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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ASIC is encouraging all mortgage holders to perform an online check on the health of their mortgage. 
The corporate watchdog’s mortgage health check tool is available on its consumer finance site, <a href="https://www.moneysmart.gov.au/" target="_blank">www.moneysmart.gov.au</a>. 
It asks consumers four questions about their credit card commitments, attitude to their mortgage, repayment history and how they would react if interest rates increased. 
Based on the results, borrowers are provided with links to mortgage calculators, budget planning tools and videos about what to do if you they receiving letters from lenders about missed mortgage payments. 
It also provides sample letters for people to send their lenders if they are in financial hardship and video clips explaining how financial counsellors and legal services can help. 
The launch of the mortgage health check tool is part of what ASIC’s Mortgage Health Month. 
Delia Rickard ASIC’s head of financial literacy, says financial issues are often triggered by a change in circumstances such as illness, losing employment or divorce. ‘We know a small number of Australians are in arrears on their mortgage. However, many more struggle to make their mortgage repayments on time, and can only do so by running up other debt. We want to educate people about the signs of mortgage stress and motivate them to take early action.” “If there are signs you may have trouble with your mortgage, take action straight away to get back on track. If you don't feel in control of your money then use the MoneySmart budget planner. If you are in danger of missing a mortgage repayment, speak to your lender about changing your repayments or your loan term. ASIC will hold events in specific geographical areas where the rate of mortgage stress is high. 
It will partner with local services and organisation in Fairfield and Liverpool in NSW, the Mandurah region in Western Australia and in Logan and the Gold Coast in Queensland to provide and promote specialised assistance to people at risk or experiencing mortgage stress.</body></html>

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ASIC offers advice for those behind on mortgage payments

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Demand for fixed-rate mortgages increased only marginally in August despite lenders making big cuts to these products. 
Fixed-rate mortgages accounted for 14.1% of all successful loan applications submitted by Mortgage Choice brokers on behalf of borrowers over the month – up from 13.3% in July. 
Earlier this month, Australia’s biggest home lender Commonwealth Bank cut its fixed-rate mortgages by up to 60 basis points following earlier cuts by Westpac, AMP, ANZ and ING Direct. 
According to Mortgage Choice spokesperson Kristy Sheppard, the trend “speaks volumes about new borrowers’ and refinancers’ mindset around interest rate rises and the value they place – or rather, don’t place – on locking in their rate at the moment”. 
“I expected the take-up of fixed rate home loans to grow noticeably in August due to the well- publicised reductions many lenders have been applying to their fixed term pricing. 
“Despite our lender panel’s average three-year fixed rate falling half a percent in the past four weeks alone, fewer than one in seven new mortgage holders fixed part or all of their rate last month. 
“Borrowers’ reticence to fix may also be influenced by memories of the break costs many people faced when considering switching out of their fixed terms during Spring 2008 to Autumn 2009 when the cash rate fell from 7.25% to 3.00% and home loan interest rates followed.” 
Ongoing discount home loans - where the interest rate is discounted over the entire loan term usually in return for an annual fee – remain by far the most popular mortgage product, accounted for 41.5% of all approved loans, up from 38.6% in July.
There remains little demand for line of credit mortgages – most popular with investors, accounting for less than one in 20 mortgages approved and close to the 12-month average of 4.7%. Line-of-credit loans allow borrowers to use their mortgage like a credit card, allowing them withdraw funds up to a set limit at any time.
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Fixed-rate mortgage discounts fail to sway many borrowers

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Credit union Mecu is hoping to provide more competition to the major banks after being granted permission from APRA and the RBA to call itself a bank. 
From today it will start trading as Bankmecu. 
It hopes to attract business away from the major banks by emphasizing that it is owned by its customers and is not beholden to shareholders. 
It quotes a November 2010 poll conducted by Essential Media Communications showed that 37% of customers of the Big Four banks had considered leaving and finding a new financial institution. 
“Unlike other banks who distribute profits among a small group of shareholders, Bankmecu’s profits stay with our customers who are also the owners of our business,” says incoming Bankmecu CEO Damien Walsh. 
“Australians deserve a better deal and are looking for more competition in banking, which is why Bankmecu welcomes the government’s introduction of the ‘tick and flick’ program that will make it easier for people to switch banks. 
“Being a bank also allows us to reach out to a new group of younger customers for whom the idea of a customer-owned bank appeals. 
The bank has 25 service centres, most of which are in Victoria, and has 135,000 customers. 
It has assets in excess of $2.6 billion and $287 million in capital. 
Following its launch in Melbourne, Bankmecu has also announced that $137,000 (4% of its annual profits) will be allocated to projects that create positive social, environmental and economic benefits.
Mecu dates back to the 2003 merger between Members Australia Credit Union and Education Credit Union, and the name is an acronym for Members and Education Credit Union Limited. Over the years it has acquired several other credit unions, including the Dependable Credit Union and the APESMA Professionals First Credit Union.
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Customer-owned credit union takes on banking

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The Commonwealth Bank is considering whether to sell the 17% stake it acquired in Mortgage Choice following its acquisition of financial planner Count Financial.
Count is Mortgage Choice’s biggest shareholder.
The bank already owns a third of John Symond’s Aussie Home Loans business, which competes directly with Mortgage Choice.
In addition, Count has its own mortgage broking division known as Finconnect, which sells loans through loan writers and professional referral partners such as doctors, lawyers and accountants.
The bank says will consider selling its stake in Mortgage Choice if it its stake in the company is identified as a problem by competition watchdog the ACCC.
However, Commonwealth Bank might decide to offload its stake in Mortgage Choice regardless of the ACCC’s position because there would be little strategic benefit to having a stake in the mortgage broker, the Australian Financial Review reported.
The Commonwealth Bank is the biggest home lender in Australia and is one of 25 home loan lenders that Mortgage Choice brokers can offer to its clients.
According to Mortgage Choice’s annual results for the 2011 financial year, the major banks accounted for 61% of all loans written by its brokers.
Analysts do not expect the ACCC to block the deal.
CBA will pay $373 million to acquire the financial planner.
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CBA counting down to ACCC decision on its Mortgage Choice stake

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The lack of investor interest in the housing market was evident in the July housing credit figures released by the RBA this week.
Housing credit expanded by 0.42% in July, a slight improvement from June, when the 0.32% rise was the weakest since records began to be kept in 1976, with the exception of July 1984.
The three-month annualised growth pace of housing credit held at 5%, down from the 9% pace prevailing late in 2009 and early in 2010.
The current growth pace for investors is just 3.6%, compared with 5.5% for owner-occupiers.
“This highlights the headwinds facing the sector, including a lack of interest from investors,” says Westpac senior economist Andrew Hanlan.
“The outlook for housing credit is lacklustre, housing affordability is a constraint, households are looking to pay down debt and interest rates are a headwind.”
Westpac forecasts overall credit growth is expected to remain subdued over 2011-12.
Commonwealth Bank economist Michael Workman says the subdued growth in owner-occupier and investor mortgage finance points to a softer housing market going forward.
“Housing credit growth has moderated significantly over 2010 and 2011 as owner?occupiers and investors were impacted by past RBA rate rises and the possibility of more,” he says.
“It points to continuing soft existing home sales, prices and turnover activity.”
However, there is some hope for the investor side of the market.
Workman forecasts investor lending to pick up in 2011-12 as rising rentals and stock market volatility entice them back into the market.
ANZ economists Riki Polygenis and Dylan Eades also noted mortgage growth had fallen to record levels, but say the RBA “remains comfortable with households strengthening their balance sheets”.
“Weakness in housing credit also likely reflects a higher level of repayments, not just soft demand.
“However the RBA will be closely watching the renewed weakness in business credit, which at current rates doesn’t augur well for business investment in non-mining sectors.”
Business credit was flat over July, after declining by 0.7% over June. Over the year to July, business credit declined by 1.9%.
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Sluggish housing credit growth points to lack of investor interest: Westpac

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The Australian Bankers Association may claim that mortgage competition is alive and well in Australia, but figures released by APRA tell a different story.
According to the latest report, the major banks (Commonwealth Bank and subsidiary BankWest, Westpac and subsidiary St George, NAB and ANZ) grew their combined mortgage books by almost 27% over the past 12 months. The banking sector wrote 92.2% of all mortgages in June, according ABS lending figures with the major banks accounting for 88% of all bank mortgage lending.
The major banks advanced $67.8 billion in mortgages compared to $53.5 billion in the previous 12-month period.
In comparison the other domestic banks managed growth of around 20%, but in absolute numbers accounted for just $12.4 billion in mortgages written over the year compared to $10.38 billion in the previous 12-month period.
Over the March quarter, mortgage lending from this sector actually shrunk from $3.16 billion to $3.15 billion while the major banks recorded growth marginal growth of $133 million to $17.62 million.
The APRA figures also reveal the uneven playing field in the banking sector with the four major banks (Commonwealth Bank, Westpac, NAB and ANZ) operating at a profit margin of 34.4% for the year, with the other domestic banks managing 12.5%. 
Overall, the figures reveal the stagnant nature of the housing market over the March quarter bank. 
The banking sector advanced $20.09 billion in mortgage loans from January to March 2011, just a $215 million increase on the December 2010 quarter.
In comparison, banks grew their mortgage books by $790 million from October to December 2010, by $863 million from July to September and by $1.6 billion from April to June.
For the year the cumulative size of the banking sectors mortgage book grew by 8.2% to $1.196 trillion.
The slowing mortgage growth comes as competition among the major banks for mortgage customers intensifies following the government ban on mortgage exit fees.
The figures also reveal how heavily dependent banks are on mortgage lending for their income
According to the APRA figures, interest charged on mortgages accounted for more than half (55%) the total interest income (credit cards, other loans) earned by the banks over the year to March.
Mortgage lending brought in $77.3 billion in interest income for banks over the course of the year out of a total of just over $140 billion.</body></html>

Major banks dominate mortgage lending

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NSW’s non-residential stamp duty revenue has gotten off to a good start in the latest financial year boosted by premium commercial sales. 

The latest Office of State Revenue data reveals the overall annual transfer duty tally from commercial sale has gone up despite fewer sales,<a target="_blank" title="Stamp duty hasn't fallen off a cliff" href="https://www.propertyobserver.com.au/residential/stamp-duty-revenue-hasn-t-fallen-off-a-cliff-despite-slow-nsw-sales-volumes/2011083051349"> much as it has for residential property</a>. 

There was $616 million in commercial stamp duty paid in the last financial year after purchases by 10,881 investors.

In the 2009-10 financial year 12,972 investors paid a slightly lower $597 million in stamp duty.

The July commercial sales volumes were the slowest in recent years, with just 865 commercial property transactions, but investors paid $54 million in stamp duty last month, which was the highest July level since the 2008-09 financial year.

There were 1,078 sales in July 2010, with the peak years in recent times being 2,160 in July 2008 and 2,252 sales in July 2007.

The figures provide an uncertain backdrop to next week’s first O’Farrell government state budget.

Treasurer Mike Baird and Premier Barry O'Farrell have warned of a "tough" budget, due next Tuesday.
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Fewer commercial sales, but prices underpin NSW stamp duty revenue

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Homeloans Limited, Australia’s only listed non-bank lender still writing new mortgages, has recorded strong growth in lending volumes over the 2011 financial year, though profits after tax are down. 
Lending volumes of Homeloans-branded mortgage products increased 21% over the year ending June 30, 2011. 
During this period Homeloans recorded statutory net profit after tax of $9.2 million, down 25% from the previous corresponding period result of $12.3 million. 
Homeloans executive chairman Tim Holmes described the result as “pleasing” during a “very challenging operating environment”. 
“It is particularly pleasing that we have been able to grow lending volumes of our own branded product by 21% over a 12-month period which has seen housing credit growth rates fall to 25-year lows and the level of competition for mortgage lending intensify significantly,” he says. 
The lender expects the challenging market conditions to persist over at least over the first half of the new financial year but maintains a positive outlook. 
“We will continue to explore opportunities to grow our distribution and broaden our product range and focus on strengthening our position as a genuine alternative to the major banks. Our resolve has not wavered,” Holmes says. 
RHG is the only other listed non-bank lender, but now operates a closed mortgage book. 
It recorded profits after tax of $74 million for the June 30 financial year.
RHG holds the mortgage book of RAMS Home Loans, whose brand and franchise network was purchased by Westpac soon after a disastrous float in October 2007 on the eve of the GFC. 
Non-bank lenders have struggled to compete with the major banks since the GFC which led to securitised funding – the lifeblood of non-bank lenders – drying up. 
Before the GFC, non-banks held about 20% of the market. Currently their market share is less than 2%.
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Profits down but volumes up at Homeloans Pty Ltd

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Listed mortgage broker Mortgage Choice has revealed 2011 full-year cash profits of $15.9 million, an increase of 7.4% on the $14.8 million achieved in the previous year.
On an IFRS (international financial reporting standards) basis, net profit after tax was $27.5 million is up 17% on $23.5 million achieved in 2010.
The sold result was achieved despite CEO Michael Russell calling the last year “one of the most demanding for the company’s brokers and staff in our 19 years of operation”.
The franchise group’s mortgage book rose 6% to $42.4 billion on the back of significant franchise network growth “during a period defined by the financial conservatism of consumers and businesses”.
It 523 brokers generated $9.9 billion in housing loan approvals.
“We are pleased to announce a 7.4% rise in cash profit, a 5.4% lift in franchise numbers, our group market share reaching 4.1% of all new home loans in Australia and our customer satisfaction rating averaging 92.3% for the year,” Russell says. “We also saw stable productivity from our Mortgage Choice brokers, who average 58 loans each per year, and a doubling of the brokers in our aggregation arm, LoanKit.”
Russell says if mortgage conditions remain subdued for a number of years, its brokers are “well equipped to continue to run successful operations that concentrate on areas of growth located within both the home loan market and other realms of personal and commercial finance”.
“If interest rates hold steady into the 2012 calendar year, which is looking more likely, employment remains healthy and vendor discounting continues at this pace we could well see a second and third consecutive quarter of housing finance growth to finish off the calendar year,” he says.
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Mortgage Choice cash profits up 7% to $16 million

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Lenders mortgage insurance provider Genworth has come out in support of a mandatory fact sheet educating home buyers about the insurance cover.
Genworth along with QBE LMI (formerly PMI) are the two biggest providers of this type of insurance, which is required where home buyers borrow more than 80% of the value of the property.
LMI, a once-off premium paid for by the home buyer, covers the lender for any shortfall between the value of the mortgage owed and value of the house in the event that the home buyer defaults and the lender is forced to sell the house.
It is often confused with mortgage protection insurance, which covers borrowers for the payment of their mortgage instalments in the event of unforeseen circumstances such as unemployment, illness or death.
The one-page fact sheet, aimed at helping consumers “understand the costs and benefits of lenders' mortgage insurance when they take out a home loan” was announced by federal treasurer Wayne Swan over the weekend.
“The aim is to allow consumers to compare quotes side-by-side, including the difference in premiums and rebate schedules, helping them get the deal that's right for them,” Swan says.
“This will help home buyers compare apples with apples when it comes to shopping for lenders' mortgage insurance.”
The Treasury advised against the introduction of a scheme to allow the transfer of lenders' mortgage insurance between lenders because it would be “expensive, extremely complex to implement and administer, and would likely benefit less than 1% of all borrowers”.
This is also supported by Genworth.
Genworth expects the mandatory fact sheet could be similar to the Government’s Key Fact Sheet for home loans, and could be handed out by lenders just prior to borrowers signing their home loan contract.
“Genworth believes it is important that homebuyers know how Lenders Mortgage Insurance works and the benefits it offers, plus their potential rights in relation to existing refund schedules if they switch home loans,” says Genworth CEO Ellie Comerford. 
According to Genworth, about 90% of loans to first home buyers are supported by LMI.
The one-page LMI fact sheet was announced on the back of recommendations contained in former RBA governor Bernie Fraser’s report ‘Banking Services: Cost-Effective Switching Arrangements’ and is due to be implemented in July 2012
The report recommends a new "tick and flick" service making it easier for consumers to switch to another bank, building society or credit union if their existing institution isn't providing good value and service.
From July next year customers will sign just one form that authorises their new financial institution to do “all the heavy lifting for them” including arranging the transfer of all automatic transactions linked to the customer's account and inform associated creditors and debtors about the new account details
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