydney-nsw-2060">The Walden</a> enters the market with a distinctly residential approach to high-rise living. The 30-level tower will deliver 161 residences, ranging from one-bedroom apartments through to sub-penthouses and a full-floor penthouse, all oriented to capture uninterrupted views across Sydney Harbour, the Opera House, and out toward the Pacific Ocean.

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Designed by <a href="https://www.apartments.com.au/architects/rothelowman">Rothelowman</a>, the project takes advantage of the site’s natural topography and elevated position above the harbour. Rather than relying on density alone, the architecture focuses on outlook, orientation, and spatial flow, with every apartment occupying a corner position to maximise natural light and cross ventilation.

Rothelowman says the site itself shaped much of the architectural response.

“The site has a long history in terms of its inevitable transformation and when we came in, we took inspiration from the idea of reestablishing a sense of the site’s natural terrain and fall. Our scheme aims to integrate with the terrain and the landscape, using the undulating site to slowly reveal glimpses and views of the harbour. The rotation of the tower off grid means every apartment has a view and is naturally cross ventilated. The building's colour palette is quintessentially Sydney, with bronze and sandstone and a luminescent green colour in the glass, making it very earthy and grounded in its location.”

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Inside the residences, the emphasis moves toward larger-format living typically associated with standalone homes. Kitchens sit at the centre of the apartments, connecting directly to open-plan dining and living areas before extending outward into expansive winter gardens and balconies. Calacatta marble, bespoke joinery, integrated appliances, and custom metal detailing are used throughout, while three distinct interior palettes, Terrace, Opera, and Harbour, allow buyers to personalise the spaces without compromising the architectural consistency of the project.

The larger residences place particular attention on separation between entertaining and private zones. In many apartments, master suites occupy the outer corners of the floorplates, allowing bedrooms to benefit from floor-to-ceiling glazing and harbour outlooks independent of the living spaces. Dressing rooms and ensuites continue the material palette through fluted detailing, freestanding baths, and layered stone finishes.

Rothelowman says the design intent centred on creating homes that feel enduring rather than transient.

“Our philosophy is all about the way people live in these spaces, and we wanted to create homes that reflect the quality of life in this unique Sydney location. The apartments showcase expansive living spaces that are generous, sophisticated, and bold, with the ability to connect with views throughout each apartment.”

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A separate four-storey amenity building known as The Pavilion expands the residential offering beyond the apartments themselves. Positioned alongside the tower, the building consolidates wellness, recreation, and social spaces into a dedicated resident retreat. Facilities include a 20-metre rooftop pool and sundeck, sauna, spa, ice bath, wellness studio, gymnasium, concierge service, wine cellar, residents’ lounge, private dining spaces, and dedicated co-working areas with meeting rooms and boardroom facilities.

The amenity mix reflects the buyer profile emerging in North Sydney, where owner-occupiers and downsizers are increasingly prioritising convenience, apartment scale, and long-term usability over purely investment-driven decisions.

The Walden also represents a significant milestone for ALAND, marking the company’s first major move into Sydney’s inner-city luxury apartment market after more than two decades delivering large-scale residential communities across Greater Sydney. Founder Andrew Hrsto says the Walker Street site stood apart because of both its positioning and its rarity.

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“As a company, we had been searching for a site in one of Sydney’s blue-chip locations, spanning the Eastern Suburbs, the Sydney CBD and the North Shore, and when we had the opportunity to purchase this site, we immediately recognised that it could be something iconic.”

At launch, The Walden recorded more than $103 million in sales, with buyers drawn to the project’s harbour positioning, apartment scale, and proximity to the Metro, which now connects North Sydney to Barangaroo in three minutes and Martin Place in five.

ALAND has commenced construction, and is expecting a completion date in 2028.

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Jonathan Chancellor

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