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>

Joel Robinson

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

Local Little Bay residents, along with buyers from premium postcodes across Sydney’s affluent Eastern Suburbs, have dominated purchases in developer-builder Urban Property Group’s first Eastern Suburbs apartment development, <a href="https://www.apartments.com.au/new-apartments/este-little-bay-jennifer-street-little-bay-nsw-2036">ESTE Little Bay</a>.

The $250 million coastal project, one of the first new developments in the area in several years, has proven particularly popular with downsizers, especially those from Coogee and Bondi. One Double Bay downsizer paid $4.7 million for a four-bedroom penthouse, setting a new local apartment price record in the process.

Buyers have been attracted to the combination of coastal tranquillity, premium design and amenity-rich neighbourhood living. The walkable village setting, along with proximity to three of Sydney’s leading golf courses, New South Wales Golf Club, St Michael’s Golf Club and The Coast Golf Club, has also been a key drawcard.

[smartcode_project:default project_id=112343 project_image_fid=352689]

Built across two low-rise buildings designed by <a href="https://www.apartments.com.au/architects/hill-thalis-architecture-urban-projects-pty-ltd">Hill Thalis</a> and set along a lush, landscaped green spine, designed by leading landscape architect <a href="https://www.apartments.com.au/landscape-architect/arcadia-landscape-architecture">Arcadia</a>, ESTE Little Bay offers a collection of one, two, three and four-bedroom residences with interiors by Richards Stanisich.

<a href="https://www.apartments.com.au/developers/urban-property-group">Urban Property Group</a> Sales Director, Tom McIvor said the response to ESTE has been "nothing short of extraordinary."

“Buyers have been quick to recognise ESTE as a rare opportunity to invest in a coastal sanctuary that offers both seclusion and connectivity to the heart of Sydney,” McIvor said.

[smartcode_project:default project_id=112343 project_image_fid=352687]

<a href="https://www.apartments.com.au/project-marketer/srm-residential">SRM Residential</a> Senior Director, <a href="https://www.apartments.com.au/project-marketer/srm-residential">Clayton Ross</a> said the local market has responded incredibly well, driven by ESTE’s exceptional location and the rarity it offers.

“We’ve seen strong interest from a variety of buyer groups, all of whom are drawn to the exclusivity and quality of the build and construction by the 4.5-star iCIRT-rated builder / developer, Urban Property Group. There’s truly nothing else like it along Sydney’s coastline.”

[smartcode_project:default project_id=112343 project_image_fid=352690]

The project also includes robust buyer protections, including Resilience Insurance’s Latent Defects Insurance, providing 10 years of structural cover, and an independent iCIRT-rating of the developer.

“The iCIRT-rating adds another layer of confidence,” Ross added. “Buyers see it as a safeguard for their investment and their lifestyle.” A highlight of ESTE’s offering is its exclusive wellness amenities, including a heated rooftop infinity pool and outdoor heated spa, a state-of-the-art Technogym fitness centre, and a sauna.

<a href="https://www.apartments.com.au/new-apartments/este-little-bay-jennifer-street-little-bay-nsw-2036">ESTE Little Bay</a> is topped out and is on track to complete towards the end of 2026, with residents moving in before Christmas.

[smartcode_project_cta:default project_id=112343]

Eastern Suburbs buyers snap up ESTE Little Bay apartments

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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An overwhelming majority of economists still expect the RBA to leave the cash rate unchanged at 3% on May 7, according to the latest Bloomberg survey.
Following <a href="https://www.propertyobserver.com.au/https://www.propertyobserver.com.au/economy/inflation-up-lower-than-expected-04-in-march-quarter-with-rise-in-new-dwelling-purchases-noted/2013042460702?utm_source=po&amp;utm_medium=aida&amp;utm_campaign=news" target="_blank">Wednesday's subdued March quarter inflation</a> reading, 20 out of 27 economists expect no change in the cash rate.
This compared with 24 out of 28 who tipped no rate cut a week ago.
All the major bank economists agree there will be no rate cut in May.
Expectations of a June rate cut are stronger with 13 out of 27 tipping a 25 basis point rate cut and one economist (Richard Gibb from Macquarie Group) tipping a cash rate setting of 2.5%. The remainder expect no change.
</body></html>

lschlesinger-FZcF9M3vE6

Majority of economists still say no rate cut on May 7

<html><body>
A-League soccer star Daniel McBreen of the Central Coast Mariners has revealed his ambition to become a successful mortgage broker with AFG once his soccer playing days are over.
McBreen scored the second half penalty goal that secured the Mariners their first A-League title in a hard fought 2-0 win over the Western Sydney Wanderers last weekend.
In an interview with MPA Magazine McBreen said his father had been a mortgage broker and the plan was always for him to take over from him one day. 
Sadly, his father’s passing last year brought forward his role in the business.
McBreen says football is his main priority currently but he spends afternoons and evenings working on mortgage broking-related business.
“Every spare moment I get away from football I try and put towards doing what I need to do to get this [business] up and running,” he told MPA Magazine.
“I’m hoping to play football for another couple of years and if that comes off I’d like the mortgage side of the business to be up and running – and to be in a position where, when I do finish playing football, I can move seamlessly into full-time [broking] work and have the work there to keep me going on strong."
McBreen is not the only sports star to try their hand at mortgage broking through AFG.
Former Richmond Tigers ruckman Troy Simmonds operated mortgage broking business Harbour Finance, aggregating through AFG, for four years towards the end of his football career.
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Soccer star Daniel McBreen shoots for AFG mortgage success after grand final glory

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Armed with cheap funding from Macquarie Bank and the ability to market his Yellow Brick Road franchise brand on prime time Celebrity Apprentice television, Mark Bouris is taking on the major banks with a mortgage discount offer that claims to undercut their best offerings.
A week before the third season of Celebrity Apprentice begins on Channel Nine, Yellow Brick Road has unveiled its offering of a 1.25% discount for all borrowers who take out its variable rate<a href="https://www.ybr.com.au/homeloans/empowerrangeofhomeloans/index.cfm" target="_blank"> Empower Home Loan</a> for the first year of the loan.
<img alt="bourisapril24one" height="183" width="470" src="/images/stories/2013/04/bourisapril24one.jpg">
Afterwards the introductory 12 month rate of 5.15%, the loan reverts to a lower lifetime discount rate of between 0.86 percentage points and 0.91 percentage points off the standard variable rate, currently at 6.40%.
The loan has no application fee, with Yellow Brick Road pointing out that the discounted rate is offered “across the board” not just to those borrowers who meet minimum loan size requirements as is required by the major banks to be eligible for the best variable rate offering.
In an ASX press release issued to announce the discounted offer, Yellow Brick Road includes a table comparing its 5.15% introductory offer with the best discount rates offered through home loan packages from ANZ (5.7%), Westpac (5.61%), St.George (5.59%), Commonwealth Bank (5.60%) and NAB (5.58%).
Click to enlarge
<a title="Click to enlarge" rel="shadowbox" href="/images/stories/2013/04/bourischartapril24one.gif"><img src="/images/stories/2013/04/bourischartapril24onethumb.gif"></a>
The Empower Home Loan product is entirely funded by Macquarie Bank following last November’s wholesale funding agreement.
Macquarie Bank also has an 8.3% stake in Yellow Brick Road and is key player in Bouris’s ambition to make Yellow Brick Road a significant competitor to the dominance of the big four banks in the mortgage market.
Channel Nine also has an interest in the success of the mortgage product with its Nine Ventures consumer investment group holding an 18% stake in Yellow Brick Road.
The most recent full year annual accounts show that Yellow Brick Road paid Channel Nine $2.65 million last year to sponsor The Apprentice television series for three years.
So expect to see plenty of Yellow Brick Road branding and merchandising every Tuesday and Wednesday night for an hour and half over the next five weeks or so and no doubt plenty of promotion of the discount mortgage offer.
This latest discount offer is an improvement on its earlier 1.15% discount offer launched in November last year under the slogan: “Smash your home loan” following the funding agreement with Macquarie Bank.
Bouris, the hirer and firer on Celebrity Apprentice, has made no secret of his desire to take on the major banks and become a true fifth pillar competitor andbe revelling in his role of both mortgage and media “wizard” – harking back to the late 1990s and early 2000s when Wizard Home Loans and John Symond’s Aussie Home Loans took on the major banks.
Bouris has ramped up the anti-bank rhetoric since signing the <a href="/news">funding agreement with Macquarie in November last year</a>.
“Yellow Brick Road is focused on taking market share from the incumbents,” reads the ASX press release.
In its annual results, Bouris and Yellow Brick Road chief executive Matt Lawler write:
“Overall the business has positioned itself as a competitor and challenger to the major banks. This position is now regularly being recognised and acknowledged by politicians, investment researchers and media commentators nationally.”
Earlier this month, Bouris told Fairfax Media he needed to settle around $350 million worth of new loans a month - around 5% of the value of mortgages banks sell through their branches – to force banks to adjust how they price their home loans.
Bouris said he was confident of doubling Yellow Brick Road’s mortgage book as it did in 2012.
While Yellow Brick Road remains a minnow mortgage lender compared to the gargantuan-sized mortgage books of the major banks, it is growing at rapid pace.
In January it reported a record month with loan settlements up 106% on January 2012 and 43% higher than its previous best month amid a “groundswell of consumer demand”.
It’s most recent full year results for the 12 months to December 31 show the Yellow Brick Road mortgage book grew by 114% to $1.26 billion compared with $590 million in the previous full-year period.
Franchise branches grew from 91 to 149 over this period while representatives licensed to provide credit and/or personal financial advice increased from 80 to 126.
Season three of Celebrity Apprentice, will begin on April 30 featuring among its contestants Olympic swimming legend Dawn Fraser, boxing champ Jeff Fenech, rocker Brian Mannix and AFL's Dermott Brereton – all of whom will be seen in Yellow Brick Road merchandise at various points in the reality game show.
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Big Banks, you’re fired: Mark Bouris ties Celebrity Apprentice launch with YBR mortgage discount offer

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The lowest advertised mortgage offering -fixed or variable - is a one-year fixed rate package home loan of 4.79% offered by non-bank lender Quick Direct, according to mortgage comparison websites.
The rate is 30 basis points below the lowest big four one-year fixed rate offering – NAB one-year fixed rate of 5.09% available under its package home loan offerings.
All Quick Direct package home loans require a 10% deposit.
Borrowers looking to refinance with a major bank brand can secure a one-year fixed rate home loan with UBank – NAB’s online brand – of 4.83%.
Quick Direct is a subsidiary of Sydney-based BMC Mortgage Corporation.
These are the lowest advertised variable and fixed mortgage rates based on listings on mortgage comparison websites <a target="_blank" href="https://www.ratecity.com.au/">ratecity.com.au</a>, <a target="_blank" href="https://mozo.com.au/">Mozo.com.au</a>,  <a target="_blank" href="https://www.infochoice.com.au/">infochoice.com.au</a> and <a href="https://www.homeloanfinder.com.au/">homeloanfinder.com.au</a> as of April 22:
Where the headline rate is the same, the lender with the lowest comparison rate gets preference.
Lowest variable rate offerings:
<table width="470" cellpadding="0" cellspacing="0" border="1"><tbody>
<tr>
<td valign="top" width="134">
Provider
</td>
<td valign="top" width="124">
Loan name
</td>
<td valign="top" width="97">
Rate
</td>
<td valign="top" width="116">
Comparison rate*
</td>
</tr>
<tr>
<td valign="top" width="134">
Loans.com.au
</td>
<td valign="top" width="124">
Blackboard Special
</td>
<td valign="top" width="97">
4.99%
</td>
<td valign="top" width="116">
5.01%
</td>
</tr>
<tr>
<td valign="top" width="134">
State Custodians
</td>
<td valign="top" width="124">
State Custodians Peak Performance Offset (Refinance Only)
</td>
<td valign="top" width="97">
4.99%
</td>
<td valign="top" width="116">
5.38%
</td>
</tr>
<tr>
<td valign="top" width="134">
Loans.com.au
</td>
<td valign="top" width="124">
Dream Loan Express Variable
</td>
<td valign="top" width="97">
5.09%
</td>
<td valign="top" width="116">
5.12%
</td>
</tr>
</tbody></table>
 Lowest one-year fixed-rate offerings
<table width="470" cellpadding="0" cellspacing="0" border="1"><tbody>
<tr>
<td valign="top" width="137">
Provider
</td>
<td valign="top" width="123">
Loan name
</td>
<td valign="top" width="95">
Rate
</td>
<td valign="top" width="114">
Comparison rate*
</td>
</tr>
<tr>
<td valign="top" width="137">
Quick Direct
</td>
<td valign="top" width="123">
One year fixed
</td>
<td valign="top" width="95">
4.79%
</td>
<td valign="top" width="114">
5.46%
</td>
</tr>
<tr>
<td valign="top" width="137">
UBank
</td>
<td valign="top" width="123">
UHomeLoan for refinance fixed rate
</td>
<td valign="top" width="95">
4.83%
</td>
<td valign="top" width="114">
5.34%
</td>
</tr>
<tr>
<td valign="top" width="137">
Loans.com.au
</td>
<td valign="top" width="123">
Dream loan express fixed
</td>
<td valign="top" width="95">
4.89%
</td>
<td valign="top" width="114">
5.28%
</td>
</tr>
</tbody></table>
 
Lowest three-year fixed-rate offerings
<table width="470" cellpadding="0" cellspacing="0" border="1"><tbody>
<tr>
<td valign="top" width="131">
Provider
</td>
<td valign="top" width="131">
Loan name
</td>
<td valign="top" width="96">
Rate
</td>
<td valign="top" width="111">
Comparison rate*
</td>
</tr>
<tr>
<td valign="top" width="131">
ME Bank
</td>
<td valign="top" width="131">
Member Package SMHL Standard Home Loan
</td>
<td valign="top" width="96">
4.99%
</td>
<td valign="top" width="111">
5.49%
</td>
</tr>
<tr>
<td valign="top" width="131">
Teachers Mutual Bank
</td>
<td valign="top" width="131">
Teachers Fixed Option Loan
</td>
<td valign="top" width="96">
4.99%
</td>
<td valign="top" width="111">
5.90%
</td>
</tr>
<tr>
<td valign="top" width="131">
ING Direct
</td>
<td valign="top" width="131">
Residential Fixed
</td>
<td valign="top" width="96">
5.09%
</td>
<td valign="top" width="111">
5.60%
</td>
</tr>
</tbody></table>
*A comparison rate includes both the interest rate and the fees and charges relating to a loan, combined into a single percentage figure.
For information on refinancing, watch our free webinar <a href="/news">The Do's and Don’ts of Refinancing Your Existing Home Loan ... and How to Avoid Unnecessary Hurdles</a>.
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From Quick Direct’s 4.79%: the lowest fixed and variable home loan offerings

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The large variance between economists' forecasts for the cash rate between now and the end of 2014 may create a conundrum for borrowers trying to decide between fixing their home loan or going with a variable rate product, given the current cheap fixed-rate offerings in the market place.
Over the remainder of 2013, the median forecast is for the cash rate to fall to 2.75%, according to the latest Bloomberg survey of bank and financial institution economists.
However, forecasts vary from HSBC’s Paul Bloxham’s expectation that the cash rate could rise by 25 basis points to 3.25% to Macquarie’s Richard Gibbs, who expects the cash rate could fall 100 basis points to 2% over the course of the year.
Just nine economists expect a cash rate at the median of 2.75%, including Westpac’s Bill Evans and economists from JP Morgan and Citi.
A greater number, 10 economists, expect no change over 2013 and the cash rate remaining at 3%, including the Commonwealth Bank’s Michael Blythe and AMP Capital’s Shane Oliver.
Seven economists foresee two more rate cuts this year (2.5%), including ANZ’s Warren Hogan.
Looking beyond 2013, and the lack of consensus is even greater with forecasts varying from a cash rate of 2.5% (ANZ Bank and FIIG Securities) to as high as 4.25% (Laminar Capital) by the end of 2014.
The median forecast is for a cash rate of 3.25% by the end of 2014, but with only three replies at the median.
The major banks have different expectations for the cash rate by the end of 2014, though tellingly none of them expect a cash rate higher than 3%.
The Commonwealth Bank currently expects no change in the cash rate between now and the end of 2014.
NAB also has a cash rate setting of 3% by the end of 2014.
Westpac expects a cash rate of 2.75% by the end of 2014.
ANZ expects a cash rate of 2.5% by the end of 2014.
March quarter inflation data out on Wednesday (April 24) is expected to be well within the RBA’s target band of between 2% and 3%, allowing scope for further rate cuts if needed.
According to same Bloomberg survey, the median forecast is for an inflation reading of 2.4% on both trimmed mean and weighted mean measures.
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Possibly one more rate cut in 2013 but lack of consensus the overriding theme: Bloomberg survey

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NAB has from today cut its five-year fixed-rate home loan by 29 basis points to 5.55% under its package home loan offering.
This is its lowest the bank’s five-year fixed-rate home loan has been in 20 years.
NAB offers package home loan borrowers a discounted variable rate of 5.53% if they borrow $500,000 or more.
Borrowers who take out a five-year fixed-rate will be punting on interest rates rising over the next five years.
NAB chief economist Alan Oster expects to further rate cuts this year, taking the cash rate to 2.5%.
Were the bank to pass on around 40 out of these expected 50 basis points, variable rate borrowers could see their interest rate fall to as low as 5.1%.
However, over 2014, NAB expects the cash rate to rise back to 3%, though some lenders expect it could rise as high as 4%.
<ul>
<li>The Commonwealth Bank offers a five-year fixed rate home loan at 5.69% under its package offering</li>
<li>Westpac is at 5.79% under its package home loan offering</li>
<li>ANZ is at 5.84% under its package home loan offering</li>
</ul>
Three-year fixed-rate home loans remain by far the most popular fixed-rate product among borrowers, with five-year fixed-rate home loans a marginal product.
According to mortgage comparison website homeloanfinder.com.au, three-year fixed-rate home loans currently account for two-thirds of all fixed-rate product choices with five-year fixed-rate home loans second most popular, <a href="https://www.propertyobserver.com.au/news/monday-feb-25-feature-the-fix-is-on-for-bank-mortgage-rates-should-you-take-the-deal/2013022159504" target="_blank">accounting for a fifth of fixed-rate products selected currently</a>.
Adrian Barclay, personal finance expert from HomeLoanFinder.com.au, wrote recently on Property Observer, that choosing between a three-year and five-year fixed rate home loan was an “important decision” especially considering that an average home changes hands every seven years.
“So, if you lock in a five-year fixed home loan three years into your home ownership, on average, you may sell it before. This can be an extremely costly way to handle home ownership,” Barclay says.
Costs can rise to thousands of dollars if you sell your house within the five-year fixed period while obtaining financing for renovations can also be harder than for borrowers who have a variable construction loan or line of credit home loan.
In 1993 borrowers who fixed for five-years with NAB would have done very well.
The cash rate fell to 4.75% in December 1993 but then rose to a high of 7.5% between December 1994 and July 1996.
It only fell back to 4.75% in December 1998.
NAB will be looking to cash in on the growing appetite among borrowers for fixed-rate home loans with Mortgage Choice reporting that more than a quarter of home loans (26%) were fixed in March, up from 20.6% in February and well above the 12-month average of 17.7%.
Demand for fixed-rate home loan is particularly high in Queensland where more than a third fixed their home loan in March, according to Mortgage Choice figures.
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NAB cuts five-year fixed-rate home loan to 20-year low of 5.55%

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Economist David Bassanese says the Reserve Bank of Australia will cut interest rates again despite effects from rate cuts being already seen.
The Australian Financial Review columnist says rising unemployment from the mining and manufacturing industries will force the RBA to lower rates again by the end of the year.
“It’s true that asset prices especially are responding to lower interest rates, but whether this will be enough to contain unemployment in the face of the looming mining sector downturn and extreme pain from the high exchange rate remains to be seen,” Bassanese wrote today.
He says the rate cuts are having an effect on the interest-rate sensitive sectors of the economy including a moderate lift in housing demand.
Auction clearance rates lifted to their highest level since mid-2010
“As I’ve argued since last year, rising established house prices are exactly what we should be expecting at this stage. After all, measures of home mortgage affordability are below long-run average levels,” he wrote.
“My call has been that a 10% to 15% pop higher in nationwide house prices is possible by early 2014.”
He said with non-mining sector parts of the economy picking up house price growth will be more pronounced in Sydney and Melbourne.
This will lead to increased confidence and spending despite sluggish employment growth.
And retail spending has been strong so far this year while consumer sentiment remains above long-run average levels.
“So far so good, but serious questions remain over the smoothness of the transition in economic growth from the mining investment boom to non-mining domestic spending,” he wrote.
“In terms of the housing sector, for example, the upturn in home building demand remains reasonably modest and is not yet destined to provide major growth offset from the downturn in mining investment.
“Meanwhile, sectors sensitive to the exchange rate, such as manufacturing and even mining, are also feeling the pinch, with the $A remaining at relatively high levels.”
Holden has announced massive job cuts while Woodside is scaling back LNG operations.
He says the decline in business conditions have been led by the mining sector and there is extreme weakness in manufacturing.
“The labour market reflects this sectoral tug of war. The number of job advertisements measured by ANZ Bank fell in March after two promising monthly gains, while the nation’s unemployment rate ticked up to 5.6%.”
“My call is that unemployment will reach 6% by year end, which should be enough to goad the RBA into cutting interest rates again.”
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awalsh-7Ub9EypybQ

Unemployment will force the RBA to cut rates again while house prices set to rise 10%: David Bassanese

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Macquarie Group has taken a 19.84% stake in the listed mortgages company Homeloans Ltd.
It paid $20.1 million for the Homeloans stake in an off-market transfer last Friday, according to substantial notices lodged Tuesday.
The trade was done at 95¢ a share, or a 20¢ a share premium to Homeloans closing price. Homeloans shares were up 6¢ to 81¢ when trading resumed Tuesday.
Macquarie bought the stake off Challenger Group who ceased being a major shareholder. 
It listed on the Australian Stock Exchange in 2001.
Homeloans specialises in home loans with a wide range of products to meet the needs of customers from first home buyers to investors.
Macquarie's move into Homeloans, which was founded in 1985, comes as Macquarie seeks to boost its mortgages business which includes equity in Yellow Brick Road.  It took an 8.3% in Mark Bouris’s mortgage broker, Yellow Brick Road, last December.
<a href="https://www.propertyobserver.com.au/mortgages/macquarie-bank-doubles-loans-to-investors-in-first-nine-months-of-2012-apra-figures" target="_blank">Macquarie has been growing its residential home loan book sizably over recent times</a>.
Homeloans was founded by Perth entrepreneurs, the current chairman Tim Holmes and director Rob Salmon, who each own a 12% stake.
They are reportedly reluctant to sell, according to the Australian Financial Review who speculate Macquarie was likely to launch a full takeover bid for Homeloans.
NAB’s mortgage aggregator, Advantage, owns a significant 17% stake in Homeloans, after it bought the holding from Challenger in 2009.
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jchancellor-FAypfDUnLy

Macquarie takes Homeloans stake

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RBA board members noted at their April meeting that Australia's housing markets continued to improve.
Its April meeting minutes noted house prices increased again over March, to be 4¼ per cent above their mid-2012 trough.
The board also noted that auction clearance rates had moved higher and there were signs of somewhat stronger growth in housing loan approvals.
The Bank's liaison with home builders suggested that demand for new housing had been a little more positive of late, with a rise in activity reported in most capital cities.
"Over the past few months, housing loan approvals had picked up for both owner-occupiers and investors, and stronger conditions in the established housing market more generally were expected to support moderate growth of dwelling investment this year," the minutes said.
"Overall, recent data suggested that interest-sensitive parts of the economy were responding to the historically low levels of lending rates and it remained likely that this had further to run.
"At the same time, the factors weighing on the economy – including the high exchange rate, the waning growth of mining investment, and fiscal consolidation – were likely to persist.
"The key issues were what the balance of these factors would turn out to be.
"With growth forecast to be a little below trend in 2013, and inflation close to target, members judged that it was appropriate for the stance of policy to be accommodative.
"The outlook for inflation, as currently assessed, would provide scope for further easing should that be necessary to support demand.
"At this meeting, the board's judgement remained that, on the information currently to hand, the most prudent course was to hold rates steady and to continue to assess developments over the period ahead."
<a target="_blank" href="https://www.propertyobserver.com.au/https://www.rba.gov.au/monetary-policy/rba-board-minutes/2013/02042013">The board decided to leave the cash rate unchanged at 3%</a>.
Members were also updated on the funding composition of Australian banks, with deposits rising further as a share of total funding, despite being more expensive than comparable wholesale funding sources.
"Average interest rates on outstanding housing and business loans had been largely unchanged since the end of February.
"In the money market, current pricing implied a very small expectation of an easing in monetary policy at the current meeting, and less than one 25 basis point easing priced in by the end of the year," the minutes noted.
 
 
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Australia's housing market - including new homes - show positive signs: RBA April meeting minutes

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Mortgage market activity picked up across the country in April led by NSW, the latest RP Data figures show.
There was also a strong pick-up in activity in Queensland, WA, Victoria and Tasmania.
The figures are a lead indicator of official housing finance data, coming out around six weeks ahead of ABS figures.
<img alt="rpdatamortgagesapril15one" src="/images/stories/2013/04/rpdatamortgagesapril15one.gif" width="470" height="239">
Click to enlarge
<a title="Click to enlarge" href="/images/stories/2013/04/rpdatamortgagesapril15two.gif" rel="shadowbox"><img src="/images/stories/2013/04/rpdatamortgagesapril15twothumb.gif"></a>
RP Data systems monitor more than 100,000 mortgage activity events every month across four main finance industry platforms.
The index shows an 81% correlation with the ABS housing finance data series (88% using the seasonally adjusted series).
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