<html><body>
The popularity of fixed-rate loans jumped to a four-year high in March as borrowers grew more concerned over where interest rates were heading, new Mortgage Choice figures show.
Fixed-rate loans accounted for 26% of approved home loans written by Mortgage Choice mortgage brokers in March, up from 20.6% in February and well above the 12-month average of 17.7%.
Borrowers chose fixed rate products despite 14 out of 27 lenders represented by Mortgage Choice raising their fixed interest rates over the month.
This was the highest level reached since March 2008, a time when 35% of all new home loans were fixed rates, and is well up on this same period last year when only 10% were fixed rate loans.
<img width="470" src="/images/stories/mcapril4.png">
<a target="_blank" href="/news">Mortgage broker AFG</a> also recorded a spike in demand for fixed-rate loans in March, which soared to a record of 25.4%, just above the previous high of 25.3% recorded in February 2008.
“The record swing towards this loan type indicates borrowers have some concerns over the future direction of home loan interest rates – whether this is the Reserve Bank moving the cash rate or lenders moving their interest rates independently of this benchmark,” says Mortgage Choice spokesperson Belinda Williamson.
“Borrowers’ appetites for fixed-rate loans may have also been spurred on by competitive lender pricing.
“However, it will be interesting to see if fixed-rate loan demand tapers off in coming months, as interest rates on these products have begun edging upwards. When reviewing the rate movements across our 27-strong lender panel, 14 lenders raised their interest rates on fixed rate home loans in March,” she says.
<img width="470" src="/images/stories/mcapril4.jpg">
 
 
</body></html>

lschlesinger-FZcF9M3vE6

Demand for fixed-rate mortgages jumps to highest level in four years: Mortgage Choice

<html><body>
The Real Estate Institute of South Australia (REISA) will expel a real estate agent reprimanded and fined by the District Court of South Australia for selling a house belonging to an elderly woman who suffered a mental impairment at “significantly below the fair market price”.
Daniel Christiaan Overduin, who traded as Daniel Christiaan Real Estate in Tennyson, was reprimanded by the District Court of South Australia and fined $14,000.
The fine and reprimand was for his “failure to act in the interests of the vendor, a potential conflict of interest given the involvement of a family member, and, at the very least, a serious neglect of his duty” after he sold the three-bedroom house on Bosanquet Avenue in the “low one hundred thousand dollars” in 2008 at a price “significantly below the fair market price”.
The house was sold to a developer, a friend of Overduin’s brother, referred to as “Mr Bergamaschi” in the court judgement.
“While the seriousness of the defendant’s departure from the standard required is such as to potentially require the suspension or even disqualification of his registration, I have been persuaded that the protection of the public, will, in the circumstances of this matter, be achieved by proceeding by way of reprimand and a significant fine. Accordingly there will be a formal reprimand and a fine of $14,000,” said Judge Soulio in his March 21 judgement.
The discounted sale was only discovered following a routine building inspection by the Eastern Health Authority six months later, which placed the woman in the care of the Guardianship Board and rehoused her.
The sale was subsequently reversed and the house later sold by the Public Trustee in 2010 for $491,000. The developer was refunded his $20,000 and Overduin forced to repay his $2,000 commission.
Speaking on ABC Radio in Adelaide, REISA president Greg Moulton said Overduin would be subject to a fit and proper test by the institute, with the end result being that he will “most certainly be kicked out of the real estate institute”.
REISA chief executive officer Greg Troughton described Overduin's actions as "simply not acceptable".
"I have requested an urgent meeting with him to discuss his membership as I am furious and outraged to hear of any conduct which is against the best interests of a client," Troughton told Adelaide Now.
Overduin declined to comment when contacted by Adelaide Now.
 
 
</body></html>

South Australia agent faces expulsion after selling woman's home to family friend at a third of value

<html><body>
The outlook for the new Brisbane apartments market remains healthy with supply and demand evenly matched, but the Gold Coast market continues to struggle with sales of new apartments still at post-GFC lows, according to the latest Midwood Report.
Unconditional sales of new Brisbane units increased from 74 in the November quarter 2011 to 186 in the February 2012 quarter.
Stock levels have declined to 1,446 from a peak of 1,683 in May last year, which equates to two-and-a-half years’ worth of supply at current sales rates.
Investors have been spurred on by rising rental returns, with one-bedroom inner-Brisbane flats registering rental growth over the past 12 months of 9% to a median of $300 per week, with a smaller 4% increase in two-bedroom flats ($380).
Click to enlarge
<a title="Click to enlarge" rel="shadowbox" href="/images/stories/midwood.gif"><img src="/images/stories/midwoodthumb.gif"></a>
Midwood Report author Bill Morris says the Brisbane market has been characterised by a sustained level of sales over the past two years, averaging 200 sales per quarter
Brisbane remains the fastest-growing state capital, with current growth rate of 2% per annum and is also experiencing an influx of employees in the inner city, with both trends being driven by the Queensland resources boom.
The strongest-selling project was David Devine’s Metro Property Madison Heights development in Bowen Hills, which clocked up 57 sales with prices ranging from $350,000 for a one-bedroom apartment to $434,000 to $556,000 for a two-bedroom apartment. Madison Heights features 296 apartments, with 200 sold since launch of the project in March 2011.
There were also 15 sales at Metro Property’s The Chelsea development also in Bowen Hills, with 190 out of 195 apartments now sold in the project. Prices range from $355,000 for a one-bedroom apartment to $546,000 for a two-bedroom apartment, and there were 20 sales recorded for Brooklyn on Brookes in Fortitude Valley, Metro’s joint development with Indian-based developer Pearls.
The other strong performer was Meriton’s 81-storey Infinity Tower, currently under construction, with 34 sales recorded and prices ranging from $470,000 for a one-bedroom apartment to $650,000 for a two-bedroom unit. To date 123 out of the 287 apartments in the tower have been sold.
Meriton’s other high-rise Brisbane project the 74-storey Soleil registered no unconditional sales over the quarter. It has sold 216 of the 414 apartments marketed to date with prices ranging from $347,000 for a one-bedroom apartment to $806,000 for a three-bedroom apartment with two car spaces.
In comparison the Gold Coast managed continued to struggle to attract buyers. with just 52 sales recorded over the February quarter, half of these for units in Southport Central 3 on Lawson Street in Southport, currently in the hands of administrators.
“Sales are being sustained almost entirely by mortgagee sales,” says Morris, who adds that the Gold Coast market is showing “no signs of improving”.
While stock on market has reduced from 723 to 500 over the past 12 months due to no new projects in the pipeline, the slow rate of sales means that there is still two years of stock available.
The Midwood report notes that quarterly sales have averaged just 60 since the start of the GFC in 2008.
In the year to February 2008, before the onset of the GFC, the Gold Coast averaged around 25 new unit sales per week, equating to a total of just under 1,200 over the 12 month to February 2008.
Click to enlarge
<a href="/images/stories/midwood2.gif" rel="shadowbox" title="Click to enlarge"><img src="/images/stories/midwood2thumb.gif"></a>
According to Morris, most of the stock of new apartments (351 out of 500) is priced above $600,000, which explains the flat sales volumes. 
He says there is demand for lower-priced units, as demonstrated by Meriton’s Brighton on Broadwater and Southport Central, where most of the apartments are priced below $600,000. 
“The market demand for larger three- and four-bedroom apartments has been constrained by lenders, who are wary of price softening at the upper end of the price range. Future development sites such as the City Planners/ Lotte group site on Ferney Avenue and the Aussie Blue site opposite should aim to satisfy the demand for smaller, more affordable high rise units,” he says. 
</body></html>

Brisbane new apartment market well balanced but Gold Coast still struggling to find buyers: Midwood Report

<html><body>
The Real Estate Institute of Victoria has released a list of the 10 Victorian suburbs with the highest capital growth rates over the past five years and over the past one year. Only the north-eastern Melbourne suburb of Ivanhoe appears on both lists, with 7% capital growth in the past year and a remarkable 94% capital growth over the past five years.
One-year capital growth Victorian hotspots:
<img src="/images/stories/15percent.gif">
The capital growth in the past year in Derrimut, according to the Real Estate Institute of Victoria. House prices increased from a median of $400,000 in 2010 to a median of $460,000 in 2011.
 
<hr>
 
<img src="/images/stories/13percent.gif">
The capital growth in the past year in Healesville, according to the Real Estate Institute of Victoria. House prices increased from a median of $372,500 in 2010 to a median of $421,000 in 2011.
 
<hr>
<img src="/images/stories/9percent.gif">
The capital growth in the past year in Fitzroy, according to the Real Estate Institute of Victoria. House prices increased from a median of $835,000 in 2010 to a median of $912,500 in 2011.
 
<hr>
<img src="/images/stories/9percent.gif">
The capital growth in the past year in Taylors Lakes, according to the Real Estate Institute of Victoria. House prices increased from a median of $470,000 in 2010 to a median of $510,000 in 2011.
 
<hr>
<img src="/images/stories/8percent.gif">
The capital growth in the past year in Melton, according to the Real Estate Institute of Victoria. House prices increased from a median of $470,000 in 2010 to a median of $510,000 in 2011.
 
<hr>
 
<img src="/images/stories/8percent.gif">
The capital growth in the past year in Cairnlea, according to the Real Estate Institute of Victoria. House prices increased from a median of $482,000 in 2010 to a median of $519,750 in 2011.
 
<hr>
<img src="/images/stories/8percent.gif">The capital growth in the past year in Toorak, according to the Real Estate Institute of Victoria. House prices increased from a median of $2,385,000 in 2010 to a median of $2,567,500 in 2011.
<hr>
 
<img src="/images/stories/7percent.gif">
The capital growth in the past year in Chirnside Park, according to the Real Estate Institute of Victoria. House prices increased from a median of $450,000 in 2010 to a median of $483,500 in 2011.
 
<hr>
<img src="/images/stories/7percent.gif">  
The capital growth in the past year in Ivanhoe, according to the Real Estate Institute of Victoria. House prices increased from a median of $1,075,000 in 2010 to a median of $1,152,500 in 2011.
 
<hr>
 
 
 
Five-year capital growth hotspots
 
<img src="/images/stories/94percent.gif">
The capital growth in the past year in Ivanhoe, according to the Real Estate Institute of Victoria. House prices increased from a median of $595,000 in 2006 to a median of $1,152,500 in 2011.
 
<hr>
 
<img src="/images/stories/87percent.gif">
The capital growth in the past year in Albert Park, according to the Real Estate Institute of Victoria. House prices increased from a median of $717,500 in 2006 to a median of $1,340,000 in 2011.
<hr>
 
<img src="/images/stories/86percent.gif">
The capital growth in the past year in Sunshine North, according to the Real Estate Institute of Victoria. House prices increased from a median of $234,000 in 2006 to a median of $435,000 in 2011.
<hr>
<img src="/images/stories/86percent.gif">
The capital growth in the past year in Braybrook, according to the Real Estate Institute of Victoria. House prices increased from a median of $230,500 in 2006 to a median of $428,500 in 2011.
 
<hr>
 
<img src="/images/stories/84percent.gif">
The capital growth in the past year in St Albans, according to the Real Estate Institute of Victoria. House prices increased from a median of $210,000 in 2006 to a median of $386,000 in 2011.
 
<hr>
 
<img src="/images/stories/81percent.gif">
The capital growth in the past year in Sunshine, according to the Real Estate Institute of Victoria. House prices increased from a median of $238,000 in 2006 to a median of $430,000 in 2011.
 
<hr>
 
<img src="/images/stories/80percent.gif">
The capital growth in the past year in Brunswick East, according to the Real Estate Institute of Victoria. House prices increased from a median of $430,750 in 2006 to a median of $776,000 in 2011.
 
<hr>
 
<img src="/images/stories/80percent.gif">
The capital growth in the past year in Doveton, according to the Real Estate Institute of Victoria. House prices increased from a median of $183,000 in 2006 to a median of $329,500 in 2011.
 
<hr>
 
<img src="/images/stories/79percent.gif">
The capital growth in the past year in Airport West, according to the Real Estate Institute of Victoria. House prices increased from a median of $315,000 in 2006 to a median of $565,000 in 2011.
 
<hr>
 
<img src="/images/stories/78percent.gif">
The capital growth in the past year in Springvale, according to the Real Estate Institute of Victoria. House prices increased from a median of $265,000 in 2006 to a median of $472,000 in 2011.
</body></html>

Top 10 Victorian capital growth hotspots, with Ivanhoe a shining star for past five years: REIV

<html><body>
Building approvals could decline even further, with the 7.8% decline in February possibly signalling the start of a “renewed deterioration”, according Westpac senior economist Matthew Hassan.
 “The Feb building approvals report suggests construction activity remains under pressure. Indeed whereas previous reports had pointed to a bottoming out after a sharp decline through most of 2011, the Feb data casts major doubt on that assessment and could even signal the start of a renewed deterioration,” Hassan says.
“The total number of new dwellings approved fell sharply, down 7.8% to be at its lowest level since May 2009.
“That was much weaker than the market expectation of a 0.5% gain. If that forecast had come to pass, approvals would essentially have moved into a trend flattening. Instead, the weak February read maintains the relatively rapid trend decline at 1.5% per month, an annualised pace of 16.7%,” he says.
Click to enlarge
<a title="Click to enlarge" rel="shadowbox" href="/images/stories/approve.gif"><img src="/images/stories/approvethumb.gif"></a>
</body></html>

Building approvals have not yet bottomed out: Westpac

<html><body>
A rise in unemployment would be more likely to compel the Reserve Bank to cut interest rates than poor building approvals data, according to Commonwealth Bank senior economist Michael Workman.
“Today’s [building approvals] data would be seen as supportive of another RBA rate cut. 
“We see another rate cut coming soon. But think that it will be more because of clear signs of jobs-related weakness. 
“There is a school of thought that has the level of residential construction activity as more attuned to the state and local government land release and development cost process, rather than a direct interest rate issue,” Workman says.
March ABS unemployment data will be released on April 12 – the February release showed unemployment up slight from 5.1 to 5.2%.
Workman points out that the <a href="https://www.propertyobserver.com.au/industry-news/february-building-approvals-down-7.8-as-residential-construction-outlook-weakens-abs/2012040254116" target="_blank">7.8% February building approvals slump</a> was mainly due to volatility in the multi-unit segment and driven by a 66% drop in multi-unit approvals in NSW, which partially unwound the large rise of 86%, in January. “Excluding NSW, residential approvals rose by 5.5% but are still 8.3% lower than a year ago.
“Putting the residential approvals data into perspective, the moving annual total was running at 146,000 in February. This time last year it was 17,000 which was slightly lower than the 178,000 peak hit in October 2010,” he says. 
CommSec chief economist Craig James says the RP Data Rismark figures (dwelling prices up 0.2% in March), slump in building approvals and solid demand reported from Sydney estate agents at auctions over the past weekend show simply that “demand exceeds supply in many regions, supported by improved affordability and higher migration”. 
“While builders will continue to compete hard for available work, home owners are likely to see the value of their homes rise over the year. CommSec tips a modest 3% lift in prices over 2012. 
“Another fall in the manufacturing gauge (The Performance of Manufacturing index fell by 1.8 points to 49.5 suggesting manufacturing is contracting), weak dwelling approval and a low inflation reading keeps the Reserve Bank poised to cut rates. 
“Still, the stabilisation in home prices works the other way – keeping the Reserve Bank on the sidelines,” James says.
 
 
</body></html>

Jobs figures more likely to influence RBA’s interest rate decision than building data: CBA

<html><body>
Fixed-rate mortgages accounted for a record 25.4% of all loans written by AFG mortgage brokers in March as uncertainty over where interest rates are heading compelled borrowers to fix rates.
According to the latest AFG Mortgage Index, demand for fixed-rate products increased from 23.2% in February and 18.6% in January and has been above 16% since September 2011.
In March 2011, fixed-rate mortgages accounted for just 6.6% of all loans written by AFG mortgage brokers.
Click to enlarge
<a href="/images/stories/afgapril4.gif" rel="shadowbox" title="Click to enlarge"><img src="/images/stories/afgapril4thumb.gif"></a>
The record proportion of fixed-rate loans written in March 2012 was just higher than the 25.3% achieved in February 2008, which followed a period of RBA monetary policy tightening with three 0.25% cash rate increases between August and February 2008 taking the official rate to 7%.
Click to enlarge
<a href="/images/stories/fixedrate1.gif" rel="shadowbox" title="Click to enlarge"><img src="/images/stories/fixedrate1thumb.gif"></a>
“The reason that fixed-rate home loans are at such record highs is quite simply because many borrowers are concerned about the future of interest rates,” says Mark Hewitt, general manager of sales and operations at AFG. 
“This nervousness probably also accounts for the weighting of investors in the property market – there’s a lot of them proportionally because first-home buyers and upgraders are sitting on their hands.” 
The AFG Mortgage Index also shows that for the second month in a row, the average new home loan across Australia was above $400,000 ($404,000 in March). 
However, loan-to-valuation ratios remain steady at just under 68%, “indicating that buyers are not taking on greater levels of debt to fund their purchases”.
AFG says this also reflects the market’s large proportion of investors, who typically use equity in one property to help pay for another. 
“There’s a disconnect between what’s happening in the non-mining economy – which is most of us – and out of cycle rate rises. 
“The best thing the RBA could do to stimulate confidence among buyers and upgraders would be to cut interest rates tomorrow,” says Hewitt. 
The AFG Mortgage Index also shows a clear divide in the drivers of mortgage markets in the Eastern and Western seaboards with investors continue to dominate the NSW market, accounting for two out of five new mortgages and lower levels in Victoria (just under 40%) and Queensland (one third of all loans). 
In WA, a reduction in investor interest has been supplanted by a rise in first-home buyers. 
First-home buyers are more active in WA than any other state, comprising 20% of the mortgage mix, far outstripping their share of NSW (on 13.4%), Victoria (15.2%) and the more affordable Queensland market (16%).
</body></html>

Fixed-rate mortgage demand surges to record high: AFG

<html><body>
The outlook for the residential construction sector has turned even bleaker, with new ABS figures showing a 7.8% drop to 10,771 dwelling approvals in February.
For the year to February, building approvals are down 15.2%, with the figures showing the lowest number of residential approvals since May 2009.
A Reuters poll had been forecasting a 0.3% increase in building approvals over March, while other forecasts had gone as high as a 2% increase.
Commenting on the approval figures, Westpac says that for the RBA, “the weakness apparent in housing approvals since mid-2011 has so far drawn relatively little comment”.
“The soft Feb data and weakness in other aspects of the housing market and the domestic picture more generally may be seeing some reassessment though, of both momentum and the impetus coming from recent policy easing,” the bank says.
“The January to February data tends to be more heavily affected by seasonal adjustment problems due to the market low season.
“The state detail suggests there may be some problems here with NSW slumping 40% in Feb after a 36% surge in Jan– conversely Queensland surged 13% for the month after falling 20% in January," Westpac says.
Click to enlarge
<a title="Click to enlarge" rel="shadowbox" href="/images/stories/hiaapril2.gif"><img src="/images/stories/hiaapril2thumb.gif"></a>
Source: HIA
HIA chief economist, Dr Harley Dale says it has warned for some time of the risk that new homebuilding activity will again plumb the depths experienced around the GFC.
"Building approvals are signalling that this outcome is unfolding in 2012," he says.
“Today’s building approvals outcome is, quite frankly, woeful, even allowing for New South Wales virtually driving the entire fall.
"It is difficult to be positive about the short term prospects for new housing when a 7.8% decline in building approvals in February 2012 takes them to their lowest level since March 2009.
"Furthermore, the level of approvals over the three months to February implies annual housing starts hitting a level lower than the GFC trough of 2008/09,” he says.
<personname>Peter Jones</personname>, chief economist at Master Builders Australia, says further RBA action is needed because  last year’s interest rate cuts "have failed to lift residential building".
"The current level of dwelling approvals is running at 130,000 (annualised), way below what’s needed to even provide for population growth let alone to begin to eat into the housing shortage estimated by the government’s own Housing Supply Council at more than 200,000 dwellings.
“Master Builders’ latest national survey for the March quarter reveals builder sentiment has turned even gloomier, with disappointing sales and weak display centre traffic and enquiries across residential and non-residential building," Jones says.
Former Gillard government economic adviser Stephen Koukoulas tweeted that the RBA needed to “wake up” following the “massively negative” building approvals figures on top of negative manufacturing data and neutral inflation.
“Let’s see what RBA does! They cut unexpectedly twice last year &amp; while they need a hurry up, let’s wait a second,” tweeted Koukoulas.
 
CommSec economist Savanth Sebastian told AAP the February result was lower than expected, but followed a known trend.
"It's a very volatile reading, but if you look at the numbers, it shows that the housing sector is not showing any sign of strong gains," he says.
Savanth says problems in the residential construction sector are being compounded by potential homebuyers “focusing on existing housing” and not adding to the “new housing segment of the market, which is keeping developers hesitant in committing to new projects".
In the long run he says strengths in other areas of housing will provide support including low rental vacancies, with “rental yields driving property price growth over the next couple of years”.
</body></html>

February building approvals down 7.8% as residential construction outlook weakens: ABS

<html><body>
Cheaper units outperformed houses in Australia’s major capital cities by a wide margin during March, according to the latest RP Data-Rismark Daily Home Value Index Results.
Capital city unit prices increased by 0.9% during the month to a median of $400,000, while detached house prices increased by just 0.1% to a median of $464,500.
Across both markets capital city dwelling prices (houses and units combined) were up 0.2% in March to a median of $445,000 leaving dwelling values unchanged over the quarter – the strongest quarterly result since March 2011, when values increased by 0.7%. 
“Looking at the quarterly results on a more granular basis, the improved conditions over the March quarter can largely be attributed to the performance of Australia’s largest housing market, Sydney, where values rose 1.1% over the quarter,” says RP Data research director Tim Lawless.
“Values were down across many of the other capital cities over the quarter, with the most significant drop recorded in Adelaide, where dwelling values were down 1.5%,” Lawless says.
The March figures show that units delivered investors a median rental return of 4.8%, while houses managed a median return of 4.1%.
Over the past 12 months, units have delivered investors a 2.2% total return (capital growth plus rental growth) while housing returns have fallen by 0.8 % over the same time.
RP Data senior research analyst Cameron Kusher tells Property Observer the better growth in units over houses in March is “definitely a trend” that has been in evidence over the past five years.
“It comes back to affordability and the fact that more people are willing to live long term in apartments.
“We now have fairly mature unit markets within capital cities – these have developed over the past 15 to 20 years,” he says.
While noting the strong performance in Perth over March, Kusher expects that Sydney will most likely be the best-performing capital city market over next 12 months.
“We don’t expect astronomical growth in Sydney, but around 3% for the year,” says Kusher.
Kusher says an undersupply of housing, fairly strong population growth and an easy of stock on market are driving the Sydney market.
As for Perth, Kusher says if the market has not yet begun recovering, it is now fairly close to that point.
However, he expects further weaknesses in Melbourne and on the Gold Coast.
Click to enlarge
<a title="Click to enlarge" rel="shadowbox" href="/images/stories/rpapril2.gif"><img src="/images/stories/rpapril2thumb.gif"></a>
Perth was the strongest capital city market in March, registering a 1.4% rise in dwelling prices to a median of $445,000 with unit prices up 1.8% to $384,000 and house prices up 1.4% to a median of $455,000.
Despite the improvement in March, Perth unit prices are still down 7.2% year-on-year while Brisbane-Gold Coast houses are down 7% year-on-year, making them the weakest unit and housing markets respectively over the past 12 months.
Sydney dwelling values increased by 0.4% over March, with units up 1% to $470,000 and houses managing just 0.2% growth to $572,000.
The Melbourne housing market fell 0.2% over March (down 5.4% over the past 12 months) with a 0.3% drop in house prices to $495,000 matched by a 0.3% rise in unit values to $420,000.
Adelaide had the greatest disparity in house and unit performance during March, registering 3.1% gain in unit prices to a median of $310,000 compared with a 1.8% drop in house prices to a median to $385,000.
Among the five major capital city markets, only the Brisbane-Gold Coast market bucked the trend, with house prices rising 0.5% to a median of $425,000 and unit prices falling 0.3% to $353,000.
Canberra units increased by 2.9% to a median of $417,500 while the small Hobart unit market gained 0.6% to be 15.4% for the first three months of the year with a median price of $275,000.
Over the quarter Hobart has the best performing capital city with dwelling values up 7.3% over the three months to March 31, 2012.
Darwin dwelling values increased by 1.1% over the month to a median of $470,000 with houses up 1.6% to $520,000, while unit values fell 1.3% to a median of $378,500.
The Northern Territory capital city has the highest rental yield for both houses (5.7%) and units (5.9%) of all eight capital cities.
According to Ben Skilbeck, managing director of Rismark International, there are a number of factors pointing towards an improvement in housing market conditions over recent months.
“The ratio of national house prices to household disposable incomes is currently below the decade average.
“Additionally, according to the ABS housing finance data, both the value and number of loan approvals for the purchase of established dwellings are at levels not seen since November 2009.
“First-home buyers as a proportion of all home loans approved are back to levels not seen for two years,” he says.
Skilbeck says yields are also showing modest improvements with rental yields for houses across the combined capital cities improving from 3.6% in 18 months ago to 4.1% currently with gross yields on units improving from recent lows of 4.4% to 4.8%.
“The most significant rental yield improvements have been recorded in Darwin, Perth and Brisbane, which have increased by 22%, 21% and 1% respectively from recent lows,” he says.
Photograph by Brian Yap, courtesy of <a href="https://www.flickr.com/" target="_blank">Flickr</a>.
 
 
</body></html>

Units outperform houses as market stabilises in March: RP Data-Rismark

<html><body>
The Reserve Bank looks set to leave interest rates unchanged for the third straight month tomorrow  and might only cut rates once between now and September, two surveys of economists suggest. 
All 25 economists survey by Bloomberg expect the RBA to leave rates unchanged when it meets tomorrow, and just over half (14) expect the RBA to cut rates by to 4% on May 1. 
Interest rate futures markets are factoring in a greater possibility of a rate cut – they say there is about a 40% chance the RBA may loosen its monetary policy tomorrow. 
Looking ahead to the June 5 monetary policy meeting, 13 economists expect the cash rate to be at 4%, just three expect a further rate cut to 3.75% and a significant one-third expect the cash rate to remain at the current 4.25%. 
A separate poll of 18 economists carried out by the Australian Financial Review expects the Reserve Bank to cut interest rates just once more over the next six months to September.
Click to enlarge
<a href="/images/stories/wpacapril21.gif" rel="shadowbox" title="Click to enlarge"><img src="/images/stories/wpacapril21thumb.gif"></a>
Twelve out of 18 economists polled expect the cash rate to drop to 4% over the next three months, with only Annette Beacher from TD Securities forecasting two rate cuts over the next six months. The remaining five expect rates to remain on hold over the next three months. 
The economists polled by the AFR predict lower inflation will make it possible for the RBA to cut rates. 
However Westpac chief economist Bill Evans says the RBA decision will be live tomorrow and could be swayed to cut rates. 
Evans says that if it were Westpac’s decision, it would cut rates tomorrow. 
“The bank's decision will be finely balanced and as always determined by subjective judgements. For the board to cut rates, it will need to be absolutely comfortable that the threshold for a move which has been clearly communicated in recent statements – that ‘demand conditions weaken materially – has been crossed. 
“While we believe that this condition has already been met, we feel that on balance a prudent central bank will decide to wait. Therefore we are maintaining our forecast for the next rate cut to be in May, followed by July,” says Evans. 
Evans says Westpac’s recent Coast-to-Coast report highlights the multi-speed nature of the Australian economy, complicating the decision for the RBA. Economic demand soared in Queensland (10.0%) and Western Australia (11.1%) in the second half of 2011 but contracted in South Australia (–0.6%), Tasmania (–0.7%) and Victoria (-0.4%). 
The report notes that NSW received a timely boost from its coal sector but it has still only managed to grow at a below-trend 2% in 2011. 
Similarly, CommSec chief economist Craig James says a “raft of sectors are under pressure in the current environment – retailers, manufacturers, home builders – and we can add banks to the list. 
“The case for another rate cut remains strong,” he says. 
Su-Lin Ong from RB C Capital Markets expects two rate cuts in 2012 due to a “sub-trend pace of growth, rising jobless rate, likelihood of further independent increases in standard variable rates, and a still challenging global outlook suggest the RBA should be doing more to support demand”. 
Ivan Colhoun, head of Australian economics and property research at ANZ, says recent communications by the Reserve Bank suggest the market is underestimating the chances of a reduction in the official cash at next week’s RBA board meeting notwithstanding  the recent increase in pricing by the market. 
“The minutes for March, together with a recent speech by the governor, contain subtle but important evolutions in the bank’s thinking. This raises our confidence in ANZ’s forecast of a rate cut by May and suggests a move at the April meeting cannot be ruled out,” says Calhoun. 
Writing in the Eureka Report, Alan Kohler says there are three reasons why the RBA should cut interest rates tomorrow. 
Firstly, as has always ready been pointed out by other commentators such as <a target="_blank" href="https://www.propertyobserver.com.au/economy/mark-bouris-takes-aim-at-rba-as-gail-kelly-warns-of-frequent-independent-bank-rate-rises/2012030853747">Mark Bouris</a> and <a target="_blank" href="/news">John Symond</a>, Kohler says “Australia's non-mining economy is stagnant at best”. 
While the mining the mining investment boom is locked and not dependent on China's GDP growth, Kohler says the other parts of the Australian economy are more vulnerable to a slowdown in China than they have ever been “because of their reliance on bulk commodity exports”. 
Kohler backs retailer Solomon Lew’s view that the RBA should cut rates by 50 basis points tomorrow to provide stimulus to the economy in light of planned spending cuts by the government to get the budget back in surplus by 2012-13. 
“The RBA will need to counter [the budget cuts if not next week, then in May and June,” says Kohler.
Lastly Kohler says a rate cut is needed to prevent the housing market from weakening further. 
“I had meetings this week with a senior banker and one of the country's largest housing developers, and it was clear that the banks are going to be restraining credit for a long time and this is going to suppress demand for housing.
“For investors it means cash rates will fall again this year so you should think about locking in with term deposits, if you haven't done so already,” Kohler says.
A mixed bag of recent economic data will add to the complicated picture for the RBA and could encourage it to keep rates unchanged until there is more evidence about which way the economy is heading. 
In the December quarter GDP growth was just 0.4% (below expectations of 0.8%) and housing starts fell another 7%. 
However the number of job vacancies rose 0.7% over the three months to February 2011, with 182,000 positions vacant while ANZ job advertisements also picked up. Commenting on these figures, CBA economist James McIntyre said deterioration in vacancies would bolster the case for a rate cut. 
Figures released today by the Rismark-RP Data show capital city home values rose 0.2% over the month of March 2012, leaving the market flat (0%) for the first quarter of 2012.
 
 
 
</body></html>

No rate cut in April, say economists, with Westpac and others forecasting May cut

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

Joel Robinson

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

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

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

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

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

Design-led developer-builder Lowe Living has unveiled its latest residential development, Jardin House, marking its first foray into Melbourne's blue-chip City of Boroondara.

Located a short walk from Camberwell Junction, <a href="https://www.apartments.com.au/new-apartments/jardin-house-by-lowe-living-camberwell-335-camberwell-road-camberwell-vic-3124">Jardin House</a> has been designed to appeal to affluent local downsizers and established families seeking a low-maintenance alternative to the large homes that have long defined Camberwell and surrounding suburbs.

The project will comprise a collection of two and three-bedroom apartments ranging from 92 sqm to 280 sqm, alongside a limited number of penthouse residences featuring rooftop terraces spanning more than 100 sqm, with optional private pools.

&nbsp;

[smartcode_project:default project_id=146717 project_image_fid=372212]

Lowe Living Co-Founder and Managing Director Tim Lowe said Camberwell represented a natural next step for the developer as it expands into some of Melbourne's most tightly held residential markets.

"Jardin House is an important project for our team as it marks the next evolution of our portfolio into different well-established blue-chip pockets of Melbourne," Lowe said.

"Camberwell, with its incredible walkability, family-led neighbourhood feel and superb access to education and transport, makes it a natural choice for us."

[smartcode_project:default project_id=146717 project_image_fid=372227]

Designed by Tristan Wong Architects, with interiors by Hecker Guthrie and landscaping by Acre, the development takes inspiration from the Art Deco architecture that remains a defining feature of many of Camberwell's established streets.

A curved facade, arched openings, textured brickwork and sculpted forms reference the suburb's architectural heritage, while extensive landscaping softens the building's presence and creates a strong connection to the surrounding tree-lined streetscape.

The project will be set behind a secure gated entrance, with residents arriving through landscaped gardens designed to create a transition between the public realm and private residences.

Inside, the residences feature natural stone and timber finishes, full-height glazing, Miele appliances and generous open-plan living areas designed for long-term owner occupation.

[smartcode_project:default project_id=146717 project_image_fid=372225]

While the apartments themselves have been designed to attract discerning owner-occupiers, it is the amenity offering that sets Jardin House apart from many other boutique projects currently launching across Melbourne.

The centrepiece is a 350 sqm private bathhouse curated in partnership with Aurora Spa &amp; Bathhouse founder Lyndall Mitchell.

The wellness precinct includes mineral pools, hydrotherapy experiences, a Himalayan salt room, sauna, steam room, cold plunge pools and dedicated relaxation spaces, creating what Lowe Living describes as a private wellness retreat exclusively for residents.

[smartcode_project:default project_id=146717 project_image_fid=372222]

The collaboration follows Lowe Living's recent partnership with Aurora at Maison Savoy in Brighton, although Jardin House is the first project to incorporate both indoor and outdoor wellness experiences.

Emma Lowe, Co-Founder and Managing Director of Lowe Living, said wellness was becoming an increasingly important consideration for apartment buyers.

"Collaborating with Lyndall Mitchell from Aurora Spa &amp; Bathhouse for a second time is an intentional nod to creating residences that are more than just homes, but a way to enrich the lives of our residents through wellness and longevity," Lowe said.

The amenity offering is complemented by a Technogym fitness studio, residents' lounge, private dining spaces and concierge services.

The launch comes as developers increasingly target Melbourne's established eastern suburbs, where rising land values, ageing housing stock and growing downsizer demand are creating opportunities for boutique apartment projects.

Lowe said the company expects significant generational wealth transfer across suburbs such as Camberwell in coming years, creating further demand for luxury apartment living.

"Camberwell is a blue-chip suburb where homes regularly transact for multiple millions of dollars," he said.

"The generational change of wealth in these locations expected in the coming years is significant, so we see an opportunity to create exclusive residences that appeal to older families and downsizers in order to meet this demand."

Apartments at Jardin house start from $1,195,000. The project forms part of Lowe Living's near-$1 billion portfolio of new developments across Melbourne.

[smartcode_project_cta:default project_id=146717]

Lowe Living launches Jardin House in Camberwell

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

Larry Schlesinger

Editor's Picks

Have something to contribute?

Developments

New apartments

New townhouses

News