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Expectations for house price growth improved marginally in the final quarter of 2012 but remain very modest, with just 2.1% growth tipped for the next two years, according NAB’s December 2012 quarterly residential property index survey. 
This compares with September quarter expectations of a 1.7% gain in house prices over the next two years. 
The expectations are based on the sentiments of around 270 property markets participants, predominantly estate agents (39% of respondents), property owners and investors (20%) and developers (17%). 
They indicate that despite rate cuts and improving housing affordability, there is still much caution among those directly involved in the property market about medium-term prospects, though they have brightened. 
The survey found that concerns over housing affordability are falling slowly as interest rates fall but are still “significant”. 
In addition, property professionals remain concerned about the domestic economy and a weakening labour market, with “employment security entrenched as the biggest impediment to purchasing existing property in all states”. 
“Access to credit also seen as a ‘significant’ impediment to purchasing existing property,” NAB says of the survey results. 
Property professionals expect “good” capital growth prospects in the sub-$500,000 market next year, but the outlook for premium stock is still “poor”. 
The strongest outlook is for the mining-states of Western Australia and Queensland, where house prices are expected to increase by 3.6% and 2.2% respectively over the next two years, driven by strong state economic growth, migration and rental growth. 
Click to enlarge
<a href="/images/stories/2013/01/nabjan31.gif" rel="shadowbox" title="Click to enlarge"><img src="/images/stories/2013/01/nabjan31thumb.gif"></a>
Perth will be the strongest performing capital city market with capital growth forecast to run at around 3.5% through the year to end-2013 and 5% in the year through to end-2014, “underpinned by improved affordability, population growth and above average state economic growth”. 
Brisbane house prices are forecast to increase by 1.7% over 2013 and then by 3.5% over 2014. 
Stronger price growth is also tipped for NSW (1.8% over the next two years compared with 1.5% in the previous quarter), with Sydney set to outperform with growth of 2.1% in 2013 and 3.7% in 2014. 
Expectations also improved in Victoria, where property professionals now expecting house prices to grow by 1.9% in the next two  years, having previously forecast 0.9% growth. 
Melbourne house prices are expected to continue to tread water over 2013 – rising just 0.4% – but are expected to pick up slightly in 2014, rising by 2%. 
Expectations for house price growth over the next two years for the combined South Australia/Northern Territory market were scaled back to 1.5%, from 2.4% previously.
Melbourne along with Adelaide (growth of 0.1% in 2013 and 2% in 2014) are forecast to be the worst-performing markets for house price growth in 2013 and “will continue to lag the capital city average with state economic conditions and employment prospects in both these states also expected to remain tougher”. 
The overall index rose 4 points in the final quarter to sit at 8 points attributed to the rate of decline in national house prices slowing and rents growing.
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Australian house prices to rise 2.1% over next two years: NAB industry survey

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The weekend release of Real Estate Institute of Victoria (REIV) median house and unit prices for the December 2012 quarter were greeted with a mixture of surprise and some celebration, perhaps indicating greater resilience in the Melbourne property market than first thought.
The REIV reported a 7.8% gain in the Melbourne median house price over the final three months of the year to $555,000, with units up 4.2% to a median value of $456,000.
But while REIV chief executive Enzo Raimondo says the results showed strengthening demand from a “combination of improved Victorian consumer confidence, four interest rate cuts and the seasonal increase in activity in the December quarter”, other quarterly data cast genuine doubt over the turnaround.
December quarter figures released by RP Data-Rismark based on its daily updated index suggest the Melbourne property market continues to undergo a correction, with house prices falling by 1.5% over the quarter and units down 2.7%.
The data provider Australian Property Monitors (APM) released its figures today, showing a more modest 2.4% gain in Melbourne house prices and a 1% gain unit prices of the December quarter, with both markets essentially treading water over the past 12 months.
Factoring in the figures from APM and RP Data provides a more sobering view of house and unit price changes over the December quarter.
Melbourne houses
<table border="1" cellspacing="0" cellpadding="0"><tbody>
<tr>
<td valign="top" width="491" colspan="4">
House price changes
</td>
</tr>
<tr>
<td valign="top" width="133">
 
</td>
<td valign="top" width="114">
Quarter
</td>
<td valign="top" width="134">
2012
</td>
<td valign="top" width="110">
Median
</td>
</tr>
<tr>
<td valign="top" width="133">
RP Data
</td>
<td valign="top" width="114">
-1.5%
</td>
<td valign="top" width="134">
-2.9%
</td>
<td valign="top" width="110">
$550,000
</td>
</tr>
<tr>
<td valign="top" width="133">
APM
</td>
<td valign="top" width="114">
+2.4%
</td>
<td valign="top" width="134">
+0.5%
</td>
<td valign="top" width="110">
$526,000
</td>
</tr>
<tr>
<td valign="top" width="133">
REIV
</td>
<td valign="top" width="114">
+7.8%
</td>
<td valign="top" width="134">
+4.7%*
</td>
<td valign="top" width="110">
$555,000
</td>
</tr>
</tbody></table>
 
Melbourne units
<table border="1" cellspacing="0" cellpadding="0"><tbody>
<tr>
<td valign="top" width="491" colspan="4">
Unit price changes
</td>
</tr>
<tr>
<td valign="top" width="133">
 
</td>
<td valign="top" width="114">
Quarter
</td>
<td valign="top" width="134">
2012
</td>
<td valign="top" width="110">
Median
</td>
</tr>
<tr>
<td valign="top" width="133">
RP Data
</td>
<td valign="top" width="114">
-2.7%
</td>
<td valign="top" width="134">
-2.5%
</td>
<td valign="top" width="110">
$435,000
</td>
</tr>
<tr>
<td valign="top" width="133">
APM
</td>
<td valign="top" width="114">
+1%
</td>
<td valign="top" width="134">
+2.2%
</td>
<td valign="top" width="110">
$391,000
</td>
</tr>
<tr>
<td valign="top" width="133">
REIV
</td>
<td valign="top" width="114">
+4.2%
</td>
<td valign="top" width="134">
+1.3%*
</td>
<td valign="top" width="110">
$456,000
</td>
</tr>
</tbody></table>
*The REIV figures compare December quarter 2012 figures with December 2011 quarter figures. APM and RP Data are annual changes over 2012.
The differences can be partly explained by the different median calculation methods used and in the case of the REIV, by the quality of the data used to calcuate its December results.
The REIV bases its figures on the median price – that is it ranks all sales from high to low recorded over the quarter and plucks out the middle or 50th percentile observation.
Australian Property Monitors (APM) and RP Data use what some would consider more sophisticated measures of median property price changes.
APM uses a stratified median price method, which controls for changes in the composition of properties sold by separating the total sample of properties into a number of sub-samples. It also issues revised figures based on better available data.
RP Data-Rismark uses a daily hedonic index, which measures home price movements on a “like-for-like” basis according to their key attributes, such as location, land size, number of bedrooms and bathrooms, and is the only provider that does not revise its figures.
The gains reported by the REIV suggest there is a trend of improving property values, but readers should keep in mind a number of issues which may have impacted on the stronger-than-expected results.
Firstly, they follow significant downward revisions to September quarter figures, which increased the gap between REIV figures quoted for the December and September quarters.
The September quarter median for Melbourne houses was revised down from $530,000 to $515,000, while units were revised down from $442,000 to $437,500.
As a result of the revisions the December quarter gains were much greater.
The stronger REIV results in the December quarter were also impacted by a lack of sales in nearly two-thirds of suburbs, which would also have skewed the data.
Property Observer analysis found there were 166 suburbs (63%) that had fewer than 30 sales over the December quarter – meaning their median price changes are less statistically reliable.
Indeed, there were only 95 suburbs that recorded a statistically significant figure of more than 30 sales.
Given that the majority of suburbs in the December quarter figures had fewer than 30 sales and revisions made to the September quarter figures, it is likely that December quarter figures will be revised downwards by the issuance of the next quarterly report.
Readers could of course consider taking an average of the three data providers (as Melbourne property market analyst Monique Sassoon Wakelin suggested investors do in her ABC radio program last year), which thereby confirms that any conclusion of a dramatic December quarter recovery may be premature.
Averaging out the three data providers’ results, house prices rose 0.8% over the quarter while units are up 0.3%, indicating something of upward trend, but no major rebound.
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Melbourne residential property market on the mend? Property Observer navigates the muddling median maze

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The residential property market appears to have bottomed out and is set for a “mild cyclical recovery" over the next 12 months” says AMP Capital Investors chief economist Shane Oliver.
Oliver anticipates only short-term gains in property prices in the range of 5% to 7% over this period as “buyers remain cautious about taking on excessive debt, particularly as job insecurity remains high”.
But he expects the property market to outperform both the bond market and what’s available through cash deposits - a reverse of the performance of these markets over the past five years.
Shares, Oliver says, are the most attractive asset class "offering relatively attractive starting point dividend yields of around 5.7% with franking credits added in" though he warns  investors against presuming a "smooth run" for shares in 2013.
But term deposit rates have fallen from as high as 8% a few years ago to 4% and continue to fall while Australian 10 year government bond yields have fallen from 6.3% to currently 3.5%
In comparison, Oliver says house and apartment yields are running around 3.7% and 4.8% respectively, which are well up from their lows last decade.
Despite offering a better return than cash or bonds, Oliver says capital growth in residential real estate is likely to be constrained over the next five to 10 years “by still very high property prices relative to incomes and rents and house prices still above their longer term trends”.
“This suggests that a cyclical rebound in real estate prices over the next year should be seen as part of a broad range bound market for property prices in real terms as the market continues to work off the excesses that built up over the property boom that started in the mid 1990s and continued into last decade.
“Of course, good quality properties in sought after locations will do well, but the medium term back drop for property returns is likely to remain constrained, albeit better than that from cash and bonds,” he says.
Oliver says there are two main risks to his forecasts.
The main downside risk to property is a hard landing in China, a risk he says is receding while the upside risk is that “the old housing bubble is reignited by the latest collapse in mortgage rates”.
“Again this seems unlikely though given Australians’ more cautious approach to debt since the GFC,” he says.
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“Mild cyclical recovery” for property market over next 12 months, but a better bet than bonds and cash: Shane Oliver

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Nearly a third of borrowers (30%) say they would ditch their Big Four bank if another lender offered them a 50 basis point discount off the rate they are currently paying, according to a survey by Australia’s biggest mutual lender, CUA.
More than half (56%) said they would “consider” switching for a 50 basis point discount.
Even a smaller discount of 25 basis points would tempt 60% of Big Four borrowers to consider refinancing with another lender.
Overall, the CUA’s National Mortgage Survey found a high level of discontent among borrowers who have their loans with Big Four banks.
A fifth (18%) said they would ditch their Big Four bank if they did not adjust their mortgage rates following an RBA cash rate cut with 60% saying they would “consider” doing so.
In addition, 70% of these borrowers would switch or consider switching for lower fees and charges.
“Overall, Australian mortgage holders are looking for a lender that provides competitive rates and makes decisions that are in the customer’s best interest,” says CUA’s general manager for products and marketing Jason Murray.
Borrowers who opt for a standard variable home loan would be 55 basis point better off with a CUA loan compared with a standard variable rate home loan offered by the Commonwealth Bank.
The CUA's standard variable rate is 5.85% (comparison rate of 5.91%) while the Commonwealth Bank's standard variable rate is 6.40% (comparison rate of 6.54%)
However, the Commonwealth Bank is more competitive on fixed rates and discounted variable rate offerings.
The lowest variable rate mortgage currently offered by CUA is its rate breaker package home loan at 5.42% with a comparison rate of 5.75%.
The CUA offers a three-year fixed rate of 5.30% with a comparison rate of 5.81%.
The Commonwealth Bank, offers a no-fee variable rate home loan at 5.70% with a comparison rate 5.70% and a one-year guaranteed rate of 5.34% with a comparison rate of 6.43%.
Its three-year fixed rate is 5.54% for non-home loan package customers and 5.39% for those that do opt for a packaged home loan deal.
Property Observer <a href="/news">compiled this list of the lowest home loan rates </a>offered by the major banks and their subsidiaries on January 8.
The CUA survey found that across all borrowers (not just those with a Big Four home loan), the propensity to refinance with another lender appears high with more than three-quarters (78%) of all mortgage holders saying they would switch or consider switching if their current lender failed to adjust rates following an RBA rate cut.
The results are based on a survey of 1,514 people carried out by Auspoll, commissioned by the CUA, of which four out of 10 have a mortgage.
Of those respondents that have a mortgage, 62% have their home loan with a major bank, 8% with a credit union or mutual lender and 31% with another lender (smaller bank or non-bank lender).
Respondents were questioned on their attitudes towards interest rates, switching home lenders and fixing their interest rates.
Other key findings from the survey were that fixed home loans remain largely unappealing to the majority of borrowers despite lenders continuing to cut fixed rates.
Only 7% of variable rate mortgage holders said they intended to fix their home loan in the next three months with 71% saying they had no intention of fixing.
The remaining 22% said they would fix their home loan, but not in the near future.
This is slight improvement on the 3% who said they would fix in last year’s survey and the 75% of respondents who said they had no intention to fix at all.
However, even among those survey respondents who expect rates to rise in 2013, fixed rates remain unappealing.
“Of those variable rate mortgage holders surveyed who believe rates are at the bottom of the cycle and will increase in 2013, still only 31% would plan to fix their mortgage in the future,” say CUA’s general manager for products and marketing Jason Murray.
Less than a third of those surveyed expect a cash rate cut in February and remain divided as to what will happen to interest rates in 2013.
Around 37% believe the cash rate will decrease further in 2013 while an almost equal number (38%) believe rates will be higher at the end of the year.
A quarter of respondents expect rates to stay the same in 2013.
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A third of borrowers would ditch big four banks for 50-basis-point discount: CUA

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Many home owners in flood-affected or flood-at-risk regions of Queensland and northern NSW have not taken out insurance against natural disasters, despite claims to the contrary by the Insurance Council of Australia (ICA).
The high cost of insurance premiums and social influences have been blamed as factors for the poor take-up.
To date, more than 3,000 properties have been affected by flood waters in Brisbane (Ipswich home below, courtesy of <a target="_blank" href="https://www.flickr.com/">Flickr</a>), with 9,800 insurance claims submitted in Queensland totalling $116 million and around 2,000 in NSW totalling $10 million, according to a report in the Australian Financial Review.
<img alt="insurance" height="294" width="470" src="/images/stories/2013/01/insurance.jpg"> 
According to Allianz figures, as a result of the unaffordable cost of flood cover, 98% of NSW customers with a risk of flood of up to 1 in 49 years have opted out of cover, while the equivalent figure for Queensland is 95%.
The average flood insurance premium offered by Allianz in Queensland is $8,200 but can be as high as $19,000 based on the on the average home and contents sum insured of $385,000 in Queensland.
In NSW, the average annual premium $4,704 but can be as high as $24,000 based on the average home and contents sum insured of $388,500.
These figures are for flood cover only.
They dwarf total insurance premiums (excluding flood cover) of $860 in NSW and $1,250 in Queensland.
In September the Insurance Council of Australia released data showing nearly four in five Australian household insurance policies contain flood insurance.
However, this is predominantly standard flood cover, with just 21,000 out of 2 million policies included in ICA data opting for optional flood cover – presumably of the type offered by Allianz and other insurers covering home owners in high-risk areas.
Allianz spokesman Nicholas Scofield says the key barrier to providing Australians living in flood prone areas with insurance protection “has and always will be the affordability of flood insurance”.
“The main reason is that the insurance model is not best suited for events that have a certainty of happening, rather than just a chance of happening.
“For a house on a flood plain, it is a matter of when not if it will be flooded, so the flood premium starts with a simple formula that begins with the expected value of the loss divided by the anticipated frequency of loss.
“As result, premiums for flood cover for properties vulnerable to flood can be prohibitively expensive,” he says.
In its submission to the federal government's Natural Disaster Insurance Review, commissioned following the 2011 Queensland floods, Allianz proposed a reinsurance-style pool as mechanism to make flood insurance affordable.
“The review picked up Allianz's proposal in its recommendations, however, the government is yet to respond to this aspect of the review,” says Schofield.
The federal government review did not recommend mandatory purchase of flood insurance, leaving it up to home owners in flood-at-risk regions to decide whether they wish to bear the risk.
 
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A research project carried out by Griffith University found that of 500 residents of south-east Queensland surveyed in 2012 (via telephone), more than 40% of respondents did not have flood insurance, or did not have home insurance at all.
The survey found that those respondents who know their homes were at high risk of flooding or who had experienced property damage in the 2011 were more likely to have flood cover on current policies, but did not find a strong positive relationship.
“Statistically, it is not conclusive to suggest that perceived risk and damage experience explain the tendency for non-insurance,” says Alex Lo, lecturer at the Griffith School of Environment at Griffith University, who carried out the research in The Conversation.
It also found that those who could afford the higher flood insurance premiums tended to insure against this disaster, but again there was no strong statistical relationship.
“Household income and affordability are not a good explanation either. The standard assumption does not always hold,” he says.
Lo says the motive to emerge from the study for taking out flood insurance was social influences
“The findings suggest that if the respondents believe that their family or friends would want them to insure, they tend to do so. Also if they believe that other people like them would buy flood cover, they tend to follow suit. The decision is predominantly socially motivated,” he says.
"Interestingly, such social factors are precisely what the Productivity Commission has identified but recommended not to deal with through government policy.
"Certainly there is something the market cannot do, for which the government should at least facilitate. Although it might not be appropriate for them to mobilise social influence directly, they should try to make sure the community has the capacity to spread the message. There is no excuse for the government to avoid addressing behavioural drivers. Governments have been using all sort of measures to encourage good behaviours and punish the bad ones.
"Local community organisations may help increase the voluntary adoption of flood insurance through word-of-mouth. Governments and the industry should support (financially) their efforts and harness the social forces they help to create," says Lo.
Submissions on exposure draft legislation aimed at making it easier for consumers to understand the terms of their insurance policies closed on December 12, led by financial services minister Bill Shorten.
Since the 2011 floods, the government has also introduced a standard definition of flood and a one page key facts sheet for all home and contents policies to help Australian consumers understand what they are covered for as well as launched the National Flood Risk Information Portal – an online “one-stop-shop for flood risk information”.
 
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Most home owners can't afford $8,200 flood insurance premiums as claims rise

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Suncorp says it has to date received 4,500 personal insurance claims as flood waters continue to rise in parts of Queensland and northern NSW from ex-tropical cyclone Oswald.
Queensland's largest personal insurer expects more claims to be lodged this week with around 5,000 homes, units and commercial properties at risk in Brisbane and Ipswich.
Suncorp says its immediate priority is assisting customers affected by the floods, which have to date claimed four lives and damaged hundreds of properties.
On Sunday the Insurance Council of Australia (ICA) declared a catastrophe for large parts of Queensland affected by the cyclone and subsequent flooding, reporting there had been moderate to severe damage experienced in communities from the NSW border all the way north to Cairns.
The ICA says it expecting a “very wet summer this year while also hoping Queensland might avoid a repeat of 2011”.
The Bank of Queensland says it has established package of relief measures for impacted customers, including the ability to defer mortgage and loan repayments for a period.
The bank is also offering discounted interest rates on personal loans taken out for the purpose of purchasing replacement goods and has also set up a special Flood Hotline for customers with questions or those requiring urgent assistance.
ANZ, Westpac and the Commonwealth have all announced support measures for customers affected by the floods, including the ability to suspend loan payments for a period of time.
Residents in flood-at-risk areas have been reassured that this disaster will not be on a scale of those that struck in across Queensland two years ago, killing 35 people and leaving a $6 billion reconstruction task.
Brisbane Times reports that the Bremer River peaked in Ipswich at 14.9 metres about 9.30pm on Monday night, almost five metres below the 19.4 metre peak in 2011.
The Brisbane River is forecast to peak at 2.6 metres on the 11am tide, nearly half of the 4.46 metre peak in 2011 with a second flood peak likely at noon tomorrow.
The Brisbane City Council has provides a <a href="https://www.brisbane.qld.gov.au/community/community-safety/disasters-and-emergencies/BRFFS/index.htm" target="_blank">Brisbane River Flood Forecast by Suburb reports</a> where homeowners can see if there home is likely to be affected by flood waters.
The City of Ipswich has compiled a <a href="https://www.ipswich.qld.gov.au/index.php?noticeboard=Home+Page&amp;noticeId=563" target="_blank">list of properties potentially affected by flooding</a>.
Flooding has put around 2,000 homes underwater in Bundaberg, where around 1,500 people have been airlifted to safety from fast-flowing flood waters.
On the Fraser Coast, the Maryborough River is at 10.7m and rising with Channel 7 reporting that 200 homes and 50 businesses are partially flooded.
The January 2011 south-east Queensland floods and northern Queensland cyclone one month later killed 35 people and affected more than 500,000 square kilometres of Queensland, including low-lying parts of Brisbane, Ipswich and the Lockyer Valley and up North, Cairns, Townsville Tully, and Innisfail.
The floods resulted in 58,463 claims totalling $2.4 billion, while cyclone Yasi resulted in 72,203 claims amounting to $1.33 billion.
Suncorp says it has made provisions for natural hazards and has an allowance of $520 million for events in the 2013 financial year.
For the six months to 31 December 2012, Suncorp’s total natural hazard claims were $147 million.
The insurer says it has a “comprehensive reinsurance program to limit the financial impact of natural hazard events.
The cyclone Oswald floods are the third catastrophe declared by the ICA in 2013, with insurers managing claims following severe bushfires in south-eastern Tasmania and northern New South Wales.
Since early 2010, the ICA has declared six catastrophes in Queensland for flooding and cyclone damage, with losses of almost $4 billion.
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Suncorp receives 4,500 insurance claims as anxious Queensland and northern NSW home owners await rising flood waters 

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A NSW inquiry into building company collapses has recommended the adoption of Queensland-style regulatory model, including the establishment of a construction industry trust to ensure sub-contractors get paid first should a construction company collapse.
The trust would hold all payments due to a head contractor, sub-contractors, sub-subcontractors and suppliers and be required for all projects valued above $1 million. Sub-contractors would be paid first before head contractors while there would be “no point at which the funds may be ‘scooped’ by the bank.
The final report prepared by Bruce Collins, QC, also recommends the creation of a single statutory and autonomous body, the NSW Building and Construction Authority, modelled along the lines of the Queensland Building Services Authority, which would undertake all of the administrative oversight, regulatory and operational responsibilities currently undertaken by different regulatory bodies.
Under the current system of regulation in NSW, the Office of Fair Trading deals with the regulation of contracting and industry licensing, policy is created by the Building Regulations Advisory Council (BRAC) and disputes handled by the Consumer, Trader and Tenancy Tribunal (CTTT).
In all, there are 44 recommendations made by Bruce Collins, QC in his lengthy, final report following a three month independent inquiry.
Other recommendations include a strengthened security of payments scheme and a licensing system for all commercial builders and construction contractors, which would limit participation to projects with demonstrated financial backing and licensed accreditation.
“The first key role of the NSW Building and Construction Commission will be to establish a licensing system which requires all builders and construction contractors operating in the commercial building sector to qualify within a particular graduated licence category according to the net financial backing they are able to demonstrate, in respect of proposed projects,” says Collins.
“The result will be that the work of builders and construction contractors will be restricted to the category of project value for which they have demonstrated financial backing and licenced accreditation.”
The second key role of the proposed new commission would be the financial monitoring and auditing of the accounts and financial affairs of all builders and contractors in NSW, including a “formal set of standard financial and accounting requirements”.
Collins notes in his introduction, that it is “rare to find unanimity upon any issue in a chattering society such as ours, however all those who gave evidence to the Inquiry from all sections of the industry with the exception of the Housing Industry Association (HIA) agreed that it was an essential part of any reform package to bring in a licensing model and regulatory structure along the Queensland lines”.
He notes that the HIA’s views on the Queensland model are “largely shaped by the opposition to the insurance role being included in the model”.
In its submission to the inquiry, the HIA claims the “Queensland Building Services Authority (QBSA) is fundamentally flawed” and says its various functions should be separated.
“The QBSA’s one-stop-shop structure with its multiple functions creates significant opportunities for internal conflicts of interest thereby exposing both the customers of the building industry and licensees to unjust outcomes from their dealings with the Authority,” says the HIA.
Instead, the HIA recommends the creation of a policy body that can take a “whole of government” approach to regulation of the industry.
The establishment of the NSW Building and Construction Authority has the support of the NSW Building Professionals Board, the Master Builders Association and the Building Regulations Advisory Council among others.
The building industry inquiry was instigated by NSW finance minister Greg Pearce in August last year, following the rising number of construction company collapses over the last three years which is estimated to have left thousands of suppliers and subcontractors more than $1 billion out-of-pocket.
High-profile <a target="_blank" href="https://www.propertyobserver.com.au/industry-news/liquidator-appointed-for-collapsed-nsw-builder-reed-construction/2012071155520">building firm collapses</a> last year included Reed Construction, 100-year old firm Kell &amp; Rigby, St Hilliers Construction, Baseline Constructions and <a target="_blank" href="https://www.propertyobserver.com.au/industry-news/nahas-construction-latest-aussie-home-builder-to-enter-administration/2012112057964">Nahas Construction</a>.
“The Queensland model presents the only solution to the problem of preventing insolvency in the first place.  The construction trust is important because it operates in a remedial manner after insolvency has begun to cause its problems,” says Collins.
“The inquiry cannot place too much emphasis upon that vital conclusion,” he adds.
“The most effective way to ensure a healthy industry is to ensure the healthy condition of those who aspire to participate in the industry.  That is what is done in Queensland and it is there that it has had its effect upon reducing the number of disastrous insolvencies in the building and construction industry."
The full list of 44 recommendations contained in the report, which is subject to public consultation until February 21, can be <a target="_blank" href="https://www.services.nsw.gov.au/updates/independent-inquiry-construction-industry-insolvency">downloaded from the NSW Department of Finance and Services website</a>.
“We now need to carefully work through the reforms in consultation with those stakeholders and the public,” commented NSW finance minister Greg Pearce following its release.
The NSW government has prepared separate consultation papers on <a target="_blank" href="https://www.services.nsw.gov.au/updates/independent-inquiry-construction-industry-insolvency">statutory construction trusts and the licensing of commercial builders</a>, which are available for public consultation by February 21.
  
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NSW building inquiry recommends construction trusts to protect sub-contractors

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Buoyed by its multi-billion dollar resource projects, Darwin ranks as the strongest property market in Australia with strengthening buyer activity and exceptionally high demand for houses recorded in the final quarter of 2012.
There were 825 property sales recorded over the quarter totalling $414.3 million, a 14% increase on the volume of sales in the September quarter where there were 732 transactions, totalling $364.8 million, according to a new report by Colliers International.
“In the December quarter the median house price was recorded at $600,000 and it was found that in Darwin 43 % of all house sales were recorded between $500,000 and $600,000” says Colliers International analyst Lianna Georges and author of the latest Darwin Residential report.
Rents also rose “substantially” over 2012 with average rental rates now around $700 per week for a three-bedroom house and $550 per week for a two-bedroom unit, “making Darwin very appealing to investors”.
However, Colliers also notes that the increased rental rates have pushed up the cost of living in Darwin and may "place home-ownership out of reach for young locals”.
Georges warns that a lack of affordable housing will remain a key issue for 2013 with minimal stock priced under $600,000, while changes to Northern Territory government incentives, could potentially affect home ownership.
“The previous First Home Buyers scheme included no stamp-duty up to a threshold of $540,000, a $7,000 grant to first home buyers and the addition of the $10,000 Build Bonus Grant for new dwellings. These incentives have been replaced by a new $25,000 First Home Buyers grant for the purchase of a new dwelling, or a $12,000 grant for an existing dwelling; although home buyers are now liable to pay for stamp-duty on their first home,” explains Georges.
A search on realestate.com.au for properties under $600,000 reveals no free-standing houses among the 197 properties listed under this threshold, with two and three-bedroom units dominating listings under this limit.
<a target="_blank" href="https://www.realestate.com.au/property-house-nt-darwin-112524147">A four-bedroom house and land package</a> is offered at $640,000 through Helen Saunders of KRK Properties – Mandurah, but does not disclose the address with the more than half of the listing devoted to describing the billion dollar liquefied natural gas projects in the pipeline or underway in and around Darwin.
According to RP Data, Darwin values for the year to December increased by 11.7 %, far surpassing Sydney where a 2.5% increase in house prices was recorded.
The unit market continued to record steady sales growth in the December quarter and offered a more affordable housing option for first-home buyers.
Over the course of 2012, the strongest price band for unit sales was $400,000 to $500,000 comprising 31% of all unit sales.
Georges says that as 2013 unfolds, Darwin will be “keenly observed particularly in regard to rental rates as interstate investors look to purchase property with enticing yields; although this has the potential to be counteracted by the rising cost of living that may place home-ownership out of reach for young locals”.
“The year ahead will be an interesting time for Darwin’s property market as the Territory continues to experience unprecedented economic development.
“The past 10 years have seen Darwin transform from a sleepy regional town, into a dynamic capital city that is burgeoning with trade, resource projects and new development.
“As Darwin continues to grow over the next decade and attract new residents, the need for infrastructure development to assist housing construction will become apparent,” she says.
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Darwin property market leads the nation but affordability headwinds for 2013: Colliers International

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ASX-listed property investor and funder manager Trinity Group has blamed the poorly performing Victorian coastal leisure market for a $3.1 million write-down in the value of its investment in the Cumberland Lorne Resort on the Great Ocean Road.
The group, which has been selling assets in its $95 million property investment portfolio to reduce debt levels in order to secure a debt facility extension with NAB, said the <a href="/news">Lorne </a>resort write-down was the “primary driver” for a steep earnings downgrade to interim results to December 31.
Trinity Group is forecasting an interim net loss of between $3.6 million and $3.9 million, having earlier advised shareholders of a $700,000 net profit.
“The primary driver of the group’s 2013 half year loss result and decrease in net tangible assets per security is a $3.1 million write-down in the value of the group’s property investment at the Cumberland Lorne Resort in Lorne, Victoria.
“This write-down reflects the poor market conditions, and the resulting impact on property values, that is being experienced by the coastal leisure property sector.
“The write-down has also been influenced by the result of the recent marketing campaign that has occurred for the Cumberland Lorne Resort,” said Trinity Group in a statement.
Trinity acquired 51 freehold apartments, the conference centre and the management rights to the Cumberland Lorne Resort in 2009 for around $20 million.
The 2012 annual report values the investment as being worth $17.7 million.
Lorne is a seaside town and popular holiday destination along the Great Ocean Road, a two-hour drive south of Melbourne.
The Cumberland Lorne Resort is situated on Lorne’s main street at 150 Mountjoy Parade and has 102 one, two-bedroom and penthouse self-catering apartments with private balconies offering ocean views.
It currently offers a two-night package special of $386 per room.
The resort was put up for sale in September last year after Trinity undertook a $500,000 “soft” refurbishment of the conference centre and apartments.
The resort is being sold along with the 5,900 square metre Compark Circuit business park in Mulgrave, which is listed as having a book value of $15 million.
An expression of interest campaign closed on December 19 for both properties, with Trinity in discussions with potential buyers.
The 2012 annual report notes that Trinity undertook 2011-12 summer sales campaign to sell the apartments at the Cumberland Lorne Resort “during difficult market conditions in Victoria”.
“As a result of the campaign, one apartment was sold with the sale price exceeding book value. Another apartment settled during the year as a result of the previous summer’s sales campaign.
The annual results record the sales generated revenue of $960,000.
As of June 30, Trinity Group owned 40 apartments, the conference centre, management rights and a manager’s apartment at the resort.
A recent survey by Roy Morgan lists the Great Ocean Road as the fifth most popular tourist destination for young Australians aged under 30 with 12% of 22,000 people surveyed saying they planned to take a holiday along the famous stretch of Victorian coast over the next two years.
Trinity Group reported an after tax profit of $18.7 million for the year ending June 30.
The report discloses that during the financial year, Trinity Group reduced its debt facilities with National Australia Bank (NAB) from $69.9 million to $46.1 million following the sale of an investment property at Richlands, Queensland, together with the disposal of the remaining 50% investment in the Trinity Funds Management business and the disposal of units in Trinity Property Trust.
These sales allowed it to reduce its debt by $23.8 million and reduce its loan to value ratio of 47.6% with NAB provided Trinity Group with an extension of its debt facilities by 14 months to October 31 2014.
A covenant of the debt arrangement with NAB requires that Trinity’s loan to value ratio not exceed 50%.
Trinity’s prized asset is The Chambers, a heritage-listed office building at 308 Queens Street in the Brisbane CBD, valued at $33.1 million.
Trinity Group shares are currently trading at 28¢.
Half-year results will be released at the end of February.
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Cumberland Lorne Resort $3.1 million resort write-down blamed on Victorian coastal market woes

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The ATO is warning investors about a tax avoidance scheme where they are encouraged to borrow funds to invest in a trust that buys a rental property and are then told they can claim the borrowings as a tax deduction.
In such a scheme a self-managed superannuation fund (SMSF) derives income through a direct or indirect interest in the trust.
“In this arrangement a promoter encourages you to borrow funds to invest in a trust which has, as one of its beneficiaries, an SMSF. The trust uses the funds to buy a rental property.
“You then claim all of the borrowing costs as income tax deductions. However, some of the income from the investment is distributed to the SMSF.
“This arrangement is considered to be a scheme because you are claiming deductions for all of the interest expenses on the borrowing but the borrowing has also been used to derive income for other beneficiaries of the trust such as an SMSF which is ordinarily taxed at the concessional rate.
“However, as the income distribution from the trust to the SMSF may be considered non arm's-length income, it may in fact be taxable at a higher rate,” says the ATO.
The ATO provides a more detailed explanation of this scheme in a <a target="_blank" href="https://law.ato.gov.au/atolaw/view.htm?Docid=TPA/TA20084/NAT/ATO/00001&amp;PiT=99991231235958">2008 taxpayer alert.</a>
The warning is part of a new guide issued by the ATO called Investigating tax-effective arrangements, which aims to help borrowers “recognise some of the common types of tax avoidance schemes so you can reject them and avoid the negative consequences associated with them”.
The ATO is also warning on two <a target="_blank" href="https://www.propertyobserver.com.au/tax/ato-warns-on-home-loan-tax-avoidance-schemes/2013012458979?utm_source=po&amp;utm_medium=aida&amp;utm_campaign=news">home loan tax avoidance schemes</a>.
The guide can be <a href="https://www.ato.gov.au/atp/content.aspx?menuid=0&amp;doc=/content/00268505.htm&amp;page=1&amp;H1">viewed online</a> or <a href="https://www.ato.gov.au/atp/content.aspx?menuid=0&amp;doc=/content/00268505.htm&amp;page=1&amp;H1">downloaded as a PDF document</a>.
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ATO warns investors about illegal SMSF rental property scheme

<a href="https://www.apartments.com.au/developments/broadbeach-qld-4218">Broadbeach</a> offers plenty of reasons to live vertically, but moving from a substantial family home into an apartment can expose the compromises of high-density living. Privacy, room for guests and usable living space tend to matter more when an apartment is intended as a permanent home rather than an occasional coastal base.

A typical residential floor at <a href="https://www.apartments.com.au/new-apartments/the-eveleigh-broadbeach-7-9-surf-parade-broadbeach-qld-4218">The Eveleigh</a>, on Surf Parade,&nbsp;contains just four apartments. The 94-residence development by <a href="https://www.apartments.com.au/developers/hirsch-faigen">Hirsch &amp; Faigen</a> is predominantly made up of expansive three-bedroom homes, with a limited collection of half-floor penthouses above.

Across the apartment floors, <a href="https://www.apartments.com.au/architects/rothelowman">Rothelowman</a> has used the relatively limited number of residences to give each home greater access to natural light and outlook. Living spaces extend towards full-height glazing, while a series of bay windows frame selected views across the Pacific Ocean, city and hinterland rather than treating the building edge as a continuous wall of glass.

&nbsp;

[smartcode_project:default project_id=149670 project_image_fid=360965]

“The apartment floors deliver a collection of homes that embrace controlled outlook via a series of bay windows deliberately framing moments of view,” Rothelowman Director Kim Lowman said.

From outside, those projecting forms contribute to the tower’s faceted profile. Strong horizontal and vertical elements establish its proportions, while the changing position of the sun alters the light, shadow and reflection across the façade throughout the day.

The same attention moves inside the apartments, where the material palette combines warm timber, natural stone, metallic detailing and softer curved forms. Kitchens sit within the main living zone, with stone island benches, integrated joinery and European appliances, before the living areas extend towards the glazing and the outlook.

&nbsp;

[smartcode_project:default project_id=149670 project_image_fid=360981]

Three genuine bedrooms provide room to accommodate family and guests, while two secure car spaces and storage address some of the practical considerations that can become more noticeable when moving from a larger home. Feedback from the display suite has centred on the warmth and restraint of the interiors, with buyers commenting that the residences feel like homes rather than conventional coastal apartments.

A limited collection of half-floor penthouses occupies the upper levels, increasing the scale of the living spaces and adding private balconies and elevated finishes. From this position, the outlook extends between the ocean and hinterland.

Outside the private residences, The Eveleigh separates its shared spaces between the podium and rooftop. The podium is centred on wellness, with subtropical landscaping surrounding a swimming pool and pool terrace, yoga garden, private gymnasium, sauna and hot and cold plunge facilities. Landscaped retreats and pavilions provide additional places to sit away from the main recreation areas.

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[smartcode_project:default project_id=149670 project_image_fid=360966]

Higher in the building, a rooftop pavilion and private dining suite sit alongside resident lounge, barbecue and outdoor dining areas, opening towards panoramic views across the ocean, city and hinterland.

“Buyers are no longer just looking for an apartment, but a lifestyle where they can relax, reset, and enjoy a balanced way of living,” Hirsch &amp; Faigen Director of Sales Matt George said.

Interest to date has come from established owner-occupiers and interstate lifestyle purchasers, including buyers planning a future move to the Gold Coast. Many are coming from larger homes and want to reduce ongoing maintenance without giving up space for family and guests, privacy, two car spaces or the ability to entertain at home.

&nbsp;

[smartcode_project:default project_id=149670 project_image_fid=360969]

Much of that daily life can also take place beyond the building without requiring a drive. Kurrawa Beach and Pratten Park are an easy walk from Surf Parade, while Pacific Fair, Oracle Boulevard, The Oasis, restaurants, cafés, entertainment and public transport are also within walking distance.

The Eveleigh is Hirsch &amp; Faigen's fourth Gold Coast development since entering the market in 2021, following The Hemingway at Palm Beach, The Emerson at Kirra and Yves at Mermaid Beach. Each of the preceding projects sold out before completion.

“Broadbeach had been on our radar throughout our time operating on the Gold Coast,” the developer said. “Following our projects in Palm Beach, Kirra and Mermaid Beach, Broadbeach represented the natural next step for the business.”

The Surf Parade site brought together proximity to the beach, protected coastal outlooks and walkability to dining, shopping and recreation. Hirsch &amp; Faigen also identified the street as an emerging premium residential address, with enough separation from Broadbeach's busier destinations to retain a quieter environment at home.

The Eveleigh is now under construction by Maxcon, with completion forecast for mid-2028. Three-bedroom residences are currently available from $2.87 million.

[smartcode_project_cta:default project_id=149670]

Joel Robinson

The Eveleigh brings house-like apartments to Broadbeach

A long-stalled Campbelltown development site is back in play, with new plans for 139 apartments set to supersede a mixed-use scheme approved almost a decade ago but never built.

The new proposal for 28 Cordeaux Street would deliver 116 market and 23 affordable apartments in a part 14-storey building, bringing a substantial new project into a Campbelltown market where new apartment supply remains limited.

Plans have been filed over the 3,092 sqm corner site at Moore-Oxley Street, around 600 metres from Campbelltown Railway Station and the city-centre retail core.

The site already carries a mixed-use residential approval dating to 2016. Doroch Architects has now been engaged on a larger replacement scheme, which is progressing as a State Significant Development Application following a Housing Delivery Authority determination in August 2025.

The apartment mix comprises 39 one-bedroom, 72 two-bedroom and 28 three-bedroom residences. Two-bedroom apartments make up just over half of the project, while three-bedroom homes account for 20 per cent.

<img alt="First look: New 139-apartment plans revive long-stalled Campbelltown city centre site" data-entity-type="file" data-entity-uuid="136dd5b9-3791-4da6-9e31-76f533f5b4de" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Campbelltown%20da2.png?VersionId=LgOSy9nwf5u.MGswBBwaGGxuX8QpHSl_" />

Of the 139 apartments, 23 will be delivered as affordable housing under the in-fill affordable housing provisions of the Housing SEPP. The affordable component represents 15 per cent of the residential gross floor area and will be managed by a registered Community Housing Provider.

Doroch has sought to break the scale of the building into two distinct elements, with a masonry podium of around four storeys establishing the street edge before the residential tower steps back above.

The corner position has shaped that approach. Cordeaux Street faces toward the commercial and civic centre, while Moore-Oxley Street leads into the lower-scale residential neighbourhood to the south, and the design verification report describes the site as "bridging the commercial core to the north and established residential areas to the south."

The podium will be expressed predominantly in face brick, while the upper levels shift to brushed and grooved concrete cladding with darker metal detailing. Recessed sections, deep balcony edges and landscaping break down the upper form, with an approximately 11.8-metre setback to the northern boundary addressing the adjoining St Peters Anglican School.

<img alt="First look: New 139-apartment plans revive long-stalled Campbelltown city centre site" data-entity-type="file" data-entity-uuid="c8b3d2d3-c561-4bfc-a5d9-a68c0c10dac1" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Campbelltown%20da1.png?VersionId=AeAEyJU02Gk2k5noUj2StziCvdQ7fW4B" />

Campbelltown has been starved of new residential developments in the last decade.

The only other notable development set to come to market this year is ALAND's Queen Square, a mixed-use precinct on over two hectares that will comprise apartments above a vibrant ground-level retail and hospitality dining precinct.

First look: New 139-apartment plans revive long-stalled Campbelltown city centre site

First Look: Sherlock Construction pitches apartments for low-rise Deception Bay

Queensland builder-developer MAYD has revealed the first look at its major North Kirra beachfront development, lodging amended plans that reduce the number of apartments and increase the proportion of larger residences.

The project is planned across a substantial 4,742 sqm amalgamated site spanning seven lots at <a href="https://www.apartments.com.au/new-apartments/2-6-pacific-parade-bilinga-qld-4225">2-6 Pacific Parade</a> and 27-33 Golden Four Drive in Bilin​ga, directly opposite Nor​th Kirra Beach.

<a href="https://www.apartments.com.au/developers/mayd-group">MAYD</a> secured the site for $32.5 million in 2025, in what was one of the Gold Coast's largest property transactions of the year.

The development will be delivered across two stages, with the first stage carrying an estimated gross realisation value of around $360 million.

The latest amendments seek to reduce the overall apartment count and shift the project further toward the owner-occupier market, with larger residences designed for buyers wanting considerably more space than traditionally offered in a beachfront apartment.

The residential mix will include townhomes, oversized two-bedroom apartments, substantial three-bedroom residences and four-bedroom homes.

MAYD has appointed Cera Stribley to lead the architecture and interiors, with the Melbourne-based design practice drawing on the beachfront setting through a series of ocean-facing terraces and heavily landscaped balconies.

Strong horizontal forms and curved balconies will define the exterior, with subtropical landscaping integrated throughout the building to soften the built form and increase the connection between the residences and the beachfront.

The project will also include an extensive collection of resident wellness and lifestyle facilities, continuing the broader shift across the Gold Coast's luxury apartment market toward larger homes supported by resort-style amenity.

<img alt="MAYD" data-entity-type="file" data-entity-uuid="d1bcbb05-e659-4b47-8bd4-1e595315e2ad" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-27%20at%202.05.03%E2%80%AFPM.png?VersionId=jj0XEud1X1DuLt7_KyElhjMdZGOXmLHP" />

MAYD Founder Todd Mould said North Kirra was increasingly appealing to buyers attracted to the more established, lower-density character of the southern Gold Coast.

"North Kirra presents one of the most compelling luxury residential opportunities currently emerging in Australia, combining absolute beachfront with the character and authenticity that buyers are increasingly seeking, and the same sense of tight-knit community that defined Burleigh and Currumbin perhaps 10 or 15 years ago," Mould said.

"With Gold Coast Airport on its doorstep, it also offers a level of accessibility that broadens its appeal across almost every market demographic."

The project comes as the southern Gold Coast continues to attract an increasing share of high-end apartment development and buyer activity.

Kirra in particular has emerged as one of the region's more tightly held beachfront markets, with its relatively low-density character, established surf and hospitality scene and proximity to Gold Coast Airport differentiating it from the higher-density markets further north.

Mould said those characteristics had informed the approach MAYD and Cera Stribley had taken to the project.

"We've worked closely with Cera Stribley to create a vision that is deeply connected to its surroundings," he said.

"Inspired by the coastline itself, the architecture has been shaped around space, privacy and resort-style living, creating a collection of homes that reflects the next generation of luxury on the southern Gold Coast."

MOTIV Managing Director Carly Cottam, who has been appointed to market the project, said buyer attention had continued to move south along the Gold Coast.

"Purchasers who may once have defaulted to Broadbeach, Main Beach or Surfers Paradise are increasingly recognising the value of a genuine beachfront location that offers lower density, strong amenity and a more established sense of community," Cottam said.

"Kirra has a powerful combination of growing demand and genuine scarcity. Beachfront supply is inherently constrained, the area remains relatively low density, and buyers are increasingly placing a premium on locations that feel established, uncrowded and authentic rather than heavily developed."

Cottam said the proximity to Gold Coast Airport was also proving increasingly important for interstate and second-home buyers.

"Being minutes from Gold Coast Airport makes it particularly compelling for interstate buyers, frequent travellers and second-home purchasers who can access an authentic coastal lifestyle almost immediately after stepping off a flight."

The acquisition takes MAYD's active development portfolio to more than $500 million, with the North Kirra project representing one of its largest undertakings to date.

MAYD is targeting an early 2027 launch.

First look at MAYD's North Kirra mixed-use precinct

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Castle Hill, the longtime hub of the Hills District, has been one of the major beneficiaries of Sydney's Metro expansion, with improved connectivity helping drive continued population growth, development and buyer demand across the Hills District.

But despite that growth, the suburb has seen relatively few major new apartment projects brought to market over the past 18 months.

Hills District developer Reve Group is looking to fill that gap with <a href="https://www.apartments.com.au/new-apartments/nova-r-ve-castle-hill-2-garthowen-crescent-castle-hill-nsw-2154">Nova Rêve</a>, a major new mixed-use precinct on the corner of Garthowen Crescent and Old Castle Hill Road, a short walk from Castle Hill Metro Station and Castle Towers.

[smartcode_project:default project_id=152737 project_image_fid=377679]

The project will comprise three residential towers alongside a hotel, restaurants, cafes and a skybar, more than 1,600 sqm of ground-floor retail and almost an acre of landscaped gardens.

It represents the largest project undertaken by Reve Group, the development arm of the Kassis family, which has been building across the Hills District for more than 30 years through Kassis Homes.

[smartcode_project:default project_id=152737 project_image_fid=377675]

Nova Rêve also represents a significant step up from the family's first apartment development, Grand Rêve, which was delivered nearby on Garthowen Crescent.

Grand Rêve introduced larger, house-like apartment layouts and premium inclusions including Wolf and Sub-Zero appliances to the Castle Hill market.

Nova Rêve takes that approach to a precinct scale, combining the residential component with hospitality, retail and substantial public and resident landscaping.

[smartcode_project:default project_id=152737 project_image_fid=377685]

Reve Group Managing Director Sam Kassis said the project reflected the family's three decades of building in the Hills, which has evolved from trophy homes on quarter-acre blocks to larger-scale apartment development.

"Grand Rêve was our first apartment project here and it showed us what this pocket of Castle Hill could be. Nova Rêve is the refinement of that idea: not just apartments, but a place the whole suburb can use," Kassis said.

A key part of that approach is the hotel, which has been designed to operate as an amenity for the wider Castle Hill community rather than solely hotel guests.

It will include restaurants, cafes, skybars and all-day dining, alongside conference and event facilities catering to business functions, community groups and private events.

At ground level, more than 1,600 sqm of shops and cafes will open onto the surrounding streets and landscaped areas.

Almost an acre of gardens designed by Land and Form Studios will run through the precinct, incorporating pathways, seating, barbecue areas and children's play spaces.

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Reve Group's Romio Georges said creating an active ground plane had been central to the planning of Nova Rêve.

"There are gardens with pathways, barbecues, seating and play areas, shops and cafes opening onto the street, and a hotel with restaurants and a skybar that anyone in Castle Hill can walk into," Georges said.

The project's elevated position on one of Sydney's highest ridgelines will also provide apartments with outlooks toward the Sydney skyline, surrounding parkland and the Blue Mountains.

More than 80 per cent of the apartments will occupy corner positions, with Turner responsible for both the architecture and interiors.

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Larry Schlesinger

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