Avant Townhomes is adding to Ivanhoe’s family-sized housing options with <a href="https://www.apartments.com.au/new-townhouses/three-82-ivanhoe-382-upper-heidelberg-road-ivanhoe-vic-3079">Three 82</a>, a collection of just 16 four-bedroom townhomes on Upper Heidelberg Road.

The <a href="https://www.apartments.com.au/developers/intrapac-property">Intrapac Property</a> townhome division has taken a contemporary approach to the traditional family home, pairing larger floorplans with the lower-maintenance format of a townhouse.

[smartcode_project:default project_id=152069 project_image_fid=374394]

Designed by <a href="https://www.apartments.com.au/architects/arcadia-studio">Arcadia</a>, with landscaping by Landsite, the homes feature generous open-plan living and dining areas that connect directly to outdoor spaces, with layouts also designed to maximise natural light and privacy.

Natural stone is used throughout the interiors, including in kitchens that pair stone surfaces with bespoke cabinetry, considered storage and SMEG appliances.

The four-bedroom layouts include built-in wardrobes and a main bedroom with its own ensuite, while family bathrooms service the additional bedrooms. Each home also includes a lock-up double garage and intercom entry.

[smartcode_project:default project_id=152069 project_image_fid=374399]

Energy efficiency has been incorporated into the design through solar panels, double glazing and reverse-cycle heating and cooling, with the homes targeting 7-star energy ratings.

Rather than incorporating extensive communal facilities, Three 82 has been conceived around private residential amenity, with the 16-home scale keeping the focus on individual homes and their own indoor and outdoor spaces.

The development is located at 382 Upper Heidelberg Road, around one kilometre from Ivanhoe Village's cafés and retail and a short drive from Eaglemont Station and Ivanhoe Station.

[smartcode_project:default project_id=152069 project_image_fid=374393]

Several of Ivanhoe's established schools are also nearby, including Ivanhoe Girls' Grammar and Ivanhoe Grammar School. The address also provides access to the suburb's parklands and the wider Yarra River corridor.

<a href="https://www.apartments.com.au/project-marketer/nelson-alexander">Nelson Alexander</a> has been appointed to handle sales.

Construction is underway and progressing well, with Three 82 currently tracking toward completion in Q2 2027.

[smartcode_project_cta:default project_id=152069]

Joel Robinson

Three 82 brings boutique four-bedroom townhome collection to Ivanhoe

Builder-developer&nbsp;<a href="https://www.apartments.com.au/developers/graya">Graya</a> has secured a prime Newstead site from fellow developer Fraser, subsequently lodging plans for The Silo, a major mixed-use residential project in Newstead designed around a new public laneway linking the James Street precinct with the wider Gasworks and Newstead neighbourhood.

Proposed for the corner of Chester and Morse streets, the <a href="https://www.apartments.com.au/architects/bureauproberts">Bureau^Proberts</a>-designed project places its strongest emphasis at ground level, where retail, landscaping and a new cobblestone pedestrian connection would open the site to the surrounding neighbourhood. The design team describes The Silo as “more than a residential building”, positioning the development as an extension of Newstead’s public realm rather than a standalone apartment tower.

“A new cobblestone laneway and landscaped connection between James Street and Gasworks unlock a missing pedestrian link, improving walkability and stitching together two of Brisbane’s significant urban destinations,” Bureau Proberts said in its Urban Design Report.

<img alt="First look: Graya plans The Silo as new pedestrian link between James Street and Gasworks" data-entity-type="file" data-entity-uuid="0ea1b06a-75f5-40a5-b2c5-33c97bc86052" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/silo%20bldg.png?VersionId=KmjsAtNePu57_B31EM_DJ5T6KPJHtcmo" />

The Silo is planned as a mixed-use development incorporating apartments alongside a bar and centre activities including food and drink outlets, indoor sport and recreation, office and retail uses.

Architecturally, Bureau Proberts has conceived the building as a collection of vertically expressed, stepping forms rather than a single uniform tower. The composition rises from an articulated podium before being broken by a triple-height landscaped recreation level, with the upper section becoming more compact before terminating in a landscaped rooftop garden.

The project's name and architectural language draw directly from Newstead's industrial history. Patterned off-form concrete is proposed as the principal façade material, complemented by slender metal rod balustrades and extensive planting. The cylindrical and vertically ribbed elements give the building its silo-like expression, while curved balconies and planted edges introduce a softer subtropical layer.

“The Silo reinterprets its robust forms, scale and materiality through a contemporary subtropical architectural expression, creating a building that acknowledges its industrial legacy, while responding to the way the precinct is occupied today,” Bureau^Proberts said.

The recreation level is one of the defining breaks in the tower. Plans include a lap pool, mature subtropical planting and shared resident facilities within an elevated communal garden. Landscaping continues through the podium and onto the rooftop, where a further garden forms what the architects describe as a “subtropical crown” to the building.

<img alt="First look: Graya plans The Silo as new pedestrian link between James Street and Gasworks" data-entity-type="file" data-entity-uuid="f8451036-35a4-49a9-8d88-2ef4438eba3d" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Silo%20Lane.png?VersionId=h8N31_rYmCEqoNrpt4kbYVQhJGZn60LH" />

At street level, the development has been designed to establish a more permeable block. Retail and hospitality tenancies address the public realm, while landscaped pedestrian spaces lead into the new laneway connection. Renders in the design report show the proposed “Silo Lane” as a substantial opening through the podium, framed by cylindrical concrete forms with cascading planting above.

The Silo continues Graya's move into larger apartment developments after building its reputation across high-end residential projects in Brisbane and the Gold Coast.

Graya buys Frasers Newstead site, plans The Silo between James Street and Gasworks precincts

<a href="https://www.apartments.com.au/developers/wickton">Wickton</a>’s completed Linacre Rise development in Hampton is giving Bayside downsizers the opportunity to move into a spacious apartment near the beach, with the developer covering stamp duty for a limited time.

The 27-residence development has been designed for buyers who want to simplify their living arrangements without giving up the space, warmth and quality associated with a long-term family home. Most apartments have already been secured by Bayside locals, leaving a select collection of two and three-bedroom residences and penthouses available.

Two-bedroom apartments are priced from $1.275 million, three-bedroom residences from $2.25 million and penthouses from $3.375 million, with the completed homes available to inspect and move into now.

[smartcode_project:default project_id=95289 project_image_fid=366760]

<a href="https://www.apartments.com.au/buildings/linacre-rise-hampton-8-10-linacre-road-hampton-vic-3188">Linacre Rise</a> occupies an elevated position on one of <a href="https://www.apartments.com.au/developments/hampton-vic-3188">Hampton</a>’s quiet, tree-lined streets, around 250 metres from the bay and 500 metres from Hampton’s village centre. Its setting gives residents access to the beach, local cafés, shops and Hampton Train Station while retaining the feel of an established residential neighbourhood.

Architecture and interiors by <a href="https://www.apartments.com.au/architects/ewert-leaf">Ewert Leaf</a> draw on the warmth and permanence of traditional brickwork, with the building integrated into terraced landscaping by <a href="https://www.apartments.com.au/landscape-architect/john-patrick-landscape-architects">John Patrick</a>. Ground-floor apartments are elevated above the street and include private garden courtyards, while several upper-level residences have generous balconies and outlooks toward the bay.

Inside, the residences favour natural materials and generous proportions. Herringbone-pattern European oak flooring, natural stone benchtops, premium joinery and Swiss V-ZUG appliances are among the key inclusions, while integrated storage has been incorporated across kitchens, bathrooms, studies and living areas.

The kitchens have been planned as practical spaces for both everyday use and entertaining, with substantial island benches, detailed cabinetry and adjoining dining and living zones. Full-height wardrobes, plush bedroom carpeting and carefully considered lighting reinforce the residential character Wickton sought to retain for buyers moving from larger homes.

[smartcode_project:default project_id=95289 project_image_fid=366769]

A Linacre Rise purchaser said the completed apartment had delivered the space, outlook and construction quality they had been seeking.

“The unit is very light, has views to die for over the bay, all construction materials and fittings are premium quality, we have secure parking for three cars, EV charging at very competitive rates, the neighbours are friendly and there is just a lovely ambiance about the place,” the purchaser said.

Environmental features include solar panels, shared electric vehicle charging stations, rainwater harvesting for toilet flushing and landscape irrigation, double-glazed windows and water-efficient fixtures and appliances.

[smartcode_project:default project_id=95289 project_image_fid=366762]

The development was built by Balmain &amp; Co, with Wickton managing the broader development process through its in-house team.

For downsizers, the project’s completed status removes much of the uncertainty associated with buying off the plan. Purchasers can inspect the finished apartments, understand their outlook and proportions, and move in without waiting for construction to conclude.

The remaining selection includes north-oriented balconies, corner configurations and penthouses with elevated bay views. The developer-paid stamp duty initiative is available for a limited time, with potential savings of up to $200,000 depending on the residence purchased.

[smartcode_project_cta:default project_id=95289]

Limited-time stamp duty offer at completed Linacre Rise apartments in Hampton

Luxury apartment buyers have long prioritised design, space and finishes, but increasingly they're placing equal importance on something less tangible: how easily they can live without relying on a car.

At <a>Richmond Square</a>, <a href="https://www.apartments.com.au/developers/fortis">Fortis</a> believes that convenience begins beyond the apartment itself, with the mixed-use precinct earning a near-perfect Walk Score of 99.

The development has been planned around the idea that some of the most valuable amenities aren't contained within a building, they're the restaurants, cafés, parks, transport connections and daily conveniences that can all be reached on foot.

Located just behind Swan Street and Church Street, <a href="https://www.apartments.com.au/new-apartments/richmond-square-1-wiltshire-street-richmond-vic-3121">Richmond Square</a> places residents within one of Melbo​u​rne's most established lifestyle precincts while offering a quieter residential setting removed from the busiest thoroughfares. East Richmond Station is moments away, trams run along both Swan and Church Streets, and the MCG, Melb​​ourne Park, Yarra River trails and the CBD are all within walking distance. At the same time, the precinct itself will introduce a curated mix of dining, retail, hospitality and wellness offerings, creating a destination that extends well beyond its residential buildings.

[smartcode_project:default project_id=13181 project_image_fid=348530]

For Fortis, that combination of location and scale was what made the site unique.

"<a href="https://www.apartments.com.au/developments/richmond-vic-3121">Richmond</a> is one of Melb​o​urne's most established and distinctive inner-city neighbourhoods, with a rare combination of dining, culture, recreation, public transport and proximity to the CBD," the developer said.

"The opportunity at Wiltshire Street was particularly compelling because the site sits slightly removed from the activity of Swan and Church Streets while remaining only moments from everything that makes the area desirable."

Rather than developing a standalone apartment building, Fortis consolidated 15 individual properties to create one of the larger development parcels assembled on Mel​b​ourne's city fringe in recent years. That allowed the team to deliver a genuine mixed-use precinct comprising 107 residences across Wiltshire House and Carmine House, premium office space, hospitality venues, retail, wellness offerings and a future 57-room hotel.

"The scale of the site allowed Fortis to think beyond a standalone apartment building," the developer said.

"Richmond Square could be planned as a complete lifestyle precinct, bringing homes, workplaces, dining, retail, hospitality and wellness together around a series of activated public spaces. The aim was to create a destination that feels connected to Richmond rather than separate from it."

[smartcode_project:default project_id=13181 project_image_fid=348533]

The emphasis on walkability has also resonated with buyers.

Interest has been strongest from established owner-occupiers, particularly downsizers from Richmond and Melb​ourne's inner east who want to remain close to familiar restaurants, workplaces, family and social networks while moving into a more secure, lower-maintenance home. The project is also attracting Mornington Peninsula and interstate buyers seeking a Melb​ourne residence they can lock up and leave between visits.

Many are looking for generous living spaces, room to entertain, quality finishes and confidence in the project team, but location remains one of the biggest deciding factors.

"For many buyers, Richmond Square provides a way to simplify the practical side of home ownership without reducing the quality of their lifestyle," the sales team said.

"Location is also a major driver of interest. Buyers can remain connected to the CBD, major sporting events, the arts centres, local restaurants, cafes and bars and their family while living in a private and secure residence that is easy to lock up and leave for weekends or longer periods away."

[smartcode_project:default project_id=13181 project_image_fid=348549]

The residences themselves have been designed with that buyer in mind. Award-winning architecture practice SJB and interior designers Hecker Guthrie have created spacious two and three-bedroom apartments and penthouses that prioritise generous living areas, natural light, bespoke joinery and private terraces. Above, a rooftop sanctuary by Acre includes landscaped lawns, bookable dining rooms, barbecue facilities, wellness spaces and panoramic views across the CBD, the MCG and Port Phillip Bay.

Fortis believes Richmond Square reflects a broader evolution in apartment living, where the surrounding neighbourhood becomes just as important as the residence itself.

"Richmond Square introduces a different proposition: generously proportioned residences within a genuinely mixed-use, hospitality-led destination," the developer said.

"The project's location and Walk Score of 99 further support a lifestyle where residents can complete many everyday journeys without relying on a car."

Fortis has assembled an experienced team that includes <a href="https://www.apartments.com.au/architects/sjb-architects">SJB</a>, <a href="https://www.apartments.com.au/interior-designers/hecker-guthrie">Hecker Guthrie</a>, <a href="https://www.apartments.com.au/landscape-architect/acre">Acre</a> and builder <a href="https://www.apartments.com.au/builders/hacer-group">Hacer Group</a>, reflecting the developer's commitment to creating projects with enduring design quality and meaningful connections to the communities in which they sit.&nbsp;

Richmond Square is an expression of that philosophy, bringing together homes, workplaces, hospitality and wellness within one of Me​lb​ourne's most walkable neighbourhoods.&nbsp;

Construction is now almost complete, providing purchasers with growing confidence ahead of its expected September 2026 completion.

[smartcode_project_cta:default project_id=13181]

Walk Score of 99 places Richmond Square at the heart of Melbourne's most connected lifestyle

<h3 data-end="19" data-section-id="1dvgwoe" data-start="0">Summary</h3>

<ul data-end="634" data-start="21">
	<li data-end="170" data-section-id="1o77v31" data-start="21">Walker Corporation has lodged plans for a second major residential development in the Maroochydore City Centre, a 29-storey tower known as Celeste.</li>
	<li data-end="327" data-section-id="1lb0y6t" data-start="171">The Plus Studio-designed proposal at Lot 30 Sunshine Coast Parade would deliver 208 apartments, including four four-bedroom sub-penthouses and penthouses.</li>
	<li data-end="487" data-section-id="za720" data-start="328">The application comes as Walker doubles down on Maroochydore following the strong sales campaign at SOL by Walker, where the first tower is nearing sell-out.</li>
	<li data-end="634" data-section-id="5sovec" data-start="488">Walker is a key partner in the transformation of the Maroochydore City Centre, which is expected to ultimately deliver at least 4,000 new homes.</li>
</ul>

Walker Corporation is doubling down on Maroochydore following the successful sales campaign at its first residential project in the emerging CBD.

The national developer has filed plans for <a href="https://www.apartments.com.au/new-apartments/celeste-30-sunshine-coast-parade-maroochydore-qld-4558">Celeste</a>, a new 29-storey apartment tower at Lot 30 Sunshine Coast Parade, just metres from its under-construction SOL by Walker development.

The plans, prepared by Plus Studio, would see 208 apartments delivered across a 100-metre tower on the 2,376 sqm site, which fronts Sunshine Coast Parade, First Avenue and Future Way within the Maroochydore Priority Development Area.

<img alt="Walker" data-entity-type="file" data-entity-uuid="17038209-6fea-4ed2-855d-fd4df65b3d02" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-10%20at%2010.24.16%E2%80%AFAM.png?VersionId=iZD.oVXcQn.aLpUytDAW.CWjxP4puWMy" />

The proposed apartment mix comprises 36 one-bedroom apartments, 48 two-bedroom apartments, 72 two-bedroom apartments with an additional multipurpose space, and 48 three-bedroom apartments.

The upper levels would be capped by two four-bedroom sub-penthouses and two four-bedroom penthouses, taking the total apartment count to 208. The preliminary yield study also provides 262 car spaces, 114 resident bicycle spaces and storage for each apartment.

It represents Walker's next major residential move in the new Maroochydore CBD after the success of SOL by Walker, its $220 million two-tower project nearby.

SOL launched to market in early 2025 and has since seen strong demand, particularly from local owner-occupiers. By February this year, Walker said the first SOL tower was nearing sell-out, with a strong waitlist also emerging for its recently released penthouse collection.

Construction is already underway on SOL, with the first tower expected to be completed in late 2027 and the second to follow in early 2028.

[smartcode_project:default project_id=147777 project_image_fid=319846]

<h2 data-end="2518" data-section-id="1b2dyo5" data-start="2459">Celeste to rise 100 metres over Maroochydore City Centre</h2>

Celeste would take a different form to the twin 19-storey buildings at SOL.

Plus Studio has designed a single 100-metre tower above an activated podium, with the architecture responding to the site's prominent position and three street frontages.

The podium would incorporate commercial tenancies and public art, with sweeping façade elements wrapping the street edges. The scalloped concrete podium has been inspired by the patterns created in sand at low tide, while extensive landscaping would continue vertically through the tower.

The ground level plans show three commercial tenancies addressing Sunshine Coast Parade alongside the residential lobby and landscaped public realm. The podium would then accommodate several levels of car parking before the residential tower rises above.

<img alt="Celeste" data-entity-type="file" data-entity-uuid="121f77b1-71c5-46d7-9b36-0a7d474211ca" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-10%20at%2010.24.47%E2%80%AFAM.png?VersionId=MGrg9Hb7HgzLN0Lelq_xrXNAruVl77ia" />

Plus Studio said the tower had been designed to maximise views from each apartment, taking in the Maroochy River, Sunshine Coast hinterland, Cotton Tree and Maroochydore Beach and ocean.

Those views have also shaped one of the project's key features, with Walker proposing to put the primary resident amenity on Level 29 rather than lower within the building.

The rooftop would feature a 284.9 sqm pool area with an infinity edge, along with a cold pool, spa, sauna, 93.2 sqm gym, sunset lounge, BBQ and dining areas, pool deck and private dining space. Cabanas and day beds are also shown across the recreation level.

The two penthouses would extend across the upper levels and each feature private terraces and plunge pools.

<h2 data-end="4202" data-section-id="v5f4ix" data-start="4160">Walker's growing Maroochydore footprint</h2>

Celeste further reinforces Walker's commitment to the transformation of Maroochydore City Centre.

Walker is one of the key partners delivering the new CBD alongside Sunshine Coast Council and SunCentral Maroochydore, with the broader 62-hectare Priority Development Area occupying the former Horton Park Golf Course and surrounding land.

The precinct is ultimately expected to accommodate at least 4,000 new homes as Maroochydore evolves into the Sunshine Coast's principal commercial and residential centre.

When SOL secured approval in February 2025, Walker Managing Director and CEO David Gallant described it as the "first of many residential projects" the company planned for the Maroochydore City Centre.

Celeste now provides the clearest indication yet of what comes next.

The site sits immediately within the new CBD, with the design report identifying Sunshine Plaza and surrounding parkland within walking distance and Maroochydore Beach around a five-minute drive away.

For Walker, the timing of the application comes as its first residential bet on the new CBD appears to have been vindicated.

SOL has progressed from planning approval to construction while its first release has approached sell-out, giving Walker confidence to push ahead with another 208 apartments and take its residential pipeline in the Maroochydore City Centre to around 450 dwellings across the two projects.

Celeste remains subject to planning approval, with the architectural material describing the scheme as a preliminary yield study that may change through the assessment process.

Walker doubles down on Maroochydore with 29-storey Celeste apartment tower

Prominent New Zealand apartment and hotel operator, <a href="/developers/safari-group">Safari Group</a>, is offering up a prime investment opportunity for Australians to purchase off the plan in one of the world’s most popular ski destinations.

They recently took to market Mountain Oak Queenstown Apartments, in the growing precinct of Remarkables Park in Frankton, near the airport and at the foot of The Remarkables - the mountain range the locals like to call “The Remarks”.&nbsp;

Sydney investors have shown interest in the one, two and three-bedroom apartments that secure high-season occupancy six months over the year, primarily over summer and winter months.

They average 90 per cent occupancy across their portfolio over January, February, March, August, November and December, while shoulder season months of April, July, September and October are still occupied 70 per cent of the time, with the growing appeal of Queenstown becoming not just a hotspot for the snow, but a lifestyle destination.

Even in the low seasons of May and June, occupancy levels reach around 40 per cent.

<img alt="Safari Group’s Mountain Oak Apartments brings new investment potential to Queenstown" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/f_auto,c_limit,w_1440,q_auto/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/field/image/Ext_Cam15_Sunny.jpg?VersionId=SJAROUM_1s.Tr5ciMk4EEj5oAt_Vewmv" />

Safari’s Safari Hotels arm can also manage the holiday letting for an investor, from the listing on holiday accommodation websites such as Airbnb and Booking.com to the cleaning and maintenance of the investment. They’ve been in the short stay management business for 15 years and offer 24/7 support for investors, an important convenience benefit for any overseas investor

Another major drawcard for Australians is that New Zealand doesn’t have a stamp duty policy - so the entry price of NZ$639,000 (AU$586,000), is all that is payable on completion.

<img alt="Safari Group’s Mountain Oak Apartments brings new investment potential to Queenstown" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,dpr_2.0,q_auto:good/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/313_Livingv2_WEB.jpg?VersionId=nV229fM0ZeYpoxOrX372HyGjfwY_LR8c" />

Safari is starting construction of the 141 apartments in Q2 this year, with a two-year build estimated to complete in mid-to-late 2027.<img alt="" data-entity-type="" data-entity-uuid="" height="15" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXczFpFAb7WuA6f4f9TtKWcqXyNwR8qqtakWv352ERkpqNlP3KwIo8YKxw67jZNHfpjEGIZGv5MQTbnvLZwNt8iu9IVdOrswOjCvBZ4zhSoOOLrpt6etVEZTN1gkBho0r_R72zdHNA?key=yq3daOanqHSb88QFd8jGYKdb" title="Click and drag to move" width="15" />​

The apartments will feature modern amenities and contemporary designs with expansive windows capturing sweeping views of The Remarkables mountain range.&nbsp;

Interiors are equipped with modern finishes, premium appliances, and secure electronic key-locked doors, ensuring a comfortable living experience for residents and guests alike.

With its strategic location near Coronet Peak and Cardrona Alpine Resort, as well as key retail and dining precincts such as Market Street, Five Mile Shopping Centre, and Remarkables Market, Mountain Oak offers a strong proposition for investors seeking high rental yields and capital appreciation in one of New Zealand’s most sought-after locations.&nbsp;

Queenstown’s sustained demand for visitor accommodation and rental properties is underpinned by a shortage of housing options, attracting both local and international buyers.

Safari Group offers low-touch investment proposition in Queenstown’s popular ski fields district

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While much of Australia is set to experience a flat to declining non residential building sector, recent industry forecasts show that Tasmania is set for an upswing in demand for non-residential work due to its unique set of factors.
“Demographics play a big part in this,” says Peter Barda, executive director of Australian Construction Industry Forum.
“An ageing population creates an increased need for aged-care facilities and health services. While the sharp uptick in demand for these assets will moderate when compared with the past decade, it will remain at relatively high levels.”
<img height="286" width="470" src="/images/stories/2013/08/acif-chart-aug-14-one.jpg" alt="acif-chart-aug-14-one">
The Tasmanian engineering construction sector also gets good news from the forecasts. Drivers in the local demographic are seeing, over time, an increase in the level of engineering work that may make interstate migration an option for some players.
Residential builders won’t be so pleased, though. ‘’A mild recovery is forecast, once we get through the next period of flat to declining demand,’’ Barda says.
The chart shows the relatively strong forecast for Tasmania’s non-residential sector compared to the outlook for the rest of Australia.
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staylor-63KgDrKwoY

Changing demographics creating opportunities for Tasmanian builders: ACIF

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Offering easy access to South Melbourne from all directions, Park Street is one of those streets that almost everyone who lives south of the Yarra has travelled along.
Linking Kingsway and St Kilda Road and close to The Shrine, Park Street takes a lot of through traffic to and from Domain Road and it’s on one of Melbourne’s major tram routes. It’s also the address of the hit TV series, The Block.
‘’Those looking to locate their business close to the city without paying CBD rates will find Park Street as good as it gets. Perhaps the best way to describe it is high profile, yet low key,’’ says Chris Curtain, a director at estate agents Lemon Baxter.
“This year has been notable for the good quality properties that have come onto the market in the South Melbourne/St Kilda Road precinct and 39 Park Street is another example that continues this trend.”
The four level office building of 1888 square metres on a 1078 square metre site is expected to fetch between $6.5 million and $7 million when it sells via an expressions of interest on September 5, says associate Nick Bade.
Built in the early 1980s and progressively refurbished over the years it has a vaulted foyer, ground floor office/showroom, three office levels plus parking for 27 cars at the rear.
Typical office floor plates are about 560 square metres except for the ground floor. The car park is accessed from Kings Place via a single driveway with a steel security boom gate.
The building’s mixed use zoning creates rental options, Curtain says. It has been successful in encouraging development of surrounding multi-level offices and multi-dwelling residential apartments.
Curtain says that out of the net lettable area of 1888 square metres the owner/occupier can access 887 square metres now. He says other tenancies with refurbished spaces and good natural light contribute around $384,330 per annum.
‘’With interest rates so low it would be cheaper to own than rent,” he says of the building which is ‘’the only one of its size currently being offered for sale in South Melbourne’’.
It has 18 air-conditioning units on the roof and a fully automated smoke detection system and traditional fire hose and real system.
Other comparable and recent South Melbourne office building sales:
<ul>
<li>
228 Albert Road South Melbourne, bought by a private investor in May, for $6.2 million
</li>
<li>
35 Market Street, South Melbourne, bought by a private investor in January, for $3.75 million
</li>
<li>
102 Dodds Street, bought by an owner-occupier last October for $8.87 million.
</li>
</ul>
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Park Street, South Melbourne mixed use offering

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Sydney’s residential rental market has opened up slightly with increases in the vacancy rate for the inner and middle markets, according to data from the Real Estate Institute of NSW.
The July 2013 vacancy rate across the Sydney metropolitan area rose 0.1% to 2.2%.
The inner suburbs (0-10km from CBD) vacancy rates was up 0.3% to 2.5%, the middle suburbs (10-25km from CBD) up 0.1% to 2.0% and the outer suburbs (more than 25km from CBD) was down 0.2% at 1.9%.
“The inner suburbs of Sydney are seeing the highest vacancy rates since January 2006, reflecting an increase in stock entering the market place,” says REINSW president Christian Payne.
“While this is positive for those seeking rental accommodation, more support is needed for those seeking to invest in the property market.”
Across the state, the Hunter region is up 0.4% to 3.3%, led by a 0.2% increase in Newcastle to 2.4%.
The Illawarra vacancy rate rose 0.5% to 2.8% and Wollongong is up 0.7% to 3.2% - a level last seen in August last year.
Coffs Harbour remains the easiest place to find rental accommodation – it’s steady at 3.7%. Levels also stayed the same on the Mid-North Coast, Murrumbidgee, Riverina and Orana at 2.9%, 2.4%, 3.0% and 1.3%.
The vacancy rate in Albury slipped 0.4% to 1.4% and the Central Coast dropped 0.6% to 2.6%.
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jchancellor-FAypfDUnLy

July vacancy rate across Sydney rises 0.1% to 2.2%: REINSW

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The Real Estate Institute of Western Australia reported recently that housing affordability has improved over the last year and that median rents have climbed by 12%.

So, for many people renting a question they are asking themselves is: “would we be better off to buy?”
Current data shows that in Perth, the median purchase price for first-home buyers is around $420,000 while metropolitan rents are around $470 per week.
Not everyone is in a position to borrow and meet loan repayments, but for those singles and couples who can afford around $580 a week at current variable interest rates, a mortgage of $373,000 will buy a very suitable unit, villa or house with its own land.
(In this example I am assuming a deposit of $20,000 and eligibility for the $7,000 first-home owners grant, so the purchase price would be $400,000.
However, there are many cheaper properties throughout WA including the metropolitan area. Some house and land packages are accessible at $300,000 or less and fixed rates can be more affordable than variable rates).
In other words, by paying around $100 more each week on a mortgage as opposed to paying rent, many tenants could transition to home ownership if that suited them and banks approved the loan.
Naturally, the bigger the deposit the smaller the loan and it’s important to keep in mind that renters don’t pay council rates, annual utility charges, building insurance and maintenance which home owners do. Buyers need to factor in about $50 per week to cover this.
The real cost of renting is not the fortnightly payments, but the loss in savings compared to accumulating equity in a home.
There are also good financial reasons to support ownership, but two key factors illustrate its benefit.
First, home ownership can be a stepping stone to increased wealth and long term financial security. Property is highly regarded by financial institutions as security for borrowing to fund a property investment, a business venture or a holiday.
It’s more difficult to borrow against other assets.
Second, home ownership opens up lifestyle opportunities. With your own place you can design and mature the garden, paint and decorate as you wish, have pets (with some strata exceptions) and generally create a home with the liberty and security that can bring.
Households which experience financial difficulty in retirement years are more likely to be living in rental properties, so investing in a home can be a better way to secure your retirement circumstances.
The early decisions you make around real estate can affect your long term outlook, but it’s strongly advisable that you discuss your plans with competent financial advisers, banks and lenders before making a decision and then approaching an agent.
David Airey is president of the <a href="https://reiwa.com.au/home/default.aspx" rel="nofollow" target="_blank">Real Estate Institute of Western Australia.</a> This article was originally published on <a href="https://reiwa.com.au/Faq/Pages/Feature.aspx" rel="nofollow" target="_blank">reiwa.com</a>.
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dairey-MVZf5ZguQC

Is it always better to buy than rent?

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Dating back to 1922, the Baden Road, Coogee beachside apartment building is the setting for the new Australian drama series on Channel 10, Wonderland.
For those wondering where it is, the dress circle block is at the northern end of the beach high above Dunningham Reserve.
The five flats (pictured below) are owned by investors, the Newton family of Double Bay. They secured the block in two acquistions topped off by the 195 square metre penthouse in 1989 for $400,000.
<img alt="wonderland-aug-13-one" src="/images/stories/2013/08/wonderland-aug-13-one.jpg" width="470" height="277">
The other four apartments spread over the lower two floors are 95 square metres. They were bought for a $149,000 total in 1980 from the Whiteman family who kept the top floor flat until its 1989 sale.
It had been with the Whiteman family since 1941 having been previously owed by the Coogee garage proprietor William McLeod who bought the property in 1922.
Wonderland dubbed a romantic comedy drama series will be broadcast on Network Ten from 21 August.
The series, co-created by Jo Porter and Sarah Walker, focuses on four different couples as they navigate love, life and friendships.
<img alt="wonderlandinsider-512x288" src="/images/stories/2013/08/wonderlandinsider-512x288.jpg" width="470" height="264">
It was filmed on location in Coogee with the 22-part series is being produced by FremantleMedia Australia
Michael Idato from Fairfax Media wrote that Network Ten hopes the series will tap into Offspring's established audience.
Brooke Satchwell was cast as lawyer Grace Barnes. Michael Dorman plays bachelor Tom Wilcox. Jessica Tovey was cast as Dani Varvaris, who works in PR.
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Network 10's Wonderland, the Coogee apartment block on the doorstep of fame

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I recently read a headline attributed to a US market research group that in part announced, “that virtually every home buyer did the majority of their research on the internet” – I think that most of us would agree that is also our experience in Australia.
While traditional media still has a role to play, buyers are clearly relying upon property related web sites and the internet to help find their new home.
Other research (from a number of sources including the Newspaper Association of America and AC Neilsen) clearly shows that the most trusted information on the web comes from company branded web sites.
These sites rank much higher and a more trusted than commercial portals, in fact company branded sites are only out ranked by personal recommendation, consumer on-line forums and editorial comment while at the bottom of the survey we find text advertising on mobile phones as the least trusted.
Potential buyers are now clearly investing time to ‘self-educate’ themselves about real estate market conditions.
It is vital that any engagement with the market remains a two-way process and that as a professional service we enhance the decision-marking journey via our own and project web sites.
To do so requires an ongoing effort to understand how the Internet is being used.
Recently, I had the opportunity of taking a detailed look at some interesting trends drawn from almost seven million site visits across a number of major projects.
None of us are strangers to the value of the internet in helping to market projects and so I think it is valuable to recount some of the key trends that I came across.
From the outset I think it is now realistic to see our marketing operating on a 24/7 basis – office hours and open for inspections aside in ‘virtual’ terms the market never sleeps, it might nap but never really switches off.
Web traffic to the real estate sites that I refer to ran across a full 24 hours, traffic was at its lowest point from around mid-night to seven am and after seven am traffic then ramped up to peak visit numbers around 10am daily. Then between 10am and 10pm – that’s a full 12 hours, activity was more or less constant.
One fact this clearly reinforces is that the impact of  smart phones and tablets as potential buyers access the web anywhere, from being on a bus to being in bed and now at almost any time.
It is also worth noting that the early bird traffic, that is between mid-night and 7am was about 30% of the peak time of 10am, and so that’s not a small number of potential buyers.
Another stand out trend, which I have to freely admit, is a statistic I have seen quoted frequently, was that most web traffic was recorded on a Tuesday, Wednesday and Friday, with Saturday and Sunday both low volume days.
Tuesday has long been seen as one of the best days for email marketing to your data base and that appears to be sound thinking, there’s lots of research to support this. With weekends a prime time to visit properties it also comes as no surprise that Friday’s are popular – it’s common sense.
Another key measure of activity was that first impressions on a web site appear to be critical as the drop off between visits to a site’s home page to the next most read page was frequently well over 70%.
That is 70% of site visitors did not bother or feel interested enough to go past the home page of a site, either they had not interest in the sites details or they may not have been attracted to what they read or saw on the home page. It’s another reason the home page should always be fresh.
While I am the first to admit these are just a few points relating to a complex and ongoing subject, each is worth noting and serves to my mind, to reinforce the need to keep an eye on how we use the internet as a key marketing tool.
Peter Chittenden is managing director for residential of <a target="_blank" rel="nofollow" href="https://www.colliers.com.au/Colliers%20Corporate/Residential.aspx">Colliers International.</a>
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pchittenden-eLqUUC8TWW

Real estate marketing on the web requires an ongoing effort to engage the potential buyer

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Sydney eastern suburb rental growth is slowing, according to the latest rental report of BradfieldCleary which looks at rental trends in Sydney's eastern suburbs.
The latest analysis covers 50 properties re-let during June and July this year.
Some 25 showed an increase, seven remained steady, but 18 rents decreased.
"The overall increase of 0.8% shows the slowest growth since we started tracking the figures two years ago," Bob Guth from BradfieldCleary noted.
Below is set out a summary of the tables we have published previously.
<table style="width: 470px;" border="1" cellspacing="0" cellpadding="0"><tbody>
<tr>
<td style="width: 301px;">
November 2011
</td>
<td style="width: 228px;">
+13.5%
</td>
</tr>
<tr>
<td style="width: 301px;">
May 2012
</td>
<td style="width: 228px;">
+7.75%
</td>
</tr>
<tr>
<td style="width: 301px;">
July 2012
</td>
<td style="width: 228px;">
+2.66%
</td>
</tr>
<tr>
<td style="width: 301px;">
October 2012
</td>
<td style="width: 228px;">
+4.14%
</td>
</tr>
<tr>
<td style="width: 301px;">
February 2013
</td>
<td style="width: 228px;">
+2.75%
</td>
</tr>
<tr>
<td style="width: 301px;">
July 2013
</td>
<td style="width: 228px;">
+0.8%
</td>
</tr>
</tbody></table>
"It is easy to see the rate of growth in rents has slowed but looking behind the figures the reality is tenants are becoming more and more sophisticated and seeking a higher quality of abode.
"Fifteen year old carpet and thirty year old kitchens are not popular and nor is a scruffy old bathroom and peeling paint.
"Perhaps it’s time to renovate," Guth advised his landlords.
<table cellspacing="0" cellpadding="0" border="0" style="width: 470px;">
<colgroup><col span="4" width="64"></colgroup>
<tbody>
<tr height="32">
<td width="64" height="52" rowspan="2">PROPERTY</td>
<td width="64">PREVIOUS</td>
<td width="64">NEW</td>
<td width="64" rowspan="2">% DIFFERENCE</td>
</tr>
<tr height="20">
<td width="64" height="20">RENT</td>
<td width="64">RENT</td>
</tr>
<tr height="64">
<td width="64" height="64">Stephen Street, Paddington</td>
<td>$300</td>
<td>$300</td>
<td>0.00%</td>
</tr>
<tr height="64">
<td width="64" height="64">Hopewell Street, Paddington</td>
<td>$325</td>
<td>$335</td>
<td>3.10%</td>
</tr>
<tr height="64">
<td width="64" height="64">Ramsgate Avenue, Bondi</td>
<td>$260</td>
<td>$360</td>
<td>38.50%</td>
</tr>
<tr height="64">
<td width="64" height="64">St Neots Avenue, Potts Point</td>
<td>$350</td>
<td>$375</td>
<td>7.10%</td>
</tr>
<tr height="64">
<td width="64" height="64">Manning Road, Double Bay</td>
<td>$415</td>
<td>$395</td>
<td>-4.80%</td>
</tr>
<tr height="80">
<td width="64" height="80">Darling Point Road, Darling Point</td>
<td>$420</td>
<td>$405</td>
<td>-3.60%</td>
</tr>
<tr height="64">
<td width="64" height="64">Bellevue Road, Bellevue Hill</td>
<td>$400</td>
<td>$420</td>
<td>5.00%</td>
</tr>
<tr height="64">
<td width="64" height="64">Botany Street, Bondi Junction</td>
<td>$380</td>
<td>$420</td>
<td>10.50%</td>
</tr>
<tr height="64">
<td width="64" height="64">Ramsgate Avenue, Bondi</td>
<td>$500</td>
<td>$430</td>
<td>-14.00%</td>
</tr>
<tr height="64">
<td width="64" height="64">Bellevue Road, Bellevue Hill</td>
<td>$400</td>
<td>$430</td>
<td>7.50%</td>
</tr>
<tr height="64">
<td width="64" height="64">Manion Avenue, Rose Bay</td>
<td>$480</td>
<td>$440</td>
<td>-8.30%</td>
</tr>
<tr height="64">
<td width="64" height="64">Ethel Street, Randwick</td>
<td>$410</td>
<td>$450</td>
<td>9.80%</td>
</tr>
<tr height="64">
<td width="64" height="64">Edgecliff Road, Woollahra</td>
<td>$420</td>
<td>$450</td>
<td>7.10%</td>
</tr>
<tr height="64">
<td width="64" height="64">Edgecliff Road, Woollahra</td>
<td>$430</td>
<td>$450</td>
<td>4.70%</td>
</tr>
<tr height="64">
<td width="64" height="64">Edgecliff Road, Woollahra</td>
<td>$440</td>
<td>$450</td>
<td>2.30%</td>
</tr>
<tr height="64">
<td width="64" height="64">Victoria Road, Chatswood</td>
<td>$490</td>
<td>$480</td>
<td>-2.00%</td>
</tr>
<tr height="64">
<td width="64" height="64">Salisbury Road, Rose Bay</td>
<td>$520</td>
<td>$485</td>
<td>-6.70%</td>
</tr>
<tr height="64">
<td width="64" height="64">Hopetoun Street, Paddington</td>
<td>$460</td>
<td>$495</td>
<td>7.60%</td>
</tr>
<tr height="64">
<td width="64" height="64">Balfour Road, Rose Bay</td>
<td>$500</td>
<td>$495</td>
<td>-1.00%</td>
</tr>
<tr height="64">
<td width="64" height="64">Hastings Parade, Bondi Beach</td>
<td>$480</td>
<td>$500</td>
<td>4.20%</td>
</tr>
<tr height="64">
<td width="64" height="64">Bronte Road, Bondi Junction</td>
<td>$450</td>
<td>$515</td>
<td>14.40%</td>
</tr>
<tr height="96">
<td width="64" height="96">New South Head Road, Double Bay</td>
<td>$500</td>
<td>$540</td>
<td>8.00%</td>
</tr>
<tr height="64">
<td width="64" height="64">Bent Street, Paddington</td>
<td>$570</td>
<td>$550</td>
<td>-3.50%</td>
</tr>
<tr height="96">
<td width="64" height="96">New South Head Road, Double Bay</td>
<td>$550</td>
<td>$550</td>
<td>0.00%</td>
</tr>
<tr height="64">
<td width="64" height="64">Court Road, Double Bay</td>
<td>$550</td>
<td>$550</td>
<td>0.00%</td>
</tr>
<tr height="64">
<td width="64" height="64">Ethel Street, Randwick</td>
<td>$450</td>
<td>$550</td>
<td>22.20%</td>
</tr>
<tr height="80">
<td width="64" height="80">Darling Point Road, Darling Point</td>
<td>$595</td>
<td>$560</td>
<td>-5.90%</td>
</tr>
<tr height="64">
<td width="64" height="64">William Street, Double Bay</td>
<td>$550</td>
<td>$595</td>
<td>8.20%</td>
</tr>
<tr height="64">
<td width="64" height="64">The Avenue, Rose Bay</td>
<td>$495</td>
<td>$595</td>
<td>20.20%</td>
</tr>
<tr height="64">
<td width="64" height="64">Beresford Road, Rose Bay</td>
<td>$650</td>
<td>$600</td>
<td>-7.70%</td>
</tr>
<tr height="80">
<td width="64" height="80">Bennetts Grove Avenue, Paddington</td>
<td>$570</td>
<td>$605</td>
<td>6.10%</td>
</tr>
<tr height="64">
<td width="64" height="64">Macpherson Street, Bronte</td>
<td>$750</td>
<td>$660</td>
<td>-12.00%</td>
</tr>
<tr height="64">
<td width="64" height="64">Victoria Road, Bellevue Hill</td>
<td>$680</td>
<td>$660</td>
<td>-2.90%</td>
</tr>
<tr height="48">
<td width="64" height="48">Market Street, Sydney</td>
<td>$680</td>
<td>$680</td>
<td>0.00%</td>
</tr>
<tr height="64">
<td width="64" height="64">Paul Street, Bondi Junction</td>
<td>$670</td>
<td>$695</td>
<td>3.70%</td>
</tr>
<tr height="48">
<td width="64" height="48">Birrell Street, Bronte</td>
<td>$780</td>
<td>$695</td>
<td>-10.90%</td>
</tr>
<tr height="80">
<td width="64" height="80">Mclachlan Avenue, Rushcutters Bay</td>
<td>$700</td>
<td>$720</td>
<td>2.90%</td>
</tr>
<tr height="64">
<td width="64" height="64">Bowden Street, Woollahra</td>
<td>$750</td>
<td>$770</td>
<td>2.70%</td>
</tr>
<tr height="64">
<td width="64" height="64">Bellevue Road, Bellevue Hill</td>
<td>$800</td>
<td>$775</td>
<td>-3.10%</td>
</tr>
<tr height="64">
<td width="64" height="64">Beresford Road, Rose Bay</td>
<td>$750</td>
<td>$795</td>
<td>6.00%</td>
</tr>
<tr height="64">
<td width="64" height="64">Wolseley Road, Point Piper</td>
<td>$870</td>
<td>$800</td>
<td>-8.00%</td>
</tr>
<tr height="64">
<td width="64" height="64">Wallaroy Road, Woollahra</td>
<td>$810</td>
<td>$820</td>
<td>1.20%</td>
</tr>
<tr height="64">
<td width="64" height="64">Wiston Gardens, Double Bay</td>
<td>$850</td>
<td>$830</td>
<td>-2.40%</td>
</tr>
<tr height="48">
<td width="64" height="48">Edgecliff Road, Edgecliff</td>
<td>$995</td>
<td>$930</td>
<td>-6.50%</td>
</tr>
<tr height="64">
<td width="64" height="64">Cascade Street, Paddington</td>
<td>$920</td>
<td>$995</td>
<td>8.20%</td>
</tr>
<tr height="48">
<td width="64" height="48">Albert Street, Edgecliff</td>
<td>$1,000</td>
<td>$1,000</td>
<td>0.00%</td>
</tr>
<tr height="64">
<td width="64" height="64">Heeley Street, Paddington</td>
<td>$1,050</td>
<td>$1,050</td>
<td>0.00%</td>
</tr>
<tr height="64">
<td width="64" height="64">Blackwood Avenue, Clovelly</td>
<td>$1,030</td>
<td>$1,050</td>
<td>1.90%</td>
</tr>
<tr height="64">
<td width="64" height="64">Hopewell Street, Paddington</td>
<td>$1,149</td>
<td>$1,095</td>
<td>-4.70%</td>
</tr>
<tr height="48">
<td width="64" height="48">Evans Street, Bronte</td>
<td>$1,700</td>
<td>$1,700</td>
<td>0.00%</td>
</tr>
<tr height="20">
<td colspan="2" height="20">OVERALL</td>
<td></td>
<td>0.80%</td>
</tr>
</tbody>
</table>
 
Photo of eastern Sydney courtesy of <a target="_blank" href="https://www.flickr.com/photos/photographerglen/">Glen Scarborough</a>/flickr.
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Landlords advised Sydney eastern suburbs rental increases weakening: BradfieldCleary

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As competition remains high for mortgage business, many lenders including some of the major banks are prepared to offer finance with just a 5% deposit.
A 95% loan-to-value ratio loan is primarily aimed at first-home buyers who have not been able to save up a bigger deposit but who want to get onto the property market sooner.
However eligibility for a high LVR loan is quite strict, writes McGrath Real Estate Agents chief executive John McGrath on Switzer.com.au.
Here’s the seven key things he suggests you consider beforehand:
<img height="38" width="30" src="/images/stories/2013/07/NUMBERS/numberonejuly11.jpg" alt="numberonejuly11">
McGrath says that banks will require that you can “at a minimum” demonstrate a strong repayment history and will want to know what the purpose of the loan is. If it’s to purchase an investment property, they may only lend 90% of the value. 
<img height="35" width="30" src="/images/stories/2013/07/NUMBERS/numbertwojuly11.jpg" alt="numbertwojuly11"> You need to calculate if you will be able to make more in capital gains (and possibly rental returns if it’s an investment property) by purchasing sooner and paying Lenders Mortgage Insurance (LMI) than you would by waiting until you have saved up a 20% deposit. You must also factor in how much prices may rise in this time it takes to save a bigger deposit.
<img height="39" width="30" src="/images/stories/2013/07/NUMBERS/numberthreejuly11.jpg" alt="numberthreejuly11"> Keep in mind that LMI will be much less if you are buying a $300,000 property versus a $600,000 even if you have only a 5% deposit in both scenarios. “Generally speaking, LMI is charged as a percentage of the purchase price,” says McGrath.
<img height="39" width="30" src="/images/stories/2013/07/NUMBERS/numberfourjuly11.jpg" alt="numberfourjuly11"> Also keep in mind that LMI is not transferable so if you refinance with a new lender and don’t have a 20% equity position, you may have to pay it again. 
<img height="33" width="30" src="/images/stories/2013/07/NUMBERS/numberfivejuly11.jpg" alt="numberfivejuly11"> Another risk, he says is that it may take longer to build up equity in your property or even be in a no equity position, which can make it harder to refinance or buy a second property. 
<img height="35" width="30" src="/images/stories/2013/07/NUMBERS/numbersixjuly11.jpg" alt="numbersixjuly11"> Quoting advice from lan Hemmings, who heads up McGrath’s Oxygen Home Loans division, he says buyers should shop around if they are looking for a high LVR loan because the difference between lenders on LMI can be several thousands of dollars. 
<img height="36" width="30" src="/images/stories/2013/07/NUMBERS/numbersevenjuly11.jpg" alt="numbersevenjuly11"> Lastly he suggests speaking to a mortgage broker who can help with all these questions and will know which lender charges the least LMI on a 95% loan. 
<ol></ol>
<ol></ol>
 
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po-LsXgBTHBmX

The seven things to keep in mind when considering a 95% LVR: John McGrath

A classic federation home in Willoughby is due to go under the hammer with a $2.2 million plus price guide.

&nbsp;Located at 59 Sydney Street, the 1910 home has been renovated and extended but still retains original features including a wrap-around verandah, high ornate ceilings and rich timber floors.

The 834-square-metre property also includes four bedrooms, three bathrooms and a north facing entertaining patio.

It last sold in July 2002 for $1.28 million.

The median house price in <a href="/news">Willoughby</a> is $1,250,000, a 19.5% change in the past five years, according to RP Data.

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Classic federation Willoughby trophy home listing

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Commonwealth Bank chief executive Ian Narev says he doesn’t lose any sleep over concerns about a possible property bubble in Australia following record low interest rates.
He told a Sydney conference yesterday he doesn’t worry about the consequences of the Reserve Bank’s current policies but says lenders must be "very, very careful about just making hay when the sun shines" to avoid more loans going bad.
“I am absolutely confident that all direct and indirect consequences for the property market that may flow from a change in interest rates are absolutely thought through by the governor and his board,” Narev told the Aussie Home Loans three-day biannual sales conference in Sydney.
“I do not lose a moment’s sleep thinking about that. They think very carefully about a range of issues, they are absolutely aware of what effects different interest rate settings might have on the economy and I’ve got a lot of confidence that they... have a good perspective about that.
He says while people enjoy a lower interest rate environment the bank is aware of risks.
“It's always nice to pay lower interest rates than higher, but interest rates in an economy on a downward cycle are there for a reason.
"History will tell you that when the interest rate cycle starts to rise again… (banks must ensure) people on standard variable rates are going to be able to pay what they need to pay. So sometimes we're seen as the party poopers, but actually it's just that we need to be driving these things for the long term."
Narev says is often questioned by overseas investors on Australia's high house prices compared with incomes, but says banks here could weather double the level of unemployment and a 40% fall in prices.
Meanwhile the National Australia Bank has offered home owners <a target="_blank" href="https://www.propertyobserver.com.au/finance/nab-offers-%241000-cash-to-secure-new-borrowers/2013081264103">$1000 if they switch mortgages from rival banks</a> amid renewed aggressive competition between the banks.
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