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?The tightening Sydney rental market has its epicentre in the inner-city suburbs of Leichhardt and Randwick as vacancies across the greater metropolitan region tightened from 1.4% to 1.3% over October, according to NSW Department of Housing analysed by PRDnationwide.





Leichhardt in Sydney’s inner west is experiencing the largest increase for a two-bedroom unit (20% year-on-year to September) and the second largest for a three-bedroom house (12%), while the Randwick municipality in Sydney’s east recorded the largest growth in median rent for a three-bedroom house, equating to 14.3% between September 2010 and 2011.

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<div>Source: PRDnationwide</div>
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 The median rent for a three-bedroom house in both Randwick and Leichhardt was $800 per week as at September 2011.</div>
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The average increase in median rent across all municipalities in greater metropolitan Sydney equated to 5.8% for a three-bedroom house, with a 6.4% increase in the rent for a two-bedroom unit – slower growth than the average of 8% per annum (three-bedroom house) and 8.3% (two-bedroom unit) recorded over the past five years.
The increase in rents in Randwick follows growth in demand for rental accommodation in the suburb, with the municipality now accounting for 4.2% of the total 531,838 rental bonds held in the greater metropolitan region.
The highest proportion of rental bonds is held in City of Sydney, accounting for 9.5% of total bonds.
Sydney and Randwick were also found to contain some of the highest concentration of rental properties of the total dwelling stock, corresponding to 63% in Sydney and 47% for Randwick.
The most expensive place to rent in the Sydney metropolitan area is in the Waverley Council, in the inner east, which includes the suburbs of Bondi and Bondi Beach, where the median rent for a three-bedroom house is of $980 per week.
The most expensive median rent for a unit was recorded in the City of Sydney, where a two-bedroom unit returned $600 per week in September 2011.
Around Sydney the council area of Botany Bay recorded strong increases in new rental bonds for the past three consecutive quarters, with a September growth representing an 18.4% increase on the same period in 2010.
<a target="_blank" href="/news">Nationally, houses are currently taking an average of 56 days to sell with units typically selling in 54 days</a>, according to RPData.
 
 
 
 
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Leichhardt and Randwick the epicentre of Sydney rental squeeze

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Meriton boss Harry Triguboff expects the Reserve Bank to cut interest rates at its meeting next week (December 6) and says reducing the lending rate is one of the best ways to encourage people back into the property market.
“If we want to see the economy improve, we must do more to help people invest in property. 
“Keeping interest rates low is a very good place to start,” he says. 
Triguboff also backed the property market over the share market, saying investing in the share market should be secondary to investing in the property market. 
“When the stock market crashes, you need something ‘concrete’ to fall back on,” he says. 
“To build a better economy, we need to build more housing. We need to make it easier for young people and investors to enter the property market and councils must make the approval process faster so we can build more, sooner. 
“Help people get started, help them invest, help them use their superannuation for property. Get them into bricks and mortar.” 
Triguboff made his comments on the need for an interest rate cut following the launch of his latest project, Oceanvale at Warriewood in Northern Sydney, where prices begin at $425,000 for a one-bedroom unit.
Speaking yesterday at the AICC 2011 Annual Property Lunch in Sydney, he warned of the growing impact of global factors, in particurlar China on Australia’s economy.
“If China does something different, it affects us, even if it has nothing to do with us. Before we had to think only of ourselves, now we have to think of the whole world,” he said.
He says there is a growing demand for one-bedroom apartments and Meriton will build more one-bedroom units as people are less willing to share.
Triguboff’s comments follow the release of the government’s mid-year budget review yesterday with plans to cut spending over the next four years and reduced growth forecasts with the Organisation for Economic Cooperation and Development downgrading Australia's economic growth for calendar 2011 from 2.9% to 1.8%.
<a href="https://www.propertyobserver.com.au/economy/europe-worries-and-budget-cuts-intensify-pressure-for-rba-to-cut-rates-in-december/2011112952594">AMP chief economist Shane Oliver</a> said yesterday that he expected the RBA to cut rates in December, arguing that waiting until February 7 meeting would be too high a risk due to “the increase threat from the Eurozone debt crisis, rising bank funding costs and increasing fiscal drag following federal government belt tightening”.
 
 
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Harry Triguboff says interest rates must fall next week

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Shares in Dixon Advisory’s US Masters  Residential Property Fund have risen 4.3% over the last three weeks as 815 Australian investors poured $26.9 million in the first round of a three-stage capital-raising exercise.
Listed on the small-cap National Stock Exchange, shares in the US Masters fund are currently trading at $1.67, up from $1.61 at the start of November. The fund listed at $1.60 on June 29.
Just over 16.3 million units will be issued to 815 new investors at an issue price of $1.64, representing 27.4% of issued units in the fund.
The fresh round of funding will be used to increase the size of the fund’s residential property portfolio, which invests in residential property in the New York metropolitan area, with a specific focus on multi-family properties in Hudson County, New Jersey.
Managing director Alan Dixon says the initial response to the capital raising was very strong with investors understanding the potential of “pooling their funds and buying into residential property in the US in attractive areas while the greenback is low and while yields are historically high”.
According to its most recent report ending October 31, the fund had acquired 55 properties at a combined cost of US$11.18 million with 22 acquired in October alone at a combined cost of US$4.66 million.
The 22 properties acquired in October each provide sub-divided, self-contained apartments for between two to four families. Yields range from 7.7% to 12%.
All properties are located in Jersey City on the west side of the Hudson River.
The highest-yielding property, a three-storey wood-panelled house painted red-brown on Vreeland Terrace in Greenville, was acquired for $140,000.
It is located less than half a mile from the nearest light rail station connecting Jersey City to Manhattan and features two three-bedroom apartments with monthly rents of $1,200 each.
During October the fund also received conditional acceptances for an additional 43 properties, with an estimated combined acquisition cost of US$7.7 million taking total conditional acceptances to 106 properties.
The fund estimates that the 43 conditional properties will achieve annualised net yields of 7.9% to 17.0%.
As at the end of October, the fund had secured commitments (including closed properties and conditional contracts) to acquire 161 residential properties with a total upfront cost of US$31.2 million.
In total, the 161 properties (those bought plus conditional acceptances) are forecast to achieve annualised net yields ranging from 8% to 12%. At the time of the fund’s IPO, the aim was to achieve an annualised net yield of greater than 8% on properties purchased.
The second round of the offer will close on December 12 and the final round on January 9, with Dixon Advisory expecting another $35 million to flow into the fund.
Ahead of the fund’s IPO at the end of June, it raised $69.5 million from more than 1,500 investors.
The current trading price equates to a market capitalisation of the fund of $73.77 million.
Investors will receive a minimum distribution of 10¢-a-unit for the calendar year ending December 31, 2012, a yield of 6.25% on the initial public offer price of $1.60 per unit.
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Dixon Advisory attracts 815 more Aussies to take a punt on US housing investment

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Growing concerns about the Eurozone and recently announced plans by the government to cut spending over the next four years are likely to cause the Reserve Bank to cut interest rates on December 6, according to some economists, borrowers and market commentators.
In today’s mid-year federal budget update, Federal Treasurer Wayne Swan announced $11.5 billion in new cost savings over four years and a lower growth forecast for the economy as part of plans to return the budget to surplus by 2012-13. Economists say the tightening of government purses and the reduced growth outlook is likely to encourage the RBA to cut rates when it meets next week.
Shane Oliver, chief economist at AMP Capital, says the government’s commitment to bringing the budget back to surplus by tightening its spending is likely dampen business and household spending.
At the same time he says Australian banks have been warning that their funding costs have been increasing as the situation in European – and associated global credit markets – has deteriorated.
“If this intensifies, then there is a risk that banks may actually increase their lending rates – both business rates and mortgage rates – independently of the RBA. Such a move would result in a tightening in monetary conditions at the worst possible time. The best way to prevent it from occurring in the short term would be for the RBA to reduce its cash rate,” he says. Oliver expects the RBA to cut rates in December, arguing that waiting until February 7 (there is no monetary policy meeting in January) would be too high a risk due to “the increase threat from the Eurozone debt crisis, rising bank funding costs and increasing fiscal drag following federal government belt tightening”, all of which is set against a “benign inflation backdrop”.
“A further 0.25% cut in the cash rate (taking it to 4.25%) at its December meeting is justified and further rate cuts are likely to be required next year,” he says.
"There's a 60% chance they will, but I think 100% they should. The risks are just too great," he told the Sunday Telegraph.
 Ahead of the budget update, Alan Kohler wrote in his most recent Eureka Report that it was his belief that “there will now definitely be another rate cut in December”.
“The RBA has no choice. If there was a case for a cut in November, there is even more of one in December,” Kohler says.
An online poll carried out by Loan Market, the mortgage broking arm of Ray White, found that 39% of respondents – the highest proportion – expect rates to be cut again at the RBA’s December meeting, with 26% expecting a cut in early 2012.
Loan Market chief operating officer Dean Rushton says the RBA’s Melbourne Cup decision to cut the cash rate from 4.75% to 4.5% provides some clear direction for consumers, but more relief is needed in the lead-up to Christmas.
“There is no doubt they will need to cut further to continue to shore up confidence in the current global environment,” says Rushton.
“A recent survey we ran showed that the issues occurring in Europe were top of mind for consumers when considering their financial position and these issues are not going away and more cuts are needed to stimulate sectors of our economy.”
Peter Strong, executive director of the Council of Small Business of Australia, has urged the RBA to cut interest rates for the sake of the economy and employment and says a rate cut will help a number of small business owners including real estate agents, tourist related business and the service sector as a whole.
“These sectors employ more people and add more to the economy than mines and banks put together and the RBA needs to get its head into reality and away from the over emphasised world of big business.”
 
 
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Europe worries and budget cuts intensify pressure for RBA to cut rates in December

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The sovereign debt crisis being experienced in Europe could soon be hitting the hip pockets of Australian mortgage holders. 
As eurozone finance ministers prepare to meet in Brussels tomorrow and Wednesday to try and find a path out of the current crisis, Australian economists and banking analysts are warning that the major banks may decide not to pass on the full extent of future interest rate cuts in order to maintain net profit margins on their lending and other financial products. 
Margins on home loans are expected to come under pressure due to an increase in the cost of re-financing wholesale funding lines as more jittery offshore institutional investors demand a greater return for their money (despite Australian mortgage-backed securities and other debt products rated among the safest in the world). 
The risk was made clear last week by Katie Dean, head of Australian economics at ANZ, who said a key transmission risk to Australia from European sovereign debt troubles was “a systemic shock to the supply and/or cost of global credit”. 
“This week, we saw a range of worrying developments that signal these transmission risks have risen,” she said.
“If global credit costs fail to resettle, the cost of Australian wholesale bank funding will likely rise. 
“This increases the risk that these higher wholesale costs will be passed on to the end-users of credit: businesses and households.” 
Over the past financial year the Big Four banks raised about $100 billion annually from wholesale debt markets to fund mortgage lending – primarily from institutional investors in Europe and the United States. 
While the major banks have all said they can hold off tapping into off-shore markets until 2012, Goldman Sachs estimates they will collectively require around $72 billion in wholesale funding for the 2012 financial year. 
According to figures prepared by Deutsche Bank for Business Day, the Big Four banks will need to refinance a total of $48 billion in bonds by June next year,  with $16 billion needed to be refinanced by the end of January. 
This refinancing will have to be done at higher rate of borrowing, meaning either borrowers or the bank’s shareholders will have to bear the cost. 
Australians don’t need very long memories to recall that a similar situation evolved in the wake of the sub-prime mortgage crisis of 2007 and 2008 when banks either raised interest rates above official rate rises or did not pass on rate cuts in full, blaming this on the high cost of offshore funding. 
This culminated in Westpac’s infamous “banana smoothie” animated video, where it tried unsuccessfully to explain how the increase cost of wholesale funding (bananas) was pushing up the price of mortgages (banana smoothies) after the bank raised mortgage rates by 45 basis points in December 2009 following an RBA increase of just 25 basis points. 
An escalation of the crisis in Europe would only add to the cost of borrowing money offshore with the increase likely to be passed on to borrowers rather than shareholders.
This appears to be happening already. with ANZ chief executive and new chairman of the Australian Bankers Association Mike Smith telling the Weekend Australian Europe was already in a “nasty” credit crunch, which was likely to spread to Asia and Australia. 
Offshore jitters has already caused the Commonwealth Bank to pull an issue of covered bonds – considered an exceptionally safe investment because they are backed the  bank’s assets  - due to “heightened market volatility”. 
Aside from increased wholesale funding costs, banks will also be looking to maintain home loan profit margins following a home loan pricing war, with the most recent JP Morgan Banking Sector report warning that “current [home loan] pricing is about as competitive as it can get prior to diluting group returns”.
 
 
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European debt crisis could hurt Australians' hip pockets

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While the major banks still dominate the lending landscape, accounting for about 80% of all mortgages written in Australia, second-tier lenders can compete and in some cases do better than their big rivals by focusing on specific markets and playing to their strengths. 
This has been starkly revealed in the release of AFG’s inaugural first Competition Index, which shows that Suncorp wrote an impressive 14.9% of all first-home buyer loans in October, nearly double that of NAB (7.7%) and higher than ANZ (12.5%). 
Suncorp’s share of the first-home buyer market was almost triple its overall market share of 5.1% captured in October, up from just 3.1% in November 2010.
The proportion of the market seized by Suncorp is significant, since AFG’s network of brokers account for around 10% of all home loans written in Australia, so the index can be viewed as something of a barometer of consumer confidence (in this case first-home buyer confidence) in lending institutions.
It is also significant when you consider that Suncorp has a mortgage book of about $30 billion (with about $21 billion of this lent to owner occupiers), small in comparison to NAB’s $170 billion book ($121 billion lent to owner occupiers) and ANZ’s $160 billion book ($115 billion lent to owner occupiers). 
The strong showing of Suncorp in the first-home buyer space was noted by AFG’s head of operations, Mark Hewitt, who says the mortgage market has become a lot more competitive in recent months. 
“Suncorp have adapted their deposit requirements to assist First Home Buyers, in particular construction loans, and the results speak for themselves,” he says. 
The Queensland-based bank was not the only smaller lender to demonstrate it can compete with the bigger brands in the first home buyer segment, capturing 5.9% of the market, not far behind heavyweights Westpac (6.5%) and its subsidiary St George (6.4%).
Not only does the index show the ability of a smaller lender to compete, but it also shows that being big and having access to millions of advertising dollars does not guarantee success in key markets. 
In the first-home buyer space, the NAB brand was a resounding flop in October, capturing a pitiful 1.4% of the market. The bank had better success with its Homeside product, a product sold exclusively through brokers, capturing a more respectable 6.3% of the market. 
If the bigger banks wish to capture more of the first home buyer market, the performance of Homeside versus the NAB brand suggests reaching out to the broker channel in a more meaningful way may help increase the flow of business.
Perhaps NAB should follow ING Direct and Suncorp’s lead, which have both built up strong ties with the broker community. 
ING Direct recently announced that it was increasing its broker distribution team in the lead up to 2012, with new appointments geared to improve service and relationships with the third party channel while Suncorp recently appointed St. George’s former broker chief, Steven Heavey, as its head of intermediaries. 
Overall, second tier lenders accounted for 27.9% of the first home buyer market in October, a higher proportion than their overall market share of around 20%. 
This is significant given expectations by the likes of <a target="_blank" href="https://www.propertyobserver.com.au/residential/first-home-buyers-to-drive-2012-housing-price-recovery-bis-shrapnel-s-angie-zigomanis/2011112252494">BIS Shrapnel’s Angie Zigomanis</a>, who forecasts first home buyers to drive the housing recovery in 2012. 
Ten biggest lenders to first home buyers in October (non-majors in red) 
<table style="width: 470px;" border="1" cellspacing="0" cellpadding="0"><tbody>
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<td width="308" valign="top">
Lender
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<td width="308" valign="top">
Market share
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<td width="308" valign="top">
Commonwealth Bank
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<td width="308" valign="top">
26.6%
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<td width="308" valign="top">
Suncorp
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<td width="308" valign="top">
14.9%
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<td width="308" valign="top">
ANZ
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<td width="308" valign="top">
12.5%
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<td width="308" valign="top">
BankWest
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<td width="308" valign="top">
10.2%
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<td width="308" valign="top">
Westpac
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<td width="308" valign="top">
6.5%
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<td width="308" valign="top">
St.George
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<td width="308" valign="top">
6.4%
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<td width="308" valign="top">
Homeside (NAB broker brand)
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<td width="308" valign="top">
6.3%
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<td width="308" valign="top">
ING Direct
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<td width="308" valign="top">
5.9%
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Citibank
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<td width="308" valign="top">
2.9%
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<td width="308" valign="top">
AFG mortgage
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<td width="308" valign="top">
2.1%
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Source: AFG
 
The strongest player in the first home buyer segment in October was the Commonwealth Bank, which in combination with subsidiary BankWest accounted for more than a third (36.8%) of all first-home buyer loans processed by AFG brokers. 
Overall the ANZ brand captured the great share of the mortgage market accounting for a 20.1% of all loans written in October by AFG brokers, followed by CBA at 18.7% and Westpac at 13.7%.
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Suncorp demonstrates smaller banks can compete with the majors

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The amount of money superannuation funds invest in the property sector could reach $350 billion at current asset allocation preferences, according to Charter Hall chairman Kerry Roxburgh.
Speaking at the recent Charter Hall AGM, Roxburgh presented a slide that showed the projected growth of superannuation funds under management at rates of 7% and 10% per annum, with property currently making up 11% of the portfolio mix of super funds. 
At the top end growth rate of 10%, superannuation funds under management would reach $3.2 trillion with an 11% property allocation equating to roughly $350 billion.
<img src="/images/stories/charterhall.gif">
Source: Charter Hall
 
 
 
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Super funds' property allocation tipped to reach $350 billion by 2020: Charter Hall chairman

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Demand for A-grade office space on the Gold Coast has picked up significantly over the past 18 months, with the vacancy rate falling from 40.2% in June 2010 to 25.3% in October 2011, according to valuer Herron Todd White. 
The amount of available A-grade office space has fallen over this time frame from 54,000 square metres to 34,000 square metres, equating to net absorption of 20,000 square metres. 
The take-up of A-grade office space has been helped by a number of factors, including the fact that there has been little new A-grade stock coming on board over this period. 
Total vacant space across all grades on the Gold Coast sits around the 100,000-square-metre level – more or less where it was 18 months ago, the report says. 
“Essentially what has happened is that the tenants of B- and C-grade properties have been lured in to A-grade buildings, leaving the B- and C-grade categories with higher vacancies,” explains HTW in the November report. 
Furthermore, to encourage leasing deals for A-grade space, landlords have had to offer reductions in face rentals and the solid levels of incentives, a common feature of the market, with the report noting that market and economic conditions remain weak. 
In the A-grade space, demand is higher for buildings of high quality and carrying green-star rating. 
The report notes that this year the majority of prominent A-grade buildings on the Gold Coast have either been or are currently on the market for sale, or are undergoing major leasing campaigns. 
These include 50 Cavill Avenue, the dominant office tower in Surfers Paradise, featuring 22 levels and net lettable space of 16,702 square metres. 
The building was listed for sale by expression of interest earlier this year, but is now off the market with a large amount of vacant space within the building. 
A major leasing campaign is underway to fill this space. 
According to HTW, the ability to fill this space will depend on the level of rental and incentives offered. 
Corporate Centres One and Two at Bundall are currently for sale by an expression of interest campaign which closed in late October. 
Along with the two towers, which provide a total net lettable area of 19,565 square metres, there is also approximately 15,500 square metres of surrounding development land purchased in 2007 at a price of $106 million. 
Other A-grade office buildings up for sale include the <a href="https://www.propertyobserver.com.au/queensland/austar-s-gold-coast-headquarters-back-on-the-market/2011072250887">6,700-square-metre Austar Building in Robina</a>, which was listed in July by owner BlackRock with a $40 million price tag, following an unsuccessful attempt to sell the building in June 2008.
 
 
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Gold Coast office market shows signs of improvement: HTW

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Analysts have backed the appointment of Darren Steinberg as the new chief executive of listed property trust Dexus Property Group.
CLSA analyst John Kim says Steinberg is “well regarded in the investment community”.
Another analyst, Simon Wheatley from Goldman Sachs, told the Australian Financial Review the Dexus strategy was unlikely to change with Steinberg leading the company.
Steinberg will remain head of property at Colonial First State Global Asset Management until he takes up the job of Dexus CEO on March 1, 2012.
Steinberg is also national president of the Property Council of Australia.
Currend Dexus CEO Victor Hoog Antink will step down at the end of March 2012 after eight years in charge.
During this period he oversaw the expansion of business, both listed and unlisted, from $10 billion to $14 billion worth of properties under management while the company continued to <a href="/news">outperform the A-REIT index since stapling in 2004</a>.
His decision to step down follows <a href="https://www.propertyobserver.com.au/industry-news/shareholders-unhappy-with-executive-pay-at-dexus/2011103152144" target="_blank">shareholders voting against the Dexus remuneration</a> report last month, which rewarded Antink with a $4.85 million pay packet.
Steinberg had been a candidate to run Centro Retail Australia, the new entity set to emerge from the restructured Centro business.
Steinberg’s successor at CFSGAM has not yet been named but a likely successor could be the group’s current head of wholesale property, Angus McNaughton.
Announcing his decision to retire, Antlink said: “Following eight years at Dexus and 30 years in the property industry, I had discussed with the Board earlier in the year my intention to retire in 2012 to pursue personal opportunities including a career as a non-executive director.
“The board and I believe now is the right time to handover to a new chief executive to lead Dexus in the next stage of growth.”
Dexus chairman Chris Beare highlighted the stapling of the individual trusts in 2004 and the repositioning of the listed group from a diversified to an office and industrial focused trust in 2007 as well as guiding the company through the GFC as among Antlink’s notable achievements while at the reigns.
Antlink also oversaw the development of the <a href="https://www.google.com.au/url?sa=t&amp;rct=j&amp;q=1+bligh+street+property+observer&amp;source=web&amp;cd=1&amp;ved=0CB0QFjAA&amp;url=http%3A%2F%2Fwww.propertyobserver.com.au%2Foffice%2Fbloomberg-considering-move-to-sydney-s-1-bligh-street%2F2011112452537&amp;ei=TM_STtLKO8mTiQe-6K3kDg&amp;usg=AFQjCNEsLZxc8KXBHG6GIUCuRzatyjqHGg" target="_blank">1 Bligh Street office tower</a> in the Sydney CBD and 123 Albert Street in the Brisbane CBD, both premium-grade office towers with six-star green star ratings.
The company has $7.5 billion worth of office towers and industrial assets on its balance sheets and $6.2 billion of funds under management for institutional investors.
Speaking at the AGM at the end of October, Antlink said the Dexus vision was to be the leading owner, manager and developer of prime CBD office space in Australia, and a major force in Australia and US west coast industrial markets.
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No changing course for Dexus as Darren Steinberg readies to step in

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Yellow Brick Road would have had to embark on a $50 million marketing campaign over an 18-month period to generate the increase in brand recognition the company has achieved following its close association with Channel 9’s Celebrity Apprentice, according to founder and show host Mark Bouris.
The mortgage and wealth advice business featured in all episodes of the 2011 series, which rated among the most successful new shows for the network, drawing in more than 1 million viewers per episode, culminating in 1.6 million tuning in for the finale on November 21.
Few would argue that Bouris, who also hosted the show, failed to extract the maximum possible leverage from its prime time television slot – for the final challenge contestants were tasked with creating a Yellow Brick Road marketing campaign including a 30-second TV commercial, in-store marketing poster, brochure, cardboard cut-out and a corporate launch event.
Contestants were also gushing in their praise of the Yellow Brick Road business and its staff.
Former Miss Australia Jessinta Campbell described every member of Yellow Brick Road as “passionate, dedicated and devoted to providing their customers with the best financial advice possible”.
It wasn’t enough that comedian and series winner called Bouris a “heavenly man” but she also made Australian prime-time viewers aware that the depth of her respect for him “stems from his passion for helping average Australians, like my family, to carve out a stable financial future, no matter what you earn”.
It seems Australian prime-time television audiences lapped it up.
According to Bouris, enquiries about Yellow Brick Road’s home loans and term deposit products are up 200% above normal levels.
“I really don’t think you could build a national brand in such a short period with a relatively small dollar spend,” Bouris told The Australian Financial Review.
Bouris says he spent around $100 million building the Wizard brand and that it took about three years to build up enquiries to the level of interest currently being experienced by Yellow Brick Road.
Channel 9 acquired a 19.99% stake in Yellow Brick Road for $13 million in September. Bouris is the majority shareholder.
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Celebrity Apprentice saved Yellow Brick Road $50 million: Mark Bouris

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.

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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."

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Looking ahead, the Gold Coast's population is projected to exceed one million residents by 2046.

For a city that was once largely defined by tourism and lifestyle, the latest figures suggest the Gold Coast is becoming something more significant, one of Australia's most diverse and economically sophisticated urban economies, and increasingly one that national and international investors can no longer afford to overlook.

Joel Robinson

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

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

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

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

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

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

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

Larry Schlesinger

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