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Vendors in Tasmania are set to face higher disclosure requirements when selling their homes under a new set of draft rules being proposed by the Tasmanian government.
The draft Residential Property Transactions Bill 2012 seeks to repeal the 2005 “vendor statement” requirement, which was found after public consultation to be “impossible” to implement, and replace it with a new set of draft requirements.
The new requirements include that vendors provide sellers with third-party documents such as title documents, plans and a section 337 council certificate as well as giving consumers the option to obtain a building inspection report.
The draft rules also give the purchaser the right to rescind a contract in the private treaty sales of residential property during a cooling-off period of five business days after the contract date.
The new draft rules were compiled with the assistance of the Real Estate Institute of Tasmania and the Law Society of Tasmania.
Public consultation carried out by the Tasmania’s Consumer Affairs and Fair Trading (CAFT) in 2010 identified “a number of significant problems” with the vendor statement approach, including that “the property information available to a purchaser would be dependent on the knowledge and memory of the vendor and how long the vendor had owned the property”.
The public consultation also identified that the “vendor statement would require a vendor to make an assessment as to the condition of the property, and to make judgements in relation to matters concerning the legality of building work” and would expose vendors to the risk of legal claims if they “incorrectly answered a question required by the vendor statement in relation to a technical matter”.
In explaining the need for the new rules, CAFT says “there is general support for the view that the principle of 'buyer beware' no longer serves the interests of purchasers”.
“Further it is commonly accepted that purchasers should have the right to access relevant information when deciding whether to purchase a residential property,” says CAFT.
Introducing the bill, Minister for Consumer Protection Nick McKim said the new legislation focused on providing better information to consumers about illegal building works. 
“The draft legislation released today has been developed through collaboration between government and the real estate and legal professions,” he says. 
“I would like to thank the Law Society of Tasmania and the Real Estate Institute of Tasmania for their valuable input to this process. 
“Following the public consultation process I will be moving to finalise the bill and obtain cabinet approval with a view to introducing the legislation into the Parliament before the winter recess. 
“Tasmanian consumers have waited many years for the introduction of vendor disclosure, and I am committed to seeing this regime implemented,” he says. 
The government seeking public comment by June 12, 2012.
 
 
 
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Tasmanian vendors to face higher disclosure requirements 

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Following Friday’s decision by ANZ to reduce its variable rate by 0.37 percentage points to 7.05% as part of its monthly independent rate decision, just two lenders – both credit unions – have passed on the full 50-basis-point May 1 rate cut to borrowers.
<a href="https://www.unicredit.com.au/" target="_blank">Unicredit WA</a>, which primarily provides loans to staff of WA’s four public universities (and according to its website “was born out of the chemistry department at the University of Western Australia in 1964”), has lowered its standard variable interest rates half a percentage point to 6.1%, making it one of the lowest in the market with<a href="https://www.queenslanders.org.au/"> Queensland Credit Union</a> not far behind at 6.15%
The other lender to pass on the full rate cut is New South Wales-based <a href="https://www.pcu.com.au/" target="_blank">Police Credit Union</a>, which has dropped its Police Value Variable Home Loan to 6.24%.
Borrowers at one of the larger credit unions, Credit Union of Australia (CUA) will perhaps feel the most aggrieved after it passed on only a 25-basis-point cut to 6.47% – half of the official RBA rate cut. However, CUA still has a standard variable rate significantly lower than the major banks.
Of the bigger lenders, ING Direct is offering the lowest standard variable rate of 6.44%.
Here’s a guide to some of the standard variable mortgage rates currently on offer from banks, credit unions and non-bank lenders, starting with the cheapest:
All rates correct as of 9am, May 14.
6.10%
The standard variable bank rate of Unicredit WA
6.15%
The standard variable bank rate of the Queensland Credit Union
6.24%
The standard variable bank rate of Police Credit Union
6.37%
The standard variable bank rate of State Custodians
6.42%
The standard variable bank rate of ING Direct (Mortgage Simplifier) 
6.44%
The standard variable bank rate of ME Bank 
6.47% 
The standard variable bank rate of CUA
6.64%
The standard variable bank rate of Yellow Brick Road 
6.66%
The standard variable bank rate of Newcastle Permanent
6.85%
The standard variable bank rate of Cairns Penny Savings &amp; Loan
6.98%
The standard variable bank rate of People's Choice Credit Union
6.98%
The standard variable bank rate of Bankwest
6.99% 
The standard variable bank rate of Bank of Melbourne
6.99% 
The standard variable bank rate of NAB
7.01% 
The standard variable bank rate of Commonwealth Bank 
7.04% 
The standard variable bank rate of St.George Bank 
7.04% 
The standard variable bank rate of BankSA 
7.05%
The standard variable bank rate of ANZ
7.05%
The standard variable bank rate of HSBC
7.06%
The standard variable bank rate of Aussie Home Loans
7.07%
The standard variable bank rate of AMP 
7.08%
The standard variable bank rate of Bank of Suncorp  
7.09%
The standard variable bank rate of Westpac
7.10%
The standard variable bank rate of Bendigo Bank 
7.11%
The standard variable bank rate of Bank of Queensland 
7.62%
The standard variable bank rate of Citibank (unchanged) 
 
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Just two lenders pass on full rate cut: May 2012 to standard variable mortgage rates

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Today's expected RBA interest rate cut will once again be followed by speculation about what ANZ will do when it makes its independent interest rate decision 10 days later on Friday, May 11.
Since making the decision to go it alone, following the December 0.25-percentage-point rate cut, ANZ has been on a public relations crusade to explain and justify why it should make its own interest rate call independently of the RBA and why it has needed to raise interest rates twice (by six basis points each time) since December without prompting from the RBA.
Last week ANZ Australia CEO Phil Chronican wrote an entire column in the Fairfax media explaining why the bank needed to go it alone on interest rate announcements, including highlighting the fact that less expensive funding had matured and was replaced with “more expensive funding reflecting the current conditions in global markets”.
Chronican acknowledged “for most people this sounds complex” and that “many people have strong views about these decisions”, but he said it was “difficult to have an informed public debate about these issues when people of influence in the community are not aware of key facts or are willing to misrepresent them”.
While Chronican may be correct about ANZ’s funding position being misrepresented by “people of influence”, what is clear is that his attempt to explain the bank’s position is falling on deaf ears, with the bank taking all the heat each time interest rate announcements are made by the RBA.
Perhaps Fairfax business columnist Adele Ferguson said it best when she said the decision by ANZ to lift rates independently by six basis points on April 13 made it stand out “like a shag on a rock” after the other major banks did nothing.
Indeed, ANZ appears to be making few friends, regardless of how hard it tries to explain itself or how many colourful charts it includes in its monthly interest rate review statements.
Research carried out by social media monitoring company sentimentmetrics.com.au has found that negative sentiment towards ANZ went from 12% in the four weeks prior to its interest rate announcement to 19% following the announcement.
The public relations problems faced by ANZ were highlighted, somewhat tongue-in-cheek by Marcus Padley, founder of the Marcus Today stock market newsletter, who said the bank was getting “a lot of flak for no upside”.
“Every second Thursday of the month (before the Friday announcement), the ANZ board must be saying, ‘What are we doing here again?’” Padley said on the ABC’s Inside Business program.
“ANZ is the second cheapest of the major banks, but you would think they are nastiest bank out there,” he added.
Padley reckons the ANZ independent meeting on the second Friday of every month won’t last.
“It’s a seasonal thing to do with the GFC. Once everything relaxes, they’ll fall back in line with the RBA.”
Inside Business host Alan Kohler said the bank might be raising interest rates just to keep the public informed that it is making independent rate calls – certainly not a reminder that will be welcomed by any borrowers.
Also speaking on the same program, Crikey founder and Australian Shareholders' Association director Stephen Mayne said ANZ might get better PR if it announced an independent rate cut.
Nobody is likely to be holding their breath on that one.
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ANZ interest rates calls independent of the RBA a public relations disaster that won’t last

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Five out of six Queensland 7-Eleven service stations have sold at auction, continuing the strong appeal of the combination petrol station and retail store assets.
Prices ranged from $1.5 million for a 2,365-square-metre 7-Eleven service station in the north Brisbane coastal suburb of Sandgate to $2.35 million paid for a 3,700-square-metre service station in Springwood, south of Brisbane.
Yields ranged from 5.67% to 7.73%, similar to the 5.75% to 7.7% yields achieved following the recent successful auction of <a target="_blank" href="https://www.propertyobserver.com.au/retail/self-funded-retirees-continue-to-snap-up-nsw-7-elevens-service-stations-drawn-by-high-yields/2012032754031">10 NSW 7-Elevens</a>, where prices ranged from $2.2 million to $3.9 million.
All Queensland properties sold with new 15-year leases with three options of five-year renewals and guaranteed 4% annual rent increases.
The Queensland properties were marketed by Sam Hatcher and Ben McGrath from Jones Lang LaSalle.
Two of the properties – Woodridge and Springwood – sold at below the estimated taxable land value.
McGrath says this means land tax might be a bit high on these two sites due to their large land area. The Woodridge site measures over 5,000 square metres and the Springwood site over 3,700 square metres – the two largest properties among the batch of six.
Figures released by the Queensland Valuer-General show that Logan City (where the Woodridge service station is located) has experienced an 8.9% decline in industrial land values to a median of $380,000 while industrial land values in the Scenic Rim Shire, where the Springwood service station is located, have increased by 11.1% to a median of $250,000.
 
<table style="width: 470px;" cellpadding="0" cellspacing="0" border="1"><tbody>
<tr>
<td width="90" valign="top">
Location
</td>
<td width="94" valign="top">
Address
</td>
<td width="85" valign="top">
Size
</td>
<td width="84" valign="top">
Annual Rent
</td>
<td width="83" valign="top">
Estimated rateable land value
</td>
<td width="101" valign="top">
Sale price
</td>
<td width="69" valign="top">
Yield
</td>
</tr>
<tr>
<td width="90" valign="top">
Woodridge
</td>
<td width="94" valign="top">
1 Kingston Road
</td>
<td width="85" valign="top">
5,072 sqm
</td>
<td width="84" valign="top">
$136,000
</td>
<td width="83" valign="top">
$2 million
</td>
<td width="101" valign="top">
$1.87m
</td>
<td width="69" valign="top">
5.67%
</td>
</tr>
<tr>
<td width="90" valign="top">
Springwood
</td>
<td width="94" valign="top">
53 Springwood Road
</td>
<td width="85" valign="top">
3,702 sqm
</td>
<td width="84" valign="top">
$170,000
</td>
<td width="83" valign="top">
$2.4 million
</td>
<td width="101" valign="top">
$2.35m
</td>
<td width="69" valign="top">
5.70%
</td>
</tr>
<tr>
<td width="90" valign="top">
Marsden
</td>
<td width="94" valign="top">
79 Chambers Flat Road
</td>
<td width="85" valign="top">
3,500sqm
</td>
<td width="84" valign="top">
$170,000
</td>
<td width="83" valign="top">
$1 million
</td>
<td width="101" valign="top">
$2.05
</td>
<td width="69" valign="top">
7.68%
</td>
</tr>
<tr>
<td width="90" valign="top">
Sandgate
</td>
<td width="94" valign="top">
86 Rainbow Street
</td>
<td width="85" valign="top">
1,248sqm
</td>
<td width="84" valign="top">
$120,000
</td>
<td width="83" valign="top">
$640,000
</td>
<td width="101" valign="top">
$1.5m
</td>
<td width="69" valign="top">
7.25%
</td>
</tr>
<tr>
<td width="90" valign="top">
Strathpine
</td>
<td width="94" valign="top">
273 Gympie Road
</td>
<td width="85" valign="top">
2,365sqm
</td>
<td width="84" valign="top">
$175,000
</td>
<td width="83" valign="top">
$920,000
</td>
<td width="101" valign="top">
$2.23m
</td>
<td width="69" valign="top">
7.73%
</td>
</tr>
<tr>
<td width="90" valign="top">
Nambour
</td>
<td width="94" valign="top">
922 Nambour Connection Road
</td>
<td width="85" valign="top">
1,821sqm
</td>
<td width="84" valign="top">
$190,000
</td>
<td width="83" valign="top">
$270,000
</td>
<td width="101" valign="top">
Still available
</td>
<td width="69" valign="top">
--
</td>
</tr>
</tbody></table>
 
Last year about $90 million worth of 7-Elevens were sold in and around Sydney and Melbourne.
Investors paid <a target="_blank" href="https://www.propertyobserver.com.au/retail/sales-of-7-elevens-during-2011-secure-investors-yields-of-between-4.6-and-8.5/2011112752554">between$1.6 million for a 1,900-square-metre service station in Bayswater East in Melbourne up to $4.6 million for a 2,824-square-metre site in Turramurra</a> in 2011.
 
 
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Five out of six Queensland-based 7-Eleven service station sell as one further Melbourne store listed with $2.5 million hopes

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An application to ban commission-only payments to real estate agents and prohibit the deduction of things like superannuation and advertising costs from commission payments could have a crippling effect on the industry, the Real Estate Employers’ Federation of NSW (REEF) has warned.
A copy of the latest REEF employer guide obtained by Property Observer warns that the real estate industry is “under threat from union activity” and says it is “preparing itself for perhaps the biggest industrial challenge of recent times”.
REEF highlights an application by the Real Estate Salesperson’s Association of South Australia (RESA), a trade union representing property sales consultants, to change the current system of real estate industry awards – the minimum wages paid to real estate industry employees.
The application was filed by RESA to Fair Work Australia as part of the employee watchdog’s required two-year review of the 2010 modern awards.
RESA is seeking two key changes:
<ul>
<li>To have the current debit-credit commission system be dismantled, prohibiting employers from debiting things like advertising and marketing and superannuation payments from an employee’s commissions; and 
</li>
<li>Abolishing commission-only employment by requiring a “wage safety net” for all salespeople.</li>
</ul>
“As members would be well aware, the debit-credit commission structure is simply a method of calculating a salesperson’s productivity and hence his/her entitlement to commission,” reads the REEF newsletter.
“It is a remuneration arrangement that has existed for 40 years.
“If RESA’s application succeeds, the industry will be forced to reconsider existing incentive arrangements. This might include how much sales commission an employer is prepared to share with individual salespeople.”
On the second proposal to implement a wage safety net, REEF says this would mean that “if a commission-only salesperson does not earn by way of commission over a 12-month period the minimum amounts that have to be paid to a salaried salesperson (around $40,000), the employer would have to make up the shortfall”.
“RESA’s application will completely undermine the fundamental principles of commission-only employment… We see no reason for it being removed from the award as proposed by RESA,” says REEF
Greg Paterson, executive director of REEF, says if the application is successful it will have a major impact on how salespeople are remunerated.
“They will earn less and their commission split will be less,” he tells Property Observer.
“If the application is successful people could lose their jobs because employers won’t be able to afford to keep salespeople on.
“Or they will have to renegotiate lower payments with them,” he says.
The proposed rule changes will affect the vast bulk of those working in the industry – those who are directly employed by an estate agency – but won’t affect contractors.
Paterson says REEF, which has 1,500 members, along with other employer bodies, will strongly oppose the application put forward by RESA.
“We are not sure exactly how the hearing will be undertaken, but people will be required to present evidence.
“RESA will argue in favour of the application and we will strongly oppose the application,” he says.
No hearing date has been set, but Paterson expects an announcement very soon.
Robert Simeon, a director at Richardson &amp; Wrench Mosman and Neutral Bay, says the changes will have the most damaging effect on salespeople.
“Principles will no longer have recourse to recover advertising costs from estate agents’ commission, so will demand they pay the costs upfront.
“In some expensive suburbs advertising can cost between $15,000 and $25,000.
“Many agents will lose their jobs,” he says.
A spokesperson for Fair Work Australia says a timetable for will be released shortly as well as details of how the review process will be handled.
A decision on changes to the awards system is expected this year.
Property Observer contacted RESA for a comment but had not heard back from the union at the time of publication.
 
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Jobs and pay under threat from proposed union changes to real estate commission system: Industry body

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Before yesterday the last time the RBA reduced interest rates by 50 points or more was in February 2009, when it trimmed the cash rate by 100 basis points t0 3.25%.
The February 2009 rate cut was the fourth in a series of successive big rate cuts following the GFC, during which the central bank cut a cumulative 375 basis points from the cash rate of 7% in August 2008.
An even longer series of big rate cuts occurred in the early 1990s following the 1991 recession.
There have been nine smaller interest rate cuts of 25 basis points over the last 22 years.
Over this time the RBA has cut rates 35 times and raised them 27 times.
Here’s a rundown of when rate cuts of 50 basis points or more have taken place:
100 basis points
February 2009 – cash rate down to 3.25%
100 basis points
December 2008 - cash rate down to 4.25%
75 basis points
November 2008 - cash rate down to 5.25%
100 basis points
October 2008 - cash rate down to 6%
50 basis points
April 2001 - cash rate down to 5%
50 basis points
February 2001 - cash rate down to 5.75%
50 basis points
July 1997 - cash rate down to 5.00%
50 basis points
May 1997 - cash rate down to 5.5%
50 basis points
December 1996 - cash rate down to 6%
50 basis points
November 1996 - cash rate down to 6.5%
50 basis points
July 1996 - cash rate down to 7%
50 basis points
July 1993 - cash rate down to 4.75%
50 basis points
March 1993 - cash rate down to 5.25%
75 basis points
July 1992 - cash rate down to 5.75%
100 basis points
May 1992 - cash rate down to 6.5%
100 basis points
January 1992 - cash rate down to 7.5%
100 basis points
November 1991 - cash rate down to 8.5%
100 basis points
September 1991 - cash rate down to 9.5%
100 basis points
May 1991 - cash rate down to 10.5%
50 basis points
April 1991 - cash rate down to 11.5%
100 basis points
December 1990 - cash rate down to 12%
100 basis points
October 1990 - cash rate down to 13%
100 basis points
August 1990 - cash rate down to 14%
100 - 150 basis points
April 1990 - cash rate down to 15% to % 15.5%
50 basis points
February 1990 - cash rate down to 16.5% to % 17%
50- 100 basis points
Jan 1990 - cash rate down to 17.00% to % 17.5%
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The RBA’s biggest interest rate cuts: a timeline since 1990

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Melbourne’s property market has staged a surprise turnaround in the March quarter, with the median house price up 1.6% to $529,00, while Sydney has met most analysts’ expectations of incremental growth of 1.4% to $641,000, according to the latest house price report from Australian Property Monitors (APM).
The improvement in the Melbourne house price was helped by a revision to the December quarter data from a median of $538,000 to $521,000. Sydney's December median house price was revised down from $637,000 to $632,000
Australia’s two biggest cities were the strongest mainland performers during the quarter as house prices increased nationally by 0.9% on the back of increased buyer and seller confidence at the start of 2012.
There was a small increase in Perth house prices of 0.1% over the quarter to a median of $531,000 following a similar increase in the December quarter.  The Perth December quarter house price was revised up from $522,000 to $530,000.
There were small house price decreases of 0.3% in Brisbane ($433,000) and Adelaide ($437,000), with the Queensland capital remaining the most affordable of the mainland capital cities – registering a median house price below Adelaide for the second successive quarter.
The Brisbane December quarter median house price was revised up from $426,000 to $434,000.
Click to enlarge
<a title="Click to enlarge" rel="shadowbox" href="/images/stories/apmapril27.gif"><img src="/images/stories/apmapril27thumb.gif"></a>
“The Perth, Brisbane and Sydney markets remain the best prospects for growth over 2012, and although Melbourne’s performance has been encouraging so far this year, this may prove to be short-lived if the Victorian economy continues to deteriorate,” says Dr Andrew Wilson, senior economist at APM.
He attributed the improvement in median house prices in most capital cities over the March quarter to “increased buyer activity together with rising auction clearance”.
Wilson says the first three months of data are positive signs for most Australian housing markets, “with the likelihood that buyer and seller confidence will continue to rise in 2012 after a subdued 2011”.
Over the past 12 months, Sydney has been the strongest mainland housing market with prices down 0.9% while Brisbane (4.1%) just shades Adelaide (3.9%) for the weakest performing markets over this period.
Sydney is also benefiting from a return of investor activity.
Wilson says ABS housing finance figures show that NSW is the only state to be tracking higher on investor loan activity than in 2010, “an impressive early result for confidence in that market”.
Among the smaller capital cities Darwin experienced a strong bounce in house prices which rose 6% to $629,000 – only $12,000 less than the median Sydney house price. The Darwin December quarter house price was revised up from $579,000 to $593,000.
House prices rose in Canberra (0.9%) and Hobart (1%) over the quarter.
Unit prices remained virtually flat with just 0.1% growth, with Sydney also the standout performer with prices up 2.5% to $462,000. The Sydney December quarter unit price was revised up from $449,000 to $451,000.
The Brisbane and Adelaide unit markets were particularly weak, with quarterly declines of 5.4% and 5% respectively, dragging down Brisbane’s median unit price to $339,000 and Adelaide’s to $286,000. The Brisbane December quarter unit price was revised up from $354,000 to $358,000. 
Melbourne unit prices continued to fall, with prices down 2.1% to $389,000. Melbourne unit prices are down 5.1% year-on-year. The Melbourne December quarter unit price was revised down from $400,000 to $389,000.
The more volatile Hobart unit market increased by an impressive 11% to $275,000 over the quarter, following no change in prices in the December quarter and a decline in the September quarter.The Hobart December quarter unit price was revised up from $226,000 to $247,000.
Click to enlarge
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The weakest unit market over the past 12 months has been Brisbane, with unit prices down 8.8% followed by Adelaide with a decline of 6.6%.
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Sun breaking through property gloom as Melbourne and Sydney markets show signs of revival: APM 

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Being within walking distance of trains, buses, shops, schools and restaurants is being promoted as a key feature of new inner-city residential development Bravo in Melbourne at the same time as real estate group Harcourts has begun including walkability maps with all its residential listings. 
<a target="_blank" href="https://www.propertyobserver.com.au/developments/carlton-parkside-project-bravo-sells-24-apartments-in-first-three-weeks/2012042054370">Bravo, a 118-apartment project to be built over 11 levels by Vaughan Construction</a>, achieved a “walk score” of 97 out of 100 based on its location at 103 Pelham Street in Carlton on the northern edge of the Melbourne CBD. 
Bravo achieved its “walker’s paradise” rating on Walk Score, a US-based website that ranks properties and suburbs from zero (car-dependent) to 100 (walker's paradise) based on their walking distances from a diverse set of nearby amenities. 
“Certain categories are weighted more heavily than others to reflect destinations associated with more walking trips. In addition, road connectivity metrics such as intersection density and average block length are factored into the score,” explains Walk Score. 
It doesn’t include the suburb's distance from the city centre in its overall score, only the local neighbourhood. 
Rankings are compiled from a variety of data sources such as <a href="https://www.openstreetmap.org/" target="_blank">Open Street Map</a>, local business listings, and public data sources such as parks and schools. 
The default Australian categories are restaurants, coffee shops, grocery stores, shopping centres, schools, parks, bookstores, pubs, entertainment venues, banks, post offices, hospitals, fitness centres, bike shops and childcare facilities. 
Home buyers can also add their own categories, for example pharmacies, optometrists and golf courses. 
Michael McNamara from valuation firm Herron Todd White say a walkable address could potentially attract a 20% premium to price, and he expects walk scores to be used more in the future.
He says walkability has become a much greater factor because NSW, Queensland and Victorian state governments are not investing in public infrastructure such as new high-speed train lines.
This means that people placing a premium around being close to public transport and to villages where they can go out for a meal or coffee.
“All of our cities are being clogged with excessive traffic… A trip from the northern beaches to the Sydney CBD can take over an hour, and that’s considered a normal commute,” he tells Property Observer.
McNamara says walk scores will have particurlar value to “villages” such the inner west of Sydney, Melbourne’s inner-urban areas and places like Paddington in Brisbane. 
He expects walk scores will be particularly appealing to those marketing projects off the plan to mainland Chinese buyers who won’t know much about the surrounding suburbs. 
But, he says, they do have their limitations. 
“They don’t provide an understanding of the brand of the suburb. 
“Carlton may have a walk score of 97, but it does not tell you that Lygon Street is just up the road or that is has charming period homes. 
“The walk score does not give you the flavour, nor does it tell you that Carlton was once a working-class suburb that has become gentrified.” 
To use the site home buyers simply type in the address of the property they are interest in and the website compiles the ranking and walking distance from amenities and services.
The sought-after inner-city Melbourne suburbs of Prahran and South Yarra have a perfect score of 100, with schools, shops, grocery stories and cafes all within 200 metres.
<img src="/images/stories/walkprahran.jpg">
Typing in 103 Pelham Street, Carlton into Walk Score shows that the proposed Bravo development is a short walk from numerous restaurants and coffee shops; 230 metres from the Forza Italia shopping centre; 330 metres from Melbourne Business School; 420 metres from Deakin University; within half a kilometre of numerous banks and close to parks, bookstores, pubs and hotels.
Australian addresses do not show distances to public transport connections (this is due to a data issue with local public transport providers) though the location of nearby tram and train stations can be clearly seen on the map.
Bravo’s marketing material explains that it is “only a two-minute walk to 10 different tram routes and only a 12-minute walk to Parliament Station”.
<img src="/images/stories/bravowalk.jpg">
“Bravo’s vicinity to the restaurants, cafes and boutiques of Lygon Street creates an opportunity for residents to live effortlessly and luxuriously,” says Ann Lau, associate director at Hayball, the architecture and design firm behind the project.
“Carlton has a strong identity and community spirit therefore it was important to reflect this by democratising the views with communal rooftop gardens. Vegetable patches and barbecues provide an extension of private outdoor space, as well as encouraging sustainable choices and a community-focused lifestyle,” she says.
The Walk Score system is also being used by real estate group Harcourts Australia, which is incorporating Walk Score Neighbourhood Maps with all its listings.
 
The maps don’t provide a Walk Score ranking but show distances to the nearest restaurants, coffee shops, grocery stores, shopping centres and schools.
 
The mapping program also has a feature called “Where do you commute?”, which allows you to type in any address find out the recommended route, distance, approximate driving and walking time from that property.
 
The mapping function has been incorporated into all public, office and sales consultant websites in Australia, New Zealand and the USA.
Gregg Toyama, head of eBusiness for Harcourts International, says buyers are always craving more localized information surrounding a property listing.
“How many times have you heard someone say, ‘How far away is the local school’ when discussing a property?
“Now buyers can see that information along with a range of other points of interest, such as transport hubs, doctors, restaurants and much more all within a property listing,” he says.
According to Ben Rossiter from Victoria Walks, a walking-for-transport health promotion charity, Walk Scores are being used more often in medium-density real estate suburbs.
"It gives people a really good idea of what is close by. The most highly walkable communities have a variety of services and facilities relevant to everyday life, all within walking distance — things like schools, shops, parks, cafes and movie theatres," Rossiter told Fairfax Media last year.
"Walking is becoming increasingly important to people when they're deciding where they want to live. The choice might be more about having high walkability than it is about having a bigger backyard."
Walk Score generates more than 6 million scores each day.
It is a division of Seattle software company Front Seat and launched in July 2007.
Front Seat was founded by Mike Mathieu, former general manager of msn.com, the Microsoft search engine.
 
 
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Walkability appeal growing as Carlton apartment project Bravo promotes high ‘walk score’ 

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Canberra house prices fell sharply in the second half of 2011, though the market performed better than Melbourne, Brisbane and Perth.
SQM Research director Louis Christopher expects Canberra house prices to fall further in 2012.
“There will be no major recovery in house prices in 2012. Stock levels are rising, though they are not as high other cities,” he says.
<img src="/images/stories/clockcanberrahouses.jpg">
Time: 5.30
The Canberra market is heavily reliant on demand for housing from civil servants, and Christopher warns that if the government tries to get the budget back in surplus by cutting back the civil service this could be bad news for the property market.
Century 21 chairman Charles Tarbey similarly observes that “the uncertainty of the Labor government’s position could see the property market [in Canberra] stagnate for some time”.
Population: 358,000
Median house price: $555,000
House price growth in February 2012: 2%
Annual house price growth to December 2011: -2.5%
Annual house price growth to July 2011: 3.8%
Rental yield: 5.8%
 
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Canberra house market at 5.30 amid uncertainty: Experts

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The steep decline in Perth house price until mid-2011 slowed noticeably in the second half of the year, and property analysts are in agreement that the market is bottoming out and close to rebounding.

Century 21’s Charles Tarbey says supply and demand in the Perth residential market are starting to meet.  

“Although there has been a large median price drop, this is not reflected in activity.  There are still many cashed-up investors looking for properties,” he says.

Louis Christopher describes Perth as being “on the verge of a recovery”.

“The market has changed a lot. Stock has peaked, vacancy rates are tightening, and things are fairly positive,” he says.

Property valuer WBP believes Perth is already beginning to turn around due to the supply of houses falling and an increase in demand from first-home buyers.
<img src="/images/stories/clockperthhouses.jpg">
Time: Six o'clock
“Investors are slowly returning to the market, and there has been a recent increase in the median rental price being achieved.

“Yields have continued to increase as prices fell in the December quarter,” says WBP.

Preliminary data from the Real Estate Institute of Western Australia’s February 2012 survey show the quarterly vacancy rate (for both houses and units) for the three months to February 2012 sits at 2.5%.
Population: 1.7 million
Median house price: $460,000
House price growth in February 2012: -1.8%
Annual house price growth to December 2011: -4.3%
Annual house price growth to July 2011: -7.1%
Rental yield: 4.2%
To find out where your capital city's house or unit market is on the property clock, <a href="http://propertyobserver.com.au/ebooks/free-ebook-australias-autumn-2012-property-clock" target="_blank">download our free eBook.</a>
 
 
 
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Perth house market bottoming out at six o'clock: Experts

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;

[smartcode_project:default project_id=146717 project_image_fid=372212]

Lowe Living Co-Founder and Managing Director Tim Lowe said Camberwell represented a natural next step for the developer as it expands into some of Melbourne's most tightly held residential markets.

"Jardin House is an important project for our team as it marks the next evolution of our portfolio into different well-established blue-chip pockets of Melbourne," Lowe said.

"Camberwell, with its incredible walkability, family-led neighbourhood feel and superb access to education and transport, makes it a natural choice for us."

[smartcode_project:default project_id=146717 project_image_fid=372227]

Designed by Tristan Wong Architects, with interiors by Hecker Guthrie and landscaping by Acre, the development takes inspiration from the Art Deco architecture that remains a defining feature of many of Camberwell's established streets.

A curved facade, arched openings, textured brickwork and sculpted forms reference the suburb's architectural heritage, while extensive landscaping softens the building's presence and creates a strong connection to the surrounding tree-lined streetscape.

The project will be set behind a secure gated entrance, with residents arriving through landscaped gardens designed to create a transition between the public realm and private residences.

Inside, the residences feature natural stone and timber finishes, full-height glazing, Miele appliances and generous open-plan living areas designed for long-term owner occupation.

[smartcode_project:default project_id=146717 project_image_fid=372225]

While the apartments themselves have been designed to attract discerning owner-occupiers, it is the amenity offering that sets Jardin House apart from many other boutique projects currently launching across Melbourne.

The centrepiece is a 350 sqm private bathhouse curated in partnership with Aurora Spa &amp; Bathhouse founder Lyndall Mitchell.

The wellness precinct includes mineral pools, hydrotherapy experiences, a Himalayan salt room, sauna, steam room, cold plunge pools and dedicated relaxation spaces, creating what Lowe Living describes as a private wellness retreat exclusively for residents.

[smartcode_project:default project_id=146717 project_image_fid=372222]

The collaboration follows Lowe Living's recent partnership with Aurora at Maison Savoy in Brighton, although Jardin House is the first project to incorporate both indoor and outdoor wellness experiences.

Emma Lowe, Co-Founder and Managing Director of Lowe Living, said wellness was becoming an increasingly important consideration for apartment buyers.

"Collaborating with Lyndall Mitchell from Aurora Spa &amp; Bathhouse for a second time is an intentional nod to creating residences that are more than just homes, but a way to enrich the lives of our residents through wellness and longevity," Lowe said.

The amenity offering is complemented by a Technogym fitness studio, residents' lounge, private dining spaces and concierge services.

The launch comes as developers increasingly target Melbourne's established eastern suburbs, where rising land values, ageing housing stock and growing downsizer demand are creating opportunities for boutique apartment projects.

Lowe said the company expects significant generational wealth transfer across suburbs such as Camberwell in coming years, creating further demand for luxury apartment living.

"Camberwell is a blue-chip suburb where homes regularly transact for multiple millions of dollars," he said.

"The generational change of wealth in these locations expected in the coming years is significant, so we see an opportunity to create exclusive residences that appeal to older families and downsizers in order to meet this demand."

Apartments at Jardin house start from $1,195,000. The project forms part of Lowe Living's near-$1 billion portfolio of new developments across Melbourne.

[smartcode_project_cta:default project_id=146717]

Lowe Living launches Jardin House in Camberwell

As <a href="https://www.apartments.com.au/developments/north-sydney-nsw-2060">North Sydney</a> continues its transition from a commercial centre into a more layered residential and lifestyle precinct, a new generation of apartment developments is reshaping expectations around scale, amenity, and long-term liveability.

Improved transport connections through the Victoria Cross Metro, continued investment in dining and public spaces, and a constrained supply of new luxury apartments have sharpened demand for homes that combine proximity to the CBD with the privacy and outlook traditionally associated with harbourside houses.

At 177 Walker Street, <a href="https://www.apartments.com.au/developers/aland">ALAND</a>’s new apartment development <a href="https://www.apartments.com.au/new-apartments/the-walden-north-sydney-177-walker-street-north-sydney-nsw-2060">The Walden</a> enters the market with a distinctly residential approach to high-rise living. The 30-level tower will deliver 161 residences, ranging from one-bedroom apartments through to sub-penthouses and a full-floor penthouse, all oriented to capture uninterrupted views across Sydney Harbour, the Opera House, and out toward the Pacific Ocean.

[smartcode_project:default project_id=134323 project_image_fid=6395]

Designed by <a href="https://www.apartments.com.au/architects/rothelowman">Rothelowman</a>, the project takes advantage of the site’s natural topography and elevated position above the harbour. Rather than relying on density alone, the architecture focuses on outlook, orientation, and spatial flow, with every apartment occupying a corner position to maximise natural light and cross ventilation.

Rothelowman says the site itself shaped much of the architectural response.

“The site has a long history in terms of its inevitable transformation and when we came in, we took inspiration from the idea of reestablishing a sense of the site’s natural terrain and fall. Our scheme aims to integrate with the terrain and the landscape, using the undulating site to slowly reveal glimpses and views of the harbour. The rotation of the tower off grid means every apartment has a view and is naturally cross ventilated. The building's colour palette is quintessentially Sydney, with bronze and sandstone and a luminescent green colour in the glass, making it very earthy and grounded in its location.”

[smartcode_project:default project_id=134323 project_image_fid=6399]

Inside the residences, the emphasis moves toward larger-format living typically associated with standalone homes. Kitchens sit at the centre of the apartments, connecting directly to open-plan dining and living areas before extending outward into expansive winter gardens and balconies. Calacatta marble, bespoke joinery, integrated appliances, and custom metal detailing are used throughout, while three distinct interior palettes, Terrace, Opera, and Harbour, allow buyers to personalise the spaces without compromising the architectural consistency of the project.

The larger residences place particular attention on separation between entertaining and private zones. In many apartments, master suites occupy the outer corners of the floorplates, allowing bedrooms to benefit from floor-to-ceiling glazing and harbour outlooks independent of the living spaces. Dressing rooms and ensuites continue the material palette through fluted detailing, freestanding baths, and layered stone finishes.

Rothelowman says the design intent centred on creating homes that feel enduring rather than transient.

“Our philosophy is all about the way people live in these spaces, and we wanted to create homes that reflect the quality of life in this unique Sydney location. The apartments showcase expansive living spaces that are generous, sophisticated, and bold, with the ability to connect with views throughout each apartment.”

[smartcode_project:default project_id=134323 project_image_fid=353235]

A separate four-storey amenity building known as The Pavilion expands the residential offering beyond the apartments themselves. Positioned alongside the tower, the building consolidates wellness, recreation, and social spaces into a dedicated resident retreat. Facilities include a 20-metre rooftop pool and sundeck, sauna, spa, ice bath, wellness studio, gymnasium, concierge service, wine cellar, residents’ lounge, private dining spaces, and dedicated co-working areas with meeting rooms and boardroom facilities.

The amenity mix reflects the buyer profile emerging in North Sydney, where owner-occupiers and downsizers are increasingly prioritising convenience, apartment scale, and long-term usability over purely investment-driven decisions.

The Walden also represents a significant milestone for ALAND, marking the company’s first major move into Sydney’s inner-city luxury apartment market after more than two decades delivering large-scale residential communities across Greater Sydney. Founder Andrew Hrsto says the Walker Street site stood apart because of both its positioning and its rarity.

[smartcode_project:default project_id=134323 project_image_fid=6390]

“As a company, we had been searching for a site in one of Sydney’s blue-chip locations, spanning the Eastern Suburbs, the Sydney CBD and the North Shore, and when we had the opportunity to purchase this site, we immediately recognised that it could be something iconic.”

At launch, The Walden recorded more than $103 million in sales, with buyers drawn to the project’s harbour positioning, apartment scale, and proximity to the Metro, which now connects North Sydney to Barangaroo in three minutes and Martin Place in five.

ALAND has commenced construction, and is expecting a completion date in 2028.

[smartcode_project_cta:default project_id=134323]

Larry Schlesinger

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