The residential transformation of St Kilda Road is set to continue into with more new apartment plans for the sought-after boulevard.

Wing Tai Asia has lodged plans for a major residential tower at 464-466 St Kilda Road, replacing the former VACC House with an 18-storey mixed-use development designed around a retained heritage podium and a sculpted contemporary tower.

The proposal, prepared under Victoria’s Significant Residential Development with Affordable Housing pathway, would deliver 325 apartments and ground-floor retail across the prominent 4,653 sqm boulevard site in Melbourne’s St Kilda Road North Precinct.

The project centres on the adaptive reuse of the site’s heritage-listed VACC Building, an eight-storey office designed by Bernard Evans that has occupied the address for decades. Planning documents state the development would involve “carefully dismantling and conserving off-site the original metal fabric of the podium visible from St Kilda Road,” before reinstating it as the defining frontage of the new scheme.

Above the restored podium, Wing Tai is proposing a curvilinear residential tower. The scheme includes 172 one-bedroom apartments, 63 two-bedroom apartments, 66 three-bedroom apartments, and 24 four-bedroom apartments, alongside two ground-floor food and beverage tenancies fronting St Kilda Road.

The tower has been designed with substantial articulation and variable setbacks to minimise perceived bulk and maintain view corridors along the boulevard. Urbis, which prepared the planning report, said the design “has been significantly articulated through a curvilinear design” with “an interplay with materials, façade expression and depth” to create visual separation and visual interest.

The proposal also includes 254 basement car spaces, landscaped pedestrian links connecting St Kilda Road and Queens Lane, and a biophilic landscape strategy featuring canopy trees, raised planters, cascading greenery and a glass oculus pool overlooking the eastern frontage.

Planning documents confirm the $270.1 million development will contribute 3 per cent of project costs to the Social Housing Growth Fund as part of the application process.

Wing Tai acquired the St Kilda Road property in 2018 alongside Abacus Property Group for $95.38 million, before later consolidating ownership of the site. The property previously served as the Victorian Automobile Chamber of Commerce headquarters for around 60 years.

The transformation of the St Kilda Rd boulevard is already beginning to materialise, with a number of high-profile projects recently completed, launched, or approaching launch as developers continue to back the long-term appeal of the precinct.

Among the most notable recent completions is Louise by Samuel Property Group, just off the strip on Queens Lane, the same pocket Hirsch &amp; Faigen recently launched The Queensbury. Mirvac is too on the same street with The Albertine, which is approaching completion.

Dexus recently secured approval for its slice of St Kilda Road, while Gurner also has approved plans for the precinct.

Joel Robinson

Wing Tai unveils 325-apartment St Kilda Road tower on former VACC House site

Malaysian developer <a href="https://www.apartments.com.au/developers/s-p-setia">SP Setia</a> is the latest to jump into St Leonards booming Transport Oriented Development precinct.

The developer, which has previously delivered Sapphire by the Gardens apartment development in Melbourne, identified the Atchison Street site in 2023. It filed a Scoping Report around 12 months ago, and now has revealed the designs for the new&nbsp;40-storey mixed-use tower.

The State Significant Development Application covers <a href="https://next-portal.urban.com.au/projects/14650/summary">20-22 Atchison Street</a>, a 1,374 sqm site positioned between St Leonards Station and the new Crows Nest Metro station.

Designed by <a href="https://www.apartments.com.au/architects/cox-architecture">COX Architecture</a>, the project would deliver 181 apartments, above a four-storey commercial podium, five basement levels, and new public domain works along Mitchell Street. The apartment mix comprises 35 one-bedroom apartments, 39 one-bedroom-plus-study apartments, 85 two-bedroom apartments, and 22 three-bedroom residences.

The proposal has been lodged as a shop-top housing development under the NSW Government’s TOD planning pathway, which allows increased density around key transport infrastructure. The site sits within the recently rezoned Crows Nest Accelerated TOD Precinct.

<img alt="First look: SP Setia targets St Leonards skyline with 40-storey TOD tower" data-entity-type="file" data-entity-uuid="b799673d-48e2-46b0-801a-0e33a9330100" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/atchinson%20site.png?VersionId=dPh0UfwfaHpbFL1R7H1cbZNbIW0CHbCC" />

SP Setia acquired the Atchison Street site as part of its continued expansion into the Australian apartment market. In comments made to City &amp; Country (The Edge Malaysia) in 2023, SP Setia President and CEO Datuk Choong Kai Wai described the acquisition as “a strategic move” aligned with the group’s post-pandemic market recovery strategy.

“Our target for this exceptional development is local and overseas buyers, including first-home buyers, downsizers and investors,” Choong said.

The tower has been designed as a slender vertical form rising from a mixed-use podium, with COX Architecture positioning the development as a response to the evolving St Leonards and Crows Nest skyline.

“The purpose of the project is to facilitate the delivery of high-quality housing at a strategically located site and deliver a built tower outcome that is consistent with the desired future character of St Leonards and aligns with the TOD controls,” the design report stated.

<img alt="First look: SP Setia targets St Leonards skyline with 40-storey TOD tower" data-entity-type="file" data-entity-uuid="b1a85eee-76f7-436c-a6da-73ba827b9b13" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/atchinson%20entry.png?VersionId=dA9jHGPMcm.dDbwk4QfxqWiY5bfh3UVt" />

The podium would incorporate retail uses fronting Atchison Street, commercial tenancies, landscaped communal areas, and pedestrian improvements along Mitchell Street. Vehicle access and loading would be consolidated via Atchison Lane.

Residents would have access to more than 665 sqm of communal indoor and outdoor spaces, while the development proposes 96 parking spaces across five basement levels.

The proposal also includes a commitment for 10 per cent of residential floor space to be allocated toward affordable housing through a monetary contribution.

COX said the tower form responds directly to the emerging high-density character of the precinct while seeking to maximise solar access, cross ventilation, and outlook from apartments.

<img alt="First look: SP Setia targets St Leonards skyline with 40-storey TOD tower" data-entity-type="file" data-entity-uuid="2163f85c-f63b-4be3-aafa-f8763976cec5" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Article%20Feature%20Image%20%28Grid%29_5.png?VersionId=WiAmtIKJ6.ZQ41EtYEQ1fol7AeorKBlL" />

“The building is orientated towards north,” the Apartment Design Guide compliance report noted, adding that the tower’s slim form was driven by the constrained inner-urban site dimensions.

The design also incorporates landscaped setbacks and communal open space at podium level, intended to soften the interface with surrounding streets and improve pedestrian amenity.

The project adds to a growing wave of redevelopment proposals reshaping St Leonards and Crows Nest following the opening of the Sydney Metro City line and the NSW Government’s push for higher-density housing around major transport nodes.

Last week Stockland filed plans just down the road. They want to build a <a href="https://www.apartments.com.au/new-apartments/601-pacific-highway-st-leonards-nsw-2065">52-storey tower on Pacific Highway</a>.

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/first-look-stockland-plans-52-storey-538-apartment-st-leonards-tower">First look: Stockland plans 52-storey, 538-apartment St Leonards tower&nbsp;</a>

First look: SP Setia targets St Leonards skyline with 40-storey TOD tower

<a href="https://www.apartments.com.au/developers/urban-property-group">Urban Property Group</a> has revealed plans for a new mixed-use tower at 10 Dangar Street, Wickham, advancing a proposal that would reshape the southern gateway to Newcastle’s city centre with one of the city’s tallest residential buildings.

The State Significant Development proposal, now on exhibition, seeks approval for a <a href="https://www.apartments.com.au/new-apartments/bowline-10-dangar-street-wickham-nsw-2293">43-storey tower</a> immediately adjacent to the Newcastle Interchange. The project would deliver around 200 apartments, including 42 affordable housing dwellings, alongside 99 co-living units, a 171-room hotel, retail space, and new public domain integrated through the site.

The scheme marks a significant escalation of plans previously approved for the site. Urban Property Group took over the prominent 2,904 sqm parcel, where excavation and demolition had already commenced under an earlier consent for a 14-storey mixed-use development.

<img alt="First look: Urban Property Group unveils Newcastle’s next supertower at Wickham interchange" data-entity-type="file" data-entity-uuid="58a96dd9-407f-4d20-86b4-94e4bfeef74b" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/wickham%20podium.png?VersionId=LGlf08pdFGAZDzvx_CXC4XakHNZRuEE0" />

Designed by <a href="https://www.apartments.com.au/architects/sjb-architects">SJB</a>, the tower has been conceived as a landmark transit-oriented development anchored to the Newcastle Interchange precinct. The proposal includes 245 build-to-sell apartments across a mix of one, two, and three-bedroom residences, as well as two penthouses. Fifteen apartments and one operational unit are earmarked for NDIS housing. The co-living component would add a further 99 units, while the podium would accommodate retail uses and hotel facilities.

SJB said the site presents “a valuable opportunity to anchor the precinct by setting the standard for design, active ground planes and character at the key southern gateway.”

The architecture responds directly to the site’s position beside major transport infrastructure and within one of Newcastle’s fastest-evolving urban renewal precincts. The tower form sits above a sculpted podium designed to frame new public spaces, including a through-site pedestrian link connecting Station Street to Hannell Street, landscaped plazas, and activated retail edges.

<img alt="First look: Urban Property Group unveils Newcastle’s next supertower at Wickham interchange" data-entity-type="file" data-entity-uuid="a7bd6ff0-f7db-4ce8-a6dc-ea56e72c6149" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/wickham%20lanne.png?VersionId=xzf39VADyhj7zBQY2I9fx9vI62u2tuSb" />

The design report describes the project as part of the broader transition of Wickham into “a vibrant, high-quality mixed-use urban precinct” that leverages proximity to the station, open space, and regional connectivity.

A detailed public art strategy has also been prepared for the development. The strategy positions the project as “a transit-oriented development of state significance at the gateway to Newcastle’s city centre” and outlines a series of integrated artworks responding to Newcastle’s industrial and transport heritage.

Creative Road’s curatorial framework for the project, titled Unveil, draws on “stratified surfaces, carved volumes, and light-filled apertures” while referencing Newcastle’s transformation from an industrial city into a contemporary education and technology hub.

<img alt="First look: Urban Property Group unveils Newcastle’s next supertower at Wickham interchange" data-entity-type="file" data-entity-uuid="77a882bb-14b1-4d28-99ff-9438e39508c0" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/wickham%20site.png?VersionId=cevgo_vN0eKPK78P8YcEu3mKPLkpFqE7" />

The proposal is being advanced through the NSW Housing Delivery Authority pathway after being declared State Significant Development in June 2025. The accompanying scoping report states the development aims to “maximise the site’s proximity to the Newcastle Interchange by delivering transit-oriented development” while increasing housing supply and affordable housing provision within the Newcastle LGA.

Urban Property Group’s plans align with the long-term strategic vision established under the Wickham Master Plan, which identified the interchange precinct as suitable for substantial uplift in height and density. The current proposal would significantly intensify that vision, positioning the tower among the tallest developments proposed for Newcastle.

The site sits immediately north of the Newcastle Interchange, bounded by Dangar Street, Hannell Street, and Charles Street. It is surrounded by a rapidly growing cluster of residential towers and mixed-use projects that have emerged following the completion of the light rail and transport interchange.

First look: Urban Property Group unveils Newcastle’s latest tower at Wickham interchange

Bottega House has completed settlement of a landmark riverfront site in Macquarie Street, St Lucia, representing its first major Brisbane development.&nbsp;

Positioned on the banks of the Brisbane River, the <a href="https://www.apartments.com.au/new-apartments/180-macquarie-street-st-lucia-qld-4067">premium site at 180 Macquarie Street</a> features uninterrupted river frontage in one of Brisbane’s most tightly held residential precincts.&nbsp;

The proposed development, currently under assessment with Brisbane City Council, has been designed by <a href="https://www.apartments.com.au/architects/plus-studio">Plus Studio</a> with interiors by <a href="https://www.apartments.com.au/interior-designers/mim-design">Mim Design</a> and will deliver a boutique collection of premium residences positioned specifically for owner occupiers and downsizers.&nbsp;

The residences are set to redefine luxury apartment living in the area, with a focus on architectural quality, refined finishes, landscape integration and elevated amenities including curated wellness facilities, resort-style pools and recreation spaces rarely seen in the local market.&nbsp;

Exclusive sales for the project will be led by Keenan &amp; Byrne, ahead of an anticipated launch later this year.&nbsp;

Bottega House Managing Director Nick Malloch said the project reflects the group’s ambition to deliver a highly curated residential offering within one of Brisbane’s most tightly held precincts.&nbsp;

“This is an incredibly rare riverfront opportunity and one we have approached with a long-term perspective,” Malloch said.&nbsp;

“Our vision from the outset was to create a boutique collection of residences that feel more like private homes than traditional apartments, with generous proportions, refined finishes and exceptional amenity throughout."

Malloch says there is a&nbsp;lack of premium owner-occupier stock of this quality in the market, particularly for downsizers wanting space, privacy and a true lifestyle offering without compromise.&nbsp;

"Demand is expected to be strong given the scarcity of premium riverfront opportunities of this nature within Brisbane’s inner-west."&nbsp;

Bottega House secures landmark riverfront site in St Lucia 

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The arrival of the first piling rig officially marks the commencement of construction at SIERA’s new beachside apartment development, Exhale, in Northcliffe.

<a href="https://www.apartments.com.au/new-apartments/exhale-surfers-paradise-8-enderley-avenue-surfers-paradise-qld-4217">Exhale</a>, a glass-encased tower featuring 54 large-scale apartments at 8 Enderley Avenue, is SIERA’s third Gold Coast development. It follows the recently completed PIPIS Bilinga beachfront project, which achieved suburb-record prices, and the soon-to-be-completed Chevron Island development, Tapestry.

[smartcode_project:default project_id=112661 project_image_fid=359603]

<a href="https://www.apartments.com.au/developers/siera">SIERA</a> Founder and Managing Director Brent Thompson said the arrival of the piling rig represented a significant milestone for the development, which is scheduled for completion in late 2028.

Over the next month, around 260 piles are expected to be installed as work progresses on the basement structure. The building is anticipated to rise above ground level early next year, before unveiling its sculptural glass curtain wall, developed in collaboration with specialist façade engineers.

“The façade was designed to maximise panoramic coastal views while creating a distinctive architectural identity,” Thompson said.

[smartcode_project:default project_id=112661 project_image_fid=355935]

Designed by BDA Architecture, Exhale will comprise just 54 two- and three-bedroom residences across 26 levels, a level of low-density living rarely delivered in this beachside pocket between Surfers Paradise and Broadbeach.

The project has been conceived as a resident-only building, with no short-stay accommodation permitted. SIERA says the model is intended to appeal to long-term owner-occupiers rather than transient holiday demand.

[smartcode_project:default project_id=112661 project_image_fid=361052]

Residences have been designed with large-format layouts and expansive glazing, with most apartments featuring more than 30 metres of glass frontage to maximise natural light and ocean views.

The amenity offering spans two levels and centres on wellness and lifestyle, including a heated magnesium pool, sauna, yoga and Pilates studio, gymnasium, private dining facilities, cinema lounge, and dedicated surfcraft storage.

[smartcode_project:default project_id=112661 project_image_fid=359607]

More than half of the apartments have already sold. SIERA has also opened a sales gallery for Exhale at its Chevron Island commercial premises, near its Tapestry tower and the site of its second Chevron Island apartment development, which is slated to launch in early 2027.
</section>
</section>

[smartcode_project_cta:default project_id=112661]

SIERA kicks off construction at Northcliffe tower Exhale

National Australia Bank (NAB) has brought forward the timing of the first RBA cash rate cut by three months.

NAB is now expecting a cut in February, in line with ANZ and Westpac, having initially thought a cut wouldn't come until May.

Commonwealth Bank, the nation's largest lender, still thinks the first cut will come in December.

NAB changed its call following the August monthly inflation figures that were released at the end of September, showing it had dropped to 2.7 per cent.

"The risk has been skewed to a first cut earlier in 2025, and today’s change acknowledges the balance of risks has likely shifted sufficiently for the RBA to feel comfortable cutting a little sooner than we earlier expected," NAB noted in its latest update.

They added that the cadence of the cuts may be faster than its central profile.

"Domestic inflation pressures are cooling, but only gradually, and we continue to expect the conditions for a cut will not be in place this year.

NAB believes the easing cycle will end at 3.1 per cent by early 2026, which is five cuts from the current 4.35 per cent cash rate.&nbsp;

CBA also thinks 3.1 per cent will mark the end of the cutting cycle, while Westpac is forecasting 3.35 per cent, and ANZ is the most pessimistic at 3.6 per cent, which would be just three interest rate cuts.

<h2>What would a rate cut in February look like for borrowers?</h2>

According to&nbsp;<a data-saferedirecturl="https://www.google.com/url?q=https://link.mediaoutreach.meltwater.com/ls/click?upn%3Du001.IVvjJ-2BPT0A8C3VxtqKc6e3bj5hBuw27WFEYqovsYs7kPsgFulYrdOzeP8gI7CybJOya3_RgrM7qq-2BfK-2FtAHeRBLv5Qrb-2Bii5fzjLeKcP4w-2FkNgJPXygpiRhVUan3WV3QEggcf617UC8Z60RjQJZAqx7PiO7FtVJQSn0D46Zc3iTVP0kAhTTzG51cPpa5hrqz1OkSA-2BiXAxUajQ686MTtiseWBIdMdknd83aB7cOVgXlVTeHCGf3-2BcMHwfvI8TYlkUovqEhn4dj0KXf2eJGpb9-2BBv20hPXdLlPP9yD7DvFFDBM5yrTqxvcCiMfAsW1onD-2FcriL628eYdhNQE7bwzYrxcOYnmaYfRhGl-2FEHQ6eK2uQcLxs6Cbu6Dx0bYvpi5A6enmxMWU5TkcRYrP6Z8GbXZYtc5qSoKu6eWFBQR9K7fsjXwHMmby3D3X6Yx-2BxcDcdRruTG&amp;source=gmail&amp;ust=1727774368149000&amp;usg=AOvVaw2vK2ujS77CHs9VRvSSXzLC" href="https://link.mediaoutreach.meltwater.com/ls/click?upn=u001.IVvjJ-2BPT0A8C3VxtqKc6e3bj5hBuw27WFEYqovsYs7kPsgFulYrdOzeP8gI7CybJOya3_RgrM7qq-2BfK-2FtAHeRBLv5Qrb-2Bii5fzjLeKcP4w-2FkNgJPXygpiRhVUan3WV3QEggcf617UC8Z60RjQJZAqx7PiO7FtVJQSn0D46Zc3iTVP0kAhTTzG51cPpa5hrqz1OkSA-2BiXAxUajQ686MTtiseWBIdMdknd83aB7cOVgXlVTeHCGf3-2BcMHwfvI8TYlkUovqEhn4dj0KXf2eJGpb9-2BBv20hPXdLlPP9yD7DvFFDBM5yrTqxvcCiMfAsW1onD-2FcriL628eYdhNQE7bwzYrxcOYnmaYfRhGl-2FEHQ6eK2uQcLxs6Cbu6Dx0bYvpi5A6enmxMWU5TkcRYrP6Z8GbXZYtc5qSoKu6eWFBQR9K7fsjXwHMmby3D3X6Yx-2BxcDcdRruTG" target="_blank">Canstar</a>, if there is a cut in February, a borrower with a $600,000 loan today and 25 years remaining would see their monthly repayments drop by $92.&nbsp;

<table border="1" cellpadding="0" cellspacing="0">
	<tbody>
		<tr>
			<td colspan="3">
			Impact of 0.25% pt cut in February 2025
			</td>
		</tr>
		<tr>
			<td>
			Current loan size
			</td>
			<td>
			Drop in monthly repayment
			</td>
			<td>
			New monthly repayment
			</td>
		</tr>
		<tr>
			<td>
			$600,000
			</td>
			<td>
			-$92
			</td>
			<td>
			$3,907
			</td>
		</tr>
		<tr>
			<td>
			$750,000
			</td>
			<td>
			-$114
			</td>
			<td>
			$4,884
			</td>
		</tr>
		<tr>
			<td>
			$1M
			</td>
			<td>
			-$153
			</td>
			<td>
			$6,512
			</td>
		</tr>
		<tr>
			<td colspan="3">
			Source:&nbsp;<a data-saferedirecturl="https://www.google.com/url?q=https://link.mediaoutreach.meltwater.com/ls/click?upn%3Du001.xWMOP9hChsvn-2BC9O-2FebBihXIZ4cEzbiuENdxm-2Bx3-2FYEEgYMhZlKWNj5Zzy1YZ56RuASD_RgrM7qq-2BfK-2FtAHeRBLv5Qrb-2Bii5fzjLeKcP4w-2FkNgJPXygpiRhVUan3WV3QEggcf617UC8Z60RjQJZAqx7PiO7FtVJQSn0D46Zc3iTVP0kAhTTzG51cPpa5hrqz1OkSA-2BiXAxUajQ686MTtiseWBIdMdknd83aB7cOVgXlVTeHCGf3-2BcMHwfvI8TYlkUovqEhn4dj0KXf2eJGpb9-2BBv20v2akwr6-2BqLyRrlEgkJ4J-2BCCyY0x189xEHZA4Ylf8c7ChBqNIkhmftZzoFuZKFn43pw3oJVg2o1gumrpdA-2B7MB-2FBtmL2rFCI-2FXORATQHySCLVOMg7Vywv-2BqnnQUAtDz6XkvpwxdHFXh70VwKazzhJsICilEYOvP4ju0sIfi5g6TL&amp;source=gmail&amp;ust=1727774368149000&amp;usg=AOvVaw2qVnp6oqATgqDUi2Frm22q" href="https://link.mediaoutreach.meltwater.com/ls/click?upn=u001.xWMOP9hChsvn-2BC9O-2FebBihXIZ4cEzbiuENdxm-2Bx3-2FYEEgYMhZlKWNj5Zzy1YZ56RuASD_RgrM7qq-2BfK-2FtAHeRBLv5Qrb-2Bii5fzjLeKcP4w-2FkNgJPXygpiRhVUan3WV3QEggcf617UC8Z60RjQJZAqx7PiO7FtVJQSn0D46Zc3iTVP0kAhTTzG51cPpa5hrqz1OkSA-2BiXAxUajQ686MTtiseWBIdMdknd83aB7cOVgXlVTeHCGf3-2BcMHwfvI8TYlkUovqEhn4dj0KXf2eJGpb9-2BBv20v2akwr6-2BqLyRrlEgkJ4J-2BCCyY0x189xEHZA4Ylf8c7ChBqNIkhmftZzoFuZKFn43pw3oJVg2o1gumrpdA-2B7MB-2FBtmL2rFCI-2FXORATQHySCLVOMg7Vywv-2BqnnQUAtDz6XkvpwxdHFXh70VwKazzhJsICilEYOvP4ju0sIfi5g6TL" target="_blank">www.canstar.com.au</a>. Starting rate is the RBA existing average owner-occupier variable rate of 6.36%. Assumes banks pass the cash rate cut on in full the month after the meeting.
			</td>
		</tr>
	</tbody>
</table>

Canstar Data Insights Director, Sally Tindall, says if core inflation continues to track in the right direction, or unemployment starts to accelerate significantly, we could well see a cash rate cut as early as February of next year.

“All four big banks now believe the RBA will be ready to cut the cash rate in just over four months’ time, if not before, in the case of CBA.

“However, the outlook for both inflation and unemployment is still highly uncertain. A couple of wobbly sets of inflation data could see the RBA holding for longer, particularly if unemployment remains relatively steady."

&nbsp;

Commonwealth Bank, the nation's largest lender, still thinks the first cut will come in December.

NAB bring forward first RBA cut to February 2025

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Spring home loans are on sale according to comparison website Mozo.com.au, who state the gap between the average Big 4 variable home loan rate and the best offer on market has widened since September 2014.
The lowest variable home loan rate is now at a new low of 3.84% due to intense competition.
Mozo director Kirsty Lamont said data shows that the average Big 4 bank variable home loan rate is now 1.00% more expensive than the best on market, up from 0.84% last year.
“Four years ago, the lowest home loan rate was 2.74% higher than today’s, proving how important it is to keep an eye on rates and weigh up the potential savings,” she said. 
“Lenders are also promoting cash back offers of up to $1,500, annual fee waivers and other discounts to entice Spring buyers and refinancers so it’s an ideal time to shop around and save yourself some serious cash by getting a better home loan deal.
“Online lenders and challenger banks are tightening the screws on the big banks and aggressively lowering rates in a sign that home loan competition is now well and truly back to pre-GFC levels. “Borrowers who look outside the Big 4 banks can now access huge savings, with the top five home loan rates right now all below 4% and exclusively from smaller lenders."
A 1.00% difference between the average big 4 bank rate and the best on market works out to be a saving of $20,640 over 10 years on the average home loan, according to Mozo.com.au.
<a href="/images/2015/09/24/Screen%20Shot%202015-09-24%20at%203.57.41%20PM.png" target="_blank">Click to enlarge</a>
<img src="/images/2015/09/24/Screen%20Shot%202015-09-24%20at%203.57.41%20PM.png" alt="">
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For more information <a href="https://mozo.com.au" target="_blank">click here</a>.
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mick.cee-iDmgDDAmu8

Gap widens between Big 4 and best variable rates: Mozo's Kirsty Lamont

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GUEST OBSERVER
No surprises from the Reserve Bank Governor. Some may be a bit surprised at Governor Stevens’ upbeat tone but he always has been a ‘glass half-full’ than ‘glass half-empty’ Governor.
It is clear that interest rate settings are solidly on hold, especially given that the Governor is more comfortable with the level of the Aussie dollar.
What does the testimony reveal?
Terms of trade
“They are now back to about the same level as in 2006 – still about 30 per cent above their 20th century average level.”
Economic conditions
“Outside the mining sector and parts of the economy most directly exposed to it, there are signs that conditions have been very gradually improving.”
“Over the year to June, real GDP grew by 2%. This was in line with our forecast of three months ago and at the lower end of our forecast range from a year ago.”
 “... what is pretty clear is that the economy is growing, albeit not as fast as we would like, the adjustment to the decline in the terms of trade is well advanced, and non-mining activity is improving rather than deteriorating. If the latter trend continues, it is credible to think that we can achieve better output growth, particularly as we reach the later phases of the decline in mining investment. This is what is needed to bring down the unemployment rate.”
“There is still a pretty good chance that we will come out of this episode (resources boom) fairly well, and much better than we came out of previous episodes of this type.”
Job market
“The rate of unemployment, though variable from month to month, seems to have stopped rising, and it is at a level a bit lower than we had thought, six months ago, it might reach.”
Lower Aussie dollar
“More recently, the significant decline in the exchange rate is starting to have more discernible effects on the pattern of spending and production.”
“We are hearing about the effects of this in our liaison and also seeing it in the data on such things as tourism flows as well as exports of business services.” 
Job market
“The rate of unemployment, though variable from month to month, seems to have stopped rising, and it is at a level a bit lower than we had thought, six months ago, it might reach.”
US interest rates
“Some fretting about the first increase in US interest rates for nine years is to be expected, no matter how well telegraphed it has been. The more important factor, though, will be the pace of subsequent increases. The Federal Reserve has indicated this is expected to be very gradual, but of course that will depend on what happens with the US economy.”
Questions &amp; answers
Potential US interest rate hike
“The most anticipated or fretted about change in the history of the world”
“It is a good sign” that the Federal Reserve is debating a lift in interest rates.
Australian interest rates
“We are pretty content with where we are right now"
Investor housing lending
“It is about containing leverage”
Reserve Bank Governor notes that impact of APRA/ASIC changes for investor housing lending so far “is quite positive”
Business &amp; consumer confidence
“I take issue (with comments) that consumer &amp; business confidence are low" They are "pretty close to average" Employment
“Getting pretty good growth in employment"
Lower than “trend” economic growth
In the past “trend” economic growth was a bit over 3 – “3 point something”. Growth has been a bit lower for some time but unemployment stable and the Reserve Bank is working through the apparent discrepancy.
Economic pessimism
RBA Governor on economic debate "we have a tendency to be more negative that the facts warrant” Aussie dollar
“Aussie dollar is “finding its own level”; it is “doing its job”
Affordability of housing
Question from student on the cost of buying first home. Stevens noted that first time entry into the housing market has always been daunting and it was for him. But Stevens noted that the answer to greater access to the housing market must come through supply side – greater supply of land and appropriately configured transport. He notes that there would be something wrong in Australia given our large land mass if we can’t increase the supply of residential land at a lower marginal cost.
What is the importance of the economic data?
The Reserve Bank Governor testifies to the House of Representatives Economics Committee twice a year.
What are the implications for interest rates and investors?
Interest rates are on hold. CommSec expects unchanged interest rate settings over the coming year.
The Reserve Bank Governor is sticking with the view that growth will pick up over the next few years although it was “picking up more slowly than I would like.” 
 
Craig James is the chief economist at <a href="https://www.comsec.com.au/default.aspx" target="_blank">CommSec</a>.
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Reserve Bank content with rate settings: CommSec's Craig James

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GUEST OBSERVER
Following the most anticipated and hotly debated Fed meeting in years the Fed has decided to leave interest rates on hold. More importantly, the commentary around the decision was relatively dovish. After all the hoopla in the run up to the Fed meeting it was all a bit of a non-event really…just as well I didn’t get up at 4am for it! 
The case for the Fed to raise interest rates is well known: the US economy has been growing around 2-2.5% and the labour market has strengthened with unemployment falling to 5.1%. And since inflation normally turns up with a lag after the jobs market there is an argument for the Fed to start hiking interest rates before that actually happens.
As a result a few months ago it was widely expected the Fed would move to start hiking at its September meeting. In the interim though uncertainty about Chinese and emerging market growth has increased and inflation expectations have fallen and so the Fed has rightly responded to this by leaving interest rates on hold. This was in line with US fixed income market expectations that had only priced in a 30% chance of a hike at this meeting.
More importantly though the commentary from the Fed was relatively dovish.
While the so called “dot plot” of Fed meeting participants interest rate expectations is still pointing to a rate hike this year, several participants have moved their view of the first hike into 2016 or 2017, one is now arguing for a rate cut into negative territory and the whole profile of Fed interest rate expectations is  0.25% lower.
On top of this, the Fed is clearly conscious of the risks posed by recent “global and financial developments” (read China and the emerging world) and the downside risks posed by this to US inflation.
The clear message from the Fed is that is that it is aware of what is going on globally and is not going to do anything to threaten global growth at a time when US inflation is below target.
There was no recognition from the Fed that it is any closer to satisfying the conditions for a rate hike. While the Fed is likely comfortable that it has seen enough improvement regarding the jobs market it still seems to lack “confidence that inflation will move back to its 2% objective over the medium term.” And this lack of confidence partly stems from the uncertainty regarding Chinese and emerging market growth, along with the impact of the stronger $US.
While Fed Chair Janet Yellen has indicated that the Fed’s October meeting remains “live” for a rate hike, it’s hard to see enough changing by then to justify lift off. As such December is more likely for a move but there is a reasonable risk that lift off could be pushed into 2016.
In terms of market implications, the move by the Fed to leave rates on hold and indications that it won’t do anything to upset global growth are positive and should help allay some of the upwards pressure on the $US and downwards pressure on emerging market currencies in the short term. However, a Fed rate hike is likely still out there somewhere and uncertainty around it will likely return at some point. It’s likely to come at a time though when there is less global uncertainty and so hopefully should mainly be a constraint on US shares as opposed to global shares.
For Australia, the Fed’s decision is a mixed blessing. On the one hand it would have been better to have seen the Fed able to raise interest rates as it would signal greater confidence in global growth and ongoing downwards pressure on the value of the $A. As it is there is a risk that an on hold for now Fed sees the $A bounce a bit higher. Ultimately though the downtrend in the $A is likely to resume – as the Fed is still likely to hike at some point, the RBA is likely to remain under pressure to cut and commodity prices remain weak – so there is no change to my view that the $A will fall to around $US0.60 in the next 12 months or so.
Finally, perhaps anticipating talk of a “Yellen put” it was of interest to hear Janet Yellen pointing out that the “Fed should not be responding to the ups and downs of markets” but rather to considering “what is causing them” which in this case has been “concerns about the global economic outlook”. It’s hard to argue with that.
 
<a href="https://www.propertyobserver.com.au/https://plus.google.com/110172465327488162875?rel=author" target="_blank">SHANE OLIVER</a> is head of investment strategy and economics and chief economist at <a href="https://www.ampcapital.com.au/home" target="_blank">AMP Capital</a> and is responsible for AMP Capital's diversified investment funds.
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Aussie dollar to fall to 60c: AMP Capital's Shane Oliver

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GUEST OBSERVER
As lenders seek to wind back their level of investment lending, competition in the owner occupied space has started to heat up. 
Many lenders were starting to offer some “very competitive” owner occupied home loans in a bid to pick up more of this business. 
Over the past few months, many of Australia’s lenders have made significant changes to their investment product pricing and policy in a bid to curb their level of investment lending growth. 
But just because many of Australia’s lenders are actively trying to reduce their level of investment activity, doesn’t mean to say they are not hungry for business – quite the opposite.
Australia’s lenders are just as hungry for business as they ever were and because the Australian Prudential Regulation Authority has told them to limit their level of investment lending growth, the lenders have been forced to turn their attention to owner occupiers.
Many of Australia’s lenders are currently offering owner occupied borrowers a raft of incentives including, interest rate discounts, cash back offers and fee waivers. 
In the 20 years I have worked in financial services, I have never seen the level of lender competition we are witnessing now. Regardless of whether people are looking to buy a home or refinance their current property, they can be guaranteed of securing an incredibly competitive home loan deal.
For those borrowers who have been in the same home loan product for a while, now may be a good time for them to give their mortgage a much needed spring clean. A good de-clutter never goes astray and often borrowers uncover financial aspects of their life that need some reassessment or to be changed altogether. 
Borrowers who give their home loan a spring clean may realise that they are in the perfect position to refinance their mortgage.
Refinancing may allow borrowers to repay their home loan sooner and ultimately achieve their next financial goal sooner. 
Further, refinancing can be a great way for borrowers to lower their mortgage repayments, consolidate their debt and even access equity in their home.”
John Flavell is chief executive officer <a href="https://www.mortgagechoice.com.au/" target="_blank">Mortgage Choice</a>.
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Competition for owner occupied business heats up: Mortgage Choice's John Flavell

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GUEST OBSERVER
The minutes of the monetary policy meeting of the Reserve Bank Board for September provided no real surprises. 
However we did see some interesting insights into the evolution in the Bank’s thinking on a number of issues. Of some interest is the differentiation between the services and goods-related sectors of the economy. The minutes note that for both the household and business services sectors, business surveys show conditions were “clearly above average levels” which was consistent with growth in employment and investment in those sectors. In contrast, business surveys only showed conditions in production and distribution of goods sectors to be around average with employment and investment little changed in those sectors. 
This pick up in household expenditure and the depreciation of the Australian dollar were still expected to lead to an eventual pick-up in growth in non-mining investment. 
The commentary around the labour market was a little more mixed than in previous minutes. Forward looking indicators of conditions pointed to the unemployment rate remaining around current levels with some sectors expecting it to fall a little and others pointing to a slight rise. 
The outlook for mining investment appears to have been revised down further with the minutes noting that mining investment would eventually stabilise but at a lower level than the Bank had expected previously. On the other hand surveys indicated that non mining investment was still set to decline further but at a slower pace than implied by earlier surveys. 
Commentary around the housing market has become decidedly more relaxed in recent reports. The minutes note that “measures implemented by APRA had slowed the growth in lending for investment housing”. While the Sydney market was still highlighted as explaining much of the strength in house price inflation it was also pointed out that “housing price inflation had been modest in other parts of the country and negative in some market segments”. 
Overall the weak GDP print (0.2% for the quarter) which was set to be released on the following day was “expected to be weak”. 
International conditions, which focussed around China, were noted as representing “downside risks to the outlook” but it was too early to determine the extent of that revision. 
The minutes indicate that the RBA is less confident about a Fed tightening in September noting that market probability of a hike had fallen substantially in response to the recent volatility in global markets. With the Australian dollar having fallen sharply in recent weeks despite this revised outlook for Fed policy the Bank seems less anxious around the need for Fed action. The commentary around the dollar is just a bland report that the depreciation in the dollar had been in response to significant declines in key commodity prices. It would appear that the Bank is now reasonably comfortable with the degree of adjustment of the AUD. 
Conclusion
Another month has passed by and the Bank is still not giving any encouragement to those folks who are expecting a rate cut by November. In recent weeks market probabilities of that event have reduced from around 80% to around 40%. This pricing is moving more into line with our own views that such a cut is unlikely and indeed rates will remain steady throughout the course of this year and next. Markets have however continued to push out the timing of the first cut with an 80% probability priced by February next year. 
This pricing is much more realistic than the near term prospect that markets had recently expected although our central view remains that rates will be on hold both this year and next year.
Bill Evans is chief economist of <a href="https://www.westpac.com.au/" target="_blank">Westpac</a>.
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No surprises from RBA minutes: Westpac's Bill Evans

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Mortgage Choice Limited has shut down its Help Me Choose business unit five years after its purchase of one of Australia’s leading websites for home loan leads sold to mortgage brokers.
The comparison website was bought to generates tens of thousands of home loan leads annually from potential home loan customers.
The then Mortgage Choice CEO Michael Russell said the purchase marked an exciting strategic investment for the company "given that over 70% of our home loan leads are currently sourced online.”
HelpMeChoose.com.au featured when Mortgage Choice presented its FY15 financial results in August .
The new chief executive officer John Flavell made it clear that Help Me Choose’s financial result needed addressing.
“The less than favourable financial result of the Help Me Choose business prompted a comprehensive review of the operation and a decision has been made to close it down in its current form,” John Flavell said yesterday. 
“Continuing to invest in a business that is unlikely to be profitable in the foreseeable future does not make sense.”
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Mortgage Choice decides to close Help Me Choose‏

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Surging house prices and bigger superannuation balances have lifted the average wealth of Australian households. Older home-owning couples without a mortgage have the highest average level of wealth.
The hot property market also drove increases in average wealth for home owners with a mortgage to $857,900 in 2013-14, up from $790,000 three years ago.
It is almost $1.4 million for those who are mortgage free ($1.2 million), according to an Australian Bureau of Statistics report. 
The ABS's Survey of Income and Housing examines changes in average household wealth (assets owned minus liabilities) and income from all sources, including welfare payments and super. 
The average wealth of renting households - a group expected to grow as home ownership rates decline - was approximately $183,000. 
The maturing superannuation system has also contributed to rising wealth. 
Over the two years since 2011-2012, the average super balance per household jumped 21%from $132,000 to $160,000.
"It is particularly positive to see a 50% increase in the average household super balance for couples aged 55-64, to $488,000," Association of Superannuation Funds of Australia chief executive Pauline Vamos told the Australian Financial Review. 
"We are starting to see the benefits for Australians who have paid [compulsory super] over a large proportion of their working life, and are now retiring with a lump sum close to that we estimate is required for a comfortable standard of living in retirement, which is $640,000."
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Older home-owning couples without a mortgage have highest level of wealth: ABS

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<div class="column">Last week we noted that petrol prices were primed to lift from near six-month lows. And in the past week pump price have jumped by 2.4 cents a litre. The volatility in global oil prices, a weaker Australian dollar and the shift in the discounting cycle have all had the undesirable impact of lifting pump prices.</div>
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<div class="column">It’s been a great couple of months for motorists, but looking forward it is likely pump prices will be more volatile. The volatility in global oil prices has been nothing short of remarkable. After essentially sliding for ten consecutive weeks to six-month lows, the Singapore unleaded prices has lifted by over US$2 a barrel in the past fortnight. </div>
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<div class="column">However the gains have been even more substantial in Aussie dollar terms - given the slide in the currency. In fact in the past fortnight the Singapore unleaded price has lifted by over AUD$6 a barrel despite modest falls last week. If the price gains are sustained it will filter through to pump prices in coming weeks. Already the terminal gate price has risen by 2.5 cents a litre over the past week.</div>
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<div class="column">Looking forward, while the magnitude of the lift in petrol prices is uncertain, what is clear is that the volatility is here to stay. Improvements in the global economic outlook and the possibility of further stimulus from the world’s number one energy consumer, China, could add to further the upward momentum for oil prices. Although we would expect that concerns about an ongoing supply glut and worries about global oil demand will continue to dominate sentiment and trade. </div>
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Consumers continue to be savvy about card use. The average credit balance has gone backwards over the past year. And given that the inflation rate is near 2 per cent, credit card debt is recording a decent fall in real terms. Cardholders are frequently paying off credit card debt by the due date and using cards to maximise loyalty points. In fact around 60 per cent of CBA credit-card holders pay off the card in full in the 55 day interest free period.
What do the figures show?
Petrol prices
According to the Australian Institute of Petroleum, the national average Australian price of petrol rose by 2.4 cents per litre to 132.2 cents per litre in the week to September 13. The metropolitan petrol price rose by 3.3 cents to 131.6 cents per litre and the regional price rose by 0.6 cents to 133.6 cents per litre.
The national average Australian price of diesel petrol fell by 0.4 cents to 129.6 cents per litre in the week to September 13. Last week the metropolitan price fell by 0.4 cents to 127.3 c/l, while the regional average price fell by 0.4 cents to 131.5 c/l. 
Average unleaded petrol prices across states and territories over the past week were: Sydney (up 1.7 cents to 132.4 c/l), Melbourne (up 13.6 cents to 135.0 c/l), Brisbane (down 1.8 cents to 130.8 c/l), Adelaide (down 8.3 cents to 123.2 c/l), Perth (up 1.5 cents to 128.5 c/l), Darwin (down by 1.1 cents to 130.9 c/l), Canberra (down 0.9 cents to 132.8 c/l) and Hobart (down by 1.6 cent to 137.5 c/l). 
Today, the national average wholesale (terminal gate) unleaded petrol price stands at 120.8 cents a litre, up around 2.5 cents a litre on a week ago. The terminal gate diesel price stands at 117.2 cents a litre, up around 1.3 cents over the week.
Last week the key Singapore gasoline price fell by US$2.25 or 3.4 per cent to US$64.75 a barrel. Singapore gasoline previously hit a near 6-year low (lowest since March 2009) of US$52.20 a barrel on January 13. In Australian dollar terms the Singapore gasoline price fell by $4.42 a barrel or 4.6 per cent last week to $91.67 a barrel or 57.7 cents a litre.
Credit card lending:
Figures released from the Reserve Bank show that the average credit card balance fell by $65.20 (2%) to $3,132.70 in July. Compared with a year ago, the average credit card balance was down 2.1%. In smoothed terms (12 month average) the average balance was down by 0.4%.
Of credit cards attracting interest charges, the average outstanding balance fell by $60.20 in July. The average balance accruing interest is down by 6.9% on a year ago. In smoothed terms (12 month average) the average balance was down by 4.5%.
The average credit card limit rose by $8.70 to $9,056.30 in July. The average credit card limit rose by 0.3% in the year to July. Usage of credit card limits has fallen to a near 14-year low of 34.6% in July.
The average repayment per credit card rose from $1,679.90 in June to $1,690 in July. On average, there were 11.8 transactions made per each credit card account in July, up from 11.4 a year ago. The average value of purchases was $135.14 in July.
What is the importance of the economic data?
Weekly figures on petrol prices are compiled by ORIMA Research on behalf of the Australian Institute of Petroleum (AIP). National average retail prices are calculated as the weighted average of each State/Territory's metropolitan and non-metropolitan retail petrol prices, with the weights based on the number of registered petrol vehicles in each of these regions. AIP data for retail petrol prices is based on available market data supplied by MotorMouth.
The Reserve Bank releases data on credit and debit card transactions each month. The credit card figures are useful in highlighting consumer borrowing and spending trends.
What are the implications for interest rates and investors? 
The Reserve Bank can cut rates further if it believes the economy needs a little more help. However we believe that the Reserve Bank would be a reluctant rate cutter from this point on. CommSec expects interest rates to stay on hold over the rest of 2015. The Reserve Bank Governor’s testimony on Friday to the House of Representatives Economics Committee may provide more detail when it comes to the outlook for monetary policy. 
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<div class="column">Savanth Sebastian is an economist for <a href="https://www.commsec.com.au" target="_blank">CommSec</a>.</div>
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RBA to hold interest rates for rest of 2015: CommSec's Savanth Sebastian

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<div class="column">GUEST OBSERVER</div>
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<div class="column">The latest lending statistics show a mild consolidation in July, although the result is not a cause for concern – especially given that lending is holding just 4% shy of the seven-year highs reached in April. </div>
<div class="column"> </div>
<div class="column">The real driver of lending over the past year has been the housing sector and in that context it is investor housing that has driven the strength. However the tighter bank lending standards are starting to have an impact in terms of the housing finance data - loans for construction of new dwellings has now fallen for three consecutive months.</div>
<div class="column">
 It is important to realise while housing activity will continue to be the backbone of the economy over the coming year, it is starting to show signs of starting to cool – especially when it comes to irrational exuberance. If there is an anticipated pullback in home lending policymakers would be hoping that activity amongst the business sector lifts from here.
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 There would be mild disappointment in the fall in business loans in July. Commercial loans are now down 5% on a year ago. Business conditions are healthy, however businesses are still rather tentative about borrowing. The key driver of future lending will be an ongoing improvement in labour market conditions, rise in business hiring intentions and lift in consumer confidence. 
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<div class="column">The Reserve Bank will dominate headlines next week with a number of releases and speeches. However the focus will be squarely on the Reserve Bank Governor, when he testifies in front of the House of Representatives Economics Committee on Friday. It will be interesting to see the Governors views when it comes to the non- mining business investment and how the housing sector is likely to evolve with the tighter lending standards. CommSec expects no change in interest rates over the next year.</div>
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What do the figures show? 
Lending finance 
Total new lending commitments (housing, personal, commercial and lease finance) fell by 0.1% in August to $74.1 billion after a 1.3% rise in June. New loans are down 1.1% over the year.
Housing finance: The seasonally adjusted measure of construction and new purchases rose by 2.2% in July while alterations &amp; additions rose by 0.9%. Home loans are up 13.4% on a year.
Commercial finance: The seasonally adjusted series for the value of total commercial finance commitments fell by 2.7% in July. Revolving credit commitments fell by 13% while fixed lending commitments fell by 0.9%. Business loans are down 5% over the year.
Personal finance: The seasonally adjusted series for the value of total personal finance commitments fell by 2.6% in July after rising by 0.9% in June. Revolving credit commitments rose by 2.6% and fixed lending commitments fell by 5.8%. Personal loans are down 12.7% over the year. Within personal fixed finance commitments, finance for used cars was down 2.3% on a year earlier while loans for new cars were up by 8.8%.
Lease finance: Lending rose by 60.2% in July. Lease finance rose by 68.9% over the year. What is the importance of the economic data?
Lending Finance is released monthly by the Bureau of Statistics and contains figures on new housing, personal, commercial and lease finance commitments. The importance of the data lies in what it reveals about the appropriateness of interest rate settings, confidence and spending levels in the economy.
What are the implications for interest rates and investors?
The Reserve Bank would be comfortable about the mix of borrowings: Aussie businesses are tentatively borrowing - in a measured way. Still, the Reserve Bank would be watching the recent drop in consumer confidence a lot more closely.
The weaker Aussie dollar is providing solid stimulus to the economy at present and the Reserve Bank will continue to assess the impact on the economy over the next few months. CommSec expects no change to interest rates over the coming year. 
<a href="/images/2015/09/11/Screen%20Shot%202015-09-11%20at%202.45.44%20PM.png" target="_blank">Click to enlarge</a>
<img src="/images/2015/09/11/Screen%20Shot%202015-09-11%20at%202.45.44%20PM.png" alt="">
 
Savanth Sebastian is an economist for CommSec. You can follow him on Twitter <a href="https://twitter.com/commsec" target="_blank">here</a>.
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Tighter bank lending standards showing impact: Savanth Sebastian

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GUEST OBSERVER
Recent changes to investor lending is failing to have a significant impact on home loan demand, new data has revealed. 
According to the July Housing Finance Data from the Australian Bureau of Statistics, 53,095 home loans were approved over the course of the month – up 0.3% on the month prior. 
The total value of all dwelling commitments was also up, with more than $32 billion in home loans written throughout July. 
The spike in home loan demand and value of dwelling commitments was interesting, especially given the current market conditions. 
Over the last few months, Australia’s lenders have made some sweeping changes to their policy and pricing in a bid to reduce their level of investment lending. 
As such, you would expect these changes to have some impact on the level of investment demand. But, according to today’s data at least, the changes seem to have had little to no impact on the level of demand.
Of course it is still early days, and considering most of the changes were made in June and July, we are unlikely to see the true impact of these changes for some months yet.
Commenting on the 1.5% spike in the value of all loans written over the month of July, Mr Flavell said the result wasn’t surprising given that property prices across the combined capital cities continue to rise. 
Data from CoreLogic found property values actually climbed 2.8% across the combined capital cities over the month of July. 
Sydney and Melbourne were once again the standout performers, with the two capital cities recording property price growth of 3.3% and 4.9% respectively.
With property prices continuing to rise quite quickly month after month, there is little wonder why we are seeing growth in the value of all loans written.
John Flavell is chief executive officer <a href="https://www.mortgagechoice.com.au" target="_blank">Mortgage Choice</a>.
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