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A combination of rate cuts and an improved economic outlook has resulted in confidence about property prices rising in 2013 lift among property professionals surveyed by ANZ and the Property Council of Australia (PCA).
Optimists now outweigh pessimists by around 10%, according to the March quarter PCA-ANZ property industry confidence index, which considers views on the property market over the next 12 months with 3,000 property professionals surveyed.
This is up from an almost evenly divided outlook in the December quarter survey, but still indicates a good deal of uncertainty about whether house prices will rise or fall in 2013.
Overall confidence about the property market over the next 12 months rebounded in the March quarter following falls in the previous two quarter, rising 5 points to 107, compared with 102 in the December quarter, with stronger expectations for house price growth and positive expectations for property construction.
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“Property industry expectations for house prices in the coming year increased in the March quarter buoyed by increased housing sales and improved affordability,” say ANZ senior property analyst David Cannington, who compiled the report along with ANZ’s head of property research Paul Braddick.
“Looking ahead, the combined impact of tight underlying demand/supply housing market fundamentals, expectations of further rate cuts and a steady medium to long-term domestic economic outlook have improved property industry residential price growth expectations.
“However, despite improved sentiment and affordability, the prevailing sense of caution in the household and financial sectors will limit the ‘normal’ cyclical rebound in house prices,” he says.
Expectations for house price growth and overall property market confidence are strongest in WA and the Northern Territory, due to their exposure to the mining sector, with NSW and Queensland the only other states where optimists outweigh pessimists on house price growth in 2013.
Optimists outweigh pessimists on house price growth expectations by 72% in the Northern Territory, by 55% in WA and by 36% in NSW and by less than 10% in Queensland – all improvements on the previous quarter.
Property professionals are almost divided on Victorian house price growth, with pessimists just shading optimists.
A majority of property professionals tip house prices to fall in South Australia, Tasmania and the ACT.
Confidence is highest in WA and the Northern Territory, the states with strongest expectations for economic growth this year due to their mining sector exposure.
They both recorded higher readings of 131 points in the March quarter, though well down on peak readings achieved in the June quarter of 2012 – an indication of the impact that the mining boom is expected to peak soon has had on the property outlook in these two states.
There was also a rise in property market confidence in NSW (112) and an improvement in Victoria, but it remains below the benchmark 100-point setting with a reading of 99.
Confidence remains weak in Tasmania (83) and the ACT (90) and South Australia (92) – with all three states recording a drop in confidence over the quarter.
WA (131) and the NT (131) - showed the strongest property industry confidence across states and territories, followed by NSW (112). Victoria (99), Tasmania (83) and the ACT (90) were the only states/territories to report ‘negative’ confidence.
“Property industry confidence across states and territories largely reflects differing expectations for state economic growth,” says Cannington.
“The highest proportion of respondents expecting state economic growth to be higher in the coming year were also in the NT (54%) followed by WA (39%).
“In contrast, the net balance of respondents expect state economic growth to be lower in the coming year across all other states and territories, with state economic expectations deteriorating in the March quarter in both Tasmania (68% expect state economic growth in the coming year to be lower in the March quarter survey compared to 60% in the December quarter) and the ACT (53% in the March quarter survey compared to 45% in the December quarter),” he says.
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Industry professionals more optimistic about Australian property market, with outlook strongest in WA, NT and NSW: ANZ/PCA

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Another inner-Brisbane apartment project will soon start to rise above the Brisbane River, with developer Devine to begin construction of its $58 million, 111-apartment DoubleOne3 project in February.
<img alt="teneriffe11" height="600" width="437" src="/images/stories/2013/01/teneriffe11.jpg">
The project in the riverside suburb of <a target="_blank" href="/news">Teneriffe </a>has sold strongly since being launched late last year, with 70% of the 111 apartments now sold, worth more than $37 million.
Construction will begin one month ahead of schedule, with completion and settlements set to take place in May next year.
Teneriffe was only officially classified a suburb in January 2010, having previously been included as part of <a target="_self" href="/news">Newstead</a>.
It is just east of Fortitude Valley, in between New Farm and Newstead and has a ferry service connecting the suburb to the CBD.
DoubleOne3 is one of four inner-Brisbane projects that commenced off-the-plan sales in the November quarter, with the others being The Plaza (Metro Property Group), Atrio (Drew Group/Trident Corp) and Evvien (Evviden Development).
Inner Brisbane is a hotspot of apartment projects, with the November 2012 Midwood Report noting more than 50 high-rise and medium-rise apartment projects currently being marketed off the plan or being sold while under construction.
The top-selling project over the November quarter was Metro Property Development’s Cambridge Towers, part of its Central Village project, which managed 79 off-the-plan sales since launching around the same time as of DoubleOne3.
DoubleOne3 with 39 sales recorded over the same time period, was the second-best selling project. 
Devine’s major project in inner Brisbane is its Hamilton Harbour development, in partnership with Leightons, five kilometres further up the Brisbane River.
According to Midwood figures, Harbour One and Harbour Two are almost sold out, with just 20 out of 521 apartments still up for sale.
There are still 62 apartments for sale in Hamilton Harbour – Riverside Hamilton, which features 189 apartments.
According to Devine’s general manager of apartments and development, Cameron Mana, the DoubleOne3 project has proven popular with a geographically diverse range of owner-occupiers and investors, underpinned by the ongoing recovery of the local apartment market.
“To be commencing construction ahead of schedule is a great result for our buyers and an endorsement of both the project and the appeal of the Teneriffe area.
“With sentiment continuing to improve as borrowing costs fall we are confident the remainder of the apartments will be sold prior to the completion of construction,” he says.
 
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Among the features of DoubleOne3 is a rooftop terrace with views of the Brisbane CBD skyline.
<img alt="teneriffe2" height="353" width="470" src="/images/stories/2013/01/teneriffe2.jpg">
The ground floor will include offices and retail tenancies, which has already been sold to Arthur Properties and is earmarked for a café, takeaway pizza, wine bar and bottle shop, hair salon, convenience store and gymnasium.
<img src="/images/stories/2013/01/teneriffe3.jpg" width="470" height="353" alt="teneriffe3">
One-bedroom apartments in the project start from $375,000, and two-bedroom, two-bathroom apartments start from $580,000, with both including secure car parking.
They feature spacious balconies and floor-to-ceiling windows, with some offering views of the CBD and the Brisbane River.
Since 1996, Devine has completed more than 3,000 apartments valued at more than $1 billion in Brisbane, with completed projects including Charlotte Towers, Festival Towers, River City Apartments and River Place.
According to census 2011 data analysed by <a href="https://www.propertyobserver.com.au/news/inner-brisbane-apartment-market-dominated-by-investors-with-20-something-tenants-angie-zigomanis/2012110557620" target="_blank">BIS Shrapnel’s Angie Zigomanis,</a> occupants in inner-Brisbane apartments are heavily skewed into the young adult age groups, being dominated by those aged 20 to 39 years old.
Zigomanis says the inner-Brisbane apartment market is “dominated by investors”.
“At the 2011 census, 58% of apartments were owned by investors and were rented out. Some 11% were reported as unoccupied.
“While some of these unoccupied dwellings are vacant and available for rent or sale, or by occupants who were away on census night, the majority are likely to be “lock-up and leave” – apartments owned as a second home by an owner living elsewhere, or as a long-term speculative purchase,” he says.
Midwood recorded 189 new apartment sales over the November quarter, compared with 74 in the previous corresponding quarter.
In total there are around 1,300 new apartments up for sale.
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Devine to begin building Teneriffe apartments with rooftop CBD views early after strong off-the-plan sales

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Provident Capital debenture holders have been repaid all the interest they have accrued since the mortgage lender and mortgage fund manager was placed in receivership more than six months ago.

Debenture holders received 100 cents in the dollar of interest accrued but unpaid as at 3 July 2012 on all debentures, whether interest was paid periodically or on maturity, said receivers and managers PPB Advisory.

PPB Advisory are the court-appointed receivers acting on behalf of Australian Executor Trustees Limited (AET), which represents around 3,500 small investors, many of whom invested their retirement earnings into high-interest Provident mortgage funds. 

The mortgage funds were lent-on as first mortgages to property developers, who could not secure funding elsewhere - most of the loans subsequently defaulted.

“We will continue to make interim distributions to debenture holders over the course of the receivership, as and when funds become available,” said PPB Advisory.

The ability to make the interim payment and future payments follows a proposed amendment to the Trust Deed being approved by debenture holders on December 13 and subsequently ratified by the Federal Court of Australia on December 17.

Provident creditors <a target="_blank" href="https://www.propertyobserver.com.au/news/provident-capital-s-creditors-vote-to-liquidate/2012102457415">voted to wind up the company </a>on October 24 with Tony McGrath and Joseph Hayes of McGrath Nicol appointed as joint and several liquidators

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Provident Capital debenture holders get first payments since July

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Rents soared in Perth and Darwin over 2012 but hardly moved in the other capital cities, according to the December quarter update from Australian Property Monitors (APM).
Rents are forecast to continue to rise in the two mining-driven cities as well as in Brisbane and Sydney in 2013, but Melbourne rents are expected to remain flat and could fall.
The top-performing rental growth market over 2013 was Darwin units, where weekly rents increased by 19.6% over the year from $525 to a median $550.
The second best performing market was Perth houses, which registered a 17.5% increase in weekly rents, from $450 to $470 per week.
Double-digit rental growth was also recorded for Perth units (up 14.3% to $400) and for Darwin houses (up 16.1% to $750).
According to November SQM Research figures, Darwin has a vacancy rate of 1.1% and Perth a vacancy rate of just 0.7%.
Sydney and Melbourne weekly rents were largely unchanged over the course of the year, with Sydney having a vacancy rate of 1.8% and Melbourne a vacancy rate of 3.2%.
<img alt="apmjan17" src="/images/stories/2013/01/apmjan17.jpg" width="470" height="440">
Darwin is the most expensive capital city market to rent either a house or a unit.
Perth and Brisbane offer the highest median rental yields for houses (5.27%), with the highest unit yields in Darwin (6.22%).
APM chief economist Dr Andrew Wilson says the increase in Perth rents is being driven by a wave of new arrivals, estimated at 1,500 people per week with high competition for available rentals and low supply of new properties over the past few years.
Similar demand and supply fundamentals are driving the Darwin market.
Wilson expects rental growth to continue in Perth, Darwin and Brisbane in 2013 and for rental growth to resume in Sydney
No rental growth is tipped for Melbourne, Adelaide, Canberra or Hobart, and Wilson says Melbourne rents could fall in 2013.
December quarter figures tell a similar story, with Brisbane also showing signs of rental growth.
Over the quarter, rents increased for Brisbane (2.6%) and Hobart (3.2%) houses, with Perth still the standout house rental market with a 4.4% quarterly gain.
Darwin was the strongest performing unit rental market over the quarter, with weekly rents in the Northern Territory capital city up 4.8% over the quarter, with unit rental gains also recorded in Perth (2.6%) and Brisbane (1.4%)
Nationally, median asking rents for houses was stable at +0.8%, and units the same at 0.2 per cent over the three months ending December 2012.
Commenting on the December quarter figures, Wilson says apart from Perth, Darwin and Brisbane, rents remain stable in other capital cities.
He says the improved rental situation in Sydney is due to reduced demand as a result of increased buyer activity – particularly from first-home buyers.
However, he says underlying demand for rental properties remains strong in Sydney due to a shortage of accommodation driven by a “chronic shortfall of new supply.
Melbourne remains the most tenant-friendly property market in Australia, with low competition for rental properties and a higher vacancy rate driven by a “solid supply of new accommodation".
The APM outlook differs with preliminary data from the <a href="https://www.propertyobserver.com.au/western-australia/perth-rental-market-intensity-eases-slighly-reiwa/2013011658797?utm_source=po&amp;utm_medium=aida&amp;utm_campaign=news" target="_blank">Real Estate Institute of Western Australia</a> which reported Perth’s rental market showed signs of easing towards the end of 2012.
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Rents soaring in Perth and Darwin: APM

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Commonwealth Bank credit card figures pre and post-Christmas confirm that consumers remain cautious with much of the 4.2% rise in spending on CBA credit card over the 11 weeks to January 4 2013 (compared with a year ago) the result of a rise in spending on food and liquor.
Credit card spending on staples (food and liquor) rose 10.8% on a year ago – partially underpinned by improving inflation in addition to increased volumes while spending on discretionary items underperformed the over retail sector, rising just 1.5% over the 11 week period.
The figure are based on transactions of more than three million CBA cardholders with CommSec economist Savanth Sebastian saying the results suggesting that consumers remain “relatively cautious despite the multiple rate cuts provided late last year”.
“In fact spending growth amongst domestic firms rose by just 4.2% in the 11 weeks to January 4 compared with a year ago. And given this is nominal spending rather real spending (inflation adjusted) it highlights the tough environment faced by the retail sector,” he says.
Sebastian says that given the buzz and interest around Christmas retail activity the lack of discretionary spending “really speaks volumes about how tough the retail sector is doing it at present and that is despite a healthy period of interest rate cuts”.
“It is important to realise that while confidence levels have been rising in the past couple of months it is of a low base and the current level of consumer caution will take some time to thaw.
“And given that retail activity was solely dominated by post-Christmas sales – with Boxing Day sales up 20% on 2011 - it is clear consumers are only being enticed by deep discounts. While for the retailers, activity seems to be skewed towards lower-margin transactions,” he says.</body></html>

Credit card spending on food and liquor up 10.8% over Christmas, but no sign of indulgent spending: CommSec

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There was another disappointingly small rise in consumer sentiment in January as still cautious consumers shifting their preferences from buying houses to buying cars, the latest instalment of the Westpac- Melbourne Institute consumer sentiment index reveals.
Conducted between January 7 and 13, consumer sentiment rose 0.6% to 100.6 over the month, the third consecutive month when the index has been at or above the benchmark 100 point level.
Westpac chief economist Bill Evans described the January result as “disappointing” given that despite a total of 175 basis points of rate cuts from the Reserve Bank since October 2011 the index has only 3.5% over this time.
The ‘time to buy a dwelling’ sub-index fell 1.5% to 140 points to be up 6.5% year-on-year while the 'time to buy a car' index rose by 6.1% to 146.8 points, up nearly 15% year-on-year.
The weaker house buying sentiment is confirmed by a special question included in the current survey around the outlook for house prices.
Around 45.6% of respondents expect house prices to rise over the next 12 months, slightly less than the 46.9% of  respondents that expected house prices to rise when asked the same question a year ago - this despite the cash rate having fallen by 125 basis points over this time frame.
Evans says positive news events - the rising share market and Australian dollar plus better offshore news - failed to move respondents who have become "more guarded around their own finances".
He also notes official ABS mortgage lending, which he says indicates that upgraders and investors are responding to the lower rates in a broadly comparable fashion to 2009.
“However, unlike in 2009, first-home buyers have been reluctant to return to the housing market.
“This is certainly partly due to less generous government subsidies but may also be impacted by weaker overall confidence around finances and job prospects,” he says.
Despite the disappointing January result, Evans says the bank remains of the view that there is a “clear case” for only one more rate cut in the cycle, with Westpac shifting its expectations to a March rate cut, having earlier said it could be February or March.
“The case for a further rate cut as early as the February meeting is still reasonable. Prints for employment and inflation over the next week will be important in this regard.
“However, a prudent Reserve Bank which has seen a resurgence in the terms of trade, is likely to defer in February to await further evidence around the impact of the rate cuts. Accordingly we have opted for the next cut in the March end of our forecast ‘window’,” says Evans.
Commonwealth Bank credit card figures pre and post-Christmas confirm that consumers remain cautious with much of the 4.2% rise in spending on CBA credit card over the 11 weeks to January 4 2013 (compared with a year ago) the result of a rise in spending on food and liquor.
Credit card spending on staples (food and liquor) rose 10.8% on a year ago – partially underpinned by improving inflation in addition to increased volumes while spending on discretionary items underperformed the over retail sector, rising just 1.5% over the 11 week period.
The figure are based on transactions of more than three million CBA cardholders with CommSec economist Savanth Sebastian saying the results suggesting that consumers remain “relatively cautious despite the multiple rate cuts provided late last year”.
“In fact spending growth amongst domestic firms rose by just 4.2% in the 11 weeks to January 4 compared with a year ago. And given this is nominal spending rather real spending (inflation adjusted) it highlights the tough environment faced by the retail sector,” he says.
Sebastian says that given the buzz and interest around Christmas retail activity the lack of discretionary spending “really speaks volumes about how tough the retail sector is doing it at present and that is despite a healthy period of interest rate cuts”.
“It is important to realise that while confidence levels have been rising in the past couple of months it is of a low base and the current level of consumer caution will take some time to thaw.
“And given that retail activity was solely dominated by post-Christmas sales – with Boxing Day sales up 20% on 2011 - it is clear consumers are only being enticed by deep discounts. While for the retailers, activity seems to be skewed towards lower-margin transactions,” he says. </body></html>

March rate cut more likely as time to buy house sentiment falls in January: Westpac

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The Gold Coast property market is one of a number of “lifestyle markets” that has been in a bubble that has now burst, according to RP Data’s residential research director Tim Lawless.
“I think there are some areas in Australia that have been in a bubble, and we’ve seen those bubble burst – look at the Gold Coast, or Cairns or a lot of the lifestyle markets around Australia,” Lawless said in a video interview with the Finance New Network.
“We have seen fairly dramatic falls in property values. Even some of the premium segments around the capital city markets. Look at the North Shore of Sydney or the Northern Beaches of Sydney as a pretty good example,” he added.
The most recent RP Data figures for December 2012 record a -0.8% fall over the year for Gold Coast/Brisbane property values.
The prevalent unit market though remains weak, with a 2.3% slump recorded in December and a 4.2% slump in values over the year to a median value of $352,000.
Sales activity continues to slump in the Gold Coast new unit market with just 19 high-rise sales recorded over the November quarter, a 70% plunge from sales figure a year ago, according to the Midwood Report - all but three in the troubled, heavily-discounted <a target="_blank" href="https://www.propertyobserver.com.au/developments/heavily-discounted-hilton-surfers-paradise-the-only-notable-gold-coast-high-rise-seller-in-november-quarter-midwood/2012121958540">Surfers Paradise Hilton development</a>.
House prices on the Gold Coast have been more resilient, down just 0.8% for the year with RP Data recording a median value of $417,000
Figures compiled by RP Data show that Gold Coast recorded a slump in property values of 15.3% from the property peak in June 2009 to the end of July 2012, though this decline has started to moderate.
Lawless noted in October last year that the combined Gold Coast/Brisbane market has started to consolidate with values falling by 12.9% over the past two years.
Lawless told the Gold Coast Bulletin in August that the Gold Coast had recorded one of the biggest falls of any region and still had about six months to go until it bottomed out.
His talk of a bubble bursting on the Gold Coast may dishearten some investors and vendors with hopes of a better year in 2013, but they pale in comparison to a high-ranking Queensland public servant who compared the Gold Coast property market to herpes.
Speaking at a breakfast at the Urban Development Institute of Australia's Brisbane last month, David Eades, deputy director-general at deputy premier Jeff Seeney's office and a former Knight Frank valuer, joked:
‘What's the difference between herpes and the Gold Coast property market?
‘You can fix herpes’.
The joke outraged some of those who attended the breakfast prompting a letter sent to premier Campbell Newman and deputy premier Seeney by Gold Coast mayor Tom Tate.
Eades has since apologised for the remarks saying he maintains a “strong and positive attitude towards the Gold Coast as he always has”.
The joke was made in the context of Eades questioning whether the Gold Coast had the manpower to build the infrastructure required for the 2018 Commonwealth Games.
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Gold Coast property bubble burst, but still bottoming out: Tim Lawless

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While it’s still early days, the latest housing finance figures published by both the ABS and mortgage broker AFG suggest NSW and Queensland are discouraging many first-home buyers after doubling state handouts last year, but only if they buy or build a new home, while offering nothing for those that buy an existing property.
The most up-to-date mortgage figures are provided by aggregator AFG, which claims to write one in every 10 home loans in Australia through its network of affiliated mortgage brokers.
AFG reports a healthy 15% rise in the volume of mortgages arranged by brokers over 2012 from $28 billion to $32 billion, but says the average long term share of home loans arranged for first-home buyers, usually between 12% and 15%, collapsed to just 4.2% in NSW and 4.5% in Queensland during the last two months of 2012, after the $7,000 first-home buyers grants were withdrawn in both states in favour of the $15,000 boost for new homes only.
In comparison, investors dominated the mortgage market in these two states, comprising 46.3% and 35.9% of all home loans respectively.
Official ABS data is only up until November, so it is difficult to say a trend is emerging, but the figures certainly suggest first-home buyers have not been swayed to consider a new house or apartment over an existing property.
The ABS records that the number of first-home buyer loans arranged in NSW fell from 2,088 in October to 1,383 November, while in Queensland first-home buyer loan numbers fell from 2,116 in October to 1,417 in November - in both states a monthly drop of 33%.
Furthermore, just 793 first-home buyers took advantage of the revised NSW first-home owners' grant in December last year, <a target="_blank" href="https://www.propertyobserver.com.au/news/nsw-first-home-buyer-numbers-fell-to-20-year-lows-in-late-2012/2013011458763?utm_source=po&amp;utm_medium=aida&amp;utm_campaign=news">the lowest take-up in 20 years</a> with the NSW state opposition claiming that Barry O'Farrell's decision to dump first-home buyer grants and stamp duty exemptions have been "nothing short of devastating for young people trying to buy their first home".
Indeed, first-home buyer changes are particularly tough on those in NSW that wish to buy an existing property.
Since October 1, the NSW state grant has been lifted from $7,000 to $15,000 for new homes valued up to $650,000, while a maximum stamp duty exemption of $20,240 is also available for new homes worth up to $550,000.<a style="font-size: 0.8em;" href="https://www.propertyobserver.com.au/administrator/index.php?option=com_flexicontent&amp;view=item&amp;cid=58777#">Apply</a>
First-home buyers that purchase an existing home get nothing.
In Queensland, since September 11, a $15,000 first-home owner construction grant (FHOCG) has been available for new property bought or built at a value under $750,000, but all first-home buyers also pay no duty on purchases up to $500,000, with a phasing-out rebate applicable for values up to $600,000.
The doubling of the NSW first-home buyer grant was announced in mid-June, but only came into effect three-and-half months later, with Property Observer reporting on the conundrum it created for both <a href="https://www.propertyobserver.com.au/residential/nsw-budgets-needlessly-complex-artificial-deadlines-have-short-term-and-long-term-consequences-for-residential-property/2012061455119">first-home buyers and investors</a> over this interim period.
Queensland government introduced its construction grant with immediate effect from September 11, but gave first-home buyers up until October 11 to finalise contracts.
Contrast this with Victoria, which still offers a $7,000 first-home buyer loan for both new and existing home purchases (and increased stamp duty concessions from 20% to 30% on January 1) and first-home buyer loan numbers were little changed over the month, falling marginally from 2,545 to 2,407.
Ray White chairman Brian White labelled the new first-home buyer polices as “no longer a first-home buyers but a builders incentive” and a "deceit", saying they distorted the market, but not in a healthy way.
The latest data suggests he could be right.
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First-home buyer policies failing in NSW and Queensland

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Builders and developers have begun 2013 with a range of financial incentives and discounts on new homes and house-and-land packages aimed at enticing new home buyers in what is likely to be another challenging year for the residential building sector.
New housing finance and building approval figures suggest there will be no swift rebound in demand for new housing.
There was a <a target="_blank" href="/news">10.3% fall in home loan commitments</a> for new dwellings and <a target="_blank" href="https://www.propertyobserver.com.au/australian-capital-territory/wa-the-only-bright-spot-as-detached-house-dwelling-approvals-fall-03-in-november/2013011058711">a 0.3% drop in building approvals for new houses in November</a>, according to seasonally adjusted ABS figures.
New home buyers can secure discounts in the thousands and sometimes tens of thousands of dollars on select blocks of lands and new homes in Melbourne, the Gold Coast and Sydney.
There are also <a href="/news">generous first-home buyer incentives</a> on offer from NSW, Queensland, Tasmanian and South Australian state goverments for those buying or building new homes. 
Buyers should keep in mind that discounts and rebates may be factored into valuations by lenders when financing is sought.
These are some of the specials currently on offer.
$30,000
Listed residential developer Peet is offering savings of up to $30,000 on “certain lots” in residential communities on the outskirts of Melbourne.  The <a target="_blank" href="https://www.peet.com.au/megahouseandlandsale?utm_source=adexchange&amp;utm_medium=banner&amp;utm_content=news&amp;utm_campaign=megalandsalevic">‘Mega House and Land Sale’</a> is available until the end of January. The participating Peet communities are Aston in <a target="_blank" href="/news">Craigieburn</a>, Kingsford at <a target="_blank" href="/news">Point Cook</a>, Cardinia Lakes in <a target="_blank" href="/news">Pakenham</a>, Quarters in <a target="_blank" href="/news">Cranbourne West</a> and Livingston in <a target="_blank" href="/news">Cranbourne East</a>.
$22,000
Listed developer Devine is offering to pay mortgage repayments for up to a year on behalf of approved purchasers who sign an unconditional contract to purchase a new Devine house and land package before February 28 2013 under its <a target="_blank" href="https://www.devinemortgagebreak.com.au/">Devine Mortgage Break</a> promotion. Repayments must be the minimum required repayments on a 30-year loan and interest only during construction.  Property Observer calculates this would equate to savings of around $22,000 given a $300,000 mortgage over 30 years at the average standard variable rate of 5.98% (according to RateCity.com.au).
$22,000 - $30,000
Melbourne builder <a target="_blank" href="https://carlislehomes.com.au/">Carlisle Homes</a> is offering a $30,000 discount off the retail price of double-storey homes and $22,000 off the retail price of single-storey homes in its luxury Affinity and T Range collections. There is currently no end date to this promotion.
$10,000
Up until February 25 2013, Stockland is offering approved purchasers a<a href="https://www.stockland.com.au/residential/changeforlife/change-for-life-nsw.aspx" target="_blank">$10,000 VISA gift card </a>to spend as they wish. The VISA gift card will be on offer to buyers of selected land and house-and-land packages at four of Stockland’s NSW communities, includingMcKeachies Run in <a target="_blank" href="/news">Maitland</a>, Murray’s Beach on Lake Macquarie, Brooks Reach in the Illawarra and Bayswood at Vincentia on the NSW south coast. Prices start from $326,544 for a three-bedroom, one-bathroom, one-garage home.
$8,000
<a target="_blank" href="https://www.8homes.com.au/wp-content/uploads/2013/01/Home-Mag-12th-Jan-2013_web.pdf">Melbourne builder Eight Homes</a> is offering $8,000 off the price of eight different designs of three- and four-bedroom houses. The reduced prices are based on a standard floorplan with E1 façade. The cheapest house starts from $131,900 (previously $139,900) for a four-bedroom, two-bathroom single-storey house rising to $241,900 (previously $249,900) for a four-bedroom, two-bathroom double-storey house. There is currently no end date to this promotion.
$76,000 - $126,000
Discounts of up to $126,000 are on offer for residential lots in <a target="_blank" href="https://www.highlandsale.com.au/">The Highlands community</a> in the Ecovillage, Currumbin Valley on the Gold Coast. The lots are just eight kilometres from Currumbin Beach and are up for sale under bank instructions, with the properties being marketed by Colliers International.  Lots range in size from 2,800 square metres to 8,300 square metres set amidst 60 hectares of green mountain forest and creeks.
$5,000 to $25,000
Residential developer Mirvac is offering a range of rebates, free inclusions and land discounts as part of its <a target="_blank" href="https://rightplace.mirvac.com/">Right Here, Right Now Summer Bonus</a> campaign on specific NSW master-planned communities. In Elizabeth Hills, Mirvac is offering $25,000 rebate on specified land lots In, Ayre, there are discounts on offer on land from $5,000 to $25,000 as well as air-conditioning free of charge and upgrades included in house-and-land package prices valued up to $10,000. In Saddlers Ridge it is offering a split-system air-conditioning and upgrade packages included free of charge and value at $7,000. In its Hidden Waters community there is the offer a $5,000 landscaping bonus.
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House-and-land incentive and discounts from $5,000 to $126,000

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A Sydney property investor has failed in his bid to convince a court that his estranged wife should pay half of his tax bill after claiming that they jointly owned a retail commercial property and thus should split the rental income.
The bid appears to have failed principially due to lack of evidence - with tax experts warning of the importance of keeping relevent documentation.
Sydney investor Barrie Harbutt had submitted a tax return claiming only half the rental income on a commercial property based in Dee Why on Sydney’s Northern beaches over 2003, 2004 and 2005 and leased to two retail businesses.
He bought the property on Pittwater Road for $800,000 in 1990.
He attempted to convince the Administrative Appeals Tribunal (AAT) of his claim despite being the sole owner and receiving all the rent.
But the ATO formed a different view, and apportioning all the rental income to Harbutt.
As a consequence, he made a smaller net loss to offset against his income under negative gearing rules and hence had a higher tax bill.
Having assessed both Harbutt’s financial affairs and that of his wife, the ATO made the assessment that Harbutt was “liable to tax on the entire net rental income from the property, and Mrs Harbutt became liable to tax on none of it”.
Harbutt had argued that he was a in a “tax law partnership” with his wife and claimed that they always intended to own the property jointly, despite being separated.
He said his wife had access to his bank account regularly withdrew funds but failed because he had no evidence to support this claim nor was their evidence of a partnership agreement between Harbutt and his wife.
In his ruling, AAT deputy president Stephen Frost criticised Harbutt’s lack of evidence but suggested that the argument put forward by Harbutt did have merit.
“In circumstances where a person is the registered proprietor of a rental property, receives the rental income for that property into an account in his name alone, and pays the expenses for the property from that same bank account, a presumption is created that the income from the property belongs to that person alone, and that any deductions are allowable to that person alone,” said Frost.
But he also added that while a statement that income is shared with someone else, “is a self-serving statement which, while it should not be rejected out of hand, is to be approached critically and must be subjected to careful scrutiny”.
Frost said that if he accepted Harbutt’s assertion that 50% of the income from the property belongs to his wife, then his tax liability would be significantly reduced and there would a corresponding increase in his wife’s tax liability.
“That circumstance would make any evidence that Mrs Harbutt might be able to give about the existence of a tax law partnership absolutely critical. Unfortunately there is no such evidence. Mr Harbutt explained that he and his wife are currently separated. But it is not the case that they have lost contact with each other. He knows where she lives,” he added.
Harbutt was not helped in his claim by his correspondence with the ATO – included in the judgement  - telling the tax commissioner his wife knew nothing of his court proceedings and that they were “none of her business”.
Commenting on the case, Chan &amp; Naylor director Ken Raiss <a target="_blank" href="https://www.propertyobserver.com.au/tax/tax-experts-warn-documentation-critical-after-property-investor-loses-attempt-to-split-tax-burden/2013011558792?utm_source=po&amp;utm_medium=aida&amp;utm_campaign=news">told SmartCompany </a>that proper documentation is "absolutely critical,”
“We always tell our clients to start paperwork from day one," he said.
Tax lawyer Robert Richards of Robert Richards &amp; Associates told the Australian Financial Review the Australian Tax Office's view that legal ownership is supreme was wrong and comments made by the AAT in its judgement might work against the ATO.
This simple little case looks as if the Tax Office has won,” said Richards,.
“[But the AAT] seems to indicate that the rule as to legal ownership is not conclusive.”
The case is the exact opposite of the common scenario where property investors take advantage of favourable negative gearing rules that allow them to deducting net tax losses on rental properties against their income and reduce their tax bill.
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Dee Why property investor loses battle with ATO over split rental income with estranged wife

<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;

Larry Schlesinger

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