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Record low interest rates have shown up in new statistics from the Australian Taxation Office, in a sizable drop in negative gearing tax claims by property investors.
Claim for rental properties fell from around $13.8 billion to $12 billion between the 2011-12 and 2012-13 financial years.
The latest statistics for 2012-13 show that 1.26 million people deducted losses made on investments (including mortgage interest) from their overall income, from the 12.7 million lodged individual tax returns.
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The overall cost of negatively-geared rental properties has fallen by $2.4 billion, or 31 per cent, in 2012-13, due to record low interest rates and higher rents.
The Tax Office's latest statistics shows 1.9 million landlords.
The value of rent returned was up 8.6 per cent to $36 billion but the value of interest claimed was down 6.7 per cent to $22 billion.
While the number of landlords with negatively-geared properties increased by almost 60,000, their tax deductions fell 13 per cent.
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​The highest number of property investors claiming tax deductions had a taxable income - after tax deductions - of between $37,000 to $80,000 a year.
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jchancellor-FAypfDUnLy

Low interest rates cuts negative gearing ATO investor claims in 2012-13

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A May RBA rate cut is becoming less the preferred forecast.
"There is still room for a quarter possibly a half percent, but I don't think they will move next week," the founder of Aussie Home Loans, John Symond, says.
He told Ross Greenwood's 2GB Money News last night, after his recent overseas trip, that there was "no great confidence anywhere".
Greenwood suggests the Australian dollar heading back to 80 cents was a sign of the slight shift in the rate cut probability. 
In February after the last rate cut, Symond forecast another two rate cuts, in part because of the political shenanigans and ensuing lack of confidence.
"I think the Reserve Bank realised what is going on in Canberra is going to cause further problems with confidence and I think it was probably one of the reasons to get them to drop interest rates," he said.
"When you you talk to businessmen, taxi drivers and shop keepers, everyone is so sick of it."
He says the low rates, for those people who have jobs and can afford it, would assist to spur things along, "but not in a crazy sense".
"Why wouldn't you go and buy a property and rent it out rather than put your money in the bank and get 2.5% less tax," Symond said.
The turbulence on the political sphere for the next several months will hurt confidence even more, he bemoaned.
"That's why I'm now thinking the Reserve Bank will continue to drop rates," he said.
"I think there's probably a couple more there."
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Still room for rate cuts - but not in May: John Symond

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Mirvac has established a crowdfunding-based property investment scheme.
Wholesale investors in the VentureCrowd Property platform will invest in Mirvac's apartments in Sydney.
An apartment in its Moreton complex under construction near Bondi Beach has been included for investment on the platform, and another apartment in the Chevalier apartment building at its Harold Park complex at Glebe.
The platform is being supported by Artesian Capital.
The new platform, known as VentureCrowd Property offers wholesale investors a chance to invest in Mirvac properties from $100 plus.
Crowdfunding is an emerging method of raising funds, in which individuals can invest in a venture by submitting funds through an online platform open to anyone across the internet.
The new model could also provide an alternative funding source for large developments, Artesian Capital managing director Jeremy Colless said.
VentureCrowd Property will allow investors, and ultimately retail investors, to build diversified property portfolios without the financing and property management hassles, or having to deal with real estate agents and conveyancing firms.
“We expect to see legislative changes in 2015 which will allow crowdfunding investment opportunities to be extended to retail investors, particularly as rising property prices make it more difficult for younger investors to enter the market,” said Jeremy Colless.
"As part of our mandate to innovate we have agreed to provide two apartments from our popular Sydney projects to the trial, enabling us to better understand the ins and outs of crowdfunding," said John Carfi, CEO Residential Development, Mirvac Group.
Investment experts VentureCrowd forecast the investment method is expected to be worth US$250 billion in the US within the next five years.
Since VentureCrowd’s equity crowdfunding platform was launched in 2013, sophisticated investors have invested more than $2 million in high-growth tech companies, fast-tracking growth in companies such as Ingogo, Fame &amp; Partners, Posse/Beat the Q and CrowdMobile.
“The VentureCrowd platform has proven to be a compelling alternative capital raising solution for seed and later stage high-growth companies,” Colless said.
“We are now expanding the platform to encapsulate the much larger property market.”
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Mirvac Bondi Beach and Harold Park apartments in wholesale investor crowd funding initiative 

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QBE has released its latest survey findings on the state of property and mortgages in Australia which highlights the view that property was increasingly becoming substantially overvalued.
Since the February 2015 interest rate cut, the appeal of residential property has increased, the QBE Barometer 2015 found.
More than half (56%) of respondents think property prices will continue to rise in the next 12 months and only 23% think prices will fall.
Housing unaffordability remains an increasing concern for those intending to purchase real estate in the next five years.
"Intenders believe housing prices are at least somewhat overvalued (59%) and that affordability will worsen (47%).
However intenders also perceive it is more important to get into the property market now (53%) than to wait to save a bigger deposit (20%), suggesting property purchases may be being brought forward in the belief housing will become more expensive.
A very high percent of respondents have an increasing concern that foreign investment is boosting property prices.
Intending property purchasers are troubled about foreign investment in residential property, with two thirds (69%) concerned it will make property unaffordable (vs. 64% in June 2014 and 58% in May 2013).
Those in Sydney are the most concerned (76%).
Click charts to open in new window:
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<a href="/images/2015/04/28/sent-april-28-seven.jpg" target="_blank"><img src="/images/2015/04/28/sent-april-28-seven.jpg" width="1094" height="653"></a>
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Increasing concern that foreign investment is boosting property prices: QBE survey

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The beachcomber Robbie Griff has sold his Tamarama house.
The former Fiasco disco operator secured $4,005,000 for the Kenneth Street non-beachfront holding.
It cost $620,000 in 1994 when bought by the now Gold Coast based Griff.
It was offered through Hamish Robertson at <a href="https://www.propertyobserver.com.au/https://www.mcgrath.com.au/buy/house-tamarama-nsw-2026/252397" target="_blank">McGrath Estate Agents</a> in conjunction with Agency by Alison Coopes.
Set between two beaches, this spacious residence was marketed as set for being renovated or redeveloped.
It was a 452 square metre north-to-rear land with R3 Medium Density zoning, one of only seven properties in the street not yet developed.
A second story would capture spectacular beach and ocean views.
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Robbie Griff sells in Tamarama

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BrickX, the online platform that allows Australians to buy and sell fractional equity in residential property, has acquired its first property in Victoria.
<a href="https://www.brickx.com/" target="_blank">BrickX</a> recently bought a Miller Street, Prahran townhouse, which BrickX chief Darren Patterson said was likely the first of many property investments in Victoria.
“BrickX reviewed numerous properties across Melbourne before finally settling on this apartment in Prahran which we believe has attractive investment fundamentals,” said Darren Patterson. 
“The suburb has experienced capital growth of over 8% per annum over the past five years and will be appealing to tenants."
The recently renovated townhouse at <a href="https://www.realestateview.com.au/Real-Estate/4-6-miller-street-prahran/Property-Details-sold-residential-8611262" target="_blank">4/6 Miller Street</a> was bought at an undisclosed price, but on an anticipated 3.17% gross yield, through John H Castran Real Estate.
It last sold at $330,000 in 1998. There had been a $901,000 nearby sale in 2013, which had initially sold in 1997 at $265,000.
The first phase of the BrickX platform is open only to wholesale investors, both individual and company, however the company intends to make BrickX available to retail investors in the near future.
Dividends derived from the properties’ yields are distributed to investors on a monthly basis.
"Prahran's rental property demand is 32% higher then the Victorian average, and over the last 2 years the median price changed by a gain of 11.24% with this apartment’s market-trending location a match with our high quality renovation and structural requirements," Darren Patterson said.
The initial unit or ‘Brick’ price will be $123 when units becomes available for purchase.  
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BrickX extends fractional property investment portfolio to Melbourne  

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Quest Nowra is scheduled to open this week, in one of NSW’s busiest regional business centres.
It will be followed by Quest’s second Albury property – Quest Albury on Townsend in early May.
Earlier this month there was the new Quest Liverpool.
Quest Liverpool (pictured above) at 39 Scott Street was its first new property for 2015, kicking off a pipeline of new property openings in New South Wales.
Quest CEO Zed Sanjana said Liverpool, Nowra and Albury were three strong economies with major projects underway including the multi-million dollar Kurrajong Road (Liverpool) and Princes Highway (Nowra) upgrades, and the redevelopment of the Albury Art Gallery.
“The City of Liverpool is thriving, home to 13,600 local and national businesses, with 35,000 new jobs projected by 2036," said Sanjana.
"Economic activity in Nowra and the City of Shoalhaven is doing well and we believe significant investment in the region will continue.
"Albury is quickly establishing itself as not only a key business centre, but also a cultural destination.”
Quest, the fastest growing serviced apartment operator in Australasia, now has 150 properties located across Australia, New Zealand and Fiji.
Established in Melbourne, Victoria in 1988, the aim is the accommodation needs of the extended stay business traveller.
"2015 is set to be an exciting year of growth for Quest across Australasia, with 12 new properties opening in Australia and three in New Zealand," he said.
"In addition to Liverpool, Nowra and Albury, this includes Newcastle West, Chatswood and Bella Vista (NSW); Kelvin Grove, Toowoomba and Chermside (QLD); Rockingham and West Perth (WA); Maribyrnong (VIC); and Nelson, Taupo and Whangarei (NZ)."
The franchisee Tom Wang at Quest Liverpool will have 88 studio, one and two bedroom serviced apartments.
Wang noted the proposed Badgerys Creek Airport was just 19 kilometres away.
James Blanchett at Quest Nowra will have 81 studio, one, two and three bedroom serviced apartments at 130 Kinghorne Street.
Noel and Madeleine Wood and Natasha and Jason Callewaert at Quest Albury on Townsend with have 79 studio, one, two and three bedroom serviced apartments at 450 Townsend Street.
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Quest Liverpool hopes to benefit from Badgery Creek airport project

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A Lovett Bay property once owned by the legendary actor Chips Rafferty has been listed for sale with $3.5 million plus hopes through Unique Estates.
The property, on Pittwater's western foreshore, was rebuilt the house into a modern residence cantilevered over the water by the retired businessman and yachtsman John Dunn and his wife, Bernice.
The couple had bought Laffing Waters for $550,000 in 1987.
Title Tattle recalls in 1949, Chips Rafferty and his wife, Ellen, bought the block for £1,205 and built their house.
Accessible only by boat, ferry or water taxi, the house has 180-degree views from every room, including the living room and the main bedroom suite, which has a sitting room and study. There's also a private deep water jetty and pontoon.
In 1998, the Dunns bought the neighbouring Sturdee Lane property for $350,000, extending the block to 2538 square metres.
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Laffing Waters, Chips Rafferty's former Pittwater home listed

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A quarter of all homes sold in more than a dozen Melbourne suburbs in the final three months of last year sold for less than $300,000, REIV data shows.
In two suburbs – Melton and Hastings –  a quarter of all sales were less than $240,000, with the lower quartile price in Melton at $220,000.
REIV chief Enzo Raimondo said these were extremely affordable homes.
“Such properties can offer first home buyers and those on a tight budget the chance to get a foothold on the property ladder,” he said.
Suburbs with a quarter of all homes selling for less than $300,000 in the December quarter of 2014 included Kurunjang with $251,250, Frankston North with $262,500, Melton West with $275,000, Dallas with $280,750, Warburton and Meadow Heights with $282,500, Werribee with $285,000, Brookfield $287,500, Doveton $295,000, Wyndham Vale $298,000 and Cranbourne with $299,000.
In four of those suburbs, Kurunjang, Melton, Frankston North and Dallas, the median house price – the midpoint of all sales for the three months – was less than $300,000.
RealestateVIEW.com.au has had recent listings including <a href="https://www.realestateview.com.au/Real-Estate/11-patron-place-kurunjang/Property-Details-buy-residential-7986792" target="_blank">a three-bedroom home in Kuranjang for offers over $229,000</a> (pictured above) and a Werribee three-bedroom home for offers over $240,000.
Ryder Real Estatte Melton agent Jayson Ryder says the Kuranjang property is returning $240 per week "or 5.5% on your investment".
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Melton and other Melbourne suburbs with sub-$300,000 options

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The former Lara lockup has been listed for sale.
Known as the Old Lara Police Station, the property is offered for sale for the first time.
The 507 square mere lot is zoned Residential Growth (Schedule 2).
It is close to the train station.
The building consists of a reception area, large waiting room, two office rooms plus a mess area and toilet.
There is a steel garage plus a brick store room and the old lock up too.
The <a href="https://www.realestate.com.au/property-house-vic-lara-119479479" target="_blank">6 Rennie Street</a> holding is set for 9 May auction through Craig Burns at Burns Archer.
"No stamp duty payable," the marketing says.
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Old Lara lockup for sale with no stamp duty

One of Brisbane's last major riverfront redevelopment opportunities has taken a significant step forward, with Lendlease selected as the Queensland Government's preferred development partner for the former Visy site in South Brisbane.

The seven-hectare industrial site, positioned between South Bank and West End and 1.3 kilometres from the Brisbane CBD, will be transformed into a mixed-use precinct expected to deliver more than 4,000 new homes alongside extensive public open space and riverfront parkland.

The project is one of the largest urban renewal opportunities currently planned in Brisbane and is expected to play a key role in accommodating the city's growing population ahead of the 2032 Olympic and Paralympic Games.

Plans for the precinct include a network of riverfront promenades and boardwalks, new public plazas, parkland, amphitheatre-style gathering spaces and shared pedestrian and cycling links designed to reconnect the long-isolated site with the Brisbane River.

The Queensland Government is targeting delivery of the first homes and key public spaces before the 2032 Games, allowing the precinct to begin contributing new housing and public amenity well before the broader masterplan is complete.

The redevelopment is also expected to support more than 3,000 jobs across planning, construction and ongoing operations.

For Lendlease, the appointment adds another major urban regeneration project to its Queensland portfolio. The developer has operated in the state for more than 70 years and has delivered a number of large-scale mixed-use precincts in partnership with government.

Lendlease Development CEO Claire Johnston said the project represented one of Brisbane's most significant redevelopment opportunities.

"The transformation of the former Visy site represents a rare opportunity to reimagine one of Brisbane's most significant riverfront locations, deliver thousands of much-needed homes, and create long-term legacy," Johnston said.

"In partnership with the Queensland Government, we have the opportunity to create a new riverside destination that will help shape Brisbane's growth and how people experience the city for decades to come.

"This is exactly the type of large-scale, city-shaping development that will provide lasting benefits for Queensland, bringing together housing, jobs and world-class public spaces."

Deputy Premier and Minister for State Development, Infrastructure and Planning Jarrod Bleijie said the riverfront transformation would deliver a thriving new community precinct.

“The Crisafulli Government is delivering this golden opportunity to unlock a riverfront jewel for all Queenslanders,” Deputy Premier Bleijie said.

“This is a once-in-a-generation moment to reshape a significant slice of Brisbane and deliver lasting benefits – thousands of new homes, and public spaces for all Queenslanders to enjoy well beyond the 2032 Olympic and Paralympic Games – unlike Labor’s plan which would have delivered zero benefits and zero new homes.

“Queensland is well and truly open for business and through partnership with the private sector, we are accelerating delivery while ensuring strong housing, community and economic outcomes."

Early works on the precinct are expected to commence in April 2027.

Joel Robinson

Lendlease selected to deliver transformative South Brisbane riverfront precinct

Eddy Haddad's <a href="https://www.apartments.com.au/developers/level-33">Level 33</a> is levelling up its approved Wollongong development, as the coastal city south of Sydney continues to prove popular in the high-density development space.

Level 33, a longtime developer in the Wollongong area, has gone through the NSW Government's Housing Delivery Authority to upsize its approved two-tower development on the corner of Crown Street and Gladstone Avenue, just 100 metres from Wollongong Station.

The developer currently has approval for 252 apartments across two buildings rising to 19 storeys. It is now seeking approval for 33 and 38-storey towers that would deliver 467 apartments, including 67 affordable homes.

Designed by <a href="https://www.apartments.com.au/architects/bka-architecture">BKA Architecture</a>, the development would comprise apartments above a three-level podium with around 1,100 sqm of retail space, along with basement parking for 448 vehicles.

According to the Urban Design Report by BKA, the proposal has the capacity to "reinforce the precinct's identity by strengthening links between health, education, and transport services, while also contributing to Wollongong's ongoing evolution as a key regional centre."

Wollongong is somewhat in vogue. Between Level 33 and Urban Property Group, the two developers have several thousand apartments planned across the city.

Level 33 is currently delivering Easterly Wollongong, one of its most boutique projects to date with just 21 high-end apartments, as well as Atchison &amp; Kenny, a 329-apartment development due for completion later this year.

The developer plans to redevelop the 13,088 sqm WIN Grand megasite into <a href="https://www.apartments.com.au/new-apartments/crown-square-216-238-keira-street-wollongong-nsw-2500">Crown Square</a>, a new $500 million precinct with nearly 600 apartments. It also has more than 900 apartments planned for the former Bunnings Warehouse site at the intersection of Gipps and Flinders streets.

Urban Property Group is also playing a major role in the city's transformation. Its five-tower Keira Place precinct will deliver more than 800 homes, and it has recently lodged plans for a further 300 apartments near Wollongong Station.

First look: Level 33 upsizes Wollongong apartment towers

Just a week after filing plans for the final stage of its major Keira Place masterplan, <a href="https://www.apartments.com.au/developers/urban-property-group">Urban Property Group</a> has unveiled another significant housing proposal in Wollongong, this time targeting a prominent site opposite North Wollongong Station.

The developer has lodged a State Significant Development Application for a 38-storey mixed-use tower at <a href="https://www.apartments.com.au/new-apartments/4-4a-flinders-street-north-wollongong-nsw-2500">4-4A Flinders Street</a>, around one kilometre north of the <a href="https://www.apartments.com.au/new-apartments/keira-place-wollongong-120-122-smith-street-wollongong-nsw-2500">Keira Place precinct</a> currently taking shape on the edge of the CBD.

<img alt="First look: Urban Property Group plans 38-storey North Wollongong tower as Keira Place expansion gathers pace" data-entity-type="file" data-entity-uuid="2b6428f1-6405-4038-8476-897de440e90d" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/flinders%20podium.png?VersionId=QLqEvK0OuCEwRC47oHNftrw2B1YqaHF8" />

Designed by Studio.SC, the proposal comprises a 38-storey mixed-use development containing 303 apartments, including 45 affordable housing units, alongside 174 co-living residences. The scheme also includes ground-floor retail space, extensive landscaping and public domain improvements.

Studio.SC noted in the proposal it "outlines a vision for a landmark transit-oriented mixed-use development centred around North Wollongong Station, designed to support the city’s future growth while responding to the NSW Government’s housing and planning reforms."

The architecture firm said the proposal responds to the opportunities and constraints shaping future growth within the 400-metre catchment of the station and represents "a coordinated and future-focused approach to urban intensification, contributing to the long-term evolution of North Wollongong as a connected, walkable and high-density station precinct."

The site occupies a strategic corner bounded by Flinders Street, Station Street, Stafford Street and the Princes Highway, directly opposite North Wollongong Station.

<img alt="First look: Urban Property Group plans 38-storey North Wollongong tower as Keira Place expansion gathers pace" data-entity-type="file" data-entity-uuid="7863adad-1f71-4022-b850-f44b252738fd" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/flinders%20podium%20a.png?VersionId=WsU7av0g8_8R2tGHWxgHeFSlhu7yeY1V" />

The proposal follows Urban Property Group's recent submission for the second and final stage of Keira Place, which would deliver a further three buildings comprising 657 homes opposite Beaton Park. It builds on the first stage, which features 150 apartments across two towers and recently commenced construction.

Urban Property Group CEO Patrick Elias said breaking ground on the first stage marked a significant milestone for Wollongong and reflected the developer's long-term commitment to regional cities.

"Today's groundbreaking is about turning approvals into homes and moving quickly to deliver much-needed housing in Wollongong's city centre," Elias said.

"Keira Place will provide a diverse mix of homes close to jobs, transport and services, while setting a high benchmark for quality, durability and consumer protection."

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/urban-property-group-unveils-trio-of-towers-for-next-stage-of-new-wollongong-precinct-keira-place">Urban Property Group unveils trio of towers for next stage of new Wollongong precinct, Keira Place</a>

First look: Urban Property Group plans next major Wollongong tower

<a href="https://www.apartments.com.au/developers/arada">Arada Australia</a> has wasted little time expanding its ambitions in Campsie, lodging plans for a second major project in the rapidly transforming town centre just months after unveiling its three-tower One Campsie proposal on Beamish Street.

The UAE-backed developer has now taken aim at one of the suburb’s most strategically positioned sites, filing a State Significant Development Application for a <a href="https://www.apartments.com.au/new-apartments/10-north-parade-campsie-nsw-2194">33-storey mixed-use tower</a> at 10 London Street and 43 North Parade, directly opposite the future Campsie Metro Station. The proposal is currently on public exhibition and represents another significant vote of confidence in Campsie's emergence as one of Sydney’s key transit-oriented growth centres.

Designed by <a href="https://www.apartments.com.au/architects/woods-bagot">Woods Bagot</a>, the development would deliver 156 apartments above a podium containing retail and commercial space, creating a new residential and commercial gateway to the town centre. The scheme also includes a four-level above-ground parking podium and a dedicated residential amenity floor featuring wellness and recreation facilities. At least 10 per cent of the apartments would be allocated as affordable housing for a period of 10 years.

The proposal occupies a 1,631 sqm site bounded by London Street, North Parade and Dispensary Lane, immediately adjoining the future Metro station precinct and just metres from Beamish Street’s retail and dining strip. According to the Urban Design Report, the project seeks to deliver "a great place that prioritises human-scaled experience and provides spatial improvements to the area."

<img alt="First look: Arada doubles down in Campsie with 33-storey Metro-front tower plans" data-entity-type="file" data-entity-uuid="175a8324-015b-4856-abe3-ce6f23199fa7" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/podium%20campsie.png?VersionId=742UGwXFhFBX4GEl6wX4PYIWREAgn6il" />

Woods Bagot describes the tower as a key marker within Campsie's next phase of growth.

"Located directly opposite the new Campsie Metro Station on North Parade, 10 London Street is a thoughtfully composed 33-storey mixed-use tower that contributes to the ongoing transformation of the town centre," the Architectural Design Report states. The report says the project is intended to provide "high-quality homes within a vibrant, connected urban environment, while helping define Campsie's future skyline."

A strong emphasis has been placed on the public realm. The ground floor incorporates over 500 sqm of retail space and active frontages along both London Street and North Parade, while the podium is wrapped by extensive landscaped planting intended to soften the building's scale and strengthen the pedestrian experience. The development would also widen surrounding footpaths and improve connections between the Metro station and the broader town centre.

Above the podium, residents would have access to more than 1,400 sqm of communal amenities, including a pool, gym and landscaped recreation spaces. A distinctive green-wall treatment extending across four podium levels forms a major architectural feature, helping differentiate the project within the emerging high-density precinct.

The tower's design is closely tied to the broader Campsie Town Centre Master Plan and the arrival of Sydney Metro. The Urban Design Report notes the proposal "directly supports the Campsie Town Centre Master Plan by delivering new homes in a location explicitly identified for growth, improved accessibility, and high-quality urban renewal." It adds that the project contributes to the master plan's vision for a strengthened town centre supported by thousands of new homes around the future Metro station.

<img alt="First look: Arada doubles down in Campsie with 33-storey Metro-front tower plans" data-entity-type="file" data-entity-uuid="bfd17654-253e-489a-bade-6278d63db412" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/base%20campsie.png?VersionId=3roJPMQGs36dazpkhvpvbDDP73Ld.Ica" />

The application follows Arada Australia's recently lodged One Campsie project at 124–142 Beamish Street and 16–18 Ninth Avenue, where the developer is seeking approval for 346 apartments across three towers rising 24, 32 and 39 storeys. Together, the two proposals would cement Arada Australia as one of the most influential developers shaping Campsie's future urban form.

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/first-look-arada-files-for-trio-of-apartment-towers-in-campsie-town-centre">First Look: Arada Australia files for trio of apartment towers in Campsie town centre</a>

Arada Australia entered the Australian market in 2024 and has rapidly assembled a significant development pipeline across Sydney. Alongside its Campsie holdings, the developer is soon to launch <a href="https://www.apartments.com.au/new-apartments/wattle-green-2-fishburn-crescent-castle-hill-nsw-2154">Wattle Green</a> in Castle Hill, and has expanded its local operations following its acquisition of construction firm Roberts &amp; Co.

Located around 14 kilometres south-west of the Sydney CBD, the site sits at the centre of one of Sydney's fastest-changing middle-ring precincts. The Metro conversion of Campsie Station, combined with Canterbury-Bankstown Council's master planning framework, is driving significant residential intensification around Beamish Street and North Parade, with thousands of new homes expected over coming decades.

First look: Arada Australia doubles down in Campsie with 33-storey Metro-front tower plans

For the first time in a long time, Australia's inflation story is starting to look more like a landing than a fight.

The latest Consumer Price Index figures from the Australian Bureau of Statistics showed annual inflation eased to four per cent in May, down from 4.2 per cent in April. On the surface, that might not seem like a major move. Inflation remains above the Reserve Bank's target range and some categories continue to record stubborn price growth.

But the significance of this result lies less in where inflation sits today and more in what it means for where interest rates are likely heading next.

The biggest takeaway is that inflation continues to move in the right direction.

Markets had been bracing for another sticky result after a period where progress appeared to stall. Instead, headline inflation came in softer than expected, helped by falling fuel prices and easing transport costs. Annual transport inflation halved from 6.6 per cent in April to 3.3 per cent in May, while automotive fuel prices fell 11.9 per cent during the month following lower oil prices and the impact of reduced fuel excise measures.

While petrol prices don't solve Australia's affordability challenges, they are one of the most visible and immediate costs for consumers. Falling fuel costs feed through the economy quickly, helping ease pressure on household budgets and business operating expenses.

The ABS data also showed headline inflation is now sitting at its lowest annual level in several months, reinforcing the broader trend that price growth is gradually moderating.

That trend is important because it aligns with what many economists and lenders have been saying for the last month.

Prior to this week's inflation data, ANZ, NAB and Commonwealth Bank had all shifted their forecasts, now believing the Reserve Bank had likely reached the peak of the interest rate cycle. Following the May inflation release, ANZ reaffirmed that view.

In its latest economic update, ANZ said it expects quarterly trimmed mean inflation to come in at 3.7 per cent for the June quarter, slightly below the Reserve Bank's forecast of 3.8 per cent. Importantly, the bank said that outcome, when combined with slowing economic activity, "supports our view that the cash rate has peaked".

The Reserve Bank has spent the better part of three years attempting to bring inflation under control through higher interest rates. If Australia's major banks are correct and rates have now peaked, the conversation shifts from how much higher rates could go to when they might begin coming down.

Westpac's caution comes from underlying inflation. The trimmed mean, the measure most closely watched by the Reserve Bank, increased from 3.4 per cent to 3.6 per cent annually. Housing inflation remains elevated at 6.5 per cent, reflecting ongoing increases in rents, electricity costs and new dwelling construction.

Electricity prices remain particularly problematic, rising 21.1 per cent over the past year following the removal of government rebates.

Housing construction costs are also showing signs of renewed pressure. ANZ noted new dwelling costs rose 0.9 per cent in May and are now running at an annualised pace of 8.6 per cent over the past three months. Builders continue to face higher labour, fuel and material costs, a reminder that inflationary pressures have not completely disappeared.

Housing affordability has deteriorated largely because of higher interest rates rather than higher property prices alone. Even modest reductions in mortgage rates would improve borrowing capacity, increase buyer confidence and reduce repayment pressure on existing homeowners.

While August is far from a certainty, the latest inflation result has strengthened the view that the next move in rates is more likely to be down than up. For borrowers, buyers and the development sector, that alone represents a significant shift from the conversation that dominated much of the past two years.

Jonathan Chancellor

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