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The latest Westpac-Melbourne Institute Consumer Sentiment Index augers well for the spring buying season, with the "time to buy a dwelling" sub-index rising 7.6% in September.
The sub-index increased from 118.5 points in August to 127.7 points in September – now well above the 100 mark where optimists and pessimists are equally weighted.
Consumers are now marginally more confident about buying a house than buying a car, with the sub-index tracking "time to buy a vehicle" down 0.2 points in September to 126.1.
The improvement in house buying sentiment also contrasts starkly with the sub-index “time to buy a major household item”, which fell 0.5 points to 124.9.
Overall consumer sentiment rose by a modest 1.6% in September from 96.6 in August to 98.2 in September, the seventh consecutive month that the index has been below the benchmark 100 reading.
The results were based on a survey of 1,200 adults aged 18 and over conducted from September 3 to September 8. The RBA left the cash rate unchanged at 3.5% on September 5.
Westpac chief economist Bill Evans noted that apart from the 2008-09 period (in the wake of the GFC) when the index held below 100 points for 16 consecutive months, this represents the longest run of consecutive ‘sub 100’ prints since the early 1990s.
Evans says consumers are clearly stuck in an extended ‘cautiously pessimistic’ phase.
“In September last year the Index printed 96.9 so it has only increased by 1.3% over the whole year. That is despite 125 basis points of rate cuts from the Reserve Bank; a more or less steady unemployment rate which is close to full employment; and some recent positive news around the threatening European situation.
“This does not bode well for consumer spending and is consistent with the slowdown in consumer spending indicated by the June quarter national accounts.”
AMP Capital Investors chief economist Shane Oliver also noted the improvement in September but tweeted that the level of 98.2 “remains sub-par and little different to when rates started coming down late last year”.
Similarly Business Spectator and Market Economics economist Stephen Koukoulas tweeted that consumer sentiment is still “fragile at best”.
“Fits fit picture of economy doing OK but with more risks to the downside than up," Koukoulas said.
In his analysis Evans noted the improved outlook from households with the sub-index tracking views on “family finances compared with a year ago” up 0.3% compared with the forward-looking “family finances over the next 12 months” sub-index which rose 4.8%.
“By June this year we were particularly concerned by readings on “family finances over the next 12 months”, which was printing at a level around the low point of the 2008-09 period.
“Since then we have seen an encouraging improvement in this component which has increased by 11.4%.
“However, it is still at a historically low level.
“For example the average print of that component during that 2008-09 period when the index registered 16 consecutive months below 100 was 105.2 – today’s print of 96.2 is still well below that average.
“We can only conclude that respondents remain concerned about their finances despite the recent rally.”
Evans says Westpac expects the RBA to cut the official cash rate by 50 basis points over two meetings by year’s end.
“The case for lower rates is strong. Inflation remains well contained and the RBA’s own forecast has inflation remaining consistent with the target over the next one to two years. Interest rates are only slightly below neutral levels.”
"In short, we think the case for lower rates has already been made and there must be a reasonable chance that the Bank will decide to move in October. However, central banks are conservative so a November ‘call’ for the first move looks to be more prudent," says Evans.</body></html>

lschlesinger-FZcF9M3vE6

Strong bounce in house buying sentiment as overall consumer sentiment remains flat: Westpac

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Median house price across Australia's eight capital cities increased by 1.4% over the June quarter to a median of $519,768, according to the latest Real Estate Institute of Australia (REIA) Market Facts report compiled in collaboration with Bendigo Bank.
For the year to June capital city house prices are still down 3.1%, according to REIA calculations.
Canberra was the only capital city where house prices fell over the three months from April to June, recording a 5% drop to a median of $494,125, while Perth house prices were unchanged at $475,000 and Sydney house prices changed little, up 0.2% to a median of $642,425.
In its June quarter capital city house price update, the ABS recorded a 1.3% fall in Canberra house prices, compared with a 0.5% rise nationally.
Housing Industry Association ACT executive director Neil Evans said at the time that cheaper Canberra house prices might indicate that Canberra now had the right number of houses for its population.
''It's a difficult thing to pinpoint, but one thing I think is a major player … is when supply meets demand you might get drops,'' he told the Canberra Times.
In contrast to falling house prices, unit prices were up 2.4% over the quarter, with the REIA’s ACT institute pointing to a growing propensity among professional couples and singles to choose to live in an apartment complex.
The REIA recorded median house price decreases in all zones in the ACT, with the largest decline evident in the high-end inner-central zone – comprising Canberra North and Canberra South – down by 9.7% to a median of $650,000
Year-on-year, the inner central zone also recorded the largest drop of 12.2%.
The inner-south zone, comprising the Canberra suburbs of Woden and Weston Creek, fell 4.3% to $574,000; the west and north zone comprising Belconnen, Gungahlin and Hall fell 6.3% to $450,000, and the outer-south zone incorporating Tuggeranong fell 1.5% to $480,000.
Click to enlarge
<a title="Click to enlarge" rel="shadowbox" href="/images/stories/2012/09/reiasept12.gif"><img src="/images/stories/2012/09/reiasept12thumb.gif"></a>
Melbourne house prices rose 2.9% to $535,000, while Brisbane managed a gain of 1.9% ($433,000) and Adelaide up 3.4% to a median house price of $395,000.
There were solid house price gains among the smaller capital city housing markets, with Hobart up 4.8% to a median $370,000 and Darwin house prices up 3.6% to $570,000.
Click to enlarge
<a title="Click to enlarge" rel="shadowbox" href="/images/stories/2012/09/reiasept121.gif"><img src="/images/stories/2012/09/reiasept121thumb.gif"></a>
Hobart and Darwin were the strongest-performing unit markets over the quarter, registering gains of 5.9% and 4.8% respectively as the weighted average median unit price increased by 0.6% over the quarter to $429,558.
Among the larger capital cities, Brisbane was the strongest capital city unit market, registering a gain of 3.2% to a median of $376,500, with Melbourne unit prices up 1.9% to $450,000.
Click to enlarge
<a title="Click to enlarge" rel="shadowbox" href="/images/stories/2012/09/reiasept122.gif"><img src="/images/stories/2012/09/reiasept122thumb.gif"></a>
REIA president Pamela Bennett says the national house price gain of 1.4% over the quarter was “good news for investors too with improving yields thanks to tight vacancy factors and the impact on rental returns coupled with lower borrowing costs”.
“Every capital city with the exception of Adelaide and Hobart experienced strong demand for rental accommodation during the June quarter. National vacancy rates remain low.
“While economists keep a close eye on overseas markets and in particular the Euro crisis, in Australia, a turning point seems to have been reached and the overall mood for the housing sector is one of quiet confidence,” says Bennett.
Bendigo and Adelaide Bank’s executive for retail, Dennis Bice, says the report shows there has been growth across a number of market sectors.
“The results underscore the old property adage that there really are ‘markets within markets’ both at different levels in different cities and in regional centres around the states and territories where good value and solid returns can still be found,” he says.
The report was compiled based on figures supplied by the state and territory real estate institutes, Australian Property Monitors and various state government housing and land departments.</body></html>

Canberra house prices fall 5% in June quarter as nationwide prices are up 1.4%: REIA

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Queensland commercial and residential property investors face a higher stamp duty bill following changes announced in the state budget yesterday.
The Newman government has lifted the threshold for the highest rate of transfer duty from $980,000 to $1 million, but has increased the top rate from 5.25% to 5.75%.
The higher stamp duty rate is expected to provide the Queensland government with an extra $37 million, with transfer duty revenue rising from $55 million to $92 million.
Under the previous stamp duty regime, an investor buying a property worth $1 million would be liable for stamp duty of $38,175 – <a target="_blank" href="https://www.osr.qld.gov.au/calculators/transfer-duty-grants-calculator.shtml">an updated calculator is not yet available on the Queensland government website</a>.
Concessions for non-first home buyers buying a home were introduced on July 1 last year, providing a <a target="_blank" href="https://www.osr.qld.gov.au/duties/transfer-duty/exemptions-and-concessions/home-transfer-duty-concession-rates.shtml">concessional stamp duty rate of 1% up to a purchase price or value of $350,000</a>.
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Queensland investors to be worse off under higher transfer duty rate for $1 million-plus purchases

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From today a new $15,000 first-home owner construction grant (FHOCG) is available in Queensland, replacing the $7,000 first-home owner grant, which has run since 2000.
The FHOCG applies to new property bought or built at a value under $750,000, meaning these buyers will be $8,000 better off under the new scheme.
There are no state government grants for existing properties bought by first-home buyers, who will now be $7,000 worse off – although the Queensland government claims this incentive only served to push up house prices by $7,000.
In addition, under a scheme which has operated since August last year, first-home buyers pay no stamp duty on homes valued up to $500,000 – a saving of  $8,750 and full exemption for vacant land purchased to build a new home up to a value of $250,000.
First-home buyer stamp duty concessions apply to a home purchase price or value of $550,000 and to land up to $400,000 – <a href="https://www.osr.qld.gov.au/duties/transfer-duty/exemptions-and-concessions/home-transfer-duty-concession-rates.shtml" target="_blank">the rates can be found on the Queensland Office of State Revenue website.</a>
A first-home buyer buying a new median-priced Brisbane home valued at $400,000 would be entitled to the $15,000 first home owner construction grant and would pay no stamp duty (a saving of $5,250).
Before  September 12 the same first-home buyer would have received $7,000 under the first-home owners' grant and the same stamp duty savings.
The Queensland state government has released the following FHOCG summary to assist first-home buyers.
These are the six things you need to know:
<ol>
<li>The FHOCG is for first-home buyers who are buying a newly constructed or off-the-plan property.</li>
<li>The FHOCG replaces the first-home owner grant which was $7,000. </li>
<li>Those first-home buyers who have purchased an existing dwelling will have until October 11 to finalise their contract (to be eligible for $7,000 grant).</li>
<li>First-home buyers signing contracts for new properties before September 12 will receive $7,000, and those signing on or after September 12 will receive $15,000.</li>
<li>The program will be administered within existing arrangements in the Treasury Department.</li>
<li>Major banks and financial institutions will continue to advertise the FHOCG in their loan marketing material, reducing the cost for taxpayers.</li>
</ol>
The following eligibility criteria still apply:
<ol>
<li>It must become your principal place of residence within one year of taking ownership.</li>
<li>It must be your principle place of residence for at least six months.</li>
<li>You must not dispose of all or part of the property within one year after you start to occupy the residence as your home.</li>
<li>The property must be bought or built at a value under $750,000.</li>
</ol>
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The $15,000 Queensland first-home owner construction grant: What first-home buyers need to know

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The pressure has eased on embattled Mirvac chairman James MacKenzie after it was announced that incoming Mirvac CEO Susan Lloyd-Hurwitz will begin her role on November 5.
The precise date was confirmed today in a one-sentence ASX release - previously Mirvac has said she would taking on the role before the end of the year and later said she would start in November.
The Australian Financial Review reported “senior sources” as saying that Lloyd-Hurwitz, currently managing director of LaSalle Investment Management Europe in London, would take on the role some six to eight weeks earlier than first anticipated.
Outgoing CEO Nick Collishaw is due to officially step down on October 31, although he has been taking direction from the Mirvac board since his departure was announced in mid-August.
MacKenzie has also been boosted by a public backing from the Mirvac board, with independent directors standing behind him and dismissing concerns expressed by a group of institutional investors headed by Maxim Asset Management.
<a href="https://www.propertyobserver.com.au/industry-news/institutional-investors-pressure-embattled-mirvac-chairman-james-mackenzie-and-board-over-decision-to-replace-ceo/2012091056495" target="_blank">Maxim Asset Management had written to the Mirvac board </a>expressing concern at MacKenzie’s handling of the surprise departure of Collishaw, who guided Mirvac through the aftermath of the GFC, and calling for a boardroom spill, including that MacKenzie step down.
The fund manager also questioned whether a leadership void had been created by announcement of Collishaw’s departure but no firm date for Lloyd-Hurwitz to take the reins.
In an email response to Maxim and seen by The Australian, Mirvac director and chairman of its human resources committee Peter Hawkins said the board was comfortable that the market had been fully informed with regard to Collishaw’s departure and replacement and that “the events of the past few weeks and the actions of the chairman were fully endorsed by the board of directors”.
Hawkins, a former senior ANZ banker, said the actions of MacKenzie should be taken to represent the actions of the entire board.
In response to investor concerns over MacKenzie’s unwillingness to discuss more fully the reasons behind the replacement of Collishaw with Lloyd-Hurwitz, Hawkins said it would have been inappropriate to discuss a change of CEO at great length at a profits results announcement.
The other members of the Mirvac board comprise Marina Darling (only appointed in January 2012), James Millar (former CEO of Ernst &amp; Young Oceania), former Suncorp CEO John Mulcahy, John Peters (formerly with Lend Lease), Nick Collishaw and Elana Rubin.
Lloyd-Hurwitz, a graduate of Sydney University, has previously held roles at Lend Lease and Macquarie Group and has been managing director of LaSalle Investment Management Europe since March 2010.
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Incoming Mirvac CEO Susan Lloyd-Hurwitz to start November 5 as board backs chairman James MacKenzie

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One of Sydney's best-located shopping centres, the Kings Cross Centre beneath the iconic neon  Coca-Cola sign, has been listed for sale by fund manager Challenger.
The retail centre at 82-94 Darlinghurst Road, Potts Point, is anchored tenanted by a two-level maze-like Coles and surrounded by apartment buildings, hotels, bars, restaurants and cafes that make up the social fabric of Kings Cross and Potts Point, one of the most densely populated parts of Sydney.
It forms part of the Challenger Premier Hybrid Property Fund and in 2009 had a book value of just under $26 million.
ASX-listed Challenger is a life insurance and investment management firm managing in excess of $33 billion in assets and is a significant investor in property and infrastructure. It was set up in 1985 and backed by Kerry Packer from 1998, when his Consolidated Media held a nearly 20% stake. James Packer sold this stake in  2009.
An expressions of interest campaign, which closes on October 4, is being led by CBRE’s Steve Lerche and Sashi Makkapati in tandem with City Commercial’s Warren Duncan and Miron Solomons.
Lerche is expecting offers around the $25 million mark and expects interest from private investors and "genuine foreign investor interest".
He says the centre’s highly recognised location below Sydney’s iconic Coca-Cola sign will be a “key attraction for prospective purchasers as will the strength of the tenancy profile”.
In 2004 it traded for $39 million when fund manager HSBC Asset Management bought what was then the Kingsgate Shopping Centre as well as the Coca-Cola sign from New Zealand's Kingsgate Investments.
Challenger acquired the shopping centre when it acquired HSBC’s asset management business in 2005.
The fund manager spent $11 million redeveloping it as part of a wider gentrification wave occurring across Kings Cross, Potts Point and Darlinghurst areas at the time.
The heritage-listed Coca-Cola sign – called by some "the gateway to the cross" – is considered one of Australia’s most recognisable advertising signs.
It was acquired by Coca-Cola Amatil in 2008, when it bought it from Challenger Advertising.
Coca-Cola Amatil had leased the sign since it was built in 1976 and was paying around $1 million a year just before acquiring it.
The shopping centre sits at the base of the Zenith Residences, a 97-apartment complex that was formerly the Millennium Hotel.
Aside from Coles and Liquorland, the centre comprises 24 speciality stores including Pie Face and Flight Centre, four kiosks and four ATMs and has a gross lettable area of 4,429 square metres spanning three levels.
The centre is currently 98% leased, with the Coles and Liquorland occupying more than half of the available retail space (2,600 square metres) on a lease expiring in 2022.
Coles is currently paying base annual rent of just over $1 million with fixed 4% to 5% annual reviews.
When fully leased the centre brings in net income of just over $2 million annually.
The vacant 110-square-metre shop, which faces out onto William Street, is being offered for lease at a gross annual rent of around $140,000.
City Commercial's Warren Duncan says the area has undergone “major gentrification with the revitalisation of William Street, and the establishment of fashionable apartment buildings, hip hotels and trendy bars, restaurants and cafes”.
He says the area’s demographic has evolved to service a growing number of affluent professionals who have significantly altered the character of the suburb.
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Buyers sought for Challenger’s Kings Cross Centre below iconic Coca-Cola sign with $25 million expectations

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The Queensland state government will scrap the $7,000 first-home owners' grant with immediate effect, with the new $15,000 handout for those building a new home to begin tomorrow.
Details of the new 'first home owner construction grant' were announced today by Treasurer Tim Nicholls delivering the first Liberal Queensland budget in 15 years.
The immediate introduction of the new $15,000 grant is designed to prevent an artificial lull in first-home buyer activity, as has happened in NSW, where the $15,000 handout will begin October 1. The existing $7,000 first-home owners' grant will remain in place in NSW until then.
Nicholls called the new grant the most generous first-home buyer handout in Australia.
Although he did not explain the claim, proportionally Queensland's is a more generous scheme than that in NSW, given median house and unit prices in Brisbane are $430,000 and $350,000, compared with $590,000 for a Sydney house and $470,000 for a Sydney unit.
Nicholls said the $7,000 first-home owners' grant – introduced in July 2000 – had “outlived its usefulness” and had just added $7,000 to the cost of a house.
“First-home buyers have been competing with each other, which just means higher prices,” he said.
Nicholls said the new $15,000 first-home buyer new home grant was based on discussion with many in the construction industry and many economists, who called for the $7,000 grant to be removed and replaced.
“We have listened and acted.”
However, he did not explain how the $15,000 handout would not add to the cost of a new house in the same way he claimed the $7,000 had pushed up existing house prices.
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New 'most generous' Queensland $15,000 first-home buyers new home grant to begin tomorrow: Treasurer Tim Nicholls

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ME Bank is offering the lowest one- and three-year fixed rate  homes loans in Australia following its decision to cut its rate to 5.39% per annum. The lender provides loans to borrowers who are members of eligible industry super funds and eligble trade unions.
The new rate, effective today, applies to ME Bank’s Super Members Home Loan (SMHL) Standard Home Loan and follows the <a href="/news">Commonwealth Bank cutting its fixed rates last week.</a>
Prior to today's announcement, research by Property Observer found the lowest one-year and three-year fixed rate was being offered by <a href="/news">non-bank lender My Mortgage Freedom at 5.44%.</a>
ME Bank’s five-year fixed-rate home loan has also been cut to 5.99% p.a.
<table border="0" cellspacing="0" cellpadding="0"><tbody>
<tr>
<td valign="top">
FIXED RATE TERM  
</td>
<td valign="top">
FIXED RATE 
</td>
<td valign="top">
  COMPARISON RATE* 
</td>
</tr>
<tr>
<td valign="top">
1 year
</td>
<td valign="top">
5.39% p.a.
</td>
<td valign="top">
6.21% p.a.
</td>
</tr>
<tr>
<td valign="top">
3 year
</td>
<td valign="top">
5.39% p.a.
</td>
<td valign="top">
6.05% p.a.
</td>
</tr>
<tr>
<td valign="top">
5 year
</td>
<td valign="top">
5.99% p.a.
</td>
<td valign="top">
6.18% p.a.
</td>
</tr>
</tbody></table>
“Economic uncertainty has driven down the cost of funding for fixed home loans and as part of ME Bank’s fairer approach to banking we’ve passed on this saving to our customers – members of industry super funds and unions,” explained ME Bank chief executive Jamie McPhee.
“For people experiencing financial uncertainty, a fixed rate provides the assurance their repayments will not fluctuate over the period of the term they choose."
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ME Bank cuts one- and three-year fixed rate to 5.39% 

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Mirvac’s legal battle to get coal mining magnate Nathan Tinkler to meet an industrial land sales contract has been deferred to a September 18 NSW Supreme Court hearing.
Mirvac, through its Domaine Steel River entity, is suing Tinkler's private companies Ocean Street Holdings and guarantor Buildev Group after they failed to pay for the industrial land in Newcastle.
The companies agreed to buy an industrial site the Newcastle from Mirvac in July last year for $14 million but declined to settle after the NSW government rejected his plans for a fifth coal export terminal at Mayfield.
Tinkler then missed a court ordered September 1 deadline to pay Mirvac, prompting Mirvac to lodge a contempt of court order to sequester his assets.
The case went to the NSW Supreme Court yesterday but was deferred to September 18 to give Tinkler’s lawyers time to prepare their defence.
In a statement Mirvac said: “There is no change to the intentions of Mirvac's Domaine Steel River to pursue its rights against Tinkler's Buildev Group to ensure that effect is given to earlier court orders and for the contract of sale to be completed.”
A spokesperson for Tinkler declined to comment on the matter.
Tinkler was estimated to have a personal fortune of $915 million according to the BRW Rich List released in May.
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Mirvac’s legal battle with Nathan Tinkler over Newcastle industrial land sale deferred to September 18

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Unit and townhouse prices in Brisbane increased by 3.8% over the June quarter to a median of $402,500 but sales volumes fell as some buyers awaited stamp duty changes that kicked in on July 1, according to new figures published by the Real Estate Institute of Queensland (REIQ).
The strong quarterly performance means unit prices are now down just 1.5% on a year ago, with a 12-month median price of $399,000.
The REIQ noted an increase in the number of high-end unit sales in Brisbane city and city-fringe suburbs, which it says “augurs well for confidence levels amongst buyers”.
It also noted an  increasing number of first-home buyers and investors in the market (these two groups are unaffected by the July 1 stamp duty changes) compared with owner-occupiers over the June quarter.
There was a mixed bag of results for inner-city suburbs, which are the focus of a wave of new apartment projects, with around 40 in various stages of development and construction.
In the Brisbane CBD, where Harry Triguboff’s Meriton group is building Brisbane’s tallest residential tower, the 81-level Infinity tower featuring 546 apartments, prices climbed 37.2% to a median $532,500 to be down only 0.5% year-on-year
In Hamilton, site of Devine and Leighton Holdings $500 million Hamilton Harbour mixed-use development along the northern banks of the Brisbane river, unit and townhouse prices were up nearly 10% over the quarter to a median of $445,000 – down 0.4% year-on-year.
Also along the northern banks of the Brisbane River, Newstead unit prices rose 57.6% over the quarter to a median of $750,000 due to a high number of waterfront properties. Year-on-year they are down nearly 13%.
In neighbouring New Farm, apartment prices rose nearly7% to a median of $510,000 but are down 4.8% year-on-year.
However, over the quarter, median prices fell in 6.4% in Fortitude Valley ($379,000), 17.1% in the West End ($487,000) and 16.7% in another development hub, Woolloongabba ($400,000).
<table border="0" cellpadding="0" cellspacing="0" width="394">
<colgroup>
<col width="175">
<col width="73">
<col width="73" span="2">
</colgroup>
<tbody>
<tr height="68">
<td height="68" width="175">Locality</td>
<td width="73">Median Sale Mar12</td>
<td width="73">Qtrly change</td>
<td width="73">1yr change</td>
</tr>
<tr height="16">
<td height="16">BRISBANE</td>
<td></td>
<td></td>
<td></td>
</tr>
<tr height="16">
<td height="16" width="175">BRISBANE CITY (LGA)</td>
<td>$402,500</td>
<td>3.8%</td>
<td>-1.5%</td>
</tr>
<tr height="16">
<td height="16" width="175">ANNERLEY ~ * t</td>
<td>$350,000</td>
<td>-13.6%</td>
<td>-2.5%</td>
</tr>
<tr height="16">
<td height="16">AUCHENFLOWER ~</td>
<td>$477,500</td>
<td>32.6%</td>
<td>-2.9%</td>
</tr>
<tr height="16">
<td height="16" width="175">BRISBANE CITY ~ *</td>
<td>$532,500</td>
<td>37.2%</td>
<td>-0.5%</td>
</tr>
<tr height="16">
<td height="16">BULIMBA ~</td>
<td>$497,000</td>
<td>-7.5%</td>
<td>0.4%</td>
</tr>
<tr height="16">
<td height="16">CALAMVALE ~</td>
<td>$365,000</td>
<td>17.7%</td>
<td>0.0%</td>
</tr>
<tr height="16">
<td height="16" width="175">CAMP HILL</td>
<td>$387,750</td>
<td>1.4%</td>
<td>-10.1%</td>
</tr>
<tr height="16">
<td height="16" width="175">CARINA</td>
<td>$447,500</td>
<td>-2.5%</td>
<td>1.2%</td>
</tr>
<tr height="16">
<td height="16" width="175">CARSELDINE * t</td>
<td>$410,000</td>
<td>20.2%</td>
<td>0.3%</td>
</tr>
<tr height="16">
<td height="16" width="175">CHERMSIDE *</td>
<td>$368,000</td>
<td>5.9%</td>
<td>-10.3%</td>
</tr>
<tr height="16">
<td height="16" width="175">CLAYFIELD * t</td>
<td>$355,750</td>
<td>-3.5%</td>
<td>7.6%</td>
</tr>
<tr height="16">
<td height="16">COORPAROO</td>
<td>$345,000</td>
<td>-3.6%</td>
<td>-3.4%</td>
</tr>
<tr height="16">
<td height="16" width="175">EAST BRISBANE ~</td>
<td>$424,500</td>
<td>15.5%</td>
<td>-6.7%</td>
</tr>
<tr height="16">
<td height="16">EIGHT MILE PLAINS</td>
<td>$350,000</td>
<td>6.1%</td>
<td>-9.1%</td>
</tr>
<tr height="16">
<td height="16">EVERTON PARK ~ *</td>
<td>$455,000</td>
<td>3.4%</td>
<td>-9.1%</td>
</tr>
<tr height="16">
<td height="16">FORTITUDE VALLEY *</td>
<td>$379,000</td>
<td>-6.4%</td>
<td>3.9%</td>
</tr>
<tr height="16">
<td height="16" width="175">GREENSLOPES</td>
<td>$331,000</td>
<td>3.4%</td>
<td>-5.6%</td>
</tr>
<tr height="16">
<td height="16" width="175">HAMILTON * f</td>
<td>$445,000</td>
<td>9.9%</td>
<td>-0.4%</td>
</tr>
<tr height="16">
<td height="16" width="175">INDOOROOPILLY</td>
<td>$374,000</td>
<td>-8.8%</td>
<td>6.0%</td>
</tr>
<tr height="16">
<td height="16" width="175">KANGAROO POINT ~</td>
<td>$495,000</td>
<td>25.8%</td>
<td>-12.5%</td>
</tr>
<tr height="16">
<td height="16" width="175">KEDRON ~</td>
<td>$440,000</td>
<td>27.4%</td>
<td>14.5%</td>
</tr>
<tr height="16">
<td height="16" width="175">KELVIN GROVE *</td>
<td>$472,500</td>
<td>18.1%</td>
<td>5.1%</td>
</tr>
<tr height="16">
<td height="16">MOOROOKA * t</td>
<td>$398,750</td>
<td>11.7%</td>
<td>-0.5%</td>
</tr>
<tr height="16">
<td height="16" width="175">MORNINGSIDE</td>
<td>$460,000</td>
<td>10.8%</td>
<td>4.1%</td>
</tr>
<tr height="16">
<td height="16">NEW FARM</td>
<td>$510,500</td>
<td>6.9%</td>
<td>-4.8%</td>
</tr>
<tr height="16">
<td height="16" width="175">NEWMARKET *</td>
<td>$407,000</td>
<td>3.9%</td>
<td>-9.5%</td>
</tr>
<tr height="16">
<td height="16" width="175">NEWSTEAD ~ * f</td>
<td>$750,000</td>
<td>57.6%</td>
<td>-12.9%</td>
</tr>
<tr height="16">
<td height="16" width="175">NUNDAH ~ *</td>
<td>$345,250</td>
<td>1.8%</td>
<td>-7.7%</td>
</tr>
<tr height="16">
<td height="16" width="175">SOUTH BRISBANE ~</td>
<td>$433,500</td>
<td>1.3%</td>
<td>5.9%</td>
</tr>
<tr height="16">
<td height="16" width="175">SPRING HILL</td>
<td>$392,000</td>
<td>5.2%</td>
<td>-0.6%</td>
</tr>
<tr height="16">
<td height="16">ST LUCIA ~ *</td>
<td>$480,000</td>
<td>9.1%</td>
<td>9.7%</td>
</tr>
<tr height="16">
<td height="16" width="175">TARINGA ~</td>
<td>$393,000</td>
<td>-20.0%</td>
<td>22.8%</td>
</tr>
<tr height="16">
<td height="16">TENERIFFE ~ * f</td>
<td>$580,634</td>
<td>8.5%</td>
<td>0.0%</td>
</tr>
<tr height="16">
<td height="16" width="175">TOOWONG</td>
<td>$438,000</td>
<td>8.7%</td>
<td>8.8%</td>
</tr>
<tr height="16">
<td height="16" width="175">WEST END * f</td>
<td>$486,800</td>
<td>-17.1%</td>
<td>0.8%</td>
</tr>
<tr height="16">
<td height="16" width="175">WOOLLOONGABBA *</td>
<td>$400,000</td>
<td>-16.7%</td>
<td>6.7%</td>
</tr>
<tr height="16">
<td height="16" width="175">YERONGA</td>
<td>$410,000</td>
<td>8.6%</td>
<td>-1.6%</td>
</tr>
</tbody>
</table>
Source: REIQ
~ Medians affected by varying quality of stock sold * Medians affected by varying quantities of new properties sold f Medians affected by varying numbers of waterfront properties sold t Medians affected by varying numbers of townhouse/villas sold - Due to the nature of properties in this suburb, some group titled property sales have been omitted
The stamp duty concession provides a concessional stamp duty rate of 1% up to a value of $350,000, with stamp duty charged at normal rates for the remaining value of the home purchase.
However, there may be an artificial lull in the number of first-home buyer purchasing new apartments in the final months of 2012 depending on when the state government new $15,000 handout for new home purchase kicks-in. The government has plans to scrap the $7,000 first-home owner grant.
“As was the case with the house market, there was reduced unit and townhouse sales activity over the June quarter as many buyers waited for the return of the stamp duty concession on 1 July,” REIQ chief excecutive Anton Kardash says.
“However, as first-home buyers and investors were unaffected by the stamp duty change, these buyers were more prominent over the June quarter.
“Given the affordability of units and townhouses, as well as their often more central locations, first-time buyers and investors often compete for this type of property, which may be partly responsible for the increases in median prices we experienced over the period.”
 
 
 
 
 
 
</body></html>

Brisbane unit prices up 3.8% in sluggish June quarter but mixed-bag of results for apartment development hotspots: REIQ

<a href="https://www.apartments.com.au/developments/broadbeach-qld-4218">Broadbeach</a> offers plenty of reasons to live vertically, but moving from a substantial family home into an apartment can expose the compromises of high-density living. Privacy, room for guests and usable living space tend to matter more when an apartment is intended as a permanent home rather than an occasional coastal base.

A typical residential floor at <a href="https://www.apartments.com.au/new-apartments/the-eveleigh-broadbeach-7-9-surf-parade-broadbeach-qld-4218">The Eveleigh</a>, on Surf Parade,&nbsp;contains just four apartments. The 94-residence development by <a href="https://www.apartments.com.au/developers/hirsch-faigen">Hirsch &amp; Faigen</a> is predominantly made up of expansive three-bedroom homes, with a limited collection of half-floor penthouses above.

Across the apartment floors, <a href="https://www.apartments.com.au/architects/rothelowman">Rothelowman</a> has used the relatively limited number of residences to give each home greater access to natural light and outlook. Living spaces extend towards full-height glazing, while a series of bay windows frame selected views across the Pacific Ocean, city and hinterland rather than treating the building edge as a continuous wall of glass.

&nbsp;

[smartcode_project:default project_id=149670 project_image_fid=360965]

“The apartment floors deliver a collection of homes that embrace controlled outlook via a series of bay windows deliberately framing moments of view,” Rothelowman Director Kim Lowman said.

From outside, those projecting forms contribute to the tower’s faceted profile. Strong horizontal and vertical elements establish its proportions, while the changing position of the sun alters the light, shadow and reflection across the façade throughout the day.

The same attention moves inside the apartments, where the material palette combines warm timber, natural stone, metallic detailing and softer curved forms. Kitchens sit within the main living zone, with stone island benches, integrated joinery and European appliances, before the living areas extend towards the glazing and the outlook.

&nbsp;

[smartcode_project:default project_id=149670 project_image_fid=360981]

Three genuine bedrooms provide room to accommodate family and guests, while two secure car spaces and storage address some of the practical considerations that can become more noticeable when moving from a larger home. Feedback from the display suite has centred on the warmth and restraint of the interiors, with buyers commenting that the residences feel like homes rather than conventional coastal apartments.

A limited collection of half-floor penthouses occupies the upper levels, increasing the scale of the living spaces and adding private balconies and elevated finishes. From this position, the outlook extends between the ocean and hinterland.

Outside the private residences, The Eveleigh separates its shared spaces between the podium and rooftop. The podium is centred on wellness, with subtropical landscaping surrounding a swimming pool and pool terrace, yoga garden, private gymnasium, sauna and hot and cold plunge facilities. Landscaped retreats and pavilions provide additional places to sit away from the main recreation areas.

&nbsp;

[smartcode_project:default project_id=149670 project_image_fid=360966]

Higher in the building, a rooftop pavilion and private dining suite sit alongside resident lounge, barbecue and outdoor dining areas, opening towards panoramic views across the ocean, city and hinterland.

“Buyers are no longer just looking for an apartment, but a lifestyle where they can relax, reset, and enjoy a balanced way of living,” Hirsch &amp; Faigen Director of Sales Matt George said.

Interest to date has come from established owner-occupiers and interstate lifestyle purchasers, including buyers planning a future move to the Gold Coast. Many are coming from larger homes and want to reduce ongoing maintenance without giving up space for family and guests, privacy, two car spaces or the ability to entertain at home.

&nbsp;

[smartcode_project:default project_id=149670 project_image_fid=360969]

Much of that daily life can also take place beyond the building without requiring a drive. Kurrawa Beach and Pratten Park are an easy walk from Surf Parade, while Pacific Fair, Oracle Boulevard, The Oasis, restaurants, cafés, entertainment and public transport are also within walking distance.

The Eveleigh is Hirsch &amp; Faigen's fourth Gold Coast development since entering the market in 2021, following The Hemingway at Palm Beach, The Emerson at Kirra and Yves at Mermaid Beach. Each of the preceding projects sold out before completion.

“Broadbeach had been on our radar throughout our time operating on the Gold Coast,” the developer said. “Following our projects in Palm Beach, Kirra and Mermaid Beach, Broadbeach represented the natural next step for the business.”

The Surf Parade site brought together proximity to the beach, protected coastal outlooks and walkability to dining, shopping and recreation. Hirsch &amp; Faigen also identified the street as an emerging premium residential address, with enough separation from Broadbeach's busier destinations to retain a quieter environment at home.

The Eveleigh is now under construction by Maxcon, with completion forecast for mid-2028. Three-bedroom residences are currently available from $2.87 million.

[smartcode_project_cta:default project_id=149670]

Joel Robinson

The Eveleigh brings house-like apartments to Broadbeach

A long-stalled Campbelltown development site is back in play, with new plans for 139 apartments set to supersede a mixed-use scheme approved almost a decade ago but never built.

The new proposal for 28 Cordeaux Street would deliver 116 market and 23 affordable apartments in a part 14-storey building, bringing a substantial new project into a Campbelltown market where new apartment supply remains limited.

Plans have been filed over the 3,092 sqm corner site at Moore-Oxley Street, around 600 metres from Campbelltown Railway Station and the city-centre retail core.

The site already carries a mixed-use residential approval dating to 2016. Doroch Architects has now been engaged on a larger replacement scheme, which is progressing as a State Significant Development Application following a Housing Delivery Authority determination in August 2025.

The apartment mix comprises 39 one-bedroom, 72 two-bedroom and 28 three-bedroom residences. Two-bedroom apartments make up just over half of the project, while three-bedroom homes account for 20 per cent.

<img alt="First look: New 139-apartment plans revive long-stalled Campbelltown city centre site" data-entity-type="file" data-entity-uuid="136dd5b9-3791-4da6-9e31-76f533f5b4de" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Campbelltown%20da2.png?VersionId=LgOSy9nwf5u.MGswBBwaGGxuX8QpHSl_" />

Of the 139 apartments, 23 will be delivered as affordable housing under the in-fill affordable housing provisions of the Housing SEPP. The affordable component represents 15 per cent of the residential gross floor area and will be managed by a registered Community Housing Provider.

Doroch has sought to break the scale of the building into two distinct elements, with a masonry podium of around four storeys establishing the street edge before the residential tower steps back above.

The corner position has shaped that approach. Cordeaux Street faces toward the commercial and civic centre, while Moore-Oxley Street leads into the lower-scale residential neighbourhood to the south, and the design verification report describes the site as "bridging the commercial core to the north and established residential areas to the south."

The podium will be expressed predominantly in face brick, while the upper levels shift to brushed and grooved concrete cladding with darker metal detailing. Recessed sections, deep balcony edges and landscaping break down the upper form, with an approximately 11.8-metre setback to the northern boundary addressing the adjoining St Peters Anglican School.

<img alt="First look: New 139-apartment plans revive long-stalled Campbelltown city centre site" data-entity-type="file" data-entity-uuid="c8b3d2d3-c561-4bfc-a5d9-a68c0c10dac1" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Campbelltown%20da1.png?VersionId=AeAEyJU02Gk2k5noUj2StziCvdQ7fW4B" />

Campbelltown has been starved of new residential developments in the last decade.

The only other notable development set to come to market this year is ALAND's Queen Square, a mixed-use precinct on over two hectares that will comprise apartments above a vibrant ground-level retail and hospitality dining precinct.

First look: New 139-apartment plans revive long-stalled Campbelltown city centre site

First Look: Sherlock Construction pitches apartments for low-rise Deception Bay

Queensland builder-developer MAYD has revealed the first look at its major North Kirra beachfront development, lodging amended plans that reduce the number of apartments and increase the proportion of larger residences.

The project is planned across a substantial 4,742 sqm amalgamated site spanning seven lots at <a href="https://www.apartments.com.au/new-apartments/2-6-pacific-parade-bilinga-qld-4225">2-6 Pacific Parade</a> and 27-33 Golden Four Drive in Bilin​ga, directly opposite Nor​th Kirra Beach.

<a href="https://www.apartments.com.au/developers/mayd-group">MAYD</a> secured the site for $32.5 million in 2025, in what was one of the Gold Coast's largest property transactions of the year.

The development will be delivered across two stages, with the first stage carrying an estimated gross realisation value of around $360 million.

The latest amendments seek to reduce the overall apartment count and shift the project further toward the owner-occupier market, with larger residences designed for buyers wanting considerably more space than traditionally offered in a beachfront apartment.

The residential mix will include townhomes, oversized two-bedroom apartments, substantial three-bedroom residences and four-bedroom homes.

MAYD has appointed Cera Stribley to lead the architecture and interiors, with the Melbourne-based design practice drawing on the beachfront setting through a series of ocean-facing terraces and heavily landscaped balconies.

Strong horizontal forms and curved balconies will define the exterior, with subtropical landscaping integrated throughout the building to soften the built form and increase the connection between the residences and the beachfront.

The project will also include an extensive collection of resident wellness and lifestyle facilities, continuing the broader shift across the Gold Coast's luxury apartment market toward larger homes supported by resort-style amenity.

<img alt="MAYD" data-entity-type="file" data-entity-uuid="d1bcbb05-e659-4b47-8bd4-1e595315e2ad" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-27%20at%202.05.03%E2%80%AFPM.png?VersionId=jj0XEud1X1DuLt7_KyElhjMdZGOXmLHP" />

MAYD Founder Todd Mould said North Kirra was increasingly appealing to buyers attracted to the more established, lower-density character of the southern Gold Coast.

"North Kirra presents one of the most compelling luxury residential opportunities currently emerging in Australia, combining absolute beachfront with the character and authenticity that buyers are increasingly seeking, and the same sense of tight-knit community that defined Burleigh and Currumbin perhaps 10 or 15 years ago," Mould said.

"With Gold Coast Airport on its doorstep, it also offers a level of accessibility that broadens its appeal across almost every market demographic."

The project comes as the southern Gold Coast continues to attract an increasing share of high-end apartment development and buyer activity.

Kirra in particular has emerged as one of the region's more tightly held beachfront markets, with its relatively low-density character, established surf and hospitality scene and proximity to Gold Coast Airport differentiating it from the higher-density markets further north.

Mould said those characteristics had informed the approach MAYD and Cera Stribley had taken to the project.

"We've worked closely with Cera Stribley to create a vision that is deeply connected to its surroundings," he said.

"Inspired by the coastline itself, the architecture has been shaped around space, privacy and resort-style living, creating a collection of homes that reflects the next generation of luxury on the southern Gold Coast."

MOTIV Managing Director Carly Cottam, who has been appointed to market the project, said buyer attention had continued to move south along the Gold Coast.

"Purchasers who may once have defaulted to Broadbeach, Main Beach or Surfers Paradise are increasingly recognising the value of a genuine beachfront location that offers lower density, strong amenity and a more established sense of community," Cottam said.

"Kirra has a powerful combination of growing demand and genuine scarcity. Beachfront supply is inherently constrained, the area remains relatively low density, and buyers are increasingly placing a premium on locations that feel established, uncrowded and authentic rather than heavily developed."

Cottam said the proximity to Gold Coast Airport was also proving increasingly important for interstate and second-home buyers.

"Being minutes from Gold Coast Airport makes it particularly compelling for interstate buyers, frequent travellers and second-home purchasers who can access an authentic coastal lifestyle almost immediately after stepping off a flight."

The acquisition takes MAYD's active development portfolio to more than $500 million, with the North Kirra project representing one of its largest undertakings to date.

MAYD is targeting an early 2027 launch.

First look at MAYD's North Kirra mixed-use precinct

<main data-perf-region="main">
Castle Hill, the longtime hub of the Hills District, has been one of the major beneficiaries of Sydney's Metro expansion, with improved connectivity helping drive continued population growth, development and buyer demand across the Hills District.

But despite that growth, the suburb has seen relatively few major new apartment projects brought to market over the past 18 months.

Hills District developer Reve Group is looking to fill that gap with <a href="https://www.apartments.com.au/new-apartments/nova-r-ve-castle-hill-2-garthowen-crescent-castle-hill-nsw-2154">Nova Rêve</a>, a major new mixed-use precinct on the corner of Garthowen Crescent and Old Castle Hill Road, a short walk from Castle Hill Metro Station and Castle Towers.

[smartcode_project:default project_id=152737 project_image_fid=377679]

The project will comprise three residential towers alongside a hotel, restaurants, cafes and a skybar, more than 1,600 sqm of ground-floor retail and almost an acre of landscaped gardens.

It represents the largest project undertaken by Reve Group, the development arm of the Kassis family, which has been building across the Hills District for more than 30 years through Kassis Homes.

[smartcode_project:default project_id=152737 project_image_fid=377675]

Nova Rêve also represents a significant step up from the family's first apartment development, Grand Rêve, which was delivered nearby on Garthowen Crescent.

Grand Rêve introduced larger, house-like apartment layouts and premium inclusions including Wolf and Sub-Zero appliances to the Castle Hill market.

Nova Rêve takes that approach to a precinct scale, combining the residential component with hospitality, retail and substantial public and resident landscaping.

[smartcode_project:default project_id=152737 project_image_fid=377685]

Reve Group Managing Director Sam Kassis said the project reflected the family's three decades of building in the Hills, which has evolved from trophy homes on quarter-acre blocks to larger-scale apartment development.

"Grand Rêve was our first apartment project here and it showed us what this pocket of Castle Hill could be. Nova Rêve is the refinement of that idea: not just apartments, but a place the whole suburb can use," Kassis said.

A key part of that approach is the hotel, which has been designed to operate as an amenity for the wider Castle Hill community rather than solely hotel guests.

It will include restaurants, cafes, skybars and all-day dining, alongside conference and event facilities catering to business functions, community groups and private events.

At ground level, more than 1,600 sqm of shops and cafes will open onto the surrounding streets and landscaped areas.

Almost an acre of gardens designed by Land and Form Studios will run through the precinct, incorporating pathways, seating, barbecue areas and children's play spaces.

[smartcode_project:default project_id=152737 project_image_fid=377680]

Reve Group's Romio Georges said creating an active ground plane had been central to the planning of Nova Rêve.

"There are gardens with pathways, barbecues, seating and play areas, shops and cafes opening onto the street, and a hotel with restaurants and a skybar that anyone in Castle Hill can walk into," Georges said.

The project's elevated position on one of Sydney's highest ridgelines will also provide apartments with outlooks toward the Sydney skyline, surrounding parkland and the Blue Mountains.

More than 80 per cent of the apartments will occupy corner positions, with Turner responsible for both the architecture and interiors.

&nbsp;

[smartcode_project_cta:default project_id=152737]

<h3 data-end="3697" data-section-id="q3n5ak" data-start="3672">&nbsp;</h3>
</main>

Larry Schlesinger

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