Lewis Land's latest apartment release within its <a href="https://www.apartments.com.au/new-apartments/harbour-shores-biggera-waters-564-oxley-drive-biggera-waters-qld-4216">Harbour Shores</a> masterplan is targeting one of the Gold Coast's fastest-growing buyer groups, with almost a third of apartments at Solis priced below $1 million.

The seven-storey building at Biggera Waters will comprise 91 apartments, including 24 one-bedroom residences starting from $778,000, a price point Lewis Land says is aimed squarely at first home buyers struggling to enter the Gold Coast market.

<img alt="Harbour Shires" data-entity-type="file" data-entity-uuid="e7486e37-22f6-4c92-b212-9b0622070b8f" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-08%20at%209.09.34%E2%80%AFAM.png?VersionId=W8MJwJUCf6HkIyl_EVSksnd.QI6MZryY" />

<a href="https://www.apartments.com.au/developers/lewis-land-group">Lewis Land</a> Head of Development Michael Long said the developer deliberately allocated a significant proportion of the project to more affordable apartment types.

"First home buyers have been priced out of many parts of the Gold Coast, and we saw a clear opportunity to address this and play our part in a longer-term housing solution," Long said.

"That's why 24 of the 91 apartments being delivered at Solis have been designed and priced for the city's next generation of homeowners, quality one-bedroom apartments, half of which include an additional multipurpose room to maximise space and flexibility.

"This approach places 30 per cent of apartments in Solis under $1 million, and with close proximity to Harbour Town's future light rail extension connecting residents to the city's major employment and knowledge hubs, it's a win for buyers looking to secure their first property."

<img alt="Sores" data-entity-type="file" data-entity-uuid="550526d3-73ba-4710-9739-c5f4294a30ef" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-08%20at%209.09.29%E2%80%AFAM.png?VersionId=cQQdXHt9wS0UXwZEm5Py5bH_3kAmzyhu" />

Designed by BDA Architecture, Solis will deliver a mix of one, two and three-bedroom apartments, with residences ranging up to 232 sqm. Apartments feature generous balconies and contemporary finishes, while residents will have access to Harbour Shores' lagoon pool, clubhouse, tennis court, gym, yoga studio and sauna.

The focus on first home buyers resonated with purchaser Holly Humphreys, who said she and her boyfriend spent more than a year searching for their first property before shifting their attention from houses to apartments.

"We fell in love with the first house we bid on and got our hopes up, but after repeated knockbacks we learned not to get too attached," Humphreys said.

"We offered at the high end of price guides, but sales kept going even higher. That's where we really struggled and we needed to re-evaluate our budget and our expectations. Standalone houses were off the table, and we pivoted to apartments and townhouses."

Humphreys said it was encouraging to see developers recognising the growing demand from first home buyers.

"There's a growing number of young buyers looking to enter the market earlier because they understand that getting in now can make a real difference as prices continue to rise," she said.

"It's fantastic to see a developer recognise this and then actively take measures to deliver an apartment with us in mind."

Solis is the first development planned within the second stage of the Harbour Shores masterplan, with early works expected to commence in September 2026.

[smartcode_project_cta:default project_id=113271]

Joel Robinson

Lewis Land targets first home buyers at latest Harbour Shores release, Solis

Luxury apartment developer Abadeen has recorded $19.25 million in apartment sales across two of its Lower North Shore developments in the lead-up to the end of the financial year, headlined by the sale of a $6.75 million penthouse at <a href="https://www.apartments.com.au/buildings/koyo-crows-nest-5-rodborough-avenue-crows-nest-nsw-2065">KOYO in Crows Nest.</a>

The transactions also included the sale of a newly completed three-bedroom apartment at <a href="https://www.apartments.com.au/buildings/park-residences-cremorne-2-sutherland-street-cremorne-nsw-2090">Park Residences in Cremorne</a> for $6.35 million, with the residence selling shortly after the project's first public inspections following completion.

The sales come as completed, owner-occupier-focused apartments continue to attract strong demand across Sydney's Lower North Shore, particularly from buyers looking for certainty and immediate occupancy.

The penthouse at KOYO spans 491 sqm across a single level and was designed by architect Koichi Takada. The development is one of Abadeen's flagship boutique projects in Crows Nest.

[smartcode_project:default project_id=108800 project_image_fid=370093]

Abadeen Executive Chairman and Founder Justin Brown said buyer activity lifted noticeably in the lead-up to the end of the financial year.

"We saw a clear increase in enquiry levels, inspection numbers and buyer engagement across our completed projects leading into the end of the financial year," Brown said.

"Buyers have become far more decisive over the past six months. The combination of improving confidence, limited supply and the ability to physically inspect completed residences is creating strong competition for premium apartments in the best locations."

Brown says the&nbsp;response to Park Residences following completion has been particularly strong.

"Buyers want certainty and are responding positively to the opportunity to walk through a finished product, inspect the quality firsthand and move in immediately," Brown suggested.

"Projects such as Park Residences and KOYO demonstrate that when the product is exceptional and the location is irreplaceable, buyers are prepared to act quickly."

[smartcode_project:default project_id=114246 project_image_fid=370116]

Abadeen CEO Joe Tack said quality continued to differentiate projects in the current market.

"Today's buyers are incredibly discerning," Tack said.

"They are seeking larger floorplans, premium finishes, walkability, lifestyle amenity and confidence in the developer delivering the project. Well-designed boutique developments continue to outperform because they offer something genuinely difficult to replace.

"The enquiry we are seeing across our completed and recently completed Lower North Shore portfolio is very encouraging, and we expect this momentum to continue into spring."

The sales follow increased enquiry across Abadeen's Lower North Shore portfolio which also includes <a href="https://www.apartments.com.au/buildings/northcote-collective-naremburn-2-northcote-street-naremburn-nsw-2065">Northcote Collective in Naremburn</a> which also completed recently.

KOYO penthouse headlines Abadeen's $19.25 million EOFY sales flurry

The City of Sydney has approved plans for <a href="https://www.apartments.com.au/developers/billbergia">Billbergia Group</a> and Metrics Credit Partners’ $3.5 billion Castlereagh Place project in the heart of the Sydney CBD

The towers will be among the tallest in <a href="https://www.apartments.com.au/developments/sydney-nsw-2000">Sydney</a>'s CBD, with more floors than any other residential tower in the city.&nbsp;

The 6,000 sqm site was acquired by the joint venture partners in 2024. It is the largest amalgamated land parcel in the Sydney CBD and comprises eight individual sites fronting Castlereagh, Pitt and Liverpool Streets.&nbsp;

<a href="https://www.apartments.com.au/new-apartments/castlereagh-place-sydney-324-348-pitt-street-sydney-nsw-2000">Castlereagh Place</a> will transform an underutilised city block into a landmark mixed-use destination, anchored by two 82-storey towers comprising 607 luxury residences above an 8-level podium housing a 209-room luxury hotel. A 1,000 square metre civic park on ground level features a curated mix of food, beverage and retail.

The plans have been refined over the past year to rebalance the residential and hotel offering, and reconfigure the retail footprint to create a stronger, more dynamic dining experience.

A three-level flagship building on the prominent corner of Pitt and Liverpool Streets will be the gateway to the Castlereagh Place lifestyle precinct. Set to become a Sydney icon, the building is capable of housing multiple hospitality venues.

“Castlereagh Place is designed to be the City's next great urban oasis - an energetic mixed-use precinct that pulses with life, day and night,"&nbsp;said Joseph Kinsella, Group Director of Billbergia.

"It will bring the vibrancy of places like Barangaroo and Darling Quarter into a more accessible, central destination at the very heart of Sydney."

Kinsella said the project will build on&nbsp;Sydney’s growing laneway culture with the City’s largest network of new activated lanes - an expanded, next-generation take on precincts like Angel Place, Palings Lane and Ash Street in Wynyard.

[smartcode_project:default project_id=134477 project_image_fid=374401]

Castlereagh Place has been designed by architects <a href="https://www.apartments.com.au/architects/fjc-studio">fjcstudio</a> in collaboration with Trias Studio, Aileen Sage and Polly Harbison Design, joint winners of an international design competition in 2018.&nbsp;

Signature design elements from the original scheme remain unchanged, while the public domain has been significantly enhanced, delivering 60 per cent more open-to-sky space.

Pedestrian access will also be enhanced through new laneways linking Pitt, Liverpool and Castlereagh Streets, drawing people into a new civic park with outdoor seating, landscaping and integrated public art.

With activated laneways supported by strong hospitality offerings, Castlereagh Place is tipped to become a vibrant new dining destination in the heart of Sydney’s CBD.

It marks the largest undertaking to date for the Billbergia and Metrics Credit Partners partnership. Together they are developing other underutilised Sydney sites into mixed-use precincts, including the $2.2 billion Concord Central and the $1.3 billion Chatswood Grand Residences.

Metrics Managing Partner and Group CEO Andrew Lockhart said Castlereagh Place is a landmark project that will redefine Sydney’s skyline.

"As the tallest residential high-rise development, the revitalised site will offer panoramic views across the CBD and surrounds. We are excited to partner with Billbergia to reinvigorate an underutilised site and create a sophisticated and contemporary mixed-use offering situated in the heart of Sydney.”

Total apartments within the towers have increased to 607 dwellings, with a focus on larger floorplans. Aligned to growing market demand, Castlereagh Place now comprises 299 three-plus-bedroom apartments, 198 two-bedroom units and 110 one-bedroom configurations.

[smartcode_project:default project_id=134477 project_image_fid=374402]

Resident amenities will include an exclusive residents club containing a gym, rooftop pool, dining rooms, co-working spaces, library, golf simulator, games room, cinema room, and access to an exclusive concierge service. There will be around 500 basement car spaces below the towers.

The development will also include a state-of-the-art wellness centre, set to feature a bathhouse with magnesium pools, hot/cold plunge pools and premium amenities.

&nbsp;

According to fjcstudio, the towers will feature distinctive yet elegant architectural design reflecting Sydney’s geometry and urban character, with a network of through-site links and intimate public spaces activating the streetscape.

"Castlereagh Place is a city-making project of significant scale and ambition," said Richard Francis-Jones, Design Director at fjcstudio.

"It will create a rich urban complex of public open spaces, landscaped gardens, and vibrant laneways. Defining these new public spaces and the important streetscape of Castlereagh Street is a sequence of fine-grained, diverse retail and hotel architecture designed in collaboration with Aileen Sage, Polly Harbison Design and Trias.

“Rising above the tree-lined, human-scale streetscape are two slender residential towers that will transform the city skyline and look towards the Harbour, Hyde Park, and the Royal Botanic Garden.”

Demolition and early construction works have commenced onsite at Castlereagh Place.

[smartcode_project_cta:default project_id=134477]

Billbergia, Metrics, approved for $3.5 billion Sydney skyscrapers

International developer&nbsp;<a href="https://www.apartments.com.au/developers/spg-land">SPG Land</a> is preparing to re-launch its long-awaited $1.5 billion <a href="https://www.apartments.com.au/new-apartments/paradiso-place-surfers-paradise-103-ferny-avenue-surfers-paradise-qld-4217">Paradiso Place</a> development at Budds Beach, bringing a new price point to the Surfers Paradise apartment market.

The developer will release one-bedroom apartments from $825,000 and two-bedroom apartments from $1.24 million in the three-tower development.

According to Urbis, the starting price for the two-bedroom apartments is more than $400,000 below the weighted average sale price for comparable two-bedroom apartments in Surfers Paradise during 2025, which was pinned at $1.7 million.

&nbsp;

Urbis reported quarterly average sale prices for new two-bedroom, two-bathroom apartments ranged from around $1.2 million to $1.7 million throughout 2025, peaking in the December quarter.

[smartcode_project:default project_id=106566 project_image_fid=185853]

Paradiso Place is now moving into its formal sales campaign, with a limited early-release opportunity available ahead of the public launch.

The development will comprise 845 apartments across three towers rising 40, 41 and 44 storeys from a 1.15-hectare site spanning an entire city block. The towers will sit above a new retail precinct.

"Paradiso Place represents a rare opportunity in today's market, offering premium apartments at a price point that is significantly more competitive than anything else currently available," SPG Land Sales Director Brad McMahon said.

"When you look at comparable new developments across Surfers Paradise, Main Beach and the Southern Beaches precinct, buyers are typically paying hundreds of thousands more for a similar product.

"The scale of this project and the developer-builder construction model allows us to unlock efficiencies that smaller developments simply cannot achieve. We are passing those benefits directly to buyers, while still delivering a five-star residential experience with an unmatched lifestyle."

[smartcode_project:default project_id=106566 project_image_fid=374280]

Each of the three towers designed by Rothelowman will have its own podium, connected by an elevated skybridge network to create a beachside village for residents. The resident amenity has been designed to rival a five-star hotel, with private dining rooms, resident lounges and entertainment spaces.

McMahon said the pricing strategy was a deliberate response to the current market.

"What Paradiso Place offers is a unique balance, genuine value within a premium market. Buyers are not compromising on quality, design or amenity, they are gaining access to it at a more competitive price point at a time when prices across the Gold Coast continue to reach new highs."

[smartcode_project:default project_id=106566 project_image_fid=362498]

Located around 100 metres from the beach and within walking distance of the Surfers Paradise North light rail station, Paradiso Place occupies one of the Gold Coast's most tightly held beachfront precincts.

Construction is continuing to progress, with eight of the project's 112 foundation piles now complete. Excavation has also commenced on the first diaphragm wall panel, with the first concrete poured on 15 June, marking a key milestone in the project's early works program.

[smartcode_project_cta:default project_id=106566]

SPG Land launches $1.5 billion Paradiso Place at attractive price point

Luxury developer-builder <a href="https://www.apartments.com.au/developers/lowe-living">Lowe Living</a> has achieved a new Victorian benchmark for an off-the-plan apartment, with the sale of two penthouses at its ultra-exclusive Maison Savoy development in Brighton.

The two penthouses achieved a combined sale rate of $49,926 per sqm. Both transactions eclipsed the previous identified Victorian off-the-plan price-per-square-metre benchmark, set by the 449 sqm apartment at Como Toorak, which sold at $46,659 per sqm.

[smartcode_project:default project_id=140818 project_image_fid=366473]

<a href="https://www.apartments.com.au/new-apartments/maison-savoy-brighton-150-esplanade-brighton-vic-3186">Maison Savoy</a>, Lowe Living's redevelopment of the former Brighton Savoy Hotel on absolute beachfront land at 150 The Esplanade, Brighton, has gained significant momentum since launching just eight weeks ago. Around 30 per cent of the project's 19 residences have already been secured, generating approximately $45 million in sales.

"Securing two of the three penthouse sales at this stage, within eight weeks of launching to market speaks to the confidence our clients place in Lowe Living," Lowe Living co-founder Emma Lowe said.

"They know we'll be with them through every stage of the journey, and that assurance is something we've worked hard to earn and never take for granted."

[smartcode_project:default project_id=140818 project_image_fid=366474]

Lowe said Maison Savoy was conceived as a genuine alternative to a prestige Brighton home, combining house-scale proportions with the convenience, security and lock-up-and-leave appeal of apartment living.

Lowe Living co-founder Tim Lowe said the early sales success demonstrated the resilience of Melbourne's prestige market and highlighted the growing demand for house-sized apartments among ultra-high-net-worth buyers.

"The Melbourne market has definitely been tested in recent years, with interest rates and global economic factors all creating a period of uncertainty across the real estate sector. The sales success at Maison Savoy however demonstrates that confidence remains exceptionally strong at the top end of the market.

"The prestige market is being driven by long-term lifestyle decisions rather than short-term market sentiment, which continues to create a level of certainty that befits an absolute beachfront property in a blue-chip location like Brighton.

"Brighton's fundamentals remain among the strongest in Melbourne, with limited new supply, enduring demand from an overwhelmingly local owner-occupier market, and a rare combination of beachfront amenity and proximity to the CBD."

[smartcode_project:default project_id=140818 project_image_fid=374378]

According to Cotality, Brighton remains one of Melbourne's most tightly held prestige suburbs, with an average ownership tenure of 15.3 years for houses and 12.3 years for units, while more than 73 per cent of homes are owner-occupied.

Tim Lowe said selling two of the project's three penthouses so early in the campaign was an uncommon result.

"This sales result is a reflection of quality and understanding the local market. It's incredibly rare to transact the penthouses so early in a sales campaign in any project so to have sold two of the three penthouses at Maison Savoy so soon after launch, all in-house without any external sales agency appointed, is reflective of our careful consideration of our buyers' needs and lifestyle.

"This is knowledge that is accumulated not just from data and demographic analysis, but via a deeply embedded understanding of how this type of buyer wants to live and feel in their home. We pride ourselves on getting to know our clients personally, and over the last 10 years we have been able to refine our product offering by talking one-on-one with our clients about their design and floorplan preferences.

"Being a fully integrated developer-builder with an in-house design and sales team allows us to lead every part of the process and ensure the highest quality of product and service at every touchpoint. It's a really important part of our DNA and the recent sales success at Maison Savoy indicates that our clients and purchasers are resonating with this point of difference.

"It reinforces that demand remains strong for thoughtfully designed residences that offer rarity, lifestyle and long-term value in tightly held locations, which ultimately validates Maison Savoy's positioning as creating a new benchmark for house-scale, wellness-led apartment living on Brighton's beachfront."

&nbsp;

[smartcode_project:default project_id=140818 project_image_fid=366480]

The residences at Maison Savoy start from 295 sqm, with most enjoying uninterrupted views across Port Phillip Bay. The project sits moments from the Brighton Bathing Boxes, Royal Brighton Yacht Club, Middle Brighton Baths and Church Street's retail and dining precinct.

A key feature of the development is its private residents-only bathhouse, curated by the founder of Aurora Spa &amp; Bathhouse and modelled on traditional European bathing rituals and the award-winning Sorrento bathhouse.

The wellness offering includes a hydrotherapy pool, salt room, sauna, steam room, cold plunge pool, foot activation zone and a Vichy rainfall bed, one of only a handful in Australia. Residents will also have access to a Technogym studio, lounge spaces and a dedicated concierge service offering everything from morning coffee delivery and restaurant bookings to dry cleaning and home coordination.

"Wellness-led design has become a defining factor for luxury buyers," Emma Lowe said.

"Purchasers increasingly value homes that enhance wellbeing through thoughtful design, private amenity, privacy and liveability."

The penthouse purchasers are now undertaking a bespoke customisation process curated personally by architect Pete Kennon and the Lowe Living team, one of the developer's signature service offerings.

Construction on the $160 million transformation of the former Brighton Savoy Hotel site commenced last month, with completion expected in early 2028. The project has secured funding from NAB alongside development partner Monark.

Just one penthouse remains available, along with a limited number of two and three-bedroom residences starting from $3.75 million.

Lowe Living currently has eight projects on the market across Melbourne and recently celebrated its 10th anniversary, having grown a $1 billion development pipeline alongside a $350 million construction pipeline.

&nbsp;

[smartcode_project_cta:default project_id=140818]

Lowe Living set new Melbourne off the plan apartment record

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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About 2,000 of the 40,000 mortgage holders who signed up for the One Big Switch campaign have entered into discussions with lenders about refinancing their mortgages, campaign founder Lachlan Harris has told Property Observer.
“It has been a great campaign and we’ve had a great response,” Harris says.
He says One Big Switch will launch more home loan offers before Christmas, which he promises will have the “sharpest rates in the market”.
Harris says feedback from lenders indicates that borrowers want to feel they are part of the experience of creating their mortgage products.
“People power is bringing about products that don’t exist anywhere else,” he says.
Harris says One Big Switch is currently in discussion with other lenders who are keen to join the campaign.
He has previously had to defend One Big Switch’s current panel of lenders after mortgage broker <a href="/news">AFG slammed the campaign for not attracting any major lenders</a>.
A recent One Big Switch tweet noted that the current panel of lenders includes non-banks Resimac and Firstmac, “funded by NAB” and MortgageEzy “funded by ING”.
One Big Switch next campaigns will target broadband and solar energy costs.
“If you have a house, you should not being the pay full rate on these services,” Harris says.
About 750 One Big Switch subscribers are in discussions with providers about switching their electricity providers.
 
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One Big Switchers begin talking with mortgage lenders

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New South Wales mortgage repossession rates were steady in the October quarter.
There were 751 applications between August and October, compared with 745 for the same period in 2010.
But the monthly rate is up slightly on 2010. There has been an average of 246 applications to the NSW Supreme Court per month this year, up from 213 in 2010.
The numbers aren’t a patch on the post-GFC 2009 levels, which had 318 applications per month.
The peak year for possession writs was in 2006, with 447 writs per month in the wake of the low-doc (low document) price boom that swept Sydney's outer-west.
The 2010 tally was the lowest since 2003.
The numbers include applications that were sought but not necessarily proceeded with as court orders.
 
 
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Number of NSW mortgage repossessions holds steady at low levels

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Mortgage brokers are not adequately checking the income of applicants, according to research by ASIC.
New licensing requirements and lending obligations were imposed on brokers with the introduction of The National Consumer Credit Protection Act 2009 (National Credit Act), which rolled out from July 2010 to January 2011.
While most brokers were adequately aware of these new responsible lending obligations there was “room for improvement”, a six-month review by ASIC found.
“We undertook this review to assess how the home loan industry was complying with the new responsible lending obligations in the early days of the regime,” ASIC Commissioner Peter Kell says.
“Loans promoted as low doc (low documentation) were a particular focus given the role these products played in the lead-up to the US sub-prime crisis and in equity stripping.”
ASIC found some brokers not verifying income claims by consumers and were simply taking applicants’ word.
“We observed files for home loans promoted as low doc where there was no evidence of any steps taken by the credit assistance provider to verify the consumer’s income,” the report found.
Some brokers failed to record details on what the consumers planned to do with the loans, details of their living expenses or how they would repay the loans.
“ASIC considers that the inquiries and verifications a credit licensee must make to satisfy their responsible lending obligations are scalable depending on the circumstances of the consumer. In some circumstances, fewer inquiries may be needed,” Kell says.
“This does not mean, however, that inquiries and verifications may be scaled down simply because of the label applied to a product, such as low doc”.
 
 
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Mortgage brokers lax on checking up on applicants: ASIC

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The Australian Competition and Consumer Commission has decided it will not oppose Commonwealth Bank’s proposed acquisition of Count Financial Ltd, which owns a 17% stake in mortgage broker Mortgage Choice.
CBA is the largest lender on Mortgage Choice's panel.
"The ACCC is satisfied that there is unlikely to be a substantial lessening of competition in any relevant market as a result of this proposed acquisition," ACCC chairman Rod Sims says.
The ACCC conducted a comprehensive review, including extensive market inquiries with participants in the financial planning, mortgage broking, banking, superannuation and insurance sectors.
"The ACCC noted that the acquisition would increase CBA's presence in the supply of financial planning services and mortgage referral services,” Sims says.
“This could potentially have reduced competition in the supply of these services and increased the ability of CBA to direct business to its upstream investment and mortgage related products.
“However, the ACCC was satisfied that CBA would continue to be constrained by a number of other significant financial planning dealer groups, mortgage broking firms and investment product providers," Sims adds.
With respect to the supply of life insurance and superannuation products, the ACCC concluded that the acquisition would not raise significant competition concerns in either of these sectors.
The ACCC noted that the acquisition would result in only limited market concentration and that CBA would continue to be constrained by alternative suppliers of superannuation and life insurance products.
<a href="/news">Commonwealth Bank will acquire financial planner Count Financial for $373 million, thereby acquiring Count’s 17% stake in Mortgage Choice.</a>
 
 
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ACCC gives CBA Count acquisition green light

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The Reserve Bank will need to cut interest rates a second time for the mortgage market to fully recover, says outgoing Commonwealth Bank CEO Ralph Norris.
Norris says mortgage lending increased in the lead-up to the RBA’s 0.25% cash rate cut on Melbourne Cup Day and further cuts would help encourage that trend.
Norris says while demand for loans is sluggish as consumer and business confidence remains shaky with the global economic slump, the home loan market is showing early signs of improvement.
“We are starting to see in this quarter that the mortgage market is a little more active,” he says.
“It is a little early to say if it is purely seasonal or if there is some impact from the recent rate reduction.
“But typically, we would expect that really to be supported by a second rate reduction to see a bounce [in the mortgage market].”
He stopped short of demanding these cuts, saying the governor of the Reserve Bank is “more than adequately qualified to make that those calls”.
The November 1 rate cut to 4.5% was the first reduction by the RBA since 2009.
 
 
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Second rate cut needed to help mortgage market: CBA's Ralph Norris

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The ability of the regional banks to access alternative sources of funding such as the recently opened covered bonds market is key to these lenders being able to compete with the major banks on mortgages and other lending products, according to a new report by KPMG.
Australia’s regional banks comprise Bendigo Bank, Adelaide Bank, Members Equity (ME) Bank, Suncorp and Bank of Queensland.
According to KPMG’s Regional Banks: 2011 Financial Institutions Performance Survey, these four banks remain a “viable alternative to the major banks” in the core markets of retail deposits and home and consumer lending, “producing strong numbers in terms of market share while also managing to increase profit before tax by 16.1%”.
“Market share has been strong and margins have remained tight, rising just three basis points to 1.64%,” says KPMG banking partner Martin McGrath.
However, McGrath says the major challenge for regionals remains accessing funding at a competitive price.
“The regionals have shown that they are a competitive force in the retail deposit market.  However, they are at a competitive disadvantage in wholesale markets, which impacts their interest margin.”
Regional along with non-bank lenders have been impacted by the demise of the once thriving residential mortgage-backed securities (RMBS) market, which provided a cheap source of wholesale funding before the advent of the GFC.
Covered bonds – prohibited in Australia until the government changed the legislation in October in a bid to help banks diversify their funding bases and increase competition in the retail banking market – offer a potentially positive alternative to retail deposits.
The debt securities reside on the balance sheet of the lender and are cheaper than RMBS because they have a higher credit rating.
“It remains to be seen how much uptake there will be by the regionals of covered bonds.  It is clear that the scale of the major banks gives them an advantage, but the advent of covered bonds opens a welcome alternative source of wholesale funding.” McGrath says.
ANZ is expected to raise up to $970 million through a covered bond issue in the US due to be finalised this week, while the other major banks are all holding investor roadshows in Europe and the US.
According to the KPMG report, a concern for shareholders in regional banks is the return on equity for the sector of 6.7% generated over the 2011 financial year.
The strongest performer in this regard was Bendigo and Adelaide banks, with a return on equity of 9%. Bank of Queensland is returning 8% and Members Equity 6.4%. Suncorp returned 3.2% in the 2011 financial year, but this result included non-core business divisions. Suncorp’s core banking unit return on equity would have been 15.6%.
Suncorp has the <a href="/news">biggest mortgage book of the four regional banks at close to $30 billion</a>.
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Regional banks rely on covered bonds to stay competitive

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Collapsed mortgage broking business Refund Home Loans owes 119 creditors a combined $9.7 million, minutes of the first creditors’ meeting held in Brisbane have revealed.

<p style="background-image: initial; background-attachment: initial; background-origin: initial; background-clip: initial; background-color: white; background-position: initial initial; background-repeat: initial initial;">Earlier reports said Refund was placed into voluntary administration owing $2.5 million. There has been no indication yet as to what the assets of the company are worth.

<p style="background-image: initial; background-attachment: initial; background-origin: initial; background-clip: initial; background-color: white; background-position: initial initial; background-repeat: initial initial;">Creditors include Refund Home Loans franchisees, law firm DLA Piper, mortgage broking training provider Intellitrain and WA-based Ourimbah Holdings Pty Ltd.

<p style="background-image: initial; background-attachment: initial; background-origin: initial; background-clip: initial; background-color: white; background-position: initial initial; background-repeat: initial initial;">At the meeting administrators said a second creditors' meeting was scheduled for November 16, but won approval from creditors for an extension of up to 45 days. 

<p style="background-image: initial; background-attachment: initial; background-origin: initial; background-clip: initial; background-color: white; background-position: initial initial; background-repeat: initial initial;">Mortgage industry newsletter MortgageMix.com.au reports that the once “amicable relations between [Refund founder] Wayne Ormond and Refund franchisees have soured quickly”.

<p style="background-image: initial; background-attachment: initial; background-origin: initial; background-clip: initial; background-color: white; background-position: initial initial; background-repeat: initial initial;">This follows reports that up to 50 franchisees now plan to take legal against the franchisor, serving the brokerage with breach of contract notifications just a month after Refund's original claim the relationship with its franchisees remained cordial.

<p style="background-image: initial; background-attachment: initial; background-origin: initial; background-clip: initial; background-color: white; background-position: initial initial; background-repeat: initial initial;">A source close to Ormond and the Refund business told Property Observer that top franchisees were urged at a creditors’ meeting on October 24 to continue to trade as normal in an effort to attract a buyer for the business.

<p style="background-image: initial; background-attachment: initial; background-origin: initial; background-clip: initial; background-color: white; background-position: initial initial; background-repeat: initial initial;">The size of the business – more than 350 franchisees – is one of its strong selling points and could prove attractive to a rival mortgage broking business looking to expand its distribution network.

<p style="background-image: initial; background-attachment: initial; background-origin: initial; background-clip: initial; background-color: white; background-position: initial initial; background-repeat: initial initial;">Before its collapse Refund was valued by Deloitte at between $40 million and $50 million. However, new ventures were being funded out of cash flow since being unable to obtain bank funding.

<p style="background-image: initial; background-attachment: initial; background-origin: initial; background-clip: initial; background-color: white; background-position: initial initial; background-repeat: initial initial;">Refund was placed into administration on October 14.

Property investment coach and mortgage broker Paul Giezekamp says the Refund Home Loans business is history.
Property Observer contacted Refund Home Loans and Ormond but has received no response. 
 
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Refund Home Loans owes creditors $9.7 million as relations with franchisees turn sour

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Westpac’s regional banks have made further cuts to their fixed-rate loans.
St George, BankSA and Bank of Melbourne have cut rates up to 26 basis points.
The cut takes the two-year fixed rate to 6.14%, and the three-year fixed rate to 6.24% for all three banks.
The new rates take effect from November 16.
St George's new general manager of mortgage broking, Clive Kirkpatrick, told Broker News Australia the bank had recorded strong demand for fixed-rate products.
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Westpac regionals cut fixed rates further

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Another round of fixed rate cuts looks likely with, St George tweeting that it will soon release “very competitive 2 and 3 Year Fixed Rates”.
<img src="/images/stories/stgeorge.gif">
Another round of fixed rate cuts looks likely with, St George tweeting that it will soon release “very competitive 2 and 3 Year Fixed Rates”.
The <a target="_blank" href="/news">bank last cut its fixed rates at the end of September</a>, reducing its three-year fixed-home loan rate by 0.15 points to 6.39% per annum as well as trimming its two-year fixed home loan rate by 0.05 points to 6.39% for its Advantage Package customers. Its basic two-year and three-year fixed rate loans carry a rate of 6.54%.
Expectations of more fixed-rate cuts follows the Reserve Bank’s decision to cut the official cash rate to 4.5% in November. <a target="_blank" href="/news">Most lenders passed on the full 25-basis-point cut to variable-rate customers.</a>
Major lenders such as Westpac believer a further 75 basis points will be trimmed off the official cash rate over the next 12 months, meaning lenders will have to continue to cut fixed rates to entice borrowers to opt for fixed products.
According to financial products comparison website RateCity.com.au, the average three-year fixed rate is now 6.61% compared with 7.43% at the start of the year.
Non-bank lender Homestar Finance currently offers the cheapest fixed-rate mortgage according to RateCity, with a three-year fixed loan at 6.15%.
The cheapest variable rate advertised on RateCity.com.au is 6.38% being offered by online lender Loans.com.au while the cheapest of the big four banks is NAB, which offers its standard variable mortgage at 7.47%.
Since the first of August this year, 90% of mortgage lenders have lowered some of their fixed rates, with some cutting fixed rate home loans by as much as 140 basis points in that time.
The <a target="_blank" href="/news">Commonwealth Bank was one of 36 lenders that cut their fixed rates in October</a>.
The Commonwealth Bank cut its five-year fixed rate by 85 basis points to 6.89% in October, the biggest fixed-rate cut of all the major banks.
All the major banks have cut their fixed rates by at least 50 basis points for spring, according to the mortgage comparison website.
 
 
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Fixed home loan rates set to be trimmed even further

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Mortgage broker Mortgage Choice should know by the end of the week whether it will be 17% owned by the Commonwealth Bank. 
The Australian Competition and Consumer Commission (ACCC) is expected to rule on Friday, November 17 whether to allow the Commonwealth Bank to acquire financial planner Count Financial for $373 million, thereby acquiring Count’s 17% stake in Mortgage Choice.
Other substantial shareholders in Mortgage Choice include founder Rodney Higgins, who has a 13% stake and investment firms Invesco Australia (7%), Paradice Investment Management (13%) and Renaissance Smaller Companies (5%). 
Following the bank announcing its intention to acquire Count, Mortgage Choice CEO Michael Russell said he expected the bank to offload its stake in the mortgage broker to allow the merger to go ahead. 
He told Australian Brokernews that a decision by the bank to keep its stake in Mortgage Choice would be met by “trepidation” by brokers. 
Concerns about a potential conflict could also surface since the Commonwealth Bank is one of the largest lenders on the Mortgage Choice panel. 
A report in the Australian Financial Review following the announced takeover said the bank would be willing to sell its stake in Mortgage Choice to ensure the deal is approved. 
The ACCC reportedly delayed its decision on the merger to allow time for a submission from Mortgage Choice. 
The Commonwealth Bank already has a stake in the mortgage broking sector, as it owns a third of Aussie Home Loans. 
Should the Count Financial acquisition get the nod from the ACCC, as is expected, the bank will also acquire Count Financial subsidiary Finconnect, a small provider of mortgage broking services.
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