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RBA governor Glenn Stevens says Australian households are continuing to manage their debt obligations while noting that house prices may have stopped their “gentle decline” following cash rate cuts that began in November last year.
This supported his August monetary policy decision statement that "dwelling prices have firmed a little over the past couple of months". 
He also suggested interest rates were likely to remain on hold while the RBA waited for the effects of rate cuts to work their full effect on the economy and house prices.
Speaking before the House of Representatives Standing Committee on Economics Stevens acknowledged that concerns have been worries expressed about house prices –but mainly from overseas.
He said “bad things can happen” but said Australia had the structures in place and was fairly well-equipped to respond.
He noted that house-prices-to-household-income ratio was up around four to one, but said this was where it had been for the last decade.
He also said that APRA had stress-tested the banking sector and while it would be affected by a global crisis it would remain “well and truly solvent".
In his opening statement, Stevens said the board has judged the current interest rate sets to be the "appropriate stance".
“It is too early to tell how much difference the sequence of decisions to lower interest rates late last year and in the middle of this year has made to the economy, though we can observe that dwelling prices may have stopped their earlier gentle decline, and business credit has been growing at its fastest pace for three years,” he said.
But he said if there were a deviation in the domestic outlook, the RBA would be well placed to respond.
Stevens said it was reasonable to assess that the domestic economic activity has been growing "close to trend" for the past 12 months.
He said May and June cash rate cuts were made based on the board's assessment of economic conditions and the outlook, and with regard to the balance of risks.
“In May and June, the Board eased monetary policy, lowering the cash rate by a total of 75 basis points, following the two adjustments made last year. These decisions were made based on the Board's assessment of economic conditions and the outlook, and with regard to the balance of risks. They have resulted in borrowing rates being a little below their medium-term averages,” said Stevens.
Responding to the opening statement, ANZ said it "contained little new information over and above recent communications from the RBA"
"On the economic outlook in <place><country-region>Australia</country-region></place>, the governor noted that the central forecast of growth close to trend will have a different composition than over the past year or two. Resources investment is expected to peak over the next year or two but thereafter exports are expected to pick up.
"Dwelling and non-residential construction is also forecast to pick up following the current period of weakness," said ANZ.
 
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House prices may have stopped 'gentle decline' and households in 'good shape': Glenn Stevens

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Perth and Adelaide have led a sixth straight quarter of improving housing affordability in the June quarter, taking the HIA-Commonwealth Bank Housing Affordability Index to its highest level since September 2009.
The index improved by 1.1% (0.7 points) in the June 2012 quarter to be 10.6% (6.0 points) higher over the year with an index value of 62.5.
Two years ago the index stood at 52.5.
The affordability multiple – number of average full-time adult wages required to affordably service a mortgage on a median-priced dwelling – improved slightly from 1.62 to 1.6. Two years ago it stood at 1.91.
Affordability peaked in March 2009 quarter, at a time when the cash rate was falling to its lowest level as the RBA cut rates steeply to counter the effects of the GFC. Between December 2008 and April 2009 the cash rate fell from 5.25% to 3% with 100-basis-point rate cuts in December 2008 and February 2009. These rate cuts followed state governments introducing the boosted first-home owners' grant, which provided up to $14,000 in additional handouts.
The chart below illustrates this improving affordability picture but also shows that  affordability in capital cities (the grey line) has flattened out, while there has been a sharper improvement in affordability in housing markets outside of capital cities (the black line).
Click to enlarge
<a title="Click to enlarge" rel="shadowbox" href="/images/stories/2012/08/hiaaug24.gif"><img src="/images/stories/2012/08/hiaaug24thumb.gif"></a>
"Excluding the GFC period when interest rates dropped sharply, housing affordability is at its healthiest level since 2003," says HIA chief economist Dr Harley Dale.
"That is heartening news for Australian households."
"Now is a great time to buy for those who are financially set to take that decision," Dale says.
Perth’s affordability index improved from 59.7 to 62.5, and Adelaide’s affordability index improved from 65.9 to 70.
Affordability in Perth was driven by average monthly loan repayments falling from $3,331 to $3,184.
There was a small improvement in Sydney – 50.1 to 51.9 – but it remains the least affordable capital city in Australia.
Affordability worsened slightly in Melbourne (60.3 to 59.3) and in Brisbane (65.5 to 64.7).
Outside of the capital cities, affordability improved everywhere except South Australia and Western Australia.
"The recent improvement in affordability is welcome news for those trying to get a foothold into or advance within the housing market," says Dale. "It is also an encouraging bright spot for an industry that, in terms of current activity, remains a clear area of weakness within the Australian economy."
"The improvement in housing affordability is largely cyclical and there remains considerable work to be done to address the high and inefficient taxation embedded in housing, especially for new homes."
"Policy reform remains very slow, to the detriment of households, businesses, and overall economic performance," adds Dale.
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Housing affordability at highest level since September 2009, led by improvements in Perth and Adelaide: HIA/CBA index

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Boutique lodge operator Baillie Lodges has submitted a development application for its proposed new ultra-expensive hotel, including a new "ribbed building" joining two Victorian-era warehouses dating back to the 1840s.
Photos included in the submissions show a Sydney seeped in Victorian-era architecture with brick terraces and horse-drawn carts.
The application by Baillie Lodges has an estimated construction cost of $6.3 million.
<img src="/images/stories/2012/08/baillie.jpg">
The new hotel has been designed by architects Tonkin Zulaikha Greer architects, led by director Tim Greer, which has past experience in projects incorporating a heritage element.
It features a new two-storey building to be built on the site of the Westpac museum with a ribbed façade and a roof terrace, linked to 47 George Street.
<img src="/images/stories/2012/08/baillie2.jpg">
Among the firm’s most well-known projects is the 'Portico' Scots Church redevelopment in Wynward, a short walk from the Rocks, which topped the disused, heritage-listed neo-gothic 1920s church with apartments while keeping the gothic façade at the base.
Baillie Lodges – run by husband-and-wife operators James and Hayley Baillie – is targeting a mid-2014 opening for what would be its first inner-city Sydney venture.
They are seeking to make alterations and additions to two existing heritage listed buildings, demolish the 1980s-built former Westpac Museum and erect a new building to create the new boutique hotel.
The heritage buildings stand on the corner of George Street and Atherton streets in the Rocks and form part of a predominantly Victorian and Edwardian streetscape at the northern end of George Street.
<img src="/images/stories/2012/08/baillie3.jpg">
The two heritage buildings are Union Bond Store at 47 George Street, Merchants House at 43-45 George Street as well as the adjoining Avery Terrace site, which houses the former Westpac Museum.
 
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Click to enlarge
<a href="/images/stories/2012/08/bailliemap.jpg" rel="shadowbox" title="Click to enlarge"><img src="/images/stories/2012/08/bailliemapthumb.jpg"></a>
The project is being managed by Matthew Giltrap, who says a final decision on the application may not be made until November. The application requires approval of the Heritage Council.
Should this go smoothly, construction could begin in March.
The Baillies have acquired 35-year leases on the two adjacent historic buildings on George Street 
Documents show that the construction of Union Bond Store dates back to 1841, Merchants House dates back to 1848 and Avery Terrace to 1881.
The Union Bond Store and Merchant’s House form a Victorian Regency period "bookend" to the adjacent two-storey terrace houses.
Historical documents included in the application show the rich heritage of the site.
There are grainy photographs showing the two matching warehouses at 47 George Street dating back to 1858 adjoining the Union Bond Store.
<img src="/images/stories/2012/08/baillie4.jpg">
An 1880s directory excerpt lists the tenants at 47 George Street as “E Bow and Co. Wholesale Druggists”
<img src="/images/stories/2012/08/baillie5.jpg">
Also taken in 1880 is this photo showing the two buildings fronting George Street with horse-drawn carts out the front and a winch used to lift supplies from the carts to higher levels of the warehouse.
<img src="/images/stories/2012/08/baillie6.jpg">
At the turn of the century, Union Bond Store and Merchant’s House are shown as part of the Estate of the John Martyn.
More historical pictures show the warehouse within the context of a distinctly Victorian-looking Sydney with boats and ships moored in a Circular Quay that looks nothing like today’s modern high-rise version
<img src="/images/stories/2012/08/baillie7.jpg">
Plans for the Baillies' Sydney were revealed by James Baillie in April this year.
He told Property Observer he chose The Rocks because it is a “quintessentially Sydney location” and “perfectly located close to all of Sydney key iconic attractions”.
Suite tariffs (double) will range from $1,200 to $3,000 per night inclusive of gourmet breakfast, open bar and in-suite bar, evening cocktails and canapés, airport transfers and town car service.
The Great Ocean Road is next on the couple’s agenda, and they also have ambitions of opening a second larger luxury hotel in Sydney.
Baillie Lodges was founded in 2003 and currently operates three luxury lodges in wilderness locations, these being <a target="_blank" href="https://www.lordhowe.com/">Capella Lodge</a> on Lord Howe Island, the Baillies’ first venture, <a target="_blank" href="https://www.southernoceanlodge.com.au/">Southern Ocean Lodge </a>on Kangaroo Island (pictured above) and <a target="_blank" href="https://www.baillielodges.com.au/remarkable-lodge.asp">Remarkable Lodge in Tasmania</a>.
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Baillie Lodges reveal ribbed modernist addition to proposed boutique hotel in Victorian-era The Rocks in Sydney

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Property investors with net wealth of over $5 million will face increased tax compliance scrutiny from the Australian Tax Office (ATO) following the launch of a new online guide aimed at “wealthy individuals and their economic groups with net wealth over $5 million” as well as small and medium-sized enterprises earning between $2 million and $250 million.
"With more than $74 billion of revenue collected last financial year coming from SMEs and wealthy individuals, over a quarter of all revenue collected by the ATO, it is important that we have a good working relationship with clear expectations of each other," said commissioner of taxation Michael D'Ascenzo this week as he launched the new publication Tax compliance for small-to-medium enterprises and wealthy individuals.
This is the first time that the ATO has published detailed information on its approach to managing tax compliance risks for SMEs. 
"Those risks that attract our attention include things like where tax performance varies substantially from business performance, there are inconsistencies in activity statements or spikes in refund claims, or there are large one-off or unusual transactions," D'Ascenzo says.
"By publishing information on how we assess risk and what attracts our attention, we intend to provide more practical certainty for taxpayers.
The publication also details what SMEs and wealthy individuals can expect as part of an audit and review process, how to avoid or reduce the risk of administrative penalties, it also outlines the range of options available in resolving disputes with the ATO.
The ATO says that several characteristics may attract its attention, including:
<ul style="font-family: Verdana, Arial, Helvetica, sans-serif; font-size: 10.909090995788574px;">
<li>tax performance varying substantially from business performance</li>
<li>inconsistencies in activity statements or spikes in refund claims</li>
<li>large, one-off or unusual transactions</li>
<li>tax and economic performance varying significantly from similar businesses in the same industry</li>
<li>unexplained losses</li>
<li>a history of aggressive tax planning by individuals or their advisers</li>
<li>weaknesses in compliance structures, processes and approaches</li>
<li>tax outcomes inconsistent with the intent of tax law</li>
<li>lifestyle not supported by after-tax income</li>
<li>treating private assets as business assets</li>
<li>accessing business assets for tax-free private use</li>
<li>not disclosing offshore dealings with overseas entities, especially low-tax jurisdictions and tax havens that allow banking secrecy</li>
<li>using complex structures and intra-group transactions to minimise tax</li>
<li>transactions where the tax and economic outcomes are inconsistent</li>
<li>poor governance and risk-management systems</li>
<li>distortions and inconsistencies in market valuations and apportionments</li>
<li>business performance falling outside small business benchmarks (for businesses with turnover of up to $15 million).</li>
</ul>
About 250 wealthy individuals face a review this year.
The ATO is watching 2,600 wealthy individuals but says there are a potential 3,000 who could also fit into the category.
In its overview of the SME market, the ATO says that “wealthy individuals are behind some of Australia's largest and most successful businesses.
“They employ many Australians and significantly contribute to our economy and tax revenue. They can operate their own self-managed super funds. Many take on a great deal of personal risk to build their businesses.
“Given their positions of influence it is important they do not take unacceptable risks when it comes to tax compliance,” says the ATO.
<a target="_blank" href="https://www.ato.gov.au/businesses/content.aspx?doc=/content/00129961.htm&amp;alias=smecompliance">The guide can be viewed online on the ATO website.</a>
 
 
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Wealthy property investors facing tax scrutiny as ATO launches new tax compliance guide

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Property developer Devine has reported sales of 425 apartments in the first two towers of its $500 million Hamilton Harbour mixed-use development and an overall better outlook for the inner-Brisbane housing market.
Devine reported the sales success at Hamilton Harbour as one of the highlights of its financial year as it reported an underlying profit after tax of $11.1 million but a statutory after tax loss of $12.9 million.
The result was within the prior guidance issued by the company in June.
In its previous annual results Devine reported a net profit after tax of $20.2 million - a 147% increase from the previous year.
Devine managing director and CEO David Keir said the company was “particularly pleased with the progress at Hamilton Harbour".
Taking a wider view, Keir said property and housing markets continued to be “impacted by low consumer confidence, with demand hampered by global and domestic economic uncertainty”.
“Sales levels over the past 12 months were also impacted by the lending practices of banks and the conservative approach taken by valuers and the winding back of government stimulus in our key markets.”
Devine says 90% of total apartments in the two Hamilton Harbour towers have now been settled.
Construction of both towers is now complete with a third tower now under construction.
There are 13 apartments available for purchase in tower one and 31 available in tower two.
Devine says the inner-Brisbane market, the focus of more than 40 apartment projects by a variety of developers, is now stable after a “prolonged period of weakness” with successive quarters of good volume sales.
The Hamilton Harbour precinct located between Racecourse Road and the Brisbane River in Hamilton is a joint venture between Devine and Leighton Properties with one-bedroom apartments starting at $425,000.
Devine says price is continuing to drive the majority of sales with 70% of unconditional sales under $550,000.
The Midwood report recorded 30 sales at Hamilton Harbour in the May quarter with a median price paid per square metre was $6,831 – making it the <a href="https://www.propertyobserver.com.au/residential/brisbane-high-rise-apartment-sales-down-31-in-may-quarter-midwood/2012062755299">second strongest selling inner Brisbane projects over the quarter behind Madison Heights</a>.
Devine expects Tower three settlements to commence prior to December 2012 and contribute to current year earnings with almost 70% of this tower contracted.
Devine says one of the other highlights for the year was development approval being granted for its $1.4 billion master-planned residential community in Gladstone.
Marketing of the community commenced in February 2012 with the first two stages sold out within two months.
Devine expect core markets in Queensland, Victoria and South Australia to start showing improvement throughout the 2013 calendar year as the combined impact of lower interest rates, improved housing affordability and historically low unemployment help to improve sentiment towards residential property.
Devine has a development pipeline of 14,500 lots.
For insights into the inner Brisbane property market, download Property Observer’s free ebook: <a href="http://propertyobserver.com.au/ebooks/free-ebook-the-brisbane-inner-city-market">Brisbane's inner-city urban renewal</a>
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Inner Brisbane apartment market picks up as Devine reports 90% of Hamilton Harbour towers sold out

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The flat mortgage and housing market conditions are expected to persist into 2013, according to mortgage broker Mortgage Choice, which managed to grow both its market share and franchise numbers in the 2012 financial year but reported a drop in cash profits.
Mortgage Choice reported net profit after tax of $15 million for the year ending June 30, a fall of 5.7% on the 2011 financial year, in line with earlier guidance.
Last year Mortgage Choice revealed 2011 full-year cash profits of $15.9 million, an increase of 7.4% on the $14.8 million achieved in the 2010 financial year.
At a press briefing today, Mortgage Choice CEO Michael Russell described the mortgage and housing market picture as “benign but in the black”, with ABS housing finance figures showing a 2.9% rise in new mortgage commitments for financial year.
"I can't see any reason for this to change materially from last year.
"We have seen a correction in median house price in past couple of years. My view is for a stable outlook going forward over the next year or two.
Russell says Australia is fortunate that it has an "incredible undersupply of housing issue", which "is real".
As a result he can’t see "any fall of the cliff but a fairly flat house price environment".
Russell expects at the most one more rate cut, possibly in November, but says a 25-basis-point cut would not have much impact on the market.
He says tailwinds in the market are being negated by headwinds.
Tailwinds affecting mortgage lending are "steady population growth, a stable interest rates outlook, fierce competition among lenders, low unemployment and an undersupplied housing market".
Headwinds are "out-of-cycle interest rate movements, increased lender funding costs, global economic uneasiness, falling house prices and consumers deleveraging and saving more".
The total value of loans written by Mortgage Choice brokers and aggregator LoanKit grew by 6.4% to $45.1 billion over the 2012 financial year, with its market share increasing from 4.2% to 4.6% of all new home loans written – peaking at 4.9% (almost one in 20 new loans) in March and April.
Mortgage Choice reported a 13% rise in approvals to $9.9 billion as well as a 11% rise in settlements to $8.7 billion.
Mortgage Choice brokers were paid an average upfront commission of 0.6%, with CFO Susan Mitchell pointing out that all of its brokers are paid the same rate so are not financially motivated to send one home loan to one lender over another.
Mortgage Choice reported that its franchise business had shown growth after growth stalling in the previous three years.
Franchise numbers increased by 12 to 380, the highest number since January 2009, while franchise owners increased from to 330 to 338, the highest since July 2008.
Russell says the key messages was that this was a “solid result, reflects our commitment to diversifying our business running in conjunction to our core business”.
“This is a very pleasing result for the second half of the financial year.”
Mortgage Choice declared a fully franked dividend of 7¢ per share for the second half of the year.
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Benign but in the black: Mortgage Choice CEO Michael Russell's call on mortgage and housing market

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A new tranche of 10 refurbished Sydney 7-Eleven service stations and attached convenience stores have been listed for auction on September 25.
The combined retail and service stations have held strong appeal for commercial property investors with two tranches – one in Brisbane and one in Sydney – selling at auction earlier this year, with yields ranging betwen 5.6% and nearly 7.7%.
Last year more than $90 million worth of refurbished 7-Eleven service stations sold at auction in a similar yield range, with many snapped up by self-funded retirees.
As with previous batches, the 10 Sydney stores comes with new 15-year leases plus renewal options and guaranteed 4% annual fixed rent increases.
The highest-earning service station in the new batch is a 1,688-square-metre site at 336 Georges River Road in Croydon Park in Sydney’s west, which has an annual rental of $280,000.
The Roselands and West Ryde stations earn the lowest annual rent, at $150,000 per year each. 
Other 7-Eleven service stations are located at Berowra (the biggest site measuring 3,174 square metres), Bexley, Campbelltown, Glendale, Kirrawee, Rockdale, Roselands, Rozelle and West Ryde.
The marketing campaign is being handled by Jones Lang LaSalle agents John Macree , Jeff Moxham, Anthony Bray, Leslie Cheng and Michael Ajaka.
Interested buyers can register their details at a <a href="https://www.joneslanglasalle24seven.com.au/">dedicated Jones Lang LaSalle site.</a>
The most recent auction of 7-Elevens was a tranche of six in Queensland in April this year.
Five of the six sold at auction, with prices ranging from $1.5 million for a 2,365-square-metre 7-Eleven service station in the north Brisbane coastal suburb of Sandgate to $2.35 million paid for a 3,700-square-metre service station in Springwood, south of Brisbane.
Yields ranged from 5.67% to 7.73%, similar to the 5.75% to 7.7% yields achieved following the recent successful auction of <a target="_blank" href="https://www.propertyobserver.com.au/retail/self-funded-retirees-continue-to-snap-up-nsw-7-elevens-service-stations-drawn-by-high-yields/2012032754031">10 NSW 7-Elevens</a>, where prices ranged from $2.2 million to $3.9 million.
<a href="https://www.propertyobserver.com.au/retail/self-funded-retirees-continue-to-snap-up-nsw-7-elevens-service-stations-drawn-by-high-yields/2012032754031">In March 10  NSW 7-Eleven service stations sold at auction</a>, with the assets again proving popular with retirees with self-managed super funds due to their high rental yields.
The 10 petrol stations sold in a price range from $2.2 million to $3.9 million, with yields ranging between 5.75% and 7.7% and an average yield of 6.81%.
The service stations are being sold as part of a sale program kicked off by 7-Eleven following its acquisition of 295 service stations from Mobil Retail in May 2010.
Since acquiring the Mobil business, 7-Eleven has been converting the Mobil stores into 7-Eleven service stations with attached convenience stores.
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Refurbished 7-Elevens service stations to tempt Sydney property investors with $150,000-plus rents

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The high Australian dollar, a wealth of available information and an enduring love affair with France mean more Australians are buying property in France than ever before. So is it a realistic option for you?
While there is no hard evidence as to the number of Australians who own property in France, the anecdotal evidence is plenty.
For a number of reasons – of which a remarkably strong Australian dollar is one – Australians are looking to France for property investments, especially as affordability in the Australian market becomes an issue and French mortgage rates hover somewhere between 2.95 and 4.4 per cent.
For many, these factors – along with the growing ease with which people can research online – have resulted in an unprecedented opportunity: the ability to own a house in France without having to take on crippling financial risk.
For a growing number of Australians, owning a piece of a country that has long beguiled them is becoming a reality.
Moving on in
One man who has witnessed the rise and rise of French property sales to Australians is Melbourne-based notary and lawyer Michael Bula.
In his 30th year of practice at Michael Bula Solicitors International Lawyers &amp; Notaries, Bula has been at the forefront of French property conveyancing and is witnessing a flourishing market.
"It is booming," says Bula. "I haven't ever had as many conveyancing files as I have now. This year, they would have at least doubled or tripled."
While the strong Australian dollar is certainly playing a significant role in this trend, another factor, says Bula, is the wealth of information now available for those looking to investigate the market.
"There are a lot of books out there, and there is an information explosion via the internet, as well as Twitter and Facebook," he says.
"Social networking has really done a lot for the market. The information is there, and there is more anecdotal evidence that people are buying in France. It all makes it more doable and on the radar."
As awareness grows about the possibilities in France, the natural question posed is whether it is even possible for Australians to buy property in France, "just like that".
Bula sees this as an obvious question, given historical realities in other European countries such as Italy and Poland, which have imposed restrictions on non-European investment in the past.
But the reality is that Australians can buy in France, and more and more are choosing to do so.
"Australians are getting well known locally in France, because we are buying more and more properties," says Bula.
"I am dealing with a French agent at the moment who said, 'I have had all these Australians in my office! What is going on?'"
Chasing the sun
According to Bula, while many property sales have traditionally been in the major cities such as Paris, Australians are turning towards purchases in more rural areas of France.
This is primarily due to two things, according to Bula: affordability and sunshine.
As such, Australians are gravitating towards the south of France, to regions such as Languedoc-Roussillon and Provence.
"I am definitely seeing a trend more to the provinces and rural areas," says Bula. "They are not necessarily far from regional centres, but most of my files from this year have been in the southern sections of France. I think the climate is renowned for being more temperate than the north of France ... and it is also the pricing, which is just fantastic in the south."
The good news is that those Australians who are buying in regional areas are generally receiving warm welcomes from the local communities.
"Australians are certainly on the radar in France, and I think with a very good image," says Bula.
"It is very reassuring, because it means that when they have bought, when they go to the local restaurant ormairie, they get a great reception ... That is a great selling point, because you know you'll feel welcomed and that you won't get the cold shoulder. It's quite the opposite."
 
<hr class="system-pagebreak">
 
Tread carefully
While buying in France is a dream for many Australians, Bula still urges his clients to be cautious about the decisions they make, especially when it comes to expectations about rental income and resale.
"I always say to clients that they shouldn't think they'll make a fortune on rental. They can kiss that goodbye, and they might even have trouble selling it," says Bula.
"But very rarely have I encountered a person who genuinely believes they're going to make a fortune by investing in France. You can make a fortune investing in any country if you know what you're doing, but the property market in Europe isn't brilliant. You can snap up a good deal when you're buying, but people need to remember that they might have to sell. People generally say, 'We'll cross that bridge when we come to it'."
And according to Bula, the reason behind such an attitude is easily explained, and it comes down to the fact that Australians really do love France, and the opportunity to live the dream outweighs any real notions of financial gain.
"I think Australians have a yearning. The Portuguese have a beautiful word, which is difficult to translate – saudade – which is a yearning ... I think it is to do with old Europe, the sense of imagery in Europe ... It is so colourful, historical ... It is something that validates you and identifies you. It may even relate to your ancestry. France is a melting pot of all that European symbolism," says Bula.
"Australians yearn for that."
What you need to know:
Can Australians buy property in France? Yes!
Where are we buying? In the south of France, primarily in rural areas not far from regional centres
What are we buying? Village houses and apartments
Why should we consider buying? The strong Aussie dollar, depressed European economy, low house prices and low mortgage rates
What do we need to watch out for? Be realistic about rental income and resale expectations
<a href="https://frenchlivingmag.com.au/" title="This article first appeared in French Living Magazine" target="_blank">This article originally appeared in French Living magazine</a> and was republished by <a target="_blank" href="https://www.womensagenda.com.au/">Women's Agenda.</a>
Photography by Patrick-Alain Prouteau courtesy of <a target="_blank" href="https://www.flickr.com/">Flickr</a>.
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The je ne sais quoi of why Australians are investing in French property

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<img src="/images/stories/2012/08/15point7m.gif">
 
How much a local private investor has paid for the Coolum Park Shopping Centre on Queensland’s Sunshine Coast . The sale was negotiated by Peter Tyson and Jon Tyson of Savills Retail Sales at an initial yield of approximately 8.4%. The property was sold by a syndicate managed by Adelaide-based PPI Funds Management (PPI) Constructed in 2004, the Coolum Park Shopping Centre is set on a prominent 1.88-hectare site at South Coolum Road. It features a total floor area of 3,992 square metres, anchored by a 2,800-square-metre Woolworths plus 12 specialty shops   
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<img src="/images/stories/2012/08/595k.gif">
How much a Brisbane-based investor has paid at auction for a 291-square-metre modern warehouse/office facility with an established tenant at Maroochydore on Queensland’s Sunshine Coast. The high-bay commercial unit at 2/82 Sugar Road, Maroochydore, was sold by Ray White Commercial Caloundra’s Alan Gray and Len Greedy. There is currently an eight-year lease in place to Signwave Sunshine Coast, with a five year renewal option available.
 
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<img src="/images/stories/2012/08/6point8m.gif">
The price paid by Melbourne-based developer Three Pillars Property Group for a large residential development site at Notting Hill in Melbourne’s south-eastern suburbs via a public tender conducted by Savills Australia. Savills selling agent Nick Peden says the purchaser has plans to redevelop the site for about 70 townhouses. Situated on Normanby Road in the City of Monash, the former Monash Primary School site comprises a vacant 16,610-square-metre land parcel situated within the prized Notting Hill residential precinct. The vendor was the Victorian state government.
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<img src="/images/stories/2012/08/1point23m.gif">
How much a purpose-built warehouse/office facility at Mount St John in Townsville has sold for. The site of the former Nestle cold store at 25 Crocodile Crescent, Mount St John, was sold by Ray White Commercial Townsville co-principals Graeme Russell and Adrian Pascoe on behalf of owners PK Holdings Pty Ltd. The property was sold to Tweed Wholesale Bait Supplies Pty Ltd, a family-owned company. The facility comprised a 107-square-metre office and a 184-square-metre warehouse.
 
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<img src="/images/stories/2012/08/7m.gif">
The price paid for an industrial property in Brisbane’s sought-after industrial Golden Triangle picked up by a private syndicator from Sydney. The property located at 71 Stradbroke Street in Heathwood was sold by Troy Whalan and Simon Beirne of Colliers International on behalf of 360 Capital. The 18,240-square-metre property is occupied by two separate modern freestanding office/warehouses of concrete tilt slab construction with a total net lettable area of 5,540 square metres and is fully leased at yield of more than 10%.
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Commercial hammer prices: Sunshine Coast shopping centre sold for $15.7 million

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Queensland’s Isaac region, which includes much of the coal-rich Bowen Basin, delivered the strongest capital gains to investors over the past year.
RP Data 12-month figures for the year to May show that Isaac house prices increased by 30.7% over the past year to a median of $572,500.
Over the past five years, Isaac house prices are up a cumulative 71%.
Gladstone was the next best mining region, with annual house price growth of 13.4% to a median of $465,000, followed by Port Hedland in the Pilbara region of WA (up 12.8% to) a median of $850,000.
Port Hedland has the highest median price of all mining towns and also recorded the highest cumulative house price growth as well (119%) over the past five years.
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However, not all mining towns showed stellar capital growth over the past 12 months with the Whitsunday region, which is home to the township of Bowen, and Port Pirie in South Australia recording declines in their median selling price of 12% and 8% respectively.
Modest house price growth was recorded for Mount Isa (1.2%), Mackay (2.4%), Kalgoorlie/Boulder (3%) and Whyalla (4.8%).
RP Data’s Cameron Kusher points out that over the past 10 years all regions excluding Musswellbrook (9.7% per annum) and Kalgoorlie/Boulder (9.6% per annum) recorded average annual growth in median selling price exceeding 10% per annum.
“Once again, Isaac is the standout, with median prices increasing at an average annual rate of 32.3%.”
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Property investors still striking gold in Queensland’s Bowen Basin, but many markets stagnate: RP Data

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.

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[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.

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<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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