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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<section data-scroll-anchor="false" data-testid="conversation-turn-2" data-turn="assistant" data-turn-id="request-WEB:5a5ab36c-8dd3-454c-b456-c501f22f0eb4-0" data-turn-id-container="request-WEB:5a5ab36c-8dd3-454c-b456-c501f22f0eb4-0" dir="auto">
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

<html><body>
Observer Catherine Cashmore's <a target="_blank" href="/news">article on Property Observer on Monday</a> about the unpleasant consequences to expect from the housing boom was tweeted out on our official @propertyobs account.
After this, both Cashmore and Brad Caldwell-Eyles, a real estate agent and principal of 1st City-Hasemer+Caldwell, had a twitter discussion about negative gearing.
<img alt="tweet-pof-the-day-oct-2-two" height="505" width="470" src="/images/stories/2013/10/02/tweet-pof-the-day-oct-2-two.jpg">
<blockquote class="twitter-tweet">
<a target="_blank" href="https://twitter.com/bradceyles">@bradceyles</a> A failed policy if ever there was one-ties up existing housing-tightens vacancy rates-pushes up house prices-stagnates supply
— C Cashmore (@CCASHMORE_BUYER) <a target="_blank" href="https://www.propertyobserver.com.au/https://twitter.com/CCASHMORE_BUYER/statuses/384888111689244672">October 1, 2013</a>
</blockquote>
An interesting discussion that calls to attention the divide in opinion about housing affordability, the social role of property, and the wants and requirements of investors. 
You can also read Brad Caldwell-Eyles' article on the <a href="https://www.propertyobserver.com.au/residential/truth-v-myth-the-must-know-facts-about-buying-company-title-brad-caldwell-eyles/2013100165310?utm_source=po&amp;utm_medium=aida&amp;utm_campaign=ourobservers:adviceandanalysisforreaders" target="_blank">must know facts about buying company title</a>.
</body></html>

po-LsXgBTHBmX

The negative gearing argument

<html><body>
As expected interest rates were left on hold yesterday at 2.50% as announced by the Reserve Bank <a href="https://www.propertyobserver.com.au/finance/glenn-stevens-october-statement/2013100165408?utm_source=po&amp;utm_medium=aida&amp;utm_campaign=newsplus" target="_blank">here</a>. The wording of the release seems fairly clear - accommodative interest rates are doing their job and there probably won't be any further cuts to come unless the outlook shifts for the worse.

"The easing in monetary policy since late 2011 has supported interest-sensitive spending and asset values. The full effects of these decisions are still coming through, and will be for a while yet. The pace of borrowing has remained relatively subdued to date, though recently there have been signs of increased demand for finance by households. There is also continuing evidence of a shift in savers' behaviour in response to declining returns on low-risk assets."
In other words, people are pulling money out of savings and into other asset classes.
The easing cycle, which has been running for nearly a couple of years, has pumped up asset values, increasing our net worth substantially.
While the cuts took some time to gain traction, the 2 year XJO (ASX 200) chart shows the index sitting ~20% higher, while shareholders have continued to derive benefit from dividend streams. Good news for most superannuation balances.
<img height="323" src="https://hfgapps.hubb.com/asxtools/imageChart.axd?s=xjo&amp;pi=Index&amp;ct=3&amp;tf=M2&amp;ovs=&amp;si=Code%20not%20supplied&amp;tima1=0&amp;tima2=0&amp;bi=2&amp;bima=0&amp;comt=index&amp;ds=xjo&amp;dovs=0&amp;ex=ASX&amp;ex2=ASX&amp;val=1&amp;stmp=20131002050717747" width="470" style="border: 1px solid #ebebeb; position: relative; padding: 5px; box-shadow: rgba(0, 0, 0, 0.0980392) 1px 1px 5px; display: block; margin-left: auto; margin-right: auto;">
Source: ASX
With extra cash at their disposal, Aussies have also plunged back into housing. Sydney prices up by 10% in 2013, while Melbourne and Perth have also seen decent growth. Hobart and Adelaide not so much.
Whatever people try to argue, the demand for housing is sensitive to interest rates and the RBA can see that its cuts have really started to bite in the major capital cities.
<img border="0" height="241" src="https://2.bp.blogspot.com/-zGKmjOJAAfU/UksgmBqkVHI/AAAAAAAAKYw/GXNQSS8yfJo/s400/RPD2.jpg" width="400" style="border: 1px solid #ebebeb; position: relative; padding: 5px; box-shadow: rgba(0, 0, 0, 0.0980392) 1px 1px 5px; display: block; margin-left: auto; margin-right: auto;">
Source; RP Data
Peter Martin, who has a long and established track record as one of Australia's best economic journalists,  <a href="https://www.petermartin.com.au/2013/10/there-wont-be-any-more-rate-cuts-this" target="_blank">notes</a>:
"By themselves the higher prices don’t worry the Bank. If they were associated with lower lending standards or a rush to greater leverage it would be concerned. But there’s little evidence they are just yet, and there’s unlikely to be evidence for some time. If there are such signs, further down the track, the Bank might might have to push up interest rates, but it’s a problem for the future. (And as far as the Bank is concerned, it’s a an easier to manage problem than the stagnation it had thought it was facing.)"
Elsewhere, retail sales finally showed some signs of life yesterday recording a 0.4% bounce for the month (it's odd being a Sydneysider who lives near Pitt Street Mall - cos there ain't no spending recession happening here, I can tell you). Must have been that election result.
Even the recession/housing crash cheerleaders seem to be losing a bit of heart of late after half a decade of predicting the end of the world.
The missing piece in the puzzle could be how the labour market fares as mining investment drops off. The unemployment rate has continued to sneak up to 5.8% last month and all Australians should want that troublesome trend to level off next year.
<img alt="Graph: Unemployment Rate" src="https://www.abs.gov.au/ausstats/abs@.nsf/a866861f12e106e0ca256a38002791fa/f756c48f25016833ca25753e00135fd9/Body/0.2DD6!OpenElement&amp;FieldElemFormat=gif" style="padding: 5px; border: 1px solid #ebebeb; box-shadow: rgba(0, 0, 0, 0.0980392) 1px 1px 5px; display: block; margin-left: auto; margin-right: auto;">
Source: ABS
In any case, the RBA's wording in its release yesterday is clear:
"The easing in monetary policy since late 2011 has supported interest-sensitive spending and asset values. The full effects of these decisions are still coming through, and will be for a while yet."
The easing bias is no longer there. Futures markets read the release the same way that I do: that could be that for the interest rate cuts.
While cash rate futures retain around a one in four chance of a rate cut on November 5, the implied yield curve suggests that the next move will likely be up, although not for a long time time to come yet.
Sounds about right.
<img border="0" height="260" src="https://1.bp.blogspot.com/-7z4RnMslRps/UkshFTXHdDI/AAAAAAAAKY4/ZNzGdXE0NHo/s400/ASX.jpg" width="400" style="border: 1px solid #ebebeb; position: relative; padding: 5px; box-shadow: rgba(0, 0, 0, 0.0980392) 1px 1px 5px; display: block; margin-left: auto; margin-right: auto;">
Source: ASX
 
<hr>
Pete Wargent is the co-founder of <a rel="nofollow" target="_blank" href="https://allenwargent.com/">AllenWargent</a> property buyers (London, Sydney) and a best-selling author and <a rel="nofollow" target="_blank" href="https://petewargent.blogspot.com/">blogger</a>.
His new book '<a rel="nofollow" target="_blank" href="https://www.bigskypublishing.com.au/Books/General-Interest/Four-Green-Houses--and-a-Red-Hotel/1015/productview.aspx">Four Green Houses and a Red Hotel</a>' was released on 1 September 2013.
 
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pwargent-M4siyDbqQY

Interest rate cuts - that's all there is folks: Pete Wargent

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Melbourne is now seriously challenging Sydney's price surge which ought be of mild concern to the Reserve Bank of Australia board.
The latest price growth detail suggest there was a 2.45% spike in Melbourne's dwelling values during September and a 5% gain over the September quarter.
That rate of acceleration is just a tad below the Sydney figures of 2.5% September montly growth and 5.25% quarterly growth, according to RP Data.
Annualised its 5.4% growth in Melbourne against 8% in Sydney.
Sydney's so-called recent bubble gains come against the backdrop of a decade of ordinary price growth, infact the weakest capital city at just 2.5% annual growth.
But Melbourne's growth is not catchup, as it had 5.5% annual growth over the past decade.
The RBA governor's October statement noted the pace of borrowing had "remained relatively subdued," though "recently there have been signs of increased demand for finance by households."
Not all of the big four banks are making the most of the current opportunities after the RBA lowered interest rates to a fresh record low 2.5% in August, adding to the earlier seven cash rate cuts in the current cycle.
Interestingly it was the ANZ - with its Melbourne headquarters - which has expanded its mortgage book at the quickest pace of the big four banks, according to the latest data from the Australian Prudential Regulation Authority.
It showed ANZ's home loan book grew by 7.1% on an annualised basis during August.
ANZ sits as the smallest home lender amid the big four, but has its standard variable mortgage rate at 5.88% which equals NAB as the lowest advertised rate among the big banks.
ANZ's 7.1% home loan book growth compared with the 5% for the Commonwealth Bank and NAB. There was 2.7% annualised growth for Westpac which has been losing home loan market share given its highest standard variable rate among the big four.
Tim lawless says maintaining the price growth currently seen in the two major capital cities was "unlikely."
And he added the current rate was starting to erode yield for investors.
Prices in Brisbane are still 10% off the 2009 peak offering the second-highest yields in the country.
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jchancellor-FAypfDUnLy

Melbourne price rebound of more concern than Sydney's catchup as ANZ dominates home loan growth

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Word on the street is that the Reserve Bank won’t cut the cash rate when it meets today. However, one of Australia’s biggest comparison websites - <a href="https://finder.com.au/">finder.com.au</a> – says borrowers can still find ways to save on their home loans by exploiting competition among lenders.  
The company’s resident rate experts – who include eight leading economists – expect the RBA to keep the cash rate at 2.50%.  
<table cellpadding="0" cellspacing="0" border="0" style="width: 470px;"><tbody>
<tr>
<td valign="top">
finder.com.au’s resident rate experts
</td>
<td valign="top">
Do you think the Reserve Bank will move the cash rate on October 1?
</td>
</tr>
<tr>
<td valign="top">
Warren Hogan, ANZ
</td>
<td valign="top">
No
</td>
</tr>
<tr>
<td valign="top">
Janu Chan, St George Bank
</td>
<td valign="top">
No
</td>
</tr>
<tr>
<td valign="top">
Scott Haslem, UBS
</td>
<td valign="top">
No
</td>
</tr>
<tr>
<td valign="top">
Alan Oster, NAB
</td>
<td valign="top">
No
</td>
</tr>
<tr>
<td valign="top">
Michael Witts, ING Direct
</td>
<td valign="top">
No
</td>
</tr>
<tr>
<td valign="top">
Paul Bloxham, HSBC
</td>
<td valign="top">
No
</td>
</tr>
<tr>
<td valign="top">
Shane Oliver, AMP
</td>
<td valign="top">
No
</td>
</tr>
<tr>
<td valign="top">
Carla Boldock, RAMS
</td>
<td valign="top">
No
</td>
</tr>
</tbody></table>
Source: finder.com.au
Despite this, there is still significant opportunity to save as lenders fight for market share.  
For instance, the major four banks – ANZ, Commonwealth, NAB and Westpac – increased market share over the past year, while non-bank lenders continue to undercut by offering cheaper deals.  
According to Australian Prudential Regulation Authority data crunched by <a href="https://finder.com.au/" target="_blank">finder.com.au</a>, the big four banks now claim up to 85% of the total value of owner-occupied home loans of all banks as at July 2013, up from 80% in July 2012.  
Of the ‘Big Four’, NAB and Westpac offer the lowest advertised packaged variable rates for a $300,000 home loan, at 5.08%.  
But finder.com.au says non-bank lenders lead the pack overall: the lowest rate for this loan size is 0.53 percentage points cheaper at 4.55% by lender loans.com.au.  
Spokesperson at finder.com.au, Michelle Hutchison, says many borrowers and first home buyers are unaware of the fight for market share between lenders and are missing out on potentially thousands of dollars by not comparing home loans online.  
“While the major banks continue to be the most popular lenders among borrowers, smaller lenders are quietly fighting back by undercutting the major banks on more fronts. Many non-bank lenders are growing more diverse with their product and service offerings, and continue to beat the major banks on price.  
“It’s easy for borrowers, particularly first home buyers, to go straight to a major bank, but it could end up costing them thousands. For instance, the difference between the lowest variable rate of the major four banks for a $300,000 home loan (5.08%) compared to the lowest variable rate for this loan size on finder.com.au (4.55%) would cost $96 extra per month, $1154 every year or over $34,000 over the life of a 30-year loan term.”  
How to score a better home loan this spring:
<ol>
<li>
There’s no loyalty in the home loan market: if you’ve had a Dollar Mite account since you were a kid it doesn’t mean you will get a better rate on your home loan. And borrowers who have been with same lender for a long time won’t necessarily get a good deal either. Don’t rely on lenders to tell you that you’re getting a good deal – make sure you know by comparing loans and negotiating hard.
</li>
<li>
Compare online before hitting the market: finding the right home loan, getting pre-approval and working out how much you can afford to borrow before you start bidding is the key to financial stability. You can do all of this on comparison sites like finder.com.au.
</li>
<li>
Keep aside an emergency buffer: be careful when working out your budget. If you can only afford monthly repayments of $2000, at the current average variable rate of 5.63% that could be a loan size of $347,000. But, if rates rise to 7%, the loan will cost an extra $309 a month. Factor in a buffer as rates won’t stay this low forever.
</li>
</ol>
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staylor-63KgDrKwoY

Experts tip RBA to keep rates on hold

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While borrowers wait each month to see whether the Reserve Bank moves on rates, financial research organisation CANSTAR advises that some mortgage holders could save significant amounts by simply switching to better-value products.  
Commenting ahead of today’s rates announcement, research manager Mitchell Watson, said: “This month, the expectation is that rates will be left on hold. Post federal election consumer confidence is at a high and business confidence seems to be improving. The media focus at the moment is on the existence or otherwise of a housing bubble and, while that may or may not be the case, all signs point to rates being left on hold.  
“Irrespective of the RBA decision, though, mortgage holders need to check the interest rate they’re paying and ensure that it’s at the lower end of the scale. Currently, on the CANSTAR database, the difference between the highest and lowest standard variable mortgage rate is 2% – the equivalent of seven RBA rate cuts all the way back to December 2011.  
‘’On a 25-year $300,000 loan, that equates to $360 in additional monthly repayments.
Over the life of the loan it adds up to more than $100,000 in additional interest payments.  
‘’The difference between the average and lowest standard variable rate is just shy of 1%, or the equivalent of the past four RBA rate cuts.’’  
 
<table border="0" cellspacing="0" cellpadding="0"><tbody>
<tr>
<td width="272" valign="top"></td>
<td width="197" valign="top">
Average rate as at Tuesday 1 October
</td>
</tr>
<tr>
<td width="272" valign="top">
Average standard variable home loan rate
</td>
<td width="197" valign="top">
5.44%
</td>
</tr>
<tr>
<td width="272" valign="top">
Lowest standard variable home loan rate
</td>
<td width="197" valign="top">
4.49%
</td>
</tr>
<tr>
<td width="272" valign="top">
Highest standard variable home loan rate
</td>
<td width="197" valign="top">
6.50%
</td>
</tr>
</tbody></table>
Source: <a href="https://www.canstar.com.au/">www.canstar.com.au</a>. Represents average rate across products on CANSTAR’s database      
<table border="0" cellspacing="0" cellpadding="0" align="left" style="width: 470px;"><tbody>
<tr>
<td width="372" colspan="2">
Potential cost of $300,000 mortgage over 25 years
</td>
</tr>
<tr>
<td width="169" valign="top">
Interest rate
</td>
<td width="203" valign="top">
Total loan repayment
</td>
</tr>
<tr>
<td width="169" valign="top">
4.49%
</td>
<td width="203" valign="top">
$499,739
</td>
</tr>
<tr>
<td width="169" valign="top">
5.00%
</td>
<td width="203" valign="top">
$526,131
</td>
</tr>
<tr>
<td width="169" valign="top">
5.50%
</td>
<td width="203" valign="top">
$552,679
</td>
</tr>
<tr>
<td width="169" valign="top">
6.00%
</td>
<td width="203" valign="top">
$579,871
</td>
</tr>
<tr>
<td width="169" valign="top">
6.50%
</td>
<td width="203" valign="top">
$607,686
</td>
</tr>
</tbody></table>
                Source: Canstar
CANSTAR’S Home Loan Star Ratings, released last week, compare 1832 home loans from 105 lenders across seven categories of floating, fixed rate and line-of-credit loans for both residential and investment purposes.
 
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Borrowers could save by switching to better value products: CANSTAR

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The low mortgage rate ‘holiday’ may be set to continue, with speculation growing that the Reserve Bank of Australia could be about to make further cuts to the official cash rate in the coming months. As a result, a growing number of borrowers are opting for variable rate home loans.  
National new home loan approval figures from broker Mortgage Choice show variable rate home loans jumped to their highest level since February this year, accounting for 73.14% of all home loans written in September.  
Of the variable rate products, ongoing discount rate loans again proved the most popular among borrowers, accounting for 39.52% of all loans written.  
Mortgage Choice spokesperson, Jessica Darnbrough, says it is not surprising to see so many homebuyers choosing variable rate loans, especially given the competitiveness among lenders.  
"Interest rates are currently at historically low levels and there is evidence to suggest they could fall further still. Lenders are not only competing aggressively for market share through very sharp pricing, but other incentives as well, including fee waivers, refinance rebates and cash-back offers to name but a few," Ms Darnbrough said.  
"With this in mind, it is not unreasonable for borrowers to opt for a variable rate home loan."  
While variable rate home loan approvals are on the rise, fixed rate demand slipped to an eight month low of 26.86%. Interestingly, Queensland was the only state that didn't record a drop in approvals for this loan type, with fixed rate demand jumping 4.24 percentage points to 36.40%.  
"It seems borrowers in Queensland are still feeling uncertain about current economic conditions and so are keen to lock in rates now rather than relying on a further rate cuts," Ms Darnbrough said.  
"By locking into a fixed rate, borrowers are provided with a level of certainty and stability - something Queenslanders appear to be calling out for."   Archived copies of the Homeloan Choices bulletin can be found at <a target="_blank" href="https://mortgagechoice.com.au/about-us/home-loan-choices-newsletter-subscription">Mortgage Choice</a>. 
<img alt="MORTGAGE-RATE-OCT-1-ONE" height="372" width="470" src="/images/stories/2013/10/01/MORTGAGE-RATE-OCT-1-ONE.jpg">
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Variable home rates surge with speculation of further rate cuts

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Home buyers and property investors are being warned about fixing loans despite "aggressive" advertising campaigns from the banks.
With latest finance figures showing that the number of fixed loans during July 2013 jumped by 120% compared to July 2012, The Property Club's president, Kevin Young, is warning that investors should not yet give in to the pressure of advertising campaigns.
“During July 2013, a total of 9,932 dwellings were financed though fixed loans compared to just 4,509 during July 2012," said Young.
“In response to marketing campaigns from the big banks to fix, the home lending figures show that the number of fixed home loans in Australia began to spike during April of this year and have remained at around 10,000 every month since that time."
Currently, he said that he believes rates will drop even further, despite the campaigns from banks telling property buyers and owners to fix their rates.
He said that he isn't fixing for the properties in his portfolio either.
“The RBA is under pressure to drop interest rates to stop Australia’s unemployment rate rising even further with predictions it will shortly pass the 6% threshold. The latest job vacancy figures show that job vacancies in the year to August 2013 fell by a massive 20%," Young explained.
He noted that fixing interest rates at the wrong time or too early in the rate cutting cycle is one of the most common mistakes investors make.
{module How are you approaching your rates?}
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jduke-EHk3XBmHkn

Not yet time to fix: Kevin Young

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The Reserve Bank of Australia has left the official cash rate unchanged at 2.5%, in line with analysts' predictions.
It’s the second month in the row the Bank has left rates unchanged at a 53-year low.
All nine analysts queried by Finder.com.au <a target="_blank" href="/news">predicted no movement in the official cash rate</a>.
And all 33 economists surveyed by Bloomberg predicted no change for October.
But 12 of the 33 predicted a rate cut of 25 basis points for November.
The next RBA Board meeting is on November 5.
The Bank has previously cut rates in August 2013, May 2013, December 2012, October 2012, June 2012, May 2012, November 2011 and December 2011.
RP Data's Tim Lawless says the current interest rate setting is providing an appropriate level of stimulus. 
He says housing values across the combined capital cities have recently reached a new historic high after recording a 7.7% peak to decline correction between October 2010 and May 2012. 
"Not only are home values up by 8.7% since the recovery trend kicked off in June last year, but there has also been a sharp improvement in the level of credit demand for new housing," Lawless says.
The number of mortgage commitments for new housing has risen by more than 50% over the 12 months to July, mortgage activity is continuing to trend higher indicating that housing finance demand is continuing to gather momentum as the market moves through spring.
"Dwelling approvals have also been trending higher which is another positive sign that the low interest rate setting is flowing through to new housing investment which is one of the key desired outcomes from the low cash rate setting," he says.
"While the housing market is broadly tracking consistently higher in value, the benefits of the low mortgage rate environment aren’t being felt across all regions.  Dwelling values across Australia’s third largest city, Brisbane, have hardly budged over the last year and dwelling values are lower over the year in both Adelaide and Hobart. 
"Additionally, momentum has left the Perth and Darwin housing markets with values rising by just 1.3% and 0.1% respectively over the past three months.  These cities would certainly benefit from mortgage rates remaining at their low setting."
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awalsh-7Ub9EypybQ

RBA leaves rates unchanged

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Well it has only taken just under 14 days for GST to be back on the political and taxation agenda. As I noted in <a target="_blank" href="/news">my post election comments</a>, over the next few years the federal government’s review of the tax system is set to possibly be one of the biggest impacts on the housing industry and real estate market.
It’s an important issue because any variation to the structure of the GST could have a negative impact on affordability but any extra funds might also help state governments deliver better infrastructure.
When it comes to the woes and opportunities in the housing markets these two topics are frequently tied up in the same argument. Better infrastructure will assist the market and help create more supply but a high GST may well add to costs if we were to move from 10% to 12.5% or even to 15% as is the case in New Zealand.
Any reforms must finally address stamp duty. While I have already noted that the new government in Canberra has promised a big picture tax review, as far as the housing market is concerned this is an essential undertaking. Stamp duty cannot be quarantined or offset because of this or that occasional government grant or incentive scheme, what we need is real reform.
Given the need for more revenue the GST was always going to be back under the spotlight. But as I and others have noted time and time again, any review of the GST must include a review of property related taxes and in particular stamp duty. Our professional industry bodies need to ensure our case is understood and answered in Canberra.
Here again I have previously pointed out that local and state governments still gain 45% of their revenue from property related taxes. Transaction taxes alone account for 14% of that revenue, which are according to the OECD among the highest rates in the world. These taxes impact almost every part of the housing market, they can and do present a hurdle to some first time buyers, but they also hurt people looking to trade an established home.
In any GST review this is one of many essential factors to keep in mind because as Dr Tim Williams CEO of the Committee for Sydney noted in his report <a target="_blank" href="https://mckellinstitute.org.au/wp-content/uploads/2012/04/McKell_HomesForAll_A4.pdf">‘Homes for All’</a> that a fifth of the population owns 50% of all homes. Many of these established owners are reluctant to move because of the burden of stamp duty and its possible impact on retirement savings. And it is also claimed that in some areas the burden of stamp duty may, in spite of changes to some planning regulations, also unintentionally prevent re-development and so limit the supply of new homes.
Additional costs by way of a higher GST, while they may be at least three or four years away must also be introduced as a part of meaningful reforms of other taxes, and in respect of the housing market, high on that list is the removal of stamp duty. One very clear reason for this is the possibility that in three or four years time today’s historically low interest rates may well have disappeared.
The burden of higher interest rates and a higher GST, without a commensurate reduction in the rate of stamp duty, or even better its complete removal could have the potential of making home affordability even worse than it is today even with low interest rates. For the property development industry and state governments this is a long avoided debate that can no longer be put off!

<hr>
Peter Chittenden is managing director for residential of <a target="_blank" rel="nofollow" href="https://www.colliers.com.au/Colliers%20Corporate/Residential.aspx">Colliers International.</a>
 
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pchittenden-eLqUUC8TWW

Reductions to stamp duty must be part of the GST agenda: Peter Chittenden

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The voting public believe online mortgage providers loans.com.au have the cheapest loans in Australia.
More than 28,000 customers of the mortgage comparison site Mozo.com.au voted  to award Loans.com.au the title of “Australia’s cheapest home loans”.
Loans.com.au has variable home loans rates from 4.49% (5.51% comparison rate).
Managing Director Marie Mortimer encouraged mortgage holders to switch lenders.
“We have interest rates on par with rates in Australia during the 1950s. These awards are always a good reminder for people to consider their loans and decide whether they are paying too much.”
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