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EXPERT OBSERVER
High-intent renters are still very active on realestate.com.au, despite a softening market and relatively high supply.
The REA Insights Weekly Demand Index is a weekly metric that looks at the volume of high-intent renter activity on the realestate.com.au website and app and tracks that activity over time.
Specifically, it looks at how users are behaving when they interact with live rental listings.
The characteristics of serious renter activity includes but is not limited to; the number of visits to a listing, looking at the photos for a listing multiple times, saving the property, sharing the property and/or making an enquiry with the agent.
Who is it useful for?
For renters looking for new rental accommodation the index gives a good indication of the level of competition they can expect when they look at and apply for properties. Higher renter activity on a listing would suggest greater competition for that property or property type. In this index we’ve aggregated the high-intent rental activity and analysed it by state.
For owners of rental properties the index indicates the likelihood that they will be able to rent out their property.
Why REA Group is well placed to tell this story
Realestate.com.au is Australia’s number one property portal. In April 11.9 million Australians visited the platform* creating an unparalleled view of consumer demand for Australian property. This vast onsite activity sends millions of signals of intent that allow the experts at REA Insights to model behavioural demand.
What is the latest data actually showing?
The latest data shows that the number of highly-engaged rental listing interactions on realestate.com.au increased by 2.7 per cent last week. That means that serious renter activity has now increased for 10 of the past 11 weeks (falling the previous week) and is up 102.9 per cent from its low in March. The 2.7 per cent weekly increase did not completely offset the -4.3 per cent fall the previous week.
One of the likely drivers of such high volumes of serious renter activity is the fact that the number of new rental properties becoming available is shrinking. With less stock, those serious about renting are required to narrow their focus and are more likely to be highly-engaged with what’s available online.
The data indicates that it isn’t just search volumes that are climbing, we are also seeing a significant increase in the volume of people searching that are in the late stage of their rental decision.
All states recorded an increase in the volume of high-intent rental activity last week except for Western Australia and Tasmania, which fell slightly.
Since the recent low related to COVID-19 serious renter activity has more than doubled in New South Wales (110.2%), Victoria (133.8%) and Australian Capital Territory (140.1%). The smallest gains have occurred in Tasmania (45.2%) and Northern Territory (48.5%).
What about compared to last year?
Nationally, serious renter activity is up 70.5 per cent higher on last year.
The heightened rental activity is being felt in all states and territories with the largest annual increases in Australian Capital Territory (102.0%) and New South Wales (84.3%), while South Australia (20.8%) and Western Australia (41.5%) recorded the smallest increases.
While a lot of people are showing high-intent in their rental searches it remains to be seen whether they will actually move, especially considering there is a rental moratorium in place.
The rental market remains challenged with international borders closed, first-home buyer demand being pulled forward the government’s HomeBuyer initiative and people under the age of 30 being much more likely to have lost their jobs through COVID-19.
While a lot of people are actively looking at rental accommodation it may not be until later in the year when we actually see them moving into new rental accommodation.
CAMERON KUSHER is the Director of Economic Research for the REA Group
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High-intent renters are still very active on realestate.com.au: Cameron Kusher

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The property market has shone in the past seven years showing extraordinary growth in property prices in the northern suburbs of Melbourne, according to the latest Herron Todd White (HTW) residential report. 
The report notes last year’s property market results ended on a high note as we saw the fastest turnaround in history, with improving prices and clearance rates leading into the new year of 2020.
With property values rising, sellers are expected to cautiously return to the market, increasing stock levels.
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"So, what do we know moving forward into 2020? We can be assured that the Reserve Bank’s main focus will be to decrease unemployment rates and to increase wages, which will likely result in interest rates falling further throughout the year, making it even more affordable to enter the market," the valuation firm said. 
This trend could see an upside in developing areas such as Craigieburn, Kalkallo and Mickleham, which may prove to be the only truly affordable option for the inner and outer northern suburbs.
"By offering properties at affordable prices, these areas may still be the choice for migrating families moving to Melbourne or country Victorians wanting to move closer to Melbourne," the valuation firm said. 
A Craigieburn three bedroom house has been sold for $570,000.
The three bedroom, two bathroom home is situated at <a href="https://www.realestate.com.au/sold/property-house-vic-craigieburn-132823606" target="_blank">32 Newlyn Drive </a>(pictured below).
Set on 650sqm, the home comes with well-appointed kitchen, meals area, and pergola overlooking backyard. 
<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/2020/2/24/craigeburn.jpg" alt="">
Areas in the desirable suburbs of the inner north such as Abbotsford, Carlton and Richmond should expect to see moderate to low stock on the market.
The report notes blue chip properties that tick all the boxes will continue to perform in 2020.
"Low vacancy rates will also be evident in these areas with vacant dwellings being snapped up either by investors or renters," the valuation firm said. 
A Richmond Victorian house has recently been sold for $1.67 million. 
The three bedroom, one bathroom home is situated at <a href="https://www.realestate.com.au/sold/property-house-vic-richmond-132848686" target="_blank">10 Moorhouse Street</a> (pictured below). 
It comes with open plan living, north facing courtyard and spacious kitchen. 
<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/2020/2/24/richmond%20.jpg" alt="">
 
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Desirable Melbourne inner north suburbs to see low vacancy rates in 2020: HTW residential 

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EXPERT OBSERVER
CoreLogic estimates of monthly settled sales data points to a levelling in housing market activity, following several years of falling home sales.
Despite signs that market activity is leveling out, annual transaction numbers remain lower year on year across every capital city region of the country.
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Annually, transaction volumes continued to decline, however, recent monthly data indicates that transaction volumes may have stabilised. 
The decline in home sales has taken market activity to similar levels as what was recorded during the previous downturns in 2008-09 and 2011- 12.
Nationally, an estimated 412,154 settled dwelling sales occurred over the past 12 months which was - 17.5% fewer than the previous year. 
Although sales volumes are lower on an annual basis, monthly sales volumes have risen from recent lows and although market activity is lower than a year ago, the number of sales is relatively unchanged over recent months.
<img src="https://www.urban.com.au/images/2019/7/18/CL%201.png" alt="">
Sydney recorded an estimated 82,427 settled sales over the 12 months to June 2019; -21.9% fewer than the previous year and well down on the decade average.
 While annual sales are significantly lower, the chart highlights that on a six-month trend basis, sales volumes have started to increase slightly but are sitting at a level close to what was recorded in the 2008-09 downturn. 
With an unprecedented volume of off-the-plan unit stock under construction and already under contract, there will inevitably be some revision to these figures over coming years.
<img src="https://www.urban.com.au/images/2019/7/18/CL%202.png" alt="">
The six-month trend for Melbourne shows that the estimated number of sales trended slightly higher over recent months. 
Notwithstanding the recent improvement in transaction volumes, market activity has fallen to levels similar to those during the 2011-12 housing downturn.
Annually there were an estimated 64,546 settled sales over the past year which was -27.0% lower than over the previous year.
<img src="https://www.urban.com.au/images/2019/7/18/CL%203.png" alt="">
Unlike Sydney and Melbourne, there is little evidence as yet to indicate that transaction volumes in Brisbane may be stabilising. 
Transaction volumes continue to trend lower on a monthly basis and, although they are similar levels to those in 2008-09 they are not yet as low as volumes were during 2011- 12 downturn. 
Over the past year there were an estimated 39,641 settled sales across Brisbane which was -13.4% lower than annual sales over the previous year.
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The estimate of monthly sales across Adelaide have been trending higher over recent months and market activity has recently trended above the decade average.
Although there has been a recent uptick in sales volumes, over the past 12 months there were an estimated 22,650 settled sales which was -4.1% previous than the previous year.
<img src="https://www.urban.com.au/images/2019/7/18/CL%205.png" alt="">
Perth sales transactions slumped over recent years as the housing market downturn has carried on. 
Transaction volumes have recently stabilised, albeit at a level below previous housing market downturns. 
Over the past 12 months there were an estimated 29,263 settled sales which is -7.3% lower than the previous year. 
Although sales are lower on an annual basis monthly data suggests market activity has been steady of late.
<img src="https://www.urban.com.au/images/2019/7/18/CL%206.png" alt="">
Hobart is one of the few capital cities where sales have been above the decade average over recent years.
 Monthly transaction volumes have been declining for two years and are now sitting at around the decade average levels and likely to fall further. 
Over the past 12 months there were an estimated 4,691 settled sales which was down -11.4% compared to the previous year.
<img src="https://www.urban.com.au/images/2019/7/18/CL%207.png" alt="">
Transaction volumes in Darwin fell on an annual basis over the past year, down -9.2%. 
With ongoing market weakness, monthly data indicates that housing market activity has continued to slide, with the decline mirroring the ongoing decline in dwelling values. 
With the NT seeing a population loss and negative jobs growth, it seems as if demand for housing is continuing to shrink which is a major contributor to the ongoing slide in sales activity.
<img src="https://www.urban.com.au/images/2019/7/18/CL%208.png" alt="">
Although the monthly sales estimates are below the decade average in Canberra, market activity has begun to steady over recent months. 
On an annual basis, there was an estimated 7,386 transactions over the past year which was -8.6% lower than sales volumes over the previous year.
<img src="https://www.urban.com.au/images/2019/7/18/CL%209.png" alt="">
Across most cities there are some tentative signs that sales volumes may have bottomed. With two 25 basis point cuts to interest rates and lenders now lowering their serviceability buffers, access to finance is easing somewhat and borrowing power is increasing which should support a further increase in transaction volumes. 
One of the challenges for the market at the moment is historically low volumes of new properties entering the market for sale which is contributing to the low volume of sales. We anticipate that come Spring, new listings will increase which should lead to more transaction activity.
The challenge for vendors will be whether or not a potential pick-up in listings is accompanied by a commensurate pick-up in buyers in the market. While some restrictions on credit have been removed, accessing finance is still much more difficult than it has been in the past so demand could still be fickle over the coming months. 
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CAMERON KUSHER is the head of research for the Australian branch of CoreLogic
Kusher regularly posts on the <a href="https://www.corelogic.com.au/news" target="_blank">CoreLogic website</a>.
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Home sales and housing market stabilising: CoreLogic's Cameron Kusher

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EXPERT OBSERVATION
The impact of the credit squeeze that caused the rapid deterioration in building conditions over the past 18 months is evident in today’s construction data.
This is the right time in the economic cycle for governments to be investing in infrastructure critical to residential development.
Preliminary figures released by the ABS today provide data on the value of construction work done in Australia.
Nationally, residential construction work has fallen by 10.9 per cent compared to last year. The contraction in homebuilding in today’s figures was anticipated given the decline in other data such as building approvals and housing finance.
More recent data suggests that the decline in residential construction will not continue, with leading indicators showing improvement.
A boost in spending on infrastructure by state and federal governments as announced in this year’s budgets was expected to offset the decline in the home building sector and absorb the excess labour from the building industry. This hasn’t happened with engineering construction work declining by 9.6 per cent on same quarter last year.
For the past five years home building pulled the economy forward. The home building industry is now dependent upon a strong national economy to pull it forward. Infrastructure spending can help drive this growth.
Today’s data - which shows a significant decline in engineering and construction work - tells us that the announced investment in infrastructure has not yet commenced. “
This begs the question where and when is the infrastructure spending going to occur?.
All the states declined for the September 2019 quarter compared to previous quarter.
The notable exception to this decline in residential and engineering work is in Victoria, where new residential work done increased by 1.8 per cent for the quarter to be up by 4.0 per cent annually.
New South Wales declined by 7.8 per cent, Queensland by 4.7 per cent, South Australia by 0.7 per cent and Western Australia by 4.9 per cent.
Tasmania and the ACT which have previously managed to buck the national trend have also declined by 20.5 per cent and 10.9 per cent respectively compared to the June 2019 quarter.
ANGELA LILLICRAP is an Economist for HIA
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When and where is Australian infrastructure spending coming online: HIA's Angela Lillicrap

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The Prime Minister’s plan to help first-home buyers purchase with only a 5% deposit could have a major impact on the broader economy, says one property group. 
The First Home Loan Deposit Scheme, adopted from New Zealand’s Welcome Home Loan program and announced by the Prime Minister Scott Morrison at the Liberals’ formal campaign launch in Melbourne last week, will mean first-home buyers, who have been able to save a deposit of at least 5%, will be able to access a government guarantee for the remainder of up to 20% of a property’s value.
It will also remove the costs of paying lenders’ mortgage insurance.
The scheme will offer up to $500 million in equity through the National Housing Finance and Investment Corporation, would start on January 1, 2020, and be capped for individuals earning $125,000 and couples earning $200,000.
Labor has said it will match the Coalition plan, stating it could afford to do so as it was “closing loopholes” for the wealthy.
RiskWise Property Research CEO Doron Peleg said the Coalition’s First Home Loan Deposit Scheme would support the market instead of further weakening it.
“Although the number of loans is expected to amount to around 10,000, when you take this amount and add in the saving of the LMI, potential interest rate cuts and the flow-on effect on upgraders, this could support particularly affordable markets that are more appealing to first home buyers,” he said.
“Also, the Prime Minister has said he would like to run the scheme through second tier lenders and this will further improve the position of non-bank lenders in the market.”
Peleg said Labor’s proposed taxation changes, to limit negative gearing to new homes only and cut capital gains tax from 50 to 25%, would have “unintended consequences” and further impact an already weak housing market.
“The property market has been experiencing ongoing weakness,” he said.
“Tighter lending standards, the findings of the Banking Royal Commission, political uncertainty, fears of the potential changes to negative gearing and capital gains tax, restrictions on foreign investors, unit oversupply and large falls in dwelling commencements have all had a material impact."
 
 
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Coalition’s First Home Loan Deposit Scheme would support the market: RiskWise

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A wave of new waterfront opportunities is now available at Pelican Waters’ prestigious residential precinct The Quays, on the doorstep of an emerging world-class marina and marina village.
Pelican Waters land specialist Jackie Dalton said the boutique, two-storey sites had generated broad appeal among young families, couples and retirees.
“Buyers are drawn to the incredible lifestyle benefits and the freedom of reflecting their individual tastes through contemporary, bespoke home designs,’’ she said.
Six unique waterfront sites are currently on the market ranging in size from 380 sqm to 475 sqm, and priced from $495,000 to $620,000.
“Enquiry for waterfront land has remained strong throughout 2020, and we expect demand to be high for the final remaining land at The Quays. This is likely to be the last land to be released anywhere in Pelican Waters until early next year,’’ Ms Dalton said.
The Quays offers the last available tidal waterfront lots at Pelican Waters, with future waterfront releases to be behind a lock and weir system.
The fully-functioning marina and boatyard will include a boat stacker with 160 spaces for boats up to 10m long plus 125 wet berths catering for vessels up to 13m.
Associated facilities and services will include a boat lift, shipwright, marine mechanics and electricians, anti-fouling service, boat detailing and chandlery plus amenities such as fuelling, sewerage pump, café and users’ lounge.
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Pelican Water's The Quays release final waterfront residential sites

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By late April some 1000 Australians have now purchased a property with Commonwealth Bank under the Australian Government's First Home Loan Deposit Scheme.
The scheme, launched on January 1, 2020, helps eligible first homebuyers purchase a home with a deposit of as little as five per cent.  
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In addition to the 1,000 customers who have purchased a home, CBA has helped a further 2,400 customers secure a place under the scheme.
CBA announced that customers who have reserved a place under the Scheme who have not yet found a property, can now request to extend the deadline to find a property and enter a contract of sale for another 90 days. 
It will give customers a total of six months to find a property and provide them with the peace of mind they need during this difficult period that their place under the scheme is safe. 
CBA Group Executive Retail Banking Services, Angus Sullivan said, “There is a lot of interest and uncertainty about the impact the coronavirus will have on the Australian property market so it’s encouraging that we have crossed this exciting milestone in the current environment. 
“As Australia's largest home-loan lender, our Australian-based call centres remain open for business and we continue to have industry leading processing and turnaround times for home loan applications. 
“Whether you are purchasing your first home or looking to buy a new home we want to reassure customers that we are open for business and here to help them realise their home ownership goals. 
“We also realise that some customers are looking for support during this difficult period and we have a range of measures to assist them including deferring repayments and reducing repayments to free up cash.” 
Rebecca Dore, a 32-year-old from Victoria, was the thousandth customer to purchase her dream home with CBA in Pakenham, Victoria.
“I was saving for a deposit but was a few years off buying a property so when my Lender contacted me and explained that I would be able to purchase a home much sooner by participating in the Scheme I was ecstatic."
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Commonwealth Bank secures 1000 first home loan deposit scheme purchasers

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Confidence means a lot to real estate markets. And it’s been a long time since Australian real estate has had such a concerted shot in the arm as on Tuesday this week.
Against the predictions of virtually every economist in the land, proving yet again how little they understand, the RBA dropped its official interest rate to depths not seen before. Most of the major lenders have dropped their mortgage rates accordingly.
The same economists who incorrectly predicted the RBA board’s decision will also tell you that record low interest rates equals a property boom. Goodness knows where that comes from – certainly not from any historical precedent and certainly not from the experience of recent years where only Sydney has had a market worthy of being described as a boom (no, not even Melbourne’s performance warrants the boom tag).
I note that RBA Governor Glenn Stevens doesn’t see the rate cut reigniting boom scenarios. "In reaching today's decision, the board took careful note of developments in the housing market, where indications are that the effects of supervisory measures are strengthening lending standards and that price pressures have tended to abate," he said in a statement. "At present, the potential risks of lower interest rates in this area are less than they were a year ago."
So I don’t expect the rate cut, replicated by three of the four major banks, to generate anything dramatic in the market. But it will generally help the psyche of property consumers. And the next affordability index will likely show a further improvement.
On the same day, Federal Treasurer Scott Morrison delivered his first Budget, which reiterated strongly that negative gearing won't change, nor will investors be slugged more on capital gains tax.
“We will not remove or limit negative gearing,” Morrison said in his Budget speech. “Those earning less than $80,000 make up two-thirds of those who use negative gearing. They are teachers, nurses, police officers, office workers and tradesmen. We do not consider that taxing them more on their investments is a plan for jobs and growth.”
Amen to that. The tragic thing about those who justify their anti-gearing stance on the grounds that it’s all about housing affordability is that scrapping negative gearing won’t make housing cheaper. Even Bill Shorten says it won’t force down the value of homes, therefore affordability won’t improve. Shorten, like so many others, doesn’t understand the affordability issue and is targeting the wrong culprits.
Another event on Tuesday was publication of building approvals data which showed there’s still some life in building approvals, although the monthly bounce may be an aberration because the longer-term trend is down (from record high levels, it must be said).
This closely followed the release of price data for April, which shows that the home value index has risen in the past three months of the year in seven of the eight capital cities.
That includes a 3.9% rise in Sydney. That would tend to rubbish claims of a collapse in values and a bursting of the bubble. I say “tend” because this is one set of figures from one source and it’s not uncommon for another major source to publish figures that are largely contradictory.
Based on the CoreLogic numbers, however, Adelaide’s prices rose 4.5% in the past three months and Brisbane was up 2.8%. I’ve been predicting good growth in those two cities, but I’m not getting overly excited because of what I said in the previous paragraph.
But, according to these figures, even Perth and Darwin showed glimmers of price growth in the latest quarter.
 
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Going against economists show how little the RBA understands:Terry Ryder

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Perth’s housing market reported steady performance, according to CoreLogic’s latest update report.
The property data firm says that house values remained unchanged while unit values increased slightly.
For more information see the video below:
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Perth housing market update: Tim Lawless

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The Federal Budget has given seniors a nudge as part of its attempts to ease housing affordability by getting them to downsize. 
From July 1, 2018, people aged 65 and over will be able to make a non-concessional contribution (NCC) of up to $300,000 from the sale of their principal residence into their superannuation, if they have lived there for at least 10 years.
With this move, the government aims to encourage empty nesters to downsize to free up more multi-bedroomed properties.
The downsizing contributions will be outside of existing contribution caps, and both members of a couple will be able to take advantage of the measure from the same home. The scheme is expected to cost the government $30 million in lost revenue over the forward estimates period, News.com.au reported.
The new incentive is in addition to concessions already permitted and will be exempt from the age test, work test and the $1.6 million balance test for the NCC.
The measures apply from July 1, 2018.
The budget measure has been welcomed by the SMSF Association.
Association Chief Executive Officer John Maroney it would allow a couple to contribute up to $600,000 from the sale of their home to superannuation outside of the existing caps and balance restrictions.
"This means people can make a significant top-up contribution to their super funds, allowing them to fund a dignified and secure retirement,” he was cited as saying by moneymanagement.com.au.
"While the measure may not be a significant trigger to encourage downsizing, we welcome the ability for older Australians to top up their superannuation where downsizing their home provides them with funds to do so.”
But there are concerns for down-shifters on how the extra super assets would reduce their part-pension entitlement.
SMSF Association head of policy Jordan George had advised caution about such a move ahead of the budget.
“Incentives to encourage people to downsize their home is a sensible idea,” George told selfmanagedsuper. 
But while the exemption was a good idea in principle, George said it was crucial to consider any ramifications of such a measure for people’s pension entitlements. 
“The assets test for the age pension when people downsize and the profit from downsizing may affect their entitlement to the age pension – that could become a significant issue,” he noted. 
KPMG tax partner Damian Ryan said allowing older couples downsizing to contribute to their super funds was welcome news.
"This will allow some older Australians to sell the family home and contribute some of the proceeds into superannuation,” he said, adding, “Those on the age pension are unlikely to take up this initiative.”
He said the measure would be attractive to a group of members who would like to sell their family home but due to contribution caps would have been prevented from topping up their superannuation balance, essentially transferring funds from one tax-preferred asset to another.
Also, residence requirements for the Age Pension and Disability Support Pension are increasing to 10 years continuous residence, including five of a person’s working life, which will affect about 2,400 people.
 
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Budget 2017 encourages downsizing by pensioners, caution urged on entitlements

The City of Sydney has approved plans for <a href="https://www.apartments.com.au/developers/billbergia">Billbergia Group</a> and Metrics Credit Partners’ $3.5 billion Castlereagh Place project in the heart of the Sydney CBD

The towers will be among the tallest in <a href="https://www.apartments.com.au/developments/sydney-nsw-2000">Sydney</a>'s CBD, with more floors than any other residential tower in the city.&nbsp;

The 6,000 sqm site was acquired by the joint venture partners in 2024. It is the largest amalgamated land parcel in the Sydney CBD and comprises eight individual sites fronting Castlereagh, Pitt and Liverpool Streets.&nbsp;

<a href="https://www.apartments.com.au/new-apartments/castlereagh-place-sydney-324-348-pitt-street-sydney-nsw-2000">Castlereagh Place</a> will transform an underutilised city block into a landmark mixed-use destination, anchored by two 82-storey towers comprising 607 luxury residences above an 8-level podium housing a 209-room luxury hotel. A 1,000 square metre civic park on ground level features a curated mix of food, beverage and retail.

The plans have been refined over the past year to rebalance the residential and hotel offering, and reconfigure the retail footprint to create a stronger, more dynamic dining experience.

A three-level flagship building on the prominent corner of Pitt and Liverpool Streets will be the gateway to the Castlereagh Place lifestyle precinct. Set to become a Sydney icon, the building is capable of housing multiple hospitality venues.

“Castlereagh Place is designed to be the City's next great urban oasis - an energetic mixed-use precinct that pulses with life, day and night,"&nbsp;said Joseph Kinsella, Group Director of Billbergia.

"It will bring the vibrancy of places like Barangaroo and Darling Quarter into a more accessible, central destination at the very heart of Sydney."

Kinsella said the project will build on&nbsp;Sydney’s growing laneway culture with the City’s largest network of new activated lanes - an expanded, next-generation take on precincts like Angel Place, Palings Lane and Ash Street in Wynyard.

[smartcode_project:default project_id=134477 project_image_fid=374401]

Castlereagh Place has been designed by architects <a href="https://www.apartments.com.au/architects/fjc-studio">fjcstudio</a> in collaboration with Trias Studio, Aileen Sage and Polly Harbison Design, joint winners of an international design competition in 2018.&nbsp;

Signature design elements from the original scheme remain unchanged, while the public domain has been significantly enhanced, delivering 60 per cent more open-to-sky space.

Pedestrian access will also be enhanced through new laneways linking Pitt, Liverpool and Castlereagh Streets, drawing people into a new civic park with outdoor seating, landscaping and integrated public art.

With activated laneways supported by strong hospitality offerings, Castlereagh Place is tipped to become a vibrant new dining destination in the heart of Sydney’s CBD.

It marks the largest undertaking to date for the Billbergia and Metrics Credit Partners partnership. Together they are developing other underutilised Sydney sites into mixed-use precincts, including the $2.2 billion Concord Central and the $1.3 billion Chatswood Grand Residences.

Metrics Managing Partner and Group CEO Andrew Lockhart said Castlereagh Place is a landmark project that will redefine Sydney’s skyline.

"As the tallest residential high-rise development, the revitalised site will offer panoramic views across the CBD and surrounds. We are excited to partner with Billbergia to reinvigorate an underutilised site and create a sophisticated and contemporary mixed-use offering situated in the heart of Sydney.”

Total apartments within the towers have increased to 607 dwellings, with a focus on larger floorplans. Aligned to growing market demand, Castlereagh Place now comprises 299 three-plus-bedroom apartments, 198 two-bedroom units and 110 one-bedroom configurations.

[smartcode_project:default project_id=134477 project_image_fid=374402]

Resident amenities will include an exclusive residents club containing a gym, rooftop pool, dining rooms, co-working spaces, library, golf simulator, games room, cinema room, and access to an exclusive concierge service. There will be around 500 basement car spaces below the towers.

The development will also include a state-of-the-art wellness centre, set to feature a bathhouse with magnesium pools, hot/cold plunge pools and premium amenities.

&nbsp;

According to fjcstudio, the towers will feature distinctive yet elegant architectural design reflecting Sydney’s geometry and urban character, with a network of through-site links and intimate public spaces activating the streetscape.

"Castlereagh Place is a city-making project of significant scale and ambition," said Richard Francis-Jones, Design Director at fjcstudio.

"It will create a rich urban complex of public open spaces, landscaped gardens, and vibrant laneways. Defining these new public spaces and the important streetscape of Castlereagh Street is a sequence of fine-grained, diverse retail and hotel architecture designed in collaboration with Aileen Sage, Polly Harbison Design and Trias.

“Rising above the tree-lined, human-scale streetscape are two slender residential towers that will transform the city skyline and look towards the Harbour, Hyde Park, and the Royal Botanic Garden.”

Demolition and early construction works have commenced onsite at Castlereagh Place.

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Joel Robinson

Billbergia, Metrics, approved for $3.5 billion Sydney skyscrapers

International developer&nbsp;<a href="https://www.apartments.com.au/developers/spg-land">SPG Land</a> is preparing to re-launch its long-awaited $1.5 billion <a href="https://www.apartments.com.au/new-apartments/paradiso-place-surfers-paradise-103-ferny-avenue-surfers-paradise-qld-4217">Paradiso Place</a> development at Budds Beach, bringing a new price point to the Surfers Paradise apartment market.

The developer will release one-bedroom apartments from $825,000 and two-bedroom apartments from $1.24 million in the three-tower development.

According to Urbis, the starting price for the two-bedroom apartments is more than $400,000 below the weighted average sale price for comparable two-bedroom apartments in Surfers Paradise during 2025, which was pinned at $1.7 million.

&nbsp;

Urbis reported quarterly average sale prices for new two-bedroom, two-bathroom apartments ranged from around $1.2 million to $1.7 million throughout 2025, peaking in the December quarter.

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Paradiso Place is now moving into its formal sales campaign, with a limited early-release opportunity available ahead of the public launch.

The development will comprise 845 apartments across three towers rising 40, 41 and 44 storeys from a 1.15-hectare site spanning an entire city block. The towers will sit above a new retail precinct.

"Paradiso Place represents a rare opportunity in today's market, offering premium apartments at a price point that is significantly more competitive than anything else currently available," SPG Land Sales Director Brad McMahon said.

"When you look at comparable new developments across Surfers Paradise, Main Beach and the Southern Beaches precinct, buyers are typically paying hundreds of thousands more for a similar product.

"The scale of this project and the developer-builder construction model allows us to unlock efficiencies that smaller developments simply cannot achieve. We are passing those benefits directly to buyers, while still delivering a five-star residential experience with an unmatched lifestyle."

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Each of the three towers designed by Rothelowman will have its own podium, connected by an elevated skybridge network to create a beachside village for residents. The resident amenity has been designed to rival a five-star hotel, with private dining rooms, resident lounges and entertainment spaces.

McMahon said the pricing strategy was a deliberate response to the current market.

"What Paradiso Place offers is a unique balance, genuine value within a premium market. Buyers are not compromising on quality, design or amenity, they are gaining access to it at a more competitive price point at a time when prices across the Gold Coast continue to reach new highs."

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Located around 100 metres from the beach and within walking distance of the Surfers Paradise North light rail station, Paradiso Place occupies one of the Gold Coast's most tightly held beachfront precincts.

Construction is continuing to progress, with eight of the project's 112 foundation piles now complete. Excavation has also commenced on the first diaphragm wall panel, with the first concrete poured on 15 June, marking a key milestone in the project's early works program.

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SPG Land launches $1.5 billion Paradiso Place at attractive price point

Luxury developer-builder <a href="https://www.apartments.com.au/developers/lowe-living">Lowe Living</a> has achieved a new Victorian benchmark for an off-the-plan apartment, with the sale of two penthouses at its ultra-exclusive Maison Savoy development in Brighton.

The two penthouses achieved a combined sale rate of $49,926 per sqm. Both transactions eclipsed the previous identified Victorian off-the-plan price-per-square-metre benchmark, set by the 449 sqm apartment at Como Toorak, which sold at $46,659 per sqm.

[smartcode_project:default project_id=140818 project_image_fid=366473]

<a href="https://www.apartments.com.au/new-apartments/maison-savoy-brighton-150-esplanade-brighton-vic-3186">Maison Savoy</a>, Lowe Living's redevelopment of the former Brighton Savoy Hotel on absolute beachfront land at 150 The Esplanade, Brighton, has gained significant momentum since launching just eight weeks ago. Around 30 per cent of the project's 19 residences have already been secured, generating approximately $45 million in sales.

"Securing two of the three penthouse sales at this stage, within eight weeks of launching to market speaks to the confidence our clients place in Lowe Living," Lowe Living co-founder Emma Lowe said.

"They know we'll be with them through every stage of the journey, and that assurance is something we've worked hard to earn and never take for granted."

[smartcode_project:default project_id=140818 project_image_fid=366474]

Lowe said Maison Savoy was conceived as a genuine alternative to a prestige Brighton home, combining house-scale proportions with the convenience, security and lock-up-and-leave appeal of apartment living.

Lowe Living co-founder Tim Lowe said the early sales success demonstrated the resilience of Melbourne's prestige market and highlighted the growing demand for house-sized apartments among ultra-high-net-worth buyers.

"The Melbourne market has definitely been tested in recent years, with interest rates and global economic factors all creating a period of uncertainty across the real estate sector. The sales success at Maison Savoy however demonstrates that confidence remains exceptionally strong at the top end of the market.

"The prestige market is being driven by long-term lifestyle decisions rather than short-term market sentiment, which continues to create a level of certainty that befits an absolute beachfront property in a blue-chip location like Brighton.

"Brighton's fundamentals remain among the strongest in Melbourne, with limited new supply, enduring demand from an overwhelmingly local owner-occupier market, and a rare combination of beachfront amenity and proximity to the CBD."

[smartcode_project:default project_id=140818 project_image_fid=374378]

According to Cotality, Brighton remains one of Melbourne's most tightly held prestige suburbs, with an average ownership tenure of 15.3 years for houses and 12.3 years for units, while more than 73 per cent of homes are owner-occupied.

Tim Lowe said selling two of the project's three penthouses so early in the campaign was an uncommon result.

"This sales result is a reflection of quality and understanding the local market. It's incredibly rare to transact the penthouses so early in a sales campaign in any project so to have sold two of the three penthouses at Maison Savoy so soon after launch, all in-house without any external sales agency appointed, is reflective of our careful consideration of our buyers' needs and lifestyle.

"This is knowledge that is accumulated not just from data and demographic analysis, but via a deeply embedded understanding of how this type of buyer wants to live and feel in their home. We pride ourselves on getting to know our clients personally, and over the last 10 years we have been able to refine our product offering by talking one-on-one with our clients about their design and floorplan preferences.

"Being a fully integrated developer-builder with an in-house design and sales team allows us to lead every part of the process and ensure the highest quality of product and service at every touchpoint. It's a really important part of our DNA and the recent sales success at Maison Savoy indicates that our clients and purchasers are resonating with this point of difference.

"It reinforces that demand remains strong for thoughtfully designed residences that offer rarity, lifestyle and long-term value in tightly held locations, which ultimately validates Maison Savoy's positioning as creating a new benchmark for house-scale, wellness-led apartment living on Brighton's beachfront."

&nbsp;

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The residences at Maison Savoy start from 295 sqm, with most enjoying uninterrupted views across Port Phillip Bay. The project sits moments from the Brighton Bathing Boxes, Royal Brighton Yacht Club, Middle Brighton Baths and Church Street's retail and dining precinct.

A key feature of the development is its private residents-only bathhouse, curated by the founder of Aurora Spa &amp; Bathhouse and modelled on traditional European bathing rituals and the award-winning Sorrento bathhouse.

The wellness offering includes a hydrotherapy pool, salt room, sauna, steam room, cold plunge pool, foot activation zone and a Vichy rainfall bed, one of only a handful in Australia. Residents will also have access to a Technogym studio, lounge spaces and a dedicated concierge service offering everything from morning coffee delivery and restaurant bookings to dry cleaning and home coordination.

"Wellness-led design has become a defining factor for luxury buyers," Emma Lowe said.

"Purchasers increasingly value homes that enhance wellbeing through thoughtful design, private amenity, privacy and liveability."

The penthouse purchasers are now undertaking a bespoke customisation process curated personally by architect Pete Kennon and the Lowe Living team, one of the developer's signature service offerings.

Construction on the $160 million transformation of the former Brighton Savoy Hotel site commenced last month, with completion expected in early 2028. The project has secured funding from NAB alongside development partner Monark.

Just one penthouse remains available, along with a limited number of two and three-bedroom residences starting from $3.75 million.

Lowe Living currently has eight projects on the market across Melbourne and recently celebrated its 10th anniversary, having grown a $1 billion development pipeline alongside a $350 million construction pipeline.

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Lowe Living set new Melbourne off the plan apartment record

For more than three decades, Hyecorp has been delivering residential projects across Sydney's Lower North Shore, building a portfolio centred on design-led apartment living in some of the city's most established neighbourhoods.

Hyecorp recently launched the latest in its long line of apartment developments, Celine, a 29-storey tower on Archer Street in Chatswood. Like the majority of the developer's projects, Celine caters to a broad buyer demographic, offering a mix of one, two, three and four-bedroom apartments, all designed with owner-occupiers in mind.

Functionality and flexibility are often buzzwords in the new apartment market, but they sit at the core of Hyecorp's design philosophy.

Hyecorp Joint Managing Director Stephen Abolakian says the developer understands it isn't designing apartments for today's needs alone, but for how buyers will live several years into the future.

"When we launch our projects we need to be aware that these developments aren't finished for several years," Abolakian says.

"That home office in the here and now might be a nursery by the time the project completes for a prospective buyer, so we need to think about how the apartment spaces function for future uses so there's longevity in the ownership."

Celine's architects, Fuse, followed the same philosophy, saying the design extends well beyond aesthetics.

"Celine focuses on timeless architectural form and functionality, with a strong emphasis on light, proportion and materiality. The design responds to the urban context of Chatswood while delivering calm, highly liveable interiors that feel both contemporary and enduring. The floorplans have been carefully resolved to maximise usability and outperform typical market offerings in terms of efficiency and liveability."

Most apartments incorporate multipurpose rooms designed for flexibility. Each includes an integrated desk and a standard Murphy pull-down single bed, allowing the space to transition from a home office or study to guest accommodation as needs change. The layouts have also been designed to maximise natural light, storage and overall functionality.

One and two-bedroom apartments feature Miele appliances, while three and four-bedroom residences are appointed with integrated Gaggenau appliances and Taj Mahal stone benchtops.

Buyers who purchase early in the construction process can also take advantage of Hyecorp's "Live Your Way" interior design service, allowing them to personalise finishes and tailor elements of their home to suit their own lifestyle. It's a feature designed to appeal to owner-occupiers who want their apartment to feel uniquely theirs from the day they move in.

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While flexible floorplans have become a hallmark of Hyecorp's apartment design, the developer has also continued to place significant emphasis on resident amenity.

As buyers increasingly expect more from apartment living, shared spaces have evolved beyond a gym and barbecue area. They are now an extension of the home, providing spaces to relax, exercise, entertain and connect with neighbours.

At Celine, the resident amenity has been designed with a focus on wellness, centred on the level six podium. An infinity-edge swimming pool, spa, sauna and fully equipped gym are complemented by barbecue facilities and a residents' lounge, creating a range of spaces for relaxation, recreation and social connection above the streets of Chatswood.

Practical conveniences have also been integrated throughout the building, including EV charging provisions, smart parcel lockers, bicycle storage, a pet wash station and dedicated car wash bays, reflecting the project's focus on making everyday living as seamless as possible.

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"Celine has been designed to deliver a refined residential experience that reflects the evolution of Chatswood into a premium urban centre,"&nbsp;Abolakian says.

"With over 30 years of experience delivering projects across Sydney's Lower North Shore, Hyecorp brings a deep understanding of what local buyers value. Every detail has been considered to balance luxury, functionality and long-term liveability. This is not just about apartments, but about creating a lasting residential address for discerning buyers."

Hyecorp, vertically-integrated builder-developer, is anticipating construction commencement later this year.

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Hyecorp brings 30 years of Lower North Shore experience to Celine in Chatswood

Burgeoning South East Queensland developer <a href="https://www.apartments.com.au/developers/frank-developments">Frank Developments</a> is continuing to pad out its capital city development pipeline.

The developer, led by Frank Licastro, has its sights set on Kingsford Smith Drive in Hamilton, where it is planning <a href="https://www.apartments.com.au/new-apartments/avela-60-kingsford-smith-drive-albion-qld-4010">AVELA</a>, a 166-apartment development across three towers that tier down from 28 storeys to 19 and 17.

The towers will rise above the iconic Breakfast Creek Hotel.

Frank has brought on Melbourne architecture practice <a href="https://www.apartments.com.au/architects/rob-kennon-architects">Kennon</a> to design the building, conceived as a “defining architectural marker where the airport corridor meets the inner city.”

<img alt="First look: Frank Developments plans sculptural AVELA for Brisbane's Breakfast Creek gateway" data-entity-type="file" data-entity-uuid="e787c64e-f0a4-4725-891e-e86b40ee5c5c" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/AVELA.png?VersionId=1ulwuZ9w2vQ2td7v.J2zUI7Ih_DT4Kwz" />

Kennon describes the project as a once-in-a-generation opportunity.

"Positioned at the northern gateway of Brisbane's primary CBD corridor, this project represents a singular moment in the city's urban evolution, one that will not come again," the architecture practice said in the documents submitted to the Brisbane City Council.

"Where the airport and world beyond meets the city, the building will rise as a sculptural landmark, a defining piece of architecture that signals arrival into Brisbane and anchors the connection between the city and the communities to its north."

<img alt="First look: Frank Developments plans sculptural AVELA for Brisbane's Breakfast Creek gateway" data-entity-type="file" data-entity-uuid="d572bf62-a98d-4847-95d0-889e3d3283e1" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/AVELA%20podium.png?VersionId=6.Ax4jBzTbY5ahm55iaMWNR03ODhDQSm" />

The development is centred around owner-occupier apartments, with a mix of two, three and four-bedroom residences designed to capitalise on city and river views.

Four basement levels accommodate resident parking, allowing the podium to prioritise pedestrian activity and public-facing uses like ground-floor retail, a cafe, a&nbsp;neighbourhood grocer, and a public accessible indoor pickleball court and event space.&nbsp;

There will be nearly 2,000 sqm of communal wellness and recreation facilities across three levels.

<img alt="First look: Frank Developments plans sculptural AVELA for Brisbane's Breakfast Creek gateway" data-entity-type="file" data-entity-uuid="c5ac3cbf-3c11-4219-89f3-e12d9e0f9ffd" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/AVELA%20podium%20A.png?VersionId=_.4zd1HLCKa1s6I_oxkY4NNqX6o3Yevn" />

&nbsp;

Frank Developments has increasingly focused on design-led residential projects across South East Queensland.

AVELA is Licastro's second on Kingsford Smith Drive following <a href="https://www.apartments.com.au/new-apartments/alba-92-kingsford-smith-drive-hamilton-qld-4007">Alba</a>, 85 apartments just down the road. The developer has <a href="https://www.apartments.com.au/new-apartments/mira-61-garfield-terrace-surfers-paradise-qld-4217">MIRA</a> and <a href="https://www.apartments.com.au/new-apartments/myst-burleigh-heads-270-the-esplanade-miami-qld-4220">MYST</a> on the Gold Coast, as well as <a href="https://www.apartments.com.au/new-apartments/murano-teneriffe-37-wyandra-street-new-farm-qld-4005">Murano</a> coming up in Teneriffe and <a href="https://www.apartments.com.au/new-apartments/bel-air-33-oxlade-drive-new-farm-qld-4005">Bel Air in New Farm</a>.

Staff reporter

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