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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The expert knowledge of mortgage brokers has been highlighted after it has emerged that one of Australia’s big four banks will not provide funding on more than 300 residential projects. 
The bank, which has not been named, circulated a blacklist of apartment projects to mortgage brokers in late 2010, including 146 projects in Victoria, 100 in New South Wales and the ACT and a 127 in Queensland. 
Reasons for not providing mortgages include the type of building, the quality of construction or because of investors turning over units in the building too quickly. 
Mortgage Choice and the Mortgage and Finance Association of Australia have highlighted the value of the market knowledge of mortgage brokers, including being aware of lending restrictions and other pitfalls. 
“One key reason why over 40% of all new home loans in Australia are sourced through mortgage brokers is that they provide a service one lender cannot – a broad knowledge of our ever-changing market across a wide range of lenders,” says Mortgage Choice spokeswoman Kristy Sheppard. 
Phil Naylor, chief executive of the MFAA says an MFAA-approved broker “can save you time and money, provide you with greater choices and help you avoid pitfalls”. 
“Our brokers are also backed by industry education and an accreditation process, so you know you’re getting expert guidance,” he says. 
While she is unaware of the blacklist, Sheppard tells Property Observer she is aware of mortgage insurers refusing to insure home loans for units within buildings that they already have exposure to, once that exposure reaches a certain point. 
Mortgage brokers told The Age banks have an “exposure limit” and would stop financing loans in apartment complexes when between 15% and 25% of the total number of apartments had been financed by one lender.  The CBA says it keeps a ''watch list'' of developments that required extra care for credit and valuations, while NAB says it does not keep a blacklist and judges each application on its merits. Westpac and ANZ have not commented on whether they keep a “blacklist”. 
<a target="_blank" title="Blacklist" href="https://www.propertyobserver.com.au/news/bank-s-blacklist-bans-finance-for-373-buildings/2011091251504?source=flicker1">The blacklist </a>includes a development in Forster tagged with “No lending. Refer to credit hotline,” and one in Pymble, on Sydney’s North Shore, due to the developer having difficulty obtaining an occupation certificate. 
Blacklisted buildings in Melbourne include an office conversion into one-bedroom units on Flinders Street because its bedrooms had no windows and one on King Street, barred because its “poor location” made it ineligible for residential loans. 
Buyers’ agent Catherine Cashmore from JPP Buyer Advocates says anyone buying a blacklisted apartment without a “subject to finance” clause in the contract faces the risk on defaulting on the sale and losing their deposit. 
According to Michael Chan from Shape Home Loans the big four banks are growing more reluctant to finance apartments of less than 50 square metres due to the flood of smaller apartments coming onto the market in Melbourne.
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Mortgage brokers help avoid blacklist finance knockbacks: Industry

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One of the big four banks maintains a list of residential buildings for which it bars or severely restricts intending purchasers from obtaining finance.
The blacklist includes 373 east coast residential buildings, most of which are serviced apartments, resorts or student accommodation.
The list also includes projects in the federal government's National Rental Affordability Scheme.
The list includes 100 projects – both off the plan and completed – in NSW, 146 projects in Victoria, and 127 in Queensland.
A development in Forster on the NSW mid-coast was tagged “No lending. Refer to credit hotline” on the list.
A Melbourne office conversion into one-bedroom units was deemed unsuitable by the bank ''due to poor amenity'' – the bedrooms have no windows.
A Queensland project was barred because ''there are concerns the developer may not be able to complete the project, which may impact on the saleability of existing homes''.
The list also includes a resort southeast of the Melbourne near Western Port Bay.
The list of ''unacceptable'' buildings was obtained by The Age property editor Simon Johanson, having been circulated by one of the big four banks to mortgage brokers in late 2010.
The newspaper report doesn’t identify the bank or any of the buildings.
The article notes a denial from the NAB, which says NAB did not keep a list of buildings that the bank will not finance. “We look at every inquiry on its merits and make a decision on a case-by-case basis,'' a bank spokesperson says.
A CBA spokeswoman said while the bank had a ''watch list'' of developments that required extra care for credit and valuations, it did not have a blacklist of buildings it would not finance.
Westpac and ANZ were approached by the newspaper for comment but did not respond. Property Observer has also approached Westpac and ANZ but has received no response from ANZ.  
A spokeswoman for Westpac says the bank does not have a blacklist. 
“We have policies and procedures in place to assess applicants and scenarios and make decisions on a case-by-case basis,” she says.
The list indicated the unnamed bank barred financing for all developments associated with the federal government's National Rental Affordability Scheme, an initiative designed to boost housing for low-income earners around the country.
It has long been known that lenders often decline to provide finance for buyers of apartment buildings once they reach pre-set exposure limits, commonly when 15% to 25% of the total number of apartments have already been financed by the lender.
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Bank's blacklist bans finance for 373 buildings

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With an uptick in buyer activity expected in the spring selling season, the Commonwealth Bank says it will beat the advertised home loan rates of its three major bank competitors – ANZ, Westpac, NAB – until the end of September.
The offer from the Commonwealth Bank applies to advertised rates only and to customers who borrow a minimum of $100,000.
Its Home Loan Guarantee campaign runs until the end of September and is available for both new customers and existing customers who take out new borrowings of $100,000 or more.
It follows the bank cutting interest rates by up to 0.16% for its one- and three-year fixed-rate home loans last week and a raft of fixed rate cuts by other lenders over the past few months. 
“Throughout the traditional spring home buying season, Commonwealth Bank will be talking directly to customers to share with them tips on how to save money and reduce the term of their loans,” says Michael Cant, the bank’s executive general manager for retail products.
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CBA says it will beat competitors' mortgage rates

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There has been some reprieve for families in Western Australia and Victoria, with the percentage of income required to pay off their mortgages bucking the national trend and decreasing marginally over the June quarter.
The proportion of family income devoted to meeting average loan repayments in Victoria eased by 0.7% over the quarter from 35.9% to 35.2%, according to the latest REIA/Deposit Power Housing Affordability Report. 
Over the quarter, Victorian median weekly earnings increased by $18 while median mortgage repayments fell by $15 as the average loan size decreased from $315,000 to $312,000. 
<img src="/images/stories/reia.jpg">
In WA, the resources boom appears to be helping to ease housing affordability with weekly income rising by $50 a week compared with a $43 increase in median mortgage repayments. The average size of a WA mortgage increased from $299,000 to $304,000. 
The Northern Territory was the only other state or territory market where housing affordability improved, with the percentage of income required for mortgage repayments declining from 23.2% to 22.8% as the average loan size fell from $291,000 to $288,000. 
Nationally, housing affordability deteriorated once again in the June quarter, with mortgage repayments as percentage of family income increasing 0.4% to 34.6%, taking affordability back to levels last seen 12 months ago. It followed a 1.1% “short-lived” reprieve in the March quarter. 
State by state round-up 
<ul>
<li>NSW maintained its 15-year history as Australia’s least affordable state or territory in which to buy a home in Australia.  It recorded the largest decline in housing affordability in the June quarter, with the proportion of income required to meet loan repayments increasing 1.5% to 38.7%. </li>
</ul>
<ul>
<li>South Australia is the third least affordable state or territory in which to buy a home. Housing affordability deteriorated over the June quarter, with the proportion of income required to meet monthly loan repayments increasing 0.4% to 34.5%. </li>
</ul>
<ul>
<li>In Queensland housing affordability deteriorated slightly over the quarter. The proportion of income required to meet loan repayments increased 0.1 percentage point to 33.0%. Over the year, the proportion of family income required to meet loan repayments decreased 1.1 percentage points. </li>
</ul>
<ul>
<li>Tasmania recorded the second largest declined in housing affordability over the quarter. The proportion of income required to meet home loan repayments increased 1.3% to 29.5%. </li>
</ul>
<ul>
<li>Despite housing affordability declining in the Australian Capital Territory over the quarter, the territory remains the most affordable state or territory in which to buy a home; a position held for more than five years. Over the June quarter, the proportion of income to meet home loan repayments increased 0.2 percentage points to 18.8%.</li>
</ul>
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Mortgage burden eases in Victoria and WA

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Mortgagee repossession actions lodged in the NSW Supreme Court are on the rise. There were 1,715 in the first seven months of this year. By comparison, there were only 1,398 during the first seven months of 2010. However, the figures aren’t as bad as the 2,325 during the first seven months of 2009.
The peak year for possession writs was in 2006, with 5,370 writs in the wake of the low-doc price boom that swept Sydney's outer-west.
The 2010 annual tally of 2,564 was the lowest since 2003.
Mount Druitt, Castle Hill and Merrylands were the busiest suburbs for repossessions in July. Dubbo and Orange were the busiest towns for repossessions in July, according to the report issued by the Department of Attorney General  and Justice.
In June it was Blacktown, Fairfield, Hurstville and Prestons along with the towns of Avoca and Terrigal.
The tally includes executed writs where the repossession proceeded and unexecuted writs where the repossession did not go ahead as a court order.
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NSW mortgagee repossessions on the rise

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Australia’s biggest home lender has cut its fixed interest rates again as existing mortgage holders continue to wait in hope of some relief before the end of the year. 
Following yesterday’s decision by the RBA to leave the cash rate on hold at 4.75%, the Commonwealth Bank has cut its fixed rate mortgage for the second time in the space of a few weeks. 
From today, the bank’s one-year fixed rate will drop from 6.59% to 6.48% while its three-year fixed rate loan will fall from 6.59% to 6.43% for borrowings over $150,000. 
Other lenders to have cut fixed rate mortgages in the last week include:
<ul>
<li>St George Bank, which has cut its two year fixed rate mortgage by 15 bps (to 6.59%) and three year fixed by 5 bps (to 6.69%)</li>
<li>Newcastle Permanent Building Society, which has cut its four and five year fixed rates by 10 bps to 6.79% and 6.84% respectively</li>
<li>Credit Union Australia, which has cut its one year fixed by 26 bps (to 6.79%); two yCear fixed by 25 bps (to 6.85%); three year fixed by 40 bps (to 6.74%) and five year fixed by 21 bps (to 7.34%).</li>
</ul>
The rate cuts come as a survey of 1,000 mortgage holders by Mortgage Choice has found that half would use a rate cut to pay more towards their home loan, rather than spend it at the shops. 
The survey emphasised the savings mindset of mortgage holders, with a further 30% saying they would “save more money in some other way”. 
“Our new national survey discovered only one in five of the 1,000-plus respondents, all of whom were mortgage holders, will spend more if interest rates drop. In fact, every second person will simply contribute all extra funds into their home loan,” says Mortgage Choice spokeswoman Kristy Sheppard. 
“Ninety-six per cent will save more money or the same as they have been if rates fall, which clearly demonstrates the mindset of today’s cautious consumer. De-leveraging while building a protective financial shield against tougher times is very much at the forefront of their decision making. 
“Our findings also indicate current interest rates aren’t contributing to borrower stress as a number of commentators suggest. What they are doing is stopping the majority of mortgage holders from creating a bigger financial buffer via making extra repayments.” 
Using the national average mortgage size of $288,100 and the benchmark basic variable rate of 7.11% (which is the average rate across the major four banks), borrowers will save $46 per month if rates drop by 0.25%, mortgage comparison website RateCity.com.au has found. 
Interest rate markets are still pricing in a rate cut this year with Westpac expecting rates to fall before the end of the year and 1% to be shaved off the official rate over the next 12 months.
The Commonwealth Bank expects rates to rise by February 2012.
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CUA joins lenders cutting fixed rates as borrowers continue to save

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Mortgage Choice boss Michael Russell expects the Commonwealth Bank to sell the 17.2% stake it acquired in the mortgage broker following its acquisition of Count Financial.
“I can only really speculate. If I was a betting man, I’d be suggesting that they may well offload the stake. I think they have enough ownership in the mortgage origination space,” Russell says.
The bank has said it might sell its stake in Mortgage Choice even if not compelled to do so by regulators because there would be little strategic benefit in holding onto it.
The Commonwealth Bank already owns a 33% share of Aussie Home Loans, a direct competitor to Mortgage Choice.
As new owner of Count Financial, it also owns its subsidiary mortgage aggregation business Finconnect.
A decision by the bank to sell its stake in Mortgage Choice would most likely be welcomed by Mortgage Choice franchisees and the wider mortgage broking community.
Commonwealth Bank is the country’s biggest home lender, and its mortgages are among the most recommended by Mortgage Choice brokers.
While Russell says he does not expect the bank would interfere if it became a major shareholder, he told the Australian Financial Review franchisees “like the perceived independence that is created by having no bank ownership on our register”.
“One of our tag lines is that we are independently owned and operated. That said, things change, and we are pretty adaptable sort of organisation.”
Mortgage Choice is due to have discussions with the Commonwealth Bank over the coming weeks.
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Mortgage Choice CEO contemplates CBA selling stake in broker

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Housing finance to owner-occupiers remained relatively soft in July, increasing by 1%, according to ABS figures.
The figure was close to market expectations (1.5%) but only half of the 2% increase forecast by Westpac.
New lending, excluding refinancing, advanced by just 0.3%, and lending for the construction of new dwellings declined by 0.8%.
Queensland recorded a 2.3% increase in owner-occupier mortgages, with Westpac commenting that the market has yet to fully recover from the disruptions of early this year.
“Queensland state government incentives for the housing sector kicked in during August. Anecdotes suggest that Queensland housing finance did improve significantly in August,” says Westpac.
Investor activity picked up in July, with mortgage for investment purposes increasing 1.9% over the month.
The July figures follow the release of mortgage approval numbers for August from mortgage broker AFG – a month ahead of the ABS figures – which writes 20% of all mortgages in Australia.
The broker recorded a 21% increase in mortgage approvals, suggesting a turnaround is on the cards ahead of spring.
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Mortgage numbers remain soft in July 

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Mortgage broker AFG has recorded a 21% surge in mortgage approvals in August, with investors and first-time buyer numbers on the increase.
Mortgage approval numbers reached an 18-month high in August.
AFG brokers successfully lodged 7,198 mortgage applications, with a combined value of $2.76 billion.
In July, AFG brokers lodged just over 5,900 applications with a combined value of $2.29 billion.
The August numbers are the first sign of uplift in the housing market – AFG has more than 2,000 mortgage brokers and a mortgage book in excess of $65 billion.
While August figures are typically stronger than previous months, August 2011 figures trended well above seasonal expectations, AFG says.
The average size of mortgages fell from $386,000 to $384,000, with only WA recording an increase from $371,000 to $382,000.
The percentage of mortgages for investment purposes increased from 35.6% to 36.5% while those from first-time buyers increased from 13.6% to 13.8%.
NSW led the nation both in terms of investor and first-time buyer activity over August.
Investors made up 40.8% of the NSW market followed by 38.1% in Victoria, 34.4% in Queensland, 33.5% in South Australia and 33.4% in WA.
First-time buyers accounted for 15.7% of mortgages written in NSW, followed by WA (14.8%), Victoria (13.3%), Queensland (13.1%), and South Australia (9.3%).
Refinancing activity remained strong comprising 38.2% of all mortgage approvals as property owners took advantage of a highly competitive lending environment. This is slightly down on the 39.1% recorded in July. 
“Borrower expectations about interest rates shifted significantly during August. We’re seeing a lot of refinancing as borrowers take advantage of discounted products,” says Mark Hewitt, AFG’s general manager for sales and operations. 
“But we’d like to see lenders create more flexible and competitive products for the new home building sector. It isn’t just consumer confidence that is holding back this sector, it is also the availability of attractive finance options.”
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Mortgage approvals at 18-month high

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ASIC has received strong support from mortgage brokers after launching a campaign targeting unlicensed practitioners.
Since June 30, 2010 all individuals or businesses that engage in credit activities are required to hold an Australian credit licence, or be an authorised representative of a credit licence holder.
The campaign will run until March 30, 2012 and follows a previous ASIC surveillance program between October 2010 and February 2011 to find credit providers that were not appropriately registered.
As at June 30, 2011, 6,081 businesses that provide credit services have obtained an ASIC licence.
Phil Naylor, CEO of the Mortgage and Finance Association of Australia, says the organisation is “very supportive” of the ASIC campaign.
“The MFAA requires members to satisfy its requirements at each annual membership renewal, and we conduct random audits from time to time,” he says.
Gerald Foley, managing director of Melbourne-based National Mortgage Brokers, says the firm has already received a letter from ASIC asking for licensing information and has responded to the request.
“I think it’s a good idea. It means everyone is aware of licensing and their obligations,” Foley tells Property Observer.
“With some people it does not hit home until there is an audit or a review. The ASIC approach is a very positive one.”
The latest campaign is aimed at identifying traders who applied for a credit licence but withdrew their application or had it refused. In those circumstances, unless the trader is an authorised credit representative or subsequently obtains a credit licence, he or she cannot engage in credit activities. “ASIC will identify and may later prosecute individuals and businesses who fail to make sure they’re properly licensed or authorised under the regime,” says ASIC commissioner Peter Boxall.  “Engaging or utilising the services of unlicensed credit operators puts the public at risk. Consumers need to be confident that they’re dealing with authorised businesses who are gatekeepers of our financial services industry,” he adds.
Consumers wishing to confirm the broker they have engaged is licensed can search ASIC’s registers at <a href="https://www.asic.gov.au/search">www.asic.gov.au/search</a>.
Complaints concerning individuals or companies suspected of trading without a credit licence or authorisation can be lodged with ASIC <a target="_blank" title="ASIC" href="https://www.asic.gov.au/asic/asic.nsf/byheadline/Complaining+about+companies+or+people?openDocument">here</a>. 
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