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Over the next 25 years the Melton growth area is forecast to grow strongly, with around 37,000 homes built for 117,000 people providing an estimated $6 billion of business investment.
With land around Caroline Springs already established, most residential growth is expected to be in Melton City taking advantage of its modern shopping and commercial centre, diverse housing mix, and entertainment and education opportunities.
The growth is expected to provide 25,000 jobs, transforming Melton City -- about 35 kilometres west of Melbourne -- into a vibrant business and residential satellite area.
The Melton growth area takes in Melton City, Caroline Springs, Taylors Hill, Hillside and Ravenhall. The eastern part of the growth area -- Caroline Springs and Taylors Hill -- have experienced rapid growth over the past five years with large scale development of detached, private homes.
The introduction of an increasing number of second and third home buyers into the area, as the population matures, is becoming evident.
A report by researchers PRDnationwide looks at historic and current market trends in the Melton area’s house, unit and vacant land markets which are well serviced by the Western Freeway.
<img alt="melton-aug-26-chart-1" height="326" width="470" src="/images/stories/2013/08/melton-aug-26-chart-1.jpg">
Caroline Springs and Melton City both had comparable trends in terms of transaction numbers and median house price. The Melton City Area had more house sales over the past decade -- an average of 444 per half year -- with Caroline Springs Area averaging 378.
Median house prices tracked concurrently, with Melton City and Caroline Springs having 5.8% and 5.5% per annum increases since April 2003. The Caroline Springs median closed in April this year at $430,000 - much greater than the Melton City median of $280,000. This suggests proximity to the Melbourne CBD plays a large part in shaping the market of 25 square kilometres.
Over the year to April 2013, Melton City had a 6% increase in house transactions while Caroline Springs had negligible change with three more sales. Kurunjang (14%) and Melton (4%) had the most sales in the Melton City area, while Caroline Springs and Burnside -- closer to the Melbourne CBD -- had 7% and 5% increases.
The Melton City Area house market (2: see chart highlighted yellow) had continual median price increases of 5.8% per annum over the decade to May, with a median price of $280,000. Despite a recent fall in the number of sales, the half year had 366 sales compared with the 10-year average of 444 -- a 1.1% per annum decline.
The best performing suburbs over the past year were Melton and Kurunjang, both north of the Melton Freeway, with 4% and 14% increases in transactions. Suburbs to the southwest -- Melton West (-8%), Melton South (-13%) and Brookfield (-21%) -- registered drops in sales.
As the Melton LGA grows, continuing demand for medium density unit type dwellings will expand with population growth. The median sale price for units in the region closed in the six-month period to May at $230,000 -- a 12-month median price jump of 2.2%.
<img alt="melton-aug-26-chart-2" height="327" width="470" src="/images/stories/2013/08/melton-aug-26-chart-2.jpg">
The strong 10-year growth rate of 5.5% per annum shows that, while unit sales are not large, the market for multifamily accommodation remains a sound investment, the report found.
 
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Vacant land in Melton is always sought after for development. The market for vacant land closed the six months to April at $147,000 -- or 5.2% down on the April 2012 figure -- yet up over the past decade by 7.4% per annum.
A decline in vacant land sales suggests dwindling stock levels paired with inadequate residential land development.
<img alt="melton-aug-26-chart-3" height="315" width="470" src="/images/stories/2013/08/melton-aug-26-chart-3.jpg">
‘’As we see the correction of the median vacant land price we may expect to see another positive shift as the need for urban growth in Melbourne’s west continues,’’ the report says.
The Caroline Springs Area includes Hillside, Taylors Hill, Burnside, Burnside Heights Ravenhall and Caroline Springs. Despite being inside the Melton LGA, the market actually reflects the Brimbank LGA immediately east which predominantly shapes Melbourne’s outer western – as opposed to northern -- suburbs, the report says.
The Caroline Springs Area house market has seen continual median price increases of 5.5% per annum over the past decade to April with a median of $430,000. Despite a recent negative shift in the number of transactions for the area spurred by the Global Financial Crisis, the half-year period ending April had 289 transactions compared with the 10-year average of 373 sales. This is a small yearly increase in transactions of 3.8%.
Best performing median price suburbs over the past year are Taylors Hill on $483,000, followed by Caroline Springs ($420,000) and Burnside Heights ($411,500). Burnside had the most affordable housing in the Caroline Springs Area with a median of $390,000 from 35 transactions in the year to April.
<img alt="melton-aug-26-chart-4" height="315" width="470" src="/images/stories/2013/08/melton-aug-26-chart-4.jpg">
The Caroline Springs Area vacant land market has experienced high residential development over the past decade. Large areas of vacant land have been sold resulting in a spike in median prices as land is developed.
The Caroline Springs Area has had a 9.2% per annum increase in the vacant land median in the decade to May. It has more than doubled over the past decade to $292,000.
From June 2001 to May 2002 there were 2256 vacant land sales -- about 93% more than the 160 over the same period 12 years on.
This shows the Caroline Springs Area is exhausting its vacant land with the median sale price plateauing and the number of transactions in continual decline.
 
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 Photo courtesy of commons/flickr.
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Melton forecast to grow strongly over next 25 years: PRDnationwide

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Vineyards and fine horses have come to epitomise the Mornington Peninsula. The scenic district is awash with maturing grapes and cellar door sales to well-heeled weekend visitors, and prize stallions are a feature as they canter across the paddocks.
But another stallion – this one in Merricks North - has fallen on hard times. Box Stallion winery and its Red Barn cellar door and restaurant is being sold by the receivers.
The 40-hectare holding on two titles, hidden behind the massive cypress hedges lining Tubbarubba Road, has been a stylish winery, restaurant and cellar door since the mid-2000s.
The main area of the barn seats 80 in banquet style on recycled timber tables and the stalls will extend the dining to 140. Cocktail style receptions will cater for up to 200 people. Treed outdoor areas are ideal for fine weather dining.
Michael Parker, of <a target="_blank" href="https://www.lifestyleproperty.com.au/property-info.php?PROPID=491">Paton Real Estate Balnarring</a>, says the land component of the property could fetch around $3.5 million when expressions of interest close on September 16.
The purchaser would then have the option of buying the established winery fixtures and fittings, and extensive store of wine, at a price yet to be decided. The receivers would prefer to sell the lot together.
Although ‘’not privy to the ins and outs’’ of the winery’s demise, Parker says too much debt may have been the problem.
Pat Rice and Hawkins are agents in conjunction. It was once home to thoroughbred stallions of the Muranna Park stud.
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Mornington Peninsula's Box Stallion winery for receivership sale

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Surprise, surprise: the major beneficiaries of the rising property market – and higher priced sales – are the selling agents.
This revelation comes as RP Data Property Pulse reports that transaction numbers are up 18% on last year, and there’s been a recovery of 6.5% in house values since they started to rise in June 2012.
Analyst Cameron Kusher says these two main drivers of commissions in the housing market are making agents happy – with those in Sydney happiest.
Over the year to May, about $207.9 billion worth of houses and units sold nationally. Based on the typical real estate agent commission of 2.5%, this equates to roughly $5.198 billion in commissions, he says.
Mortgage brokers are sharing a ride on the gravy train, too. Assuming a typical home loan has a loan-to-value ratio of 80%, and commissions are 0.6% of the value borrowed with some trail commissions payable, this equates to $998 million in initial broker commissions, he adds.
But not every capital city is showing an increase in total sales. While the total annual value of sales in the year to May rose by 29% in Perth, 4.8% in Sydney and 3.5% in Brisbane, it fell in Melbourne (-6.5%) and Adelaide (-0.9%).
Sydney had the largest total value of sales – more than Melbourne and Brisbane combined.  
“Although the total value of home sales is broadly rising, the gross commission pool remains below its historic peaks across each capital city - except for Perth,’’ Kusher says.  
‘’Currently, the commission potential in a market like Brisbane is -40.3% lower than the peak of $30,217 million over the 2007 calendar year.’’  
Kusher says the total value of sales over recent years has been flat after falling from a peak in late 2010 as home values and sales volumes fell.  
“With the number of home sales and values now trending higher and driven by lower mortgage rates, it stands to reason that the amount of gross commission available for industry participants will continue to rise, particularly as we head into the spring selling season.  
‘’My advice for agents and brokers is to prepare now to reap the benefits while these conditions last.”
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Rising residential markets helping agent commissions: RP Data

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Mortgage Choice has announced an above-target result for 2013 with a net profit after tax of $15.8 million – up 5%. 
“Delivering solid, above target results for this financial year, the group has exceeded many of its financial goals,’’ the Mortgage Choice chief Michael Russell says.
Russell says the group is expecting ‘’an uplift in confidence’’ next year.
‘’The property market is already showing signs of improvement in terms of property price growth, strong auction clearance rates and steady increases in housing finance commitments, which is reflected in our recent, strong home loan approvals.”
‘’Our core mortgage broking business also achieved a solid result, posting its best cash result on record and the highest annual settlements since 2010.
‘’At the same time we expanded the network of mortgage brokers by 2.3% to reach a franchise footprint of 395 - the highest count since February 2009.
Group revenue on a cash basis was $150 million - up 4.2% on the year – and the cash gross profit rose to $57 million - up 6% on the year.
Russell says shareholders ‘’will be pleased yet again with the dividend result’’ - a fully franked dividend of 13 cents per share, the same as last year.
‘’This solid result continues to reflect the group’s disciplined investment in our diversified businesses,’’ he says.
Other financial highlights:
<ul>
<li>The total Mortgage Choice loan book - loans written by brokers in its franchise network and its aggregation arm, LoanKit - was $47.7 billion. This is up 5.8% from $45.1 billion last year. </li>
<li>$11.9 billion worth of housing loan approvals were written - up from $11.2 billion last year.  </li>
<li>Core business loan approvals were $10.4 billion - up from $10.1 billion. </li>
<li>Annual share of new home loans remained at 4.6%. Mortgage Choice’s core business market share was 4.0% - down 0.2%.</li>
<li>Group net profit after tax was $18.7 million, up 1.4% on $18.5 million last year. </li>
<li>Earnings per share stood at 15.2 cents compared to 15.4 cents last year.</li>
<li>Total group revenue was $156.5 million, down 0.3% on last year. </li>
</ul>
“We are pleased to report a 5% increase year on year in cash profit after tax, which takes into account our after-tax investment in our exciting new financial planning business,” Russell says.
“These are all excellent results, which were achieved while operating in a period of dampened consumer and business confidence.’’
The group invested in its diversified businesses, aggregator LoanKit, comparison website HelpMeChoose.com.au, and the new Mortgage Choice Financial Planning business.
LoanKit has continued to show a marked improvement year on year with regards to the settlement number, loan book growth and recruitment count, Russell says.
‘’ However, the group has accepted a binding term sheet to sell LoanKit. This will enable management to further focus on its core mortgage broking business, HelpMeChoose.com.au and Mortgage Choice Financial Planning,’’ he says.
HelpMeChoose.com.au had a 61% improvement in net profit after tax on a cash basis in 2013.
“We are excited about the HelpMeChoose.com.au business and its capacity for growth,” Russell says. The financial planning business recruited 11 advisers over the year, against a target of 8 to 10.
“The progress of Mortgage Choice Financial Planning is pleasing. We have a unique proposition for our franchisees, advisers and customers and we are looking forward to a consumer launch in the not too distant future,” Russell says.  
The group will focus on executing its ACT strategy, building a ‘’compelling and differentiated customer experience’’ and providing sustainable earnings for our shareholders.
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Mortgage Choice expects uplift in confidence after another year of dampened consumer and business confidence

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Changes to the rules covering granny-flats in WA now allow home owners to rent them out to tenants other than family members.
The move was designed to ease the crush on rental housing in the resource-rich state making it easier for home owners to earn money from tenants.
The new regulations mean granny-flats can be built in all residential zones as long as there is no more than one main home and one granny-flat on the same block.
The size of the granny-flat can be no more than 70 square metres - or the maximum allowed by the council, if it is different.
It’s reported many Perth residents have been anticipating the rules change, cleaning up granny-flats already on their properties that have either lain dormant or used as storage sheds.
Planning Minister John Day said the allowable floor space for granny-flats would increase to provide flexibility for families to invest in and rent out a granny-flat to students and seniors as a safe and affordable option.
“At the moment, granny-flats must be used by family members or the home owner themselves. By scrapping this old restriction, so called empty nesters and seniors can unlock equity in their homes and receive a regular income, or provide space for a carer to live close by in their aging years,” Day says.
“There is also potential for students and young people looking for affordable accommodation to rent granny-flats.
“Normal planning requirements around setbacks and density will continue to apply, but this change will introduce more flexibility and introduce more rental accommodation to the real estate market.”
It’s easy to see the benefits of building a granny-flat: A decent size one-bedroom, one bathroom flat with a parking space would cost about $100,000-$120,000 to build -- and rent for around $250 or more a week in most Perth suburbs.
granny-flats are also cheap to build – some for as little as $70,000 – but the cost rises depending on the size of the flat and how many rooms are in it. An $80,000 granny-flat rented out for $250 per week is a 16% yield.
Momentum Wealth’s Damian Collins maintains with a potential blended yield combining the original dwelling with the granny-flat yields of around 8% are available.
A local company that specialises in granny-flats reports that their sales have increased by 1000% in five years of being in business, from building one each month in 2008 to building as many as 10 every month during 2013.
(SIDE BAR)
The state government will redevelop big blocks owned by the Department of Housing to build 500 ‘’affordable homes’’ within three years.
Planning Minister John Day says the department has more than 200 blocks of more than 1000 square metres currently vacant or with just one dwelling.
“We will redevelop these large blocks to provide two to three new homes per block, all for sale to Western Australian families,” he says.
Half of these new properties would be available for individuals, couples or families to buy under a state government shared equity program, making property ownership possible for buyers who might not qualify for normal housing loans.
Other changes to the residential design codes include lowering the minimum average lot size for single residential R20 developments from 500 sq metres to 450 square metres in line with previous regulations before a change in 2002.
Day said this would give more homeowners opportunities to sub-divide their blocks.
He said the minimum lot size which required planning approval for most single homes would also decrease from 350 square metres to 260 square metres in a bid to reduce ‘’red tape’’.
However, building licences would still be required regardless of the lot size.
<img alt="rockinhagm_aug_22_onw" src="/images/stories/2013/08/rockinhagm_aug_22_onw.jpg" width="470" height="353">
<a href="https://reiwa.com.au/Buy/Pages/More-info.aspx?SearchType=RESRENT&amp;prop_no=1&amp;listingid=1190331&amp;listingno=2811864&amp;puid=0" target="_blank">20 Aquila Place, </a>Rockinham
Rent $380 weekly
This three bedroom one bathroom home (pictured above) has a self contained granny-flat. It has a single carport, lounge, kitchen, meals and would suit a family with teenagers. Sorry no pets.
<img alt="cottesloe_aug_22_one" src="/images/stories/2013/08/cottesloe_aug_22_one.jpg" width="470" height="353">
<a href="https://reiwa.com.au/Buy/Pages/More-info.aspx?SearchType=RESRENT&amp;prop_no=1&amp;listingid=10189333&amp;listingno=3190302&amp;puid=0" target="_blank">3 Lillian Street</a> Cottesloe
Rent $600 weekly
This delightful character home in leafy Cottesloe (pictured above) has a granny-flat at the rear. Beautiful wooden floors and many more character features from an historic era including french doors, wood fireplace and cute balcony. 
The house is close to the beach and cafe strip and Mosman Park train station. Freo is just a hop and a skip away as is Harvey Field, Cottesloe Oval and the Seaview Golf Club.
<img alt="beaconsfield_aug_22_one" src="/images/stories/2013/08/beaconsfield_aug_22_one.jpg" width="470" height="353">
<a href="https://reiwa.com.au/Buy/Pages/More-info.aspx?SearchType=RESRENT&amp;prop_no=1&amp;listingid=10157698&amp;listingno=3158579&amp;puid=0" target="_blank">21 Cadd Street </a>Beaconsfield
Rent $480 weekly
Perfectly located, this two bedroom, one bathroom home (picturred above) has spacious bedrooms, high ceilings, security to doors and windows plus an attached granny-flat. 
Step inside this home to find a separate lounge with ceiling fan and gas heater, combined kitchen / dining room and bedrooms with stand alone robes. 
The granny-flat has robes, kitchen bench, fridge and dining table perfect for a teenage retreat! 
<img alt="helena_valley_aug_22_one" src="/images/stories/2013/08/helena_valley_aug_22_one.jpg" width="470" height="353">
<a href="https://reiwa.com.au/Buy/Pages/More-info.aspx?SearchType=RESRENT&amp;prop_no=1&amp;listingid=10363304&amp;listingno=3365044&amp;puid=0" target="_blank">2 Glenview Place </a>Helena Valley
Rent $750 weekly
Space and secondary accommodation in the heart of Helena Valley. In a quiet pocket at the end of a cul de sac this three bedroom, two bath brick and tile family home comes with a spacious granny-flat/teenage retreat with large bedroom, living area and kitchen. It has a reverse cycle air conditioner. 
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New rules allow rentable Perth granny-flats

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Re/Max Holdings, the US-based owner of franchised real estate agents operating world-wide, is going public.
The firm has 92,000 franchised real estate agents around the world, with 6300 brokerage offices owned by agents or franchisees.
It has one master franchise in Australia with 58 franchisees in the eastern states and 13 in WA. There are 44 in Queensland, five in NSW, five in South Australia, three in Victoria, and one in Tasmania.
Revenues were US$143.7 million last year – up from US$138.3 million the year before. 
In its preliminary prospectus, Re/Max disclosed that it posted two consecutive annual profits, earning $33.3 million last year. For the first six months of 2013, the company earned $15 million, up 8.7% from the period a year earlier.
As of June 30, it employed 91,809 agents, its highest staff numbers in three years.
Re/Max has stayed private since its founding four decades ago.
Re/Max has used a US$100 million placeholder amount to calculate fees for the capital raising, but this figure can change.
Morgan Stanley, Bank of America and JP Morgan Chase are managing the listing.
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RE/MAX set for United States IPO

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Fluctuations in the Aussie dollar hold the key to further interest rates, according to leading economists.
The Reserve Bank board at its August meeting cut the cash rate to 2.5% and is leaving open the possibility of further cuts.
The minutes of the RBA meeting released yesterday indicated it will ‘’continue to examine data over the months ahead to judge whether its monetary policy is appropriately configured’. It may be hoping the weakening dollar may do its work instead, and stimulate the economy by helping industries that have been struggling, such as tourism, manufacturing and the retail sector.  
HSBC’s Paul Bloxham, chief economist Australia and New Zealand, says ‘’while the RBA has room to cut further, we still expect that they may not need to.
‘’Lower rates should gain further traction in the economy and the lower Aussie is also expected to help support growth.’’
New Limited’s Terry McCrann says the board is worried about a ‘’property bubble’’ and that the only stimulus that would come from even lower rates ‘’is to the second-hand property market and the bank accounts of real estate agents’’.
But he says the RBA ‘’is hostage’’ to what the US Federal Reserve does which will impact the US dollar and, indirectly, the Aussie. The right moves would see our dollar slide to the 80s ‘’and hopefully stay there’’.
He says that would rule out any further rate cuts.
Paul Bloxham and HSBC colleague Adam Richardson agree, saying the board has made it clear that moves in the Aussie are a critical part in policy setting, but that a further decline in the dollar is 'possible' and that it would help rebalance Australia’s economic growth, as the mining investment boom ends.
‘’ In our view, this month's rate cut may be the last for this easing cycle. Low policy rates are expected to gain further traction in the domestic economy, with the boost already provided to the housing market spreading to the broader economy in coming months.
‘’The election on September 7 should help this process, as it should help to remove uncertainty for businesses about the regulatory environment. ‘’The Aussie should also begin to provide support for key sectors of the Australian economy, given its fall in recent months, although the lower dollar will lift inflation.
‘’However, a rising dollar is a risk to the view that the easing phase of the rates cycle may be done.
‘’In our view, this month's rate cut may be the last for this easing cycle, though this relies on our forecast that the Aussie will edge lower, rather than higher, over coming quarters.’’
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Aussie dollar holds the key to further interest rate cuts

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Leighton Properties will build its first new commercial building in six years at 177 Pacific Highway, North Sydney, which it says will become one of Sydney’s most significant projects.
The $400 million high rise will redefine the CBD skyline and feature 40,000 square metres of A-grade commercial space across 30 levels. Completion is scheduled in the first half of 2016.
Leighton Properties has agreed to terms with the vendor, Winten Property Group, over the project.
 
<img height="517" width="470" src="/images/stories/2013/08/north-sydney-aug-21-one.gif" alt="north-sydney-aug-21-one">
“The development fits with our core competency of CBD commercial development and our strategy to leverage the Leighton brand, certainty of delivery and credit rating, together with our space occupancy needs to attract investment partners to our projects,’’ Mark Gray, managing director of Leighton Properties, says.
‘’The project will be underwritten by Leighton, which will take a head lease over 76% of the office space. The remaining 10,000 square metres in the tower’s sky rise will be available to other corporate to meet demand in North Sydney, a market that is experiencing record low vacancy rates.
“We have developed a number of the prime North Sydney towers in the past and we feel the area is worthy of a new development of this kind, particularly given North Sydney has a vacancy rate of 2.8% in the A-grade commercial sector.’’
Architects Bates Smart have designed the building with state of the art design elements, large floor plates and sweeping harbour views. It will have substantial green credentials and is designed to target a 5 Star Green Star – Office Design v3 and a 5 Star NABERS Energy rating.
The Leighton Group already occupies 40,000 square metres of office space in Sydney, both corporate and project, across 11 buildings of differing quality, density, fitout and age, according to CEO Hamish Tyrwhitt.
‘’The potential for a high performance workplace that consolidates our corporate and operational office spaces with shared facilities and high amenity will drive a more efficient and collegiate working environment that embodies the company’s values of discipline, integrity, safety and success.
“We aim to be renowned for excellence, delivering through our operating brands and the empowerment of our people. This project will embody this vision creating a working environment that will inspire and connect our staff in the pursuit of excellence.”
Jones Lang LaSalle and CBRE are agents for the sale with a national and international expressions of interest campaign closing on September 19.
“Jones Lang LaSalle research indicates that there is a basket of only 48 assets nationally with investment characteristics similar to 177 Pacific Highway, North Sydney,’’ Paul Noonan, head of sales and investments (NSW) at Jones Lang LaSalle, says.
‘’A high proportion of these assets are jointly owned and assets in this cohort are tightly held, making this a truly rare opportunity. We expect this will result in strong competition from domestic and international investors."
Josh Cullen, national director capital markets at CBRE, says he expects ‘’significant interest for core product, such as 177 Pacific Highway, from both onshore and offshore groups.
‘’There is still very strong capital chasing limited core CBD opportunities within the Australian market.”
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Leighton's 177 Pacific Highway, North Sydney $400m office high-rise

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Public administration and safety workers account for the largest proportion of long distance commuters living in Newcastle, making up 11% of the workforce.
They far outstrip the city’s long distance miners -- at 7% of the workforce -- although the miners achieved the highest growth rate -- 3% -- in 2011. Despite this, Newcastle’s long distance mining commuters are under-represented when compared to the national average of 21%.
A KPMG report has found that over half of Newcastle’s long distance commuters travelled to and from Sydney to work in 2011. A further 11% travelled to other parts of the state – 5% to the nearby Hunter Valley.
In 2011, 5524 long distance commuters lived in Newcastle, up 677 from 2006 - or 14% - compared to a growth rate of 37% nationally, or three times the rate. The resident workforce grew 10% in the same period.
Long distance commuters to the Pilbara increased 484% - up 92 workers from 111 – over 2006-2011. This group of mainly construction workers made the long commute to take advantage of the resources boom. It had the largest percentage growth among Newcastle’s long distance commuters.
The report highlights that, despite lingering perceptions that Newcastle is a mining centre, that industry employs only 6% of the workforce. It is not a typical ‘home’ for long distance commuters, in the manner of, say, Mackay, whose population predominantly commutes long distances into a mining region.
The chart (take in Proportion of LDC workers living in Newcastle etc) shows that Newcastle’s close proximity to Sydney presents it with a range of employment opportunities across multiple industries. This is evident in the relatively flat spread of long distance commuters across all industries in 2006 and 2011 when compared to other study regions.
Click to enlarge
<a rel="shadowbox" href="/images/stories/2013/08/newcastle-aug-21-big.gif" title="Click to enlarge"><img src="/images/stories/2013/08/newcastle-aug-21-small.gif"></a>
With its nearness to the Hunter Valley, most workers in the mining industry live in the region, and don’t commute long distances from further afield.
The report found that 374 mining and construction workers made up 13% of those commuting to and from Sydney.
Public and administration and safety attracted more than half the 89 Novocastrian workers listing Canberra-Queanbeyan as their workplace in 2011. The report says this is ‘’not surprising’’ as it’s the seat of government.
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Public administrators main commuters living in Newcastle: KPMG

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First the Gold Coast tantalised us with the idea of a retirement lifestyle by the beach.

Then it delivered the idea of a ‘seachange’ lifestyle where a lucky few either lived permanently, or had a beach house, ‘down the coast’. 

But now the latest trend coming out of the Gold Coast is the idea of “extreme commuting” to Brisbane, to Sydney and to the Bowen Basin.

This is revealed in a study released today by KPMG demographer Bernard Salt showing the lengths some people will go to retain their Gold Coast lifestyle.

It shows loyal Gold Coasters are prepared to work in these far-flung places - they just don’t want to live there!

“Whatever it is that the Gold Coast has to offer must be pretty good because extreme commuters are growing faster in this city than in any of the 10 largest cities in Australia,” Salt says.

“Australians have long demonstrated their preference for a beach lifestyle which is why the Gold Coast is the nation’s sixth largest city.

“But what has become evident from the 2011 Census is that, once they get a taste of the Gold Coast lifestyle, they simply don’t want to leave.’’
<img alt="gc-aug-20-chart-1" height="421" width="470" src="/images/stories/2013/08/gc-aug-20-chart-1.gif">
Salt says Coasters are the biggest inter-city commuters in Australia with 26,000 workers commuting each day to Brisbane, easily outpacing second-placed Wollongong with 17,000 daily commuters to Sydney.

But the “extreme commuting” trend goes further, Salt says.

Over the five years to 2011 the number of long distance commuters in Australia jumped 37% to 214,000 (a long distance commuter is defined as someone who travels more than 100 kilometres to work).

However, the number of long distance commuters living on the Gold Coast jumped 92% to 6700 over this period.

Other long distance commuters include an estimated 13,800 in Brisbane, 14,300 in Melbourne, 16,500 in Sydney and 24,800 in Perth. These people largely comprise fly-in fly-out (or FIFO) workers in the mining industry.

Salt points out that the Gold Coast has about half the population of Adelaide - about 577,000 residents versus 1.2 million – but its long-distance-commuter population is more or less the same: 6700 on the Gold Coast and 6800 in Adelaide.

The difference is that Adelaide’s mining industry FIFO workers can fly in and out of Adelaide airport, while the Gold Coast’s FIFOs must first commute to Brisbane airport - even though they have a perfectly good airport in their own backyard.

Salt says the Gold Coast FIFO workforce is ‘’the cream to the Brisbane airport’s FIFO success’’.

The study found the most popular long distance commutes from the Gold Coast in 2011 were to Sydney (980 workers) and the Bowen Basin (540 workers).

Long distance commuters are also present in other non-capital cities such as the Sunshine Coast (4100), Newcastle (5500) and Mackay (3800).

Salt believes the Gold Coast ‘’punches above its weight in the long-distance-commuter stakes no doubt because of this city’s unique lifestyle appeal’’.
 
<hr>
 Picture courtesy of Google Maps.
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Gold Coast’s seductive lifestyle underpins the rise of extreme commuting

An entity directed by HSN's Rafi Assouline and Rebel Property's Allen Linz has filed plans for an impressive new precinct in Woolloomooloo.

The major mixed-use development would transform a prominent William Street site into a new residential village anchored by affordable housing and a large public park.

The proposal, submitted as a State Significant Development Application, covers 164-172 and 174-194 William Street, a 6,398 sqm site between Forbes Street and Dowling Street on the southern edge of Woolloomooloo.

Designed by fjcstudio in collaboration with Bangawarra, Studio Bright and Tribe Studio Architects, the scheme would deliver 227 apartments across four residential buildings ranging in height up to 18 storeys, alongside retail space, public domain improvements and a new publicly accessible park.

<img alt="Rebel" data-entity-type="file" data-entity-uuid="0eb59b7c-914a-4a5c-b849-3a56749f5e93" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-06-12%20at%2011.18.51%E2%80%AFAM.png?VersionId=mxM6EEqeoLjrCiTlCzTKTvzpKuh6kSkH" />

It's another design scheme for Rebel, who took <a href="https://www.apartments.com.au/news/nsw/first-look-rebel-property-group-takes-woolloomooloo-precinct-to-nsw-government">concept plans to the NSW Gov late last year</a>.

The latest plans will be a mix of 167 build-to-sell apartments and 60 affordable apartments, with the affordable housing component representing 15 per cent of the project's gross floor area. The apartment mix includes 12 one-bedroom, 53 two-bedroom, 89 three-bedroom apartments and 13 penthouses, while the affordable housing component would comprise 42 one-bedroom and 18 two-bedroom apartments.

<img alt="Rebel" data-entity-type="file" data-entity-uuid="3b3d4553-8a8c-4af5-aa8c-519ffb1e28c6" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-06-12%20at%2011.20.12%E2%80%AFAM.png?VersionId=_Yb6ibN7eDnOtQjCNDK2eviORa4qzgv." />

Rebel Property is seeking to take advantage of the NSW Government's infill affordable housing bonus provisions under the Housing SEPP, which provide additional floor space and height in exchange for the delivery of affordable housing for a minimum of 15 years. The planning pathway allows a 30 per cent increase in floor space ratio and building height where 15 per cent of the development is dedicated to affordable housing.

&nbsp;

At the centre of the development is a 1,356 sqm sunlit public park designed to become a new community gathering space at the gateway to Woolloomooloo. The park would be complemented by a network of pedestrian laneways connecting William Street with the surrounding streets, improving permeability through what is currently a largely impermeable block.

<img alt="Rebel" data-entity-type="file" data-entity-uuid="257af931-a393-4007-8c6d-7219796df58d" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-06-12%20at%2011.20.51%E2%80%AFAM.png?VersionId=KAHy94GrhaReFsWTGDKfy39EDJ8gEEv4" />

The design team says the public domain has been heavily influenced by the site's topography and Aboriginal cultural heritage, drawing on the escarpments, gullies and landscape characteristics that historically defined the area before urbanisation. The landscape design has been developed in partnership with First Nations consultancy Bangawarra.

The project would be delivered across four separate buildings. The William Street East and William Street West buildings, designed by fjcstudio, would contain the majority of the apartments. Melbourne-based Studio Bright has designed the Forbes Street building, while Tribe Studio Architects is responsible for the Dowling Street building.

Rebel had secured approval for the concept plans late last year.

Joel Robinson

First look: HSN, Rebel, advances Woolloomooloo precinct plans

A locally heritage-listed furniture showroom on Water Street is set to become the centrepiece of a new mixed-use residential development as local developer&nbsp;<a href="https://www.apartments.com.au/developers/keylin-group">Keylin</a> seeks approval for <a href="https://www.apartments.com.au/new-apartments/lotus-on-water-street-290-water-street-fortitude-valley-qld-4006">Lotus on Water Street</a>, a 15-storey project on the Fortitude Valley side of Spring Hill.

The proposal spans 290 Water Street and 137-141 Warry Street, combining several properties into a 2,869 sqm site that sits between Fortitude Valley, Spring Hill and the rapidly evolving Victoria Park precinct. Keylin's plans would deliver 132 apartments alongside new retail, hospitality and commercial space, while retaining and repurposing the historic Brunswick Home Furnishers Showroom that fronts Water Street.

Designed by <a href="https://www.apartments.com.au/architects/jackson-teece">Jackson Teece</a>, Lotus on Water Street comprises a 12-storey residential tower rising above a three-storey podium and communal rooftop terrace. The development includes 76 apartments classified as multiple dwellings and a further 56 units proposed as short-term accommodation, designed to be flexibly used as either accommodation or permanent residences. The apartment mix comprises six one-bedroom, 54 two-bedroom and 16 three-bedroom homes.

<img alt="First look: Keylin unveils heritage-led Lotus on Water Street tower in Fortitude Valley" data-entity-type="file" data-entity-uuid="9822bb79-6c49-49c9-95ba-319e8c8d81c3" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/fortitude%20valley%20front.png?VersionId=ioW8zbN4UVebbLetTFuv92t.HkdgfR5e" />

Residents would have access to an extensive rooftop recreation level spanning more than 1,200 sqm of communal open space. Plans include a pool, gym, sauna, infrared sauna, yoga area, library, private dining room, barbecue facilities and landscaped entertainment spaces, making the rooftop the project's largest shared amenity offering.

At street level, the proposal focuses on the adaptive reuse of the heritage buildings along Water Street, where 518 sqm of retail and commercial space is planned across shop, office and food and drink outlet uses. A permeable residential lobby would be positioned between the retained heritage buildings, creating a pedestrian connection between the historic streetscape and the new tower behind.

<img alt="First look: Keylin unveils heritage-led Lotus on Water Street tower in Fortitude Valley" data-entity-type="file" data-entity-uuid="269cf3e0-7d13-48bf-a318-05a00deb5c10" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/fortitude%20valley%20podium.png?VersionId=DLXmTCLsp6GOcLpQ0h.0z7wKCw59EhN_" />

The heritage retention strategy is central to the scheme. The development application notes that the Brunswick Home Furnishers Showroom and adjoining heritage buildings will remain, with only non-significant structures on the site earmarked for removal under a previously issued Heritage Exemption Certificate. Levels one and two of the new podium are recessed behind the heritage façades to maintain their prominence within the streetscape.

Jackson Teece has drawn inspiration from the site's manufacturing history when designing the podium. The planning documents state that the façade incorporates perforated metal screening that references the woven and rattan furniture historically produced on the site. Cascading and climbing plants are integrated throughout the podium to soften the building's presentation and screen parking levels behind. The landscape strategy also informs the project's name, Lotus on Water Street, drawing on the historic Spring Hollow waterholes that once ran through Spring Hill and the blue water lilies associated with Meeanjin, Brisbane's traditional name.

The proposal also incorporates the neighbouring property at 141 Warry Street, currently occupied by a healthcare service. The existing building would remain, with nine dedicated parking spaces allocated within the new development to support its ongoing operation. In total, Lotus on Water Street proposes 117 car spaces, including 110 resident spaces and seven visitor bays, alongside 100 bicycle spaces.

<img alt="First look: Keylin unveils heritage-led Lotus on Water Street tower in Fortitude Valley" data-entity-type="file" data-entity-uuid="70cf07bc-4fd8-4e70-92dd-be8b21c4e4f0" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/fortitude%20valley%20site.png?VersionId=txlxrJImM0Sm_vTzHVKh5DDUkyL_CiiA" />

The site sits within the Spring Hill East Precinct of the Spring Hill Neighbourhood Plan and is positioned around 650 metres from both Fortitude Valley Station and Exhibition Station. It is also within walking distance of the King Street precinct, Royal Brisbane and Women's Hospital, Herston Quarter and Victoria Park, which is earmarked to become a major venue precinct ahead of the Brisbane 2032 Olympic and Paralympic Games.

Planning documents describe the location as a key gateway between Spring Hill and Fortitude Valley and highlight the area's increasing importance as new transport infrastructure and Olympic-related investment reshape Brisbane's inner north. The development team argues the project will contribute additional housing supply while activating a section of Water Street that has historically received less investment than other parts of the Valley.

Keylin has become increasingly active across Brisbane and southeast Queensland, assembling sites in strategic inner-city locations. They are currently selling and delivering <a href="https://www.apartments.com.au/new-apartments/oria-spring-hill-447-gregory-terrace-spring-hill-qld-4000">Oria Spring Hill</a>, just over 140 apartments due for completion in 2027.

Keylin plans heritage-led Lotus on Water Street apartment development in Fortitude Valley

Roseville is poised for a wave of new apartment development following the NSW Government's rezoning of land around Roseville Station under its Transport Oriented Development program.

The new planning controls have unlocked significant development potential within walking distance of the station, with a number of sites expected to be amalgamated and redeveloped in the coming years as developers seek to take advantage of the increased density allowances.

One of the more restrained developments in the precinct, and set among the first to be delivered having commenced well before the recent changes, is Hyecorp's Juliet. The boutique apartment project is already well under construction and remains on track to welcome residents by the end of the year, offering a markedly different proposition to many of the larger-scale developments now likely to emerge across the suburb.

[smartcode_project:default project_id=7395 project_image_fid=278194]

<a href="https://www.apartments.com.au/new-apartments/juliet-roseville-64-pacific-highway-roseville-nsw-2069">Juliet</a> will comprise just&nbsp;34 one-, two-, and three-bedroom apartments opposite Roseville Station. For Hyecorp, which has delivered projects across Sydney's Lower North Shore for more than three decades, Roseville presented a rare opportunity to address a growing gap in the market.

"<a href="https://www.apartments.com.au/developments/roseville-nsw-2069">Roseville</a> has long been one of the North Shore's most tightly held and desirable suburbs, offering a unique combination of village charm, established greenery, excellent transport connections, and proximity to some of Sydney's best schools and lifestyle amenities," Hyecorp said.

"We recognised a growing demand from local homeowners seeking to downsize without leaving the community they have built their lives around. The location presented a rare opportunity to create homes that cater specifically to that buyer profile."

[smartcode_project:default project_id=7395 project_image_fid=278196]

The six-level development has been designed by <a href="https://www.apartments.com.au/architects/pbd-architects">PBD Architects</a> as a collection of residences that feel more like homes than apartments. The brief centred generous floorplans, abundant natural light, quality finishes, and strong connections to outdoor space.

PBD Architects drew inspiration from Roseville's established garden suburb character, creating a building that sits comfortably within its surroundings rather than dominating them. The architecture incorporates natural materials, soft forms, layered landscaping, expansive balconies, and generous setbacks to strengthen the connection between residents and the suburb's leafy environment.

"The focus was on designing spacious, house-like residences for discerning owner-occupiers and downsizers who wanted to remain on the North Shore without compromising on comfort, privacy, or design," PBD said.&nbsp;

"Every apartment was to feel considered, timeless, and highly functional."

[smartcode_project:default project_id=7395 project_image_fid=278195]

Inside, residences feature engineered timber flooring, stone kitchen benchtops and splashbacks, integrated Fisher &amp; Paykel appliances, ducted air conditioning, and large outdoor entertaining areas designed to take advantage of district and treetop views.

Residents will also have access to a rooftop barbecue and lounge area, alongside practical amenities including parcel lockers, EV charging capability, bicycle storage, a dog wash bay, and a basement car wash facility.

The majority of purchasers so far have been local owner-occupiers from Roseville, Lindfield, Chatswood, Killara, and the broader Upper North Shore, many of whom are transitioning from larger family homes.

"Buyers are looking for spacious, house-like apartments that allow them to downsize without feeling like they are sacrificing comfort or functionality," Hyecorp noted.

"They value large kitchens, generous living areas, ample storage, quality finishes, secure parking, lift access, and low-maintenance living."

[smartcode_project:default project_id=7395 project_image_fid=278204]

Juliet sits directly opposite Roseville Train Station and within walking distance of Roseville Village, while Chatswood's retail and dining precinct is only minutes away. The development is also surrounded by some of Sydney's most established schools, including Roseville College, Ravenswood, Pymble Ladies' College, and Knox Grammar, as well as nearby parklands and golf courses.

Juliet is currently more than 75 per cent sold ahead of its anticipated completion in late 2026.

[smartcode_project_cta:default project_id=7395]

Juliet to sit quietly amid Roseville apartment boom

Sherpa Property Group has unveiled the third instalment of its Flourish series, securing full approval for the two-tower, $500 million Flourish Soleira development in Palm Beach.

<a href="https://www.apartments.com.au/new-apartments/flourish-soleira-1150-1154-gold-coast-highway-palm-beach-qld-4221">Flourish Soleira</a> will rise from a prominent site in the commercial heart of Palm Beach, the long-time home of Cash Converters and a range of local retailers.

The project will introduce a new retail and dining precinct at ground level, beneath 286 apartments.

[smartcode_project:default project_id=150017 project_image_fid=370959]

“We’re very committed to not only providing affordable residential offerings that are much needed in Palm Beach, but also delivering a vibrant new commercial heart that complements the extraordinary growth of the southern Gold Coast,” Sherpa Property Group founder Christie Leet said.

The development will sit under Sherpa's Flourish brand, which is aimed at providing a pathway into the beachside suburb for locals, first-home buyers and downsizers. In a move designed to assist first-home buyers entering the market, Sherpa has reserved all one and two-bedroom, one-bathroom apartments exclusively for eligible first-home buyers.

[smartcode_project:default project_id=150017 project_image_fid=370964]

“Our vision through Flourish is to create a vibrant retail and lifestyle focal point within the Palm Beach centre zone, delivering thriving communities underpinned by lifestyle-rich locations,” Leet said.

“So far, Flourish has been an incredible success, and we hope to carry this momentum as we progress the next two Flourish projects in Palm Beach.”

[smartcode_project:default project_id=150017 project_image_fid=371430]

Located across 1150-1164 Gold Coast Highway and 3 Sixth Avenue, the development will comprise two towers. The northern tower will deliver 154 apartments, while the southern tower will add a further 132 residences, helping address ongoing demand for new apartments in the tightly held coastal suburb.

Flourish Soleira will also feature the most extensive rooftop amenity offering ever delivered in Palm Beach.

The two towers will be connected by a skybridge, with residents gaining access to a rooftop recreation deck featuring a full-width swimming pool, hot and cold plunge pools, wellness spaces, a gymnasium, private dining facilities, massage treatment rooms, barbecue areas, a basketball court, golf simulator, indoor and outdoor dining spaces, sun lounges and extensive landscaping.

LPS Group is expected to start construction later this year.

Sherpa is already well advanced on construction of its debut Flourish project, Flourish Amargo, located just around the corner from Soleira. Meanwhile, Flourish Oasis, positioned opposite Amargo, recently commenced construction and has nearly sold out its collection of 47 apartments.

[smartcode_project_cta:default project_id=150017]

Sherpa unveils $500m mixed-use Palm Beach precinct, Flourish Soleira

Are mortgage holders set to get a reprieve from the RBA in 2026?

Big Four bank NAB believes so. They are now expecting the next move from the RBA to be a cut, rather than a hike, which they had pencilled in for August. They are unsure of the timing of the cut however, they note in their latest&nbsp;NAB Economics RBA Watch.

NAB Chief Economist, Dr Sally Auld, said recent data suggests the economy has lost momentum and the outlook for rates has shifted, noting that the broader economic backdrop has changed since earlier in the year.

“The next move in the cash rate is likely to be down, but the timing is uncertain," Dr Auld said.

"In February, growth was above trend, the economy was operating above capacity and there was uncertainty over the restrictiveness of rates. None of these conditions exist today,” she outlined.

Dr Auld said recent data pointed to softer momentum across the economy while acknowledging that at the same time, uncertainty remains a key feature of the outlook.

“Both Q1 GDP data and the NAB business survey suggest momentum in the economy has slowed, meaning that growth has likely peaked for the cycle. That said, we are cognisant there is still considerable uncertainty around the outlook, both with respect to activity and inflation.”

Dr Auld said inflation risks and labour market outcomes would be important to watch.

“On the prices side, we are still forecasting above target core inflation through to mid-2027. Margins will compress and weaker labour market outcomes are a risk.”

She said tighter financial conditions are expected to weigh on housing and activity.

“Tighter financial conditions will be reflected in a slowing in house price growth and housing credit growth. In summary, we have greater conviction that the next move in rates is down, but less conviction on the timing.”

Stephen Taylor

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