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Bendigo and Geelong star performers in otherwise mixed bag for Victorian house prices: REIV

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Thousands of small investors who have their funds tied up in Provident Capital debentures will have to wait until at least the second week in August for any update on their investments.
An exact date for the meeting has not yet been confirmed.
Receivers Phil Carter, Tony Sims and Marcus Ayres of PPB Advisory are currently carrying out an assessment of the failed fund manager and non-bank lender’s financial position ahead of an August meeting in Sydney.
At the “information session” debenture holders will have the opportunity to put questions directly to the receivers, and they will also receive an update on the status of the receivership.
About 3,000 debenture holders are owed <a target="_blank" href="/news">around $128 million by Provident Capital</a>, with redemptions frozen following the appointment of receivers.
Over $22 million worth debentures were due to reach maturity by the end of June 2012, with close to $54 million falling due by December 2012.
Debenture holders rank as secured creditors of Provident alongside Adelaide and Bendigo Bank.
December 2011 Provident Capital financial statements show that Adelaide and Bendigo Bank provided $91 million in funding to Provident.
Receivers are currently preparing an application to the NSW federal court for guidance as to how interest repayments and other distributions are to be made to debenture holders, as there “presently exists a conflict within the trust deed”.
The receivers expect that debenture holders will “suffer a shortfall on their total claims”, but are confident that it distributions will be made “in the near future, albeit at a reduced rate”.
Debenture holders were offered annual returns as high as 9% or more for three- and five-year fixed-term investments, with the money lent to property developers at high rates of interest.
Provident was placed in a court-ordered receivership on July 4 following an application by Australian Executor Trustees Limited (AET), a trustee for Provident Capital debenture holders.
The receivers also released information about two other mortgage funds.
The Provident Capital High Yield Fund
<ul>
<li>Was closed on June 25</li>
<li>Any investor who invested after this date will be refunded.</li>
<li>Distributions for the month of June 2012 have been paid.</li>
<li>Redemptions have been temporarily suspended.</li>
<li>Funder under review and receivers yet to confirm the position regarding future distributions.</li>
</ul>
The Provident Capital Monthly Income Fund 
<ul>
<li>Was closed on June 25</li>
<li>Any direct investor or investor directed portfolio service (IDPS) operators who invested after this date will be refunded.</li>
<li>Distributions for the month of June 2012 have been paid.</li>
<li>Redemptions have been temporarily suspended.</li>
<li>Receivers currently reviewing the overall future strategy of the fund.</li>
<li>Unit holders will be contacted in due course with a further update regarding the fund’s future.</li>
</ul>
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Provident debenture holders’ meeting set for second week in August

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There was bounce in Melbourne auction clearance rates in the last weekend of school holidays, with 61% of homes selling under the hammer compared with 52% last weekend and 55% the same weekend last year.
There were 342 auctions over the weekend, with 208 selling for a combined $118.4 million and 134 being passed in, 84 of those on a vendor bid, the Real Estate Institute of Victoria (REIV) reports.
The median selling price was $611,500 for houses and $500,750 for units.
For the June quarter the clearance rate was 60% compared with 61% in the March quarter and 59% in the June quarter last year, with a median auction price of $701,000.
This was 2% lower than the $715,000 recorded in the March quarter.
In comparison, there were 493 private sales over the weekend with a cumulative value of $223.4 million.
Across the quarter, private treaty sales achieved better results for vendors, with prices rising by 2.1% to a median of $469,950 in the quarter.
Figures analysed by the REIV also show a definite shift towards more private treaty sales over the quarter
The REIV calculated a 23% drop in the number of homes sold at auction and a 14% increase in those sold privately off a similar volume of homes sold compared with the June quarter of 2011.
REIV chief executive Enzo Raimondo says this reflects “the traditional shift back to private sales in a range of suburbs when the overall market is flat”.
John Sommers, buyers’ advocate and valuer with McRae Property, told The Sunday Age the “really good-quality stuff is still selling and still selling well”, but properties with “any problems attached” were not selling well or not selling at all.
Over the weekend the top-selling house was four-bedroom Federation Queen Anne residence in Ivanhoe, dating to around 1908, which sold at auction for $1,625,000,  with the listing held by Miles Real Estate. Next weekend the REIV expects about 360 auctions. Sydney achieved a clearance rate of 58.8% compared with 56.2% last weekend, with 134 out a 199 properties selling under the hammer with a total value of $86.9 million, according to Australia Property Monitors.
The median auction price for a house was $733,500 and $652,000 for a unit.
Dr Andrew Wilson, senior economist at APM, says Sydney’s 58.8% clearance rate was the best for weeks.
“Momentum is growing despite slower winter season. Consistently better than same time last year,” Wilson tweeted.
The top seller at auction over the weekend in Sydney was a three-bedroom unit at Milson Point, which sold for just over $2 million through McGrath.
“Now that we are halfway through winter, we are seeing a clearer picture of the impact the cooler months are having on the property market,” says Real Estate Institute of NSW (REINSW) chief executive Tim McKibbin. 
“The past few weeks have seen the clearance rate remain just below 60%, however this figure is expected to increase from now until spring, along with the number of auctions held each week, which should rise to around 500 to 600.” 
The REINSW calculated a Sydney clearance rate of 63% over the weekend, with 172 properties sold and 100 passing in.
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Melbourne weekend auction clearance rate picks up to 61% but private sales on the rise: REIV 

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The Australian housing market is not in a bubble, according to Sunrise breakfast host David Koch, who says the market will start to turn around once the economy picks up and investor confidence returns.
Koch says anyone following the property market might be left a little bit confused by “contradictory news headlines and expert opinions” but says the bottom line is that in the medium term, “the tough times for Australian property appear set to continue”.
He says “there’s no bubble to burst, but prices are unlikely to have increased of late either”.
“A sharp global economic downturn would ensure they stayed this way for a while yet,” Koch writes in a thought piece for Yahoo7 Finance.
“But once the green shoots of economic growth return, and with them increasing investor confidence, things should turn around.
“Further interest rate cuts, continued low unemployment, population growth and improving housing affordability will all help to support the house price growth when it happens.
“It’s just not happening yet,” he says.
Koch says while RP Data reported that Melbourne house prices rose 1% in June, there was also data released by SQM Research showing there are now a “whopping” 386,857 properties for sale across the country, up 6.4% from a year.
“All else equal, this points to softening prices”.
“Digging a bit further into the data reveals that Melbourne and Hobart in particular are facing tough times with 28% and 29% annual increases in stock levels respectively.
“Going back to Economics 101, the reports of increasing property prices in these supply flooded areas is a bit hard to fathom,” he says.
However, outside of Melbourne and Hobart, Koch says supply levels seem to be stabilising, although at a higher level.
“This should ensure prices remain subdued for a little while longer until interest rate relief entices a few more first-home buyers into the market and some more properties are cleared from the auctioneers’ books,” he says.
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No Australian housing bubble, but tough times ahead for property market: David Koch

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ANZ has left its variable interest rates unchanged today following its July independent interest rates review as economists remain divided about whether the RBA will cut rates on August 7.
The latest Bloomberg survey of economists found that 13 out of 24 expect the RBA to cut the cash rate to 3.25% on August 7 (unchanged from a week ago) with the rest expecting the cash rate to remain unchanged at 3.5%.
ANZ's standard variable rate remains at 6.80% the same as that of the Commonwealth Bank and just above NAB at 6.78%, which has pledged to offer the lowest standard variable rate among the Big Four throughout 2012.
Westpac remains the outlier with a standard variable rate of 6.89%.
ANZ CEO Australia Philip Chronican says the bank left variable mortgage rates unchanged “despite funding costs remaining elevated”.
Chronican says competition for deposits remains strong and is continuing to put pressure on margins, while “recent news from Europe has helped somewhat in stabilising offshore funding markets”.
Among the 24 economists surveyed by Bloomberg, the major banks are neatly divided with Westpac and Commonwealth Bank expecting a rate cut on August 7 and NAB and ANZ expecting the RBA to hold firm.
ANZ is pencilling in two 25 basis point rate cuts for October (previously August) and November this year.
Yesterday ANZ said the small increase in the June unemployment rate to 5.2% was unlikely to cause too much concern for the RBA.
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ANZ leaves mortgage rates unchanged as economists remain divided on August rate cut

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The number of homes listed for sale in Melbourne has increased four times faster than the national average over the past year, according to figures from RP Data. 
For the year to July 8, Melbourne residential listings have risen 31.5%, compared with a combined 8.2% rise in the capital cities.
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It’s a similar picture statewide, with Victorian residential listings increasing by 33.2% over the year to July 8 to 70,124 while nationally they have risen 9.6% to 301,414
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The RP Data figures break down listings into new listings (those properties that haven’t been advertised over the past six months) and re-listings (properties that have been advertised at least once previously over the past six months). 
The Victorian figures show that just 10,147 out of the 70,124 listings are new listings, compared with 9,572 out of 52,633 a year ago. 
In comparison NSW are up 9.6% for the year to 78,847 (11,535 are new listings), with a smaller 6.6% rise in Sydney. 
The issuance of the residential listing stats from RP Data and <a target="_blank" href="https://www.propertyobserver.com.au/residential/brisbane-and-perth-residential-stock-on-market-declining-while-sydney-static-and-melbourne-at-new-high-louis-christopher/2012071155535">SQM Research</a> within 10 days of each other invites comparison. 
The SQM Research figures calculate a total of 386,857, which is 85,443 more than the RP Data count. 
<a target="_blank" href="https://www.propertyobserver.com.au/residential/melbourne-listings-jump-61-in-june-to-55293-sqm-capital-city-stock-on-market-report/2012070455437">SQM records a 28% rise in Melbourne listings to just over 52,000</a> but just a 1% rise in Sydney listings to 32,390. 
RP Data figures are based on a direct data feed from “Australia’s largest real estate portal” with duplicates removed and the data cleansed by being matched with the RP Data ownership database. 
Outside of Melbourne and Victoria, the RP Data figures show that more properties are being bought and sold in the mining states, with WA recording a 4.6% decline over the past year to 32,851. 
Perth residential listing are down more than 11% over the year, while they are down 3.5% in Brisbane and more than 14% in Darwin. 
Nationally, new listings have declined by has declined over the past year and are 4.6% lower at 42,473 (8% down across the combined capital cities) and 38.4% lower than the historic peak. 
According to RP Data new listings are currently at virtual record low levels, excluding the Christmas and New Year periods. 
“Lack of absorption appears to be the issue here,” says RP Data senior researcher Cameron Kusher. 
He says transaction volumes are tracking about 13% lower than what was recorded at the same time last year and adds that homes are taking longer to sell; both of these factors are contributing to the higher stock levels.
“An encouraging sign for the market is that conditions are improving with selling times trending shorter over 2012 as well as a subtle improvement in transaction volumes.
“The fact that new listings have also been diminishing is resulting in a reduced level of effective supply,” says Kusher.
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Melbourne residential property listings rising four times faster than national average: RP Data

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The Commonwealth Bank has cut its one and three-year fixed mortgages by 20 basis points to a rate of 5.79% per annum for both products.
The new rates take effect from tomorrow (July 13) and are available for new borrowings over $150,000.
This means the bank is offering one of the cheapest fixed rates currently offered in the market, matching the three-year fixed rate offering of the Greater Building Society and QT Mutual Bank (QTMB), according to mortgage comparison website RateCity.com.au.
The Greater Building Society offers a one-year fixed rate mortgage at 5.64% per annum.
The Commonwealth Bank is now offering its lowest fixed rate home loans for more than three years and the lowest three-year fixed package rate of all the major banks.
“This latest rate cut is good news for customers looking to lock in rates, giving them greater certainty,” says Michael Cant, executive general manager of retail products and customers at the Commonwealth Bank.
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Commonwealth Bank cuts fixed rates by 20 basis points to 5.79%

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Fourteen recently completed luxury lakeside villas in Queenstown are expected to sell quickly over the weekend.
Nearly all the newly released Kawarau Village Apartments offer views across Lake Wakatipu, towards the slopes of Coronet Peak, or the snow-capped Remarkables mountain range.
<img src="/images/stories/2012/07/queenstownnew.jpg">
They are available to purchase from Saturday (July 14) with prices starting from NZ$535,000 (A$416,000) rising  to NZ$955,000 ($743,000) depending on configuration of apartment and location within complex.
The apartments are located on a north-facing, sheltered, lakeside site next to the five-star Hilton Queenstown Hotel and the Kawarau Hotel at 98 Peninsula Road, Kelvin Heights.
They are being marketed by to Ray White Queenstown agent Cameron Reed, who says that since the release of the apartments earlier this month enquiry levels have been “fantastic”.
Reed says enquiries have come from local buyers and national and international "out-of-towners"  as well as from the investor market.
“Interest has already been expressed in eight of the 14 apartments in the first release,” he says.
“From July 14 we will be giving out purchase options and sale and purchase agreements, and from there people can decide if they’d like to carry through with the sale.
“It’s a very simple process and there’s no obligation from the purchaser, but from July 14 it's ‘open slather’ on who gets in first," says Reed.
A second stage project called the Reserve Central collection will be released to the market once the first 14 have sold.
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Remarkable views from $416,000 in new Queenstown, NZ, development

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Expectations that the NSW housing market might be on the road to recovery have been quashed in the latest NAB Australian Residential Property Survey. 
NSW house prices are expected to fall by 0.4% over the next two years, according to the June survey of more than 300 property market participants. 
This compares with an expectation just three months ago in the March NAB Australian Residential Property Survey that NSW house prices would rise modestly by 1.6% over the next two years. 
According to survey respondents, NSW house prices will fall by 1.5% over the next 12 months, with the pace of decline slowing from mid-2013. 
The outlook for NSW is worse than that for the national housing market. 
While the national outlook has also declined, there is still an expectation that house prices will rise by 1% over the next two years. 
In the March survey, survey participants anticipated a 1.4% increase in national house price over the next two years. 
This change in mood is reflected in the NAB Residential Property Index (a measure of housing market confidence and expectations), which fell 11 points in the June quarter compared with a five-point rise in the first quarter of the year.
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NSW is not the only market expected to struggle over the next two years. 
Property market participants are most pessimistic about Victoria, with weak demand, low rates of economic growth and slower population growth underpinning a further 0.7% fall in prices over the next two years.
 
The outlook for these two markets is in contrast to the outlook for the mining states, with improved forecasts for both WA and Queensland as well as South Australia/Northern Territory. 
In WA, house prices are forecast to rise by 4.1% over the next two years, compared to a previous forecast of 3.4% while Queensland prices are tipped to rise 2.5% compared to the March estimate of a 1.5% gain.
House prices in SA/NT are expected to rise 1.9% over the next two years. 
Nationally, those surveyed say the recent rate cuts and the prospect of a further rate cut in the third quarter of the will slow the pace of house price declines.
“Combined with an underlying national shortage of housing that is unlikely to be rectified soon given currently low levels of building activity, we would expect house prices to start growing again in 2013 and beyond,” says NAB. 
The survey found that positive rents and falling home values were still supporting rental yield growth, however national rental growth slowed to 0.4% in the second quarter of 2012, from 1.1% in the first quarter of the year. 
“This largely reflected a softer Victorian rental market where rising vacancy rates, slower population growth and higher construction rates saw rents fall by 1% in the second quarter of 2012,” says NAB. 
However, the rental outlook has softened relative to the March quarter survey, with rents now expected to grow by 3.5% (4.3% previously) over the next two years. 
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Expectations softened in all states except WA (6.7% from 5.7% previously), where vacancy rates are likely to continue tightening as population increases are driven by strong state economic growth. 
Rental expectations in the next two years are weakest in Victoria (1.4%), followed by NSW (3.4%) and SA/NT (3.5%). 
The other key findings of the report are: 
<ul>
<li>First-home buyers and resident investors were more active in the new property market in the second quarter. </li>
<li>Demand is strongest for inner-city houses and lo-rise apartments/townhouses, but overall demand still very soft.</li>
<li>Tight credit conditions and housing affordability the most “significant” constraints on new housing development. </li>
<li>The extent of concern over interest rates falling rapidly as official rates continue being cut.</li>
<li>Demand for existing property weaker in most locations and for most property types in the June quarter.</li>
<li>Houses are still the most preferred type of property, especially in the inner city. Owner-occupiers are still the biggest players in the market. </li>
<li>Capital growth expectations are strongest in the sub-$500,000 price range, while the outlook for properties over $2 million remains “poor”.</li>
<li>Employment security now viewed as the biggest impediment to purchasing existing property, especially in Victoria and Queensland. </li>
<li>Access to credit is also still a major issue.</li>
</ul>
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False dawn for NSW housing price recovery but mining state sentiment improves: NAB June residential property survey

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Sydney tenants are now paying almost the same weekly rent for apartments as they do for houses, according to June quarter rental report released by Australian Property Monitors (APM).
Over the three months to June, the median weekly asking rental for Sydney units increased by 4.4% to $470 while weekly rentals for houses remained unchanged at $500.
There was a $50 a week gap in the previous quarter. In June 2010 the gap was $40, with houses at $480 a week and units at $440 a week.
Sydney house rents have not changed in the year to June 2012.
APM attributed the gains in Sydney unit rentals in the June quarter to increasing demand by tenants for apartments, “with this rental market remaining highly competitive for prospective tenants, with low vacancy rates being recorded in most areas”.
“In the Sydney market, the price increases in units over the quarter reflect growing demand for this type of accommodation that typically is located closer to the CBD and provides more established urban infrastructure,” says Dr Andrew Wilson, senior economist at APM.
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Nationally median asking rents for houses rose over the quarter by 0.7% while units rose by 2.5% over the three months ending June 2012.
Perth was the other mainland capital city rental market that performed strongly, with house rents up 7.5% to $430 and unit rents up by 8.6% to $380.
Perth has also delivering strong returns for investors over the past 12 months, with year-on-year gross rental yields of 14.4% for houses and 15.2% for units.
In comparison, Sydney has returned a gross rental yield of 2% year-on-year for houses and 3.3% for units.
<img src="/images/stories/2012/07/apmjuly122.gif">
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Despite the big rise in Perth rents, many tenants there would be better equipped to cope with rises than those in Sydney, where rents are already $70 higher for houses and $90 more for units than they are in the WA capital.
The most recent Australian Bureau of Statistics data shows WA's median gross weekly income was $1,466 in 2009-10, compared with $1,319 in New South Wales.
<img src="/images/stories/2012/07/apmjuly124.gif">
Among the smaller capital city rental market, Darwin house rents soared by 14% over the quarter to a median of $650, which is $150 more than they are in Sydney.
Darwin units increased by 8.7% over the June quarter to a median of $500, making them $30 more expensive than Sydney.
Darwin has delivered investors gross rental yields of over 20% for both houses and units year-on-year to June.
In contrast to Sydney and Perth, Melbourne remained a stagnant market for landlords and the most tenant friendly market of all the mainland capitals, with rental growth for both houses and units remaining subdued.
Weekly rentals for Melbourne house and units remain at the same price they were a year ago of $360 and $350 respectively.
In the closely watched Brisbane apartment market – <a href="https://www.propertyobserver.com.au/developments/construction-of-david-devines-madison-heights-tower-begins-with-87-of-units-sold-off-the-plan/2012071155517">there are over 40 new apartment projects underway in the inner-city suburbs</a> – unit rents fell by 1.4% over the June quarter from $365 to $360 and are unchanged over the 12-month period.
Brisbane house weekly rents were unchanged over the quarter at $380 but up 2.7% over the 12 months to June
Canberra unit rents rose 2.3% over the quarter to a median of $440.
Outside of Sydney, particularly in Perth, Darwin and Canberra, Wilson says “ongoing shortages of accommodation and low levels of new supply are placing upward pressure on rentals, which can be expected to continue over the rest of 2012”. 
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Demand for inner-Sydney apartments drives up rents while Melbourne rents stagnate: APM

The Gold Coast economy has grown by 25 per cent since 2020/21 to surpass $55 billion, but perhaps the more significant story is what sits behind the headline number.

For decades, the Gold Coast has been viewed through the lens of tourism, lifestyle and population growth. The latest State of the City Report suggests that perception is increasingly out of step with reality.

Released by Invest Gold Coast, the report ranks the Gold Coast as Australia's largest non-capital city economy and, perhaps more notably, second nationally behind Sydney for Economic Complexity, a measure that assesses the diversity and sophistication of an economy.

It's a result that places the Gold Coast ahead of Melbourne, Brisbane, Perth and Adelaide, highlighting the extent to which the city's economic base has broadened beyond its traditional industries.

Today, the Gold Coast supports more than 350,000 jobs, is home to over 83,000 businesses and generates $19 billion in annual exports. Manufacturing now accounts for 62 per cent of international export growth, while sectors including health, education, advanced manufacturing, technology and professional services are becoming increasingly important contributors to the local economy.

[smartcode_project:default project_id=150017 project_image_fid=372547]

Gold Coast Mayor Tom Tate said the report confirmed the city's evolution into one of Australia's most significant economies.

"The Gold Coast economy continues to grow at an incredible pace. This is no surprise to those of us who have watched the evolution up close," Mayor Tate said.

"As one of the most entrepreneurial, investment driven and opportunity focused economies in the country our ambition has been realised and possibilities are endless.

"The Gold Coast has built a reputation as the city that says yes. We say yes to investment, yes to opportunity and yes to people who want to build something.

"It's this mindset helping us drive major growth across health, advanced manufacturing, screen production, marine, technology and the knowledge economy."

[smartcode_project:default project_id=149670 project_image_fid=360975]

While population growth has been one of the defining stories of the past decade, the report points to a broader economic transformation taking place.

The city's knowledge economy now contributes $7.9 billion annually and supports around 31,000 jobs, while the health and wellbeing sector contributes $5.2 billion and employs more than 42,000 people. Together, the six priority sectors identified in the report account for almost $24 billion in economic output and more than 145,000 jobs.

One of the strongest examples is the Gold Coast Health and Knowledge Precinct at Southport. The 200-hectare precinct now contains more than $5 billion worth of health, education, research and innovation infrastructure and supports over 16,000 jobs.

The report also highlights the growing role of advanced manufacturing, particularly in aerospace, defence and modular construction.

Gold Coast-based Gilmour Space Technologies recently became the first Australian commercial company to attempt an orbital launch, while companies including Modscape and ModnPods are helping establish the Yatala-Stapylton corridor as one of Australia's fastest-growing advanced manufacturing hubs.

The city's entrepreneurial culture is also translating into business growth.

Since 2019/20, the number of businesses operating on the Gold Coast has increased by 22 per cent, while firms employing more than 200 people have grown by 80 per cent. The report suggests the next challenge is converting more local start-ups and medium-sized businesses into nationally significant companies.

Development activity remains another key indicator of confidence.

There are currently more than $23 billion worth of major projects underway across the Gold Coast, supported by a record 75 active cranes, a figure that now exceeds Brisbane and represents a 150 per cent increase since 2016.

[smartcode_project:default project_id=112024 project_image_fid=343235]

Importantly, the report notes the next phase of investment will need to extend beyond residential development.

While 93 per cent of crane activity is currently tied to housing, Invest Gold Coast argues future investment will increasingly need to focus on cultural, civic, infrastructure and industry-enabling projects that strengthen the city's long-term economic resilience.

Invest Gold Coast Chair Will Hodgman said the city was now benefiting from years of economic diversification.

"What is happening on the Gold Coast is the result of the city's economic base broadening, fuelled by industries with long-term, high-growth potential," Mr Hodgman said.

"This is no longer a secondary Australian economy, the Gold Coast is becoming a globally connected city with deeper capability across health, knowledge and creative industries, advanced manufacturing, technology and exports."

[smartcode_project:default project_id=108274 project_image_fid=365786]

Looking ahead, the Gold Coast's population is projected to exceed one million residents by 2046.

For a city that was once largely defined by tourism and lifestyle, the latest figures suggest the Gold Coast is becoming something more significant, one of Australia's most diverse and economically sophisticated urban economies, and increasingly one that national and international investors can no longer afford to overlook.

Joel Robinson

75 cranes, $23 billion pipeline and a $55 billion economy: Inside the Gold Coast economic boom

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]

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.

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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."

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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.

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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.

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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.

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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.

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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.”

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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.”

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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.

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“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.

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Larry Schlesinger

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