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The prestige property sector is currently outperforming the remainder of Perth’s property market, according to the valuation firm, Herron Todd White.
 After years of soft market conditions due to a total lack of market con dence, a rebound has nally begun in the desirable western suburbs of Perth, the CBD fringe area and desirable coastal localities. 
The substantial price contraction over the past 3 years has brought many properties to represent apparent “good buying”, resulting in today’s increasing market activity it noted.
In the second half of 2017, upgraders started to gain the required level of confidence to secure homes in areas they never thought they could afford. 
The period of opportunity and/or “fear of missing out” has been identified by a large group of upgraders within a relatively short period of time, causing a substantial uplift in demand which has eventually affected property prices. 
Many sought after areas are recovering while several suburbs have exceeded house value medians witnessed back in 2013 and 2014 when Perth enjoyed stronger conditions.
North Beach and Applecross are two of the top performing suburbs in today’s market with a 25.00% uplift in median value for both suburbs over the last year, according to the Real Estate Institute of Western Australia’s studies. 
The current median prices re ect a 15.8% improvement in values in North Beach and 9.8% in Applecross, since 2014. 
Supply of quality housing in prestige areas is well below current demand levels, which is also contributing to the improved prices.
Sales volumes are therefore relatively low somewhat restricting the market in several prestige areas, the latest HTW report advised.
Prices appear to still be on the rise, enquiries are increasing and the overall prestige market is expected to continue in this direction throughout 2018.
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As the rare opportunity to get a foot in the prestige market has already sailed for many, well established, upgrader suburbs have become the second best option. 
Rossmoyne along Swan River and Coolbinia near Perth CBD have already started to shoot up with a 14.8% and 29.7% increase in values respectively over the last 12 months.
Land values in excess of one million dollars can generally be described as prestige. Due to the limited stock of prestige housing in upper-end suburbs, there is currently a high demand for properties representing near land value with good views and close proximity to the beach. 
Demolition of existing, modest housing makes room for new prestige housing that is more suitable for the areas. 
"This is becoming prevalent, resulting in solid value increases at entry level stock in many sought after localities," the HTW report added.
Properties falling in the value brand of two to three million dollars fall within the lower end of the “prestige” range. 
"As always, values are heavily influenced by size, age, quality and condition of the home as well as locational aspects including views, proximity to private schools, beach, city and river."
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Mount Pleasant, South Perth, Nedlands, Dalkeith, Cottesloe, Claremont, City Beach Attadale, Subiaco, Trigg, North Beach and Sorrento are all examples of such premium suburbs. It should be noted that there is also modest housing of lesser values in some of these areas.
Properties holding a value of $4 million or above, located in prime af uent suburbs can be categorised as ultra-prestige - arguably required to be located on the river or ocean side. Peppermint Grove, Mosman Park and Applecross fit right into this category.
Apartments worth $1 million and above are typically seen as prestige. The state’s overall apartment market including the prestige sector is currently somewhat stagnant, although there has been good demand for good quality apartment projects in many prestige areas that have long lacked options for downsizing baby boomers.
High income earning professionals who desire large family homes close to private schools and Perth CBD are typical buyers in the prestige areas. Doctors and other health professionals take up a great portion of the prestige areas, especially southern suburbs such as Applecross and Mount Pleasant due to the proximity to the cities growing health district in Murdoch.
Agents have reported increased activity and interest in these areas. Applecross is currently the top-selling suburb in the state as of REIWA’s most recent update. Some of Perth’s most impressive mansions are located along the riverside in Applecross. The median house price is $1,570,000 although; a large portion of the suburb comprises modest dwellings reducing the overall median price substantially. A mansion located along Duncraig Road in Applecross, was sold in March 2018 for $8 million and would be classifed as ultra-prestige. The property was initially listed for $8.5 million in November 2017.
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Peppermint Grove is sitting at the very top of the prestige range, holding a median house price of $3,475,000, well above any other prestige suburbs. The mansions are typically located on quarter acre blocks surrounded by greenery. A fairly recent sale occurring in December 2017 saw the property sold for $11 million after being on the market for 53 days. The seller received the asking price for the property, "something we don’t see very often in today’s market."
Dalkeith is also among the top af uent suburbs in Perth with a median house price of $2.57 million. The suburb comprises residential buildings that are often seen as impressive, with somewhat different architecture. Dalkeith’s riverside along the well- known Victoria Avenue is one of Perth’s most expensive locations. The street is known for taking luxury to a whole new level. Below is a property situated along Victoria Avenue that sold in January 2018 for $5.35 million after being on the market for 145 days. 
Cottesloe is one of the top performing suburbs in Perth’s current market with a 16.9% rise in house median over the last 12 months, landing at $2,127,000. The proposed redevelopment plan of Cottesloe foreshore involving a complete makeover including multi-storey living, restaurants and an ocean side swimming pool is likely to play a part in the increasing demand currently seen. This has been identified by investors and also upgraders hoping for improvement. A property sold for $4,600,000 in March 2018 after only 5 days of proper marketing.
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In the short to medium term, the prestige sector is expected to see a slight increase in price as a result of supply restrictions caused by increasing con dence levels among buyers. Secondary suburbs are also expected to see improved market conditions, an opportunity increasingly identified by investors. 
HTW's valuers have confidently suggested growth or at the very minimum stable market conditions over the coming year, however, the long-term is uncertain as the overall state economy plays an important role in the performance of the property market.
"All we can say is that the economic key measures are tracking in the right direction," the report concluded.
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Perth trophy home market outperforming the rest of the market

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When looking at prestige properties on the Sunshine Coast the one thing you can say is that it has ‘all been happening’, according to the valuation firm, Herron Todd White.
 Buyer demand is strong with the stock levels being low in turn leading to upward pressure being placed on prices, its May report noted.
When defiining the Sunshine Coast prestige market, the $1 million mark has always been considered the starting point. 
Just like lower-priced entry-level properties, the entry levels of the prestige market, between $1 million to $1.5 million have been the most popular.
"As this sector of the market took off we have seen a fuse being lit. 
"Activity has picked up right through the value bands all the way to the three record-breaking transactions that occurred in the space of four months," HTW advised.
The most popular areas in the prestige market have continued to be coastal locations.
When looking at the coast you can break it up by the old shire council regions being Caloundra to the south, Maroochy to the central area and Noosa to the north.
"There is no doubt that beachside and canal front areas have all been performing really well.
"Suffice to say they aren’t making any more of these property types which should hold owners in good stead.
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When looking at the prestige rural residential/ lifestyle market, things are a bit different," HTW advised.
 This market is little hard to gauge as it is very property specific with personal preferences presentation and motivation of both purchases vendor is having an impact on the ultimate sale price. 
Therefore wider market parameters should be expected than those experienced for more traditional residential properties.
An interesting observation in this lifestyle market is that proportionally, values for smaller acreage prestige properties have performed better than the larger acreage counterparts. 
It appears that the cost to run these larger acreage properties have had a bearing on the market that does sometimes struggle to get its ‘head around’ what’s involved.
For units, HTW have seen a flight to larger permanent occupancy style product. 
The main market operating in this area is the ‘empty nester’s that are looking to downsize and have a property where they can ‘lock and leave’ and go travelling etc.
Within the resort/holiday space, we have also started to see the Hasting Street beachfront units come back but still a bit off from the last market peak.
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The improvement in the prestige/higher end properties has historically been driven by a high percentage of interstate investors from Sydney and Melbourne. 
"This is especially the case in the Noosa region. 
"The relative affordability, when you compare Sydney and Melbourne prices to those of the Sunshine Coast, demonstrate pretty good value. 
"It also appears that Sunshine Coast is pretty high on a number of the list of the baby boomers that have started to retire."
There have been three record sale prices that have transacted in the space of four months. 
First off 29 Wyuna Drive, Noosaville sold in October 2017 for $10.3 million (Listed for $11.9 million) which was on the market for 351 days. 
Next was 46 Seaview Terrace Sunshine Beach, which sold for $15.2 million (Listed for $18 million) in January 2018 and was on the market for approximately 581 days.
Finally 21 Webb Road, Sunshine Beach sold in February 2018 for $18 million (Listed for $22 million) after being on the market for only 52 days. 
It is HTW's understanding that the purchases of some of the properties were highly successful business people that had effectively sold large businesses.
The ‘ultra- prestige’ sector is more a matter of timing rather than anything else and tends to be more active during periods of stronger M&amp;A activity.
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"The question that we always get when we looking at the prestige markets is that - is the current growth that we are experiencing sustainable?
"There is no doubt that the prestige market is heavily linked to the wider economy which has been performing well.
"HTW do however have a history of volatility (up to 40% in some cases) in this market given that these properties are ‘wants’ rather than ‘needs.’ I mean, is there anything more discretionary than a multimillion-dollar holiday home?"
The report concluded the big positive at the moment is that the Sunshine Coast appears to be ‘on a lot of people’s lips’ and while the economy keeps performing well and barring any unforeseen incidents, the prestige market should keep chugging along for a little while yet.
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Upwards pressure on prices in Sunshine Coast trophy home market

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<div class="wp-caption">An $182,000 sale in Brisbane's Ipswich region was the nation's cheapest weekend auction result.</div>
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<div class="wp-caption">It last sold at $199,000 in 2013.</div>
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<div class="wp-caption">The <a href="https://www.realestate.com.au/property-house-qld-brassall-128100166" target="_blank">5 Melbourne Street, Brassall offering</a> was three bedrooms on stilts on an 810 sqm block.</div>
"It's big, ugly and neglected but very recoverable and could be a real steal," was the marketing pitch.
The Raine &amp; Horne agent had notified interested parties that council planning indicates that some flood water did come onto a portion of the block in 2011 - about ankle deep at the lowest point of the block. 
Council records indicated that the flood water was 5.2 meters below the eaves of the home which had sold at $199,000 in 2013.
The official land value was recently put at $125,000.
 
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Ipswich house sale at a loss

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One of Sydney’s most exciting and iconic retailers has bid farewell to the once thriving fashion destination of Surry Hills as the suburb continues its transformation to a food destination. 
Gunning leasing agents, Anthony Tsapicounis and Alberto Da Grava said the iconic retailer Wheels &amp; Doll Baby called it quits after 30 years in the prominent location of <a href="https://www.realcommercial.com.au/property-retail-nsw-surry+hills-502609750" target="_blank">259 Crown Street, Surry Hills.</a>
“A combination of factors has contributed to the change in focus for the area,” they said. 
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2018/5/14/wheels2.jpg" alt=""> “Surry Hills has seen a shift from what once was a working class industrial suburb, into a technology and media hub, with specialist food precincts attracting a diverse mix of people.
“The gentrification of the inner city has changed consumers needs and wants. Fashion retailers and in particular the on-street boutique retailers have been severely impacted by the rise of online shopping as well as the renovation of Pitt Street Mall and Bondi Junction. 
“A new 5 x 5 lease to a superfood café chain at a gross rental of $1,000 sqm at 259 Crown Street, Surry Hills cements this trend,” they said.
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Food outlets rule as Wheels & Doll Baby says goodbye to Surry Hills

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Rugby league commentator Mark 'Piggy' Riddell and wife Karlie have listed their Silverdale family home, as they seek out a sea change option.
They are headed to Shellharbour.
He won't be leaving the 2GB rugby league Continuous Call Team, but will face the longer commute.
From Silverdale, the Pyrmont HQ is around 70 kilometres west. Shellharbour is close to 100 kilometres. 
The <a href="https://www.realestate.com.au/property-house-nsw-silverdale-128300690" target="_blank">home, newly constructed by G J Gardner</a>, has five bedrooms and three bathrooms, but it comes with his fields of dreams. It's own football field paddock.
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The listing advises it is set on one of the most sought after acre lots in the peak of the Greenhills Estate where house and land sales recently hit $1.91 million.
Elders Real Estate agents Damien Sexton and Aimee Mitchell have a June 2 auction. 
The foyer leads to open plan kitchen, family room with fireplace and dining rooms which overlook the outdoor entertaining area with swimming pool.
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Riddell says the family have always talked about moving.
"We are making the sea change because we have always talked about it and have always loved the south coast for years," Riddell told me.
"With 3 young kids we felt if we didn’t do it now we never would! 
"So we said bugger it, let’s do it! "We absolutely love our house we are selling, but just wanted that sea change and to stay out of Sydney.
Riddell has already eyed up his and wife Karlie's next purchase, which has recently gone under contract after having $1.1 million hopes through Ray White agent John Kay.
Riddell was a goal kicking hooker who spent most of his career at St George Illawarra and the Eels, before a brief stint in the English Super League and then ending his career at the Roosters.
He won the 2010 Super League Grand Final with Wigan Warriors in 2010. 
 
 
 
 
 
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Mark 'Piggy' Riddell lists at Silverdale to move south

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A private island 90 minutes from Canberra has been given an official $600,000 to $650,000 price guide after failing to sell at recent auction.
The 91 hectare island is priced less than Canberra's $727,000 median house price.
Wade Island on Lake Burrinjuck, beside the historic village of Wee Jasper, last sold for $485,000.
Its only inhabitants currently are the wildlife, mostly kangaroos and wallabies.
Wade Island comes with approval for self-sufficient holiday cabins.
It can only be accessed by a land bridge - and only when they water is low.
Despite the lure of island life, sales campaigns for private islands typically can take years to complete.
There's the Port Stephen's Garden Island which sold six years after its initial listing.
Back in 2012 it was asking $6 million, before being advertised last April with $4 million hopes.
This was reduced to $2.75 million before its recent sale through McGrath Terrigal's Adrian Culpin.
The 1.4 hectare island was mostly overgrown when traded for $480,000 in 2001.
Award winning architect Philip Pratt was commissioned to design a home with a mix of Australian rural architecture and Japanese Modular design.
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Private island near Canberra listed for cheaper than city's median house price

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<h1>
<a href="https://theconversation.com/au/team#jenni-henderson" target="_blank" style="font-family: Tahoma, Helvetica, Arial, sans-serif; font-size: 12.16px;">The Financial Services Royal Commission has </a><a href="https://theconversation.com/the-financial-services-royal-commission-highlights-the-vulnerability-of-many-older-australians-93359">exposed some irresponsible lending</a><a href="https://theconversation.com/au/team#jenni-henderson" target="_blank" style="font-family: Tahoma, Helvetica, Arial, sans-serif; font-size: 12.16px;"> by Australia’s biggest banks.</a>
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Some of the revelations from the commission <a href="http://www.afr.com/business/banking-and-finance/financial-services/westpac-hit-outs-at-hayne-inquirys-release-of-mortgage-report-20180507-h0zqw2" target="_blank">have affected certain banks’ share prices</a> but not their profits.
The question is whether the information brought to light by the commission will further push down property prices?
<img src="https://images.theconversation.com/files/218408/original/file-20180510-184630-1ac5082.png?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=754&amp;fit=clip" alt="">
<h2>Three out of five experts said yes</h2>
Here are their detailed responses:
<iframe style="border: none;" src="https://cdn.theconversation.com/infographics/270/f98f31e4afcd21aa7d12f014580e8f1594d876cf/site/index.html" frameborder="0" width="100%" height="400"></iframe>
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Disclosures:
Grattan Institute began with contributions to its endowment of $15 million from each of the Federal and Victorian Governments, $4 million from BHP Billiton, and $1 million from NAB. In order to safeguard its independence, Grattan Institute’s board controls this endowment. The funds are invested and contribute to funding Grattan Institute’s activities. Grattan Institute also receives funding from corporates, foundations, and individuals to support its general activities as disclosed on its website.
<img src="https://counter.theconversation.com/content/96349/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1">Cameron Murray is a senior economist at The Australia Institute and member of the Sustainable Australia political party.
<a href="https://theconversation.com/au/team#jenni-henderson" target="_blank">Jenni Henderson</a>, Section Editor: Business + Economy, <a href="http://www.theconversation.com/" target="_blank">The Conversation</a>
This article was originally published on <a href="http://theconversation.com" target="_blank">The Conversation</a>. Read the <a href="https://theconversation.com/we-asked-five-experts-will-the-banking-royal-commission-push-down-property-prices-96349" target="_blank">original article</a>.
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Will the banking royal commission push down prices? Five experts offer opinion

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The Crookwell district farm, Maidstone Downs, a 446ha (1102ac) grazing property has been listed by Elders.
Situated between Binda and Laggan, Maidstone Downs is being promoted as a lifestyle property with a grazing dimension along with scope for development.
<a href="https://www.realestate.com.au/property-lifestyle-nsw-binda-7962522" target="_blank">The property</a> has been listed by Jo-Anne and Ian Dickson, who run a Merino flock with Poll Hereford cows.
They bought it in 1987 following an earlier move to an adjoining property, Chain-of-Ponds, by Mrs Dickson’s late father, Alan Webb. 
Mr Webb was one of a number of former dairy farmers from the Southern Highlands who sold their high-priced farms and moved to broader acres in the Crookwell district in the 1960s and ‘70s, The Land noted.
Sally Carson of Elders Crookwell has listed the property for May 25 auction.
It is expected to attract interest from tree-changers and young couples seeking an entry-level property with upside.
The homestead garden harvests vegetables and fruit with the family virtually self- sufficient, sharing extra produce with neighbours and the local farmers markets at Laggan.
About 90ha of the property is retained natural timber, with about 80 per cent clear for grazing.
The country is well suited to finewool production (the main fleece line from the last shearing fetched 1581c/kg).
They have run 500 merino sheep and 170 plus Hereford cattle.
It comes with a 400 m airstrip.
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Binda farm Maidstone Downs listed

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Lawyers acting for Victorian vendors have successfully argued in the County Court that an estate agent was not entitled to the commission payment because the Exclusive Sales Authority (ESA) form used "did not comply" with the Estate Agents Act.
In August 2017 the County Court of Victoria found that a Consumer Affairs approved rebate statement did not comply with the Act as it did not contain each and every word of the prescribed warning.  Last month, a year later, the Supreme Court of Victoria – Court of Appeal upheld the decision of the County Court of Victoria.
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The case involved a Ray White St Albans agent who had unsuccessfully sued the vendors for a $385,000 commission payment following the $8.8 million sale in 2016 of a six-hectare industrial site at 382 Greens Road in Keysborough.
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The ruling opens the possibility of claims by unhappy vendors against estate agents who used a non-compliant ESA form which were supplied by the Real Estate Institute of Victoria (REIV) where the commission has yet to be paid.
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The industry body, which represents around 5000 estate agents in Victoria, sold the ESA forms as a legally binding vendor contract giving the agent the authority to sell a vendor's home and be paid commission and any other outgoings including marketing and advertising costs.
Two versions of the contract were available for agents to buy from the REIV. The longer version with the full wording of the rebate statement as stated in section 49A of the act, whereas the shorter version did not.
The REIV's ESA form included an altered statement on rebates that was approved by state's consumer watchdog, but it was different from the exact wording of the Estate Agents Act
The form, which was amended around six years ago, did not comply with section 49A of the Act.
The issue erupted last week on the Lexology website where lawyers at <a href="https://www.lexology.com/library/detail.aspx?g=cd8c102a-e9eb-4b79-8cf7-f787a5084ed9" target="_blank">Logie-Smith Lanyon</a> noted it was "now incumbent upon the Victorian Parliament to immediately provide a legislative solution to rectify an obvious administrative error in the Consumer Affairs forms."
They noted while a legislative solution had been mooted, it is yet to be put before the Victorian Parliament.
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The REIV chief executive Gil King said in a statement provided to Fairfax Media that "upon being made aware of the issue late last year, the REIV took immediate steps to ensure all authorities were compliant."
"At this stage, the extent of the issue is not clear," Mr King noted. 
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It has emerged there is one case where Amy Sheggerud-Woods, a partner at Marsh &amp; Maher Lawyers, is acting for an estate agent in proceedings involving the agent's entitlement to commission.
"Not only will the Supreme Court decision have far-reaching consequences for real estate agents who have used the Exclusive Sales Authority forms, but also for vendors, for the REIV (which has supplied the forms to real estate agents), and perhaps for Consumer Affairs Victoria (which approved the short form rebate statement)," <a href="https://www.linkedin.com/pulse/real-estate-agents-commission-risk-victoria-amy-sheggerud-woods/" target="_blank">Ms Sheggerud-Woods wrote on LinkedIn last month.</a>
In the Keysborough case Augustin Pty Ltd (the Respondent) owned the property at 382 Greens Road, Keysborough and in signing an exclusive sale authority, engaged Advisory Services Pty Ltd (trading as Ray White St Albans) (Applicant) for the sale of the property.
The Respondent sold the property however the purchaser defaulted under the contract.
The Respondent then engaged another agency to assist in selling the property once more, which the applicant claimed was during the period of the exclusive sale authority.
A dispute arose and the applicant sued the respondent for commission on both sales, totalling $385,000.
Lawyers ML&amp; K Legal facebooked in early May that <a href="https://www.propertyobserver.com.au/http://classic.austlii.edu.au/cgi-bin/sinodisp/au/cases/vic/VSCA/2018/95?stem=0&amp;synonyms=0&amp;query=st%20albans" target="_blank">the judgement</a> was "a must read for real estate agents!"
The Ray White estate agency was represented by R Hay QC briefed by Alderuccio Solicitors while the property owner engaged I W Upjohn briefed by Webb Korfiatis.
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Commissions at risk after REIV estate agent commission form bungle 

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An Armadale architect’s own home sold for $3.052 million with three bidders pushed price<a id="LPlnk195042" class="x_OWAAutoLink" href="https://www.realestate.com.au/sold/property-house-vic-armadale-128152634" target="_blank" rel="noopener noreferrer"> </a>$82,000 past reserve at a Marshall White auction.
The <a id="LPlnk783454" class="x_OWAAutoLink" href="https://www.realestateview.com.au/real-estate/19a-valentine-grove-armadale-vic/property-details-sold-residential-11807405/" target="_blank" rel="noopener noreferrer">19A Valentine Grove house</a>, offered by Jessica Liew, was short-listed for the architectureau.com Houses Award in 2013, and received a high commendation in the 2013 Think Brick Australia Recycle, Reuse and Restore Award category.
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The Herald Sun reported a South Melbourne family winning the keys.
Liew, a director at Plus Architecture, paid $762,000 for the 370 square metre property in 2010 with her husband Cavan.
Built with timber slatted walls and vast expanses of glass, the <a href="https://www.realestate.com.au/property-house-vic-armadale-128152634%20%20%20%20" target="_blank">Valentine Grove property</a> has dark grey polished concrete floors.
There's three bedrooms, three bathrooms, a library overlooking a tranquil central fish pond and a temperature controlled 1,200 bottle wine room.
A walled north east garden is lined by blackboard style walls, complete with a commissioned mural.
The home has been regularly featured in magazines.
Marshall White agents Fraser Cahill and Madeline Kennedy had a price guide of between $2.5 million and $2.75 million.
The couple, now with a young child, are looking for their next project.
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Armadale architect secures $3.052 million

The Gold Coast economy has grown by 25 per cent since 2020/21 to surpass $55 billion, but perhaps the more significant story is what sits behind the headline number.

For decades, the Gold Coast has been viewed through the lens of tourism, lifestyle and population growth. The latest State of the City Report suggests that perception is increasingly out of step with reality.

Released by Invest Gold Coast, the report ranks the Gold Coast as Australia's largest non-capital city economy and, perhaps more notably, second nationally behind Sydney for Economic Complexity, a measure that assesses the diversity and sophistication of an economy.

It's a result that places the Gold Coast ahead of Melbourne, Brisbane, Perth and Adelaide, highlighting the extent to which the city's economic base has broadened beyond its traditional industries.

Today, the Gold Coast supports more than 350,000 jobs, is home to over 83,000 businesses and generates $19 billion in annual exports. Manufacturing now accounts for 62 per cent of international export growth, while sectors including health, education, advanced manufacturing, technology and professional services are becoming increasingly important contributors to the local economy.

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Gold Coast Mayor Tom Tate said the report confirmed the city's evolution into one of Australia's most significant economies.

"The Gold Coast economy continues to grow at an incredible pace. This is no surprise to those of us who have watched the evolution up close," Mayor Tate said.

"As one of the most entrepreneurial, investment driven and opportunity focused economies in the country our ambition has been realised and possibilities are endless.

"The Gold Coast has built a reputation as the city that says yes. We say yes to investment, yes to opportunity and yes to people who want to build something.

"It's this mindset helping us drive major growth across health, advanced manufacturing, screen production, marine, technology and the knowledge economy."

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While population growth has been one of the defining stories of the past decade, the report points to a broader economic transformation taking place.

The city's knowledge economy now contributes $7.9 billion annually and supports around 31,000 jobs, while the health and wellbeing sector contributes $5.2 billion and employs more than 42,000 people. Together, the six priority sectors identified in the report account for almost $24 billion in economic output and more than 145,000 jobs.

One of the strongest examples is the Gold Coast Health and Knowledge Precinct at Southport. The 200-hectare precinct now contains more than $5 billion worth of health, education, research and innovation infrastructure and supports over 16,000 jobs.

The report also highlights the growing role of advanced manufacturing, particularly in aerospace, defence and modular construction.

Gold Coast-based Gilmour Space Technologies recently became the first Australian commercial company to attempt an orbital launch, while companies including Modscape and ModnPods are helping establish the Yatala-Stapylton corridor as one of Australia's fastest-growing advanced manufacturing hubs.

The city's entrepreneurial culture is also translating into business growth.

Since 2019/20, the number of businesses operating on the Gold Coast has increased by 22 per cent, while firms employing more than 200 people have grown by 80 per cent. The report suggests the next challenge is converting more local start-ups and medium-sized businesses into nationally significant companies.

Development activity remains another key indicator of confidence.

There are currently more than $23 billion worth of major projects underway across the Gold Coast, supported by a record 75 active cranes, a figure that now exceeds Brisbane and represents a 150 per cent increase since 2016.

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Importantly, the report notes the next phase of investment will need to extend beyond residential development.

While 93 per cent of crane activity is currently tied to housing, Invest Gold Coast argues future investment will increasingly need to focus on cultural, civic, infrastructure and industry-enabling projects that strengthen the city's long-term economic resilience.

Invest Gold Coast Chair Will Hodgman said the city was now benefiting from years of economic diversification.

"What is happening on the Gold Coast is the result of the city's economic base broadening, fuelled by industries with long-term, high-growth potential," Mr Hodgman said.

"This is no longer a secondary Australian economy, the Gold Coast is becoming a globally connected city with deeper capability across health, knowledge and creative industries, advanced manufacturing, technology and exports."

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Looking ahead, the Gold Coast's population is projected to exceed one million residents by 2046.

For a city that was once largely defined by tourism and lifestyle, the latest figures suggest the Gold Coast is becoming something more significant, one of Australia's most diverse and economically sophisticated urban economies, and increasingly one that national and international investors can no longer afford to overlook.

Joel Robinson

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

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

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

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

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

Design-led developer-builder Lowe Living has unveiled its latest residential development, Jardin House, marking its first foray into Melbourne's blue-chip City of Boroondara.

Located a short walk from Camberwell Junction, <a href="https://www.apartments.com.au/new-apartments/jardin-house-by-lowe-living-camberwell-335-camberwell-road-camberwell-vic-3124">Jardin House</a> has been designed to appeal to affluent local downsizers and established families seeking a low-maintenance alternative to the large homes that have long defined Camberwell and surrounding suburbs.

The project will comprise a collection of two and three-bedroom apartments ranging from 92 sqm to 280 sqm, alongside a limited number of penthouse residences featuring rooftop terraces spanning more than 100 sqm, with optional private pools.

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Lowe Living Co-Founder and Managing Director Tim Lowe said Camberwell represented a natural next step for the developer as it expands into some of Melbourne's most tightly held residential markets.

"Jardin House is an important project for our team as it marks the next evolution of our portfolio into different well-established blue-chip pockets of Melbourne," Lowe said.

"Camberwell, with its incredible walkability, family-led neighbourhood feel and superb access to education and transport, makes it a natural choice for us."

[smartcode_project:default project_id=146717 project_image_fid=372227]

Designed by Tristan Wong Architects, with interiors by Hecker Guthrie and landscaping by Acre, the development takes inspiration from the Art Deco architecture that remains a defining feature of many of Camberwell's established streets.

A curved facade, arched openings, textured brickwork and sculpted forms reference the suburb's architectural heritage, while extensive landscaping softens the building's presence and creates a strong connection to the surrounding tree-lined streetscape.

The project will be set behind a secure gated entrance, with residents arriving through landscaped gardens designed to create a transition between the public realm and private residences.

Inside, the residences feature natural stone and timber finishes, full-height glazing, Miele appliances and generous open-plan living areas designed for long-term owner occupation.

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While the apartments themselves have been designed to attract discerning owner-occupiers, it is the amenity offering that sets Jardin House apart from many other boutique projects currently launching across Melbourne.

The centrepiece is a 350 sqm private bathhouse curated in partnership with Aurora Spa &amp; Bathhouse founder Lyndall Mitchell.

The wellness precinct includes mineral pools, hydrotherapy experiences, a Himalayan salt room, sauna, steam room, cold plunge pools and dedicated relaxation spaces, creating what Lowe Living describes as a private wellness retreat exclusively for residents.

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The collaboration follows Lowe Living's recent partnership with Aurora at Maison Savoy in Brighton, although Jardin House is the first project to incorporate both indoor and outdoor wellness experiences.

Emma Lowe, Co-Founder and Managing Director of Lowe Living, said wellness was becoming an increasingly important consideration for apartment buyers.

"Collaborating with Lyndall Mitchell from Aurora Spa &amp; Bathhouse for a second time is an intentional nod to creating residences that are more than just homes, but a way to enrich the lives of our residents through wellness and longevity," Lowe said.

The amenity offering is complemented by a Technogym fitness studio, residents' lounge, private dining spaces and concierge services.

The launch comes as developers increasingly target Melbourne's established eastern suburbs, where rising land values, ageing housing stock and growing downsizer demand are creating opportunities for boutique apartment projects.

Lowe said the company expects significant generational wealth transfer across suburbs such as Camberwell in coming years, creating further demand for luxury apartment living.

"Camberwell is a blue-chip suburb where homes regularly transact for multiple millions of dollars," he said.

"The generational change of wealth in these locations expected in the coming years is significant, so we see an opportunity to create exclusive residences that appeal to older families and downsizers in order to meet this demand."

Apartments at Jardin house start from $1,195,000. The project forms part of Lowe Living's near-$1 billion portfolio of new developments across Melbourne.

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Lowe Living launches Jardin House in Camberwell

As <a href="https://www.apartments.com.au/developments/north-sydney-nsw-2060">North Sydney</a> continues its transition from a commercial centre into a more layered residential and lifestyle precinct, a new generation of apartment developments is reshaping expectations around scale, amenity, and long-term liveability.

Improved transport connections through the Victoria Cross Metro, continued investment in dining and public spaces, and a constrained supply of new luxury apartments have sharpened demand for homes that combine proximity to the CBD with the privacy and outlook traditionally associated with harbourside houses.

At 177 Walker Street, <a href="https://www.apartments.com.au/developers/aland">ALAND</a>’s new apartment development <a href="https://www.apartments.com.au/new-apartments/the-walden-north-sydney-177-walker-street-north-sydney-nsw-2060">The Walden</a> enters the market with a distinctly residential approach to high-rise living. The 30-level tower will deliver 161 residences, ranging from one-bedroom apartments through to sub-penthouses and a full-floor penthouse, all oriented to capture uninterrupted views across Sydney Harbour, the Opera House, and out toward the Pacific Ocean.

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Designed by <a href="https://www.apartments.com.au/architects/rothelowman">Rothelowman</a>, the project takes advantage of the site’s natural topography and elevated position above the harbour. Rather than relying on density alone, the architecture focuses on outlook, orientation, and spatial flow, with every apartment occupying a corner position to maximise natural light and cross ventilation.

Rothelowman says the site itself shaped much of the architectural response.

“The site has a long history in terms of its inevitable transformation and when we came in, we took inspiration from the idea of reestablishing a sense of the site’s natural terrain and fall. Our scheme aims to integrate with the terrain and the landscape, using the undulating site to slowly reveal glimpses and views of the harbour. The rotation of the tower off grid means every apartment has a view and is naturally cross ventilated. The building's colour palette is quintessentially Sydney, with bronze and sandstone and a luminescent green colour in the glass, making it very earthy and grounded in its location.”

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Inside the residences, the emphasis moves toward larger-format living typically associated with standalone homes. Kitchens sit at the centre of the apartments, connecting directly to open-plan dining and living areas before extending outward into expansive winter gardens and balconies. Calacatta marble, bespoke joinery, integrated appliances, and custom metal detailing are used throughout, while three distinct interior palettes, Terrace, Opera, and Harbour, allow buyers to personalise the spaces without compromising the architectural consistency of the project.

The larger residences place particular attention on separation between entertaining and private zones. In many apartments, master suites occupy the outer corners of the floorplates, allowing bedrooms to benefit from floor-to-ceiling glazing and harbour outlooks independent of the living spaces. Dressing rooms and ensuites continue the material palette through fluted detailing, freestanding baths, and layered stone finishes.

Rothelowman says the design intent centred on creating homes that feel enduring rather than transient.

“Our philosophy is all about the way people live in these spaces, and we wanted to create homes that reflect the quality of life in this unique Sydney location. The apartments showcase expansive living spaces that are generous, sophisticated, and bold, with the ability to connect with views throughout each apartment.”

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A separate four-storey amenity building known as The Pavilion expands the residential offering beyond the apartments themselves. Positioned alongside the tower, the building consolidates wellness, recreation, and social spaces into a dedicated resident retreat. Facilities include a 20-metre rooftop pool and sundeck, sauna, spa, ice bath, wellness studio, gymnasium, concierge service, wine cellar, residents’ lounge, private dining spaces, and dedicated co-working areas with meeting rooms and boardroom facilities.

The amenity mix reflects the buyer profile emerging in North Sydney, where owner-occupiers and downsizers are increasingly prioritising convenience, apartment scale, and long-term usability over purely investment-driven decisions.

The Walden also represents a significant milestone for ALAND, marking the company’s first major move into Sydney’s inner-city luxury apartment market after more than two decades delivering large-scale residential communities across Greater Sydney. Founder Andrew Hrsto says the Walker Street site stood apart because of both its positioning and its rarity.

[smartcode_project:default project_id=134323 project_image_fid=6390]

“As a company, we had been searching for a site in one of Sydney’s blue-chip locations, spanning the Eastern Suburbs, the Sydney CBD and the North Shore, and when we had the opportunity to purchase this site, we immediately recognised that it could be something iconic.”

At launch, The Walden recorded more than $103 million in sales, with buyers drawn to the project’s harbour positioning, apartment scale, and proximity to the Metro, which now connects North Sydney to Barangaroo in three minutes and Martin Place in five.

ALAND has commenced construction, and is expecting a completion date in 2028.

[smartcode_project_cta:default project_id=134323]

Staff reporter

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