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Australia’s largest mortgage broker AFG has bucked the national trend of slow mortgage growth with its loan writers processing the highest number of mortgages in July since July 2007.
AFG brokers processed 7,027 home loans over July worth a combined $2.73 billion.
This was also a 20% increase in value terms compared to the $2.29 billion processed by AFG brokers for the same month in 2011.
Figures released by <a href="/news">RBA earlier this week showed just a 0.3% growth in mortgage lending in June </a>with annualised growth at its lowest level since the 1970s.
AFG attributed its mortgage growth in part to the rise in the proportion of loans processed for first-home buyers, which increased from 15.6% of all mortgages arranged in June to 17.3% in July - the highest figure for first-home buyers since August 2010.
First-home buyers were strongest in WA, where they represented almost a quarter of all new mortgages arranged (22.7%), and were also well represented in Victoria (21.7%).
They were less in evidence in NSW (14.4%), QLD (13.8%) and SA (9.6%).
Consistent with the increase of first home buyers, the proportion of introductory loans arranged spiked from 2.9% in June to 5.4% in July.
In addition, overall LVRs – loans as a proportion of home values - increased slightly from 66.9% to 67.7% "as would be expected given that first-home buyers typically borrow most of the value of their new property".
Mark Hewitt, general manager of sales and operations at AFG says: ‘Low interest rates, soft property prices and escalating rents create a powerful cocktail of incentives to get people into the property market.
“This is especially true in WA, where these factors are probably at their strongest.’
The AFG Mortgage Index also shows non-major bank lenders gained ground among those borrowers refinancing existing loans - from 22.9% of market share in June to 26.7% in July.
Fixed rate loans held steady at16% of all loans processed, as most new borrowers opted to stick with variable rates.
Figures released by Mortgage Choice show a marked drop in demand for fixed rate loans from 18% to 15% as demand for variable rate home loans reached an eleventh month high due to speculation of another rate cut in coming months.
 “Demand for ongoing discount rate loans where the variable rate is reduced usually in return for an annual fee, rose by four percentage points to 44%, while interest in basic variable rate loans, which often have a low interest rate in exchange for fewer loan features, increased by one percentage point to 20% of all new loans,” said Mortgage Choice spokesperson Belinda Williamson.
“Borrowers’ interest in standard variable rate loans fell last month to 18% from 19%, as did the appetite for fixed rate loans, which dropped considerably to 15% from 18%.”
Western Australia was the only state to go against the grain and report a drop in variable rate demand, which fell to 81% in July from 86% in June.
The average increase of variable rate uptake across the remaining states was a rise of 3.75 percentage points.
“The vast majority of borrowers are feeling as confident about variable interest rate movements now as they did back in August 2011, a time when borrowers had experienced nine consecutive months of steady interest rates, which was followed by rate cuts,” says Williamson
For tips on refinancing and trying to navigate the current mortgage rates riddle, watch Property Observer's recent webinar: <a href="/news">How smart property buyers and investors should approach refinancing in the current environment</a>
 
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lschlesinger-FZcF9M3vE6

First-home buyers in WA and Victoria drive number of mortgages arranged by AFG brokers to five year high

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Demand for CBD office space over the first six month of 2012 has almost doubled the 20-year historical average, but  is heavily skewed towards the resource-driven capital cities of Perth and Brisbane, according to the latest Property Council of Australia’s (PCA) Office Market Report.
 
Both the Sydney CBD and Canberra’s vacancy rates tightened over this period, but this was driven by a lack of new stock coming onto these markets rather than from strong demand.
 
Over the first half of 2012 of the year, the PCA calculated that net CBD absorption – the amount of space leased minus the amount of space vacated over a given timeframe – was 243,000 square metres compared to a 20-year historical average of 120,000 square metres.
Of this total, nearly half (115,000 square metres) was absorbed in the Perth CBD with 40,000 square metres absorbed in the Brisbane CBD, with both cities accounting for a combined 68% of total net absorption.
The Brisbane CBD’s net absorption of office space was just behind that of the much larger Sydney CBD office market, which recorded net absorption of 45,000 square metres.
Net absorption in the weak Melbourne CBD office market was 34,000 square metres.
While the Perth vacancy rate eased from 3.3% to 4.2% it remains far ahead as the tightest CBD office market despite a big increase in available CBD office space following the completion of Brookfield’s 45-storey City Square office tower in June, which added 85,000 square metres of office and retail space to the CBD.
Mining giant BHP Billiton is the tower’s anchor tenant, taking 60,000 square metres of space.
<img alt="perthofficev2" height="295" width="605" src="/images/stories/2012/perthofficev2.jpg"> 
The PCA notes that occupied stock in the Perth CBD grew by a “spectacular” 12% (net), posting record supply and record demand.
"In fact, Perth's net absorption was eight times higher than the city’s historical average," noted the PCA.
Furthermore, over the six months to July 2012, the Perth CBD posted the highest demand rate of all CBD markets surveyed of 8%. The demand rate is the amount of space absorbed as a portion of total stock.
The report also identifies the adjacent West Perth market as the tightest non-CBD market with a vacancy rate of only 3.2% followed by Brisbane’s Chermside (5.1%) and the Adelaide Fringe (5.5%)
“Australia’s multi-speed economy is driving office market fundamentals and shaping business confidence,” says Property Council chief executive, Peter Verwer.
“While demand for office space is a buoyant 50% above the 20-year historical average, three quarters of net CBD absorption occurred in just Perth and Brisbane.”
“The hard economics of the resources boom is tellingly reflected in the relative performance of the nation’s office markets.”
Overall the nation’s office vacancy rate was almost unchanged at 7.8% (down from 7.9% in January 2012) and is at its lowest level since 2009.
The Sydney CBD recorded the sharpest six-month fall in vacancies, dropping from 9.7% to 8.2% while the Canberra market also delivered a slight decline in vacancies, from 10.3% to 9.8%.
However, the PCA noted that in both cases, “low levels of new supply combined with stock withdrawals had a bigger impact on the vacancy factor than strong demand”.
Despite negative demand, Adelaide’s CBD also posted a vacancy decrease from 7.8% to 7.7%, due primarily to stock withdrawals.
According to the PCA report, substantially more CBD office stock was added across both CBD and non-CBD markets than was withdrawn over the first six months of the year.
Over 343,000 square metres of new office space was added over the six months to July 2012, more than 50% higher than the 20-year historical average of 211,000 square metres – while only 110,000 was withdrawn, compared to the 20-year historical average is 118,509 square metres.
There is a total of 388,917 square metres of stock due to be added to the CBD markets in the second half of 2012, but the addition of new stock will slow in the next three years with only 404,115 square metres due to come online in 2013, followed by 135,147 square metres in 2014 and 485,056 square metres in 2015.
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Perth and Brisbane dominate record demand for CBD offices in first six months of 2012: Property Council Report

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South Brisbane has been ranked as the top investment suburb in Australia, according to Your Investment Property magazine's (YIP) annual Top 100 Suburbs report, having not even made the top 100 last year.
It is however by no means the exception, with seven out of this year's top 10 suburbs not making it onto last year’s list at all.
The 2012 top 10 is notable for the inclusions of six Perth suburbs close to the CBD and the disappearance off the top 100 list entirely of the fashionable Sydney inner city suburb of Potts Point and the outlying suburbs of Jannali and Mount Colah.
Newtown, in Sydney's inner west, which ranked fifth last year, has dropped to 17th in the 2012 survey.
The results highlight the fleeting, temporal nature of many so-called investment hotspots.
John Edwards CEO of Residex, suggests investors need to keep in mind that locations that already have a reputation for being a hotspot have most likely passed the invest-by-date by the time you actually find out about them in the published hotspots lists.
The Residex boss says a current “gem” is just that – current– and the opportunity to maximise returns has passed. He suggests finding an unpolished gem ought to be the aim.
The six suburbs that have leapt into the 2012 top 10 – having not rated a mention at all in 2011 – are all within 15 kilometres of the Perth CBD, demonstrating the impact the resources boom is having on sentiment about the Perth market.
In total, nine out of the top 20 placed suburbs are within 15kms of the Perth CBD.
Perth also just nudges Sydney in the total suburbs count with 18 suburbs compared to 17 in the NSW capital.
There are 16 in Brisbane, six in Adelaide and just four in Melbourne.
Last year Sydney had 25 suburbs in the top 100, Melbourne and Brisbane 12 each and Perth.
<table cellspacing="0" cellpadding="0" border="1"><tbody>
<tr>
<td width="565" valign="top" colspan="4">
2012 top 10
</td>
</tr>
<tr>
<td width="170" valign="top">
Location
</td>
<td width="102" valign="top">
State
</td>
<td width="151" valign="top">
Distance CBD
</td>
<td width="142" valign="top">
Last year’s ranking
</td>
</tr>
<tr>
<td width="170" valign="top">1. South Brisbane<ol></ol>
</td>
<td width="102" valign="top">
Queensland
</td>
<td width="151" valign="top">
2kms from Brisbane
</td>
<td width="142" valign="top">
Not in top 100
</td>
</tr>
<tr>
<td width="170" valign="top">2. Morley<ol></ol>
</td>
<td width="102" valign="top">
WA
</td>
<td width="151" valign="top">
9kms from Perth
</td>
<td width="142" valign="top">
Not in top 100
</td>
</tr>
<tr>
<td width="170" valign="top">3. Gladstone<ol></ol>
</td>
<td width="102" valign="top">
Queensland
</td>
<td width="151" valign="top">
550kms from Brisbane
</td>
<td width="142" valign="top">
#2
</td>
</tr>
<tr>
<td width="170" valign="top">4. Como<ol></ol>
</td>
<td width="102" valign="top">
WA
</td>
<td width="151" valign="top">
6kms from Perth
</td>
<td width="142" valign="top">
Not in top 100
</td>
</tr>
<tr>
<td width="170" valign="top">5. Perth<ol></ol>
</td>
<td width="102" valign="top">
WA
</td>
<td width="151" valign="top">
1km from Perth
</td>
<td width="142" valign="top">
Not in top 100
</td>
</tr>
<tr>
<td width="170" valign="top">6. South Hedland<ol></ol>
</td>
<td width="102" valign="top">
WA
</td>
<td width="151" valign="top">
1,308kms from Perth
</td>
<td width="142" valign="top">
#3
</td>
</tr>
<tr>
<td width="170" valign="top">7. Alexandria<ol></ol>
</td>
<td width="102" valign="top">
NSW
</td>
<td width="151" valign="top">
4kms from Sydney
</td>
<td width="142" valign="top">
#1
</td>
</tr>
<tr>
<td width="170" valign="top">8. Hornsby<ol></ol>
</td>
<td width="102" valign="top">
NSW
</td>
<td width="151" valign="top">
27kms from Sydney
</td>
<td width="142" valign="top">
Not in top 100
</td>
</tr>
<tr>
<td width="170" valign="top">9. Wembley<ol></ol>
</td>
<td width="102" valign="top">
WA
</td>
<td width="151" valign="top">
5kms from Perth
</td>
<td width="142" valign="top">
Not in top 100
</td>
</tr>
<tr>
<td width="170" valign="top">10. Fremantle<ol></ol>
</td>
<td width="102" valign="top">
WA
</td>
<td width="151" valign="top">
14kms from Perth
</td>
<td width="142" valign="top">
Not in top 100
</td>
</tr>
</tbody></table>
Source: Your Investment Property magazine
Last year’s top ranking suburb, the inner city Sydney suburb of Alexandria, this year ranked seventh while Newtown dropped to 17th and Potts Point and Jannali disappeared off the list entirely.
<table cellspacing="0" cellpadding="0" border="1"><tbody>
<tr>
<td width="310" valign="top" colspan="2">
2011 top 10
</td>
</tr>
<tr>
<td width="161" valign="top">1. Alexandria<ol></ol>
</td>
<td width="148" valign="top">
Inner Sydney
</td>
</tr>
<tr>
<td width="161" valign="top">2. Gladstone<ol></ol>
</td>
<td width="148" valign="top">
Regional Queensland (mining)
</td>
</tr>
<tr>
<td width="161" valign="top">3. South Hedland<ol></ol>
</td>
<td width="148" valign="top">
Regional WA (mining)
</td>
</tr>
<tr>
<td width="161" valign="top">4. Newman<ol></ol>
</td>
<td width="148" valign="top">
Regional WA (mining
</td>
</tr>
<tr>
<td width="161" valign="top">5. Newtown<ol></ol>
</td>
<td width="148" valign="top">
Inner Sydney
</td>
</tr>
<tr>
<td width="161" valign="top">6. Potts Point<ol></ol>
</td>
<td width="148" valign="top">
Inner Sydney
</td>
</tr>
<tr>
<td width="161" valign="top">7. Toowoomba<ol></ol>
</td>
<td width="148" valign="top">
Regional Queensland
</td>
</tr>
<tr>
<td width="161" valign="top">8. Jannali<ol></ol>
</td>
<td width="148" valign="top">
Outer Sydney
</td>
</tr>
<tr>
<td width="161" valign="top">9. Chinchilla<ol></ol>
</td>
<td width="148" valign="top">
Regional Queensland (mining)
</td>
</tr>
<tr>
<td width="161" valign="top">10, Mount Colah<ol></ol>
</td>
<td width="148" valign="top">
Outer Sydney
</td>
</tr>
</tbody></table>
Source: Your Investment Property magazine
The report notes that Perth metropolitan suburbs have performed the strongest in the top 100 list and are “currently presenting opportunities for investors to pick up very affordable properties with great access to all the amenities of the city and plenty of room for growth”.
“The CBD and surrounding markets are also expected to benefit from the mining boom, as many of the companies involved base their operations in Perth, which creates an influx of high-earning professionals renting in the area,” says YIP.
The top ranking Perth suburb of Morley (number two on the top 100) has a median house price of $470,000 and unit price of $330,000 with a rental yield of 4.26%.
Morley house prices are rising by 11.6% per annum and units rising 11.4% per annum with the suburb picked for its affordable prices, large blocks with the opportunity to renovate, great amenities and infrastructure, strong rental demand and low stock on market.
According to RP Data’s Tim Lawless, Morley, like most of Perth, has reached or is close to the bottom of the market and is set to bounce back.
Similarly Como (which ranks fourth) has comparable rates of house and unit price growth as Morley, is picked for its location, trendy entertainment area and character homes.
Local agent, Liz Sterzel from Property Wizards, describes Como as “the best place to live in Perth”.
The results of the survey are based on the input of nine property analysts including RP Data’s Tim Lawless, Hotspotting.com.au’s Terry Ryder, Sam Saggers of Positive Real Estate, Charles Tarbey of Century 21 and Aaron Maskrey of PRD Nationwide overlayed with analysis by the magazine.
While these analysts all participated in compiling the list, they did not necessarily agree with every suburb that made it onto the Top 100, or the rankings.
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Perth takes Sydney’s crown in latest Top 100 investment suburbs list: YIP magazine

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While the data may be scant, Deakin University’s Philip Soos says there is enough in the most recent annual report of the Foreign Investment Review Board (FIRB) to suggest foreigners investors are not the one’s driving up real estate prices.
Soos, researcher at the School of International &amp; Political Studies at Deakin University, says even using the “scant” information in the FIRB’s 2010-2011 annual report “a picture emerges that is at odds with the conception that a foreign horde is responsible for a flood of investment into the real estate market”.
“It is impossible to mount a case that foreign investment is a driver of increasing housing prices.
“This is no different to the National Housing Supply Council suggesting that homeless people and caravan park residents are a cause of an undersupply, pushing up prices,” he says in an article for academic commentary site The Conversation.
“The blame game in the US says that the Chinese were partially responsible for the housing and financial crises on the basis that the Chinese government’s purchases of US bonds kept interest rates artificially low, setting off the housing boom.
“Blaming foreigners for astronomical prices is nothing but a scapegoat for the policies enacted by government on behalf of bankers and landowners that makes housing unaffordable. Those who are discontented with the current states of affairs should focus their attention on our own government rather than searching for foreign influences.”
Soos says the annual report shows that the residential real estate was the primary target of investment comprising 98% of the 9,771 real estate applications made to FIRB.
However real estate applications totalled only $42 billion (23%) out of $177 billion of investment across all sectors.
“This is due to the relatively small nature of investment in real estate, compared to the larger scale of business investment,” he says.
Soos says Victoria was the target for most real estate applications, at 4,398 (45%), with New South Wales coming in at a distant second with 2,598 (27%).
“Given Victoria’s 2.2 million dwellings, with an estimated 40,000 new dwellings constructed last year, the number of foreign applications amounts to 11% of all new dwellings, a fraction compared to the total dwelling stock.
The report shows that the top country by real estate investment is the UK at $4.6 billion, followed by China at $4.1 billion, and the US in third place with $3.4 billion.
China headed the pack with the largest number of applications across all sectors, at 5,033 (47%) of the total.
Soos says the appeal of Australian property to Chinese investors combined with a steadily growing Chinese economy has resulted in concerns about foreigners “interfering” in the health of the property market.
“The evidence, however, shows that foreign investment in real estate is relatively small. Apprehension of Chinese influence (the “yellow peril”) is unwarranted, as the US and UK are collectively responsible for double the amount of Chinese investment,” he says.
Soos also noted the reluctance of the FIRB to reveal more details about foreign investment applications, highlighting that Chris Vedelago, The Age’s property reporter, used a Freedom of Information Act (FOI) request in an attempt to gain some insight into this issue, but was rebuffed by the FIRB.
 
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Concept of “foreign horde” responsible for driving up Australian house prices misplaced: Philip Soos

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There are no regions in and around Sydney that favour vendors but three markets - Blacktown, Outer South Western Sydney and the premium Eastern Suburbs market – offer a balanced market place, according to the May quarter update to the Commonwealth Bank-RP Data Home Buyer’s Index (HBI).
Overall Sydney market conditions favour the buyer in most regions, indicating the amount of stock available for sale is greater than the number of mortgage applications.
“Sydney's selling conditions have improved slightly over the last quarter, however buyers remain better positioned in negotiations than vendors. Given these conditions vendors will likely have to set more competitive prices in order to attract purchaser interest,” says the report.
Extreme buyer’s market conditions are prevalent in the Gosford-Wyong region.
<img height="315" width="407" src="/images/stories/2012/hbisydney.jpg" alt="hbisydney">
The Index is based on the ratio of properties available for sale compared with the number of housing loans that are being committed to by clients of the Commonwealth Bank.
Where the number of properties being advertised for sale outweighs the number of mortgage commitments (adjusted for market share), the market is considered to be in favour of the buyer; effective supply is outweighing demand. Where new home loans are outweighing the number of homes available for sale, market conditions generally favour the seller.
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Sydney market favours buyers except in outer West and Eastern suburbs: CBA-RP Data Home Buyers Index

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Usually dry ABS housing data has fired up debate and accusations among old property data commentary adversaries.
First came the ABS data this morning, showing a 0.5% improvement in capital city house prices and a big upward revision of March quarter data (a 0.1% decline nationally rather than a 1.1% decline) suggesting the market was flat rather than falling in the first three months of the year.
Not one to hold back on his opinions, Rismark economist Christopher Joye (<a href="https://twitter.com/cjoye">@cjoye</a>) was quick to tweet about the ramifications of the June quarter figures and March revisions:
<img alt="joyetweet" src="/images/stories/2012/joyetweet.jpg" height="95" width="463"> Joye linked through to his second column in the Australian Financial Review, hitting out at regular sparring partners the University of Western Sydney’s Professor Steve Keen and SQM Research director Louis Christopher and suggesting the trough in the market may have been reached in the March quarter.
"The ABS reports that national house prices rose 0.5% in the June quarter, in contrast to claims from the likes of Louis Christopher and Steve Keen that prices were still deflating... importantly, the ABS findings correlate with similarly positive results supplied by both RP Data-Rismark and APM, albeit that there are some timing differentials between the benchmarks. The ABS’s more optimistic analysis implies that the trough in the Aussie housing cycle was realised in the first quarter of 2012, subsequent to which home values started accreting again," wrote Joye in the AFR.
Matthew Bell (<a href="https://twitter.com/MatthewBellau">@MatthewBellau</a>), national research manager for residential at developer <a href="https://www.propertyobserver.com.au/https://www.linkedin.com/company/15429?trk=pro_other_cmpy">Stockland</a> was quick to respond to Joye, tweeting a few minutes later speculating about the bottom of the market.
<img alt="matthewtweet" src="/images/stories/2012/matthewtweet.jpg" height="54" width="467"> Joye responded:
<img alt="joyetweet2" src="/images/stories/2012/joyetweet2.jpg" height="68" width="234"> However, Joye’s contention that “ABS findings correlate with similarly positive results supplied by both RP Data-Rismark and APM” raised questions from Bell and Louis Christopher (<a href="https://twitter.com/LouiChristopher">@LouiChristopher</a>).
RP Data-Rismark had capital city house prices down 1.4% in the June quarter (though rising in the months of June and July), while APM was in line with the ABS over the June quarter, recording a 0.4% gain.
This apparent contradiction was picked up by Bell in an earlier tweet to SQM’s Louis Christopher.
<img alt="matthewtweet2" src="/images/stories/2012/matthewtweet2.jpg" height="88" width="469">  To which Christopher replied:
<a href="https://twitter.com/LouiChristopher"> </a><img alt="louisetweet" src="/images/stories/2012/louisetweet.jpg" height="79" width="438">
<a href="https://twitter.com/MatthewBellau"></a>
And Bell questioned Joye about "timing issues" between RP Data and the ABS:
<img alt="matthewtweet3" src="/images/stories/2012/matthewtweet3.jpg" height="80" width="465"> Australia’s most famous (or infamous) housing market bear, Steve Keen also tweeted separately on the subject:
<img alt="stevekeentweet" src="/images/stories/2012/stevekeentweet.jpg" height="102" width="468">Joye later tweeted:
<img alt="Joye_tweet" height="104" width="504" src="/images/stories/2012/Joye_tweet.jpg">
Joye provided more details in a latter blog post – <a href="https://christopherjoye.blogspot.com.au/2012/08/steve-keen-i-was-wrongand-wrong-again">see here</a>.
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Twitter debate fires up (and old rivalries renewed) over whether Australian housing market has bottomed out

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The preliminary ABS House Price Index for the eight capital cities rose 0.5% in the June quarter, largely due to price increases of 1.4% in Sydney with smaller gains in Perth (0.6%) and Adelaide (0.5%).
Melbourne house prices fell 0.4% over the quarter with Darwin the strongest detached housing market gaining 5.1% over the quarter.
The government statistician also made substantial revisions to March quarter estimates, which now show a 0.1% fall over the first three months of the year compared to a preliminary estimate of a 1.1% fall with big upward revisions for Melbourne (-1.3%, revised from -2.2%) and Sydney y (+0.8%, revised from -1.8%).
Melbourne remains the weakest detached housing market for the 12 months to the end of June, down 4.8% followed by Hobart (-3.2%), Brisbane (-2.7%), Canberra (-2.6%), Adelaide (-1.3%) and Sydney (-0.9%).
Darwin (+12.3%) and Perth (+1.1%) are the only capital city detached housing market to record gains over this 12 month period.
The ABS only provides median house prices up to the December 2011 quarter, showing Sydney at $527,000, Melbourne at $485,000 and Brisbane at $432,000.
For the June 2012 quarter, RP Data-Rismark had capital city house prices down 1.4% to a median of $480,000.
Australian Property Monitors (APM) said capital city house prices increased 0.4% to a median of $545,000.
Residex recorded a 0.7% fall in house prices in the June quarter to a median of $423,000 - but this result is inclusive of regional areas.
The ABS also put out a new ‘Experimental Other Dwellings Price Index’ measuring changes in apartments, units and semi-detached townhouses median prices.
The index shows that the apartment, unit and townhouse market had a smaller drop in price in 2011 than established detached houses.
In the year to December 2011, the new Experimental Other Dwellings Price Index fell in all capital cities with an average fall of 3%. In comparison, the price of established houses for the eight capitals fell by 4.4% over the same period. In Canberra, apartment, unit and townhouse prices fell 0.6% - the lowest annual fall out of all the capital cities. In comparison, established houses fell in price by 1.8%.  Brisbane and Adelaide showed falls of 1.2% and 1.7% for apartments, units and townhouses, compared to falls of 5.4% and 4.5% for houses. This trend also continued in Sydney (–2.1% for apartments, units and townhouses; –3.2% for houses) and Melbourne (–4.6% for apartments, units and townhouses; –5.6% for houses). 
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Capital city house prices up 0.5% over June quarter led by Sydney gains: ABS

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Continuing to defy the gloomy commentary, Melbourne was the strongest performing capital city housing market over July, with dwelling prices rising 1.4% to a median of $470,000 as the capital city housing market registered its second consecutive monthly gain, according to RP Data-Rismark Home Value indices.
Sydney was also a strong performer with a gain of 1.2% over July to a median of $541,000, with RP Data-Rismark concluding that lower mortgage rates may be starting to have an impact on the housing market.
These gains consolidated 1% increases recorded across both Melbourne and Sydney over June.
Nationally, dwelling prices increased by 0.6% over the eight capital cities to a median of $460,000, with house prices up 0.6% to a median of $480,000 and unit prices up 0.5% to a median of $425,000.
Over the three months to the end of July, capital city dwelling prices are up 0.2% according to RP Data-Rismark calculations.
RP Data notes that the over July, capital value increased relatively consistently over the first three weeks followed by a 0.2% fall over the final week of the month.
None of the other major capital cities recorded gains over July, with Adelaide the weakest, registering a 2.5% decline to a median price of $373,000.
Perth (-0.5%) and Brisbane (-0.2%) dwelling values were virtually flat over July at medians of $462,000 and $417,000 respectively.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/stories/2012/indexresultsas31july.jpg" alt="indexresultsas31july" width="430" height="199">
Sydney's detached house prices recorded the strongest gains of the major capital cities – up 1.4% to a median of $595,000 – while Sydney unit prices were unchanged at $480,000.
Perth had the strongest unit market over July among the major capital cities with values up 2.7% to a median of $410,000.
RP Data’s research director Tim Lawless says the July results were heavily influenced by improving values across the most expensive capital city markets.
“The July rise was not as broad-based as the June results, with the month-on-month increase primarily being associated with the Sydney and Melbourne markets."
“The July result, when viewed together with the positive June result, suggests housing markets may be starting to respond to lower mortgage rates, which according to the RBA’s latest board meeting minutes are around 50 basis points below their 15-year average.”
Despite the positive month-on-month figures, Lawless says Australian home values are still down somewhat over 2012.
“The wash up is that values have fallen more than they have risen, with the market down by -1.2% over the first six months of 2012.
“Regardless, while discounted variable mortgage rates are as low as 5.6%, Australian households remain understandably cautious about the economy given the global uncertainty. This is likely to weigh down on consumer demand for high commitment purchases.”
Rismark CEO Ben Skilbeck noted that in the capital cities there remains significant differences in performance, though the “housing market’s fundamentals are increasingly solid”.
“While both Sydney and Melbourne experienced gains over the month, Adelaide declined 2.5%."
“On a year to date basis, Sydney values have risen 1.7% while at the other end of the spectrum, Melbourne and Adelaide have experienced declines of 2.7%”.
Among the smaller markets, Darwin recorded a 6.5% increase in its median dwelling price to $480,000, making it the third most expensive housing market in Australia behind Sydney and the Canberra ($496,000).
Over the quarter Darwin is also the best performing capital city with prices up 3.2%, with Adelaide the weakest with a 2.3% fall.
Darwin is also delivering the best rental returns for investors with Darwin houses delivering a gross rental yield of 5.7% and Darwin Units, a yield of 5.9%.
The lowest rental yields are Melbourne houses (3.6%) and Melbourne units (4.4%).
Hobart remains the most affordable city with a median dwelling price of $300,000.
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Melbourne leads housing market up 0.6% in July, consolidating June gains with Sydney also strong: RP Data-Rismark

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The Queensland division of Metricon Homes has been ordered to pay $800,000 in penalties after misleading buyers that some of its new home packages came with a swimming pool and Bali hut. 
Photos of these features were included in brochures that promoted the homes which were not available or not available at the "at the price represented in the brochures".
The $800,000 fine was handed down by the Brisbane Federal Court following action taken by the Australian Competition and Consumer Commission (ACCC).
In response, Metricon CEO and director, Mario Biasin said: “We take our responsibilities to consumers seriously. Comprehensive steps have been taken to address the concerns of the ACCC. Specifically, we have adopted a rigorous review of our advertising and promotions and reviewed our trade practices training program and policies.”
Metricon added that it had co-operated fully with the ACCC and has given undertakings that "for a period of three years, it will ensure that its advertising and promotional material conforms to certain requirements agreed with the ACCC".
It is one of the biggest penalties handed down this year on the back of  ACCC action following on from the $2 million fine imposed on Energy Watch in July, also for misleading advertising.
Metricon Qld agreed that some of its advertising and promotional material was false or misleading.
The builder was also ordered to pay $50,000 towards the ACCC’s costs.
Justice Collier also declared that Metricon Qld had breached the Trade Practices and Australian Consumer Law.
The court accepted undertakings provided by Metricon Qld that for a period of three years it would not make similar misrepresentations.
Commenting on the decision, ACCC chairman Rod Sims said other home building companies should take the penalties ordered in this case as a serious warning.
"Photographs and glossy brochures that promote products should be of what the consumer will be supplied at the advertised price, not an upgraded package that would ultimately cost the consumer much more,” said Sims.
In a statement, the ACCC said it was particularly concerned with some photographs in Metricon Qld's brochures that included swimming pools and bali huts adjacent to the house, “when Metricon Qld does not supply these features or include them in packages to its customers, and Metricon Qld did not make it clear that these features were not part of the package”
In ordering the penalties, Justice Collier found that the contravening conduct involved participation by senior management of Metricon Qld and observed that its competition and consumer compliance programs in place at the time failed to prevent the contravening conduct.
"If companies run promotions or advertise savings then those savings must be real, not a lure to attract customers to their products over competitors who might be doing the right thing," said Sims.
"This is also another reminder to traders that fine print is not an antidote to misleading headline representations."
The ACCC was concerned with a number of misrepresentations Metricon Qld made in its promotional material and on its website between January 2009 and August 2011 including  it advertised a 'Build Time Guarantee' that did not automatically apply to the majority of houses offered by Metricon Qld during that period.
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Home builder Metricon’s Queensland arm hit with $800,000 fine over misleading customers about pool and Bali hut inclusion

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Buyers still hold the balance of power when it comes to buying homes according to the May quarter update to the Commonwealth Bank-RP Data Home Buyer’s Index (HBI) with Sydney still rated as a buyers market while Melbourne is rated as balanced.
While conditions favour buyers, the latest index shows a modest improvement over the past quarter as the volume of stock available has eased. The index sits just below 100 – indicating a balanced market – having dipped in favour of buyers since the start of the year.
Queensland and Tasmania are rated as extreme buyers’ markets – as they rated in the February index – with conditions “well and truly skewed towards the buyer”.
Brisbane is a more balanced market than its corresponding state market, rated one notch down as a buyers’ market.
However, Hobart matches Tasmania as an extreme buyers’ market – the only combined state and capital city market to be heavily skewed in favour of buyers.
No state or capital city market is rated as a sellers’ market, with Victoria the only state market where conditions have improved in favour of sellers – going from a buyers’ market to a balanced market, matching Melbourne, which is also rated a buyers' market.
The other balanced markets are Canberra and the ACT with Sydney, Adelaide and Perth rated as buyers' markets.
Darwin is the only capital city where conditions have improved in favour or sellers – also going from a going from a buyers’ market to a balanced market.
The report notes that total advertised stock levels continue to outweigh the number of home loans funded, “suggesting buyers should have a reasonable amount of leverage when it comes to negotiating on the purchase of a home”.
While Queensland and Tasmania market conditions well and truly favour buyers, “at the other end of the spectrum Victoria and the Australian Capital Territory are experiencing more balanced market conditions with vendors and buyers relatively evenly matched”.
“At a capital city level conditions typically indicate that the market is in favour of the buyer. Again, Melbourne and Canberra are the outliers along with Darwin, with conditions proving to be balanced.”
Commentary on the state capital city markets is:
Sydney (Buyer’s market): Sydney's selling conditions have improved slightly over the last quarter, however buyers remain better positioned in negotiations than vendors. Given these conditions vendors will likely have to set more competitive prices in order to attract purchaser interest.
Melbourne (Balanced market): Market conditions across Melbourne are relatively balanced with the number of homes available for sale broadly in line with buyer demand over the past quarter. Conditions still slightly favour buyers rather than sellers and vendors will need to keep this in mind when trying to sell their home.
Brisbane (Buyer’s market): The ratio of supply to demand in Brisbane has not changed over the quarter with conditions continuing to favour buyers, with the amount of housing supply outstripping the number of buyers that are active in the current market. Buyers remain in a strong negotiation position and vendors will need to be realistic about their price expectations.
Adelaide (Buyer’s market): Housing market conditions across Adelaide continue to favour buyers rather than sellers, however there has been a noticeable improvement in selling conditions over the past quarter. Those people looking to buy homes in Adelaide hold a slightly superior position in negotiations to those looking to sell in the current market.
Perth (Buyer’s market): Prospective home buyers in Perth remain in the driver’s seat, with the number of homes for sale still outweighing effective demand. The Index suggests that buyers are enjoying a stronger position when it comes to settling on the purchase price, however conditions for sellers have shown modest improvement over the past quarter. Sellers will still need to be realistic in their price expectations in order to make a sale.
Hobart (Extreme Buyer’s market): The index for Hobart shows market conditions remain well and truly in favour of the buyer and have shown only a slight improvement over the past quarter. These conditions suggest increased scope for price negotiation in the current market. Effective supply is continuing to outweigh effective demand which is likely to result in a superior negotiation position for buyers.
Darwin (Balanced market): Conditions across the Darwin housing market have improved in favour of the seller over the last quarter and now show a market that is reasonably balanced. Should vendors hope to successfully sell their property they will still need to set their price appropriate to the current market in order to attract buyer interest.
Canberra (Balanced market): Across Canberra, buyer demand and the supply of housing available for sale is relatively evenly balanced with conditions slightly favouring the seller. Over the past quarter there has been very little change in selling conditions. The current HBI reading shows a balanced market with buyers and sellers evenly matched.
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Queensland and Tasmania the most extreme buyers’ market, with conditions balanced in Victoria and the ACT: CBA-RP Data

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

Joel Robinson

The Eveleigh brings house-like apartments to Broadbeach

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

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

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

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

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

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

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