<a href="https://www.apartments.com.au/developers/sunland-group">Sunland Group</a> has officially lodged plans for its first Gold Coast apartment project since the departure of the Abedian family from the company three years ago, unveiling a new high-rise proposal for a prominent Broadbeach corner site on Old Burleigh Road.

The application was submitted by an entity directed by Tom Jamieson, stepson of longtime Sunland leader Soheil Abedian, and Riaz Rezvanipour, brother-in-law of Sahba Abedian, Soheil’s son.

Sunland acquired the 1,283 sqm site on the corner of Old Burleigh Road and Armrick Avenue for $9.5 million late last year and is now seeking approval for a <a href="https://www.apartments.com.au/new-apartments/99-101-old-burleigh-road-broadbeach-qld-4218">42-storey tower with 81 apartments</a>.

<img alt="First look: Sunland Group returns to Broadbeach with new Old Burleigh Road tower plans" data-entity-type="file" data-entity-uuid="fea2946d-90ee-4cfc-babe-2a8ad5db2cb6" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/pers.png?VersionId=BV0fihJw31nDIQ8ozY_h3GbS8mxDyhnm" />

Designed by <a href="https://www.apartments.com.au/architects/contreras-earl-architecture">Contreras Earl Architecture</a>, the proposed tower at 99-101 Old Burleigh Road would deliver a predominantly larger-format apartment mix aimed at the owner-occupier market. Plans include 17 two-bedroom apartments, 55 three-bedroom apartments, and nine four-bedroom residences across 35 residential levels.

The development also incorporates three basement levels, four podium parking levels, two levels of communal recreation facilities, and rooftop plant and equipment. A total of 189 car spaces are proposed, significantly exceeding the 90 spaces required under the planning scheme.

The architecture adopts a sculpted, curvilinear form, with deep wraparound balconies and integrated landscaping intended to soften the tower’s vertical expression. The planning report states the building’s “slender footprint/form provides a complimentary yet varied built form within the local streetscape” and contributes to “a varied, yet ordered skyline.”

Contreras Earl noted in its Architectural Statement that from the early stages, the project addressed a fundamental challenge: how to accommodate the required residential yield while avoiding the conventional model of a tower sitting on a rigid, fully resolved parking podium.

“The most direct response would have been to consolidate parking into a singular, flat podium and extrude a repetitive tower above,” the statement said. “While efficient, this approach would result in a consolidated built form with limited engagement with the surrounding landscape and public realm.”

Instead, the conventional podium model was “deliberately rejected”. The architects described the base of the building as “a landscaped architectural condition where structure, planting and circulation are integrated”.

“Rather than presenting a continuous built mass, the base of the building is articulated through a series of concrete planter elements that organise the podium into a fragmented system,” the statement said. “This approach reduces the perceived bulk of the lower levels while establishing a more permeable interface with the streetscape and adjacent open space.”

<img alt="Sunland" data-entity-type="file" data-entity-uuid="923fad8d-c960-4527-8fbe-975cf1ddf88d" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-25%20at%2010.32.03%E2%80%AFAM.png?VersionId=pngwb0hYOIUpq9vDw6F2EsOiVuHF3DiX" />

&nbsp;

The site sits within the High Density Residential Zone and inside the City of Gold Coast’s unrestricted “HX” building height area, where the planning framework anticipates intensified residential development tied to the expanding light rail corridor. The planning report notes the area is undergoing “transition toward more intense development forms” given its proximity to Broadbeach, Surfers Paradise, and high-frequency public transport infrastructure.

Positioned directly opposite Broadbeach Park and within walking distance of Florida Gardens light rail station, the development would sit among a rapidly evolving stretch of Old Burleigh Road that has become one of the Gold Coast’s most active apartment development corridors.

The application joins a growing pipeline of luxury residential projects reshaping Broadbeach, including nearby developments by 5Point Projects, Polycell, and Graya.

The planning report argues the project contributes toward the Gold Coast’s long-term housing targets under the South East Queensland Regional Plan, which forecasts the need for more than 100,000 additional high-rise dwellings across the city by 2046.

<section data-scroll-anchor="false" data-testid="conversation-turn-4" data-turn="assistant" data-turn-id="request-WEB:84a2af5e-d7cf-4ddf-922a-f4d44d6c6caa-1" data-turn-id-container="request-WEB:84a2af5e-d7cf-4ddf-922a-f4d44d6c6caa-1" dir="auto">
The Abedian family departed Sunland Group in late 2023, ending a four-decade association with the company, and subsequently established the private development firm Abedian &amp; Co. The group is currently delivering <a href="https://www.apartments.com.au/new-apartments/greenmount-residences-cnr-hill-street-and-marine-parade-coolangatta-qld-4225">Greenmount Residences</a> at Rainbow Bay and recently launched <a href="https://www.apartments.com.au/new-apartments/18-mary-avenue-14-18-mary-avenue-broadbeach-qld-4218">18 Mary Avenue</a> in Broadbeach.
</section>

Joel Robinson

First look: Sunland Group returns to Broadbeach new apartment market with new Old Burleigh Road tower plans

The Minns Labor Government has established the new Bays West Delivery Authority to lead the development&nbsp;of the Bays West Precinct and Blackwattle Bay Precinct.&nbsp;

The Authority is charged with creating Sydney’s newest precinct, a thriving, connected, sustainable hub with White Bay Power Station as its cultural heart. Its vision is to build on the area’s natural, cultural and industrial history to shape a vibrant new neighbourhood.

The precinct will deliver up to 8,500 well-located homes, including a minimum of 10 per cent affordable and essential worker homes. Combine new housing with public open space, opening public access to the waterfront for the first time in more than 100 years, while retaining important deep-water facilities to support Sydney’s working harbour.

Located just minutes from the Sydney CBD and connected to a world-class metro, ferry, walking and cycling links, the Bays West precinct will rebalance housing growth towards well-serviced inner-city locations and help tackle the state’s housing crisis.

The Bays West Delivery Authority,&nbsp;an agency of the Department of Planning, Housing and Infrastructure, will report to the NSW Minister for Lands and Property who already has oversight of major precinct renewal projects including at Blackwattle Bay and Barangaroo.

As part of the broader Bays West transformation, the Minns Government recently announced that a proposal from Lendlease to redevelop part of the Bays West Precinct has progressed to Stage 2 of the NSW Government’s unsolicited proposals process.

<img alt="Sydney" data-entity-type="file" data-entity-uuid="2ed71eb9-d8e8-4fa7-b9d1-de4531dcf2f3" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-25%20at%209.42.31%E2%80%AFAM.png?VersionId=IDryFIbped9SNDg72LEN_EecvhUsOPvp" />

The Minns Labor Government has also confirmed the Bays West precinct will have a new suburb name. This will be the first major suburb built in close proximity to Sydney’s CBD in decades and will encompass the area currently being referred to as Bays West, including Glebe Island and the White Bay Power Station. Served by a new Metro station just five minutes from the CBD, it will become one of the most populous suburbs in the Inner West and one of Sydney’s premier cultural destinations.

An early works program is taking shape, which&nbsp;includes the first stages of an international design competition.&nbsp;

The aim of the Bays West&nbsp;International&nbsp;Design Competition is to&nbsp;ensure design excellence is embedded in the project from the start. The competition will deliver an&nbsp;urban framework that defines the character, ambition and long-term identity of&nbsp;this&nbsp;former industrial precinct as it transitions to a vibrant, inclusive and sustainable residential&nbsp;neighbourhood.

The competition will be led by the Bays West Delivery Authority in partnership with Government Architect NSW.&nbsp;

It will launch with an invitation for a global Expressions of Interest, before moving to an invitation-only stage that will be assessed by a panel that&nbsp;will provide advice to Cabinet who will select a winner.

Premier of NSW, Chris Minns said the establishment of the new Authority is the first step in transforming the Bays West precinct into a vibrant, livable suburb minutes from the Sydney CBD and two stops from Hunter St Station on the Metro West line.

“The Authority will deliver well-located homes close to the heart of the city and integrate the new precinct with Blackwattle Bay and the new Sydney Fish Market.

“This is a generational opportunity to build a new suburb on the city’s edge and open the harbour foreshore to the public for the first time in a century.”&nbsp;

Minister for Lands and Property Steve Kamper said the new Bays West Delivery Authority established by the Minns Government will turbocharge the development of Sydney’s newest suburb.

“The Authority is working at a record pace to deliver an international design competition, planning pathways and a financial model so that this development benefits Sydney with well-designed homes in a central location, close to public transport, jobs, entertainment and essential services.

“If we want Sydney to stay liveable and affordable, we need to be bold about using underutilised government-owned land to deliver homes for the future while making sure essential working harbour functions can be accommodated.”

Bays West Delivery Authority established to "turbocharge" Sydney’s newest suburb

Around 400 additional homes could be built at Southwark Grounds on Port Road, lifting total site capacity from 1300 to around 1700 dwellings.

A recently approved code amendment would allow apartment towers of up to 14 storeys in some areas of Renewal SA’s redevelopment of the former West End Brewery.

Renewal SA Acting Chief Executive Shane Wingard said he welcomed the code amendment, with the increase in heights and homes making a positive impact on the supply of high-quality, well-connected housing close to the city.

“By going higher across some parts of Southwark Grounds, we are adding a substantial number of very well-located homes with little impact on project delivery time or planned open space,” Mr Wingard said.

Since the project officially launched in 2025, Mr Wingard said more than 12,000 enquiries had been received about living at Southwark Grounds.

“The very strong early interest we’ve seen since homes were first released in the precinct reinforces our plans to create more housing opportunities,” he said.

The Southwark Grounds code amendment was launched in December last year, with community engagement undertaken over five weeks from January.

It proposed increasing maximum building heights from eight to 14 storeys on the eastern section of Southwark Grounds, and to 12 storeys across the remainder of the site, with minimum building heights ranging from two to four storeys.

The code amendment was implemented through an Early Commencement policy in late January, allowing developers to quickly explore the viability of increased height and housing yield while other planning processes continue.

One of the first developers delivering apartment sites have already finalised redesigns to increase the number of apartments following the code amendment.

Samaras’ development adjacent to the future Colonel Light Park is now planning to deliver 125 apartments across 11 storeys, significantly greater than original plans of around 50 apartments across four storeys.

The developer is also exploring the potential for additional affordable housing outcomes.

Most of the apartments at Southwark Grounds will be delivered within a master-planned precinct on a large parcel of land on the eastern portion of the site, covering around two-thirds of its 8.4 hectares.

Wingard said detailed precinct planning over the coming months may identify further opportunities to increase yield further that could see total apartment numbers at Southwark Grounds, exceed this number.

Affordable homes at Southwark Grounds will also see a net increase, with Renewal SA maintaining its commitment to a minimum of 20 per cent affordable housing across the development.

&nbsp;

&nbsp;

Civil works have begun across the site, with construction under way on the first new roads surrounding a townhouse precinct in the south‑west corner of Southwark Grounds. This includes Renewal SA’s 17 Founder’s Row homes, which are on track for completion by Christmas.

“We expect to have people living at Southwark Grounds by the end of the year, so delivering roads and public spaces for those residents is among our highest priorities.”

Construction of 40 townhouses off Anderson Street, known as West Village and being delivered by Contour, is forecast to begin in mid‑2026. Kolabb’s Anderson Lane development will follow shortly after, delivering a further 26 townhouses.

Southwark Grounds is a state government‑led urban renewal project now set to deliver around 1,700 homes over the next decade.

Homes will be supported by a supermarket, a range of retail and hospitality offerings anchored by a revitalised Walkerville Brew Tower, a childcare centre, car parking and well‑connected public spaces.

400 new homes planned for Adelaide's former West End Brewery site

Brisbane developer&nbsp;<a href="https://www.apartments.com.au/developers/cavcorp">Cavcorp</a> has lodged plans for a new mixed-use residential development at <a href="https://www.apartments.com.au/new-apartments/55-wyandra-street-teneriffe-qld-4005">55 Wyandra Street</a>, Teneriffe, anchored by an 85-metre public laneway designed to reconnect the suburb’s riverfront with the Gasworks precinct.

The buildings, known as Teneriffe House and Teneriffe Lane, would replace the existing Queensland Cotton head office site with a 15-storey residential tower transitioning to eight storeys toward Helen Street. The project has been designed by Plazibat Architects and lodged as a code assessable development application for 93 apartments across a 3,401 sqm mixed-use site within the Newstead and Teneriffe Waterfront neighbourhood plan.

Central to the scheme is the transformation of an existing service easement into a publicly accessible cross-block connection linking Wyandra and Helen Streets. Cavcorp says the new laneway will act as both a pedestrian shortcut and a landscaped civic space between the Teneriffe Riverwalk, ferry terminal, and Gasworks precinct.

<img alt="First Look: Cavcorp unveils Teneriffe House and Teneriffe Lane plans for landmark wellness tower in Teneriffe" data-entity-type="file" data-entity-uuid="26e7f058-b065-4de8-b13d-a2b8cb64dfcc" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/bldg.png?VersionId=sELS0ZKYi361oYipUa1BIKfe_.DLZoFV" />

“The revised proposal delivers a legacy public-realm cross-block link, permanently secured for community use, transforming an existing private easement into a safe, high-quality pedestrian connection between the Teneriffe heritage riverwalk and the Gasworks–Long Island precinct,” the planning report states.

The laneway will sit beneath a large subtropical loggia integrated into the podium levels of the development. The design incorporates deep landscaping, water gardens, lobby spaces, business lounges, and ground-floor apartments to create what Cavcorp describes as a climate-responsive “urban verandah.”

The tower itself has been designed as a slender form with recessed floorplates and curved translucent corners inspired by contemporary Japanese architecture. The building height aligns with the Commercial Road precinct controls, which permit towers up to 15 storeys within proximity to Longland Street.

<img alt="First Look: Cavcorp unveils Teneriffe House and Teneriffe Lane plans for landmark wellness tower in Teneriffe" data-entity-type="file" data-entity-uuid="a8a17d40-43b6-4718-b3fd-67676fcbb485" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/pers%202_1.png?VersionId=i3VwDtp5AmL_8InW7w4qRbDFEpb744Jt" />

The project will comprise a mix of larger-format apartments aimed at owner-occupiers, downsizers, and families. The proposed apartment mix includes 11 loggia apartments across the lower levels, 50 four-bedroom Sky-Terrace apartments from levels three to seven, and 32 Sky-Pool Homes occupying the upper tower levels. The Sky-Pool Homes will feature private thermal plunge pools integrated into oversized balconies.

According to the application, the apartments are intended to reinterpret the scale and character of Teneriffe’s woolstore conversions and Queensland homes within a vertical residential format.

“The sky-pool homes build on Cavcorp’s previous projects and introduce a distinct apartment typology to Teneriffe, informed by both local and international precedent and responding to an identified market demand for enhanced safety, space and amenity,” the planning submission notes.

A major focus of the proposal is its five-level wellness and lifestyle offering, extending from the basement through to the rooftop.

Amenities proposed include a rooftop Swim &amp; Racquet Club with a 25-metre Olympic lap pool and tennis court, coworking spaces and libraries, golf simulators, wine storage, concierge facilities, business lounges, pet wash areas, and rooftop longevity-focused wellness spaces with spas, outdoor fitness zones, and landscaped terraces.

<img alt="First Look: Cavcorp unveils Teneriffe House and Teneriffe Lane plans for landmark wellness tower in Teneriffe" data-entity-type="file" data-entity-uuid="944b352c-49b9-4247-a4c6-5967b4b69fda" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/amenity.png?VersionId=Ed_qKjAtMwFT.5gfl3jiA9QwdWxSMsaX" />

All parking will be concealed within basement levels accessed from Wyandra and Helen Streets. Cavcorp says the deep-basement engineering approach allows the entire ground plane to prioritise landscaping, pedestrian movement, and active frontage rather than vehicle infrastructure.

The development continues Cavcorp’s concentration in Newstead and Teneriffe, where the Brisbane developer has delivered a number of apartment projects including Lucent, Le Bain, and Luminare, as well as the Long Island Wellness Precinct nearby. Several of those projects have received national design and architecture awards, including recognition under Brisbane’s “Buildings that Breathe” program.

Cavcorp unveils wellness-focused Teneriffe House and Teneriffe Lane apartment buildings

Focus Group Investments has lodged plans for a new apartment development at <a href="https://www.apartments.com.au/new-apartments/64-70-hanover-street-fitzroy-vic-3065">64–70 Hanover Street</a> in Fitzroy, seeking to utilise the Victorian Government’s recently introduced Great Design Fast Track pathway to accelerate approvals for the project.

The proposal is among the latest developments to emerge through the state-led initiative, which was established to fast-track well-designed residential projects in activity centres and transport-connected inner-city locations. The pathway allows qualifying developments that meet elevated design and housing benchmarks to bypass traditional council planning timeframes and instead be assessed directly by the Department of Transport and Planning.

Designed by SJB, the development will comprise a mix of apartments above activated lower levels, with a strong focus on architectural articulation, landscaping, and communal amenity. The design response seeks to balance the industrial character of Richmond’s former warehouse precincts with a more contemporary residential form.

<img alt="First look: Focus Group Investments taps Victoria’s Great Design Fast Track for Richmond apartments" data-entity-type="file" data-entity-uuid="abea51cc-d85b-479e-9aef-a589f3b37ca7" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/ground.png?VersionId=e1Kf8EyPWwyiVumtqQ4rM5S4GpOR3CCz" />

Proposed are 63 new dwellings, a wide ranging mix of studio, one-, two-, and three-bedroom apartments, and townhouses and duplexes. They will be spread across a part-three, part-eight storey building.

The Planning and Urban Context Report by Tract says the development is of an "exemplary architectural standard" and has been carefully crafted by SJB Architects.

"Dwellings&nbsp;will benefit from excellent access to natural light, cross-ventilation opportunities and extensive communal space," the report noted.

The architectural material highlights the project’s integration of landscaped elements and communal spaces throughout the building. The proposal also incorporates sustainability initiatives aligned with the Victorian Government’s push for higher-performing apartment developments under the fast-track program.

The Great Design Fast Track was unveiled by the Victorian Government in 2024 as part of a broader housing supply strategy aimed at accelerating the delivery of new homes. Projects assessed through the pathway must demonstrate high-quality architecture, sustainability outcomes, and housing diversity while being located close to public transport and existing infrastructure.

<img alt="First look: Focus Group Investments taps Victoria’s Great Design Fast Track for Richmond apartments" data-entity-type="file" data-entity-uuid="afdbe834-8dc4-4a77-a943-ba07bc927348" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/site_11.png?VersionId=0J657j.TaChAZfp93wqJYBTqSsnREJx2" />

Focus Group, founder and led by Paul De Lutiis, is increasingly active across Melbourne’s inner suburbs, targeting well-connected urban renewal locations suited to medium and higher-density residential development. The Fitzroy proposal continues that strategy, leveraging the area’s strong transport links, established retail amenity, and proximity to the CBD.

Fitzroy has been one of the most popular spots for developers and buyers in recent years. The likes of PACE Development Group, SMA Projects, Crema Group and Chapter Group, currently selling projects in the suburb.

First look: Focus Group Investments taps Victoria’s Great Design Fast Track for Fitzroy 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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Mortgage comparison website RateCity.com.au recorded a surge in fixed-home loan inquiries in August following lenders reducing their fixed rates.
The website reported that nearly one in five home loan enquiries (18%) in August were fixed-rate inquiries compared to just 5% in July.
“Three-year fixed rates are starting from as low as 5.39% – that’s 23 basis points below the lowest variable home loan rate in the RateCity database (5.62%),” says RateCity.com.au spokesperson Michelle Hutchison.
“That makes fixed rates look very attractive to those concerned about future interest rate rises,” she says.
RateCity.com.au’s lowest three-year fixed rate offering is 5.39% from ME Bank (<a href="/news">which cut fixed rates in September</a>) with its lowest variable offering being 5.62% from UBank for those refinancing.
The surge in fixed-rate inquiries came before the Commonwealth Bank and a number of smaller lenders cut some of their fixed rates, suggesting inquiry levels could rise higher in September.
The <a href="/news">Commonwealth Bank cut its fixed rates on September 6</a> with the biggest reductions made to its four-year fixed rate home loan (down 30 basis points) and five-year fixed (down 40 basis points).
Its three-year fixed rate was cut by 10 basis points to 5.74%
Westpac cut fixed rates in June, with the biggest cut being a 50 basis point reduction to its four-year fixed rate offering – the bank's benchmark three-year fixed rate was cut by just 5 basis points to 5.84%.
Other lenders to cut their fixed rates recently include Greater Building Society, which cut its five-year fixed-rate home loans rate to 5.99%.
Mortgage broker Mortgage Choice recorded a big jump in fixed-home loan applications in August with the product rising from 15% to 20% of all home loans arranged by its loan writers over the month.
Mortgage Choice attributed this improvement to more attractive reduced rate offerings and a penchant for borrowers to be conservative in their choice of home loans.
Australian fixed-rate mortgages revert to a floating rate (variable rate) after the fixed-rate period, meaning potentially higher mortgage repayments given the difference between the average fixed rate and average variable rate.
This makes them different to loans in countries such as the US where the fixed rate is locked for the entire term, explained Vera Chaplin, managing director of structured finance at credit rating agency Standard &amp; Poor’s.
Australian lenders do offer fixed-rate terms as long as 15 years but with very high interest rates.
Westpac’s 12-year fixed-rate home loan carries an interest rate of 8.19% while the Commonwealth Bank offers a 15-year fixed-rate home loan at 7.59%.
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lschlesinger-FZcF9M3vE6

Fixed-rate home loan inquiries surge as lenders continue to cut fixed-rates: RateCity.com.au

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The fall in commodity prices and the persistently high Australian dollar have raised the likelihood of an October rate cut, but a November rate cut is still more likely, says ANZ research.
"The RBA will also be acutely aware of the negative implications for the Australian economy of the fall in bulk commodity prices and the persistently high Australian dollar.
"At the margin, the announcement of additional US Federal Reserve policy easing, which lifted the AUD/USD back above 1.05, suggests that the pressures on both the mining and non-mining sectors of the economy from the currency-commodity divergence will persist for some time.
"We maintain the view that the RBA needs to ease policy further and expect the cash rate to be lowered by 50bps over the next six months. The odds of a rate cut in October have certainly risen in recent weeks, but for now we’ll stick with our call for a November easing," says ANZ.
The latest Bloomberg survey of economists is unchanged from the previous week with just three economists – Stephen Koukoulas from Market Economics, Shane Oliver  from AMP Capital Investors and BNP Paribas’s senior Asia economist Dominic Bryant – expecting the RBA to cut interest rates on October 2.
Were the RBA holding its monthly monetary policy meeting on Monday rather than last week, it would have cut the cash rate, Business Spectator columnist and former Gillard government economist <a href="/news">Stephen Koukoulas tweeted on Monday</a>.
AMP Capital Investors chief economist Shane Oliver says the  minutes from the RBA’s last board meeting (out on Tuesday) will be looked at closely to see how concerned the bank is about China and the fall in the iron ore price.
"Our assessment is that the RBA is shifting back towards an easing bias ahead of the resumption of rate cuts in October. The ongoing rebound in the $A, and a continuing flow of sub-par reading for things like business and consumer confidence is only adding to the urgency for more interest rate rate cuts," says Oliver.
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Odds of October RBA cash rate cut increase, but November still most likely: ANZ

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ANZ has left its variable mortgage rates unchanged today following its monthly independent interest rates review.
This follows the RBA leaving the cash rate unchanged at 3.50% on September 5.
The bank's standard variable mortgage rate remains at 6.8% per annum.
It's the fifth month in a row that the bank has not adjusted its variable mortgage rates since moving out of the step with the RBA in January.
On April 13 the bank lifted variable mortgage rates by 0.06 percentage points after the RBA left rates unchanged at its April 4 meeting.
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ANZ leaves variable mortgage rates unchanged following independent monthly review

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Mortgage comparison website Mozo is offering its members the opportunity to secure up to 1% off the advertised variable rate of a big four bank in a “mystery bank home loan deal”, but the deal does not seem much sweeter than what borrowers who take up advertised packaged home loan offerings can secure.
“This month we're excited to launch Australia's first ever Mystery Bank home loan deals, exclusively for Mozo members! Right now, a Big 4 Bank is offering Mozo members a secret rate discount of up to 1%, in an amazing value deal that could save you over $100,000,” says Mozo in its promotional material.
Savings are calculated on the current Mozo Mystery Bank variable rate of 5.93% for a $500,000 loan, versus the current average big four bank standard variable rate of 6.82% and assumes a loan term of 25 years.
The bank involved is a mystery, although it appears to be the Commonwealth Bank.
The comparison website has not revealed the identity of the lender, but calls made to the big four banks by the Herald Sun yesterday resulted in outright denials of involvement from Westpac and ANZ, while the NAB noted it had been keen to explore opportunities with Mozo but has "taken the decision that this is not commercially sustainable at this time".
Commonwealth Bank would neither confirm nor deny its involvement in the offer.
After publication by Property Observer this morning, a spokesperson for Commonwealth Bank said the bank would not comment.
<img src="/images/stories/2012/09/mozo.jpg">
Publicly, the Commonwealth Bank has an advertised standard variable rate of 6.8% with a full offset option.
It offers a 0.8% discount for all customers who take up a packaged offer ( a rate of 6%), which includes some savings on banking fees, a Mastercard credit card with no annual fee but also comes with an annual fee of $375. To be eligible loan balances must be at least $150,000.
Mozo managing director Rohan Gamble is promising huge savings of more than $80,000 over the life of a $500,000 loan or $277 a month when compared with the average big four bank standard variable rate.
But critics suggest the promotion appears to trivialise what is an important financial decision for most borrowers, comparing it with “ ‘mystery hotel’ deals – where five-star hotel rooms can be booked at a huge discount".
A press release issued by Mozo suggests the main winner will be the bank involved.
"The mystery bank service allows the banks to grab fast market share by offering time limited, exclusive deals to rate sensitive borrowers who want to be with a trusted lender," says  Gamble.
"In return, the banks get access to a new source of quality customers without having to broadcast cheap rates to the entire marketplace."
"Unlike mystery hotels, you do find out who the bank is before you apply," adds Gamble.  "So you have plenty of time to change your mind.
"But you won't find this level of discount being offered openly by any of the big banks.  And the rates are so good that you won't find them every day."
Research by Property Observer reveals that all the other major banks are also offering large discounts for borrowers who take up the package offerings.
In addition, rival mortgage comparison website RateCity, says there are almost 400 variable home loans in its database offering  a discount of up to 1.75% for either the life of the loan or a short period.
NAB offers borrowers a 0.7% discount off its standard variable rate for loans of $250,000 or more if they take up its package offering.
Westpac is offering a 0.9% variable rate discount for borrowers who take up its Premier Advantage Package offering. Total borrowings must be $500,000 or more.
ANZ is offering a standard variable rate discount of up to 0.8% for total lending of $500,000 and above and up to 0.7% off the standard variable rate for total lending under $500,000 as part of its Breakfree package.
To become members of Mozo and participate in the offering, borrowers only have to enter their contact details and await a phone call from a Mozo “home loan expert” – Mozo holds its own Australian credit licence – who will provide “factual information” about the loan and then refer borrowers on to the bank.
The offer is available for both new borrowers and those looking to refinance with participants asked to have details of their loan provider and home loan product, property details and employment details handy.
The discount applies to loans up to $1 million and is for a loan product that includes an offset account.
Mortgage products that include an offset account reduce the interest you pay on your home loan by offsetting the balance in your offset account against the balance of your home loan.
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Mozo offers borrowers up to 1% discount in gimmicky ‘mystery’ variable home loan deal seemingly through Commonwealth Bank

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The Reserve Bank is closely watching the housing market and will cut rates until they spark a recovery in the sector and other non-mining sectors, according to BIS Shrapnel chief economist Frank Gelber.
Speaking at the BIS Shrapnel September economic outlook conference, Gelber said he expected there would likely be two more rate cuts in the current cycle, though officially the research group’s position is only one rate cut.
Gelber said there had been some internal debate within BIS Shrapnel about interest rates.
“We need an undersupply of housing and an interest rate trigger to spark a recovery,” Gelber said.
“We need more rate cuts to help the housing sector, which is the sector the RBA is most closely looking at.”
He said interest rates in Australia were currently very high compared with other first-world countries, meaning the RBA had the ability to reduce them to stimulate housing and other non-mining sectors.
However he expected the Australian dollar to continue to remain strong over the next two years, unless there were an unlikely collapse in commodity prices – bad news for trade-exposed sectors like manufacturing, tourism and education services.
Gelber said he believed the mining boom had at least two years of solid investment growth, but after that the picture was uncertain.
During this time other sectors, including real estate, needed to ramp up their investment for the next phase of growth, said Gelber.
According to BIS Shrapnel, real estate is growing at around 3.2 per annum, compared with GDP of 3.7 – performing in the middle range of growth, with the strongest sector being wholesale trade (6.9%), with mining at 4.9% and the weakest being manufacturing – falling 3.1%
"There are huge disparities in sectors," Gelber said.
However, Gelber said that states like Victoria, which now had an oversupply of housing due to be too overly optimistic in the past, would miss out on the next phase of growth for the housing sector.
He expected the beneficiaries of the next growth phase to be the mining states of Queensland and WA, with NSW also benefiting.
“All the other states will miss out.”
Gelber said Tasmania was particularly badly off without any major investment or projects to sustain it.
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Two more rate cuts likely in this cycle, but Victoria to miss out on next phase of housing growth: BIS Shrapnel’s Frank Gelber

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The Greater Building Society has cut its five-year fixed-rate home loans rate to 5.99% – the first time since March 2009 its rate has dropped below 6%.
The latest rate is down 16 basis points, with a comparison rate of 6.08%.
Its five-year fixed-rate ultimate (packaged) home loan is down 15 basis points to 5.95%, with a comparison rate of 6.33%.
The Greater Building Society’s David Bryde says its rates are lower than those of the major banks and the gap widens when comparison rates are used.
“Consumers should always use comparison rates when looking at home loan rates because they are a truer rate, taking into account fees and charges,” Bryde says.
 Bryde says that fixed rates suit people who demand certainty.
“With uncertain economic times and conjecture about which way rates may go fixing rates can be attractive for some customers,” he says.
“These lower fixed home loan rates are another reason why people should consider switching from their bank, and it is easier to do that than people think.”
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awalsh-7Ub9EypybQ

Greater Building Society five-year fixed home loan rate drops to 5.99%

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Queensland commercial and residential property investors face a higher stamp duty bill following changes announced in the state budget yesterday.
The Newman government has lifted the threshold for the highest rate of transfer duty from $980,000 to $1 million, but has increased the top rate from 5.25% to 5.75%.
The higher stamp duty rate is expected to provide the Queensland government with an extra $37 million, with transfer duty revenue rising from $55 million to $92 million.
Under the previous stamp duty regime, an investor buying a property worth $1 million would be liable for stamp duty of $38,175 – <a target="_blank" href="https://www.osr.qld.gov.au/calculators/transfer-duty-grants-calculator.shtml">an updated calculator is not yet available on the Queensland government website</a>.
Concessions for non-first home buyers buying a home were introduced on July 1 last year, providing a <a target="_blank" href="https://www.osr.qld.gov.au/duties/transfer-duty/exemptions-and-concessions/home-transfer-duty-concession-rates.shtml">concessional stamp duty rate of 1% up to a purchase price or value of $350,000</a>.
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Queensland investors to be worse off under higher transfer duty rate for $1 million-plus purchases

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The clock is now running on the new taxable payments reporting regime for the building and construction industry, which came into effect on July 1.
While the first report to the ATO under this new system is not due until July 21, 2013, collecting the records necessary to prepare that report should already be under way.
Broadly, under the new system, businesses in the building and construction industry are required to report payments if they:
<ul>
<li>make payments to contractors for building and construction services;</li>
<li>have an ABN.</li>
</ul>
The system is aimed at improving contractor compliance with their tax obligations, particularly non-lodgment of income tax returns, omitted contact income and GST non-compliance.
The taxable payment reporting system is confined to business-to-business transactions, so home owners are not affected.
Businesses affected are required to report payments and must prepare and lodge an annual report each year, the first one being due on July 21, 2013 (covering the period July 1, 2012 to June 30, 2013). The report must include the following details for each contractor:
<ul>
<li>ABN;</li>
<li>name and address;</li>
<li>total gross amount paid;</li>
<li>total GST included in gross amount paid.</li>
</ul>
The ATO expects the information that must be reported will generally be included on invoices received by the business.
Payments to contractors for building and construction services are required to be reported for the year in which they are actually paid. Where payments include labour and materials, the total amount is to be reported. However, in something of a concession, payments that relate only to materials do not need to be reported.
The annual reports can be lodged either online or by paper. Where business software has been updated to produce the new annual report, the ATO says the report can be lodged online. Further information will be made available on the ATO's website in early 2013. Businesses lodging paper reports will need to use the ATO form currently being developed.
The ATO said taxable payments reporting would only apply to currently operating businesses, and not to insolvent businesses. It has provided a comprehensive (although not exhaustive) <a rel="nofollow" href="https://www.ato.gov.au/businesses/content.aspx?menuid=0&amp;doc=/content/00313486.htm&amp;page=13&amp;H13" target="_blank">list of occupations and work activities</a> which satisfy the definition of building and construction services, which means that the listed occupations fall under the taxable payments reporting regime.
 
<hr>
According to the Tax Office, where there are discrepancies between the payment information reported by businesses and contractors, it will issue letters to contractors to seek rectification of the discrepancy. Where necessary, it will also amend tax returns of the contractors, or in cases of non-lodgment of tax returns, it will issue assessments based on the information it holds and impose penalties.
Some concerns have been raised about potential problems that might arise with information received by the ATO under the new reporting system being different from data matching exercises such as the building and construction industry data matching program announced in February 2012.
The ATO said the information that will be reported under taxable reporting payments has not been previously collected, therefore not data matched. The building industry data-matching program includes collecting data on individuals and businesses holding a hardware store trade account with annual purchases of $10,000 or more and is being run as a pilot program.
The ATO will also be given data on complaints and licensing information from NSW Fair Trading, Queensland Building Services Authority and Government of South Australia Consumer and Business Services.
Under the taxable reporting payments system, payers will generally not have to verify the Australian Business Number (ABN) provided to them by contractors. The ATO says that generally, proof of identity is not required. However, payers can verify ABNs if they wish by using tools available on the <a rel="nofollow" href="https://www.abr.business.gov.au/Index.aspx" target="_blank">ABN Lookup web site</a>.
This new reporting regime will impose another compliance burden on what many would rightly claim is a struggling industry. However, the fact that the information required is expected to be generally included on invoices received by the business might lessen the compliance cost. Although July 1, 2013 is still almost a year away, business affected should be preparing now to be able to provide the information required.
Terry Hayes is the editor-in-chief of tax news reporting at <a href="https://www.thomsonreuters.com.au/" rel="nofollow">Thomson Reuters</a>, a leading Australian provider of tax, accounting and legal information solutions. This article originally appeared on <a target="_blank" href="https://www.smartcompany.com.au/index.php">SmartCompany</a>.
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thayes-XhNcNKLNWa

What the new taxable payments reporting regime means for the construction industry

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ME Bank is offering the lowest one- and three-year fixed rate  homes loans in Australia following its decision to cut its rate to 5.39% per annum. The lender provides loans to borrowers who are members of eligible industry super funds and eligble trade unions.
The new rate, effective today, applies to ME Bank’s Super Members Home Loan (SMHL) Standard Home Loan and follows the <a href="/news">Commonwealth Bank cutting its fixed rates last week.</a>
Prior to today's announcement, research by Property Observer found the lowest one-year and three-year fixed rate was being offered by <a href="/news">non-bank lender My Mortgage Freedom at 5.44%.</a>
ME Bank’s five-year fixed-rate home loan has also been cut to 5.99% p.a.
<table border="0" cellspacing="0" cellpadding="0"><tbody>
<tr>
<td valign="top">
FIXED RATE TERM  
</td>
<td valign="top">
FIXED RATE 
</td>
<td valign="top">
  COMPARISON RATE* 
</td>
</tr>
<tr>
<td valign="top">
1 year
</td>
<td valign="top">
5.39% p.a.
</td>
<td valign="top">
6.21% p.a.
</td>
</tr>
<tr>
<td valign="top">
3 year
</td>
<td valign="top">
5.39% p.a.
</td>
<td valign="top">
6.05% p.a.
</td>
</tr>
<tr>
<td valign="top">
5 year
</td>
<td valign="top">
5.99% p.a.
</td>
<td valign="top">
6.18% p.a.
</td>
</tr>
</tbody></table>
“Economic uncertainty has driven down the cost of funding for fixed home loans and as part of ME Bank’s fairer approach to banking we’ve passed on this saving to our customers – members of industry super funds and unions,” explained ME Bank chief executive Jamie McPhee.
“For people experiencing financial uncertainty, a fixed rate provides the assurance their repayments will not fluctuate over the period of the term they choose."
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ME Bank cuts one- and three-year fixed rate to 5.39% 

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The housing figures released today by the Australian Bureau of Statistics (ABS) show there’s been no response to the interest rate cuts of May and June.
Housing finance figures for July 2012 show, in trend terms, that the number of finance commitments has remained flat after six consecutive months of decreases.
In trend terms, increases were recorded in Victoria, Tasmania and the Northern Territory, however all other states and territories recorded decreases. The largest decrease was in Queensland (down 1% in trend terms) while the largest increase was in Tasmania (up 1.9% in trend terms.
Increases were evident for the construction of new dwellings (up 1% per cent in trend terms) and the number of commitments for the purchase of new dwellings (up 1.8% in trend terms). The commitments for the purchase of established dwellings fell by 0.2% (in trend terms).
The number of first-home buyers as a percentage of total owner-occupied housing commitments increased to 19.2% in July 2012, compared with 18.5% in June 2012. The long-run average proportion is 20.2%.
The value of investment housing commitments was also flat, in trend terms, in July after four consecutive months of declines.
These housing finance data figures indicate the RBA should have reduced interest rates again in September, as the market has not responded to the two previous cuts. With inflation within the RBA’s target zone and a more subdued international outlook, the message for next month’s RBA meeting is abundantly clear.
Pamela Bennett is president of the <a href="https://www.reia.com.au/" target="_blank">Real Estate Institute of Australia.</a>
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