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The Reserve Bank is likely to leave interest rates on hold at its October monetary policy meeting next week, though it will be a close call, says HSBC Australia chief economist Paul Bloxham.
Bloxham says with inflation low, the RBA has scope to cut rates if it needs to.
“But we don’t think the hurdle has been met for a cut next week.
“We still favour a cut in November, assuming China’s economy does not show definite signs of recovery, and think that the 100 basis points of loosening priced in over the next year is too much," he says.
In his last RBA bulletin before Tuesday’s monetary policy meeting, Bloxham notes that housing prices are lifting, with a “solid rise in prices in September; home auctions in Sydney and Melbourne in recent weeks have seen rising clearance rates, a signal of improving turnover.
“Building approvals for housing are past their trough. Business credit has been growing in recent months, after falling in recent years.”
He has also not been swayed by the<a href="/news"> likes of Westpac’s Bill Evans</a>, who shifted his view last week from a November rate cut to an October rate cut.
Other economists tipping a rate cut next week include AMP Capital’s Shane Oliver, Stephen Koukoulas from Market Economics, Dominic Bryant from BNP Paribas Asia and ANZ Research.
Bloxham says there are two narratives the RBA board is following that will dictate its decision-making – where the global economy is heading and how previous rate cuts are impacting locally - and says other economists and commentators are over-analysing speeches and statements made by the central bank.
“Reading more into the RBA’s recent individual word choices, or phrasing, is false precision,” says Bloxham.
On the global front, Bloxham says the mid-year rate cuts of 75 basis points in May and June were made to get the RBA “ahead of the game” and that the “more subdued global outlook was needed to justify the current policy stance”.
Further deterioration globally would be necessary for the RBA to contemplate a rate cut.
“Globally, we think things are about the same as they were last month, on balance, from Australia’s perspective. China’s PMI (manufacturing index) was stable, commodity prices bounced back a little and QE3 (the US government bond-buying program) has removed some of the downside risk of a sharper US slowing. European conditions have weakened, but probably no more than expected,” says Bloxham.
Domestically, Bloxham says the RBA narrative has been that “the full effect of the previous cuts is yet to flow through, though they noted tentative signs that monetary policy is supporting the housing market and lifting business credit”.
“Domestic indicators suggest growth has been modest into the third quarter of 2012. Retail sales fell in July, but the RBA told us their liaison suggested sales rose in August.
“Business conditions and confidence tracked broadly sideways into August, and consumer sentiment has been steady. Employment and hours worked eased in August, but the unemployment rate remains low at 5.1%, despite RBA forecasts that it would head towards 5.5% in the second half of 2012.
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Stronger housing market among factors that will cause the RBA to keep the cash rate on hold next week: HSBC’s Paul Bloxham

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Conditions are improving for first-home buyers making their initial property acquisition, according to Genworth’s September Homebuyer Confidence Index.
While the index measuring first-home buyer confidence dipped slightly by 0.5 points to 98.5 it remains above the national average for all home buyers of 98.4.
It also found that half (54%) of surveyed first-home buyers believe it is a good time to buy a home, a figure that has more than doubled in the last two years.
Genworth also recorded a drop in potential first-home buyers who were deterred from buying because they were unable to save for a deposit (down from 30% in March to 11% in September 2012) or unable to afford repayments (down from 14% in March to 5% in September 2012).
First-home buyers also appear more comfortable with saving a smaller deposit and taking on a bigger mortgage debt.
Among first-home buyer respondents to the survey, 39% say they are saving less than a 10% deposit, compared with 34% who said so in the March survey.
First-home buyer affordability expectations by state
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<a title="Click to enlarge" rel="shadowbox" href="/images/stories/2012/09/genworthsept28.gif"><img src="/images/stories/2012/09/genworthsept28thumb.gif"></a>
Source: Genworth
However, the results show wide disparities in deposit comfort levels across states, reflecting different levels of affordability and sensitivity to interest rate cuts.
First-home buyers in Western Australia are most comfortable with a smaller deposit, with nearly-two thirds (64%) saving less than 10%, compared with just over a third of WA first-home buyers in the March survey.
Victorian first-home buyers are also more comfortable with a smaller deposit, with 44% saying they are comfortable with a 10% deposit.
The opposite trend was reported in NSW and Queensland. 
The report also found that the proportion of surveyed recent first-home buyers who had experienced mortgage stress in the last 12 months fell from 16% in March 2012 to 13% in September 2012.
However, the proportion expecting difficulty in the coming year rose from 16% to 18%. 
The Genworth reports also notes that changes to first-home buyer incentives offered in each state will mean this group will face different amounts of pressure in different areas in the future.
“Despite a slight fall in first-home buyer confidence, this segment of the market remains more optimistic that now is a good time to buy a home," says Genworth CEO Ellie Comerford.
“What is more heartening is that first-home buyers are increasingly confident they can save the deposit necessary to buy their first home.”
What do you think the spring 2012 property market holds for first-home buyers and others? <a target="_blank" href="http://propertyobserver.com.au/ebooks/the-spring-property-outlook-survey">Complete our five-minute survey</a> for your chance to win an iPhone 5.
 
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First-home buyers facing fewer hurdles to getting onto the property ladder: Genworth

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NRL fans will have one eye on the grand final and the other browsing new home listings this grand final weekend as the NSW government’s more generous first-home buyer scheme kicks in Monday.
From October 1 first-home buyers in NSW will be eligible for a $15,000 grant from the NSW government to build or buy a new home under the first home owner grant (new homes) scheme.
The maximum total value of the new home cannot exceed $650,000. 
An application for the grant can be made through a lender or through the NSW Office of State Revenue (OSR).
Applications made through a lender will result in the grant paid on settlement if you are buying a new house or, if you are building a new house, on the first draw down on contracts to build.
You can apply through the OSR after your new house is built or upon settlement once you are registered on title.
The eight-page application form can be downloaded from the OSR website and includes a document checklist and lodgement guide.
In addition, first-home buyers of new homes are also eligible for stamp duty concessions under the first home-new home scheme, with no duty paid on a new home with a dutiable value of $550,000 or residential land valued at $350,000. These concessions have been in place since July 1.
First-home buyers looking for a new apartment in the Sydney inner-city hotspot of <a href="/news">Waterloo</a> might consider <a target="_blank" href="https://www.divercitywaterloo.com.au/">Becton’s Divercity project</a>.
When finished, the development will have a total of 646 apartments and town homes.
Prices start from $445,000 for a one-bedroom and one-bathroom apartment, meaning potential savings on this purchase for first-home buyers of $30,515:  $15,000 (grant) + $15,515 (stamp duty saving).
Those in the market for detached home could consider <a target="_blank" href="https://www.thehermitagesydney.com.au/">Sekisui House’s the Hermitage in Gledswood Hills in Sydney’s south-west</a>. This is a master-planned community development covering 120 hectares and featuring a central three-kilometre green corridor and more than 10 kilometres of bicycle and pedestrian walkways. There is also a proposed 27-hole golf course, cafes and community facilities.
Land starts from $260,000 for a 500-square-metre lot, meaning a potential savings of $22,590:  $15,000 (grant) + $7,590 (stamp duty saving).
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Those buyers looking for a lifestyle block outside of the Sydney metropolis might consider a house-and-land package at <a target="_blank" href="https://www.stockland.com.au/residential/nsw/brooks-reach-living-at-brooks-reach.aspx">Stockland's Brooks Reach residential community</a> in Horsley, set against the backdrop of Illawarra Escarpment,
Land starts from $146,050 for a 308-square-metre lot, meaning potential savings of $18,603.50, while a house-and-land packages start from $299,000 for a three-bedroom, one-bathroom house with garage – potential savings of $23,955
The existing $7,000 first-home owner grant, available to all first-home purchases, ceases to apply where the eligible transaction is dated on or after October 1.
The new $15,000 applies to transactions dated after October 1 and is available up until December 31, 2013.  From January 1 2014 the grant will reduce to $10,000.
According to the NSW Office of State Revenue (OSR), which will administer the scheme, “a new home is a home that has not been previously occupied or sold as a place of residence, and includes a home that is a substantially renovated home and a home built to replace demolished premises”.
Substantial renovations of a building are defined as "renovations in which all, or substantially all, of a building is removed or replaced".
“The renovations may, but need not, involve the removal or replacement of foundations, external walls, interior supporting walls, floors, roof or staircases," says the OSR.
It warns that “substantial renovations do not include cosmetic work such as painting, sanding floors, replacing light fittings, or replacing curtains and carpets”.
Where applications are made for the grant new residential premises that have been created through substantial renovations of a building, the OSR will consider the application on a case-by-case basis.
 
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There are a number of requirements that must be met by applicants, including that at least one applicant must be permanent resident or Australian citizen and each must be at least 18 years old.
Applicants may also be ineligible if they or their spouses (including de facto) have owned property in the past.
They must not have owned a residential property, jointly, separately or with some other person, in any state or territory of Australia before 1 July 2000.
In addition, on or after July 1, 2000, they must not have owned a residential property and occupied that property jointly, separately or with some other person in any state or territory of Australia for a continuous period of at least six months.
You will also be ineligible if you have received a first-home owner grant before in any state or territory.
Lastly, at least one applicant must occupy the home as their principal place of residence for a continuous period of at least six months, commencing within 12 months from the date they are registered on title if they are purchasing a new home or within 12 months of the construction completion date if they are building a home.
The total value of a new home will be calculated using the following methods:
For a contract of sale of a home, the total value is based on the greater of the following:
<ul>
<li>the consideration for the eligible transaction</li>
<li>the unencumbered value, as at the commencement date of the eligible transaction.</li>
</ul>
For a comprehensive home building contract, the total value is calculated by adding together:
<ul>
<li>the consideration for the eligible transaction, and</li>
<li>the value, at the commencement date, of the relevant interest of the land on which the home is to be built.</li>
</ul>
For a building of a home by an owner builder, the total value is calculated by adding together:
<ul>
<li>the unencumbered value of the home, at the date the transaction is completed and the value, at the date the transaction is completed, of the relevant interest in the land on which the home is built.</li>
</ul>
The value of the relevant interest in the land on which the home is to be built is the greater of the following:
<ul>
<li>the consideration paid or payable for the interest</li>
<li>the unencumbered value of the interest.</li>
</ul>
There are also restrictions around whether applicants and/or their spouses (including de facto spouses) have owned property before.
All applicants and/or their spouse/de facto have not owned a residential property, jointly, separately or with some other person, in any state or territory of Australia before July 1, 2000.
All applicants and/or their spouse/de facto have not owned on or after July 1, 2000 a residential property and occupied that property jointly, separately or with some other person in any state or territory of Australia for a continuous period of at least six months.
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Everything you need to know about the new NSW first-home buyer $15,000 grant

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Headlines suggesting large numbers of Melbourne apartment projects have stalled or been abandoned over the last 18 months create a misleading picture, says property consulting group Charter Keck Cramer, as most of these projects had not even gotten off the planning drawing board, let alone to the off-the-plan marketing sales stage.
According to Charter Keck Cramer, the headlines miss the point because many of the projects that are said to have been abandoned or shelved were projects only on paper, which may have had planning approval but had not been exposed to the market via an off-the-plan sales process.
The Australian Financial Review quoted figures which claimed an average of 11 Melbourne apartment projects a month had stalled or been abandoned since the start of 2011 resulting in 213 failed projects worth a total of $1.2 billion.
Property Observer requested to see the published research but the was told it was not available "at this stage" by the real estate agency, which offers project marketing services to clients.
In the recent past, Melbourne has typically had around 300 medium and high-density projects either planned, under construction or completed, according to the research report Metropolitan Melbourne Apartment Market by Oliver Hume.
The report does not discuss abandoned or stalled projects, but has previously noted that around half were at the construction stage.
"When fully developed, they will deliver about 40,600 apartments. Of these 40,600 apartments, around 22,000 are in buildings already under construction or completed," Oliver Hume's June report says.
The report noted that a total of 27 new metropolitan Melbourne projects were released during the June quarter, containing around 2,150 units – "the lowest number of projects since records commenced".
In the corresponding quarter last year there were 38 projects released comprising 3,800 units.
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According to research by Charter Keck Cramer less than one in 10 Melbourne apartment projects have been withdrawn from the market since 2008, with the vast majority of projects now either completed, under construction or committed to be built.
Charter Keck Cramer calculates that of the 48,400 apartment releases since 2008 nearly two-thirds are either completed or under construction, with a further 6% committed and about to commence construction.
“Only 7% have been withdrawn – with a large proportion of these re-released and now proceeding to construction – with a further  14% less likely to proceed,” Charter Keck Cramer director Robert Papaleo tells Property Observer.
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<a title="Click to enlarge" rel="shadowbox" href="/images/stories/2012/09/cksept28.gif"><img src="/images/stories/2012/09/cksept28thumb.gif"></a>
Source: Charter Keck Cramer
“This analysis only considers projects that have been exposed to prospective purchasers via an off-the-plan marketing phase for  individual apartments and does not include projects simply with an approved permit for apartments that have not been subject to a marketing campaign,” he adds.
The Oliver Hume research quoted by the AFR says the average size of an unsuccessful project is $5.6 million, “reflecting a large proportion of small to mid-density projects in the middle and outer suburbs which failed”.
Oliver Hume reported the highest proportion of abandoned projects in Moreland, Boroondara, Darebin, Greater Dandenong and Glen Eira.
“I suspect, as has been the case in the past, that these 'abandoned' projects include a large number of sites with historic planning approval that have not proceeded to development notwithstanding if they have been offered to the market or not.  Whilst withdrawal of projects at the planning stage is an indicator of market conditions, its importance is too often misunderstood and overstated” says Papaleo.
“The act of getting a permit is not ,of itself, a true indicator of developer intent.
“In many instances permits are sought to add value to sites, where there is no intention of them being developed.”
He added that there was also the issue around the suitability of some previous development approvals for some of sites “with respect to prevailing market conditions”
“A permit in 2010 for an ambitious scheme may have worked at that time, but if it’s put up for sale now, buyers may not wish to commit to the scheme, so it might have to be revised."
 
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He says there have been some projects that have been marketed off the plan and shelved, but most of these have been re-marketed and developed after changes have been made to the design and have ended up in the hands of a more experienced developer.
Papaleo says he is aware of several projects that were first marketed in 2007 to 2009, then pulled from the market, redesigned and relaunched and have now commenced construction following “fresh injection of equity”.
Current development sites up for sale with apartment development approval include a 5,400 square metre site at 1 Grosvenor Street, in Doncaster, with approval for 185 apartments; a 3,300-square-metre site on Albert Street in Hawthorn East with a permit for 116 apartments over seven levels and a 1,200-square-metre site on High Street Preston with approval for 85 apartments plus ground floor retail.
Recent development site sales include a $20 million purchase of a South Yarra site with a permit for 236 apartments, bought by a Shanghai-based investor, and a 197-apartment project in the CBD that sold to a Chinese developer.
Both were sold by CBRE’s Mark Wizel, who told the Australian Financial Review Asian developers were recognising that projects that did not get off the ground the first time could be bought at a discount.
Looking at the question of whether Melbourne is building too many new apartments, Papaleo says the rental market will be the key determinant with most apartments sold to investors.
He says it’s important to differentiate between purchaser-demand (mostly from investors) for off-the-plan projects versus occupancy-demand when they are completed.
“We’re in process of historical high level of supply, but have come off peak market conditions – there appears to be a looming has mistiming with respect to occupancy demand from renters .
“Where supply has been made to the market by an off-the-plan sales process it has by and largely been met by purchasers although sales activity has been deteriorating significant since early 2011.
“The bigger issue the one of occupancy demand when the current supply cycle is completed.”
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Many shelved Melbourne apartment projects only at planning stage: Charter Keck Cramer

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Construction projects at mining sites accounted for the largest portion of contracts won by Australia’s biggest construction firms in 2011-12, according to the latest Housing Industry Association-Cordell Construction 100 report.
The report, which profiles the largest 100 companies operating in engineering construction and non-residential building sectors, found that the total value of construction work done increased by 18.1% in 2011-12 to $155.4 billion.
Mining represented 28.3% of all contracts won over the year ($20 billion) – ahead of civil engineering contracts (25.6%, or $18 billion) and community building contracts (22%, or $15.7 billion).
Despite being the biggest supplier of contracts to construction firms, mining contracts are off their 2009-10 peak, when they accounted for more than 30% of all non-residential contracts.
The report also found that the benefits of the mining boom are not being uniformly felt across the industry, with only 29 of the 100 companies on the HIA list recorded having been awarded mining construction projects.
Unit and apartment made up 11.3% of contracts, worth just under $8 billion, and this segment and community building were the only industry sectors to record a decline in the value of work done over the year, posting a 3.5% fall, which detracted 0.4 percentage points from aggregate growth in work done.
Civil engineering construction work increased 14.6% over the year, adding 6 percentage points to overall aggregate value of work done over the year.
The value of community construction work done fell by 36.3% over the year and detracted 4.6 percentage points from aggregate growth, “partially reflecting government stimulus spending having worked its way through the system”.
“Mining and civil engineering construction posted strong results. However, other sectors were less impressive and work fell over the year in the multi-unit and community sectors. Overall, the positive influence of the mining sector outweighed the negatives,” says HIA chief economist Dr Harley Dale.
<img src="/images/stories/2012/09/hiasept281.gif">
Source: HIA
To find out what the mining boom will mean for property investors and where the investment hotspots are likely to be, sign up for <a style="font-size: 14.545454025268555px;" target="_blank" href="/news">Property Observer’s free webinar with hotspotting.com.au’s Terry Ryder on Tuesday, October 2 at 12.30pm</a> 
 
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There was only one company in the top 10 that achieved its position through involvement in only one sector. Inpex Browse only operated in mining construction and was awarded contracts for construction work valued in excess of $3.5 billion related to the development of the Ichthys Liquefied Natural Gas (LNG) Project.
This was the largest value of mining construction contracts won by any company on the list.
Downer EDI was awarded the second largest value of mining contracts, with $3.37 billion, followed by Thiess, with $3.13 billion awarded.
The report classifies mining contracts as those relating to construction undertaken on a mining site and excludes core mining activities such as drilling.
John Holland Group topped the Construction 100 with contracts for construction work worth $7.09 billion being awarded during the year, though only 15 (just over $1 billion) was mining-related work.
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<a href="/images/stories/2012/09/hiasept282.gif" rel="shadowbox" title="Click to enlarge"><img src="/images/stories/2012/09/hiasept282thumb.gif"></a>
Source: HIA
To find out what the mining boom will mean for property investors and where the investment hotspots are likely to be, sign up for <a style="font-size: 14.545454025268555px;" target="_blank" href="/news">Property Observer’s free webinar with hotspotting.com.au’s Terry Ryder on Tuesday, October 2 at 12.30pm</a> 
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Mining contracts keep large construction firms busy as apartment building falls: HIA

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Unlisted property trusts have delivered stronger and more stable returns than REITs over the last 25 years, according to a new report published by the Property Funds Association of Australian (PFA), the peak body representing the unlisted wholesale and retail property funds sector.
The strong income performance and low volatility are factors which should encourage investors to add direct property to their portfolios, the report argues. 
It also explains why unlisted property investments have exceeded those made in the listed space over the past 12 months, with the PFA estimated the cumulative value of the direct property sector to be around $55 billion.
The report, compiled by Atchison Consultants, compares the returns generated by the Property Council of Australia/IPD Composite index (covering 1,629 direct property investments) with those generated by the benchmark S&amp;P ASX A-REIT 200 Accumulation Index (commonly called the A-REIT Index).
Apart from the three years to March 2012, direct property returns has exceeded listed property returns over all periods over the last 25 years. 
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<a rel="shadowbox" href="/images/stories/2012/09/reits.gif" title="Click to enlarge"><img src="/images/stories/2012/09/reitsthumb.gif"></a>
In addition, the unlisted property sector has been a more stable investment vehicle than listed property, which boomed before the GFC before crashing soon after.
According to the report, throughout the GFC, volatility of returns had been at extreme highs in the listed property market peaking at an annualised 34% in December 2009.
And while volatility of returns has stabilised in the REITs sector to around 17% as confidence in the listed property market returns, annual volatility of direct property returns have been constantly below 5%.
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The report notes that direct property returned positive annualised performance over all periods to March 2012.
“By comparison, listed property experienced a negative return of 13.3% per annum over five years to March 31 2012, mainly attributable to the large fall in the listed property during 2007 to 2009 in the GFC.
“All listed equities fell significantly during this time. The fall in listed property was exacerbated by substantial increase in debt finance used by A-REITs in expanding property portfolios.
“Subsequently as the GFC emerged the banks required reduced levels of debt. Investments in riskier activities such as property development and the uncertainty and poor performance associated with the increased exposure to offshore property at high gearing levels also contributed to the negative performance,” says the report.
PFA president Robert Olde says investors should take note of the low volatility figures for direct property investments revealed in the report.
“They are low compared to those of both equities and listed property vehicles such as A-REITs. In our view this is another signal of the opportunities offered by direct wholesale and retail property funds, trusts and syndicates.
“The findings in this report are a strong validation for the inclusion of direct property in a diversified portfolio – and even more so when times are tough and turbulent.
“Since the GFC, for example, direct property has continued to demonstrate the kind of resilience and positive total returns that other asset classes simply have not. And judging from inflows in the past 12 months, investors are beginning to understand the hard facts.”
PFA vice president Jason Huljich says the research constitutes a valuable update for investors seeking to strengthen their portfolios in the face of a continuing uncertainty. 
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Less volatile unlisted property investments have outperformed REITS over last 25 years: PFA report

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Suburban shopping centres remain on the radars of offshore investors with a large mall in Sydney's Macquarie Park and five Centro shopping centres attracting interest.
The Abu Dhabi Investment Authority (ADIA) and Canada Pension Plan Investment Board (CPPIB) are considering acquiring a 50% stake in the Macquarie Centre shopping mall in north-west Sydney, according to reports in the Australian Financial Review.
Westfield holds a 27.5% stake in the centre, which is valued at $249.6 million with Westfield Retail Trust holding a 22.5% stake.
The other 50% interest is held by AMP Capital.
According to the AFR, the two offshore institutional investors will each acquire one of the Westfield stakes.
CPPIB has already committed to investing $1 billion in Lend Lease’s $6 billion Barangaroo project on Sydney harbour.
Centro Retail Australia is selling its half-shares in five malls said to be worth around $400 million.
According to Centro boss Steven Sewell the assets have “attracted quite a bit of investor appetite” both domestically and offshore.
Sewell is looking to raise cash to repay loans made to Singapore’s sovereign wealth arm, GIC, which owns a portion of debt on each of the shopping centres.
The five centres up for sale are Centro Cranbourne in Melbourne’s south east fringe, the nearby Star Zone Karingal, Centro Warriewood in Sydney’s northern beaches, Centro Mandurah south of Perth and neighbouring Centro Halls Head
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Offshore investors to take stakes in Macquarie mall and mulling Centro investments

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Harry Triguboff's Meriton group plans to begin borrowing for the first time in 12 years as the apartment developer expands its construction pipeline next year.
Meriton plans to build around 2,000 apartments next year up from about 1,700 in 2012.
“I haven’t borrowed yet, but I will,” billionaire Harry Triguboff, the company’s 79-year-old founder and managing director, said in an interview with Bloomberg.
“The RBA has cut rates and there’s pressure brought on our money market by foreign banks bringing money here.”
Meriton has been debt-free since 2000, funding its projects through sales of apartments and rental income, Triguboff said. The timing and amount of debt funding depends on sales and approvals of new projects, he added.
Australia’s long-term borrowing costs are the cheapest in the developed world relative to short-term rates, as bond investors expect the RBA will cut its 3.5% benchmark rate by another 101 basis points in the next year.
Four of the seven foreign bank licenses the central bank has granted since 2010 have been to Asian lenders, the RBA recently noted, a key apartment-buying market for Meriton.
Triguboff added that he has no plans to extend Meriton's geographic reach beyond Sydney, Brisbane and the Gold Coast - in the 2012 financial year Meriton will build 1,167 apartments in Sydney, a 57% jump from the previous year.
Meriton's biggest project is the 81-story Infinity, Brisbane’s tallest residential tower which is due for completion in late 2013.
Meriton has sold 150 of the 550 units at Infinity, with plans to keep 250 as serviced apartments - a growing component of the Meriton business.
Earlier this year Meriton completed the 74-floor Soleil, also in the Brisbane CBD of which only 5% of the 464 apartments remain unsold.
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Harry Triguboff's Meriton Group to borrow to fund new apartment expansion plans

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<img src="/images/stories/2012/09/1point52m.gif">
The price paid for a freestanding industrial building at Yatala on the northern Gold Coast. The property at 28 Gassman Drive, Yatala, was sold by Karen Seeto of Ray White Commercial Burleigh on behalf of Caledor Pty Ltd. The 2,952-square-metre property was purchased by Rentgrove Pty Ltd and Eurtepe Pty Ltd prior to being listed. The building is located within the Yatala Enterprise Area (YEA) and is surrounded by commercial and industrial strata developments as well as a number of freestanding businesses. Yatala is 37.5 kilometres north-west of Southport’s CBD and 35 kilometres south-west of Brisbane City. 
 
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<img src="/images/stories/2012/09/675k.gif">
The price construction company Solutions Three Pty Ltd has paid for a warehouse/office complex at Hendra in Brisbane’s north.  The property at 4/5 Navigator Place, Hendra, was marketed and sold on behalf of A &amp; M Papoutsis Pty Ltd by Ray White Industrial Milton’s Paul Anderson and Cameron Massie. The 300-square-metre building will be used by Solutions Three as its Queensland headquarters. The two-storey complex was offered for sale as a vacant possession and attracted solid interest. The property is within close proximity to the Brisbane CBD, the Gateway Motorway and Brisbane’s domestic and international airports.
 
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<img src="/images/stories/2012/09/3point98m.gif">
The price paid after auction for industrial land in Croydon. The sale of the 12,814-square-metre freehold site at 13-19 Research Drive to DENSO Automotive Systems Australia was negotiated by David Kalb, Geoff Fookes of Colliers International. The sale price equates to $310 per square metre of land. Both developers and owner-occupiers showed strong interest in both blocks, with the eventual purchaser  a local Croydon owner-occupier, say Kalb and Fookes.
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Commercial hammer prices: Freehold land in Croydon, Melbourne snapped up for $3.98 million

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The “renaissance” in demand for rental accommodation in Perth from workers servicing the mining industry in the state is expected to trigger a recovery in the housing market, according to ANZ’s latest property outlook report.
Mining investment is also expected to boost the already strong Darwin housing market, while the report expresses concerns about the impact of failed mining projects in South Australia on confidence in the state’s housing market.
In the other mining state, Queensland, ANZ expects only those regional property markets directly linked to the mining boom - such as Gladstone - to feel the benefits.
The report, compiled by ANZ economists led by head of property research Paul Braddick, says that the WA housing market has yet to reap the benefits of the mining investment boom, with the weakness in house prices “only recently looked to be easing”.
“In contrast, the Perth rental market is experiencing a renaissance, with strong demand for labour driving an increase in transitory population (including fly-in-fly-out workers) and adding pressure to the existing rental stock.
“Rental vacancy rates have tightened to three-year lows, adding sharp upward pressure to rents.
<img src="/images/stories/2012/09/mininganz.gif">
“The resultant improvement in rental yields should trigger a recovery in the Perth housing market, particularly from first-home buyers and investors, and drive house prices higher in the second half of 2012,” says ANZ.
Its property outlook report also looks favourably on the Northern Territory, calling Darwin the “bright spot in an otherwise sluggish market nationally”, boosted by the initial construction phase of the $34 billion Ichthys LNG project, which it says has driven an “extremely sharp 230% increase in business investment in year-ended terms”
“The ramping up of the Ichthys project will generate significant demand for labour, leading to a pick-up in net overseas and net interstate migration over the next couple of years.”
Despite both South Australia and Queensland having mining exposure, the outlook is less certain for these two states.
“Cancellations and delays of a number of large uncommitted mining and energy projects [in South Australia], including the proposed Olympic Dam expansion and the Clinton project, have weighed on general business confidence and housing market confidence,” says ANZ.
In Queensland, ANZ says conditions in the housing market remain "highly variable across regions, reflecting the diverse economic conditions in the state. Gladstone house prices, for example, have risen a sharp 18% over the past year due to strong population growth as a result of a number of mega-LNG projects that are being constructed in the area.”
"In contrast, the Gold Coast and Sunshine Coast have witnessed further falls in house prices, as a result of sluggish conditions in their local economies. Brisbane house prices have fallen by 5.4% over the past year and remain 12% below their peak."
ANZ expects mining investment to expand to a record $60 billion in 2011 and is projected to more than double in the fiscal year ahead.
“Nonetheless, the fruits of the boom will be spread unevenly across states and sectors, with Western Australia, the Northern Territory and Queensland the major beneficiaries.
“The two-speed nature of the Australian economy will be exacerbated by tightening fiscal policy and continued strength in the Australian dollar, which will maintain competitive pressures on the manufacturing and tourism industries and weigh on retail and financial services.
“Without receiving a direct boost from resource investment, economic activity in south eastern states is expected to slow markedly.”
To find out what the mining boom will mean for property investors and where the investment hotspots are likely to be, sign up for <a href="/news">Property Observer’s free webinar with hotspotting.com.au’s Terry Ryder on Tuesday, October 2 at 12.30pm</a>
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Rental demand 'renaissance' from mine workers to push up Perth property prices: ANZ

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.

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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

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