<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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Australia’s biggest mortgage lender, the Commonwealth Bank, has reported record after-tax profits of $7.09 billion to June 30 – up 11% on the previous year – but slightly below analysts’ expectations in an environment of subdued credit growth and tighter interest margins.
The Commonwealth Bank retail banking division, which includes its mortgage lending business, managed cash profit growth of 3% to $2.9 billion over the year.
The bank’s share of mortgage lending in Australia fell slightly from 25.9% as of December 2011 to 25.7% as of June as it grew its home loan book by 4% ($15 billion) to $351 billion.
The bank noted that this outcome was the result of subdued system (industry-wide) growth and intense price competition.
Profits at subsidiary WA-based lender Bankwest increased by 13%.
The Commonwealth Bank reported that profit margins on lending and other products continue to be squeezed, with net interest margins (NIM) falling three basis points year-on-year. 
Delivering his first full-year results briefing since taking over as chief executive from Ralph Norris, Ian Narev called the 12-month performance a “good result given the uncertain environment in which we are operating”.
“As expected, revenue growth was subdued reflecting ongoing caution from both our retail and corporate customers.
“This translated into lower credit growth and greater pressure on market sensitive businesses."
Narev says the funding costs are being impacted by the higher interest rates the bank is paying on retail deposits in an intensely competitive environment as well as high wholesale costs when borrowing money on international markets in the wake of the debt crisis in the eurozone.
“Higher funding costs have put pressure on margins as competition for domestic deposits intensifies and wholesale funding continues to be expensive,” Narev says.
Despite these concerns, the bank remains positive about the medium- to long-term outlook for Australia.
“However, the global economy remains uncertain. It is difficult to see the catalyst for alleviating the uncertainty which will continue to affect consumer and corporate confidence. So, in the near term, we expect current revenue trends to continue, and we will retain conservative business settings,” says Narev.
The bank reported a 15% decline in loan impairment expense, with credit quality continuing to improve with troublesome and impaired assets down by 15%.
Loans 30 days in arrears decreased from 1.94% to 1.69% of the total portfolio, while those more than three months delinquent declined from 1.03% to 0.88%.
“While many of our customers are facing challenges, this is not translating into a deterioration of credit quality," says Narev.
 “However, given the uncertain outlook for both the global and domestic economies, we remain cautious with a strong balance sheet with high levels of capital, provisioning and liquidity,” he says.
The board declared a final dividend of $1.97 per share - an increase of 5% on the previous year’s final dividend. The total dividend for the year was $3.34 per share – up 4% on the previous year.
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Commonwealth Bank reports record $7 billion full-year profits as its mortgage lending grows 4%

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NAB has changed its outlook on interest rates and is now the second lender forecasting interest rates to rise by mid-2013.
The revised forecast is based on the assumption that there is no further deteriorating in economic conditions and that there is a general pick-up in the economy, according to NAB head of Australian economics and commodities Rob Brooker.
The only other lender expecting a higher cash rate by mid-next year is Lloyds TSB, which expects the cash rate to remain unchanged at 3.5% until the first quarter of 2013 and then rise to 3.75%.
In the most recent Bloomberg poll of economists on August 3 – ahead of the August 7 rate decision – NAB forecast the cash rate to fall to 3.25% in September and to remain at that level until the third quarter of 2013, when the bank expected it to rise to 3.5% and finish the year at 3.75%.
Based on the sentiments of 27 economists, Bloomberg has median cash rate of 3.25% – 25 basis points lower than the current setting – as of mid-2013.
NAB’s monthly business survey shows that business confidence surged higher in July, after deteriorating steadily over the previous two months, but business conditions weakened.
The survey shows a sharp increase in both labour and purchase costs.
Taking note of the NAB survey, ANZ said it showed that business conditions remained below their long-term average, but “they do not significantly increase the likelihood of a near-term rate cut by the RBA”.
“Indeed, recent communications from the RBA suggest the bank is comfortable with current policy settings for the time being.
“Nonetheless, ongoing global economic uncertainty, soft domestic activity outside of the mining sector and a benign inflationary environment, will most likely provide scope for further modest policy easing by the RBA,” said ANZ
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NAB joins Lloyds TSB in forecasting higher RBA cash rate next year if economy remains strong

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The Property Council of Australia has called on the government to better explain proposals to reduce property depreciation allowances used by property investors to reduce their tax bills.
A discussion paper prepared by the Treasury’s Business Tax Working Group (BTWG) recommends a minor reduction in the corporate tax rate paid for by eliminating or scaling back interest deductions under thin capitalisation rules and amortisation deductions.
A thinly capitalised entity is one whose assets are funded by a high level of debt and relatively little equity – as would be the case with the portfolios of many property investors.
The Australian Taxation Office (ATO) currently allows property investors to claim a tax deduction for depreciation of their investments- the general wear and tear that occurs over time.
Peter Verwer, chief executive of the Property Council, says the government discussion paper “is short on hard evidence and analysis.”
“The Business Tax Working Group proposal for changes to thin capitalisation needs to be backed up immediately with a proper briefing to industry, as the paper raises more questions than it answers,” he says.
“While the Property Council believes there is value in exploring options for modernising Australia’s business tax framework, it cannot support any changes that force taxpayers to breach existing contracts and covenants or renegotiate financial arrangements.”
The Property Council previously opposed the doubling of the withholding tax from 7.5% to 15% charged on foreign investors who invest into management investment schemes
Verwer says Australia’s capacity to invest in new capital stock has already been weakened by changes to withholding tax rates.
As a result he says it is critical there are no “competitiveness externalities” arising from a trade-off between “rational tax incentives and a lower headline rate of corporate tax”.
Verwer also wants the Treasury’s modelling of the proposed tax changes to be made available to third parties for independent review.
“In addition, far more work needs to be done on proposed changes to depreciation allowances,” Mr Verwer says.
“Building structures wear out in generating income. It is critical that capital allowance deductions directly reflect the economic life of assets.”
“The BTWG discussion paper offers no persuasive arguments that depreciation changes in the UK and NZ have improved the economic competitiveness of those countries.”
“The Property Council is keen to discuss practical options with the Business Tax Working Group.”
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Property Council seeks more details on proposals to scale-back tax depreciation allowances

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Michelle Hutchison, spokesperson for mortgage comparison website RateCity.com.au, warns consumers to be wary of "questionable" mortgage offers:
<a target="_blank" href="https://twitter.com/#!/search/%20%E2%80%8F%40shellRateCity"><img src="/images/stories/2012/08/michelletweet.jpg"></a>
 
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RateCity.com.au’s Michelle Hutchison delivers home loan warning: Tweet of the Day

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The number of NAB mortgages with off-set accounts has almost doubled in the last two years, the bank has revealed as it reported a strong performance from its personal banking division, but an overall disappointing profit result in its third-quarter update.
NAB reported profit in the three months to June 30 of $1.4 billion, unchanged from what it reported for the same period a year ago and below analysts’ expectations of $1.5 billion. NAB currently also has the lowest standard variable mortgage rate of its big four rivals and has pledged to keep it the lowest over 2012.
Money held in an off-set account is deducted from the principal owed, allowing borrowers to reduce their interest payments and the length of their loan repayment period.
Property Observer reported last week that in the 17 months since it kicked off its “break-up” campaign on Valentine’s Day last year, <a href="/news">NAB had steamed ahead </a>of its big four rivals in providing home loans for owner-occupiers based on the APRA figures.
Fairfax Media banking writer Eric Johnston noted that NAB's growth in its mortgage book faster than its rivals had been  “helped by its strategy of discounting loans”, with expansion of its mortgage book is currently running at 1.3 times growth in the broader market. While the overall profit result was disappointing, personal banking, which includes mortgage lending, produced a strong result, “benefiting from good growth in revenue and seasonally lower charges for bad and doubtful debts (B&amp;DDs)".
NAB delivered a stable result for the quarter and made further ground against its strategic agenda to strengthen the Australian franchise, which has been the Group’s unwavering focus since 2009”, National Australia Bank Group chief executive Cameron Clyne said today.
“This quarter’s result is set against a backdrop of ongoing challenges in the global economy with continued uncertainty in the Euro-zone and the United States, volatility in global financial markets, and slowing growth in the big emerging economies. Although subdued business and consumer confidence continue to affect the Australian economy, we remain positive about the outlook," Clyne said.
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Mortgage off-set accounts double at NAB but profits disappoint in third-quarter update

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The receivers and managers of Provident Capital have told debenture holders they are hopeful of restarting the flow of payments in the next few months, but they should not expect a full refund of their investments.
An information session for debenture holders was held by receivers and managers of Provident, PPB Advisory, yesterday in Sydney - telecast to Melbourne, Brisbane, Adelaide and Perth.
It was attended by around 120 mainly small investors in Sydney – many of them pensioners who rely on small interest payments of around $300 per month to supplement their pensions.
They have not received a payment in over two months.
Joint receiver and manager Phil Carter from PPB Advisory told Property Observer loans in the fixed-term interest portfolio have a face value of $108 million while Bendigo Bank also lent $70 million to Provident to fund lending.
Bendigo Bank is the first-ranking creditor and must be repaid its $70 million first before the receivers can start paying money back to debenture holders.
Under current projection, based on the best-case scenario of loans being repaid as they fall due, PBB Advisory would begin to restart payments to debenture holders around Christmas time.
Click to enlarge
<a href="/images/stories/2012/08/providentaug141.jpg" rel="shadowbox" title="Click to enlarge"><img src="/images/stories/2012/08/providentaug141thumb.jpg"></a>
However, Carter says PPB Advisory will be looking to speed up the process as much as possible to start payments earlier.
PPB Advisory has also delayed taking any fees until such time as debenture holders start receiving payments, while Bendigo Bank has agreed to allowing PPB Advisory to act as "de facto" on itsloan portfolio, thereby avoiding a duplication of receivers' fees.
Carter says when PPB Advisory was appointed on July 3 it found the fixed-term interest account in a “mess”.
The Bendigo Bank portfolio is a lot healthier because Provident loaned under the prudential oversight of the bank, which among other things placed limits on loan sizes (a maximum of $2.5 million).
However, Carter says Provident acted as lender of last resort when it came to using funds from debenture holder funding 42 loans, which have a principal balance outstanding of $108 million.
Of this $108 million, $100 million of loans are in arrears.
“Of the 42 loans funded from the fixed-term interest fund, 19 were already in mortgage in possession when we walked in 3 July,” Carter says.
Seven of the largest loans ($5 million or more) account for nearly 60% of the portfolio, and all are mortgagee-in-possession.
“They are in a variety of states, some are holes in the grounds, some have development applications that have expired,” says Carter.
The biggest loan of $22.4 million is for a Queensland development, for which Provident has been mortgagee-in-possession for four years.
Provident was also mortgagee-in-possession for at least 18 months or more on all the $5 million-plus loans.
Analysis by PPB Advisory suggests properties securing three of the five largest loans in the fixed-term interest porfolio likely to be downgraded further.
Click to enlarge
<a href="/images/stories/2012/08/providentaug142.jpg" rel="shadowbox" title="Click to enlarge"><img src="/images/stories/2012/08/providentaug142thumb.jpg"></a>
At the information session, PPB Advisory said it would start preparing a monthly dashboard style report on its website to keep individual debenture holders informed of updated information, "including forecast distributions in the next three months, distributions to date, a snapshot of the outstanding portfolio, and other relevant matters".
It expects to hold a further update meeting with debenture holders later this year.
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Provident receivers hopeful of restarting debenture payment by Christmas

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A record 35% of all housing loans written in the last financial year – the 12 months since Treasurer Wayne Swan introduced the ban on mortgage exit fees – were for borrowers refinancing their existing mortgages, rather than buying or building new property, according to ABS housing finance data going back to 1975.
The figures also show that over this period the value of refinanced home loans rose 17% and accounted for all growth in mortgage lending over the 12 months period.
The exit fee ban, which was introduced on July 1 last year and applies to variable interest home loans taken up from this date, has made it easier for borrowers to switch lenders without copping mortgage exit fees in some cases as high as $7,000.
A spokesman for the Swan’s office told The Age's Tim Colebatch, who crunched the data, that the figures indicated there was now increased competition in the banking sector, with people “taking advantage of our ban on mortgage exit fees”.
''This has put more power in the hands of Australian families; they can walk down the street to another lender if their current bank isn't looking after them.''
In contrast to the rise in refinancing, loans to buy established properties fell by almost $1 billion, while loans for new construction were up just $24 million compared with the previous 12-month period.
While APRA figures show that the major banks are still the dominant force in mortgage lending, with 86% of the market over the past year, their market share has contracted, with smaller Australian banks and wholesale lenders increasing their share.
Four years ago the major banks had 75% of the market but dramatically increased their share, with the Commonwealth Bank taking over Bankwest and Westpac buying St George.
July figures compiled by mortgage aggregator AFG, which writes one in 10 home loans in Australia, show that 37% of loans arranged by its brokers were refinanced mortgages, with a sharp rise in loans refinanced through non-major bank lenders from 22.9% to 26.7% of all loans – the highest proportion in seven months.
Over July major banks’ market share of refinanced mortgages arranged by AFG brokers fell from 77.1% to 73.3%
The major banks overall share of total loans arranged by AFG has fallen from 82% to 77.6% over the past 12 months to July.
{module What do you intend to do given the current interest rate fluctuations?}
{module Have you changed lenders in the last six years?}
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Refinancing reaches record level in year since exit fees ban: ABS

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Mortgage broker Loan Market has recorded a six-percentage-point (0r 19%) fall in enquiries from first-home buyers in July compared with June.
This decline may confirm what some market commentators have suggested: that the ending of generous first-home buyer schemes in four states and territories artificially pulled forward demand and could result in a  decline in first-home buyer numbers in the months that follow.
Official ABS figures show that first-home buyers accounted for 18.3% of total owner-occupier housing finance commitments in June, the highest level in five months and up from 17.8% in May.
First-home buyers made up 29% of Loan Market enquiries in July – down from 35% in June, a 19% drop.
The drop in first-home buyer inquiries was replaced by interest from upgraders, with Loan Market recording a 13% increase in mortgage inquiries from those looking to move up the property ladder.
Owner-occupier property purchasers or upgraders in July accounted for 50% of Loan Market’s total enquiries nationwide, compared with 44% in June.
Investors accounted for 8% of enquiries, followed by refinancers on 6% and business loan enquiries on 3%.
Victoria, South Australia and the ACT all ended first-home buyer incentive schemes at the end of June, while NSW first-home-buyers must wait until October 1 for a more generous first-home buyers scheme to kick-in.
NSW first-home buyer activity could pick up again from October 1 – but only in new or off-the-plan purchases, with a <a target="_blank" href="https://www.propertyobserver.com.au/developments/incentives-on-offer-as-waterloo-developers-battle-government-timelines-to-entice-buyers/2012080955910">number of  NSW developers trying to encourage more first-home buyers with incentives of their own.</a>
“It’s no surprise that this drop off in first home buyer activity has coincided with a number of incentive schemes for this segment of the market being wound up by some state and territory governments at the end of the 2011-12 financial year,” says Loan Market spokesperson Paul Smith.
 “But although we have seen a modest drop off in enquiries from first-time buyers, there has been an increase in people looking to upgrade in the current market.
“This is no doubt a reaction to the RBA lowering official interest rates in May and June this year to bring the cash rate down to 3.5%.”
Despite the ending of the state and territory incentives, Smith says the federal government’s $7,000 first-home buyers’ grant, which has been in place for more than a decade, continues to be offered nationwide.
It ends in NSW on October 1, replaced with the first-home owner grant (new home) scheme – only available to first-home buyers purchasing a new home.
Smith says the Queensland government’s decision to reinstate its transfer duty home concession scheme from July 1 also helped attract more upgraders.
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'No surprise' as first-home buyer enquiries down 19% in July: Loan Market

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Prudential regulator APRA has written to lenders warning them they must accurately report overdue loans to borrowers who have been granted hardship concessions.
The regulator is concerned that lenders have been relaxing their reporting standards in relation to these loans, which can paint a distorted picture of the performance of a lender's loan book.
APRA executive general managers Keith Chapman and Brandon Khoo wrote to banks on August 8 saying there had been instances where lenders were “re-ageing arrears on loans granted such concessions in order to prevent the triggering of collections processes”.
Re-aging refers a to a lender increasing the term of a loan agreement when the borrower has missed one or more payments and changes the account from “delinquent" to “current”.
If a significant number of loans are re-aged, it can make a lender’s loan portfolio appear of higher quality than it actually is.
The letter, seen by the Australian Financial Review, adds that while this practice may be “reasonable from an operational perspective, it can obscure prudent internal and regulatory reporting of past-due and impaired loans”.
The strict approach adopted by APRA comes as banks are required to hold higher reserves of cash under global banking rules, which conflict with consumer rules designed to help borrowers who fall into arrears due loss of a job, illness or other hardship.
In Australia, banks can accommodate these hardships by reducing the interest rate, providing a “holiday” from loan repayments, lengthening the loan maturity, or offering full or partial deferral of interest for a temporary period.
APRA rules require that lenders have a full understanding of its the risk profile of the loans that are re-aged, with the risks appropriately reflected in internal management reporting, provisioning and capital adequacy calculations.
A loan is considered “past due” when at least 90 calendar days have elapsed since the due date of the last required payment.
“These loans may be restored to performing status for APRA reporting purposes once sufficient payments have been made such that the amount owed is less than 90 days’ worth of payments; and past-due loans that are not well secured must be reported as impaired,” APRA said in its letter to lenders.
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Lenders must more accurately report mortgage delinquency data: APRA

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ANZ has left its standard variable mortgage rate unchanged today at 6.8% following its monthly independent interest rate review.
The decision follows the Reserve Bank leaving the cash rate unchanged on Tuesday at 3.5% at its August monetary policy meeting.
ANZ has also left small business lending rates unchanged.
The RBA's monetary policy statement indicated the central bank was comfortable with its current cash rate setting as it upgraded GDP forecasts for 2012 to 3.5% and also noted recent improvements in the housing market.
ANZ’s head of Australian economics and property research Ivan Colhoun said RBA communications week (the August 7 cash rate statement and Friday's monetary policy statement) indicated the central bank is “quite comfortable at present with the pace of growth in the domestic economy, while noting that the global outlook is subdued”.
 
“We continue to expect that the RBA will eventually come to the view that the economy can grow a little more quickly, given that employment growth is likely to remain below-trend and inflation well behaved.
“We currently have 25 basis points rate cuts pencilled in for October and November but the tone of recent RBA communications suggests that the risk to this call is that the RBA doesn’t reduce the cash rate as early as we currently expect.”
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NAB bring forward first RBA cut to February 2025

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