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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

The NSW Government has expanded its $1 billion Pre-sale Finance Guarantee program, broadening access for affordable housing providers and smaller residential developments as it seeks to accelerate housing delivery across the state.

The Minns Government says the program has already helped bring forward more than 600 homes across Sydney and regional NSW since launching in September 2025, with similar models now adopted in South Australia and Western Australia.

The latest changes, announced by Treasurer Daniel Mookhey and Minister for Planning and Public Spaces Paul Scully, are designed to improve access to finance for projects that have planning approval but are struggling to secure funding.

Among the key changes is an expansion of support for community housing providers. The program will now support up to 100 per cent affordable housing projects valued at up to $30 million when delivered by not-for-profit providers, while support for larger affordable housing developments will increase for projects worth up to $80 million.

The government says the changes will help accelerate the delivery of housing for low-income workers, older people, people living with disability, and those at risk of homelessness, while reducing reliance on direct grants or subsidised loans to bridge funding gaps.

The eligibility criteria for smaller residential developments have also been broadened. The previous $5 million minimum project value threshold has been removed and replaced with a requirement that projects deliver at least four homes.

Support has also increased for projects delivering fewer than 20 homes, with the guarantee now able to cover up to 75 per cent of dwellings in a development, capped at $30 million per project.

The changes are expected to particularly benefit smaller-scale and regional developments, which often face greater challenges meeting pre-sale requirements imposed by lenders.

Treasurer Daniel Mookhey said the scheme demonstrates how government can use its balance sheet to stimulate housing supply without relying solely on taxpayer-funded grants.

"The Pre-sale Finance Guarantee shows how this Government is using its balance sheet to reduce risk and unlock private investment, enabling new homes to move from design to construction faster," Mookhey said.

"This landmark reform allows us to deliver homes for working families at a lower cost to taxpayers, while also maintaining strong financial discipline."

Planning Minister Paul Scully said the program had already proven effective in bringing stalled projects to market.

"The Pre-sale Finance Guarantee has already proven it can unlock stalled projects and accelerate housing delivery by giving lenders the confidence they need to back good developments," Scully said.

"These changes will allow more affordable housing and smaller developments to access support so more homes can be built faster where communities need them most."

Housing Minister Rose Jackson said the expansion would help community housing providers overcome financing barriers that often delay projects.

"We know community housing providers are ready to build more homes, too often they're held back by barriers to finance," Jackson said.

"Expanding the Pre-sale Finance Guarantee helps remove those barriers so more affordable homes can get off the ground sooner."

The announcement was welcomed by the Property Council of Australia, which has long advocated for measures aimed at improving project feasibility and access to finance.

Property Council NSW Executive Director Katie Stevenson described the expansion as a practical intervention that addresses one of the most immediate constraints on housing delivery.

"This is exactly the kind of practical intervention we need right now, focused on getting projects out of the ground, not just approved," Stevenson said.

"It builds on a model the Property Council has worked closely with government to develop following calls for such a scheme ahead of last year's NSW Budget, so it's great to see it being expanded."

Stevenson said the reforms would help unlock projects that are ready to proceed but have been delayed by financing challenges. However, she noted that broader feasibility issues remain a significant barrier to increasing housing supply.

"The biggest challenge in NSW housing today is delivery. Too many projects have planning approval but are simply not financially viable to proceed under current settings," she said.

Speaking at the Property Council's NSW Housing Summit, Housing Minister Rose Jackson acknowledged that feasibility and financing pressures continue to constrain housing delivery, while reaffirming the government's commitment to work with industry on solutions.

Stevenson said the government's recognition of those challenges was encouraging ahead of next week's state budget.

"It's positive to see the government clearly recognising that feasibility pressures are now a binding constraint on supply," she said.

"With the Budget just days away, the focus must be on backing delivery, making sure projects stack up, finance can flow, and more homes can move from approval to construction."

The expanded Pre-sale Finance Guarantee forms part of the NSW Government's broader housing agenda, which also includes planning reforms, the NSW Housing Pattern Book, and a series of rezonings intended to increase housing capacity across the state.

Joel Robinson

NSW expands Pre-sale Finance Guarantee to unlock more affordable and regional housing

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]

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]

Larry Schlesinger

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