<html><body>
Tenders close tomorrow for 333 hectares of vineyards in the Coonawarra wine-growing region of South Australia, most famous for Cabernet Sauvignon and Shiraz wines.
Up for sale is the Coonawarra Premium Vineyards (CPV) Project No. 1 &amp; 2, a subsidiary of the Coonawarra Australia Property Trust.
There are 309 hectares of planted vineyards on six titles  with red varieties – Cabernet Sauvignon, Shiraz and Merlot – constituting around 85% of total plantings along with smaller parcels of white grapes: Chardonnay, Semillon and Sauvignon Blanc.
Also up for sale is a contemporary masonry residence, currently used as an office, temporary accommodation and staff amenities, a number of sheds and 16 iron clad pumping stations which serve both to irrigate the vines and to provide water for frost protection.
The Coonawarra Australia Property Trust was placed in receivership in March this year, with its shares suspended from trading on the ASX at the same time.
John Hart and David Kidman of Ferrier Hodgson were appointed as receivers, including the CPV property with land title documents showing a mortgage to the Commonwealth Bank.
The vineyards are being sold on behalf of the receivers with the sales campaign led by Tim Altschwager and Nick Dean from Colliers International Rural and Agribusiness Wine Industry specialist practice.
Altschwager says no price guide has been given, but “similar vineyards in the Coonawarra area have recently attracted figures in excess of $20,000 per vine area".
“We expect quality vineyards planted to premium varieties to attract figures well in excess of that rate,” Altschwager tells Property Observer.
Coonawarra is one of Australia’s most renowned wine regions and is acclaimed internationally for its Cabernet Sauvignon and Shiraz wines, which thrive in the cool and sunny climate and in the famous terra rossa soils.
The CPV portfolio comprises two contiguous vineyards, which may be operated separately, having separate infrastructure and water entitlements, are currently operated as one operation.
Historically Coonawarra produces around 40,000 tonnes of fruit per annum out of the 100,000 tonnes produced in the Limestone Coast zone, second largest producer in South Australia after the Riverland Zone.
Premium wines produced in the Coonawarra region are all represented in a tight strip along the Riddoch Highway and include Wynns, Penfolds, Petaluma, Katnook Estate, Lindemans, Orlando, Bowen Estate, Balnaves, Zema Estate, DiGiorgio Wines, Hollick Wines and Majella.
</body></html>

lschlesinger-FZcF9M3vE6

Tenders to close for premium Cabernet Sauvignon and Shiraz Coonawarra vineyards 

<html><body>
Brisbane house prices fell by 1.3% in the June quarter to a median of just under $428,000 – the lowest reading since December 2008 and the eighth straight quarter that house prices have fallen – according to the latest quarterly figures from Australian Property Monitors (APM).
The decline in Brisbane house prices, which dates from the June 2010 quarter, came on the back of a very buoyant market with Queensland one of the last housing markets to feel the effects of the GFC.
The housing market took another battering following the January 2011 Brisbane floods and other natural disasters in the state.
Brisbane remains the most affordable mainland capital city detached housing market, below Adelaide, where house prices remained unchanged over the June quarter at a median of $436,000.
Year-on-year, Brisbane house prices have fallen 3.7% since June last year, more than Melbourne's 2.6% year-on-year decline, with Adelaide (- 2.1%) and Sydney (-1%) also recording smaller 12 month declines.
Brisbane unit values declined more steeply over the June quarter – down 1.7% to a median of $356,744 – but are down a more modest 0.8% over the 12 months to June, compared to house prices.
APM recorded a Brisbane auction clearance rate of just 29% last weekend.
<img alt="brisbane-median-price" src="/images/stories/2012/brisbane-median-price.gif" height="225" width="400">
Both RP-Data and Rismark have the Brisbane housing market well down over the 12 months to June – with their data pointing to an even steeper annual decline.
However, RP Data-Rismark reported a 0.9% gain in Brisbane house prices in the month of June to a median of $435,000 – suggesting the market may have begun to finally turn around.
RP Data-Rismark has Brisbane house prices down by 4.9% for the year.
Residex says Brisbane house prices fell 2.37% in June, 3.75% over the June quarter and are down 6.5% for the year with a median value of $412,500.
The Real Estate Institute of Queensland (REIQ) reported an easing in the Brisbane rental vacancy rate over the June quarter to 2.1% from 1.7%, although the inner city suburbs remain tightly held at just 1.6% “with property managers from REIQ accredited agencies reporting some rent increases taking place, especially for houses, due to stronger demand”.
The REIQ has Brisbane house prices down 4.7% over the March quarter to a median of $505,000 and has yet to release June quarter results.
According to Dr Andrew Wilson, senior economist at APM, Brisbane house prices are showing no signs of price growth at this stage and the market is likely to fall further.
He says the recent performance is somewhat “counterintuitive” given that recent ABS housing finance figures show that the value of investor loans approved over the first five months of the year rose 31% in Queensland.
“Brisbane is suffering from a lot of stock that needs to be absorbed,” Wilson says.
“There is not much competition for properties. This will only increase when the amount of residential stock listed for sale comes down.”
According to RP Data, Brisbane residential listings fell 3.5% for the year to July 8.
SQM Research recorded a 4.4% year-on-year decline in Brisbane residential stock-on-market to end of June, but recorded a 3% rise over June counting 30,080 property listings.
Wilson says there are positive signals of longer-term recovery for Brisbane including stronger population growth in South East Queensland due to people chasing higher wage growth in the state (off the back of mining activity).
“But I don’t see the bottom of the market yet,” he says.
Noting the volume of apartment projects underway in the inner Brisbane suburbs (there are more than 40 at various stages of development at present), Wilson says there is growing demand for inner city Brisbane living.
However, given that it’s an emerging new market, he says it will take time to gain traction.
“It took decades for the Melbourne inner city market to gain traction and we are still seeing prices coming down.”
"The Brisbane inner city market is on watch."
</body></html>

Brisbane house prices decline for eighth straight quarter but not yet at the bottom: Australian Property Monitors

<html><body>
Mining towns like Chinchilla in Queensland’s Surat Basin offer potential for capital growth.
However, its promotion (and others like it) should also serve as a reminder to investors that they should bear in mind who is making the recommendation, what interest they may have in the hotspot and whether they will earn income from selling real estate in this area.
Among those promoting Chinchilla is Sam Saggers of Positive Real Estate, who describes it as a mining boom town that should be on the “radar” of all property investors.
<img src="/images/stories/2012/07/chinchilla.jpg">
Saggers says he expects Chinchilla will soon have rents that rival those in Moranbah and Port Hedland, and says average annual price growth has been at 17% – “with no signs of stopping any time soon”.
“Chinchilla has a diverse economic base,” Saggers reassures investors.
“This small but growing region is known as the ‘Home of the Melon’, which is a well-deserved name considering that a quarter of Australia’s watermelons, rockmelons and honeydew melons come from this region.”
“Chinchilla doesn’t rely solely on mining for its ‘bread and butter’.” says Saggers. “The area has a big agricultural base, selling produce such as cotton, wheat, barley and sorghum. They have large cattle and pig farms, as well,” he says.
While this may all be accurate, investors should bear in mind that it is Saggers’ job to promote all the best that Chinchilla has to offer as he sells many properties in the mining town and others like it. Saggers does not hide this fact: you can find examples of off-the-plan projects he is marketing in Chinchilla, Mackay and Gladstone on the Positive Real Estate website.
But even Saggers himself acknowledges that there are risks to investing in mining towns and investors need to consider that mining demand could slow, so investors must assess the risk of that happening.
And, he says, not all mining towns are wise investments.
He describes Moranbah, Middlemount, Dysart and Karratha as mining towns where “rents have been driven out of control from the mining boom” and where he expects a “market contraction”.
Chinchilla, Mackay and Gladstone though are not on the list.
Surat Basin Property Group is also promoting Chinchilla and other nearby Queensland mining towns as “opportunities for ‘mum and dad’ investors to capitalise on the country’s resources boom”.
Similar to Saggers, the SBPG does not keep it a secret it has a vested interest in Chinchilla.
The company has its headquarters in the town and has “land holdings in the region that will ultimately deliver approximately 2,500 dwellings”.
SBPG has already built and sold 200 house and land packages in Chinchilla.
It should not be surprising then that SBPG chief operating officer, Jason van Hooft says opportunities for investors in the Surat Basin area are “unique in Australia”.
“For a start, we are not that isolated, being only 3.5 hours' drive from Brisbane, and secondly the towns of Chinchilla and Miles are long established country communities with existing infrastructure, existing thriving communities and broad-based economies.”
“If you like, the resources boom is the icing on the cake for these centres,” van Hooft says.
SBPG is offering house and land packages from $390,000 to $452,000, which it says will attract rents in the order of $550 to $800 a week “with a waiting list of prospective tenants in a number of the towns”.
“Similar properties, probably not as well built, in Western Australia’s mining regions would command prices of around $800,000 to $1 million,” van Hooft adds.
SBPG currently has 60 residential blocks available to be developed in Chinchilla and Miles and hundreds more in the pipeline; van Hooft says the certainty of tenancy and the potential for capital gains (16% on average over the past 10 years) cannot be duplicated anywhere else.
All of this can sound enticing, but investors should ensure they also obtain an objective opinion of locations like Chinchilla.
While there are many positives about investing in these locations, there is significant risk as well – risk that will not be highlighted by anyone with a vested interest or who stands to earn commission on property sales.
For advice on navigating hotspots, download our free eBook: <a target="_parent" href="https://bit.ly/O6ekCX">Tools for Getting Through the Hotspot Maze.</a>
</body></html>

Chinchilla, Queensland: Mining hotspot or one underpinned by marketeers?

<html><body>
Melbourne was the strongest performing capital city detached housing market over the June quarter, recording a 1.6% rise to a median of $531,167, according to figures compiled by Fairfax's Australian Property Monitors (APM).
Dr Andrew Wilson, senior economist at APM, says the Melbourne market is being driven by demand at the lower-end and top-end of the market.
"We've seen a big lift in first home buyers since the announcement of the end of state incentives which has brought demand forward," Wilson told Property Observer.
"In May this year we had the highest numbers of first home buyers since first home buyer incentives were introduced in 2009," he says.
There has also been "solid resilience in the top end leafy suburbs" with prices rising off a low base.
In addition, Wilson says there has been improved affordability and interest rate cuts – though oversold as a driving force – have also been a significant contributor to the recent stronger performance.
Furthermore, auction clearance rates have also pushed up of late.
"It will be interesting to see, when this wave of first home buyers are out of the market, whether the upper end resilience can sustain the market over spring."
"The middle section of the market is always susceptible to the wider Melbourne economy and things like wages growth."
"The Melbourne market is on watch."
Wilson's explanation aside, the APM data is likely to create more confusion for investors and buyers as to the direction of the Melbourne market, with other providers recording different results over the same period of time:
<ul>
<li>RP Data-Rismark recorded a substantial 3.1% drop in Melbourne house prices over the June quarter to a median of $517,500, though it did record a 1.4% gain over the month of June, with Rismark CEO Ben Skilbeck saying the market had “rebounded”. 
</li>
<li>Residex recorded a 1.3% fall in Melbourne house prices over the June quarter to a median of $555,500 and a 0.5% fall over the month of June.</li>
</ul>
<ul>
<li>The Real Estate Institute of Victoria (REIV)’s results could be read as the most bullish, with the institute recording a 2.9% gain to $535,000 over the June quarter, with the metropolitan Melbourne market described as “steady”.</li>
</ul>
Nationally APM reported little change in house and unit prices with house prices up 0.4% to a median of $536,075 and unit prices down 0.8% to a median of $411,810.
Over the 12 month period to June, house prices are down only 1.6% while unit prices are unchanged.
Sydney and Perth house prices hardly moved over the quarter – both up 0.2% to medians of $642,425 and $536,151 respectively.
<img src="/images/stories/2012/stratified-prices1.gif" alt="stratified-prices1" height="181" width="470">
Among capital city unit markets, the trend was down, led by Perth (down 4.5% to a median of $348,960) and Hobart (down 3.9% to a median of $260,393) with Sydney unchanged and a 1.2% fall recorded in Melbourne.
Only two capital cities recorded gains in their median unit prices over the quarter, led by Canberra, recording a 2.5% gain to a median of $421,339 and Adelaide, up 1% to a median of $296,802.
<img src="/images/stories/2012/stratified_prices2.jpg" alt="stratified_prices2" height="193" width="504">
Commenting on the June quarter data, Dr Andrew Wilson, senior economist at APM, says that following a subdued period of buyer activity, “most Australian capital city housing markets appear to have bottomed out in the December quarter 2011, with modest price growth evident over the first two quarters of 2012 in Sydney, Melbourne, Perth, Canberra, Hobart and Darwin."
“Brisbane and Adelaide however are the exceptions, with no clear signs of median house price revivals in those markets,” he says.
“This trend towards modest improvements can be expected to continue in most capital city markets over the second half of 2012, underpinned by the prospects of an active spring selling season signalled by recent improvements in auction clearance rates, recent interest rate cuts and positive ABS home loan data.”
</body></html>

Melbourne house prices up 1.6% in June quarter to lead 0.4% national gain: Australian Property Monitors 

<html><body>
Less than half of the 416 estate agencies polled by Macquarie Group reported an increase in revenue in 2011, according to the investment bank’s recently realeased 2012 residential real estate benchmarking report.
 Nationally, 47% of agencies reported an overall increase in revenue compared to the previous year.
Two out of every five estate agencies (40%) reported a decrease in revenue, with 13% saying revenue did not change.
"The Australian residential property market in 2012 is an increasingly challenging landscape for real estate agencies to navigate," says Shaun Bassett, national head of residential real estate at Macquarie Relationship Banking.
Bassett says estate agents must have the ability to "adapt quickly and be sufficiently robust to survive, and thrive, in an environment where they are increasingly affected by factors outside their control".
"The focus therefore has to be on factors that are controllable – elements within and outside of the businesses that principals, owners and managers alike can exert influence over – to better place themselves to generate a return irrespective of what is happening in the broader environment," he says.
The 2012 report found that many estate agents are turning to property management as a way to diversify their income.
It also found some disparity by states when it comes to revenue growth, most notably between NSW and the rest of the country.
Click to enlarge 
<a rel="shadowbox" href="/images/stories/2012/07/didyour800.gif" title="Click to enlarge"><img src="/images/stories/2012/07/didyour470.gif"></a>
A comparatively high 57% of NSW agencies are experiencing an increase in revenue, with Macquarie attributing this to sales revenue growth, with the survey also finding that 44% of NSW agencies versus 32% nationally reported an increase in sales commissions over the same period.
In no other state did a majority of agencies report an increase in revenue over 2011.
Victoria and Queensland both reported the highest percentage (46%) of agencies reporting decreasing revenue.
For those agencies that did report revenue increases over 2011, more than three quarters cited property management as a key area contributing to growth.
Around 60% attributed their revenue increase to rising sales revenue with 39% of respondents identified both.
“This tells a compelling story about the value of property management as a very real driver of revenue and business growth,” says Macquarie.
</body></html>

Less than half of estate agents report revenue rise in 2011, with NSW agents best placed: Macquarie survey

<html><body>
The Reserve Bank is likely to wait until November to cut interest rates again, according to the Commonwealth Bank’s chief economist Michael Blythe, following today's benign June quarter inflation rate reading.
The CBA had previously forecast a 25 basis point rate cut in August.
Blythe described the CPI June quarter reading of 0.5% as a “touch below market expectations” with the underlying CPI print (0.6%) in line with the market and the Commonwealth Bank’s own forecasts.
“But whatever way you cut up today’s data the bottom line is that underlying inflation at mid-year was travelling at around 2%pa, the bottom end of the RBA’s target band.
ANZ prepared this graph showing how underlying inflation has tracked within the RBA’s targeted inflation band (2% to 3% since 2011):
<img alt="underlying_inflation" src="/images/stories/2012/underlying_inflation.jpg" height="279" width="399">
Blythe says the inflation reading leaves scope for the RBA to cut interest rates “if necessary”.
“That said, there is a pretty clear theme in recent RBA commentary."
“That theme is a lot of policy stimulus that has been applied over the past six months or so and now is the time to see what impact that stimulus is having."
“RBA Governor Stevens, for example, noted in the Q&amp;A session following yesterday’s presentation at the Anika Foundation that “we think the setting’s about right for the circumstances we face”.
“As a result the 25bpt rate cut we had pencilled in for the August RBA board meeting looks unlikely."
“We have pushed that cut back to November. The projected cut reflects the downside risks to the economic outlook that remains."
“Much will depend on how the European story plays out. But lower rates may also prove necessary in an economy adjusting to the end of a terms?of?trade boom and downward correction to export prices,” says Blythe.
Today, on the back of the inflation reading and Glenn Stevens' well-received speech on the economy and housing market, Aussie Home Loans chairman John Symond came out in agreement on the RBA Governor’s position on the state of the Australian housing market.
“Repayments are now at their lowest in years on the back of low interest rates, income growth and lower house prices and loans sizes,” says Symond.
“I particularly endorse the RBA’s optimism and agree that arrears have remained low or have even seen some decline in the last year, while house prices are now somewhere around their 2004 levels. The likelihood of the so-called ‘bubble’ bursting seems low, in my opinion."
“Now really is an opportune time for first home buyers to consider getting in to the market, especially with the chance of further rate drops in the coming months. Both variable and fixed rates look appealing, and with an increase of houses on the market combined with positive economic indicators, it provides a great environment  to invest in your own place rather than pay someone else’ s rent if you can afford it.”
Thinking about refinancing your home loan as economists change the interest rate forecasts?
Sign up for Property Observer’s free webinar: Refinancing and the interest rates riddle taking place on Tuesday 31 July a 12:30pm AEST.
</body></html>

RBA likely to wait until at November to cut rates again following low June quarter inflation reading: CBA’s Michael Blythe

<html><body>
The Consumer Price Index (CPI) rose 0.5% in the June quarter 2012, compared with a rise of 0.1% in the March quarter 2012.
This reading was just below forecasts of a 0.6% quarterly rise, according to a poll of 24 economists by Bloomberg last week.
The CPI rose 1.2% through the year to the June quarter 2012, compared with a rise of 1.6% through the year to the March quarter 2012, well within the RBA's target 2% to 3% per annum inflation band, leaving room for the RBA to cut rates later in the year, should it need to.
Annualised CPI is now at its lowest rate in 13 years, CommSec points out. The most significant price rises in the June quarter 2012 were for medical and hospital services (+2.8%), rents (+1.1%), vegetables (+5.2%) and furniture (+4.5%).
The most significant offsetting price falls were for domestic holiday travel and accommodation (–4.0%), audio, visual and computing equipment (–3.8%) and cakes and biscuits (–2.8%).
CommSec expected underlying inflation to come in at 0.6% for the June quarter and 1.9% for the year and said this should “make the Reserve Bank even more comfortable that over the mid-term inflation remains well contained” providing scope for a rate cut over the next couple of months.
JP Morgan economist Ben Jarman says today's CPI figures won't surprise the RBA "in any meaningful way".
The Commonwealth Bank is now forecasting the next rate cut in November, having previously forecast one on August 7.
</body></html>

Inflation up 0.5% in June quarter, slightly below expectations, leaving room for future rate cuts

<html><body>
There was a 30% increase in the volume of vacant land sales on the Gold Coast in the June quarter but the market remains depressed, with house prices still well below pre-GFC levels and more locals choosing to rent, according to the latest quarterly Prodap Report.
The report recorded 208 land sales over the three-month period to June off a record low base of 159 sales in the previous quarter.
Most of the sales were to speculative builders at Gainsborough Greens, Coomera Waters and The Meadows on Yawalpah Road in East Coomera.
This figure is expected to rise higher in the first quarter of the 2013 financial year with end users "in most cases delaying purchasing until the next quarter to avoid paying higher stamp duty".
Prodap Report author Bill Morris says this delay “camouflaged underlying demand over the June quarter”.
But he says funding for new developments remains tight, restricting new housing supply.
The report found that sales of new house and land packages "continue to wallow" at around 70 per quarter for the past two years, reflecting low stock choices because of a limited number of new projects being released to the market.
It notes that only local ASX-listed developer Sunland is adding to the pipeline with new house and land packages at Royal Pines, Sanctuary Cove and The Glades golf resorts.
Over the quarter house sale prices averaged $527,819, down 12% from $600,110 two years ago and 9% below a pre-GFC level of $580,670.
Morris says the effects of the GFC continue to be felt, in particular the contracting pool of available funds for bank lending.
“This situation needs serious attention from the Federal Government, as it is not a local problem."
“It is suggested that the pool of bank funds for lending could be increased if interest earned on bank deposits was not taxable. If this were the case, there would be more incentive for investors to use bank deposits as a serious investment strategy,” says Morris.
Despite stock levels remaining relatively low, the report says falling prices indicate “changing patterns of household ownership, ie. renting or sharing rather than attempting to purchase unaffordable houses”.
</body></html>

Gold Coast land sales rise 30% in June quarter but funding for new developments still “tight”: Prodap Report

<html><body>
RBA governor Glenn Stevens has suggested that Australian households are coping well with their mortgage repayments as part of his very well received “Lucky Country” speech delivered to the Anika Foundation Luncheon in Sydney yesterday.
Stevens says the amount of household income required to repay the median mortgage is at its lowest level in more than a decade, excluding the GFC blip.
In addition, a high proportion of households are ahead on their mortgage payments, while house repossessions have also fallen from their peaks in Australia’s two biggest housing markets, NSW and Victoria – with the national repossession rate standing at 0.15% compared to 2% in the US.
"Dwelling prices have already declined, relative to income, and it is in fact not obvious that they are particularly high compared with most countries. Housing ‘affordability’ has improved significantly; over 99% of bank-held mortgages are being serviced fully," he said.
Stevens presented this chart (below) to show that on average, households are spending about 22% of their disposable income to repay their home loan – the same amount they were paying in 2002.
<img src="/images/stories/2012/sp-gov-240712-graph7-small.gif" alt="sp-gov-240712-graph7-small" height="404" width="400">
The chart shows that housing affordability has been improving over the past two years – with Australian households coming under the most strain in 2008 when the percentage of household income to loan repayments peaked at above 30%.
The standard accepted definition of mortgage stress is that you spend 30% or more of disposable household income on mortgage repayments.
“As a result of lower house prices and therefore lower loan sizes, somewhat lower interest rates and a good deal of income growth, the repayment on a new loan on a median-priced house as a share of average income is now at its lowest for a decade (except for the "emergency" interest rate period in 2009),” Steven said.
“It is true that a low unemployment rate is a key factor helping here, but it is also true that the proportion of households that are ahead on their mortgage payments is also high – with some evidence pointing to over half – which would provide a buffer of some months for those households in the event a period of lower income was experienced.
"If we look at applications for possessions of dwellings, they have been running at about 0.15% of dwellings on an annualised basis. Such applications have actually declined since their peak in both NSW and Victoria, though they have risen over the past couple of years in WA and Queensland. In the United States the most comparable figure for repossessions – "foreclosures started" – peaked at over 2% of dwellings.
The conclusion to be drawn from this and other positive indicators (a banking system in good shape; the correct macroeconomic response to the GFC, demand from China rebounding strongly after the GFC among others) Steven said was that “ingredients” the RBA would look to as signalling an imminent housing crash seem, “if anything, less in evidence now than five years ago”.
Stevens said stress tests carried out over recent years showed that "even with substantial falls in dwelling prices, much higher unemployment and associated higher levels of defaults, key financial institutions remain well and truly solvent".
As a result of this upbeat assessment of the Australian economy and the resilience of the financial system highlighted in the speech, <a href="https://www.propertyobserver.com.au/economy/august-rate-cut-hopes-dim-further-following-upbeat-glenn-stevens-lucky-country-speech-commsec-anz/2012072455710">both Commsec and ANZ said the chances of rates being cut in August had dimmed even further</a>.
Commsec chief economist Craig James said that on the question of whether housing is over-valued, Stevens' arguments show that he isn’t convinced, pointing to Stevens' observation that " the housing market bubble, if that's what it is, seems to be taking quite a long time to pop".
James also highlighted that in terms of bank funding vulnerabilities, Stevens said there are grounds for optimism, while also showcasing a number of developments that have worked to strengthen the Australian economy.
James highlighted this statement from Stevens in relation to the strength of the economy:
“Some of the adjustments we have been seeing, as awkward as they might seem, are actually strengthening resilience topossible future shocks. Higher – more normal– rates of household saving, a more sober attitude towards debt, are-orientation of banks' funding, and a period of dwelling prices not moving much, come into this category.”
</body></html>

RBA’s Glenn Stevens pours cold water on mortgage stress fears with affordability at 10-year high

<html><body>
Turning 50 on June 16 and a "family board meeting" convinced Stockland managing director Matthew Quinn that he should end his 11 years in charge of Australia's biggest residential property developer.
Speaking at a hastily arranged media conference today following the surprise announcement, Quinn said he had sat down with Stockland chairman, Graham Bradley in April and committed to leading Stockland for the next three years "as it transitioned in tough market.


“But things change. I turned 50 in June. We had a family board meeting and decided it was time to make the change," he said

Quinn, who resides in a McMahons Point house, will step down in February next year, continuing to lead the business until a successor is appointed.
He spearheaded Stockland's "three Rs" strategy - a focus on  the retail, retirement and residential sectors, but no one at the media briefing asked if his own personal retirement was the fourth "R".
The Stockland board will undertake a “comprehensive internal and external search to select Stockland’s next managing director”.
Yesterday, the Australian Financial Review's Street Talk column reported that the market was “abuzz with rumours of a change in leadership” despite Quinn declaring earlier this year that he would remain at the helm for another three years.
In Stockland’s most recent third quarter investor briefing in May Quinn said Stockland was on track to achieve its 2012 financial year guidance.
However, at the end of March Stockland issued an earnings downgrade for the 2012 financial year, saying that the highest rainfall in the Illawarra region in NSW in 50 years, had delayed activities at two residential projects - Brooks Reach in Dapto, comprising 618 lots, and McCauley's Beach in Thirroul, comprising about 160 lots.
And the company is tipped to report a drop in full-year earnings per security to 29.3¢ when it releases its full year results on August 8 compared with guidance released in May of 29.8¢.
Explaining the drop in full-year earnings guidance, Bradley said factors impacting had included provisions made for restructuring costs, which are still ongoing and will lead to costs savings in the years ahead.

The company also did not buy back as many shares as planned due to higher share price, while there was also delay in settlement in contracted super lot sales, which have now slipped into the 2013 financial year.

“There was a delay in the settlement process," said Quinn.

"Contracts on hand in June, did not proceed to settlement before the end of the last financial year, and will come through in first quart of 2013."

However, he said Stockland did achieve a target of 5,000 lot settlements for the financial year.
Street Talk speculated that Investa Property Group’s former head, Chris O’Donnell,was among the names that have cropped up as a potential replacement along with Denis Hickey at Lend Lease.
Bradley said Quinn would be missed and had overseen significant transformation at the developer.

Quinn has been with Stockland for 13 years.

“He has every right to be proud of the legacy of what he has achieved.”

“The board fully understands and accepts his decision.”

Bradley says succession planning is now the board’s top priority from now and process which he says will take no more than 6 months to ensure an orderly and smooth transition.

“Over last 24 hours we have undertaken a comprehensive search to identify a successor to Matthew with rights skills and experience to take Stockland forward,” he said.

“There is no reason to be concerned we will lose momentum and we will fully implement our direction and strategy.”

Announcing his decision to step down, Quinn said: "After much consideration I have decided that it is now the right time to step down. I am committed to working with the Board and executive team to ensure a smooth transition.


“It has been a privilege to lead Stockland and I am very proud of the legacy I will leave behind.” 
Quinn was in born in Northhampton in England and began his professional career as an accountant in the UK before moving to Australia in 1987 with Price Waterhouse.
In 1988 he joined private property group the Rockingham Park Group.
He joined Stockland in 1999 and was appointed as managing director in October 2000.
Among the other positions he has held in the property industry is national president of the Property Council of Australia from March 2003 to March 2005.
He is also a fellow of the Australian Property Institute and the Royal Institute of Chartered Surveyors.
He lives in McMahons Point, a harbourside suburb on the lower North Shore of Sydney.
</body></html>

"Family board meeting" convinced Matthew Quinn to step down as Stockland managing director next February

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