<html><body>
The Reserve Bank has surprised the majority of economists by cutting the cash rate by 25 basis points to 3.25% at its October monetary policy meeting today.
This is the lowest the cash rate has been since October 2009.
It is only one 25-basis-point rate cut off the record low of 3%, which was in place from April 2009 to September 2009. This followed the RBA cutting the cash rate by over 400 basis points between August 2008 and April 2009 to keep the economy ticking over in the wake of the GFC.
Only nine economists <a href="/news">polled by Bloomberg</a> last Friday tipped the RBA to cut the cash rate today.
The RBA cut the cash rate despite median property values rebounding by more than 2% in the five capital cities (Sydney, Melbourne, Brisbane + Gold Coast, Perth and Adelaide) quarter-on-quarter in September, according to RP Data-Rismark's daily index.
However, mortgage lending and retail sales have been weak, while concerns remain about the global economy and the Chinese economy in particular.
The major banks and other lenders are expected to announce how much of the rate cut they will pass on to borrowers in the next few days.
ANZ will make its monthly independent interest rate decision on Friday, October 12.
</body></html>

lschlesinger-FZcF9M3vE6

RBA cuts cash rate by 25 basis points to 3.25% – lowest in three years 

<html><body>
Dudley, the southern coastal suburb of Newcastle that started life as a coal mining town in the 1880s, has ranked as Australia’s number one location for house price growth, according to figures compiled by RP Data.
The latest Top 100 suburb report, which examines median dwelling value changes for the 12 months to June 2012 is heavily populated by regional locations close to mining activity, which make up almost a third of locations on the list.
Dudley secured top spot on the list by registering a 35.7% increase in dwelling prices over the year to June from a median of $394,000 to $535,000.
The prominence of Dudley and 11 other Hunter regions in the top 100 reflects a trend of dissatisfied Sydneysiders, many of whom have been priced out of the market, heading north and buying in the more affordable suburbs of Newcastle and nearby Lake Macquarie.
What is now a coastal suburb with waterfront properties, began life as a South Burwood Colliery in 1885 with sinking operations commencing in 1888. In 1898 a methane gas explosion killed 15 miners.
<a href="https://www.flickr.com/photos/uon/6953961295/">Grainy turn-of-the-century images</a> show Dudley as an industrial town dominated by the Dudley Coal Mine, a far-cry from its current status as a lifestyle destination and short walk to the beach for many residents.
An advertisement for a <a href="https://www.flickr.com/photos/uon/5956375616/">clearance sale of Dudley township allotments in 1927</a> by the Dudley Land and Coal Company Estate shows 47 homesites for sale requiring a 20% cash deposit and monthly repayments of £1 a month on a 5% interest rate.
RP Data national research director Tim Lawless attributed the growth to a combination of increased prices and extra house sales.
Dudley recorded 32 sales in the year to June compared to 21 in the previous year with Lawless adding that its growth was also due to it being a small housing market, which have volatility.
“It’s a market close to the Hunter, close to resources, it’s got lifestyle and is close to thriving mining regions,” Lawless told The Weekend Australian.
Second on the list behind Dudley is the Queensland mining town of Collinsville in the coal-rich Bowen Basin region in central Queensland (prices up 34.9%) followed by another coal mining hotspot, Moranbah (34.2%).
WA’s Pilbara mining region is also strongly represented with South Hedland and Port Hedland ranking in the top 10 and notable for their high median dwelling prices - $898,000 and $1.28 million respectively.
Top 10 suburbs for house price growth
<table border="1" cellpadding="0" cellspacing="0"><tbody>
<tr>
<td valign="top" width="103">
Rank
</td>
<td valign="top" width="75">
State
</td>
<td valign="top" width="131">
Suburb
</td>
<td valign="top" width="103">
Median June 2012
</td>
<td valign="top" width="103">
Median June 2011
</td>
<td valign="top" width="103">
Change
</td>
</tr>
<tr>
<td valign="top" width="103">
1
</td>
<td valign="top" width="75">
NSW
</td>
<td valign="top" width="131">
Dudley
</td>
<td valign="top" width="103">
$535,000
</td>
<td valign="top" width="103">
$394,000
</td>
<td valign="top" width="103">
35.7%
</td>
</tr>
<tr>
<td valign="top" width="103">
2
</td>
<td valign="top" width="75">
Qld
</td>
<td valign="top" width="131">
Collinsville
</td>
<td valign="top" width="103">
$273,000
</td>
<td valign="top" width="103">
$202,000
</td>
<td valign="top" width="103">
34.9%
</td>
</tr>
<tr>
<td valign="top" width="103">
3
</td>
<td valign="top" width="75">
Qld
</td>
<td valign="top" width="131">
Moranbah
</td>
<td valign="top" width="103">
$722,000
</td>
<td valign="top" width="103">
$538,000
</td>
<td valign="top" width="103">
34.2%
</td>
</tr>
<tr>
<td valign="top" width="103">
4
</td>
<td valign="top" width="75">
WA
</td>
<td valign="top" width="131">
South Hedland
</td>
<td valign="top" width="103">
$898,000
</td>
<td valign="top" width="103">
$673,000
</td>
<td valign="top" width="103">
33.4%
</td>
</tr>
<tr>
<td valign="top" width="103">
5
</td>
<td valign="top" width="75">
Qld
</td>
<td valign="top" width="131">
Blackwater
</td>
<td valign="top" width="103">
$449,000
</td>
<td valign="top" width="103">
$341,000
</td>
<td valign="top" width="103">
31.9%
</td>
</tr>
<tr>
<td valign="top" width="103">
6
</td>
<td valign="top" width="75">
NSW
</td>
<td valign="top" width="131">
Wee Waa
</td>
<td valign="top" width="103">
$218,000
</td>
<td valign="top" width="103">
$167,000
</td>
<td valign="top" width="103">
30.4%
</td>
</tr>
<tr>
<td valign="top" width="103">
7
</td>
<td valign="top" width="75">
WA
</td>
<td valign="top" width="131">
Port Hedland
</td>
<td valign="top" width="103">
$1.28 m
</td>
<td valign="top" width="103">
$1 m
</td>
<td valign="top" width="103">
26.4%
</td>
</tr>
<tr>
<td valign="top" width="103">
8
</td>
<td valign="top" width="75">
SA
</td>
<td valign="top" width="131">
Whyalla Playford
</td>
<td valign="top" width="103">
$286,000
</td>
<td valign="top" width="103">
$228,000
</td>
<td valign="top" width="103">
25.4%
</td>
</tr>
<tr>
<td valign="top" width="103">
9
</td>
<td valign="top" width="75">
NSW
</td>
<td valign="top" width="131">
Hurstville
</td>
<td valign="top" width="103">
$931,000
</td>
<td valign="top" width="103">
$748,000
</td>
<td valign="top" width="103">
24.5%
</td>
</tr>
<tr>
<td valign="top" width="103">
10
</td>
<td valign="top" width="75">
NSW
</td>
<td valign="top" width="131">
Bonnyrigg Heights
</td>
<td valign="top" width="103">
$522,000
</td>
<td valign="top" width="103">
$420,000
</td>
<td valign="top" width="103">
24.4%
</td>
</tr>
</tbody></table>
Source: The Weekend Australian/RP Data
The Top 100 also reflects the declining or stagnant prices in many prestige suburbs with only five suburbs with a median dwelling price of $1 million or more making it onto the list.
They include Cremorne on the Sydney north shore, which ranked 63rd with prices up 14.7% to a median of $1.63 million and Hawthorn East in Melbourne, which ranked 40th with prices up 17.2% to a median of $1.3 million.
The other million dollar suburbs on the list were all in Sydney namely, Connells Point (up 15%, $1.9 million), Russell Lea (up 13.8% to $1.19 million) and Milsons Point (up 16.2% to $1.11 million).
The list includes just one Tasmanian suburb - the scenic township of Cygnet, which ranked 35th with median dwelling values up 17.6% - reflecting a 4% fall in median house prices on the Apple Isle over the past year.
Census 2011 data shows that Dudley is predominantly made up of houses (83.3%) with half of dwellings having three bedrooms and more than a quarter having four bedrooms or more.
The property investment market in Dudley is relatively small with just 22% of Dudley homes available for rent compared to 30% across NSW.
The average monthly mortgage repayment is $1,800 per week with just 8.5% of Dudley residents technically in mortgage stress (mortgage payments are 30%, or greater, of household income) below the state average of 10.5%.
Recent sales around Dudley (post code 2290) include this <a target="_blank" href="https://www.realestate.com.au/property-house-nsw-charlestown-111341887">five-bedroom, two-bathroom house at 49 Oceanview Parade</a>, Charlestown which sold for $442,000 through Cveta Kolarovski of PRDnationwide Newcastle &amp; Lake Macquarie.
It previously sold for $367,500 in February 2008.
Mary Sparkes from Creer Property – Charlestown sold<a target="_blank" href="https://www.realestate.com.au/property-apartment-nsw-charlestown-111318515"> this two-bedroom ground floor unit with garage on Milson Street </a>for $248,000 aimed at the investor market.
Median rent in Dudley is $280 per week, according to census 2011 data, providing an indicative rental yield around 5.9%.
 
</body></html>

Little-known Dudley heads RP Data's Top 100 growth suburbs, with mining towns prominent and prestige suburbs absent

<html><body>
More than half (53%) of Australian households have no income left at the end of the month once they have paid their mortgage and other bills, according to the latest ME Bank Household Financial Comfort Report.
The report found that 43% of households break even and 10% spend more than they earn by drawing on savings, loans, credit or equity in their homes.
The most financially vulnerable are single parents, with 43% indicating they would not be able to maintain their lifestyle for a fortnight without a pay cheque, compared with 20% of couples with young children, 16% of couples with older children, and 9% of retirees.
The findings were based on a survey of 1,500 households and show that retirees (5.56 out of 10) and couples with older children (5.15) are households most comfortable with their level of savings.
Click to enlarge
<a title="Click to enlarge" rel="shadowbox" href="/images/stories/2012/09/meoct1.jpg"><img src="/images/stories/2012/09/meoct1thumb.jpg"></a>
Source: ME Bank
Evidence of a lack of a financial buffer for many Australian households comes a day before the RBA makes a decision about whether to lower the cash rate at its October monetary policy meeting.
A 25-basis-point rate cut would cut mortgage repayments by about $50 a month on a $280,000 variable mortgage.
It also provides some granularity to ABS household savings data, which shows that the saving rate from current household disposable income was at about 9.5% in the first half of 2012, relatively high by historical standards.
Jamie McPhee, CEO of ME Bank, says the findings indicate large segments of the Australian population are finding it difficult to save from current income.
“A savings buffer is critical if households lose an income and unsurprisingly it is those households who have low comfort with their level of savings who also report they would struggle to manage if they lost their income.”
“Banks have a responsibility to help people save through helping customers better understand their finances, providing lower cost banking products, and being straightforward and responsible in their interactions with customers,” he adds.
Despite the struggle for many to save money, the report found an overall improvement in household financial comfort, which increased to 5.39 (out of 10) in June 2011 from 5.20 in October 2011 as measured by ME Bank’s Household Financial Comfort Index.
The index measures overall household financial comfort, by asking respondents to estimate their financial comfort as well as their expectations and confidence across 11 measures, and the gap between perceived financial comfort and an objective measure of their actual financial situation.
The index also showed household financial comfort is influenced by employment status, with part-time (4.87 out of 10) and casual workers (5.07 out of 10) having the lowest financial comfort of people with jobs, while unemployed people (4.40 out of 10) had the lowest financial comfort of all.
Superannuation was shown to be the most significant driver of higher levels of financial comfort, with high comfort levels (greater than eight out of 10) observed for households with super balances of greater than $200,000.
On a state-by-state basis ACT households are the most financially comfortable (6.22 out of 10) followed by Western Australia (5.64), Victoria (5.62) and Tasmania (5.60), which are all above the national average (5.39).
Both Victorian households and Tasmanian households recorded an improvement in financial comfort compared with the October index.
South Australians are the least comfortable with a comfort rating of just 4.84
“The fall in financial comfort for South Australian households reflected deterioration in all components of the Index and was also related to greater perceived difficulties in finding a job in South Australia compared to the rest of the country,” say McPhee.
“Financial comfort remained fairly stable for New South Wales and Western Australia, with the former less comfortable than Australia as a whole and the latter significantly more comfortable.
“Financial comfort for Queensland households is similar to Australia as a whole, reflecting a significant improvement up from a low in October 2011 that was associated with the earlier negative impacts of last year’s widespread flooding and Cyclone Yasi," he says.
</body></html>

Half of households just managing to pay mortgage and other bills: ME Bank survey

<html><body>
Australia’s baby boomers, many of whom are just entering into retirement, could place strain on the efficient operation of the housing market if they don’t downsize into smaller properties, warns Real Estate Institute of Australia research officer Evgeniya Hawthorne.
Many of the oldest baby boomers (the generation dates from those born between 1946 and 1964) have just entered retirement (65 and older) and appear intent on holding on to their bigger houses and spare bedrooms.
ABS 2011 data showing that 91.4% of older Australian households have one or more spare bedrooms.
The figures also show that while the average number of persons per household declined from 3.1 in 1976 to 2.6 in 2011, the average number of bedrooms per dwelling increased from 2.8 to 3.1 over the same period.
The problem is being compounded by Australia undergoing a rise in longevity, with the population of those 65 and older increasing by 27.1% in the last 10 years to over 3 million, with the median age in Australia increasing from 35 in 2001 to 37 in 2011.
“The reluctance to move in later life impacts on the efficient utilisation of Australia’s housing stock," says Hawthorne.
“Compared to younger households, older households are more likely to have spare bedrooms in their homes."
Hawthorne says retirees need to downsize in order to make room for younger families.
“Encouraging downsizing among the older population may be considered as one of the key tools in avoiding overcrowding and meeting occupancy standards by other groups such as younger families with children. “
She says it is crucial that homes are appropriate for the housing needs of the older generation.
Hawthorne says there are barriers to downsizing that make older Australians stay put for longer.
“Strong emotional attachment to a family home may be one of the main factors, and moving house is a stressful and costly event. Stamp duty is the largest cost impediment to downsizing,” she says.
“Appropriate policy needs to be developed to encourage more efficient allocation and utilisation of the nation’s housing stock."
She also notes a social trends report compiled by the ABS in December 2010 looking at why older Australians move home found that less than a quarter (22.5%) gave as a reason wanting to downsize to a smaller house.
Other popular reasons for moving include family reasons (22.3%) or a lifestyle change (19.7%), with 7% saying they wanted to move to a bigger house.
Reasons for most recent move for older households without children 
<table cellpadding="0" cellspacing="0" border="1" style="width: 470px;"><tbody>
<tr>
<td width="228" valign="top">
Reason 
</td>
<td width="228" valign="top">
Proportion of responses 
</td>
</tr>
<tr>
<td width="228" valign="top">
Housing reasons, including 
</td>
<td width="228" valign="top">
48.9 
</td>
</tr>
<tr>
<td width="228" valign="top">
Wanted bigger / better house
</td>
<td width="228" valign="top">
7.0
</td>
</tr>
<tr>
<td width="228" valign="top">
Wanted smaller house / downsize
</td>
<td width="228" valign="top">
22.5
</td>
</tr>
<tr>
<td width="228" valign="top">
Purchased own dwelling
</td>
<td width="228" valign="top">
3.5
</td>
</tr>
<tr>
<td width="228" valign="top">
Employment 
</td>
<td width="228" valign="top">
1.6 
</td>
</tr>
<tr>
<td width="228" valign="top">
Family reasons 
</td>
<td width="228" valign="top">
22.3 
</td>
</tr>
<tr>
<td width="228" valign="top">
Get married / live with partner
</td>
<td width="228" valign="top">
2.7
</td>
</tr>
<tr>
<td width="228" valign="top">
Breakdown of marriage / relationship
</td>
<td width="228" valign="top">
0.9
</td>
</tr>
<tr>
<td width="228" valign="top">
Lifestyle change 
</td>
<td width="228" valign="top">
19.7 
</td>
</tr>
<tr>
<td width="228" valign="top">
Other (neighbourhood, health, accessibility and other reasons) 
</td>
<td width="228" valign="top">
23.0 
</td>
</tr>
</tbody></table>
Source:  Moving House, ABS Australian Social Trends 4102.0 December 2010
Rocking chair photo courtesy of <a href="https://www.flickr.com/" target="_blank">Flickr</a>.
</body></html>

Reluctance of baby boomers to downsize creating inefficient housing market: REIA’s Evgeniya Hawthorne

<html><body>
ANZ recorded a lift in its customer satisfaction rating in August, reversing a slide that began soon after the bank announcing that it would make interest rate decisions independently of the RBA.
The move to go it alone from the RBA since January has been widely described as a poor public relations move.
ANZ’s customer satisfaction rating improved by 0.8 points – it still remain in fourth place on 73.9% but is only just behind Westpac on 74.7%, according to the latest Roy Morgan Research survey.
All the major banks improved their customer satisfaction ratings over August.
Click to enlarge
<a href="/images/stories/2012/09/morganoct1.gif" rel="shadowbox" title="Click to enlarge"><img src="/images/stories/2012/09/morganoct1thumb.gif"></a>
NAB extended its lead as the major bank with the most satisfied customers, recording the biggest improvement over the month with a 1.3-percentage-point gain to 79.8%.
NAB leads the big four for both the most satisfied home loan and non-home loan customers.
NAB has had the lowest standard variable rate of the major banks for the past three years and has committed to maintaining this position throughout 2012 recorded the biggest improvement coming from NAB customers who increased by 1.3% points to make them a clear leader on 79.8%.
CBA remains in second place with 77.8% satisfaction but fell further behind NAB during August because it only showed a 0.2-percentage-point improvement.
But it remains well behind NAB in customer satisfaction for home loan customers (-3.5% points) and to a lesser extent their non-home loan customers (-2.1% points).
In August the business customers of the big four banks all showed a decline in satisfaction, which was in stark contrast to the improvement they all showed among their personal customers.
NAB shows the biggest gap in the satisfaction rating between personal and business customers, with a 16.7-point lower rating among their business customers. Westpac remains the clear leader among the big four with 66.6% business customer satisfaction, but Suncorp is the best performer among the major banks, with 72.1%.
Norman Morris, industry communications director at Roy Morgan Research, says the widening gap between satisfaction levels of the major banks personal and business customers should be of major concern as it is potentially an indication that in this uncertain economic environment more focus may have been placed on the relative safety of the personal bank customers at the expense of business.
“As a result, when the business outlook turns around the banks will have considerable ground to make up in order to gain and retain customers,” he says. 
</body></html>

ANZ halts slide in customer satisfaction but NAB still best among mortgage holders: Roy Morgan Research

<html><body>
The majority of economists expect the Reserve Bank to wait until the November Melbourne Cup day meeting to cut the cash rate, according to the latest Bloomberg poll.
Nineteen out of 28 economists polled by Bloomberg ahead of Tuesday’s monetary policy meeting expect the RBA to leave the cash rate on hold at 3.5%.
The major banks are giving no help with direction with two (ANZ and Westpac) expecting the RBA to cut the cash rate to 3.25% and two (Commonwealth Bank and NAB) tipping no change.
<a target="_blank" href="/news">Both ANZ and Westpac changed their minds last week </a>from a cash rate hold to a rate cut.
Others tipping an October rate cut include AMP Capital (Shane Oliver), Market Economics (Stephen Koukoulas), Macquarie Research, Moody’s Economy.com and UBS.
Economist Adam Carr – not polled by Bloomberg – is definitely not entertaining a rate cut next week.
“RBA should be hiking rates 25 with growth as strong as we've got! Crazy that they're even discussing cuts," <a href="https://twitter.com/AdamCarrEcon">he tweeted.</a>
November rate cut expectations are much stronger with 18 out of 28 economists tipping the Reserve Bank to continue to loosen monetary policy.
The RBA will make its decision at 2.30pm on October 2.
An earlier version attributed an Adam Carr tweet to AFR columnist Christopher Joye.
</body></html>

Two-thirds of economists tipping rate hold next week, with the major banks divided: Bloomberg 

<html><body>
May and June rate cuts have yet to stimulate a pick-up in mortgage lending.
According to  the latest RBA figures, housing credit increased by just 0.3% over August, matching  an increase of 0.3% over July.
Over the year to August, housing credit rose by 4.8% – the weakest annual growth in records going back 34 years.
“Housing credit has lost momentum under the weight of earlier tight monetary policy with the sector facing a number of headwinds,” notes Westpac.
The bank says owner-occupier credit is particularly subdued as the household sector continues to deleverage.
 “Three month annualised growth is now 3.1%, moderating from 6.9% at the end of 2010.
“In recent months many have maintained mortgage repayments at current levels, notwithstanding interest rate reductions. This results in a more rapid paying down of the loan.
“The investor market has been a little more resilient, with credit to investors up 5.4% over the year and 5.5% annualised over the last three months. 
“Monetary policy moved into the expansionary zone with the RBA's May and June rate cuts and further rate cuts are in prospect. We expect a lift in housing credit growth over the year ahead as people respond to the improvement in housing affordability. Although, a sustained strong upswing is unlikely in the current environment,” says Westpac.
Total credit provided to the private sector by financial intermediaries rose by 0.2% over August 2012, after rising by 0.2%over July.
Over the year to August, total credit rose by 4.1%.
</body></html>

Mortgage lending up just 0.3% in August as owner-occupiers continue to deleverage: RBA 

<html><body>
Unsecured creditors of Provident Capital have voted today to maintain Tony McGrath and Joseph Hayes of McGrath Nicol as joint and several voluntary administrators of the collapsed fund manager and non-bank lender.
McGrath Nicol were appointed by Australian Executor Trustees Limited (AET) on September 18.
AET represents debenture holders and successfully petitioned the Federal Court in July to place Provident in receivership and to freeze its mortgage funds.
Phil Carter, Tony Sims and Marcus Ayres of PPB Advisory <a href="/news">c</a><a target="_blank" href="/news">ontinue to represent AET debenture holders as receivers and managers of Provident Capital </a>and to seek to sell properties secured against loans to pay back $70 million owed to Bendigo Bank and then re-start payments to debenture holders.
Debenture holders are secured creditors.
“The Voluntary Administration process is another step which AET has undertaken to preserve potential actions that the Company may have against third parties which could give rise to future recoveries to repay debentureholder claims,” explains PPB Advisory.
“It also allows unsecured creditors to lodge their claim against the company.
“As all Debentureholders are secured creditors by virtue of AET’s security interest, individual debentureholders are not required to prove their claim in the Voluntary Administration, nor are they required to vote at any meeting of creditors.
“Rather AET in its capacity as security trustee will represent all debentureholders in the voluntary administration process.
“Control of the Company’s assets and business operations will otherwise remain with the receivers and managers.
“Any updates on the status of the Receivership will be communicated directly to debentureholders via post or on our website," sasy PPB Advisory.
All creditors will receive a detailed report from McGrath Nicol on October 17 regarding the company’s affairs and recommendations as to its future, which could include Provident being liquidated.
A second statutory meeting of creditors is due to be held on October 24 where creditors will vote on the recommendations made by McGrath Nicol.
A decision on Provident’s future will be made at the second statutory meeting.
Tell us what you know about the Provident collapse.
</body></html>

Unsecured Provident Capital creditors meet

<html><body>
Property Observer columnist Catherine Cashmore was first out the blocks to tweet about further good news for the housing market with RP Data-Rismark expecting capital city dwelling values to be up 1.4% over September.
<a href="https://twitter.com/CCASHMORE_BUYER" target="_blank"><img src="/images/stories/2012/09/cashmoretweet.jpg"></a>
Clues about what the September index will show were revealed by RP Data today.
RP Data national research director Tim Lawless says based on what happened to September 28  “dwelling values across the combined five largest capital cities of Australia are likely to increase by around 1.4% over the month of September, and the quarterly rate of growth will be around 2.0% over the quarter; that’s the strongest quarterly change since May 2010”.
The full RP Data results for September will come out at 10am on Tuesday, just a few hours before the RBA makes its October cash rate announcement at 2.30pm.
The performance of the housing market will be one key aspect of the economy that will be deliberated on by the RBA board in coming to its decision.
 
According to Lawless, the latest data “reinforces the notion that Australia’s housing market, at least at a macro level, is moving past the correction phase which saw values fall by 7.5% between the end of October 2010 and the end of May 2012”.
“The improvement in market conditions can mostly be attributed to interest rate settings and the prospect of a low interest rate environment over the medium term.
“Improving housing market conditions are likely to be front and centre on the agenda of discussion items when the Reserve Bank board meets next Tuesday.
“The Bank would be looking to avoid any further stimulation of the housing market while at the same time ensuring the interest rate setting is appropriate considering the high Australian dollar and sluggish level of consumer demand.”
</body></html>

Conditions in housing market improving, says Catherine Cashmore: Tweet of the day

<html><body>
Gold Coast real estate agent and property developer Rod Lambert has had charges that he stalked Ray White Queensland CEO Peter Camphin dismissed in the Brisbane Magistrates Court this week.
On the advice of his solicitor,  Lambert has agreed to not to have any contact with Peter Camphin for a period of two years.
"In view of the fact that Mr Michael Kollosche no longer works for Ray White, Mr Lambert happily agreed to conform to that request as he now has no reason to contact Mr Camphin now or in the future now that Mr Kollosche has left the employment of Ray White," said Lambert in a statement.
In previous online postings, Lambert made allegations of misconduct against Gold Coast prestige sales agent Michael Kollosche, who was previously contracted to the Ray White Broadbeach office.
Lambert accused Ray White of not taking appropriate action against Kollosche.
A spokesperson for Ray White declined to comment on the ruling and said it was a private matter between Rod Lambert and Peter Camphin.
Peter Camphin declined to comment.
Lambert was charged with stalking Camphin in February this year.
In March a Queensland Supreme Court judge ruled that Lambert must close down a website he ran, which Ray White claims was damaging its brand.
The injunction against Lambert from publishing the website and related material remains in place.
In May 2010 Lambert alleged that wealthy investors were duped into buying multimillion-dollar properties on Mermaid Beach on the Gold Coast as part of an elaborate price-fixing scam.
In January this year the <a href="https://www.propertyobserver.com.au/residential/investigation-into-alleged-price-fixing-on-mermaid-beach-to-continue-in-2012/2012010352958" target="_blank">Queensland Office of Fair Trading confirmed to Property Observer</a> that it was continuing to investigate such allegations.
</body></html>

Stalking charges dismissed against Mermaid Beach campaigner Rod Lambert 

South East Queensland’s apartment market is entering a new phase defined by rising prices, constrained affordability, and mounting pressure on the construction pipeline, according to RPM Group’s latest SEQ Apartments &amp; Townhomes Market Report.

The May 2026 report highlights a widening divide between what buyers can afford and what developers can viably deliver, with detached house prices continuing to push more buyers toward apartments across Brisbane, the Gold Coast, and the Sunshine Coast.

RPM says Brisbane’s median house price has reached around $1.5 million, accelerating the shift toward higher-density housing as buyers are increasingly priced out of the detached market.

[smartcode_project:default project_id=135094 project_image_fid=356540]

Median unit prices rose across all three major SEQ markets in the March quarter. Brisbane City recorded the strongest annual growth, with median unit prices climbing 21 per cent to $862,000, while the Gold Coast reached the highest overall median at $950,000, up 17 per cent year-on-year. The Sunshine Coast followed at $870,000, representing annual growth of nine per cent.

RPM noted the affordability gap between houses and units remains significant, with detached homes commanding premiums of 67 per cent in Brisbane and 68 per cent on the Gold Coast relative to apartments.

The report suggests this price disparity is increasingly consolidating buyer demand within the apartment market, particularly among downsizers and owner-occupiers.

“Demand is real. Supply is moving. But they’re operating on different timelines and the gap between what’s being built and what buyers can afford is the defining tension in this market right now,” RPM Queensland and NSW Managing Directors Peter Neale and Clinton Trezise said in the report.

[smartcode_project:default project_id=150787 project_image_fid=366230]

While approvals and commencements are strengthening, RPM argues the delivery pipeline remains constrained by construction costs, labour shortages, and extended build timelines.

Apartment approvals across Queensland increased 86 per cent over the year to February 2026, reaching 12,682 approvals, the highest level recorded since 2016. Brisbane overtook the Gold Coast as the state’s most active apartment approval market, with nearly 5,000 apartments approved over the past 12 months.

Unit commencements also strengthened considerably, rising 48 per cent year-on-year to 5,453 commencements in the December 2025 quarter, the highest level since 2018.

However, RPM’s research found apartment delivery timeframes have expanded sharply compared to the previous cycle. Projects are now averaging around 30 months from approval to completion, compared to roughly 20 months a decade ago.

[smartcode_project:default project_id=143932 project_image_fid=367515]

The number of units under construction has climbed to approximately 31,530 dwellings, nearing the previous 2016 peak, though projects are remaining in the pipeline for considerably longer.

Construction costs continue to weigh heavily on feasibility. RPM found the average apartment construction cost in Greater Brisbane reached $630,000 per dwelling in 2025, exceeding both Sydney and Melbourne. Coastal Queensland markets, including the Gold Coast and Sunshine Coast, were even higher at an average of $817,418 per apartment due to the prevalence of larger premium product.

The report also points to increasing pressure from Olympic-related infrastructure spending ahead of Brisbane 2032, with labour competition expected to intensify over the next several years.

[smartcode_project:default project_id=150017 project_image_fid=370960]

ANZ Associate Director of Property Daniel Gradwell said the underlying demand drivers across South East Queensland remain strong, supported by interstate migration, downsizers, and population growth.

“The challenge is bringing enough supply to market to meet that demand, and nothing on the horizon makes that straightforward,” Gradwell said.

RPM’s analysis found the affordability challenge is becoming more pronounced in the new apartment market itself, with only three per cent of surveyed new apartments priced below $1 million.

Instead, the market is increasingly concentrated in higher price brackets, with the most common new apartment price band across SEQ sitting between $1.5 million and $1.75 million. Around half of all new apartment stock surveyed is priced below $2 million.

The report suggests developers are not necessarily avoiding lower price points by choice, but because current construction economics make delivering affordable apartments increasingly difficult at scale.

Rental conditions also remain tight across the region. Median rents for one-bedroom apartments rose 12 per cent in Brisbane over the past year to $580 per week, while Gold Coast one-bedroom rents increased nine per cent to $630.

Despite rising rents, RPM noted bond lodgements have generally trended downward over the past five years, indicating more apartments are being absorbed by owner-occupiers rather than retained as investor-held rental stock.

Looking ahead, RPM expects projects targeting the mid-market owner-occupier segment between $1.25 million and $2 million to remain the most viable part of the market, while premium projects in highly constrained coastal or riverfront locations continue to attract demand.

“Construction costs are rewriting the feasibility rulebook across Greater Brisbane, and with little relief in sight, only projects in the right price band, right location, and with presales secured early will make it through,” the report concludes.

Joel Robinson

SEQ apartment demand outpacing affordable supply as construction timelines stretch: RPM

Camberwell Junction has long been the epicentre of amenity in Melbourne’s Boroondara region.

For nearly a century, it has drawn both locals and visitors, anchored by the Camberwell Sunday Market, which first operated in 1929 and quickly became a fixture of the suburb’s identity. Over time, the Junction evolved into one of Melbourne’s most established retail and lifestyle precincts, now comprising more than 400 stores and over 300 commercial businesses.

Despite that depth of amenity, one thing has remained notably limited: the supply of new apartments.

In a suburb defined by its heritage streetscapes and tightly held residential stock, new development opportunities have been scarce, particularly within the core of the Junction itself. That lack of supply has left a gap in the market for larger, design-led apartments suited to downsizers and owner-occupiers wanting to remain in the area.

Boutique developer Above Zero identified that gap when it secured a prime site on Burke Road, in the heart of Camberwell Junction.

[smartcode_project:default project_id=4896 project_image_fid=368543]

The site has a long planning history. Various proposals have been put forward over more than a decade, many of which were knocked back by the City of Boroondara, with initial applications dating back to 2015. Above Zero acquired the site in 2022 and returned with a revised scheme, refining both the building’s height and its ground-level interface to better align with Council expectations.

That process has culminated in approval for Camberwell House.

The Cera Stribley-designed development will deliver 57 residences on a 1,950 sqm site within the Camberwell Activity Centre, placing it directly within one of Melbourne’s most established retail and transport hubs.

It is expected to be one of the only new apartment developments to launch in the Junction in recent years, reinforcing the rarity of new supply in the precinct. Currently, there are just a handful of projects on the market in Camberwell, underscoring the significance of a development of this scale and positioning.

[smartcode_project:default project_id=4896 project_image_fid=368544]

Camberwell House has been conceived with a clear focus on larger-format apartments. The project will offer a mix of two-, three- and four-bedroom residences, alongside a limited number of penthouses, targeting owner-occupiers seeking scale rather than volume-driven product.

The building’s vertical presence will also set it apart.

Positioned on Burke Road, the development is set to become one of the taller buildings in its immediate context, allowing for elevated outlooks across Melbourne’s CBD skyline and toward the Dandenong Ranges. In a precinct characterised by lower-scale built form, that height provides a point of differentiation, particularly for buyers seeking outlook and natural light.

[smartcode_project:default project_id=4896 project_image_fid=368568]

Architecture has been led by Cera Stribley, with interiors by GOLDEN and landscape design by Florian Wild. The design approach centres on material consistency and restraint, with residences oriented to maximise light, ventilation and connection to outdoor spaces.

Full-height glazing and generous terraces form a key part of that strategy, allowing apartments to extend beyond their internal footprint and engage with the surrounding environment.

Beyond the private residences, a significant component of the project is its amenity offering.

Above Zero has positioned Camberwell House as a “complete living environment”, incorporating a full floor dedicated to resident facilities. At the centre of that is a wellness zone, including a 12.5-metre lap pool, spa, sauna and treatment spaces, alongside a gym and recovery-focused amenities.

This level of amenity is more commonly associated with inner-city developments, rather than established middle-ring suburbs like Camberwell.

[smartcode_project:default project_id=4896 project_image_fid=368588]

Additional shared spaces include a private library lounge, dining and entertaining areas, and an indoor golf simulator. A self-contained guest suite has also been incorporated, allowing residents to accommodate visiting family or friends without impacting their primary living space.

The inclusion of these facilities reflects a broader shift in buyer expectations.

As more downsizers look to transition from larger family homes into apartments, there is increasing demand for developments that offer not just a residence, but a lifestyle. That includes access to wellness, social and entertaining spaces within the building itself, reducing the reliance on external amenity while still maintaining proximity to established precincts.

Camberwell House is positioned to benefit from both.

Its location places it within immediate walking distance of Camberwell Junction’s retail and dining offering, as well as public transport connections, including tram and train services. That combination of internal amenity and external convenience is central to its appeal.

<section data-scroll-anchor="false" data-testid="conversation-turn-150" data-turn="assistant" data-turn-id="request-WEB:55d7c6ac-8e6d-4881-ad49-0ed9bf66d1cc-74" dir="auto">
Jellis Craig Projects Director Stephen Bowtell is handling sales for the project and says Camberwell House offers a rare entry point into one of Melbourne’s most tightly held markets.

“Buyers are recognising that Camberwell House offers something they simply haven’t seen before in Boroondara,”&nbsp;Bowtell&nbsp;says.

“It combines a level of resident amenity and service typically associated with Melbourne’s premium inner-city developments, while being positioned right in the heart of Camberwell Junction.

“The response to the concierge offering has been particularly strong. Buyers appreciate not only the convenience, but also the sense of security and peace of mind that comes from having a dedicated presence in the building every day.

“When you combine that with the wellness facilities, the exceptional arrival experience, and panoramic views across both the CBD skyline and the Dandenong Ranges, it creates a lifestyle proposition that is genuinely unique within the local market.”
</section>

[smartcode_project_cta:default project_id=4896]

Above Zero launches Camberwell House in undersupplied Camberwell Junction precinct

<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, <a href="https://www.apartments.com.au/new-apartments/castile-47-skyring-terrace-newstead-qld-4006">Castile</a>, 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]

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;

Larry Schlesinger

Editor's Picks

Have something to contribute?

Developments

New apartments

New townhouses

News