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ASX-listed online real estate company Onthehouse Holdings will look to take on the established real estate data businesses following its agreement to acquire 100% of property data business Residex.
Onthehouse already owns 50% of Residex, having acquired the half-share in May 2011.
The company, which runs listings valuation website onthehouse.com.au, and two other real estate software businesses, Console and Portplus, will acquire the remaining 50% of Residex for $3.5 million.
Residex was founded by John Edwards in 1990 to to develop house price indices for the NSW state government and has since added expanded historical residential data, suburb reports and valuation reports to its national mix of products and services.
Residex hold more than 350 million records provided to the property industry and the public dating back to 1865.
Edwards will stay on as an adviser with day-to-day operations not changing for customers.
He told the Australian Financial Review he no longer had the capital to compete with larger data companies.
Residex’s main data rivals are RP Data, owned by California-based CoreLogic, Fairfax-owned Australian Property Monitors (APM) and Louis Christopher's SQM Research.
Onthehouse will incorporate the Residex intellectual property and technology into its business.
Onthehouse managing director and CEO Michael Fredericks says the acquisition of Residex will bring it a step closer to becoming a leading real estate data company.
Onthehouse recorded a 22% year-on-year increase in revenue of $20.3 million for the 2012 financial year and net profits of $2.14 million following a loss of $1.83 million in 2011.
Most of Onthehouse’s revenue is earned from its real estate solutions businesses – Portal and Console.
It also earns  revenue from lead generation provided to mortgage brokers and real estate agents, from listing fees (a flat rate of $250) and a sponsorship arrangement with Suncorp-Metway.
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Onthehouse to take full ownership of John Edwards' Residex business

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Property investment options under $300,000 in Melbourne are relatively limited unless you’re prepared to compromise on quality or are willing to spend extra on renovations, reports Herron Todd White in its September review of residential buying opportunities in this price bracket.
But further afield, in regional Victoria, options under this benchmark (close to the size of an average Australian mortgage, according to the ABS) are much more plentiful – provided you’re not too snobbish about buying a 1970s or 1980s-era brick veneer house.
Examples include <a href="https://www.realestateview.com.au/Real-Estate/8-king-street-warragul/Property-Details-buy-residential-4436857" target="_blank">this well-kept three-bedroom brick veneer home on King Street</a> in Warragul, Gippsland (pictured below), listed for a negotiable $269,000 on an 800-square-metre block by South East Real Estate. The property was rented at around $220 per week in 2009, a yield of 4.25%. It was listed for sale in March 2010 for $250,000 but failed to sell.
<img src="/images/stories/2012/09/kingst.jpg" width="470">
According to HTW, suburban investment options under $300,000 in Melbourne stretch from close to the city, incorporating up-and-coming suburbs like Preston and Coburg, to as far north as Craigieburn, where Stockland’s Highland master-planned community is being developed.
In these suburbs, the best options in this price bracket are one and two-bedroom apartments.
Investors or owner-occupiers can snap up <a href="https://www.realestateview.com.au/Real-Estate/109-19-pentridge-boulevard-coburg/Property-Details-buy-residential-4184251" target="_blank">this one-bedroom apartment</a> (below) overlooking the walls of the former Pentridge Prison, which is listed at $269,000 by Stockdale &amp; Leggo Carlton. A third-storey one-bedroom apartment in the same development sold for $343,000 in July this year.
<img src="/images/stories/2012/09/pentridge.jpg" width="470">
In Preston the range is restricted primarily to one-bedroom units.
Two-bedroom units are available in this price range, but HTW says they will be in a poor location or in extremely poor condition.
Currently priced at just under $300,000 is a<a target="_blank" href="https://www.realestate.com.au/property-apartment-vic-preston-111520555"> modern one-bedroom unit</a> (pictured below) by Mario Tucci of Harcourts Thomastown. RP Data show the property was last rented at $290 per week in 2009 – a yield of just over 5%. The property has been up for sale through a variety of campaigns since July 2011, seeking offers above $270,000.
<img src="/images/stories/2012/09/gilbertrd.jpg" width="470">
 
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For investors, HTW says prospects in inner suburbs like Preston and Coburg are enticing, as rental returns are still competitive, with one-bedroom apartments selling for under $300,000 but still commanding rental returns above $1,200 per month.
“Investing in the outer suburbs throws up more uncertainty, as the perception that these undeveloped suburbs creates risk and doubt leads to them experiencing slower growth patterns," says HTW.
Investors with more patience and a long-term holding approach could benefit, with HTW expecting growth to come once these suburbs are established in terms of infrastructure and the anticipated planning comes to fruition.
Moving out towards the fringes, HTW says it is very hard to find “liveable” homes for under $300,000 even in places like Wollert, around 30 kilometres from the CBD in Whittlesea.
“To enter into the market in the northern suburbs around Craigieburn and Wollert, a family requiring a 3- bedroom home can be expected to pay around $350,000. Closer into the city around Pascoe Vale prices will start from $360,000 to $370,000 range.
“The houses for this price are very basic and will often be in the poorer locations of the suburbs.”
Investors can pick up a house-and-land package for just above $300,000, with a <a target="_blank" href="https://www.stockland.com.au/residential/vic/eucalypt-packages.aspx?pid=784&amp;k=4e5a43c6ae974281bc8abc5ffb90066b&amp;fi=0">new three-bedroom, two-bathroom house</a> (pictured below) on a 263-square-metre lot selling in Stockland’s Eucalypt development in Wollert for $320,000.
<img src="/images/stories/2012/09/eucalypt.jpg" width="470">
Moving outside of Melbourne, there are numerous sub-$300,000 opportunities in the Gippsland region, an area that begins immediately east of the suburbs of Melbourne and stretching to the New South Wales border.
“Within our local area $300,000 presents buyers with a number of options,” says HTW
Gippsland
<ul>
<li>
Warragul and Drouin: well-located circa 1970s to 1980s brick veneer home in good condition or alternatively an entry-level house-and-land package in a new subdivision</li>
<li>
Moe, Morwell or Newborough: a good quality circa 1980s to early 1990s brick veneer home</li>
<li>
Morwell and Newborough: HTW reports some recent sales of 1970s units well under the $300,000 mark “and admittedly where not very stylish or trendy, they do return in the range of 7% to 9% gross rental”.</li>
<li>
Moe and Morwell: large numbers of basic commission-style dwellings available between $90,000 to $150,000, which show gross rental returns of between 7 to 9%.</li>
<li>
Sale/Maffra:  a three- to four-bedroom, two-bathroom brick veneer home in an established area, generally circa 1980s to 1990s, on land sizes between 700 and 1,000 square metres.</li>
<li>
Sale: a modern (circa 2005 onwards) townhouse in reasonable proximity to the CBD.</li>
<li>
Maffra: a modern townhouse generally closer in to the CBD than in Sale</li>
<li>
Loch Sport/Golden Beach/Paradise Beach/Seaspray: a modern house in a good location, generally with reasonable water views (Loch Sport) or access to the beach (Golden Beach/Paradise Beach/Seaspray) with rental returns of about 5% for a $300,000 investment</li>
<li>
Sale and Traralgon: circa 1980 three- and four-bedroom dwelling in good location on a large block, a renovated older-style weatherboard dwelling in a central location, a brand -ew townhouse with good rental return of 6% plus.</li>
<li>
Churchill: you can pick up two 1970s brick veneer dwellings earning up to 7% return, also older style rural residential property on one acre.</li>
<li>
Rosedale: new house-and-land package four-bedroom home on 800-square-metre to 900-square-metre block, older-style rural residential property on one to five acres.</li>
</ul>
Mildura
 There are plenty of options, with the HTW database showing that $300,000 is above the median sales price.  In this price range it is possible to buy a brick veneer three- or even four-bedroom home built in the period from 1995 to 2006 on a reasonable sized allotment.
“The home won’t come with a pool and will have an average fit-out, but will most likely have some established landscaping and not need any immediate upgrading,” says HTW.
Other options in Mildura include compact four-bedroom homes bought off the plan by one of several project builders currently active in Mildura, with dwellings generally less than 140 square metres located in more of a fringe location.
“We see good prospects for this segment, $300,000 is relatively affordable for any professional people moving to Mildura, and while buyers have been able to be selective in the flat market that has persisted for the past two to three years, there is likely to be on going demand from owner-occupiers and investors alike," says HTW.
“The most active buyers of the new dwellings have been 'out of town' investors, keen to capitalise on the tight rental market and potential to obtain 6% gross rental returns combined with higher depreciation allowances than would be obtained from older dwellings.”
<a href="https://www.propertyobserver.com.au/new-south-wales/from-potts-point-to-the-central-coast-17-property-investment-options-in-nsw-for-under-%24300000-htw/2012091256531">Click here for HTW sub-$300,000 recommendations in NSW.</a>
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Little to entice sub-$300,000 investors in Melbourne, but 'brick veneer' is the word in regional Victoria: HTW

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<img src="/images/stories/2012/09/315.gif">
The estimated gross face rent that Coty Australia, the global cosmetics and fragrance importer/distributor will pay to lease a 300-square-metre office space at 7 Howard Street, Richmond in a three-year deal negotiated by Leah Baxter of Colliers International. Coty Australia is set to relocate from former suburban premises. The company will occupy level 1 in a new, architect-designed building.
 
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<img src="/images/stories/2012/09/110k.gif">
The rumoured annual rent that equipment hire firm Shore Hire to lease industrial space at 19 Chambers Road, Altona, in a deal negotiated by Nathan Bingham and Stephen Newsham of Colliers International. The length of the lease is five years and covers a 10,000-square-metre land area. Shore Hire was bought out by publicly listed group Coates Hire close to three years ago. “This deal underpins the significant operating base of the company in the key eastern seaboard cities of Brisbane, Sydney and Melbourne,” says Bingham. The property is owned by the Bradica Group.
 
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<img src="/images/stories/2012/09/126.gif">
The estimated net annual rental per square metre – based on current rents achieved in the centre – that outdoor products retailer Anaconda will pay to lease a 2,200-square-metre showroom in Hoppers Crossing. Located in the Hoppers Crossing retail bulky goods precinct at 319 Old Geelong Road, the store recently underwent significant refurbishments, updating the space into a quality showroom. The deal was negotiated by CBRE’s Scott Littler on behalf of a private lessor, with Anaconda taking a 10-year lease. Littler says Hoppers Crossing remained one of the most tightly held bulky goods precincts in the state, with CBRE negotiating several leases in the area recently, including a 1,374-square-metre showroom at 269 Old Geelong Road to Focus on Furniture. Hoppers Crossing is located approximately 25 kilometres west of the Melbourne CBD.
 
<hr>
 
<img src="/images/stories/2012/09/575k.gif">
The net annual rent that Premium Showers &amp; Wardrobes will pay to lease a 13,750-square-metre manufacturing facility at 2-8 Oxford Road in Laverton North. This is the largest industrial lease to a manufacturer in more than three years in Melbourne’s west has been facilitated by Colliers International agents Nathan Bingham and Stephen Newsham. Premium Showers &amp; Wardrobes, a major manufacturer and supplier of shower screens mirrors, wardrobes, cabinets and joinery to the residential and commercial property sectors.  “The property was purpose-built for global automotive manufacturer Mahle about eight years ago, but Mahle have since moved their manufacturing base offshore,” says Bingham.
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Commercial leasing: Outdoor store Anaconda rents bulky goods space in Geelong

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First-home buyers who wait until a government incentive is introduced or even change the type of property they are buying to fit in with an incentive requirement could end up paying a lot more, according to celebrity property adviser Andrew Winter.
Winter, the host of Selling Houses Australia, says the $15,000 incentive for new home purchases introduced last week in Queensland and to begin in NSW on October 1 has the potential to create a “mini local property boom”.
Writing in the weekend News Ltd papers, Winter says when an incentive is withdrawn buyers rush to beat the cut-off date while sellers race to list.
Conversely, when the date for a new incentive is announced, buyers wait until the time they can get their hands on government dollars, creating a scenario where buyers outnumber sellers.
Winter says the golden rule to buying well is timing, which means avoiding boom conditions “such as times when there are far more buyers than sellers”.
“Those vendors with time on their hands sit and wait to pounce on those newly cashed-up buyers, meaning prices often rise.
“My advice is to buy when you are ready, buy what you want, do you research and then review the incentive game,” says Winter.
“Unlike any other purchase, no house or unit ever comes with a genuine fixed recommended retail price, so a $15,000 handout has little value if you could have secured the home for $30,000 less a month ago.”
Despite the warning, Winter says the biggest beneficiaries of government incentives appear to be first-home buyers (who can access the additional funds) and investors (who can push up their selling prices).
However, the losers are sellers who have to sell at a time when buyers pull back from the market, while state governments also apperar to give no thought to home owners “struggling in a trade-up or trade-down scenario”.
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New government incentives for first-home buyers could create mini-boom in prices: Selling Houses Australia’s Andrew Winter

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The Brisbane inner-city apartment market is heading into a downswing due to the large numbers of off-the-plan projects currently being marketed in the Brisbane CBD and surrounding suburbs, according to property investment adviser Michael Yardney.
Yardney, the director of Metropole Property Investment Strategists, places the Brisbane unit market at two o'clock on the property clock – 12 o’clock indicates the property market has peaked while 3pm indicates the market is in a downswing.
He has Sydney houses (six o’clock) nearing the bottom of the cycle, but units entering a recovery period (seven o’clock).
The Melbourne property market is  assessed as having further to fall, with both houses and units at five o’clock.
<img src="/images/stories/2012/09/clock-generic.jpg">
<ul>
<li>At 12 o’clock the market is at its peak (demand exceeds supply)</li>
<li>At 3 o’clock the downswing has set in (an evenly supplied market) </li>
<li>By 6 o’clock it has bottomed out (an oversupplied market). </li>
<li>At 9 o’clock the market is rebounding (supply tightening)</li>
</ul>
Yardney expects there to be an oversupply of inner-CBD and near-CBD apartments in Brisbane for the next few years, causing prices to fall slightly.
Most recent data put out by the Real Estate Institute of Queensland has unit and townhouse prices in Brisbane up 3.8% over the June quarter to a median of $402,500 – but down 1.5% year-on-year.
Yardney says many of the Brisbane projects being currently marketed will remain unsold and this oversupply of properties will put downward pressure on prices and rentals.
“Many of the apartments that have been sold off the plan are coming on stream in the next few years and have been purchased by investors.
“Some will have difficulty getting finance and settling their purchase. Others will be disappointed to see the end value of their properties is less than their purchase price,” he says.
Yardney assesses the Brisbane detached house market to be between four o’clock and five o’clock – still in a downturn but on the way to bottoming out.
“House prices have dropped for the last two years in Brisbane.
“Brisbane buyers are lacking confidence to re-enter the market and are sitting on the sidelines waiting for signs that the market has bottomed before they make a purchase. Many were waiting for the resources boom to reignite their property market, but recent negative media has again dampened confidence,” says Yardney.
According to Yardney there are signs that the inner and middle-ring Brisbane home market is picking up, with more buyers returning and many properties now selling under a multi-offer scenario.
“Brisbane is entering the stabilisation phase of its property cycle, but prices are unlikely to start rising until 2013.”
These are Yardney's assessments of Sydney and Melbourne houses and unit markets on the property clock:
Sydney houses – six o’clock (bottom of the market)
“Different segments of the market are at different stages of the property cycle,” says Yardney.
“The top end of the market is at four o’clock, with early signs of a demand for more expensive properties, especially in the eastern and lower north shore properties.
“There is increasing confidence, translating into more demand for properties in the middle and lower end of the market, which is approaching six o’clock.”
Sydney units – seven o’clock (start of an upswing)
Yardney sees still strong demand from owner-occupiers for units but a shortage of available “good” stock relative to demand, especially in inner west, which is going through gentrification.
“Apartments in Sydney’s eastern, beachside suburbs and lower north shore suburbs are also performing well. However, buyers are being very selective and avoiding properties that are overpriced or apartments in secondary locations. “Strong rental demand, a shortage of rental properties, tightening vacancies and rising rents means investors will also vie for the same apartments as owner-occupiers, underpinning prices. “The market for well-located apartments is likely remains strong throughout spring and this will be helped if interest rates fall once more as expected.”
Melbourne houses – five o’clock (in a downswing)
“After falling in value over the first quarter of the year, the Melbourne housing market has been a bit of a surprise, performing better than many expected which prices rising around 3% over the last quarter clawing back half of their losses. Different segments of the market are at different stages of the property cycle,” says Yardney.
“The top end of the market is at four o’clock, with an oversupply of property relative to the reduced demand for luxury property,” says Yardney
He says there is more demand for properties in the inner- and middle-ring Melbourne suburbs that priced between $500,000 and $900,000.
“Builders and developers have got ahead of themselves, and there is a substantial oversupply of newly built house and land packages in the outer suburbs, which will create a downward pressure on property values in these locations and for properties in the first-home buyer category in general.”
Melbourne units – five o’clock (in a downswing)
“With over 40 new projects under construction there is an oversupply of inner-city /CBD apartments. This is occurring at a time when there is less demand from the demographic of tenants that rent in the CBD. This will put downward pressure on prices and rentals,’ says Yardney.
“Many of the apartments that have been sold off the plan are coming on stream in the next few years and have been purchased by investors. Some will have difficulty getting finance and settling their purchase. Others will be disappointed to see the end value of their properties is less than their purchase price."
As with the outlook for Brisbane inner city and CBD units, Yardney expects there will be an oversupply of inner-CBD and near-CBD apartments in Melbourne for a few years, causing prices to fall slightly
“However established apartments with an element of scarcity, for example Art Deco features, are still selling well, as there is limited supply in relation to the current demand for these types of properties,” says Yardney.
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Brisbane units market heading into downswing on property clock due to too many off-the-plan projects: Michael Yardney

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Mortgage comparison website RateCity.com.au recorded a surge in fixed-home loan inquiries in August following lenders reducing their fixed rates.
The website reported that nearly one in five home loan enquiries (18%) in August were fixed-rate inquiries compared to just 5% in July.
“Three-year fixed rates are starting from as low as 5.39% – that’s 23 basis points below the lowest variable home loan rate in the RateCity database (5.62%),” says RateCity.com.au spokesperson Michelle Hutchison.
“That makes fixed rates look very attractive to those concerned about future interest rate rises,” she says.
RateCity.com.au’s lowest three-year fixed rate offering is 5.39% from ME Bank (<a href="/news">which cut fixed rates in September</a>) with its lowest variable offering being 5.62% from UBank for those refinancing.
The surge in fixed-rate inquiries came before the Commonwealth Bank and a number of smaller lenders cut some of their fixed rates, suggesting inquiry levels could rise higher in September.
The <a href="/news">Commonwealth Bank cut its fixed rates on September 6</a> with the biggest reductions made to its four-year fixed rate home loan (down 30 basis points) and five-year fixed (down 40 basis points).
Its three-year fixed rate was cut by 10 basis points to 5.74%
Westpac cut fixed rates in June, with the biggest cut being a 50 basis point reduction to its four-year fixed rate offering – the bank's benchmark three-year fixed rate was cut by just 5 basis points to 5.84%.
Other lenders to cut their fixed rates recently include Greater Building Society, which cut its five-year fixed-rate home loans rate to 5.99%.
Mortgage broker Mortgage Choice recorded a big jump in fixed-home loan applications in August with the product rising from 15% to 20% of all home loans arranged by its loan writers over the month.
Mortgage Choice attributed this improvement to more attractive reduced rate offerings and a penchant for borrowers to be conservative in their choice of home loans.
Australian fixed-rate mortgages revert to a floating rate (variable rate) after the fixed-rate period, meaning potentially higher mortgage repayments given the difference between the average fixed rate and average variable rate.
This makes them different to loans in countries such as the US where the fixed rate is locked for the entire term, explained Vera Chaplin, managing director of structured finance at credit rating agency Standard &amp; Poor’s.
Australian lenders do offer fixed-rate terms as long as 15 years but with very high interest rates.
Westpac’s 12-year fixed-rate home loan carries an interest rate of 8.19% while the Commonwealth Bank offers a 15-year fixed-rate home loan at 7.59%.
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Fixed-rate home loan inquiries surge as lenders continue to cut fixed-rates: RateCity.com.au

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Sydney fell further behind on its new home construction targets in the first quarter of the year, according to social policy think-tank the McKell Institute.
In its inaugural quarterly housing monitor report for the first quarter of 2012, the McKell Institute calculated there were 3,017 new home completions, just over half  (52%) of the 5,825 new dwellings that are required to meet the Sydney 2036 metropolitan target  – a shortfall of 2,908 homes. 
The institute says that under Sydney metro targets dating back to July 2006 until the first quarter of 2012, Sydney should have delivered 133,975 new homes.
However, over this period Sydney has delivered only 80,466 new homes, a deficit of 53,509 homes (or roughly 40%).
The biggest shortfall of new homes is occurring in the outer north-west and outer south-western suburbs of Sydney, where the government expects more than 40% of new homes to be built between now and 2036.
The McKell institute calculated that in the first quarter of the year just 322 homes were built in south-west Sydney – comprising Camden, Campbelltown, Liverpool, Wollondilly – 1,291 fewer than required under NSW government targets, and representing a shortfall of 75.1% for the quarter.
Similarly, in the north-west growth corridor – comprising Blacktown, Blue Mountains, Hawkesbury, Penrith and The Hills – there were only 562 homes built, compared with a target of 1,408 – a shortfall of 60.1%.
Just two zones met their targets in the first quarter of the year, including eastern Sydney, which has the smallest government requirement and comprises some of the most expensive property in the city in the suburbs of Botany Bay, Randwick, Waverly and Woollahra.
The other zone to meet its target was central west Sydney – incorporating Auburn, Bankstown, Fairfield, Holroyd and Parramatta – which has a target of 96,000 by 2036.
Metro 2036 target, quarterly, first quarter 2012
Click to enlarge
<a title="Click to enlarge" rel="shadowbox" href="/images/stories/2012/09/mckellsept17.jpg"><img src="/images/stories/2012/09/mckellsept17thumb.jpg"></a>
The quarterly targets are calculated based on December 2010 NSW government modelling, which estimates that Sydney needs an additional 770,00 homes by 2036 – a 46% increase on the current 1.68 million homes – to cater for an additional 1.6 million people by this time, taking the city’s population to over 6 million residents.
The greatest concentration of houses is required in the south-west, where the NSW government has a target of 155,000 new homes by 2036, and the north-west – Blacktown, Blue Mountains, Hawkesbury, Penrith, The Hills – where the target is for 169,000 homes to be built by 2036.
The McKell report also quotes Australian Property Monitors (APM) statistics which show that Sydney’s median weekly asking rent for a house is $500 compared to Melbourne’s which is a far more affordable $360 per week, whilst the median price for a home in Melbourne is $531,000 compared $642,000 in Sydney.
It also notes that fewer than one-third of Sydney residents under the age of 35 own a home, while over the last five years, Sydney’s housing approvals numbered 98,822, compared with 192,648 in Melbourne.
“These [undersupply] figures ought to sound an alarm bell for the newly elected councillors across Sydney who need to understand that home ownership is becoming a preserve of the wealthy,” says McKell Institute executive director Peter Bentley.
McKell fellow and author of its Homes for All report (which set even higher new home construction figures) Sean Macken say the figures suggest the housing situation is going to get much worse in a city which is already Australia’s most expensive to buy or rent a home
“Councils across the city need to flatly reject NIMBYism and accept that if they don’t approve more dwellings and get the construction sector pumping, our housing affordability crisis will get out of control.”
At last week’s BIS Shrapnel forecasting conference, it was reported that NSW would have a dwelling stock defiencey of 52,800 homes by 2014 at current rates of construction.
BIS Shrapnel warned of “significant stock defiencies” emerging, particularly in Sydney, and forecast an “upturn in residential building" in NSW and other states with undersupply issues.
The undersupply of new homes in Sydney is also one of the factors “creating signficiant pressure in residential property markets, driving price and rental growth and ensuring Sydney remains the least affordable capital city in Australia," says BIS Shrapnel.
BIS Shrapnel says the high level of unaffordability has been a significant contributing factor in the lack of new houses being built in NSW, “alongside a complex planning framework and lack of suitable land releases”.
 
 
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Sydney housing crisis deepens as outer suburbs fall further behind on new home building targets: McKell Institute

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A US investor is believed to have bought 8% of struggling rural property owner and manager PrimeAg.
The investor paid $1.30 per share for 21.5 million shares late last week, with the Australian Financial Review's Street Talk column noting that this was well below the net asset backing of $1.58 per share.
The identity of the investor will be made known later this week when a substantial shareholder notice is lodged.
PrimeAg managing director Peter Corish announced less than a week ago (September 11) that the entire business is up for sale via private tender.
A successful sale of the business will privatise the business and return proceeds to investors.
Should the sale process not result in a price that meets the board’s valuation, PrimeAg will begin an orderly sale of its properties.
PrimeAg owns and operates Australian agricultural land and water entitlements with its portfolio stretching from the Liverpool Plains of NSW to central Queensland, 1,200 kilometres to the north.
The 2011 winter crop comprised wheat and chickpeas while, the 2012 summer crop was made up of cotton and sorghum.
It also owns irrigation water entitlements in the Upper Darling and the Fitzroy river systems.
The most recent financial report shows a property portfolio valued at $164 million.
“By positioning properties over a 1200km zone, PrimeAg is able to mitigate climatic risks, most importantly those risks associated with rainfall and drought,” says the company on its website.
PrimeAg is due to hold a special meeting of shareholders on October 17 with the aim of reducing its issued shared capital by repaying $40 million to shareholders – equating to 15¢ cents per share – following recent asset sales.
In July PrimeAg sold its Darling Downs mixed dry land and irrigation properties in Queensland comprising  St Ruth, Colonsay and Prentices and the North Star dry land properties in the Goondiwindi region of Northern NSW comprising Burradoo, Wilga Warrina and Ivanhoe to Global Ag Properties Australia Trust (GAPAT) for $36.7 million.
The properties were acquired by PrimeAg for $35.1 million in 2008.
The Darling Downs properties have been leased back to PrimeAg for three years, and the Goondiwindi properties have been leased back for six months.
PrimeAg announced a net profit after tax of $5 million for the 2012 financial year ending June 30 – a fall of 29% on the previous year.
Recent valuations of PrimeAg’s McIntyre Downs, Mullala, Crooble and Dodds properties resulted in the value of the company’s assets increasing by $5.7 million.
PrimeAg is chaired by former Woolworths boss  Roger Corbett.
The full board comprises managing director and CEO Peter Corish, AM,  Samantha Macansh, the CFO and company secretary and non-executive directors Steve A Williams, Stephen R Williams, David Trebeck, Peter Young, AM and Geoff Hewitt. 
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Rural property owner PrimeAg attracts rumoured US interest as business for sale signs go up

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The fall in commodity prices and the persistently high Australian dollar have raised the likelihood of an October rate cut, but a November rate cut is still more likely, says ANZ research.
"The RBA will also be acutely aware of the negative implications for the Australian economy of the fall in bulk commodity prices and the persistently high Australian dollar.
"At the margin, the announcement of additional US Federal Reserve policy easing, which lifted the AUD/USD back above 1.05, suggests that the pressures on both the mining and non-mining sectors of the economy from the currency-commodity divergence will persist for some time.
"We maintain the view that the RBA needs to ease policy further and expect the cash rate to be lowered by 50bps over the next six months. The odds of a rate cut in October have certainly risen in recent weeks, but for now we’ll stick with our call for a November easing," says ANZ.
The latest Bloomberg survey of economists is unchanged from the previous week with just three economists – Stephen Koukoulas from Market Economics, Shane Oliver  from AMP Capital Investors and BNP Paribas’s senior Asia economist Dominic Bryant – expecting the RBA to cut interest rates on October 2.
Were the RBA holding its monthly monetary policy meeting on Monday rather than last week, it would have cut the cash rate, Business Spectator columnist and former Gillard government economist <a href="/news">Stephen Koukoulas tweeted on Monday</a>.
AMP Capital Investors chief economist Shane Oliver says the  minutes from the RBA’s last board meeting (out on Tuesday) will be looked at closely to see how concerned the bank is about China and the fall in the iron ore price.
"Our assessment is that the RBA is shifting back towards an easing bias ahead of the resumption of rate cuts in October. The ongoing rebound in the $A, and a continuing flow of sub-par reading for things like business and consumer confidence is only adding to the urgency for more interest rate rate cuts," says Oliver.
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Odds of October RBA cash rate cut increase, but November still most likely: ANZ

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ANZ has left its variable mortgage rates unchanged today following its monthly independent interest rates review.
This follows the RBA leaving the cash rate unchanged at 3.50% on September 5.
The bank's standard variable mortgage rate remains at 6.8% per annum.
It's the fifth month in a row that the bank has not adjusted its variable mortgage rates since moving out of the step with the RBA in January.
On April 13 the bank lifted variable mortgage rates by 0.06 percentage points after the RBA left rates unchanged at its April 4 meeting.
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ANZ leaves variable mortgage rates unchanged following independent monthly review

Design-led developer-builder Lowe Living has unveiled its latest residential development, Jardin House, marking its first foray into Melbourne's blue-chip City of Boroondara.

Located a short walk from Camberwell Junction, <a href="https://www.apartments.com.au/new-apartments/jardin-house-by-lowe-living-camberwell-335-camberwell-road-camberwell-vic-3124">Jardin House</a> has been designed to appeal to affluent local downsizers and established families seeking a low-maintenance alternative to the large homes that have long defined Camberwell and surrounding suburbs.

The project will comprise a collection of two and three-bedroom apartments ranging from 92 sqm to 280 sqm, alongside a limited number of penthouse residences featuring rooftop terraces spanning more than 100 sqm, with optional private pools.

&nbsp;

[smartcode_project:default project_id=146717 project_image_fid=372212]

Lowe Living Co-Founder and Managing Director Tim Lowe said Camberwell represented a natural next step for the developer as it expands into some of Melbourne's most tightly held residential markets.

"Jardin House is an important project for our team as it marks the next evolution of our portfolio into different well-established blue-chip pockets of Melbourne," Lowe said.

"Camberwell, with its incredible walkability, family-led neighbourhood feel and superb access to education and transport, makes it a natural choice for us."

[smartcode_project:default project_id=146717 project_image_fid=372227]

Designed by Tristan Wong Architects, with interiors by Hecker Guthrie and landscaping by Acre, the development takes inspiration from the Art Deco architecture that remains a defining feature of many of Camberwell's established streets.

A curved facade, arched openings, textured brickwork and sculpted forms reference the suburb's architectural heritage, while extensive landscaping softens the building's presence and creates a strong connection to the surrounding tree-lined streetscape.

The project will be set behind a secure gated entrance, with residents arriving through landscaped gardens designed to create a transition between the public realm and private residences.

Inside, the residences feature natural stone and timber finishes, full-height glazing, Miele appliances and generous open-plan living areas designed for long-term owner occupation.

[smartcode_project:default project_id=146717 project_image_fid=372225]

While the apartments themselves have been designed to attract discerning owner-occupiers, it is the amenity offering that sets Jardin House apart from many other boutique projects currently launching across Melbourne.

The centrepiece is a 350 sqm private bathhouse curated in partnership with Aurora Spa &amp; Bathhouse founder Lyndall Mitchell.

The wellness precinct includes mineral pools, hydrotherapy experiences, a Himalayan salt room, sauna, steam room, cold plunge pools and dedicated relaxation spaces, creating what Lowe Living describes as a private wellness retreat exclusively for residents.

[smartcode_project:default project_id=146717 project_image_fid=372222]

The collaboration follows Lowe Living's recent partnership with Aurora at Maison Savoy in Brighton, although Jardin House is the first project to incorporate both indoor and outdoor wellness experiences.

Emma Lowe, Co-Founder and Managing Director of Lowe Living, said wellness was becoming an increasingly important consideration for apartment buyers.

"Collaborating with Lyndall Mitchell from Aurora Spa &amp; Bathhouse for a second time is an intentional nod to creating residences that are more than just homes, but a way to enrich the lives of our residents through wellness and longevity," Lowe said.

The amenity offering is complemented by a Technogym fitness studio, residents' lounge, private dining spaces and concierge services.

The launch comes as developers increasingly target Melbourne's established eastern suburbs, where rising land values, ageing housing stock and growing downsizer demand are creating opportunities for boutique apartment projects.

Lowe said the company expects significant generational wealth transfer across suburbs such as Camberwell in coming years, creating further demand for luxury apartment living.

"Camberwell is a blue-chip suburb where homes regularly transact for multiple millions of dollars," he said.

"The generational change of wealth in these locations expected in the coming years is significant, so we see an opportunity to create exclusive residences that appeal to older families and downsizers in order to meet this demand."

Apartments at Jardin house start from $1,195,000. The project forms part of Lowe Living's near-$1 billion portfolio of new developments across Melbourne.

[smartcode_project_cta:default project_id=146717]

Joel Robinson

Lowe Living launches Jardin House in Camberwell

As <a href="https://www.apartments.com.au/developments/north-sydney-nsw-2060">North Sydney</a> continues its transition from a commercial centre into a more layered residential and lifestyle precinct, a new generation of apartment developments is reshaping expectations around scale, amenity, and long-term liveability.

Improved transport connections through the Victoria Cross Metro, continued investment in dining and public spaces, and a constrained supply of new luxury apartments have sharpened demand for homes that combine proximity to the CBD with the privacy and outlook traditionally associated with harbourside houses.

At 177 Walker Street, <a href="https://www.apartments.com.au/developers/aland">ALAND</a>’s new apartment development <a href="https://www.apartments.com.au/new-apartments/the-walden-north-sydney-177-walker-street-north-sydney-nsw-2060">The Walden</a> enters the market with a distinctly residential approach to high-rise living. The 30-level tower will deliver 161 residences, ranging from one-bedroom apartments through to sub-penthouses and a full-floor penthouse, all oriented to capture uninterrupted views across Sydney Harbour, the Opera House, and out toward the Pacific Ocean.

[smartcode_project:default project_id=134323 project_image_fid=6395]

Designed by <a href="https://www.apartments.com.au/architects/rothelowman">Rothelowman</a>, the project takes advantage of the site’s natural topography and elevated position above the harbour. Rather than relying on density alone, the architecture focuses on outlook, orientation, and spatial flow, with every apartment occupying a corner position to maximise natural light and cross ventilation.

Rothelowman says the site itself shaped much of the architectural response.

“The site has a long history in terms of its inevitable transformation and when we came in, we took inspiration from the idea of reestablishing a sense of the site’s natural terrain and fall. Our scheme aims to integrate with the terrain and the landscape, using the undulating site to slowly reveal glimpses and views of the harbour. The rotation of the tower off grid means every apartment has a view and is naturally cross ventilated. The building's colour palette is quintessentially Sydney, with bronze and sandstone and a luminescent green colour in the glass, making it very earthy and grounded in its location.”

[smartcode_project:default project_id=134323 project_image_fid=6399]

Inside the residences, the emphasis moves toward larger-format living typically associated with standalone homes. Kitchens sit at the centre of the apartments, connecting directly to open-plan dining and living areas before extending outward into expansive winter gardens and balconies. Calacatta marble, bespoke joinery, integrated appliances, and custom metal detailing are used throughout, while three distinct interior palettes, Terrace, Opera, and Harbour, allow buyers to personalise the spaces without compromising the architectural consistency of the project.

The larger residences place particular attention on separation between entertaining and private zones. In many apartments, master suites occupy the outer corners of the floorplates, allowing bedrooms to benefit from floor-to-ceiling glazing and harbour outlooks independent of the living spaces. Dressing rooms and ensuites continue the material palette through fluted detailing, freestanding baths, and layered stone finishes.

Rothelowman says the design intent centred on creating homes that feel enduring rather than transient.

“Our philosophy is all about the way people live in these spaces, and we wanted to create homes that reflect the quality of life in this unique Sydney location. The apartments showcase expansive living spaces that are generous, sophisticated, and bold, with the ability to connect with views throughout each apartment.”

[smartcode_project:default project_id=134323 project_image_fid=353235]

A separate four-storey amenity building known as The Pavilion expands the residential offering beyond the apartments themselves. Positioned alongside the tower, the building consolidates wellness, recreation, and social spaces into a dedicated resident retreat. Facilities include a 20-metre rooftop pool and sundeck, sauna, spa, ice bath, wellness studio, gymnasium, concierge service, wine cellar, residents’ lounge, private dining spaces, and dedicated co-working areas with meeting rooms and boardroom facilities.

The amenity mix reflects the buyer profile emerging in North Sydney, where owner-occupiers and downsizers are increasingly prioritising convenience, apartment scale, and long-term usability over purely investment-driven decisions.

The Walden also represents a significant milestone for ALAND, marking the company’s first major move into Sydney’s inner-city luxury apartment market after more than two decades delivering large-scale residential communities across Greater Sydney. Founder Andrew Hrsto says the Walker Street site stood apart because of both its positioning and its rarity.

[smartcode_project:default project_id=134323 project_image_fid=6390]

“As a company, we had been searching for a site in one of Sydney’s blue-chip locations, spanning the Eastern Suburbs, the Sydney CBD and the North Shore, and when we had the opportunity to purchase this site, we immediately recognised that it could be something iconic.”

At launch, The Walden recorded more than $103 million in sales, with buyers drawn to the project’s harbour positioning, apartment scale, and proximity to the Metro, which now connects North Sydney to Barangaroo in three minutes and Martin Place in five.

ALAND has commenced construction, and is expecting a completion date in 2028.

[smartcode_project_cta:default project_id=134323]

The Walden pairs house-scale living with North Sydney connectivity

The ACT will become the first jurisdiction in Australia to abolish stamp duty for all first home buyers, with no income caps and no property price thresholds from 1 July.

The move, announced as part of the ACT Budget, completes a key election commitment from the Barr Government and removes what Chief Minister Andrew Barr described as one of the biggest barriers to entering the housing market. The reform forms part of the ACT's long-running transition away from transaction taxes and towards a broader-based property tax system.

"This budget marks a major milestone in our long-term tax reform program," Barr said, adding that the government had maintained a sustained focus on removing barriers to home ownership. He said stamp duty had long been one of the largest upfront hurdles facing buyers and that from July, "that barrier is gone" for first home buyers in the Territory.

[smartcode_project:default project_id=139989 project_image_fid=350986]

The changes come alongside a range of measures designed to encourage new housing supply, including support for the delivery of so-called "missing middle" housing such as terraces, townhouses and low-rise multi-unit developments.

The announcement has renewed debate around whether the ACT's approach could provide a blueprint for improving housing affordability nationally.

New research from OurTop10.com.au, conducted by Primara Research, suggests the Territory's decade-long reform agenda has produced outcomes unmatched elsewhere in Australia.

While stamp duty costs have increased by an average 67 per cent nationally over the past decade, the ACT has recorded growth of just 15 per cent, the lowest increase of any jurisdiction.

The Territory has also emerged as one of the strongest performers on housing delivery. Based on population-weighted housing targets, the ACT is sitting less than one per cent behind its target. Victoria is the next closest at seven per cent behind, while the national average sits 25 per cent below target. New South Wales is tracking 39 per cent behind.

The latest reform removes one of the final barriers facing first home buyers in Canberra.

[smartcode_project:default project_id=139989 project_image_fid=359152]

The average Australian home buyer currently pays $61,714 in stamp duty. In the ACT, that figure is $38,399 despite the Territory having the third-highest median house price in the country.

Until now, the ACT's first home buyer concession scheme only applied to purchases up to $1.02 million, around $51,000 below Canberra's median house price of $1.071 million. In practical terms, many first home buyers were unable to access the median-priced home without losing the concession.

From July, those restrictions disappear.

Every first home buyer in the ACT will pay no stamp duty, regardless of income or purchase price.

Canberra remains one of Australia's most expensive housing markets, with dwelling values increasing 82 per cent over the past decade. However, that growth ranks only 11th among Australia's 15 major housing markets, suggesting affordability pressures have been less severe than in many other parts of the country.

Simon Ma, CEO of OurTop10.com.au, said the latest reforms recognise that many first home buyers have simply outgrown thresholds set years ago.

"Many first home buyers aren't just looking for a way onto the ladder, they want a home their family can actually live in," Ma said.

"In a market where the median house price is over a million dollars, a concession scheme that cuts out at $1.02 million was never going to get them there.

"Removing the ceiling entirely means ACT first home buyers can now pursue the home they actually want, rather than limiting themselves to a price point designed for a very different market."

Whether other states follow remains to be seen. But at a time when most jurisdictions are struggling to improve affordability while also increasing housing supply, the ACT has quietly become the national test case for both.

15% stamp duty growth. Just 1% off the national housing target. Zero stamp duty for FHBs. Is the ACT the blueprint for the great Australian dream?

ACT abolishes stamp duty for first home buyers

A rooftop pool and spa overlooking the Brisbane CBD, private dining spaces, expansive landscaped gardens and a residents' lounge are set to crown <a href="https://www.apartments.com.au/new-apartments/callista-on-park-west-end-49-mollison-street-west-end-qld-4101">Callista on Park</a>, the final residential building within Brisbane's West Village precinct.

The rooftop amenity collection has been designed as an extension of the lifestyle already established throughout West Village, providing residents with a series of indoor and outdoor spaces that capitalise on the building's elevated position above West End.

A swimming pool and heated spa form the centrepiece of the rooftop offering, surrounded by landscaped gardens developed through a collaboration between developer Sekisui House and ASPECT Studios. The design incorporates expansive lawn areas surrounded by English garden-inspired planting.

[smartcode_project:default project_id=134800 project_image_fid=370648]

Residents will also have access to two barbecue and outdoor dining areas positioned to take advantage of views across Brisbane's skyline, neighbouring Mollison Park, and the surrounding inner-city landscape.

For larger gatherings, the rooftop includes a private dining room centred around a substantial stone island bench, complete with a full kitchen and a 10-seat dining table set beneath four-metre-high ceilings. The space has been designed to overlook both the rooftop gardens and the Brisbane CBD skyline.

A separate residents' lounge provides an additional indoor retreat connected to the broader rooftop amenity offering, creating another space for residents to work, relax or entertain guests.

[smartcode_project:default project_id=134800 project_image_fid=370647]

The attention to detail extends beyond the rooftop.

Upon arrival, residents will enter through a lobby featuring a bespoke ceiling light installation developed in collaboration between Sekisui House and Alcorn Middleton Architecture. The arrival experience is complemented by private resident mailboxes and carefully considered interior finishes designed to reflect the premium positioning of the building.

[smartcode_project:default project_id=134800 project_image_fid=372541]

The amenity offering forms part of Callista on Park, the final residential release within the decade-long transformation of the former Peters Ice Cream Factory site into West Village, one of Brisbane's most established mixed-use communities.

Designed by <a href="https://www.apartments.com.au/architects/rothelowman">Rothelowman</a> and being delivered by <a href="https://www.apartments.com.au/builders/hutchinson-builders">Hutchinson Builders</a>, Callista represents the most premium residential offering within the masterplanned precinct.

Construction is now entering its final stages, with scaffolding beginning to come down and completion expected in the first quarter of 2027.

Prices for the three-bedroom plus MPR apartments start from just over $2.6 million.

[smartcode_project:default project_id=134800 project_image_fid=351535]

Callista will mark the final opportunity to purchase within West Village, where residents have direct access to more than 35 retail, dining, wellness and medical operators including Harris Farm Markets, Woolworths, Function Well and Goodlife Health Clubs, Metro Arts, and a growing collection of restaurants and cafés.

Located just 800 metres from the Brisbane CBD, the precinct also places residents within walking distance of South Bank, West End's dining scene, riverfront parklands and major public transport connections.

For Sekisui House, which has delivered more than two million homes globally, Callista serves as the concluding piece of the West Village masterplan, bringing together the precinct's heritage character, parkland setting and emphasis on walkability in a final collection of larger-format residences.

[smartcode_project_cta:default project_id=134800]

Rooftop pool, private dining and skyline gardens to crown West Village's final apartment release, Callista on Park

<a href="https://www.apartments.com.au/developments/wahroonga-nsw-2076">Wahroonga</a>’s enduring appeal has long been tied to its balance of bushland, established amenity, and access to some of Sydney’s most respected education and healthcare institutions.

Along Fox Valley Road, that combination is becoming increasingly sought after by buyers looking to remain connected to the Upper North Shore lifestyle while prioritising walkability, wellbeing, and convenience.

Developer Capital Corporation's initial vision of a 62-hectare site on Fox Valley Road was that they could create their own walkable community, bordered by&nbsp;more than 25 hectares of bushland and adjoining Coups Creek.

<img alt="Wahroonga" data-entity-type="file" data-entity-uuid="b84917a1-0d75-49b9-888c-ddf7ebfd6692" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/NEW2026_Wahroonga_Walkway.gif?VersionId=Gk3_xi5ssYfalmwuQQ5umQakddceC31j" />

<a href="https://www.apartments.com.au/new-apartments/the-residences-at-wahroonga-estate-169-fox-valley-road-wahroonga-nsw-2076">The Residences at Wahroonga Estate</a> draws directly on the area’s natural landscape, with walking trails and green corridors linking into sections of Lane Cove National Park. The surrounding network of bushwalks, cycling tracks, and reserves reinforces the suburb’s long-standing reputation as one of Sydney’s most nature-oriented residential pockets, while still maintaining close ties to village retail and transport infrastructure.

The address places residents within minutes of Wahroonga and Turramurra villages, where cafés, local grocers, boutiques, and everyday services support a highly localised lifestyle. Popular nearby venues including The Fox Café and Breeze Valley Café provide easy options for morning coffee or casual dining, while longstanding retailers such as IGA Wahroonga Fresh and Novella Fine Books continue to anchor the area’s village character.

&nbsp;

<img alt="Wahroonga" data-entity-type="file" data-entity-uuid="c4a950f7-4f05-4370-b360-b106359788e5" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/2026_Wahroonga_Entry_Gates.gif?VersionId=7n5kh9ymu.azYEYDemJkPgiIAfSw44oj" />

Healthcare access remains one of the defining locational advantages of the estate. Sydney Adventist Hospital, known locally as The San, sits directly adjacent and is one of the largest and most respected private hospitals in New South Wales. The hospital precinct incorporates specialist medical services, radiology, physiotherapy, and outpatient care, contributing to growing buyer demand from downsizers and owner-occupiers seeking long-term convenience and peace of mind.

Research commissioned by Capital Corporation found that health and wellbeing considerations are increasingly influencing downsizing decisions, particularly among buyers wanting to remain within familiar neighbourhoods while accessing medical infrastructure more easily.

Education has also historically underpinned demand across Wahroonga and the broader Upper North Shore. The estate sits close to several of Sydney’s leading private and independent schools, including Knox Grammar, Abbotsleigh, Barker College, Pymble Ladies’ College, Ravenswood School for Girls, and Loreto Normanhurst. Co-educational options including Wahroonga Adventist School and Sydney Adventist School further strengthen the area’s appeal to established families looking for long-term schooling pathways within a tightly held catchment.

[smartcode_project:default project_id=135247 project_image_fid=262183]

Transport connectivity supports the suburb’s liveability without compromising its quieter residential character. Wahroonga and Turramurra train stations provide direct rail access into the Sydney CBD, while the nearby Pacific Highway and M1 motorway strengthen links across the North Shore and broader metropolitan area. At the same time, the heavily treed streetscape and low-density character continue to distinguish the precinct from more urbanised parts of Sydney.

The Residences at Wahroonga Estate forms the first stage of <a href="https://www.apartments.com.au/developers/capital-corporation">Capital Corporation</a>’s broader masterplanned vision for the precinct, delivered alongside the Seventh-day Adventist Church.

[smartcode_project:default project_id=135247 project_image_fid=364995]

Designed by <a href="https://www.apartments.com.au/architects/group-gsa">GroupGSA</a> with interiors by <a href="https://www.apartments.com.au/interior-designers/coco-republic-interior-design">Coco Republic</a>, the development integrates landscaped communal spaces including a pet-friendly Green Spine, resident lounge, BBQ pavilion, and direct bushland access, reinforcing the project’s focus on outdoor connection and community-based living.

Now under construction by Gold Star iCIRT-rated builder <a href="https://www.apartments.com.au/builders/dasco-australia">DASCO</a>, The Residences at Wahroonga Estate will deliver a collection of one, two, and three-bedroom apartments priced from $990,000, with completion anticipated in 2027.

[smartcode_project_cta:default project_id=135247]

Larry Schlesinger

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