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The decision by the WA state government to increase the first-home owners grant to $10,000 for those who purchase a new home (with only $3,000 for existing homes) from September 15 brings it into line with the other state and territory governments as part of plans to boost the take-up of new homes as the population expands.
From September 1, the ACT government will replace the $7,000 first-home owner grant  with a $12,500 grant for new homes only.
For first-home buyers, these are the grant handouts available in their state and territory markets currently as well as what’s about to change in the coming months:
<div>
<div>
(Click on the state names for links to the relevant state revenue office pages).
<a href="https://www.osr.nsw.gov.au/benefits/first_home/" rel="nofollow" target="_blank">NSW</a>
The NSW state government offers a $15,000 grant for first-home owners who purchase or build a new home valued at up to $650,000 up until January 2016.
<a href="https://www.sro.vic.gov.au/sro/sronav.nsf/alltitle/First%20Home%20Owners?open" rel="nofollow" target="_blank">Victoria</a>
The Victorian government offers a $10,000 grant to build or purchase a new home under $750,000.
<a href="https://www.osr.qld.gov.au/first-home-owner-grant/index.shtml" rel="nofollow" target="_blank">Queensland</a>
The Queensland government offers a $15,000 great start grant for first-home buyers buying or building a new home valued under $750,000.
<a href="https://www.finance.wa.gov.au/cms/content.aspx?id=344" rel="nofollow" target="_blank">Western Australia</a>
The WA government currently offers the $7,000 first-home owner grant for both existing homes and new homes. A cap limits the total value of properties (i.e. total value of home and land) to $750,000 or less, or if the home is located north of the 26th parallel to $1,000,000 or less. From September 15 the firrst-home owners grant will increase to $10,000 for those who purchase a new home with only $3,000 for those who purchase an existing home.
<a href="https://www.revenuesa.sa.gov.au/fhog/index" rel="nofollow" target="_blank">South Australia</a>
The South Australian government offers a FHOG of $15,000 for new homes. For first home buyers buying an existing home there is a First Home Owner Grant (FHOG) of $5,000, which expires on June 30 2014.
<a href="https://www.revenue.act.gov.au/home_buyer_assistance" rel="nofollow" target="_blank">ACT</a>
The ACT government offers a $7,000 grant to first home buyers buying both existing and new homes capped at the total value of home and land of $750,000 or less. This expires on August 31. From September 1 first-home buyers in the ACT will receive $12,500 if they buy or build a new home or buy one that has been substantially renovated.
<a href="https://www.sro.tas.gov.au/fhog" rel="nofollow" target="_blank">Tasmania</a>
The Tasmanian government currently offers a one-off FHOG payment of up to $7,000. The grant is not means tested and there is no cap on the value an eligible home.
There is also a First Home Builder Boost (FHBB), a payment, in addition to the FHOG, of up to $8 000. It is available for eligible applicants, purchasing a newly built home or who are owner-builders between 1 January 2013 and 30 June 2014 and who meet the required time frames for commencement and completion of the house.
Both these grants will end on June 30, 2014.
From July 1 2014, Tasmanian first-home buyers who build or buy a new home (including off-the-plan) will be entitled to a $7,000 FHOG.
<a href="https://www.treasury.nt.gov.au/TaxesRoyaltiesAndGrants/HomeOwnerIncentives/Pages/default%20220213.aspx" rel="nofollow" target="_blank">Northern Territory</a>
The Northern Territory offers a first-home owner grant for both new and established homes that remains ongoing.
FHOG is not means tested however, from 1 January 2010 eligibility ceases to apply if the consideration for, or the value of the home is more than the transaction eligibility threshold (see table below). This includes the unencumbered value of the land on which a home is to be built. The amount of the transaction eligibility threshold is determined based on the commencement date of the eligible transaction.
The commencement date of an eligible transaction is:
for a contract to purchase or construct a home, the date when the contract is made; or
for an owner builder, the date the laying of the foundations commenced.
<table border="1" cellspacing="0" cellpadding="0"><tbody>
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<td valign="top" width="318">
Commencement date of eligible transaction?
</td>
<td valign="top">
Transaction eligibility threshold?
</td>
</tr>
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<td valign="top" width="318">
On or after 4 December 2012?
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<td valign="top">
$600 000?
</td>
</tr>
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<td valign="top" width="318">
From 1 January 2010 - 3 December 2012?
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<td valign="top">
$750 000?
</td>
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<td valign="top" width="318">
Prior to 1 January 2010?
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<td valign="top">
No threshold applied?
</td>
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The amount of the grant increased on 4 December 2012 in relation to eligible transactions that commenced on or after that date. From that date, the amount of the grant also varies depending on the type of transaction and location of the property.
If the commencement date of the eligible transaction is on or after 4 December 2012, the amount of the grant is the lesser of the consideration actually paid for the eligible transaction, or:
a) $12 000 if the home is an established home in the urban area;
b) otherwise - $25 000
If the commencement date of the eligible transaction is before 4 December 2012, the amount of the grant is the lesser of the following:
a) the amount of consideration actually paid for the eligible transaction;
b) $7000
An established home is one that has been previously sold or occupied, and is lawfully fit for occupation.
An urban area means all land located wholly within the boundaries of:
<ul>
<li>the Darwin, Palmerston or Litchfield municipalities;</li>
<li>Wagait Shire;</li>
<li>the Darwin Waterfront Precinct;</li>
<li>the “prescribed area” for the Darwin Rates Act.</li>
<li>any other area prescribed by regulation.</li>
</ul>
Carrots photo courtesy of Rahims/flickr.
<ul></ul>
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lschlesinger-FZcF9M3vE6

The new house and apartment buyers' guide - state-by-state first-home owner grant availability

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Western Australia has followed the example of the other states by incentivising first-home buyers if they choose to buy a new home over an established home.
In the state budget released yesterday, treasurer Troy Buswell announced that from September 15 FHBs that purchase new homes will be eligible for a $10,000 first-home owner grant while those who purchase an existing home will only get $3,000.
This means that first-home buyers wanting to purchase an existing home have just over a month to access the existing $7,000 grant.
At the same time, those FHBs considering buying a new home may delay their purchase until after September 15 to take advantage of the bigger incentive.
NSW, Queensland and South Australia offer a $15,000 grant for FHBs building or buying a new home and Victoria offers $10,000 for those who buy or build a new home.
From September 1 first-home buyers in the ACT will receive $12,500 if they buy or build a new home or buy one that has been substantially renovated.
From July 1 2014 Tasmania will offer the $7,000 first-home owners grant for new home purchases only.
The Northern Territory offers a first-home owner grant for both new and established homes providing $12 000 if the home is an established home in the urban area or $25,000 everywhere else. 
Also as part of WA’s Housing Supply Package - designed to increase the supply of housing in a state, which has the fastest growing population - the state government intends to expand the number of affordable rental properties by committing an additional $47.8million for an extra 1,000 homes under the National Rental Affordability Scheme (NRAS).
It will also aim to streamline residential planning and building approvals processes to ensure the supply of new housing is not held up in red tape.
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WA bumps up first-home owner grant to $10,000 for new homes

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Investorist, a new business-to-business (B2B) website has been launched linking up marketers and developers of off-the-plan residential projects with estate agents, buyers agents and other professionals recommending residential investments to their clients.
Already boasting a third of Victoria’s off the plan property projects,<a href="https://www.investorist.com/" target="_blank"> Investorist </a>has ambitions to be the largest aggregation of off the plan property in Australia by 2014.
<a href="https://www.investorist.com/" target="_blank"><img src="/images/stories/2013/08/investorist-aug-22-one.jpg" alt="investorist-aug-22-one" width="470" height="603"></a>
Investorist makes it possible for developers and project marketers ('sellers' according to the site's terminology) to network and transact directly with registered 'network partners' - those estate agents and buyers' agents seeking off-the-plan apartments for their clients.
Sellers can list stock available for sale with prices, commissions, contract details and track deals from reservation to settlement.
There are also tools to track the overall progress of a sales campaign, cashflow generated and commission payments.
Sellers can also choose to invite their own contacts and filter the network partners they want to access their stock based on feedback ratings, transaction history, geography and commissions.
Network partners can search across projects according to their requirements, send selections to their clients and negotiate direclty with sellers.
Members of the public can also undertake searches with access to limited project information and contact details of the seller.
The website has been created by off the plan property marketing specialist Jon Ellis, whose previous roles have included being marketing manager at listed developer Mirvac Group.
Ellis says the idea of the website is to facilitate direct communication in the promotion and selling of residential developments by breaking down all previously existing barriers between sellers and network partners.
At launch the platform has 90 off the plan projects listed with almost one third of Victoria’s off the plan property market listed on Investorist.
Companies that have signed on including CBRE, Australand, Knight Frank, BPM, AXF Group, Salvo Property Group and Crown Group.
Until the end of August, sellers and network partners will be able to register and transact on the Investorist platform for free. 
After that, a $25 per transaction fee for every property reservation will apply.
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Investorist website links residential developers with off the plan marketers

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The Commonwealth Bank has become the first major bank lender to announce cuts to its fixed-rate home loans in the wake of this week's RBA cash rate cut.
Australia's biggest home loan provider has cut the interest rate on its three-year fixed rate home loans by 10 basis points to 4.89% per annum.
The new rate is inclusive of any package discounts and required a minimum loan amount of $150,000.
The new rate kicks in from tomorrow (Friday 9 August) and is available to new and existing customers who take out a new fixed rate home/investment home loan or switch into one of these products.
The bank has also committed to beating the advertised rates on one-to-five year fixed rate home loans from competitors ANZ, NAB, Westpac, St George, Bank of Melbourne, and Bank SA for the next seven weeks.
 
Commonwealth Bank acting executive general manager for retail products and customers, Clive van Horen says customers are increasingly looking to lock in a competitive rate, with some fixed rate terms at historic lows. 
“Some of our fixed home loan rates are at 20 year lows, so now is a great time for customers looking for a guaranteed rate across either the short to medium term.”
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Commonwealth Bank cuts three-year fixed rates to 4.89% and makes fixed-rate pledge

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The unemployment rate remained unchanged at 5.7% in July, the latest ABS figures show.
Market expectations were for the unemployment rate to rise to 5.8% over July.
The number of people employed decreased by 10,200 to 11,653,200 in July.
This was offset by the number of people unemployed decreasing by 5,700 people to 705,400 in July as well as the seasonally adjusted labour force participation rate decreasing 0.2 percentage points to 65.1% in July.
The decrease in employment was due to decreased full-time employment, down 6,700 people to 8,133,900, and part-time employment, down 3,500 to 3,519,300.
Full-time and part-time employment decreased for both females and males.
The highest unemployment rate is in Tasmania (down from 9% to 8.2%) and the lowest is in WA (unchanged at 4.6%).
The biggest unemployment rate rise was in South Australia - up from 6.1% in June to 7.1% in July.
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Unemployment rate remains unchanged at 5.7% in July

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A Melbourne-based “passive” investor has paid $480,000 above the reserve to acquire the Commonwealth Bank’s Lilydale premises for $2.88 million as part of a Burgess Rawson portfolio auction. 
The sale at a 20% premium to the reserve price demonstrates the appeal of well-located bank premises with secure ASX-listed tenants. 
The property was last acquired for $1.75 million by a Lilydale-based investor less than five years ago, representing annual capital growth in excess of 10%. 
“It’s a sweet return when you add in the annual rent as well,” says Burgess Rawson’s Billy Holderhead. 
The recently refurbished two level 630 square metre building with two ground floor ATMs is rented by the Commonwealth Bank for five years with renewal options to 2025. 
The bank pays annual rent of around $129,000 per annum equating to a “very strong” yield of 4.49%. 
It was marketed by Raoul Holderhead and Jamie Perlinger of Burgess Rawson. 
At a Burgess Rawson portfolio auction in April, an investor paid $1.41 million at auction yesterday for the 491 square metre premises of the Commonwealth Bank on a corner site in the Swan Hill CBD in the Murray River region. The sale represented a yield of around 7% for the buyer. 
Another bank branch, the NAB outlet on Sydney Road in Kilmore, bringing in annual rent of around $39,000, sold for $800,000 to local investor after it was passed-in on a vendor bid of $820,000 – a yield of around 5%. 
In April, an ANZ bank branch in the Victorian heritage country town of Korumburra in South East Gippsland sold at auction today $462,000 well above pre-auction hopes of around $325,000 with bids starting $300,000. 
There were around six bidders and the property sold on a yield of around 5.2%.
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Commonwealth Bank’s Lilydale premises prove a cash cow at auction

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The peak body for professionals that provide advice on the fast expanding self-managed super fund sector (SMSF) is urging that real estate agents who recommend these investments and mortgage brokers who arrange financing for them be required to hold a licence.
It follows a growing number of cases and complaints against so-called “spruikers” targeted at unwary investors through free introductory lunches as well as ASIC clamping down on unscrupulous operators that don’t disclose the risks of such investments.
SMSF Professionals' Association of Australia (SPAA) chief executive Andrea Slattery, has told the Australian Financial Review it wants Treasury to licence mortgage brokers and real estate agents that provide advice in this area.
SPAA offers its own SMSF adviser and SMSF auditor accreditations.
Mortgage brokers and real estate agents are not a big chunk of the SPAA membership, which counts accountants, auditors, financial planners, lawyers, risk providers, actuaries, administrators and educators among its members.
She says there has been talk of greater regulation of those who provide SMSF advice, but little action to date.
In February ASIC said it was considering increasing its powers to include oversight of property investments schemes recommended to self-managed super funds, but nothing formal has been proposed to date.
In April, it released a report on the quality of advice in the sector and ways to improve it.
ASIC found that while most advice provided was rated as adequate there were pockets of poor advice.
ASIC found issues in the following areas: 
<ul>
<li>advice was not sufficiently tailored to the needs of the investor</li>
<li>replacement product disclosure was absent or inadequate</li>
<li>insurance recommendations were absent or inadequate</li>
<li>an inappropriate single asset class was provided to investors</li>
<li>suitable alternatives to an SMSF were not considered, and</li>
<li>there was inadequate consideration of the investor’s long-term retirement planning objectives.</li>
</ul>
APRA superannuation figures to the end of March show that SMSF assets increased from $473.9 billion to $496.2 billion for a $22.3 billion or 4.7% gain over the quarter with sector accounting for almost a third (31.5%) of the total $1.58 trillion superannuation pool.
According to SPAA research, more than three quarters of SMSF trustees buy assets such as property and shares directly rather than through a managed fund.
In May, ASIC cancelled the credit licence of Money Choice and banned its director, Matthew George, after an investigation found failures to comply with credit laws, responsible lending shortfalls and instances of unlicensed self-managed superannuation fund (SMSF) advice.
In April, it was revealed that <a target="_blank" href="/news">four Melbourne businesses running seminars on investing in real estate through SMSF</a>s are being investigated by ASIC over the potentially misleading nature of flyers, advertisements and online ads promoting these seminars.
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Real estate agents and mortgage brokers must have SMSF licence: SPAA

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The decision by the Reserve Bank to cut the cash rate to 2.5% in August is unprecedented with the benchmark borrowing rate now well below the previous lowest 'cash rate' setting of 2.89% of January 1960.

This was not the official benchmark figure it is today, since the Reserve Bank did not publish a cash rate target until January 1990.
Rather the cash rate was a proxy measure of short-term interest rates at a time when the banking sector was highly regulated and getting a home loan meant making an appointment with your bank manager and wearing your best suit to an interview.
Putting into more meaningful terms - the cash rate is now 50 basis points below what it was at the peak emergency setting following the GFC, though without the dramatic 75 and 100 basis point leaps that were necessary back then to keep the economy from stalling, or worse, going into reverse gear.
The RBA's plan now, as expressed by Brian Redican, senior economist of Macquarie Research, is to get non-mining sectors of the economy to fire (including housing, tourism, manufacturing and retail) by gradually lowering the cash rate to counter rising unemployment and slowing economic growth.
The latest <a target="_blank" href="/news">housing finance figures for June</a> and yesterday's ABS capital city house price figures suggest momentum is building.
Furthermore, mortgage rates are approaching what they were following the GFC - but an indication of how the banks have clawed back margins on home loans; to achieve this the RBA has needed to cut the cash rate to 2.5% in mid-2013, compared with 3% in May 2009.
The chart below, prepared by ANZ, shows the standard variable home lending rate and the discounted variable home lending rate.
The discounted rate is now broadly equal to the lows achieved at the peak of the Global Financial Crisis, while the standard variable rate is around 20 basis points above those lows.
Apart from this period, these rates are the lowest since the late 1960s/early 1970s.
<img alt="anz_loans" height="304" width="470" src="/images/stories/2013/larry_uploads/anz_loans.jpg">
Despite this revival in housing and the enticement offered through low rates, it would be naive of anyone to call the economy and housing market swinging like the 1960s, the last time the cash rate had a "two" in front of it.
Back then, there were no foreign banks, no discount online mortgage offerings, nor the plethora of different mortgage products tailored for different types of borrowers and investors.
There were no honeymoon rates, low-doc loans, reverse mortgages, packaged home loans or off-set accounts with such product innovation only coming to the fore in the late 1990s and early 2000s.
Getting a good home loan rate meant having a good relationship with your bank manager.
The headline home loan rate was also lower at 5.00% through 1959 and 1960, according to <a target="_blank" href="https://www.propertyobserver.com.au/economy/a-return-to-the-1950s-glory-days-is-on-the-cards-commsec-s-craig-james/2013050861160?utm_source=po&amp;utm_medium=aida&amp;utm_campaign=economy">CommSec chief economist Craig James</a> compared with an average variable rate heading below 5.5% following the August rate cut.
However, a standard variable rate would not even have been quoted in 1960s, with most home loans on fixed-rates with "flexible" mortgage rates only appearing more commonly in the mid-1960s. Certainly most of the Commonwealth Bank's lending would have been done on fixed-rates. 
Assistant RBA governor Guy Debelle pointed out in a speech in 2010 the differences between mortgage lending today and 40 and 50 years ago.
"In the 1960s and early 1970s, the Australian financial system was heavily regulated," Debelle said.
He highlighted a number of wide-ranging controls including that interest rates that banks could charge on their loans and pay on their deposits were controlled.
"Banks were subject to reserve ratios and liquidity ratios. There were directives on the overall quantity of loans banks should make, as well as moral suasion on who they should lend to.
"Institutions were specialised – trading banks lent to businesses, savings banks held large quantities of government debt and lent to households (almost entirely for housing), and finance companies lent for more risky property loans and consumer credit," he explained.
Finance companies likes of the Finance Corporation of Australia funded Alan Bond's first property speculations now subsumed into ANZ-owned Esanda.
However, this heavy regulation of the banks would later result in them losing market share as the unregulated financial sector, primarily building societies moved in.
The banks’ share of total financial intermediary assets declined from nearly 90% in the early 1950s to 70% in 1970.
"The banks’ share of housing credit was just below 60% in 1976 with much of the rest of the mortgage market being provided by credit unions and building societies. Finance companies, which were generally associated with the banks, often provided top-up funding to bank mortgages but were not a particularly large share of the overall market," explained Debelle.
Compare this with today's mortgage market where banks have 96% of outstanding home loans and credit unions and building societies just 4%.
And there are other differences.
It certainly was not possible as it is today to contact your mortgage broker if you felt you were paying too high an interest rate and ask them to source a better deal with another lender.
Or demand that your bank offer you a better rate.
In 1959/60 Australia's GDP growth was 4.4% compared with 3.1% through 2013.
The unemployment rate was under 2% compare with the current 5.7%, meaning decidely fewer borrowers were worrying about paying off their mortgages.
It certainly was not the market-driven banking and lending system we have today while a high Australian dollar - a key factor in the RBA's decision to cut the cash rate on Tuesday - was not a problem as the currency only floated in 1983.
The floating of the dollar coincided with federal treasurer Paul Keating deregulating the banking system between 1983 and 1985 granting 40 new foreign exchange licences in June 1984; and granting 16 banking licences to 16 foreign banks in February 1985.
Australia’s sixth biggest mortgage lender, ING Direct, only began offering its cheap online home loans and high-interest savings accounts in 1999.
Bear in mind that in 1960, the Reserve Bank of Australia had only just come into official being in under the Reserve Bank Act 1959, tasked with undertaking the central banking functions of the Commonwealth Bank.
The Commonwealth Bank as we know it today, originated from this date offering commercial banking and savings banking activities in the form of the newly created Commonwealth Banking Corporation.
Monetary policy was of course entirely different with no RBA imperative to maintain an inflation target of between 2% and 3%.
And it’s not just the nature of the banking system that was so different, house prices had yet to boom as they did in the 1990s and 2000s.
Housing was far more affordable meaning mothers did not have to go out into the workforce to help pay for the mortgage and buying your first home was not the financial commitment it is today.
The boom in property values prior to the GFC saw house price to income ratios of less than to two in the 1960s rise to above four to one currently.
As for household debt that's in a different stratosphere.
In 1960 household debt to Australia’s GDP was less than 20%.
Today it’s just under 150%.
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Reserve Bank takes cash rate back to pre-1960s but economy not quite swinging yet

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The June ABS housing finance data indicates that the mortgage market has enjoyed its strongest start to a calendar year in four years.
The number of home loans to owner occupiers rose 2.7% over June to 51,001 mortgage commitments, well above economists’ expectations of a 2% rise and the sixth successive month that this key housing market metric has increased.
CommSec chief economist Craig James says that over the first six months of 2013, housing finance has lifted by 13.8%, with loans to build new homes having risen for seven consecutive months and above both five-year and 10-year averages.
The number of home loan commitments trended up in all states, led by the resource states of WA and Queensland, which have gained 18.5% and 19.9% respectively over the past 12 months, but with strong growth also recorded for the ACT (14.3%), SA (13.9%), NSW (10.5%) and Victoria (7.7%).
Loans are up by 5.3% annually in Darwin, with Tasmania the weakest state with just 2.1% annual growth.
Indicating the impact of lower home loan rates, the value of loans that were refinanced in June was a record $4.43 billion, up 13.4% over the year - though appetite for fixed-rate home loans eased from 19.1% of all loans to 17.8% in June
There was also a small improvement in the size of the first-home buyers’ market, whose share of total loans taken up edged up from 14.6% to 15.1%, though still below the long-term average of 20%.
Loans to investors fell slightly in June but are a reasonably strong 18.3% higher over the past year, notes Michael Workman from the Commonwealth Bank.
Craig James found both positive and negative trends in the June data noting that despite mortgage rates at their lowest in over 50 years the value of all new loans (excluding refinancing) is still is over 4% below the highs set five years ago.
“In short, borrowers remain cautious – especially first-home buyers.
“Despite some of the most attractive buying conditions in years, the proportion of first home buyers in the market is still well down on the average levels recorded over the past 22 years.
“The good news is that more people are taking out loans to build new homes rather than buying established properties. The revised grants from state governments are helping to lift construction, as is the low level of interest rates,” he says.
James says the rise in mortgage lending equates to “more homes being bought and more homes being built.
“So housing is well placed to provide a boost to the economy and take over growth leadership from mining,” he says.
Macquarie Research senior economist Brian Redican described the better than expected June housing finance figures as a sign that this is “one [non-mining] sector that is moving forward” that hopefully has a bit of momentum behind, but said the rise would not be  reason to stop cutting rates with the RBA looking to encourage more first-home buyers and investors into the market.
However only a 0.2% rise in loans for the purchase of new dwellings remains a “minor concern” said Redican as part of comments reported by Fairfax.
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Mortgage market rally continues with 2.7% rise in home loan commitments in June, but still scope for further rate cuts

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The outlook for the retail property market remains distinctly gloomy with an oversupply of retail property expected to persist until at least 2016 and with capital values and rents still falling, according to the sentiments of 300 property industry participants surveyed by NAB as part of its June quarter commercial property market survey.
The reading of the retail property index was below its long-term average of -25 points in the June quarter and still the weakest segment in the commercial property market.
Retail property market sentiment was negative in all states in the June quarter, except in WA, though it still recorded a drop in state index from 10 to 0 points.
Sentiment improved most in Queensland (up 28 to -5 points) and NSW (up 3 to -26 points) but fell heavily in both Victoria (-50 points) and SA/NT (-50 points).
Sentiment is expected to improve in all states in the next year, led by Queensland (+18 points), WA (+8 points) and NSW (+8 points).
<img alt="nab_retail_index" height="279" width="470" src="/images/stories/2013/nab_retail_index.jpg">
“The retail property market remained subdued in the June quarter with sentiment little changed during the quarter,” says NAB chief economist Alan Oster.
“Despite subdued retail spending, however, it is possible that sentiment may have benefited from the recent depreciation of the Australian dollar and another interest rate cut in May.
“That said, expectations in the retail market were scaled back in the June quarter - a result consistent with the latest readings from the NAB Business Surveys which indicate that retail trading conditions worsened sharply in June while confidence among retailers was negative.
“This suggests that sentiment in retail property markets may continue to flounder in the near-term.
With few signs of turnaround on the horizon, the outlook is not expected to turn positive until June 2015, but still well below the commercial property average. 
The retail outlook is weakest for Victoria, South Australia and Northern Territory and brightest for Queensland, WA and NSW.
Participants in the survey expect that excess supply will be “slowly worked out” and that neutral  conditions - where demand and supply are in synch - are three to five years away.
Over the June quarter, retail property recorded the steepest fall in capital values of 1.5% compared with 0.7% fall in office property values and a 0.5% decline in the industrial sector.
CBD hotels remained the strongest performing sector over the quarter with a 0.3% rise in capital values.
Average capital values for retail property are tipped to fall 0.6% in next 12 months with a very modest rise of 0.3% forecast over the next two years.
The retail property sector also recorded the steepest fall in rents (-2% compared with a 1.2% fall for offices and 0.9% fall for industrial property) as well as the highest level of rental incentives over the quarter.
The steepest fall in rental returns were in Victoria (-2.7%), NSW (-2%), SA/NT (-3.8%) with flat growth in WA.
Average retail rents are expected to fall by -0.3% over the next 2 years (downgraded from 0.1% previously), with property professionals predicting negative income returns for retail property in NSW (-0.9%), SA/NT (-0.8%) and Victoria (-0.6%).
The only partial bright spot for retail property was a tightening in the vacancy rate from 5.4% in the March quarter to 4.8% in the June quarter.
The highest vacancy rates are in Queensland (5.8%) and Victoria (4.8%) with the lowest in WA (3%).
However, retail vacancies are expected to continue climbing over the next year to 5% before easing back to 4.4% by mid-2015.
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No recovery in retail property till at least 2015: NAB Commercial property survey

Roseville is poised for a wave of new apartment development following the NSW Government's rezoning of land around Roseville Station under its Transport Oriented Development program.

The new planning controls have unlocked significant development potential within walking distance of the station, with a number of sites expected to be amalgamated and redeveloped in the coming years as developers seek to take advantage of the increased density allowances.

One of the more restrained developments in the precinct, and set among the first to be delivered having commenced well before the recent changes, is Hyecorp's Juliet. The boutique apartment project is already well under construction and remains on track to welcome residents by the end of the year, offering a markedly different proposition to many of the larger-scale developments now likely to emerge across the suburb.

[smartcode_project:default project_id=7395 project_image_fid=278194]

<a href="https://www.apartments.com.au/new-apartments/juliet-roseville-64-pacific-highway-roseville-nsw-2069">Juliet</a> will comprise just&nbsp;34 one-, two-, and three-bedroom apartments opposite Roseville Station. For Hyecorp, which has delivered projects across Sydney's Lower North Shore for more than three decades, Roseville presented a rare opportunity to address a growing gap in the market.

"<a href="https://www.apartments.com.au/developments/roseville-nsw-2069">Roseville</a> has long been one of the North Shore's most tightly held and desirable suburbs, offering a unique combination of village charm, established greenery, excellent transport connections, and proximity to some of Sydney's best schools and lifestyle amenities," Hyecorp said.

"We recognised a growing demand from local homeowners seeking to downsize without leaving the community they have built their lives around. The location presented a rare opportunity to create homes that cater specifically to that buyer profile."

[smartcode_project:default project_id=7395 project_image_fid=278196]

The six-level development has been designed by <a href="https://www.apartments.com.au/architects/pbd-architects">PBD Architects</a> as a collection of residences that feel more like homes than apartments. The brief centred generous floorplans, abundant natural light, quality finishes, and strong connections to outdoor space.

PBD Architects drew inspiration from Roseville's established garden suburb character, creating a building that sits comfortably within its surroundings rather than dominating them. The architecture incorporates natural materials, soft forms, layered landscaping, expansive balconies, and generous setbacks to strengthen the connection between residents and the suburb's leafy environment.

"The focus was on designing spacious, house-like residences for discerning owner-occupiers and downsizers who wanted to remain on the North Shore without compromising on comfort, privacy, or design," PBD said.&nbsp;

"Every apartment was to feel considered, timeless, and highly functional."

[smartcode_project:default project_id=7395 project_image_fid=278195]

Inside, residences feature engineered timber flooring, stone kitchen benchtops and splashbacks, integrated Fisher &amp; Paykel appliances, ducted air conditioning, and large outdoor entertaining areas designed to take advantage of district and treetop views.

Residents will also have access to a rooftop barbecue and lounge area, alongside practical amenities including parcel lockers, EV charging capability, bicycle storage, a dog wash bay, and a basement car wash facility.

The majority of purchasers so far have been local owner-occupiers from Roseville, Lindfield, Chatswood, Killara, and the broader Upper North Shore, many of whom are transitioning from larger family homes.

"Buyers are looking for spacious, house-like apartments that allow them to downsize without feeling like they are sacrificing comfort or functionality," Hyecorp noted.

"They value large kitchens, generous living areas, ample storage, quality finishes, secure parking, lift access, and low-maintenance living."

[smartcode_project:default project_id=7395 project_image_fid=278204]

Juliet sits directly opposite Roseville Train Station and within walking distance of Roseville Village, while Chatswood's retail and dining precinct is only minutes away. The development is also surrounded by some of Sydney's most established schools, including Roseville College, Ravenswood, Pymble Ladies' College, and Knox Grammar, as well as nearby parklands and golf courses.

Juliet is currently more than 75 per cent sold ahead of its anticipated completion in late 2026.

[smartcode_project_cta:default project_id=7395]

Joel Robinson

Juliet to sit quietly amid Roseville apartment boom

Sherpa Property Group has unveiled the third instalment of its Flourish series, securing full approval for the two-tower, $500 million Flourish Soleira development in Palm Beach.

<a href="https://www.apartments.com.au/new-apartments/flourish-soleira-1150-1154-gold-coast-highway-palm-beach-qld-4221">Flourish Soleira</a> will rise from a prominent site in the commercial heart of Palm Beach, the long-time home of Cash Converters and a range of local retailers.

The project will introduce a new retail and dining precinct at ground level, beneath 286 apartments.

[smartcode_project:default project_id=150017 project_image_fid=370959]

“We’re very committed to not only providing affordable residential offerings that are much needed in Palm Beach, but also delivering a vibrant new commercial heart that complements the extraordinary growth of the southern Gold Coast,” Sherpa Property Group founder Christie Leet said.

The development will sit under Sherpa's Flourish brand, which is aimed at providing a pathway into the beachside suburb for locals, first-home buyers and downsizers. In a move designed to assist first-home buyers entering the market, Sherpa has reserved all one and two-bedroom, one-bathroom apartments exclusively for eligible first-home buyers.

[smartcode_project:default project_id=150017 project_image_fid=370964]

“Our vision through Flourish is to create a vibrant retail and lifestyle focal point within the Palm Beach centre zone, delivering thriving communities underpinned by lifestyle-rich locations,” Leet said.

“So far, Flourish has been an incredible success, and we hope to carry this momentum as we progress the next two Flourish projects in Palm Beach.”

[smartcode_project:default project_id=150017 project_image_fid=371430]

Located across 1150-1164 Gold Coast Highway and 3 Sixth Avenue, the development will comprise two towers. The northern tower will deliver 154 apartments, while the southern tower will add a further 132 residences, helping address ongoing demand for new apartments in the tightly held coastal suburb.

Flourish Soleira will also feature the most extensive rooftop amenity offering ever delivered in Palm Beach.

The two towers will be connected by a skybridge, with residents gaining access to a rooftop recreation deck featuring a full-width swimming pool, hot and cold plunge pools, wellness spaces, a gymnasium, private dining facilities, massage treatment rooms, barbecue areas, a basketball court, golf simulator, indoor and outdoor dining spaces, sun lounges and extensive landscaping.

LPS Group is expected to start construction later this year.

Sherpa is already well advanced on construction of its debut Flourish project, Flourish Amargo, located just around the corner from Soleira. Meanwhile, Flourish Oasis, positioned opposite Amargo, recently commenced construction and has nearly sold out its collection of 47 apartments.

[smartcode_project_cta:default project_id=150017]

Sherpa unveils $500m mixed-use Palm Beach precinct, Flourish Soleira

Are mortgage holders set to get a reprieve from the RBA in 2026?

Big Four bank NAB believes so. They are now expecting the next move from the RBA to be a cut, rather than a hike, which they had pencilled in for August. They are unsure of the timing of the cut however, they note in their latest&nbsp;NAB Economics RBA Watch.

NAB Chief Economist, Dr Sally Auld, said recent data suggests the economy has lost momentum and the outlook for rates has shifted, noting that the broader economic backdrop has changed since earlier in the year.

“The next move in the cash rate is likely to be down, but the timing is uncertain," Dr Auld said.

"In February, growth was above trend, the economy was operating above capacity and there was uncertainty over the restrictiveness of rates. None of these conditions exist today,” she outlined.

Dr Auld said recent data pointed to softer momentum across the economy while acknowledging that at the same time, uncertainty remains a key feature of the outlook.

“Both Q1 GDP data and the NAB business survey suggest momentum in the economy has slowed, meaning that growth has likely peaked for the cycle. That said, we are cognisant there is still considerable uncertainty around the outlook, both with respect to activity and inflation.”

Dr Auld said inflation risks and labour market outcomes would be important to watch.

“On the prices side, we are still forecasting above target core inflation through to mid-2027. Margins will compress and weaker labour market outcomes are a risk.”

She said tighter financial conditions are expected to weigh on housing and activity.

“Tighter financial conditions will be reflected in a slowing in house price growth and housing credit growth. In summary, we have greater conviction that the next move in rates is down, but less conviction on the timing.”

Mortgage relief? NAB forecasts RBA rate cut, not hike, after softer economic conditions

A local downsizer has splashed $6.5 million on a penthouse in Perifa's Alex &amp; Willow development in Crows Nest. 
&nbsp; 
The purchaser sold their long-held family home in the area before embarking on a six-month search for the right apartment. After inspecting a range of options across the Lower North Shore, the buyer returned to <a href="https://www.apartments.com.au/new-apartments/alex-willow-crows-nest-82-90-alexander-street-crows-nest-nsw-2065">Alex &amp; Willow</a>. 
&nbsp; 
The buyer profile reflects the project’s broader purchaser mix. <a>Alex &amp; Willow</a> has attracted predominantly local downsizers looking to transition from larger homes without compromising on space or quality, alongside a smaller cohort of upsizers and investors drawn to the project’s location and design credentials. 
&nbsp; 
The milestone sale comes as the project, developed by&nbsp;<a href="https://www.apartments.com.au/developers/perifa">Perifa</a>&nbsp;and delivered by <a href="https://www.apartments.com.au/builders/versatile-made-construction">Versatile Construction</a>, both part of Versatile Group, reaches 60 per cent sold.

[smartcode_project:default project_id=6680 project_image_fid=371325] 
&nbsp; 
Eddie Mansour, Managing Partner of <a href="https://www.apartments.com.au/project-marketer/ray-white-projects">Ray White Projects</a>, said the result demonstrates not only a headline price but also depth of demand. 
&nbsp; 
“This is an exceptional outcome and a clear reflection of sustained buyer demand for premium, well-located downsizer product,” Mansour said.

“We’re seeing a consistent pattern of local homeowners selling family residences and reinvesting into high-quality apartments that allow them to remain within their community. Alex &amp; Willow has resonated strongly with this group because it offers genuine scale, thoughtful design and immediate proximity to the village.” 
&nbsp; 
The sale reflects a broader and consistent trend of local downsizers actively seeking high-quality, low-maintenance residences close to established village centres. Agents report that demand for this product type has remained resilient, particularly where developments offer a rare combination of scale, design quality and walkable amenity. 
&nbsp;&nbsp; 
Fabrizio Perilli, Managing Director of Perifa and Versatile Group, said the sale marks a defining moment for the project. 
&nbsp; 
“The penthouse sale is a strong endorsement of the quality we have delivered, alongside our partners, and the clear demand from local downsizers for premium, boutique residences in this location,” Perilli said.&nbsp; 
&nbsp; 
“Most importantly, we’re proud to see the Alex &amp; Willow community beginning to take shape. As we move closer to completion, we’re looking forward to welcoming residents and seeing the project come to life.”&nbsp;

[smartcode_project:default project_id=6680 project_image_fid=338516] 
&nbsp; 
Designed by <a href="https://www.apartments.com.au/architects/nettletontribe">Nettleton Tribe</a> with interiors by <a href="https://www.apartments.com.au/interior-designers/richards-stanisich">Richards Stanisich</a>, Alex &amp; Willow is a boutique collection of generously sized two- and three-bedroom residences in the heart of Crows Nest village.&nbsp;

Completion is slated for early 2027.

[smartcode_project_cta:default project_id=6680]

Alex & Willow, Crows Nest penthouse sells off the plan for $6.5 million

Fresh from launching the first stage of its Wollongong precinct, <a href="https://www.apartments.com.au/new-apartments/keira-place-wollongong-120-122-smith-street-wollongong-nsw-2500">Keira Place</a>, builder-developer Urban Property Group has unveiled plans for the next phase of the masterplanned community.

Now on public exhibition through the NSW Government's Housing Delivery Authority pathway is a State Significant Development Application for a further 657 homes on the prominent gateway site opposite Beaton Park.

The proposal comprises three buildings, including two build-to-sell towers rising 25 and 30 storeys, delivering 391 apartments, alongside a 12-storey co-living building with 266 residences, making it one of the largest co-living proposals currently planned in regional New South Wales.

Of the apartments proposed in the build-to-sell towers, the majority, 310, are two-bedroom dwellings. The balance comprises 44 one-bedroom apartments and 37 three-bedroom residences. Apartment sizes range from around 50 sqm for one-bedroom homes to approximately 90 sqm for three-bedroom apartments.

<img alt="Smith St" data-entity-type="file" data-entity-uuid="19347059-1612-41a0-9c74-b86a657237f8" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-06-10%20at%2010.02.18%E2%80%AFAM.png?VersionId=sWXnaCcA.cIC6N8YT1dg5pJ2e1V3Z6z7" />

The submission says the proposal has evolved significantly from its original Housing Delivery Authority application following extensive consultation with the State Design Review Panel and Wollongong City Council.

The final scheme has been designed to align with the emerging vision for the Flinders Street Precinct, an area identified by Council as a future high-density mixed-use neighbourhood capable of accommodating substantial housing growth close to transport, employment and community infrastructure.

According to the design report prepared by COX Architecture, the development aims to "deliver a built outcome consistent with the future character of the Wollongong CBD while responding to the site's unique constraints and opportunities."

"Our vision for the next phase of the site evolution in Wollongong is grounded in three design pillars that guide the design response: place, natural environment and celebration," COX said.

"Inspired by its surroundings and grounded in the stories of place on Wodi Wodi Country, the design proposal acknowledges the established character of its setting while creating a unique and timeless identity that sits harmoniously within it.

"The design proposal responds to its specific site conditions, acknowledging the vegetation, climate, wind conditions and solar access of the site."

The architecture responds directly to the site's position between Wollongong's urban core and its natural landscape setting.

COX identified views towards Mount Keira and the Illawarra Escarpment as defining features of the site, while the upper levels of the towers will also capture expansive views across the city and out to the Pacific Ocean.

The design team has positioned the tallest buildings closer to the rail corridor, where overshadowing impacts can be better managed while establishing a landmark built form on the northern approach into the city.

<img alt="Smith St" data-entity-type="file" data-entity-uuid="79580d5b-500c-4ebf-9629-797146a4a694" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-06-10%20at%209.51.59%E2%80%AFAM.png?VersionId=WbTB1EKSG.KDfsfz0F3wp1QVa2oCMGR5" />

Urban Property Group secured the 11,000 sqm Smith Street site in 2022 and has since progressed plans for the broader Keira Place precinct.

Construction recently commenced on the first stage of Keira Place, which will deliver 150 apartments across two residential buildings, including 27 affordable housing apartments and 18 specialist disability accommodation dwellings, alongside activated ground-floor retail and commercial space.

Urban Co-CEO Patrick Elias said the commencement of construction marked a significant milestone for Wollongong and reflected the developer's long-term commitment to regional cities.

"Today's groundbreaking is about turning approvals into homes and moving quickly to deliver much-needed housing in Wollongong's city centre," Elias said.

"Keira Place will provide a diverse mix of homes close to jobs, transport and services, while setting a high benchmark for quality, durability and consumer protection."

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/groundbreaking-marks-start-of-construction-at-keira-place-in-wollongong-cbd">Groundbreaking marks start of construction at Keira Place in Wollongong CBD</a>

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&nbsp;

Larry Schlesinger

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