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The Australian Taxation Office assistant commissioner Karen Foat predicts there will be a significant rise in negatively geared investors who claim a bigger tax deduction when their COVID-19 rental income does not cover the expense of owning the property.
Despite low interest rates, Australia's 2 million landlords have also missed out on millions of dollars in rental income.
<p data-gtm-vis-recent-on-screen-6236702_632="1593308659117" data-gtm-vis-first-on-screen-6236702_632="1593308659117" data-gtm-vis-total-visible-time-6236702_632="4000" data-gtm-vis-has-fired-6236702_632="1">Landlords collectively typically declare about $43 billion in total rent and $47 billion in deductions, Ms Foat told Nine Entertainment, with around 60 per cent of rental properties negatively geared.
"But we also know that this year, there's a lot of landlords who are receiving a reduced amount of rent, whether that's because their tenants are paying less, or unable to pay at all, or if their property is sitting vacant," she said.
"We would anticipate that there is going to be a greater number of people whose properties end up negatively geared because they still claim the expenses but they are likely to have some level of reduced rent."
SQM Research managing director Louis Christopher anticipates a national 2.5 per cent decline in aggregate rents for the 2020 financial year, and a 2.5 per cent decline for the following year, bringing total rental income down to $40.9 billion.
This could lead to an extra $2 billion worth of losses claimed at tax time.
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ATO expects bigger landlord tax deduction claims given COVID-19 rental income drop

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Melbourne weekend auctions secured a preliminary clearance rate of 59 per cent after 355 results were reported. 
There were been 527 auctions scheduled with 42 properties withdrawn from auction.
Sydney recorded a 64 percent preliminary clearance rate from 310 reported results, according to Domain.
 There were 529 auctions scheduled for auction, with 75 properties withdrawn. 
Sydney’s lower north shore suburb, Waverton had the top weekend sale when a triplex sold for $4 million.
The 642-square-metre property at 29 Balls Head Road fetched $200,000 above the reserve.
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<div class="css-18biwo" data-testid="property-features-wrapper">There were seven bedrooms ands four bathrooms at the property which last sold three decades ago at $430,000 in 1988.</div>
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Belle Property had eight registered bidders, with three bidding throughout the auction. 
Melbourne's top sale was in North Carlton at $3,276,000 for <a href="https://www.realestate.com.au/sold/property-house-vic-carlton-133708814" target="_blank">22 Macarthur Place</a> (pictured main).
The price guide had been $2.65 million to $2.9 million.
It once hosted Australia’s first intercolonial handball competition in 1873, and is now known as the Court House.
Then was converted into a brick factory.
Set on one of Carlton's prettiest squares, the home and studio was created by architect John Mockridge in the 1970s.
There have been some renovations since to the three bedroom, two bathroom home with comes with a 1050 bottle cellar.
It last sold at $1,405,000 in 2009.
An Edwardian Kew home at 16 Miller Grove sold for $2.54 million.
In Brighton, a four-bedroom Victorian home at 137 Male Street sold for $2.47 million to a Sydney family relocating to Melbourne.
There were three bidders for the home that last sold at $2.35 million in 2018.
Brisbane had the cheapest sale among the capital cities.
It was $246,000 for a two bedroom house at 10 Dampier Street, Eagleby.
It last sold at $28,000 in 1978.
AMP Capital chief economist Shane Oliver told Domain the ongoing impact of coronavirus — including job losses and stalling immigration — would see the market weaken in the coming months.
“Sydney’s results are still pretty soft and the coronavirus outbreaks in Melbourne would be adding to the cautiousness in the market there,” Dr Oliver said.
“Normally, Melbourne would have more listings than Sydney but that hasn’t been happening in recent weeks.”
CoreLogic calculated there were 1,424 homes scheduled for auction over the past week returning a preliminary auction clearance rate of 64.5 per cent. 
It was the highest number of auctions held in nine weeks.
The previous week saw 1,251 homes taken to auction returning a preliminary clearance rate of 66.1 per cent, which later revised down to 59.6 per cent at final figures. 
This time last year saw 1,295 homes taken to auction across the capital cities and a clearance rate of 62.9 per cent was recorded.  
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Historic North Carlton 1970s styled home sells at weekend auction

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The idea of home improvement has been brought to light as of late with the extra time many of the population have had on their hands, according to the latest Herron Todd White (HTW) residential report. 
The valuation firm suggest in locations across the nation, the downtime delivered by isolation has spurned on owners looking to improve their assets through maintenance and upgrade. This month’s HTW report highlights where renovations are on the rise and the price points and outcomes those markets can expect. 
"Housing within many of the older suburbs in Geelong are at a perfect stage where a renovation or extension is exactly what is needed to revitalise one’s home and bring it back up to scratch with what’s currently trending and sought after in the current property market," the valuation firm said. 
Renovations are widespread across suburbs such as Newtown, Highton, Belmont and Geelong West. 
With many of homes in Geelong West having heritage overlays enforced the only option for many homeowners or buyers is to fully upgrade and refurbish internally with the front having to be left unscathed.
A three bedroom Belmont house which has been renovated throughout has recently been sold for $530,100.
The <a href="https://www.realestate.com.au/sold/property-house-vic-belmont-133586766" target="_blank">1/35 Digby Avenue</a> home (pictured below) comes with open plan kitchen, dining and lounge area, updated bathroom and decked alfresco area. 
It was last sold in 2016 for $380,000.
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A current listing is a two bedroom home in Geelong West priced at $499,000 to $535,000.
The renovated home at <a href="https://www.realestate.com.au/property-house-vic-geelong+west-133276326" target="_blank">202 Shannon Avenue</a> (pictured below) comes with open plan kitchen, living and dining, verandah, and enclosed carport. 
It is situated closed to shops, schools and Geelong CBD. 
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Extending and renovating these heritage listed homes has resulted in some masterpieces which combine timeless and classic architecture with modern materials and an open plan living space which is so prominent in housing in this current day and age.
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The report notes renovations obviously vary in price due to the nature of the works being conducted and not always is the amount spent on the renovation translated over to the overall new value of the property.
 In some cases when done right it can significantly increase the value of a home far greater than the amount spent on the renovation which can be seen by some record breaking renovated houses that have sold in the likes of Geelong West and Newtown over the past few years.
"Renovations are less popular in developing areas such as the ever expanding Armstrong Creek and Mount Duneed regions. This is ultimately due to the fact that no renovation or extension is required on these newly constructed homes still in excellent condition," the valuation firm said. 
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Geelong's older suburbs at a perfect stage for renovation or extension: HTW residential 

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Some areas in Melbourne’s West that Herron Todd White has seen a jump in renovation ‘As If Complete’ reports is the inner Williamstown and Newport region, according to the latest Herron Todd White (HTW) report. 
The valuation firm suggest in locations across the nation, the downtime delivered by isolation has spurned on owners looking to improve their assets through maintenance and upgrade. This month’s HTW report highlights where renovations are on the rise and the price points and outcomes those markets can expect.
"During these unprecedented times we’re seeing a concentration on the concept of improving your home or investment through renovation projects," the valuation firm said. 
Williamstown and Newport are much older and more established regions than most of Melbourne’s West which consists of newly developed housing estates.
 Because of this, older dwellings within these more established regions are far more likely to conduct a renovation or extension project due to owners wanting to revamp the older styled dwellings, the report noted. 
Renovations can be a costly process which can fluctuate in price due to a number of reasons. The scale of the renovation, materials used and chosen builder all play a massive part into how much a project might cost. 
"Homeowners within Williamstown in general have a much higher household income compared to homeowners living within Melbourne’s Western growth corridors and therefore they are able to put more money toward larger scaled and higher quality renovations. This can be anywhere from $100,000 to $600,000 depending on the works being done," the valuation firm said. 
A renovated Victorian home in Newport has recently been sold for over $1.1 million.
The Hawthorn brick house at <a href="https://www.realestate.com.au/sold/property-house-vic-newport-133547998" target="_blank">274 Melbourne Road</a> (pictured below) comprises three bedrooms, formal lounge, kitchen/meals area, and large deck.
It is situated close to shops, cafes and eateries. 
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A current listing is a renovated family home in Williamstown priced at $1.64 million to $1.69 million.
The<a href="https://www.realestate.com.au/property-house-vic-williamstown-133494918" target="_blank"> 185 Cecil Street </a>home (pictured below) comprises three bedrooms, three bathrooms, and pool.
Additional features include gas fireplace, designer appliances, solar system and alarm.
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The report notes housing within Wyndham and Melton in general are new to near new dwellings having only been built within the past five years. 
Because of this, the need from renovations and extensions are not as rife compared to that of the older and more established regions that have been around for decades. 
Smaller scaled housing projects such as pergolas, working sheds and landscaping is a common trend for home owners within these newly developed housing estates as it simply isn’t necessary for them to upgrade or extend on their newly constructed homes. 
Another factor is the size of the land generally being smaller in these high density urban growth zones and therefore there is an inability to extend any further on the dwelling that already takes up the majority of space on the land.
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Melbourne's inner Williamstown and Newport region sees jump in renovation: HTW residential 

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The past few months have shown little evidence of declines in values in the Bundaberg region, according to the latest Herron Todd White (HTW) residential report. 
The valuation firm suggests in locations across the nation, the downtime delivered by isolation has spurned on owners looking to improve their assets through maintenance and upgrade. This month’s HTW report highlights where renovations are on the rise and the price points and outcomes those markets can expect.
The report notes properties are still being listed and sold and being refinanced.
This is due mainly to the limited number of COVID-19 cases in the region and hopefully with the recent easing of restrictions, this confidence should remain.
"We are very much like the Hervey Bay market when it comes to renovations," the valuation firm said. 
Bundaberg renovations have actively slowed over the past few months as consumers appear to be conserving their dollars. 
"Judging by the local Bunnings carpark, locals seem to be doing odd maintenance jobs around the house and yard instead of major renovations. Local builders have reported that the demand for new owner-occupier homes remains consistent," the valuation firm said. 
A renovated house in Walkervale has recently been sold for $220,000.
The home at <a href="https://www.realestate.com.au/sold/property-house-qld-walkervale-133800338" target="_blank">121 Barolin Street</a> (pictured below) comes with three bedrooms, sunroom, renovated gourmet kitchen and fully renovated bathroom. 
It also features new roof, new gyprock ceilings and low maintenance gardens. 
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A current listing is a renovated two bedroom unit in Bundaberg South. 
The unit at <a href="https://www.realestate.com.au/property-unit-qld-bundaberg+south-133626926" target="_blank">1/46 George Street </a>(pictured below) has been listed for sale with over $169,000 hopes.
It features open plan kitchen and living area, private courtyard and single garage. 
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Bundaberg renovation activity slows down: HTW residential 

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In the Eastern suburbs of Melbourne, the number of renovation jobs completed by Herron Todd White (HTW) has increased, according to the latest HTW residential report. 
The valuation firm suggest in locations across the nation, the downtime delivered by isolation has spurned on owners looking to improve their assets through maintenance and upgrade. This month’s HTW report highlights where renovations are on the rise and the price points and outcomes those markets can expect.
The report notes the outer eastern ring has seen a spike in renovation valuations. Suburbs such as Kilsyth, Blackburn, Doncaster and Wantirna have had measured growth in jobs for renovations. Ranging from complete renovations, partial renovations and additional spaces being created to the homes.
A renovated character home in Blackburn has recently been sold for $1.435 million.
The <a href="https://www.realestate.com.au/sold/property-house-vic-blackburn-133601306" target="_blank">2A Forest Road </a>home (pictured below)comes with formal and casual living and dining, four bedrooms, renovated stone kitchen, entertaining area and vegetable garden.
it is set just moments from school and public transport. 
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"The trend we are seeing, based on the ownership information provided by third party web service, Core Logic, is that it is mostly current owners who are renovating.
"Whether it is cabin fever or having a surplus of free time due to being isolated is speculative. What we do know is that there has been a significant increase in renovations being undertaken," the valuation firm said. 
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Due to the eastern suburbs being an established, older area with a range of Italianette, Victorian, Edwardian and Art Deco homes, the opportunity for renovation is a lot higher than suburbs in developing areas.
 In some cases, it is almost more expensive to renovate an old home with structural issues than building a new dwelling, the report noted. 
Though, due to the aforementioned style of homes being omnipresent in the Eastern suburbs, there are more restrictions for what is able to be renovated and planning approval can be more difficult and time consuming to attain.
Buildings that are heritage listed and suburbs with heritage overlay encumbrances can encounter obstacles when wanting to extend and renovate.
Largely because most heritage buildings require the front facade to structurally remain the same and there be no visibility of additional levels added to the home from the street frontage. This can greatly escalate building and labour costs.
"Depending on how far East you travel to buy a home with renovation potential, the outer East would have houses available with a purchase price of $700,000 and $1.2 million," the valuation firm said. 
A big trend seen in Glen Waverley and Mount Waverley is for buyers to purchase run down properties and build a new home with four or five bedrooms.
A current listing is a four bedroom house in Mount Waverley priced at $1.38 million to $1.49 million.
The<a href="https://www.realestate.com.au/property-house-vic-mount+waverley-133783346" target="_blank"> 1 Wills Avenue </a>home (pictured below) comes with formal lounge, kitchen/meals area, family room and double carport. 
It has future potential as a site for building a new home. 
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"While this isn’t a renovation, it is an interesting trend seen over the last couple of years," the valuation firm said. 
The effect of COVID-19 hasn’t slowed down the construction industry completely. There are still many investors who are eager to build and develop even through this uncertain time.
"We are seeing basic renovations begin at prices around $150,000 to $200,000 and more substantial renovations priced around $400,000-$500,000.
"Sub-contractors and trades are in hot demand and renovations are definitely sought after during this period of isolation," the valuation firm said. 
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Eastern Melbourne sees a spike in renovation valuations: HTW residential 

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Most towns on the Central Highlands of Queensland appear to be going back to normal trade apart from Moranbah which continued to strengthen throughout COVID-19, according to the last Herron Todd White (HTW) residential report. 
The valuation firm suggests in locations across the nation, the downtime delivered by isolation has spurned on owners looking to improve their assets through maintenance and upgrade. This month’s HTW report highlights where renovations are on the rise and the price points and outcomes those markets can expect.
"We have seen a pick up in activity over the past two weeks in both sales and rentals," the valuation firm said 
The report suggests renovations is a good thing for most towns on the Central Highlands with costs able to be recovered in most situations.
"We are seeing most mortgagee homes and lower end properties being purchased and shortly after being renovated.
"With a rising market we see renovators cashing in on true added value to their properties. Builders are probably evenly split currently between new homes and renovations in the area.
"We have now had four years of steady growth coming off a bottom in 2016, so there are many with equity to undertake improvements to their properties and we see this continuing," the valuation firm said. 
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For example, a fully renovated Queenslander in Emerald was sold for $250,000 in April. 
The three bedroom, two bathroom home is situated at <a href="https://www.realestate.com.au/sold/property-house-qld-emerald-132373638" target="_blank">25 Theresa Street</a> (pictured below).
It features open plan living and dining, covered verandas and above ground pool. 
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A current listing is a four bedroom house in Emerald which has been renovated inside. 
The family home at <a href="https://www.realestate.com.au/property-house-qld-emerald-133687746" target="_blank">7 Tineele Place</a> (pictured below) has been listed for $425,000.
It comes with gourmet kitchen, large dining and family room, rumpus room and in ground pool.
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Emerald sees continuing renovation works: HTW residential 

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Building applications have hit an all-time high in homes within Melbourne’s southeast, according to the latest Herron Todd White (HTW) residential report. 
The valuation firm suggest in locations across the nation, the downtime delivered by isolation has spurned on owners looking to improve their assets through maintenance and upgrade. This month’s HTW report highlights where renovations are on the rise and the price points and outcomes those markets can expect.
The report notes many homeowners and investors are utilising this time to work on home improvements. 
With the Reserve Bank’s decision to cut rates down to a low of 0.25 per cent, this means it is cheaper than ever for homeowners and investors to borrow money to make improvements.
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"In established areas of the South East, we have seen suburbs including Hughesdale, Parkdale and Carnegie undergo renovations," the valuation firm said. 
A renovated Art Deco home in Carnegie has recently been sold for $1.225 million.
The <a href="https://www.realestate.com.au/sold/property-house-vic-carnegie-133579294" target="_blank">66 Neville Street </a>house (pictured below) comprises three bedrooms, marble kitchen, open plan living and dining area and entertaining deck.
It was last sold in 2012 for $570,500. 
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A timber Californian Bungalow in Carnegie with potentials for renovation and extension has been listed for $1.5 million to $1.6 million. 
The three bedroom, one bedroom home at <a href="https://www.realestate.com.au/property-house-vic-carnegie-133669942" target="_blank">14 Oakleigh Road</a> (pictured below) is currently under offer. 
It features decked verandah, central hall, north facing lounge and Blackwood kitchen. 
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Renovations works can range between $80,000 all the way to $300,000 for higher quality specifications. 
Renovators are also sourcing their own materials and doing DIY jobs in order to keep costs down, the report noted. 
Home improvements are more apparent in older homes, where owners are likely to undertake minor works or ‘gut out’ their entire home to install new finishes, appliances, fixtures and fittings while still maintaining the foundation and frames of the original dwelling.
The results usually speak for themselves, with increasing numbers of homes becoming more spacious, modern and customised to the owner’s lifestyle.
"Renovators and investors are choosing to renovate their homes for a number of reasons; one might to improve their current home to suit their lifestyle, others are renovating so they can sell it quicker and at a higher price in this current market which can yield great results," the valuation firm said. 
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Building application hit an all-time high in homes within South East Melbourne: HTW residential 

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Over the past month, residential property in the Rockhampton region (including the Capricorn Coast) has continued to tick over, with properties still being listed and sold despite the global pandemic, according to the latest Herron Todd White (HTW) residential report. 
The valuation firm suggests in locations across the nation, the downtime delivered by isolation has spurned on owners looking to improve their assets through maintenance and upgrade. This month’s HTW report highlights where renovations are on the rise and the price points and outcomes those markets can expect.
The report notes there has been no evidence to date of a decline in values, in fact, some sectors of the market are continuing to improve slightly (i.e. modern, well presented homes on the Capricorn Coast).
"Regionally, we have been fortunate to continue with a very small number of COVID-19 cases which, combined with the recent easing of restrictions, is likely to support this trend to continue should the number of cases remain low in our region," the valuation firm said. 
Over the past 12 to 18 months in particular, there has been a notable increase in renovation projects in a small sector of the Rockhampton market. 
Generally, small pockets of South Rockhampton, such as The Range, Allenstown and Wandal are sought after for their proximity to the CBD, schooling, hospitals and elevation available in some areas to provide city views to the east or vast hinterland views to the west.
However, given that the south side is characterised by Queenslander style homes and there is no room for growth or expansion due to the area being surrounded by flood plains, renovation presents the only option for those in the market wanting both southside convenience and contemporary living, the report noted. 
"In the balance of the market, renovation activity is generally holding steady, with some basic dwellings receiving a renovation to then be on-sold," the valuation firm said. 
This has started to occur after a period of very limited renovation in the low to middle sections of the market and this change is considered to be a combination of low interest rates, a preference by first home buyers to want properties with nothing left to do and a consistent, moderate upturn in the local economy.
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Whilst the majority of the renovations seen are by long term owner-occupiers entering into a major renovation to create their forever home, there are a number of investors picking themselves up a bargain and completing a simple renovation (i.e. no structural changes) to then resell with the intent of turning a profit in a market which is starting to recover from an extended period of no capital growth.
There has been a number of sales evidenced over recent months where a building company has purchased a rundown property in an average suburb, renovated, professionally styled the home and resold at an expected profit with a short turn around.
"Styling and presentation is a key factor linked to the level of profit made. First home buyers still prefer new homes, however there are some who end up buying these more affordable, renovated existing homes with nothing left to be done," the valuation firm said. 
Buy in price points for renovators vary greatly. From sub-$200,000 for the investor-renovator through to $600,000 for the long term owner-occupier- renovator. End values then vary just as much.
The added market value of basic renovations tends to match cost and when the market is starting to recover, a small profit may be had, the report suggested. 
When a major renovation is undertaken however, it is a very different outcome. There is little to no evidence that the added value of the renovation will match or exceed the cost to construct.
"This is where it is important to be aware of the market in which you are renovating to determine where renovation dollars are best spent. Is it wise to make structural changes to the home or stick to cosmetic works only?
"A dwelling with a poor layout would benefit from a structural change to rectify, however if the existing layout is functional, that money may be better directed elsewhere," the valuation firm said. 
The report suggests being aware of town planning is also important when planning a renovation, particularly in older areas where perhaps a heritage overlay or neighbourhood character overlay is required to be complied with.
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For Rockhampton in particular, the renovator market is likely to continue the current trend as factors that drive the decision to renovate are considered a constant in the local market.
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 A renovated family home in West Rockhampton has recently been sold for $290,000.
The four bedroom, one bathroom house is situated at <a href="https://www.realestate.com.au/sold/property-house-qld-west+rockhampton-133516998" target="_blank">33 Stickley Street </a>(pictured below).
Renovated inside and out, the home features new roof, timber flooring and new hot water system. 
It was last sold in 2005 for $190,000.
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A classic Queenslander in Lakes Creek with renovated kitchen and bathroom is currently on the market with a price guide of $350,000 -$2380,000.
The three bedroom, two bathroom house is situated at <a href="https://www.realestate.com.au/property-house-qld-lakes+creek-133783858" target="_blank">604-606 Montgomerie Street</a> (pictured below).
It comes with open plan living, dining and kitchen, rear deck and rumpus room. 
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Rockhampton renovation activity holding steady: HTW residential 

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The stringent government response to COVID-19 has undoubtedly placed the property market cycle at the cusp of another downswing. So far, property value declines have been fairly mild.
Nationally, the May home value index results show that the dwelling market declined just 0.4 per cent over the month, and preliminary indicators for June are showing the rate of decline has gathered some momentum through the month.
However, the Australian housing market is not one market, but a collection of many. Over the past few months, dwelling market performance has varied by region, in both a cyclical and structural way.
As per historic cycles, the most expensive parts of Sydney and Melbourne seem to be leading the current downswing.
Over the month of May, dwelling values in the top quartile of the Melbourne market (dwellings worth $959,500 or more) had fallen by 1.3 per cent, compared with a 0.6 per cent decline across the middle of the market, and a 0.3 per cent decline in the lowest value quartile.
Across Sydney, the same period saw a decline in the highest market segment (where dwellings are worth over $1.35 million) of 0.6 per cent, followed by a 0.4 per cent decline across the middle of the market, and a slight increase in the lowest value segment of 0.1 per cent.
The historic cycles across the upper, middle and lower market value tiers are presented below. The graphs suggest the more expensive parts of the Sydney and Melbourne dwelling markets have higher levels of volatility, and are at times a ‘first mover’ when it comes to the direction of price change.
Research from the RBA asserts that more expensive property can be most reactive and volatile in responses to changes in the cash rate. The performance of property markets amid COVID-19 suggest the high end of the market may also be more responsive to negative economic shocks.
To enlarge, <a href="https://www.propertyobserver.com.au/images/2020/6/26/1_Quarterly%20Growth%20in%20Sydney%20dwellings.jpg" target="_blank">click here</a>.
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Which markets have been most impacted by COVID-19?
The tables below show SA4 regions across the capital cities, ranked by the capital growth performance in dwelling markets from March to May.
To enlarge, <a href="https://www.propertyobserver.com.au/images/2020/6/26/1_CoreLogic%20Englarged.jpg" target="_blank">click here</a>.
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Unsurprisingly, Melbourne’s inner city and eastern suburbs have seen the largest decline across the metropolitan region, and the past two months have seen a decline in values across some high end markets in Sydney, such as North Sydney, the Inner West and the Northern Beaches.
Perhaps more surprising is the continued decline in Mandurah, which had the largest slip in dwelling market values over the past two months. Mandurah dwelling values were 38 per cent below their 2006 peak at the end of May this year. The renewed downwards pressure comes just after the Perth dwelling market was starting to enjoy a long-awaited growth phase in the start of 2020.
Payroll data analysis from the ABS suggests that payroll job losses across Mandurah has been 6.0 per cent between mid-march and the end of May. This is not especially severe when it comes to job loss across Perth regions, nor would Mandurah have been particularly susceptible to a demand shock from a decline in overseas migration. However, the decline in dwelling values is off the back of a longer-term downward trend, suggesting demand conditions were already fragile across the region.
The Perth – South East region on the other hand, where dwelling values have slipped -1.2 per cent between March and May, has recently been almost entirely dependent on net overseas migration for new housing demand. ABS regional population growth data for 2018/19 suggests internal migration over the year was negative, compared with about 4,500 net overseas migration arrivals.
International border closures in response to COVID-19 may have created a significant demand shock which had interrupted a recovery in the Perth - South East region. Prior to this, dwelling values in the area had seen four consecutive months of growth between December 2019 and March 2020.
At a suburb level, the biggest price falls are more reflective of the historic cyclical trends, where the downturn is most prevalent in the high end of Sydney and Melbourne this far. At this stage, sound analysis of the change in suburb-level dwelling markets is limited to areas where there are relatively high sales observations.
It appears that Malvern East, in the Melbourne metropolitan, has been the worst suburb-level performer between the end of March and the end of May across the capital cities, with total dwelling market values down -4.8 per cent. Other relatively steep value falls have been seen across the Melbourne suburbs of Glen Iris (-3.8 per cent), Northcote (-3.5 per cent), Port Melbourne (-3.2 per cent), and Brunswick East (-3.1 per cent).
Across Sydney, the biggest suburb-level falls in dwelling values had occurred across Mosman (-2.5 per cent), Lane Cove North (-2.4 per cent) Manly (-2.3 per cent), Leichhardt (-1.7 per cent) and Wentworth Point (-1.4 per cent).
As the downturn progresses, we are likely to see continued declines in inner-city markets that had previously relied on international migration for new housing demand. However, as the wider economic downturn drags on housing demand, mild price declines are likely to spread, resulting in a more broad-based downturn in the next 12 months.
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Eliza Owen is head of research for Australia at CoreLogic.
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CoreLogic reveals where property price falls have occurred since the onset of COVID-19

The new <a href="https://www.apartments.com.au/new-apartments/yarraville-green-42-stephen-street-yarraville-vic-3013">Yarraville Green</a> development in Melbourne's inner west is showing that landscaping can be just as influential as architecture, with buyers responding strongly to the garden-first approach adopted from the outset by developer Excelon Projects and the project's design team.

Excelon appointed Six Degrees Architects and landscape architects SBLA to work collaboratively on the development, with a brief to create "a sustainable, design-led building with a focus on community."

That approach has resonated with buyers. According to Next Chapter Director Tom Hirini, who is leading the sales campaign, the landscaped communal garden has become one of the project's defining features, alongside its boutique scale and European-inspired cluster housing concept.

Local downsizers, right-sizers and established families already living in Yarraville and surrounding suburbs have accounted for the majority of purchasers.

[smartcode_project:default project_id=144913 project_image_fid=297740]

Yarraville Green will comprise 53 homes, including apartments and townhomes, arranged around the shared central garden to maximise connections to the landscaped open space. Parking has been moved underground, allowing the ground plane to be dedicated to greenery, pedestrian movement and communal spaces.

The landscape extends well beyond passive planting. Productive garden beds, a pergola, communal gathering spaces, garden sheds and a pet wash have all been integrated into the masterplan, creating spaces designed to encourage everyday interaction between residents.

[smartcode_project:default project_id=144913 project_image_fid=297741]

The interiors continue Excelon's focus on craftsmanship, incorporating bespoke elements by Melbourne artisans including leadlight detailing by Adadaz, hand-turned timber hardware by Auburn Woodturning and blown-glass lighting by Ruth Allen.

Sustainability has also been embedded throughout the project, with Yarraville Green targeting an average 7-star NatHERS energy rating through passive design principles, rooftop solar servicing common areas and rainwater harvesting for landscape irrigation.

[smartcode_project:default project_id=144913 project_image_fid=297735]

Construction continues to progress at Yarraville Green, with structural works well underway and framing works approaching completion under builder Balmain &amp; Co. The project remains on track for completion in mid-2027.

Apartments at Yarraville Green are currently priced from $625,000, while townhomes start from $1.4 million.

[smartcode_project_cta:default project_id=144913]

Joel Robinson

Garden-led design drives buyer demand at Yarraville Green

National diversified developer Fortis has officially launched Crest &amp; Walker, its latest Brisbane apartment development, with construction now underway on the 20-storey Newstead project.

Award-winning builder BINAH has commenced construction on the Bureau^Proberts-designed building, which will deliver a limited collection of 65 two and three-bedroom apartments on Kyabra Street.

[smartcode_project:default project_id=145922 project_image_fid=373556]

The project marks Fortis' fourth active residential development in Brisbane, following River House, which is nearing completion, alongside projects in New Farm and Hamilton as the national developer continues to expand its South East Queensland pipeline.

Fortis General Manager – Development Queensland Dan Boman said Crest &amp; Walker reflects the developer's long-term commitment to delivering design-led residential projects in Brisbane's established inner-city suburbs.

"We're proud to be strengthening our presence in Brisbane with Crest &amp; Walker, particularly in such a sought-after lifestyle destination as Newstead," Boman said.

"Every Fortis project is shaped by its context, and we approach each one with the respect and care it deserves.

"Our focus is always on creating places that feel connected to their neighbourhood and elevate the everyday experience for residents. Newstead continues to evolve as one of Brisbane's most sought-after urban communities, and Crest &amp; Walker reflects our ambition to contribute meaningfully to that story."

[smartcode_project:default project_id=145922 project_image_fid=373559]

Positioned between Gasworks Plaza and James Street, <a href="https://www.apartments.com.au/new-apartments/crest-walker-newstead-12-kyabra-street-newstead-qld-4006">Crest &amp; Walker</a> has been designed as a boutique residential address offering privacy and generous living spaces within one of Brisbane's most established lifestyle precincts.

The building features a contemporary brick podium softened by integrated landscaping, while the upper levels are characterised by restrained architecture and enduring materiality. Interiors have been designed to maximise natural light, acoustic performance and long-term liveability.

[smartcode_project:default project_id=145922 project_image_fid=373583]

Residences comprise spacious two and three-bedroom floorplans, with two-bedroom apartments priced from $1.55 million and three-bedroom, half-floor residences from $3.95 million.

Residents will have access to a wellness-focused rooftop featuring a swimming pool, sauna, steam room, landscaped dining spaces and outdoor lounge areas overlooking Newstead and the Brisbane CBD.

[smartcode_project:default project_id=145922 project_image_fid=373571]

Sales are being managed by Slaite Projects, with Fortis expecting strong demand from owner-occupiers seeking a high-quality, design-focused apartment in one of Brisbane's most tightly held inner-city suburbs.

Completion of Crest &amp; Walker is slated for late 2028.

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Fortis expands Brisbane pipeline with launch of Crest & Walker in Newstead

The enormity of delivering a true skyscraper in Australia's new development market is often overlooked.

It has taken the best part of a decade since plans for Chevron One were first unveiled, but the 41-storey tower is now complete, with residents collecting their keys and moving into what has become one of the Gold Coast's most recognisable new landmarks.

Rising 127 metres above Chevron Island, Chevron One stands almost twice as high as any other building on the island. Its scale places it alongside the trio of towers at Jewel, arguably the last truly significant addition to the central Gold Coast skyline when they were completed around six years ago.

While there are several developments underway around a similar height to Chevron One, they are more concentrated within clusters of the highest towers in the city. The fact Chevron One sits within a developing precinct, looking back at the other high-rise developments in Surfers Paradise and Broadbeach, makes it a different proposition altogether. It will certainly become a reference point on the Gold Coast skyline.

[smartcode_project:default project_id=6515 project_image_fid=68833]

Developer Bensons Property Group is behind the 41-storey tower, which has 229 apartments, along with an exhaustive list of resident amenity spread across what is the largest development site ever assembled on Chevron Island.

The tower has been the talk of the town for years, says Ray White Projects Gold Coast agent Caitlin Rosenboom, who is selling the remaining apartments.

"People have been watching Chevron One go up for years," Rosenboom says, adding that many prospective buyers have been surprised by the scale of the views once they step inside.

"It's only when they walk through a completed apartment that they truly understand the position of the building," Rosenboom says.

"The views are jaw-dropping. Whether you're looking east over the ocean, across Surfers Paradise, along the river systems or out to the hinterland, every level offers something different but equally impressive."

[smartcode_project:default project_id=6515 project_image_fid=360215]

One of Chevron One's defining advantages is its location on the eastern side of Chevron Island on Stanhill Drive, a position which protects the views forever.

"There's only one row of houses between Chevron One and the water, and the height restrictions along the river means views from Chevron One can never be built out,"&nbsp;Rosenboom says.

While new apartment developments continue to emerge across the Gold Coast, Rosenboom says opportunities to secure a completed apartment with this level of outlook are becoming increasingly rare.

"The size of the site is something that would be incredibly difficult to replicate today," she says.

"That's allowed Chevron One to deliver the sort of amenity, open space and resident facilities that very few projects can offer. There are not many completed apartment buildings on the Gold Coast right now that can compete with the combination of scale, quality and amenity."

[smartcode_project:default project_id=6515 project_image_fid=68839]

There's around 2,000 sqm of amenity solely for the use of residents of Chevron One. Club One features a uniquely shaped swimming pool that mirrors the footprint of the building itself, set within a extensively landscaped gardens. There's also an indoor pool and spa, a fully equipped gym with a Pilates room, a yoga garden, a bookable private dining area and lounge that can host up to 30 people, and a 24-hour concierge service.

As for the buyers, Rosenboom is fielding enquiry from everywhere: Sydneysiders and Melburnians looking at the new and off-the-plan market following the changes in the Federal Budget, as well as those looking to relocate, through to South East Queenslanders seeking either a permanent home or a weekender bolthole.

"The Gold Coast lifestyle continues to resonate with people relocating from the southern states, and when they see the views and the quality of what's been delivered at Chevron One, it becomes very easy for them to understand the appeal," Rosenboom says.

A diverse mix of one, two and three-bedroom apartments remain available, with each offering "something a little different", be it the orientation and views, configuration, or level, to suit a wide variety of buyers.

The remaining apartments are ready to inspect in person, by appointment.

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A decade in the making: Residents to move into Chevron One as construction wraps up

A general rule of thumb in new apartment developments is that the penthouses get the rooftop.

It's a formula that's become commonplace across Australia's apartment market. Residents might have access to a pool, gym or barbecue facilities on a dedicated lower level, but the most desirable outdoor spaces are typically reserved for the highest-priced homes at the top of the building.

<a href="https://www.apartments.com.au/developers/sherpa-property-group">Sherpa Property Group</a> has taken the opposite approach.

Rather than dedicating the rooftop to a handful of buyers, the Gold Coast developer has made it the centrepiece of its Flourish collection, creating expansive shared spaces from the best vantage point in the building.

The philosophy has reached its most ambitious expression at <a href="https://www.apartments.com.au/new-apartments/flourish-soleira-palm-beach-1150-1160-gold-coast-highway-palm-beach-qld-4221">Flourish Soleira</a> in Palm Beach, where two rooftop precincts connected by a skybridge will deliver one of the most extensive lifestyle offerings seen in a residential apartment project on the Gold Coast.

[smartcode_project:default project_id=150017 project_image_fid=374053]

"We're seeing a clear move toward developments that offer more than just an apartment," Sherpa Group founder Christie Leet said.

"People want spaces that support how they actually live, whether that's working from home, staying active, or spending time with family and friends.

"That's where amenity becomes critical. It's not just about what's included, but how those spaces are designed to be used every day."

[smartcode_project:default project_id=150017 project_image_fid=374052]

The breadth of amenity has already attracted buyers across multiple demographics. Younger first home buyers have been drawn to Soleira's one-bedroom apartments, a product rarely delivered in Palm Beach, while families have responded to practical inclusions such as the shallow children's pool adjoining the main lap pool and the extensive communal recreation areas.

Instead of a single rooftop, Soleira delivers two distinct lifestyle zones.

[smartcode_project:default project_id=150017 project_image_fid=372547]

The southern rooftop has been dedicated to wellness, featuring a gym, yoga and Pilates studio, work-from-home facilities, a wellness centre, spa, and hot and cold plunge pools.

The northern rooftop focuses on recreation and entertaining, incorporating a heated resort-style pool, private dining rooms, pizza ovens, barbecues, a golf simulator, children's recreation areas, and what is expected to be the Gold Coast's first rooftop basketball court, which will also double as a squash court.

[smartcode_project:default project_id=150017 project_image_fid=374054]

Beyond the rooftops, Soleira will introduce 1,500 sqm of curated retail beneath the towers, creating one of Palm Beach's first genuinely mixed-use lifestyle precincts where cafés, restaurants and convenience retail become part of residents' everyday lives.

Sherpa has also retained management rights across the development, allowing it to oversee the long-term operation of the building through a 24-hour concierge model. The developer is also exploring additional revenue streams within the precinct aimed at helping offset ongoing body corporate costs for residents.

[smartcode_project:default project_id=150017 project_image_fid=370962]

While Soleira is the largest project Sherpa has delivered, the rooftop-first philosophy has been evolving for several years.

It began with <a href="https://www.apartments.com.au/new-apartments/amargo-6-12-sixth-avenue-palm-beach-qld-4221">Flourish Amargo</a>, the first project released under the Flourish brand. Rather than competing at the ultra-luxury end of the market with oversized half-floor and full-floor residences, Sherpa focused on creating lifestyle-driven apartments supported by resort-style shared spaces.

Amargo introduced more than 800 sqm of rooftop amenity, combining wellness facilities, heated pools, entertaining areas, cabanas, pizza ovens and private dining spaces into what was designed as an extension of residents' homes rather than a facility used only occasionally.

[smartcode_project:default project_id=146527 project_image_fid=366550]

That approach continued with Flourish Oasis, where the same amenity-led philosophy was refined into a more boutique development. Strong demand from Sherpa's growing VIP database saw much of the project sold before it reached the broader market, reinforcing buyer appetite for apartment communities centred around shared lifestyle experiences.

Flourish Amargo is slated for completion mid-way-through next year, with Oasis to be delivered by late 2027. Flourish Soleira is expected to complete in 2030.

[smartcode_project_cta:default project_id=150017]

Sherpa takes amenity to the sky as Flourish Soleira captures booming Palm Beach demand

As apartment living continues to evolve across Sydney's growth corridors, the quality and distribution of shared spaces is increasingly shaping how residents experience home. Rather than functioning as add-ons, amenities are being embedded into the daily rhythm of a building, supporting everything from quiet retreat to social interaction, often within a single vertical community.

At <a href="https://www.apartments.com.au/new-apartments/aeris-melrose-park-nursery-street-melrose-park-nsw-2114">Aeris</a> in Melrose Park, this approach is resolved through a layered amenity offering that unfolds from ground level through to its upper podium. Developed by <a href="https://www.apartments.com.au/developers/sekisui-house-australia">Sekisui House Australia</a> in partnership with Hankyu Hanshin Properties, the project introduces 468 apartments across two towers and a mid-rise building, positioned at the highest point of the broader masterplan.

[smartcode_project:default project_id=426 project_image_fid=359199]

The amenity experience begins at street level, where two courtyards sit within a landscaped setting that connects residents to the wider network of parks and green spaces. These green spaces are not isolated pockets but part of a wider pedestrian network that links Aeris to the surrounding <a href="https://www.apartments.com.au/developments/melrose-park-nsw-2114">Melrose Park</a> precinct, including Central Park, future schools, and the Town Centre opening in July 2026. The result is a transition that moves from public to private without abrupt boundaries, allowing residents to pass through shaded, tree-lined environments before reaching the building itself.

Moving upward, the focus shifts to the level five podium, where the primary communal facilities are concentrated. This space brings together a 16-metre swimming pool, outdoor seating areas, and a communal BBQ zone arranged to take advantage of elevated outlooks. Seating is positioned beneath pergolas, creating pockets of shade that extend the usability of the space throughout the day. The pool edge aligns with views toward the wider district, reinforcing the sense of elevation that defines the project’s positioning.

In the adjacent building, this is complemented by quieter, more contemplative spaces, including an outdoor cinema set within the same level. Positioned to operate primarily in the evening, it introduces a different tempo to the shared environment, shifting from daytime activity to after-hours use without requiring separate zones.

[smartcode_project:default project_id=426 project_image_fid=360299]

The podium also accommodates an intimate private resident gym. Located on the lower levels, it gives residents convenient access to fitness facilities without leaving the building.

Above, the elevated podium sky deck extends the amenity offering, providing additional open-air spaces with elevated outlooks across the surrounding landscape. While more restrained in program, this upper level reinforces the project’s vertical progression, from ground-level greenery to elevated outlook, allowing residents to move between distinct spatial conditions within a single address.

This distribution of amenities reflects a deliberate response to how residents use space across the day. Sekisui House Australia Sales and Marketing Director Peter Kalaf points to the role these shared areas play in shaping buyer demand. Aeris has been conceived as more than a collection of apartments, with the podium pool, gym and outdoor cinema forming part of a broader lifestyle offering that extends the home beyond each individual residence.

[smartcode_project:default project_id=426 project_image_fid=360300]

What distinguishes Aeris is not the inclusion of these elements individually, but how they are arranged in relation to one another. Active, social, and passive spaces are layered vertically rather than separated, allowing residents to choose between them without leaving the building or moving far from their apartment. This proximity supports both routine use, such as a morning swim or evening workout, and more occasional gatherings, whether around the BBQ area or within the cinema setting.

The amenity design also sits within a broader framework of connectivity across Melrose Park. The Melrose Park Town Centre, anchored by Coles and Dan Murphys, features a mix of retail, dining, health and lifestyle offerings, bringing everyday convenience closer to residents. By the end of the year, more than five hectares of parks and open space, equivalent to around seven football fields of green space on residents' doorstep, will further enhance the precinct, allowing the internal facilities at Aeris to operate as an extension of the wider neighbourhood rather than a substitute for it.

Construction at Aeris continues to gather momentum, with ground floor slabs expected to be completed in late 2026 before the first sections of the buildings begin to rise above ground.

[smartcode_project_cta:default project_id=426]

Staff reporter

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