Parnell Developments is the latest to seek significant uplift through the NSW Government's Housing Delivery Authority on a Strathfield site previously approved for a much smaller apartment development.

Parnell has sought approval for a 32-storey mixed use tower across&nbsp;<a href="https://www.apartments.com.au/new-apartments/7-lyons-street-strathfield-nsw-2135">3-7 Lyons Street and 18 Parnell Street</a>, a&nbsp;1,857 sqm site around 400 metres from Strathfield Station. The building would yield 160 apartments, 15 per cent of which will be dedicated affordable as per the government mandate for buildings seeking additional uplift.

Approved previously was a nine-storey building back in 2022 with just over 30 apartments. That approval came prior to the project being&nbsp;progressively reconsidered as planning policy shifted toward greater density around transport hubs.

<img alt="Strathfield" data-entity-type="file" data-entity-uuid="c5af5281-a643-4eb2-b8c4-0081b59c04c7" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-25%20at%209.16.48%E2%80%AFAM.png?VersionId=37bd3mI7rHNpThOV_75VO8xsGFwWOi1u" />

Turner has designed the latest building that would replace&nbsp;existing detached homes across the four lots.

The apartment mix comprises 22 one-bedroom apartments, 107 two-bedroom and two-bedroom-plus configurations, and 31 apartments with three or more bedrooms. The scheme also includes 203 car spaces across six basement levels and 58 bicycle spaces.

The proposal has been designed around a three-storey podium addressing Lyons Street, with the tower rising above and stepping toward its upper levels.

Turner said the podium was deliberately scaled to respond to the existing street, while the taller element has been designed as part of the emerging skyline anticipated around Strathfield Town Centre and the wider Homebush transport-oriented development precinct.

The Lyons Street frontage would have a more active, pedestrian-focused character, incorporating the commercial tenancy, landscaping and a brick-framed podium with an awning.

<img alt="Strathfield" data-entity-type="file" data-entity-uuid="14b20874-b8c3-4ac7-bc03-92be9a69fb78" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-25%20at%209.17.48%E2%80%AFAM.png?VersionId=av.9TxtqIRTC6v3PkSuu1rL9rreWoe2h" />

Parnell Street, which faces the railway corridor, has been given a different architectural treatment, with double-height breeze blocks, landscaping and communal areas used to soften the interface with the rail infrastructure.

The tower itself uses curved and recessed facade elements, with wave-like indentations across the northern elevation breaking the building into three vertical forms.

A palette of grey concrete, brick and breeze blocks is complemented by clay and terracotta accents, while the upper tower adopts a lighter expression through articulated slab edges, vertical fins and recessed glazing.

Residents would have access to 467 sqm of communal open space spread across three levels. The ground floor would accommodate the more active resident areas, including barbecue and group gathering spaces and an internal communal room capable of being used for working from home.

A more passive viewing deck is proposed at level three, overlooking the ground-level landscaping and neighbouring tennis courts, while a rooftop "sunset deck" at level 30 would provide another social and relaxation space.

<img alt="Parnell" data-entity-type="file" data-entity-uuid="c3dce401-a80f-4682-8471-4caa01180880" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-25%20at%209.17.34%E2%80%AFAM.png?VersionId=Xyo8JVqbOhSJXNy6Ih.1cHL.O6i0bGR." />

&nbsp;

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Strathfield has been earmarked for substantial change through the Strathfield Town Centre planning work and the nearby Homebush TOD precinct.

Turner's report says the project has been designed to act as a transition between the existing low and mid-rise development surrounding the site and the taller built form expected to emerge across the town centre.

The proposal is being assessed as State Significant Development under the HDA pathway, alongside the concurrent request to amend the Burwood Local Environmental Plan.

Joel Robinson

First look: New apartment tower pitched for Strathfield Town Centre precinct

An $18 million penthouse has hit the market in Main Beach as construction tops out on La Mer, the $155 million apartment development rising just metres from the beach.

Spanning around 600 sqm across the top two levels of the 29-storey tower on Main Beach Parade, the four-bedroom penthouse is one of the latest eight-figure residences to test the upper end of the Gold Coast apartment market.

Its launch comes amid continued activity at the very top of the market, following the $30 million off-the-plan sale of a Burleigh Heads penthouse earlier this year, which surpassed the Gold Coast's previous $24 million apartment record set in 2023.

The <a href="https://www.apartments.com.au/new-apartments/la-mer-main-beach-3580-main-beach-parade-main-beach-qld-4217">La Mer penthouse</a> has been designed as a private residence in the sky, with 360-degree views spanning the ocean, Broadwater, hinterland and Gold Coast skyline.

[smartcode_project:default project_id=95606 project_image_fid=378731]

All four bedrooms have ensuites, while the ocean-facing master retreat occupies around half of the upper level and includes its own lounge, private balcony, two walk-in wardrobes and an oversized ensuite with a freestanding stone bath positioned to take in the views.

The residence also features a kitchen designed to accommodate a private chef, a 3.6-metre island bench, expansive butler's pantry, wine cellar and integrated bar.

[smartcode_project:default project_id=95606 project_image_fid=378732]

A rooftop pool and substantial outdoor entertaining area with its own kitchen sit above the residence, while a grand staircase connects the two internal levels. The penthouse also has its own express lift.

OTP Group Director James Elliott, who is marketing La Mer, said the penthouse was expected to appeal to high-net-worth buyers seeking either a permanent Main Beach residence or Gold Coast holiday home.

“The La Mer penthouse represents exceptional value, considering its quality design, size, privacy and location, not to mention the 360-degree views capturing the beach and Gold Coast Broadwater,” Elliott said.

“We’re anticipating interest from high-net-worth individuals and couples seeking a residence or holiday home in the sought-after village enclave of Main Beach, taking advantage of the unprecedented growth underway in the area and neighbouring The Spit.”

[smartcode_project:default project_id=95606 project_image_fid=378736]

La Mer is being developed by developer-builder ODUS and Nazero, in partnership with funder Metrics Credit Partners.

ODUS Director Byron Sakha said topping out the tower had provided the opportunity to release the project's most significant residence.

“We’ve worked with internationally-recognised studio Sici Design on the penthouse interiors, with a focus on ensuring it isn’t luxury for luxury’s sake. Every element has been thoughtfully designed to enhance quality of life for those who call it home,” Sakha said.

“The views are the hero of virtually every space, but we’ve given equal attention to the fittings and finishes, so every detail exudes elegance and refinement.”

Sici Design Founder and Director Maria Papadopoulos said the extensive views became an integral part of the interior design rather than simply something the residence was designed around.

“The views weren't something we designed around, they became part of the design itself, with the true luxury of La Mer in its feeling of peace, calm and wellbeing,” Papadopoulos said.

“Luxury isn't defined by how something looks, but how it makes you feel, and we believe a luxurious home should be beautiful to live in, not stressful to maintain.”

The interiors combine Austral Dream Dolomite natural stone and travertine with timber flooring and a restrained coastal palette.

[smartcode_project:default project_id=95606 project_image_fid=378734]

Designed by Plus Studio, La Mer is one of the more boutique additions to the rapidly changing Main Beach apartment market.

The tower comprises just 24 full-floor, three-bedroom plus multipurpose room apartments below the two-level penthouse, giving the project a considerably lower density than many of the larger towers being developed across the Gold Coast.

Residents will have access to a pool and spa, gym, sauna, barbecue facilities, private sun lounges, yoga lawn and outdoor beach shower.

The penthouse has been released as part of the final collection of residences at La Mer, with remaining apartments priced from $4.3 million.

Construction is expected to complete later this year, with a fully furnished display apartment now open on level four.

[smartcode_project_cta:default project_id=95606]

ODUS releases $18 million penthouse crowning La Mer Main Beach

<a href="https://www.apartments.com.au/developers/far-east-consortium">Far East Consortium</a> is preparing to commence construction on <a href="https://www.apartments.com.au/new-apartments/640-bourke-street-melbourne-640-bourke-street-melbourne-vic-3000">640 Bourke Street</a> this October, marking the next milestone for the Melbourne CBD development and its higher-end Eliza Collection.

Spanning levels 44 to 68 of the 68-storey <a href="https://www.apartments.com.au/architects/rothelowman">Rothelowman</a>-designed tower, the Eliza Collection has been conceived as a lower-density offering within the broader development, with only five apartments on each floor, dedicated lift access and a collection of resident spaces reserved exclusively for Eliza Collection residents.

The Eliza Collection forms part of Far East Consortium's broader move toward larger-format residences at 640 Bourke Street, where the number of apartments was reduced from earlier plans as apartment sizes increased.

[smartcode_project:default project_id=509 project_image_fid=365685]

"What it's meant for 640 Bourke is we've actually reduced the number of apartments. We've increased the overall size of the apartments. We don't have any studios in here, and what that does for a project is it elevates it," Far East Consortium Director of Sales and Marketing Lauren Sheldon said.

Rothelowman Associate Jun Chang said the design process provided an opportunity to create more generous floorplans.

"We were given the opportunity to be more generous. The apartments became bigger and squarer than any other apartments which had been designed in the CBD before that."

[smartcode_project:default project_id=509 project_image_fid=368869]

That thinking carries through to the Eliza Collection, where the residences have been designed around the space and functionality associated with a larger home, but positioned high above the centre of Melbourne.

Kitchens are equipped with Gaggenau appliances, a butler's pantry, temperature-controlled wine cabinet and sculptural pendant lighting, while engineered timber flooring, stone and porcelain finishes and custom cabinetry feature throughout the broader interiors.

Privacy and security are another point of distinction. Eliza Collection residents have dedicated lift access, while 640 Bourke Street will provide concierge services and secure resident parking. Short-stay accommodation, including Airbnb, will not be permitted within the development.

[smartcode_project:default project_id=509 project_image_fid=365689]

Eliza Collection residents will also have exclusive access to selected amenity spaces across levels one and three of the restored Eliza Tinsley building. These include the Salon with grand piano, an art therapy room, private dining rooms and treatment rooms.

They sit within more than 3,000 sqm of amenity planned across 640 Bourke Street, alongside facilities including a pool, gym, whisky lounge and further social and wellness spaces.

The Eliza Tinsley building itself is central to the wider project's identity. Rather than treating the existing Eliza Tinsley façade as a separate element, Rothelowman used it as a starting point for the architecture of the new tower, with the historic building to accommodate the project's gallery and lobby.

"It's a significant asset and wants to be celebrated and experienced by all residents every single time they go in and out of the building," Rothelowman Principal Stuart Marsland said.

[smartcode_project:default project_id=509 project_image_fid=368872]

The tower will rise behind the retained heritage building at 640 Bourke Street, placing residents within walking distance of Southern Cross Station, Flagstaff Gardens, Queen Victoria Market and the Docklands waterfront.

With construction scheduled to begin in October, Far East Consortium has established an onsite display gallery at 640 Bourke Street, including fully built apartments that allow the project's layouts, materials and finishes to be inspected at full scale.

A fully built Eliza Collection apartment is also available to view at the display suite by appointment ahead of the planned October construction commencement.

Eligible purchasers who buy before construction commences can secure the full available off-the-plan stamp duty savings, subject to eligibility and applicable conditions.

[smartcode_project_cta:default project_id=509]

Far East Consortium brings Eliza Collection to 640 Bourke Street ahead of October construction start

By the time S&amp;S Projects began planning <a href="https://www.apartments.com.au/new-apartments/radia-rainbow-bay-271-boundary-street-coolangatta-qld-4225">Radia</a>, the developer already had three Rainbow Bay projects from which to draw.

Flow, Awaken and Esprit had given <a href="https://www.apartments.com.au/developers/ss-projects">S&amp;S Projects</a> experience developing in the southern Gold Coast enclave, as well as buyer feedback that could be carried into its fourth project, a boutique collection of 38 residences at 271 Boundary Street.

“We have experienced a lot of success in this location and as this was our fourth building we had taken all of the learnings and buyer feedback from previous projects to arrive at a design and apartment mix that we believe had captured all of that experience and remained a true S&amp;S Project in its design and amenity,” the developer said.

That experience has translated into a collection of two, three, four and five-bedroom residences including two penthouses positioned on an elevated corner in Rainbow Bay, where the site opens to multiple coastal view corridors and the area's distinctive north-facing bay.

[smartcode_project:default project_id=140491 project_image_fid=284542]

S&amp;S Projects says the Boundary Street site took years to assemble, having previously comprised six units, a house and a duplex. The developer worked individually with the existing owners to bring the properties together after an earlier attempt to sell the site had been complicated by the number of parties involved.

“We are constantly looking for properties that meet our brand standards of location, views, and sites that are rare with unique aspects that we can develop to maximise the lifestyle of residents who live in our buildings,” S&amp;S Projects said.

The Boundary Street site gave <a href="https://www.apartments.com.au/architects/cottee-parker-architects">Cottee Parker</a> a different set of conditions to work with.&nbsp;

“Our design brief was to design a building that took advantage of its unique elevated corner siting offering a range of spectacular view corridor opportunities,” Cottee Parker said.

“The design had to reinforce the strong brand pillars of S&amp;S which are quality, luxury and superior resident amenity.”

[smartcode_project:default project_id=140491 project_image_fid=284543]

Cottee Parker responded with a sculptural floorplate and strong horizontal banding, with continuous balconies and landscaped planters wrapping the building. Operable screens along the balcony edges allow residents to manage light and shade while creating an additional layer of pattern across the facade.

The tower rises above a heavily landscaped podium incorporating the entry lobby and recreational level, while the broader architectural expression takes cues from Rainbow Bay's coastal environment through its organic forms and light material palette.

Cottee Parker says the design has also been developed to complement S&amp;S Projects’ three previous Rainbow Bay developments while retaining its own architectural identity.

Inside, the residences continue that coastal response through two interior schemes centred on warm timbers and neutral tones, alongside patterned natural stone and fluted detailing.

Floor-to-ceiling sliding glass doors connect open-plan living areas to wraparound balconies, while natural stone is used across benchtops, splashbacks and bathroom walls. Specifications also include light-washed timber flooring, gas fireplaces, integrated bar and wine fridges, freestanding stone baths and 100 per cent wool carpet.

[smartcode_project:default project_id=140491 project_image_fid=284559]

Cottee Parker Director Sandra Brown said the intention was to create an architectural response closely connected to its surroundings.

“Imagine architecture that breathes with the rhythm of nature, where every curve and line flows seamlessly – creating spaces that dance with the elements, where sunlight kisses every surface and the gentle sea breeze fills every space,” Brown said.

The lessons S&amp;S Projects carried into Radia also extend to its resident amenity, with a substantial collection of shared facilities planned for just 38 residences.

A dedicated Residents Club will include a lap pool and spa, gymnasium, ice bath, sauna, steam room and hot rocks sauna. A residents' lounge, private dining room, outdoor dining and barbecue area and business centre are also planned, along with storage and dedicated surfboard and beach lockers.

S&amp;S Projects Founding Director Paul Gedoun said the facilities were also designed around the project's Rainbow Bay setting.

“Each amenity is designed to capitalise on the lifestyle of Rainbow Bay, ensuring residents can enjoy the relaxed coastal experience the enclave is famous for,” Gedoun said.

[smartcode_project:default project_id=140491 project_image_fid=284555]

<a href="https://www.apartments.com.au/project-marketer/pezet-matheson">Pezet Matheson</a> says purchasers to date have predominantly included local downsizers, interstate lifestyle investors and families, alongside a strong contingent of repeat S&amp;S purchasers.&nbsp;

According to the project sales team, feedback has centred on the natural stone and joinery, generous floorplans, natural light and the ability for residences to capture views in multiple directions. The completed Flow, Awaken and Esprit developments have also provided prospective purchasers with an existing reference point for S&amp;S Projects' delivery in Rainbow Bay.

There has also been interest from high-profile surfers and people connected to the surf community, with the elevated building providing outlooks towards several of the area's recognised surf breaks.

Radia continues S&amp;S Projects' concentration of development in a tightly held part of the southern Gold Coast, close to Rainbow Bay Beach, Snapper Rocks, Duranbah Beach, Greenmount Beach and the Tweed River. The neighbourhood also includes a growing collection of hospitality venues, while Coolangatta Airport provides connections beyond the southern Gold Coast.

Hutchinson Builders is now delivering Radia, continuing the project from early works privately funded by S&amp;S Projects. The $250 million development is expected to reach completion in the third quarter of 2027.

“With our history in Rainbow Bay, we have been fortunate to be heavily involved in how the development landscape has unfolded and this project slides into the property landscape comfortably and will feel like it was always there,” the developer said.

[smartcode_project_cta:default project_id=140491]

How three Rainbow Bay projects shaped S&S Projects' fourth, Radia

Nearly 40 years after <a href="https://www.apartments.com.au/developers/sheida-group">The Sheida Group</a> began working on the northern Gold Coast, the family-owned developer is continuing its involvement in Hope Island with Marina Point Apartments, where apartment scale has been a central part of the development.

Across the 235-apartment waterfront community, the developer has prioritised larger floorplans, substantial open space and marina access, responding to a purchaser base that has predominantly comprised local owner-occupiers and downsizers moving from larger homes.

"Having already delivered Anchorage nearby, we also understood this particular market and how people live here," developer Rick Sheida said.

"<a href="https://www.apartments.com.au/new-apartments/marina-point-apartments-hope-island-66-view-line-terrace-hope-island-qld-4212">Marina Point&nbsp;Apartments</a> gave us the opportunity to build on those lessons and create the next evolution of our work in Hope Island."

[smartcode_project:default project_id=136992 project_image_fid=293151]

The Sheida Group acquired the Marina Point land around 2018. Its appeal, Sheida says, went beyond having a waterfront address.

"What attracted us was not simply that the site was waterfront, but the way it meets the water," he said.

"It sits at the junction of broad waterways, creating long sightlines, changing views and a sense of movement throughout the day. Its shape also allowed us to orient the buildings outward, improve privacy between residences and make better use of natural light and breezes."

The buildings have subsequently been positioned around the perimeter of the site, allowing most apartments to take in water views while others look across the resort amenity or hinterland. Once all four buildings are complete, approximately one hectare of the site is expected to remain as open space.

The waterfront also provides the potential for up to 50 marina berths, with berths ranging from 15 to 24 metres and options designed to accommodate wider vessels including catamarans. Access from the marina to the Gold Coast Seaway is bridge-free.

[smartcode_project:default project_id=136992 project_image_fid=293149]

The developer says purchasers to date have predominantly been owner-occupiers and downsizers from <a href="https://www.apartments.com.au/new-apartments/marina-point-apartments-hope-island-66-view-line-terrace-hope-island-qld-4212">Hope Island</a> and elsewhere on the Gold Coast, generally aged between 45 and 70. Many have sold larger family homes or properties requiring significant upkeep.

That purchaser profile informed a design brief centred on retaining the space and functionality of a larger home within an apartment format.

"Many of our buyers are coming from large, well-appointed homes in Sanctuary Cove and the surrounding area," the project team said.

"They are accustomed to generous spaces and thoughtful design, so it was important that the apartments delivered the same sense of comfort and functionality.

"Every room needed to feel well proportioned, every space needed a clear purpose and nothing could feel compromised."

Residences range from 139 sqm through to 319 sqm penthouses, with two car spaces provided to apartments and three to penthouses. Minimum 2.7-metre ceilings, floor-to-ceiling glazing, entertainer's kitchens with butler's pantries, substantial storage and balconies ranging from 18 sqm to 37 sqm further reflect the emphasis on space.

One purchaser from Sanctuary Cove has taken the concept further, combining two of Marina Point's largest apartments to create a 552 sqm residence with raked ceilings reaching up to 4.5 metres.

[smartcode_project:default project_id=136992 project_image_fid=293155]

With Building 1 now complete, the developer is also seeing its original design assumptions tested against purchaser feedback.

Three completed display residences allow prospective purchasers to compare apartment sizes, layouts, finishes and outlooks in person. The sales team says one of the most consistent responses has been to the scale of the apartments, with visitors describing them as feeling more like homes than conventional apartments.

The first stage of resident amenity is also operational, including a 25-metre heated lap pool, Technogym-equipped gym, infrared sauna, golf simulator and yoga room. Future facilities are set to include a resort-style pool and spa, waterfront barbecue area and a residents' lounge with a library, fireplace, pool table, kitchen and bar.

Rather than treating the four buildings independently, the design brief called for a complete waterfront neighbourhood, balancing private residences with landscaping, open space, marina access and shared amenity.

[smartcode_project:default project_id=136992 project_image_fid=293152]

For Sheida, Marina Point Apartments is ultimately an extension of the developer's longer-term involvement in Hope Island and its view of how the suburb is evolving.

"We were equally interested in the long-term future of Hope Island," he said.

"Its position between Brisbane and the central Gold Coast gives residents access to both, while improving transport connections are making the northern Gold Coast increasingly attractive as a permanent place to live."

Hope Island Marketplace is 1.3 kilometres from Marina Point, while Sanctuary Cove and Paradise Point are within six kilometres. Links Hope Island, The Pines and The Palms golf courses are also nearby, and the new Hope Island train station is under construction around five kilometres from the development.

Building 2 is under construction, with completion scheduled for 2027.

[smartcode_project_cta:default project_id=136992]

Marina Point Apartments continues The Sheida Group's 40-year Hope Island story

Sydney’s property market is known for high prices, competitive bidding, and mounting pressure on first home buyers. But change is on the horizon.

From late 2025, eligible first home buyers in New South Wales will have access to a new federal government initiative aimed at addressing affordability: the Help to Buy Scheme.&nbsp;

<h2>What is the Help to Buy Scheme?</h2>

The program introduces a shared equity model intended to reduce the upfront cost of entering the property market, particularly in high-demand urban areas such as Sydney.

The scheme operates under a shared ownership structure in which the federal government takes an equity stake of up to 40 per cent for new homes, or 30 per cent for existing dwellings. This arrangement allows eligible buyers to significantly reduce their loan size and avoid the added cost of Lenders Mortgage Insurance (LMI).

Under this model, purchasers can enter the property market with as little as a two per cent deposit, well below the traditional 10 to 20 per cent usually required. The government’s contribution is not a loan but a co-ownership stake in the property. As such, there is no interest or rent charged on its portion.

Because the government’s equity combined with the buyer’s deposit typically meets or exceeds the 20 per cent threshold, LMI does not apply. The remaining balance, generally between 60 and 70 per cent of the property’s value, is financed through a standard home loan with a participating lender.

The government's equity in the property remains in place until the buyer chooses to repay it voluntarily or until the property is sold. Buyers can buy back the government’s share over time, in increments of at least five per cent, depending on their financial situation.

There is no fixed repayment timeline, but the amount to be repaid will be based on the property's market value at the time of repayment, not the original purchase price.

<h2>How do you qualify for the&nbsp;Help to Buy Scheme?</h2>

To qualify for the Help to Buy Scheme, applicants must meet the following conditions:

<ul>
	<li>Be an Australian citizen at least 18 years of age.</li>
	<li>Be a first-home buyer who does not currently own property.</li>
	<li>Intend to live in the property as their primary residence.</li>
	<li>Earn less than $100,000 per year for individuals, or $160,000 for couples.</li>
	<li>Purchase a property within the regional price caps, currently $950,000 in Sydney, though this is expected to rise to approximately $1.3 million ahead of the program’s launch.</li>
</ul>

While the Help to Buy Scheme does not solve affordability challenges across the board, it does offer a more accessible pathway for a defined segment of the market, particularly younger buyers with moderate incomes who have been priced out of traditional lending routes.

The scheme is expected to commence in NSW in late 2025, as part of a national rollout.

Under the new model, purchasers can enter the property market with as little as a two per cent deposit, well below the traditional 10 to 20 per cent usually required

Help to Buy Scheme: What first home buyers in NSW need to know

The First Home Owners Grant (FHOG) is a government initiative designed to help eligible first-time home buyers by offering financial assistance towards the purchase or construction of a new home.

While the FHOG is a nationwide program, it is administered separately by each state and territory, meaning the eligibility criteria, grant amounts, and property requirements can vary depending on your location. This means that the amount available and the conditions attached to the grant will differ, so it is important to check the specific guidelines for your state or territory.

It’s important to note that the FHOG is just one of several incentives available to first home buyers. In most states and territories, the grant is not linked to stamp duty exemptions or concessions, with the exception of the Australian Capital Territory (ACT). The FHOG is typically a one-off payment, reducing the overall cost of purchasing or building a new home before any stamp duty concessions are applied.

Below, we provide a breakdown of the First Home Owner Grants available across Australia, outlining the specific details for each state and territory.

<h2>New South Wales First Home Owner Grant</h2>

First Home Owner Grant: Offers a $10,000 grant for new homes valued up to $600,000. For land purchases and owner-builders, the threshold extends to $750,000.

Stamp Duty Benefits: Provides full stamp duty exemption for homes valued up to $800,000, with concessions available for properties up to $1 million.

<h2>Victoria South Wales First Home Owner Grant</h2>

First Home Owner Grant: Provides a $10,000 grant for first-home buyers purchasing or building new homes valued up to $750,000.

Stamp Duty Benefits: Offers full stamp duty exemption for properties up to $600,000, with concessions available up to $750,000.

<h2>Queensland First Home Owner Grant</h2>

First Home Owner Grant: Offers $30,000 for contracts signed between 20 November 2023 and 30 June 2025. The FHOG applies to new homes valued up to $750,000.

Stamp Duty Concessions: Provides additional concessions for properties valued up to $800,000.

<h2>Western Australia First Home Owner Grant</h2>

&nbsp;

First Home Owner Grant: Offers a $10,000 grant for new homes valued up to $750,000 in the southern regions and up to $1 million in the northern regions.

Stamp Duty Concessions: Available for homes valued up to $600,000 for transactions entered into on or after 9 May 2024.

<h2>Australian Capital Territory First Home Owner Grant</h2>

First Home Owner Grant: Replaced by the Home Buyer Concession Scheme, offering full stamp duty concessions for eligible buyers.

<h2>South Australia First Home Owner Grant</h2>

First Home Owner Grant: Provides up to $15,000 for new homes, including houses, apartments, and townhouses. As of 6 June 2024, there is no property value cap for eligibility.

Stamp Duty Relief: Available for new homes and vacant land purchases.

<h2>Tasmania First Home Owner Grant</h2>

First Home Owner Grant: Offers a $10,000 grant for new homes and off the plan purchases.

Stamp Duty Exemption: Between 18 February 2024 and 30 June 2026, first home buyers of established homes valued up to $750,000 receive a full exemption on property transfer duty.

<h2>Northern Territory First Home Owner Grant</h2>

First Home Owner Grant: The Northern Territory provides a $10,000 grant for new homes only. Additional government grants and concessions are available for first home buyers.

Stamp Duty Exemption: The only stamp duty exemption available to property buyers is the House and Land Package Exemption (HLPE).

Eligibility criteria and application processes differ across states. Prospective buyers should refer to their respective state revenue offices for full details on grant availability, conditions, and additional concessions.

Every First Home Owner Grant for new property by state

In the ever-evolving landscape of sustainable architecture and environmentally conscious design, systems and ratings in place can help determine the energy efficiency of residential buildings in Australia.

Australia has multiple building rating systems that evaluate energy efficiency and sustainability in existing and new building designs.

Some systems assess individual building components, while others provide an overall rating for the entire structure.

A rating system ensures that homes are comfortable and energy-efficient, whether you are buying, renovating, or building.

NatHERS (Nationwide House Energy Rating Scheme) is a common way for new homes to meet energy efficiency requirements.

As new developments continue to shape the urban environment, understanding NatHERS ratings becomes essential for developers and homeowners. This article delves into the concept of NatHERS ratings, their significance, and how they contribute to creating energy-efficient homes.

<h2>What is NatHERS?</h2>

NatHERS is a national initiative implemented by the Australian government to promote energy efficiency in residential buildings. The scheme aims to provide a standardised method for assessing the thermal performance of homes, considering factors such as insulation, orientation, ventilation, and building materials.&nbsp;

NatHERS ratings are the most common way new homes meet the National Construction Code's (NCC's) minimum energy efficiency requirements.&nbsp;

NatHERS assessments provide thermal and whole-home ratings for new homes, townhouses, and apartments.

The rating helps evaluate the energy performance of buildings, guides homeowners and developers to make informed decisions about the energy efficiency of their properties, and encourages the construction of more sustainable, comfortable, and cost-effective homes.

<h2>How NatHERS Ratings Work</h2>

NatHERS ratings are determined through four accredited software tools (AccuRate, BERS Pro, FirstRate5, HERO) using a calculation engine CSIRO developed to predict building temperature based on various factors.

The tools can model complex effects of building mass, insulation, window size, and other elements.

The outcome is a star rating that reflects the building's overall thermal efficiency, indicating how well it can maintain a comfortable indoor temperature without excessive reliance on heating or cooling systems.

The star rating scale ranges from 0 to 10, with a 6-star rating being the minimum requirement for compliance with the National Construction Code (NCC).&nbsp;

Achieving a higher star rating demonstrates a commitment to energy efficiency and sustainability, as the building is better equipped to minimise its environmental impact and reduce long-term energy costs.

Anyone can use NatHERS tools, but accredited assessors can provide certified ratings and professional advice.

<h2>Benefits of Higher NatHERS Ratings</h2>

Energy Efficiency: Buildings with higher NatHERS ratings are more energy-efficient, requiring less heating and cooling energy. This reduces the structure's carbon footprint and lowers occupants' energy bills.

Cost Savings: Homes with higher NatHERS ratings are generally more energy-efficient, resulting in reduced energy consumption for heating and cooling. This translates to lower energy bills for homeowners, making sustainable living environmentally friendly and economically viable in the long run.

Environmental Impact: Lower energy consumption directly translates to a reduced environmental impact. Buildings with higher NatHERS ratings contribute to the overall goal of mitigating climate change by lowering greenhouse gas emissions associated with heating and cooling systems.

Improved Comfort: Buildings with high NatHERS ratings offer better thermal comfort to occupants. Proper insulation, well-designed ventilation, and optimal orientation maintain a consistent and comfortable indoor temperature, providing occupants with a more enjoyable and healthier space.

Market Value and Desirability: Higher NatHERS ratings can enhance the market value of a property. As energy efficiency becomes a more significant consideration for homebuyers, a well-rated building may attract a premium price and stand out in the real estate market.

Compliance with Building Codes: NatHERS ratings are a vital component of the National Construction Code (NCC), and compliance with these ratings is often a mandatory requirement for new developments. Local councils and planning authorities may set minimum energy efficiency standards that must be met to obtain development approval.

The Nationwide House Energy Rating Scheme (NatHERS) is a crucial initiative shaping the future of energy-efficient, resilient, and cost-effective homes. With its recent upgrades, NatHERS has evolved into a world-leading tool for the building sector, supporting the global commitment to achieving net-zero emissions by 2050.

Staff Writer

What is a NatHERS rating in new off the plan apartment developments?

Mixed-use developments have gained significant popularity across Australia in recent years due to their unique blend of residential, commercial, and recreational spaces.

Unlike traditional single-purpose developments, mixed-use projects offer a harmonious integration of various functions within a single locale.

Residential units seamlessly coexist with commercial establishments, retail outlets, dining venues, entertainment hubs, and recreational facilities, with the combination not only enhances convenience but also fosters a vibrant lifestyle and a sense of community.

<h3>Convenience and accessibility</h3>

Mixed-use developments are designed with convenience in mind. They often integrate residential units with commercial spaces, retail outlets, restaurants, and recreational facilities, creating a self-contained community.

[smartcode_project:default project_id=114215 project_image_fid=204874]

The proximity allows residents to enjoy the convenience of having essential amenities and services within walking distance. Whether it's grabbing a cup of coffee, going grocery shopping, or accessing healthcare services, everything is conveniently located, saving residents time and effort.

<h3>Vibrant lifestyle and community</h3>

One of the major advantages of mixed-use developments is the vibrant lifestyle they offer. With a diverse range of amenities and communal spaces, residents have ample opportunities to interact, socialise, and build a sense of community.

[smartcode_project:default project_id=107714 project_image_fid=214122]

The presence of parks, community centres, and shared spaces fosters a lively atmosphere, encouraging residents to engage in various activities and events. The vibrant lifestyle within these developments creates a unique sense of belonging and camaraderie among the residents.

<h3>Potential for higher rental yields and property value appreciation</h3>

Mixed-use developments tend to attract a broad range of tenants and buyers due to their versatile nature. This high demand can result in higher rental yields for investors and potentially lead to property value appreciation over time.

[smartcode_project:default project_id=139989 project_image_fid=212887]

The integration of commercial and retail spaces attracts businesses, which can provide a stable rental income stream. Additionally, the popularity of mixed-use developments often drives up property values, making them a potentially lucrative investment in the long term.

<h3>Enhanced security and maintenance</h3>

Mixed-use developments typically have comprehensive security measures in place. With controlled access points, CCTV surveillance, and professional security staff, residents can enjoy enhanced safety and peace of mind.

[smartcode_project:default project_id=108019 project_image_fid=212658]

Additionally, these developments often have dedicated maintenance teams responsible for the upkeep of common areas, landscaping, and infrastructure. This ensures that the overall appearance and functionality of the development are well-maintained, creating a pleasant living environment for residents.

<h3>Live-work-play balance</h3>

One of the key attractions of mixed-use developments is the ability to achieve a desirable live-work-play balance. The integration of residential and commercial spaces allows residents to live closer to their workplaces, reducing commuting time and improving work-life balance.

The proximity to various amenities and recreational facilities encourages an active and healthy lifestyle. Residents can easily access fitness centres, parks, restaurants, and entertainment options, all within the same development, leading to a more fulfilling and convenient way of life.

alisonwarters@gmail.com

The top five reasons to buy in a mixed-use development

When buying a property, everyone needs to be aware of the additional costs that come as part of the buying process.

Often the largest outlay, after the deposit which goes to the bank, is stamp duty.

<h2 style="line-height: 1.38;">What is Stamp Duty?</h2>

Stamp duty is an extra tax to pay the government when you buy land, a property, and other certain assets.

It happens when the legal ownership is transferred. It can also be known as property transfer duty or transfer duty.

<iframe allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="415" src="https://www.youtube.com/embed/C32BWkB5--c" title="YouTube video player" width="660"></iframe>

<h2>Who pays Stamp Duty?</h2>

In some circumstances, you may get an exemption. For some states, you won’t have to pay for stamp duty if you are a first home buyer or a pensioner for houses under a particular price. There are also stamp duty concessions, where you may be entitled to a discount.

<h2>How much does Stamp Duty cost?</h2>

Each state has different rules which affect how much you need to pay. These rules can affect the rate you pay, and the timeframe you will need to pay in. Before you buy land or a property, make sure you check the up-to-date information for your state’s stamp duty.

You can use a free stamp duty calculator online to see approximately how much you’ll need to pay. Find out if you’re eligible for an exemption by enquiring on a project via Urban!

Overall, the stamp duty you need to pay will depend on:

<ul>
	<li aria-level="1">How much your land/property is worth</li>
	<li aria-level="1">Where your land/property is located</li>
	<li aria-level="1">What type of land/property it is</li>
</ul>

Want to find out more? <a href="https://www.youtube.com/@UrbanAustralia?utm_source=YouTube&amp;utm_medium=Video&amp;utm_campaign=Subscribe&amp;utm_id=Subscribe">Subscribe to our YouTube channel</a> for more property videos.

Ellen Walker

Off-the-plan property explained: What is stamp duty?

For most Australians, buying an apartment is one of the biggest financial decisions they'll ever make

The location, floorplan and price are often the first considerations, but in recent years another question has become increasingly important: who is actually delivering the project?

A series of high-profile builder collapses, construction delays and defect concerns have fundamentally changed how many Victorians approach buying off the plan. The collapse of Porter Davis in 2023, which reportedly left around 1,700 homes unfinished, became one of the most visible examples of the risks that can emerge when a construction company fails. <a href="https://www.equifax.com.au/sites/default/files/lpassets/pdf/Final-Business-Market-Pulse-June-Sector-Deep-Dive-Report-2.pdf">Similar challenges across the broader construction sector</a> have left buyers asking more questions before signing a contract.

As Victoria continues encouraging higher-density housing to address supply shortages, transparency is becoming just as important as location or price.

One tool increasingly entering the conversation is the <a href="https://icirt.com/">Independent Construction Industry Rating Tool (iCIRT)</a>, an independent assessment framework designed to help buyers better understand the developer or builder behind a project. Originally developed by Equifax in consultation with government and industry as part of NSW's Construct NSW reforms, the system has since expanded nationally.

<h2 data-end="1519" data-section-id="7nmx3" data-start="1492">What is an iCIRT rating?</h2>

Most Australians are familiar with independent ratings in everyday life.

We compare ANCAP safety ratings before buying a car. We look at Health Star Ratings in supermarkets. Banks rely on credit assessments when lending money.

Until recently, however, there has been very little independent information available to help apartment buyers assess the business responsible for delivering a residential project.

That gap is what iCIRT was designed to address.

Builders, developers and other construction professionals with an iCIRT rating have demonstrated high-trust characteristics through an independent, evidence-based assessment across six criteria: Character, Capability, Conduct, Capacity, Capital and Counterparties. This involves a rigorous review of financial health, past project track record, and ethical conduct. Crucially, an iCIRT rating could help provide property buyers with confidence that they are working with a professional who has demonstrated the capability, capacity, and willingness to return and rectify issues.

Importantly, iCIRT is not a recommendation to purchase a particular property, nor is it a traditional credit rating. It is an independent assessment framework designed to provide objective information about a construction business using a <a href="https://icirt.com/sites/default/files/2025-08/iCIRT-Methodology-Issue1-May-2021.pdf">published methodology</a>.

The system has been widely adopted in New South Wales, where more than one-third of medium and large residential builders and developers now hold an iCIRT rating, representing over two-thirds of the state's residential building market by value as of 2025/26.

<h2 data-end="3126" data-section-id="h6ohtj" data-start="3084">Why buyers are doing more due diligence</h2>

For many buyers, particularly those purchasing off the plan, the biggest risk isn't whether they'll like the kitchen finishes.

It's whether the project will be delivered on time, to the expected quality, and by a company capable of completing the development.

<a href="https://icirt.com/sites/default/files/2026-07/iCIRT%202025%20Consumer%20Survey%20Report%20v05.pdf">Consumer research commissioned by iCIRT</a> found more than half of respondents believed current protections do not adequately safeguard buyers from builder insolvencies or defective projects. Other research found 88 per cent of prospective buyers would seek independent ratings or due diligence before purchasing, while 90 per cent said trust in construction professionals is essential.

That doesn't mean buyers should rely on a single rating alone.

Independent legal advice, understanding the contract, and seeking financial advice all remain important parts of the due diligence process.

However, an independent assessment can provide another source of information alongside those traditional checks.

<h2 data-end="4138" data-section-id="pquzxc" data-start="4094">Trust is becoming a competitive advantage</h2>

The conversation isn't only changing for buyers.

Developers are also recognising that trust has become an increasingly important part of the sales process.

Five years ago, purchasers typically asked about floorplans, finishes and settlement dates.

Today, sales teams are increasingly being asked about the developer's experience, financial stability, previous projects and construction partners.

For companies with strong governance and established delivery records, an independent iCIRT rating provides another way to demonstrate those credentials before buyers even visit a display suite.

According to Equifax, the assessment can also help businesses drive sales and <a href="https://icirt.com/resources-for-business/icirt-rating-helps-scion-secure-high-value-projects">secure high-value projects</a>, as well as identify operational improvements and <a href="https://icirt.com/resources-for-business/mirvac-reinforces-brand-trust-and-quality-independent-icirt-rating">attract top talent</a>.

<h2 data-end="4962" data-section-id="1j54ng5" data-start="4912">Beyond buyers: lenders are paying attention too</h2>

The influence of independent construction ratings is also extending beyond consumers.

According to Stamford Capital's Real Estate Debt Capital Markets Survey, an increasing number of lenders now incorporate iCIRT ratings into their due diligence processes when assessing residential development finance applications.

The survey found lender adoption has continued to rise, with many respondents saying independent assessments provide additional insight into governance, counterparties and delivery capability beyond traditional financial analysis. Some lenders also reported declining funding applications where businesses had poor or no ratings.

As construction costs remain elevated and access to development finance becomes more selective, demonstrating credibility is becoming increasingly valuable.

<h2 data-end="5801" data-section-id="1qazuxs" data-start="5772">What it means for Victoria</h2>

Victoria's apartment market is entering a new phase.

The state is seeking to accelerate higher-density housing while simultaneously introducing reforms aimed at improving confidence in residential construction.

For buyers, that means there are more tools available than ever before to research the businesses behind a project.

For developers, it signals that transparency is becoming another point of differentiation in an increasingly competitive market.

Buyers are asking more questions than ever before and increasingly expecting independent information, not just marketing material, before making one of the biggest financial commitments of their lives.

Find out how to get iCIRT rated <a href="https://www.icirt.com/sites/default/files/2025-08/iCIRT-Infographic-Assessment-Process-Final.pdf">here</a>.

<hr data-end="6469" data-start="6466" />
The information contained in this article is general in nature and does not constitute personal, financial, legal or tax advice. It does not take into account your personal objectives, financial situation or needs. Therefore, you should consider whether the information is appropriate to your circumstances before acting on it and, where appropriate, seek independent professional advice.

This article contains links to third-party websites. These links are provided for convenience only. Equifax Australia does not control and is not responsible for the content, accuracy or privacy practices of external sites.

Copyright © 2026 Equifax Australia Information Services and Solutions Pty Ltd. All rights reserved.

Buying off-the-plan in Melbourne? How independent iCIRT ratings are set to change Victorian property

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A first home buyer has paid $691,000 sight unseen for a Reservoir home in one of the last online auctions to take place before Stage Four restrictions came into effect in Melbourne. The three-bedroom, one-bathroom home at <a href="https://ecomms.raywhite.com/collect/click.aspx?u=aWtvbmtzQ3B5UC9uRHJOaVpZTlZPcU9ibGI3SFF5YjFLOXBFSGJjMjExRjVnbXgzV0d5ZEFLY052ZjRoMERUckJkYjVvaWx4WmxPbUN5bGdSNXBzWmhZWTFndnFOQ3hkN29hNEYvdU52eVBVenFNUENrWHAxcHg4K0ExMXNPMGFjWkl4TVVveFB0RXNBS1Vza1MzZFBVdWRpY3hUMHZ6blQwTmtLbVdEa29BPQ==&amp;rh=ff0066cd4c8712023019a04a7f48b1c6184bc3d0" target="_blank" rel="noopener noreferrer" data-auth="NotApplicable">1091 High Street</a> was successfully sold under the hammer by Ray White Reservoir Senior Sales Agents Matthew Clark and Keb Nguyen.
“The property only went online last Tuesday (28 July) and over the course of the last seven days we had 12 physical inspections and an unmeasurable amount of online inspections,” Mr Clark said.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2020/8/10/Ray%20White%20Reservoir%20Senior%20Sales%20Agent%20Matthew%20Clark%20-%20left%20-%20and%20vendor%20of%201091%20High%20Street%20in%20Reservoir%20Chloe%20-%20right.jpg" alt=""> “The purchaser is a first home buyer who never physically inspected the home, only viewing through the online inspection process, photos and video."
“We know the online auction process works for our vendors, so we’ll continue to go through the online inspection and online auction process as long as needed"
“The auction itself attracted 22 people online and five registered bidders, two of whom were active, and they actively competed before the hammer fell at $691,000 – the vendor is delighted.”
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j.ballantyne1990-6AQqhLzZaK

Reservoir home bought unseen via online auction

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There are 1,144 homes scheduled for auction across the combined capital cities this week, a slight increase on the 1,046 auctions last week and lower than the 1,415 last year.
In Sydney, 679 auctions are scheduled across the city, up on the 668 last week and also higher than scheduled volumes from one year ago (503).
The number of Sydney auctions has been trending higher over the past three months and auction volumes have been consistently above last year’s level since the last week of June.
There are 235 Melbourne homes scheduled for auction this week, an expected rise on last week’s volumes (191), which saw 33% of auctions withdrawn from the market.
The low auction volumes aren’t surprising, considering stage four restrictions remain in place.
Across the smaller cities, scheduled volumes are set to be higher across all cities but Tasmania where no auctions are scheduled in for this week.
<a href="https://www.propertyobserver.com.au/images/2020/8/20/CL%20AUG%2016.JPG" target="_blank">Click to enlarge:</a>
<img src="https://www.urban.com.au/images/2020/8/20/CL%20AUG%2016.JPG" alt="">
Ray White live listings are up nationally 11 per cent across Ray White, with a month to date clearance rate of 59.6 per cent.
Ray White offices are gearing up for a strong weekend in NSW with 60 auctions scheduled across Sydney.
In the morning, Ray White Drummoyne Agent Angela Saidi will be auctioning the sought after 2/69 Tranmere St, Drummoyne (pictured in title) unit.
The two bedroom unit has already had 90 groups through inspections and has a price guide of about $800,000. Ms Saidi said prospective buyers have been mostly made up of first home buyers along with a couple of investors.
<img src="https://f.datasrvr.com/f1/420/57811/Caringbah.JPG" width="640" data-imagetype="External">
Also in the morning, Caringbah townhouse at 1/5 Oleander Parade (pictured above) is scheduled for auction, capping off a three and a half week campaign that saw 62 groups through the property.
Ray White Caringbah Principal Wendy Samrani said with a price guide of $900,000 to $1 million the three bedroom home represents good value in the area.
“Many want to get into the area but can’t find a house in Caringbah for under $1.15 to $1.2 million - especially with stock levels so low and hardly anything similar on the market,” she added.
Ms Samrani sold a similar neighbouring townhouse in the same development six weeks ago for $907,500.
In the afternoon, 16 Clarence Road will go under the hammer to a new family through Ray White Rockdale Agent Nicholas Economos with New South Wales Chief Auctioneer Alex Pattaro calling the auction.
Ray White Surry Hills | Alexandria | Glebe | Erskineville Associate Director Matthew Carvalho will also be auctioning 127 Denison St, Camperdown later in the afternoon. The two bedroom terrace home has seen strong interest from young buyers and has a price guide of $1.1 million.
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Sydney auction volumes have been trending higher since June

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EXPERT OBSERVER
The six-month annualised growth rate in the Westpac-Melbourne Institute Leading Index, which indicates the likely pace of economic activity relative to trend three to nine months into the future, rose from –4.43% in June to –4.37% in July.
The Index growth rate remains in deep negative territory consistent with recession. However, it appears to have bottomed out in April at -5.61% and, without the recent disaster in Victoria, it seemed certain that the June quarter would have marked the low point in the growth cycle.
Victoria represents around 25% of national output. We expect the hard lockdown following the renewed virus outbreak to see the Victorian economy contract by 9% in the September quarter. That will offset the ongoing recovery we expect to be unfolding in other states as they continue to reopen, albeit at varying speeds.
For Australia overall, we expect growth in the economy to be flat in the September quarter before lifting by 2.8% in the December quarter on the assumption that Victoria moves through Stage 4 to Stage 2 and the other states avoid ‘second wave’ outbreaks.
The Leading Index growth rate has now lifted 1.24ppts out of what was a deep hole in April (growth relative to trend bottoming at –5.61%). That has been led by strong initial rebounds in two components: US industrial production (adding +1.75ppts) and hours worked (adding 0.78ppts). However, these gains have been materially offset by deteriorations in several other components, including: dwelling approvals (–0.47ppts); the Westpac-Melbourne Institute Unemployment Expectations Index (–0.43ppts); and the Westpac-Melbourne Institute Consumer Expectations Index (–0.31ppts).
Indeed, the three-monthly improvement would have been about double the size, and much more convincing, if it had not been for the renewed weakening in these other components. In the case of sentiment-based components, the weakness since April clearly captures the initial impact of the Stage 4 lockdown in Victoria – which saw a particularly disturbing nationwide drag on confidence in the August month.
Looking over the six months since the onset of the COVID-19 pandemic, the Index still shows a large, broad-based weakening. July’s growth rate is 3.26ppts below its February pace. Six of the eight components have driven the fall: US industrial production (–1.52ppts); aggregate monthly hours worked (–0.78ppts); the S&amp;P/ASX200 (–0.45ppts); dwelling approvals (–0.40ppts); and the two consumer sentiment based components (a combined–0.48ppts). Commodity prices (+0.14ppts) and the yield spread (+0.23ppts) have provided some slight offsets.
While we always provide this standard six month comparison the key in these extraordinary times is the lift we have seen since April, which is signalling some improvement, while noting the recent impact on confidence components in response to the Stage 4 lockdown in Victoria.
The Reserve Bank Board next meets on September 1 and we can expect the Board to maintain current policies.
From a policy perspective the next major event will be the Commonwealth Budget which will be announced on October 6. Westpac expects the government will be committed to providing generous ongoing support to the economy. However, most of this support is likely to be of a non-recurring form including bringing forward the July 2022 tax cuts; one off payments; and infrastructure spending.
BILL EVANS is the <a href="https://www.westpac.com.au/news/authors/bill-evans/" target="_blank">chief economist at Westpac</a>.
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bevans-rYk9SxEa4r

Westpac's Melbourne leading index has bottomed out: Bill Evans

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Within the Mount Gambier region, $700,000 will enable you to purchase practically anywhere, according to the July Herron Todd White (HTW) report. 
The valuation firm took a look at how a budget of $700,000 could be invested in property markets across the nation.
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The report started with the COVID update.
To date there are still no clear indications of the impact of COVID–19 on property values in the Mount Gambier region. 
"Whilst the market has softened as a direct result of government enforced restrictions and general economic uncertainty, we are yet to see this reflected in any value correction.
"As restrictions begin to ease and some normality resumes, we remain positive that the impact will be limited, however are not naive to the fact that there will be ramifications within the property market," the valuation firm said. 
"Now, where to spend a lazy $700,000", the report continued. 
The report suggests few dwellings sell for more than $700,000 and demand for property tends to reduce significantly when the market value is greater than $700,000. 
Within the past 12 months there have been a limited number of houses sold for $600,000 to $700,000. 
Typically, up to $700,000 will allow you to purchase a character dwelling in a sought-after central location.
The sale at<a href="https://www.realestate.com.au/sold/property-house-sa-mount+gambier-126727478" target="_blank"> 22 Lansell Street</a> (pictured above) features a fully renovated character dwelling with high quality fit-out, three bedrooms, two bathrooms and a swimming pool.
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On the outskirts of town, there have also been a few sales to come close to the $700,000 price range, the report noted. 
These sales are generally on rural living style allotments and are good quality homes featuring one to three acres, four bedrooms, two bathrooms and good ancillary improvements.
A four bedroom, two bathroom house at <a href="https://www.realestate.com.au/sold/property-house-sa-worrolong-132075426" target="_blank">21 Eldridge Drive, Worrolong</a> (pictured below) was sold for $610,000 in April.
Set on a 4,225sqm allotment, the home offers open plan living area, study, separate formal lounge, gourmet kitchen and alfresco area. 
<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/2020/8/14/worrolong.jpg" alt="">
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"While demand is limited for properties around the $700,000 range within Mount Gambier, there is greater demand for these properties in the popular coastal township of Robe," the valuation firm said. 
The report suggests in Robe, $700,000 will allow you to purchase either a centrally located dwelling or a dwelling with ocean or lake views, such as the sale below.
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A three bedroom, two bathroom waterfront house situated at <a href="https://www.realestate.com.au/sold/property-house-sa-robe-129832542" target="_blank">18 Woolundry Road, Robe</a> (pictured below) was sold for $720,000 last year. 
The Cape-Cod style home comes with open plan kitchen/dining/living, chef's kitchen and lush garden. 
<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/2020/8/14/robe.jpg" alt="">
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What a lazy $700,000 can buy in Mount Gambier: HTW residential 

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The focus of attention in the Central Coast Region market now seems to be on recovery and future planning, according to the July Herron Todd White (HTW) residential report. 

The valuation firm took a look at how a budget of $700,000 could be invested in property markets across the nation. 

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NSW Central Coast Region Coronavirus Update
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The report notes in line with many regions, there have been little reports of new cases of COVID-19 for some time.

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For many, life seems to be returning to normal. The tourist and visitor centres of Terrigal, The Entrance and Ettalong Beach have been busy for the past several weekends as crowds return.

"Recovery will be as big a challenge as the restrictions and lockdowns themselves. Looking around, a number of businesses have suffered terribly and some have closed. But confidence is returning. 

"Tempering this new confidence, our health professionals are reminding us that we may not have seen the end of this with a second wave likely," the valuation firm said. 
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What will a lazy $700,000 buy in the Central Coast region of New South Wales

A quick snapshot of some suburbs where investing $700k seems to be a good idea, the report noted. 

Wadalba – a newish and still developing suburb located towards the northern end of the region with plenty of schools, shops and easy access to the M1 Motorway.

A typical new project style dwelling, single level with four bedrooms, two bathrooms and double garage, recently sold for $690,000. 

"With slightly older two-storey options available for similar prices, we consider these to represent good value for first home buyers and growing families finding the area to their liking," the valuation firm said. 

Values have remained static overall over the year, so buying for quick financial gain isn’t great and returns are estimated at around the 4.5 to five per cent mark which is acceptable. Comparable suburbs to Wadalba include Hamlyn Terrace and Woongarrah, the report noted. 

A four bedroom, two bathroom home in Wadalba has recently been sold for $591,500. 

The single level home at <a href="https://www.realestate.com.au/sold/property-house-nsw-wadalba-133071962" target="_blank">7 Voyager Street </a>(pictured below) comes with expansive kitchen, dining area, lounge room, four bedrooms and fully fenced yard. 

It is located close to schools, supermarkets and parks. 

<img alt="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2020/8/3/wadalba.jpg">

The Entrance – one of the region’s older suburbs which sits between the ocean and lake. It is the day tripper and visitor centre at the northern end of our region, the report noted. 

Although there is a large permanent and long term occupant population (renters account for approximately 60 per cent of the area’s occupants), the area is very popular with the weekender market.

Units prevail in the town centre due to the ocean and lake views, shops and beach.

"We note that $700,000 can buy a two- bedroom unit with views within the town centre. But $700,000 is heading towards the higher end of unit values at The Entrance and we feel the more attractive options would be in the $350,000 to $400,000 price range for older units with lesser views," the valuation firm said. 

This price range has been more consistent in terms of price stability and returns which seem to be around the 4.5 per cent mark on a permanent occupancy basis.
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Bateau Bay – another of the region’s more established suburbs. The Entrance runs through the suburb thus creating two distinct markets.

The eastern (ocean) side is generally the more expensive option. If $700,000 is the marker, then good value on the no less popular western side of The Entrance Road is available. 

Generally older style but well established and accessorised property is the norm. 

An 80’s style, large, four- bedroom, single level dwelling with two bathrooms and double garage has just sold for $710,000 and a renovated 80’s style four-bedroom, two-bathroom dwelling with inground pool and off street parking recently sold for $685,000. These represent good value for those aspiring to live in Bateau Bay, the report noted. 

Terrigal – some would suggest that only good things happen at Terrigal and if price point is the gauge, there may be some foundation to this. 

$700,000 will likely secure an old style, rundown dwelling or perhaps a two- or three-bedroom unit or townhouse away from the town centre. 

"You might however get a vacant block of land with a little change left over – but you will need to be quick," the valuation firm said. 

Next door Wamberal shares these same qualities, with Erina to the west being not far behind, the report noted. 

A current listing is a one bedroom apartment in Terrigal priced at $699,000.

The contemporary apartment at <a href="https://www.realestate.com.au/property-unit-nsw-terrigal-133757722" target="_blank">3/10 Pine Tree Lane</a> (pictured below) comprises large bedroom, study, open plan lounge and dining area, and garage. 

It is set in a boutique complex, only metres walk to cafes, restaurants and Terrigal Beach. 

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Point Clare – sitting on the western shores of Brisbane Waters, this is an older and established location with just a short drive to meet up with the M1 Motorway. 

"Surprisingly, Point Clare has never been an area at the top of mind. We don’t know why, because there are a number of properties that can be purchased for less than $700,000," the valuation firm said. 

An 80’s style, slightly compact, four-bedder with single garage, landscaping and inground pool recently sold for $680,000.

While the median value across the region has fallen just a little over the past year, Point Clare has actually increased – just a little.

The area is predominantly owner-occupied with returns estimated to be around the 4.5 per cent mark.
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Umina Beach – located towards the southern end of the region, Umina Beach, Woy Woy and Ettalong Beach enjoyed better than average value increases, but since September 2018, the median value has steadily declined and is approximately ten per cent lower. 

Rentals account for around 30 per cent of properties in Umina Beach with the remainder being owner-occupied. Due to the high number of second dwellings in Umina Beach, we tend to think there is a hybrid factor going on here with owners remaining in their dwellings while renting out the second dwelling.

In value terms, there are still a lot of properties being sold under or around the $700,000 mark. 

A renovated three-bedroom, one-bathroom dwelling with plenty of undercover parking recently sold for $700,000 whilst a similar dwelling, but minus the parking sold for $670,000.

Older, more basic dwellings with the potential to add a second dwelling are selling for similar prices, the report noted. 
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The focus of attention now seems to be on recovery and future planning.

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What a lazy $700,000 can buy in NSW Central Coast Region: HTW residential  

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EXPERT OBSERVER
The RBA has been the focus this week given the August Board meeting and today’s release of their latest Statement on Monetary Policy.
Unsurprisingly, <a href="https://rba.gov.au/media-releases/2020/mr-20-18" target="_blank">the RBA decision statement</a> maintained a cautious view on the global economy, noting that the outlook remains highly uncertain despite the worst of the contraction having passed.
The risks for the domestic economy were also highlighted: the growth view for 2020 maintained at -6.0% as the 2021 gain was revised down to +5%; and the end-2020 unemployment rate forecast revised up from 9% to 10% on the expectation that Victoria’s lockdown will result in further job losses.
In light of these factors, the Governor emphasised the RBA’s commitment to the 3-year bond yield target of 0.25% by announcing that CGS purchases would re-commence after the August meeting.
The statement also outlined the ongoing evolution of the Term Funding Facility, highlighting the liquidity support it has and will provide to the economy.  
<a href="https://www.propertyobserver.com.au/https://westpaciq.westpac.com.au/Article/44488" target="_blank">Westpac’s own growth view</a> remains more constructive on 2020 than the RBA, but we believe 2021 will disappoint.
Having revised our 2020 growth target from -4.2% to -4.7%, principally due to developments in Victoria, while keeping our +3.0% expectation for 2021 unrevised, we believe the Australian economy will end 2021 with a level of GDP 1.8ppts below that at December 2019. This compares to -1.0% <a href="https://www.rba.gov.au/publications/smp/2020/aug/economic-outlook" target="_blank">on the RBA’s baseline forecasts</a>.
On either view, labour market slack is set to become entrenched for an extended period. From its 10% peak later this year, the RBA anticipates that the unemployment rate will only slowly decline to around 7% at December 2022.
A full discussion of Westpac’s revised forecasts, the outlook for policy and the risks was provided by <a href="https://westpaciq.westpac.com.au/wibiqauthoring/_uploads/file/Australia/2020/August/er20200805BullAustraliasGrowthProspects.pdf" target="_blank">Chief Economist Bill Evans</a> this week.
The release of our <a href="https://westpaciq.westpac.com.au/wibiqauthoring/_uploads/file/Australia/2020/August/WestpacMarketOutlookAugust2020.pdf" target="_blank">August Market Outlook</a> publication this week also gave cause to reassess our global views. Most prominent are the divergent economic prospects of the US and China as well as the rapid depreciation of the US dollar currently underway.
Beginning with the US and China, the response of authorities in each jurisdiction to COVID-19 was polar opposite; unsurprisingly, so are the economic consequences now being seen.
Whereas China regained the activity lost in Q1 in just three months, the US looks likely to end-2021 with a level of GDP almost 3.0% lower than end-2019. Further, while short and medium-term risks for China are to the upside, they are most certainly skewed down in the US.
While out of the spotlight, Europe is somewhere in between, still having to suppress small but frequent COVID-19 outbreaks, but with the promise of co-ordinated fiscal support and an emerging global recovery getting brighter by the week.
That then brings us to the US dollar downtrend. The scale of the decline we have seen to date from the peak levels seen in April and May has been broadly in line with our expectations.
But, as is often the case in financial markets, the speed of the move has been much more rapid than we anticipated. As a result, the August Market Outlook includes meaningful revisions to our US dollar expectations against Euro and the British Pound.
The US dollar DXY index is now expected to retrace most of its gains since 2018, falling to 90.5 by end-2021. The risk remains that this move occurs quicker than forecast and/ or is more pronounced.
The gains we anticipate for China’s Renminbi highlight the promise of recovery for nations that have suppressed COVID-19’s spread.
While US/China trade tensions loom, China has ample trade opportunities before it within the Asian region, where economic development prospects remain strong. 
ELLIOT CLARKE is a senior economist at Westpac 
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Downward forecast revisions highlight enduring uncertainty: Elliot Clarke

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Historically the South Australian market has lagged behind the east coast markets which have shown signs of decline since late March, according to the latest Herron Todd White (HTW) residential report. 
The valuation firm presented an 'investor playbook' of real estate performance within each service area this month. 
The report notes throughout the month of July, South Australia remained community transmission free of COVID-19. 
 At the time of writing, one new case has been recorded since 29 June which has been linked to a resident returning from quarantine in Victoria, the report noted. 
Even as restrictions ease, the labour market has remained subdued with the South Australian unemployment rate increasing from 7.9 per cent in May to 8.8 per cent in June which is now the highest in the country.
As at 30 June, CoreLogic’s Home Value Index indicated the metropolitan market remained 2.04 per cent up on the same period 12 months ago, however has seen a 0.19 per cent contraction month on month.
"Considering the most recent market data and east coast market direction, it appears that the South Australian market could be entering the initial stages of a downward cycle.
"At this stage the decline has only been slight and will be monitored closely in the short to medium term," the valuation firm said.
Broadly, national investor activity has been in decline throughout 2020. May data released by the Australian Bureau of Statistics indicates that investor loan commitments nationally are 11.9 per cent down year on year and 15.6 per cent down month on month. 
The report notes the level of uncertainty surrounding COVID-19 has been a major deterrent to investors entering the market.
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"Depending on proximity to the CBD, the investor market has historically been driven by rental returns within the outer ring and capital growth within the middle and inner rings. 
"Gross yields of six to nine per cent are common within the established suburbs in the outer ring," the valuation firm said. 
Advertised rents range from $250 to $350 per week with median house prices ranging from high $100,000s to high $300,000s. 
Representative of typical investor stock is the June sale of <a href="https://www.realestate.com.au/sold/property-house-sa-morphett+vale-133187922" target="_blank">140 Elizabeth Road, Morphett Vale</a> (pictured below) for $240,000.
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 Post settlement this property was immediately let at $350 per week, generating a gross yield of 7.58 per cent.
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Popular within the outer ring are multiple occupancy properties, typically comprising former housing trust maisonettes.
 Providing its purchaser with multiple options was the sale of 4 and 6 Knighton Road, Elizabeth North, which recently achieved a sale price of $350,000.
The property comprised two individually titled four-bedroom maisonettes with a combined land holding of 1,653 square metres.
The dwellings had previously been let at $260 per week, suggesting a gross yield of 7.72 per cent.
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Rental returns within the inner and middle rings are eroded as values increase and achievable rentals reach a ceiling. 
Advertised rents range from $400 per week and cap out at $1,200. 
Median price levels vary through the inner and middle rings ranging from the mid $400,000s to $1 million plus.
 The high value to low rental ratio produces gross yields of three to five per cent. 
Investors are typically seeking out capital growth with holding income being an added bonus. 
The report notes suburbs which have achieved increased levels of capital growth in the March quarter year on year include West Lakes Shores (25.41 per cent), Colonel Light Gardens (15.41 per cent), Athelstone (13.89 per cent) and Flinders Park (5.34 per cent).
Capitalising on the strong market activity within West Lakes Shores were the vendors of 24 McDonald Grove who purchased the property in August 2018 for $900,000.
The property was cosmetically renovated and sold for $1.105 million in December 2019.
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Higher density flat dwellings are popular with sophisticated investors given the multiple income streams and entry price point.
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The inner eastern suburb of Kent Town has seen two significant multi occupancy transactions in the past 12 months, being <a href="https://www.realestate.com.au/sold/property-unitblock-sa-kent+town-132842114" target="_blank">1-9/4-6 Wakefield Street </a>(pictured above) which achieved a sale price of $2.325 million and <a href="https://www.realestate.com.au/sold/property-unitblock-sa-kent+town-131894478" target="_blank">1-10/21 Wakefield Street </a>(pictured below) which achieved a sale price of $2.62 million.
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These properties comprise nine and ten units respectively across two levels of multiple accommodation.
The sale of 1-9/4-6 Wakefield Street was advertised with a gross rental of $130,000 suggesting a yield of 5.6 per cent.
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Strata units provide an affordable entry price point for those making their first foray into the market. These properties can be seen as a steppingstone and provide a forced savings style of investment for younger investors. 
Capital growth can be limited whilst gross yields can be eroded by additional fees and charges associated with strata levies.
For a typical 1970’s cream brick strata unit, gross yields fluctuate around five per cent. Selling for $261,000 and let at $275 per week is the recent transaction of 6/11 Shipsters Road, Kensington. 
The unit comprises two bedrooms and one bathroom and is located on the first floor of a two level strata complex. The sale indicates a gross yield of 5.47 per cent.
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"The South Australian market has historically provided purchasers a more stable option to the larger metropolitan markets around Australia.
"Investors should have confidence in the South Australian market in the medium to long term, being cushioned from the COVID-19 fallout," the valuation firm said. 
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Adelaide property market enters downward circle: HTW residential 

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Similar to previous months, supply is still down in many sectors of the Coffs Harbour market, according to the July Herron Todd White (HTW) residential report. 

The valuation firm took a look at how a budget of $700,000 could be invested in property markets across the nation. 

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"As the relaxation of COVID-19 restrictions sees us all getting back to some normality, the property market rolls on as if it was unaware of recent social struggles," the valuation firm said. 

Selling agents are reporting good demand and increasing interest from the out of town city buyers looking to finally escape the chaos of urban life. 

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Property values generally have remained steady to strong with only the prestige market of $1 million plus experiencing some weakening in activity, although it is not uncommon for this sector to seasonally fluctuate. 

"We can look forward to the opening of state borders in time for school holidays together with the highly anticipated reinstatement of domestic flights which will help boost the Coffs Coast accessibility for domestic holiday seekers," the valuation firm said. 

"Now that you have come for a holiday and experienced the wonders of what this region has to offer, your thoughts turn to what you can buy for that lazy $700,000.

"Like most regional locations, we have a diversity of product and it is very difficult to stereotype what you will get in any particular price range; it will depend on what you are looking for. Whether that be a large family home in the suburbs, a beachside cottage or rural retreat, the options are endless," the valuation firm said. 

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The report starts with a suburban home. 

As the median house price in Coffs Harbour sits at around the $490,000 mark, it is easy to see that $700,000 will get you an above average property, typically a large family home, either modern or fully renovated, with four or five bedrooms, double car accommodation and pool set on a standard 600 to 1000 square metre site, the report noted. 

Suburban areas such as Boambee East, Toormina, Bonville (East) and West Coffs Harbour are typical locations for this type of product and well suited to the family although not so much the investor as returns diminish with the higher values. These areas, like most of the region, have experienced gradual growth over recent years.

A large family home in Toormina has recently been sold for $549,000.

The four bedroom, two bathroom house is located at <a href="https://www.realestate.com.au/sold/property-house-nsw-toormina-129238138" target="_blank">5 Bryant Close</a> (pictured below).

It comes with lounge area, large sunroom, timber kitchen, entertaining deck and in-ground pool with tropic garden surrounds. 

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"Moving closer to the beach, you get less home as the trade-off for higher land value," the valuation firm said. 

The more popular areas such as Sawtell and The Jetty precinct in Coffs Harbour have entry level prices of $700,000 which would purchase a more modest home or a cottage of 20 to 60 years of age which would require renovation, extension or demolition.

A current listing is a three bedroom period style home in Sawtell priced at $649,000.

The seaside home at<a href="https://www.realestate.com.au/property-house-nsw-sawtell-133861786" target="_blank"> 1/17 Fifteenth Avenue </a>(pictured below) offers combined kitchen/dining area, living zones, sunroom, three bedrooms and entertainment deck. 

It is located within walking distance to Murrays beach, cafes and Sawtell Main Street. 

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"You will find more modern unit products in these areas, although the more high quality larger product potentially with water views will set you back more than $700,000. These are very solid locations for investors as they are popular proven localities with underlying development potential, in many cases due to higher density zones," the valuation firm said. 

The report notes the popular northern beachside suburbs also see fewer homes for $700,000, although there are some more modern estates where you can get a new four-bedroom, two-bathroom, double garage home on a standard block.

The trade-off for these properties is that they are the more recently developed estates such as Sapphire Beach and Emerald Beach which are located along the Pacific Motorway. 

Typically the home closer to the beach with all the trimmings will set you back significantly more than $700,000. These areas have experienced good growth and with land to build the dream now becoming scarce, we are seeing premiums being achieved for modern developed products.

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"If you are looking for the green change and land size is important, $700,000 will get you into the market albeit at the lower end of the scale.

"Typically you will get one to five acre properties with aged homes of generally modest size and quality, although well located to towns and beaches in suburbs such as Korora, Bonville and Boambee which are very popular to have the best of both worlds," the valuation firm said. 

These properties are typically lifestyle purchases and not geared for investors, although Korora does offer the potential to subdivide five acre plus properties which could be worth land banking for future capital gain.

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"As an investor looking at the Coffs Harbour market, we’d be looking towards the multi accommodation properties where increased returns and capital gains will come from renovations and possible subdivision," the valuation firm said. 

Coffs Harbour has a strong population growth with affordable lifestyle benefits and the anticipated start (2021/22) of the proposed Pacific Motorway bypass will see a considerable uplift in the economy with pressure on the rental market during this construction stage. 

This is where the multi accommodation properties will come into their own, especially if they are furnished and aimed at the transient working population, the report noted. 

As an example, a triplex in Toormina has been marketed at $625,000, comprising a single level 1980’s building with three two-bedroom, one- bathroom units each with a garage and returning approximately $240 per week each or $37,440 annually, the report noted. 

"The potential here is to undertake some modest renovation work, say $5000 to $10,000 per unit to increase the rental returns by $40 to $50 per week each with a long term view of strata titling and selling separately.

"Not surprisingly, this property is under offer at full asking price," the valuation firm said. 
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What a lazy $700,000 can buy in Coffs Harbour: HTW residential  

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There was a 60 percent clearance rate from the 103 reported weekend auction results in Melbourne.
With many homes selling prior and 39 properties withdrawn, agents in Melbourne had 124 scheduled auctions.
Auctions and inspections can be held only online.
There were 545 auctions on the same August weekend last year, according to Domain.
More than 520 properties were scheduled for auction in Sydney on Saturday, with agents securing a preliminary clearance rate of 65.9 per cent from 330 reported results.
There were 83 properties withdrawn from auction.
Pre-auction Friday night buyer competition saw a northern beaches property sell at $7.05 million.
It was a five-bedroom home at 3 Wood Street. 
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There were 1,042 homes up for auction across the combined capital cities this week, down from 1,150 over the previous week and 1,228 this time last year.
Preliminary results show that of the 810 results collected so far, 64.3 per cent have recorded a successful result, down slightly from last week’s preliminary clearance rate of 65.9 per cent, which revised down to 58.4 per cent on final numbers. This time last year, the combined capital cities recorded a final clearance rate of 73.0 per cent.
The number of auctions held across Melbourne was averaging around 530 each week prior to the implementation of new restrictions. 
There were 668 homes scheduled for auction in Sydney this week, up from 640 over the previous week and 446 this time last year. Sydney hasn’t recorded this many auctions over a week since the first week of April.
Preliminary results show the city recorded a clearance rate of 67.8 per cent this week, slightly higher than last week’s preliminary result of 65.8 per cent, which later revised down to 58.8 per cent. This time last year, a final clearance rate of 76.2 per cent was recorded across the city.
Across the smaller cities, Canberra came in with the highest preliminary clearance rate over the week (75.9 per cent), followed by Adelaide (60.0 per cent).
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60 percent Melbourne clearance rate from 103 auctions

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EXPERT OBSERVER
COVID-19 continues to show an acute impact on inner city rental markets, the latest CoreLogic data on rental listings has revealed.
In the 28 days to August 9, total rent listings on market across Australia had eased on the previous month, falling 10.9% nationally.
While most regions are now seeing rental markets gradually tightening, there is still a significant uplift in rental stock around innercity areas, placing downwards pressure on rents and upwards pressure on vacancy rates.
A summary of the increases in rental stock by SA4 region is presented below. SA4 regions are defined by the ABS as broad regions of 100-300,000 people, and are a useful area of measurement because of alignment with labour force data.
The increase in rental listings represents the change in the level of total rental stock counted in the 28 days leading up to the 15th of March, the week in which Australia recorded its 100th case of COVID-19, compared with that counted in the 28 days to August 9th.
Of the 88 SA4 regions measured across the country, 78 regions saw a decline in the volume of rental listings between these dates.
Focusing on the 10 regions that have seen an uplift in total rental stock, 8 were regions across Sydney and Melbourne, while inner-city Brisbane and the Adelaide Central and Hills have also seen an increase in rental stock.
The dominance of Sydney and Melbourne with regards to heightened rental supply highlights the much localised nature of the shock to rental demand that has been seen since the onset of the pandemic.
<a href="https://www.propertyobserver.com.au/images/2020/8/13/SA4%20CoreLogic%201.JPG" target="_blank">Click here to enlarge</a>:
<img src="https://www.urban.com.au/images/2020/8/13/SA4%20CoreLogic%201.JPG" alt="">
It is expected seasonally that most areas would see a decline in rental listings, as rental stock on market is usually highest at the beginning and end of each year. For the four years prior to 2020, rental stock on market at mid-August has on average, been -3.2% lower than what is seen over mid-March.
However, the 10 regions that did see an uplift in rent listings are large rental markets. Together, CoreLogic data suggests these regions account for about 27.6% of Australia’s total rent market.
More geographically granular data shows some of the highest uplift in rental stock is across Inner Melbourne and Sydney City and Inner South. SA2 regions with the largest uplift in advertised rental stock are shown below
<a href="https://www.propertyobserver.com.au/images/2020/8/13/SA2%20CoreLogic%202.JPG" target="_blank">Click here to enlarge</a>:
<img src="https://www.urban.com.au/images/2020/8/13/SA2%20CoreLogic%202.JPG" alt="">
Across Southbank, rental stock has erupted from 568 rental listings in the 28 days to March 15, to over 1,200 by August 9th. In the year prior to the pandemic, total rent listings across Southbank averaged 450 listings per month. Interestingly, as Melbourne moves through its stage 4 restrictions, total rental listings have started to fall across most Melbourne regions.
Inner Melbourne, which has seen the highest surplus of rental stock since the onset of the pandemic, saw total rent listings fall -8.1% over the 28 days to August 9.
A significant portion of this decline was a reduction of 450 new listings counted in the lead up to the 9th of August, suggesting new listings have fallen off the back of physical restrictions around letting property.
The regions with large accumulations in rental stock reflect many of the pain points that have come with the COVID-19 downturn, particularly more recent commentary which has highlighted the gaping hole in housing demand because of international border closures. This is because the majority of new migrants to Australia are renters, at least initially.
The 10 SA4 regions which have seen an uplift in rental listings between March and August, together accounted for 29.1% of the net overseas migration to Australia over the year to June 2019. Other factors contributing to the heighted level of rent listings include a recent history of significant supply additions via a surge in high-rise construction activity, while the demand side has been additionally impacted by the weakness in labour markets typically associated with renters, including food and accommodation as well as the arts and recreation sector.
These trends highlight some of the acutely impacted markets. Due to the relatively high level of investor concentration, particularly in inner-city apartment markets, the patterns in rental supply and demand point to added downside risk for values in these precincts until international borders re-open and labour market conditions tighten.
ELIZA OWEN is the Head of Research Australia at CoreLogic
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