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Brothers Thomas and Raymond Kwok, joint chairmen of listed Hong Kong property developer Sun Hung Kai Properties Limited (SKHP), have denied any wrongdoing after their arrest last week in relation to an ongoing bribery investigation. 
The Kwoks were arrested by <a href="https://www.propertyobserver.com.au/overseas/hong-kong-property-giant-skhp-to-operate-as-normal-following-arrest-of-joint-chairmen/2012033054093" target="_blank">Hong Kong’s Independent Commission against Corruption (ICAC)</a> on March 29 in connection with an “investigation into suspected offences allegedly committed under the Prevention of Bribery Ordinance”.
Flanked by senior SKHP executives and board members at a press conference at outside their Harbour Road headquarters, Raymond Kwok said he had done nothing wrong and was confident that his brother “has also done nothing wrong”. 
“I hope to see my name cleared after this investigation,” Raymond Kwok said, adding that the company would continue to operate as usual. 
Shares in SKHP have fallen 13% since the Kwok brothers were arrested. 
No formal charges have been laid against the Kwoks or former senior government official Rafael Hui, who was also arrested in relation to the investigation. 
All three were released on bail on Friday, March 30. 
On the weekend following the arrests of the Kwok brothers and Hui, Hong Kong chief executive Donald Tsang said his administration would spare no effort in fighting corruption but would not comment on the progress of the investigation.
The arrest of the Kwoks was followed a few days later by the release of ICAC’s annual survey, which found that almost 80% of the 1,500 people surveyed have a zero tolerance against corruption in Hong Kong.
 
 
 
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lschlesinger-FZcF9M3vE6

Kwok brothers deny wrongdoing following arrest by anti-corruption watchdog

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A South Australian estate agent who sold the home of an elderly woman who suffered a mental impairment at “significantly below the fair market price” to a developer friend of his brother will be allowed to keep his real estate licence.
Daniel Christiaan Overduin, who traded as Daniel Christiaan Real Estate in Tennyson, <a href="https://www.propertyobserver.com.au/industry-news/south-australia-faces-expulsion-after-selling-woman-s-home-to-family-friend-at-a-third-of-value/2012040354135" target="_blank">was reprimanded by the District Court of South Australia and fined $14,000 on March 21</a> for “at the very least  a serious neglect of his duty”.
He has subsequently had his membership of the Real Estate Institute of South Australia (REISA) cancelled.
South Australia’s consumer watchdog, Consumer and Business Services (CBS) had some harsh words for Overduin, but consumer affairs commissioner Paul White agreed with the court judgement that a fine and reprimand were sufficient.
CBS is responsible for the process of registering and renewing the registration of land agents in South Australia.
“This was a case of serious neglect of duty and could have resulted in the cancellation or suspension of Mr Overduin’s licence,” White says.
“The judge took into account Overduin’s previous unblemished record and decided that the public would be sufficiently protected by a fine and reprimand.
“This case sends a strong signal to estate agents they need to maintain proper standards of conduct,” White says.
REISA chief executive officer Greg Troughton says he is disappointed that Overduin’s real estate licence was not cancelled or at the very least suspended.
 
 
 
 
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SA estate agent to keep real estate licence after 'serious neglect of duty'

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Advertising man Hamish McLennan has been appointed chairman of the REA Group, publisher of realestate.com.au and other property listings websites.
McLennan, executive vice president at News Corporation, succeeds Richard Freudenstein who is stepping down after five years as chairman due to “increased responsibilities of his new role as CEO of Foxtel”.
McLennan is former global chairman and CEO of advertising agency Young &amp; Rubicam.
He joined the REA Group board as a non-executive director in February this year.
“REA Group is a leading-edge, first class digital business and I'm delighted to be appointed chairman as we continue to grow the business here in Australia and around the world,” McLennan says.
Freudenstein will remain a member of the REA Group board.
“I congratulate Hamish on his appointment as chairman and look forward to continuing to work with my fellow directors and the executive team to achieve our business goals,” Freudenstein says.
 
 
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NewsCorp senior exec Hamish McLennan appointed chairman of REA Group

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The construction sector contracted for the 22nd consecutive month in March, with particular weakness in the residential sector, according to the latest Australian Industry Group Performance of Construction Index released in conjunction with the Housing Industry Association (HIA). 
The last time construction was expanding was in May 2010. 
While the index rose slightly by 0.6 points to 36.2 it still remains well below the 50-point mark, which separates a contracting sector from an expanding sector.
Click to enlarge
<a title="Click to enlarge" rel="shadowbox" href="/images/stories/hiaapril11.gif"><img src="/images/stories/hiaapril11thumb.gif"></a>
House building activity declined further in the month with the sector’s sub-index falling by 7.6 points to 30.3 to signal the sharpest pace of decline since September last year. 
Apartment building activity also remained weak, with the sector’s sub-index falling by 3.9 points to 30.5, the steepest rate of decline recorded by the sector in the past four months. 
New orders in house building continued to decline with a sub-index reading of 28.5, which was 4.8 points below the level in February and the weakest reading in six months. 
Commercial construction was again subdued with a sub-index reading of 35.5 but that was up by 9.2 points on the previous month, an early indicator that more projects are starting to receive the go-ahead. 
In March poor demand and subdued workloads resulted in businesses again reducing their employment. 
As a result the activity and capacity sub-index increased by 2.5 points to 35.5 points. 
Reduction in the commercial construction sector moderated in March after a sharp fall in February.
 
 
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Construction industry contracts for 22nd straight month in March due to weak residential sector: AIG/HIA

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Bankwest and parent bank the Commonwealth Bank have strongly denied acting unfairly or inappropriately when they terminated property loans to business customers following the acquisition of Bankwest by the Commonwealth Bank in December 2008 for $2.1 billion.
The statements were posted on the <a href="https://www.abc.net.au/4corners/stories/2012/04/05/3471045.htm">ABC’s Four Corners website</a> following last night’s broadcast of “Happy Banking” which featured interviews with Bankwest customers who claimed they were treated unfairly following the Commonwealth Bank takeover.
Both Bankwest and the CBA declined to be interviewed by Four Corners.
The show featured interviews with a developer, a couple who dreamed of owning a holiday motel as a retirement nest egg and a publican who ran a country pub, who all claimed unfair and harsh action by Bankwest - following the Commonwealth Bank takeover - caused them to lose their businesses.
“The terms of the sale [to the Commonwealth Bank] had no impact on the Bank’s approach to its business lending and we strongly deny the speculation that the sale agreement encouraged the Bank to deal unfairly with customers,” said Bankwest in a statement.
“Claims that the CBA/Bankwest took unnecessary recovery action to generate a larger adjustment in the purchase price are completely baseless because...it is inconceivable that HBOS (the former UK owner of Bankwest), as vendor, would allow CBA as the purchaser to unilaterally take action that could decrease the purchase price,” added Bankwest.
In a separate statement the CBA said there was no basis for speculation or conjecture that Bankwest customers were treated unfairly due to the terms of the Bankwest acquisition.
The CBA says it was “standard practice” under the type of sales agreement negotiated with Bankwest for a “purchase price adjustment process to ensure that the final price accurately reflected the balance sheet of Bankwest”.
Furthermore, CBA says Bankwest honoured all existing contractual and credit commitment post-acquisition adding that it was the interests of Bankwest to “rehabilitate customers in financial difficulty”.
“Bankwest only appoints receivers if it considers it appropriate,” the CBA says.
In its statement Bankwest says that while it is in its “clear commercial interests, to rehabilitate customers in financial difficulty.
“[However] unfortunately some customers cannot be rehabilitated and do fail and the bank takes appropriate steps to protect its position”
Bankwest points out that “the number of individuals coming forward with complaints about Bankwest are only a small fraction of the 1 million plus Bankwest customers”
The bank also labelled as “false” accusations that it sold properties for a fraction of their value:
“If Bankwest were to sell at under market value it is generally the Bank that would bear the loss thus it does not make any sense for it do this.
“Bankwest does not gain anything by selling properties for less than market value and relies on independent valuers and selling agents to sell properties.”
 
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We did not deal unfairly with mortgage customers: Bankwest and CBA

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The introduction of a monthly inflation measure "as used by almost all other OECD countries" would have seen a cautious RBA cut interest rates this month, says former RBA economist and current HSBC chief economist for Australia Paul Bloxham.
According to Bloxham, the Reserve Bank views rising or falling inflation as the “best guide to whether the economy is growing ahead of its potential”
“One thing that would help in this whole process, and a point we have raised before, would be to have a monthly inflation measure. Almost all other OECD countries have a monthly CPI and so do most developing economies,” he says.
“Indeed, if Australia had a monthly CPI, there is a good chance the Reserve Bank would have cut rates [in April].
“The alternative, of course, to having a more frequent CPI could be to have less frequent RBA meetings. Given their preference for waiting for CPI prints before moving rates, perhaps they should meet less frequently,” Bloxham says in a column for Business Spectator.
Bloxham says a reluctance to trust inflation forecasts and instead wait for the quarterly inflation data means the RBA has remained reactionary and adopted an "auto-regressive process" with regard to inflation and interest rate settings.
“Given the uncertainties associated with forecasting inflation, the Reserve Bank often deems that the lowest risk strategy is to wait for the next inflation print, rather than move ahead of it based on forecasts,” he says.
Such a low risk strategy was put on display at the April decision to keep rates on hold despite the RBA itself acknowledging in its monetary policy statement that economic growth was below trend and that a softening in labour market conditions had occurred in 2011.
Bloxham says the RBA is “very focused on actually seeing the trends in the CPI data” rather than trust its forecasts and has decided that the best way to meet its three goals - price stability, minimising unemployment and improving 'general welfare', is to set monetary policy consistent with maintaining stable inflation.
“Specifically, the bank seeks to maintain inflation 'between 2% and 3%, on average, over the cycle'. Of course this requires that it is forward-looking in its approach.
“But, at the same time, the Reserve Bank is highly sceptical about anyone's ability to forecast anything, including its own ability to forecast inflation," he says.
 Bloxham says there is clearly a trade-off for the RBA.
“Trust your forecasts more and move ahead of the CPI data, or, wait for the data but possibly fall into the trap of not being forward-looking enough.
 “When push comes to shove it seems the Reserve Bank mostly thinks it is better off waiting.
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Monthly inflation measure would have seen earlier rate cut: Paul Bloxham

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Treasurer Wayne Swan has ruled out any changes to negative gearing arrangements for property investment despite the NSW Labor leader John Robertson saying there should be a debate about its effects on the property market.
Robertson is concerned about the potential of negative gearing to push up property prices and make property unaffordable for the next generation of home owners.
"Everyone, I think, is concerned about how their kids are going to buy a house, how they're going to get into it,” said Robertson in an interview on Sky News.
"In many circumstances, these are people who've got two or three investment properties and there's no real appreciation of what negative gearing is doing in terms of putting pressure on housing prices for their kids to get their first foot in the door."
A spokesperson for Swan says the government is committed to the current tax arrangements after ruling out changes to negative gearing in the 2010 Henry Tax Review.
According to ATO figures, about 1.7 million property owners used negative gearing to claim a net rental loss of $6.5 billion for the 2010/2011 financial year.
Robertson’s call for debate on the effects of negative gearing is backed by Cassandra Goldie, chief executive of Australian Council of Social Service, and was also flagged as a potential area of reform in the Homes for All report, the first public policy document released by the Sydney-based McKell Institute.
Goldie says the McKell report highlights that “negative gearing is at the heart of the problem with inflating house prices” while at the same time not increasing the supply of housing.
"We've got a crisis here so let's have a little bit of courage to deal with it,” she told Channel 10’s Meet the Press program.
Negative gearing is considered a cornerstone of property investment, allowing property investors to claim any loss made on an investment property as a tax deduction and thus reduce their tax bill.
The McKell institute’s Housing for All report says that “federal and state governments should favour tax policies which encourage housing supply over demand”.
It goes on to say that “all politicians of all parties recognise that negative gearing and untaxed capital gains add wealth to existing home owners to leverage for second homes and investment properties without any evidence that they increase overall supply significantly; and that increasing effective housing demand in a constrained housing supply results in an increase in house price inflation and in problems of affordability for those seeking to buy”.
“Tax exemptions such as negative gearing have allowed many people to purchase second, third or even more properties.
“In the past, these may have supported the rental market, but in a market where supply is constrained it simply increases the price of housing for everyone,” the report says.
The institute says consideration should be given to “phasing out of negative gearing over the long term in relation to existing properties but perhaps retained for new properties to stimulate supply”.
The report says that those opposed to removing negative gearing argue that such a move will increase rents or lead to less supply.
“There is little evidence for this argument. Our consultations with the banking industry suggest that housing will remain an asset class with or without negative gearing.
“Housing is an investment class which is easily understood, unlike shares or other financial instruments. It has a permanence – ‘bricks and mortar’ – and certainty which many investors like,” says the McKell Institute.
ANZ head of property research Paul Braddick agrees on the need for supply-side reforms but says removing the ability for property investor to negatively gear both existing and new homes would be “very risky”.
Last year ANZ Australia CEO Phil Chronican raised concerns about negative gearing saying governments should investigate whether negative gearing tax breaks are “fostering an unhealthy focus on housing as an investment vehicle, thereby compounding affordability issues”.
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Government not contemplating changes to negative gearing: Wayne Swan

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An oversupply of sellers and not enough prospective buyers is the reason the housing market is soft and will remain soft for some time to come, according to Aussie Home Loans founder and executive chairman John Symond.
He says the problem is worse for those selling expensive homes with greater demand for more affordable properties from first home buyers and investors.
“It’s taking a lot longer to sell a property, and the properties are banked up,” Symond has told the Australian Financial Review.
“There’s a lot more sellers out there than there are buyers.”
RP Data reported that the number of properties advertised for sale had ballooned to 306,000 in February, compared to 259,000 a year ago while capital city house prices have fallen about 4.35% over the past year.
The latest SQM Research listings figures for March show double-digit growth in listings in Melbourne and Sydney and increases in all capital cities.
According to Symond, the “supply-demand situation will ensure prices will remain soft for the foreseeable future”.
Symond is calling on the RBA to cut interest rates which should improve overall consumer confidence and lead to an increase in the number of prospective buyers.
He says consumer confidence has taken a “battering” with people continuing to reduced their household debt and reluctant to spend on big items such as housing.
“I don’t think it’s a structural problem, I think it’s a confidence problem brought about by concerns everywhere you look, whether it’s globally, the local political scene, as well as the non-mining sector. They are all struggling,” he says.
“All the economic data is trending down. This is why I believe the RBA ought to step in. They are the only ones who can instantly inject confidence by dropping rates.”
In his April Australian Housing snapshot Paul Braddick, head of property research at ANZ, says house prices will fall further before bottoming out sometime in 2012.
“After softening considerably in the second half of 2011, the housing sales market has shown tentative signs of life in recent weeks. While we expect prices to find a floor in 2012, we are not convinced that the nadir has been reached,” Braddock writes.
"Heightened job security concerns are weighing on sentiment and with house prices falling, buyers perceive little urgency to enter the market," he adds.
Glyn Morgan, chief executive officer of the Professionals Real Estate Group, also believes that the current problem is consumer confidence and is urging the Reserve Bank to take action.
“RBA governor Glenn Stevens has pointed out that there are differences in the performance of Australia’s industry sectors and he wants more information before taking the next step,’’ says Morgan.
“I am saying that he could walk into any local real estate agency or the local shop and he could quickly find out what the problem was.
“The whole thing comes down to consumer confidence and it is falling again.
Morgan says the problem is particularly bad in the tourism hotspots such as Gold Coast, Sunshine Coast, Cairns and Port Douglas.
“I understand that the RBA has to view the economy as a whole but the two speed economy has left the nation divided between winners and losers.
“I think if you speak to most people on the street, you find that they are a lot worse off now than they were at the beginning of 2008.
“This is despite the fact economists and the Reserve Bank say the economy is travelling relatively well,” he says.
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Too many sellers, not enough buyers will keep market soft: John Symond

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Property developers are defying the current depressed new housing market – combining more affordable offerings with incentive packages and grants – to secure buyers in new residential communities.
On the Sunshine Coast, Stockland has found a sweet spot among buyers after selling all 11 affordably priced townhouses off-the-plan in its Bells Reach community at Caloundra.
The two and three bedroom terrace-style homes called the Bower Series and designed by multi award-winning Queensland architect John Mainwaring, were all priced just under $205,000 and provided buyers with the added bonus of being on freehold titles, meaning no body corporate fees.
The smallest townhouse is a two bedroom, one-and-a-half bathroom single garage unit on a 75 square metre block rising up to a three bedroom, two bathroom plus tandem garage unit on a 120 square metre block lot.
Property Observer understands that Stockland plans to release around 60 more of the affordably priced townhouses in future off-the-plan marketing campaigns.
“They are also less than half the median price of established homes and buyers will be eligible for the $10,000 Queensland Building Boost if they purchase before the end of April,” says Stockland Project director for Bells Reach, Ben Simpson.
“We are now very proud to be leading the delivery of affordable and innovative homes in Queensland,” he adds.
The successful Bower Series campaign was highlighted by Stockland CEO Matthew Quinn in a speech to the Committee for Economic Development of Australia (CEDA) this week, where he said that the average family can no longer afford the average house.
“The average house is $500,000, while the average family can afford $329,000,” Quinn said.
However Quinn also highlighted that Australian consumers are no longer seeking the biggest houses with conversation moving from “how big is my house to how small is my mortgage”.
Quinn expects the overall housing market to improve due to the pressure created by a shortage of houses and says the current softness is cyclical.
However he warns that without monetary stimulus the recovery will be slow.
“In a normal cycle without the resources boom, rates would be on a greater downward trajectory based on the downturn in consumer spending and home building activity,” Quinn told The Australian Financial Review.
Stockland is fighting hard at a time when residential building approvals are falling and the outlook remains week.
There was a 7.8% drop in ABS building approvals in February with particular weaknesses in Queensland and NSW.
The Autumn 2012 HIA National Outlook report forecasts that new housing conditions will continue to deteriorate into 2012 with a 5.9% decline expected taking housing starts to 139,360 just above the 138,790 starts recorded in 2009.
The HIA forecasts a modest recovery from 2013 onwards with starts rising to 147,980 in 2013 and then to 158,290 in 2014.
“The over-arching challenge facing new home building is overcoming a very high and inefficient level of taxation relative to just about every other sector of the Australian economy,” says the HIA in its Autumn report.
“A good place to start would be with the re-invigoration of a program of structural reform to boost new housing supply.”
Aside from the more affordable offering, Stockland is also among those developers spicing up there land sales and house-and-land packages with incentives and bonuses.
Stockland has just released its ‘Bigger Bonuses’ campaign which gives NSW buyers who purchase a selected block of land at eight of its residential developments a $5,000 Visa card.
The six developments are Waterside at Penrith Lakes; Glenmore Ridge in Western Sydney;  Darcy’s Peak and McKeachie’s Run of the Maitland and Hunter region; Murrays Beach at Lake Macquarie; McCauley’s Beach and the newly-launched Brooks Reach in the Illawarra; and Bayswood on the NSW South Coast.
It has also lowering its minimum deposit on all NSW land purchases to $5,000, helping buyers to enter the property market before the NSW State Government Stamp Duty Exemption scheme comes to an end July 1 2012.
Under the NSW Government’s Home Builder’s Bonus scheme, buyers receive full stamp duty exemptions for vacant land purchases up to $400,000 (pre-construction) and for new home or off the plan purchases up to $600,000.
What other developers are offering:
Mirvac: 
<ul>
<li>will double the $7,000 first home owner’s grant upon settlement at its Ayre Spring Farm project in Sydney’s South West for eligible buyers. It will also provide free ducted air-conditioning for all single storey house and land package in this development. House and land Packages at Ayre start from $363,200</li>
</ul>
Peet:
<ul>
<li>offering discounts of up to $30,000 for buyers who purchase bigger lot sizes at its Flagstone Rise development south west of Brisbane as well as $5,000 landscaping package with the offer ending on May 31. Lots start at around $170,000.</li>
</ul>
FKP:
<ul>
<li>offering a $20,000 building bonus on selected lots at its Ridges Peregian Springs development on the Sunshine Coast on top of the  Queensland government’s $10,000 building bonus.  Lots start from around $219,000.</li>
</ul>
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Stockland finds success with $205,000 Sunshine Coast offering as big developers look to attract buyers with grants and incentives

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The myth that banks’ lending rates are linked to the Reserve Bank’s cash rate is one that needs to be busted, says Phil Chronican, CEO of ANZ Australia.
Speaking at an American Chamber of Commerce in Australia luncheon Chronican said commercial banks’ cost of funds had gone up and were now disconnected from the interest rate set by the RBA.
Emphasising the recent campaign to set rates independently of the RBA, Chronican said the bank now assessed changes to all sources of funding, including the price of obtaining domestic and offshore funding; the interest rates it paid on consumer deposits and the cash rate set by the RBA when making interest rate decisions.
AAP reported Chronican as saying that this disconnect had begun at the start of the GFC
“That linkage, if anything, only arose in the early 1990s and persisted in a period of extended stability in financial markets,” he said.
Chronican blamed banks themselves for allowing the perception of a link to persist.
“It saves having to explain why home rate loans are going up and down when there was an easy scapegoat to be had by always blaming the RBA," he said.
Chronican led ANZ’s decision to set its interest rates independently on the second Friday of every month rather than following RBA announcements.
He has consistently argued of late that bank wholesale funding costs are on the rise.
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No link between bank lending rates and RBA cash rate: ANZ

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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