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The number of owner-occupier home loan commitments in April lifted by just 0.8% to 48,475 mortgages  (up 6.9% over the past 12 months) with little improvement in first-home buyer participation, according to the latest ABS housing finance figures.
While mortgage broker Loan Market notes this was the highest monthly uptake of home loans since November 2009 and the fifth consecutive month of growth for the "struggling sector" it was significantly below the median forecast of a 2% rise in seasonally-adjusted dwelling commitments to owner occupiers in April based on the views of 26 economists polled by Bloomberg last week.
Westpac's economics team called the latest monthly figures "underwhelming" noting that "although approvals remain broadly consistent with a housing recovery, the strength of the upturn remains disappointing given the low level of interest rates".
"The detail showed loans excluding refinancing were down 0.7% in April although they are stronger in through the year growth terms (up 11.5% for the year vs 6.9% annual growth for total lending).
"Looking by state, NSW, SA and WA continue to lead the recovery with approvals (excluding refinancing) posting strong double-digit annual growth.
"Victoria and Queensland are the laggards with both recording declines in approvals (excluding refinancing) in April," says Westpac.
In value terms, loans to owner occupiers fell 0.9% to $14.6 billion while investment housing fixed loans rose 1.1% in value terms to $8.14 billion - indicating stronger demand for housing from property investors over owner occupiers
<img height="205" width="313" src="/images/stories/april3grandview/dwellings_financed.jpg" alt="dwellings_financed">
The small rise in owner-occupier lending April was driven by demand for establshed homes over new homes.
ABS recorded a 1% rise in loans for established home purchases.
Loans for the construction of new homes lifted just 0.2% while loans for the purchase of new dwellings fell 0.4%.
"Construction-related loan approvals - both loans for construction and for the purchase of newly built dwellings - have been even stronger over the last year and although approvals in this segment were also soft in April, through the year growth is robust at 17.9%," says Westpac.
In original terms, the number of first home buyer commitments as a percentage of total owner occupied housing finance commitments rose to 14.3% in April 2013 from 14.2% in March 2013.
"First-home buyers remain the stand out weakspot in the approvals data - we estimate loans to this segment were up 0.7% (seasonally adjusted) in April but are still down 10.8% annually and at very low levels by historical standards, particularly in NSW and Queensland," says Westpac.
Between April 2013 and March 2013, the average loan size for first home buyers fell $2,000 to $289,200. The average loan size for all owner occupied housing commitments rose $700 to $301,800 for the same period.
Owner occupied housing commitments trended up strongest in NSW  (up 279, 2.1%), Western Australia (up 130, 1.8%), Queensland (up 71, 0.8%), Victoria (up 71, 0.6%), South Australia (up 64, 2.0%), the Australian Capital Territory (up 15, 2.0%) and Tasmania (up 1, 0.1%), while a fall was recorded in the Northern Territory (down 10, 2.7%).
The seasonally adjusted estimates rose in South Australia (up 238, 7.6%), Western Australia (up 219, 3.0%), New South Wales (up 209, 1.5%), Queensland (up 116, 1.3%) and Tasmania (up 5, 0.7%), while falls were recorded in Victoria (down 579, 4.4%), the Australian Capital Territory (down 19, 2.5%) and the Northern Territory (down 3, 1.0%). 
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Mortgage lending limps to 0.8% rise in April as FHBs remain on sidelines: ABS

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With the end of the financial year less than three weeks away, cashed-up property investors should be cognisant of the amount of the money they contribute to their funds.
The ATO has <a target="_blank" href="https://www.ato.gov.au/individuals/PrintFriendly.aspx?ms=individuals&amp;doc=/content/00106372.htm">issued a reminder </a>that there caps on the amount you can contribute to your superannuation each financial year that are taxed at lower rates.
If you contribute more than these caps you may have to pay extra tax.
The tax on non-concessional (before-tax) contributions that exceed the current $25,000 cap is 31.5% (plus 15% paid on your behalf by your super fund) while the tax on concessional (after-tax) contributions that exceed the current $150,000 cap is 46.5%.
Subject to government changes being passed in parliament, from July 1 2013 the government will increase the concessional contributions cap to $35,000 if you are 60 years old or over.
Individuals aged 50 and over will be able to access the higher cap from 1 July 2014.
These contribution cap limits may particularly apply to property investors who have disposed of an asset and wish to invest some of the proceeds into their self-managed super fund.
Other changes set to take effect from July 1 2013 are to allow withdrawals from super fund of any excess concessional contributions made from 1 July 2013 and that excess concessional contributions to be taxed at the marginal tax rate rather than the top marginal tax rate.
Investors though will need to know the difference between concessional and non-concessional contributions.
Concessional contributions apply to before-tax contributions while non-concessional contributions apply to after-tax contributions. 
Types of concessional (before-tax) contributions include:
<ul>
<li>employer contributions, such as compulsory employer contributions paid by your employer, any additional pre-tax super contributions your employer makes, salary sacrifice payments made to your super fund, other amounts paid by your employer from your pre-tax income to your super fund, such as administration fees and insurance premiums</li>
<li>contributions that you are allowed as an income tax deduction, such as contributions you make if you are self-employed (to claim a tax deduction for your personal super contributions, you must first complete a notice of intent to claim deduction in the approved form and give it to your super fund)</li>
<li>notional taxed contributions if you are a member of a defined benefit fund some amounts allocated from a fund reserve.</li>
</ul>
The ATO also warns that if you decide to split your before-tax contributions and give some to your spouse, these contributions count towards your cap.
Types of non-concessional (after-tax) contributions include:
<ul>
<li>non-concessional (after-tax) contributions that your employer makes on your behalf from your after-tax income</li>
<li>contributions your spouse (including a same-sex spouse) makes to your super fund, unless your spouse makes the contributions because they're your employer</li>
<li>personal contributions that are not claimed as an income tax deduction</li>
<li>contributions in excess of your concessional (before-tax) contributions cap</li>
<li>contributions in excess of your capital gains tax (CGT) cap amount</li>
<li>most transfers from foreign super funds, excluding amounts included in your fund's assessable income.</li>
</ul>
Your age affects the amount of the concessional (before-tax) contributions cap, how the cap applies and what options you may have.
The ATO provides an <a href="https://www.ato.gov.au/individuals/PrintFriendly.aspx?ms=individuals&amp;doc=/content/00106372.htm">online guide to super contributions</a>.
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Cashed up SMSF property investors face higher tax rate for excess super contributions

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The Commonwealth Bank offers the most generous mortgage discounts for borrowers who take out loans greater than $750,000 among the four major banks.
This has been revealed in research carried out by financial comparison website <a target="_blank" href="https://ratecity.com.au/">RateCity.com.au</a> ,  which confirms that borrowers who take on a bigger mortgage are being offered cheaper home loans, while many smaller mortgage borrowers are forced to pay higher interest rates.
The major four banks – ANZ, Commonwealth Bank, NAB and Westpac – all offer cheaper deals for bigger mortgages.
The Commonwealth Bank has the biggest spread, with 0.35 percentage points lower advertised variable rates for a home loan above $750,000 compared to a home loan below $250,000. 
<div align="center">
<table cellpadding="0" cellspacing="0" border="1"><tbody>
<tr>
<td style="text-align: left;" width="154">
Bank
</td>
<td style="text-align: left;" width="154">
Advertised variable rate for loans under $250,000
</td>
<td style="text-align: left;" width="154">
Advertised variable rate for loans above $750,000
</td>
<td style="text-align: left;" width="154">
Difference (percentage points)
</td>
</tr>
<tr>
<td style="text-align: left;" width="154">
ANZ
</td>
<td style="text-align: left;" width="154">
5.63%
</td>
<td style="text-align: left;" width="154">
5.43%
</td>
<td style="text-align: left;" width="154">
+0.20%
</td>
</tr>
<tr>
<td style="text-align: left;" width="154">
Commonwealth Bank
</td>
<td style="text-align: left;" width="154">
5.65%
</td>
<td style="text-align: left;" width="154">
5.30%
</td>
<td style="text-align: left;" width="154">
+0.35%
</td>
</tr>
<tr align="left">
<td style="text-align: left;" width="154">
NAB
</td>
<td style="text-align: left;" width="154">
5.53%
</td>
<td style="text-align: left;" width="154">
5.28%
</td>
<td style="text-align: left;" width="154">
+0.25%
</td>
</tr>
<tr>
<td width="154">
Westpac
</td>
<td width="154">
5.56%
</td>
<td width="154">
5.26%
</td>
<td width="154">
+0.30%
</td>
</tr>
</tbody></table>
</div>
Source: RateCity.com.au
Across the RateCity.com.au database, affluent customers, (borrowers who can afford a substantial mortgage such as more than $750,000) receive an average variable home loan rate of 5.32%, out of more than 100 lenders in RateCity’s database.
This is 0.42 percentage points lower than the average variable home loan rate for loans below $250,000.
<div align="center">
<table style="width: 50%;" border="1" cellspacing="0" cellpadding="0"><tbody>
<tr>
<td width="49%">
Home loan size
</td>
<td width="50%">
Average advertised variable rate
</td>
</tr>
<tr>
<td width="49%">
Above $750,000
</td>
<td width="50%">
5.32%
</td>
</tr>
<tr>
<td width="49%">
Below $250,000
</td>
<td width="50%">
5.74%
</td>
</tr>
<tr>
<td width="49%">
Difference (percentage points
</td>
<td width="50%">
+0.42%
</td>
</tr>
</tbody></table>
</div>
Source: RateCity.com.au
According to RateCity spokesperson Michelle Hutchison, lenders have a greater financial gain from borrowers taking on more debt.
“It comes down to the fact that bigger home loans are worth more money to lenders so they will make larger loan sizes more attractive by offering cheaper rates.
“Just as if you were to visit a supermarket to buy a bottle of soft drink, the bigger the bottle you purchase the less you pay per litre. In much the same way, a lender is willing to accept a lower rate per dollar when selling a larger amount of money.
“But just like a bottle of soft drink, bigger isn’t always better when it comes to borrowing and you shouldn’t take on more debt just to get a discount.”
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Commonwealth Bank leads big banks offering biggest discounts for big mortgages: RateCity

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The number of residential properties listed for sale across Australia rose 4.8% over May to a total of 379,158 properties. 
All capital cities recorded gains over May with biggest rises over the month occurring in Canberra and Perth - both cities recording 6.3% rises - followed by Melbourne (6%), Sydney (5.5%) and Brisbane (4.6%). 
SQM research director Louis Christopher says the across the board month-on-month rise in listings were “in part” to be expected as the market bounces back during May, after a dip in April due to the Easter holidays. 
<img alt="chartsqm" height="160" width="470" src="/images/stories/2013/chartsqm.jpg"> 
“Overall, if the market was indeed stronger, stock levels would be decreasing despite of seasonality. 
“However, we see that this is not the case as yet. It is the opinion of SQM Research that the current market is still in the very early stages of recovery," he says.
Christopher says Melbourne is a bit of a concern as year-on-year there are now more listings (up 1.2%). 
“We need to see stock being absorbed first before upward pricing momentum can occur,” Christopher says. 
Melbourne has by far the most stock on market with 49,268 residential listings. 
Brisbane is second with 28,205 listings – up 2.4% over the past year. 
Both have more listings than the bigger property market of Sydney, which has recorded the steepest decline in listings over the past year. 
Year-on-year, Sydney listings are down 10.1% to 27,761 properties for sale while Perth listings are down 2.3% over the past year. 
“Except for Sydney, Perth and Darwin, residential property listings across the country still remain elevated and stubbornly high. Melbourne is a prime example of this, “ says Christopher. 
“After a period earlier this year where it appeared that stock was being absorbed, we now have a situation where there is now even more stock on the market than what we had this time last year. Auction clearance rates may well be higher in that city but vendors seem to be using this period to offload their properties. 
“As stated previously, what we have ahead of us is only a modest to moderate housing recovery. 
Christopher says the strongest cities out there “are by far Sydney, Perth and Darwin”. 
SQM expects Perth to slow down later this year.
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Canberra, Perth and Melbourne lead 4.8% rise in May residential listings: SQM

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Two economists – Westpac’s Bill Evans and Macquarie’s Richard Gibbs – predict the cash rate will fall by a further 75 basis points to settle at 2% over 2014.
The forecasts, contained in the latest Bloomberg survey of 26 economists, stand out sharply.
Evans, the first economist to tip the RBA to begin cutting rates in November 2011 has consistently argued that the cash rate will fall to 2%.
Evans tips a 25 basis point rate cut in August followed by another one in the final quarter of the year and one in the first quarter of 2014.
“The Reserve Bank has retained an easing bias, but it is not an urgent one," said Evans following the June decision to leave rates on hold.
“The path of easing from here will depend on developments in demand; the financial markets (the Australian dollar, as it jointly impacts demand and inflation) and the inflation story itself,” he says.
Richard Gibbs was <a href="/news">one of eight economists</a> who correctly tipped the RBA to cut the cash rate in May, but his expectation of a follow-up rate cut in June did not eventuate.
He expects a rate cut in August and two more rate cuts in the final quarter of the year.
Both Gibbs and Evans forecast the cash rate to stay at 2% throughout 2014.
However neither economists tip a rate cut in July, joining 21 out of 26 economists polled by Bloomberg who expect the RBA to site on its hands until at least August.
The quarterly inflation update on July 27 (between the July and August monetary policy meetings) is expected to play a key role in guiding the RBA’s decision about whether to cut rates further as will the performance of the Australian dollar.
Australian Financial Review economics editor Alan Mitchell says the "sub-par" economic growth outlook could force the RBA to cut rates further, while also having the challenge of managing the "bumpy" transition away from mining investment to non-mining sectors of the economy amidst a falling Australian dollar.
Among those tipping a rate cut in July are Stephen Koukoulas, the Business Spectator columnist who tweeted yesterday that the RBA would resume cutting rates “soon” and would have regretted its decision not to cut the cash rate in June.
The outlook over the next 12 months is decidedly unclear based on the Bloomberg survey results.
Six economists see rates higher in a year’s time, four expect them to say them to stay the same, nine expect one more rate cut (2.5%),  four expect two more rate cuts (2.25%) and two expect three (2%).
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Where to for the RBA cash rate? Bill Evans and Richard Gibbs see 2%

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Australia's biggest mortgage lender the Commonwealth Bank has cut interest rates on new three-year fixed rate home loans to 4.99% per annum.
The new rate is available under its Wealth Package offering and is a 10 basis point discount on its previously advertised rate of 5.09%.
The rate requires a minimum loan amount of $150,000.
It is one of the lowest three-year fixed-rate offering of the four major banks.
ANZ also offers a 4.99% fixed-rate for three years under its Breakfree home loan package offering.
"Fixed rate home loans are currently popular amongst home buyers," says Clive van Horen, acting head of retail banking for the Commonwealth Bank.
“Our fixed rate home Loans are now at a 23-year low.
"We are increasingly seeing our customers choosing to fix all, or part of their home loans.” says van Horen.
A spokesperson for the bank added that the majority of customers fixing their rate are new customers, but there is also a significant number of existing customers choosing to fix.
<a href="/news">Click here for a guide to what the other major banks are offering fixed and variable mortgage customers.</a>
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Commonwealth Bank cuts three-year fixed-rate home loan to 4.99%

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Australia’s construction sector notched up three years - 36 consecutive months - of contracting activity in May, according to the latest Australian Industry Group/HIA Australian Performance of Construction Index (Australian PCI). 
The benchmark index remained broadly unchanged in May at 35.3 - readings below 50 indicate a contraction in the industry with the distance from 50 indicative of the strength of the decline.
The last time the sector expanded was in May 2010.
The weakest sub-sector over the month was detached house building, which weakened for a third consecutive month, with activity recording the sharpest rate of contraction in eight months.  
In contrast, commercial construction activity declined at a slower pace while rates of contraction in apartment building and engineering construction were unchanged on the previous month.
Construction activity by sector
<img src="/images/stories/april23tivoli/construction_index.jpg" width="470" height="363" alt="construction_index">
Source: AIG/HIA Performance of Construction Index.
Despite the sluggish conditions, input prices (73.4) and wages (55.9) continue to lift.
“A sharper decline in the house building sector, together with a flat result for apartments at a very low index reading, unfortunately confirms the on-going sluggish nature of residential construction activity,” commented HIA chief economist, Harley Dale. 
“Some leading indicators point to a very modest uplift in new home building activity, from a recessionary starting point. 
However, he says the latest indexresults highlight what should be a prominent concern for policy makers – "the lack of a large and sustainable recovery in residential construction at a time when the domestic economy sorely needs such an outcome". 
“The balance of risks points to a modest increase in building activity in 2012/13, followed by a subsequent pull-back next year," says Dale. 
“That’s hardly the desirable result for the tens of thousands of businesses and hundreds of thousands of people who rely on new home building for their livelihood, before one considers the flow-on negative impacts to the wider economy of continued under-performance from this key sector,” 
AIG director Peter Burn says the construction industry “continues to languish due mainly to historically low levels of building activity”.
“This is now being compounded by reductions in engineering activity related to mining-related investment which had been driving the industry (and indeed, the economy) until very recently.
“Successive cuts in interest rates by the Reserve Bank have been welcome, but so far they appear only to have steadied the decline in building activity,” he says.
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Detached housing construction sector sinks into steepest decline in eight months: AIG/HIA index

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Warren David McFarlane, a real estate salesman and land valuer from Wembley, Perth has been disqualified and fined $1,000 by the State Administrative Tribunal (SAT), after submitting an application with WA's Consumer Protection which contained forged signatures.
The application was for renewal of his real estate sales representative’s certificate of registration prior to its expiry in March 2012, which requires a declaration from a current employer and an authorised witness.
McFarlane, who was not employed by an agency at the time, admitted that he had forged the signature of a former employer, a West Perth real estate agent, as well as two witnesses.
He has been disqualified from registration as a real estate sales representative for two years, fined $1,000 and order to pay costs of $500.
In a subsequent order, the SAT also disqualified him from holding a land valuer’s licence for one year on the basis that he was not a fit and proper person to hold such a licence.
The first renewal application made by McFarlane was rejected by Consumer Protection because the witness was not authorised, and the application was re-submitted with the forged signature of a licensed real estate agent as a witness, WA's Department of Commerce said in a statement.
Disciplinary action against McFarlane under the Real Estate and Business Agents Act began after WA's Consumer Protection confirmed that the signatories to the application had no knowledge of the use of their forged signatures.
Commissioner for consumer protection Anne Driscoll said the case highlighted the serious consequences of including false information in applications.
“The licensing and registration system is designed to ensure that only fit and proper people are allowed to work in the property industry in WA and underpins consumer confidence and protection,” Driscoll said.
“It’s essential that truthful and accurate information is given in licence applications and renewals, so that we can maintain the integrity of the system and the licensed industries.”
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Perth estate agent disqualified after forging signatures

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Steve Keen says he never expected house prices to fall in a huge leap – a point for which he has been figuratively flayed alive by the mainstream media – but does expect house prices to fall like a “slow bleed”.
In 2008, Keen said house prices would fall 40% once the financial crisis had "washed through the system".
In November 2009, he walked up Mount Kosciuszko wearing a T-shirt that said: "I was hopelessly wrong on house prices!" after losing a bet with Macquarie's Rory Robertson.
But he now contends the GFC has never ended and will continue - on and off - over the next two decades.
The volatility in the housing market certainly remains.
Dwelling values fell by a surprising 1.7% in the past two months despite a rate cut in May, according to RP Data-Rismark, while the ABS had capital city house prices up just 0.1% over the March quarter.
Of further concern, the most recent Real Estate Institute of Australia (REIA) Housing Affordability Report has recorded <a href="/news">plummeting mortgage approvals in the key first-home buyer market</a>, particularly in NSW and Queensland.
Keen had anticipated in 2008 when the GFC was in full swing a faster Australian price correction than what has happened in Japan, where house prices in Japan’s six largest cities rose around 175% from 1985 to 1992 and then fell back to their starting point between 1992 and 2000 – but slower than the dramatic GFC plunge in the US.
 <img src="/images/stories/april23tivoli/japanese_and_us_housing_bubbles.jpg" width="470" height="338" alt="japanese_and_us_housing_bubbles">
Source: Seattlebubble.com
Instead Australia underwent a modest house price correction as the latest RBA chart pack show, with five out of the six biggest capital cities now having property markets trending upwards, though at uneven rates of growth - but nothing like the corrections in the US and Japan.
<img src="/images/stories/april23tivoli/house_prices.gif" width="470" height="375" alt="house_prices">
“I got the magnitude wrong. But I?never had this idea of a huge drop?tomorrow,” Keen says in an interview with BRW magazine.
He has called the most recent modest rally in house prices (up 2.9% over the past 12 months according to RP Data) a “suckers rally” with price gains spurred on by government incentives, low interest rates and the resources boom.
Keen does admit that he got other forecasts wrong, including expectations that there would be a massive de-leveraging among households, something which has only occurred on a modest scale.
The most recent RBA chart pack graphs show household debt to income soared from the early 1990s to peak at around 150% to income in the mid-2000s.
<img src="/images/stories/april23tivoli/household_debt.gif" width="470" height="422" alt="household_debt">
It started to dip as the GFC hit around 2007, but government incentives like the doubling and tripling of first-home owner grant (under the boost scheme) encouraged people to borrow again.
Household debt now sits just under 150% - hardly the massive correction Keen anticipated and a mistake he is happy to acknowledge.
Keen says mortgage debt is rising because variable mortgage rates remain the preferred home loan product in Australia while fixed-rates dominate in the America.
This means that borrowers get an instant mortgage repayment benefit when the cash rate is cut.
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House prices will fall in a “slow bleed” fashion: Steve Keen

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The Geelong economy and property market have again been cast into the spotlight following concerns about the number of jobs retailer Target will cut.
Around 1,000 people are employed by Target at its Geelong office.
No announcement has yet been made about how man jobs will be cut, but the retailer has confirmed Geelong jobs will be lost. The cuts were anticipated as part of a company review after Target owner Wesfarmers revealed an earnings downgrade for the discount retailer for the 2013 financial year.
It follows Ford Australia’s announcement last month that it would close its <a target="_blank" href="https://www.propertyobserver.com.au/victoria/first-ansett-collapse-now-ford-plant-closure-threatens-broadmeadows-property-market-ford-fordaustralia/2013052361599">Geelong production plant in 2016</a> with the loss of around 500 jobs.
There is also uncertainty around the future of workers at Shell’s Geelong refinery. The enterprise employs around 450 people as well as contractors.
Shell Australia announcing in April that it would seek to sell the refinery by the end of 2014 as part of its efforts to dispose of smaller, less profitable refineries. Should a buyer not be found Shell may be forced to close the refinery. Converting the refinery to an import terminal has also been muted.
A further 500 jobs at Alcoa's unprofitable Point Henry aluminium smelter with the American-owned enterprise considering cuts worldwide. Alcoa had planned to shut the smelter down last year before receiving a $40 million bail out from the Victorian and Federal governments.
The potential loss of more than 2,00 jobs (more when contractors and affiliated employment are factored in) has been tempered by news that Geelong has been chosen as the headquarters of the new DisabilityCare agency for the National Disability Insurance Scheme (NDIS), which will employ around 300 people plus another 150 in the regional office.
The NDIS will commence in the Barwon area on July 1 with the Victorian government to invest more than $300 million over the first three years of the scheme.
Victorian premier Dennis Napthine says the agency will be located in Geelong's CBD but has not been able to guarantee all jobs will go to local workers.
Local estate agents Property Observer has spoken to emphasise that Geelong is now a far more diversified economy then its manufacturing-heavy tradition
Nick Lord, an estate agent from Maxwell Collins, anticipates a limited impact from the closure of the Ford plant.
He says Geelong has grown to have strong employment in areas such as education and health “to name just a few”.
He says the city has changed over the recent years with people “continuing to commute to Melbourne for work whilst enjoying the Geelong lifestyle”.
Hotspotting.com.au’s Terry Ryder –a big believer in the potential of regional city property markets for growth, provided they have diversified economies - says new ventures in the pipeline will counter-balance the economic impact of the closure of Ford and other potential job losses in Geelong.
These include the Regional Rail Link and the plan to make Avalon the second international airport for Melbourne.
Ryder says Geelong will continue to have a “strong future as an affordable lifestyle alternative to Melbourne, with improving transport links to the City”.
However, some estate agents have warned the job cuts will impact on the sentiment of homeowners, buyers and investors.
Peter Nell from Stockdale &amp; Leggo Geelong says the Ford announcement  would affect the confidence of all types of purchasers.
"The concerns are obviously employment, as Shell, Alcoa and now Ford have all turning their backs on this town," he says.
But, he believes Geelong has so much to offer that he is sure "we will figure a way to create different forms of employment".
"But we need to do something now, not in 2016," he says.
The April 2013 Real Estate Institute of Victoria (REIV) update on Geelong, the Surf Coast and Queenscliff has house prices up 2.6% to $390,000 over the year to April, but unit prices down by 4.7% to $305,000 over the same 12 month period.
The figures are based on properties sold in the previous 12 months, updated on a rolling monthly basis.
REIV spokesperson Robert Larocca says housing is more affordable in Geelong and it has a very good appeal due to the more country feel and access to the bay, but adds that the health of any property market is “directly linked to the health of the economy”.
“As a result if the closure of Ford leads to reduced economic growth and less employment then it will have a negative impact on the market. It really depends on the region finding a replacement for the economic activity provided by Ford and its suppliers. Thankfully there is a strong and resilient local community,” he says.
To mitigate the impact of the Ford closure and other job losses, there are already state and federal government initiatives underway.
Victorian premier Denis Napthine announced last month that he will lead a special ‘Premier’s Ford Taskforce’ aimed at generate new job opportunities for workers and communities affected by the Ford announcement.
Napthine says the taskforce will take action to diversify economies, build confidence and encourage investment in Geelong and the Northern Metropolitan area of Melbourne.
One of its first initiatives is a Jobs Summit taking place in Geelong on June 19 with the aim of identifying ways to further diversify the Geelong economy.
The Federal government has also committed to providing an extra $15 million to the $52 million joint Commonwealth and State Government jobs package for Geelong.
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Target jobs uncertainty throws spotlight back on Geelong property market

<a href="https://www.apartments.com.au/developments/broadbeach-qld-4218">Broadbeach</a> offers plenty of reasons to live vertically, but moving from a substantial family home into an apartment can expose the compromises of high-density living. Privacy, room for guests and usable living space tend to matter more when an apartment is intended as a permanent home rather than an occasional coastal base.

A typical residential floor at <a href="https://www.apartments.com.au/new-apartments/the-eveleigh-broadbeach-7-9-surf-parade-broadbeach-qld-4218">The Eveleigh</a>, on Surf Parade,&nbsp;contains just four apartments. The 94-residence development by <a href="https://www.apartments.com.au/developers/hirsch-faigen">Hirsch &amp; Faigen</a> is predominantly made up of expansive three-bedroom homes, with a limited collection of half-floor penthouses above.

Across the apartment floors, <a href="https://www.apartments.com.au/architects/rothelowman">Rothelowman</a> has used the relatively limited number of residences to give each home greater access to natural light and outlook. Living spaces extend towards full-height glazing, while a series of bay windows frame selected views across the Pacific Ocean, city and hinterland rather than treating the building edge as a continuous wall of glass.

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“The apartment floors deliver a collection of homes that embrace controlled outlook via a series of bay windows deliberately framing moments of view,” Rothelowman Director Kim Lowman said.

From outside, those projecting forms contribute to the tower’s faceted profile. Strong horizontal and vertical elements establish its proportions, while the changing position of the sun alters the light, shadow and reflection across the façade throughout the day.

The same attention moves inside the apartments, where the material palette combines warm timber, natural stone, metallic detailing and softer curved forms. Kitchens sit within the main living zone, with stone island benches, integrated joinery and European appliances, before the living areas extend towards the glazing and the outlook.

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Three genuine bedrooms provide room to accommodate family and guests, while two secure car spaces and storage address some of the practical considerations that can become more noticeable when moving from a larger home. Feedback from the display suite has centred on the warmth and restraint of the interiors, with buyers commenting that the residences feel like homes rather than conventional coastal apartments.

A limited collection of half-floor penthouses occupies the upper levels, increasing the scale of the living spaces and adding private balconies and elevated finishes. From this position, the outlook extends between the ocean and hinterland.

Outside the private residences, The Eveleigh separates its shared spaces between the podium and rooftop. The podium is centred on wellness, with subtropical landscaping surrounding a swimming pool and pool terrace, yoga garden, private gymnasium, sauna and hot and cold plunge facilities. Landscaped retreats and pavilions provide additional places to sit away from the main recreation areas.

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Higher in the building, a rooftop pavilion and private dining suite sit alongside resident lounge, barbecue and outdoor dining areas, opening towards panoramic views across the ocean, city and hinterland.

“Buyers are no longer just looking for an apartment, but a lifestyle where they can relax, reset, and enjoy a balanced way of living,” Hirsch &amp; Faigen Director of Sales Matt George said.

Interest to date has come from established owner-occupiers and interstate lifestyle purchasers, including buyers planning a future move to the Gold Coast. Many are coming from larger homes and want to reduce ongoing maintenance without giving up space for family and guests, privacy, two car spaces or the ability to entertain at home.

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Much of that daily life can also take place beyond the building without requiring a drive. Kurrawa Beach and Pratten Park are an easy walk from Surf Parade, while Pacific Fair, Oracle Boulevard, The Oasis, restaurants, cafés, entertainment and public transport are also within walking distance.

The Eveleigh is Hirsch &amp; Faigen's fourth Gold Coast development since entering the market in 2021, following The Hemingway at Palm Beach, The Emerson at Kirra and Yves at Mermaid Beach. Each of the preceding projects sold out before completion.

“Broadbeach had been on our radar throughout our time operating on the Gold Coast,” the developer said. “Following our projects in Palm Beach, Kirra and Mermaid Beach, Broadbeach represented the natural next step for the business.”

The Surf Parade site brought together proximity to the beach, protected coastal outlooks and walkability to dining, shopping and recreation. Hirsch &amp; Faigen also identified the street as an emerging premium residential address, with enough separation from Broadbeach's busier destinations to retain a quieter environment at home.

The Eveleigh is now under construction by Maxcon, with completion forecast for mid-2028. Three-bedroom residences are currently available from $2.87 million.

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Joel Robinson

The Eveleigh brings house-like apartments to Broadbeach

A long-stalled Campbelltown development site is back in play, with new plans for 139 apartments set to supersede a mixed-use scheme approved almost a decade ago but never built.

The new proposal for 28 Cordeaux Street would deliver 116 market and 23 affordable apartments in a part 14-storey building, bringing a substantial new project into a Campbelltown market where new apartment supply remains limited.

Plans have been filed over the 3,092 sqm corner site at Moore-Oxley Street, around 600 metres from Campbelltown Railway Station and the city-centre retail core.

The site already carries a mixed-use residential approval dating to 2016. Doroch Architects has now been engaged on a larger replacement scheme, which is progressing as a State Significant Development Application following a Housing Delivery Authority determination in August 2025.

The apartment mix comprises 39 one-bedroom, 72 two-bedroom and 28 three-bedroom residences. Two-bedroom apartments make up just over half of the project, while three-bedroom homes account for 20 per cent.

<img alt="First look: New 139-apartment plans revive long-stalled Campbelltown city centre site" data-entity-type="file" data-entity-uuid="136dd5b9-3791-4da6-9e31-76f533f5b4de" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Campbelltown%20da2.png?VersionId=LgOSy9nwf5u.MGswBBwaGGxuX8QpHSl_" />

Of the 139 apartments, 23 will be delivered as affordable housing under the in-fill affordable housing provisions of the Housing SEPP. The affordable component represents 15 per cent of the residential gross floor area and will be managed by a registered Community Housing Provider.

Doroch has sought to break the scale of the building into two distinct elements, with a masonry podium of around four storeys establishing the street edge before the residential tower steps back above.

The corner position has shaped that approach. Cordeaux Street faces toward the commercial and civic centre, while Moore-Oxley Street leads into the lower-scale residential neighbourhood to the south, and the design verification report describes the site as "bridging the commercial core to the north and established residential areas to the south."

The podium will be expressed predominantly in face brick, while the upper levels shift to brushed and grooved concrete cladding with darker metal detailing. Recessed sections, deep balcony edges and landscaping break down the upper form, with an approximately 11.8-metre setback to the northern boundary addressing the adjoining St Peters Anglican School.

<img alt="First look: New 139-apartment plans revive long-stalled Campbelltown city centre site" data-entity-type="file" data-entity-uuid="c8b3d2d3-c561-4bfc-a5d9-a68c0c10dac1" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Campbelltown%20da1.png?VersionId=AeAEyJU02Gk2k5noUj2StziCvdQ7fW4B" />

Campbelltown has been starved of new residential developments in the last decade.

The only other notable development set to come to market this year is ALAND's Queen Square, a mixed-use precinct on over two hectares that will comprise apartments above a vibrant ground-level retail and hospitality dining precinct.

First look: New 139-apartment plans revive long-stalled Campbelltown city centre site

First Look: Sherlock Construction pitches apartments for low-rise Deception Bay

Queensland builder-developer MAYD has revealed the first look at its major North Kirra beachfront development, lodging amended plans that reduce the number of apartments and increase the proportion of larger residences.

The project is planned across a substantial 4,742 sqm amalgamated site spanning seven lots at <a href="https://www.apartments.com.au/new-apartments/2-6-pacific-parade-bilinga-qld-4225">2-6 Pacific Parade</a> and 27-33 Golden Four Drive in Bilin​ga, directly opposite Nor​th Kirra Beach.

<a href="https://www.apartments.com.au/developers/mayd-group">MAYD</a> secured the site for $32.5 million in 2025, in what was one of the Gold Coast's largest property transactions of the year.

The development will be delivered across two stages, with the first stage carrying an estimated gross realisation value of around $360 million.

The latest amendments seek to reduce the overall apartment count and shift the project further toward the owner-occupier market, with larger residences designed for buyers wanting considerably more space than traditionally offered in a beachfront apartment.

The residential mix will include townhomes, oversized two-bedroom apartments, substantial three-bedroom residences and four-bedroom homes.

MAYD has appointed Cera Stribley to lead the architecture and interiors, with the Melbourne-based design practice drawing on the beachfront setting through a series of ocean-facing terraces and heavily landscaped balconies.

Strong horizontal forms and curved balconies will define the exterior, with subtropical landscaping integrated throughout the building to soften the built form and increase the connection between the residences and the beachfront.

The project will also include an extensive collection of resident wellness and lifestyle facilities, continuing the broader shift across the Gold Coast's luxury apartment market toward larger homes supported by resort-style amenity.

<img alt="MAYD" data-entity-type="file" data-entity-uuid="d1bcbb05-e659-4b47-8bd4-1e595315e2ad" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-27%20at%202.05.03%E2%80%AFPM.png?VersionId=jj0XEud1X1DuLt7_KyElhjMdZGOXmLHP" />

MAYD Founder Todd Mould said North Kirra was increasingly appealing to buyers attracted to the more established, lower-density character of the southern Gold Coast.

"North Kirra presents one of the most compelling luxury residential opportunities currently emerging in Australia, combining absolute beachfront with the character and authenticity that buyers are increasingly seeking, and the same sense of tight-knit community that defined Burleigh and Currumbin perhaps 10 or 15 years ago," Mould said.

"With Gold Coast Airport on its doorstep, it also offers a level of accessibility that broadens its appeal across almost every market demographic."

The project comes as the southern Gold Coast continues to attract an increasing share of high-end apartment development and buyer activity.

Kirra in particular has emerged as one of the region's more tightly held beachfront markets, with its relatively low-density character, established surf and hospitality scene and proximity to Gold Coast Airport differentiating it from the higher-density markets further north.

Mould said those characteristics had informed the approach MAYD and Cera Stribley had taken to the project.

"We've worked closely with Cera Stribley to create a vision that is deeply connected to its surroundings," he said.

"Inspired by the coastline itself, the architecture has been shaped around space, privacy and resort-style living, creating a collection of homes that reflects the next generation of luxury on the southern Gold Coast."

MOTIV Managing Director Carly Cottam, who has been appointed to market the project, said buyer attention had continued to move south along the Gold Coast.

"Purchasers who may once have defaulted to Broadbeach, Main Beach or Surfers Paradise are increasingly recognising the value of a genuine beachfront location that offers lower density, strong amenity and a more established sense of community," Cottam said.

"Kirra has a powerful combination of growing demand and genuine scarcity. Beachfront supply is inherently constrained, the area remains relatively low density, and buyers are increasingly placing a premium on locations that feel established, uncrowded and authentic rather than heavily developed."

Cottam said the proximity to Gold Coast Airport was also proving increasingly important for interstate and second-home buyers.

"Being minutes from Gold Coast Airport makes it particularly compelling for interstate buyers, frequent travellers and second-home purchasers who can access an authentic coastal lifestyle almost immediately after stepping off a flight."

The acquisition takes MAYD's active development portfolio to more than $500 million, with the North Kirra project representing one of its largest undertakings to date.

MAYD is targeting an early 2027 launch.

First look at MAYD's North Kirra mixed-use precinct

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Castle Hill, the longtime hub of the Hills District, has been one of the major beneficiaries of Sydney's Metro expansion, with improved connectivity helping drive continued population growth, development and buyer demand across the Hills District.

But despite that growth, the suburb has seen relatively few major new apartment projects brought to market over the past 18 months.

Hills District developer Reve Group is looking to fill that gap with <a href="https://www.apartments.com.au/new-apartments/nova-r-ve-castle-hill-2-garthowen-crescent-castle-hill-nsw-2154">Nova Rêve</a>, a major new mixed-use precinct on the corner of Garthowen Crescent and Old Castle Hill Road, a short walk from Castle Hill Metro Station and Castle Towers.

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The project will comprise three residential towers alongside a hotel, restaurants, cafes and a skybar, more than 1,600 sqm of ground-floor retail and almost an acre of landscaped gardens.

It represents the largest project undertaken by Reve Group, the development arm of the Kassis family, which has been building across the Hills District for more than 30 years through Kassis Homes.

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Nova Rêve also represents a significant step up from the family's first apartment development, Grand Rêve, which was delivered nearby on Garthowen Crescent.

Grand Rêve introduced larger, house-like apartment layouts and premium inclusions including Wolf and Sub-Zero appliances to the Castle Hill market.

Nova Rêve takes that approach to a precinct scale, combining the residential component with hospitality, retail and substantial public and resident landscaping.

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Reve Group Managing Director Sam Kassis said the project reflected the family's three decades of building in the Hills, which has evolved from trophy homes on quarter-acre blocks to larger-scale apartment development.

"Grand Rêve was our first apartment project here and it showed us what this pocket of Castle Hill could be. Nova Rêve is the refinement of that idea: not just apartments, but a place the whole suburb can use," Kassis said.

A key part of that approach is the hotel, which has been designed to operate as an amenity for the wider Castle Hill community rather than solely hotel guests.

It will include restaurants, cafes, skybars and all-day dining, alongside conference and event facilities catering to business functions, community groups and private events.

At ground level, more than 1,600 sqm of shops and cafes will open onto the surrounding streets and landscaped areas.

Almost an acre of gardens designed by Land and Form Studios will run through the precinct, incorporating pathways, seating, barbecue areas and children's play spaces.

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Reve Group's Romio Georges said creating an active ground plane had been central to the planning of Nova Rêve.

"There are gardens with pathways, barbecues, seating and play areas, shops and cafes opening onto the street, and a hotel with restaurants and a skybar that anyone in Castle Hill can walk into," Georges said.

The project's elevated position on one of Sydney's highest ridgelines will also provide apartments with outlooks toward the Sydney skyline, surrounding parkland and the Blue Mountains.

More than 80 per cent of the apartments will occupy corner positions, with Turner responsible for both the architecture and interiors.

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Larry Schlesinger

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