<html><body>
Residential developer AV Jennings, which is celebrating its 80th birthday this year, claims the current political climate following the last Federal election may be delaying purchasing decisions, as it forecasts a net annual loss after write-downs of up to $32 million.
In market guidance released ahead of the August 8 full-year results announcement, AV Jennings expects to make a post-tax profit of $5.1 million before accounting for asset write-downs of between $32 million and $37 million.
The write-downs are mainly in regional areas of Queensland and NSW with the company “reassessing its operational strategy in various projects” and revising its "bases and assumptions to determine the carrying value of its assets”.
The developer says there has been “further deteriorating residential market conditions in early 2012, especially in many regional areas and the delay in the timing and the extent of the forecast recovery in Queensland and NSW which had been expected in 2012”.
This, the developer said, had resulted in “reduced volumes and margins from those forecasted”.
NSW residential projects include Seacrest in Sandy Beach, just north of Coffs Harbour, with land priced around $160,000, and house and land packages around $450,000.
Queensland residential projects include the Glenrowan Estate in the village of Walkerston, just west of Mackay with lots priced around the $170,000 mark.
Aside from the political uncertainty, AV Jennings says negative consumer sentiment has been driven by “macro-economic” events in Europe and the US, and the impact of the slowdown in China on Australia.
</body></html>

lschlesinger-FZcF9M3vE6

AV Jennings says Federal political climate hurting residential sales as it forecasts financial year loss 

<html><body>
Economists are nearly all in agreement that the RBA will leave the cash rate unchanged at 3.5% at its next board meeting on August 7.
Twenty out of 24 economists polled by Bloomberg just before the weekend expect the RBA to continue to hold fire, up from 15 in the previous survey, a week prior.
Key data that may influence the RBA’s decision on the cash rate includes the release of private credit growth figures on Tuesday, building approvals data on Tuesday, capital city house price figures on Wednesday and retail trade figures on Thursday.
The prospects for a September rate cut are better, but also slim, with 17 out 24 economists expecting the RBA to hold fire again.
There are some prominent economists tipping a rate cut in August.
Shane Oliver, chief economist at AMP Capital Investors, expects the RBA to cut the cash rate by 25 basis points on August 7 as does Stephen Koukoulas from Market Economics.
Koukoulas is by far the most bullish economist on the cash rate among those surveyed by Bloomberg.
He is forecasting the cash rate to fall to 2.75% by year end and to fall another 25 basis points to 2.5% in the first quarter of 2013.
The majority of economists (13 out of 24) expect a cash rate of 3.25% in the first quarter of 2013.
Those readers thinking about refinancing their home loan should sign up for Property Observer’s free webinar: <a target="_blank" href="https://propertyobserver.us2.list-manage1.com/track/click?u=24bd0766a834290948593f5aa&amp;id=73e60d1a88&amp;e=add64da266">Refinancing and the </a><a target="_blank" href="https://propertyobserver.us2.list-manage.com/track/click?u=24bd0766a834290948593f5aa&amp;id=9814caeb06&amp;e=add64da266">interest rates riddle</a>, taking place on Tuesday, 31 July a 12:30pm AEST.
</body></html>

Economist don’t foresee RBA cash rate cut in August and rate cut also unlikely in September: Bloomberg survey

<html><body>
The Reserve Bank could cut the cash rate another four times in the current rate-cutting cycle, according to Macquarie Group senior economist Brian Redican.
Redican made this observation while speaking at the Real Estate Institute of Victoria’s (REIV) Commercial &amp; Industrial Economic Forecast Luncheon on Friday.
They followed a question from luncheon host, Peter Switzer, who asked if he and BIS Shrapnel chief economist Frank Gelber (also speaking at the luncheon) agreed with former Gillard government economic adviser Stephen Koukoulas and soon to be Business Spectator commentator that four more rate cuts are likely.
Koukoulas is tipping a cash rate cut of 2.75% by year end and one more in the first quarter of 2013, taking the cash rate to 2.5%.
Redican says while the mining boom is driving the economy other parts are struggling.
“Housing construction could rise a little bit in 2013, but it’s not going to be a major driver of growth.
“And the other thing we have seen is a lot of white-collar unemployment… and the reason that’s important is that they are your potential investors in the property market."
As a result, Redican says you won’t get the pick-up in growth, meaning the RBA will have keep doing what it has done over the past 12 months is “stepping in and very begrudgingly and reluctantly” cutting rates, otherwise the economy will take another turn down.
But Gelber disagreed, and expects just one more interest rate cut in the cycle – and not in August – unless things turn sour.
“Interest rates take awhile to work their magic on the housing market and the economy and we think the RBA will sit back and wait."
However, if things do turn “sour” Gelber says the RBA has the fire power to act.
Redican added that he believed we may be entering into a world where monetary policy is less effective, because the structure is so different.
In their presentations both Gelber and Redican highlighted that consumers were continuing to save and that interest rate cuts were being used to pay off more of the mortgage rather than spend the money.
“The golden age of retailing has come and gone,” said Gelber.
Those readers thinking about refinancing their home loan should sign up for Property Observer’s free webinar: <a href="https://propertyobserver.us2.list-manage1.com/track/click?u=24bd0766a834290948593f5aa&amp;id=73e60d1a88&amp;e=add64da266" target="_blank">Refinancing and the </a><a href="https://propertyobserver.us2.list-manage.com/track/click?u=24bd0766a834290948593f5aa&amp;id=9814caeb06&amp;e=add64da266" target="_blank">interest rates riddle</a>, taking place on Tuesday, 31 July a 12:30pm AEST.
</body></html>

Four more cash rate cuts still possible in current cycle: Macquarie Group's Brian Redican

<html><body>
Trying to work out whether the Sydney, Melbourne or Brisbane housing market is going up or down?
Or just trying to work out whether you’re buying something at or below the median price?
It all depends on which housing data provider you choose to reference  - they all use different methodologies to calculate their indexes and hence will never be in agreement.
RP Data-Rismark, Residex and Australian Property Monitors (APM) have all released their June quarter data, so direct comparisons can now be made.
(The ABS will put out its June eight capital city indexes on August 1.)
In just two markets – Brisbane houses and Melbourne units – do all three providers agree on the direction they are heading…in both cases down.
The REIV released June quarter  data for Melbourne showing house prices up 2.9% to a median of $535,000 - the strongest quarterly gain recorded by all data providers.
Rarely are the national data providers within $10,000 of each other on the median house or unit price.
For example, RP Data-Rismark has the Sydney house price at a median of $616,000.
Residex says the median is $50,000 higher at $666,500, while APM’s Sydney median house price is in between the two at $642,425.
Some of the differences are startling.
<ul>
<li>Residex says Darwin house prices rose over 7% over the June quarter to a median of $511,500, while APM and RP Data both have Darwin house prices falling. 
</li>
<li>Residex says Perth house prices fell by more than 4% of the June quarter, while APM and RP Data have the market treading water. </li>
</ul>
<ul>
<li>RP Data says Hobart unit prices fell almost 10% over the June quarter, while Residex has them as unchanged, and APM records a smaller 3.9% decline.</li>
</ul>
Here’s a breakdown of how the three commercial data providers have assessed the June quarter performance of the main capital city markets:
For markets where the price has moved by less than 0.2% either way, they have been judged for the purposes of comparison as "unchanged”:
Sydney houses
<table border="1" cellpadding="0" cellspacing="0"><tbody>
<tr>
<td valign="top" width="216">
RP Data 
</td>
<td valign="top" width="214">
Residex
</td>
<td valign="top" width="185">
APM
</td>
</tr>
<tr>
<td valign="top" width="216">
Median price: $616,000
</td>
<td valign="top" width="214">
Median price: $666,500
</td>
<td valign="top" width="185">
Median price: $642,425
</td>
</tr>
<tr>
<td valign="top" width="216">
DOWN over quarter: -1.4%
</td>
<td valign="top" width="214">
UNCHANGED
</td>
<td valign="top" width="185">
UNCHANGED
</td>
</tr>
</tbody></table>
Melbourne houses
<table border="1" cellpadding="0" cellspacing="0"><tbody>
<tr>
<td valign="top" width="216">
RP Data 
</td>
<td valign="top" width="214">
Residex
</td>
<td valign="top" width="185">
APM
</td>
</tr>
<tr>
<td valign="top" width="216">
Median price: $517,500
</td>
<td valign="top" width="214">
Median price: $555,500
</td>
<td valign="top" width="185">
Median price: $531,167
</td>
</tr>
<tr>
<td valign="top" width="216">
DOWN over quarter: -3.1%
</td>
<td valign="top" width="214">
DOWN over quarter: -1.31%
</td>
<td valign="top" width="185">
UP over quarter: +1.6%
</td>
</tr>
</tbody></table>
Brisbane houses
<table border="1" cellpadding="0" cellspacing="0"><tbody>
<tr>
<td valign="top" width="216">
RP Data 
</td>
<td valign="top" width="214">
Residex
</td>
<td valign="top" width="185">
APM
</td>
</tr>
<tr>
<td valign="top" width="216">
Median price: $415,000
</td>
<td valign="top" width="214">
Median price: $412,500
</td>
<td valign="top" width="185">
Median price: $427,963
</td>
</tr>
<tr>
<td valign="top" width="216">
DOWN over quarter: -0.6%
</td>
<td valign="top" width="214">
DOWN over quarter: -3.75%
</td>
<td valign="top" width="185">
DOWN over quarter: -1.3%
</td>
</tr>
</tbody></table>
Perth houses
<table border="1" cellpadding="0" cellspacing="0"><tbody>
<tr>
<td valign="top" width="216">
RP Data 
</td>
<td valign="top" width="214">
Residex
</td>
<td valign="top" width="185">
APM
</td>
</tr>
<tr>
<td valign="top" width="216">
Median price: $475,000
</td>
<td valign="top" width="214">
Median price: $467,000
</td>
<td valign="top" width="185">
Median price: $536,151
</td>
</tr>
<tr>
<td valign="top" width="216">
UNCHANGED
</td>
<td valign="top" width="214">
DOWN over quarter: -4.26%
</td>
<td valign="top" width="185">
UNCHANGED
</td>
</tr>
</tbody></table>
Adelaide houses
<table border="1" cellpadding="0" cellspacing="0"><tbody>
<tr>
<td valign="top" width="216">
RP Data 
</td>
<td valign="top" width="214">
Residex
</td>
<td valign="top" width="185">
APM
</td>
</tr>
<tr>
<td valign="top" width="216">
Median price: $383,250
</td>
<td valign="top" width="214">
Median price: $385,500
</td>
<td valign="top" width="185">
Median price: $436,285
</td>
</tr>
<tr>
<td valign="top" width="216">
UP over quarter: +1.7%
</td>
<td valign="top" width="214">
DOWN over quarter :-0.34%
</td>
<td valign="top" width="185">
UNCHANGED
</td>
</tr>
</tbody></table>
Canberra houses
<table border="1" cellpadding="0" cellspacing="0"><tbody>
<tr>
<td valign="top" width="216">
RP Data 
</td>
<td valign="top" width="214">
Residex*
</td>
<td valign="top" width="185">
APM
</td>
</tr>
<tr>
<td valign="top" width="216">
Median price: $520,000
</td>
<td valign="top" width="214">
Median price: $529,000
</td>
<td valign="top" width="185">
Median price: $575,825
</td>
</tr>
<tr>
<td valign="top" width="216">
UP over quarter: +0.8%
</td>
<td valign="top" width="214">
DOWN over quarter: -1.41%
</td>
<td valign="top" width="185">
UP over quarter: +1.1%
</td>
</tr>
</tbody></table>
Darwin houses
<table border="1" cellpadding="0" cellspacing="0"><tbody>
<tr>
<td valign="top" width="216">
RP Data 
</td>
<td valign="top" width="214">
Residex
</td>
<td valign="top" width="185">
APM
</td>
</tr>
<tr>
<td valign="top" width="216">
Median price: $510,000
</td>
<td valign="top" width="214">
Median price: $511,500
</td>
<td valign="top" width="185">
Median price: $608,843
</td>
</tr>
<tr>
<td valign="top" width="216">
DOWN over quarter: - 1.9%
</td>
<td valign="top" width="214">
UP over quarter: +7.13%
</td>
<td valign="top" width="185">
DOWN over quarter: -1.2%
</td>
</tr>
</tbody></table>
Hobart houses
<table border="1" cellpadding="0" cellspacing="0"><tbody>
<tr>
<td valign="top" width="216">
RP Data 
</td>
<td valign="top" width="214">
Residex
</td>
<td valign="top" width="185">
APM
</td>
</tr>
<tr>
<td valign="top" width="216">
Median price: $356,500
</td>
<td valign="top" width="214">
Median price: $357,000
</td>
<td valign="top" width="185">
Median price: $322,584
</td>
</tr>
<tr>
<td valign="top" width="216">
DOWN over quarter: -0.6%
</td>
<td valign="top" width="214">
DOWN over quarter: -4.15%
</td>
<td valign="top" width="185">
UP over quarter: +0.5%
</td>
</tr>
</tbody></table>
 
Sydney units
<table border="1" cellpadding="0" cellspacing="0"><tbody>
<tr>
<td valign="top" width="216">
RP Data 
</td>
<td valign="top" width="214">
Residex
</td>
<td valign="top" width="185">
APM
</td>
</tr>
<tr>
<td valign="top" width="216">
Median price: $477,000
</td>
<td valign="top" width="214">
Median price: $490,500
</td>
<td valign="top" width="185">
Median price: $464,124
</td>
</tr>
<tr>
<td valign="top" width="216">
UP over quarter: +3.3%
</td>
<td valign="top" width="214">
UNCHANGED
</td>
<td valign="top" width="185">
UNCHANGED
</td>
</tr>
</tbody></table>
Melbourne units
<table border="1" cellpadding="0" cellspacing="0"><tbody>
<tr>
<td valign="top" width="216">
RP Data 
</td>
<td valign="top" width="214">
Residex
</td>
<td valign="top" width="185">
APM
</td>
</tr>
<tr>
<td valign="top" width="216">
Median price: $430,000
</td>
<td valign="top" width="214">
Median price: $428,000
</td>
<td valign="top" width="185">
Median price: $392,862
</td>
</tr>
<tr>
<td valign="top" width="216">
DOWN over quarter: -5%
</td>
<td valign="top" width="214">
DOWN over quarter: -0.91%
</td>
<td valign="top" width="185">
DOWN over quarter: -1.2%
</td>
</tr>
</tbody></table>
Brisbane units
<table border="1" cellpadding="0" cellspacing="0"><tbody>
<tr>
<td valign="top" width="216">
RP Data 
</td>
<td valign="top" width="214">
Residex
</td>
<td valign="top" width="185">
APM
</td>
</tr>
<tr>
<td valign="top" width="216">
Median price: $365,000
</td>
<td valign="top" width="214">
Median price: $349,500
</td>
<td valign="top" width="185">
Median price: $356,744
</td>
</tr>
<tr>
<td valign="top" width="216">
DOWN over quarter: -0.7%
</td>
<td valign="top" width="214">
UNCHANGED
</td>
<td valign="top" width="185">
DOWN over quarter: -1.7%
</td>
</tr>
</tbody></table>
Perth units
<table border="1" cellpadding="0" cellspacing="0"><tbody>
<tr>
<td valign="top" width="216">
RP Data 
</td>
<td valign="top" width="214">
Residex
</td>
<td valign="top" width="185">
APM
</td>
</tr>
<tr>
<td valign="top" width="216">
Median price: $405,000
</td>
<td valign="top" width="214">
Median price: $421,000
</td>
<td valign="top" width="185">
Median price: $348,960
</td>
</tr>
<tr>
<td valign="top" width="216">
UP over quarter: +1.4%
</td>
<td valign="top" width="214">
UP over quarter: +7.45%
</td>
<td valign="top" width="185">
DOWN over quarter: -4.5%
</td>
</tr>
</tbody></table>
Adelaide units
<table border="1" cellpadding="0" cellspacing="0"><tbody>
<tr>
<td valign="top" width="216">
RP Data 
</td>
<td valign="top" width="214">
Residex
</td>
<td valign="top" width="185">
APM
</td>
</tr>
<tr>
<td valign="top" width="216">
Median price: $318,750
</td>
<td valign="top" width="214">
Median price: $305,000
</td>
<td valign="top" width="185">
Median price: $296,802
</td>
</tr>
<tr>
<td valign="top" width="216">
DOWN over quarter: -2.3%
</td>
<td valign="top" width="214">
UNCHANGED
</td>
<td valign="top" width="185">
UP over quarter: +1%
</td>
</tr>
</tbody></table>
Canberra units
<table border="1" cellpadding="0" cellspacing="0"><tbody>
<tr>
<td valign="top" width="216">
RP Data 
</td>
<td valign="top" width="214">
Residex*
</td>
<td valign="top" width="185">
APM
</td>
</tr>
<tr>
<td valign="top" width="216">
Median price: $408,000
</td>
<td valign="top" width="214">
Median price: $436,000
</td>
<td valign="top" width="185">
Median price: $421,339
</td>
</tr>
<tr>
<td valign="top" width="216">
DOWN over quarter: -1.7%
</td>
<td valign="top" width="214">
UP over quarter: +5.38%
</td>
<td valign="top" width="185">
UP over quarter: +2.5%
</td>
</tr>
</tbody></table>
Darwin units
<table border="1" cellpadding="0" cellspacing="0"><tbody>
<tr>
<td valign="top" width="216">
RP Data 
</td>
<td valign="top" width="214">
Residex
</td>
<td valign="top" width="185">
APM
</td>
</tr>
<tr>
<td valign="top" width="216">
Median price: $419,250
</td>
<td valign="top" width="214">
Median price: $407,000
</td>
<td valign="top" width="185">
Median price: $384,384
</td>
</tr>
<tr>
<td valign="top" width="216">
DOWN over quarter: -0.6%
</td>
<td valign="top" width="214">
UNCHANGED
</td>
<td valign="top" width="185">
DOWN over quarter: -2.9%
</td>
</tr>
</tbody></table>
Hobart units
<table border="1" cellpadding="0" cellspacing="0"><tbody>
<tr>
<td valign="top" width="216">
RP Data 
</td>
<td valign="top" width="214">
Residex
</td>
<td valign="top" width="185">
APM
</td>
</tr>
<tr>
<td valign="top" width="216">
Median price: $279,000
</td>
<td valign="top" width="214">
Median price: $265,000
</td>
<td valign="top" width="185">
Median price: $260,393
</td>
</tr>
<tr>
<td valign="top" width="216">
DOWN over quarter: -9.8%
</td>
<td valign="top" width="214">
UNCHANGED
</td>
<td valign="top" width="185">
DOWN over quarter: -3.9%
</td>
</tr>
</tbody></table>
 
*Residex Canberra figures for the ACT 
For a break down of the RP Data-Rismark Daily Home Value Index <a href="https://www.propertyobserver.com.au/trends/change-in-median-prices-dont-inform-on-housing-market-direction-rp-data-rismark/2012073055768">click here</a>.
</body></html>

House prices: The latest June quarter data may not lie, but it’s rarely in agreement

<html><body>
The extent of the decline of property values in places like Port Douglas, Cairns and the Gold Coast, where close to one in five properties have lost up to 10% of their value since being purchased, has been revealed in the latest RP Data Value Accumulation Report for the March quarter.



Previously called the Equity Report, it shows that nationally, the housing market remains a solid medium- and long-term investment, with only 5.4% of Australian homes currently valued at either less or the same amount as what they were purchased for – an improvement from 6.1% of homes recorded at the end of the December 2011 quarter.



Conversely, more than 41% of Australian homes are worth more than twice what their owners originally purchased them for.



However, the report reveals the struggles facing Queensland regional and coastal areas not feeling the benefits of the resources boom.



According to RP Data, nearly one in five homes (19.9%) in tropical Far North Queensland are now worth less than or the same as their previous purchase price – nearly four times higher than the national rate. 



This region includes heavily tourism-dependent places like Cairns and Port Douglas on the coast and inland, the Atherton Tablelands, which have been hit by the high Australian dollar and a spate of natural disasters.



The struggling Gold Coast market is second on the list (16.8% of homes not appreciating in value) followed by the state’s other struggling coastal market, the Sunshine Coast (14.3% of homes).



The Gold Coast and Far North also have the lowest proportion of properties worth double the initial purchase price at just 30.3% of all homes.



<img width="468" height="206" src="/images/stories/2012/greatestpercentdwelling.jpg" alt="greatestpercentdwelling">

 

Over the March quarter, the report found that the instances of negative value accumulation or stability has fallen in most regions of Queensland, but the greatest declines had been recorded in West Moreton (-2.7 percentage points), Far North (-2.0 percentage points) and Gold Coast (-1.9 percentage points). 



The list of those regions that have recorded the greatest percentage of dwellings worth less than or equal to their purchase price also includes lifestyle markets in Western Australia, Richmond-Tweed in New South Wales and Wide Bay-Burnett in Queensland. 



RP Data research analyst Cameron Kusher says this is reflective of the weaker market conditions across many lifestyle regions. 

In contrast, Victoria and Melbourne, have had the greatest level of value accumulation of any state or capital city.



This has been helped by the fact that Victorian and Melbourne properties tend to be owned for a longer length of time than homes in other parts of the country – 9.3 years in Melbourne, the highest hold period across Victoria.



In contrast, Queensland and South Australia, properties tend to have a higher turnover and subsequently, value accumulation in these states has generally been lower than in other states.
The report found that just 3.3% of Victorian homes and 3.5% of Melbourne homes are valued at the same or less than their purchase prices - better than NSW (3.9%) and Sydney (3.6%), the next best performing state and capital city markets.



This is up though from 2.8% of Sydney homes worth less than or equal to their initial purchase price recording at the same time last year - highlighting the impact on value accumulation that the fall in home values has had over the past year.



Victoria (50.3%) and Melbourne (51.6%) also have the highest proportion of homes that have doubled in value since being purchased, significantly higher than NSW (37.8%) and Sydney (37.2%).


Across Queensland, 9.6% of homes are worth less than or equal to their initial purchase price while 36.6% of homes are worth more than double their initial purchase price. 



At the end of the corresponding quarter in 2011, 3.7% of Queensland homes were worth less than or equal to their initial purchase price and 40.3% of homes were worth more than double.



Across South Australia, 6.5% of homes are worth less than or equal to their initial purchase price compared to just 2.1% of homes at the same time in 2011.



In Western Australia 6.8% of homes are worth less than or equal to their initial purchase price compared to just 3.5% of homes at the same time in 2011. 



Around 44.7% of Tasmanian homes and 44.6% of Hobart homes have doubled in value since their last purchase – the second best state and capital city housing markets on this measure.




However, the weaker Tasmanian market has been reflected in that proportion of Tasmanian homes now worth less than or equal to their initial price has nearly doubled from 3.1% to 6% since March last year. 



Over this same period, the proportion of Tasmanian homes worth more than double their initial purchase price has fallen from 48% a year ago to 44.7% in March 2012. 



The report measures the difference between the original purchase price and the current estimated value for over 8 million residential properties across the country. 

</body></html>

Queensland’s tropical Far North and Gold Coast housing markets worst at accumulating value: RP Data

<html><body>
<img alt="Novotel-St-Kilda-420x0" src="/images/stories/2012/Novotel-St-Kilda-420x0.gif" height="225" width="400">
Property tycoons Lindsay Fox and Max Beck are among those reported showing interest in the prized Novotel Melbourne St Kilda overlooking Port Phillip Bay, which has been marketed both locally and to international investors.
The hotel was listed for sale in June by Tourism Asset Holdings Limited (TAHL) with market observers expecting a price between $55 million and $60 million.
An international marketing campaign has been handled by Wayne Bunz and Mark Wizel of CBRE Hotels with expressions of interest closing yesterday.
The recently refurbished hotel, which has 211 rooms over six levels on a 5,791 square-metre site boasting 270-degree views of Port Phillip Bay, has reportedly caught the eye of Fox and Beck. Fox owns the nearby Luna Park.

The pair has undertaken a number of joint ventures together including Essendon airport and a retail project in the Melbourne suburbs, the Australian Financial Review reported.
Other buyers believed to be circling the Novotel, include Stewart Baron’s private development company Baron Corporation, as well as  local Asian investors and offshore Asian investors from Singapore Malaysia and Hong Kong.
Overseas investors identified as possible bidders include Singapore hotel magnate Michael Kum and Singapore-listed developer Chip Eng Seng Corporation.
The strong interest shown in the Novotel comes as a new report from hotel researchers STR Global was released this week, favouring the Brisbane and Perth hotel markets in the short term, but revealing very little new hotel stock set to be added to either the Sydney or Melbourne hotel markets in the next four years, keeping vacancy rates tight.
Th report revealed that Melbourne has a development pipelines comprising just 2% of total room stock with only Sydney having a smaller development pipeline of the major capital cities of 1.7%.
According to STR Global Melbourne had a 1.5% rise in occupancy to 76.9% and 0.5% growth in room rates to $176 over the past year.
In the Sydney CBD market, the occupancy rate fell to 84.2% while room rate growth was 2.4%.
The research compiled by STR Global indicates that there will be strong growth in Perth and Brisbane hotel room rates and occupancy levels over the next year driven by demand from the resources sector.
However, these markets could weaken in the medium term due to a strong pipeline of new hotel stock.
The hotel occupancy rate in Perth climbed 3.8% to 85.3% over the year while the average daily room rate rose 12.8% to $218, reported STR Global.
However, Perth will see an extra 881 new hotel rooms added to its existing stock over the next two to four years – around 9% of total room stock.
The Brisbane hotel daily room rate increased by 4% over the year to $185, while occupancy levels rose 1.1% to 79.1%.
Brisbane has an even bigger supply pipeline than Perth with an additional 1,300 rooms added – 11% of total room stock – over the next two to four years.
The latest Roy Morgan Research Holiday Tracking Survey for the May quarter found an increasing number of Australian plan to take a holiday over the next 12 months, but no increase in the percentage who will holiday at home.
According to Roy Morgan 68% of Australians (12.8 million) intend to take a holiday over the next year, up from 67% for the May 2011
However, only 55% will take their holiday in Australia, unchanged from last year but down from 57% in May 2007.
The percentage of Australians intending to go overseas for their next holiday is steady at 9% when compared to same period last year, although this has been slightly increasing over the past five years.
</body></html>

Lindsay Fox and Max Beck circling Melbourne’s St Kilda Novotel, but Perth and Brisbane the short-term hotel sweet spots

<html><body>
Aussie Home Loans chairman John Symond expects home mortgage interest rates to come down further following the low June inflation reading, “but not for a few months”.
Speaking to Channel Seven’s David Koch on Sunrise yesterday, Symond said the RBA would be happy with the low current rate of inflation (O.5% for the June quarter) as it keeps the cost of living down.
But it would want to wait and see what happens in Europe.
“The RBA is pretty happy with where Australia is at the moment. Unemployment is OK, the housing market is still tough, but all in all we are in reasonable shape – certainly better than anywhere else,” Symond said.
Symond says the RBA would want to keep “something up their sleeve” to act quickly if need be and “things start to slide”.
Symond was also questioned on demands from financial services minister Bill Shorten that banks reveal the interest rates they charge in different suburbs in order to be more transparent.
“I don’t know how you could do that,” Symond chuckled, “It would be pretty hard.”
But he said it was true that a bank may offer a rate half a percent cheaper to a low-risk first-home buyer with a big deposit wanting to borrow a $1 million than a struggling high-risk borrower in the suburbs.
And with this remark he moved swiftly into the message behind Aussie’s latest campaign “It’s smart to ask” calling on borrowers to ask their bank for a better deal and if they don’t get  one, to talk to an Aussie mortgage broker.
“The only way the banks reveal [the rates they are offering] is when you phone them up and demand a better deal.”
“That’s what people ought to be doing.”
Those readers thinking about refinancing their home loan should sign up for Property Observer’s free webinar: Refinancing and the <a href="https://propertyobserver.us2.list-manage.com/track/click?u=24bd0766a834290948593f5aa&amp;id=275fa2c69b&amp;e=add64da266" target="_blank">interest rates riddle</a> taking place on Tuesday 31 July a 12:30pm AEST.
</body></html>

Rates to go down, but not for a couple of months as RBA holds fire: John Symond

<html><body>
{yoogallery src=[images/stories/2012/07/georgev2cinema]}

The once popular but now vacant and silent three-screen George Cinema on Fitzroy Street in St Kilda has been listed for auction next month with price hopes in excess of $2.75 million.
The cinema was leased and operated by the Melbourne film family the Zeccolas, owners of the arthouse Palace cinema chain, from 1996 to 2010.
It opened with a bang in 1994, showing Quentin Tarantino’s cult classic Pulp Fiction in sold out showings and was successful for a number of years, before falling victim to more competition from the nearby multiplexes such as the 15-screen Cinema Nova in Carlton and 15-screen Jam Factory in South Yarra.
The Zeccolas planned to refurbish the George, but changed their minds and it closed in October 2010, with The Age reporting at the time that sessions were so sparsely attended “that the complex can resemble a ghost town”.
It has been owned by local businessman and cinema-lover Ralph Taranto since 1999, who leased it to the Zeccolas before opening it himself in March last year.
But it closed less than two weeks later.
Sadly, its second closure came just a month before the centenary of the opening of the first, purpose-built cinema in St Kilda, at what is now 145 Fitzroy Street, a few metres from the Aurora.
Perhaps a portent of its failure, Cinema Aurora opened with the Ben Affleck financial crisis piece The Company Men, a film about executives that all lose their jobs. It played the Oscar-winning The Social Network and Black Swan in its last week. Now listed for sale, with also the opportunity to redevelop subject to council approval, the Aurora’s three separate cinemas can seat up to 820 popcorn-eating patrons on a site of 1,142 square metres over two levels and also has a foyer, newly fitted candy bar, two full-fitted projection rooms and recently refurbished toilet facilities.
It is being marketed by Graeme Wilson of Wilson Commercial, alongside colleague Nicole Scrofan.
It comes with a liquor licence for 750 patrons.
Wilson says the cinema has the potential to bring in annual income in excess of $400,000, which would equate to a yield above 14% at a price of $2.75 million.
It was previously leased at $410,000 per annum (plus outgoings and GST) but is now being offered as vacant possession.
The cinema sits within a six storey mixed used building comprising apartments, shops, a restaurant and public car park.
It stands next to local St Kilda landmark the George Hotel, is surrounded by St Kilda apartment dwellers and is well serviced by trams and buses.
Fitzroy Street is a popular night-time destination in Melbourne lined with fashionable cafes, restaurants and bars, which Wilson believes makes the cinema a viable venue.
</body></html>

St Kilda cinema complex seeking popcorn loving investor or savvy developer with $2.75 million to spare

<html><body>
Serviced apartments group Quest has agreed to lease all 131 apartments that form the residential component of the Kyren Group's $100 million new mixed-use development currently under construction in the Adelaide CBD. The project, which is now 100% leased, is being marketed by Colliers International director of office leasing Nicholas Shinnick, who describes it as a “substantial mixed-use development, one of the biggest to get underway in the city for at least a decade”.
He says the decision to include a serviced apartment component comes of the back off Adelaide’s high occupancy rates for short-term apartments.
The residential component of the 17 storey project had been marketed as Franklin Street apartments, but failed to attract any buyers.
Kyren Group managing director Theo Samaras blamed this on a soft residential market and an Adelaide City Council unwilling to "incentivise" inner-city living.
Quest is currently on an aggressive expansion drive with <a href="https://www.propertyobserver.com.au/leisure/construction-begins-on-%2425-million-quest-wodonga-serviced-apartment-project-with-seven-more-in-the-pipeline/2012071155532">seven projects to be completed over the next 12 months</a>.
Earlier this month it kicked off construction on a new apartment project in Wodonga on the NSW/Victoria border.
Quest is bullish about the Adelaide CBD market with The Adelaide Advertiser reporting that it is in negotiations with developers for more locations in Adelaide, including sites at the southern end of King William Street and the eastern end of Flinders Street. The 70 Franklin Street project has reached the halfway mark in its construction and is due to be completed in early 2013.
Aside from the serviced apartment component, the project incorporates a 20,000 square metre office space and 700 square metres of retail space.
An adjoining 700 bay car park in Young Street has already been completed.
Three office floors have been pre-committed, including the top two levels which will be taken up by law firm Piper Alderman.
Quest’s Andrew Weisz says Adelaide is fast becoming an “international hub for the corporate sector, so it's imperative that our business follows corporate travellers as they move into the city”.
"This development, along with other major projects in Adelaide, represents a great opportunity for the serviced apartment industry and Quest will continue to respond to corporate demands for quality accommodation," he says.
The Lucid Consulting Engineers and Cheesman Architects-designed building has been awarded a five star NABERS rating.
Samaras says investing in five star buildings is a way to stand out in the marketplace and to attract premium tenants.
“In the future, a five star build is likely to be the normal benchmark. With the right project team, these developments can deliver on the bottom line,” he says.
“70 Franklin Street is also ideally located to benefit directly from access to Victoria Square, Adelaide’s Central Market and Chinatown, all of which are situated only a short walk away; this type of amenity is highly regarded.”
</body></html>

Quest to operate 131 serviced apartments in Kyren Group’s $100 million Adelaide CBD development

<html><body>
Rain delays has prompted Australand to reduce its targeted lot sales in its Greenhills Beach residential development in the Sutherland Shire from 170 to 135 for 2012.
And sales at Clyde North, its Melbourne greenfields project, have also slowed, with south east Queensland sales still at historical lows.
But the property group's sales was quite resilient in its $89 million full year net profit after tax representing a six percent boost.

The Greenhills Beach project, two kilometres from Cronulla, has land priced from $690,000 with beach lots priced from $845,000 and lakeside lots priced from $850,000
Despite the lot sales slowdown, Greenhills Beach remains among Australand’s top 10 residential projects and is listed as one of the project contributing to the strong first-half year result from its residential division.
Australand has also downgraded lot sales expectation in it Clyde North project on the outskirts of Melbourne with 140 lots expected to be sold in 2012 financial year compared to previous forecasts of 168.
In relation to both these projects, Rod Fehring, head of residential at Australand, said strong earlier momentum in both these projects had seen the developer release lots to the market earlier, but anticipated stronger sales had not eventuated.
The Clyde project has been impacted by the overall weaker state of the Melbourne market while the Shire project had been impacted by rain delays.
Overall, Australand identified South East Queensland and Melbourne as the two most challenging residential markets as it reported a 12% rise in revenue from its residential businesses to $260 million for the six months to June 30.
Lot sales declined to 489 compared to 605 in the corresponding period last year but contracts on hand increased from 605 and 824.
The average value of lot sizes were higher than the previous period.
The strongest performing residential project were Cockburn Central (WA), Kangaroo Point (Queensland) and Parkville (Victoria) with key contributions from residential land projects in Greenhill Beach (NSW) and Greenvale (Victoria).
The residential division now holds 1,316 contracts in hand as of June 30, an increase of 40 % more than the 951 contracts held at the end of December with Australand expecting 59% of these contracts to be realised in the second half of the year.
Australand managing director Bob Johnston said solid momentum from 2011 had been carried into 2012, but “consumer clearly remained cautious and house prices have eased.
Fehring described the Melbourne market, where Australand has 54% of its projects, as one that has now ticked over into “mild oversupply” although this oversupply is not “uniformly spread” with activity impacted at the lower end of land markets and high-end discretionary markets.
He says sentiment has softened with a weaker employment outlook, while the ending of first-home buyer concessions had also pulled demand forward and is expected to impact on the market in the future.
But he says "earnings resilience" is being supported by the diversity of the projects in its pipeline with its Point Cook project among the top performers
Australand has 11 Victorian projects underway with over 500 contracts in hand, including projects in Carlton and Cranbourne West.
Australand has only a small exposure to the South East Queensland, where 9% of its residential projects are located.
It says activity levels in this market remain at historic lows with interstate migration remaining low though affordability has improved relative to other markets.
Its inner city projects at Kangaroo Point and Hamilton have been among the stronger performers which are attracting enquiries and sales.
Australand has stuck with its forecast of 48 lots sales at Kangaroo Point for the financial year with an average expected price of $980,000
Australand says WA, where it has 14% of its projects, is showing improved fundamentals.
“Perth market fundamentals have improved significantly, listing have normalised with vacancy rates tightening,” says Fehring.
Across the entire residential portfolio, Australand is targeting 15 to 20% rise in earnings before interest and tax for the second half of the year, underpinned by strong contracts that will close in this period.
It also re-affirmed full year distribution guidance of 21.5 cents, but said this was dependent on sentiment not weakening further.
For the half year to June 30, Australian reported a 5% rise in operating profit compared to the same period last year.
Johnston called this a “credible result” given the weak consumer sentiment.
“Trading conditions across the board remain challenging,” he said.
Australand reported statutory profit of $90 million for the half year compared to $85 million in the corresponding previous period.
<img width="400" height="225" src="/images/stories/2012/greenhills.gif" alt="greenhills">
</body></html>

Sales slow in the Sutherland Shire as Australand identifies several residential weakspots

Ron Bakir's Homecorp has sold more than 75 per cent of the apartments in its wellness-driven Florence Residences in Surfers Paradise following its first weekend release.

The <a href="https://www.apartments.com.au/new-apartments/florence-residences-24-monte-carlo-avenue-surfers-paradise-qld-4217">26-storey project on Monte Carlo Avenue</a>, which commenced construction earlier this year, has seen a flurry of buyers secure their slice of the Gold Coast's latest wellbeing-focused offering in one of the nation's most competitive property markets.

Since the pandemic, the Gold Coast's population has grown by more than 11 per cent, a rate approximately four times faster than Sydney's, driven largely by lifestyle changes and interstate migration. While buyer activity has moderated in some markets nationally, demand for newly built dwellings on the Gold Coast continues to gain momentum as purchasers increasingly prioritise lifestyle, amenity, wellbeing, liveability and long-term investment potential.

&nbsp;

[smartcode_project:default project_id=150414 project_image_fid=372743]

Homecorp CEO Ron Bakir says buyers today are looking for more than just a home.

"What we are seeing is a shift in how people define value in property," Bakir says.

"What attracts residents to new developments is a desire for more than just a residence. They are looking for a place that complements their lifestyle, supports their wellbeing and reflects the way they want to live into the future.

"Lifestyle, longevity, proactive health, wellbeing, connection and a sense of community are increasingly shaping purchasing decisions, particularly on the Gold Coast, where these factors continue to be a major drawcard."

[smartcode_project:default project_id=150414 project_image_fid=372744]

Bakir says Homecorp is responding to this shift through an approach that places greater emphasis on design, amenity and experience working together to create places that feel considered, connected and enduring in value.

Inspired by Eastern European design, Florence Residences will comprise 120 apartments alongside a private residents-only wellness club featuring a resort-style rooftop pool, hot and cold plunge pools, a spa retreat, contemporary gymnasium, and a spacious yoga and Pilates studio.

The development will also feature a residents-only lounge with private dining facilities and a rooftop bar, premium outdoor entertaining areas, a hotel-style lobby lounge, generous bike parking, and pet-friendly amenities including a heated dog wash.

[smartcode_project:default project_id=150414 project_image_fid=372742]

A limited number of apartments remain available, with an exclusive collection of four-bedroom sub-penthouses set to be released in the coming months.

Florence is one of the latest additions to Homecorp's expanding multi-billion-dollar property portfolio, which also includes plans for a <a href="https://www.apartments.com.au/news/qld/homecorp-lodges-plans-for-260-million-moroccan-bathhouse-inspired-tower-in-budds-beach">$260 million development in Budds Beach</a> tailored to the growing wellness market.

A development application has been lodged for a 27-storey, 156-residence tower at 8–10 Acacia Avenue and 25–27 Oak Avenue, featuring a residents-only Moroccan spa-inspired sanctuary.

Apartments at Florence Residences are priced from $1,249,000, with construction expected to be completed by late 2027.

[smartcode_project_cta:default project_id=150414]

Joel Robinson

Buyers rush to Homecorp's Florence Residences as Gold Coast wellness trend gains momentum

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.

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?

Larry Schlesinger

Editor's Picks

Have something to contribute?

Developments

New apartments

New townhouses

News