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Sydney was the strongest-performing major capital city housing market over the month of May, registering a nearly 2% rise in house prices to a median of $675,500, according to Residex. The Sydney market is in positive territory for the year ending May 2012, with growth of 1.2%.
The Sydney unit market registered a quarter percentage point fall in May, with prices up 1% for the year ending May 2012 to a median of $488,500. Sydney unit prices were up more than 5% for the year to May 2011.
Melbourne house prices were flat during May (to a median $558,500), while unit prices rose 1.5%.
Outside of the major capital cities, Darwin was the strongest housing market over May with a 3% gain to a median dwelling price of $504,500. The NT capital also registered the biggest jump in activity, with sales up 32% over the year to May period compared with the previous corresponding period.
Noticeably, Perth unit prices have made strong gains over the three months to May, up nearly 8% to a median of $412,000.
Overall Residex calculated a 1% rise in national house prices over May to a median of $429,500, with units unchanged at a median of $394,000.
Residex CEO John Edwards described the Australia-wide May results as pleasing, saying the trend shows that “markets have clearly moved to the positive and adjustments are now occurring at a lower rate”.
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<a title="Click to enlarge" rel="shadowbox" href="/images/stories/2012/06/residexjune27.jpg"><img src="/images/stories/2012/06/residexjune27thumb.jpg"></a>
“The unit market does not appear as robust and supply issues are impacting on its recovery. Looking a little deeper, the result we are seeing is largely a consequence of the largest markets (Sydney and Melbourne) producing reasonable outcomes,” Edwards says.
Here’s a guide to how capital city houses and unit prices have fared:
Sydney
House prices rose 1.92% over May to a median of $675,500. They are up 2.74% for the quarter.
Unit prices fell 0.25% over May to a median of $488,500. They are up 1.1% for the quarter.
Melbourne
House prices fell 0.08% over May to a median of $558,500. They are down 0.05% for the quarter.
Unit prices rose 1.48% over May to a median of $435,000. They are up 2.58% for the quarter.
Brisbane
House prices fell 0.3% over May to a median of $422,500. They are up 0.07% for the quarter.
Unit prices were unchanged over May with a median value of $348,500. They are up 0.54% for the quarter.
Perth
House prices fell 1.81% over May to a median of $475,500. They are down 0.66% for the quarter.
Unit prices rose 2.47% over May to a median of $412,000. They are up 7.75% for the quarter.
Adelaide
House prices fell 0.16% over May to a median of $389,500. They are up 0.49% for the quarter.
Unit prices rose 1.47% over May to a median of $308,500. They are up 3.05% for the quarter.
Hobart
House prices fell 0.96% over May to a median of $364,000. They are down 4.02% for the quarter.
Unit prices fell 1.02% over May to a median of $257,500. They are down 0.9% for the quarter.
ACT
House prices fell 1.35% over May to a median of $525,500. They are down 1.3% for the quarter.
Unit prices rose 2.05% over May to a median of $427,500. They are up 3.39% for the quarter.
Darwin
House prices rose 3.14% over May to a median of $504,500. They are up 5.08% for the quarter.
Unit prices fell 0.66% over May to a median of $410,500. They are up 4.37% for the quarter.
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Sydney house prices up 2% in May as unit supply issues impact on national recovery: Residex

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Queensland will extend stamp duty concessions to a wider range of home buyers from July 1, as a batch of other state government handouts and concessions come to an end.
The Queensland state government will reinstate the transfer duty home concession scheme, which was abolished on August 1 last year, from July 1, 2012.
It will provide a concessional stamp duty rate of 1% up to a value of $350,000, with stamp duty charged at normal rates for the remaining value of the home purchase.
The buyer must occupy the home for a period of 12 months – an applicant may lose the concession if he sells or leases part or all of the home before moving in or within a year of moving in.
A separate stamp duty concession scheme remains in place for first-home buyers, who pay no duty on purchases up to $500,000, with a phasing-out rebate applicable for values up to $600,000. To qualify, the buyer must be eligible for the first-home buyer grant of $7,000.
NSW
The new financial year will also bring in the NSW government’s <a href="https://www.propertyobserver.com.au/residential/the-25-things-investors-need-to-know-about-the-nsw-%245000-new-home-grant-scheme/2012061255077" target="_blank">new home grant scheme</a>, which will provide a $5,000 grant to buyers of new homes, whether off the plan or newly built, with a value up to $650,000 and to buyers of vacant land that is intended to be the site of a new home valued up to $450,000.
The scheme will replace the far more generous <a target="_blank" href="https://www.homebuyer.nsw.gov.au/newhomes.php">NSW government's home builders’ bonus</a>, which provides full exemption on stamp duty for new homes up to a value of $600,000 and vacant land up to $400,000.
Victoria
From July 1 two bonus schemes aimed at first-home buyers in Victoria will no longer be available – the $13,000 first-home bonus, which has run for three years, and the $6,500 regional bonus, which has run for two years.
These schemes will not be replaced.
Instead, first-home buyers will have to wait until January 1, 2013, when the <a target="_blank" href="https://www.sro.vic.gov.au/sro/sronav.nsf/LinkView/C88211C9E07486F0CA2578B70001025018E490D796850F8ECA2575C1008187C7">existing 20% stamp duty discount first-home buyers spending less than $600,000 on a home purchase will be increased to 30%.</a>
The stamp duty discount will rise to 40% on January 1 2014 and to 50% on September 1 2014.
To qualify for the stamp duty discount, first-home buyers must also qualify for the federal $7,000 first-home owners’ grant.
South Australia
From July 1,the  <a target="_blank" href="https://www.revenuesa.sa.gov.au/fhog/bonus8000">first-home bonus grant of up to $8,000</a> available to first-home buyers who qualify for the federal $7,000 first-home owner grant will be reduced to $4,000 and will be fully abolished from July 1, 2013.
Stamp duty cuts have already been introduced for off-the-plan buyers in the Adelaide City Council area, including North Adelaide, aimed at encouraging higher-density inner-city living.
Between May 31, 2012, and June 30, 2014 the state government is offering a full stamp duty concession for off-the-plan apartments valued up to $500,000, providing a maximum concession of up to $21,330.
From July 1, 2014, to June, 30, 2016, there will be partial exemptions, meaning a concession of up to $15,000.
ACT
The <a target="_blank" href="https://www.revenue.act.gov.au/home_buyer_assistance/home_buyer_duty_concession/1_January_2012_-_30_June_2012">home buyer concession scheme (HBCS)</a> will end on June 30. The scheme provides stamp duty concessions on homes worth up to $470,000 and vacant land up to $260,000. To qualify, applicants must satisfy a combined income test for one year prior to the date of the grant starting from $120,000 for applicants with no children and up to $136,650 for applicants with five or more children.
No new schemes were introduced in the May 2011-12 ACT budget.
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Queensland to introduce owner-occupier stamp duty cuts from July 1 as other state schemes come to an end

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The Australian housing market is not in danger of collapsing, RBA assistant governor Guy Debelle has told delegates at an Adelaide mortgage conference today.
Debelle says there is no oversupply of housing in the country with households well able to manage their debt levels while mortgage arrears remain very low.
He played down concerns of US or Europe-style house price falls
"[Housing risk] is not something that keeps me awake at night," Debelle said while taking part in a panel discussion at the Mortgage &amp; Finance Association of Australia (MFAA) industry Leaders Panel Forum in Adelaide.
However, he did not express the same confidence in Europe saying a “day of reckoning” was coming for the eurozone, Reuters reported.
Debelle’s comments follow an<a href="https://www.propertyobserver.com.au/economy/current-rate-cut-cycle-not-aimed-at-creating-risky-new-housing-boom-glenn-stevens/2012060855045" target="_blank"> earlier June speech by RBA governor Glenn Stevens </a>in which he said the current interest rate cutting cycle was not aimed at boosting house prices or “re-igniting a boom in borrowing”
In a speech titled “The Glass half full” Stevens said one thing Australia should not do is “try to engineer a return to the boom” or create the wrong kind of confidence in the economy.
“The kind of confidence based on nothing more than expectations of ever-increasing housing prices, with the associated willingness to continue increasing leverage, on the assumption that this is a sure way to wealth, would not be the right kind,” he said.
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Housing market worries not keeping me up at night: RBA assistant governor Guy Debelle

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One of Canberra’s greenest office building projects is now 80% leased as demand grows for premium-grade office stock with high environmental ratings, according to Colliers. 
Just two floors out of the 10 in Nishi Commercial – part of developer the Molonglo Group’s mixed-use NewActon project – remain available for lease, with office tenants set to move across in November. 
<img src="/images/stories/2012/06/nishi5.jpg">
Office component
The building, billed as an end to “glass box” offices, has been designed by architecture practice Fender Katsalidis in conjunction with sustainable engineering firm Arup, the firm behind the iconic Beijing Olympic Water Cube and Gherkin building in London. 
The 21,700-square-metre Nishi building has been designed to meet five-star NABERS and six green star ratings and will fittingly become the headquarters for Department of Climate Change and Energy Efficiency, which is its anchor tenant. 
Other tenants include law firm Clayton Utz and the Australian Competition and Consumer Commission. 
It will feature the largest single-building solar panel installation (400 kW) on any commercial building in Australia and is classified as a Solar Farm under ACT Government legislation. 
<img src="/images/stories/2012/06/nishi4.jpg">
Residential component
“Leasing one floor at Nishi is the equivalent to planting 1,387 trees or equal to preserving 7,500 square metres of rain forest annually,” says Rupert Cullen, state director of real estate management at Colliers, which has been appointed as building manager. 
Other key sustainable features included mixed-mode air-conditioning, an under-floor displacement air handling system and a high-performance façade that optimises daylight penetration. 
In its latest Canberra CBD office research and forecast report, Colliers says that since  2007 there has been “tenant-driven interest in modern, environmentally savvy buildings, and this trend has grown to present day”. 
A-grade office space has grown to 39% of available stock, “changing the profile of the Canberra office market from one of low-quality building to one of high-quality buildings, attracting long-term tenants, creating security and good cashflow for investors”. 
Colliers says that due to a limited amounts of new stock coming to the market in the first half of 2012, “the once tenant-controlled market is shifting to favour landlords with premium space”. 
Net effective rents for A-grade stock have risen 3.4% in the last six months, with the A-grade CBD market vacancy rate falling from 11% to 7.6% over the past two years. 
Investors who hold A-grade stock in the CBD can expect yields of between 7.25% to 7.75%, with one square metre of office space renting for between $425 and $500. 
Colliers says that over the next six months just three buildings – providing an estimated 3,750 square metres of space – are expected to be delivered in the Canberra region.
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The Colliers report anticipates a pick-up in white collar employment growth from January next year, which will boost demand for office space.
Canberra, with a stable civil servant employer base, has one of the lowest unemployment rates in Australia, standing at just 3.8% for the fourth quarter of 2011, according to the ABS. 
This is 1.4 percentage points below the national unemployment rate of 5.3%.
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Canberra’s very green Nishi office block 80% leased as demand for premium office space rises: Colliers

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The current Melbourne housing market dynamics are working in the favour of aspiring home owners, with no short-term prospect of capital growth for investors, says property investment adviser Monique Sasson Wakelin.
Monique Sasson Wakelin advised June 28 that she actually said: “We will have relatively little if any capital growth in the property market probably for the next 12 months or so.”
However, she says the good news is that with Melbourne house prices down more than 8.4% over the 12 months to the end May (according to RP Data) and interest rates falling, affordability has improved, meaning aspiring buyers can get a foothold in the market.
“You can’t have your cake and eat it – you can’t have fabulous capital growth as an investor and high affordability as an aspiring home buyer.
“Take your pick. You will have one or the other at any given point in time.
“Investors will be treading water for some time, but the upside is that you are coming into a market that is very transparent and very affordable.
“It’s a question of balance, of weighing up the options,” she told ABC Radio.
However, Wakelin insisted a lack of capital growth did not mean the “sky is falling in” or that the “everything is going to fall apart”.
Her latest comments do though represent <a href="https://www.propertyobserver.com.au/residential/inner-suburban-melbourne-market-in-recovery-mode-monique-sasson-wakelin/2012050854600">quite a shift from more upbeat comments made a month ago</a>.
In May she said the market was in “recovery mode”, with a perceptible shift in power from buyers to vendors.
In the interview she also said the current state of the market does not mean “sky is falling in and we’re all about to fall into the doom”
“We are not, the reality is if we look back a couple of years, we were all screaming black and blue that affordability was through the floor and nobody could get finance, let alone afford to buy anything reasonable in Melbourne, even in the outer suburbs. It was just horrendously difficult for anything,” she says.
“So the good news is that with lower interest rates and higher affordability we have a far better chance for those who want to get into the market, for whatever purpose be it for home buying or investment, now is the time they will be able to do that in a relatively affordable fashion,” she says.
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Melbourne a better market for aspiring buyers than investors: Monique Sasson Wakelin

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Nine months after being placed in administration, Wayne Ormond’s Refund Home Loans mortgage broking franchise has been sold to ASX-listed non-bank lender Homeloans Limited, administrators SV Partners have announced.
The <a href="https://www.propertyobserver.com.au/https://www.propertyobserver.com.au/news/wayne-ormond-s-refund-home-loans-sold-to-non-bank-lender-homeloans-ltd/2012052354808">sale to Homeloans Ltd was foreshadowed by Property Observer in May.</a>
Homeloans Ltd will acquire the Refund mortgage book, distribution network and other selected assets of the business.
Fifty-four former Refund franchisees have commenced operating as Homeloans mortgage brokers and will also receive a “substantial amount of the commissions owing to them by the old Refund business”.
When placed in voluntary administration, Refund had total debts of around $10 million and around 250 mortgage brokers operating Australia wide.
Administrator, David Stimpson of SV Partners, said the sale to Homeloans Ltd was the best possible outcome for everyone involved.
“The completion of the sale will result in a substantial return to Refund’s franchisees as well as a 100% return to employees and the company’s financiers.
“The trade creditors will also receive a return, however it will be sometime before this return amount can be calculated,” he said.
“We appreciate that the administration has been tough for many people, however the final bid by Homeloans provided the best result for all stakeholders, including franchisees, employees and trade creditors. The sale also ensures that a substantial part of Refund’s business will continue, albeit under the Homeloans banner,” added Stimpson.
“This transaction fits perfectly with Homeloans’ strategy to expand through organic growth and acquisitions,” says Scott McWilliam, Homeloans’ general manager funding and investments.
“We are excited about this outcome, which is a mutually beneficial result both for former Refund franchisees who were seeking to align themselves with a respected brand, and for Homeloans, which is seeking to grow its distribution network. We look forward to working with these new loan writers, who are based around Australia.”
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Non-bank lender Homeloans Limited completes purchase of Refund Home Loans network and with 54 brokers signing up

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The Real Estate Institute of Victoria (REIV) expects no appreciation in the Melbourne housing market in the next few years, with a lack of demand for real property one of the reasons.
In his June 2012 State of the Victorian Property Market report, REIV spokesman Robert Larocca includes a graph that shows particularly low levels of first-home buyer demand for property, as well as a fall in the number in other buyers. The first-home buyer market is often seen as the springboard for growth elsewhere in the market.
First-home buyer numbers have fallen from a high of 4,595 a month in May 2009 to just 1,980 as of April 2012 – having hovered around the 2,000 mark since October 2010.
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“Low rates of economic growth in Victoria coupled with lower population growth and with almost no unmet demand underpin at best moderate growth in the medium term,” says Larocca.
The graph shows that from March 2009 to April 2009 there were more than 4,000 first-home buyers every month.
This was a time when the Victorian government’s first-home owners’ boost was available (in addition to the $7,000 federal first-home owners’ grant).
It offered an extra $14,000 for those who built a new home or bought a newly constructed dwelling and an extra $7,000 for those buying an existing home and ran from October 14, 2008 to September 30, 2009.
The boost halved from October 1, 2009 to December 31, 2009.
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No Melbourne house price growth for next few years as buyers disappear: REIV

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The Ray White Group has strengthened its ties with industry-owned listings website realestateview.com.au following the appointment of Dan White as a non-executive director.
Dan White, the CEO of the Ray White Group, is the company’s second boardroom representative at realestateview.com.au.
He joins Trevor Booth, director of Ray White Ballarat and president of the Real Estate Institute of Victoria (REIV), who is also a non-executive director at realestateview.com.au.
Dan White’s appointment follows Sam White, executive chairman of Ray White’s mortgage broking arm, the Loan Market Group, quitting the board of the REA Group in January after nearly nine years as non-executive director. The REA Group is publishers of realestate.com.au.
RealestateView.com.au is the third largest property portal in Australia, behind realestate.com.au and domain.com.au, reaching an audience of 1 million unique visitors a month.
It offers about 200,000 listings across the residential, commercial, business and holiday markets.
It is a joint venture between the REIV (which holds a 70% share) and a number of Victorian and national real estate agencies including Barry Plant and Buxton Real Estate.
The four members of realestateview.com.au board of directors are:
<ul>
<li>Enzo Raimondo, executive director (CEO of the REIV) </li>
<li>Neil Laws, chairman (branch manager Kerleys Coastal Real Estate)</li>
<li>Richard Henderson, non-executive director (CEO of R-CO)</li>
<li>John Piccolo, non-executive director (CEO of Woodards). </li>
</ul>
Laws, chairman of the board of realestateView.com.au, welcomed the appointment of Dan White, saying his commercial and professional experience would be “an invaluable addition to the board in particular as the business continues its national expansion”.
Dan White says he is excited to further strengthen Ray White Group’s relationship with realestateView.com.au.
“We have had a great association with realestateView.com.au. I look forward to working with my fellow directors and the executive team to achieve the best possible business outcomes for realestateView.com.au,” he says.
Dan White joined the Ray White Group in 2000 following approximately three years with Macquarie Bank’s Property Investment Management Division.
Prior to that, he spent two years in the taxation division of Arthur Andersen.
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Ray White Group CEO Dan White joins board of realestateView.com.au

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The perception that Melbourne is turning into a mini-Manhattan given the high-rise apartment projects in Docklands, the CBD and city fringe is untrue, according to the results of the 2011 census.
Apartments as a percentage of the total housing mix in greater Melbourne have in fact fallen as a dwelling type from 16.1% in 2006 to 15.3% in 2011 despite the total number of flats and units rising from 217,836 to 219,111 during this period.
Greater Melbourne dwelling structure
<table style="width: 470px;" cellpadding="0" cellspacing="0" border="1"><tbody>
<tr>
<td valign="top" width="143">
 
</td>
<td valign="top" colspan="2" width="213">
2011
</td>
<td valign="top" colspan="2" width="260">
2006
</td>
</tr>
<tr>
<td valign="top" width="143">
Separate house
</td>
<td valign="top" width="107">
1,039,342
</td>
<td valign="top" width="107">
72.6%
</td>
<td valign="top" width="142">
971,782
</td>
<td valign="top" width="118">
71.9%
</td>
</tr>
<tr>
<td valign="top" width="143">
Semi-detached, row or terrace house, townhouse etc
</td>
<td valign="top" width="107">
165,486
</td>
<td valign="top" width="107">
11.6%
</td>
<td valign="top" width="142">
154,163
</td>
<td valign="top" width="118">
11.4%
</td>
</tr>
<tr>
<td valign="top" width="143">
Flat, unit or apartment
</td>
<td valign="top" width="107">
219,111
</td>
<td valign="top" width="107">
15.3%
</td>
<td valign="top" width="142">
217,836
</td>
<td valign="top" width="118">
16.1%
</td>
</tr>
<tr>
<td valign="top" width="143">
Other dwelling
</td>
<td valign="top" width="107">
6,159
</td>
<td valign="top" width="107">
0.4%
</td>
<td valign="top" width="142">
<table cellpadding="0" cellspacing="0" border="0"><tbody><tr>
<td valign="top" width="127">
7,459
</td>
</tr></tbody></table>
 
</td>
<td valign="top" width="118">
0.6%
</td>
</tr>
</tbody></table>
Census 2006 and 2011 (ABS)
The 2011 census results also show that greater Sydney remains the apartment capital of Australia. More than a quarter of greater Sydney residents (25.8%) live in this type of dwelling, and this proportion is virtually unchanged from the previous survey.
According to the census, 11.7% of greater Brisbane residents live in flats, followed by Adelaide (10.4%) and Perth (9.1%).
Brisbane has the highest percentage of people living in detached houses at 79%, followed by Perth (78.6%) and Adelaide (77.2%).
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Melbourne not yet becoming Manhattan, with percentage of apartments falling: ABS census 2011

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The “stars are beginning to align” for the Sydney residential housing market, with median prices forecast to grow by a cumulative 17% over the next three year to reach a median of $750,000, according to a new report by BIS Shrapnel.
Sydney, Perth, Brisbane and Darwin house prices are expected to grow by at least 5% per year between now and 2015, while the “non-resource state” housing markets will continue struggle.
In percentage growth terms, Perth is expected to record the strongest capital growth appreciation over this period with its median house prices climbing 22% from $475,000 to $580,000 – more than 7% per year.
BIS Shrapnel also has strong growth expectations for Brisbane (20% rise to $515,000) and Darwin (15% to $620,000) but the outlook is poor for Melbourne, with house prices expected to rise just 3% to $557,000 by 2015.
<img src="/images/stories/2012/06/bisjune25.gif">
According to BIS Shrapnel senior manager Angie Zigomanis, author of the Residential Property Prospects, 2012 to 2015 report, a continued shortfall in new dwelling construction in Sydney to meet population growth will mean that rental growth will remain solid in the next two to three years.
 
“This deficiency will eventually encourage investors back into the Sydney market.
“Once there is evidence that prices have bottomed out and sentiment improves, the return of price growth will in turn promote further investor demand. After showing signs of a turnaround in 2012-13, price growth should pick up in 2013-14,” Zigomanis says.
BIS Shrapnel says the Perth market recovery will be driven by significantly improving affordability and accelerating population growth.
“Population growth is already accelerating as Perth also benefits from rising overseas and interstate migration and, combined with recent weak new dwelling construction, has resulted in vacancy rates tightening from 3.5% at June 2011, to 1.9% in March 2012.”
“With unemployment in the state already leading the nation at 3.8% in March 2012 and economic and income growth to continue to strengthen, the first stages of a turnaround should appear in 2012-13 before stronger price growth emerges in 2013-14 and 2014-15 as economic growth approaches a peak.”
Brisbane’s predicted strong house price growth is based on rental growth recovery (as vacancies tighten below 3%), improving affordability, recent interest rate reductions and a projected recovery in the state’s economy.
“Consequently, economic conditions are forecast to rapidly improve, with the ensuing employment and income growth to create a greater level of purchaser confidence,” says Zigomanis.
In contrast conditions are expected to remain tough in the non-resource states of Victoria, South Australia, Tasmania and ACT.
“These states all had the strongest bounce in construction after the global financial crisis, with the result being an erosion of their dwelling deficiency and/or an emerging excess of dwelling stock,” says BIS Shrapnel.
Melbourne faces headwinds from a subdued state economic environment in 2011-12 that has placed downward pressure on prices.
“With Melbourne’s dwelling deficiency being eroded, there is little upward pressure on prices,” says Zigomanis.
“We anticipate that prices will stabilise in 2012-13 due to the impact of lower interest rates and an improving outlook for the national economy. However, there will be little to support price growth in the city over the next three years and conditions will continue to remain tough,” he says.
“Non-resource states” will also face headwinds from underperforming economies.
“Economically, these states are also underperforming due to a fall-off in construction and a negative impact to industry from the high Australian dollar,” says Zigomanis. 
“The improvement in affordability from lower interest rates may stabilise house prices in this environment. 
“However, without any supply pressures, median house prices in Melbourne, Adelaide, Hobart and Canberra are forecast to show little change and decline in real terms over the next three years,” he says.
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Melbourne residential property market to struggle as ‘stars align’ for Sydney and resources states: BIS Shrapnel

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."

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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.

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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."

[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.

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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.”

[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]

Larry Schlesinger

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