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Darwin has been one of the more stable property markets in 2011, with modest price declines relative to the falls in Perth, Melbourne and Brisbane. The pace of house price depreciation slowed in the second half of 2011.
The housing market is likely to get a boost from the Japan energy giant Inpex’s decision to go ahead with its $33 billion Ichthys liquefied natural gas (LNG) project, which will pump gas up from offshore gas fields in Western Australia along a 889-kilometre pipeline to Darwin for processing. The project will require about 2,700 workers during peak construction (expected to begin later this year) and create a further 300 jobs once it is up and running, with speculation that it could push up property prices in Darwin and lead to an influx of people seeking work.
<img src="/images/stories/clockdarwin.jpg">
Time: Five o'clock
Century 21’s Charles Tarbey says Darwin is heavily influenced by such development and investment in the area.
“Darwin’s position on the clock could move from five o’clock to seven o’clock very quickly,” he says.
However, Louis Christopher says Darwin remains a really risky market. “There has been a bit of a peak in stock levels, and it’s not out of the woods yet.”
Population: 128,000
Median house price: $487,500
House price growth in February 2012: 6.2%
Annual house price growth to December 2011: -2.2%
Annual house price growth to July 2011: -3%
Rental yield: 5.8%
To find out where your capital city's house or unit market is on the property clock, <a target="_blank" href="http://propertyobserver.com.au/ebooks/free-ebook-australias-autumn-2012-property-clock">download our free eBook.</a>
 
 
 
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lschlesinger-FZcF9M3vE6

Darwin house market at five o'clock, with potential for quick movement: Experts

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Demand for the $10,000 Queensland building boost has picked up strongly since the scheme was extended in January, but it could close with as much as half of the funding set aside for the scheme unclaimed by new home buyers and builders.
The scheme will close on April 30, <a href="https://www.propertyobserver.com.au/residential/queensland-government-to-extend-building-boost-until-april/2012011253029" target="_blank">having been extended</a> from the original closure date of January 31.
In the three-month period from January 11 to April 19, the Queensland Treasury has received more than 5,000 applications, taking the total to 8,929 applications.
As of April 19 the Queensland Treasury has approved 6,367 grants worth $63.6?million, according to figures obtained by the Australian Financial Review.
This is less than half of the $140 million originally set aside by the Bligh government when it was launched on August 1 as an incentive aimed at boosting the housing market in the wake of the January 2011 floods and GFC.
However, this figure could potentially rise above 50% should the remaining applications be approved and should the scheme receive more applications between now and September 1.
New home buyers and builders must sign a contract by April 30 but have until September 1 to submit their application to qualify for the $10,000 grant.
In August 2011, the first month of the scheme there were only 100 applications, and fewer than 600 in September.
The Newman government is set to announce new initiatives to help the struggling property market when it releases its budget on September 11.
These will include reinstating a $7,000 stamp duty discount for existing home owners who buy a new home from July 1, and the discount will cost the government $900 million. The scheme was scrapped by the Bligh government last year.
New Treasurer Tim Nicholls has called the building boost a botched scheme that provided no real benefit to the housing sector.
“The fact that under half of the $140 million originally allocated in the scheme has been paid out in grants is a clear indication it was a poorly targeted and designed scheme,” he says.
However, Property Council of Australia Queensland executive director Kathy MacDermott says the scheme had helped and was desperately needed.
MacDermott says the scheme had been affected by low consumer sentiment and cautious buyers.
In addition she says the Queensland housing market is being dragged down by lower property valuations by banks, which makes it harder to secure financing.
The building boost is one of <a href="https://www.propertyobserver.com.au/resources/government-property-grants-and-stamp-duty-concessions-the-expiry-dates-you-need-to-know/2012041054208" target="_blank">six state housing incentive schemes</a> that will come to an end over the next few months.
According to a CommSec report, Queensland has the fastest economic growth rate in Australia of 9.8% but is being held back by a weak housing market.
 
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Rise in demand for barely utilised Queensland building boost comes too late

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Lindeman Island in the Whitsundays has been bought by William Han, chairman of China-based White Horse Australia Holdings Pty Ltd and non-executive director of Western Australia's Padbury Mining, for around $12 million.
Han has plans to redevelop the island, but it could be up to two years before Lindeman Island reopens.
Han acquired the resort island from French chain Club Med, which bought it for $15 million in 1990 and had spent the last two decades developing and upgrading the location.
Club Med shut the resort down in January due to a mixture of poor visitor numbers, burdensome regulation and a turndown in the leisure travel market, one industry representative has said.
Han saw off a number of strong bids including interest from mining magnate Clive Palmer and other Australian high-net-worth individuals.
CBRE Hotel’s Wayne Bunz, who negotiated the sale of Lindeman Island alongside Paul Nyholt, says it could take between 12 months to two years before it reopens for business.
Bunz and Nyholt also negotiated the sale of <a href="https://www.propertyobserver.com.au/leisure/bedarra-island-sells-to-queensland-s-charlton-hotel-group/2011112252493" target="_blank">Bedarra Island Resort in far north Queensland to the Charlton Hotel Group last year.</a>
Bunz tells Property Observer there was greater interest in Lindeman Island than Bedarra Island because of its proximity to Hamilton Island, which receives about 40 flights per week.
“In the first round we had 11 bids and 200 enquiries,” Bunz says.
“You always do, people come out of the woodwork when an asset like this comes up for sale.”
“Clive Palmer was one of the bidders, and there were also a fair few from Melbourne,” he says.
In a statement Han, who is an Australian citizen, said he would "work hard" to revive the island's fortunes.
"White Horse is now examining how to reposition Lindeman as an attractive tourist destination, but the resort has been through some challenging times," Han said in the statement.
“We are looking closely at a range of options to reinvigorate the island but it will take some time to assess the best way to move forward."
 Han said it was the Group’s intention that the Lindeman development would be run by a professional resort management company.
“We are committed to resort developments that are in harmony with the natural landscape, with high environmental values,” Han added.
Lindeman is a 584 hectare leasehold island which is located on the Great Barrier Reef approximately 40 minutes by air from Cairns International Airport.
The Han family White Horse Group owns a large outdoor advertising network, along with property and resort interests.
Bunz says the new Queensland government’s focus on re-establishing Queensland as leading tourist destination is encouraging more opportunistic investors.
Another iconic Queensland resort, <a href="https://www.propertyobserver.com.au/leisure/sunland-lists-gold-coasts-palazzo-versace-after-company-profits-slump/2012042354413" target="_blank">the Palazzo Versace hotel on the Gold Coast</a>, is also up for sale for $80 million and is expected to be sold to Asian interests.
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Chinese mining tycoon beats Clive Palmer to acquire Lindeman Island, with plans to redevelop

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Perth unit prices fell more rapidly during the second half of 2011 than during the first half, but most property analysts maintain a fairly bullish outlook for the sector.

Charles Tarbey believes Perth unit prices are close to bottoming out and believes the supply of Perth units is close to matching the demand for these properties.

Tarbey says sales activity remains strong, as does interest from “cashed-up investors” looking for apartments close to the city.
<img src="/images/stories/clockperthhouses.jpg">
Time: Six o'clock
Tarbey says stock levels in Perth have been significantly lower during the past couple of months as a result of properties being withdrawn from the market and of a backlog of properties being cleared. 

“I suspect the latter is more responsible – sales for the December quarter were high, and sales over January and February have been significantly higher.  And we are now on the cusp of entering the autumn season, which is traditionally a very busy time for real estate sales,” Tarbey says.

Tarbey says he has also noted a decline in vacancy rates across the properties that Century 21 manages in Perth.

Preliminary data from the Real Estate Institute of Western Australia’s February 2012 survey shows the quarterly vacancy rate (for both houses and units) for the three months to February sitting at 2.5%.
Population: 1.7 million
Median unit price: $390,000
Unit price growth in February 2012: -2%
Annual unit price growth to December 2011: -4.2%
Annual unit price growth to July 2011: -2.9%
Rental yield: 4.8%
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 unit market at six o'clock, with experts fairly bullish

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The Melbourne suburb of Elsternwick has been the stand-out performer in the first quarter of 2012, managing an auction clearance rate of 84%, according to figures compiled by the Real Estate Institute of Victoria (REIV).
Elsternwick, nine kilometres south east of the Melbourne CBD, was one of just five suburbs to achieve an auction clearance rate of 80% or more, well above the overall Victorian average for the quarter of 62%.
The second and third best performing suburbs – Mitcham (82%) and Mill Park (81%) – are both outside the inner-city ring, indicating that quality of homes is driving demand at the moment, not a particular price point.
Mitcham lies 20 kilometres east of the CBD, and Mill Park is 23 kilometres north-east of the city.
The inner-city suburbs of Fitzroy and North Melbourne both managed auction clearance rates of 80% over the quarter.
<table cellpadding="0" cellspacing="0" border="1" style="width: 470px;"><tbody>
<tr>
<td valign="top" width="132">
 
</td>
<td valign="top" width="124">
No of auctions in March quarter
</td>
<td valign="top" width="102">
Sold under the hammer
</td>
<td valign="top" width="148">
Price range
</td>
<td valign="top" width="111">
Median house price*
</td>
</tr>
<tr>
<td valign="top" width="132">
Elsternwick
</td>
<td valign="top" width="124">
38
</td>
<td valign="top" width="102">
32
</td>
<td valign="top" width="148">
$254,000 - $2.1 million
</td>
<td valign="top" width="111">
$1.2 million
</td>
</tr>
<tr>
<td valign="top" width="132">
Mill Park
</td>
<td valign="top" width="124">
31
</td>
<td valign="top" width="102">
22
</td>
<td valign="top" width="148">
$305,000 - $676,000
</td>
<td valign="top" width="111">
$410,000
</td>
</tr>
<tr>
<td valign="top" width="132">
Mitcham
</td>
<td valign="top" width="124">
27
</td>
<td valign="top" width="102">
22
</td>
<td valign="top" width="148">
$369,000 - $805,000
</td>
<td valign="top" width="111">
$587,500
</td>
</tr>
<tr>
<td valign="top" width="132">
Fitzroy
</td>
<td valign="top" width="124">
20
</td>
<td valign="top" width="102">
16
</td>
<td valign="top" width="148">
$407,000 - $1.79 million
</td>
<td valign="top" width="111">
($896,500
</td>
</tr>
<tr>
<td valign="top" width="132">
North Melbourne
</td>
<td valign="top" width="124">
40
</td>
<td valign="top" width="102">
32
</td>
<td valign="top" width="148">
$320,000 - $1.32 million
</td>
<td valign="top" width="111">
$740,000
</td>
</tr>
</tbody></table>
Source: REIV, *RP Data
Among those properties to sell in Elsternwick over the three-month period was this <a target="_blank" href="https://www.realestate.com.au/property-unit-vic-elsternwick-107136867">two-bedroom over-55 retiree unit (pictured below) in a complex of 20 apartments on Orrong Road</a>, which sold for $495,000 through Celestine Eramo for ASL Real Estate Doncaster.
<img src="/images/stories/elst1.jpg" width="470">
Another property to sell was this <a target="_blank" href="https://www.realestate.com.au/property-house-vic-elsternwick-109112646">three-bedroom house on Gardenvale Road</a> (pictured below), which sold for $940,000 through Biggin &amp; Scott Elsternwick.
<img src="/images/stories/elst2.jpg" width="470">
Elsternwick is situated close to the Balaclava and Glenhuntly Road shopping strips and Malvern Central shopping centre and has a median house price of $1.2 million, according to RP Data.
Knight Frank sales director Andrew Swinson recently described Elsternwick as “traditionally a very well-performing suburb with positive growth statistics and impressive potential for capital growth”.
The REIV’s Robert Larocca says a review of the suburbs with the highest clearance rates in the first quarter tells you a lot about the local market right now.
“Firstly, it shows that some places are defying the overall trend.
“Secondly, the lack of a clear defining common theme shows that it is the location and quality of the homes for sale that is driving demand, rather than pressure at one particular price point,” he says.
Larocca says buyers and sellers need to fully understand the local market they are buying and selling in “lest they turn up to an auction believing only six in 10 are selling under the hammer when, in fact, eight in 10 are – as in Mill Park, for instance”.
The March quarter clearance rate of 62% was up on the December quarter clearance rate of 55%, but lower than the 67% clearance rate in the March quarter.
The volume of auctions held was 17% lower than at this time last year, 9% cent lower than at this time in 2010 and 74% higher than at this time in 2009.
According to the REIV, auction and private sales achieved similar outcomes for vendors over the quarter.
The median price of a house sold at auction increasing by 2.3% from $700,000 in the December quarter to $716,500 in the March quarter.
For a house sold by private sale – as about three out of four are – the median price increased by 1.1% from $465,000 to $470,000.
 
 
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Buyers sold on Elsternwick, with highest auction clearance rate in Melbourne in March quarter: REIV

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Canberra unit prices were one of the stronger-performing property markets in 2011, with only a small correction in prices.
Century 21 chairman Charles Tarbey and SQM Research director Louis Christopher say the Canberra unit market is heavily tied to the civil service and the government in power.
However, as units are generally more affordable than houses, the unit market outlook is fairly rosy.
According to Colliers, current building approval figures and the large number of projects expected to come onto the market over the next three years suggest an oversupply of apartments is looming.
“However, the requirement for developers to obtain high levels of pre-commitments in order to receive financing for new residential projects is expected to create a barrier to entry for many projects,” says Colliers.
<img src="/images/stories/clockcanberraunits.jpg">
Time: Six o'clock
Set within a framework of particularly low vacancy rates, increasing rents and greater-than-average population growth, Colliers says new stock can be adequately absorbed by the market.
“Colliers International anticipates the likelihood of the cash rate declining further in 2012, coupled with the low vacancy rate and higher-than-average wages, will result in demand for new apartments within Canberra remaining resilient.
“Although a gap in the median price between the inner-north and the inner-south precincts will remain, it is anticipated the price disparity between the markets will lessen as new projects settle.”
Population: 358,000
Median unit price: $430,000
Unit price growth in February 2012: 1%
Annual unit price growth to December 2011: -1.4%
Annual unit price growth to July 2011: -5.8%
Rental yield: 5.5%
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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Canberra unit market at six o'clock with strong demand for new stock: Experts

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Darwin’s unit market continues to offer investors the strongest rental yields of all capital city markets.
As with houses, demand for Darwin units could also pick as a result of the Inpex LNG project.
Darwin houses and units priced in the affordable $400,000 and $500,000 range continue to sell well, accounting for nearly a quarter of all sales in the city during 2011 – a higher proportion in than any other capital city except for Canberra.
<img src="/images/stories/clockdarwin.jpg">
Time: Five o'clock
According to SQM Research director Louis Christopher, Darwin recorded the largest decrease in residential stock on market of all Australian capital cities for the year, with listings falling by 11.7% in February 2012 compared with February 2011 to a total of 1,331.
Population: 128,000
Median unit prices: $380,000
Unit price growth in February 2012: 0.3%
Annual unit price growth to December 2011: -2.6%
Annual unit price growth to July 2011: -4.1%
Rental yield: 5.7%
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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Darwin unit market at five o'clock, but could pick up: Experts

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This week's low inflation reading has confirmed a rate cut in a week’s time.
Many punters will argue the Reserve Bank did not need to wait for this particular green light before adjusting the cash rate down, and should have been listening to the line-up of angry homeowners, builders, retailers and manufacturers hooting at Glenn Stevens to put the car in gear and get a move on.
Even the likes of <a href="https://www.propertyobserver.com.au/economy/kochie-slams-rba-as-too-slow-in-responding-to-economic-downturn/2012041754314">Channel 7 Sunrise host David Koch </a>(a self-confessed admirer of Glenn Stevens) has hit out at the Reserve Bank for being too overly cautious and too slow in responding to the current economic downturn at a time when the government is determined to cut spending to achieve a budget surplus in the next financial year.
On the ABC’s Inside Business program this weekend stockbrocker Marcus Padley said he could not believe that the Reserve Bank was still waiting for the inflation figure given the struggles facing the retail and housing sectors.
“Inflation surely is not the issue right now – you have a retail sector and a housing market [literally] on fire and here you have the RBA telling us they will wait for the inflation number, they’re simply missing the point,” said a gobsmacked Padley.
Perhaps facetiously, some economists have suggested that if the RBA is so reliant on the quarterly inflation data then perhaps it should only meet every quarter to decide on interest rate settings.
Alternatively, they could put more emphasis on the range of other more regular data in making an assessment or put more faith in the forecasts of economists, which have been forecasting a low March quarter inflation reading for some time now.
For now the debate will continue to rage about how swiftly the Reserve Bank is responding to the two-speed nature of the economy and why it is placing so much emphasis on containing the effects of the mining boom when other sectors are in real strife.
That is until the RBA makes its May 1 rate announcement and we await to hear whether the banks will pass on the full rate cut or leave borrowers with just a few crumbs.
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Inflation reading gives RBA the rate cut green light it never really needed

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The March quarter inflation reading has come in well below economist forecasts, paving the way for a possible 50-basis-point percentage point rate cut on May 1.
Inflation rose just 0.1% over the quarter to be up 1.6% through the year to the March quarter 2012 – significantly below the RBA’s target band of 2% to 3%.
Underlying inflation came in at 2.1% on an annualised basis with CommSec chief economist Craig James said this meant a 0.25% rate cut is now all but certain.
The Australian dollar fell from $US1.031 to $US1.026 following the release of the ABS data.??
The less volatile underlying measure of inflation came in well under expectation with the trimmed mean reading at 0.3% for the quarter and 2.2% annualised with the weighted mean reading of inflation at 0.4% for the quarter and 2.1% on an annualised basis.
Economists had forecast an underlying inflation reading of 0.6% for the March quarter, taking the annual underlying inflation rate from 2.6% in the December quarter to 2.4% in the March quarter.
According to economist Christopher Joye a reading of 0.5% to 0.6% would give the green light to a 25-basis-point cut, with anything lower allowing the RBA to consider a 0.5% rate cut on May 1.
The most significant price rises this quarter were for pharmaceutical products (+14.1%), secondary education (+7.7%), automotive fuel (+2.5%), medical and hospital services (+2.1%), tertiary education (+4.7%) and rents (+1%).
The most significant price falls this quarter were for fruit (-30%), international holiday travel and accommodation (-4.8%), furniture (-6%), audio, visual and computing equipment (-6.3%) and domestic holiday travel and accommodation (-2%).
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RBA interest rate cut of 50 basis points possible after very low quarterly inflation of 0.1%

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Mortgage enquiries increased for the first time in eight quarters, according to the latest Consumer Credit Demand Index from consumer credit agency Veda, led by strong gains in Queensland, WA and the Northern Territory.
During the March 2012 quarter, mortgage inquiries increased by 0.2% to be up 1.5% year on year.
There were solid increases in Queensland (up 4.4% for the quarter, 10.2% year-on-year), NT (up 4.7% for the quarter, 9.7% year-on-year) and Western Australia (up 7.6% for the quarter, 6.6% year-on-year) indicating that mortgage enquiries may be stabilising.
Mortgage enquiries in NSW dropped sharply (-7.6%) in the March quarter, the only state or territory to record a year-on-year quarterly decline, “a reflection of the expiration of stamp duty exemptions in NSW at the end of last year which resulted in a pull forward of first home buyer demand followed by a drop in the first quarter of 2012”.
During the past 12 months NSW mortgage enquiries are down 0.7%.;
Victorian mortgage enquiries increased by 2.3% over the quarter, but are still down 2% year on year.
South Australian enquiries increased by 3.1% over the quarter but are down 3.2% for the year.
Click to enlarge
<a href="/images/stories/veda.gif" rel="shadowbox" title="Click to enlarge"><img src="/images/stories/vedathumb.gif"></a>
"Turning points in mortgage enquiries usually occur one to three quarters ahead of turning points in house prices, an early warning sign which could indicate that after a continued decline, mortgage enquiries may have bottomed out,” says Angus Luffman, head of consumer risk at Veda. 
“Veda mortgage enquiries are closely related to the number of housing finance approvals so this is a trend to watch, particularly if you are hoping for a future pick-up in house prices. 
"In terms of state by state mortgage activity we are seeing different trends play out with NSW mortgage enquiries being affected by the expiration of stamp duty and Queenslanders starting to bounce back after a challenging year," he adds. 
Credit card applications declined sharply in SA (-12%), NSW (-11.3%) and Victoria (-8.8%) over the last year, while the decline is less severe in Queensland (-1.6%) and WA (-4.2%).  In part, the weakness in credit card applications reflects the rise in the use of debit cards and the introduction of responsible lending laws in 2011, which has led to more steps being added to credit card application processes.  
Overall credit demand rose 1.2% over the quarter with credit card applications up 2.7% and personal loans down 0.3%. 
Compiled by Veda since 2004, the Consumer Credit Demand Index is a quarterly analysis of changes in consumer demand for credit cards, personal loans and mortgages across Australia.



Personal loan applications decreased 1.4% year on year, with reduced demand in all states and territories in the March quarter with the exception of WA and ACT. In sharp contrast to other states, personal loan applications surged in WA (+8.3%) year on year while weakness in personal loan applications was particularly evident in Tasmania(-7%), NSW (-4.4%) and SA (-3.4%).



"Australian households have spent the post-GFC period firmly in saving rather than spending mode and the results show that consumers are still cautious about taking on credit, " says Luffman.
"While applications for credit cards and personal loans have both declined, the reduction in card applications is far greater, showing that they are increasingly falling out of favour with consumers as households continue to focus on saving.  However, the results indicate that Australia's two-speed economy is still in effect with consumer credit demand significantly stronger in the mining states," Luffman adds.



Compiled by Veda since 2004, the Consumer Credit Demand Index is a quarterly analysis of changes in consumer demand for credit cards, personal loans and mortgages across Australia.

 
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Mining states lead rise in mortgage inquiries, but NSW falls: Veda

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.

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Homecorp CEO Ron Bakir says buyers today are looking for more than just a home.

"What we are seeing is a shift in how people define value in property," Bakir says.

"What attracts residents to new developments is a desire for more than just a residence. They are looking for a place that complements their lifestyle, supports their wellbeing and reflects the way they want to live into the future.

"Lifestyle, longevity, proactive health, wellbeing, connection and a sense of community are increasingly shaping purchasing decisions, particularly on the Gold Coast, where these factors continue to be a major drawcard."

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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.

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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.

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Buyers rush to Homecorp's Florence Residences as Gold Coast wellness trend gains momentum

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

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

Design-led developer-builder Lowe Living has unveiled its latest residential development, Jardin House, marking its first foray into Melbourne's blue-chip City of Boroondara.

Located a short walk from Camberwell Junction, <a href="https://www.apartments.com.au/new-apartments/jardin-house-by-lowe-living-camberwell-335-camberwell-road-camberwell-vic-3124">Jardin House</a> has been designed to appeal to affluent local downsizers and established families seeking a low-maintenance alternative to the large homes that have long defined Camberwell and surrounding suburbs.

The project will comprise a collection of two and three-bedroom apartments ranging from 92 sqm to 280 sqm, alongside a limited number of penthouse residences featuring rooftop terraces spanning more than 100 sqm, with optional private pools.

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Lowe Living Co-Founder and Managing Director Tim Lowe said Camberwell represented a natural next step for the developer as it expands into some of Melbourne's most tightly held residential markets.

"Jardin House is an important project for our team as it marks the next evolution of our portfolio into different well-established blue-chip pockets of Melbourne," Lowe said.

"Camberwell, with its incredible walkability, family-led neighbourhood feel and superb access to education and transport, makes it a natural choice for us."

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Designed by Tristan Wong Architects, with interiors by Hecker Guthrie and landscaping by Acre, the development takes inspiration from the Art Deco architecture that remains a defining feature of many of Camberwell's established streets.

A curved facade, arched openings, textured brickwork and sculpted forms reference the suburb's architectural heritage, while extensive landscaping softens the building's presence and creates a strong connection to the surrounding tree-lined streetscape.

The project will be set behind a secure gated entrance, with residents arriving through landscaped gardens designed to create a transition between the public realm and private residences.

Inside, the residences feature natural stone and timber finishes, full-height glazing, Miele appliances and generous open-plan living areas designed for long-term owner occupation.

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While the apartments themselves have been designed to attract discerning owner-occupiers, it is the amenity offering that sets Jardin House apart from many other boutique projects currently launching across Melbourne.

The centrepiece is a 350 sqm private bathhouse curated in partnership with Aurora Spa &amp; Bathhouse founder Lyndall Mitchell.

The wellness precinct includes mineral pools, hydrotherapy experiences, a Himalayan salt room, sauna, steam room, cold plunge pools and dedicated relaxation spaces, creating what Lowe Living describes as a private wellness retreat exclusively for residents.

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The collaboration follows Lowe Living's recent partnership with Aurora at Maison Savoy in Brighton, although Jardin House is the first project to incorporate both indoor and outdoor wellness experiences.

Emma Lowe, Co-Founder and Managing Director of Lowe Living, said wellness was becoming an increasingly important consideration for apartment buyers.

"Collaborating with Lyndall Mitchell from Aurora Spa &amp; Bathhouse for a second time is an intentional nod to creating residences that are more than just homes, but a way to enrich the lives of our residents through wellness and longevity," Lowe said.

The amenity offering is complemented by a Technogym fitness studio, residents' lounge, private dining spaces and concierge services.

The launch comes as developers increasingly target Melbourne's established eastern suburbs, where rising land values, ageing housing stock and growing downsizer demand are creating opportunities for boutique apartment projects.

Lowe said the company expects significant generational wealth transfer across suburbs such as Camberwell in coming years, creating further demand for luxury apartment living.

"Camberwell is a blue-chip suburb where homes regularly transact for multiple millions of dollars," he said.

"The generational change of wealth in these locations expected in the coming years is significant, so we see an opportunity to create exclusive residences that appeal to older families and downsizers in order to meet this demand."

Apartments at Jardin house start from $1,195,000. The project forms part of Lowe Living's near-$1 billion portfolio of new developments across Melbourne.

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Lowe Living launches Jardin House in Camberwell

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

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