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Australia’s biggest home lender has cut its fixed interest rates again as existing mortgage holders continue to wait in hope of some relief before the end of the year. 
Following yesterday’s decision by the RBA to leave the cash rate on hold at 4.75%, the Commonwealth Bank has cut its fixed rate mortgage for the second time in the space of a few weeks. 
From today, the bank’s one-year fixed rate will drop from 6.59% to 6.48% while its three-year fixed rate loan will fall from 6.59% to 6.43% for borrowings over $150,000. 
Other lenders to have cut fixed rate mortgages in the last week include:
<ul>
<li>St George Bank, which has cut its two year fixed rate mortgage by 15 bps (to 6.59%) and three year fixed by 5 bps (to 6.69%)</li>
<li>Newcastle Permanent Building Society, which has cut its four and five year fixed rates by 10 bps to 6.79% and 6.84% respectively</li>
<li>Credit Union Australia, which has cut its one year fixed by 26 bps (to 6.79%); two yCear fixed by 25 bps (to 6.85%); three year fixed by 40 bps (to 6.74%) and five year fixed by 21 bps (to 7.34%).</li>
</ul>
The rate cuts come as a survey of 1,000 mortgage holders by Mortgage Choice has found that half would use a rate cut to pay more towards their home loan, rather than spend it at the shops. 
The survey emphasised the savings mindset of mortgage holders, with a further 30% saying they would “save more money in some other way”. 
“Our new national survey discovered only one in five of the 1,000-plus respondents, all of whom were mortgage holders, will spend more if interest rates drop. In fact, every second person will simply contribute all extra funds into their home loan,” says Mortgage Choice spokeswoman Kristy Sheppard. 
“Ninety-six per cent will save more money or the same as they have been if rates fall, which clearly demonstrates the mindset of today’s cautious consumer. De-leveraging while building a protective financial shield against tougher times is very much at the forefront of their decision making. 
“Our findings also indicate current interest rates aren’t contributing to borrower stress as a number of commentators suggest. What they are doing is stopping the majority of mortgage holders from creating a bigger financial buffer via making extra repayments.” 
Using the national average mortgage size of $288,100 and the benchmark basic variable rate of 7.11% (which is the average rate across the major four banks), borrowers will save $46 per month if rates drop by 0.25%, mortgage comparison website RateCity.com.au has found. 
Interest rate markets are still pricing in a rate cut this year with Westpac expecting rates to fall before the end of the year and 1% to be shaved off the official rate over the next 12 months.
The Commonwealth Bank expects rates to rise by February 2012.
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CUA joins lenders cutting fixed rates as borrowers continue to save

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A former horse stud set on 3.9 hectares of land in Burpengary, Queensland, has debuted at number 3 on SQM Research’s list of 10 most discounted properties. 
The property includes  a three-bedroom house, four brick stables, four shelters and a  round yard, crush, feed shed, dam and almost ten acres of grazing space. 
It listed in April at $1.2 million. The price was dropped to $990,000 in May and further discounted to $699,000 in June, the current listing price – a 42% discount to its original listing price. 
“This week's top 10 once again features our old faithful property – 1350 Wynnym Road Tingalpa, 4173,” comments SQM Research managing director Louis Christopher 
“As <a target="_blank" title="Ugly duckling back on market" href="https://www.propertyobserver.com.au/residential/bank-stop-overlooked-ugly-duckling-from-selling-in-deteriorating-brisbane-market/2011090251401">mentioned</a> on <a target="_blank" title="Property Observer" href="">propertyobserver.com.au </a>late last week, this Queensland property went from being under contract to back on the market after the potential buyers’ finance fell through. The property has been on the market since November last year. 
“In addition to this, we have a new Queensland property entering our list this week – 102 Fountain Road Burpengary, 4505 which has been discounted by over $500,000 since its inception onto the market in April this year 2011. The vendors of this property, which was a former horse stud, featuring attributes such as an in-ground pool, ducted air conditioning, stables and feed shed, billiard room with built-in bar and 1.5kw solar panels, are most likely struggling to find a suitable buyer for a home with such niche characteristics.”
<h2 style="font-size: 18px; line-height: 21px;">1</h2>
<a href="https://sqmresearch.com.au/homediscounts/redir.php?url=http%3A%2F%2Fwww.realestate.com.au%2Fcgi-bin%2Frsearch%3Fa%3Do%26id%3D106479093" title="588 white beach road" target="_blank">588 White Beach Road, White Beach, Tasmania, 7184</a>
On the market since: May 23, 2010
Initial asking price: $780,000
Current asking price: $400,000
Reduction: 49%
Days on market: 462
 
<h2 style="font-size: 18px; line-height: 21px;"></h2>
<h2 style="font-size: 18px; line-height: 21px;">2</h2>
<a target="_blank" title="1350 Wynnym Road" href="https://sqmresearch.com.au/homediscounts/redir.php?url=http%3A%2F%2Fwww.realestate.com.au%2Fcgi-bin%2Frsearch%3Fa%3Do%26id%3D106966579">1350 Wynnum Road, Tingalpa, Queensland, 4173</a>
On the market since: November 6, 2010
Initial asking price: $700,000
Current asking price: $380,000
Reduction: 46%
Days on market: 294
 
3
<a target="_blank" title="102 Fountain Road" href="https://www.domain.com.au/Property/For-Sale/House/QLD/Burpengary/?adid=2008940771">102 Fountain Road,  Burpengary, Queensland, 4505</a>
On the market since: April 17, 2011
Initial asking price: $1.2 million
Current asking price: $699,000
Reduction: 42%
Days on market: 134
 
<h2 style="font-size: 18px; line-height: 21px;">4</h2>
<a target="_blank" title="3 Boolari Road" href="https://sqmresearch.com.au/homediscounts/redir.php?url=http%3A%2F%2Fwww.realestate.com.au%2Fcgi-bin%2Frsearch%3Fa%3Do%26id%3D105832903">3 Boolari Road, Gosford West, NSW, 2250</a>
On the market since: July 8, 2009
Initial asking price: $990,000
Current asking price: $580,000
Reduction: 41%
Days on market: 780
 
<h2 style="font-size: 18px; line-height: 21px;">5</h2>
<a target="_blank" title="232 High Central Road" href="https://sqmresearch.com.au/homediscounts/redir.php?url=http%3A%2F%2Fwww.domain.com.au%2FPublic%2FPropertyDetails.aspx%3Fadid%3D2007562500">232-234 High Central Road, Macleay Island, Queensland, 4184</a>
On the market since: January 11, 2009
Initial asking price: $279,000
Current asking price: $175,000
Reduction: 37%
Days on market: 959
 
<h2 style="font-size: 18px; line-height: 21px;">6</h2>
<a href="https://sqmresearch.com.au/homediscounts/redir.php?url=http%3A%2F%2Fwww.domain.com.au%2FPublic%2FPropertyDetails.aspx%3Fadid%3D2008491614" title="25 Vicary Street" target="_blank">25 Vicary Street, Triabunna, Tasmania, 7190</a>
On the market since: August 2, 2010
Initial asking price: $299,000
Current asking price: $189,000
Reduction: 37%
Days on market: 392
 
<h2 style="font-size: 18px; line-height: 21px;">7</h2>
<a target="_blank" title="290 Viveash Road" href="https://sqmresearch.com.au/homediscounts/redir.php?url=http%3A%2F%2Fwww.domain.com.au%2FPublic%2FPropertyDetails.aspx%3Fadid%3D2007193295">290 Viveash Road, Swan View, WA, 6056</a>
On the market since: June 5, 2008
Initial asking price: $2.29 million
Current asking price: $1.5 million
Reduction: 34%
Days on market: 1,180
 
<h2 style="font-size: 18px; line-height: 21px;">8</h2>
<a href="https://sqmresearch.com.au/homediscounts/redir.php?url=http%3A%2F%2Fwww.realestate.com.au%2Fcgi-bin%2Frsearch%3Fa%3Do%26id%3D105294317" title="3 Zelma Court" target="_blank">3 Zelma Court, Macleay Island, Queensland, 4184</a>
On the market since: May 23, 2010
Initial asking price: $380,000
Current asking price: $250,000
Reduction: 34%
Days on market: 461
 
<h2 style="font-size: 18px; line-height: 21px;">9</h2>
<a href="https://sqmresearch.com.au/homediscounts/redir.php?url=http%3A%2F%2Fwww.realestate.com.au%2Fcgi-bin%2Frsearch%3Fa%3Do%26id%3D106138206" title="1/16 Dewar Way, Ledge Point" target="_blank">1/16 Dewar Way, Ledge Point, 6043</a>
On the market since: November 15, 2009
Initial asking price: $375,000
Current asking price: $250,000
Reduction: 33%
Days on market: 650
 
 
<h2 style="font-size: 18px; line-height: 21px;">10</h2>
<a href="https://sqmresearch.com.au/homediscounts/redir.php?url=http%3A%2F%2Fwww.domain.com.au%2FPublic%2FPropertyDetails.aspx%3Fadid%3D2008659274" title="2506/83 Queensbridge Street" target="_blank">2506/83 Queensbridge Street, Southbank, VIC, 3006</a>
On the market since: October 31, 2010
Initial asking price: $2.15 million
Current asking price: $1.5 million
Reduction: 30%
Days on market: 301
SQM Research also offers a list of the <a href="https://www.sqmresearch.com.au/top100bargains.php" title="SQM Research" target="_blank">Top 100 Biggest Bargains in Australia </a>for sale.
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Horse stud discounted by 42% in five months on SQM discount list

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Centro Property Group’s Townsville shopping centre has been listed for sale as the beleaguered company looks to liquidate its assets and restructure under a new retail entity.
The centre was valued at $35.5 million in April this year, up 4.5% from a December 2010 valuation of $34 million.
It last sold for $20.75 million in November 2001.
The property is being marketed by Phil O'Donovan and John Quinlan from Knight Frank and Jon Tyson and Peter Tyson from Savills.
It is located at 39-355 Ross River Road, Townsville near the Bruce Highway.
The centre has a total gross lettable area of 13,670 square metres on a site of 42,424 square metres and is anchored by a Cole and K-mart, 24 specialty shops, two kiosks and three ATMs. Specialty stores include BWS, Suncorp, Commonwealth Bank, Bank of Queensland, Bakers Delight, Wide Bay Australia, Lenard's Poultry Shop and Donut King. Approximately 54% of the centre's gross income is derived from Coles and K-mart, and it earns total fully leased net income of $3,483,928 per annum.
The property is for sale by expressions of interest closing on October 13.</body></html>

Centro seeks buyer for Townsville centre

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Mortgage Choice boss Michael Russell expects the Commonwealth Bank to sell the 17.2% stake it acquired in the mortgage broker following its acquisition of Count Financial.
“I can only really speculate. If I was a betting man, I’d be suggesting that they may well offload the stake. I think they have enough ownership in the mortgage origination space,” Russell says.
The bank has said it might sell its stake in Mortgage Choice even if not compelled to do so by regulators because there would be little strategic benefit in holding onto it.
The Commonwealth Bank already owns a 33% share of Aussie Home Loans, a direct competitor to Mortgage Choice.
As new owner of Count Financial, it also owns its subsidiary mortgage aggregation business Finconnect.
A decision by the bank to sell its stake in Mortgage Choice would most likely be welcomed by Mortgage Choice franchisees and the wider mortgage broking community.
Commonwealth Bank is the country’s biggest home lender, and its mortgages are among the most recommended by Mortgage Choice brokers.
While Russell says he does not expect the bank would interfere if it became a major shareholder, he told the Australian Financial Review franchisees “like the perceived independence that is created by having no bank ownership on our register”.
“One of our tag lines is that we are independently owned and operated. That said, things change, and we are pretty adaptable sort of organisation.”
Mortgage Choice is due to have discussions with the Commonwealth Bank over the coming weeks.
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Mortgage Choice CEO contemplates CBA selling stake in broker

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As we look to what's ahead for 2012, Property Observer is republishing some of our most noteworthy stories of 2011.
January 2012 update: All three properties mentioned below remain up for sale, according to online real estate listings.
 
The release of June quarter data showing renters require less income to rent in Tasmania should encourage investors to dip their toes in Australia’s cheapest property market.
According to the latest REIA/Deposit Power Housing Affordability Report, the proportion of family income devoted to meeting median rents fell from 29.5% to 26.8%, the biggest drop across all states and territories over the quarter. Despite the deterioration in house prices across the state, with Tasmanian house price falling to just $305,000, the median mortgage size increased from $205,000 to $216,000, meaning affordability rose  1.3% to 29.5%.
Among the more heavily traded suburbs over the June quarter is the coastal city of Devonport, in the centre of Tasmania's north coast.
The town has a population of 25,000 and a modern airport and is a destination for the Bass Strait ferry terminal linking it to Melbourne.
On the basis of 28 sales over the quarter, the median house price has fallen 3.2% over the year to $246,750.
A year ago a house in <a target="_blank" title="Devonport" href="/news">Devonport </a>cost about $255,000 on the back of 38 sales, and in December 2008 a similar number of properties changed hands at a median price of $221,000.
Realestateview.com.au lists 33 properties in Devonport for sale under the current median price.
Investors or families looking for a home with a big backyard and close to schools might be interested in a three-bedroom weatherboard house on Oldaker Street (pictured below) up for sale for offers over $199,000 by Halliwell Property Agents.
<img src="/images/stories/tassie1.jpg">
Situated on an 813-square-metre block, the 1948-built house is tenanted for six months bringing in $220 per week. This would translate into a yield of 5.75% at the current asking price.
It is close to the Devonport High Schools and to public transport. Features include a Saxon wood heater and large back yard.
The property last sold for $146,000 in September 2005 and has been on the market since January 2011.
According to Alan Halliwell, managing director of Halliwell Property Agents, Devonport remains an actively traded market.
“The number of sales in the Devonport over the last few years has remained steady. There is a solid real estate marketplace in Devonport with the town often places in top three areas in Tasmania for activity,” he says.
Halliwell says the enquiry rate for Devonport properties has not dropped off, with the main determining factor being price. Home owners must price competitively to sell, he says.
Weary metropolitan dwellers in Sydney or Melbourne looking for a tree change might consider the Huon Valley, 40 kilometres from Hobart, known for its arts, crafts and vineyards.
Based on 52 sales over the June quarter, the median house price stands at a tick over $273,000 with prices declining 0.5% over the quarter. A year ago, the median house price in the valley was $270,000 and three years ago, it was exactly the same.
Buyers looking for a rustic bushland retreat could snap up a two-bedroom timber log cabin (pictured below) situated on 27 hectares of mostly native bushland in <a target="_blank" title="Pelverata" href="/news">Pelverata </a>in the Huon Valley and asking about $230,000.
<img src="/images/stories/tassie2.jpg">
The sale is being handled by Nick Bond from Tasmanian Private Realty. It includes a wood-heated lounge, galley-style timber kitchen and “over 400 metres of picturesque frontage to a permanent creek with two swimming holes along the boundary and many small falls and rapids”.
The property last sold in July 2009 for $215,000 and has been listed for sale since February 2011.
Bond says the “quiet private rural area” is a great escape or weekender away and is only a 10-minute drive from Huonville and 40 minutes from Hobart.
A little further down the Huon Valley is the tiny bayside hamlet of Cygnet dating back to 1834. Cygnet has a population of well under 1,000 and is home to a number of folk and harvest festivals.
According to the REIT June quarter survey and based on 11 sales, house prices depreciated 6.3% to $300,000, but are up 11% over the last two years. Three years ago, a house in <a target="_blank" title="Cygnet" href="/news">Cygnet </a>cost just over $250,000.
Just over $215,000 will get you a three-bedroom house (pictured below) being marketed by Andrew McDonald from Your Home Realty.
<img src="/images/stories/tassie3.jpg">
“Close your eyes and picture a small, proud country town with stunning green rolling hills, down to a yacht club with miles of pristine waterways, heritage hotels, golf club, restaurant &amp; cafes, craft shops, fishing spots, or just drop into one of the many wineries, which is why this area is one of the best kept secrets of the Huon Valley,” is how McDonald describes Cygnet.
The house would suit an avid gardener, being sold with a glasshouse, three garden sheds and established fruit trees.
It last sold for $145,000 in April 2007 and for $42,500 in June 1998. It has been on the market since August 13.  It currently brings in weekly rent of $255, which translates to a yield 6.17% at the current asking price.
Main picture courtesy of Tourism Tasmania
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Affordability could draw investors to Tasmania

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As predicted by economists the Reserve Bank has left the official interest rate unchanged at 4.75% for the ninth meeting in a row. The bank last raised rates in November 2010.
A survey of 25 economists by Bloomberg before today’s meeting found that all of them expected the cash rate would be left at its current level.
The Australian dollar was trading down in a range between $1.051 and $1.055 in morning trading.  The dollar rebounded slightly following the announcement, rising to $1.053.
The Commonwealth Bank expects the next rate movement to be up but has pushed back its forecast to February 2012 from an earlier November 2011 prediction.
Westpac is sticking by its forecast of  up to 100 basis points being cut, starting in December.
The release of second quarter GDP figures tomorrow as well as future inflation figures (September quarterly inflation results are due out on October 26) will weigh heavily in decisions about interest rate changes.
ANZ is forecasting 0.6% GDP growth for the second quarter.
The decision will disappoint the Australian Retailers Association, which has demanded an early interest rate cut on expectations of more pain for the sector.
“Looking ahead to the spring season, retailers aren’t expecting a break, but rather a continuation of over 18 months of dismal trading conditions," ARA executive director Russell Zimmerman said ahead of today’s decision.
International uncertainty weighed heavily on the decision to leave rates unchanged, with RBA governor Glenn Stevens commenting that conditions in global financial markets have been very unsettled over recent weeks.
“As a result, the outlook for the global economy is less clear than it was earlier in the year. Some temporary impediments that had contributed to a slowing in growth in some countries over recent months, such as the supply-chain disruptions from the Japanese earthquake and the dampening effects of rising commodity prices, are lessening. But the uncertainty and financial volatility is reducing confidence and may result in more cautious behaviour by firms and households in major countries. A number of forecasters have scaled back their global growth estimates over the past couple of months,” Stevens says.
Domestically, Stevens says growth in wages has returned to rates seen prior to the downturn, though productivity growth has been weak.
Inflation remains a key concern: “Year-ended CPI inflation should start to decline towards the end of the year, as temporary weather-related effects reverse. But measures of underlying inflation have been increasing this year, after declining for the previous two years.
"While they have, to date, remained consistent with the 2–3 per cent target on a year-ended basis, the Board remains concerned about the medium-term outlook for inflation. A key question will be the extent to which softer global and domestic growth will work, in due course, to contain inflation,” Stevens says.
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Interest rates remain on hold

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Housing finance to owner-occupiers remained relatively soft in July, increasing by 1%, according to ABS figures.
The figure was close to market expectations (1.5%) but only half of the 2% increase forecast by Westpac.
New lending, excluding refinancing, advanced by just 0.3%, and lending for the construction of new dwellings declined by 0.8%.
Queensland recorded a 2.3% increase in owner-occupier mortgages, with Westpac commenting that the market has yet to fully recover from the disruptions of early this year.
“Queensland state government incentives for the housing sector kicked in during August. Anecdotes suggest that Queensland housing finance did improve significantly in August,” says Westpac.
Investor activity picked up in July, with mortgage for investment purposes increasing 1.9% over the month.
The July figures follow the release of mortgage approval numbers for August from mortgage broker AFG – a month ahead of the ABS figures – which writes 20% of all mortgages in Australia.
The broker recorded a 21% increase in mortgage approvals, suggesting a turnaround is on the cards ahead of spring.
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Mortgage numbers remain soft in July 

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Macroeconomic factors such as interest rate cuts play a more influential role in boosting housing activity than state-based support schemes, according to research by Deutsche Bank. 
A month after the Queensland government launched its $10,000 Building Boost program aimed at encouraging the building of new homes, the bank says the impact of similar state schemes in Victoria (up to $26,500 for construction of a new home in regional areas) and South Australia ($8,000 to home buyers for the construction of a new home) has been mixed. 
The bank compared the impact of dwelling approvals in Victoria and South Australia against approvals in New South Wales, Queensland, Western Australia and Tasmania.
<img src="/images/stories/dbsept61.gif">
According to the bank, the results suggest that the subsidies implemented in Victoria helped to boost housing construction activity relative to other states. On the other hand, the subsidy available in South Australia is yet to have a material impact on relative activity. 
“In Victoria’s case, other states saw a rebound in activity at about the same time that the Victorian subsidy was introduced. However, the rebound in Victoria was stronger – and was sustained for longer. 
“By contrast, activity in South Australia has broadly tracked activity in other states since the introduction of the new home construction subsidy in September last year”. 
In both cases, the evidence suggests that broader macroeconomic factors play a more influential role on housing activity than state-based support schemes with dwelling approvals closely linked to changes in the cash rate. 
As an obvious example, the recovery in dwelling approvals after October 2008 was associated with the reduction in the cash rate to an "emergency" level of 3%
“The sum of the above suggests to us that the Queensland government’s building boost program may offer some limited support for dwelling construction, but the evidence overwhelmingly suggests that broader macroeconomic conditions, particularly the level of interest rates and by implication housing affordability, is a far more important determinant of housing construction,” the report says.
The findings come on the back of the government recently admitting that it had not examined long-running claims that the introduction of the first-home owners grant may have resulted in house prices appreciation, thus doing little to alleviate affordability worries.
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Interest rates affect housing market more than government grants

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The medium-term outlook for the Queensland housing market is rosier than that of NSW, according to analysis by Deutsche Bank.
Currently Queensland ranks as the weakest housing market on the bank’s three key metrics – approvals are currently running about 33% below their long-run average pace, house prices have fallen by 3.6% over the past year and “ownership transfer costs” have fallen by 24.9% over the four quarters to March 2011 compared with the four quarters to March 2010.
<img src="/images/stories/dbsept6.jpg">
However, according to Deutsche Bank economists Adam Boyton and Phil O’Donaghoe, the current weakness in Queensland is more a result of house price corrections outside of Brisbane such as the Gold Coast east market (identified by the RBA as having the third-highest number of housing arrears of any region in Australia).
Brisbane, according to the bank’s housing analysts, is likely to undergo a much shallower house price correction, since the market came off its peak in June 2010.
In comparison, the Sydney market has been undergoing a much longer price correction dating back as far as 2003, reflecting excesses that had been building up over a number of years.
Besides a smaller, short-term house price correction, Deutsche Bank says there are two additional features that may lead to some alleviation of the recent weaknesses in Queensland.
“First, reconstruction efforts following the Queensland floods in late 2010/early 2011 should provide some respite. The Queensland Treasury have estimated that around 3,000 homes were rendered non-liveable as a result of the floods and Cyclone Yasi, with more than 50,000 dwellings were damaged to various degrees,” the bank says.
“Current dwelling approvals run at a little over 2,000 per month in Queensland – the long-run average is a little over 3,000.”
The second factor is the introduction of the Queensland Building Boost program at the beginning of August, which the bank says has the potential to cover up to 14,000 new homes.
According to Deutsche Bank, Victoria has had the strongest housing market over the past year, with approvals currently running around 40% above their long run average pace. While Victorian house prices fell by 2.0% over the year to the second quarter of 2011, this follows a peak increase of 26.3% year on year in the first quarter of 2010 and ‘ownership transfer costs’ rose by 3.8% in the four quarters to March 2011 compared to the four quarters to March 2010.
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Queensland housing prospects stronger than NSW: Deutsche Bank

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Prices paid for vineyards have hit rock bottom and are likely to start heading up next year, according to Colliers’ latest rural and agribusiness survey. 
The past two years have been characterised by very few sales, and where they have occurred “the sale price has represented a significant decline in value demonstrating the real impact of the downturn,” the report says.
“Property values in the wine/vineyard sector have been hit the hardest and are now well and truly at the bottom. There has been a significant amount of restructuring here and not just portfolio sell downs but demergers and consolidations,” the report says. 
“Most of this is now complete. Moving forward, the final outcome of the Great Southern Vineyard Portfolio and Cheviot Kirribilly Vineyard Portfolio sales will provide the last indication of any final adjustments. 
“This sector should re-emerge in a stronger position in 2012 as it begins to consolidate. At this time, some expansion may occur as selective institutional investors reconsider increasing their exposure to the sector.” 
According to Colliers, transactions are now being reported following 24 months of virtually no activity. 
“Demand is still strong … and with the release of some major and interesting portfolios recently … might actually return to a much stronger position by the end of the year,” the report says. 
This forecasted recovery does not hold true for south west of Western Australia, according to David Able, a rural divisional manager at Herron Todd White. 
He says the market for vineyards in this region has been depressed for the past two years, “and there doesn’t appear to be any light at the end of the tunnel”. 
“The massive oversupply of wine in Australia and across the world is anticipated to continue for at least the next few years and could well extend beyond this unless there are significant reductions in the number of vineyards, particularly in the cooler climate regions. 
“Any sales that have occurred have generally been forced sales and have shown no added value for the vines. In fact in many cases the vines were earmarked for removal.” Able says. 
Expressions of interest for the Cheviot Kirribilly Vineyard Property Group (CKP) 953-hectare South Australian vineyard portfolio closed mid-August, with the sale being conducted by Colliers agents Tim Altschwager and Nick Dean. Details of the sale are pending. In June 2009 Knight Frank valued the six vineyards at $42.3 million. Outcome of the negotiations have yet to result in a sale.
Altschwager and Dean are also seeking buyers for the 2,574-hectare Great Southern Vineyard Portfolio on behalf of liquidators with expressions of interest closing on November 12. The portfolio comprises 12 properties, including South Australian-based Galerita, Boh River and Sovereign in the Riverland, Woodside Ridge in the Adelaide Hills and Chapel Gate in Langhorne Creek as well as vineyards in NSW's Riverina and WA's Margaret River region.
In Geelong, Knight Frank agents Michael Hede and Leigh Morris, acting on behalf of receivers are seeking buyers for the collapsed Pettavel and Strathmore vineyards. Hede expects a price of between $5 million and $6 million for the historic Pettavel Vineyard and between $2 million and $3 million for the Strathmore Vineyard.
Prominent deals this year include: 
<ul>
<li>In August, San Francisco-based The Wine Group announced it would buy the 100,000-ton Loxton winery from Australian Vintage Limited located in the Riverland Wine Region in South Australia for about $27 million. </li>
</ul>
<ul>
<li>Poplars Winery in the Coonawarra sold in May 2011 for $4.2 million. The property was owned by Coonawarra Development Company, which purchased the property from Fosters Group in 2007. Coonawarra Development Company went into liquidation in July last year. 
</li>
<li> Cockatoo Ridge Winery in South Australia’s Riverland sold for $3 million to a local investor in February, after it was placed in voluntary administration. The property failed to sell in 2009. </li>
</ul>
<ul>
<li>Constellation Brands sold an 80% share of its Australian and UK business to Australian based company CHAMP Private Equity for about $290 million. Assets sold included Hardy’s Wine Company’s vineyard and winery assets.</li>
</ul>
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Flat vineyard sales to sparkle next year: Colliers

Sydney developer&nbsp;<a href="https://www.apartments.com.au/developers/central-element">Central Element</a>&nbsp;is doubling down in Drummoyne, lodging plans for a boutique apartment development on St Georges Crescent, only one-kilometre down the road from its first Drummoyne development, Bianca.

The new project at 15A-21 St Georges Crescent,&nbsp;a&nbsp;1,701sqm north-facing site overlooking Iron Cove, will have 45 apartmnts across 10 levels. Eight of the units will be dedicated to affordable housing.

The site sits within walking distance of Drummoyne Village, Birkenhead Point, ferry services and the Bay Run, and offers harbour views towards the Sydney Harbour Bridge and CBD skyline.

Designed by MHN Design Union, the development will deliver a mix of one, two and three-bedroom apartments, alongside resident amenity including a gym, landscaped communal open space and three levels of basement parking.

The project has been lodged under the NSW Government's Low and Mid-Rise Housing reforms, with Drummoyne Village identified as a town centre capable of accommodating additional housing supply.

Central Element acquired the site earlier this year as part of its continued expansion across Sydney's eastern suburbs, lower north shore and inner west.

The developer's current pipeline includes luxury apartment projects Pearl Bondi and a separate development on Lamrock Avenue in Bondi, a residential project in Barry Street, Neutral Bay, and a mixed-use seniors living community in Greenwich.

Central Element Managing Director Nathan Chivas said the project would address a shortage of new owner-occupier housing opportunities in Drummoyne.

"While we're seeing a significant shift across Canada Bay as major infrastructure investment, population growth and planning reform drive a new chapter for the region, in suburbs like Drummoyne there remains a genuine shortage of new boutique luxury housing opportunities for owner occupiers," Chivas said.

"Sites of this nature are increasingly difficult to secure, particularly those that combine a north-facing aspect with direct water outlook. Our St Georges Crescent project responds directly to the market demand, offering a level of exclusivity, outlook and lifestyle in the highly sought after suburb."

The development application has been lodged with the City of Canada Bay Council, with the project expected to launch to market in early 2027.

&nbsp;

Joel Robinson

Central Element seeks second Drummoyne apartment development

The NSW Government has unveiled plans that could deliver around 1,300 new homes across Nowra and Kiama, continuing its push to unlock housing in well-located regional centres along the South Coast.

The proposals, now on public exhibition, would pave the way for around 830 homes in Nowra and a further 450 homes in Kiama, while also introducing affordable housing requirements and increased building heights in key locations.

The larger of the two proposals is centred on Nowra, where the NSW Government is seeking to rezone land within the Mandalay and Riverfront precincts.

The Mandalay sub-precinct, located close to Shoalhaven Memorial Hospital, Nowra Library and the city's aquatic centre, could accommodate around 530 new homes. Around 30 per cent of housing delivered on Homes NSW-owned land would be dedicated to social and affordable housing, equating to roughly 100 homes. Building heights would increase from the current two-storey limit to between three and six storeys.

A separate rezoning proposal for the Nowra Riverfront Precinct would unlock a further 377 homes while creating stronger connections between the Shoalhaven River and the CBD. The plans include building heights ranging from five to 12 storeys, floor space ratios of up to 2:1 and a requirement for two per cent affordable housing.

Together, the two proposals would deliver more than 900 homes across the broader Nowra area, reinforcing the city's role as one of regional NSW's key growth centres.

The housing push builds on previous infrastructure commitments in the Shoalhaven, including government funding aimed at supporting thousands of future homes in West Nowra through upgrades to water and wastewater infrastructure.

Further north, the NSW Government is also progressing plans for the former Kiama Depot site, a two-hectare parcel near Kiama's town centre.

The rezoning proposal would transform the former industrial site into a residential community capable of delivering up to 450 homes. Buildings would range between six and eight storeys, with at least 10 per cent of homes allocated as affordable housing. The proposal also includes approximately 600 parking spaces and improved walking and cycling connections.

Planning Minister Paul Scully said the proposals are designed to increase housing supply in locations close to jobs, transport and services.

"For too long, families have struggled to find somewhere to live, and activating underutilised sites allows us to deliver the new homes these families need," Scully said.

"The Minns Labor Government is getting on with the job of unlocking well-located sites close to transport, jobs, and town centres and building the homes our communities need.

"These rezonings are about removing barriers to housing delivery and making sure land is put to better use so more people can find a place to call home within the communities they choose."

The latest rezonings form part of the Minns Government's broader strategy to accelerate housing delivery across NSW, particularly in established centres where existing infrastructure can support additional population growth.

Community consultation on the proposals is now underway, with feedback set to inform the final planning controls before the rezonings are determined.

Around 1,300 new homes earmarked for Nowra and Kiama as NSW Government pushes housing supply

<a href="https://www.apartments.com.au/developers/mrcb">MRCB International</a> has commenced construction on its latest Gold Coast apartment development, Maris, on the site of the former Sundale Motel in Southport.

The start of construction by <a href="https://www.apartments.com.au/builders/binah-constructions">Binah</a> follows an exceptionally strong sales campaign, with more than 90 per cent of apartments sold since launch. Every purchaser has been local, an&nbsp;indicator of confidence in both the development and Southport's evolution into a thriving CBD.

<a href="https://www.apartments.com.au/new-apartments/maris-southport-20-queen-street-southport-qld-4215">Maris</a> will deliver 192 residences across 20 levels. The project forms part of MRCB's Australian and New Zealand development pipeline now exceeding $1.6 billion in gross development value, alongside a growing portfolio of projects globally.

[smartcode_project:default project_id=134403 project_image_fid=350663]

The company also commenced construction on its $600 million 26 Vista residences in Surfers Paradise last year, following strong sales momentum, with over 70 per cent of residences sold.

Maris has been designed to meet evolving buyer demand, offering architecturally designed layouts suited to long-term liveability. The approach reflects a growing preference for quality and adaptability among Gold Coast buyers.

Positioned next to the Broadwater in the <a href="https://www.apartments.com.au/developments/southport-qld-4215">Southport</a> CBD, Maris sits directly opposite the Broadwater Parklands light rail station and within easy reach of retail, dining and lifestyle precincts, placing residents at the centre of one of the Gold Coast's most connected and rapidly maturing urban centres.

[smartcode_project:default project_id=134403 project_image_fid=372756]

Maris will offer a full suite of resort-style residential amenities, including a pool, gym and sauna, along with a rooftop level featuring decks, lounges and dining and yoga areas that command sweeping views across the Broadwater and out to the ocean.

Binah, a New South Wales headquartered company co-founded by Amen Zoabi and Khalil Hafza in 2008, has expressed its excitement at establishing its first partnership with MRCB.

Binah's Managing Director Khalil Hafza said partnering with MRCB on Maris is a significant moment for Binah.

"MRCB's financial strength and a track record that speaks for itself give this project a solid foundation, and this marks the beginning of what will be a long and successful relationship.

"With the right people, systems and partnerships behind it, Maris is set to become a significant addition to the Gold Coast's premium residential market."

[smartcode_project:default project_id=134403 project_image_fid=350664]

MRCB International CEO Ravi Krishnan said the project's progression to construction reflects both sustained demand and tightening conditions across the apartment sector, as well as MRCB's continued confidence in the Gold Coast market.

"Commencing construction at Maris is a significant step and reflects the depth of demand for quality apartments in well-connected urban locations," said Krishnan.

"Across Southeast Queensland, new apartment supply remains constrained, particularly in established precincts with infrastructure and amenity already in place. Projects like Maris are increasingly critical in meeting that demand, especially on the Gold Coast and in the city's CBD precinct."

[smartcode_project:default project_id=134403 project_image_fid=372761]

Krishnan said Southport's ongoing transformation, supported by infrastructure investment and long-term planning, was underpinning renewed buyer confidence.

"We're seeing a clear shift back towards well-located urban centres where infrastructure, connectivity and amenity are already established," said Mr Krishnan. "Southport is evolving into a more mature CBD environment, and that is being reflected in buyer behaviour."

Construction at Maris is anticipated to be completed in 2029.

[smartcode_project_cta:default project_id=134403]

Construction commences on MRCB’s $200m Maris Residences in Southport

Moonee Valley Park’s latest residential release <a href="https://www.apartments.com.au/new-apartments/the-eveline-at-moonee-valley-park-moonee-ponds-100-thomas-street-moonee-ponds-vic-3039">The Eveline</a>, has achieved a new benchmark for off-the-plan apartment sales in the suburb, with the sale of The Alexandra penthouse selling for $5,435,000.

Positioned on the top floor of a 16-level residential building, the three-bedroom, three and-a-half-bathroom penthouse features uninterrupted city skyline views across the future Valley racetrack.&nbsp;

The landmark sale comes as momentum at the precinct continues to build, with the Moonee Valley Racing Club progressing works on its new racetrack ahead of the 2027 Cox Plate. The transformative development will see MVRC reimagine the beloved Valley as a vibrant year-round entertainment and lifestyle destination.

Alongside a world-class racing experience, the historic precinct will be activated with events, hospitality and public green spaces designed to attract broader audiences, while breathing new life into one of Melbourne’s most iconic destinations.&nbsp;

[smartcode_project:default project_id=142519 project_image_fid=372786]

Development partners <a href="https://www.apartments.com.au/developers/hamton">Hamton Property Group</a> and Hostplus have delivered five residential stages over the past four years, the most recent in November 2025 with Trackside House and Stonepine House. The flourishing community is now home to almost 500 families.&nbsp;

The latest residential release, The Eveline, has recorded strong demand since launching publicly last July, securing more than $200 million in sales to date, satisfying its pre sales hurdle for construction to commence.&nbsp;

Hamton Founder and Executive Chairman, Paul Hameister OAM said, the sales&nbsp;team have been overwhelmed by demand for these unique homes in this unique project.

"Buyers continue to be predominantly hyperlocal and attracted by the 40 hectare botanic masterplan in Melbourne’s inner north west," Hameister said.

[smartcode_project:default project_id=142519 project_image_fid=372788]

Hamton’s Sales and Marketing Director Fergus Humphries said the team has achieved more than 70 sales over the past eight weeks, including the penthouse purchase by a local buyer.

"These results reinforce that, even in a challenging market, purchasers continue to be drawn to quality projects that offer more than just a home, they offer a lifestyle.”

Designed by Cera Stribley, the penthouse has been created with entertaining in mind, spanning close to 400 sqm of indoor and outdoor living space, including multiple terraces designed to capture sweeping views across Melbourne’s skyline, the new Valley racecourse and sunset views over Moonee Ponds.

Moonee Valley Park is one of Melbourne’s largest urban renewal projects, transforming the iconic racecourse site into a vibrant mixed-use neighbourhood integrating homes, parklands, retail, racing and community amenities.

[smartcode_project_cta:default project_id=142519]

Moonee Valley Park penthouse sets suburb record as sales surge clears construction benchmark

A company linked to one of Australia's largest privately owned cattle businesses has lodged plans for a new residential tower in <a href="https://www.apartments.com.au/developments/newstead-qld-4006">Newstead</a>, continuing the rapid transformation of one of Brisbane's most sought-after, inner-city precincts.

Bottletree Holdings, an entity associated with Stanbroke Managing Director Brendan Menegazzo, has submitted a development application for a 28-storey mixed-use tower at <a href="https://www.apartments.com.au/new-apartments/9-longland-street-newstead-qld-4006">9 Longland Street</a>, a site that made headlines last year when it changed hands in an off-market transaction that reportedly set a benchmark land rate for the suburb.

The proposal would replace an existing two-storey commercial building on the 1,510 sqm corner site with a Bureau Proberts-designed tower comprising 76 apartments, ground-floor retail, office space and a suite of resident wellness amenities.

<img alt="9 Longland" data-entity-type="file" data-entity-uuid="c710a836-568e-4382-bc91-3c34b8e80a8b" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-06-22%20at%209.41.45%E2%80%AFAM.png?VersionId=Vy.mQWBc7GA_a.vIBdxKqRC9XGjWalo2" />

According to planning documents lodged with Brisbane City Council, the development would comprise a mix of 36 two-bedroom apartments, 24 three-bedroom apartments and 16 four-bedroom residences, positioning the project firmly at the premium end of the market. The apartments would sit above a podium containing retail and commercial space, with three levels of communal recreation facilities spread throughout the tower. The proposal also includes 198 car spaces and 95 bicycle spaces.

Bureau Proberts has drawn heavily on Newstead's industrial heritage in developing the architectural response.

"Occupying a prominent corner in the heart of Newstead, the proposal draws from the area's industrial lineage of robust brick warehouses to deliver a distinctly contemporary response," the architects said in the design statement.

"It is conceived as a subtropical sanctuary and elevated private retreat embedded within one of Brisbane's most vibrant lifestyle precincts."

The design seeks to reinterpret the traditional Queensland vernacular through wraparound verandahs, deep shading elements and permeable facades that respond to Brisbane's subtropical climate.

<img alt="9 Longland" data-entity-type="file" data-entity-uuid="25524f59-395c-4825-8fad-9b639822fa8a" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-06-22%20at%209.42.09%E2%80%AFAM.png?VersionId=dlWlbpCc_g3Y6yTLGqRVKvGJvO2ubMJ3" />

Planning documents describe the building as embodying the principles of "buildings that breathe", a design approach increasingly favoured in Brisbane's apartment market as developers focus on natural ventilation and outdoor living spaces.

The tower itself would rise above a heavily landscaped podium designed to reference the woolstore architecture that helped define Newstead and neighbouring Teneriffe for generations. At ground level, fine-grain retail tenancies would activate Longland Street, Wyandra Street and the existing Wyatt Street laneway, further extending the pedestrian network that has become a hallmark of the Gasworks precinct.

The application notes that more than 54 per cent of the site would be dedicated to landscaping and deep planting, while approximately 1,750 sqm of communal recreation space would be delivered across multiple levels.

<img alt="Planning" data-entity-type="file" data-entity-uuid="fed3b189-1054-4b68-af5f-b0befc4a66e5" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-06-22%20at%209.42.19%E2%80%AFAM.png?VersionId=gqeE3cjsbnLAfeTUKA1HtPZfqDs6S4Xa" />

Bottletree paid $22 million for the 1,510 sqm development site, equating to more than $14,500 per sqm, a reflection of the strong demand for development opportunities in Newstead. The suburb continues to attract both developers and buyers, underpinned by the ongoing evolution of the Gasworks and Teneriffe precincts into some of Brisbane's most sought-after lifestyle destinations.

Brisbane City Council's Sustainable Growth Strategy and Inner City Strategy both identify Newstead as a priority growth precinct capable of accommodating additional housing density due to its proximity to employment hubs, public transport and lifestyle infrastructure.

The proposed tower joins a growing pipeline of high-end apartment developments in the suburb. Fortis recently launched <a href="https://www.apartments.com.au/new-apartments/crest-walker-newstead-12-kyabra-street-newstead-qld-4006">Crest &amp; Walker</a>, a 65-apartment owner-occupier-focused development on Kyabra Street, while Consolidated Properties Group is preparing to launch <a href="https://www.apartments.com.au/new-apartments/castile-47-skyring-terrace-newstead-qld-4006">Castile</a>, a 227-apartment waterfront project on Skyring Terrace.

Meanwhile, builder-developer BPG is planning its own Newstead project on Maud Street, comprising just over 100 apartments and more than 1,380 sqm of dedicated wellness and resident amenity spaces, further highlighting the shift towards lifestyle-driven apartment developments in Brisbane's inner-city market.

Larry Schlesinger

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