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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? 

<a href="https://www.apartments.com.au/developers/consolidated-properties">Consolidated Properties Group</a> (CPG) is approaching the launch of its latest Brisbane riverfront development, Castile, on the dress circle Skyring Terrace in Newstead.

VIP buyers are now being engaged, with a full public sales launch coming later this year.

Positioned as the final opportunity to secure a new absolute riverfront residence on the East bank of Newstead, Teneriffe or New Farm, Castile at 47 Skyring Terrace has been designed by <a href="https://www.apartments.com.au/architects/woods-bagot">Woods Bagot</a> as a timeless addition to the Brisbane skyline.&nbsp;

[smartcode_project:default project_id=150489 project_image_fid=371113]

The name Castile draws on themes of permanence, sophistication and legacy, reflecting a broader vision centred on enduring architecture and timelessness in the rarest of riverfront positions.&nbsp;

CPG Chairman and CEO Don O’Rorke said the project had been envisioned as a future Brisbane icon.&nbsp;

“With 47 metres of direct river frontage and never to be built out views, 47 Skyring Terrace is the definitive address on the Brisbane River,” O’Rorke said.&nbsp;

[smartcode_project:default project_id=150489 project_image_fid=371114]

“Rather than following trend-based apartment design, Castile draws inspiration from Brisbane’s great heritage buildings, reinterpreting classical architecture into a contemporary riverfront landmark designed to stand proudly for the next 100 years,” he said.&nbsp;

The approved development will comprise 227 apartments across a 25-storey tower alongside a boutique six-storey riverfront building of just 12 residences.&nbsp;

Construction is scheduled to commence in September 2026.

[smartcode_project_cta:default project_id=150489]

Joel Robinson

CPG unveils Castile Newstead ahead of upcoming sales launch

Australia’s online shopping habits have shifted dramatically over the last decade. As eCommerce volumes surged, so too did the frustrations that came with traditional parcel delivery: missed deliveries, long Post Office queues, parcel theft and the challenge of being home during business hours.

Australia Post’s Parcel Lockers emerged as one of the more practical responses to that changing consumer behaviour.

What started as a relatively niche delivery option has evolved into a nationwide network of more than 1,400 self-service Parcel Lockers positioned at train stations, shopping centres, supermarkets and Post Offices across the country. The system allows Australians to send, collect and return parcels 24 hours a day, fundamentally changing how many people interact with deliveries.

The appeal is relatively straightforward: flexibility.

Instead of waiting at home for a delivery driver or rushing to a Post Office before closing time, users can direct eligible parcels to a Parcel Locker location of their choice. Once the parcel arrives, Australia Post sends a notification with a collection code or QR access through the AusPost app, allowing customers to retrieve their package at any time within the collection window.

For apartment residents in particular, the system has become increasingly valuable.

Higher-density living has created logistical challenges around deliveries, especially in buildings without concierge services or secure parcel rooms. Missed deliveries are common, while parcel theft has become an increasing concern as online shopping volumes continue to rise.

Australia Post itself has repeatedly highlighted the growing issue of “porch pirates” during peak shopping periods, encouraging customers to use Parcel Lockers as a safer alternative to unattended home deliveries.

That security aspect is one of the key reasons the Australia Post Parcel Locker network has grown so rapidly.

Parcel Lockers are positioned as secure, monitored collection points that reduce the risk of theft while also improving delivery efficiency for Australia Post. Instead of multiple redelivery attempts, parcels can be consolidated into a single secure destination.

The Parcel Lockers themselves are free to use through a MyPost account and support a range of parcel sizes up to 16 kilograms and dimensions of approximately 35 x 44 x 61 centimetres.

Beyond receiving parcels, the system has increasingly become integrated into the broader eCommerce ecosystem.

Customers can now use Parcel Lockers to return online purchases, while retailers have embraced the model as a way to improve delivery success rates and reduce friction in the shopping process. Australia Post has actively expanded partnerships with major retailers and promoted Parcel Lockers as part of a broader out-of-home strategy.

The timing of that expansion aligns with broader changes in Australian shopping behaviour.

The acceleration of online retail during and after the pandemic placed enormous pressure on delivery infrastructure. Parcel volumes reached record highs, particularly during Black Friday and Christmas periods, with Australia Post delivering more than 100 million parcels during peak festive seasons.

That growth forced logistics providers to rethink the “last mile” of delivery, widely regarded as the most expensive and operationally difficult stage of the process.

Parcel Locker systems have increasingly been viewed as part of the long-term solution.

The concept itself is not unique to Australia. Parcel Locker networks have become common globally, particularly across Europe and Asia, where dense urban environments and apartment living create similar logistical challenges. But Australia’s geography and suburban sprawl made adoption slower initially.

Now, however, the convenience factor is driving mainstream usage.

For commuters, Parcel Lockers near train stations allow parcels to be collected on the way home from work. For apartment dwellers, they remove the uncertainty around access and missed deliveries.

The rise of the AusPost app has also streamlined the experience, centralising notifications, tracking and Parcel Locker access into a single platform. Australia Post has increasingly pushed customers toward app-based delivery management, partly as a way to combat phishing scams and fake delivery notifications, which have become more sophisticated in recent years.

The Parcel Locker model is also beginning to influence property development itself.

Parcel management has become a growing consideration in apartment building design, particularly as online shopping becomes embedded in everyday life. Many new residential developments are now incorporating dedicated parcel rooms or Parcel Locker systems into foyers and communal spaces.

For developers, parcel management is increasingly viewed as part of the broader resident amenity offering, alongside gyms, wellness spaces and communal work areas.

That reflects a wider evolution in how residential buildings are designed.

Apartment buyers are placing greater emphasis on convenience, security and operational functionality, particularly in higher-density urban environments. Parcel delivery, once considered a minor operational detail, has become an increasingly important part of that equation.

Australia Post’s Parcel Locker network sits at the centre of that behavioural shift.

What began as a simple alternative delivery option has evolved into a key piece of infrastructure supporting Australia’s growing eCommerce economy and changing urban lifestyles.

And as online shopping continues to expand, the role of Parcel Lockers is likely to become even more embedded in how Australians live, shop and receive goods.

How Australia Post Parcel Lockers changed parcel delivery convenience in Australia

Perth’s new apartment market recorded its strongest quarter of sales since Q4 2021, with 412 apartments sold in Q1 2026 and a record quarterly sold value of $537 million, according to Urbis’ latest Apartment Essentials results.

Urbis said the March quarter result reflects strong, highly product‑specific demand across both ends of the market, from more attainable projects delivering at scale, through to premium stock being absorbed by equity‑rich downsizers.&nbsp;

David Cresp, Partner at Urbis, said the key story in Perth is not demand, it is the market’s ability to convert demand into delivered housing.&nbsp;

“This is the strongest sales quarter since Q4 2021, and it reinforces that demand in Perth is real and it’s local,” David Cresp said. “But the task now is delivery, turning that demand into projects that can actually be built and completed.”&nbsp;

[smartcode_project:default project_id=110291 project_image_fid=302785]

<h2>Affordable product leads, premium demand remains resilient</h2>

Sales in Q1 were led by more affordable projects, with The Boulevard (SKS Group) recording 115 sales in the quarter, the presentation noting this is only the second time a single project has surpassed 100 quarterly sales. The project was able to offer more affordable housing product right next to a train station.&nbsp;

Palmyra West (Finbar) also delivered strong results with 28 sales in Q1, following 84 sales in Q4, with an average price of under $800,000, underscoring depth of demand for well‑located, attainable new stock.&nbsp;

At the premium end, Urbis said downsizer demand is continuing, with the results highlighting Romeo (Applecross, Finbar) recording 75 sales and reaching almost 50% sold in one quarter.

Jual (Shenton Park, Celsius Property) also posted a strong quarter with 28 sales, reaching 39% sold in one quarter.

Urbis noted that Perth apartment demand is not speculative, not investor‑led, and not uniform, describing it as localised, often equity‑driven and highly product‑specific, a pattern reflected in the polarisation between strong “attainable” performers and premium downsizer product.&nbsp;

[smartcode_project:default project_id=148957 project_image_fid=364102]

<h2>Prices underpinned by costs, and the delivery risk is growing</h2>

Urbis said pricing pressure is cost not demand‑driven: construction costs and delivery risk are now a central constraint, with the results noting build costs remain elevated and volatile, and that energy, fuel and labour uncertainty weigh on feasibility.

David Cresp said a growing challenge for private Build‑to‑Sell developers is simply securing a builder in the current environment.

“Developers are really feeling the pressure from a building market that was operating at capacity and securing a builder is challenging,” David Cresp said, adding that even where a builder can be secured, “trying to get to the price that makes the development financially viable is incredibly challenging in the current market.”&nbsp;

Urbis’ broader WA commentary also notes that industry remains at or above capacity with lot and housing creation, and that many builders are limiting new sales to manage stretched workforces and fixed‑price contract pressures, conditions that flow directly into apartment feasibility and delivery timing.

[smartcode_project:default project_id=108869 project_image_fid=317905]

<h2>Supply: improving later, but still constrained, and Perth lags eastern benchmarks</h2>

While near‑term supply remains constrained, Urbis’ forecast shows completions lifting “Supply is forecast to be back above 1,500 apartments per annum for the first time since 2019”, with 1,775 completions forecast for 2026, and volumes remaining above that level over the following years.&nbsp;

Looking further ahead, completions are forecast to reach 2,500 in 2028, with the report noting 32% of that total is social/affordable, reflecting the role of government‑supported delivery in rebuilding the pipeline.&nbsp;

However, Urbis said Perth remains behind comparable markets on pipeline scale. In a national comparison of projects under construction, the report shows under construction Perth Build‑to‑Sell (BTS) at 3,446 apartments versus the Gold Coast at 7,922. Mr Cresp said “The challenge for Perth is how to we grow the delivery pipeline”.

Urbis’ conclusion is that Perth’s market is increasingly defined by product discipline and delivery certainty, with the research identifying “delivery certainty is key” and calling out builder risk and procurement models as core success factors, alongside “timing and staging”.&nbsp;

Perth apartment sales hit strongest pace since late 2021 as builder capacity tightens

<a href="https://www.apartments.com.au/developers/sammut-developments">Sammut Group</a> has secured development approval for its latest Brisbane apartment project, marking the Sydney developer’s next step in expanding its Queensland pipeline following the success of its debut Gold Coast development, Coast.

The approved project at <a href="https://www.apartments.com.au/new-apartments/44-glen-road-toowong-qld-4066">44 Glen Road, </a><a href="https://www.apartments.com.au/developments/toowong-qld-4066">Toowong</a> will deliver a 15-storey riverfront apartment building with 42 residences, significantly increasing the scale of the site’s previous approval for a smaller luxury scheme. Designed by Bureau^proberts, the development will comprise a mix of predominantly four-bedroom and two-bedroom apartments positioned to maximise Brisbane River and city views.

Sammut Director Julian Sammut said the group had been actively searching Brisbane for several years before identifying Toowong as the right fit.

“Brisbane was the right step for Sammut,” Sammut said.

“With the success of Coast we thought we should definitely look to do more in Queensland alone. We then pushed up to look at Brisbane. We've been looking for I'd say two to three years actually and it was hard to find the right location.”

<img alt="Sammut makes Brisbane apartment play" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/f_auto,c_limit,w_1440,q_75/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/field/image/Screenshot%202025-12-23%20at%203.27.14%E2%80%AFPM.png?VersionId=dYAVIL7qdcGA8ojvkslSrLjczXFejSSx" />

Sammut said suburbs including New Farm and Teneriffe were considered before the group ultimately focused on Toowong due to its strong downsizer demographic and limited supply of developable riverfront land.

The site was acquired off-market after what Sammut described as a lengthy negotiation and planning process, with the developer pursuing an uplift to the original approval.

“We are DA approved now which is very exciting,” Sammut said.

“We've had our change approval come through and we've obviously doubled the height, 15 storeys plus rooftop. We've got 42 amazing apartments that are going to be coming to market soon.”

<img alt="Sammut makes Brisbane apartment play" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,dpr_2.0,q_auto:good/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202025-12-23%20at%203.27.26%E2%80%AFPM.png?VersionId=ohkRkY0dIZlqdfME2EZePsCQavRiBadE" />

Bureau^proberts said the design responds to Toowong’s evolving urban character, balancing contemporary apartment living with the area’s established residential identity.

“A place where traditional Queensland living has taken place for centuries; Toowong is seeing a shift of contemporary influence, commercial and retail hubs mixed with well-considered residential offerings – all the while maintaining its character and charm,” the architect noted in planning documents submitted to Brisbane City Council.

The architecture practice said the project’s form was shaped by its riverfront setting, flood considerations, neighbouring building scales, and view corridors.

“They said the mix of four and two-bedroom apartments capture the ‘fundamental qualities of Queenslander living,’ translated into the context of a contemporary subtropical building.”

The development sits just off Coronation Drive within walking distance of Toowong’s retail precinct and the upgraded Regatta ferry terminal, while also benefiting from proximity to the incoming green bridge connection to West End. Sammut said the accessibility and amenity offering were central to the site’s appeal.

The approval adds to growing residential activity along the Toowong riverfront, joining nearby projects including Consolidated Properties’ Monarch Residences and Spyre Group’s ARC Residences.

Sammut secures approval for debut Brisbane apartment development in Toowong

Developer Lanevick is heading back into Sydney’s apartment market after focusing more heavily on the luxury townhouse and terrace sector in recent years.

Lanevick, founded and directed by Steve Maroun, is expecting to receive approval in the coming months for a new apartment development in Gladesville, with the aim to launch it to the market later this year.

The 51-apartment project, designed by Studio Johnston, will comprise a mix of one-, two-, and three-bedroom apartments positioned toward the Hunters Hill downsizer market.

“Traditionally it’s been difficult for people in that market to downsize because there just hasn’t been the right product available,” Maroun said.

“We’re targeting buyers who might have 30 to 40 per cent of their house value sitting in the bank after downsizing.

“They still want good spacious entertaining areas, they still want quality design, but they also want flexibility and the ability to enjoy life a bit more after working hard for a long time.”

The project sits near Boronia Park and within close proximity to the Parramatta River foreshore, an area Maroun says offers more of a Hunters Hill lifestyle than a traditional apartment precinct.

“From a lifestyle perspective, it’s really more Hunters Hill than Gladesville,” Maroun said. “You’re close to the foreshore, close to parklands, and still connected back into the village precinct.”

From level four and above, apartments will capture water views&nbsp;toward Sydney Harbour. Communal amenity will include rooftop entertaining areas, wellness spaces, and a gym tailored toward owner-occupier buyers.

“We’ve really designed these apartments around that buyer coming from the Hunters Hill LGA and what they’re actually looking for in their next chapter.”

The proposed development has also been designed to respond to the changing character of the broader Gladesville town centre, where a growing number of mixed-use and residential proposals are expected to emerge over the coming years.

“Gladesville presented a rare opportunity to deliver a genuinely design-led residential project within an evolving lifestyle precinct, just moments from the growing Gladesville town centre, and we’ve approached the project with a strong focus on architecture, liveability and long-term community value,” Maroun said.

Maroun said Lanevick saw a first-mover advantage within the precinct as planning controls continue to evolve to accommodate greater housing density.

“We think there’s a real opportunity there that hasn’t really been serviced properly yet,” he said.

“There’s going to be a broader evolution of the whole Gladesville village precinct over time, particularly with more activation and mixed-use outcomes.”

The Venus Street proposal will include a commercial and retail component at ground level designed to contribute to that evolving streetscape activation.

“A big part of the thinking was how do you activate that area properly and create more vibrancy and amenity, which is what Hunters Hill has been looking for,” Maroun said.

Lanevick’s focus since 2020 has largely been on smaller-scale luxury townhouse and terrace developments. The developer recently completed Royale Randwick, also designed by Studio Johnston, where prices reached $3.65 million. The project was featured in the UDIA NSW 2026 Professional Development Prospectus and was also named a finalist for Development of the Year.

&nbsp;

Jonathan Chancellor

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