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The pace of Hobart house price falls picked up in the second half of 2011 at the same time as the proportion of mainland investors, who have traditionally helped support the Tasmanian market, dwindled.
Mainland buyers constituted 13% of sales in Tasmania during the December quarter, according to the Real Estate Institute of Tasmania property report – this figure has been as high as 25% in past years.
<img src="/images/stories/clockhobart.jpg">
According to the REIT, prices vary widely across the different Hobart markets – while inner Hobart had a median price of $471,310, middle Hobart had a median price of $320,000, and outer Hobart had a median price of $345,000 in February.
There was some good news for the Hobart market, with affordability improving by 3.1% in the final quarter of 2011, according to the HIA-Commonwealth Bank Housing Affordability index.
However the REIT reports just a handful of sales in some of Hobart’s most expensive suburbs in December, indicating a property market in virtual hibernation.
For example there were just five sales in Tranmere, middle Hobart in the December quarter. Tranmere has a median price of $665,000.
Population: 215,000
Median house price: $340,000
Median unit price: $260,000
House price growth in February 2012: 2.1%
Unit price growth in February 2012: 3.4%
Annual dwelling price growth to December 2011: -5.9%
Annual dwelling price growth to July 2011: -4.4%
Rental yield: 5.3% (houses), 5% (units)
 
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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lschlesinger-FZcF9M3vE6

Hobart housing market at three o'clock and in virtual hibernation: Experts

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Strong uptake of industrial space in Melbourne is encouraging more speculative projects in the western and south-eastern parts of the market, according to the latest Melbourne industrial market analysis by Knight Frank.
During the first three months of 2012 the amount of industrial space available for rent in the city fell by nearly 60,000 square metres (16%) to 298,000 square metres, a new low for total available space since Knight Frank began compiling data on the market in April 2009.
A year ago there was about 530,000 square metres of industrial space available for rent across the city, equating to a drop of 47%.
Knight Frank notes that take-up was stronger in the first quarter of 2012 after slowing in the fourth quarter of 2011.
All regions monitored experienced a drop in available space as take-up continues to outstrip supply. While available space has steadily diminished, market asking rentals have only begun to respond to the tighter market, with modest increases in the second half of 2011.
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Rents average around $72 per square metre, with the CBD fringe (essentially Port Melbourne) the most expensive at $95 per square metre and the north (suburbs like Preston, Broadmeadows, Epping and Tullamarine on the north-eastern side of the Calder Freeway) the cheapest market at $66 per square metre.
There was just under 17,000 square metres of speculative development completed over the first three months of the year with another 23,000 square metres currently under construction.
Big property developers like Australand and Dexus are aggressively targeting the West and South East with new speculative developments in the pipeline.
The west comprises industrial areas on the southern side of the Calder Freeway including Altona, Laverton, Sunshine, Derrimut, Brooklyn, Ravenhall and Deer Park.
The south east comprises industrial space in Moorabbin, Springvale, Braeside, Dandenong South, Hallam, Lyndhurst, Carrum Downs, Cranbourne and Pakenham.
Dexus is currently building a 15,600 square metre office warehouse within its industrial estate at 25 Distribution Drive, Laverton North in Melbourne’s west, despite this precinct has the greatest level of available industrial space at April 2012, 60% of which is prime accommodation.
Another speculative development by Australand – a 10,000-square-metre warehouse – has been completed, in Truganina, also in the west precinct.
According to Knight Frank there is only 112,000 square metres of available space in the west of Melbourne, down from 252,000 over the past 12 months, the biggest drop of all industrial precincts over this period.
Over the quarter, 31,000 square metres of space was snapped up in the North, making it the most active leasing market for 2012 to date.
James Templeton, joint managing director of industrial at Knight Frank, say the <city><place>Melbourne</place></city> industrial market is experiencing record low vacancy across all sectors.
“Both prime and secondary buildings in key locations are leasing well,” he says.
According to Templeton, plans by Australand and Dexus to expand in the western and south-eastern market will be assisted by improved levels of enquiry, with a number of major retailers now looking at pre-leasing.
“There is also increased activity in the land and building package area, with a number of owner-occupiers taking advantage of the competitive deals being offered,” he adds.
 
 
 
 
 
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Low industrial vacancy rate in Melbourne encouraging speculative developments: Knight Frank

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With less than three weeks to go until the Queensland government ends its $10,000 building boost scheme and only months remaining on a number of other state incentives, the majority of Australia’s biggest industry players believe government incentives still have a role to play in stimulating residential development.
Nearly nine out of 10 (86%) of the valuers, funds managers, property analysts and mortgage lenders who took part in the latest API Australian Property Directions Survey rated government incentives as moderately to extremely important.
More than a third (39%) rated them as extremely important, and nearly half (47%) as moderately important.
Only 14% of those surveyed saw no role for government incentive schemes.
Those surveyed included all the major banks, property groups Jones Lang LaSalle, Colliers International, CBRE, Cushman &amp; Wakefield and Chesterton International and listed fund mangers <place><placename>Colonial</placename><placename>First</placename><placetype>State</placetype></place> and Investa.
The Queensland building boost is set to end on April 30, having already been extended once – it was originally due to expire on January 30 this year.
<a href="https://www.propertyobserver.com.au/resources/government-property-grants-and-stamp-duty-concessions-the-expiry-dates-you-need-to-know/2012041054208">Four schemes are set to expire on June 30 and another two on July 1</a>.
However government incentives also tend to bring forward demand and create vacuums in the future,<a href="https://www.propertyobserver.com.au/residential/victoria-to-miss-out-on-first-home-buyer-pick-up-and-churn-factor-bis-shrapnel/2012032053939"> as noted by BIS Shrapnel in its recent forecast reports</a>.
“We started to see a pick-up in NSW And Western Australia towards the end of last year, which was emphasised by the expiration of stamp duty exemptions for existing properties,” BIS Shrapnel senior manager Angie Zigomanis said at the March 2012 Building Industry Prospects conference.
“But it is still weak in Victoria, and one of the reasons why it is still weak is because the state government has tended to keep the first-home buyer incentives fairly elevated, which has pushed forward demand.”
 
 
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Government housing grants and tax breaks rated important for housing as deadlines loom: API survey

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Victorian borrowers feel more comfortable about their level of long-term debt than borrowers in the other states and territories, according the ING Household Financial Wellbeing Index.
Victorian borrowers scored 5.8 out of seven in this category, up from 5.5 a year ago.
A score of one indicates “very uncomfortable” and a seven indicates “very comfortable”.
Victoria scored above the national average of 5.5 and higher than NSW/ACT (5.6 up from 5.4 a year ago), Queensland (5.6 up from 5.4) and WA (5.6 up from 5.4).
South Australians feel least comfortable about their level of mortgage debt, with a comfort rating of 5.4. It is the only state to record a decline in mortgage comfort, down from 5.5 a year ago.
Victoria has the lowest percentage of borrowers (34%) paying extra on their mortgages, with the highest proportion found in WA and Queensland (46% paying extra on their mortgages).
Overall borrowers are more comfortable with their level of mortgage debt than they were a year ago, with the national index rising from 5.4 to 5.6.
The survey, which is based on the responses of 1,015 households between March 27 and April 2, 2012, found that the vast majority (93%) of households are comfortable with their home loan, with 63% “very comfortable” – the highest level recorded since the third quarter of 2010.
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Four out of 10 (40%) mortgage holders are paying off their loan ahead of schedule, according to the survey.
The survey found that nearly a third (31%) of households have share market investments (up from 24% in the fourth quarter), while more than half (51%) of households have no assets or investments outside of the family home.
The median value of total assets in each household (including equity in the family home) is $306,993.
One in five (21%) households say that they don’t have any investments or assets at all.
Long-term assets remains a weak spot of financial wellbeing, with 28% of households saying they are “very uncomfortable” with their level of investments and long-term assets, down from 31% in the fourth quarter of last year.
Nationally however there has been a slight increase in the numbers of households owning long-term investments – 17% own a rental property, up from 15% three months ago, and 31% hold sharemarket investments, up from 24%.
The overall Household Financial Wellbeing Index reached 106.9 in the first quarter of 2012 up from 105.6 in the fourth quarter of 2011.
Although this is below the reading of 107.5 achieved on inception of the index in the first quarter of 2010, it confirms an ongoing uptrend in financial wellbeing since the index plunged in the first quarter of 2011.
 
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Victorian borrowers most comfortable with level of mortgage debt: ING Household Financial Wellbeing Index

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The Real Estate Institute of Australia (REIA) says it is concerned that standards governing the conduct of real estate agents and other property professionals will be compromised in an effort to implement a national licensing scheme by 2013.
The REIA will ask the Council of Australian Governments (COAG) to agree to a national licensing system that requires real estate agents to achieve a diploma level qualification and undertake compulsory continuing professional development (CPD). The scheme would also require licensing for commercial property agents.
Under <a target="_blank" href="https://www.propertyobserver.com.au/new-south-wales/real-estate-institutes-fear-mooted-licensing-scheme-will-lower-standards/2011070150676">previous COAG licensing proposals</a> the education requirement was expected to be a certificate IV course, which can be completed in two days rather than the longer-form diploma currently required in Western Australia, the Northern Territory, Tasmania and South Australia.
“The key to providing a low risk professional service to home buyers is through a high level of initial qualification and through compulsory ongoing professional development to maintain these standards and to keep abreast of the changing regulatory environment that agents operate in,” says REIA president Pamela Bennett.
Her comments follow the latest communiqué from the April COAG meeting, which said it had agreed on the need for a “best-practice approach” to regulating property occupations (as well as those involved in electrical; plumbing and gasfitting; refrigeration and air-conditioning occupations).
A consultation document will be released in the first half of 2012 with the framing legislation expected to be agreed to by the end of the year.
“Given the complexity of the reform, it will now commence from 2013. In the lead-up to the commencement of the reform, COAG will consult stakeholders on the options contained in the RIS [regulation impact statement] and raise awareness of the reform,” says COAG.
Plans for a national licensing system for real estate agents bringing together the disparate licensing regimes in each state and territory have been mooted since the July 2008 COAG meeting, when it was announced that there would be a new national system with a “national approach to the licensing of a range of economically important trades” including “property agents” and those with “building occupations”.
Bennett welcomed the announcement but warned against settling for a lowest common denominator outcome.
“The REIA has supported national licensing and recognises the benefits this will bring to both the industry and to consumers through improved mobility between jurisdictions and a uniform approach across <country-region><place>Australia</place></country-region>.
“However, it is imperative that standards are not lowered for the sake of expediency”, she says.
“The need for a high level of training and professionalism is across the spectrum of real estate transactions. With more and more individuals having an exposure to commercial real estate, either directly or through their superannuation fund, it is equally important that buyers and sellers are receiving sound support by having the sale of commercial property undertaken by licensed professionals,” Bennett told Real Estate Business.
The institute is currently working with the Construction and Property Services Industry Skills Council (CPSISC) to review the units of competency under a proposed national licensing scheme.
 
 
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Real Estate Institute fears 2013 national licensing scheme could reduce agents' qualifications

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The Reserve Bank has come under fire from Channel 7 Sunrise host David Koch for not taking swifter action in response to the current challenging market conditions and plans by the federal government to deliver a surplus in the May budget.
“I’ve been a big fan of the Reserve Bank and the way it handled the global finance crisis.
“But I’m concerned the RBA board has been too slow in responding to the recent downturn,” says Koch in his latest blog post, written before the latest RBA minutes were released.
“If the federal budget is contractionary then interest rate settings have to be expansive to compensate.
“And they have to move quickly and decisively,” he says.
Koch has criticised the RBA despite naming Stevens as one of his “idols” in a list that includes Meriton boss Harry Triguboff, rap star Nelly and his own father.
Koch even includes a photo of himself smiling alongside a typically dour-faced Stevens, whom he describes as the “perfect type of person” to lead the central bank.
“The self-proclaimed ‘most boring person in Australia’, [Glenn Stevens] is the ultimate finance nerd. A man with immense intellect, he lives and breathes the job but is very conscious of the responsibility the role brings,” writes Koch on kochie.com.au.
According to Koch, the RBA cannot afford to be slow to react when the federal government is looking to cut spending in the next budget.
“The next six months could be a dangerous time for the economy and the financial health of Australians.
“Because if the federal government and the Reserve Bank don’t get it right, it could prove to be tipping point for the economy to slide in to a recession,” he says.
Kochie warns that there are signs that the resources boom is slowing (two consecutive months of trade deficits) and it “may not be able to offset the sluggishness of the lower speed sectors of the economy”.
Furthermore, he says, “consumers continue to borrow and spend less but save more as they continue to stay in the bunker”.
Figures released by the ABS today show that total lending finance fell by 6.5% in February meaning total lending commitments are up just 0.9% on a year ago after being up 3.5% in January.
According to CommSec economist Savanth Sebastian, the slump in lending seems to be gathering momentum.
“On a trend (smoothed) measure, the pace of lending has now fallen for five consecutive months with the 1.7% slide in February marking the biggest monthly fall since mid-2008 – a period that was at the height of the global financial crisis,” he says.
Sebastian says lending finance figures are a forward indicator of spending further down the track with the current lack of lending “clearly a dampener on future activity”.
 
 
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Kochie slams RBA as too slow in responding to economic downturn 

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There have been no announcements from the major banks about their variable interest rate settings following ANZ lifting its rates by 0.06 percentage points on Friday.
The only announcement to come out today was from Westpac subsidiary St George, which announced it was cutting its fixed interest rates from today for a limited time.
St George has cut the interest rates on its fixed one-, two- and three-year home loans to 5.99%. 
When ANZ lifted rates independently on February 10, Westpac made its announcement on the same day, but Commonwealth Bank and NAB only announced changes on February 13.
In the absence of any announcement, the St George standard variable interest rate sits at 7.42%. 
 
 
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No variable interest rate decision from remaining big banks as St George trims fixed rates

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The Real Estate Institute of NSW (REINSW)  is urging the state government to allow first-home buyers to pay off their stamp duty over three years rather than in one upfront lump sum.
The REINSW says its staged payment plan would reduce the burden of upfront stamp duty on top of the required house deposit for first-home buyers. 
Under the proposal, government revenues would be protected with the stamp duty obligation guaranteed against the property in exactly the same way as unpaid land tax and council rates.
The proposal is one of three initiatives the institute is proposing to the O’Farrell government two months ahead of the next state budget on June 12 aimed at stimulating the property sector. 
The other two proposals are for the overall rate of stamp duty to be cut and that urgent reform of planning controls should be undertaken to reduce the cost and red tape of new residential development to help alleviate the current undersupply of housing. 
“Housing supply and affordability are the key issues facing NSW and which need to be tackled head on in the upcoming state budget”, says REINSW president Christian Payne. 
“Convoluted planning controls are delaying the delivery of new housing stock, which is urgently needed to meet the growing demand of thousands of people flocking to live in Sydney. 
“As a result, housing affordability is being squeezed with many are simply unable to afford their own home. 
“Add to the already high price of real estate in Sydney the significant additional burden of stamp duty and you have a market which is pushing the Australian dream beyond the reach of many. 
‘It is only through innovation that we are going to make inroads into these problems," he says. 
“To that end, the REINSW stands ready to assist the NSW Government in developing further a range of initiatives which we believe could make a real difference to housing supply and affordability without threatening government revenues from taxation,” says Payne. 
The stamp duty proposals follows the NSW government ended its first home plus scheme on December 31, which provided exemptions or concessions on transfer duty for people buying their first home in NSW. 
It has been replaced by the first home — new home scheme, which limits the exemptions and concession to new homes or vacant land only. 
Research carried out by the REINSW shows that when property transfers taxes (stamp duty) were cut in Western Australia and the Northern Territory, government revenues actually increased.
“Between 2003 and 2006, Western Australian cut property transfer duties by 0.9% yet related revenues rose by $706 million. 
“Similarly in the Northern Territory property transfer rates were cut by 0.45% that resulted in an increase of $20 million in related revenue, a rise of 20%,” says the REINSW.
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‘Pay as you go’ stamp duty scheme needed for first-home buyers: REINSW

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The last 2.6-hectare block of land in Port Douglas that was due to be developed by the late Gold Coast property developer Brian Ray has been sold to a New Zealand developer.
The land sold under the hammer over the weekend for $750,000 following a campaign by Port Douglas agents Tony McGrath and Callum Jones of McGrath Real Estate.
<img src="/images/stories/ptdouglas.jpg">
McGrath told Property Observer there were two other local bidders.
The land, which is approved for the construction of 23 strata-titled villas or homes, was to form the third and final stage of Ray’s upmarket Niramaya Resort (formerly called Bale resort).
It includes a central lake, utilities, landscaping and roads.
The sales price equates to $33,000 per lot.
Stages one and two of Niramaya Resort have been previously completed.
The marketing material notes its listing was to finalise Bale Resorts Ltd holdings in Port Douglas.
The land <a href="https://www.propertyobserver.com.au/leisure/final-piece-of-the-late-brian-ray-s-port-douglas-dream-for-sale/2011100651705">was listed for sale in October last year</a>.
Niramaya Resort  was developed by MFS Bale, a joint venture partnership of Brian Ray’s Ray Group and Queensland property and financial services business MFS (later re-named Octaviar).
MFS collapsed in January 2008 owing creditors $2.8 billion.
Brian Ray and his wife, Kathy, died when their plane crashed during a snowstorm about five kilometres from the Mount Hotham airport in July 2005.
The Bale land was sold as part of a portfolio of six Port Douglas properties that went to auction over the weekend.
A four-bedroom house at 16 Ti Tree Street sold for $420,000 under the hammer.
 
 
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Final piece of Brian Ray’s Port Douglas Bale dream sells for $750,000

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Here’s a rundown of the standard variable rates on offer from Australian banks and non-bank lenders, starting with the cheapest. All rates correct as of 9am, April 16.
 
6.32%
The standard variable bank rate that non-bank lender Collins Home Loans is currently charging its customers. 
6.60%
The standard variable bank rate that University Credit Society (WA Mutual Banking) is currently charging its customers.
6.74%
The standard variable bank rate that ME Bank is currently charging its customers, having decided to keep rates unchanged in April.
6.96%
The standard variable bank rate that Newcastle Permanent is currently charging its customers.
7.04%
The standard variable bank rate that Heritage Bank is currently charging its customers.
7.30%
The standard variable bank rate that Bankwest is currently charging its customers.
7.38%
The standard variable bank rate that HSBC is currently charging its customers.
7.40%
The standard variable bank rate that Bank of Melbourne is currently charging its customers.
7.41%
The standard variable bank rate the Commonwealth Bank is currently charging its customers.
7.42%
The standard variable bank rate that St.George is currently charging its customers.
7.42%
The new standard variable bank rate ANZ will charge its customers from April 20 after lifting rates by 0.06 percentage points on April 13.
7.42%
The standard variable bank rate that BankSA is currently charging its customers.
7.42%
The standard variable bank rate that AMP is currently charging its customers.
7.43%
The standard variable bank rate that Suncorp is currently charging its customers.
7.45%
The standard variable bank rate Bendigo and Adelaide Bank is currently charging its customers.
7.46%
The standard variable bank rate Westpac is currently charging its customers.
7.46%
The standard variable bank rate Bank of Queensland is currently charging its customers.
7.62%
The standard variable bank rate Citibank is currently charging its customers.
 
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Standard variable mortgage rates guide: From Collins Home Loans to Citibank 

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.

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[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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