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The competition regulator has slammed the major banks for charging loyal customers too much for their mortgages.
<p data-gtm-vis-recent-on-screen-6236702_632="1544472956576" data-gtm-vis-first-on-screen-6236702_632="1544472956576" data-gtm-vis-total-visible-time-6236702_632="4000" data-gtm-vis-has-fired-6236702_632="1">The Australian Competition and Consumer Commission has concluded there was  "synchronised" behaviour between the banks after the ANZ increased its interest only mortgage rates in 2017.
<p data-gtm-vis-recent-on-screen-6236702_632="1544472956576" data-gtm-vis-first-on-screen-6236702_632="1544472956576" data-gtm-vis-total-visible-time-6236702_632="4000" data-gtm-vis-has-fired-6236702_632="1">The big four banks have been accused of using the cover of regulatory intervention to lift rates on interest-only loans.
The report stopped short of accusing the banks of colluding, with Channel 10 network political editor Peter Van Onselen saying there had been no meeting between the banks.
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<a href="https://www.accc.gov.au/publications/residential-mortgage-price-inquiry-final-report" target="_blank">The ACCC report</a> found existing borrowers who did not actively shop around for a better deal on a regular basis are the main losers.
The competition watchdog noted the bad bank behaviour was aided and abetted by the "oligopoly market structure." 
It says ANZ, which was the first to lift rates in June 2017, did so expecting all the others to fall in behind.
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<div class="_1lC_G">An existing borrower with an average-sized residential mortgage who negotiated to pay the same interest rate as the average new borrower from 30 June 2018 could initially save up to $850 a year in interest, it has concluded.</div>
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<div class="_1lC_G">“We consider that ANZ increased its rates, clear in its belief that, given the APRA limits, the other big four banks would follow its lead, and this expectation proved correct,” ACCC chairman Rod Sims said.</div>
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The ACCC calculated that the rate increases by the five banks would have added, in the first year, about $1300 in interest charged to the average-sized owner-occupier interest-only standard variable mortgage.
“Such is the oligopolistic nature of banking that the banks all took the opportunity to increase rates on both new and existing interest-only mortgages, despite APRA’s measures only applying to new lending,” Mr Sims said.
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<div class="_1lC_G">The size of the saving depends on the category of residential mortgage but could amount to 32 basis points, or 0.32 per cent.</div>
The ACCC report has exposed the big 4 bank's windfall since its repriced its lending for investors on interest only loans.
It has enabled a $1.1 billion revenue windfall in what could be viewed as synchronized pricing by the big banks.
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The Residential Mortgage Price Inquiry is the first task of the ACCC’s Financial Services Unit (FSU) with the price monitoring period to finish on 30 June 2018.
The then Treasurer, the Hon Scott Morrison issued a direction in May 2017 requiring the ACCC to undertake an inquiry into the prices charged or proposed to be charged in relation to residential mortgage products by Authorised Deposit-taking Institutions (ADIs) affected by the Major Bank Levy.
Along with Macquarie, the inquiry noted combined, these five ADIs (the Inquiry Banks) held approximately $1.3 trillion in outstanding residential mortgages as at December 2017.
This was about 84 per cent of all outstanding residential mortgages held by all banks in Australia.
Macquarie Bank had the smallest residential mortgage portfolio of the five banks by a large margin.
The remaining Inquiry Banks—colloquially referred to as the ‘big four banks’—accounted for about 75 per cent of the value of all new residential mortgages approved by ADIs in the September quarter of 2017.
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There are over 100 other lenders, mostly ADIs, that also provide residential mortgages. The pricing of these other lenders was not the focus of this inquiry which found the opaque, discretionary pricing of residential mortgages by banks makes it difficult and time consuming for borrowers to shop around and stifles price competition.
The ACCC reports that about 11 per cent of borrowers with variable rate mortgages had the price of their current residential mortgage reduced by one of the five banks under review in the year to 30 June 2018.
“I encourage more people to ask their lender whether they are getting the lowest possible interest rates for their residential mortgage and, as they do so, be ready to threaten to switch to another lender,” Mr Sims said.
“I am afraid that the threat of switching banks will often be necessary to achieve a competitive mortgage rate.”
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jchancellor-FAypfDUnLy

ACCC exposes big 4 bank's $1.1 billion windfall revenue after synchronised pricing of IO borrowers

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The year had so much negative, even scary commentary, that you'd be left wondering whether purchasing or owning a home actually comes with any joy.
Hopefully home ownership gives you and your family a sense of stability and security, despite the daily noise of the commentariat.
Around 67 per cent of Australians own their own home, either outright or with the help of a mortgage. 
Beyond pride of ownership, there are many other intrinsic benefits. The reasons for our ownership pursuit don't need to be too sophisticated.
It may simply mean you can paint the walls any color you desire, or build up, have a garden through the seasons, own pets or just enjoy the familiarity of where you can lay your head on the pillow every night. 
Ofcourse real estate prices move in cycles, sometimes up, sometimes down, and sometimes not going anywhere.
Over the decades real estate values have tended to appreciate substantially.
Sydney house values might be down nine percent this year, but it comes after values rose 75 percent after the boom kicked off in 2012.
Stock market shares have been something of a rollercoaster ride again this year, with the All Ordinaries index down from 6167 to 5,856. It was 6500 in 2007. For many confidence in the share market has never been the same since shorting stock became a dominant force. 
And unlike investing in the share market, you manage most of the property outcomes.
Imagine sleeping sound at night if say you'd invested in bitcoin. Not only because its value has more than halved during 2018, but also because cyber criminals are secretly mining Bitcoin on any computer infected with malware.
Property is very much about making an investment in the future, keeping the wolves from the door in old age.
Becoming a homeowner comes with responsibilities, but a lot of rewards that trigger the overwhelming pursuit of home ownership over renting.
Experts in happiness have concluded people are happier these days when they spend money on experiences rather than material goods.
But two US professors published the 2013 book, Happy Money: The Science of Smarter Spending, which noted 90 percent of Americans link home ownership to living the American dream.
Australia is not that different, although the dream has been changing incrementally from suburbia with the backyard to the high-rise lifestyle.
Ofcourse home ownership means you can always bolt the front door, and not take in any of the incessant commentary. 
This year our own Dr Doom <a href="http://www.switzer.com.au/the-experts/peter-switzer-expert/hey-dude-dont-make-us-afraid-of-stocks/" target="_blank">quietly lost another bet</a>. The now UK-based Professor Steve Keen owes Sydney economic commentator Peter Switzer a meal at the expensive London restaurant, Hakkasan as in 2016 he predicted Australia would be in recession within two years. 
<a href="http://www.switzer.com.au/the-experts/peter-switzer-expert/tomorrows-election-and-the-threat-of-recession/" target="_blank">Switzer challenged him to a bet</a> with Keen gingerly accepting because he was stung by a very famous bet in 2008 with then Macquarie economist, Rory Robertson, who disputed Keen’s catastrophic prediction for house prices. Keen ending up walking from Canberra to Mt. Kosciuszko with a T-shirt that said “I was hopelessly wrong on house prices — ask me how.”
Just imagine you'd accepted Keen's 2008 warning and missed out on the property boom. Keen pocketed $540,000 for his Surry Hills apartment in 2008, with it last sold at $650,000 just as the boom was taking off in 2012. Despite the recent downturn, it's possibly worth well over $1 million.
This article was first published in the Saturday Telegraph.
 
 
 
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Let's not overlook the joy of owning property amid all the doom

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Mt Fyans in the Western District of Victoria is set to be sold for the second time in two years for about $37 million.
The mooted buyers are Ian and Camilla Shippen, sheep farmers from the Riverina.
Harmony Beef and Cattle, a company ultimately owned by the major Chinese group He Sheng, paid $34 million in 2016.
The Shippens are expected to run sheep on the property, integrating it with their operations at Moulamein in the Riverina.
Beef Central reported the selling agent was Robert Claffey at Hamilton-based Kerr &amp; Co Town and Country Real Estate in conjunction with Elders Real Estate.
Negotiating on the buy side was Sam Triggs of Inglis Rural Property.
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The Mt Fyans aggregation covers 5900 hectares amassed over 25 years by the Earl, Keith Rous. 
On its 2016 sale it carried a Black Angus herd of some 2800 breeders and 2000 sheep for prime lamb production.
Harmony had its grazing capacity of <a href="https://haafco.com/photogallery/mount-fyans" target="_blank">close to 10,000 head</a>, indicating there was capacity to expand further.
Its eight bedroom historic homestead was built in the mid-1880s on the back of success of the Geelong brewery.
In 1883 William Cumming commissioned Warrnambool architect Andrew Kerr to design the elaborate homestead, which was completed the following year. An earlier homestead, and woodshed, had featured in a Louis Buvelot painting held by the National Gallery of Australia.
One of the largest farms in the Western district of Victoria, Mt Fyans at Dundonnell was long owned by by the Earl and Countess of Stradbroke.
He left England and his family’s Suffolk estate more than five decades ago to settle in Sydney.
His father was a former Lord Lieutenant of Suffolk and had been private secretary to the Governor of Victoria in 1946-47.
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Mt Fyans onsold by Chinese group Harmony Beef and Cattle

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The buyMyplace chief executive Colin Keating has tendered his resignation, a year into the listed prop tech company's desired transformation.
He will remain in the role until a replacement is appointed, officially leaving BMP on 3 March 2019.
Colin’s resignation comes at a time of restructure for the company with BMP executing a binding term sheet with KordaMentha Custodians, which will acquire BMP in consideration for the payment of $100,000 and forgiveness of a $5 million debt owing to KMC under the loan agreement between the parties.
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Subject to the backing of BMP shareholders at a December 21 meeting, KordaMentha will acquire the majority of the cash-strapped ASX-listed digital agency.
KM Custodians had provided lifeline funding to BMP since April, but following an unsuccessful $10 million capital raising, BMP faced defaulting on its debt obligations.
BMP, a pioneer in the DIY space, helps homeowners sell their homes for as little as $695 without an agent. Since 2009, it has helped more than 4500 homeowners sell their homes.
On its early 2016 float, it advised over 2,900 Australian homes had been sold since its launch.
It then attracted an average 30,000 unique website visits per month, which rose to recent levels at just 40,000 unique visitors per month..
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It has been hit by the high cost of Google advertising, with its losses at $5.4 million in the 2018 financial year.
Established in 2007 and listed in March 2016, it promoted itself as Australia’s leading DIY property sales platform.
It told shareholders the growth in listings and revenue of 19% p.a. and 46% p.a., respectively, had occurred since its listing.
Hoping the market was ripe for disruption, the original BMP thesis was to seek out DIY sales which they anticipated could see 100,000 potential listings.
It hoped to emulate Canada's 23 percent DIY occurrence, but the company noted earlier this year only three percent of listings are DIY in the Australian market, "an exceptionally low number compared to international markets."
Its auditor issued a warning about its ability continue as a going concern in May.
<source media="(min-width: 1180px)" srcset="https://static.ffx.io/images/$width_620/t_resize_width/t_sharpen%2Cq_auto%2Cf_auto/9ad65ab4f3a4c57e99b3ab7eb51b40835f4812b4"></source>KordaMentha partner Mark Korda will take control of buymyplace.com.au.
The company has been in a ASX trading halt since September.
The transaction includes $500,000 from KMC to enable the company to fund its operations until 21 December 2018.
KMC have advised the business will continue to "operate as normal.'
KMC has stated its intention to appropriately capitalise the company and grow the business in a private environment.
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BMP had announced its intention to acquire Pleased.Property for $2 million in August 2018, but the acquisition of Pleased.Property will not progress.
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KordaMentha to take reins at DIY property website buyMyplace

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Leading McGrath estate agent Peter Starr has resigned from McGrath.
He is serving out his notice, with Raine &amp; Horne Double Bay whispered as his next agency.
He was the top seller in its Edgecliff headquarters.
It marks a return to Raine &amp; Horne for Starr, who rejoined McGrath around 2007.
Starr was the highest selling agent in Sydney's east for McGrath for the past three years.
Starr has over 27 years experience in the real estate industry.
His clients have include the late showbiz impresario Harry M Miller, Olympian Murray Rose and RM Williams boss Ken Cowley.
He was one of the McGrath agents involved in the recently concluded, long running State Government Millers Point terrace house sales campaign.
He commenced in commercial leasing and moved into residential in 1992, including time at Laing &amp; Simmons Double Bay, then starting his own business in 1996 with the purchase of Martin &amp; Punch at Edgecliff.
In 2002 with McGrath wanting to grow their rent roll business, he sold the Martin &amp; Punch business to work at McGrath which was readying for its then anticipated 2002 ASX float.
From early 2006, for around 18 months, he worked at Raine &amp; Horne Double Bay during its Pallier/Goldman/Maskin incarnation.
He then returned to McGrath.
McGrath’s domination in the recent annual Real Estate Business Top 100 Agents ranking with 27 of the Top 100 agents in Australia included Starr in 12th place.
McGrath's overall top selling agent was Matt Steinwede with $271 million in sales on the NSW Central Coast.
Starr notched up $223 million in sales followed by Peter Chauncy on the lower North Shore with $207 million in sales, although not all McGrath agents participate in the REB top 100 listing.
With its recruits falling short, the McGrath Eastern Suburbs sales team has required the direct listing assistance of their founder, John McGrath over recent times as it struggles to secure prestige listings.
John McGrath has also recently <a href="/news/sydneys-number-one-penthouse-hits-the-market-through-john-mcgrath">turned his hand to selling prestige offerings</a>.
 
 
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Peter Starr exits McGrath for Raine & Horne Double Bay

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The spring auction selling season is over, with just three more Saturdays until the summer holiday hibernation.
There were three marked trends observed during the past three months with the property market going down like a wrought iron kite.
Firstly there was a drop in auction offerings as potential vendors decided it was not worth their while to list.
Secondly the Sydney clearance rate, which bounced around, weakened overall from 50 percent plus results to somewhere in the 40s.
Then was the inevitable accompanying price decline.
There were no real surprises in this emerging auction landscape.
The bidding over-exuberance that we all saw for an extended period in the sellers' market between 2012 and 2017 has almost completely disappeared, but there are still some red hot results.
The pendulum has swung to the other extreme of utmost buyer caution. 
We now have a buyer's market, except they can't all buy what they previously thought they could afford because the bank's knee-jerk reaction to the exposure of some reckless lending exposed by the banking royal commission.
I wrote recently that a couple with one child and a dual income of $120,000 could borrow $800,000 during the boom.
Fast forward and the same couple, now with a a little wage growth to a $129,000 combined salary and another child, can only borrow $680,000 because of stricter bank lending.
Their capacity to buy has gone backwards.
We are now actually four years into the attempts by the Australian Prudential Regulation Authority, to curb over zealous lending, which was turbo-charging price growth.
The banking regulator's initial measure was imposing a 10 per cent speed limit on the growth in lending to investors. The cap was scrapped in April with APRA saying it had served its purpose. The reaction had already come from investors who have stopped buying in droves given the expectations of lower prices makes housing less attractive.
APRA's next measure that reduced the occurrence of interest only (IO) loans is proving to be the real sleeper in why prices are down, and likely to stay down for some time.
The regulator wisely decided IO loans needed to be constrained to preserve overall financial stability.
Interest-only, along with the tax deduction of interest payments via negative gearing, certainly made financial sense for many investors.
But the banks were reckless in encouraging ordinary home buyers to ditch the conventional interest and principal loan.
There was a lot of upsizing to bigger pricier family homes that only happened after getting an interest only loan.
For a $750,000 home loan the monthly repayment of $4,174 fell to $3,325 if only the interest was being repaid for the first few years.
Now IO buyers, who amplified the housing price cycle, helping push prices up, have mostly gone.
And for the next few years exisiting interest only borrowers will likely need to get out before the loan automatically switches back to the higher rate, so there is an increased risk of continued price deflation.
Throw in the uncertainty over negative gearing policy and the property market is understandably going to be skittish as 2019 kicks off.
There's likely to be a further compounding of bank caution flowing from the February 1 final report of the banking royal commission. Then we have the NSW state election followed by the disruptive Federal poll.
We shall see a return to normal market conditions sometime.
This article was first published in the Saturday Telegraph
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Expect a skittish start to property in 2019 in Sydney

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The number of auction vendors hoping to find a buyer has continued to rise, but traditionally as December arrives, clearance rates wane.
This year more so than ever.
It's not just the the seasonal distractions of Christmas, the cricket and heading off to the coast.
Many buyers have taken a look at the 2018 stock that's on market and instead decided to postpone purchasing until next year when the likelihood is that prices will be cheaper. 
The weekend sale turnover in Sydney totalled just $129 million in sales, well down on the $600 million this time last year, Domain calculated.
Melbourne had $258 million in recorded weekend sales compared to $826 million the same weekend last year.
There are definitely far fewer buyers around, with many no bid auctions, agents says.
The top result was in coastal Sydney, just above the beach at Newport.
The <a href="https://www.realestateview.com.au/real-estate/15-karloo-parade-newport-nsw/property-details-sold-residential-12125224/" target="_blank">15 Karloo Parade offering</a> sold pre-auction for $5.5 million through LJ Hooker agents Lachlan Elder and Josephine Cowling.
It sold for less than its price guidance.
There had been $5.8 million hopes for the Timothy Moon-designed house at Bungan Beach on the northern beaches.
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Sydney's weekend clearance rate sat at 41.4 percent, Domain reported, with unreported results likely to see it fall into the 30s.
Melbourne did fall into the 30s in spring's last weekend, and was at 45 percent based on the preliminary results on the first weekend of summer.
SQM's Louis Christopher recently noted the data showed there had been three prior times when Sydney auction clearance rates had sunk into the 30s.
"That was in October/November 2008 during the GFC, May 2004 after the NSW vendor stamp duty was introduced and July 1989 when the cash rate hit 17 percent," <a href="/expert-insights/buying/spring-auctions-could-slump-into-the-30s">Property Observer reported</a>.
As clearance rates have fallen, selling prices have also dropped back.
Melbourne's cheapest sale was $305,000 for a one bedroom apartment in Box Hill.
The sale of <a href="https://www.realestateview.com.au/real-estate/406-1-3-watts-street-box-hill-vic/property-details-buy-residential-12089710/" target="_blank">406/1 Watts Street, Box Hill</a> was well below the $320,000 to $352,000 price guidance.
The recent $370 a week rental also sold well below its 2011 $390,000 sale price, CoreLogic advised.
Melbourne's top sale was <a href="https://www.realestateview.com.au/real-estate/11-wheatland-road-malvern-vic/property-details-sold-residential-12222971/" target="_blank">11 Wheatland Road, Malvern</a> (pictured below) at $4.01 million. 
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The four bedroom newly renovated Federation home had $3.8 million to $4.1 million price guidance through Iain Carmichael at Jellis Craig.
The busiest suburbs for weekend auctions were in Victoria, with Glen Waverley topping the list with 25 offerings, according to CoreLogic data.
<a href="https://www.realestateview.com.au/sales-and-auction-results/victoria/g/glen-waverley-vic-3150/" target="_blank">Of the 17 advised auction results</a> the priciest offering failed to sell, with 697 High Street Road passed in on a $1.5 million vendor bid.
CoreLogic recently calculated the national clearance rate dipping to 41.9 per cent, the lowest result for six years.
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Some 2,742 homes were taken to auction across the combined capital cities over the past week, slightly higher than the 2,701 auctions held in the prior week.  
Current volumes remain lower than over the same period last year when the final national clearance rate was recorded at 60.3 per cent across 3,291 auctions.
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Brisbane was the weakest east coast capital with a 40 percent clearance rate, according to CoreLogic.
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The former Test spinner turned stock market trader Nathan Hauritz and wife Dianne had hoped to secure a weekend auction buyer of their Brisbane home (pictured top).
But now it is listed <a href="https://www.realestateview.com.au/real-estate/42-cowper-street-bulimba-qld/property-details-buy-residential-12224325/" target="_blank">with $925,000 plus hope</a>s.
They paid $680,000 for the Bulimba home in 2013.
The 1950s three bedroom, one bathroom home featuring traditional period features including polished timber floors and high ceilings, had been scheduled for auction through Ray White Bulimba agent Alex Donnan.
Another postwar Brisbane home fared better.
In Wooloowin, <a href="https://www.realestate.com.au/property-house-qld-wooloowin-129839282" target="_blank">53 View Street </a>(pictured below) attracted 11 registered bidders, four of whom were active during the auction, Domain reported.
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The house, which sold for $875,000 to a developer, had been owned by one family since 1949.
The ANZ-backed REALas price tipping website struggled to anticipate the buyer demand with <a href="https://realas.com/property/53-VIEW-STREET-WOOLOOWIN-QLD-4030-8291895" target="_blank">their forecast $742,000 advisory</a>.
 
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Nathan Hauritz caught as auction success rate deteriorates into the 30s

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When expatriate retired mortgage broker 'Aussie' John Symond and wife Amber finally return to their home, (pictured above) from London, they might find they have several new neighbours on the pricey Point Piper peninsula.
There is an application to turn Portofino, the adjacent $60 million luxury home, into a block of three flats by the little-known Chinese multi-millionaire stock trader Andy Wenlei Song.
Portofino (pictured below, centre) was the longtime three-level home of luxury car dealer and yachtsman Neville “Croaky” Crichton and his then fiancée — now wife — Nadi Hasandedic.
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Crichton sold in 2016, just months before their lavish wedding, for $60.66 million, in what was the year’s top trophy home sale in Australia.
It required approval from the Foreign Investment Review Board, but seemingly no financing because there’s no registered mortgage on title.
In 2011, the six-bedroom Portofino was briefly rented by Microsoft co-founder Bill Gates and his wife Melanie, at $25,000 a week.
Solicitors Minter Ellison have been nominated as assisting in the conversion application. 
The property is one of only two waterfront homes on the rather steep and narrow Wingadal Place.
The timber Scots College Rowing Club boatshed sits on the shore between Portofino and Symond’s five-storey home.
The conversion proposal has been with Woollahra Council since this time last year, and the revised plans have only just gone out for public comment.
The initial Rob Mills Architects plans raised concerns at council regarding excessive building height, the documents show.
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The works are estimated to cost $7.28 million for the 1436 square metre waterfront parcel.
Crichton bought the property in 1994 for $5.9 million from helicopter pilot Bruce Rose and his wife, Pam, who held the only private helicopter landing rights in the eastern suburbs, which have now lapsed.
The New Zealand-born Crichton had commissioned Auckland-based architects Swan Railley Clapham &amp; Associates to design his Tuscan-style abode.
It is not known if the intention is to flip or hold, perhaps as a multi-generational family compound.
This article was first published in the Sunday Telegraph.
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'Aussie' John Symond set for new Point Piper neighbours 

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A site in Mascot has been sold by NGFarah for $17.65 million, their biggest sale of 2018.
NGFarah agent David Lee sold the 571-573 Gardeners Road property.
The Mascot site was a brick two-storey retail office building with rear storage yard and metal fabricated workshop, on 2,789 sqm.
There are no indication of any plans for the site that last sold at $4.4 million in 2011.
It was once Ascot Car Rental.
Recent Mascot site sales have included Raine &amp; Horne Commercial selling 10-12 Sarah Street, some 545 sqm, for $3.64 million.
It sold to Pro-Invest Australian Hospitality Opportunity Pty Limited, which had paid $12 million a month earlier to secure 2-6 Sarah.
Earlier this year 253 Coward, a 4000 sq m located on the corner of Kent Road across from Meriton's new Mascot retail precinct, sold for $24.2 million.
It was bought by interests associated with Daniel Tartak, Mark Tartak, Daniel Girgis and Matthew Abrahamian.
The site was once owned by TNT Australia.
Mascot's biggest sale in 2018 was Meriton's $82 million acquisition of the three hectare site at 265 Coward.
Last month The Daily Telegraph reported Harry Triguboff's company had submitted a proposal for two 14-storey towers at 256 Coward St. Triguboff proposes 305 units with shops.
The developer is trying to squeeze more units into the exisiting approval obtained by the Nassif family.
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NGFarah secure $17.65 million Mascot site sale

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One of the failings of Sydney's new high-rise housing landscape is the lack of family-suitable apartments.
While three-bedroom apartments have been typically targeted towards cashed up empty nesters and downsizers, there has been little supply for vertical families seeking an alternative to the home with backyards on suburb streets.
Developers ought be embracing more affordable three-and four bedroom designs to provide cross-generational villages where everyone from young to old can be accommodated.
For much of the recent apartment boom, developers have instead taken the quick money supplying studio, one and two bedroom stock aimed very much for the investor.
The majority of new apartment housing is 75 square-metre, two-bedroom apartments.
It is calculated three-bedroom apartments only make up between three per cent to 6% of all apartments.
This week's CommSec’s Home Size Trends Report noted apartments are shrinking in size across the country — from around 140 square metres between 2004-2010 to just under 125 square metres today. And they are smaller in Sydney, down 10% over the past year to a 116 square metre average size, the smallest among all the capital cities.
The newly built apartment mix is generally within the development control plans of local council as a preferred percentage with required sizes within in the state government's residential flat design code.
Most councils currently have two bedrooms at 70% of stock, one bedrooms consist 20% and the proportion of three bedrooms at 10%. 
But already 20% of Sydney’s apartments are being occupied by families, according to the 2016 census, up from 14% of apartment dwellers being couples with children in 1991.
The design of apartment building mix needs to ensure appropriately sized apartments are a greater part of the mix so they are able to be lived in as a family home for a long duration.
We ought be inspired by classic European cities like Paris, if Sydney wishes to meet its aim of being among the most liveable cities of the world.
Building three-bedroom apartment help avoid urban sprawl by encouraging families to be where there's established infrastructure.
The push to Sydney high-rise is irreversible.
Chris Johnson at the Urban Taskforce, an industry organisation representing property development interests, says back in 1991 apartments were only 21% of Sydney’s homes. 
"They are now 30%, and this could rise to an amazing 50% in 40 years time," he said.
Three bedrooms require a big change in developer thinking.
Yes, developers have embraced minimum open space requirements, sometimes rooftop gardens with shared BBQ facilities.
There's now communal bike areas, although developers are still slow to ensure basics such as basement storage which are needed to take the place of the backyard shed.
Then there's the need for libraries, maybe even music practice rooms.
Realistically there can only be a gradual increase in any mandated requirement by council for an improved diversity of apartment mix.
The Hills Shire is apparently pushing bigger apartments more than most councils.
But it will come at a cost.
The price of land across Sydney dictates the highest possible density for return on development investment.
The standard construction building costs per square metre range from $2600 to $5000.
The average sale price for a Sydney apartment is $10,000 a square metre as a rough rule of thumb.
The developers have certainly tapped the baby boomer downsizers as Savills International suggested typical off the plan luxury sale prices sat at around $26,000 a square metre as the boom neared its peak.
Any shift to affordable, larger apartments would be a “godsend” according to University of NSW’s City Futures Research Centre director Bill Randolph.
This article first appeared in The Daily Telegraph. 
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Why is there a lack of family-suitable apartments in Sydney? 

One of North Sydney's best-known commercial buildings could become hundreds of new homes, with insurance giant Zurich Australia lodging a State Significant Development Application (SSDA) to transform 5 Blue Street into a mixed-use residential development above North Sydney Station.

Rather than demolishing the existing building and starting again, Zurich is proposing an adaptive reuse project that would convert the landmark office building into a 15-level residential development delivering 62 apartments, 86 affordable co-living dwellings, activated retail and significant upgrades to the Blue Street Plaza.

The proposal reflects a growing trend of commercial property owners repositioning ageing office assets into residential housing as Sydney grapples with housing supply shortages and changing workplace demand.

<img alt="Zurich" data-entity-type="file" data-entity-uuid="0bba7d12-06dc-4375-aad7-238c94b21ac5" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-22%20at%2010.42.05%E2%80%AFAM.png?VersionId=NJl5oLAEBDGuPmY3RnyliKODjMc8lvRh" />

Located directly above North Sydney Metro and train station, the 3,051 sqm site occupies one of the most strategically positioned parcels of land on Sydney's Lower North Shore.

Designed by fjcstudio, the proposal seeks to retain and adapt much of the existing structure while creating a contemporary residential address that better connects with the public domain surrounding North Sydney Station.

The application proposes two basement levels, ground floor retail, affordable co-living accommodation across the podium levels, and apartments above, while preserving and enhancing the publicly accessible Blue Street Plaza.

Rather than pursuing maximum apartment numbers, Zurich has opted for a housing mix heavily weighted towards larger owner-occupier residences.

The proposal includes 62 build-to-sell apartments comprising 12 one-bedroom, 19 two-bedroom, 29 three-bedroom apartments and two premium penthouses. It also incorporates 86 affordable co-living dwellings, which would be managed in perpetuity by a Community Housing Provider.

That balance between traditional apartments and affordable housing reflects the NSW Government's push to increase housing diversity around major transport infrastructure.

The proposal has been lodged concurrently with a rezoning application, with Zurich arguing the site is ideally positioned to support additional housing given its immediate proximity to public transport, employment and services.

"The proposal aims to respond to the housing challenges facing Sydney through the delivery of diverse housing types in a highly accessible location," the design report by fjcstudio states. It also seeks to improve pedestrian amenity through upgrades to Blue Street Plaza while creating a high-performing residential building that responds to the surrounding context.

<img alt="Zurich" data-entity-type="file" data-entity-uuid="36082e15-c636-4481-bb68-5a5f6443fe39" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-22%20at%2010.41.36%E2%80%AFAM.png?VersionId=5P6VD.fvmqjQfIG3TWWMRXxQWiQBjeFB" />

Rather than replacing the commercial building, fjcstudio has developed a design that works with the existing structural framework above the rail corridor, an approach that significantly reduces demolition while allowing the site to be repositioned as a mixed-use residential precinct.

The existing structural constraints have informed much of the building's design, including its relationship with Blue Street and surrounding public spaces.

The building has been designed as a slender tower rising above a clearly defined podium, with vertically expressed façades intended to reduce the perceived bulk while reinforcing North Sydney's emerging skyline.

According to fjcstudio, the architectural language responds directly to the surrounding commercial towers while maintaining a finer grain expression more closely aligned with the neighbouring Lavender Bay streetscape.

The tower incorporates articulated façade elements, landscaped podium edges and recessed upper levels to soften its appearance and improve pedestrian amenity below.

A significant component of the proposal is the revitalisation of Blue Street Plaza.

The existing public space has long served as one of the primary pedestrian connections between North Sydney Station, Greenwood Plaza and Blue Street, yet its role is expected to become even more important following the opening of Sydney Metro.

Zurich's proposal seeks to strengthen that role by improving landscaping, introducing new retail frontages, enhancing pedestrian permeability and creating more active edges throughout the day and evening.

Ground floor retail would wrap the plaza, while separate residential and co-living entries have been designed to improve wayfinding without reducing street activation.

Landscape design has been integrated throughout the podium and public realm, softening what is currently one of the most heavily urbanised parts of North Sydney.

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fjcstudio has carefully oriented apartments towards Sydney Harbour and the CBD while using privacy blades and articulated façades to minimise overlooking between neighbouring buildings.

Large framed openings along the western elevation maximise harbour outlooks, while the eastern apartments have been angled towards the south-east to improve privacy from neighbouring development.

The project forms part of the continuing transformation of North Sydney from a predominantly commercial CBD into a genuine mixed-use city centre.

Since the completion of Victoria Cross Metro Station, developers have increasingly shifted their attention towards residential projects capable of leveraging the area's unparalleled transport connectivity.

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FiveX recently lodged plans for a 61-storey, 490-apartment tower that would become one of the tallest residential buildings in North Sydney if approved.

Aqualand continues to expand its Lower North Shore presence following the completion of AURA on Walker Street and its recent St Leonards and Roseville proposals.

Developers are also progressing projects throughout Walker Street, Miller Street and the Victoria Cross precinct as demand for well-located owner-occupier apartments continues to strengthen.

Joel Robinson

First look: Zurich targets North Sydney office conversion with 148-unit proposal above Metro station

Busy developer Aqualand Prestige has formally taken the next step in its expansion across Sydney's Lower North Shore, lodging a State Significant Development Application (SSDA) for its long-held Archer Street site in Chatswood.

The application covers <a href="https://www.apartments.com.au/new-apartments/51-55-archer-street-chatswood-nsw-2067">51-55 Archer Street</a>, a 1,767 sqm amalgamated site on the eastern edge of the Chatswood CBD, where the developer is seeking approval for a 45-level mixed-use tower delivering 114 apartments, including a significant affordable housing component, alongside retail, commercial space and six basement levels of parking.

The SSDA marks the latest milestone for a project Aqualand has been quietly progressing over the past two years. The developer first secured the site for its Aqualand Prestige platform before undertaking an alternative design excellence process with PTW Architects, ultimately avoiding a formal design competition through the Housing Delivery Authority pathway.

The proposal has evolved considerably from Aqualand's original concept. The revised scheme has been designed around larger owner-occupier product, with an unusually high proportion of three and four-bedroom apartments, targeting the more affluent buyer profile, and downsizer, emerging across the North Shore.

<img alt="Archer St" data-entity-type="file" data-entity-uuid="0171204c-5811-41b5-9b09-2335d1b7c3d0" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-22%20at%208.52.48%E2%80%AFAM.png?VersionId=6YTuxfq.puZo7k2wbfgemcO5K3QfXYGQ" />

The 114-apartment mix comprises six studios, 27 one-bedroom apartments, 18 two-bedroom apartments, 50 three-bedroom residences and 13 four-bedroom homes. A quarter of the building will be dedicated to affordable housing, well above the mandated 15 per cent&nbsp;

PTW has structured the building vertically, with affordable housing across levels one to six, premium apartments through levels seven to 31, duplex skyhomes on klevels 32 to 43, a penthouse on level 44, and a rooftop plant level above. Six basement levels will provide resident parking and servicing.

The tower is proposed to reach approximately 154 metres, placing it among a growing collection of residential high-rises transforming Chatswood's skyline.

Rather than competing purely on height, PTW says the design has been driven by creating a slimmer tower capable of delivering significantly larger apartments.

"The primary objective of this project was to create a distinctive building that stands out from the recently approved or built structures in the Chatswood area," the design report states, noting the structural efficiency allows greater investment into apartment quality and resident amenity.

Residents would have access to more than 450 sqm of communal open space including landscaped gardens, swimming pool, rooftop entertaining areas, fitness spaces, community gardens, children's play areas and barbecue facilities.

A major focus of the design has been the public domain.

The ground plane has been opened up through landscaped terraces inspired by Willoughby's sandstone ridges, with native planting, public seating, artwork, retail activation and a series of gathering spaces intended to soften what has traditionally been a hard commercial streetscape.

The landscape strategy references Blue Gum forests once common throughout the area, while incorporating Indigenous storytelling, public art and lighting installations to strengthen the connection to Country.

Chatswood has been one of Sydney's busiest apartment markets over the past 12 months, with a steady pipeline of both new project launches and fresh development applications.

Hyecorp recently launched Celine, a 122-apartment development just along Archer Street, while Changfa and Huirong Group are progressing The Anderson, an 84-apartment project on Anderson Street.

Develotek recently secured approval for a 101-apartment tower on Pacific Highway, while Tian An LFD received the green light for Hammond Greens, its apartment development on the edge of the Chatswood Bowling Club.

Commercial property developer FiveX is also making its move into the residential market. Last month it lodged plans for a 61-storey tower with 490 apartments, which, if approved, would become one of the tallest residential buildings in Chatswood.

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/first-look-fivex-targets-chatswood-skyline-with-61-storey-tower-after-north-sydney-plans">First look: FiveX targets Chatswood skyline with 61-storey tower after North Sydney plans</a>

Aqualand is also expanding its development pipeline following the launch of its luxury residential brand, Aqualand Prestige. The developer has delivered a string of high-end apartment projects across Sydney's affluent suburbs over the past decade, most recently AURA by Aqualand on Walker Street in North Sydney.

[smartcode_project:default project_id=30959 project_image_fid=292863]

It has since quietly assembled its next wave of projects.

Earlier this year Aqualand launched Boronia in Roseville, a boutique 111-apartment development on Larkin Street. The project is one of the first significant apartment developments to launch in the suburb ahead of what is expected to become one of Sydney's most active new housing precincts under the NSW Government's Low and Mid-Rise Housing reforms, which allow greater density around train stations.

[smartcode_project:default project_id=152095 project_image_fid=373685]

The developer has also lodged plans for a two-tower, 413-apartment development on Herbert Street in nearby St Leonards, further strengthening its presence across the Lower North Shore.

Beyond that, Aqualand remains behind the final stage of Barangaroo, where plans will deliver a five-hectare mixed-use precinct comprising new homes, retail, hospitality and community facilities, alongside a new Metro entrance and more than two hectares of public open space, completing the Barangaroo precinct.

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/central-barangaroo-development-takes-big-step-with-concept-proposal-approval">Central Barangaroo development takes big step with concept proposal approval</a>

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/first-look-aqualand-joins-st-leonards-apartment-party">First look: Aqualand joins St Leonards apartment party</a> 
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First look: Aqualand pushes ahead with Chatswood apartment tower as SSDA lodged for Archer Street

Mass timber is becoming an increasingly popular construction material in apartment developments, but Adelaide developer <a href="https://www.apartments.com.au/developers/otello">Otello</a> is taking the approach a step further.

At its new <a href="https://www.apartments.com.au/new-apartments/flowe-bowden-18-gibson-street-bowden-sa-5007">Flowe Bowden</a> development, the exposed cross-laminated timber (CLT) structure isn't just about reducing the building's environmental footprint. It also forms the foundation of a broader wellness strategy, influencing everything from indoor air quality and natural materials to the way residents move through and experience the building.

The 115-apartment mixed-use development, designed by Melbourne-based architecture practice Fieldwork, will occupy a prominent island site opposite Bowden Village Reserve, combining one, two and three-bedroom apartments with retail and a dedicated wellness destination.

[smartcode_project:default project_id=152022 project_image_fid=375528]

Wellness isn't confined to a gym or shared resident facility at Flowe. Instead, Fieldwork embedded the concept into the building itself.

The development has been split into two residential wings connected by a naturally ventilated central breezeway, replacing traditional enclosed corridors with open-air walkways that improve natural light, encourage cross ventilation and create more opportunities for neighbourly interaction.

"Rather than treating wellness as something that only happens on the ground floor, our response integrates it throughout the building, which led us to ask what it really means to design a healthy building," Fieldwork Director Quino Holland said.

[smartcode_project:default project_id=152022 project_image_fid=375531]

The building's architecture also reflects Bowden's industrial heritage. The lower podium references the area's historic brick and sandstone buildings, while the upper levels transition to exposed CLT, allowing the timber structure to become a defining feature throughout the apartments and shared spaces.

The use of mass timber sits alongside a range of sustainability initiatives, including a fully electric, gas-free design, rooftop solar and a targeted 5 Star Green Star rating.

[smartcode_project:default project_id=152022 project_image_fid=375524]

Inside the residences, the focus remains on natural, durable materials. Blackbutt engineered timber flooring, exposed CLT ceilings, porcelain surfaces and warm timber joinery create a calming interior palette, while low-VOC finishes and responsibly sourced materials have been selected to improve indoor air quality.

Kitchens have been designed as the centrepiece of each apartment, featuring porcelain island benchtops, timber-look cabinetry and brushed steel tapware, with layouts that maximise natural light and ventilation.

[smartcode_project:default project_id=152022 project_image_fid=375530]

The more traditional interpretation of wellness comes in the form of Level Eleven, a two-storey wellness club spanning the ground floor, mezzanine and first floor.

The facility will include a gym, yoga and reformer Pilates studios, Finnish and infrared saunas, magnesium hot and cold plunge pools, and dedicated recovery spaces. Unlike many residential wellness facilities, Level Eleven will also operate commercially, allowing the broader Bowden community to access the venue while giving residents exclusive membership benefits.

The ground floor has also been designed around everyday living. A café overlooking Bowden Village Reserve will activate the street frontage, while a bike workshop with tool storage, co-working space and dog wash has been incorporated to support daily routines and encourage interaction between residents.

"Flowe brings together my two biggest passions, creating places and creating healthier lives," Otello founder Daniel Harris said.

"We wanted to create something Adelaide hasn't seen before, a genuinely healthy building, where the way you live is lifted without even trying."

Flowe is positioned directly opposite Bowden Village Reserve and within walking distance of Bowden Railway Station and the Adelaide Entertainment Centre, placing future residents just minutes from the Adelaide CBD while remaining connected to one of the city's most established urban renewal precincts.

[smartcode_project_cta:default project_id=152022]

Otello launches wellness-focused Flowe Bowden with Adelaide-first mass timber apartment design

Not all apartment amenities are immediately visible.

Swimming pools, gyms, rooftop terraces and residents' lounges have long featured on buyers' wishlists, but as the way Australians live has changed, so too have the features that make apartment living more convenient.

Increasingly, buyers are placing value on the practical aspects of day-to-day life. Fast internet, EV charging, secure bike storage, flexible workspaces and parcel management are becoming just as relevant as lifestyle amenities, reflecting changing habits and expectations.

Online shopping has been one of the biggest drivers of that shift.

Australians spent a record $82.6 billion shopping online in 2025, with almost one in every four retail dollars now spent digitally, making parcel deliveries a routine part of everyday life rather than an occasional convenience.

For apartment residents, however, receiving those deliveries isn't always straightforward.

Without someone home to accept a parcel, deliveries can be redirected to a nearby Post Office, left in building foyers or common areas, or require building management to temporarily store packages. As apartment living continues to grow across Australia's cities, parcel management has become an increasingly important consideration for both residents and developers.

Australia Post's Parcel Locker network is one response to that shift.

<iframe allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen="" frameborder="0" height="315" referrerpolicy="strict-origin-when-cross-origin" src="https://www.youtube.com/embed/KPZ9j5FRdsQ?si=Qztc1dNP3ZvEIUhb" title="YouTube video player" width="560"></iframe>

Rather than relying on home delivery, eligible parcels can be directed to a nominated Parcel Locker, where they're securely stored until collected. Once a parcel arrives, residents receive a notification through the AusPost app or SMS and can retrieve it using a one-time code or QR code at a time that suits them.

The network has expanded to more than 1,500 locations nationwide, with Parcel Lockers positioned at Post Offices, shopping centres, supermarkets, transport hubs and, increasingly, within or alongside residential developments.

That growing presence reflects a broader change in how apartment buildings are being planned.

Developers are increasingly considering the operational side of apartment living alongside traditional lifestyle amenities. Just as secure mailrooms, bicycle storage and EV charging have become more common inclusions, parcel management is emerging as another feature that supports everyday convenience.

It also helps preserve the arrival experience within a building. Carefully designed lobbies and communal spaces can quickly become cluttered when deliveries accumulate, while secure parcel solutions reduce the likelihood of missed deliveries or parcels being left unattended.

For buyers comparing apartments, these everyday details are becoming part of the decision-making process.

Location, floorplans and finishes remain fundamental, but the features that simplify daily life are carrying greater weight than they once did. As online shopping continues to shape consumer behaviour, secure parcel delivery is increasingly becoming another amenity worth looking for.

Parcel delivery is joining the apartment amenity checklist

Inca Property Group has lodged a State Significant Development Application (SSDA) for Dawn, a 53-apartment oceanfront development overlooking Mona Vale Beach.

The proposal, at 35-39 Darley Street East, would replace an existing 18-apartment strata building with a new owner-occupier-focused development comprising 53 two and three-bedroom apartments, including nine affordable built-to-rent residences delivered under the State's infill affordable housing scheme.

Positioned on a 2,679 sqm elevated site around 280 metres from Mona Vale Beach, the development has been designed to maximise panoramic ocean views while responding to the site's sloping topography.

<a href="https://www.apartments.com.au/developers/inca-property-group">Inca Property Group</a> Managing Director Josh Thompson said the State Significant pathway provided greater certainty for projects of this scale.

"This State Significant pathway gives the team real certainty to progress <a href="https://www.apartments.com.au/new-apartments/dawn-35-39-darley-street-east-mona-vale-nsw-2103">Dawn</a> through to completion," Thompson said.

"It allows us to acquire a one-off site, design it carefully and deliver the right offering for the suburb, assessed by the NSW Government's planning department."

The project is one of the first developments in the area to be assessed under the NSW Government's Low and Mid-Rise Housing policy, with the site sitting on the edge of the policy's designated inner area.

The proposal includes three basement levels providing 124 car spaces, alongside a range of resident amenities including a swimming pool, gym, sauna, wellness facilities and private plunge pools for selected ground-floor and penthouse apartments.

<img alt="Dawn" data-entity-type="file" data-entity-uuid="fc1a1daf-0ce4-4f12-9076-b1fa553c7a91" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-21%20at%208.42.11%E2%80%AFAM.png?VersionId=4GZ9h.gpNkTljbxyAET8Jfhv51XUamDm" />

Thompson said Dawn had been designed specifically for owner-occupiers and downsizers, a buyer profile that has driven demand across Inca's recent Upper North Shore developments.

"The majority of buyers in our recent North Shore projects have been downsizers, and we are learning exactly what this market is looking for. Beyond the location itself, we have included resort-style amenities to deliver a genuine lifestyle offering," Thompson said.

Located within walking distance of Mona Vale Beach, the town centre, Mona Vale Golf Club and the Royal Motor Yacht Club, Dawn represents Inca's first Northern Beaches project following the sell-out of Tara on Park in Waitara and Ellis Residences, currently under construction in St Ives.

Construction will be undertaken by Inca's in-house construction arm, GOP Constructions.

Dawn is the latest major apartment proposal for Mona Vale, with the suburb emerging as one of the key beneficiaries of the NSW Government's new Low and Mid-Rise Housing policy.

New developer One Living, led by industry veteran Joseph Scuderi, recently secured a site on Mona Vale Road, on the border of Mona Vale and Pymble, where it is planning around 140 apartments.

IPM is also planning its third project in Mona Vale, significantly increasing the scale of its previous developments with an 82-apartment proposal at <a href="https://www.apartments.com.au/new-apartments/159-167-darley-street-west-mona-vale-nsw-2103">159-167 Darley Street West</a>, opposite Bayview Golf Course and less than 800 metres from Mona Vale town centre.

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/one-living-enters-sydneys-new-apartment-market-with-northern-beaches-site-acquisition">One Living enters Sydney's new apartment market with Northern Beaches site acquisition</a>

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/first-look-ipm-plans-third-mona-vale-project">First look: IPM plans third Mona Vale project</a>

Jonathan Chancellor

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