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Melbourne led a rebound in capital city dwelling prices in February, with the Victorian capital recording 1.8% growth for the month, according to the new RP Data-Rismark Daily Home Value Index.
On a rolling quarterly basis during the three months ending February 2012, Australian capital city home values fell 0.2%.
Based on the new daily index, this was the best quarterly reading since the three-month period ending March 2011.
RP Data head of research Tim Lawless says the results in February suggest the decline in house prices has been easing  though he does not believe the November and December rate cuts were enough to drive back growth into the housing market.
"The November and December RBA cash rate cut shave improved affordability but have not yet fed into higher home values, which is no surprise. A return to housing market stability is likely the outcome the RBA was hoping for,” he says.
According to Lawless, the amount of housing for sale had fallen 20% since November, but is still 20% higher than the same time last year, which was already relatively high.
“It points to soft conditions but not quite as bad as the market was seeing over the last quarter of 2011."
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Looking at the division between houses and units, Melbourne house prices were up 2% over the month – the strongest gain across the five major capital city markets – while units gained a more modest 0.3%.
According to the new daily index, Melbourne house prices received a boost on the last day of February, rising 0.67%, with gains also recorded in Brisbane and the Gold Coast (up 0.32%) and Sydney (up 0.25%).
The new daily index launched in conjunction with the ASX allows property investors and buyers to track (and eventually trade) the daily changes in capital city house and unit prices.
It replaces the current monthly RP Data-Rismark Home Value index.
Overall the capital city dwelling values increased 0.8% in February 2012, leaving the market relatively flat (-0.2%) during the first two months of the year.
Sydney matched the capital city increase, with dwelling prices rising 0.8%, while Brisbane values were flat (0.1%).
Perth dwelling prices continued to fall, dropping by 1.8%. This was a steeper fall than 1.6% decline recorded in January.
“The strong February results, accented by capital gains in Melbourne and Sydney of 1.8% and 0.8%, respectively, likely reflect the impact of the November and December rate cuts,” says Rismark’s Ben Skilbeck, also the architect of the new daily index.
“Even before the RBA reduced rates, housing finance flows were staging a rebound with the ABS reported seasonally adjusted number of new home loans approved for people buying established dwellings rising for nine consecutive months,” he says.
Of the smaller markets, Darwin was the most impressive, with dwelling prices up 5% during February and Darwin house prices up 6.2%
Hobart had the strongest units market, with gains of 3.4% during the month.
Over the past three months to February Darwin was the strongest-performing capital city market, with dwelling values up 4.1% and is also offering the highest house rental yields of 5.8%.
RP Data’s Tim Lawless says some of the weaker markets over the past few years are now starting to show promise: 
“The Perth housing market is a good example of a city that has been one of the softest locations since 2008. This market appears to be staging a turn-around with dwelling values now 2% higher compared with the October 2011 trough.” 
“Perth dwellings values have corrected by 10.1% since their peak back in April 2010, which has provided a significant affordability dividend. We are also seeing Perth housing demand being driven by strong population growth underpinned by the resources investment boom. Despite a weak monthly result for February, Perth dwelling values were up 0.8% over the last three months,” he says.
Canberra has the strongest unit yields, with a gross indicative yield of 5.8%.
Melbourne offers investors the lowest gross rental yields of 3.5% for houses and 4.3% for units.
RP Data says the next daily index will provide the most up-to-date and sophisticated measure of value movements across the Australian housing market.
The index provides daily capital growth measurements across three broad housing types: houses, units’ and a “combined dwellings” index that includes both houses and units. The index results are released daily for Sydney, Melbourne, Brisbane (including Gold Coast), Adelaide, Perth and the combined capitals, which is a composite of these cities.
<img style="border-style: initial; border-color: initial;" src="/images/stories/rpindexmarch11.jpg">
It is the first commercially available residential index to track daily value movements across the market portfolio of all dwellings.
“The daily index is the result of three years extensive research and development. It is specifically designed for trading purposes and tracks the value of an investment in a self-financing market portfolio (all dwellings),” Skilbeck explains.
“That is, the index removes bias associated with capital injections such as those arising because of renovations, alterations and additions so as to examine true changes in market value.”
Along with the launch of today’s daily index, RP Data <a href="https://www.rpdata.com/research/back_series" target="_blank">has provided a backdated series for the past year showing the granular changes</a>. 
The benefits of the new index will include timeliness – updated daily to reflect the latest available property market information; granularity – “intra-month” index movement insights available for the first time; and low volatility – measured annual volatility remains comparable, between the monthly adjacent period hedonic and will cover the overall market. All dwellings are included in the measurement, not just those that have transacted.
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Melbourne leads slight rebound in capital city house prices in February: RP Data-Rismark daily index

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Residential construction activity fell 1.8% in the final quarter of 2011 to be 6% lower than a year ago, according to the latest data from the ABS. 
Overall construction work done fell by 4.6% in the December quarter after surging 11.7% in the September quarter. 
This was mainly the result of a 24.4% decline – expected to be temporary – in construction work done in WA. Construction in WA rose by 45% in the previous quarter. 
“We are not of the view that WA’s engineering construction boom is over. Recent project announcements for the expansion of iron ore projects are but one example pointing to the opposite,” says CBA economist James McIntyre. 
Commercial building work done fell by 7% in the December quarter while engineering work done fell by 5%. 
The drop in overall construction activity will drag on economic growth, with the Commonwealth Bank trimming its GDP forecast slightly as result of the latest figures. 
The CBA had forecast annual GDP growth of 3.25% for 2012. 
“Construction work done provides a guide to the likely contribution to GDP from residential and non-residential (commercial and engineering) construction activity,” says McIntyre.
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Master Builders Australia (MBA) chief economist Peter Jones says the fall in building and construction work done in the December quarter is consistent with reports of poor industry conditions.
“With major parts of the industry caught in the slow lane of the two speed economy, the RBA needs to cut rates further,” says Jones.
“[December] figures confirm evidence from Master Builders’ latest survey showing builders expect industry activity to fall as trading conditions and profitability weaken.
“The ABS release shows that building work yet to be done and in the ‘pipeline’ suffered a sharp decline in the December quarter, in line with Master Builders’ information that builders are suffering a downturn in sales and enquiries.
“There is no indication that the negative growth trend firmly established in both the residential and commercial building sectors will turn around without further policy change,” says Jones.
 
 
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Residential construction down 1.8% in December quarter led by drop in WA activity: ABS

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The appeal of new residential property is growing among first-home buyers, investors and overseas buyers, according to NAB’s latest quarterly residential review. 
While owner occupiers remain the biggest category of new home buyers, their share of the market fell sharply in the final quarter of 2011 from 52% to 38%. 
A combination of lower rate and softer prices resulted in first-home buyers accounting for nearly a quarter (24%) of new home buyers in the December quarter, up from 17% in the September quarter. 
Investor numbers increased from 4% to 8% spurred on by lower rates and softer prices as well as stronger rental returns. 
Overseas buying activity doubled from 4% to 8% with NAB noted was consistent with some recent reports of strong foreign buying activity in the apartment market.
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NAB expects these trends to stay broadly unchanged over the next 12 months.
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According to the survey of 270 real estate industry particpants, demand for new residential property is expected to strengthen across all property types over the next 12 months, led by inner-city low-rise apartments and townhouses, where demand conditions are expected to be good. 
Demand for inner-city houses is also expected to strengthen, especially in NSW, with demand conditions approaching good. Demand is expected to remain weakest for high-rise apartments in the middle/outer ring, although somewhat stronger than in September, with demand for this type of property weakest in SA/NT, Victoria and WA.
 
Currently, the most popular new property types are inner-city low-rise apartments and townhouses, followed by inner-city detached housing, with demand strongest in NSW and Victoria.
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There was a slight improvement in demand for new residential houses and low-rise apartments and townhouses in the middle and outer ring of major cities during the December quarter. 
In contrast, demand for all other types of new residential property weakened relative to the September survey.
 
 
 
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More first-home buyers, investors and overseas buyers keen on new property: NAB

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Nearly two-thirds (65%) of Australians will consider an alternative mortgage lender to the major banks this year, according to the 2012 Citi Fin-Q Survey.
The same percentage of respondents say there is not enough competition in mortgage lending.
The results were based on online interviews with 500 participants in Australia carried out in December 2011, during a time when variable interest rates were falling.
The survey also found a high level of negative sentiment about the mortgage market, with 70% saying the government needs to do more to help first-time buyers and 63% saying they don’t believe home ownership will be an option for the next generation of Australians.
Vibha Coburn, director of Citibank Mortgages, says the findings point to a trend of Australians looking at all their options when choosing a home loan.
“Despite the doom and gloom from our survey respondents, I believe the fact that Australians will look at mortgage providers outside the big four when choosing their home loan is a positive sign,” she says.
“Regardless of which home loan you choose, the best thing you can do is to conduct your own research and compare a range of products and lenders to find the most suitable solution for your needs.”
The survey also found that more than one in ten (11%) people have moved or downsized in the last 12 months to lower their costs and nearly two-thirds (62%) have indicated that home ownership is so expensive, they’ve adjusted their expectations about what their dream home might look like.
“At Citibank, we’re seeing a trend where customers might sacrifice the size of a property to live in a particular location or vice versa.
“This could mark a return to eras gone by when first-home buyers bought an entry-level property with the aim of upgrading to another larger property, or a property in another area,” Coburn says.
To learn more about refinancing your mortgage, <a href="http://propertyobserver.com.au/ebooks/free-ebook-12-tips-for-refinancing-your-mortgage" target="_blank">download our free eBook</a>.
 
 
 
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Two-thirds of borrowers to look beyond big four banks for mortgages: Citibank 

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The insurance industry has come under heavy fire for the way it handled claims from those who suffered property and other losses in the wake of the flood disasters in Queensland and Victoria, following the release of the much-awaited parliamentary report chaired by Labor MP Graham Perrett.
The House of Representatives Legal Affairs Committee report In the Wake of Disasters provides numerous examples of the delays, frustrations and heartache suffered by some claimants due to insurance companies’ responses. More than three-quarters (78%) of 625 people surveyed as part of the report said their claim had been settled “slowly” or “very slowly”. More than 75% of those surveyed said their claims related to home and contents insurance. “Victims of extreme weather events all over Australia faced unacceptable delays in the assessment of their claims; misunderstandings about the scope and extent of their polices; a lack of information or communication from insurers; discrepancies or inaccuracies in damage assessments or third-party expert reports; and token efforts at dispute resolution,” says Perrett in his introduction to the report.
“Those who tried to assert their rights in the labyrinth of the claims process found themselves on the wrong side of a power imbalance.
“The committee concluded that consumer protections need to be increased, particularly in the claims-handling process. The best way to do this is to remove the legislative exemptions that the insurance industry currently enjoys, and bridge the gaps in consumer protection.” 
Perhaps the most damning line in the lengthy report is: “Indeed, the greater the disaster, the greater the vacuum of consumer protections”.
The report recommends that corporate watchdog ASIC be appointed to oversee the handling and settlement of claims, along with a host of changes to the way insurance companies interact with claimants.
Among the 13 recommendations made in the report, the committee wants General Insurance Code of Practice to be amended by July 1, 2012 to include the following minimum standards for claims handling in times of exceptional circumstances such as declared disasters:
<ul>
<li>a timeframe for informing claimants of the progress of the claim; </li>
<li>a timeframe for advising claimants if an external expert has been appointed; </li>
<li>assurance that external experts are fully qualified to undertake assessments; </li>
<li>an undertaking to provide claimants with information about the qualifications, employer, and role of external experts that are appointed to assist with their claim;</li>
<li>a maximum timeframe of 12 weeks for external experts to provide reports; </li>
<li>a maximum timeframe for accepting or denying a claim; </li>
<li>a timeframe for responding to requests for information; </li>
<li>an undertaking to communicate all decisions about insurance claims to the claimant in writing with clear and explicit reasons relating to their particular claim; and </li>
<li>a timeframe for informing claimants of the progress of their complaint or dispute.</li>
</ul>
Other key recommendations include that Bill Shorten, the Minister for Financial Services and Superannuation, “immediately establish a joint industry-government action group to address evidence of the rising costs and market failure of insurance premiums across Australia”.
<a target="_blank" href="https://www.aph.gov.au/Parliamentary_Business/Committees/House_of_Representatives_Committees?url=spla/insurance/report/index.htm">The full list of all 13 recommendations of the report can be found here.</a>
“I urge governments and the insurance industry to implement these recommendations with the utmost speed so that policyholders can have peace of mind for future, inevitable natural disasters,” says Perrett.
The report includes numerous examples of submissions made by exasperated claimants in relation to property claims, such as: “I have had five people come to assess my property and still nothing has happened”. 
The Caxton Legal Centre told the inquiry it had cases where hydrologists had still not visited a person’s property six and seven months after the event. 
Residents in Loddon Shire in rural north-west Victoria told the inquiry they felt they had been neglected due to their rural location or distance from major centres, and that larger towns and more vocal groups had been given a higher priority. 
“Central Goldfields Shire residents queried whether the ‘lack of publicity affected the willingness of insurance companies to come to the party’,” the report says. 
“Some residents met with further disadvantage due to their rural locations: vouchers provided by insurers for replacing house contents could only be used at designated retailers out of town, some more than kilometres away.” 
The report notes that in many instances “insurers did not meet the standards, in particular the timeframes, contained in the code when responding to the large volumes of claims arising from natural disasters.” 
One person recounted that “the process of dealing with the insurance company was more stressful than the actual natural disaster”. Another said “the stress of following up with the assessor appointed by the insurance company and the insurance company itself was far worse than dealing with the clean-up”. Yet another recounted that “due to the lengthy time response, my husband and small family are hurting more mentally and emotionally than the actual financial loss”.
Responding to the report, ICA chief executive Rob Whelan says the general insurance industry had handled “an unprecedented 275,000 claims stemming from extreme weather in 2011, with insurance losses of almost $5 billion”. 
Whelan says many of the Perrett report’s recommendations listed changes already enacted by either the insurance industry or the federal government. 
He says current dispute resolution processes had proven robust and effective, and further government and regulator intervention are not necessary.
Photo courtesy of <a target="_blank" href="https://www.flickr.com/">Flickr</a>.
 
 
 
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Insurance changes needed to better protect consumers in disasters: Report

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There appears to be no relief in sight for residential builders, with new home sales declining by 7.3% in January, according to the latest HIA - JELD-WEN New Home Sales report. 
CommSec economist Savanth Sebastian says new home sales have slumped to their lowest levels in more than 11 years and the lack of activity in the home building sector does not bode well for a raft of businesses. 
“While the Reserve Bank doesn’t seem in a rush to cut rates, the ongoing downturn in the residential building market certainly keeps another rate cut on the table,” Sebastian says. 
A graph prepared by the HIA shows that new home sales have been in decline since about May 2010 (there was a brief modest recovery from March 2011 to May 2011), with current dwelling sales volumes around half of what they were three years ago.
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Detached house sales fell by 7.4% in January and eased by 0.5% over the three months to January 2012. 
Detached house sales are down 11.9% compared with the three months to January 2011. 
The more volatile apartment market partially reversed its big jump of December 2011 by falling by 6.3% in January this year. 
Multi-unit sales are down 14.1% over the January quarter to be down by a substantial 25.1% when compared with the three months to January 2011. 
“A sharp decline of 19.6% in detached house sales in Victoria weighed on the overall January result,” says HIA chief economist Harley Dale. 
“Nevertheless, there were also declines in detached house sales in New South Wales and South Australia in the first month of 2012, so the overall update is a weak one.” 
“Victoria for a long time propped up new home building in Australia, and now the reverse is occurring,” says Dale. 
According to Dale, the latest new housing data indicates that the interest rate cuts of late 2011 were insufficient to generate a sustained improvement in new home building conditions and highlights “the inappropriateness of the rise in interest rates” in February. 
“New home sales, along with other leading housing indicators, are showing that other large markets in Australia are not filling the void in 2011-12.” 
“However, there is an upside given the current weak new home building environment. Now is a very good time to be building a new home for those who are financially set to take such a decision,” he says. 
Dale repeated the HIA’s demand for federal and state governments to “embark on policy reform to reduce the excessive and inefficient taxation of the new home building sector”. 
“Such reform would embolden households to engage in building a home while enhancing economic activity, efficiency, and productivity. It’s a no-brainer.” 
The HIA report is based on a survey of Australia’s 100 largest builders.
 
 
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New home sales at 11-year low led by big drop in Victoria: HIA

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Remote north Queensland mining towns dominate a list of the state’s top-performing suburbs in 2011, according to RP Data’s list of top 100 house price growth suburbs.
Reflecting the underperformance of the Queensland housing market in 2011, there are only 12 sunshine state locations on the list, with nine of these having strong ties to mining and natural resources activity.
All nine mining towns rank inside the top 50 with four inside the top 10 suburbs <a href="https://www.propertyobserver.com.au/queensland/hotspot-high-yields-and-price-growth-in-moranbah-but-best-time-to-buy-may-have-passed/2012022753563" target="_blank">led by top placed Moranbah</a> in the Isaac region coal belt as well as nearby Clermont, which ranked 22nd.
Moranbah is followed by a cluster of towns around Gladstone, the epicentre of $75 billion worth of liquefied natural gas, rail and port projects. These include New Auckland (third), Clinton (sixth) and West Gladstone (eighth).
Ray White Gladstone principal Andrew Allen says investors make up 60% of buyers in the region, with vacancies in 2011 below 1% despite a record number of dwellings approved by the council.
About 10,000 new workers are expected in Gladstone over the next 12 months, with mining companies building 4,000 accommodation units and the Queensland government developing about 1,000 blocks.
“Demand outweighs supply two to one,” Allen tells The Australian.
The mining outlier is Roma, 515 kilometres west of Brisbane in the Darling Downs, a town swept up in the coal seam gas (CSG) boom and the home of Origin Energy's Spring Gully Coal Seam Gas Development and the outer end point of the 434-kilometres Roma-to-Brisbane gas pipeline.
The three remaining locations are the Brisbane suburbs of Red Hill (17th), Indooroopilly (70th) and Coorparoo (77th).
Red Hill, just three kilometres from the Brisbane CBD, recorded impressive house price growth of 12% to a median house price of $705,000 and is the only one of the tree Brisbane suburbs to rank higher than some of the remote mining locations.
Queensland locations in the RP Data Top 100 
<table cellpadding="0" cellspacing="0" border="1" style="width: 470px;"><tbody>
<tr>
<td valign="top" width="123">
Rank
</td>
<td valign="top" width="123">
Location
</td>
<td valign="top" width="123">
Median value in 2010
</td>
<td valign="top" width="123">
Median value in 2011
</td>
<td valign="top" width="123">
% change
</td>
</tr>
<tr>
<td valign="top" width="123">
1st
</td>
<td valign="top" width="123">
Moranbah
</td>
<td valign="top" width="123">
$474,000
</td>
<td valign="top" width="123">
$612,000
</td>
<td valign="top" width="123">
29%
</td>
</tr>
<tr>
<td valign="top" width="123">
3rd
</td>
<td valign="top" width="123">
New Auckland
</td>
<td valign="top" width="123">
$379,000
</td>
<td valign="top" width="123">
$459,000
</td>
<td valign="top" width="123">
21.2%
</td>
</tr>
<tr>
<td valign="top" width="123">
6th
</td>
<td valign="top" width="123">
Clinton
</td>
<td valign="top" width="123">
$385,000
</td>
<td valign="top" width="123">
$452,000
</td>
<td valign="top" width="123">
17.4%
</td>
</tr>
<tr>
<td valign="top" width="123">
8th
</td>
<td valign="top" width="123">
West Gladstone
</td>
<td valign="top" width="123">
$353,000
</td>
<td valign="top" width="123">
$412,000
</td>
<td valign="top" width="123">
16.7%
</td>
</tr>
<tr>
<td valign="top" width="123">
11th
</td>
<td valign="top" width="123">
Roma
</td>
<td valign="top" width="123">
$274,000
</td>
<td valign="top" width="123">
$317,000
</td>
<td valign="top" width="123">
15.7%
</td>
</tr>
<tr>
<td valign="top" width="123">
12th
</td>
<td valign="top" width="123">
Blackwater
</td>
<td valign="top" width="123">
$310,000
</td>
<td valign="top" width="123">
$357,000
</td>
<td valign="top" width="123">
14.9%
</td>
</tr>
<tr>
<td valign="top" width="123">
18th
</td>
<td valign="top" width="123">
Red Hill
</td>
<td valign="top" width="123">
$629,000
</td>
<td valign="top" width="123">
$705,000
</td>
<td valign="top" width="123">
12%
</td>
</tr>
<tr>
<td valign="top" width="123">
21st
</td>
<td valign="top" width="123">
Boyne Island
</td>
<td valign="top" width="123">
$421,000
</td>
<td valign="top" width="123">
$470,000
</td>
<td valign="top" width="123">
11.8%
</td>
</tr>
<tr>
<td valign="top" width="123">
22nd
</td>
<td valign="top" width="123">
Clermont
</td>
<td valign="top" width="123">
$317,000
</td>
<td valign="top" width="123">
$353,000
</td>
<td valign="top" width="123">
11.3%
</td>
</tr>
<tr>
<td valign="top" width="123">
35th
</td>
<td valign="top" width="123">
Emerald
</td>
<td valign="top" width="123">
$354,000
</td>
<td valign="top" width="123">
$385,000
</td>
<td valign="top" width="123">
8.6%
</td>
</tr>
<tr>
<td valign="top" width="123">
70th
</td>
<td valign="top" width="123">
Indooroopilly
</td>
<td valign="top" width="123">
$653,000
</td>
<td valign="top" width="123">
$692,000
</td>
<td valign="top" width="123">
6%
</td>
</tr>
<tr>
<td valign="top" width="123">
76th
</td>
<td valign="top" width="123">
Coorparoo
</td>
<td valign="top" width="123">
$602,000
</td>
<td valign="top" width="123">
$634,000
</td>
<td valign="top" width="123">
5.4%
</td>
</tr>
</tbody></table>
Source: RP Data
Photo courtsey of <a target="_blank" href="https://www.flickr.com/">Flickr.</a>
 
 
 
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Remote mining towns dominate RP Data’s list of Queensland top-performing housing markets

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ASIC has stripped Sydney finance broking firm Nova Home Loans Pty Limited (Nova) of its credit licence after it was expelled from membership of the Financial Ombudsman Service Limited, one of the two external dispute resolution (EDR) schemes approved by ASIC, in June 2011. 
“Nova failed to obtain membership of the other approved EDR scheme, Credit Ombudsman Service Limited, and when ASIC became aware of this, it took steps to cancel Nova’s credit licence,” said the regulator in a statement.
As a result Nova will no longer be able to engage in credit activities. 
Under the National Consumer Credit Protection Act 2009, credit licensees are required to be members of an ASIC-approved EDR scheme.  EDR schemes are independent and impartial dispute resolution services, which give consumers alternatives to legal proceedings for resolving complaints with their credit service providers.
“Membership of an EDR scheme is an important requirement for Australian credit licensees, and as the consumer credit regulator ASIC will not hesitate to act against those who fail to comply with their responsibilities,” says ASIC commissioner Peter Kell. 
On December 9 2010, Nova was granted a licence to engage in credit activities relating to credit contracts, consumer leases, related mortgages and guarantees, and credit services. Nova has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC’s decision. 
 
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Sydney finance broker Nova Home Loans stripped of credit licence

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Gold Coast developer Rod Lambert says he will defend himself against charges that he stalked Ray White Queensland chief executive Peter Camphin.
Lambert was arrested over the weekend by Queensland police and charged with stalking Camphin.
Lambert wrote on his website that “two armed detectives” had arrested him following complaints from Camphin “about texts and emails… yet allegations in fraud that add up to tens of millions are essentially ignored”. 
In a letter written to Queensland police minister Neil Roberts following the arrest, Lambert says he has not “laid eyes on [Camphin] for two years”.
Lambert says he also plans to launch a counter-claim against the Queensland police for intimidation.
Since May 2010 Lambert has run an online campaign calling for an investigation into Ray White Broadbeach real estate agent Michael Kollosche in relation to deals on Mermaid Beach.
Earlier in February, Lambert sent a letter to Queensland Police Minister Neil Roberts (a copy of which is posted on his website) accusing Ray White chairman Brian White and Camphin in being complicit in alleged “multi-million dollar property fraud on Mermaid Beach”.
In a statement following Lambert’s arrest Brian White confirmed that he had “commenced legal steps to stop the conduct of Gold Coast ex-agent and property developer David Rodwell Lambert, who has waged a relentless campaign to discredit the Ray White brand for more than two years”.
“Mr Lambert’s original complaint over a commercial transaction in 2008 has been the subject of investigations by the appropriate authorities, i.e., the Queensland Police Service and the Office of Fair Trading,” says White. 
“Ray White has actively participated in and cooperated with these investigations in order to have the matter properly resolved. Additionally, Ray White has also thoroughly investigated the complaints made.” 
White says he is awaiting the conclusion of these investigations so that the company may take any appropriate action.
“We have consciously refrained from taking any action until the proper authorities make their decisions known,” he says. 
“However, Mr Lambert has continually criticised Ray White for failing to take action, on the basis that his complaints are to be accepted as the truth regardless of the findings of the police and the Office of Fair Trading.” 
White says it has come to the point “where we cannot allow Mr Lambert to continue his actions unchallenged. 
“We have always stated we would welcome Mr Lambert bringing his complaint to court, but he has continually refused to commence proceedings. Instead, he has attempted to bring pressure on the Ray White network via the media and most recently, through a campaign of cyber terrorism.” 
A letter sent to Lambert by law firm Corrs Chambers Westgarth on behalf of Ray White asks that he notify the firm in writing by 5pm on February 29 that he will shut his website down and give an undertaking not to publish any further material about Ray White.
In January the Queensland Office of Fair Trading confirmed to Property Observer that it continued to investigate of an elaborate price-fixing scam on Mermaid Beach.
Lambert, who personally lost millions on a redevelopment of flats on Albatross Avenue, claims prices in Mermaid Beach had been inflated by “a handful of sophisticated investors using an elaborate scheme involving ‘put and call options’” – a legal way of buying a house then reselling it before settlement.
In October last year former Queensland housing minister Robert Schwarten made a speech in the Queensland Parliament where he accused Kollosche of being involved in dodgy deals on Hedges Avenue in Mermaid Beach.
“Clearly, Mr Kollosche’s association needs to be aired. I hope that this is done by Ray White to clean its good name on the Gold Coast,” reads the Hansard record of Schwarten’s speech.
Kollosche strongly denies any allegations of wrongdoing made against him.
Lambert says he has engaged legal firm Hopgood Ganim to investigate a class action against Ray White “based on the numerous submissions to the website about systemic and misleading training practices”.
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Mermaid Beach campaigner Rod Lambert arrested for stalking Ray White Queensland boss

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More home owners are undertaking renovations from savings rather than borrowing the money to do so, according to mortgage broker Loan Market.
“We're seeing many consumers saving money instead of borrowing to fix up their homes,” says Loan Market spokesperson Paul Smith.
Smith says that consumer feedback this year has largely prioritised debt reduction in uncertain economic times.
“We also suspect many Australians would be carrying out their own home renovations to cut costs,” he says.
These findings are supported by end-of-year ABS housing finance figures, which revealed a 7% decline in the value of renovation refinancings compared with 2010 despite an overall rise in the number of home loan customers refinancing their mortgages.
Property investors or owner-occupiers who are considering renovating and adding value to their property should sign up for Property Observer’s free webinar: Renovating for Profit on Wednesday, February 29 at 12.30pm
 
 
 
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Self-funded renovations on the rise: Loan Market

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

Joel Robinson

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

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

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

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

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

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

Lowe Living launches Jardin House in Camberwell

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

Larry Schlesinger

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