<html><body>
The number of owner-occupier home loans approved in June rose 1.3% to 46,859 on a seasonally adjusted basis, according to the latest ABS housing finance data.

This was up from a slightly upwardly revised figure of 46,280 home loans in May (the unrevised figure was 46,120 loans).

However, the June rise was below economists' forecasts (as polled by Bloomberg) of a 2% rise in housing finance commitments in June following the successive rate cuts in May (50 basis points) and June (25 basis points).
By state, outcomes for May were mixed. Excluding refinancing loans were up 4.4% in Victoria, 2.3% in NSW and 1.8% in SA but about flat in WA (+0.2%) and down 3.6% in Queensland.
Loans for the purchase of new dwellings rose 9.7% to 2,210 while construction loans rose 4.9% to 5,410.

Business Spectator columnist Stephen Koukoulas called this an “encouraging result” in a tweet this morning.

The June mortgage figures also show that banks had 88% of the market over the month.

The total value of mortgages lifted 2.4% on a seasonally adjusted basis to $20.724 billion. This was in line with expectations.
Between June 2012 and May 2012, the average loan size for first-home buyers rose $3,600 to $289,400.
The average loan size for all owner-occupied housing commitments rose $1,900 to $295,500 for the same period.
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lschlesinger-FZcF9M3vE6

Mortgage approval numbers lift 1.3% in June, below expectations, but some encouragement for new housing: ABS

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Stockland’s Highlands residential community in Craigieburn in Melbourne's outer north – its number-one selling residential project for the 2012 financial year – will become the “blueprint” for all future projects, says Stockland managing director Matthew Quinn.
Set against the backdrop of the surrounding Craigieburn hillside and with views of the CBD skyline, the $1.4 billion project achieved 550 sales over the year, well ahead of Stockland's next best performing community – North Lakes, 25 kilometres from Brisbane, which achieved sales of 360 lots over the year.
About 3,000 families are now living in the Highlands community, with 46% of the 7,058 lots sold as of June 30.
<img src="/images/stories/2012/08/stocklandaug6.gif">
In addition to the residential component, Highlands also features retirement living and schools, together with retail and commercial amenities.
Sales in this project as well as other Victorian projects were boosted and brought forward by government stimulus – the $13,000 first-home buyer boost ended on June 30, but Quinn highlighted a number of other factors in its success.
<img src="/images/stories/2012/08/stockland2.jpg">
“It’s a great community offering an affordable product, which now also has a retail centre in place," he says.
“It has all the amenities people are looking for and is the textbook project of how all communities should be developed.
“It will be the blueprint for future communities,” says Quinn.
<img src="/images/stories/2012/08/highlands3.jpg">
A four-bedroom house in Highlands is priced around $344,000, which is less than the median house price in the area and part of Stockland’s strategy of providing affordable housing targeted at families and first-home buyers.
 The community has an entry price of $311,000, compared with a local median price of $350,000.
Lots are priced from $130,000 to $262,000.
The community features a 7,100-square-metre Stockland Highlands Shopping Centre  with a Woolworth’s supermarket as the anchor tenant along with speciality stores and piazza-style town square.
A local Craigieburn bus service – route 533 – operates from 6.30am to 9.30am linking the shopping centre to the train station.
The bus services runs every 30 minutes and takes about 20 minutes.
<img src="/images/stories/2012/08/highlands4.jpg">
The community also features 150 hectares of planned open space, with a park within walking distance of every home, the Highlands lake, wetlands, walking trails and Waterside Café.
Highlands is also close to a number of primary and secondary schools, a childcare centre and the $16.7 million Hume Global Learning Centre.
Other nearby projects to open soon a $6.3 million Craigieburn Child &amp; Family Centre and the Highlands Hotel &amp; Entertainment Complex, due to open soon.
The Highlands display centre offers 47 different home types to choose from with builders Carlisle Homes, Burbank, Boutique, Homebuyer's Centre, Simonds, Urban Edge, Eight Homes, Orbit, Porter Davis, Henley, Metricon, Bentley, Dennis Famil, JG King, Allied and Zuccala.
Stockland’s next biggest Victorian residential community project, Mernda Villages, also in the outer North of Melbourne, notched up 280 lot sale over the year.
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Stockland’s Highlands residential community in Craigieburn to be 'blueprint' for all future projects

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Australia’s biggest residential developer, Stockland, has reported a 35% drop in statutory profit to $487 million for the 2012 financial year to June 30.
Despite achieving record number of residential lot settlements for the year Stockland, suggests cautious buyers have not responded as they have in previous rate-cutting cycles.
The developer’s residential development arm settled a record 5,388 lots but still reported a 15% drop in full-year profits of $198 million, compared with $233 million in 2011, principally due to a fall in profit margins.
Stockland reported that profit margins had come under pressure due to the changing project mix and lower superlot settlements.
Stockland managing director Matthew Quinn, presenting his last full-year results before retiring next February, said rate cuts were not encouraging borrowing or stimulating the housing market.
Quinn described the housing market as the toughest since the late 1980s, when he joined the group.
He called the full year performance a “reasonable result in what continues to be a very challenging operating environment”.
Quinn noted that pre-GFC, a 2% interest rate cut had resulted in a 10% increase in housing credit growth but that post-GFC, the same interest rate cut had resulted in only 3% housing credit growth.
Furthermore, he said that in previous cycles  dwelling approvals picked up within three months of rate cuts, but in this cycle dwelling approvals had declined.
However, he said the overall housing market fundamentals remained strong, with strong population growth and an undersupplied housing market.
He noted the growing number of 25- to 34-year-olds – the peak household formation age group – and a low unemployment rate low at 5.2%. He also noted housing supply had been lower than underlying demand for some time, with undersupply estimates ranging from 130,000 to 240,000 homes.
Mark Hunter, head of Stockland’s residential business, said the developer was targeting corridors that had outperformed the market – the strongest being NSW.
Hunter expects the 2013 financial year to also be challenging.
Stockland will begin the new financial year with 1,561 deposits, about 700 fewer than last year.
But Hunter says there are signs the market is near the bottom but recovery is likely to be slow as consumers remain very cautious and lack urgency.
“We expect decline in first-home buyers with re-emergence of upgraders.
“WA is showing signs of recovery, but Queensland and Victoria are weak, with NSW improving but with low margins."
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Stockland profits slide 35%, with slower than normal response from cautious residential buyers to rate cuts

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Australia’s construction industry contracted for the 26th consecutive month in July, with a steeper pace of decline recorded in house building, according to the latest Australian Industry Group (AIG) Australian Performance of Construction Index.
The construction industry failed to rebound despite successive rate cuts in May and June, with AIG director of public policy Peter Burn noting that ongoing slumps in commercial and housing construction were the biggest drags on activity.
The index, which is compiled in conjunction with the Housing Industry Association (HIA) and is based on surveys of a representative sample of construction firms, was 2.2 points weaker in July, recording 32.6 for the month.
All four sub-sectors remained firmly in contractionary mode in July: House building (28), commercial construction (26.1), apartment building (32.9), and engineering construction (39.5).
Construction industry employment also slumped, while the key new-orders sub-index was broadly unchanged – up slightly, but still contracting at 33.9.
Readings below 50 indicate a contraction in the industry with the distance from 50 indicative of the strength of the decline.
Click to enlarge
<a href="/images/stories/2012/08/hiaaug8.gif" rel="shadowbox" title="Click to enlarge"><img src="/images/stories/2012/08/hiaaug8thumb.gif"></a>
One positive development was the marked slowing in the rate of decline in apartment construction activity consistent with the recent lift in multi-unit approvals.
This sub-index increased by 11.1 points to 32.9 points.
"A slower rate of contraction in apartment building in July is a positive sign, but the reality is that it still means yet another month in which activity has declined,” says HIA senior economist Andrew Harvey
“Meanwhile the core ‘detached housing’ segment of residential building contracted at a faster rate than in the previous month.
“A total of 125 basis points of cuts in official interest rates since late 2011 is yet to have a discernible impact on residential building, not helped by cautious consumers and a policy environment that sees new housing at a considerable disadvantage to established housing due to excessive taxation,” Harvey says.
Commercial construction continued to exhibit substantial weakness, while the lower interest rate environment has yet to translate into an improvement in house building activity.
New orders in the house building sector also declined falling 2.1 points to 30.3 signalling a sharper rate of contraction in the month.
Businesses surveyed attributed the ongoing decline in construction activity to subdued demand conditions, citing low levels of new orders, project delays and weak confidence among consumers and investors.
The survey also revealed intense competition for existing contracts and difficulties in obtaining credit or funding for the lack of new construction work.
“Two bright spots in July were an easing in the rate of decline in apartment construction activity and a pick-up in the engineering construction new orders sub-index.  However, with new orders and employment levels across the industry continuing to fall, the new financial year has brought little to cheer about," says Burn.
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New home building fell for 26th straight month in July: AIG/HIA index

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The Melbourne housing market is currently treading water, according to Monique Sasson Wakelin, who describes the property market as "flat as a pancake over June 2012 quarter". Wakelin reached that conclusion by averaging out divergent housing price data from different analysts.
Rather than enter into the current debate over which data provider is "right", Wakelin says “the truth probably lies somewhere in the middle”.
“We like to consider all of the data sets and then report an average of all the results for the national market. We do the same for the Melbourne market by adding in the recently published data from the Real Estate Institute of Victoria,” she says.
The average Melbourne house price data as reported by the ABS, RP Data-Rismark, Australian Property Monitors, Residex and the REIV showes an average quarterly decline of 0.12%, with prices down 5.14% over the past 12 months.
Melbourne housing market
<table width="398" cellpadding="0" cellspacing="0" border="1"><tbody>
<tr>
<td valign="top" nowrap width="185">
Provider
</td>
<td valign="top" nowrap width="104">
June Quarter change (%)
</td>
<td valign="top" nowrap width="109">
Annual change (%)
</td>
</tr>
<tr>
<td valign="top" nowrap width="185">
Australian Bureau  of Statistics
</td>
<td valign="top" nowrap width="104">
-0.4
</td>
<td valign="top" nowrap width="109">
-4.8
</td>
</tr>
<tr>
<td valign="top" nowrap width="185">
RP Data-Rismark
</td>
<td valign="top" nowrap width="104">
-3.4
</td>
<td valign="top" nowrap width="109">
-6.6
</td>
</tr>
<tr>
<td valign="top" nowrap width="185">
Australian Property  Monitors
</td>
<td valign="top" nowrap width="104">
1.6
</td>
<td valign="top" nowrap width="109">
-2.6
</td>
</tr>
<tr>
<td valign="top" nowrap width="185">
Residex
</td>
<td valign="top" nowrap width="104">
-1.3
</td>
<td valign="top" nowrap width="109">
-6.4
</td>
</tr>
<tr>
<td valign="top" nowrap width="185">
Real Estate Institute  of Victoria
</td>
<td valign="top" nowrap width="104">
2.9
</td>
<td valign="top" nowrap width="109">
-5.3
</td>
</tr>
<tr>
<td valign="top" nowrap width="185">
Average of 5 providers
</td>
<td valign="top" nowrap width="104">
-0.12
</td>
<td valign="top" nowrap width="109">
-5.14
</td>
</tr>
</tbody></table>
 A similar pattern for the national data emerges of a small quarterly decline (-0.25%) and larger 12 month fall (-2.65%).
<table width="407" cellpadding="0" cellspacing="0" border="1"><tbody>
<tr>
<td valign="top" nowrap width="147">
Provider
</td>
<td valign="top" nowrap width="161">
June Quarter change (%)
</td>
<td valign="top" nowrap width="100">
Annual change (%)
</td>
</tr>
<tr>
<td valign="top" nowrap width="147">
Australian Bureau  of Statistics
</td>
<td valign="top" nowrap width="161">
0.5
</td>
<td valign="top" nowrap width="100">
-2.1
</td>
</tr>
<tr>
<td valign="top" nowrap width="147">
RP Data-Rismark
</td>
<td valign="top" nowrap width="161">
-1.2
</td>
<td valign="top" nowrap width="100">
-3.6
</td>
</tr>
<tr>
<td valign="top" nowrap width="147">
Australian Property  Monitors
</td>
<td valign="top" nowrap width="161">
0.4
</td>
<td valign="top" nowrap width="100">
-1.6
</td>
</tr>
<tr>
<td valign="top" nowrap width="147">
Residex
</td>
<td valign="top" nowrap width="161">
-0.7
</td>
<td valign="top" nowrap width="100">
-3.3
</td>
</tr>
<tr>
<td valign="top" nowrap width="147">
Average of 4 providers
</td>
<td valign="top" nowrap width="161">
-0.25
</td>
<td valign="top" nowrap width="100">
-2.65
</td>
</tr>
</tbody></table>
Writing on her blog, Wakelin says the averaged figures pass the “smell test”.
“They concur with what we see and hear around the country – that is, prices are probably down around 5-10% or so across our major capital cities over the last 12 months, but that the market has been reasonably steady in the last quarter, as participants begin to respond to lower interest rates.
“While these figures are by no means definitive or irrefutable evidence that the property market has bottomed, they should give investors and home buyers a fair degree of confidence that the worst is behind us,” Wakelin says.
In his June quarter update, REIV chief executive Enzo Raimondo made similar observations about the Melbourne property market.
Raimondo says a combination of "broader economic factors, slowing population growth and continuing low levels of consumer confidence, have resulted in no real capital growth in the residential market this year".
“Both buyers and sellers are approaching the market in a conservative manner. This is translating into a lower number of sales than is present in a strong market and as a result, no real price growth has been recorded," Raimondo says.
“The real estate market moves in cycles and, after the initial price falls in 2011, it is now in a period of stability marked by low activity.
“The median price has fallen 5.3% over the past 12 months but, as the overall median has not changed in the past six months, this indicates that the market has plateaued and is likely to remain like this until confidence improves."
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Melbourne property market 'flat as a pancake' but the worst is behind us: Monique Sasson Wakelin

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Westpac chief economist Bill Evans has continued to revise expectations of the next RBA cash rate cut but is sticking with his forecast of at least one more reduction in 2012.
But he is rapidly running out of monetary policy meetings for this to happen, with November now tipped by Evans as the next likely time the RBA will move.
If the forecast were to be pushed back even further, this would only leave December 4 for one more rate cut in 2012 – a far cry from Evans' end-of-May forecast of a 2.75% cash rate by year-end.
The RBA does not meet in January.
Evans was most bullish at the end of May, following the 5o-basis-point cash rate cut, correctly forecasting a 25-basis-point rate cut in June.
However, expectations of further rate cuts in July and August did not eventuate. Evans also said at the time that he expected another rate cut in the fourth quarter, bringing the cash rate down to a record low of 2.75%.
These expectations have been revised back over the last few months as the property market shows some signs of life, unemployment remains low and the domestic economy performs in line with expectations.
Following yesterday’s RBA decision to keep the cash rate on hold in August, Evans said the subsequent monetary policy decision statement suggested November was now the most likely month for the next rate cut.
"[Yesterday’s] monetary policy decision statement gave little encouragement that a move in September can be expected, and it may be that even October will be a little early given the likely 0.8% print for GDP growth in the June quarter on September 5," Evans said.
On July 17 Evans pushed back Westpac’s forecast for the next rate cut from August to either October or November.
Evans is by no means the only economists to back-track on rate cut forecasts, with the Commonwealth Bank’s Michael Blythe also pushing back forecasts from August to November.
“The main pressure for lower rates reflects global risks – either directly through slower growth and financial market volatility or indirectly through lower commodity prices and a falling terms-of-trade. We retain a rate cut in our forecast profile for November partly as a reflection of those risks,” Blythe said.
However, Evans' revisions will be eagerly followed.
He was the first noted economist to tip the RBA to begin its current rate cutting cycle in November last year, tipping it as early as mid-2011 – while other economists did not foresee a rate cut and some even forecast rates to rise.
Analysing yesterday’s statement from the RBA, Evans found comments to encourage both interest rate doves and hawks.
He said the statement included “subtle changes in the wording around some of the risks to the outlook” but that there was “nothing that would indicate a material change in the bank's 'wait and see' attitude”.
But he said there was still some encouragement in the governor’s wording for “doves” like Westpac, which is forecasting a December quarter rate cut.
“Whereas in July he referred to the unemployment rate remaining low in this statement he notes "unemployment has THUS FAR remained low".
“This may be partly in response to the rise in the unemployment rate from 5.1% to 5.2% as reported for June.
“The doves also received some encouragement when he referred to inflation being expected to be consistent with the target "over the next one to two years" – no time period was given in the July statement.
“On inflation we are also aware that the vank is concerned to see domestic costs slow due to the likely eventual rise in traded inflation when the exchange rate stabilises.
“In this statement he recognised that there was some evidence that domestic costs had slowed noting "domestic costs [are required to] continue their recent moderation.
“Finally the doves will be encouraged that there appears to be an air of concern around the fact that the exchange rate has remained high despite the decline in the terms of trade," Evans noted.
However, Evans also noted that there were a few comments in the governor’s statement to “encourage the hawks”.
“The governor noted that "Australian banks have had not difficulty in accessing funding". He pointed out that "dwelling prices have firmed a little over the past couple of months" and of course is now describing growth as "close to trend".
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Next rate cut now more likely in November, says Westpac’s back-pedalling Bill Evans

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RBA governor Glenn Stevens had only a little to say about the housing market in <a href="/news">his monetary policy decision statement </a>after leaving the cash rate on hold at 3.5%, but the brief mention he gave the property market was the first positive-leaning observation in months.
It was against the backdrop of observations that the rate of unemployment has thus far remained low, inflation remains low, and the outlook for inflation is expected to be consistent with the target over the next one to two years.
Noting monetary policy was currently easier than it was for most of 2011, the governor indicated interest rates for borrowers were a little below their medium-term averages.
The key sentence for property investors and home buyers was:
“While it is too soon to see the full impact of those (interest rate) changes, dwelling prices have firmed a little over the past couple of months, and business credit has over the past six months recorded its strongest growth for several years.” 
The governor’s assessment that the housing market had firmed a little over the past couple of months contrasts quite strongly with the terminology used to the describe the housing market in past months.
Only a month ago, in the July 3 statement he referred to the housing market as “subdued”; in June he said it had “recently declined again”; in May he again called it “subdued” and back in April he described it as “soft”.
You have to go back to February for any vaguely positive outlook about the housing market, when Stevens noted that “housing prices showed some sign of stabilising at the end of 2011”.
In the December 2011 statement prior to February's, Stevens noted that “credit growth remains subdued and asset prices have declined further over recent months”.
While hardly jumping up and celebrating a revival in the housing market, Stevens may be hinting that, just possibly, the market may have turned the corner.
No doubt, Stevens would have taken note of the 0.6% and 1% capital city growth figures recorded by RP Data-Rismark in July and June as well as the o.5% June quarter growth recorded for capital city house price by the ABS, as well as its str0nly upwardly revised March quarter figures.
All eyes will now turn to the next batch of monthly figures from RP Data-Rismark for August (released on September 1) to see whether the recovery can be sustained for a third straight month (without the inducement of a rate cut) when the spring selling season commences.
Some earlier indications of a firming market may be seen in housing finance data for June released by the ABS tomorrow.
Economists polled by Bloomberg last week are forecasting a 2% rise in the number of home loans sold over June after 1.2% fall in May.
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No longer 'subdued, 'soft', or 'declining', but 'firming': RBA’s Glenn Stevens has a new perspective on the housing market

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The Reserve Bank board would have taken into account the improvement in capital city housing markets over the past two months in deciding to keep rates on hold today, according to RP Data national research director Tim Lawless.
Lawless says improvements in capital city home values – up 0.6% in July and 1% in June according to RP Data- Rismark figures – provided “some further evidence that Australian consumers are starting to respond to lower interest rates”.
In his monetary policy decision statement today RBA governor Glenn Stevens noted that "monetary policy is easier than it was for most of 2011, with interest rates for borrowers a little below their medium-term averages"
While Stevens said it was "too soon to see the full impact" of those  interest rate changes, he said "dwelling prices have firmed a little over the past couple of months" while there was also highest demand for business credit over the past six months for "several years".
“The bank is likely to be increasingly vigilant not to overstimulate the housing market, which is likely to be one of the reasons behind their decision to keep interest rates on hold," Lawless says.
“Most of the housing market indicators are now pointing in a positive direction.  Since the start of the year RP Data has been seeing a reduction in total stock levels, clearance rates have improved, homes are taking a shorter number of days to sell and vendors are discounting their initial asking prices less.  All these factors, together with the turnaround in value declines, is point to a stabilising housing market and less of a requirement for lower interest rates,” Lawless says.
Michelle Hutchison, spokesperson for financial comparison website RateCity.com.au, says even though the RBA held fire today, variable-rate borrowers will have extra money in their pockets from two rate cuts in May and June this year.
“The Reserve Bank has cut the cash rate by 75 basis points this year and lenders have passed on an average of 52 basis points to their variable home loan customers. This is worth an extra $103 per month for a $300,000 home loan,” she says.
Hutchison says RateCity.com.au expects to see more new tactics from under lenders, under pressure from the slow mortgage growth, to encourage borrowers to spend their savings or take on more debt.
Mortgage Choice spokesperson Belinda Williamson says the decision came as no surprise with the Australian economy showing positive momentum with recent rises in retail sales, housing prices and construction activity while unemployment figures and interest rates remain low.
“All of this has contributed to a small but promising rise in consumer confidence,” she says.
“However, soft inflation figures released this month show the Reserve Bank still has room to move should our domestic economy lose balance or the situation in Europe worsen.”
Ray White Group chairman Brian White says the unchanged cash rate decision won’t stop market momentum heading into spring. “Spring is season of hope. Traditionally sales volumes measure up to 15% over the levels of the preceding autumn/winter months.” “As a company we’re seeing steadily improving monthly results in post-GFC years, and most property data providers are reporting fabulous auction clearance rates and improved home values across the board," White says. “These are all wonderful signs for our market nationally. “Sentiment is key and we’re seeing purchasers spirits are picking up. We expect the RBA decision today won’t impact those prospective buyers from engaging in the market.” 
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RBA decision to keep rates on hold influenced by improving capital city home values: RP Data’s Tim Lawless

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The Reserve Bank board has, as expected, left the cash rate unchanged at 3.5% following today’s monetary policy meeting.
The decision was in line with the sentiments of economists, with 26 out of 27 economists polled by Bloomberg last Friday expecting no change in the cash rate today.
The last time the RBA adjusted its cash rate setting was in June, when it reduced the cash rate by 25 basis points from 3.75% to 3.5%.
ANZ will make its independent rate decision on Friday (August 10).
The RBA board will next meet on September 4.
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RBA leaves cash rate unchanged at 3.5% in August

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Property Observer has scoured the most well-known mortgage comparison websites to determine the lowest variable rate home loan and one- and three-year fixed home loans currently available.
The following results are based on advertised mortgage rates listed by <a target="_blank" href="https://www.ratecity.com.au/">ratecity.com.au</a>, <a target="_blank" href="https://mozo.com.au/">Mozo.com.au</a> and <a target="_blank" href="https://www.infochoice.com.au/">infochoice.com.au</a> as of August 7:
Lowest variable rate offerings:
<table style="width: 470px;" border="1" cellspacing="0" cellpadding="0"><tbody>
<tr>
<td width="158" valign="top">
Provider 
</td>
<td width="151" valign="top">
Loan name
</td>
<td width="123" valign="top">
Rate
</td>
<td width="132" valign="top">
Comparison rate*
</td>
</tr>
<tr>
<td width="158" valign="top">
UBank (NAB)
</td>
<td width="151" valign="top">
UHomeloan Refinance
</td>
<td width="123" valign="top">
5.62%
</td>
<td width="132" valign="top">
5.62%
</td>
</tr>
<tr>
<td width="158" valign="top">
Nationwide Mortgage
</td>
<td width="151" valign="top">
True Saver Home Loan
</td>
<td width="123" valign="top">
5.65%
</td>
<td width="132" valign="top">
5.65%
</td>
</tr>
<tr>
<td width="158" valign="top">
Loans.com.au
</td>
<td width="151" valign="top">
Dream Catcher
</td>
<td width="123" valign="top">
5.65%
</td>
<td width="132" valign="top">
6.00%
</td>
</tr>
<tr>
<td width="158" valign="top">
eMoney
</td>
<td width="151" valign="top">
Pro Pack 75
</td>
<td width="123" valign="top">
5.65%
</td>
<td width="132" valign="top">
5.96%
</td>
</tr>
</tbody></table>
Lowest one-year fixed-rate offerings
<table style="width: 470px;" border="1" cellspacing="0" cellpadding="0"><tbody>
<tr>
<td width="158" valign="top">
Provider
</td>
<td width="151" valign="top">
Loan name
</td>
<td width="124" valign="top">
Rate
</td>
<td width="132" valign="top">
Comparison rate*
</td>
</tr>
<tr>
<td width="158" valign="top">
Mymortgagefreedom.
com.au
</td>
<td width="151" valign="top">
Mymortgagefreedom.
com.au fixed rate
</td>
<td width="124" valign="top">
5.44%
</td>
<td width="132" valign="top">
6.06%
</td>
</tr>
<tr>
<td width="158" valign="top">
Reduce Home Loans
</td>
<td width="151" valign="top">
Reduce Fee Free 1 Year Fixed Rate
 
</td>
<td width="124" valign="top">
5.54%
</td>
<td width="132" valign="top">
6.16%
</td>
</tr>
<tr>
<td width="158" valign="top">
UBank (NAB)
</td>
<td width="151" valign="top">
UHomeLoan for Refinance – Fixed Rate Loan
</td>
<td width="124" valign="top">
5.58%
</td>
<td width="132" valign="top">
5.81%
</td>
</tr>
</tbody></table>
Lowest three-year fixed-rate offerings
<table style="width: 470px;" border="1" cellspacing="0" cellpadding="0"><tbody>
<tr>
<td width="152" valign="top">
Provider 
</td>
<td width="158" valign="top">
Loan name
</td>
<td width="132" valign="top">
Rate
</td>
<td width="123" valign="top">
Comparison rate*
</td>
</tr>
<tr>
<td width="152" valign="top">
UBank (NAB)
</td>
<td width="158" valign="top">
UHomeLoan Fixed (refinance only)
</td>
<td width="132" valign="top">
5.54%
</td>
<td width="123" valign="top">
5.55%
</td>
</tr>
<tr>
<td width="152" valign="top">
Bank of Queensland
</td>
<td width="158" valign="top">
Fixed Loan
</td>
<td width="132" valign="top">
5.55%
</td>
<td width="123" valign="top">
6.67%
</td>
</tr>
<tr>
<td width="152" valign="top">
RAMS
</td>
<td width="158" valign="top">
Low-doc Fixed Rate Home Loan
</td>
<td width="132" valign="top">
5.59%
</td>
<td width="123" valign="top">
6.80%
</td>
</tr>
</tbody></table>
 *A comparison rate includes both the interest rate and the fees and charges relating to a loan, combined into a single percentage figure.
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Lowest rate home loan offerings: fixed and variable as of August 7

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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