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Failed mortgage broker Refund Home Loans has been sold to the listed non-bank lender Homeloans Ltd.
The company has signed a sales agreement and is set to acquire the business in early June, Property Observer has learned
It will acquire the Refund mortgage book, distribution network and other selected assets of the business.
Refund Home Loans franchise holders will have the opportunity to become brokers with Home Loans Ltd.
The holding company Refund Pty Ltd has been placed in liquidation.
Refund Home Loans, which was founded by Wayne Ormond, collapsed in October last year.
Homeloans Ltd was founded by Tim Holmes and Rob Salmon in 1985. It was previously named International Financing and Investment (IF&amp;I) and originated mortgages for RESI Building Society, which later became The Bank of Melbourne.
In late 1993 it was rebranded as WA Home Loans and then expanded Australia-wide with the development of five similar state-based brands; Homeloans VIC, Homeloans NSW, Homeloans QLD, Homeloans SA and Homeloans Canberra Pty Ltd.
In March 2001 the company was publicly listed on the Australian Stock Exchange.
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lschlesinger-FZcF9M3vE6

Wayne Ormond's Refund Home Loans sold to non-bank lender Homeloans Ltd

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Nearly 18,000 borrowers refinanced their home loans in March, the biggest number of refinanced home loans in one month since April 2008, according to ABS figures.
In addition, there was a 19% increase in refinanced home loans for the 12 months to March 2012 compared withfsd the previous 12 months, according to further calculations by mortgage comparison website Ratecity.com.au.
On a state-by-state level, NSW borrowers were the most active switchers in March, with 41% of all loans comprising borrowers ditching their lenders for better deals. <state><place>Victoria</place></state> followed, with 38% of all home loans financed in the state refinancers.
Before the increase in refinancing, ANZ increased its standard variable rate by 0.06 percentage points on February 10 while lenders continued to decrease their fixed-rate mortgages over the month, including CUA, which cut its three-year fixed rate by 39 basis points on February 13.
May 2012 figures released by mortgage broker AFG also revealed an increase in refinancing activity, with borrowers showing a greater willingness to move away from the major banks and refinance with a non-major lender.
Non-major lenders grew their share of the mortgages refinanced by AFG brokers from 24% to 26% over the three months to May 2012, compared with 21% for the last six months of 2011.
Non-major lenders with greatest market share were Suncorp (3.6%), AMP (3.5%) <place>Macquarie</place> (2.5%) and ING Direct (2.1%).
Among the smaller lenders to record an increase in refinancing activity has been the Greater Building Society, which says it is continuing to experience an increase in people wanting to switch from the major banks and other financial institutions.
Product manager David Bryde says that to the end of April 2012, the number of customers refinancing to The Greater is up 24.6% on the same period last year following previous apathy and misinformation about switching lenders.
“People are starting to vote with their feet as they realise that there are large, safe, well-run alternatives to the major banks offering more competitive rates, lower fees and better service,” Bryde says. 
“People can save thousands, sometimes tens of thousands of dollars by switching. 
“Switching is easier than people think and in many cases, people don’t even have to talk to their existing lender,” he says.
 
RateCity spokeswoman Michelle Hutchison says the number of borrowers who switch lenders is likely to increase in the coming months
“While there’s still a lot of work to do to make switching easier, it’s clear that Australian borrowers are far more comfortable switching their home loan than ever before, and the ban on exit fees for new variable rate loans since July 1, 2011 must be playing a part,” she says.
“We believe we’re only beginning to see the very start of the impact of these changes and it’s likely that more borrowers will switch lenders more often than in the past.”
{module Have you changed lenders in the last six years?}
{module What do you intend to do given the current interest rate fluctuations?}
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Mortgage refinancing at four-year high as non-major bank lenders pick up market share: ABS

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Australian houses are not overvalued, according to a report into the current state of housing and mortgages by investment bank Credit Suisse.
The report questions the likelihood of a house price crash and says households can manage their debt obligations. 
Australian houses appear to be fully priced according to the authors of the report, analysts Jarrod Martin and James Ellis along with Omkar Joshi.
They base this view “on a range of usual metrics for assessing house price levels”, including house prices to income, house prices to rents, house prices to GDP, per capita value of the housing stock to household income
The report notes that housing affordability has deteriorated.
However it questions the argument that an improvement in the ratio of income to house prices will be achieved through a “a sharp and disorderly retracement of house prices” (a house price crash) rather than a “slow re-balancing of this ratio through real house price erosion or flat nominal house prices combined with on-going growth in household income”.
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Source: Credit Suisse
According to Credit Suisse, Australian household leverage is relatively high in both an Australian historical and in an international context – above that of both the <country-region>US</country-region> and <country-region><place>UK</place></country-region>.
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Source: Credit Suisse
However, it notes that as the RBA has previously stated household debt in <country-region><place>Australia</place></country-region> is mainly held by higher income households, with households in the top two income quintiles holding almost three-quarters of household debt. 
While the report says there is a risk that the relative resilience of Australian house prices will not be sustained in the future, it says there are “numerous arguments” cited as to why Australian house prices “are (and presumably should be) relatively high by international standards”. 
Some of these include: 
<ul>
<li>Australia is a highly urban society by international standards with a cultural preference towards living close to central business districts / coastal cities (limiting desirable land area in an otherwise large land mass country) such that Australia’s capital city house prices to income ratio is comparable with coastal city metrics globally; </li>
</ul>
<ul>
<li>Australian housing stock is relatively of high quality in nature and both relatively large and land-intensive by international standards; </li>
</ul>
<ul>
<li>the supply of housing stock in <country-region><place>Australia</place></country-region> has been excessively constrained in long-term by land zoning and development restrictions (concurrently in some recent years by accelerating population growth); and </li>
</ul>
<ul>
<li>the Australian taxation system is unusually generous with respect to residential dwelling investment, reinforced by a cultural personal investment bias towards the residential real estate.</li>
</ul>
Due to Australian banks being so heavily exposed to the residential lending market (<a href="https://mail.privatemedia.com.au/exchange/cknowlton/Inbox/wednesday%20flicker%205%20http:_xF8FF__xF8FF_www.mcgrath.com.au_xF8FF_buy_xF8FF_house-mermaid-beach-qld-4218_xF8FF_152394.EML?Cmd=openhttps://www.propertyobserver.com.au/mortgages/dark-cloud-risk-for">59% of bank loans are residential mortgages</a>), Credit Suisse says there is a strong connection between house prices and financial stability, noting “house prices have the scope to create financial system instability, and financial crises have scope to exacerbate house price declines”. 
But it says factors in favour of a stable mortgage and housing market include the overall strength of the macro economy and an apparently “increased consideration of house price inflation in RBA monetary policy deliberations in the wake of the financial crisis” and the extent to which “mortgage interest rate changes are being undertaken outside of cash rate changes”. 
It also notes the stable rates of home ownership in recent years in <country-region>Australia</country-region> compared with rising home ownership rate in the <country-region><place>US</place></country-region>, “widely seen as a factor exacerbating the subsequent delinquencies crisis”.
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Australian housing market crash unlikely: Credit Suisse

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Australia’s economy is forecast to grow by 3% over the next two years on the back of the mining boom but house prices could fall further, according to the latest economic outlook from the OECD.
In comparison, the US economy will grow by just 2.4% and Britain 0.5%, with Italy and Greece sliding further into recession. The report notes that Australia is one of a number of countries including Canada, Belgium and France where house prices are now “very high” relative to rents and incomes “pointing to possible price corrections at some point or further price corrections in those countries where house prices are already declining".
Australian households remain heavily geared with a high ratio of household debt to disposable income of 183.7%, but this has declined from the pre-GFC level of 186.4%.
In 2000 the ratio was 124%.
The Netherlands has the highest household debt to income ratio of the OECD countries of 290% with the OECD average being 98%.
The report highlights that Australia will continue to reap the benefits of the mining boom, but notes “sharp sectoral disparities”.
It says the high exchange rate, the cautious consumer consumption and investment behaviour of households since the GFC and continued fiscal consolidation are weighing down on many sectors of the economy.
It also notes the recent May 1 rate cut by the RBA of 0.5 percentage points, which although not being passed on fully by the banks due to funding costs, has been an “accommodative stance”
The OECD says that prices of financial assets and property have levelled off since the start of 2012.
 
 
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OECD warns of further Australian house price corrections but expects strong overall growth

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The NSW Department of Finance and Services will assume management of 13 state social housing projects in regional NSW that were to be completed by failed builder St Hilliers Construction.
<a target="_blank" href="https://www.propertyobserver.com.au/industry-news/st-hilliers-creditors-meeting-set-for-may-25-as-hundreds-of-contractors-still-await-payment-on-projects/2012051854750">NSW Finance Minister Greg Pearce has come under fire for awarding the $25 million contract to St Hilliers Construction</a> just a few months <a target="_blank" href="https://www.propertyobserver.com.au/industry-news/st-hilliers-construction-arm-placed-in-voluntary-administration/2012051554713">before it collapsed</a> and following the collapse of the previous contractor, Sydney-based building company Perle, in February last year.
Administrators of St Hilliers Construction Trent Hancock and Michael Hird of Moore Stephens Sydney Corporate Recovery Group along with St Hilliers executive chairman Tim Casey said they were disappointed with this decision as they had advised the department that the company was in a position to reopen all 13 sites under the original contracts and to meet all subcontractor payments, which will become due at the end of May. The administrators say they would have been able to complete the projects on time and on budget.
“We are disappointed with this decision as we were ready and able to reopen all 13 sites. Regardless, St Hilliers will provide full support to the Department and to NSW Public Works to ensure all information is transferred and we will do everything we can do to support the reopening of the Project sites as soon as possible,” says Casey.
A number of St Hilliers staff will be available to NSW Public Works to ensure a smooth transition.
Casey says the decision in no way impacts upon its objective to reopen other project sites for all clients, which we are working towards doing as soon as possible.”
To date eight St Hilliers construction sites have been reopened <a target="_blank" href="https://www.propertyobserver.com.au/industry-news/four-st-hilliers-sites-being-built-for-department-of-defence-to-reopen-today/2012052154764">following the reopening of four Department of Defence sites</a> where training facilities are being built.
 
 
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NSW government to take over management of 13 St Hilliers public housing projects

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The GFC forced Australia’s major banks – among the most heavily exposed in the world to the local residential property market – to raise their mortgage underwriting standards and helped avoid a mortgage arrears crisis, according to a new report by investment bank Credit Suisse.
However, in the current slow housing credit market (the value of owner-occupier loans fell 0.3% in March) Credit Suisse warns there could be the “commencement of the next cycle of degradation of mortgage credit underwriting standards”.
“Our industry liaison suggests that this process is starting to occur (albeit has not slackened to the extent seen in the pre-crisis era), with banks more selectively retaining mortgage credit risk that previously would have been transferred to the lenders mortgage insurance (LMI) industry,” says Credit Suisse.
The report also notes that lenders resumed offering 95% LVR mortgages in 2011, with loans with LVRs of more than 90% rising from a trough of 11.5% in the June 2010 quarter to 17% in the December 2011 quarter.
The present decline in mortgage standards, Credit Suisse analysts say, is being driven by “challenges of achieving mortgage balance growth and revenue growth in a subdued macro environment”.
The Credit Suisse report shows that Australian lending institutions are among the most heavily exposed to the residential property market, with 59% of their loans offered to this sector, compared with 38% in the US, 33% in Canada and 13% in the UK.
Within Australia, the Westpac group has the most exposure to the residential property market, with 67% of its lending in the form of home loans.
The Commonwealth Bank has a 65% home loans exposure, followed by ANZ (53%) and NAB (52%).
Released at a time when APRA figures show the stock of bank-problem mortgage assets is now declining, the report says the GFC “reset the clock” in 2008 and 2009 and was a key reason why the 2009 mortgage vintage proved so resilient despite it having many unfavourable credit characteristics, such as “first-home owners that had received the first-home owner grant boost, written at or near-peak house price levels in many markets, and written at or near trough mortgage interest rates”.
Report authors and Credit Suisse analysts Jarrod Martin and James Ellis contend that “a potential mortgage arrears crisis was probably averted in Australia by the onset of the global financial crisis from mid-2007”.
They argue that a mortgage arrears crisis is founded upon “substantial, enduring and widespread degradation of origination underwriting standards, “not merely upon (say) overpriced housing or highly indebted households”.
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“Conversely, had the global financial crisis not occurred, the alternative future might have been that ongoing growth and development of higher-risk mortgage products such as low-doc mortgages might have degraded Australian mortgage underwriting standards to a sufficient degree, across a wide enough range of mortgage originators and for a long enough period of time — that a material portion of the system’s mortgage stock would have become tainted with low credit-quality mortgages that had high probability of loss given default characteristics,” the report says.
Putting it another way, Credit Suisse argues that the “silver lining of the GFC for Australian banks” was that it brought to a halt lending by “highest risk mortgage providers (many non-banks and some regional banks)” and prevented the “meaningful spill-over of lax mortgage underwriting standards over to the major banks”.
“In this regard, we note that, even Westpac’s mid-2000s staunch resistance to offering low-doc mortgages saw a capitulation when Westpac’s on-going mortgage market share losses coincided in a de-rating of Westpac’s stock multiple.”
Westpac ramped up its play in the riskier low-doc loan market in 2005 in an effort to capture market share as lending slowed, prompting the RBA to warn that an increase in these riskier loans was a potential threat to the banking system.
 
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Dark cloud risk for big four banks after GFC mortgage crisis escape: Credit Suisse

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Listed property investment returns were strong in April, but superannuation funds may deliver an end-of-financial-year loss for members, according to research firm Chant West.
Chant West is forecasting super funds financial year to date returns to fall into the red by about -0.5% as a result of the recent global sharemarket woes due to fears that Greece will default on its debts and exit the eurozone.
In its April update, Chant West notes that share markets, the main drivers of growth fund performance, were mixed in April with the Australian share market gaining 1.3% but international shares were down 1.6%.
Listed property performed strongly though with Australian REITs advancing 5.4% and global REITs up 2.8%.
“Superannuation funds were up over the first four months of the calendar year on the back of strong share markets,” explains Chant West director Warren Chant.
“However, in the first half of May we have seen world markets slide on renewed fears that Greece may need to default on its debt and exit the euro zone.
“As a result, we estimate that the median growth fund is down 3% so far in May, bringing the financial year to date return into the red at about -0.5%.
“What that means is that the likelihood of a third consecutive positive financial year return is now in serious jeopardy, with a lot hanging on the outcome when Greece goes back to the polls in June,” he says.
Last financial year super funds delivered average returns of 9.2%.
For end-of-financial-year tax tips for property investors, sign up for tomorrow’s  free webinar (May 23) at 12.30pm.
 
 
 
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Listed property returns strong in April but super funds heading for end-of-financial-year loss

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ANZ’s customer satisfaction ratings as measured by Roy Morgan fell for the third straight month in April, after the bank decided in January to make an independent interest rate call on the second Friday of every month. 
The bank’s retail customer satisfaction rating fell 1.9 percentage points during April to 75.5% to be behind both NAB (up 0.2 percentage points during April to 77.7%) and the Commonwealth Bank (up 0.2 percentage points to 77.2%). 
Westpac was the other major bank to register a drop in customer satisfaction during April, falling 0.5 points to a customer satisfaction rating of 75%. 
ANZ’s satisfaction rating has fallen 3% over the past three months – double the pace of falls in satisfaction for any of the other the big banks in the same period. 
The bank announced its decision to go it alone on interest rates in December and made its first out-of-cycle rate increase in February of 0.06 percentage points followed by the same out-of-cycle increase in April. 
In May, the bank passed on 0.37 percentage points out of the 0.5 percentage points on offer from the Reserve Bank following its May 1 rate decision. 
Norman Morris, a director with Roy Morgan Research, says the main reason for the large drop in satisfaction by the ANZ is its “out-of-cycle home-loan increase in February, which it initiated and was followed by the other major banks”. 
ANZ bank came under fire from Marcus Padley, founder of the Marcus Today stock market newsletter, earlier in the month. Padley said the bank was getting “a lot of flak for no upside”. 
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ANZ’s decline among retail customers has been matched by falls in satisfaction among business customers, with the percentage of customers who say they are fairly or very satisfied with the bank falling from 65% to 63.9%. ANZ is ranked third among the big four. 
Among business customers, Westpac is the clear leader of the big four at 66.8% satisfaction, ahead of NAB (64.9%) with the Commonwealth Bank last at 61.7%. 
The overall customer satisfaction rating for banks declined marginally from a February high of 66% to stand at 65.1% in April. 
Queensland bank Suncorp has the highest business customer satisfaction ranking at 67.8%, followed by St George at 67.5%.
 
 
 
 
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ANZ’s independent rate decision turning off customers: Roy Morgan

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Hotel occupancy rates across Australia are expected to rise from 65% to 68% by the end of 2014, but the smaller regional hotels will continue to struggle to fill their rooms, according to forecasts by Deloitte Access Economics. 
By the end of 2014 Perth is forecast to have the highest hotel occupancy rate of 89% on the back of business demand due to the resources boom, replacing Sydney as Australia’s top-performing hotel market. 
Room rates in Perth are also forecast to become the highest in Australia by the September quarter of 2012 “on the back of the sustained strength of mining-related business travel” and are project to reach $249 by the end of the forecast period, an average annual increase of 14% – more than three times the national average. 
Sydney hotel occupancy rates are forecast to rise to 88% by the end 2014, a rise of only 2% from current levels, according to the Deloitte Access Economics Tourism &amp; Hotel Outlook report. 
Sydney room rates are expected to grow by 3.9% annually, increasing to an average of $210 by the end of 2014.
Melbourne occupancy rates are expected to rise by 6% to reach 85% by the end of 2014, with room rates are forecast to grow at an average of 4.3% over the next three years to just under $200.
Across Australia projected average yield per room (revenue per available room – RevPAR) is forecast to increase by an average annual rate of 5.5% over the next three years, reaching $110 by the December 2014 quarter while average room rate is forecast to increase to $163 by the end of 2014, growing at an average annual rate of 4.1%. 
Deloitte says the forecasts are consistent with expected growth in international visitors, strong domestic business travel and a modest roll out of new hotel developments. 
Deloitte Access Economics’ Lachlan Smirl says demand in capital cities in particular has grown, and will continue to grow, strongly, but the stock of rooms, or room nights available, has grown just 2.8% over the last four years. 
“Looking forward, growth in demand is projected to continue to outstrip growth in supply. Room nights sold are forecast to grow by 2.3% a year, with room nights available to grow by just 0.7% a year.  It’s not surprising, therefore, that room rates and occupancies are on the up.”
Regional hotels though will continue to struggle.
Smirl says a clear gap between hotels in regional areas and capital cities will remain.
“We forecast regional occupancy rates to reach 60% by the end of 2014, compared with 80% or higher in many of the mainland capital cities,” he says. 
“Among other things, this reflects the continued shift in the nature of the visitor economy, with international travellers and the business segment becoming more prominent, and their hotel stays being heavily geared towards capital city destinations.”
 
<hr class="system-pagebreak">
 
He says recent investment in hotel construction has been weaker due to Australia’s investment performance being driven primarily by the mining industry. 
“There is no big news on the supply side. The ‘definite’ pipeline in hotel development remains weak, with an 8% decline in value of committed hotel and resort projects over the past year. 
“While the value of those ‘in planning’ – which may or may not go ahead – has improved 30% since late 2010, overall the investment pipeline remains weak. That said, the federal government has recently announced a plan to prepare an annual list of ‘investment-ready’ tourism projects as a strategy to encourage investment in hotels, especially in capital cities.” 
Other key outlooks are: 
Brisbane
<ul>
<li>Occupancies are forecast to remain flat over the projection period, finishing the outlook period just 1% higher than today’s levels</li>
<li>The Brisbane market will still continue to benefit from the Queensland’s resource-related activity, with room rates projected to grow strongly – an average 7.5% per year to $208 by the end of 2014 </li>
</ul>
Adelaide
<ul>
<li>Room occupancy rates in Adelaide are forecast to be flat over the forecast period, gaining just 1% over the next three years </li>
<li>Room rate growth has been stagnant but is expected to increase modestly over the forecast period by 3.7% per year to $159 by the end of 2014 – slower than other mainland capitals </li>
</ul>
Gold Coast
<ul>
<li>Room occupancy rates are projected to increase from 66% in the final quarter of 2011 to 69% by the end of 2014</li>
<li>Yields are expected to grow moderately, increasing by 5.2% per year over the next three years to a RevPAR of $100 at end-2014. </li>
</ul>
Tropical north Queensland
<ul>
<li>Strong recovery in occupancy rates following the natural disasters of 2010 are forecast, growing by almost 9% to 67% over the next three years </li>
<li>Much lower room rates than seen elsewhere in Australia are helping to drive this increase in occupancy, but annual growth in room rates of 5.1% over the next three years to $134 by the end 2014 is forecast.</li>
</ul>
 
 
<ul></ul>
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Hotel occupancy rates to reach 68% by 2014, with Perth hotels forecast to outperform Sydney: Deloitte

Fashionable Paddington with its quintessential Queenslanders leading Brisbane property market recovery: REIQ

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

Joel Robinson

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

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

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

The NSW Government has expanded its $1 billion Pre-sale Finance Guarantee program, broadening access for affordable housing providers and smaller residential developments as it seeks to accelerate housing delivery across the state.

The Minns Government says the program has already helped bring forward more than 600 homes across Sydney and regional NSW since launching in September 2025, with similar models now adopted in South Australia and Western Australia.

The latest changes, announced by Treasurer Daniel Mookhey and Minister for Planning and Public Spaces Paul Scully, are designed to improve access to finance for projects that have planning approval but are struggling to secure funding.

Among the key changes is an expansion of support for community housing providers. The program will now support up to 100 per cent affordable housing projects valued at up to $30 million when delivered by not-for-profit providers, while support for larger affordable housing developments will increase for projects worth up to $80 million.

The government says the changes will help accelerate the delivery of housing for low-income workers, older people, people living with disability, and those at risk of homelessness, while reducing reliance on direct grants or subsidised loans to bridge funding gaps.

The eligibility criteria for smaller residential developments have also been broadened. The previous $5 million minimum project value threshold has been removed and replaced with a requirement that projects deliver at least four homes.

Support has also increased for projects delivering fewer than 20 homes, with the guarantee now able to cover up to 75 per cent of dwellings in a development, capped at $30 million per project.

The changes are expected to particularly benefit smaller-scale and regional developments, which often face greater challenges meeting pre-sale requirements imposed by lenders.

Treasurer Daniel Mookhey said the scheme demonstrates how government can use its balance sheet to stimulate housing supply without relying solely on taxpayer-funded grants.

"The Pre-sale Finance Guarantee shows how this Government is using its balance sheet to reduce risk and unlock private investment, enabling new homes to move from design to construction faster," Mookhey said.

"This landmark reform allows us to deliver homes for working families at a lower cost to taxpayers, while also maintaining strong financial discipline."

Planning Minister Paul Scully said the program had already proven effective in bringing stalled projects to market.

"The Pre-sale Finance Guarantee has already proven it can unlock stalled projects and accelerate housing delivery by giving lenders the confidence they need to back good developments," Scully said.

"These changes will allow more affordable housing and smaller developments to access support so more homes can be built faster where communities need them most."

Housing Minister Rose Jackson said the expansion would help community housing providers overcome financing barriers that often delay projects.

"We know community housing providers are ready to build more homes, too often they're held back by barriers to finance," Jackson said.

"Expanding the Pre-sale Finance Guarantee helps remove those barriers so more affordable homes can get off the ground sooner."

The announcement was welcomed by the Property Council of Australia, which has long advocated for measures aimed at improving project feasibility and access to finance.

Property Council NSW Executive Director Katie Stevenson described the expansion as a practical intervention that addresses one of the most immediate constraints on housing delivery.

"This is exactly the kind of practical intervention we need right now, focused on getting projects out of the ground, not just approved," Stevenson said.

"It builds on a model the Property Council has worked closely with government to develop following calls for such a scheme ahead of last year's NSW Budget, so it's great to see it being expanded."

Stevenson said the reforms would help unlock projects that are ready to proceed but have been delayed by financing challenges. However, she noted that broader feasibility issues remain a significant barrier to increasing housing supply.

"The biggest challenge in NSW housing today is delivery. Too many projects have planning approval but are simply not financially viable to proceed under current settings," she said.

Speaking at the Property Council's NSW Housing Summit, Housing Minister Rose Jackson acknowledged that feasibility and financing pressures continue to constrain housing delivery, while reaffirming the government's commitment to work with industry on solutions.

Stevenson said the government's recognition of those challenges was encouraging ahead of next week's state budget.

"It's positive to see the government clearly recognising that feasibility pressures are now a binding constraint on supply," she said.

"With the Budget just days away, the focus must be on backing delivery, making sure projects stack up, finance can flow, and more homes can move from approval to construction."

The expanded Pre-sale Finance Guarantee forms part of the NSW Government's broader housing agenda, which also includes planning reforms, the NSW Housing Pattern Book, and a series of rezonings intended to increase housing capacity across the state.

NSW expands Pre-sale Finance Guarantee to unlock more affordable and regional housing

Design-led developer-builder Lowe Living has unveiled its latest residential development, Jardin House, marking its first foray into Melbourne's blue-chip City of Boroondara.

Located a short walk from Camberwell Junction, <a href="https://www.apartments.com.au/new-apartments/jardin-house-by-lowe-living-camberwell-335-camberwell-road-camberwell-vic-3124">Jardin House</a> has been designed to appeal to affluent local downsizers and established families seeking a low-maintenance alternative to the large homes that have long defined Camberwell and surrounding suburbs.

The project will comprise a collection of two and three-bedroom apartments ranging from 92 sqm to 280 sqm, alongside a limited number of penthouse residences featuring rooftop terraces spanning more than 100 sqm, with optional private pools.

&nbsp;

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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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