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.

Joel Robinson

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

The Gold Coast Planning Committee has supported the preliminary approval for the Benowa Gardens Urban Village project following an extensive community consultation and assessment process.

The proposal will now proceed to a full council vote on June 2.

The application sought approval for a masterplanned urban village on the existing Benowa Gardens Shopping Centre site, combining new housing, retail, dining, health and lifestyle amenities within a walkable, integrated precinct.&nbsp;

The proposed redevelopment includes around 413 apartments integrated above a revitalised mixed-use centre featuring a full-line supermarket of 4,000 sqm, 6,000 sqm of specialty retail and dining space across around 30 retailers, a 7,000 sqm health and wellness precinct, and roughly 9,630 sqm of office and medical suites.&nbsp;

<img alt="$1b Benowa Gardens Urban Village moves to Full Council following Planning Committee support" data-entity-type="file" data-entity-uuid="fb36ae47-80bc-45f0-9914-31b0c7b6007d" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/PR26576%20Ashmore%20Road%20C4%201121%20FI.jpg?VersionId=6mRKk2uU4r67TmTt39DKGUlvFRbTVqWa" />

The broader masterplan also includes very significant traffic and transport improvements, wide pedestrian walkways, upgraded pedestrian and cycle connections, and enhanced public areas designed to create a more connected and walkable community environment.&nbsp;

Centre owner Patrick Lu said the milestone reflected months of detailed planning, technical assessment and ongoing communication with local residents, businesses, schools and stakeholders.

“We appreciate the time, consideration and care Council officers and the Planning Committee have given this proposal throughout the assessment process,” Lu said.

“We also sincerely thank the local community for engaging with us, sharing feedback and participating in the consultation process over many months.

<img alt="$1b Benowa Gardens Urban Village moves to Full Council following Planning Committee support" data-entity-type="file" data-entity-uuid="32fd1fc3-d0e6-485f-ac57-9916c9bcb818" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/PR26576%20Ashmore%20Road%20C5%201121%20FI_2.jpg?VersionId=fz8qQKDBLQ7MyFRc856Zccfbh9nFwLOe" />

“We understand projects of this scale bring questions and concerns, which is why we have worked hard to listen carefully, provide information transparently and continue refining elements of the proposal where possible.

“Our vision has always been to create a well-designed, community-focused urban village that responds to the changing needs of the Gold Coast, while delivering improved amenity, housing diversity, healthcare access and local lifestyle benefits.

“This proposal is about creating a genuine live-work-play environment where residents can access everyday services, schools, healthcare, dining, shopping and green space within walking distance, while also supporting local jobs and economic activity.”

<img alt="$1b Benowa Gardens Urban Village moves to Full Council following Planning Committee support" data-entity-type="file" data-entity-uuid="50dfbd04-590e-4fc6-983b-766880947867" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Dining%20Day%20Time%20-%20High%20Resolution.jpg?VersionId=BP7ZoKJ0DdL_8iRkkC8VVx99moICV6kg" />

Lu said the proposal had evolved significantly through consultation and technical review, particularly around traffic, pedestrian and student safety and neighbourhood connectivity.&nbsp;

Melissa Griffin, Director at Urbis, said the recommendation recognised the strategic importance of delivering more housing and services within established urban areas already supported by infrastructure.

“This proposal represents the type of thoughtful, integrated growth that planning frameworks across South-East Queensland are encouraging,” Ms Griffin said.

“The project seeks to place housing, retail, healthcare and employment opportunities together in a highly accessible location close to schools, transport and existing services.

“Importantly, the process has involved significant technical assessment and community engagement to ensure local issues and feedback were properly considered throughout the planning pathway.”

$1 billion Benowa Gardens Urban Village heads to council vote following Planning Committee support

Surfers Paradise is officially set for its first new residential development with a 45-storey skybridge connecting the two towers.

John Camilleri’s Celestino Developments has been given the green light by the Gold Coast City Council to develop its major beachfront precinct across its huge 4,000 sqm oceanfront site at <a href="https://www.apartments.com.au/new-apartments/63-79-garfield-terrace-surfers-paradise-qld-4217">63–79 Garfield Terrace</a>, just five months after its <a href="https://www.apartments.com.au/news/qld/first-look-exclusive-billionaire-winx-breeder-s-bold-two-tower-surfers-paradise-play-with-45th-storey-skybridge">submission in late 2025</a>.

The approved scheme will deliver two towers rising 55 and 48 storeys, connected by a skybridge positioned on level 45 that will house a range of resident-only wellness and entertainment spaces.

In its notice of approval, the Gold Coast City Council said the&nbsp;proposed overall built form has been designed to complement the scale, intensity and protect the adjacent amenity and surrounding streets through the use of varied setbacks, site cover and architectural elements.

<img alt="First look exclusive: Billionaire Winx breeder’s bold two-tower Surfers Paradise play with 45th-storey skybridge" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/f_auto,c_limit,w_1440,q_75/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/field/image/Screenshot%202025-12-30%20at%209.53.48%E2%80%AFAM.png?VersionId=ADyPJ_TFbJvSU9wZFOiCBnlPtgF7VWqW" />

Designed by <a href="https://www.apartments.com.au/architects/dbi">DBI</a>, the development will comprise 275 apartments across the two towers, including a mix of two-, three-, and four-bedroom residences, as well as several penthouses. The apartments will sit above a landscaped podium featuring more than 90 metres of beachfront pool frontage, private resident lawns, lounges, and wellness spaces.

DBI said the design draws heavily from the movement and form of the coastal environment, with curving balcony lines and sculpted façades intended to soften the scale of the towers while maximising ocean outlooks and passive shading outcomes.

“The project occupies a rare, uninterrupted oceanfront site and has been shaped by a design philosophy that merges architectural elegance with environmental responsiveness and a carefully curated lifestyle experience,” DBI said in planning documents submitted to the Gold Coast City Council.

The most distinctive element of the approved project is the skybridge linking the two towers at level 45. The elevated communal space is planned to include executive lounges, formal dining areas, wellness facilities, and panoramic ocean-facing outlooks.

“The skybridge enhances the identity of the development, promotes social interaction, and delivers a lifestyle experience not found elsewhere on the Gold Coast,” DBI said.

At podium level, residents will have access to a suite of resort-style amenities, including resident lounges, private dining rooms, a yoga lawn, gymnasium, plunge pools, and treatment spaces. The beachfront pool has been designed with separate lap, lounge, and children’s areas extending across the width of the site.

The project will also introduce new food and beverage offerings along the Enderley Avenue and Oceanway frontages, contributing additional activation to the beachfront precinct.

First look: Winx billionaire’s beachfront Surfers Paradise apartment development greenlit

National Australia Bank (NAB) has brought forward the timing of the first RBA cash rate cut by three months.

NAB is now expecting a cut in February, in line with ANZ and Westpac, having initially thought a cut wouldn't come until May.

Commonwealth Bank, the nation's largest lender, still thinks the first cut will come in December.

NAB changed its call following the August monthly inflation figures that were released at the end of September, showing it had dropped to 2.7 per cent.

"The risk has been skewed to a first cut earlier in 2025, and today’s change acknowledges the balance of risks has likely shifted sufficiently for the RBA to feel comfortable cutting a little sooner than we earlier expected," NAB noted in its latest update.

They added that the cadence of the cuts may be faster than its central profile.

"Domestic inflation pressures are cooling, but only gradually, and we continue to expect the conditions for a cut will not be in place this year.

NAB believes the easing cycle will end at 3.1 per cent by early 2026, which is five cuts from the current 4.35 per cent cash rate.&nbsp;

CBA also thinks 3.1 per cent will mark the end of the cutting cycle, while Westpac is forecasting 3.35 per cent, and ANZ is the most pessimistic at 3.6 per cent, which would be just three interest rate cuts.

<h2>What would a rate cut in February look like for borrowers?</h2>

According to&nbsp;<a data-saferedirecturl="https://www.google.com/url?q=https://link.mediaoutreach.meltwater.com/ls/click?upn%3Du001.IVvjJ-2BPT0A8C3VxtqKc6e3bj5hBuw27WFEYqovsYs7kPsgFulYrdOzeP8gI7CybJOya3_RgrM7qq-2BfK-2FtAHeRBLv5Qrb-2Bii5fzjLeKcP4w-2FkNgJPXygpiRhVUan3WV3QEggcf617UC8Z60RjQJZAqx7PiO7FtVJQSn0D46Zc3iTVP0kAhTTzG51cPpa5hrqz1OkSA-2BiXAxUajQ686MTtiseWBIdMdknd83aB7cOVgXlVTeHCGf3-2BcMHwfvI8TYlkUovqEhn4dj0KXf2eJGpb9-2BBv20hPXdLlPP9yD7DvFFDBM5yrTqxvcCiMfAsW1onD-2FcriL628eYdhNQE7bwzYrxcOYnmaYfRhGl-2FEHQ6eK2uQcLxs6Cbu6Dx0bYvpi5A6enmxMWU5TkcRYrP6Z8GbXZYtc5qSoKu6eWFBQR9K7fsjXwHMmby3D3X6Yx-2BxcDcdRruTG&amp;source=gmail&amp;ust=1727774368149000&amp;usg=AOvVaw2vK2ujS77CHs9VRvSSXzLC" href="https://link.mediaoutreach.meltwater.com/ls/click?upn=u001.IVvjJ-2BPT0A8C3VxtqKc6e3bj5hBuw27WFEYqovsYs7kPsgFulYrdOzeP8gI7CybJOya3_RgrM7qq-2BfK-2FtAHeRBLv5Qrb-2Bii5fzjLeKcP4w-2FkNgJPXygpiRhVUan3WV3QEggcf617UC8Z60RjQJZAqx7PiO7FtVJQSn0D46Zc3iTVP0kAhTTzG51cPpa5hrqz1OkSA-2BiXAxUajQ686MTtiseWBIdMdknd83aB7cOVgXlVTeHCGf3-2BcMHwfvI8TYlkUovqEhn4dj0KXf2eJGpb9-2BBv20hPXdLlPP9yD7DvFFDBM5yrTqxvcCiMfAsW1onD-2FcriL628eYdhNQE7bwzYrxcOYnmaYfRhGl-2FEHQ6eK2uQcLxs6Cbu6Dx0bYvpi5A6enmxMWU5TkcRYrP6Z8GbXZYtc5qSoKu6eWFBQR9K7fsjXwHMmby3D3X6Yx-2BxcDcdRruTG" target="_blank">Canstar</a>, if there is a cut in February, a borrower with a $600,000 loan today and 25 years remaining would see their monthly repayments drop by $92.&nbsp;

<table border="1" cellpadding="0" cellspacing="0">
	<tbody>
		<tr>
			<td colspan="3">
			Impact of 0.25% pt cut in February 2025
			</td>
		</tr>
		<tr>
			<td>
			Current loan size
			</td>
			<td>
			Drop in monthly repayment
			</td>
			<td>
			New monthly repayment
			</td>
		</tr>
		<tr>
			<td>
			$600,000
			</td>
			<td>
			-$92
			</td>
			<td>
			$3,907
			</td>
		</tr>
		<tr>
			<td>
			$750,000
			</td>
			<td>
			-$114
			</td>
			<td>
			$4,884
			</td>
		</tr>
		<tr>
			<td>
			$1M
			</td>
			<td>
			-$153
			</td>
			<td>
			$6,512
			</td>
		</tr>
		<tr>
			<td colspan="3">
			Source:&nbsp;<a data-saferedirecturl="https://www.google.com/url?q=https://link.mediaoutreach.meltwater.com/ls/click?upn%3Du001.xWMOP9hChsvn-2BC9O-2FebBihXIZ4cEzbiuENdxm-2Bx3-2FYEEgYMhZlKWNj5Zzy1YZ56RuASD_RgrM7qq-2BfK-2FtAHeRBLv5Qrb-2Bii5fzjLeKcP4w-2FkNgJPXygpiRhVUan3WV3QEggcf617UC8Z60RjQJZAqx7PiO7FtVJQSn0D46Zc3iTVP0kAhTTzG51cPpa5hrqz1OkSA-2BiXAxUajQ686MTtiseWBIdMdknd83aB7cOVgXlVTeHCGf3-2BcMHwfvI8TYlkUovqEhn4dj0KXf2eJGpb9-2BBv20v2akwr6-2BqLyRrlEgkJ4J-2BCCyY0x189xEHZA4Ylf8c7ChBqNIkhmftZzoFuZKFn43pw3oJVg2o1gumrpdA-2B7MB-2FBtmL2rFCI-2FXORATQHySCLVOMg7Vywv-2BqnnQUAtDz6XkvpwxdHFXh70VwKazzhJsICilEYOvP4ju0sIfi5g6TL&amp;source=gmail&amp;ust=1727774368149000&amp;usg=AOvVaw2qVnp6oqATgqDUi2Frm22q" href="https://link.mediaoutreach.meltwater.com/ls/click?upn=u001.xWMOP9hChsvn-2BC9O-2FebBihXIZ4cEzbiuENdxm-2Bx3-2FYEEgYMhZlKWNj5Zzy1YZ56RuASD_RgrM7qq-2BfK-2FtAHeRBLv5Qrb-2Bii5fzjLeKcP4w-2FkNgJPXygpiRhVUan3WV3QEggcf617UC8Z60RjQJZAqx7PiO7FtVJQSn0D46Zc3iTVP0kAhTTzG51cPpa5hrqz1OkSA-2BiXAxUajQ686MTtiseWBIdMdknd83aB7cOVgXlVTeHCGf3-2BcMHwfvI8TYlkUovqEhn4dj0KXf2eJGpb9-2BBv20v2akwr6-2BqLyRrlEgkJ4J-2BCCyY0x189xEHZA4Ylf8c7ChBqNIkhmftZzoFuZKFn43pw3oJVg2o1gumrpdA-2B7MB-2FBtmL2rFCI-2FXORATQHySCLVOMg7Vywv-2BqnnQUAtDz6XkvpwxdHFXh70VwKazzhJsICilEYOvP4ju0sIfi5g6TL" target="_blank">www.canstar.com.au</a>. Starting rate is the RBA existing average owner-occupier variable rate of 6.36%. Assumes banks pass the cash rate cut on in full the month after the meeting.
			</td>
		</tr>
	</tbody>
</table>

Canstar Data Insights Director, Sally Tindall, says if core inflation continues to track in the right direction, or unemployment starts to accelerate significantly, we could well see a cash rate cut as early as February of next year.

“All four big banks now believe the RBA will be ready to cut the cash rate in just over four months’ time, if not before, in the case of CBA.

“However, the outlook for both inflation and unemployment is still highly uncertain. A couple of wobbly sets of inflation data could see the RBA holding for longer, particularly if unemployment remains relatively steady."

&nbsp;

Commonwealth Bank, the nation's largest lender, still thinks the first cut will come in December.

NAB bring forward first RBA cut to February 2025

<html><body>
The battle for fixed-rate borrowers continues with NAB cutting its one-, two- and three-year fixed rate mortgages.
The bank’s one year fixed-rate product has been cut by 15 basis points to 6.34%, bringing it under that of its major bank rivals but still higher than <a target="_blank" href="/news">Greater Building Society’s one-year rate</a>.
Commonwealth Bank’s one-year fixed rate is 6.38%, followed by ANZ on 6.39% and <a target="_blank" href="/news">Westpac on 6.49%</a>.
NAB has also cut its two-year and three-year fixed-rate products by 10 basis points to 6.39% and 6.34% respectively.
NAB’s rate cuts follow September figures put out by AFG showing <a target="_blank" href="/news">a big jump in fixed rate mortgages processed by its brokers</a>.
About 16.6% of all new home loans processed by AFG brokers in September were fixed-rate products, compared with 9.4% in August.
Yesterday, NAB’s head of business lending Joseph Healey claimed <a target="_blank" href="/news">the bank was feeling no ill effects from consistently cutting its mortgage rates.</a>
NAB executive general manager of consumer product solutions John Salamito points to the latest Reserve Bank of Australia figures that show that NAB continued to grow its home lending above average market growth for the 20th month in a row.
He also turned up the heat on its big four rivals.
“NAB has offered the lowest standard variable interest rate amongst the major banks for more than two years, as well as continuing to offer competitive fixed rates,” he says.
“Our latest adjustments to fixed rates reflect current markets and our commitment to offering customers competitive rates.”
</body></html>

lschlesinger-FZcF9M3vE6

NAB undercuts big rivals on one-year fixed rates

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The almost constant stream of lenders cutting fixed mortgage rates have struck a chord with borrowers, with AFG recording a big jump in fixed-rate mortgages processed over September. 
Around 16.6% of all new home loans processed by AFG brokers in September were fixed-rate products, compared with 9.4% the month before, and even lower figures for most of 2011. 
The uptick was strongest in New South Wales and Western Australia. 
“In September we have seen very aggressive competition, with lenders cutting their fixed-rate offers. The combination of more realistic property prices, attractive financing options, and lack of confidence in the share market seems to be coaxing first-home buyers and investors back into some markets,” says Mark Hewitt, general manager of sales and operations at AFG. 
According to mortgage comparison website Ratecity.com.au, 70% of lenders, including<a target="_blank" href="/news"> St George</a>, <a target="_blank" href="/news">Westpac</a>, <a target="_blank" href="/news">Greater Building Society</a>, <a target="_blank" href="/news">Credit Union Australia</a> and <a target="_blank" href="/news">ING</a>, have cut their fixed mortgage rates recently. 
The benchmark average three-year fixed mortgage rate has dropped from 7.43% in January to 6.7% in September, according to Ratecity.com.au research. 
Besides an uptick in fixed rate borrowers, the AFG Mortgage Index also shows a strong return of first home buyers in New South Wales, Western Australia and to an extent Queensland during September. 
While the national figure of 15.7% of first-home buyers is in line with the long-term average, in NSW first-home buyers accounted for 18.9% of the market, in WA 17.4% and in QLD 15.8%. 
First-home buying activity was more subdued in Victoria (13.3%) and South Australia (10%). 
Overall sales volume for September was up 12.8% compared with September 2010, with refinancing comprising 38% of loans processed.
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Jump in demand for fixed-rate mortgages in September as lenders fight to be lowest

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NAB’s cut-throat mortgage discount battle with its major bank competitors, which began with its “Break up” campaign on February 15, is helping its overall business, according to its head of business banking.
Rather than hurt its overall business profitability as some claim, Joseph Healy says it is having quite the opposite effect. He claims the mortgage wars have had a “halo effect”.
Healey tells the Australian Financial Review the bank’s business customers are impressed by its “bold” personal banking strategy.
“It has been a marvellous help to differentiate NAB in the marketplace.”
Earlier this month, JP Morgan banking analyst Scott Manning said bank mortgage discounts were about as competitive as they could get “prior to diluting group returns”. 
Manning says banks are currently offering average discounts of 90 basis points off standard variable rate products and anecdotally 1.15% on larger loans. 
“We would consider discounts in excess of 120 basis points off a standard variable product originated via the branch network as uneconomic, or discounts in excess of 90 basis points via [mortgage] brokers [as uneconomic],” Manning says. 
The major banks have been seeking to steal mortgage market share from each other during a period of weak overall credit growth. 
Despite NAB’s “break up” campaign, its share of the mortgage market remains well below that of the CBA and Westpac. 
Estimates by the Royal Bank of Scotland put NAB’s market share of outstanding home loans at 15% compared with Commonwealth Bank’s 27% and Westpac’s 25%. ANZ has the smallest market share of the Big Four at 14%. 
According to August figures put out by the RBA last week, housing credit increased by 0.4% over August, the weakest pace since July 2009 and following an increase of only 0.5% over July 2011. 
Over the year to August, housing credit is up just 5.8%.
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NAB says mortgage wars a boon to business

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Participants at this week’s Canberra Tax Forum should look at developing a “package” approach to reforming housing tax in which “the federal government supports state governments in reforming their systems”, according to Miranda Stewart, co-director of taxation studies at the Melbourne Law School at the University of Melbourne.
Stewart calls the current taxation system a “complex mess of federal, state and local taxes, exemptions and concessions” in an article for academic commentary website www.theconversation.edu.au.
“The combination of our capital gains tax 50% discount, the ability to negatively gear investment in rental property as a deduction in the income tax, state stamp duties and poorly designed land taxes causes a biased investment housing market that contributes to Australia’s lack of affordable housing,” she says.
Executive director of the Australian Housing and Urban Research Institute Ian Winter agrees, saying<a href="https://www.propertyobserver.com.au/residential/housing-academic-says-landed-gentry-destroying-fair-go/2011092851716" target="_blank"> the current tax system favours property investors (or the “landed gentry”)</a>. 
Ahead of the start of the Tax Forum tomorrow, Stewart says reforms to improve the taxation of housing would fix some of the worst problems in state tax systems, and would make income tax fairer and more neutral in its treatment of different kinds of income and investment.
“A tax reform that rebalances the system to tax housing assets more neutrally and fairly can make a significant contribution to improving housing fairness, efficiency and affordability,” she says.
Her recommendations include:
<ul>
<li>adopting a 40% discount on net savings income where investors would “net off their income and gains on investments, against expenses and losses on those investments”</li>
<li>retaining the 50% capital gains discount and the ability to “negatively gear” interest for rental housing investments that are developed in the National Rental Affordability Scheme</li>
<li>reforming land taxes to improve valuation rules and rate structures. Land taxes would usually be lower on apartments than on houses, supporting city planning goals and affordable rental housing.</li>
<li>abolishing stamp duties.  Land tax to be reformed so that it applies to all real estate, including the main residence, at a low flat rate.</li>
<li>designing tax concessions in the new land tax, so that people without sufficient cash flow, such as pensioners, can delay payment until sale of their house</li>
</ul>
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Academic calls on Canberra to fix housing tax 'mess'

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A heated battle is brewing between Lachlan Harris, founder of the One Big Switch mortgage campaign, and mortgage broker AFG.
AFG, which counts about 2,000 brokers on its books, has slammed the Choice-backed quasi-mortgage broking offering for not having any major lenders on board after email offers finally started reaching subscribers inboxes <a target="_blank" title="One Big Wait for One Big Switch" href="/news">six weeks after the registration process closed</a>.
Mark Hewitt, general manager for sales and operations at AFG, says it does not have a problem with “the concept of helping consumers get the best possible deal in the market” but says the problem for consumers is that “One Big Switch has failed to attract any major lenders to its panel”. 
“The proposition would be laughable if they weren’t putting people’s property on the line. And are they called One Big Switch or Big Bank Switch – judging from their own website, they don’t seem to know,” he adds. 
Harris has hit back strongly, telling Property Observer he stands behind the five non-bank lenders who have signed on to date and is “astounded” by the AFG attack.
“I cannot believe AFG think it’s their job to attack the quality of non-bank lenders in Australia,” he says. “They need to reflect and take a long and hard look at themselves.
“First people said it could not be done and now that we have done it, they are saying they don’t like our lenders.
“We have five lenders on board and we are very happy with who we have so far,” Harris says.
Property Observer can confirm lenders who have signed on include FirstMac, Resimac and MortgageEzy.
Discounted variable rate offers range from 6.69% to 6.85%, with the cheapest offering coming from Hemisphere Financial Solutions, a 0.25% discount for the life of the loan.
MortgagePort offering is a 0.24% discount off its three-year fixed-rate loan to 6.35% as well as $500 cash back.
The cheapest advertised variable rate product on mortgage comparison website Ratecity.com.au is 6.58% from loans.com.au, the online brand of FirstMac, while the cheapest three-year fixed rate is 6.29% offered by AMP.
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One big barney: Lachlan Harris defends One Big Switch after AFG attack

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Mortgage arrears are on the rise, with 28 of Australia’s 65 regions now considered to have high mortgage delinquency. 
According to Moody's, <a href="/news">Queensland and WA have been the hardest hit</a>, with NSW not far behind. 
The five worst postcodes for mortgage arrears in NSW are:
2766 (Eastern Creek, Rooty Hill)
2761 (Colebee, Dean Park, Glendenning, Glendenning DC, Hassall Grove, Oakhurst, Plumpton)
2760 (Colyton, Oxley Park, St Marys)
2753 (Agnes Banks, Bowen Mountain, Grose Vale, Grose Wold, Hobartville, Londonderry, RIchmond, RIchmond Lowlands, Yarramundi)
2262 (Blue Haven, Budgewoi, Buff Point, Doyalson, Halekulani, San Remo)
 
The five worst postcodes for mortgage arrears in Queensland are: 
4655 (Booral, Bunya Creek, Craignish, Dundowran, Eli Waters, Ghost Hill, Great Sandy Strait, Happy Valley, Hervey Bay, Kawungan, Kingfisher Bay, Nikenbah, Point Vernon, River Heads, Scarness, Sunshine Acres, Susan RIver, Takura, Toogoom, Torquay, Urangan, Urraween, Walieburn, Walligan, Wodunna)
4575 (Birtinya, Bokarina, Buddina, Kawana Waters, Minyama, Parrearra, Warana Warana Beach, Wurtulla)
4567 (Castaways Beach, Little Cove, Noosa Heads, Sunrise Beach, Sunshine Beach)
4217 (Benowa, Bundall, Chevrol Island, Gold Coast, Isle Of Capri, Main Beach, Paradise Island, Sorrento, Surfers Paradise, The Spit)
4213 (Austinville, Bonogin, Mudgeeraba, Springbook, Tallai, Worongary)
 
The three worst postcodes for mortgage arrears in WA are:
6168 (Cooloongup, Garden Island, Hillman, Peron, Rockingham)
6167 (Anketell, Bertram, Calista, Casuarina, Kwinana Beach, Mandogalup, Medina, Orelia, Parmelia, Postsans, The Spectacles, Wandi) 
6172 (Port Kennedy)
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The worst five postcodes for mortgage arrears in NSW and Queensland

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The battle to lock in fixed rate mortgage customers continues to heat up with online bank ING Direct reducing its three-year fixed-rate mortgage below the offerings of the major banks.
The online bank has cut its three-year fixed-rate home loan to 6.29%, below that of Westpac, St George as well as Greater Building Society and Credit Union Australia (CUA) who have all cut their fixed rates in the last seven days.
The bank has also cut its four- and five-year rates to 6.59% and 6.69% respectively.
ING Direct executive director of delivery Lisa Claes says the cuts are aimed at the bank maintaining its “competitive position in what is a very active market for fixed rate loans".
"Historically customers would need to pay a premium for a fixed loan. Currently that is not the case. We haven't seen such a difference between the variable rate and long-term fixed rates for some time.”
<a target="_blank" href="/news"> St George’s is offering its three-year fixed-rate mortgage at 6.39%</a>, while parent bank <a target="_blank" href="/news">Westpac is offering a rate of 6.44%</a>.
Commonwealth Bank’s three-year fixed rate stands at 6.59%, as does NAB’s online offering UBank.
<a target="_blank" href="/news">CUA is offering a rate of 6.34%</a> while the<a target="_blank" href="/news"> Greater is offering a three-year rate of 6.35%</a>.
The new ING Direct three-year fixed rate matches the rate offered on AMP Select Package Residential 3 Year Fixed, currently the cheapest fixed rate product offering according to comparison website <a target="_blank" href="/news">Ratecity.com.au</a>.
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ING slices fixed rates to undercut all competitors

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The Rockingham property market is not in distress, but showing some signs of struggle, according to recent sales data and observations from mortgage brokers and estate agents.
According to Moody’s latest mortgage delinquency report for post code 6168, comprising the suburbs of <a href="/news">Rockingham</a>, <a href="/news">Cooloongup</a>, <a href="/news">Garden Island</a>, <a href="/news">Hillman </a>and <a href="/news">Peron</a>, has a 30-day-plus mortgage delinquency rate of 5.31%, three times the national average of 1.67%.
Borrowers living in the post code are also the most heavily geared, with loan-to-value ratios of 86.5% on an average loan balance of about $172,000.
The neighbouring postcode 6167 (encompassing suburbs such as Bertram, Kwinana Beach and Parmelia) rated fifth with 5% of borrowers 30 days or more delinquent.
Joe Desousa, principal of Aussie Home Loans in Rockingham, says he has not noticed any higher rates of delinquencies and says refinancing work is easier than it has been for the last two years.
He says if the 5% arrears figure were for 90-day-plus delinquencies that would be cause for concern.
“A borrower being 30 days in arrears means they have missed just one payment, which could just be due a problem with a direct debit as happened with one of my clients today,” he tells Property Observer.
Val Pagett, a Mortgage Choice broker in Port Kennedy, Secret Harbour and Warnbro, has a different story to tell and says some borrowers are “struggling like crazy” due to falling property values at the lower end of town.
“People are getting into strife because when they try to consolidate their debts, they find the values of their homes have declined so they have no equity,” she says.
“Some homes in Rockingham and Warnbro have dropped $60,000 to $70,000 in value.”
According to Pagett, properties values are coming down by mortgagee sales in the area.
Realestate.com.au lists just under 2,000 properties for sale in postcode 6168, with five listed as mortgagee sales. A key word search using the word “reduced” brings up 65 listings.
Recent sales suggest houses and apartments located near the ocean have sold at or below their original listings prices.
According to RP Data a one-bedroom apartment on Rockingham Beach Road listed at $475,000 in early May sold two weeks later for $410,000.  It last sold in 2004 for $330,000.
A three-bedroom apartment on the same street sold for $940,000 in February having been listed for sale at $1.25 million in January 2009. It last sold for $745,000 in May 2004.
A little further away from the beach, a three-bedroom house on Seawind Drive sold for $447,500 in May just above its listing range of $445,000 to $465,000 in March 2010.
Land is also selling cheaply.
A 291-square-metre plot of land just one street from Cockburn Sound sold for $375,000 in April, having been listed in February for $425,000
James Eaves from the Mortgage Gallery in Rockingham says he was shocked to read about the high arrears rate.
He says many borrowers fly in and fly out of the area and earn healthy incomes working on the mines.
“It’s a blue-collar area, the average loan size is around the $400,000 mark,” he says.
According to Eaves, those in trouble might be borrowers who bought at the height of the boom and are trying to sell at the bottom of the market.
Estate agent Jim Baker from LJ Hooker Rockingham says from his point of view the market has not softened drastically.
“Properties in the right location, well presented and at the right price are moving. I have sold three this month,” he says.
He says the primary appeal of Rockingham is its beaches and recreational opportunities.
“Investors are popping their heads out,” he says, with demand for rental properties coming from the nearby naval base.
He also notes a lot of “fly in, fly out” renters who work in Port Headland but set their families up in Rockingham.
“Rents in Port Headland can be $1,000 a week. In Rockingham $400 gets you a three-bedroom house.”
Roger Moorhouse, co-owner of Fruit Property, describes the market as fairly “tight and tough” but says houses do sell if priced correctly. He has dealt with a few mortgagee sales but says they equate to less than 1% of sales and the percentage has not increased.
Recent figures suggest the WA market as a whole is struggling.
According to the latest WA Supreme Court statistics, there has been a 28% increase in the number of homes repossessed in the last financial year – 1,242, or more than three per day – compared with the same period a year ago.
A report by RP Data says recent property price declines have largely contributed to the state's high level of negative and low equity.
<a href="/news">Moody’s </a>does not provide 90-day-plus arrears data.
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The most delinquent town in Australia says it's not that bad

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You need to consider selling your home if:
1. You cannot afford your loan repayments
2. You will be unable to afford your loan repayments for some years to come
You need to make this decision as early as possible because it is better to sell your home yourself rather than have the lender sell the home for you. You are more likely to get a better price for your home and avoid lots of legal costs if you sell your own home.
The decision whether to sell your home is most difficult when:
1. You are unemployed and trying to get a job, or
2. You are ill and trying to get well but you just don’t know when you will be well, or
3. You are waiting for a compensation payment.
In these situations you are hoping that you can make the loan repayments soon but you just don’t know when this will happen. The difficulty is that as time goes on things are going to get worse and you will get further and further behind on your loan repayments and incur lots of extra interest.
In these circumstances, it is recommended that you:
1. Make a repayment arrangement with the lender for up to six months;
2. If by the end of the six months you still cannot make the loan repayments you should put your home on the market;
3. Go back to the lender and negotiate a further arrangement on the basis you are selling your home.
Remember: If you get a job, get well or get a large lump sum of money before your home sells you still have the option of trying to negotiate a further arrangement on the basis you can now pay the loan (as long as the lender does not have a court judgment).
Important: You should file in an independent external dispute resolution scheme (EDR) if:
<ul>
<li>you are unable to make a repayment arrangement with the lender or</li>
<li>the lender is threatening to commence legal action or</li>
<li>the lender has issued you with a statement of claim but has not obtained a court judgment</li>
</ul>
When do I have to make a decision?
You need to make a decision to sell your home as early as possible but preferably before the lender commences any legal proceedings. It is never too late to ask for time to sell, but the lender is less likely to agree later in the enforcement process and enforcement costs will be added to your loan as the legal proceedings progress.
You need to give yourself as much time as possible to sell your home and get a good price for it.
I’ve decided to sell my home, what do I do now?
Step 1
You need to place your home on the market. You need to price the home realistically so that it will sell but for the best price possible. If you are using a real estate agent you should explain what time frame you need to sell the home within. This will usually be under six months but could be under three months depending on what arrangement you make with your lender.
Step 2
You need to give copies of evidence that you are selling your home to the lender. This evidence should include (where available):
(a) Copy of the contract with your real estate agent
(b) Evidence of advertising of your home
(c) Front page of the contract of sale
(d) Marketing plan
Step 3
Negotiate a repayment arrangement on the grounds of financial hardship with your lender. See Fact Sheet: <a href="https://www.cclcnsw.org.au/fact-sheets/financial-hardship-3/financial-hardship/">Financial Hardship</a> and <a href="https://www.cclcnsw.org.au/sample-letters/request-for-hardship-variation/">Sample Letter: Financial Hardship</a>.
You are negotiating the arrangement on the basis that:
(a) You are in financial hardship
(b) You can make regular repayments of what you can afford until the home is sold
(c) You have a reasonable time to exchange contracts for the sale of your home (ask for six months, but you may need to consider agreeing to three to four months).
(d) When the home is sold your loan will be repaid. 
Step 4 
If the lender:
(a) Will not agree to the proposed variation, or
(b) Threatens legal action, or
(c) Commences legal action
You need to consider filing in EDR and get advice.
What if my home is worth less than the amount of my loan?
If you think your home may be worth less than the amount you owe on your home loan, get legal advice.
For the 20 worst-performing suburbs for mortgage arrears, click <a target="_blank" href="/news">here</a>.
<a target="_blank" title="cclsnsw" href="https://www.cclcnsw.org.au/">Consumer Credit Legal Centre NSW</a> is a community legal centre specialising in financial services, particularly matters and policy issues related to consumer credit, banking and debt recovery.
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What to do if you are in mortgage stress

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The latest mortgage arrears report by Fitch suggests smaller lenders and non-banks are doing as good a job as the major banks in managing their mortgage risk. 
The Fitch Dinkum 30+ Days RMBS Index (the Dinkum 30+) decreased to 1.69% in the second quarter of 2011 (from 1.79% in the first quarter). 
Over the same period <a target="_blank" href="/news">Moody’s calculated the national mortgage delinquency rate for 30 days plus rose</a> from 1.36% to 1.67%, attributing this increase to weaknesses in the non-mining job sectors of the economy. 
Residential mortgage-backed securities (RMBS) are a means for lenders to raise funds by selling bundles of loans to investors.
Major RMBS issuers include FirstMac, Challenger, Macquarie Bank’s PUMA fund, Resimac and Liberty Financial.
The percentage of borrowers more than 30 days behind on their mortgage repayments decreased in the second quarter of the year but remains at historically high levels, according to the latest Fitch Dinkum Index.
The index measures the performance of mortgages backed by residential mortgage backed securities (RMBS) – a means of funding loans outside of bank deposits.
<img src="/images/stories/fitchsept27.gif">
The benchmark Fitch Dinkum 30+ Days RMBS Index (the Dinkum 30+) decreased to 1.69% in the second quarter of 2011 (from 1.79% in the first quarter).
The 0.1% decline was in line with forecasts, as the variables which negatively affected households during the first quarter of the year – increasing interest rates, natural disasters, seasonal spending – tailed off.
According to Fitch, 30+ days arrears have stabilised as a result of the RBA leaving the cash rate unchanged at 4.75% since November last year.
“The stable mortgage rates over the second quarter of 2011 have allowed households to slightly adjust to the challenges which hampered mortgage performance during the first quarter, such as increasing interest rates, natural disasters, and seasonal Christmas spending,” says James Zanesi, associate director in Fitch’s Structured Finance team.
“Mortgage performance is also expected to continue its stabilisation through the third quarter of 2011 as the effect of Christmas spending continues to pass through, borrowers affected by natural disasters in the first quarter continue to cure their delinquency status and households adjust their spending to the increases in mortgage rates over the last two years,” he adds.
The biggest threat to the performance of the mortgage market in the long term is the increasing cost of living, together with potentially higher levels of mortgage rates. 
Fitch believes the current unemployment rate is not a concern for arrears in 2011.
Other key findings over the second quarter of 2011:
<ul>
<li>Borrowers that take out low-doc loans, primarily those self-employed, employed) remain under pressure despite 30+ days delinquency rates decreased to 6.55% from 6.74% in the first quarter of the year. </li>
</ul>
<ul>
<li>Arrears rates for non-conforming borrowers low-doc borrowers (loans for borrowers with poor credit history) decreased by 1.05% to 15.83%. </li>
</ul>
<ul>
<li>The percentage of loans 30 to 59 days in arrears decreased by 8 basis points to 0.71%. Fitch expects this trend to continue, although eventual monetary policy decisions and the increased cost of living may potentially elevate mortgage arrears for longer. The percentage of loans 60-89 in arrears decreased to by 3 basis points to 0.31%.  As is the case for the Dinkum 30, the stabilisation of household expenditure has positively affected 60-89 days arrears. Fitch does not expect volatility in the 60-89 days delinquencies bucket in the long term. </li>
</ul>
<ul>
<li>The percentage of loans more than 90 days in arrears increased marginally (1 basis point) to 0.66% but is still below the 0.72% peak reached in December 2008 (following the liquidity crunch). In the current scenario of relatively flat house prices, a strong economy and stable employment, it is very unlikely 90+ days delinquencies will reach a new peak.</li>
</ul>
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