Repeat buyers are one of the strongest measures of confidence in any apartment development.

At <a href="https://www.apartments.com.au/new-apartments/era-newcastle-west-124-126-bull-street-newcastle-west-nsw-2302">ERA</a> in Newcastle West, some purchasers are returning to <a href="https://www.apartments.com.au/developers/gwh">GWH</a> after living at the developer's One Apartments. Their decision to purchase again was driven by the quality of life they found after moving into their first GWH home.

Keith Wilton had spent years living in a house in East Maitland before deciding it was time for a change. Apartment living had always been on his radar, but he was selective about what he wanted.

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"I had some boxes I wanted to tick," he says.

Keith points to the open-plan design, generous outdoor areas and considered inclusions as key reasons One Apartments worked for him.

“One of those things was a nice indoor open plan area, but also I wanted a nice outdoor open area that I could entertain on in summer or Christmases or birthdays,” he says.

He also found value in the smaller details, from integrated appliances to shared resident spaces including the pool, cinema and rooftop areas.

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After comparing several developments, he chose One Apartments because of GWH's longstanding local reputation and his own experience working with the developer on a commercial project more than a decade earlier.

"I knew that they were local, that the quality of the build was going to be up there. I'd looked at other apartment complexes around and close by, and I just knew that here was a better decision location wise."

Today, Keith says the move has completely changed how he experiences Newcastle.

"I enjoy living in this location because it's more of a lifestyle change. That Newcastle city living where you can walk to restaurants and bars and even beaches and parks and even shopping across the road."

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Beyond the location, he says it's the sense of community that has surprised him most.

"Everyone loves living here because they chose to live here, but everyone looks out for each other. It's a real great community feel here."

For Aimee and Lyle Goodman, the journey started almost by chance.

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The couple happened to be having coffee in Newcastle when they noticed the site where One Apartments was about to begin construction.

"We were aware GWH was planning a development," Aimee says. "We made one phone call and things moved pretty quickly after that."

As busy business owners, they initially thought apartment living would simply reduce the maintenance that came with larger homes. Instead, it fundamentally changed how they spent time together.

"We actually catch up more as a family now," Aimee says.

"We've had homes with big yards and lots of space, but everyone ended up in different rooms. Here we'll have dinner together, the kids can play, and we spend far more quality time together."

[smartcode_project:default project_id=135096 project_image_fid=356829]

Lyle says their confidence came from GWH's reputation within Newcastle's building industry.

"I know people who've worked across different apartment projects, and whenever GWH came up the feedback was always the same. They're rock solid. They're quality."

That confidence only grew throughout the buying process.

"One of the things that really impressed us with GWH was the whole process, was the communication," Lyle says. "It was consistent, it was regular, there was no problem if we had some weird questions, there was no problems in getting answers."

[smartcode_project:default project_id=135096 project_image_fid=351104]

Aimee says one moment stood out.

"The project actually finished on time. We realised we needed to hurry up and sell our house because everything was happening exactly when they said it would."

The positive experience at One Apartments ultimately gave all three buyers the confidence to purchase again with GWH, this time at ERA.

Their confidence reflects what many buyers are seeking in today's apartment market. Location remains important, but so too does certainty around delivery, quality and long-term liveability.

[smartcode_project:default project_id=135096 project_image_fid=356822]

ERA builds on those foundations with 280 one, two and three-bedroom apartments across two landmark towers in <a href="https://www.apartments.com.au/developments/newcastle-west-nsw-2302">Newcastle West</a>.&nbsp;

Designed by <a href="https://www.apartments.com.au/architects/fk-australia">Fender Katsalidis</a>, the project will include more than 2,000 square metres of resident amenities, including a resort-style pool, gym, sauna, private cinema and rooftop entertaining spaces overlooking the harbour and coastline.&nbsp;

The development is also within walking distance of the Newcastle Interchange, Honeysuckle, Darby Street, the harbour foreshore, restaurants, retail and the city’s beaches, continuing the walkable lifestyle that existing GWH buyers say has transformed how they live.

[smartcode_project:default project_id=135096 project_image_fid=356826]

For Keith, the appeal remains straightforward.

"You feel at home even before you've moved into your home."

For Aimee, the change is measured in time.

“I just felt like I had more time,” she says.

[smartcode_project:default project_id=135096 project_image_fid=351102]

Construction at ERA is now underway, with more than half of the residences already sold and limited two and three-bedroom apartments remaining in the East Tower release. Priced from $980,000 for two-bedroom residences and $1.46 million for three-bedroom residences, buyers can secure an apartment with a 10 per cent deposit, with premium homes offering ocean views from Level 8 and harbour views from Level 10.

ERA is also backed by Resilience Insurance's 10-year Latent Defects Insurance policy, providing protection against structural or waterproofing defects for 10 years after completion. The project is anticipated to be completed in early 2028.

[smartcode_project_cta:default project_id=135096]

Joel Robinson

From ONE to ERA: Why buyers are choosing GWH again in Newcastle West

Virgate Property Group is preparing to commence construction of Verdé, its new apartment development in Melbourne's Arts Precinct at Southbank, following a strong run of sales that has seen more than half of the project's 173 apartments secured.

Verdé has attracted a broad mix of first home buyers, owner-occupiers upgrading from nearby inner-city suburbs and investors, with younger owner-occupier couples aged between 28 and 45 accounting for the strongest enquiry. Many are already living in Southbank, South Melbourne, Albert Park, Port Melbourne, South Yarra and the CBD.

"Verdé is located in one of the most desirable pockets of southern Melbourne," Blair Property Group Director Darren Blair, who is managing sales at Verdé, said.

"It's within walking distance of the Arts Centre, Royal Botanic Gardens, Albert Park Lake, and Southbank's restaurants and retail. It's a great lifestyle location with strong amenity and liveability, which made it a very attractive choice for the project."

[smartcode_project:default project_id=4661 project_image_fid=372549]

Virgate was already familiar with the precinct, having previously delivered the successful Domain House development in neighbouring South Melbourne. That experience gave the developer confidence to acquire the Coventry Street site and continue expanding its presence in Melbourne's inner south.

"We had been keeping an eye on the site and the broader precinct for a few months before deciding to move forward with the acquisition," Virgate said.

The project was ultimately secured in 2020 following feasibility studies, planning assessments and due diligence, with the brief centred on delivering "a high-quality, considered design that feels both refined and fit for purpose."

[smartcode_project:default project_id=4661 project_image_fid=314259]

Designed by <a href="https://www.apartments.com.au/architects/bruce-henderson-architects">Bruce Henderson Architects</a>, Verdé comprises 173 one, two and three-bedroom apartments priced from $599,000. The architecture is distinguished by a faceted glass façade that responds to both the site's outlook and Melbourne's changing light conditions.

According to Bruce Henderson Architects, the coloured glazing gives the building a distinctive identity while also providing privacy and solar shading, with residences oriented to capture views across the bay, city skyline and surrounding parklands.

Inside, <a href="https://www.apartments.com.au/interior-designers/designoffice">DesignOffice</a> has created interiors focused on natural light, efficient planning and enduring materials. Apartments feature engineered oak flooring, natural stone benchtops, floor-to-ceiling glazing and SMEG appliances, while a restrained material palette aims to complement the expansive outlooks rather than compete with them.

[smartcode_project:default project_id=4661 project_image_fid=372550]

Resident amenity has also been designed around everyday functionality rather than occasional use. Facilities include a concierge-serviced lobby, residents' lounge with fireplace, library and co-working space, gym, terrace garden with barbecue facilities, ground-floor café, and package delivery management.

The project's location continues to be one of its strongest drawcards. Positioned on Coventry Street, Verdé sits within walking distance of the National Gallery of Victoria, Arts Centre Melbourne, Royal Botanic Gardens and Albert Park Lake, while Southbank's dining precinct, Sturt Street trams and the new ANZAC Station are all nearby. The surrounding education catchment also includes Melbourne Grammar, Melbourne Girls Grammar, Mac.Robertson Girls' High School and several major university campuses.

The sales team says buyers have responded particularly well to the combination of location, design quality and long-term liveability.

"They're responding really positively to the quality of the design, premium resident amenities and the uninterrupted views. Many also appreciate the location and how connected it is to everything they need."

The ability to secure stamp duty savings before completion has also been a key factor for purchasers, alongside the opportunity to personalise finishes ahead of settlement.

With construction set to commence soon and more than half the apartments already sold, Verdé enters its next phase as one of the Arts Precinct's more established apartment developments, offering remaining buyers an opportunity to secure a residence before construction advances further. Expected completion is scheduled for late 2027.

[smartcode_project_cta:default project_id=4661]

Virgate's Verdé Southbank moves toward construction as sales fly past halfway stage

Downsizer-focused apartment development Kooyongkoot in Hawthorn has been recognised at the 2026 Better Future Melbourne Design Awards, taking home Gold and Silver awards in two categories.

<a href="https://www.apartments.com.au/new-apartments/kooyongkoot-hawthorn-1-kooyongkoot-road-hawthorn-vic-3122">Kooyongkoot</a>, currently being delivered by developer PQD and designed by Cera Stribley, received Gold in the Interior Design – Proposed category and Silver in the Architecture – Proposed category.

The dual recognition reflects the design approach behind the boutique development on prestigious Kooyongkoot Road, where the focus has been on creating homes for downsizers seeking the space, quality and functionality of a detached house within a low-rise apartment building.

Rather than maximising apartment numbers, <a href="https://www.apartments.com.au/developers/pqd">PQD</a> and <a href="https://www.apartments.com.au/architects/cera-stribley-architects">Cera Stribley</a> limited the development to just 18 residences, allowing for larger floorplans, greater privacy, generous landscaping and expansive communal spaces.&nbsp;The majority of the apartments also benefit from corner aspects, allowing for dual sources of natural light.

Now around 70 per cent complete and on track for completion in November 2026, Kooyongkoot will comprise a mix of garden residences, ter​race apartments, sub-penthouses, and is crowned by two half-floor penthouses with direct lift access and private rooftop terraces.

[smartcode_project:default project_id=102717 project_image_fid=355297]

The Silver Award for Architecture recognised the way the building responds to its prominent corner position at the ent​rance to Hawthorn's Scotch Hill precinct, one of Melbourne's most established residential neighbourhoods.

Rather than competing with the grand homes that line Kooyongkoot Road, the architectural approach focused on restraint and longevity, using curved brickwork, generous landscaping and carefully considered proportions to integrate with the existing streetscape.

"The form feels fluid and timeless, as though shaped by the landscape itself – architecture that belongs, rather than competes," said Chris Stribley, Co-Founder and Managing Principal of Cera Stribley.

The judging submission also highlighted practical innovations throughout the building, including lift cores servicing only nine homes each, a central landscaped lightcourt designed to bring daylight and ventilation into the building, and fully enclosed private storage rooms with lighting, power and shelving to better accommodate residents transitioning from larger family homes.

[smartcode_project:default project_id=102717 project_image_fid=355293]

The Gold Award for Interior Design recognised the project's focus on long-term liveability rather than display-home aesthetics.

According to the awards submission, the interiors were designed from the inside out, prioritising how homes would function over decades of daily use through generous proportions, practical storage, durable natural materials and flexible layouts.

The specification includes natural stone throughout, upgraded acoustic glazing, V-ZUG appliances and fully enclosed storage rooms, alongside an amenity offering focused on wellness, entertainment and everyday convenience.&nbsp;

Residents will have access to a gym and yoga studio, a wellness centre featuring traditional and infrared saunas, a cold therapy shower and treatment room, as well as a residents' lounge and golf simulator/cinema room for entertainment.&nbsp;Kooyongkoot has also considered the everyday convenience of its residents by offering a private carwash and pet wash facilities on site as well as dedicated parcel lockers and oversized fully enclosed storage rooms.&nbsp;

[smartcode_project:default project_id=102717 project_image_fid=355303]

The project's attention to detail has already resonated with buyers. Earlier this year, Kooyongkoot recorded one of Boroondara's highest apartment sales when an $8 million penthouse was purchased by a Melbourne CEO downsizing from a nearby family home.

"Every detail feels deliberate, from the overall design down to the smallest touches," the purchaser said.

"The level of quality and refinement is exceptional, but what really sold it was how liveable it felt... It felt like a place where everything had been considered, not just a luxury building."

[smartcode_project:default project_id=102717 project_image_fid=355304]

Sustainability also formed a key part of both award submissions. Kooyongkoot is targeting a minimum 7.5-star NatHERS rating across all residences, supported by passive design principles, high-performance glazing, EV charging infrastructure, water reuse systems and a wellness model focused on lower-energy dry facilities rather than pools and large wet areas.

Located within walking distance of Scotch College, Methodist Ladies' College, Koo​yong Lawn Tennis Club, Aubur​n Village and Camberwell Junction, Kooyongkoot continues to target owner-occupiers looking to remain in Melbourne's inner east without compromising on space or quality. A limited selection of two, three and four-bedroom residences remains available, with prices starting from $1.9 million.

[smartcode_project_cta:default project_id=102717]

Kooyongkoot wins Gold and Silver at Better Future Melbourne Design Awards

New apartment supply has become increasingly constrained across <a href="https://www.apartments.com.au/developments/parramatta-nsw-2150">Parramatta</a> in recent years, with fewer projects progressing through to completion as development conditions have become more challenging.

It makes <a href="https://www.apartments.com.au/developers/novm">NOVM</a>'s 2021-completed <a href="https://www.apartments.com.au/buildings/the-lennox-parramatta-12-phillip-street-parramatta-nsw-2150">The Lennox</a> one of the most recently completed residential towers on the Parramatta River, and among the newest apartment developments in Sydney's second CBD.

With the project largely completed before the sharp escalation in construction costs and inflation following the pandemic, The Lennox is now offering pricing that would be difficult to replicate in a comparable new development in Parramatta today, or across much of Western Sydney.

The majority of the 413 apartments at The Lennox sold before and shortly after completion. A limited release of the remaining apartments has recently been brought to market by capital partner <a href="https://www.apartments.com.au/project-marketer/equitifund-group">Equitifund</a>, with entry-level pricing from $700,000 and two-bedroom apartments available from under $1 million.

Rising above the Parramatta River at 12 Phillip Street, The Lennox comprises one, two, three and four-bedroom apartments, appealing to first home buyers, young professionals, families, downsizers and interstate investors seeking a completed apartment in one of Australia's fastest-growing economic centres.

[smartcode_project:default project_id=5743 project_image_fid=372394]

Rather than positioning Parramatta as an alternative to Sydney's CBD, Equitifund believes the city has reached a point where it stands on its own merits.

"Parramatta is no longer simply an alternative to Sydney CBD, it's becoming a destination in its own right," Equitifund Executive Chairman Greg Huxley said.

"The Lennox captures that evolution with a level of quality and amenity that's difficult to match at its price point."

[smartcode_project:default project_id=5743 project_image_fid=953]

Designed by <a href="https://www.apartments.com.au/architects/marchese-partners">Marchese Partners</a>, the tower responds directly to its riverfront setting through expansive glazing and open-plan layouts that maximise views across the Parramatta River and city skyline. Interiors feature engineered timber flooring, stone benchtops, stainless steel appliances and floor-to-ceiling glazing, while generous balconies extend the living spaces outdoors.

Marchese Partners says the project was conceived to balance high-quality apartment living with practical, long-term functionality, pairing larger, efficient floorplans with amenities more commonly associated with five-star hotels.

That emphasis continues through the resident facilities, which include a 20-metre rooftop swimming pool, fully equipped gym and wellness spaces, full-time concierge, a residents' lounge, function room, private lifts, secure basement parking and rooftop communal areas overlooking the Parramatta River. Ground-floor boardwalk retail and dining further activate the riverfront and integrate the building into the surrounding public realm.

[smartcode_project:default project_id=5743 project_image_fid=925]

Australian housing and finance group Equitifund has secured the remaining apartments, believing there are few completed apartment opportunities in Parramatta that offer the same combination of location, amenity and pricing.

Equitifund National Sales Director Ben Hamblett says buyers are increasingly recognising that premium apartment living no longer needs to come with Sydney CBD pricing.

"The Lennox is where aspirational living becomes attainable," Hamblett said.

"Wake to river and mountain views, step into Sydney's Second CBD, and arrive home to resort-calibre amenities, all without the harbour price tag."

Hamblett says owner-occupiers are also attracted by the convenience of having Westfield Parramatta, Church Street's dining precinct, Parramatta Park, Riverside Theatres, Western Sydney University and major transport connections all within walking distance.

"At The Lennox, lifestyle is not an afterthought, it is the foundation."

[smartcode_project:default project_id=5743 project_image_fid=5374]

The Lennox places residents within walking distance of Parramatta Square, Westfield Parramatta, Church Street Eat Street, Parramatta Station, the ferry wharf, Light Rail, the future Sydney Metro West, Parramatta Park and CommBank Stadium, reinforcing Parramatta's position as one of Australia's most connected metropolitan centres outside Sydney's CBD.

Equitifund says buyers visiting the display suite consistently comment on the quality of the finishes, generous floorplans, river and skyline views, and the walkability of the location. The project has attracted a broad mix of local professionals, upsizers, downsizers, buyers relocating from Sydney's inner suburbs and interstate investors seeking long-term growth opportunities.

That demand aligns with Parramatta's continued evolution as an economic powerhouse. Equitifund Research and Market Insights specialist John Bekiaris says sustained population growth, infrastructure investment and expanding employment opportunities continue to support long-term housing demand across the city.

"Parramatta has evolved from a satellite city into one of Australia's most important economic centres. Population growth, infrastructure investment and employment are all supporting sustained long-term housing demand."

[smartcode_project_cta:default project_id=5743]

The apartment price gap drawing Sydney buyers west

A luxury beachfront apartment at Rainbow Bay has more than doubled in value since it sold off the plan six years ago, setting a new local apartment record in the process.

The three-bedroom apartment in the Flow development on Petrie Street, the first of four new projects locally by Paul Gedoun's S&amp;S Projects, has sold for $7.4 million, after originally selling for $3.27 million when the project launched in 2020.

The seventh-floor apartment, comprising 187 sqm of internal living space and a 54 sqm balcony overlooking Froggies Beach and Snapper Rocks, was purchased by a local family.

The transaction was negotiated by Pezet Matheson director Kerry Pezet and equates to more than $30,000 per sqm.

Pezet said the sale reflected the limited opportunities to buy into the boutique beachfront development.

"The sale highlights the rarity of opportunities within the boutique beachfront development, where residences seldom become available," Pezet said.

"Flow is one of the Gold Coast's most tightly held buildings. Buyers from our database move quickly when residences become available, and achieving an off-market sale at $7.4 million demonstrates the depth of demand for property of this calibre."

<img alt="Flow" data-entity-type="file" data-entity-uuid="c585b206-2130-4eee-a50c-3f27c51a7c70" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-06%20at%208.33.25%E2%80%AFPM.png?VersionId=m3pHRDV62Y3fvN.XQuQHq.52ilTWpRLf" />

Flow was the first of four luxury apartment developments delivered by Paul Gedoun's S&amp;S Projects at Rainbow Bay and was completed in 2023.

Positioned on the beachfront overlooking Snapper Rocks, the residence includes three bedrooms, three bathrooms, a powder room and views stretching north along the coastline towards Surfers Paradise.

Pezet Matheson Residential principal Mitchell Lambert said buyers continued to prioritise quality beachfront apartments in tightly held locations.

"Flow Residences offers a rare combination of elevated beachfront positioning, architectural excellence, comprehensive resident amenity and premium finishes, which is exactly what discerning purchasers are seeking," Lambert said.

"The transaction further reinforces Rainbow Bay's reputation as one of Australia's premier coastal lifestyle destinations, where limited supply and growing demand continue to support strong market performance."

Pezet Matheson originally marketed and sold out Flow off the plan, making the latest transaction a return to one of the project's original buyers.

Paul Gedoun is selling his third project, <a href="https://www.apartments.com.au/new-apartments/radia-rainbow-bay-271-boundary-street-coolangatta-qld-4225">Radia Rainbow Bay</a>, after recently completing, and selling out, <a href="https://www.apartments.com.au/buildings/esprit-217-227-boundary-street-coolangatta-qld-4225">Esprit</a>. He has plans for a <a href="https://www.apartments.com.au/news/qld/first-look-s-s-projects-proposes-88-apartment-wellness-tower-at-coolangattas-boundary-street">fourth building</a>, 88 apartments on <a href="https://www.apartments.com.au/new-apartments/209-213-boundary-street-coolangatta-qld-4225">Boundary Street</a>.

Rainbow Bay apartment doubles in price since off the plan sale during pandemic

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 the first time in a long time, Australia's inflation story is starting to look more like a landing than a fight.

The latest Consumer Price Index figures from the Australian Bureau of Statistics showed annual inflation eased to four per cent in May, down from 4.2 per cent in April. On the surface, that might not seem like a major move. Inflation remains above the Reserve Bank's target range and some categories continue to record stubborn price growth.

But the significance of this result lies less in where inflation sits today and more in what it means for where interest rates are likely heading next.

The biggest takeaway is that inflation continues to move in the right direction.

Markets had been bracing for another sticky result after a period where progress appeared to stall. Instead, headline inflation came in softer than expected, helped by falling fuel prices and easing transport costs. Annual transport inflation halved from 6.6 per cent in April to 3.3 per cent in May, while automotive fuel prices fell 11.9 per cent during the month following lower oil prices and the impact of reduced fuel excise measures.

While petrol prices don't solve Australia's affordability challenges, they are one of the most visible and immediate costs for consumers. Falling fuel costs feed through the economy quickly, helping ease pressure on household budgets and business operating expenses.

The ABS data also showed headline inflation is now sitting at its lowest annual level in several months, reinforcing the broader trend that price growth is gradually moderating.

That trend is important because it aligns with what many economists and lenders have been saying for the last month.

Prior to this week's inflation data, ANZ, NAB and Commonwealth Bank had all shifted their forecasts, now believing the Reserve Bank had likely reached the peak of the interest rate cycle. Following the May inflation release, ANZ reaffirmed that view.

In its latest economic update, ANZ said it expects quarterly trimmed mean inflation to come in at 3.7 per cent for the June quarter, slightly below the Reserve Bank's forecast of 3.8 per cent. Importantly, the bank said that outcome, when combined with slowing economic activity, "supports our view that the cash rate has peaked".

The Reserve Bank has spent the better part of three years attempting to bring inflation under control through higher interest rates. If Australia's major banks are correct and rates have now peaked, the conversation shifts from how much higher rates could go to when they might begin coming down.

Westpac's caution comes from underlying inflation. The trimmed mean, the measure most closely watched by the Reserve Bank, increased from 3.4 per cent to 3.6 per cent annually. Housing inflation remains elevated at 6.5 per cent, reflecting ongoing increases in rents, electricity costs and new dwelling construction.

Electricity prices remain particularly problematic, rising 21.1 per cent over the past year following the removal of government rebates.

Housing construction costs are also showing signs of renewed pressure. ANZ noted new dwelling costs rose 0.9 per cent in May and are now running at an annualised pace of 8.6 per cent over the past three months. Builders continue to face higher labour, fuel and material costs, a reminder that inflationary pressures have not completely disappeared.

Housing affordability has deteriorated largely because of higher interest rates rather than higher property prices alone. Even modest reductions in mortgage rates would improve borrowing capacity, increase buyer confidence and reduce repayment pressure on existing homeowners.

While August is far from a certainty, the latest inflation result has strengthened the view that the next move in rates is more likely to be down than up. For borrowers, buyers and the development sector, that alone represents a significant shift from the conversation that dominated much of the past two years.

The inflation result the property market was waiting for

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A beachfront esplanade terrace at Middle Park was the nation's top sale of a weekend auction listing at $5 million plus.
<a href="https://www.realestate.com.au/property-house-vic-middle+park-125172066" target="_blank">The Beaconsfield Parade terrace</a> (above) - formerly owned by Collingwood player Nathan Buckley - sold shortly after being passed in without bid.
Its subsequent sale - at an undisclosed price - matched expectations held by Cayzer agent Michael Szulc for the three bedroom modernised terrace.
It was sold by Buckley for $3.6 million in 2007 when the now Collingwood coach and his wife Tania moved to their $3.93 million Toorak home.
It had traded at $1.38 million in 2001.
The weekend's big sale came Friday night when after three years of marketing $70 million was paid for the Double Bay harbourfront, Elaine.
After 126 years of ownership by the Fairfax media dynasty, it was bought by software tech billionaire Scott Farquhar.
The combined national capital city preliminary clearance rate bounced back to sit at 76.9 percent this weekend, increasing from last weekend, when final results saw the clearance rate fall to 69.8 percent after 10 consecutive weeks remaining in the mid-70 percent range.
The rebound in the preliminary clearance rate has occurred against a backdrop of higher auction volumes, with 2,347 properties taken to auction across the combined capital cities, up from last week’s 1,751, however lower than one year ago (2,675) given fewer auction offering in most of the capital cities.
Kevin Brogan, auction analyst at CoreLogic said the higher clearance rate and increase in volumes this week were attributable to stronger results across the two larger auction markets of Melbourne and Sydney, with performance across the remaining capitals remaining varied over the week.
Across Melbourne, 79.9 percent of the 1,087 reported auctions sold.
There were 1,232 auctions held, rising from 828 last weekend when the final auction clearance rate was 75.2 percent.
The inner region of Melbourne had a preliminary clearance rate of 75.1 percent with the strongest results at the North East region and North West region, with 88.4 percent and 82.9 percent of auctions clearing respectively. 
<div class="story-intro">
The creative duo, Round the Twist creator Paul Jennings and his actor partner Mary-Anne Fahey secured the pre-auction sale of their St Kilda pad. 
<img src="https://www.urban.com.au/images/2017/05/01/Screen%20Shot%202017-05-01%20at%208.43.09%20AM.png" alt="">
</div>
<a href="https://www.realestate.com.au/sold/property-house-vic-st+kilda-125096482" target="_blank">The four-bedroom Acland Street semi </a>(above) sold for an undisclosed sum between its $1.9 million to $2.09 million price guidance through Whitefox agent Brad Ward.
It traded at $1.55 million in 2013 when bought by the couple who are spending the majority of their time in Warrnambool.
Jennings has sold more than 8.9 million books, including The Cabbage Patch Fib while Fahey is best known for her The Comedy Company character Kylie Mole.
The retired North Melbourne defender Michael Firrito and wife Bonnie, who are upsizing, sold in Ascot Vale.
<img src="https://www.urban.com.au/images/2017/05/01/Screen%20Shot%202017-05-01%20at%208.44.21%20AM.png" alt="">
<a href="https://www.realestate.com.au/property-house-vic-ascot+vale-125093838" target="_blank">The four bedroom Kent Street semi</a> (above) fetched $1,316,500 through AlexKarbon agent Charles Bongiovanni who advised The Herald Sun that the reserve was about $1.28 million. It was bought in 2011 at $760,000.
In Sydney, 804 properties were taken to auction with a preliminary clearance rate of 78.4 percent, increasing from last weekend when the final clearance rate for the city was 72.4 percent, across 596 auctions.
One year ago, 818 Sydney homes were taken to auction and the clearance rate was 71.7 percent. 
<img src="https://www.urban.com.au/images/2017/05/01/Screen%20Shot%202017-05-01%20at%208.45.44%20AM.png" alt="">
A Strathfield offering saw the inner west suburb top the Sydney auction results for consecutive weekends. <a href="https://www.realestate.com.au/property-house-nsw-strathfield-125101794" target="_blank">The $4.75 million Newton Road Strathfield sale</a> (above) was just six kms away from Sydney's cheapest, when <a href="https://www.realestate.com.au/sold/property-studio-nsw-ashfield-125151206" target="_blank">an Ashfield studio apartment</a> (below) sold pre-auction at $295,000. The $305 a week Ashfield rental last sold in 1995 at $65,000.
<img src="https://www.urban.com.au/images/2017/05/01/Screen%20Shot%202017-05-01%20at%208.46.51%20AM.png" alt="">
The eastern suburbs region, where 40 results have been reported so far, saw a 75 percent preliminary clearance rate.
The strongest regions were the Inner South West at 88 percent and Baulkham Hills and Hawkesbury at 84.2 percent. 
Brisbane was host to 124 auctions this week and so far 87 results have been reported, with 56.3 percent sold. A $990,000 sale was its top reported result when a three bedroom Coorparoo house sold. There were many prices withheld from publication.
<img src="https://www.urban.com.au/images/2017/05/01/Screen%20Shot%202017-05-01%20at%208.47.59%20AM.png" alt="">
The $990,000 top sale was<a href="https://www.realestate.com.au/property-house-qld-coorparoo-125145146" target="_blank"> a bungalow</a> (above) last sold in 1949.
Last weekend, Brisbane auction volumes across the city were higher with 134 auctions held across the city and a 44.3 percent clearance rate recorded. 
This week, Adelaide saw a preliminary clearance rate of 65.4 percent, with 52 reported results across a total of 82 scheduled auctions. Over the previous week Adelaide’s clearance rate was 58.2 percent and 61 percent one year ago. 
<img src="https://www.urban.com.au/images/2017/05/01/Screen%20Shot%202017-05-01%20at%208.49.08%20AM.png" alt="">
Adelaide has the nation's cheapest result when <a href="https://www.realestate.com.au/property-house-sa-salisbury+east-125139414" target="_blank">a three bedroom 1970s Andrew Avenue, Salisbury East brick home </a>(above) sold for $253,000. It last sold at $80,000 in 1995. The price guidance had been $210,000 plus through Harcourts Brock Williams.
In Perth, 33 auctions took place, with Perth’s preliminary clearance rate of 53.8 percent across the 13 reported results. 
<img src="https://www.urban.com.au/images/2017/05/01/Screen%20Shot%202017-05-01%20at%208.50.32%20AM.png" alt="">
Canberra’s preliminary auction clearance rate of 67.9 percent was lower than the 69.4 percent recorded last weekend. Evatt was the busiest suburb with three results including <a href="https://www.domain.com.au/16-60-copland-drive-evatt-act-2617-2013506730" target="_blank">a $490,000 three bedroom 1995 townhouse</a> (above) which last sold at $392,500 in 2011.
Tasmania saw 10 auctions take place and with nine results have been reported so far, there have been six sales.
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j.ballantyne1990-6AQqhLzZaK

Beachfront Middle Park terrace nation's top weekend sale

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Tech billionaire Scott Farquhar spent $70 million plus on Friday night to to secure the three-storey Double Bay harbourfront mansion, Elaine.
The property has been on the market for three years. 
There were two local parties vying against overseas interests for the derelict residence before it sold, ending the three-year marketing campaign by Ken Jacobs of Christie’s International.
Farquhar, 37, who co-founded tech company Atlassian with Mike Cannon-Brookes in 2002, now sits atop of the BRW Young Rich List with a combined net worth of $4.6 billion.
The 6986 square metre estate on Seven Shillings Beach features seven bedrooms, five bathrooms and a tennis court.
“We’re thrilled with the purchase and honoured to take over the Elaine estate in its entirety from the Fairfax family,” Farquhar told Fairfax Media.
Vendor John B Fairfax said the sale was an “emotional day”.
“I sold a home that has been in the Fairfax family since 1891. I am delighted it is being purchased in one line by an Australian family,” he said.
It has been reported Fairfax sold at a "sentimental discount" as he wanted a family buyer not a developer buyer.
Scott Farquhar, the co-founder and co-CEO of the software company Atlasssian, has been one of the handful of Australian billionaires who have been looking to buy in the prestige market place over recent times. It will be home for the low key tech guy and his wife, Kim and their three boys.
His interest has been focussed on eastern suburbs offerings including Rona on Bellevue Hill - going close but never committing to the modernised Rustic Gothic Revival style abode that remains listed through Bart Doff at Laing &amp; Simmons Double Bay inconjunction with Ben Collier at The Agency. 
The sale of Elaine bettered the previous $70 million house record set in 2015 when Jacobs sold the Vaucluse mansion, La Mer on behalf of James and Erica Packer to Chinese-Australian businessman Chau Chak Wing.
Built in 1863, Elaine has been home to the Fairfax media dynasty since Geoffrey Evan Fairfax bought it in 1891 for £2100, though no one in the family had lived in two decades. 
It has been leased since 1996, first to socialite Elizabeth de Fox and her then medico husband David, followed by the boutique property developers Bob Rose and his wife Margaret, then venture capitalist Cameron O'Reilly, and then the joint chief investment officer of Caledonia Investments, Mark Nelson, and his wife, Louise.
Farquhar's has limited property holdings - a Pyrmont apartment in his name - unlike his tech billionaire business partner Michael Cannon-Brookes and wife Annie who love their property.
The Cannon-Brookes couple own a $12 million Centennial Park Californian bungalow home currently getting a makeover given the family's need for more bedrooms, so they have just spent a stopgap $7.05 million on the Double Bay trophy home SeaDragon, the 1936 Professor Leslie Wilkinson designed Mediterranean style villa while they await the renovations.
They also own a Southern Highland retreat and a Palm Beach weekender.
This article first appeared in the Daily Telegraph.
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jchancellor-FAypfDUnLy

Double Bay harbourfront Elaine sold for $70 million plus

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Remarks at CEDA’s 2017 NSW Property Market Outlook Sydney 
Thank you for the opportunity to be part of today’s event. My remarks today come, unsurprisingly, from a prudential perspective. Property prices and yields, planning rules, the role of foreign purchasers, supply constraints, and taxation arrangements are all important elements of any discussion on property market conditions, and I’m sure the other speakers today will touch on most of those issues in some shape or form. But I’ll focus on APRA’s key objective when it comes to property: making sure that standards for property lending are prudent, particularly in an environment of heightened risk. 
Sound lending standards 
Our recent activity in relation to residential and commercial property lending has been directed at ensuring banking institutions maintain sound lending standards. Our ultimate goal is to protect bank depositors – it is, after all, ultimately their money that banks are lending. Basic banking – accepting money from depositors and lending to sound borrowers who have good prospects of repaying their loans – is what it’s all about. Of course, banking is about risk-taking and it is inevitable that not every loan will be fully repaid, but with appropriate lending standards and sufficient diversification, the risk of losses that jeopardise the financial health of a bank - and therefore the security offered to depositors - can be reduced to a significant degree. The banking system is heavily exposed to the inevitable cycles in property markets, and our goal is to seek to make sure the system can readily withstand those cycles without undue stress. 
Our mandate goes no further than that. We also have to take many influences on the property market - tax policy, interest rates, planning laws, foreign investment rules – as a given. And there are credit providers beyond APRA’s remit, so a tightening in one credit channel may just see the business flow to other providers anyway. For those reasons, there are clear limits on the influence we have. Property prices are driven by a range of local and global factors that are well beyond our control: whether prices go up or go down, we are, like King Canute, unable to hold back the tide. 
Of course, that is not to ignore the fact that one determinant of property market conditions is access to credit. We acknowledge that in influencing the price and availability of credit, we do have an impact on real activity - and this may feed through to asset prices in a range of ways. But I want to emphasise that we are not setting out to control prices. Property prices will go up and they will go down (even for Sydney residential property!). It is not our job to stop them doing either of those things. Rather, our goal is to make sure that whichever way prices are moving at any particular point in time in any particular location, prudentially-regulated lenders are alert to the property cycle and making sound lending decisions. That is the best way to safeguard bank depositors and the stability of the financial system. 
Residential property lending 
APRA has been ratcheting up the intensity of its supervision of residential property lending over the past five or so years. Initially, this involved some fairly typical supervisory measures: 
<ul>
<li>in 2011 and again in 2014, we sought assurances from the Boards of the larger lenders that they were actively monitoring their housing lending portfolios and credit standards; </li>
<li>in 2013, we commenced more detailed information collections on a range of housing loan risk metrics; </li>
<li>in 2014, we stress-tested around the largest lenders against scenarios involving a significant housing market downturn; </li>
<li>also in 2014, we issued a Prudential Practice Guide on sound risk management practices for residential mortgage lending; and  </li>
<li>we have conducted numerous hypothetical borrower exercises to assess differences in lending standards between lenders, and changes over time. </li>
</ul>
These steps are typical of the role of a prudential supervisor: focusing on the strength of the governance, risk management and financial resources supporting whatever line of business is being pursued, without being too prescriptive on how that business should be undertaken. 
But from the end of 2014, we stepped into some relatively new territory by defining specific lending benchmarks, and making clear that lenders that exceeded those benchmarks risked incurring higher capital requirements to compensate for their higher risk. In particular, we established quantitative benchmarks for investor lending growth (10 per cent), and interest rate buffers within serviceability assessments (the higher of 7 per cent, or 2 per cent over the loan product rate), as a means of reversing a decline in lending standards that competition for growth and market share had generated. 
I regard these recent measures as unusual, and not reflective of our preferred modus operandi. We came to the view, however, that the higher-than-normal prescription was warranted in the environment of high house prices, high household debt, low interest rates, low income growth and strong competitive pressures. In such an environment, it is easy for borrowers to build up debt. Unfortunately, it is much harder to pay that debt back down when the environment changes. So re-establishing a sound foundation in lending standards was a sensible investment. 
Since we introduced these measures in late 2014, investor lending has slowed and serviceability assessments have strengthened. But at the same time, housing prices and debt have got higher, official interest rates have fallen further and wage growth remains subdued. So we recently added an additional benchmark on the share of new lending that is occurring on an interest-only basis (30 per cent) to further reduce vulnerabilities in the system. 
Each of these measures has been a tactical response to evolving conditions, designed to improve the resilience of bank balance sheets in the face of forces that might otherwise weaken them. We will monitor their effectiveness over time, and can do more or less as need be. We have also flagged that, at a more strategic level, we intend to review capital requirements for mortgage lending as part of our work on establishing ‘unquestionably strong’ capital standards, as recommended by the Financial System Inquiry (FSI). 
Looking at the impact so far, I have already noted that our earlier measures have helped slow the growth in investor lending (Chart 1), and lift the quality of new lending. Serviceability tests have strengthened, although as one would expect in a diverse market there are still a range of practices, ranging from the quite conservative to the less so. Lenders subject to APRA’s oversight have increasingly eschewed higher risk business (often by reducing maximum loan -to -valuation ratios (Chart 2)), or charged a higher price for it. For example, there is now a clear price differential between lending to owner -occupiers on a principal and interest basis, and lending to investors on an interest -only basis (Chart 3) . And as a result of our most recent guidance to lenders, we expect some further tightening to occur. 
<img src="https://www.urban.com.au/images/2017/04/28/APRAChart1.png" alt="">
<img src="https://www.urban.com.au/images/2017/04/28/APRAChart2.png" alt="">
<img src="https://www.urban.com.au/images/2017/04/28/APRAChart3.png" alt="">
Looked at more broadly, the most important impact has been to reduce the competitive pressure to loosen lending standards as a means of chasing market share. We are not seeking to interfere in the ability of lenders to compete on price, service standards or other aspects of the customer experience. We do, however, want to reduce the unfortunate tendency of lenders, lulled by a long period of buoyant conditions, to compete away basic underwriting standards. 
Of course, lenders not regulated by APRA will still provide competitive tension in that area and it is likely that some business, particularly in the higher risk categories, will flow to these providers. That is why we also cautioned lenders who provide warehouse facilities to make sure that the business they are funding through these facilities was not growing at a materially faster rate than the lender’s own housing loan portfolio, and that lending standards for loans held within warehouses was not of a materially lower quality than would be consistent with industry-wide sound practices. We don’t want the risks we are seeking to dampen coming onto bank balance sheets through the back door. 
Commercial real estate lending 
For all of the current focus on residential property lending, it has been cycles in commercial real estate (CRE) that have traditionally been the cause of stress in the banking system. So we are always quite interested in trends and standards in this 5 area of lending . And tighter conditions for residential lending will also impact on lenders’ funding of residential construction portfolios – we need to be alert to the inter - relationships between the two. 
Overall, lending for commercial real estate remains a material concentration of the Australian banking system . But while commercial lending exposures of APRA - regulated lenders continue to grow in absolute terms, they have declined relative to the banking system’s capital (partly reflecting the expansion in the system’s capital base ). Exposures are now well down from pre -GFC levels as a proportion of capital, albeit much of the reduction was in the immediate post -crisis years and, more recently, the relative position has been fairly steady (Chart 4) . 
<img src="https://www.urban.com.au/images/2017/04/28/APRAChart4.png" alt=""> 
The story has been broadly similar in most sub -portfolios, with the notable exception of land and residential development exposures (Chart 5). These have grown strongly as the banking industry has funded the significant new construction activity that has been occurring, particularly in the capital cities of Australia’s eastern seaboard. At the end of 2015, these exposures were growing extremely rapidly at just on 30 per cent per annum , but have since slowed significantly as newer projects are now being funded at little more than the rate at which existing projects roll off (Chart 6). 
<img src="https://www.urban.com.au/images/2017/04/28/APRAChart5.png" alt="">
<img src="https://www.urban.com.au/images/2017/04/28/APRAChart6.png" alt="">
(As an aside, this is one reason why we opted not to reduce the 10 per cent investor lending benchmark for residential lending recently. There is a fairly large pipeline of residential construction to be absorbed over the course of 2017, and there is little to be gained from unduly constricting that at this point in time.) 
In response to the generally low interest rate environment, coupled with relatively high price growth in some parts of the commercial market , low capitalisation rates 6 and indications that underwriting standards were under competitive pressure, we undertook a thematic review of commercial property lending over 2016. We looked at the portfolio controls and underwriting standards of a number of larger domestic banks, as well as foreign bank branches which have been picking up market share and growing their commercial real estate lending well above system growth rates. 
The review found that major lenders were well aware of the need to monitor commercial property lending closely, and the need to stay attuned to current and prospective market conditions. But the review also found clear evidence of an erosion of standards due to competitive pressures - for example, of lenders justifying a particular underwriting decision not on their own risk appetite and policies, but based on what they understood to be the criteria being applied by a competitor. We were also keen to see genuine scrutiny and challenge that aspirations of growth in commercial property lending were achievable, given the position in the credit cycle, without compromising the quality of lending. This was often being hampered by inadequate data, poor monitoring and incomplete portfolio controls. Lenders have been tasked to improve their capabilities in this regard. 
Given the more heterogeneous nature of commercial property lending, it is more difficult to implement the sorts of benchmarks that we have applied to residential lending. But that should not be read to imply we have any less interest in the quality of commercial property lending. Our workplan certainly has further investigation of commercial property lending standards in 2017, and we will keep the need for additional guidance material under consideration. 
Concluding remarks 
So to sum up, property exposures – both residential and commercial – will remain a key area of focus for APRA for the foreseeable future. Sound lending standards are vital for the stability and safety of the Australian banking system, and given the high proportion of both residential mortgage and commercial property lending in loan portfolios, there will be no let-up in the intensity of APRA’s scrutiny in the foreseeable future. But despite the fact the merit of our actions are often assessed based on their expected impact on prices, that is not our goal. Prudence (not prices) is our catch cry: our objective is to make ensure that, whatever the next stage of the property cycle may bring, the balance sheet of the banking system is resilient to it.
Wayne Byres is Chairman of the Australian Prudential Regulation Authority
 
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Prudential perspectives on the property market: Wayne Byres

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GUEST OBSERVER
This month’s Q1 2017 CPI inflation numbers provided additional support for our long held view that the RBA is unlikely to cut its cash rate further.
Underlying inflation, as measured by the average of the trimmed mean and weighted median, lifted to 1.8% y-o-y in Q1, which is up from its low point of 1.5% in Q3 and Q4 2016. Domestically produced, non-tradable inflation has also continued to pick up pace, rising by 2.6% y- o-y, up from 1.6% in Q2 2016. Although underlying inflation remains below the bottom edge of the RBA’s 2-3% target band, it does appear to be past its trough.
The RBA also has a high hurdle for considering further cash rate cuts, as it is more concerned about the Sydney and Melbourne housing price boom than low inflation expectations becoming embedded. RBA Governor, Phil Lowe, has stated that it would not be in the ‘public interest’ to cut the cash rate further, even if it got inflation back to target sooner, if it boosted housing prices and debt. In response to this concern, the prudential regulator has tightened its settings further in recent weeks.
If there are no cuts expected, the key question becomes: when will the RBA consider lifting its cash rate? On this, the Q1 CPI numbers also suggest that rate rises are not likely any time soon. Although inflation is rising, the pick-up has been gradual and inflation remains low. In our view, the timing of the next hike in the cash rate largely depends on the outlook for wages growth. Our central case sees the unemployment rate gradually falling in coming quarters and wages growth lifting in H2 2017, helped along by the boost to national incomes from the recent rise in commodity prices. We see the RBA lifting its cash rate in Q1 2018.
Given that we expect only gradual cash rate rises, that Australia’s household debt is high and recent prudential tightening is underway, our new onshore AU/NZ Rates/FX strategist, Tom Nash, is favouring curve flattening. We also see some modest near- term downside to the AUD to US72 cents, albeit back to US75 cents by end-2017. 
<a href="https://www.propertyobserver.com.au/images/2017/04/28/Screen%20Shot%202017-04-28%20at%202.07.17%20PM.png" target="_blank">Click to enlarge</a>
<img src="https://www.urban.com.au/images/2017/04/28/Screen%20Shot%202017-04-28%20at%202.07.17%20PM.png" alt="">
CPI inflation picked up in Q1 and is back in the RBA’s 2-3% target band for the first time in nine quarters (Chart 1). More importantly, for the policy rate outlook, the underlying measures of inflation have edged higher and appear to be past the trough. The average of the RBA’s two preferred measures of underlying inflation – the trimmed mean and weighted median – lifted to 1.8% y-o-y in Q1, up from a recent low point of 1.5% in Q3 and Q4 2016. The momentum in inflation also appears to be more than just due to temporary factors, such as rising oil prices or the effect of previous falls in the AUD, with domestically produced, non-tradables inflation continuing to trend higher (Chart 2).
The lift in inflation supports the case that the RBA is unlikely to cut further. However, with inflation remaining low, we think the CPI numbers, on their own, provide little motivation for the RBA to consider lifting the cash rate any time soon.
Business conditions and confidence are lifting
For the RBA to be convinced to lift its cash rate, the central bank is expected to need further evidence that underlying inflation is headed back to target. In our view, a key factor is the outlook for wages growth. Wages growth has been running at its slowest rate in multiple decades, which has been putting downward pressure on domestic inflation (Chart 3). Although there are some signs that wages growth is stabilising, as yet there is little evidence of a pick-up.
<a href="https://www.propertyobserver.com.au/images/2017/04/28/Screen%20Shot%202017-04-28%20at%202.09.38%20PM.png" target="_blank"> Click to enlarge</a>
<img src="https://www.urban.com.au/images/2017/04/28/Screen%20Shot%202017-04-28%20at%202.09.38%20PM.png" alt="">
Surveyed business conditions imply growth should pick-up 
However, there are clear signs that business conditions have been improving recently. The NAB survey of business conditions rose in Q1 2017 and implies solid economic growth (Chart 4). This should, in turn, motivate increased hiring and some tightening of the labour market. This could deliver upward pressure on wages growth over time. The key driver of the improvement in business conditions has been a sharp lift in conditions in the mining industry, as higher commodity prices have boosted profitability (Chart 5).
<a href="https://www.propertyobserver.com.au/images/2017/04/28/Screen%20Shot%202017-04-28%20at%202.10.29%20PM.png" target="_blank">Click to enlarge</a>
<img src="https://www.urban.com.au/images/2017/04/28/Screen%20Shot%202017-04-28%20at%202.10.29%20PM.png" alt="">
As we have argued previously, we expect that some part of the lift in commodity prices will feed through to domestic wages, much as it has done in the past (see Downunder Digest: Show me the money, 20 April 2017). Historically, there is a strong positive correlation between unit labour costs (productivity-adjusted wages growth) and the terms of trade in Australia (Chart 6). Although we do not expect this relationship to be as strong as in the past, when the rise in commodity prices had motivated mining investment booms, we do expect it to feed through to a modest lift in wages growth in H2 2017.
Prudential settings have been tightened to cool housing
Concerns about the leverage-fuelled house price booms in Sydney and Melbourne have led the RBA’s Governor, Phil Lowe, to repeatedly note that it would not be in the ‘public interest’ to cut the cash rate again if it drove a further rise in housing prices and debt.
The Australian financial authorities backed this rhetoric with action by further tightening the prudential settings in the past few weeks. This included: reinforcing that banks should not grow their investor lending any faster than 10% a year; requiring that interest-only loans are no more than 
30% of new lending (down from a current run rate of 40%); and that banks maintain appropriate loan serviceability tests in the face of heightened risks, amongst other measures. Tighter prudential settings had already seen effective rates for housing investors rise by 25bp in March.
<a href="https://www.propertyobserver.com.au/images/2017/04/28/Screen%20Shot%202017-04-28%20at%202.11.22%20PM.png" target="_blank">Click to enlarge</a>
<img src="https://www.urban.com.au/images/2017/04/28/Screen%20Shot%202017-04-28%20at%202.11.22%20PM.png" alt="">
There is some evidence that the tighter prudential settings are cooling the housing market, with the daily measures of Sydney and Melbourne house prices levelling out in April (Chart 7). However, it is worth noting that April is also typically a seasonally weak month for the housing market. Nonetheless, the tighter prudential settings and increased rates for investors are expected to see investor loan approvals pull back from their recent high levels in coming months (Chart 8).
However, it is worth keeping in mind that the international and local experience suggests that prudential tightening typically only has a short-lived cooling effect on housing markets, before fundamental factors, such as housing supply and demand and interest rates reassert themselves. The RBA will be aware of this evidence. On the margin, we see the exuberant housing market as likely to make the RBA a bit more hawkish on its cash rate settings, albeit only to the extent that its policy rate setting is still consistent with the outlook for inflation. The outlook for wages growth remains the focus.
<a href="https://www.propertyobserver.com.au/images/2017/04/28/Screen%20Shot%202017-04-28%20at%202.12.11%20PM.png" target="_blank">Click to enlarge</a>
<img src="https://www.urban.com.au/images/2017/04/28/Screen%20Shot%202017-04-28%20at%202.12.11%20PM.png" alt="">
RBA tactics and forecasts
We expect the RBA to remain firmly on hold at its May meeting (2 May) and to give no suggestions that it would consider cutting further. At the same time, we do not expect any discussion about possible rate rises either. In its official statement, due to be published on 5 May, we expect the GDP and underlying inflation forecasts to be unchanged from the February 2017 statement (Charts 9 and 10). HSBC’s growth and inflation forecasts are slightly stronger than the RBA’s last published set of numbers.
Fixed Income and FX Strategy
AUD Rates: Front-end floored but lacking catalysts
This macroeconomic back-drop and RBA stance should place an implicit floor on money market rates. We think current OIS and cash rate future pricing is close to this floor – the market implies 0-5bp of cumulative cuts over the next six to nine months – skewing risk-reward towards paying/ steepening structures in the very front-end. However, such strategies should be tactical given the lack of near-term catalysts to re-price the RBA.
Beyond the RBA dates, yield pick-up is more attractive in forward starting swaps beyond one year but even then risk premium is still notably lower than in mid-March (Chart 11) and we see New Zealand as a better candidate for front-end receivers given the similar macro back-drop but considerably better roll-down profile.
<a href="https://www.propertyobserver.com.au/images/2017/04/28/Screen%20Shot%202017-04-28%20at%202.13.31%20PM.png" target="_blank">Click to enlarge</a>
<img src="https://www.urban.com.au/images/2017/04/28/Screen%20Shot%202017-04-28%20at%202.13.31%20PM.png" alt="">
More broadly, while the HSBC fixed income team also subscribes to the view that the next move in the cash rate is more likely to be a hike than a cut, investors should position against curve pricing that reflects an aggressive hiking cycle given a range of domestic structural factors that should constrain long-end rates (see AUD Rates: Cheap enough, 30 March 2017). We see ample room for the curve to flatten, given the swap curve is still 70bp steeper than 2016 lows between two and 10 years.
AUD-USD: prone to disappointment
The AUD’s buoyancy so far this year contrasts with interest rate differentials that have continued to grind lower (Chart 12). This disconnect between FX and rates could be observed in the aftermath of the April RBA meeting when the cash rate was left unchanged but AUD-USD immediately fell 0.5%. This occurred despite the RBA doing exactly as expected, with little ‘new news’ in the accompanying statement. In contrast, market interest rates, which already imply a broadly neutral path for the cash rate over the next 12 months, were largely unchanged.
The RBA’s lack of commentary that explicitly confirms reflationary themes, when compared to more hawkish commentary elsewhere, has put downward pressure on the AUD. With our economics team not expecting any changes to the RBA’s forecasts or rhetorical tone, we think the AUD-USD is likely still prone to disappointment. We forecast AUD-USD at 0.72 by end-Q2, before recovering to 0.75 by year-end. 
 
<a href="https://www.about.hsbc.com.au/hsbc-in-australia/management-team">PAUL BLOXHAM</a> IS CHIEF ECONOMIST (AUSTRALIA AND NEW ZEALAND) FOR HSBC. 
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RBA's next move likely to be up but not for some time yet: HSBC's Paul Bloxham

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A shop in the fashionable and arty shopping strip of Sydney’s Woollahra is up for lease.
Located at <a href="https://www.propertyobserver.com.au/https://raywhitewoollahra.com.au/properties/commercial-for-lease/nsw/woollahra-2025/retail/1649858" target="_blank">104 Queen Street</a>, the shop has strong street presence and is next to leading brands such as Sotheby’s, MJ Bale, Jo Malone etc.
The 200 sqm property boasts high ceilings and a light-filled external courtyard. 
The property lends itself to an array of uses, or even flagship retail, according to its description on Ray White’s website.
The listing agents are Ben Vaughan and Michael Aubusson of Ray White.
“We have had strong interest from Paul Smith, Aesop, Mother of Pear and Sons Trading,” said Ben Vaughan. 
The property last traded for $5,060,000 in 2010 when it was acquired by Wyelba Pty Ltd, a company run by Alisdair MacLeod and Prudence Murdoch, who bought it from art collector David Roche through Vaughan.
“At that time it housed the much-famed Martyn Cook Antiques and renowned interior designer Thomas Hamel,” said Vaughan.
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High street retail lease opportunity in Sydney’s Woollahra 

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Real estate investment trust Propertylink Group (ASX:PLG) said it has acquired an office building in Brisbane for $145 million, in partnership with Goldman Sachs.
The transaction for the commercial office building at 50 Ann Street reflects a core market yield of 8.18%. 
The acquisition was undertaken via an expansion of the Propertylink Enhanced Partnership (PEP) mandate with a 25% co-investment by Propertylink, the company said in an ASX announcement.
The property comprises a 25 storey building with a total lettable area of 25,519 sqm set on a 2,198 sqm site.
It has a prominent corner location within the tightly held northern ‘legal precinct’ of the Brisbane CBD.
The property is fully leased to the Queensland state government with a remaining lease term of 3.5 years. 
Propertylink’s head of Property, Peter McDonald said the deal reflected that Brisbane’s commercial market was showing signs of recovery and experiencing a turnaround in demand. 
Brisbane’s CBD has reported its eighth consecutive quarter of positive net absorption, with increased demand and limited supply expected to drive rental growth over the coming years, Propertylink said.
“The purchase of 50 Ann Street reflects Propertylink’s disciplined approach to the acquisition of assets, based on ground up fundamentals where there is capacity for us to execute our strong asset and property management skills to reposition these assets for core institutional ownership,” said McDonald. 
The team of Propertylink and Goldman Sachs now have transactions valued at more than $1 billion now after the latest acquisition.
Settlement of 50 Ann Street is expected in May.
“This acquisition is another key step in executing the growth of our investment management platform, bringing funds under management to $1.2 billion,” said Propertylink CEO Stuart Dawes.
Propertylink now has office assets valued at more than $725 million, of which 76% are located in Sydney.  
It said assets under management in relation to the expanded PEP mandate will increase to $293 million following completion of the Ann Street purchase. 
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A-REIT Propertylink acquires Brisbane office tower for $145 million

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The New South Wales government leads the country in property tax increases, according to the Property Council of Australia which cited the latest ABS data, adding further pressure on house prices amid the hot debate on affordability.
Taxes on property increased by 16 per cent, or $2.4 billion in NSW in 2015/16, leading Australia in terms of property tax hikes. Over the last five years, revenue from property taxes in NSW rose by 64.9 per cent, or $6.7 billion, the data shows.
The state’s tax share bolstered last year’s national property tax revenue where property taxes hit a record $49.5 billion across Australia. 
The PCA says the state government is leaning on the property industry to prop up its spending. 
“This a podium finish NSW does not want; with housing affordability the number one issue for this premier and her leadership team, it is concerning that they continue to squeeze the industry dry and are swimming in property tax revenue,” NSW executive director Jane Fitzgerald said.
“Higher taxes on property means higher house prices and more strain on first home buyers - this government is simply throwing fuel on the fire.
“With the average house price in NSW at around $900,000 and in parts of Sydney at well over $1 million, we need to be reducing taxes on the property industry, not leading the nation in terms of tax hikes.”
<img src="https://www.urban.com.au/images/2017/04/28/NSWtax.png" alt="">
Over the past five years, revenue for property based stamp duty in NSW has doubled to more than eight billion dollars from around four billion dollars.
“When will enough be enough and we look at tax reform in this state to reduce the burden on the industry and look at sustainable, long term revenue streams rather than property taxes that rise and fall with the market,” said Fitzgerald.
“The upcoming state budget must be brave and bold and contain tax reform that releases the financial pressure on the people of NSW.”
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NSW leads Australia in property tax hikes: PCA

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The auction market in Sydney is back to strength following the Easter holiday with 650 homes set for Saturday auction, according to Domain's Dr Andrew Wilson.
He said Sydney’s inner west will be the most popular region for auctions on Saturday with 100 followed by the south with 88, the upper north shore (80), the city and east (68), the west (61), the lower north (55), the south west (50), Canterbury Bankstown (47), the northern beaches (35), the north west (30) and the central coast with (18) auctions listed.
"Manly will host the most suburban auctions this weekend with 11 followed by Newtown and Mosman each with 10, Ashfield (8), St Ives, Eastwood and Darlinghurst each with 7 and a number of suburbs with 6 auctions listed including Revesby, Paddington Bexley and Earlwood," he said.
"Auction listings were predictably higher last weekend with 705 homes scheduled to go under the hammer compared to 25 the previous weekend.
"This weekend more than 1000 auctions are listed as the market returns in full after April’s lengthy holiday distractions.
"Melbourne’s eastern suburban regions recorded the highest clearance rates last weekend although most areas and suburbs continue to secure positive results for sellers.
"Top rate was reported by the south-east with 87.7 percent followed by the outer east 86.2 percent, the inner east 86.0 percent, the west 84.0 percent and the most sales at 84, the north-east 83.3 percent, the north 82.7 percent, the inner south 71.7 percent and the inner city with a clearance rate of 61.1 percent."
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Post Easter Sydney, Melbourne auction market back to strength

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The latest CoreLogic figures are likely to show price growth flat-lined in April with Sydney having its first monthly decline since December 2015.
Full-month figures due to be released on Monday will show the country's peak growth phase has possibly paused or passed.
CoreLogic head of research Asia Pacific Tim Lawless noted the CoreLogic hedonic home value index has virtually held steady over the first twenty-seven days of the month for the five city aggregate index, "with a subtle fall in Sydney values over the month to date." 
"Recent regulatory changes aimed at slowing the pace of investment and interest-only lending have pushed mortgage rates slightly higher and slowed the pace of investment demand. These changes appear to be having a dampening effect on housing market conditions."
" The softer results come after a strong re-acceleration in home values that has been evident through the second half of 2016 and the first quarter of 2017. 
"Recent regulatory changes aimed at slowing the pace of investment and interest-only lending have pushed mortgage rates slightly higher and slowed the pace of investment demand. 
"These changes appear to be having a dampening effect on housing market conditions." 
The figures had Sydney up 1.4 percent in March - up 18.9 percent over the 12-month period.
</div>
<div class="cq-article-content-paras section">
The last decline in Sydney values came in the December quarter of 2015, with a 1.4 percent decline in November and a 1.2 percent fall in December, coinciding the first round of credit curbs.
Monday's report will include figures for the five mainland capitals. 
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Subtle fall in Sydney values in April: CoreLogic

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The Outer East region of Melbourne scored the highest auction weekend clearance rate, according to CoreLogic’s latest report.
The property data firm says that out of the 76 auctions in the Outer East region 84.2 percent resulted in a successful outcome.
This was followed by the Inner East with 82 percent and the North East with 79.4 percent.
<a href="https://www.propertyobserver.com.au/images/2017/04/27/Screen%20Shot%202017-04-27%20at%2010.06.17%20am.jpg" target="_blank">Click to enlarge</a>
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/04/27/Screen%20Shot%202017-04-27%20at%2010.06.17%20am.jpg" alt="">
The Inner region had the lowest auction clearance rate with only 65.5 percent of its auctions cleared.
A three bedroom house at <a href="https://www.realestate.com.au/sold/property-house-vic-knoxfield-125088298">81 David Street North</a>, Knoxfield (above) was sold for $1.505 million.
Similarly a four bedroom house at <a href="https://www.realestate.com.au/sold/property-house-vic-knoxfield-125102702">3 Azalea Court</a>, Knoxfield (below) was sold for $925,000.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/04/27/3%20Azalea%20Court.jpg" alt="">
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