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ANZ will pass on the full RBA cash rate cut to borrowers, the bank has announced as part of its monthly interest rate review.
The bank will lower interest rates for variable rate mortgages and small business lending by 0.25 percentage points per annum effective June 12, 2012.
ANZ’s new standard variable mortgage rate will be 6.80% pa. New small business rates are also effective from June 15.
The 25-basis-point decrease will save customers about $13.50 per week for the average home loan of $280,000, while small businesses will save $6.25 per week for the average business loan of $130,000.
ANZ chief executive Australia Philip Chronican says: "Funding costs remain elevated as a result ofthe deteriorating economic situation in Europe and strong competition for deposits.
“We are, however, pleased to be in a position to reduce rates by 0.25% this month.
“Although there was strong economic growth data this week, we know that several major states and many of our customers are not directly benefiting from the strength of theresources sector.
“The bottom line is that while deposit customers are receiving very competitive depositrates, many of our borrowing customers are under pressure from a range of other costs.We felt that reducing interest rates by 0.25%pa for home borrowers and for smallbusiness was the right decision in these circumstances,' Chronican says.
“This decision recognises that, although we need to be realistic about funding costs and the challenges the global economic situation is presenting, ANZ also needs to absorb itsshare of the burden. Hopefully this decision will help relieve some of the pressures thatwe know home owners and small businesses are facing at present."
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lschlesinger-FZcF9M3vE6

ANZ passes on full 25 bps rate cut to borrowers

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Unit, townhouse and villa prices in tourism-dependent Cairns and the Whitsundays have fallen more than four times the rate of decline in Brisbane over the year to March, according to the latest update from the Real Estate Institute of Queensland (REIQ).
The latest report has the Brisbane median unit price down 3.7% over this period to a median of $387,750, reflecting a state-wide trend of buyers snapping up properties at the cheaper end of the spectrum.
The report notes a “dramatic increase” in numbers of units sold between $250,000 and $350,000, with sales in this price bracket increasing 22%.
In Cairns, the gateway to the Great Barrier Reef, apartments, villas and townhouse prices have fallen 17% in the 12 months to March 2012 to a median price of $212,500.
In March 2011, the Cairns median unit price was $265,000
In the Whitsundays, unit prices are down almost 18% over the same period, falling from $345,000 to $285,000.
These results contrast starkly with sales figures in the mining boom town of Gladstone, where unit prices are up 10.4% to a median of $458,000 over the year to March.
The report notes that the Cairns’ unit market continues to struggle, with sales down 30%.
“Comments from various regional zone chairs, Cairns included, say that units are proving difficult to sell, as buyers are put off by the increased costs associated with owning a unit, such as body corporate fees, insurance levies and council rates.
"As such, buyers end up seeing more value in buying a house, with the ongoing servicing costs equalling that of a unit,” notes the REIQ.
REIQ chief exexutive Anton Kardash says the state-wide increase in more affordable unit and townhouse sales is being driven by demand from first-home buyers and investors, who often target properties at the lower end of the market.
‘‘About 19% of homes financed in Queensland are now being bought by first home buyers, which is the highest level of activity from first-time property buyers since 2009 when the first-home owners' boost was available.
‘‘Investors too are making a long-awaited return to the market, with more than 4,500 properties bought by investors in March this year. The 10-year average is 5,000 dwellings per month, so this is also the strongest level of activity from investors since early 2010,” he says.
The Brisbane satellite cities of Logan City and Redland City both experienced big falls in their median unit price with the REIQ attributing this to a “shift towards affordable stock”.
Logan City unit prices fell 8.9% to a median of $239,000, while the Redland City median unit price was down 14.3% to a median of $307,500.
“Woodridge in Logan saw an increase in sales – particularly for the sub-$250,000 bracket. In Redland, Cleveland sales were down, while more affordable sales in Capalaba were up," says the REIQ.
“Logan recorded the largest increase in sales activity for the southeast, with preliminary sales numbers nearly doubling that recorded over the previous quarter."
The Sunshine Coast was also the only major region in south-east Queensland to record a quarterly increase in its median, up 2.2% to $332,250. 
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Brisbane unit prices ease 3.7% but 17% wipe-out in Cairns and Whitsundays: REIQ

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The Australian economy, the resources sector and housing markets tied to the boom are all set to reap some benefit from China cutting interest rates for the first time in four years.
For the first time since 2008, the People’s Bank of China cut its one-year lending rate by a quarter of a percentage point to 6.31% in an effort to stimulate economic growth.
It comes as the average rate for a 30-year mortgage in the US dropped to its lowest level since 1971, and the Australian cash rate is also just off record lows.
The Chinese central bank has also relaxed borrowing rules for banks, allowing them to offer a 20% discount on the lending benchmark, up from the previous 10% discount.
The deposit rate was cut from 3.5% to 3.25%.
Westpac's weekly Phat Dragon reports says rate cut will allow banks to offer more attractive rates to prospective borrowers, "while being forced to take a view on the competitive landscape for deposits".
"That has margin implications of course - but that is the point. If the authorities wished to jolt the financial sector back onto a commercialisation trajectory (and Premier Wen’s strident rhetorical attack on the banking ‘monopoly’ points decisively in that direction) making them think for themselves...is a very good start," says Phat Dragon.
China relies on Australia for around 5% of its exports, mainly in the form of its mineral resources.
<img src="/images/stories/2012/06/savillsjune8.jpg">
Source: Savills
Iron ore prices have risen 700% and coal more than 400% between January 2003 and February 2012 in line with China’s massive expansion and urbanisation.
Click to enlarge
<a href="/images/stories/2012/06/savillsjune81.jpg" rel="shadowbox" title="Click to enlarge"><img src="/images/stories/2012/06/savillsjune81thumb.jpg"></a>
Source: Savills
The rate cut will also stimulate the Chinese housing market, which has a very high rate of home ownership (89%) and massive urbanisation, with around 16.5 million people moving to the major cities every year.
About 670 million of China’s 1.3 billion population currently live in urban areas.
According to James McDonald, associate director of China research at Savills, Chinese banks are not as heavily exposed to the property market as Australian banks and other world banks because of low gearing ratios.
Banks require a deposit of between 30% to 40% from borrowers and a 60% deposit for a second home, he says.
The latest rate cut is designed to encourage more borrowing and investment and raise the current rate of GDP growth of around 7.5% back closer to around 8%.
In addition, many of China’s 875,000 US dollar millionaires have property investments in Australia.
The last change to the borrowing rate was in July 2011 when the one-year benchmark lending rate was raised by 25 basis points to 6.56%
The global interest rates you need to know:
 3.68% 
The average rate for a 30-year mortgage in the US, the lowest it has been since 1971.
3.59%
The cheapest five-year fixed-rate in the UK offered by the Post Office
3.5%
The cash rate as set by the RBA
2.3% to 3%
The average mortgage rate in Spain
1%
The current official interest rate in the eurozone
0.5%
The current base cash rate as set by the Bank of England
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A global interest rates guide as China rate cut to flow through to Australian property market

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Local property syndicates are pooling their cash to compete with overseas buyers for select income-producing commercial properties offering annual returns of up to 12%, according to Scott Keck, executive chairman of property consultants Charter Keck Cramer (CKC).
In his latest market commentary, Keck says the firm has noted, among the shifting market dynamics, increasing activity by private investment syndicates. 
“A number of parties are pooling an equity fund of up to $30 million to allow leveraged investments of up to $70 million.
“With a strategy for near neutral gearing, syndicates have targeted fundamentally good-quality assets in good locations that are currently underperforming due to a lack of reinvestment in the GFC-affected era,” he says.
“This activity is a reflection of the changing nature of investment by an ageing demographic, seeking safer superannuation investments.
“This internally generated demand for property assets is now competing with strong investment from overseas. Investors from many of Australia’s near Asian neighbours recognise the high returns and low risk with Australian property and seek to engage with our local market,” he says. 
According to Keck, “carefully selected” income-producing retail, office and industrial properties can provide “regular compounding rental growth and capital return to the combined effect of internal rates of return within the range of 8% to 12% per annum”. 
Keck says Australian commercial property is underpinned by the strength of the country’s economic fundamentals - low inflation, declining interest rates, robust population growth and modest unemployment.
And while these domestic factors have been undermined by the current global turmoil, they remain “more favourable than in almost all other developed countries”.
“Most importantly to property markets, commercial accommodation is in shortage given the limited new supply that has been delivered since the late 2000s due to the initial round of impacts following the 2008 GFC,” he says.
These strong fundamentals and the relative unattractiveness of markets like the US and Europe are already attracting foreign institutional investor capital into Australia, he says.
Keck says it’s “no surprise that international investment is now increasingly targeting Australian property given its longer-term investment timeframe and stability”.
“The settling down of the Australian dollar returns a competitive opportunity back to foreign investors and the attractive total returns flowing from quality Australian commercial property offer a very substantial margin above increasingly lower returns elsewhere,” he says.
He points to a recent Dun &amp; Bradstreet analysis of the world’s safest trade and foreign investment destinations listed Australia equal with Canada, Germany, Norway, Sweden and Switzerland as the safest, with Australia occupying the top spot for investment in the Asia-Pacific region, beating Hong Kong, Singapore and New Zealand.
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Local syndicates competing with overseas buyers for high-yielding commercial property: Scott Keck

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ING Direct will pass on 20 out of  25 basis points to variable mortgage holders following the RBA's 25 basis point cash rate cut on Tuesday.
The bank will reduce the interest rate on its variable mortgages by 0.20%, effective Friday 15 June with the rate on its most popular variable rate product,Mortgage Simplifier, reducing to 6.22% per annum.
ING Direct, part of Dutch banking giant ING, passed on 30 out of 50 basis points following the May RBA double cash rate cut.
It passed on both November and December quarter percentage point cash rate cuts in full to borrowers.
The ING Direct announcement follows Bank of Queensland passing on 20 basis points on Tuesday and QT Mutual Bank passing on all 25 basis points yesterday.
None of the major banks have made any announcements yet on rates.
ING Direct is the sixth largest home lender in the country with $38 billion in mortgages – ranking behind the Big Four banks and fifth biggest lender, BankWest, owned by the Commonwealth Bank.
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ING Direct to cut variable mortgage rates by 20 basis points

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With the ACT government moving to replace stamp duty with land tax, the Real Estate Institute of Victoria (REIV) has weighed into the discussion highlighting a 2012 report by the Australian Housing and Urban Research Institute (AHURI), which shows replacing the current system of state-levied stamp duty with a land tax in Victoria would cause the owners of more expensive land closer to the city to pay a much high proportion of the tax burden.
The AHURI report suggested that properties within 20 kilometres of Melbourne CBD, which currently pay 61% of the stamp duty bill, would pay 84% of a new land tax
The biggest shift in the tax burden would be for those properties within 10 kilometres of the city. The aggregate tax bill for these properties would rise from 29% under stamp duty to 46% under a land tax.
Conversely, those properties built on cheaper land further out from the city would pay less tax.
For properties built on land 20 to 30 kilometres from the CBD, the portion of the tax bill would fall from 17% to 10%, while in the next band (30 to 40 kilometres out from the city) the burden would fall from 8% to just 2%.
 
<div align="center">
<table cellpadding="0" cellspacing="0" border="0"><tbody>
<tr>
<td></td>
<td>
Proposed land tax
</td>
<td>
Stamp duty
</td>
</tr>
<tr>
<td>
 
</td>
<td>
% of aggregate revenue
</td>
<td>
% of aggregate revenue
</td>
</tr>
<tr>
<td>
0km &lt; 10km
</td>
<td>
46
</td>
<td>
29
</td>
</tr>
<tr>
<td>
10km &lt; 20km
</td>
<td>
38
</td>
<td>
32
</td>
</tr>
<tr>
<td>
20km &lt; 30km
</td>
<td>
10
</td>
<td>
17
</td>
</tr>
<tr>
<td>
30km &lt; 40km
</td>
<td>
2
</td>
<td>
8
</td>
</tr>
<tr>
<td>
40km &lt; 50km
</td>
<td>
2
</td>
<td>
7
</td>
</tr>
<tr>
<td>
50km &lt; 60km
</td>
<td>
1
</td>
<td>
3
</td>
</tr>
<tr>
<td>
60km &lt; 70km
</td>
<td>
1
</td>
<td>
3
</td>
</tr>
<tr>
<td>
70km &lt;
</td>
<td>
0.2
</td>
<td>
0.2
</td>
</tr>
</tbody></table>
</div>
Source: REIV (from AHURI report)
According to the REIV, there are a range of impacts to consider from such a shift in tax policy.
“One interesting idea suggests that shifting the burden to the more expensive suburbs would encourage greater turnover in outer suburbs, where the majority of transactions occur,” says the institute.
However, it also notes “significant concerns” in replacing stamp duty with land tax, including “a projected drop in land values; the need for the government to run dual taxation systems; and the issues faced by the asset-rich but cash-poor in meeting the new annual bill”.
“Expect to hear more on this debate over the coming years,” says the REIV.
The recommendation to replace stamp duty with a land tax levied on all land came out of the 2007-2008 Henry Review.
It imagined a “municipal rates-type bill” with the review also noting there would be “significant transitional issues, as government could not charge land tax on a property where stamp duty had already been paid”.
The Henry Review recommended that:
“Existing land tax arrangements should be replaced, subject to a long transition to slow valuation effects and facilitate landholding adjustments, by a land tax applying to all land regardless of use. 
<ul>
<li>The rate scale would be based on the value per square metre of land.</li>
<li>A unit value threshold would effectively exempt most land in agricultural use.</li>
<li>Most residential land could be subject to tax of about 1%. A higher rate may apply to the highest value land (per square metre).</li>
<li>Land tax revenue would also replace stamp duties on land transfers.”</li>
</ul>
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Replacing stamp duty with land tax needs debate: REIV

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Housing is at its most affordable level since December 2009, but rental payments as a proportion of family are still hovering around four year-highs, according to the latest REIA/Deposit Power report.
The latest report shows that rental affordability has hardly improved since March 2008 – around the outbreak of the GFC – when rents as a proportion of family income increased to 24.7%.
Rents as proportion of family income remain well above the national long-term average since the December 1995 of 22.7% – despite median family income rising over the March quarter by 1.3% to $1,552.
The March quarter report shows the proportion of weekly family income required to meet weekly rent for a three-bedroom house stands at 24.9%, compared with 24.8% in the December quarter and 25.1% in March 2011.
<img src="/images/stories/2012/06/reiajune7.gif">
Over the March quarter, the biggest increase in rents as a proportion of family income was recorded in the Northern Territory, where the proportion rose from 22.9% to 24.1%, with smaller increases in WA (20.1% to 20.8%) the ACT (16.5% to 16.7%) and South Australia (26.2% to 26.3%).
South Australia’s rents are amongst the lowest in the country, with the median rent for a three-bedroom house at $325 per week. The median two-bedroom other dwelling rent is $275 per week.
ACT rents are amongst the highest in the country at $470 per week for a three-bedroom house, and $445 for a two-bedroom other dwellings.
Rental affordability improved in Victoria during the quarter (alongside housing affordability), with the proportion of income required to meet median rents decreasing 0.6 percentage points, from 22% in the previous quarter to 21.4%. Compared with the March quarter of the previous year, this figure declined 1.5 percentage points.
Renting in NSW remains the biggest drain on family finances – accounting for 28% of family income, down from 28.8% in the December quarter but up from the 27.7% recorded a year ago.
Tasmania, where incomes are lower, is the second most expensive place to rent at 26.6% of family income, though there has been a noticeable drop from 29.5% a year ago, when it was the most expensive state to rent.
The historically high cost of renting is influencing the behaviour of real estate agents in a challenging operating environment, according to REIA chief executive Amanda Lynch.
Lynch says some estate agents are relying on their management of rental properties as a source of income.
Over the March quarter, the biggest increase in rents as a proportion of family income was recorded in the Northern Territory, where the proportion rose from 22.9% to 24.1%, with smaller increases in WA (20.1% to 20.8%) the ACT (16.5% to 16.7%) and South Australia (26.2% to 26.3%).
South Australia’s rents are amongst the lowest in the country, with the median rent for a three-bedroom house at $325 per week. The median two-bedroom other dwelling rent is $275 per week.
ACT rents are amongst the highest in the country at $470 per week for a three-bedroom house, and $445 for a two-bedroom other dwellings.
Rental affordability improved in Victoria during the quarter (alongside housing affordability), with the proportion of income required to meet median rents decreasing 0.6 percentage points, from 22% in the previous quarter to 21.4%. Compared with the March quarter of the previous year, this figure declined 1.5 percentage points.
Renting in NSW remains the biggest drain on family finances – accounting for 28% of family income, down from 28.8% in the December quarter but up from the 27.7% recorded a year ago.
Tasmania, where incomes are lower, is the second most expensive place to rent at 26.6% of family income, though there has been a noticeable drop from 29.5% a year ago, when it was the most expensive state to rent.
The historically high cost of renting is influencing the behaviour of real estate agents in a challenging operating environment, according to REIA chief executive Amanda Lynch.
Lynch says some estate agents are relying on their management of rental properties as a source of income.
<img src="/images/stories/2012/06/reiajune72.gif">
The March quarter REIA/Deposit Power report shows that nationally, the proportion of family income required to meet loan repayments decreased by 0.9 percentage points compared with the previous quarter and now sits at 32%.
This pushed up the REIA Home Loan Affordability Indicator (HLAI) – the ratio of median family income to average loan repayments – to 31.3, its highest point since December 2009, but still well below the long-term average of 38.6.
“Housing affordability is still not at ideal levels, but at least we are now heading in the right direction,” says REIA president Pamela Bennett.
“If other factors continue to trend in the same direction, the interest rate cuts in May, and those announced yesterday should bring further good news for housing affordability next quarter,” she says.
First-home buyer participation in the housing market decreased in the March quarter.
The number of new finance commitments to first home buyers decreased 18.8% to 23,637 compared to 20.2% of buyers in March 2011 while the number of first home buyers, as a percentage of total owner occupied housing commitments, decreased to 18.0% during the quarter, compared to 20.0% in the December quarter 2011.
This proportion is dramatically down from the 30.6% level of the June 2009 quarter.
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Housing affordability improving but rental costs still at four-year high: REIA

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Stockland will build its new Brooks Reach community park in Horsley in the Illawarra based on the ideas and insights from 150 Dapto Public School kids aged five to 10.
The 6,800-square-metre park – the size of a football field – will incorporate many of the featured suggested by the kids, including a three-metre-high, seven-metre long “tower slide”; a large circular “bird’s nest swing”; and a spinning “supernova” carousel-like ride. 
It marks the first time in Australia that a developer has asked for children's input through consultation prior to the planning of an urban development. 
Last year the developer partnered with Professor Karen Malone of the University of Western Sydney last year to conduct research around what local children wanted to see in their own neighbourhood and the new one being developed at Brooks Reach.
The Wollongong Council has granted the park DA approval, and construction is expected to start mid-year, with completion due around October 2012. 
Malone said the top five things the children wanted from their playground were: 
1. Secret and shady places for cubby building
2. Thrill seeking
3. A play space where they could create their own space
4. A place that promotes learning /a place that keeps and protects nature
5. A place where we can create communities
 
 
Click to enlarge
<a href="/images/stories/2012/06/kiddieplayground.jpg" rel="shadowbox" title="Click to enlarge"><img src="/images/stories/2012/06/kiddieplaygroundthumb.jpg"></a>
“This feedback from the kids means that Stockland is now able to create a playground that gives kids all the things they want and dreamed of – a chance to be imaginative, explore, test their limits, learn and laugh with their friends,” says Malone. 
“The Brooks Reach park research been a fantastic project to lead, and is something new for Australia and in fact globally to have children involved in a design process initiated by a developer like this. 
“It’s great that Stockland actively looked to get the community involved in this way. It is not something that happens every day, and I’m sure the result will be terrific.” 
Stockland senior development manager Michael Braithwaite says the kids’ involvement has added an exciting element to the design process. 
“Encouraging a healthy and active life is something Stockland is really passionate about, so we wanted to come up with something that the kids and their families would enjoy and use regularly. 
“The best way to give the kids what they really wanted was to involve them from the outset. We’ve now got a design that caters to all age groups in a really meaningful way. It’s been a very exciting and eye-opening experience for everyone,” he says.
 Dapto Public School deputy principal Cheryl Seagrove says: “Most of the children who will be living at Brooks Reach will attend Dapto Primary School, so we were very interested in establishing a link between the school and the new neighbourhood. 
“We’ve worked with Stockland in the past on similar initiatives, such as the recent launch of the Walking Bus here in Dapto. It’s been wonderful to see a developer take on board the insights of local children and allow them to authentically participate in the planning process,” she says.
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Brooks Reach estate developer gets playground lesson from school kids

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QT Mutual Bank has passed on the full 25-basis-point rate cut to its borrowers – only the second lender to make an announcement about mortgage rates since the RBA cut the cash rate to 3.5% on Tuesday.
The Bank of Queensland reduced its standard variable rate by 20 basis points soon after the announcements.
The major banks and their subsidiaries have all tweeted – in response to queries from borrowers – that they are reviewing their interest rates.
They may wait until tomorrow to make their decisions to force ANZ to move first, as ANZ announces its rates on the second Friday of the month independent of the RBA announcement.
The small mutual lender, formerly the Queensland Teachers Mutual Bank, was started by a group of teachers in 1965.
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QT Mutual Bank passes on full rate cut, but major banks stay silent

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The discount on the standard variable rate that lenders have been willing to offer borrowers to entice them to fix their home loans has been shrinking since the RBA began cutting rates in November last year, according to figures compiled by RateCity.com.au. 
Based on analysis of 120 lenders in the RateCity.com.au database, the data shows that the gap between the benchmark three-year fixed rate and benchmark standard variable rate has shrunk from 74 basis points to 47 basis points – and is likely to fall further when the latest cash rate cut is passed on in part by lenders.
Click to enlarge
<a title="Click to enlarge" rel="shadowbox" href="/images/stories/2012/06/fixedjune7.gif"><img src="/images/stories/2012/06/fixedjune7thumb.gif"></a>
Source: RateCity.com.au
It could fall even further if predictions by Westpac chief economist Bill Evans that fixed rates will start to rise prove accurate. 
As of June 1, the average standard variable rate was 6.59%, compared with 6.12% for the average three-year fixed rate, according to RateCity.com.au. 
Fixed rates have, on average, been cheaper than standard variable rates since the middle of last year, but the frequency of lenders reducing their fixed rates has slowed since the start of the year.
They remain popular relative to recent historic demand, but have fallen from their peaks of a few months back, May mortgage processing figures recently released by Mortgage Choice and AFG revealed.
 
<div align="center">
<table cellpadding="0" cellspacing="0" border="1" style="width: 428px;"><tbody>
<tr>
<td valign="bottom" colspan="4" nowrap width="428">
Average Home Loan Rates
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="76"></td>
<td valign="bottom" nowrap width="139">
Standard Variable
</td>
<td valign="bottom" nowrap width="107">
3y Fixed
</td>
<td valign="top" width="107">
Difference
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="76">
1-Nov-11
</td>
<td valign="bottom" nowrap width="139">
7.31%
</td>
<td valign="bottom" nowrap width="107">
6.57%
</td>
<td valign="top" width="107">
0.74
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="76">
1-Dec-11
</td>
<td valign="bottom" nowrap width="139">
7.08%
</td>
<td valign="bottom" nowrap width="107">
6.41%
</td>
<td valign="top" width="107">
0.67
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="76">
1-Jan-12
</td>
<td valign="bottom" nowrap width="139">
6.84%
</td>
<td valign="bottom" nowrap width="107">
6.26%
</td>
<td valign="top" width="107">
0.58
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="76">
1-Feb-12
</td>
<td valign="bottom" nowrap width="139">
6.82%
</td>
<td valign="bottom" nowrap width="107">
6.26%
</td>
<td valign="top" width="107">
0.56
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="76">
1-Mar-12
</td>
<td valign="bottom" nowrap width="139">
6.86%
</td>
<td valign="bottom" nowrap width="107">
6.27%
</td>
<td valign="top" width="107">
0.59
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="76">
1-Apr-12
</td>
<td valign="bottom" nowrap width="139">
6.86%
</td>
<td valign="bottom" nowrap width="107">
6.35%
</td>
<td valign="top" width="107">
0.51
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="76">
1-May-12
</td>
<td valign="bottom" nowrap width="139">
6.87%
</td>
<td valign="bottom" nowrap width="107">
6.34%
</td>
<td valign="top" width="107">
0.53
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="76">
1-Jun-12
</td>
<td valign="bottom" nowrap width="139">
6.59%
</td>
<td valign="bottom" nowrap width="107">
6.12%
</td>
<td valign="top" width="107">
0.47
</td>
</tr>
<tr>
<td valign="bottom" colspan="2" nowrap width="215">
Source: www.ratecity.com.au
</td>
<td valign="bottom" nowrap width="107"></td>
<td valign="top" width="107">
 
</td>
</tr>
</tbody></table>
</div>
 
Currently, the Greater Building Society is offering the cheapest three-year fixed rate of 5.79% with seven lenders – ING Direct, ME Bank, CUA and Aussie, Citibank, IMB Building Society – offering a rate of 5.99%. 
RateCity.com.au top variable home loans as of June 5, 2012 are: 
 
<ol start="1">
<li>UBank, UHomeLoan – 5.83%</li>
<li>Loans.com.au, Dream Catcher – 5.85%</li>
<li>Bank MECU, Refinance – 5.94%</li>
<li>State Custodians, Standard Variable Offset – 6.02%</li>
<li>IMB, Budget Home Loan – 6.04%</li>
</ol>
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Fixed-rate mortgage discounts diminishing as variable rates play catch-up: RateCity

<a href="https://www.apartments.com.au/developments/broadbeach-qld-4218">Broadbeach</a> offers plenty of reasons to live vertically, but moving from a substantial family home into an apartment can expose the compromises of high-density living. Privacy, room for guests and usable living space tend to matter more when an apartment is intended as a permanent home rather than an occasional coastal base.

A typical residential floor at <a href="https://www.apartments.com.au/new-apartments/the-eveleigh-broadbeach-7-9-surf-parade-broadbeach-qld-4218">The Eveleigh</a>, on Surf Parade,&nbsp;contains just four apartments. The 94-residence development by <a href="https://www.apartments.com.au/developers/hirsch-faigen">Hirsch &amp; Faigen</a> is predominantly made up of expansive three-bedroom homes, with a limited collection of half-floor penthouses above.

Across the apartment floors, <a href="https://www.apartments.com.au/architects/rothelowman">Rothelowman</a> has used the relatively limited number of residences to give each home greater access to natural light and outlook. Living spaces extend towards full-height glazing, while a series of bay windows frame selected views across the Pacific Ocean, city and hinterland rather than treating the building edge as a continuous wall of glass.

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“The apartment floors deliver a collection of homes that embrace controlled outlook via a series of bay windows deliberately framing moments of view,” Rothelowman Director Kim Lowman said.

From outside, those projecting forms contribute to the tower’s faceted profile. Strong horizontal and vertical elements establish its proportions, while the changing position of the sun alters the light, shadow and reflection across the façade throughout the day.

The same attention moves inside the apartments, where the material palette combines warm timber, natural stone, metallic detailing and softer curved forms. Kitchens sit within the main living zone, with stone island benches, integrated joinery and European appliances, before the living areas extend towards the glazing and the outlook.

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Three genuine bedrooms provide room to accommodate family and guests, while two secure car spaces and storage address some of the practical considerations that can become more noticeable when moving from a larger home. Feedback from the display suite has centred on the warmth and restraint of the interiors, with buyers commenting that the residences feel like homes rather than conventional coastal apartments.

A limited collection of half-floor penthouses occupies the upper levels, increasing the scale of the living spaces and adding private balconies and elevated finishes. From this position, the outlook extends between the ocean and hinterland.

Outside the private residences, The Eveleigh separates its shared spaces between the podium and rooftop. The podium is centred on wellness, with subtropical landscaping surrounding a swimming pool and pool terrace, yoga garden, private gymnasium, sauna and hot and cold plunge facilities. Landscaped retreats and pavilions provide additional places to sit away from the main recreation areas.

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Higher in the building, a rooftop pavilion and private dining suite sit alongside resident lounge, barbecue and outdoor dining areas, opening towards panoramic views across the ocean, city and hinterland.

“Buyers are no longer just looking for an apartment, but a lifestyle where they can relax, reset, and enjoy a balanced way of living,” Hirsch &amp; Faigen Director of Sales Matt George said.

Interest to date has come from established owner-occupiers and interstate lifestyle purchasers, including buyers planning a future move to the Gold Coast. Many are coming from larger homes and want to reduce ongoing maintenance without giving up space for family and guests, privacy, two car spaces or the ability to entertain at home.

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Much of that daily life can also take place beyond the building without requiring a drive. Kurrawa Beach and Pratten Park are an easy walk from Surf Parade, while Pacific Fair, Oracle Boulevard, The Oasis, restaurants, cafés, entertainment and public transport are also within walking distance.

The Eveleigh is Hirsch &amp; Faigen's fourth Gold Coast development since entering the market in 2021, following The Hemingway at Palm Beach, The Emerson at Kirra and Yves at Mermaid Beach. Each of the preceding projects sold out before completion.

“Broadbeach had been on our radar throughout our time operating on the Gold Coast,” the developer said. “Following our projects in Palm Beach, Kirra and Mermaid Beach, Broadbeach represented the natural next step for the business.”

The Surf Parade site brought together proximity to the beach, protected coastal outlooks and walkability to dining, shopping and recreation. Hirsch &amp; Faigen also identified the street as an emerging premium residential address, with enough separation from Broadbeach's busier destinations to retain a quieter environment at home.

The Eveleigh is now under construction by Maxcon, with completion forecast for mid-2028. Three-bedroom residences are currently available from $2.87 million.

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Joel Robinson

The Eveleigh brings house-like apartments to Broadbeach

A long-stalled Campbelltown development site is back in play, with new plans for 139 apartments set to supersede a mixed-use scheme approved almost a decade ago but never built.

The new proposal for 28 Cordeaux Street would deliver 116 market and 23 affordable apartments in a part 14-storey building, bringing a substantial new project into a Campbelltown market where new apartment supply remains limited.

Plans have been filed over the 3,092 sqm corner site at Moore-Oxley Street, around 600 metres from Campbelltown Railway Station and the city-centre retail core.

The site already carries a mixed-use residential approval dating to 2016. Doroch Architects has now been engaged on a larger replacement scheme, which is progressing as a State Significant Development Application following a Housing Delivery Authority determination in August 2025.

The apartment mix comprises 39 one-bedroom, 72 two-bedroom and 28 three-bedroom residences. Two-bedroom apartments make up just over half of the project, while three-bedroom homes account for 20 per cent.

<img alt="First look: New 139-apartment plans revive long-stalled Campbelltown city centre site" data-entity-type="file" data-entity-uuid="136dd5b9-3791-4da6-9e31-76f533f5b4de" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Campbelltown%20da2.png?VersionId=LgOSy9nwf5u.MGswBBwaGGxuX8QpHSl_" />

Of the 139 apartments, 23 will be delivered as affordable housing under the in-fill affordable housing provisions of the Housing SEPP. The affordable component represents 15 per cent of the residential gross floor area and will be managed by a registered Community Housing Provider.

Doroch has sought to break the scale of the building into two distinct elements, with a masonry podium of around four storeys establishing the street edge before the residential tower steps back above.

The corner position has shaped that approach. Cordeaux Street faces toward the commercial and civic centre, while Moore-Oxley Street leads into the lower-scale residential neighbourhood to the south, and the design verification report describes the site as "bridging the commercial core to the north and established residential areas to the south."

The podium will be expressed predominantly in face brick, while the upper levels shift to brushed and grooved concrete cladding with darker metal detailing. Recessed sections, deep balcony edges and landscaping break down the upper form, with an approximately 11.8-metre setback to the northern boundary addressing the adjoining St Peters Anglican School.

<img alt="First look: New 139-apartment plans revive long-stalled Campbelltown city centre site" data-entity-type="file" data-entity-uuid="c8b3d2d3-c561-4bfc-a5d9-a68c0c10dac1" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Campbelltown%20da1.png?VersionId=AeAEyJU02Gk2k5noUj2StziCvdQ7fW4B" />

Campbelltown has been starved of new residential developments in the last decade.

The only other notable development set to come to market this year is ALAND's Queen Square, a mixed-use precinct on over two hectares that will comprise apartments above a vibrant ground-level retail and hospitality dining precinct.

First look: New 139-apartment plans revive long-stalled Campbelltown city centre site

First Look: Sherlock Construction pitches apartments for low-rise Deception Bay

Queensland builder-developer MAYD has revealed the first look at its major North Kirra beachfront development, lodging amended plans that reduce the number of apartments and increase the proportion of larger residences.

The project is planned across a substantial 4,742 sqm amalgamated site spanning seven lots at <a href="https://www.apartments.com.au/new-apartments/2-6-pacific-parade-bilinga-qld-4225">2-6 Pacific Parade</a> and 27-33 Golden Four Drive in Bilin​ga, directly opposite Nor​th Kirra Beach.

<a href="https://www.apartments.com.au/developers/mayd-group">MAYD</a> secured the site for $32.5 million in 2025, in what was one of the Gold Coast's largest property transactions of the year.

The development will be delivered across two stages, with the first stage carrying an estimated gross realisation value of around $360 million.

The latest amendments seek to reduce the overall apartment count and shift the project further toward the owner-occupier market, with larger residences designed for buyers wanting considerably more space than traditionally offered in a beachfront apartment.

The residential mix will include townhomes, oversized two-bedroom apartments, substantial three-bedroom residences and four-bedroom homes.

MAYD has appointed Cera Stribley to lead the architecture and interiors, with the Melbourne-based design practice drawing on the beachfront setting through a series of ocean-facing terraces and heavily landscaped balconies.

Strong horizontal forms and curved balconies will define the exterior, with subtropical landscaping integrated throughout the building to soften the built form and increase the connection between the residences and the beachfront.

The project will also include an extensive collection of resident wellness and lifestyle facilities, continuing the broader shift across the Gold Coast's luxury apartment market toward larger homes supported by resort-style amenity.

<img alt="MAYD" data-entity-type="file" data-entity-uuid="d1bcbb05-e659-4b47-8bd4-1e595315e2ad" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-27%20at%202.05.03%E2%80%AFPM.png?VersionId=jj0XEud1X1DuLt7_KyElhjMdZGOXmLHP" />

MAYD Founder Todd Mould said North Kirra was increasingly appealing to buyers attracted to the more established, lower-density character of the southern Gold Coast.

"North Kirra presents one of the most compelling luxury residential opportunities currently emerging in Australia, combining absolute beachfront with the character and authenticity that buyers are increasingly seeking, and the same sense of tight-knit community that defined Burleigh and Currumbin perhaps 10 or 15 years ago," Mould said.

"With Gold Coast Airport on its doorstep, it also offers a level of accessibility that broadens its appeal across almost every market demographic."

The project comes as the southern Gold Coast continues to attract an increasing share of high-end apartment development and buyer activity.

Kirra in particular has emerged as one of the region's more tightly held beachfront markets, with its relatively low-density character, established surf and hospitality scene and proximity to Gold Coast Airport differentiating it from the higher-density markets further north.

Mould said those characteristics had informed the approach MAYD and Cera Stribley had taken to the project.

"We've worked closely with Cera Stribley to create a vision that is deeply connected to its surroundings," he said.

"Inspired by the coastline itself, the architecture has been shaped around space, privacy and resort-style living, creating a collection of homes that reflects the next generation of luxury on the southern Gold Coast."

MOTIV Managing Director Carly Cottam, who has been appointed to market the project, said buyer attention had continued to move south along the Gold Coast.

"Purchasers who may once have defaulted to Broadbeach, Main Beach or Surfers Paradise are increasingly recognising the value of a genuine beachfront location that offers lower density, strong amenity and a more established sense of community," Cottam said.

"Kirra has a powerful combination of growing demand and genuine scarcity. Beachfront supply is inherently constrained, the area remains relatively low density, and buyers are increasingly placing a premium on locations that feel established, uncrowded and authentic rather than heavily developed."

Cottam said the proximity to Gold Coast Airport was also proving increasingly important for interstate and second-home buyers.

"Being minutes from Gold Coast Airport makes it particularly compelling for interstate buyers, frequent travellers and second-home purchasers who can access an authentic coastal lifestyle almost immediately after stepping off a flight."

The acquisition takes MAYD's active development portfolio to more than $500 million, with the North Kirra project representing one of its largest undertakings to date.

MAYD is targeting an early 2027 launch.

First look at MAYD's North Kirra mixed-use precinct

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Castle Hill, the longtime hub of the Hills District, has been one of the major beneficiaries of Sydney's Metro expansion, with improved connectivity helping drive continued population growth, development and buyer demand across the Hills District.

But despite that growth, the suburb has seen relatively few major new apartment projects brought to market over the past 18 months.

Hills District developer Reve Group is looking to fill that gap with <a href="https://www.apartments.com.au/new-apartments/nova-r-ve-castle-hill-2-garthowen-crescent-castle-hill-nsw-2154">Nova Rêve</a>, a major new mixed-use precinct on the corner of Garthowen Crescent and Old Castle Hill Road, a short walk from Castle Hill Metro Station and Castle Towers.

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The project will comprise three residential towers alongside a hotel, restaurants, cafes and a skybar, more than 1,600 sqm of ground-floor retail and almost an acre of landscaped gardens.

It represents the largest project undertaken by Reve Group, the development arm of the Kassis family, which has been building across the Hills District for more than 30 years through Kassis Homes.

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Nova Rêve also represents a significant step up from the family's first apartment development, Grand Rêve, which was delivered nearby on Garthowen Crescent.

Grand Rêve introduced larger, house-like apartment layouts and premium inclusions including Wolf and Sub-Zero appliances to the Castle Hill market.

Nova Rêve takes that approach to a precinct scale, combining the residential component with hospitality, retail and substantial public and resident landscaping.

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Reve Group Managing Director Sam Kassis said the project reflected the family's three decades of building in the Hills, which has evolved from trophy homes on quarter-acre blocks to larger-scale apartment development.

"Grand Rêve was our first apartment project here and it showed us what this pocket of Castle Hill could be. Nova Rêve is the refinement of that idea: not just apartments, but a place the whole suburb can use," Kassis said.

A key part of that approach is the hotel, which has been designed to operate as an amenity for the wider Castle Hill community rather than solely hotel guests.

It will include restaurants, cafes, skybars and all-day dining, alongside conference and event facilities catering to business functions, community groups and private events.

At ground level, more than 1,600 sqm of shops and cafes will open onto the surrounding streets and landscaped areas.

Almost an acre of gardens designed by Land and Form Studios will run through the precinct, incorporating pathways, seating, barbecue areas and children's play spaces.

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Reve Group's Romio Georges said creating an active ground plane had been central to the planning of Nova Rêve.

"There are gardens with pathways, barbecues, seating and play areas, shops and cafes opening onto the street, and a hotel with restaurants and a skybar that anyone in Castle Hill can walk into," Georges said.

The project's elevated position on one of Sydney's highest ridgelines will also provide apartments with outlooks toward the Sydney skyline, surrounding parkland and the Blue Mountains.

More than 80 per cent of the apartments will occupy corner positions, with Turner responsible for both the architecture and interiors.

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Larry Schlesinger

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