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The consensus among economists is for at least one more rate cut in 2012 following yesterday’s unsurprising decision by the RBA to leave the cash rate unchanged at 3.5%.
Post-decision analysis focused on RBA concerns about China and the global economy while also noting comments from RBA governor Glenn Stevens that in Australia, “most indicators available for this meeting suggest growth has been running close to trend” while mortgage rates remain encouraging for borrowers, running currently “a little below their medium-term averages”.
Westpac chief economist Bill Evans is tipping a 25-basis-point rate cut at the RBA's November board meeting, but also expects a further rate cut in December.
“Broadly speaking the assessment of the global economy appears to be more downbeat, while there is little evidence of any change in the view on the domestic economy,” says Evans.
Evans highlights that “the outlook for China is more uncertain and that the terms of trade have declined significantly”.
“We expect that accumulating evidence that the domestic economy is losing momentum; the labour market is genuinely weakening; financial conditions are tightening due to the divergent behaviour of the terms of trade and the Australian dollar; and the global growth environment remains uncertain will ensure that a convincing case for a further monetary ease is apparent by that November meeting.
“The bank is clearly keeping its options open despite the fact that we assess that it is markedly closer to a rate cut stance than it was a month ago. However, the evidence on the domestic economy will need to make a stronger case for a rate cut than has been the case over the last few months.”
Commonwealth Bank economist John Peters says the bank has retained its view of a 25-basis-point rate cut in the fourth quarter, with the main pressure for lower rates comes from global downside risks.
“If anything the RBA now sees the international growth outlook as a little more subdued as was the case a few months ago. Probably the most crucial line in the RBA’s statement accompanying today’s decision is some recent (international) indicators have been weaker, which has added to uncertainty about near-term growth,” says Peters.
Australian Financial Review economics editor Alan Mitchell says the big concern is the Australian dollar, which he says is not playing its role in cushioning the economy by falling with the terms of trade.
“A weaker dollar would be good for marginal mining projects and for the manufacturers and trade-exposed services,” Mitchell says.
“Currency experts are predicting that the dollar will adjust to the new and more sombre Chinese economic reality, but if it doesn’t, the Reserve Bank will have to weigh in with a reduction in the official cash rate.”
Fairfax columnist Malcolm Maiden says the RBA’s inclination to cut rates “has grown” since the last statement, with the focus on global growth being “no more than average pace” but with the added phrase that the outlook is “still on the downside”.
Maiden says RBA commentary on China’s growth has also become more cautious than a month ago.
He says the cash rate could be cut as early as October if local economic signals and overseas signals don’t improve.
HSBC Australia and New Zealand chief economist Paul Bloxham describes yesterday’s statement by governor Glenn Stevens as “more hawkish then expected” with “concerns about the 'death' of the mining boom were nowhere to be seen”.
“Having gotten rates down ahead of the recent weaker data from China and Europe, and the fall commodity prices, they clearly felt they have time on their side. Getting 'ahead of the game' early has this pay-off."
Bloxham adds that the statement also repeated an earlier mantra – heard at the RBA's recent parliamentary testimony – that is too early to judge the full impact of the rate cuts that have already been made.
Bloxham is tipping another 25-basis-point cut before year-end, but believes that the 100 basis points of easing priced in over the next year is overdone.
CommSec economist Savanth Sebastian says it is clear the RBA is happy to remain on the interest rate sidelines – “at least for the time being”.
"Policymakers seem comfortable with domestic economic conditions but continue to watch the global situation carefully. Europe, the US and Asia have slowed and the central bank seems particularly focused on the slowdown in China, given its importance to Australia’s growth profile."
He says the variable housing rate is applying modest stimulus to the economy, at present at 6.85% below the 15-year average of 7.20%.
ANZ economists Ivan Colhoun and Justin Fabo describe the decision as “widely expected”, with much of the governor’s statement “very similar to recent public pronouncements”.
“Overall, our views on the Australian policy outlook and economy are largely unchanged. “We continue to expect the RBA to end up changing its mind about interest rates, probably by November."
Colhoun and Fabo say the disappointing response of the sharemarket yesterday was likely a reaction that suggests the RBA “continues to read the economy in a slightly too optimistic way and evolve its view slower than the underlying economy”.
“The current trend to reduced resource investment (albeit more an issue for growth in 2014 and beyond) and the continuing downward trend for job advertising (the ANZ job ads series has now fallen for five months in a row) suggest at least one easing before the end of 2012 and further easing over 2013, perhaps more than our currently factored 50 basis points in total."
The next RBA board meeting is on October 2.
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lschlesinger-FZcF9M3vE6

At least one more RBA rate cut tipped by economists for the year, with focus on China and exchange rate

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Vendors appear hopeful of better fortunes this spring selling season with the total number of residential properties listed for sale online rising 1.5% over August to reach 373,510, according to figures from SQM Research.
This contrasts starkly with the same time last year, when listings fell 3.8% from 377,213 in July 2011 to 362,740 in August 2011.
Sydney and Melbourne both recorded “substantial” 5.9% increases in monthly residential properties listed for sale, to reach 31,310 and 51,194 listings respectively.
Click to enlarge
<a title="Click to enlarge" rel="shadowbox" href="/images/stories/2012/09/sqmsept5.gif"><img src="/images/stories/2012/09/sqmsept5thumb.gif"></a>
SQM Research managing director Louis Christopher described market conditions as a little better than this time last year, "but it doesn't mean we are going to head into a big property boom''.
"If rates stay on hold, that will be conducive to stimulating the housing market, and we are likely to see continued market recovery, but there are many X-factors at play,'' he told news.com.au.
Christopher says rising rents (up 7% annually over the past five years) are good news for investors, but they have been offset by declining house prices.
He expects there will be further seasonal rises in stock levels as the spring selling season enters full swing.
Click to enlarge
<a title="Click to enlarge" rel="shadowbox" href="/images/stories/2012/09/sqmsept51.gif"><img src="/images/stories/2012/09/sqmsept51thumb.gif"></a>
While residential stock on market in Sydney is just 0.9% higher than a year ago at 31,310, Melbourne has the highest year-on-year increase of all the mainland capital cities, with stock up 14.1% to 51,194 in August.
In August last year there were 44,859 properties listed for sale in Melbourne.
The other notable increase was Canberra, where stock on market increased by 8.8% over the month to 3,758 online listings. This is up 13.6% up on August 2011.
“Canberra’s large monthly increase may well signify a downturn for that market as federal budget spending is cut,” noted SQM research.
Bucking the monthly trend of rising stock levels was Perth, which recorded the largest monthly decline of 1.8% to 18,053. Residential listings were down 10.7% on the same time last year when there 20,207 listings.
Residential stock levels have declined in Perth, Darwin and Brisbane – which all benefit from Australia's mining boom
Darwin residential listings are down 23.3% over the 12 months to August to 1,282 while Brisbane listings are down 4.7% to 28,666.
“Increasingly the market is segmented. It is becoming difficult to discuss just one national housing market and in my opinion, that will be to base line story for the remainder of 2012,” said Louis Christopher, managing director of SQM Research.
While Hobart stock on market declined by 1.7% over August to 4,388 properties listed for sale, there are 24.1% more properties for sale than a year ago. At this time last year there were 3,536 listed for sale in Hobart.
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Online residential listings rise 1.5% in August to 373,510, led by Melbourne, Sydney and Canberra 

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<img src="/images/stories/2012/08/40k.gif">
The net gross face rent per annum that Bartfeld Textiles Pty Ltd will pay to lease a brand new 275-square-metre showroom at 343A Reserve Road, Cheltenham. The lease is for three years plus renewal options. The lease was negotiated by Sasan Misaghian from Colliers International. The lessor is Keasment Pty Ltd. The showroom is part of a development featuring five recently built showroom/warehouses located just off Bay Road and in close proximity to Neapean Highway.
 
<hr>
 
<img src="/images/stories/2012/08/350kplus.gif">
The net annual rental that Australian energy supplier and infrastructure company Jemena will pay on a new five-year lease at Campbellfield in Melbourne’s outer northern suburbs. The 153 Barry Road complex comprises a modern office/warehouse of 3,810 square metres, large hardstand areas, two container-height roller doors and air-conditioned offices. The deal was brokered by Savills industrial director Michael Green.The lessor is a private Melbourne investor.
 
<hr>
 
<img src="/images/stories/2012/08/330k.gif">
Roughly how much electrical construction and maintenance company Electrix will pay to lease 3,300 square metres of industrial space at 1/8 Weddel Court, Laverton North within the William Angliss Estate in Melbourne’s West. The five-year deal was negotiated by Colliers International’s Nathan Bingham and Nick Saunders. The tenant was represented in the transaction by Stephen Stockdale of Stockdale Property. The total development area at Weddel Court is in excess of 10,000 square metres, and Colliers international has secured two transactions prior to the completion of construction, bring the development to over 75% occupancy.
 
<hr>
 
<img src="/images/stories/2012/08/420.gif">
The gross annual rent per square metre that Besmaw will pay to lease a 165-square-metre office at level 7, 221 Miller Street, from Birriga Investments. The lease term is three years plus a three-year renewal option, with the agreement brokered by Darren Kable of LJ Hooker Commercial.
 
<hr>
 
<img src="/images/stories/2012/08/327.gif">
 The gross annual rent per square metre that Works Perfect will pay to lease a 70-square-metre office at 97 Pacific Highway in North Sydney from Terra Nova Coach Tours. The lease term is two years plus a one-year renewal option. The lease agreement was brokered by Lana Asscher from Aspace Estate Agents.
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Commercial leasing: Electricity provider Jemena leases in Melbourne

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The remote Queensland mining town of Mount Isa and the agriculturally rich NSW country town of Mudgee have both managed rental growth of around 25% over the past year, according to July figures from Residex.
Mount Isa is 1,800 kilometres north west of Brisbane and adjacent to mining giant Xstrata’s underground copper and zinc mining activities.
The less remote Mudgee is 270 kilometres north-west of Sydney, in the fertile Cudgegong River valley, and is well known as a wine-producing region, with around 40 wineries as well as other agricultural and livestock industries.
According to Residex, Mount Isa house rents increased by 25.4% over the year to July to a weekly median rent of $395.
In Mount Isa, <a target="_blank" href="https://www.realestate.com.au/property-other-qld-mount+isa-408411171">this two-bedroom furnished unit </a>(pictured below) is available for rent at $385 per week, with not much else available around the median and only 28 properties available to rent on realestate.com.au.
<img src="/images/stories/2012/08/mti.jpg">
Rents for Mudgee houses increased by 24.2% over the year to July to a median of $385 per week.
Properties currently available for rent close to the median rent in Mudgee include this four-bedroom hardiplank-clad home (pictured below) set in an elevated position surrounded by 30 acres (12 hectares) of hilly country, asking $400 per week.
<img src="/images/stories/2012/08/mudg.jpg">
According to Resides the following 15 housing markets have managed double-digit rental growth over the year to July (the report includes some inner-city markets):
 <table cellpadding="0" cellspacing="0" border="1" style="width: 470px;"><tbody>
<tr>
<td width="205" valign="top"></td>
<td width="205" valign="top">
% rent increase over year to July
</td>
<td width="205" valign="top">
Median weekly rent
</td>
</tr>
<tr>
<td width="205" valign="top">
Mount Isa houses, Qld
</td>
<td width="205" valign="top">
25.4%
</td>
<td width="205" valign="top">
$395
</td>
</tr>
<tr>
<td width="205" valign="top">
Mudgee District houses, NSW
</td>
<td width="205" valign="top">
24.19%
</td>
<td width="205" valign="top">
$385
</td>
</tr>
<tr>
<td width="205" valign="top">
Mackay houses, Qld
</td>
<td width="205" valign="top">
21.43%
</td>
<td width="205" valign="top">
$510
</td>
</tr>
<tr>
<td width="205" valign="top">
Neutral Bay/Split houses, Sydney
</td>
<td width="205" valign="top">
20.8%
</td>
<td width="205" valign="top">
$1,335
</td>
</tr>
<tr>
<td width="205" valign="top">
Inner Perth houses
</td>
<td width="205" valign="top">
16.54%
</td>
<td width="205" valign="top">
$740
</td>
</tr>
<tr>
<td width="205" valign="top">
Parramatta &amp; Hills houses, Sydney
</td>
<td width="205" valign="top">
15.63%
</td>
<td width="205" valign="top">
$555
</td>
</tr>
<tr>
<td width="205" valign="top">
Rockhampton house, Qld
</td>
<td width="205" valign="top">
14.49%
</td>
<td width="205" valign="top">
$395
</td>
</tr>
<tr>
<td width="205" valign="top">
Fremantle houses, Perth
</td>
<td width="205" valign="top">
14.29%
</td>
<td width="205" valign="top">
$520
</td>
</tr>
<tr>
<td width="205" valign="top">
Brisbane City houses
</td>
<td width="205" valign="top">
13.04%
</td>
<td width="205" valign="top">
$520
</td>
</tr>
<tr>
<td width="205" valign="top">
Lower north shore houses, Sydney
</td>
<td width="205" valign="top">
12.96%
</td>
<td width="205" valign="top">
$915
</td>
</tr>
<tr>
<td width="205" valign="top">
Western suburbs houses, Sydney
</td>
<td width="205" valign="top">
12.77%
</td>
<td width="205" valign="top">
$530
</td>
</tr>
<tr>
<td width="205" valign="top">
Geelong and surrounds houses, Vic
</td>
<td width="205" valign="top">
12.12%
</td>
<td width="205" valign="top">
$370
</td>
</tr>
<tr>
<td width="205" valign="top">
Glen Waverley houses, Melbourne
</td>
<td width="205" valign="top">
11.70%
</td>
<td width="205" valign="top">
$525
</td>
</tr>
<tr>
<td width="205" valign="top">
Albany Creek houses, Qld
</td>
<td width="205" valign="top">
10.59%
</td>
<td width="205" valign="top">
$470
</td>
</tr>
<tr>
<td width="205" valign="top">
Wynnum houses, Brisbane
</td>
<td width="205" valign="top">
10.34%
</td>
<td width="205" valign="top">
$480
</td>
</tr>
</tbody></table>
Source: Residex regional market report, July 2012
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Mount Isa and Mudgee rents rocket 25% over past year: 15 double-digit rental growth locations 

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Mount Tamborine in the Gold Coast hinterland was the strongest-performing regional housing market over July, according to new figures from Residex, with a number of regional Queensland markets performing well, including Noosa.
Residex reported that all state regional housing markets – apart from Tasmania – reported median capital growth over the month, however only five regional housing markets managed monthly growth of 3% of more.
Houses prices in Mount Tamborine increased by 5.26% over the month of July to a median of $412,000.
The suburb sits on a scenic 28-square-kilometre plateau, 525 metres above sea level, and many Mount Tamborine houses currently listed for sale sit on large rural or lifestyle blocks.
They include<a href="https://www.realestate.com.au/property-house-qld-tamborine+mountain-111154739" target="_blank"> a three-bedroom house on a 2,000 square metre block</a>, listed for sale at $445,000 by Blake Wallis of Tamborine Mountain First National Real Estate.
Properties that sold in Mount Tamborine over July include this four-bedroom house in Central Avenue (pictured below), built on 9,500-square-metre block in 1994, which sold for $686,500, having last traded for $97,500 in 2001. It was first listed for sale in January 2011 at an asking price of $790,000.
<img src="/images/stories/2012/08/tambourine.jpg">
Another Mount Tamborine property to sell over July <a href="https://www.realestate.com.au/property-house-qld-north+tamborine-110953331" target="_blank">was a 1940s-era Queenslander</a> featuring three bedrooms and “lots of fruit trees” on a 9,000-square-metre block, which sold for $395,000 through Emma Hawker from Raine &amp; Horne Tamborine Mountain. It was listed for sale at $394,000 in September 2011 and last traded for $374,000 in August 2007.
Despite recording a quarterly gain to July of 7.24% – also the strongest of all regional markets – Mount Tamborine house prices are still down 4.2% for the year.
Also in south-east Queensland, Noosa house prices on the Sunshine Coast increased by 3.33% to $410,500, in contrast to the Gold Coast, where Surfers Paradise houses were unchanged at a median of $510,500.
There was also a strong showing from the remote regional town of Charleville, in south-western Queensland, 758 kilometres west of Brisbane and immortalised in the song of the same name by country singer Slim Dusty.
Charleville house prices increased by 4.03% over July to median of $247,000 and are up just over 1% for the year.
In NSW, Bathurst Orange houses was the standout market with values up 3.02% to a median of $274,000, while in Victoria, the stand-out regional housing markets were Mildura, where house prices grew by 3.89% to $188,500, and Shepparton, where house prices increased by 3.46% to a median of $230,500.
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Mount Tamborine in Gold Coast hinterland top-performing regional housing market in July: Residex

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<img src="/images/stories/2012/08/14mplus.gif">
How much a first-time buyer of commercial property has paid for an office building at 11 Dorcas Street in South Melbourne in an off-market sale negotiated by CBRE’s team of Mark Wizel and Justin Clarkson on behalf of a group of private Melbourne-based investors. The modern five-level office building is fully leased to information technology company Dimension Data. Based on the current passing income the sale reflects a yield around 8.1%. The building was purchased by a Malaysian family who has been keen to secure a Melbourne property for some time. CBRE says the sale of 11 Dorcas Street adds to the ever-growing list of Victorian commercial properties to sell to interests associated with Malaysian, Singaporean or Chinese investors.
 
<hr>
 
<img src="/images/stories/2012/08/1point52m.gif">
The net income generated by a peripheral parcel of Sydney Corporate Park, set to be sold by F.Hannan Properties Pty Ltd in what will be the first investment-grade opportunity in South Sydney this year. The asset comprises two tenanted buildings totalling 8,857 square metres on 13,642 square metres of land. The net income translates to an average of $170 per square metre net. Colliers International’s Michael Crombie and Gavin Bishop are seeking expressions of interest closing September 19, 2012. The last investment sale of this kind was in November 2011, when Dexus paid $76.8 million for the Sir Joseph Banks Corporate Park in Botany.
 
<hr>
 
<img src="/images/stories/2012/08/501k.gif">
How much Osrta Cabinets has paid for a 366-square-metre strata warehouse 2/7-11 Brough Street in Springvale in Melbourne’s south-east. The industrial property was purchased from a private investor in a deal negotiated by Jamie Stuart and Sasan Misaghian from Colliers International. The purchaser is expanding and relocating a cabinet-making business from Tullamarine.
 
<hr>
 
 
<img src="/images/stories/2012/08/4point45m.gif">
The price paid for the property housing the iconic Mary Ryan’s Books, Music and Coffee store in Milton in Brisbane in a deal negotiated by Colliers International. The off-market deal, in which a local private investment company purchased the retail property at 40 Park Road, was struck by agents Jock Murray and Hunter Higgins. The property consists of a circa 700-square-metre building on an 810-square-metre site.
 
<hr>
 
<img src="/images/stories/2012/08/1point9m.gif">
The price paid for a blue-chip investment in Australand’s Checkpoint business park at Banyo, five kilometres west of Brisbane Airport. Anthony White, Colliers International industrial director, handled the transaction on Australand’s behalf for the 746-square-metre industrial strata unit at 11/368 Earnshaw Road. It was snapped up by a private investor from Sydney.  The property has been leased to Zip Heaters since the beginning of the year, when it signed a six-year lease with a five-year option. The property returns a net annual rental of just under $160,000, representing a yield of 8.25% for the buyer. As well as the return, White says the buyer was attracted by the solid tenant, the long-term lease in place and the standard of property’s construction.
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Commercial hammer prices: Malaysian family pays $14 million plus for South Melbourne office tower

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Property developer and fund manager Peet has reported a 76% fall in net profits for the 2012 financial year in what it described as challenging market conditions, with Victoria the toughest market where it has projects under development.
Net profits for the year to June were $20.3 million, just ahead of earlier market guidance of $15 million to $20.2 million.
Earnings in Peet’s residential development operations declined 50% compared with the 2011 financial year to $20.2 million as lot settlements for the year declined to 395 from 598.
A further $40 million worth of contract are due to settle by December 2012.
Contracts on hand fell from 1,125 in 2011 to 788 in 2012 – worth $788 million – with Peet attributing this to “market weakness, substantially reduced capital investment in certain Victorian projects and difficulty of buyers obtaining finance”.
In particular it reported a slow-down in sales at its $293 million Aston residential development in Craigieburn, where more than 1,500 lots ares still available on Melbourne’s fringe. Its $131 million Ardan development in Greenvale featuring 558 lots has been deferred.
The developer expects market conditions to remain challenging in the 2013 financial year.
However, it says positive signs are emerging in WA and Queensland is also poised for recovery, with housing finance growth and building approvals improving.
Peet’s biggest residential project is Flagstone City, 45 minutes south-west of Brisbane in Jimboomba, which has a gross development value of $1.87 billion and is due to begin in 2013. It features 1,500 lots and is proceeding as scheduled.
In total Peet has a lot pipeline of 34,600 worth $6.2 billion.
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Peet profits fall 75% in 'challenging year' as residential lot sales decline

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Woolworths has confirmed that it plans to sell close to $1 billion worth of shopping centres held in its property portfolio.
Woolworths finance director Tom Pockett told investors today that “probably somewhere between $800 million or $900 million plus” worth of property was available for sale, with the total value depending on whether centres were completed or under development.
The supermarket group owns a portfolio of neighbourhood and sub-regional shopping centres.
As part of its annual results presentation last week, Woolworths told shareholders it had “passed the peak in its property development pipeline” as the supermarket reported a 14.5% drop in net profit after tax to $1.8 billion.
Sale of the stores was mooted by the Australian Financial Review earlier this year, which said Woolworths was looking to return to its core retailing activities.
In September last year Woolworths took the unusual step of buying the Centro Lismore, NSW, shopping centre, where it is the anchor tenant on a short-term lease.
But corporate affairs spokesman Simon Berger told Property Observer at the time that the main focus for Woolworths remained being a retailer and “looking for opportunities to serve our customers”.
“We will develop or acquire where it suits our interests and customers, but we also lease in plenty of places,” he said.
In July last year, Woolworths completed the sale of eight neighbourhood and sub-regional retail shopping centres to a 50/50 joint venture entity owned by Charter Hall Retail REIT and Telstra Super for $266 million at an initial yield of 7.94%.
Pockett told investors Woolworth was always offering properties to investors but this is the first time the supermarket has confirmed plans for a large-scale divestment.
Pockett highlighted that sales activity would be driven by buyer interest in the group’s centres and Woolworths would not be giving its centres away.
He described current investor appetite as “a bit lower than last year” amid a “tough” investor environment.
Woolworths is targeting yields of 6% to 7%, a range it has struggled to achieve, reported RBS analysts Daniel Broeren and Alexander Beer.
Commonwealth Bank analysts estimate that Woolworths actually holds closer to $2 billion worth of property assets that could be sold.
It estimates that at the current rate of new development, Woolworths’ property portfolio could accumulate to a value of around $8.5 billion by 2017.
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Woolworths confirms plans to sell up to $1 billion worth of shopping centres

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New home sales got off to a bad start in the new financial year, with July sales down 5.6% following three consecutive months of modest but rising sales, according to the latest HIA New Home Sales report.
The HIA recorded just over 4,000 new home sales over the month, compared with more than 5,500 in June, based on its monthly survey of Australia's largest volume builders.
Three years ago monthly new home sales were close to 8,000, peaking at around 8,600 in August 2009 helped by the federal government-funded first-home buyer boost, which ran from October 2008 to December 2009, providing a bonus $7,000 for those first-home buyers who bought a new home, on top of the $7,000 for all first-home buyers.
Over July the HIA recorded a 5.5% fall in the “persistently weak detached housing segment”, with a 6.4% drop in the more volatile multi-unit market.
Click to enlarge
<a href="/images/stories/2012/08/hiaaug28.gif" rel="shadowbox" title="Click to enlarge"><img src="/images/stories/2012/08/hiaaug28thumb.gif"></a>
Across the major markets, Queensland was the only state to buck the trend, with a seasonally adjusted rise of 11.1% in detached new home sales in July.
New detached house sales fell by 6% in New South Wales, 4.6% in Victoria, 8.9% in South Australia, and 14.4% in Western Australia.
“New home building is the weakest sector of the Australian economy. Despite interest rate cuts in 2011-12, the two updates for this financial year – new home sales and the Australian Industry Group- HIA Performance of Construction Index – both point to deteriorating conditions in July," says HIA chief economist Dr Harley Dale.
“Now is a good time to build a home. Interest rates are lower, it’s a very competitive market, and there is less pressure on skilled labour availability.
"However, consistently weak consumer (and business) confidence is weighing very heavily on new housing investment, far more so than is the case for retail expenditure," Dale says.
“Combine that low confidence with very tight credit conditions and excessive taxation, and you have the unpalatable recipe for the recessionary conditions facing new housing.
“Leading indicators suggest this situation will persist well into 2012/13," says Dale.
More insights into the state of new home building will be revealed when ABS building approval figures for July are released on Thursday.
In June the ABS recorded a 1.1% seasonally adjusted fall in approvals for private sector houses, but with rises in Queensland (5.3%), Western Australia (4.4%) and South Australia (0.4%).
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Queensland the only bright spot as new home sales fall 5.6% in July: HIA

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Melbourne recorded $629.5 million worth of commercial office CBD investment sales over the first six months of year, trumping Sydney, which managed $478.6 million of sales, according to new research by Colliers International of sales worth $20 million or more.
The biggest whole asset sale in Melbourne over the first six months of the year was 150 Collins Street, which was purchased by GPT Wholesale Office Fund for $181 million on a yield of 6.77%.
Sydney’s most expensive single asset sale was Macquarie Bank’s $131 million vacant possession purchase of 48 Martin Place on yield around 7% and 7.5% (as estimated by Knight Frank).
The only premium-grade asset sale in Sydney during the first half of 2012 was the 25% acquisition of 126 Phillip Street for $176 million by Investa Commercial Fund from Investa on a yield of 6.35%.
Of the two office markets, Sydney has the brighter short-term outlook, with Melbourne's vacancy rate expected to continue to rise.
Colliers says that despite a large number of buyers chasing better-quality assets across Melbourne’s CBD office market, “the short-term outlook for transaction volumes remains subdued”.
“This is a function of the lack of investment-grade stock on the market for sale, as opposed to low levels of demand.
“As a result we expect face rents to remain stable while incentives will experience further increase, as landlords look to offer more to attract and secure tenants. This will in turn lead to further declines in effective rents across all grades over the next 12 months.”
In the case of the Sydney CBD market, Colliers expects leasing and tenant enquiry activity to remain “buoyant from smaller non-CBD based tenants who are looking to take advantage of softer market conditions to evaluate and upgrade their tenancies”.
“Limited supply entering the market and positive absorption over the remainder of 2012 is expected to see vacancy rates decline across the Sydney CBD office market.
“This is expected to result in subdued rental growth and a stabilisation of incentives over the period.”
The most recent Property Council of Australia office report recorded that the Melbourne CBD office vacancy rate increased from 5.2% to 5.6% from January to July, while Sydney recorded a 1.5 percentage point contraction from 9.7% in January to 8.2% in July – the largest decline of all CBD markets over this period.
Colliers International forecasts the Sydney CBD vacancy rate to decline further over 2012 to 7.9% by January 2013, before rising slightly to 8.2% as of July 2013.
In contrast the Melbourne CBD vacancy rate is expected to trend upwards to peak at 7.5% by July 2013 as 234,000 square metres of new supply comes on board over the next two years – before starting to trend downwards again.
Colliers attributes the decline in the Sydney CBD office vacancy rate to a “distinct lack of supply”, with only 13,225 square metres entering the market over the first six months of the year, combined with a positive absorption result of 45,300 square metres during the period.
Renting premium and A-grade office space in Melbourne remains significantly cheaper than in Sydney.
According to Colliers, top-of-town Melbourne premium office rents range from $480 to $665, with A-grade office rents ranging from $392 to $457.
Premium core Sydney CBD office rents start from $800 to $1,295 while core A-grade rents range from $650 to $820.
Click to enlarge
<a href="/images/stories/2012/08/colliersaug282.gif" rel="shadowbox" title="Click to enlarge"><img src="/images/stories/2012/08/colliersaug282thumb.gif"></a>
Rental returns are quite similar for premium-grade and A-grade assets in both capital cities.
Premium Sydney office yields have remained stable in six months to July 2012, sitting between 6.25% and 6.75%, while A-grade yields also remained stable during this period, recording between 6.75% and 8.15%.
Premium Melbourne yields also remained stable in six months to July 2012, sitting between 6.50% and 7% while A-grade yields also remained stable during this period, falling in a range between 7% and 7.75%.
Click to enlarge
<a href="/images/stories/2012/08/colliersaug28.gif" rel="shadowbox" title="Click to enlarge"><img src="/images/stories/2012/08/colliersaug28thumb.gif"></a>
John Marasco, Colliers International managing director of investment services, says Sydney prime grade yields have stabilised, while the yield spread between high- and low-quality secondary-grade assets has continued to widen.
“Quality office buildings, particularly premium and A-grade, that offer a weighted average lease expire (WALE) of four years or greater continue to be in high demand from investors.
“A lack of this type of property on the market for sale has seen sales volumes remain low, and this has led to the stabilisation of prime grade yields during the first half of this year,” he says.
“The outlook for the next six months is overwhelmingly positive, as the number of genuine enquires for investment properties in Sydney’s CBD has increased since the end of the 2011-12 financial year,” he says.
“We predict this will translate into a greater number of assets sold in the second half of 2012, with Sydney ending the year on a definite high.”
Nerida Conisbee, Colliers International national director of research, says Melbourne CBD office property remained highly sought after despite a rising vacancy rate and declining rents, with Premium and A-Grade stock experiencing particularly strong demand.
Marasco says good quality Melbourne CBD assets continue to attract “keen interest and this interest is coming from a range of different buyer types.
“A high proportion of demand is coming from offshore, but there should also be no underestimating the level of active domestic capital.”
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Melbourne trumps Sydney on office investment sales activity but not on short-term outlook: Colliers International

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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