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AMP Capital chief economist Shane Oliver has forecast a slowdown in property price gains in Sydney and Melbourne this year ahead of a 5-10 percent price fall starting next year.
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The call comes in the wake of the Australian Prudential Regulation Auth­or­ity’s announcement on Friday of tougher lending standards, including a crackdown on interest-only home lending.
Dr Oliver said it was no surprise to see APRA increase its focus on the investor lending market, but told The Australian the moves had come too late.
“The latest moves by APRA, coming on the back of bank mortgage rate hikes over the last two weeks, the likelihood of action to boost affordability in the May budget (including a cut to the capital gains tax discount), and the surge in unit supply at a time of silly prices, are all likely to result in a slowdown in property price gains in Sydney and Melbourne this year ahead of a 5-10 per cent price fall starting next year some time,” he said.
Based on the latest APRA data, CBA is the bank with the highest annual home loan growth of 7.6 per cent, compared to system growth of 7 per cent.
Westpac was up 6.4 per cent, ANZ 5.7 per cent and NAB 5.2 per cent.
CBA’s interest-only loans are growing at 42 per cent and account for 40 per cent of its book.
Home loans account for 62 per cent of all bank loans.
The tighter interest only slowdown measures from APRA came as the RBA’s latest quarterly spreadsheets on household ­finances, released on Friday, showed that average debts were now 89 per cent greater than ­incomes, up from 67 per cent greater just four years ago. 
While household debts have risen by 32 per cent in the past five years, the value of household assets­ have risen even faster, by 51 per cent. Household net worth has gained 57 per cent over that period, from $5.6 trillion to $8.8 trillion, translating to an increase from $666,864 per household to $954,550 in just five years.
The booming housing markets of Sydney and Melbourne are a large part of this increase, with the value of the housing stock rising by 47 per cent, from $4.2 trillion to $6.1 trillion. The size of the housing stock has increased by 8.5 per cent over that period, so the ­increase per house has been about 33 per cent.
Oliver has previously predicted 5 to 10 percent price falls.
Last October he noted the surge in prices and debt has led many to conclude a crash is imminent.
"But we have heard that lots of times over the last 10-15 years.
"Several considerations suggest a crash is unlikely.
"First, we have not seen a generalised oversupply and at the current rate we won’t go into oversupply until around 2017-18.
"Second, despite talk of mortgage stress the reality is that debt interest payments relative to income are around 2004 levels.
"Third, Australia has still not seen anything like the deterioration in lending standards seen in other countries prior to the GFC.
"In fact in recent years there has been a decline in low-doc loans and a reduction in loans with high loan to valuation ratios."
<a href="https://www.propertyobserver.com.au/images/2016/10/20/Tightening%20lending%20standards.jpg" target="_blank">Click to enlarge</a>
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Oliver noted it is dangerous to generalise before saying nationwide price falls are unlikely until the RBA starts to raise interest rates again.
"This is unlikely before 2018, at which point we are likely to see a 5 percent or so pullback in property prices as was seen in the 2009 and 2011 down cycles.
"Sydney and Melbourne having seen the biggest gains are more at risk and so could fall 5-10 percent around 2018."
 
For more real estate traps and tips visit <a href="https://realestatetraps.com.au/">realestatetraps.com.au</a>
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j.ballantyne1990-6AQqhLzZaK

Shane Oliver again tips 5 to 10 percent property price falls for Sydney and Melbourne

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The level of bank discounting to borrowers will be closely scrutinised by the Australian Prudential Regulation Authority given the regulators' heightened focus on responsible lending, Deloitte partner Kevin Nixon has warned.
"If you are offering big discounts, you can expect APRA to ask why, particularly if it looks like the main goal is to increase volumes ahead of quarterly announcements. Further, under the broader culture remit there will be a focus on transparency and fairness in pricing," Mr Nixon told Fairfax Media.
Banks will continue to offer owner occupiers steep discounts on standard variable rates to protect their market share as investor lending is tightened, Deloitte's annual Australian mortgage report has suggested.
Major banks had been offering owner occupiers discounts on the standard variable rate of up to 130 basis points. 
Discounts are currently tracking at 100 basis points, it noted, where loans are for 80 per cent or less of the value of the property.
New owner occupiers or those refinancing loans should be able to access financing at around 4 per cent.
A survey of mortgage experts expect discounting for owner occupiers to continue, but perhaps at a reduced rate of between 80 and 120 basis points this year. 
Leaning towards 80 basis points, said AFG executive director Malcolm Watkins.
But for investors, loan discounts have tightened.
Deloitte said the ongoing discounts on banks' "front book" (new loans) are putting pressure on net interest margins, which is increasing the pressure to increase standard variable rates on the "back book" (existing loans).
Deloitte's report was based the report on a survey with 10 leaders of the mortgage industry.
The participants in the survey were: banks Commonwealth Bank of Australia, National Australia Bank, Bank of Queensland and Suncorp; non-bank lenders Pepper Group and Homeloans; mortgage brokers AFG and eChoice; and consultants CoreLogic and Steve Weston.
Half of the survey participants said they expect settlement volumes to fall this year compared to 2016.
But six out of 10 respondents say house prices will continue to grow, albeit at a lower level than 2015 to 2016. 
Two participants in the survey said house price growth could be higher than 2016 levels; while two said it would be flat - but no-one is forecasting that house prices in Sydney or Melbourne would fall, or that there would be a significant downturn across the country.
Meg Bonighton, general manager of home lending at NAB, said tighter lending standards and the macroprudential investor loan growth caps will see demand from investors and overseas borrowers "continuing to moderate" in 2017.
"In general, it will soften the impact on house price growth that we've seen over the past couple of years, while pockets of major cities are likely to continue with solid growth," she said.
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Deloitte warns APRA is watching bank discounting

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An inner city warehouse conversion that featured in the television drama series, Offspring sold at weekend auction in Melbourne's Clifton Hill for $1.805 million. 
A 195 sq m space styled by architect Grant Cheyne in the former 1890s Pitman Shoe Factory sold $305,000 above its reserve price given three keen bidders.
The <a href="https://www.realestate.com.au/sold/property-house-vic-clifton+hill-124932798" target="_blank">6/37 Groom Street warehouse</a> (above) space included a 50 sqm outdoor terrace with district views.
The vendor - who paid $700,000 in 2004 - even threw in some furniture.
The Herald Sun reported the opening $1.505 million bid meant the property with exposed bricks, ceiling trusses and old original timber was on the market straight away. 
The apartment was the Offspring location where Geraldine, Dr Nina’s mother, hid out from her children and met her new beau.
Falling auction volumes have contributed to the early April clearance rate remaining very strong.
This weekend Adelaide joined Sydney and Melbourne's hot housing markets as the three cities notched up auction success clearance rates of over 80 per cent. 
The last time Sydney, Melbourne and Adelaide all cleared the 80 per cent level was the Easter weekend of April 2015, when lower volumes boosted clearance rates.
According to CoreLogic’s latest report, the national capital city preliminary clearance rate remains in the mid-high 70 per cent range for another week.
The preliminary results this week showed 78.1 per cent of the 2,121 reported auctions were successful, up from 74.5 per cent last weekend and higher than the corresponding week last year when a 66.6 per cent clearance rate.
House price growth in March picked up to 19 per cent in Sydney and 16 per cent in Melbourne, CoreLogic said on Friday.
There were 2,646 properties taken to auction, down from 3,171 last week, when auction volumes reached their second highest level so far this year.
Melbourne's preliminary 80.6 per cent came from the 1,007 reported auctions sold this week. 
A <a href="https://www.realestate.com.au/sold/property-house-vic-canterbury-124912402" target="_blank">1912 five bedroom Canterbury offering</a> (below) topped weekend auction results selling for more than $500,000 over reserve at auction at $5.81 million, the top result across the nation.
<img src="https://www.urban.com.au/images/2017/04/02/Screen%20Shot%202017-04-03%20at%209.12.30%20AM.png" alt="">
The house on 1222 sq m sold to a Balwyn family with two children through Marshall White who were advising $4.7 million plus. 
Three buyers battled it out for 31 Mangarra Road, which last sold for $860,000 in 1998, Domain advised.
Around $4 million was secured in Fitzroy in post-auction negotiations when Graeme Simsion, author of international bestseller The Rosie Project, and wife Anne Buist sold their <a href="https://www.realestate.com.au/sold/property-house-vic-fitzroy-124932386" target="_blank">home on Gore Street</a> (below).
<img src="https://www.urban.com.au/images/2017/04/02/Screen%20Shot%202017-04-03%20at%209.13.32%20AM.png" alt="">
The couple transformed the derelict property into a five-bedroom, three-bathroom house with an internal tranquility pool, along with a striking spiral staircase leading to a ship's prow library and a roof garden.
Agent Arch Staver passed the home in on a $4 million vendor bid and sold it post-auction for an undisclosed price.
There were 1,139 properties taken to auction across the city, decreasing from 1,607 last week when the final clearance rate was recorded at 78.9 per cent.
The Inner region of Melbourne had a clearance rate of 79.7 per cent with the strongest rate recorded across the North West region where 86.3 per cent of auctions were successful.
One not selling was the Hampton childhood home of cricket legend Shane Warne which was passed in on a single vendor bid of $1.5 million.
The spin king's parents, Keith and Brigitte Warne owned the now much renovated home at <a href="https://www.realestate.com.au/property-house-vic-hampton-124924250" target="_blank">229 Thomas Street</a> (below) in the late 1960s.
<img src="https://www.urban.com.au/images/2017/04/02/Screen%20Shot%202017-04-03%20at%209.14.24%20AM.png" alt="">
The Herald Sun wrote the family owned the California bungalow until 1976 when it sold for $41,000.
The vendors are selling because they’d just had their fourth child and needed more space.
In Sydney, the preliminary clearance rate of 80.7 per cent is up from 75.8 per cent last weekend, and also higher than the corresponding week last year, when a clearance rate of 69.8 per cent was recorded.
There were 1,098 auctions held this week, down from 1,098 last week.
A house at McMahons Point was sold for $4.425 million making it Sydney’s most expensive auction sale over the weekend.
<img src="https://www.urban.com.au/images/2017/04/02/Screen%20Shot%202017-04-03%20at%209.15.09%20AM.png" alt="">
Located at <a href="https://www.realestate.com.au/sold/property-house-nsw-mcmahons+point-124937958" target="_blank">13 Victoria Street</a>, (above) the north facing, freestanding terrace style property has an elevated setting with views of the city and harbour.
It was sold by Colin Morgan, insurer Zurich's former Asia Pacific global life chief executive and his wife Louise.
The final sale price was $625,000 above the $3.8 million reserve after the bidding opened at $3.4 million.
Of the Sydney sub-regions, Inner West region recorded the strongest clearance rate of 93.7 per cent across 76 auctions.
The preliminary clearance rate in Brisbane this week rose to 56.8 per cent, from 42.0 per cent last week.
Auction volumes were lower this week with 173 auctions held, down from 196 last week.  
A two bedroom house at Riverview, near Ipswich sold for $222,250, the cheapest weekend result across the nation.
<img src="https://www.urban.com.au/images/2017/04/02/Screen%20Shot%202017-04-03%20at%209.16.15%20AM.png" alt="">
The <a href="https://www.realestate.com.au/property-house-qld-riverview-124866926" target="_blank">15 Station Road</a> (above) was a dual title 971 sqm property.
A house at Coorparoo sold for $1.565 million making it Brisbane's most expensive sale.
<img src="https://www.urban.com.au/images/2017/04/02/Screen%20Shot%202017-04-03%20at%209.20.31%20AM.png" alt="">
Located at <a href="https://www.realestate.com.au/property-house-qld-coorparoo-124941710" target="_blank">79 Buena Vista Avenue</a> (above), the 809 sqm property was offered for the first time in 40 years.
This week, Adelaide saw a preliminary clearance rate of 80.6 per cent, with 67 reported results across a total of 113 scheduled auctions.
In comparison, over the previous week Adelaide’s clearance rate was 66.4 per cent and 71.2 per cent one year ago.
A charming Leabrook bungalow sold for $1.6 million making it Adelaide’s most expensive weekend sale.
<img src="https://www.urban.com.au/images/2017/04/Screen%20Shot%202017-04-03%20at%209.21.18%20AM.png" alt="">
Located at <a href="https://www.realestate.com.au/property-house-sa-leabrook-124944822" target="_blank">3 Godfrey Terrace</a> (above), the three-bedroom sandstone family house sold at between 10 per cent and 15 per cent above reserve, according to Toop &amp; Toop agent Tim Thredgold.
It sold to a downsizing couple.
Perth’s clearance rate of 35.7 per cent across 43 auctions is up slightly from last week, when 33 auctions were held and a clearance rate of 35.3 per cent was recorded.
Over the same week last year, the clearance rate was a higher 46.9 per cent, and 40 auctions were held.
Canberra’s clearance rate was 76.3 per cent this week across 66 auctions, down from 77.4 per cent last week across 103 auctions.
A besser block built house set against a bushland backdrop at Deakin sold for $1.455 million making it Canberra’s most expensive.
<img src="https://www.urban.com.au/images/2017/04/02/Screen%20Shot%202017-04-03%20at%209.22.22%20AM.png" alt="">
Located at <a href="https://www.realestate.com.au/property-house-act-deakin-124881626" target="_blank">22 Galway Place</a> (above), the 1073 sqm property was designed by architect John Scollay and sold in its original condition.
Jonathan Chancellor is editor at large at <a href="https://www.propertyobserver.com.au/">Property Observer</a>.
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Adelaide joins Sydney and Melbourne's hot housing markets 

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Despite falling auction volumes the preliminary clearance rate remains strong, according to CoreLogic’s latest report.
The property data firm says that the combined capital city preliminary clearance rate remains in the mid-high 70 percent range for another week, while auction volumes decrease week-on-week.
<a href="https://www.propertyobserver.com.au/images/2017/04/02/Screen%20Shot%202017-04-02%20at%2010.34.19%20am.jpg" target="_blank">Click to enlarge</a>
<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/2017/04/02/Screen%20Shot%202017-04-02%20at%2010.34.19%20am.jpg" alt="">
There were 2,646 properties taken to auction this week, down from 3,171 last week, when auction volumes reached their second highest level so far this year.
Despite auction volumes shifting generally higher over the last few weeks, the weighted average clearance rate has remained relatively consistent, with preliminary results this week showing 78.1 percent of the 2,121 reported auctions were successful.
This is an increase from 74.5 per cent last week and also higher than the corresponding week last year when a 66.6 percent clearance rate was recorded across a significantly lower volume of auctions coming out of the Easter period (1,582).
<a href="https://www.propertyobserver.com.au/images/2017/04/02/Screen%20Shot%202017-04-02%20at%2010.34.28%20am.jpg" target="_blank">Click to enlarge</a>
<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/2017/04/02/Screen%20Shot%202017-04-02%20at%2010.34.28%20am.jpg" alt="">
Across Melbourne, preliminary results show that 80.6 percent of the 1,007 reported auctions sold this week.
There were 1,139 properties taken to auction across the city, decreasing from 1,607 last week when the final clearance rate was recorded at 78.9 percent.
This is also higher than the same time last year, when a 69.2 percent clearance rate was recorded across a much lower volume of auctions (584).
<a href="https://www.propertyobserver.com.au/images/2017/04/02/Screen%20Shot%202017-04-02%20at%2010.34.37%20am.jpg" target="_blank">Click to enlarge</a>
<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/2017/04/02/Screen%20Shot%202017-04-02%20at%2010.34.37%20am.jpg" alt="">
The Inner region of Melbourne had the highest number of auctions this week (234), with a preliminary clearance rate of 79.7 percent.
However, the strongest rate of clearance was recorded across the North West region and West region, where 86.3 percent and 86.2 percent of auctions were successful.
In Sydney, the preliminary clearance rate of 80.7 percent is up from 75.8 percent last week, and also higher than the corresponding week last year, when a clearance rate of 69.8 percent was recorded across a much lower 664 auctions.
There were 1,098 auctions held this week, down from 1,098 last week.
<a href="https://www.propertyobserver.com.au/images/2017/04/02/Screen%20Shot%202017-04-02%20at%2010.34.45%20am.jpg" target="_blank">Click to enlarge</a>
<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/2017/04/02/Screen%20Shot%202017-04-02%20at%2010.34.45%20am.jpg" alt="">
Of the Sydney sub-regions, Inner West region recorded the strongest clearance rate of 93.7 percent across 76 auctions, while the North Sydney and Hornsby region had the highest volume of auctions (183).
The preliminary clearance rate in Brisbane this week rose to 56.8 percent, from 42.0 percent last week.
Auction volumes were lower this week with 173 auctions held, down from 196 last week.
<a href="https://www.propertyobserver.com.au/images/2017/04/02/Screen%20Shot%202017-04-02%20at%2010.34.54%20am.jpg" target="_blank">Click to enlarge</a>
<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/2017/04/02/Screen%20Shot%202017-04-02%20at%2010.34.54%20am.jpg" alt="">
Meanwhile, across the Gold Coast, 57.1 percent of the 14 reported auctions were successful.
This week, Adelaide saw a preliminary clearance rate of 80.6 percent, with 67 reported results across a total of 113 scheduled auctions.
In comparison, over the previous week Adelaide’s clearance rate was 66.4 percent and 71.2 percent one year ago.
<a href="https://www.propertyobserver.com.au/images/2017/04/02/Screen%20Shot%202017-04-02%20at%2010.35.05%20am.jpg" target="_blank">Click to enlarge</a>
<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/2017/04/02/Screen%20Shot%202017-04-02%20at%2010.35.05%20am.jpg" alt="">
Perth’s clearance rate of 35.7 percent across 43 auctions is up slightly from last week, when 33 auctions were held and a clearance rate of 35.3 percent was recorded.
Over the same week last year, the clearance rate was a higher 46.9 percent, and 40 auctions were held.
Canberra’s clearance rate was 76.3 percent this week across 66 auctions, down from 77.4 percent last week across 103 auctions.
There were 14 Tasmanian auctions held this week. 3 were reported as sold.
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Preliminary clearance rate strong as auction volumes fall: CoreLogic

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A large Chinese pig, poultry and stockfeed company, Shenzhen Kondarl, has told the Shenzhen stock exchange it is close to finalising the purchase of Australia’s biggest avocado farm for as much as a billion Chinese yuan ($192 million).
But Neil Delory, the Australian owner of Jasper Farms at Busselton, Western Australia, stated that no deal had been done.
He confirmed that two of his highly productive avocado farms were being offered to both local and overseas investors through Ernst and Young, but said he was confused by the announcement.
Mr Delory said no memorandum of understanding for the sale had been signed with the Chinese company, and that Australian bidders were still in the race.
It is believed that the announcement may have been a signal to investors that it has permission to spend a billion yuan for purchasing a property or business outside of China.
Such a large farm purchase would also require permission from Australia’s Foreign Investment Review Board.
Mr Delory admits that the announcement especially annoyed him as it has caused confusion for his brother Russell Delroy who has an avocado farm under the trading name Delory Orchards and supplies 25 percent of Coles supermarkets’ avocado demand.
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Owner of WA avocado farm annoyed by Chinese investor's premature announcement

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Melbourne is the second highest expensive place to purchase a private treaty property, according to CoreLogic’s latest report.
The property data firm says that the average house in Melbourne costs around $700,000 while a unit costs around $520,000.
<a href="https://www.propertyobserver.com.au/images/2017/03/20/Screen%20Shot%202017-03-20%20at%201.05.04%20pm.jpg" target="_blank">Click to enlarge</a>
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This is in contrast to Sydney, which is the most expensive with $940,000 for houses and $740,000 for units.
A two bedroom house at <a href="https://www.realestate.com.au/sold/property-house-vic-kensington-123695926" target="_blank">22 The Crescent</a>, Kensington (above) has been sold for $725,000.
Similarly a two bedroom house at <a href="https://www.realestate.com.au/sold/property-house-vic-collingwood-120737429" target="_blank">56 Palmer Street</a>, Collingwood (below) has been sold for $715,000.
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Melbourne sits second most expensive place to purchase a property: CoreLogic

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AVJennings has kicked in an extra $5000 incentive for first home buyers who purchase in any of its Queensland residential developments until 18 May.
This is on top of Queensland's $20,000 First Home Owner's Grant which is reduced to $15,000 on 1 July.
Tony Creighton, Queensland sales manager, AVJennings, said the ability to couple both the state government and developer first home buyer incentives, together with the release of the popular loft-style ‘Fusine’ townhome at Villaggio, was expected to spark an increase in first time purchaser enquiries.
"We want first home buyers to consider their options and realise that purchasing an AVJennings property before June 30 means they can potentially gain an additional $10,000 towards their new home," he said.
"There are also options for those who haven't saved a full deposit to get into the market with a savings plan, whereby the customer can secure a new home and continue to save their full deposit while waiting for their property to be built.
"We have affordable, entry-level townhomes available in the majority of our communities throughout South-East Queensland.
"But our most popular design for first home buyers - the Fusine - is now selling at Villaggio in Richlands, which is a fast growing area just 15 kilometres west of Brisbane.
"Essentially, the Fusine is much like a free standing two-bedroom apartment, with a single lock up garage on the ground floor, connected by an internal staircase to the upper level, which includes the bedrooms and living areas.
"The Fusine boasts 90.7sqm of living space and has been designed for comfort and privacy, with the two bedrooms separated by an open-plan living area.
"This architecturally designed home is completed with high quality finishes, split system air-conditioning and a modern kitchen with European stainless steel appliances, opening on to a generous private balcony perfect for entertaining at home.
"It's the ideal first home or investment property."
For further information visit <a href="https://www.avjennings.com.au" target="_blank">www.avjennings.com.au</a>
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AVJennings kicks in $5000 incentive for Queensland first home buyers

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The combined capital city auction clearance rate was recorded at 74.5 percent across 3,171 auctions last week, according to CoreLogic's latest data.
The property data firm says that clearance rates increased on higher volumes last week with the clearance rate recorded at 74.1 percent the previous week from 2,916 auctions.
Auction clearance rates last week were higher than they were a year ago when they were recorded at 70.9 percent.
<a href="https://www.propertyobserver.com.au/images/2017/03/30/Screen%20Shot%202017-03-30%20at%201.38.09%20pm.jpg" target="_blank">Click to enlarge</a>
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Melbourne’s auction clearance rate rose from 77.0 percent the previous week to 78.9 percent last week while auction volumes also rose from 1,441.
In Sydney, clearance rates were slightly lower last week than over the previous week, falling to 75.8 percent from 76.8 percent.
Sydney auction volumes were higher over the week increasing to 1,098 from 1,001.
Outside of the major auction markets, clearance rates increased in Adelaide, Canberra and Tasmania but were lower elsewhere.
The number of new and total residential properties advertised for sale has fallen again over the past week and each remain lower than they were a year ago.
Over the 28 days to March 26, there were 45,228 newly advertised residential properties for sale nationally and 28,302 newly advertised for sale properties across the combined capital cities.
The number of new properties advertised for sale is -0.9 percent lower over the year nationally but 4.9 percent higher across the combined capital cities.
<a href="https://www.propertyobserver.com.au/images/2017/03/30/Screen%20Shot%202017-03-30%20at%201.42.24%20pm.jpg" target="_blank">Click to enlarge</a>
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The number of newly advertised properties available for sale is lower over the year in Brisbane (-9.9 percent), Adelaide (-0.1 percent) and Perth (-6.0 percent) but is higher across the remaining capital cities.
Nationally there were 232,160 total properties advertised for sale over the past 28 days with 107,198 advertised across the combined capital cities.
Total advertised stock is -6.9 percent lower over the year nationally and -4.0 percent lower across the combined capital cities.
<a href="https://www.propertyobserver.com.au/images/2017/03/30/Screen%20Shot%202017-03-30%20at%201.42.30%20pm.jpg" target="_blank">Click to enlarge</a>
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Each individual capital city currently has fewer homes advertised for sale relative to a year ago with Hobart (-27.5 percent) and Canberra (-8.3 percent) having seen the greatest declines.
The lack of stock advertised for sale, particularly in Sydney, Melbourne, Hobart and Darwin is contributing to the relatively large increases in dwelling values.
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Auction clearance rate recorded at 74 percent: CoreLogic

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House price growth in Sydney and Melbourne increased further in March according to CoreLogic, with Sydney house prices up 19 percent compared to the same month last year and Melbourne 16 percent.
Tim Lawless, CoreLogic head of research, said the early results come after a strong rebound in housing market conditions through the latter half of 2016 and into 2017.
"The strong capital gain results are further evidenced by a continuation in low stock levels, high auction clearance rates and strong investment demand," he said.
"March's figures reflected a strong rebound in housing market conditions that picked up in the latter half of last year and continued into this year."
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Sydney home prices up 19 percent in year to March: CoreLogic

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The level of delinquent housing loans for prime residential mortgage-backed securities increased 1.29 percent in January from December's 1.15 percent, according to S&amp;P Global Ratings.
The category for mortgages 31-60 days in arrears showed the largest increase.
The report said the magnitude of the month-on-month increase in January 2017 was higher than in previous months.
"While some of the increase is due to a decline in outstanding loan balances, the category for mortgages 31-60 days in arrears showed the largest increase," the report found.
"This suggests more borrowers have fallen behind on their loan repayments for the first time.
"The major bank and regional bank sectors recorded larger increases in borrowers who are 31-60 days behind on their mortgage repayments.
"All originators except nonbank financial institutions recorded an increase in arrears in January compared with the previous month.
"Despite the increase, arrears levels in January remained close to long-term averages."
"Mortgage arrears rose in every state and territory in January from the previous month.
"Among the states, South Australia recorded the largest increase in arrears, rising to 1.81 percent from 1.53 percent in December, Home loan arrears in Western Australia rose to 2.33 percent in January from 2.10 percent in December.
"Arrears rose month on month in January to 1.03 percent in New South Wales and 1.18 percent in Victoria."
The report can be found at <a href="https://www.sfsurveillance.com.au/" target="_blank">https://www.sfsurveillance.com.au</a>.
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Home loan delinquencies rise in January

A trio of Queensland property groups have unveiled plans for a $300 million mixed-use redevelopment of the former Noosa Bowls Club site, a proposal that would deliver more than 200 new homes in one of the Sunshine Coast's most supply-constrained markets.

Kilter Property, Frank Developments and Calile Malouf Investments are behind the plans for the 1.8-hectare site at <a href="https://www.apartments.com.au/new-apartments/99-noosa-drive-noosa-heads-qld-4567">99 Noosa Drive</a>, which would transform the long-vacant site into a new residential precinct featuring 208 apartments, retail, hospitality and public space.

The proposal comes as Noosa continues to grapple with housing affordability and a shortage of permanent accommodation, particularly for key workers. The site's location in Noosa Junction, close to shops, public transport and employment, aligns with the direction of Noosa Council's Housing Strategy, which encourages higher-density housing within established activity centres rather than continued urban expansion.

The draft plans include 48 affordable-by-design apartments and 48 rooming accommodation units aimed at key workers. Around 2,000 sqm of ground-floor retail and food and beverage space would activate the street frontage, alongside a new public town square and landscaped open space.

<img alt="Noosa" data-entity-type="file" data-entity-uuid="2dd02f53-1360-4e51-801e-bfd61a6c980e" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-06-26%20at%208.44.34%E2%80%AFPM.png?VersionId=x1iNs3BSMN6Jy7YUwaBZMHRrrKX2hMpy" />

&nbsp;

Frank Developments Founder and Director Frank Licastro said the development would continue the company's focus on architecturally-led residential projects while addressing one of the region's biggest challenges.

"Not only will this project exude a sense of luxury, it will also enhance not only the built environment but also the surrounding community," Licastro said.

"Noosa's success relies on the people who live and work here. Providing well-designed accommodation for key workers is critical to supporting the local economy and ensuring the Shire can continue to thrive."

Kilter Property Co-Founder Huw Williams said the focus was on delivering additional permanent housing while creating a mixed-use destination that benefits both residents and the wider community.

"Our focus is on delivering a well-considered mixed-use project that provides more permanent housing options, supports local workers and businesses, and delivers an exceptional product for the local market," Williams said.

"The redevelopment vision aligns with the long-term evolution of Noosa Junction as a vibrant activity centre, creating a destination that enhances the area's character while delivering significant economic and community benefits."

Calile Malouf Investments, best known for its role in Brisbane's James Street precinct and The Calile Hotel, will bring its place-making experience to the project. The company recently commenced construction on The Calile Noosa hotel and says the residential development will complement its growing investment in the region.

CMI Director Cal Malouf said the aim was to create a walkable precinct combining housing, retail and hospitality while remaining true to Noosa's character.

"We see a similar opportunity in Noosa to deliver a vibrant, walkable destination that combines exceptional housing, hospitality and retail in one integrated project," Malouf said.

Brisbane-based Cavill Architects has been appointed to design the project.

Joel Robinson

Noosa Bowls Club to be redeveloped into mixed-use apartment precinct

One of Brisbane's last major riverfront redevelopment opportunities has taken a significant step forward, with Lendlease selected as the Queensland Government's preferred development partner for the former Visy site in South Brisbane.

The seven-hectare industrial site, positioned between South Bank and West End and 1.3 kilometres from the Brisbane CBD, will be transformed into a mixed-use precinct expected to deliver more than 4,000 new homes alongside extensive public open space and riverfront parkland.

The project is one of the largest urban renewal opportunities currently planned in Brisbane and is expected to play a key role in accommodating the city's growing population ahead of the 2032 Olympic and Paralympic Games.

Plans for the precinct include a network of riverfront promenades and boardwalks, new public plazas, parkland, amphitheatre-style gathering spaces and shared pedestrian and cycling links designed to reconnect the long-isolated site with the Brisbane River.

The Queensland Government is targeting delivery of the first homes and key public spaces before the 2032 Games, allowing the precinct to begin contributing new housing and public amenity well before the broader masterplan is complete.

The redevelopment is also expected to support more than 3,000 jobs across planning, construction and ongoing operations.

For Lendlease, the appointment adds another major urban regeneration project to its Queensland portfolio. The developer has operated in the state for more than 70 years and has delivered a number of large-scale mixed-use precincts in partnership with government.

Lendlease Development CEO Claire Johnston said the project represented one of Brisbane's most significant redevelopment opportunities.

"The transformation of the former Visy site represents a rare opportunity to reimagine one of Brisbane's most significant riverfront locations, deliver thousands of much-needed homes, and create long-term legacy," Johnston said.

"In partnership with the Queensland Government, we have the opportunity to create a new riverside destination that will help shape Brisbane's growth and how people experience the city for decades to come.

"This is exactly the type of large-scale, city-shaping development that will provide lasting benefits for Queensland, bringing together housing, jobs and world-class public spaces."

Deputy Premier and Minister for State Development, Infrastructure and Planning Jarrod Bleijie said the riverfront transformation would deliver a thriving new community precinct.

“The Crisafulli Government is delivering this golden opportunity to unlock a riverfront jewel for all Queenslanders,” Deputy Premier Bleijie said.

“This is a once-in-a-generation moment to reshape a significant slice of Brisbane and deliver lasting benefits – thousands of new homes, and public spaces for all Queenslanders to enjoy well beyond the 2032 Olympic and Paralympic Games – unlike Labor’s plan which would have delivered zero benefits and zero new homes.

“Queensland is well and truly open for business and through partnership with the private sector, we are accelerating delivery while ensuring strong housing, community and economic outcomes."

Early works on the precinct are expected to commence in April 2027.

Lendlease selected to deliver transformative South Brisbane riverfront precinct

Eddy Haddad's <a href="https://www.apartments.com.au/developers/level-33">Level 33</a> is levelling up its approved Wollongong development, as the coastal city south of Sydney continues to prove popular in the high-density development space.

Level 33, a longtime developer in the Wollongong area, has gone through the NSW Government's Housing Delivery Authority to upsize its approved two-tower development on the corner of Crown Street and Gladstone Avenue, just 100 metres from Wollongong Station.

The developer currently has approval for 252 apartments across two buildings rising to 19 storeys. It is now seeking approval for 33 and 38-storey towers that would deliver 467 apartments, including 67 affordable homes.

Designed by <a href="https://www.apartments.com.au/architects/bka-architecture">BKA Architecture</a>, the development would comprise apartments above a three-level podium with around 1,100 sqm of retail space, along with basement parking for 448 vehicles.

According to the Urban Design Report by BKA, the proposal has the capacity to "reinforce the precinct's identity by strengthening links between health, education, and transport services, while also contributing to Wollongong's ongoing evolution as a key regional centre."

Wollongong is somewhat in vogue. Between Level 33 and Urban Property Group, the two developers have several thousand apartments planned across the city.

Level 33 is currently delivering Easterly Wollongong, one of its most boutique projects to date with just 21 high-end apartments, as well as Atchison &amp; Kenny, a 329-apartment development due for completion later this year.

The developer plans to redevelop the 13,088 sqm WIN Grand megasite into <a href="https://www.apartments.com.au/new-apartments/crown-square-216-238-keira-street-wollongong-nsw-2500">Crown Square</a>, a new $500 million precinct with nearly 600 apartments. It also has more than 900 apartments planned for the former Bunnings Warehouse site at the intersection of Gipps and Flinders streets.

Urban Property Group is also playing a major role in the city's transformation. Its five-tower Keira Place precinct will deliver more than 800 homes, and it has recently lodged plans for a further 300 apartments near Wollongong Station.

First look: Level 33 upsizes Wollongong apartment towers

Just a week after filing plans for the final stage of its major Keira Place masterplan, <a href="https://www.apartments.com.au/developers/urban-property-group">Urban Property Group</a> has unveiled another significant housing proposal in Wollongong, this time targeting a prominent site opposite North Wollongong Station.

The developer has lodged a State Significant Development Application for a 38-storey mixed-use tower at <a href="https://www.apartments.com.au/new-apartments/4-4a-flinders-street-north-wollongong-nsw-2500">4-4A Flinders Street</a>, around one kilometre north of the <a href="https://www.apartments.com.au/new-apartments/keira-place-wollongong-120-122-smith-street-wollongong-nsw-2500">Keira Place precinct</a> currently taking shape on the edge of the CBD.

<img alt="First look: Urban Property Group plans 38-storey North Wollongong tower as Keira Place expansion gathers pace" data-entity-type="file" data-entity-uuid="2b6428f1-6405-4038-8476-897de440e90d" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/flinders%20podium.png?VersionId=QLqEvK0OuCEwRC47oHNftrw2B1YqaHF8" />

Designed by Studio.SC, the proposal comprises a 38-storey mixed-use development containing 303 apartments, including 45 affordable housing units, alongside 174 co-living residences. The scheme also includes ground-floor retail space, extensive landscaping and public domain improvements.

Studio.SC noted in the proposal it "outlines a vision for a landmark transit-oriented mixed-use development centred around North Wollongong Station, designed to support the city’s future growth while responding to the NSW Government’s housing and planning reforms."

The architecture firm said the proposal responds to the opportunities and constraints shaping future growth within the 400-metre catchment of the station and represents "a coordinated and future-focused approach to urban intensification, contributing to the long-term evolution of North Wollongong as a connected, walkable and high-density station precinct."

The site occupies a strategic corner bounded by Flinders Street, Station Street, Stafford Street and the Princes Highway, directly opposite North Wollongong Station.

<img alt="First look: Urban Property Group plans 38-storey North Wollongong tower as Keira Place expansion gathers pace" data-entity-type="file" data-entity-uuid="7863adad-1f71-4022-b850-f44b252738fd" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/flinders%20podium%20a.png?VersionId=WsU7av0g8_8R2tGHWxgHeFSlhu7yeY1V" />

The proposal follows Urban Property Group's recent submission for the second and final stage of Keira Place, which would deliver a further three buildings comprising 657 homes opposite Beaton Park. It builds on the first stage, which features 150 apartments across two towers and recently commenced construction.

Urban Property Group CEO Patrick Elias said breaking ground on the first stage marked a significant milestone for Wollongong and reflected the developer's long-term commitment to regional cities.

"Today's groundbreaking is about turning approvals into homes and moving quickly to deliver much-needed housing in Wollongong's city centre," Elias said.

"Keira Place will provide a diverse mix of homes close to jobs, transport and services, while setting a high benchmark for quality, durability and consumer protection."

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/urban-property-group-unveils-trio-of-towers-for-next-stage-of-new-wollongong-precinct-keira-place">Urban Property Group unveils trio of towers for next stage of new Wollongong precinct, Keira Place</a>

First look: Urban Property Group plans next major Wollongong tower

<a href="https://www.apartments.com.au/developers/arada">Arada Australia</a> has wasted little time expanding its ambitions in Campsie, lodging plans for a second major project in the rapidly transforming town centre just months after unveiling its three-tower One Campsie proposal on Beamish Street.

The UAE-backed developer has now taken aim at one of the suburb’s most strategically positioned sites, filing a State Significant Development Application for a <a href="https://www.apartments.com.au/new-apartments/10-north-parade-campsie-nsw-2194">33-storey mixed-use tower</a> at 10 London Street and 43 North Parade, directly opposite the future Campsie Metro Station. The proposal is currently on public exhibition and represents another significant vote of confidence in Campsie's emergence as one of Sydney’s key transit-oriented growth centres.

Designed by <a href="https://www.apartments.com.au/architects/woods-bagot">Woods Bagot</a>, the development would deliver 156 apartments above a podium containing retail and commercial space, creating a new residential and commercial gateway to the town centre. The scheme also includes a four-level above-ground parking podium and a dedicated residential amenity floor featuring wellness and recreation facilities. At least 10 per cent of the apartments would be allocated as affordable housing for a period of 10 years.

The proposal occupies a 1,631 sqm site bounded by London Street, North Parade and Dispensary Lane, immediately adjoining the future Metro station precinct and just metres from Beamish Street’s retail and dining strip. According to the Urban Design Report, the project seeks to deliver "a great place that prioritises human-scaled experience and provides spatial improvements to the area."

<img alt="First look: Arada doubles down in Campsie with 33-storey Metro-front tower plans" data-entity-type="file" data-entity-uuid="175a8324-015b-4856-abe3-ce6f23199fa7" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/podium%20campsie.png?VersionId=742UGwXFhFBX4GEl6wX4PYIWREAgn6il" />

Woods Bagot describes the tower as a key marker within Campsie's next phase of growth.

"Located directly opposite the new Campsie Metro Station on North Parade, 10 London Street is a thoughtfully composed 33-storey mixed-use tower that contributes to the ongoing transformation of the town centre," the Architectural Design Report states. The report says the project is intended to provide "high-quality homes within a vibrant, connected urban environment, while helping define Campsie's future skyline."

A strong emphasis has been placed on the public realm. The ground floor incorporates over 500 sqm of retail space and active frontages along both London Street and North Parade, while the podium is wrapped by extensive landscaped planting intended to soften the building's scale and strengthen the pedestrian experience. The development would also widen surrounding footpaths and improve connections between the Metro station and the broader town centre.

Above the podium, residents would have access to more than 1,400 sqm of communal amenities, including a pool, gym and landscaped recreation spaces. A distinctive green-wall treatment extending across four podium levels forms a major architectural feature, helping differentiate the project within the emerging high-density precinct.

The tower's design is closely tied to the broader Campsie Town Centre Master Plan and the arrival of Sydney Metro. The Urban Design Report notes the proposal "directly supports the Campsie Town Centre Master Plan by delivering new homes in a location explicitly identified for growth, improved accessibility, and high-quality urban renewal." It adds that the project contributes to the master plan's vision for a strengthened town centre supported by thousands of new homes around the future Metro station.

<img alt="First look: Arada doubles down in Campsie with 33-storey Metro-front tower plans" data-entity-type="file" data-entity-uuid="bfd17654-253e-489a-bade-6278d63db412" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/base%20campsie.png?VersionId=3roJPMQGs36dazpkhvpvbDDP73Ld.Ica" />

The application follows Arada Australia's recently lodged One Campsie project at 124–142 Beamish Street and 16–18 Ninth Avenue, where the developer is seeking approval for 346 apartments across three towers rising 24, 32 and 39 storeys. Together, the two proposals would cement Arada Australia as one of the most influential developers shaping Campsie's future urban form.

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/first-look-arada-files-for-trio-of-apartment-towers-in-campsie-town-centre">First Look: Arada Australia files for trio of apartment towers in Campsie town centre</a>

Arada Australia entered the Australian market in 2024 and has rapidly assembled a significant development pipeline across Sydney. Alongside its Campsie holdings, the developer is soon to launch <a href="https://www.apartments.com.au/new-apartments/wattle-green-2-fishburn-crescent-castle-hill-nsw-2154">Wattle Green</a> in Castle Hill, and has expanded its local operations following its acquisition of construction firm Roberts &amp; Co.

Located around 14 kilometres south-west of the Sydney CBD, the site sits at the centre of one of Sydney's fastest-changing middle-ring precincts. The Metro conversion of Campsie Station, combined with Canterbury-Bankstown Council's master planning framework, is driving significant residential intensification around Beamish Street and North Parade, with thousands of new homes expected over coming decades.

Staff reporter

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