<html><body>
The Westfield Group has hailed the success of its Westfield Sydney flagship store, which it says has “changed the face of retailing in downtown Sydney".
The shopping centre, which was completed on Pitt Street Mall in April last year counts Gap, Zara, Calvin Klein, Diane von Fürstenberg, Prada, Versace and Chanel among its tenants along with a fine dining food court on level six and the opportunity for high tea at the The Victoria Room Tea Salon on level four.
It achieved annual specialty sales of $15,660 per square metre, the highest in the group’s global portfolio of 104 shopping centres spread across Australia, the US, the UK, New Zealand and Brazil, according to Westfield’s 2013 shareholder review.
This compares with average annual speciality sales across the Australia and New Zealand portfolio of around $9,900 per square metre.
The success of Westfield Sydney was replicated at its other recent flagship store addition, Westfield Stratford City, a $2.7 billion development in east London, which managed $1.4 billion in retail sales in 2012, its first year of full trading.
<img alt="westfieldapril30flicker" height="264" width="470" src="/images/stories/2013/04/westfieldapril30flicker.jpg">
Westfield has attributed the success of both stores to a new retail strategy based around “four key areas” incorporating: "the quality of design and the standard of services; the growing internationalisation of retail brands; the higher standard of food integrated with fashion and entertainment; and the creation of great customer experiences".
This strategy is highlighted colourfully across the pages of the shareholder review with the front page made up of a collage of international luxury brands and the inside pages including a full page photo of R&amp;B star Rhianna singing at a concert at Westfield Stratford City, where she turned on the Christmas lights in November last year.
It also noted by Westfield chairman Frank Lowy, who says that a decade ago, the group “embarked on a major shift towards developing much higher quality shopping centres capable of delivering unique experiences in everything from fashion to food, entertainment and major events”.
“This move anticipated not just the emerging demand by consumers for better designed buildings and improved customer services, but also the demand by retailers, and especially international and luxury brand retailers, for space in high-profile and prestigious locations in some of the world’s leading cities.
“Through our development of iconic malls, we combine these elements to make the mall an essential part of the city and the community’s social and economic fabric.
“Our focus is to invest our capital and expertise in assets that can continue to adapt in these key areas and thereby be the destination of choice for shopping, dining, entertainment, events and socialising” says Lowy.
However, he also noted the subdued performance of Westfield in Australia relative to the other markets it operates in, including a more favourable performance in the UK and US, “with the United States well into a recovery from the period of the global financial crisis”.
The 2013 Westfield shareholder review highlights the group’s $64.4 billion in assets under management in 105 shopping centres in Australia, the US, New Zealand, the UK and Brazil.
The shopping centres comprise a total of 22,800 retail shops, which record around 1.1 billion annual customer visits generating $40 billion in retail sales every year.
Average specialty rent during the year for the Australian/New Zealand portfolio grew by 2.5% with average rent in Australia now at $1,521 per square metre and New Zealand at NZ$1,123 per square metre.
In Australia over 2,400 leasing deals were completed.
Excluding new projects, these represented 15.6% of specialty area, and were completed at rents 2.5% lower than expiring rents.
Westfield has a $12 billion development pipeline and $1.4 billion in projects under construction, including the Westfield World Trade Center in New York.
Projects due to commence this year include Miranda in Sydney, and at Bradford in the United Kingdom.
</body></html>

lschlesinger-FZcF9M3vE6

With specialty sales at $15,660 per square metre, Westfield Sydney and its luxury brand tenants set global performance benchmark

<html><body>
Receivers from KPMG have listed the Mercure Hotel Horsham and the Mercure Hotel Bairnsdale for sale.
The two hotels, both built in 2009, are listed for sale either jointly or separately with expectations around $11 million.
The Mercure Hotel Horsham is located at 118 Baillie Street in Horsham, around 300km north-west of Melbourne and 426km south-east of Adelaide.
The 52-room hotel stands on a 3,900 square metre site and includes function rooms and restaurant-bar facilities.
The 51-room Mercure Hotel Bairnsdale stands on a 3,515 square metre site located at 355 Main Street in Bairnsdale, around  280km east of Melbourne in the East Gippsland region. It included manager’s accommodation, a gym, a restaurant and bar.
Colliers International’s Jeremy Gruzewski and Hamish Burgess have been appointed by the receivers and managers to sell the freehold going concern in both hotels by expressions of interest closing April 19.
Gruzewski says both hotels are fully equipped and operational.
The two hotels were listed for sale following two companies, Bairnsdale Property Pty Ltd and Horsham International Property Pty Ltd owned by hotelier and developer William Berry Thompson, being placed into administration earlier this year, Fairfax Media reported.
“The Mercure Hotel Horsham benefits from tourist visitors and a strong corporate clientele who are attracted to the near-new hotel facilities and accommodation,” says Burgess.
“Horsham and its surrounding area is known for its dynamic arts community, well known regional golf club, fishing in the Wimmera River and abundance of scenic bushland, mountains and waterways. 
“The area is also supported by two nearby wineries, Barangaroo Boutique Wines and Norton Estate Wines, which are located approximately 10 minutes south-west of Horsham. 
He says the Mercure Hotel Bairnsdale derives strong patronage from both corporate clientele and tourists.
“Bairnsdale is the largest city in the East Gippsland region and is situated on the Mitchell River which flows into the extensive Gippsland Lakes system. 
“While the town is known as an attractive tourist destination, the majority of the Mercure Hotel guests are corporate visitors from Melbourne, the greater Gippsland area and Southern New South Wales," he says.
</body></html>

Two Mercure Hotels in regional Victoria listed for $11 million receivership sale

<html><body>
The Melbourne CBD office market is moving increasingly in favour of tenants over landlords with BIS Shrapnel forecasting the vacancy rate to hit 10% by the end of the year.
BIS Shrapnel senior project manager Maria Lee expects the vacancy rate to remain at 10% over 2014 and warns there could be market “panic” from some landlords, not anticipating the size or duration of the downturn.
She warns existing investors and those entering the market now need to be prepared for a sustained period of challenging conditions and to plan their leasing strategies accordingly with cash preservation key.
However, a strong rebound is forecast in the second half of the decade with fundamental economic conditions driving the Victorian economy still in place.
<img alt="bisshrapnelapril30onethumb" height="184" width="470" src="/images/stories/2013/04/bisshrapnelapril30onethumb.gif">
But from now until sometime in 2015, the market is likely to get worse before it gets better pushing up leasing incentives and causing effective rents to retreat.
“This is a more severe setback, caused by weakness in the Victorian economy on several fronts," Lee says.
Lee expects leasing incentives to rise further, to an average of 34 months’ rent free equivalent in the prime market.
“The other side of the coin is that conditions are favourable to tenants.
“Tenants already hold the balance of power in leasing negotiations, and that will continue to be the case for some time; there’s no need for tenants to rush their leasing decisions” she adds.
A similar prognosis of the Melbourne office market is made by property valuers Propell.
“Melbourne still has one of the lowest vacancy rates in the nation, but that is now changing with the amount of vacancy to increase considerably in coming years, which will put a brake on rental and value growth,” says Propell in its latest report.
Propell says falling demand combined with additional new supply will see the vacancy rate “rise considerably over the next couple of years”.
Around 129,000 square metres of new office space was added to the Melbourne market in 2012, but demand was for less than 40,000 square metres of new space last year.
Over the past five years, demand has averaged 60,000 square metre annually.
“The economic slowdown in Victoria is having its effect on the office market too, and while net absorption is still healthy, it is slowing," says Propell.
“With the slowing of economic activity in Victoria, the reduction in net take-up and the amount of new construction, the outlook is for vacancy rates to increase over the next two years, with rents under downward pressure.
“Dwelling building activity is declining, there are severe cuts to public sector investment, and the high Australian dollar is taking its toll on manufacturing and some service industries,” she says.
The Property Council of Australia reported the vacancy rate rising from 5.6% to 6.9% over the six months to January 2013, its highest level in six years, and attributed to increased supply.
The highest vacancy rate was recorded in Flagstaff (13.9%), the Western Core (8.2%), Eastern Core (7.1%) and Spencer Street (6.9%).
The tightest office zones in the Melbourne CBD are the North Eastern zone (2.5%) and Docklands (3.5%)
In terms of office grades, the tightest market is D grade office space, with a vacancy rate of 2.2% with the premium office vacancy rate at 6% and the A grade office vacancy rate at 5.8%. 
</body></html>

Melbourne office vacancy rate to hit 10% by end of 2013 with BIS Shrapnel warning of “market panic”

<html><body>
Analysis of the latest Victorian first-home owner grant (FHOG) application statistics suggest first-home buyers (FHB) will not be easily corralled into buying  a new property over an existing one with individual market dynamics dictating buying preferences.
From July 1 a new $10,000 first-home owner grant will only be available to build or buy a new home in Victoria, but those who buy an existing home will <a href="/news">lose the existing $7,000 incentive.</a>
Property Observer analysis of $7,000 FHOG applications in the top 10 Victorian postcodes suggests FHBs are primarily making purchase decisions based on what type of property predominates and makes sense within any given market.
For example in postcode 3754, which incorporates the City of Whittlesea suburbs of Doreen and Mernda, where new housing estates are planned, nearly nine out of 10 grant applications are for new homes.
Similarly, in the Melbourne CBD (postcode 3000), where new apartment projects prevail, nearly two-thirds (61%) of FHOG applications are for new homes.
However, in contrast, postcode 3350, which incorporates established suburbs close to the Ballarat CBD, grant applications for existing homes outnumber those for new homes by a healthy margin.
Similarly in a suburb like Croydon, where most of the new housing blocks were sold and developed in the 1990s and early 2000s, FHOGs for existing home dominate making up 81% of applications.
In the top FHOG application postcode of 3029, comprising the suburbs of Hoppers Crossing and Tarneit, there is a fairly even split of grants for new and existing homes, reflecting both the prevalence of new master-planned housing estates such as Tarneit Gardens being developed by Peet and Williams Landing near Hoppers Crossing, being developed by Cedar Woods as well as a fair supply of existing homes.
Analysis of the figures suggest that a one-size fits all approach to incentivising FHBs is unlikely to be very successful as an overall strategy, though it may succeed in suburbs where new house sales predominates such as in the inner city or those on the outskirts.
Developers in some of the outlying suburbs, where grants for new homes predominate, may see a rise in demand for homes in their communities.
However, any artificial rise in demand may only encourage developers to push up their prices – as has been argued by many analysts (from BIS Shrapnel to Steve Keen) which would hardly be to the advantage of FHBs – though perhaps the housing construction industry would be in a better state.
Paul O’Regan, head of home loans at LJ Hooker, expects the new grant will benefit the housing construction industry and hopefully employment but highlights that the majority of FHBs of late have been for established homes “so there is a possibility that this will be impacted given grant has been taken away for established homes”.
He says the ending of previous FHOGs has resulted in kids staying at home longer as they try to save enough deposit monies to qualify for a home loan or getting greater assistance from their parents.
Some FHBs, he says are choosing to buy an investment property initially to enter the home loan market (foregoing any government benefits) and then moving in when they can afford to.
“First home ownership is now very much all about affordability and blue collar workers need to look at the house and land packages available in outer suburbs and weigh up transport / schools / shopping as well as sustainability such as the costs to run the house.
“The obvious preference is an established house close to work and the city but this may not practical or possible in a lot of cases,” he says.
Top 10 postcodes for Victoria $7,000 FHB grant applications (July 2012 to March 2013)
<table border="1" cellspacing="0" cellpadding="0"><tbody>
<tr>
<td valign="top" width="132">
Postcode
</td>
<td valign="top" width="132">
Total number of FHB applications received
</td>
<td valign="top" width="108">
Distance from CBD
</td>
<td valign="top" width="121">
For new homes
</td>
<td valign="top" width="123">
For existing homes
</td>
</tr>
<tr>
<td valign="top" width="132">
3029 - Hoppers Crossing, Tarneit
</td>
<td valign="top" width="132">
816
</td>
<td valign="top" width="108">
26kms
</td>
<td valign="top" width="121">
433
</td>
<td valign="top" width="123">
383
</td>
</tr>
<tr>
<td valign="top" width="132">
3977 - Cranbourne, Devon Meadows, Skye
</td>
<td valign="top" width="132">
792
</td>
<td valign="top" width="108">
43kms
</td>
<td valign="top" width="121">
506
</td>
<td valign="top" width="123">
286
</td>
</tr>
<tr>
<td valign="top" width="132">
3030 - Point Cook, Werribee, Derrimut
</td>
<td valign="top" width="132">
639
</td>
<td valign="top" width="108">
25kms
</td>
<td valign="top" width="121">
284
</td>
<td valign="top" width="123">
355
</td>
</tr>
<tr>
<td valign="top" width="132">
3064 - Craigieburn, Donnybrook, Roxburgh Park, Mickleham
</td>
<td valign="top" width="132">
610
</td>
<td valign="top" width="108">
26kms
</td>
<td valign="top" width="121">
401
</td>
<td valign="top" width="123">
209
</td>
</tr>
<tr>
<td valign="top" width="132">
3754 -Doreen, Mernda
</td>
<td valign="top" width="132">
435
</td>
<td valign="top" width="108">
26kms
</td>
<td valign="top" width="121">
384
</td>
<td valign="top" width="123">
51
</td>
</tr>
<tr>
<td valign="top" width="132">
3810 - Pakenham, Rythdale
</td>
<td valign="top" width="132">
394
</td>
<td valign="top" width="108">
56kms
</td>
<td valign="top" width="121">
247
</td>
<td valign="top" width="123">
147
</td>
</tr>
<tr>
<td valign="top" width="132">
3350 - Alfredton, Ballarat, Canadian, Invermay Park, Mt Clear, Mt Helen
</td>
<td valign="top" width="132">
298
</td>
<td valign="top" width="108">
0-10 kms from CBD
</td>
<td valign="top" width="121">
133
</td>
<td valign="top" width="123">
165
</td>
</tr>
<tr>
<td valign="top" width="132">
3136 - Croydon, Croydon Hills, Croydon North, Croydon South
</td>
<td valign="top" width="132">
272
</td>
<td valign="top" width="108">
27kms
</td>
<td valign="top" width="121">
67
</td>
<td valign="top" width="123">
205
</td>
</tr>
<tr>
<td valign="top" width="132">
3000 - Melbourne
</td>
<td valign="top" width="132">
256
</td>
<td valign="top" width="108">
0kms
</td>
<td valign="top" width="121">
156
</td>
<td valign="top" width="123">
100
</td>
</tr>
<tr>
<td valign="top" width="132">
3805 - Fountain Gate, Narre Warren, Narre Warren South
</td>
<td valign="top" width="132">
261
</td>
<td valign="top" width="108">
42kms
</td>
<td valign="top" width="121">
39
</td>
<td valign="top" width="123">
212
</td>
</tr>
</tbody></table>
Source: Victorian goverment State Revenue Office figures. 
</body></html>

Victorian FHB property choices unlikely to be dictated just by government incentives

<html><body>
With his finger on the pulse of social media, estate agent John McGrath has used Facebook to urge his real estate colleagues to lift their game by among other things improving their knowledge of the communities they work in and being more transparent and straight talking with their clients.
He says agents should be be straight talking – "many agents move somewhere between telling white lies, half truths or sugar-coating the truth."
McGrath who also blogs and tweets regularly listed these seven tips on the <a href="https://www.facebook.com/McGrathEstateAgents?hc_location=timeline" target="_blank">McGrath Estate Agents Facebook page</a> that he believes can make Australian estate agents the world's best:
 1. Hyper local knowledge – Great agents have their finger on the pulse of the community &amp; know far more than anyone else. 2. Massive transparency – the more unfiltered quality information you can provide customers the more success you’ll have.  3. Out-listen the competition – Agents tend to talk more than listen – reverse that trend &amp; you’ll rapidly grow your business.  4. Be straight talking – many agents move somewhere between telling white lies, half truths or sugar-coating the truth. Be direct &amp; honest about your views.  5. Add value – putting an ad in the paper isn’t adding value – the IP &amp; intelligent ideas you bring to the listing appointment are how you increase your value.  6. Go the extra mile – If you do what’s expected you won’t separate yourself from the pack. Always over-deliver on expectations.  7. Use price guides and floorplans – every buyer wants both. So give them what they want.

</body></html>

John McGrath urges estate agents to be straight talking as many agents move somewhere between telling white lies, half truths or sugar-coating the truth

<html><body>
Mortgage market activity continues to trend upwards led by rises in Tasmania and Victoria, according to the latest RP Data Mortgage Index.
The index has been trending up since March on a seasonally adjusted basis and is a leading indicator of official home loan demand as measured by the ABS.
For the week to April 28, seasonally adjusted mortgage activity rose strongly in Tasmania (+13%), followed by Victoria (12.3%) and WA (11%) to be up 10.3% nationally.
<img height="255" width="470" src="/images/stories/2013/04/rpdatamortgagesapril29one.gif" alt="rpdatamortgagesapril29one" style="font-size: 0.8em;">
 
<img height="200" width="470" src="/images/stories/2013/04/rpdatamortgagesapril29two.gif" alt="rpdatamortgagesapril29two">
RP Data calculates mortgage market activity by monitoring more than 100,000 mortgage activity events every month with the index showing an 88% correlation with the ABS housing finance data series when using the seasonally adjusted data.
The rise in mortgage market activity comes as lenders continue to cut their fixed-rate offering.
Yesterday <a target="_blank" href="/news">Citibank cut its two-year fixed-rate home loan</a> to 4.89% while last week <a target="_blank" href="/news">NAB cut its five-year fixed rate home loan</a> to a twenty-year-low of 5.55%.
These are the current six lowest five-year fixed-rate offerings in the market:
<table width="470" cellpadding="0" cellspacing="0" border="1"><tbody>
<tr>
<td width="134" valign="top">
Provider
</td>
<td width="124" valign="top">
Loan name
</td>
<td width="97" valign="top">
Rate
</td>
<td width="116" valign="top">
Comparison rate*
</td>
</tr>
<tr>
<td width="134" valign="top">
ING Direct
</td>
<td width="124" valign="top">
Residential Fixed 5 yrs
</td>
<td width="97" valign="top">
5.39%
</td>
<td width="116" valign="top">
5.63%
</td>
</tr>
<tr>
<td width="134" valign="top">
Homeside Lending
</td>
<td width="124" valign="top">
HomePlus Fixed LoDoc 5 yrs (less than $2.5m)
</td>
<td width="97" valign="top">
5.55%
</td>
<td width="116" valign="top">
5.72%
</td>
</tr>
<tr>
<td width="134" valign="top">
NAB
</td>
<td width="124" valign="top">
NAB Choice Package
</td>
<td width="97" valign="top">
5.55%
</td>
<td width="116" valign="top">
6.05%
</td>
</tr>
<tr>
<td width="134" valign="top">
NAB
</td>
<td width="124" valign="top">
Low Doc HLn Stand Fixed 5 yrs
</td>
<td width="97" valign="top">
5.65%
</td>
<td width="116" valign="top">
6.1%
</td>
</tr>
<tr>
<td width="134" valign="top">
HSBC
</td>
<td width="124" valign="top">
Residential Fixed 5 yrs
</td>
<td width="97" valign="top">
5.69%
</td>
<td width="116" valign="top">
6.18%
</td>
</tr>
<tr>
<td width="134" valign="top">
Myrate
</td>
<td width="124" valign="top">
Residential Fixed 5 yrs
 
</td>
<td width="97" valign="top">
5.75%
</td>
<td width="116" valign="top">
5.71%
</td>
</tr>
</tbody></table>
Source RateCity.com.au/NAB
</body></html>

Cheapest five-year fixed-rate offerings as RP Data reports mortgage activity continuing to trend up

<html><body>
Embattled coal baron Nathan Tinkler looks set to sell the remainder of his prized Patinack stud farm empire if chatty comments made at Doomben racetrack at the weekend are to be believed.
Tinkler told on-course interviewer Wayne Wilson that his racing and stud farm holdings would be sold “within weeks” and he would walk away with a heavy heart, according to a report by Sunday Telegraph horse racing journalist Mark Oberhardt. Not one usually keen to talk openly about his plans, Tinkler claimed a lot of people were interested in buying the Patinack Farm operation, where he has invested around $500 million over the past six years.
Since acquiring <a target="_blank" href="https://www.propertyobserver.com.au/leisure/nathan-tinkler-s-decision-to-list-patinack-farm-suggests-financial-desperation-cara-waters/2013040360151">Patinack Farm</a> in 2007, Tinkler has expanded its breeding operations, acquiring and developing 404 hectares of land at Benobble, near Canungra, Queensland including the adjoining famous polo property Elysian Fields in 2011.
Patinack Farm’s NSW holdings include a prime 1,500 hectare Richmond Grove rural property formerly known as Manado (later called ‘Collingrove’ in the 1980s), overlooking what was once home to the Giants Creek and Denman vineyards of Rosemount Wines.
At the end of February, Fairfax Media reported that Tinkler had sold Caulfield Guineas winner All Too Hard and his prized Patinack Farm Aberdeen for around $30 million to Vinery Study, part owned by Gerry Harvey and Black Caviar's owner Neil Werrett.
 
 
</body></html>

Nathan Tinkler hints trackside that remainder of Patinack Farm empire will soon be sold

<html><body>
Prime Minister Julia Gillard has downplayed the $12 billion budget deficit anticipated for the 2012/13 financial year comparing it to a very small mortgage commitment in an address in Canberra today.
“Unlike the rest of the world, we have very modest debt – because we have borrowed in the right way and at the right time, to support growth during the global financial crisis,” she told the Per Capita Reform Agenda.
“Our level of debt is the same as a person earning $100,000 a year with a $10,000 mortgage.
“Millions of Australians with mortgages and personal loans would love to be in a position where their only debt was equal to ten per cent of their income,” she added.
Economic consultants Deloitte Access Economics have responded tongue-in-cheek to the speech with 17 “ really ugly” suggestions for filling the $12 billion deficit and balancing the nation’s books.
Suggestions include extending capital gains tax to the family home, which Deloitte says would eventually raise $15 billion a year, pushing up the top tax rate to 66% or add $17 to the cost of a pack of cigarettes.
According to Deloitte, if the shortfall was made good entirely from spending:
<ol>
<li>Entirely abolishing all Family Tax Benefit A payments (saving $14 billion).</li>
<li>Or stopping all funding to the States for health care (saving $13 billion).</li>
<li>Or stopping all funding to schools (saving $13 billion).</li>
<li>Or stopping all funding to aged care homes (saving $8 billion), as well as community care ($2 billion) and veterans’ care ($2 billion).</li>
<li>Or cutting all Medicare payments by two-thirds (saving $12 billion).</li>
<li>Or cutting pensions to the aged by a third (saving $12 billion).</li>
<li>Or abolishing all disability pensions (saving $15 billion). 
</li>
</ol>
Or if the shortfall was made good entirely from taxes and ‘tax expenditures’:
<ol>
<li>Extending capital gains tax to the family home (raising – eventually – $15 billion a year).</li>
<li>Or raising the current 45% rate to 66% (raising $12 billion).</li>
<li>Or having the current 45% rate cut in at incomes of $65,000 rather than $180,000 (raising $12 billion).</li>
<li>Or raising the 32.5% rate to 37% (that is, do away with that rate completely, raising $10 billion).</li>
<li>Or lowering the $18,200 threshold to $12,500 (raising $13 billion, but you’d be taxing about an extra 650,000 people, including many pensioners).</li>
<li>Or taxing all superannuation contributions at marginal tax rates (raising $14 billion).</li>
<li>Or raising the rate of company tax from 30% to 35% (raising $12 billion – but also adding to franking credits that would cut the personal tax take).</li>
<li>Or adding 30 cents a litre in additional taxes on the price of petrol (raising $12 billion).</li>
<li>Or tripling the existing taxes on cigarettes (raising $12 billion, and adding about $17 to a pack of 25 cigarettes).</li>
<li>Or lifting the carbon tax to $60 dollars a tonne and removing the future link to the European carbon price (raising $12 billion).</li>
</ol>
“Each of the above options would be really ugly,” says Deloitte
“Yet it is vital that Australians begin this conversation with ourselves, because our politicians aren’t.  Labor is busily talking about new spending on schools and disability insurance, while the Coalition is talking about rolling back the carbon and mining taxes.
“So both sides are still talking about extra costs to be loaded on a Budget that is yet to make up a $12 billion shortfall.
Deloitte says a cut in the corporate tax rate is off the table.
“We’d expect that corporates will be targeted to (in part) plug the gap. Previously proposed revenue-raising measures (that were rejected by the business community last year) may be given new life in this year’s Budget.
“We expect there could be a reduction of the thin capitalisation safe harbour from 75% to 60%. This would have a potentially significant impact on business by denying interest deductions available to both Australian and foreign companies."
</body></html>

Julia Gillard compares budget deficit to very small mortgage while Deloitte comes up with 17 “really ugly” tips to fill the $12 billion black hole

<html><body>
Melbourne postcode 3029 comprising the outlying south-westerly suburbs of Hoppers Crossing and Tarneit received the highest number of applications for the soon-to-be-cancelled $7,000 first-home owner grant over the nine months to March 2013, the Victorian government’s state revenue office has revealed.
The figures come as the Victorian Government announced plans to scrap the $7,000 first-home owner grant on June 30 for existing homes and apartments, replacing it with a $10,000 grant for new homes and apartments only.
These are the Top 10 postcodes for applications the $7,000  first-home owner grant for the nine months from July 1 2012 to March 31 2013:
<img src="/images/stories/2013/04/fhogtop10april29one.jpg" width="470" height="174" alt="fhogtop10april29one">
Source: State Revenue Office
</body></html>

Hoppers Crossing and Tarneit leads Victorian top 10 FHB grant application locations

<html><body>
Lenders continue to entice conservative-minded borrowers with Citibank today cutting its two-year fixed mortgage plus home loan to 4.89%.
This makes it one of the sharpest fixed-rate home loans in the market currently.
The lowest two-year fixed-rate appears to be a rate of 4.79% offered by online lender iMortgage via its Fusion ProPack home loan, though the loan requires a hefty 25% deposit.
Loan-to-value (LVR) ratios are up to 90% for Citibank fixed-rate mortgages, according to its website.
Since February, Citibank has cut its two-year fixed-rate home loan by 30 basis points.
Belen Lopez-Denis, heading of mortgage marketing at Citibank Australia, said recent research showed we are now reaching the lower band of the RBA target’s interest rate “creating speculation for potential interest rate increases”.
Citibank is also offering a 60 day rate lock, guaranteeing a customer a low fixed-rate offer for 60 days after the application has been submitted.
</body></html>

Citibank cuts two-year fixed home loan to 4.89%

Perth’s new apartment market recorded its strongest quarter of sales since Q4 2021, with 412 apartments sold in Q1 2026 and a record quarterly sold value of $537 million, according to Urbis’ latest Apartment Essentials results.

Urbis said the March quarter result reflects strong, highly product‑specific demand across both ends of the market, from more attainable projects delivering at scale, through to premium stock being absorbed by equity‑rich downsizers.&nbsp;

David Cresp, Partner at Urbis, said the key story in Perth is not demand, it is the market’s ability to convert demand into delivered housing.&nbsp;

“This is the strongest sales quarter since Q4 2021, and it reinforces that demand in Perth is real and it’s local,” David Cresp said. “But the task now is delivery, turning that demand into projects that can actually be built and completed.”&nbsp;

[smartcode_project:default project_id=110291 project_image_fid=302785]

<h2>Affordable product leads, premium demand remains resilient</h2>

Sales in Q1 were led by more affordable projects, with The Boulevard (SKS Group) recording 115 sales in the quarter, the presentation noting this is only the second time a single project has surpassed 100 quarterly sales. The project was able to offer more affordable housing product right next to a train station.&nbsp;

Palmyra West (Finbar) also delivered strong results with 28 sales in Q1, following 84 sales in Q4, with an average price of under $800,000, underscoring depth of demand for well‑located, attainable new stock.&nbsp;

At the premium end, Urbis said downsizer demand is continuing, with the results highlighting Romeo (Applecross, Finbar) recording 75 sales and reaching almost 50% sold in one quarter.

Jual (Shenton Park, Celsius Property) also posted a strong quarter with 28 sales, reaching 39% sold in one quarter.

Urbis noted that Perth apartment demand is not speculative, not investor‑led, and not uniform, describing it as localised, often equity‑driven and highly product‑specific, a pattern reflected in the polarisation between strong “attainable” performers and premium downsizer product.&nbsp;

[smartcode_project:default project_id=148957 project_image_fid=364102]

<h2>Prices underpinned by costs, and the delivery risk is growing</h2>

Urbis said pricing pressure is cost not demand‑driven: construction costs and delivery risk are now a central constraint, with the results noting build costs remain elevated and volatile, and that energy, fuel and labour uncertainty weigh on feasibility.

David Cresp said a growing challenge for private Build‑to‑Sell developers is simply securing a builder in the current environment.

“Developers are really feeling the pressure from a building market that was operating at capacity and securing a builder is challenging,” David Cresp said, adding that even where a builder can be secured, “trying to get to the price that makes the development financially viable is incredibly challenging in the current market.”&nbsp;

Urbis’ broader WA commentary also notes that industry remains at or above capacity with lot and housing creation, and that many builders are limiting new sales to manage stretched workforces and fixed‑price contract pressures, conditions that flow directly into apartment feasibility and delivery timing.

[smartcode_project:default project_id=108869 project_image_fid=317905]

<h2>Supply: improving later, but still constrained, and Perth lags eastern benchmarks</h2>

While near‑term supply remains constrained, Urbis’ forecast shows completions lifting “Supply is forecast to be back above 1,500 apartments per annum for the first time since 2019”, with 1,775 completions forecast for 2026, and volumes remaining above that level over the following years.&nbsp;

Looking further ahead, completions are forecast to reach 2,500 in 2028, with the report noting 32% of that total is social/affordable, reflecting the role of government‑supported delivery in rebuilding the pipeline.&nbsp;

However, Urbis said Perth remains behind comparable markets on pipeline scale. In a national comparison of projects under construction, the report shows under construction Perth Build‑to‑Sell (BTS) at 3,446 apartments versus the Gold Coast at 7,922. Mr Cresp said “The challenge for Perth is how to we grow the delivery pipeline”.

Urbis’ conclusion is that Perth’s market is increasingly defined by product discipline and delivery certainty, with the research identifying “delivery certainty is key” and calling out builder risk and procurement models as core success factors, alongside “timing and staging”.&nbsp;

Joel Robinson

Perth apartment sales hit strongest pace since late 2021 as builder capacity tightens

<a href="https://www.apartments.com.au/developers/sammut-developments">Sammut Group</a> has secured development approval for its latest Brisbane apartment project, marking the Sydney developer’s next step in expanding its Queensland pipeline following the success of its debut Gold Coast development, Coast.

The approved project at <a href="https://www.apartments.com.au/new-apartments/44-glen-road-toowong-qld-4066">44 Glen Road, </a><a href="https://www.apartments.com.au/developments/toowong-qld-4066">Toowong</a> will deliver a 15-storey riverfront apartment building with 42 residences, significantly increasing the scale of the site’s previous approval for a smaller luxury scheme. Designed by Bureau^proberts, the development will comprise a mix of predominantly four-bedroom and two-bedroom apartments positioned to maximise Brisbane River and city views.

Sammut Director Julian Sammut said the group had been actively searching Brisbane for several years before identifying Toowong as the right fit.

“Brisbane was the right step for Sammut,” Sammut said.

“With the success of Coast we thought we should definitely look to do more in Queensland alone. We then pushed up to look at Brisbane. We've been looking for I'd say two to three years actually and it was hard to find the right location.”

<img alt="Sammut makes Brisbane apartment play" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/f_auto,c_limit,w_1440,q_75/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/field/image/Screenshot%202025-12-23%20at%203.27.14%E2%80%AFPM.png?VersionId=dYAVIL7qdcGA8ojvkslSrLjczXFejSSx" />

Sammut said suburbs including New Farm and Teneriffe were considered before the group ultimately focused on Toowong due to its strong downsizer demographic and limited supply of developable riverfront land.

The site was acquired off-market after what Sammut described as a lengthy negotiation and planning process, with the developer pursuing an uplift to the original approval.

“We are DA approved now which is very exciting,” Sammut said.

“We've had our change approval come through and we've obviously doubled the height, 15 storeys plus rooftop. We've got 42 amazing apartments that are going to be coming to market soon.”

<img alt="Sammut makes Brisbane apartment play" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,dpr_2.0,q_auto:good/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202025-12-23%20at%203.27.26%E2%80%AFPM.png?VersionId=ohkRkY0dIZlqdfME2EZePsCQavRiBadE" />

Bureau^proberts said the design responds to Toowong’s evolving urban character, balancing contemporary apartment living with the area’s established residential identity.

“A place where traditional Queensland living has taken place for centuries; Toowong is seeing a shift of contemporary influence, commercial and retail hubs mixed with well-considered residential offerings – all the while maintaining its character and charm,” the architect noted in planning documents submitted to Brisbane City Council.

The architecture practice said the project’s form was shaped by its riverfront setting, flood considerations, neighbouring building scales, and view corridors.

“They said the mix of four and two-bedroom apartments capture the ‘fundamental qualities of Queenslander living,’ translated into the context of a contemporary subtropical building.”

The development sits just off Coronation Drive within walking distance of Toowong’s retail precinct and the upgraded Regatta ferry terminal, while also benefiting from proximity to the incoming green bridge connection to West End. Sammut said the accessibility and amenity offering were central to the site’s appeal.

The approval adds to growing residential activity along the Toowong riverfront, joining nearby projects including Consolidated Properties’ Monarch Residences and Spyre Group’s ARC Residences.

Sammut secures approval for debut Brisbane apartment development in Toowong

Developer Lanevick is heading back into Sydney’s apartment market after focusing more heavily on the luxury townhouse and terrace sector in recent years.

Lanevick, founded and directed by Steve Maroun, is expecting to receive approval in the coming months for a new apartment development in Gladesville, with the aim to launch it to the market later this year.

The 51-apartment project, designed by Studio Johnston, will comprise a mix of one-, two-, and three-bedroom apartments positioned toward the Hunters Hill downsizer market.

“Traditionally it’s been difficult for people in that market to downsize because there just hasn’t been the right product available,” Maroun said.

“We’re targeting buyers who might have 30 to 40 per cent of their house value sitting in the bank after downsizing.

“They still want good spacious entertaining areas, they still want quality design, but they also want flexibility and the ability to enjoy life a bit more after working hard for a long time.”

The project sits near Boronia Park and within close proximity to the Parramatta River foreshore, an area Maroun says offers more of a Hunters Hill lifestyle than a traditional apartment precinct.

“From a lifestyle perspective, it’s really more Hunters Hill than Gladesville,” Maroun said. “You’re close to the foreshore, close to parklands, and still connected back into the village precinct.”

From level four and above, apartments will capture water views&nbsp;toward Sydney Harbour. Communal amenity will include rooftop entertaining areas, wellness spaces, and a gym tailored toward owner-occupier buyers.

“We’ve really designed these apartments around that buyer coming from the Hunters Hill LGA and what they’re actually looking for in their next chapter.”

The proposed development has also been designed to respond to the changing character of the broader Gladesville town centre, where a growing number of mixed-use and residential proposals are expected to emerge over the coming years.

“Gladesville presented a rare opportunity to deliver a genuinely design-led residential project within an evolving lifestyle precinct, just moments from the growing Gladesville town centre, and we’ve approached the project with a strong focus on architecture, liveability and long-term community value,” Maroun said.

Maroun said Lanevick saw a first-mover advantage within the precinct as planning controls continue to evolve to accommodate greater housing density.

“We think there’s a real opportunity there that hasn’t really been serviced properly yet,” he said.

“There’s going to be a broader evolution of the whole Gladesville village precinct over time, particularly with more activation and mixed-use outcomes.”

The Venus Street proposal will include a commercial and retail component at ground level designed to contribute to that evolving streetscape activation.

“A big part of the thinking was how do you activate that area properly and create more vibrancy and amenity, which is what Hunters Hill has been looking for,” Maroun said.

Lanevick’s focus since 2020 has largely been on smaller-scale luxury townhouse and terrace developments. The developer recently completed Royale Randwick, also designed by Studio Johnston, where prices reached $3.65 million. The project was featured in the UDIA NSW 2026 Professional Development Prospectus and was also named a finalist for Development of the Year.

&nbsp;

Lanevick to cater for Hunters Hill downsizers with new Gladesville apartment development

Property developer One Living, backed by former Macquarie banker turned investment manager Chris Green’s investment firm, has unveiled plans to bring more institutional capital into housing to help address the national supply crisis.

The New York-based investor has focused his firm, GreenPoint Partners, on addressing the supply shortage hitting middle market housing in Australia.

It is backing the new One Living business to develop more than 1000 units along the eastern seaboard. The new firm is starting with a development on Mona Vale Road, on the border of Mona Vale and Pymble, in Sydney’s Northern Beaches, with around 140 apartments planned. They are eyeing off more sites across the city.

With cost pressures rising in the industry, One Living’s model is to be a vertically integrated developer-builder, so it can respond directly to the housing gap by removing the cost inefficiencies embedded in traditional residential delivery.

“We are building a platform designed to operate at scale and starting in a market where there’s a clear need for quality, attainable housing,” One Living joint managing director Joseph Scuderi said.

“It’s that missing middle – it’s that attainable end of housing… that’s what most Australians invest into and what Australians can actually afford.”

<img alt="Mona Vale" data-entity-type="file" data-entity-uuid="798dfa93-4941-4db6-a696-31e9dc18e81c" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%202.31.50%E2%80%AFPM.png?VersionId=mKBqi5C_DmeiXS.AtJkcR8LQIxqCqmFi" />

GreenPoint Partners brings years of experience assembling and scaling real estate operating businesses across major markets. And Green sees a big opportunity in Australia.

“For its size, sophistication and importance to the community, Australia’s living sector has remained largely under-institutionalised, which represents significant opportunity,” Green said. “GreenPoint identified that gap, assembled the right team, and is backing One Living to build a platform that is aligned to market needs.”

Green said being a builder-developer would give the company the capacity and flexibility it required to deliver reasonably-priced homes.

“We want it to be at that attainable level; not super high end luxury but at that attainable level,” he said.

<img alt="Mona Vale" data-entity-type="file" data-entity-uuid="74a5344a-4b26-4d4a-ada3-056b1220be77" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%202.32.15%E2%80%AFPM.png?VersionId=vY8hXHO4reBMdO8ZXMWCNtGZJofUPQ3j" />

&nbsp;

One Living will undertake a component of affordable housing in its schemes, which it will own and operate, and it could also run build-to-rent on some sites.

Green praised local policy settings.

“The NSW government is being very supportive, strategic and pragmatic in terms of how do we generate more supply of housing,” he said. “We think it’s actually positive for development and the bit that’s been lacking at that attainable level is that it’s lots of relatively small private developers, whereas we want to create an institutional platform.”

One Living is also&nbsp;looking at high-density projects and could take on more institutional funding in the future.

“The way we will be able to achieve economies of scale is through size,” Green added.

One Living enters Sydney's new apartment market with Northern Beaches site acquisition

It's been several years since there's been an opportunity to buy a brand new townhome in Melbourne's coastal suburb of Mordialloc. Even apartment developments in recent times have been few and far between in the area.

Local developer LDS Property identified the gap in new housing, securing a site on White Street, directly opposite&nbsp;Woodlands Golf Club Mordialloc. They've recently launched&nbsp;<a href="https://www.apartments.com.au/new-townhouses/wm-residences-mordialloc-102-white-street-mordialloc-vic-3195">WM Residences</a>, just 13 townhouses which they have already started building.

Projects by Buxton Director Heath Thompson, who is selling WM Residences, says the townhouses x that perfect middle ground be

"Mordialloc residents have had limited options to downsize within the suburb, often forcing them to look elsewhere despite long-standing ties to the area," Thompson says.

"With very little comparable new supply coming to market, projects like WM Residences are well placed, particularly as buyers look to capitalise on current conditions amid constrained supply."

[smartcode_project:default project_id=134646 project_image_fid=6109]

The development, designed by regarded architecture firm&nbsp;<a href="https://www.apartments.com.au/architects/ewert-leaf">Ewert Leaf</a>,&nbsp;adopts a deliberately restrained architectural approach, focusing on simplicity, durability and liveability rather than overt design gestures.

The boutique scale is central to the offering. With only 13 three-bedroom residences, each home is configured to prioritise functional layouts and everyday use, supported by private terraces and secure two-car garages.

Ewert Leaf’s design response leans into a calm, neutral material palette. Interiors are defined by oak flooring, white walls and soft finishes, creating a consistent and understated backdrop. The approach avoids trend-driven detailing in favour of longevity, with an emphasis on natural light and spatial clarity.

[smartcode_project:default project_id=134646 project_image_fid=6110]

Beyond aesthetics, the homes are designed to meet contemporary performance expectations. Each residence targets a minimum 6-star energy rating, incorporating double glazing, comprehensive insulation and all-electric Bosch appliances.

The project’s location supports a walkable coastal lifestyle, sitting within close proximity to Mordialloc’s foreshore, Main Street retail strip and the train station. Local cafés and dining venues, including Suburbia Deli and Hendriks Café, are within a short walk, reinforcing the area’s established neighbourhood character.

[smartcode_project:default project_id=134646 project_image_fid=6116]

While <a href="https://www.apartments.com.au/developments/mordialloc-vic-3195">Mordialloc</a> is often defined by its beach and pier, the project taps into other areas of day to day living, offering easy access to local food, casual dining and transport, rather than positioning itself purely as a lifestyle retreat.

WM Residences reflects a continued trend across Melbourne’s coastal suburbs towards smaller-scale, design-led townhouse developments, particularly on infill sites where proximity to amenity is already established.

With construction commenced prior to its market entry, the project aligns with a growing preference among buyers for developments with visible progress and defined delivery timeframes.

[smartcode_project_cta:default project_id=134646]

Larry Schlesinger

Editor's Picks

Have something to contribute?

Developments

New apartments

New townhouses

News