Article summary

<ul data-end="785" data-start="311">
	<li data-end="459" data-section-id="5hbcyr" data-start="311">Pikos Group has released the five-penthouse collection at Skye Kangaroo Point, headlined by a two-storey sky home spanning more than 1,000 sqm.</li>
	<li data-end="561" data-section-id="1p7lq8n" data-start="460">Early buyer interest suggests the residences could set a new Queensland apartment price record.</li>
	<li data-end="667" data-section-id="1y70z0l" data-start="562">The collection includes four move-in ready penthouses and the highly customised Skye One residence.</li>
	<li data-end="785" data-section-id="yvm0y1" data-start="668">The release caps one of Bri​sbane's most ambitious luxury apartment developments overlooking the Brisbane River.</li>
</ul>

<hr data-end="790" data-start="787" />
Pikos Group has released the five-penthouse collection at its <a href="https://www.apartments.com.au/buildings/skye-residences-by-pikos-kangaroo-point-8-river-terrace-kangaroo-point-qld-4169">Skye by Pikos</a> development in Kangaroo Point, with early buyer interest indicating the flagship residences could eclipse every apartment sale previously recorded in Queensland.

The collection crowns the luxury riverfront development with five residences, including four completed penthouses and Skye One, a two-level sky home spanning more than 1,000 sqm that will be tailored to its eventual owner.

[smartcode_project:default project_id=90059 project_image_fid=374075]

Wanting to offer a fully customisable home, Pikos is offering Skye One as a blank canvas, allowing the buyer to work alongside the developer's design team to customise the home's layout, finishes and internal spaces.

The residence will feature a 247 sqm private rooftop terrace with its own swimming pool, sauna, steam room, outdoor kitchen and multiple entertaining areas overlooking the Brisbane River and CBD skyline.

The remaining four penthouses have been completed and are ready for immediate occupation, each offering four bedrooms, expansive open-plan living areas, soaring ceilings and private lift access.

[smartcode_project:default project_id=90059 project_image_fid=374059]

One of the defining features throughout the project is its use of Roman Classic Travertine, with more than 20,000 sqm of the natural stone imported from Italy after being personally selected by Pikos Group Founder and Executive Director Pedro Pikos, interior designer Julie Williamson and third-generation stone specialist Mario Caucci.

Pikos said the penthouse collection represented the culmination of the company's long-term vision for Skye.

"True legacy isn't measured by what we build today, but by what endures tomorrow," Pikos said.

"Our ambition is to create places that become more valuable with time, enrich the lives of generations, and stand as timeless landmarks long after we've stepped away."

[smartcode_project:default project_id=90059 project_image_fid=374060]

Williamson said the interiors were inspired by the natural character of Kangaroo Point and the Brisbane River rather than international design trends.

"Materiality tells the story of a place," Williamson said.

"We looked to the movement of the Brisbane River, the texture of the cliff face and the warmth of the surrounding landscape to create interiors that feel understated, enduring and unmistakably Brisbane."

Positioned above the Kangaroo Point cliffs, Skye places residents within walking distance of Howard Smith Wharves, South Bank and James Street while offering uninterrupted river and city views.

[smartcode_project_cta:default project_id=90059]

Joel Robinson

Brisbane's next apartment price record? Pikos unveils Skye's exclusive penthouse collection

Article summary

<ul data-end="888" data-start="289">
	<li data-end="442" data-section-id="8tsh6o" data-start="289">DVB Projects is preparing to launch its second Gold Coast apartment development, with demolition now underway at 137 Old Burleigh Road, Broadbeach.</li>
	<li data-end="573" data-section-id="1nyxl3e" data-start="443">The 34-level tower will comprise just 49 ultra-luxury residences, including half-floor, full-floor and penthouse apartments.</li>
	<li data-end="717" data-section-id="oiyimj" data-start="574">The launch follows strong demand at DVB's nearby Sea Glass project, which is more than 50 per cent sold and currently under construction.</li>
	<li data-end="888" data-section-id="epk9o9" data-start="718">The development adds to the transformation of Old Burleigh Road, with premium beachfront apartment projects continuing to reshape the tightly held Broadbeach strip.</li>
</ul>

<a href="https://www.apartments.com.au/developers/dvb-projects">DVB Projects</a> is preparing to launch its second Gold Coast apartment development, with demolition now underway on the Broadbeach site as the Sydney developer moves closer to bringing the ultra-luxury project to market.

The 34-level tower at <a href="https://www.apartments.com.au/new-apartments/137-old-burleigh-road-broadbeach-qld-4218">137 Old Burleigh Road</a> will comprise just 49 residences, ranging from half-floor apartments through to full-floor homes and a penthouse. The launch follows the strong sales performance of DVB's nearby Sea Glass development. More than half of the apartments at Sea Glass, on the other side of Broadbeach, have been snapped up, well ahead of its late 2027 completion

<img alt="DVB Projects to commence demolition on $320m Broadbeach luxury tower" data-entity-type="file" data-entity-uuid="2944b4be-c84e-4b54-8dc1-c712e76704c0" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/E02_Exterior_Street%20Level%20Entrance.jpg?VersionId=YoNig7pRdrE3HCue7sUj78LzJteeQf3H" />

The start of demolition at 137 Old Burleigh Road signals DVB Projects’ underlying confidence in the Gold Coast’s luxury beachside apartment sector.

“We see the Gold Coast as one of the most compelling lifestyle markets in Australia, particularly at the premium end where demand continues to deepen,” said Dean Brown, Managing Director of DVB.&nbsp;

“This project has been carefully designed to respond to that demand - delivering large-format residences with a level of quality, privacy and amenity that is still relatively rare in the apartment market on the beachside."

Brown says the site itself is "exceptional."

"Old Burleigh Road is one of the most tightly held beachfront strips, and opportunities to deliver a project of this scale and calibre in this location are extremely limited.”

<img alt="DVB Projects to commence demolition on $320m Broadbeach luxury tower" data-entity-type="file" data-entity-uuid="398f377a-c037-455e-9250-0c5e0d84c35b" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/I12_FF%20Balcony.jpg?VersionId=NwOiRWGMubR1c8wthuEfggklcja7al9." />

The project will comprise 40 half-floor residences of approximately 260 sqm, alongside eight full-floor residences spanning around 524 sqm.

A single penthouse will crown the building, featuring a private pool, barbecue area, indoor gym and dedicated entertaining spaces.

Residents will have access to a resort-style suite of amenities, including a 20-metre pool with daybeds, a gymnasium, hot and cold plunge pools, a sauna, and private residents’ lounge and dining facilities.

<img alt="DVB Projects to commence demolition on $320m Broadbeach luxury tower" data-entity-type="file" data-entity-uuid="d1642bb0-9a66-4427-a022-dfc0988c6287" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/A02_Pool%20to%20View.jpg?VersionId=c0IXPyn_Gp_Kn3XCwzMrqIVkAdCEwVXP" />

Sales agent Todd Matheson, of <a href="https://www.apartments.com.au/project-marketer/pezet-matheson">Pezet Matheson</a>, which is marketing both 137 Old Burleigh Road and Sea Glass, said 137 Old Burleigh Road would address a clear gap in the market for genuine luxury products.

“There are very few opportunities on the Gold Coast where buyers can secure a residence of this size and quality in a new building,” Matheson said.

“What we’re seeing is a growing cohort of downsizers and interstate buyers who still want space - they’re not willing to compromise on living area, entertaining or finishes.

“This project has been designed with that buyer in mind. It offers the scale of a home, combined with the convenience and security of apartment living, in one of the coast’s most desirable positions.”

<img alt="DVB Projects to commence demolition on $320m Broadbeach luxury tower" data-entity-type="file" data-entity-uuid="59aae0ca-5639-4320-8aca-d0bf60f48e43" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/E01_Exterior%20Hero.jpg?VersionId=DS8Zfy2WtgUEtdfe0TEUuf1W1GfcZq8S" />

Located on a 1,156 sqm site one block from the beachfront, the development will replace an ageing walk-up building and is expected to contribute to the ongoing transformation of the Old Burleigh Road strip into one of the Gold Coast’s most prestigious residential corridors.

With the development moving into the delivery phase, 137 Old Burleigh Road is slated to hit the market later this year.

[smartcode_project_cta:default project_id=145141]

DVB Projects to launch second Broadbeach apartment tower as demolition commences

A proposal to redevelop one of North Sydney's ageing commercial buildings has taken another step forward, with plans for a 38-storey mixed-use tower adding momentum to the long-awaited transformation of the Alfred Street precinct.

Now on public exhibition through the NSW Government's Housing Delivery Authority-led State Significant Development pathway, the proposal for 271-273 Alfred Street would replace an underutilised commercial building with 95 apartments, ground-floor retail, commercial space and affordable housing. The proposal was submitted by&nbsp;Tara Shore Pty Ltd, acting for the John Taylor Family Trust.

While the project will deliver much-needed housing on the southern edge of the North Sydney CBD, it also represents another piece of a broader precinct that has spent years in planning limbo.

<img alt="First look: New public domain vision underpins 95-apartment North Sydney tower on Alfred Street" data-entity-type="file" data-entity-uuid="7e1ce1b4-38df-48ab-992f-386814d86308" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Alfred%20St%20da%20podium.png?VersionId=sC_h6w.A9VEoB98qsqowPlIoz__sBZBt" />

Despite its proximity to both North Sydney Station and the Victoria Cross Metro, redevelopment of Alfred Street has progressed slowly over the past decade as broader planning controls, zoning and building heights remained unresolved. The introduction of the Housing Delivery Authority pathway has provided a new avenue for projects to progress, allowing rezoning and development assessment to occur concurrently and unlocking sites that have long been earmarked for renewal.

Designed by Office of Cortese &amp; Gilder, the proposal seeks to do more than replace an ageing office building. The architects have positioned the project as the first stage of a wider public domain vision that would improve pedestrian connectivity and create a more cohesive mixed-use precinct as neighbouring sites are redeveloped over time.

The proposal includes a widened Alfred Street setback, new street trees, landscaping and outdoor seating, along with a landscaped through-site pedestrian link connecting Alfred Street with Little Alfred Street. The connection is intended to become the first section of a future east-west pedestrian network extending across the precinct.

<img alt="First look: New public domain vision underpins 95-apartment North Sydney tower on Alfred Street" data-entity-type="file" data-entity-uuid="8ea39ac3-46ad-4562-b4a0-b862e91c2dda" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Alfred%20St%20da%20site.png?VersionId=K7umCd21KpetEFuVfsPlnJKhUOsmTTdV" />

The mixed-use tower would comprise retail space at ground level, commercial uses on level two and apartments from level three upwards.

In total, the development would deliver 95 apartments, including nine one-bedroom, 28 two-bedroom, 56 three-bedroom and two four-bedroom residences. Twenty-one apartments, representing 15 per cent of the residential gross floor area, would be secured as affordable housing and managed by a registered community housing provider for at least 15 years.

Nine basement levels would provide 133 resident car spaces, seven motorcycle spaces and 111 bicycle spaces.

According to the Architecture and Urban Design Report, the public domain strategy is designed to transform what is currently an inward-facing commercial edge into a more active and connected pedestrian environment, creating a stronger relationship between the commercial core and surrounding residential neighbourhoods.

Office of Cortese &amp; Gilder has also prepared a broader public domain framework spanning neighbouring properties between 263 and 283 Alfred Street, arguing that a coordinated approach to redevelopment will deliver better public spaces, improved tower separation and a more connected streetscape as the precinct evolves.

The proposal comes at a time where North Sydney is slated for future residential growth. Commercial developer FiveX has residential plans for the neighbouring site at 275 Alfred Street. They've proposed a 39-storey mixed-use tower with 184 apartments, while Freecity was recently approved for nearly 300 apartments across a 51-storey building on Walker Street.

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/first-look-freecity-gets-green-light-for-mixed-use-apartment-and-hotel-tower-in-north-sydney">First look: Freecity gets green light for mixed-use apartment and hotel tower in North Sydney</a>

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/first-look-fivex-plans-39-storey-residential-tower-in-booming-north-sydney">First look: Fivex plans 39-storey residential tower in booming North Sydney</a>

&nbsp;

Alfred Street the latest North Sydney pocket to be transformed by residential development

Buyers considering a residence at boutique Gordon townhouse development <a href="https://www.apartments.com.au/new-townhouses/lume-gordon-43-47-dumaresq-street-gordon-nsw-2072">Lume</a>&nbsp;now have another reason to bring forward their decision.

For a limited time, purchasers of a residence at Lume will receive a BMW iX3 50 electric SUV, valued at more than $120,000, as part of their purchase. The offer is designed to add value for buyers while complementing the lifestyle envisioned for the architecturally designed Upper North Shore development.

Scott Timmins, Development Manager at <a href="https://www.apartments.com.au/developers/winim">WINIM</a>, said the partnership was created to provide buyers with a compelling reason to act.

"In today's market, buyers need a compelling reason to act now, and the BMW partnership was designed to create that catalyst. We wanted to add genuine value for our future purchasers. Choosing the all-electric BMW iX3 50 also reflects the values behind LUME, forward-thinking design, innovation and a more sustainable way of living. It's a premium incentive that complements the lifestyle our buyers aspire to and rewards those who commit early."

[smartcode_project:default project_id=7354 project_image_fid=374893]

Delivered by WINIM in partnership with Burtonwood Investment Partners, Lume comprises 14 architecturally designed two, three and four-bedroom townhomes created for families seeking the space of a freestanding house with the ease of modern, low-maintenance living.

The three-storey residences, designed by award-winning architecture practice <a href="https://www.apartments.com.au/architects/rothelowman">Rothelowman</a>, have been tailored for families and multi-generational living, featuring private internal lifts, flexible lower-level spaces, generous open-plan living and entertaining areas, media rooms, and landscaped outdoor spaces with custom outdoor kitchens.&nbsp;

Inside, engineered oak flooring, bespoke dining joinery with integrated wine fridges and backlit bars, sculptural porcelain bathrooms, Parisi freestanding baths and Astra Walker tapware create interiors that balance functionality with refined finishes.

Each townhome has been designed to combine generous internal spaces with sustainability initiatives such as EV charging infrastructure, while <a href="https://www.apartments.com.au/landscape-architect/arcadia-landscape-architecture">Arcadia</a>'s landscaped communal areas, centred around a restored creek line and native planting, encourage residents to connect with nature and spend more time outdoors.

[smartcode_project:default project_id=7354 project_image_fid=269527]

Rothelowman's Gary Tsui said the architecture was conceived to respond carefully to its Upper North Shore setting.

"Our vision was to create elegant, uplifting homes that draw on and positively contribute to the local character through meticulously considered design and an interaction with the surroundings."

The communal landscape has been designed as more than an open space between homes. Arcadia's Ben Newell and Kate Phillips said the adjoining reserve provided an opportunity to create a distinctive natural retreat for residents.

"Just as waterways carve their way through Ku-ring-gai's landscape, a raised boardwalk weaves through the reserve, connecting the homes to this tranquil oasis."

[smartcode_project:default project_id=7354 project_image_fid=374892]

Located just 300 metres from <a href="https://www.apartments.com.au/developments/gordon-nsw-2072">Gordon</a> Village and Gordon railway station, Lume offers convenient access to Sydney's CBD while placing residents close to some of the North Shore's leading schools, including Ravenswood, Pymble Ladies' College and Knox Grammar. Lane Cove National Park, Gordon Golf Club and a range of cafés and restaurants further reinforce the family-focused lifestyle on offer, with the BMW iX3 50 complementing everything from local trips around Gordon to weekend drives and city commutes.

Construction is underway with completion expected in mid-2027.

[smartcode_project_cta:default project_id=7354]

Boutique Gordon townhomes now come with a BMW iX3 50

Two apartments have sold for more than $10 million at EADE Byron Bay, setting some of the highest apartment prices ever achieved in the coastal town and underlining the growing appetite for luxury beachfront apartments in Australia's most popular coastal locations.

The $210 million project by Vitale Property Group has now secured more than $70 million in sales, led by residences that changed hands for $12.75 million and $11.75 million.

The record-breaking transactions reinforce the shift occurring in Byron Bay's premium property market, where affluent downsizers and lifestyle buyers are increasingly opting for high-end apartments over large beachfront homes.

<a href="https://www.apartments.com.au/new-apartments/eade-byron-bay-29-shirley-street-byron-bay-nsw-2481">EADE Byron Bay</a> occupies a rare 6,000 sqm absolute beachfront site on the corner of Shirley and Milton Streets overlooking Main Beach and The Wreck surf break, just 350 metres from Byron Bay's town centre.

The 25-residence development is the first beachfront apartment project approved in Byron Bay in more than a decade and is currently under construction, with completion expected in May 2027.

[smartcode_project:default project_id=145590 project_image_fid=359521]

The project has attracted a mix of local Byron Shire residents downsizing from larger homes, alongside interstate buyers from Sydney, Melbourne and Brisbane seeking a permanent coastal lifestyle without compromising on space.

Designed by <a href="https://www.apartments.com.au/architects/hayball">Hayball</a> and with interiors by <a href="https://www.apartments.com.au/interior-designers/alexander-co">Alexander &amp; Co</a>, EADE comprises&nbsp;10 garden apartments ranging from 284 sqm to 622 sqm, nine with private pools, five full-floor apartments and 10 rooftop residences with private plunge pools, expansive outdoor entertaining areas and uninterrupted ocean views.

[smartcode_project:default project_id=145590 project_image_fid=359527]

<a href="https://www.apartments.com.au/developers/vitale-property-group">Vitale Property Group</a> Managing Partner Chris Vitale said the project's combination of scale, location and limited future supply was driving buyer demand.

"There isn't another beachfront holding in Byron Bay of this size and position that could be developed again," Vitale said.

"Buyers are responding to the scarcity and the irreplaceability of a site of this calibre and to floorplans they can't find elsewhere in the market.

"We are seeing buyers place significant value on quality, space, design, resort-style amenities and the rarity of the location. The sales achieved to date demonstrate that discerning purchasers recognise the long-term significance of what is being created at EADE Byron Bay.

"Many are coming from larger homes in the Byron region, or from Sydney, Melbourne and Brisbane, and are after the space, security and convenience, without the upkeep of a house."

&nbsp;

[smartcode_project:default project_id=145590 project_image_fid=359523]

The Byron Bay project follows Vitale Property Group's delivery of the Mondrian Hotel and Private Residences at Burleigh Heads, with EADE continuing the developer's focus on luxury coastal developments.

Residents will have access to a resort-style swimming pool, gymnasium, sauna, cold plunge pool, concierge services and dedicated workspaces, while the project is targeting an 8-Star Green Star rating.

EADE Byron Bay is being exclusively marketed by Projx Australia in conjunction with WHITEFOX Projects.

WHITEFOX National Projects Director Phillip Rand said demand had been driven predominantly by owner-occupiers.

"We are seeing buyers at EADE place significant value on quality, space, design, resort-style amenities and the rarity of this location," Rand says.

"The sales achieved to date demonstrate that purchasers at this level recognise the long-term significance of what is being created at EADE Byron Bay."

Residences at EADE Byron Bay are currently priced between $4.75 million and $15.95 million.

&nbsp;

&nbsp;

&nbsp;

&nbsp;

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[smartcode_project_cta:default project_id=145590]

Vitale breaks Byron Bay records with EADE sales flurry 

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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Approvals for the construction of new homes in Victoria in January fell 25% year-on-year, according to new ABS figures.
On a seasonally adjusted basis there were just 2,348 approvals in Victoria in January 2012, compared with 3,138 in January 2011.
There were also small falls in private sector house approvals in New South Wales and WA.
Queensland was the strongest state for private sector house approvals, recording a 31% increase month-on-month.
Nationally, building approvals for both houses and units – a forward indicator of demand for new housing – continued to trend downward despite a big jump in NSW apartment approvals and a small improvement in January.
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In the month of January 2012 total seasonally adjusted building approvals increased by 0.9% to 11,729, with approvals for new house construction remaining flat at 0.1%  (7,508 houses) and approvals for units and other non-detached housing rising 1.5% (4,024 units).
Total seasonally adjusted building approvals increased by 7% in South Australia in January 2012, and in trend terms approvals rose by 2.6% in the Northern Territory.
In January this year total seasonally adjusted building approvals fell by 2.7% in Victoria, 22.1% in Queensland, 0.3% in Western Australia and 2.9% in Tasmania.
The trend number of building approvals fell by 13.9% in the Australian Capital Territory.
Despite the monthly improvement, overall approvals are down a cumulative 14.6% on figures a year ago with detached house approvals down 7.4% for the year and the more volatile apartments market down 23.3%.
The bright spot in the figures was NSW, with approvals rising 37.6% over the month led by a massive 90% jump in approvals in the more volatile apartments market.
Excluding NSW, HIA economist Harley Dale says approvals fell by nearly 9% in January.
“Housing has a large reach into the wider domestic economy in terms of both output and employment and urgent attention is required to turn the new residential building sector around,” he says.
“The profile for building approvals in late 2011/early 2012 continues to imply a level of housing starts comparable to the very weak levels endured around the GFC. It’s hard to call that a bright update for the domestic economy,” says Dale.
“Australia’s interest rate settings are too high and there needs to be immediate government focus on policy reform to boost flagging levels of new housing supply.”
CBA economist James McIntyre says the January building approval figures add to the “do-nothing” case for the RBA.
“It is too early to see the impacts from last year’s cuts.  They are yet to filter through.  At the same time, the data does not show any material weakening, which would be required to get the RBA to move off the sidelines,” he says.
“Our current expectation is that the RBA will cut rates once more in the second quarter of 2012.”
 
 
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lschlesinger-FZcF9M3vE6

Building approvals down in January, led by 25% fall in Victoria: HIA 

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po-LsXgBTHBmX

National house price fluctuations since 1997: RP Data-Rismark

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Canberra only capital with house price gains in year to February 2012: RP Data-Rismark

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The new RP Data-Rismark Daily Home Value Index will be the first set of indices to provide “real-time daily home value indices”, says RP Data CEO Graham Mirabito.
The first edition of the daily index (March 1) is out today and shows gains for Sydney, Melbourne and Brisbane:
<img src="/images/stories/rpindexmarch11.jpg">
Launched in conjunction with the Australian Securities Exchange (ASX) as future tradeable index, it is also offers investors and buyers the world's first home value indices that track asset-class stock.
“For the past three years RP Data and Rismark have had a major research and development project underway to produce accurate daily housing market value indices,” Mirabito says.
“Our new 'hedonic imputation' methodology is an improvement on the previous flagship 'adjacent period hedonic' measurement and has been designed to be a tradable index.”
Mirabito says the primary benefits of the improved index methodology are:
<ul>
<li>Timely updated daily just one day in arrears </li>
<li>Not compositionally biased by different buyer segments that are active or inactive </li>
<li>All dwellings are included in the measurement not just those that have transacted </li>
<li>Non revisionary providing greater certainty about actual market conditions </li>
<li>Independently audited by both EWS (headed by Dr Alex Frino who also heads Capital Markets CRC and is a professor of finance at the University of Sydney) and KPMG (process) </li>
<li>Designed to be tradable tracks a true portfolio of properties. </li>
</ul>
The daily updates of the index values will be featured on both the RP Data website as well as at the <a href="https://www.asx.com.au/propertyindices" target="_blank">Australian Securities Exchange</a>.
Brian Goodman, ASX’s product development manager, said in a statement the index would give an important window into the residential market, which makes up a big portion of the average household’s assets.
He also said it would help the ASX develop exchange-traded products, which would allow investors to replicate the return and broad performance characteristics of the Australian residential property market.
“The RP Data-Rismark Daily Home Value indices overcome a number of the shortfalls present in existing property indices and in so doing support ASX’s longer term product development objectives,” Goodman said.
“To develop the daily indices there has been significant investments in new data collection which we have leveraged specifically for our property and finance industry customers. Following the indices launch we will be providing new data and analytics on a weekly basis for property and mortgage market activity that will deliver near real time business intelligence at the local level,” Mirabito says.
The index will not be tradeable until it has passed regulatory hurdles. 
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Forget the landlord-tenant gripes: Stand by for a tradeable property ASX futures index

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RP Data-Rismark now offers a daily hedonic index tracking housing prices in Australia's five major capitals.
<a href="https://www.propertyobserver.com.au/data-map" target="_self">Click here for median house and unit price information in your suburb</a>.
<img src="https://www.urban.com.au/images/stories/2014/03/07/rp-data-march-7.gif" alt="rp-data-march-7" width="470" height="375">
Get an automatic valuation of your property within five minutes: <a class="myrpdata_logo" href="https://www.myrpdata.com/" target="_blank"><img src="https://www.urban.com.au/images/myrpdata.png" alt="My RP Data"></a>
Get detailed reports on individual properties, specific streets or a postcode: <a class="myrpdata_logo" href="https://www.myrpdata.com/" target="_blank"><img src="https://www.urban.com.au/images/myrpdata.png" alt="My RP Data"></a>
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RP Data-Rismark March 7 daily index

<html><body>
Median house prices: February 29, 2012
 
<table cellpadding="0" cellspacing="0" border="1" style="width: 470px;"><tbody>
<tr>
<td valign="top" width="307">
Sydney
</td>
<td valign="top" width="307">
$516,000
</td>
</tr>
<tr>
<td valign="top" width="307">
Melbourne
</td>
<td valign="top" width="307">
$500,000
</td>
</tr>
<tr>
<td valign="top" width="307">
Brisbane and Gold Coast
</td>
<td valign="top" width="307">
$435,000
</td>
</tr>
<tr>
<td valign="top" width="307">
Adelaide
</td>
<td valign="top" width="307">
$390,000
</td>
</tr>
<tr>
<td valign="top" width="307">
Perth
</td>
<td valign="top" width="307">
$460,000
</td>
</tr>
<tr>
<td valign="top" width="307">
Australia 5 capital cities
</td>
<td valign="top" width="307">
$450,000
</td>
</tr>
<tr>
<td valign="top" width="307">
Hobart
</td>
<td valign="top" width="307">
$340,000
</td>
</tr>
<tr>
<td valign="top" width="307">
Darwin 
</td>
<td valign="top" width="307">
$487,500
</td>
</tr>
<tr>
<td valign="top" width="307">
Canberra
</td>
<td valign="top" width="307">
$555,000
</td>
</tr>
<tr>
<td valign="top" width="307">
Brisbane
</td>
<td valign="top" width="307">
$430,000
</td>
</tr>
<tr>
<td valign="top" width="307">
Australia 8 capital cities
</td>
<td valign="top" width="307">
$455,000
</td>
</tr>
</tbody></table>
Source: RP Data
 
Median unit prices: February 29, 2012
 
<table cellpadding="0" cellspacing="0" border="1" style="width: 470px;"><tbody>
<tr>
<td valign="top" width="307">
Sydney
</td>
<td valign="top" width="307">
$435,000
</td>
</tr>
<tr>
<td valign="top" width="307">
Melbourne
</td>
<td valign="top" width="307">
$416,000
</td>
</tr>
<tr>
<td valign="top" width="307">
Brisbane and Gold Coast
</td>
<td valign="top" width="307">
$355,000
</td>
</tr>
<tr>
<td valign="top" width="307">
Adelaide
</td>
<td valign="top" width="307">
$320,000
</td>
</tr>
<tr>
<td valign="top" width="307">
Perth
</td>
<td valign="top" width="307">
$390,000
</td>
</tr>
<tr>
<td valign="top" width="307">
Australia 5 capital cities
</td>
<td valign="top" width="307">
$390,000
</td>
</tr>
<tr>
<td valign="top" width="307">
Hobart
</td>
<td valign="top" width="307">
$260,000
</td>
</tr>
<tr>
<td valign="top" width="307">
Darwin 
</td>
<td valign="top" width="307">
$380,000
</td>
</tr>
<tr>
<td valign="top" width="307">
Canberra
</td>
<td valign="top" width="307">
$430,000
</td>
</tr>
<tr>
<td valign="top" width="307">
Brisbane
</td>
<td valign="top" width="307">
$360,000
</td>
</tr>
<tr>
<td valign="top" width="307">
Australia 8 capital cities
</td>
<td valign="top" width="307">
$395,000
</td>
</tr>
</tbody></table>
Source: RP Data
 
 
 
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Capital city house and unit prices: RP Data-Rismark

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Melbourne led a rebound in capital city dwelling prices in February, with the Victorian capital recording 1.8% growth for the month, according to the new RP Data-Rismark Daily Home Value Index.
On a rolling quarterly basis during the three months ending February 2012, Australian capital city home values fell 0.2%.
Based on the new daily index, this was the best quarterly reading since the three-month period ending March 2011.
RP Data head of research Tim Lawless says the results in February suggest the decline in house prices has been easing  though he does not believe the November and December rate cuts were enough to drive back growth into the housing market.
"The November and December RBA cash rate cut shave improved affordability but have not yet fed into higher home values, which is no surprise. A return to housing market stability is likely the outcome the RBA was hoping for,” he says.
According to Lawless, the amount of housing for sale had fallen 20% since November, but is still 20% higher than the same time last year, which was already relatively high.
“It points to soft conditions but not quite as bad as the market was seeing over the last quarter of 2011."
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<a title="Click to enlarge" rel="shadowbox" href="/images/stories/rpmarch1.gif"><img src="/images/stories/rpmarch1thumb.gif"></a>
Looking at the division between houses and units, Melbourne house prices were up 2% over the month – the strongest gain across the five major capital city markets – while units gained a more modest 0.3%.
According to the new daily index, Melbourne house prices received a boost on the last day of February, rising 0.67%, with gains also recorded in Brisbane and the Gold Coast (up 0.32%) and Sydney (up 0.25%).
The new daily index launched in conjunction with the ASX allows property investors and buyers to track (and eventually trade) the daily changes in capital city house and unit prices.
It replaces the current monthly RP Data-Rismark Home Value index.
Overall the capital city dwelling values increased 0.8% in February 2012, leaving the market relatively flat (-0.2%) during the first two months of the year.
Sydney matched the capital city increase, with dwelling prices rising 0.8%, while Brisbane values were flat (0.1%).
Perth dwelling prices continued to fall, dropping by 1.8%. This was a steeper fall than 1.6% decline recorded in January.
“The strong February results, accented by capital gains in Melbourne and Sydney of 1.8% and 0.8%, respectively, likely reflect the impact of the November and December rate cuts,” says Rismark’s Ben Skilbeck, also the architect of the new daily index.
“Even before the RBA reduced rates, housing finance flows were staging a rebound with the ABS reported seasonally adjusted number of new home loans approved for people buying established dwellings rising for nine consecutive months,” he says.
Of the smaller markets, Darwin was the most impressive, with dwelling prices up 5% during February and Darwin house prices up 6.2%
Hobart had the strongest units market, with gains of 3.4% during the month.
Over the past three months to February Darwin was the strongest-performing capital city market, with dwelling values up 4.1% and is also offering the highest house rental yields of 5.8%.
RP Data’s Tim Lawless says some of the weaker markets over the past few years are now starting to show promise: 
“The Perth housing market is a good example of a city that has been one of the softest locations since 2008. This market appears to be staging a turn-around with dwelling values now 2% higher compared with the October 2011 trough.” 
“Perth dwellings values have corrected by 10.1% since their peak back in April 2010, which has provided a significant affordability dividend. We are also seeing Perth housing demand being driven by strong population growth underpinned by the resources investment boom. Despite a weak monthly result for February, Perth dwelling values were up 0.8% over the last three months,” he says.
Canberra has the strongest unit yields, with a gross indicative yield of 5.8%.
Melbourne offers investors the lowest gross rental yields of 3.5% for houses and 4.3% for units.
RP Data says the next daily index will provide the most up-to-date and sophisticated measure of value movements across the Australian housing market.
The index provides daily capital growth measurements across three broad housing types: houses, units’ and a “combined dwellings” index that includes both houses and units. The index results are released daily for Sydney, Melbourne, Brisbane (including Gold Coast), Adelaide, Perth and the combined capitals, which is a composite of these cities.
<img style="border-style: initial; border-color: initial;" src="/images/stories/rpindexmarch11.jpg">
It is the first commercially available residential index to track daily value movements across the market portfolio of all dwellings.
“The daily index is the result of three years extensive research and development. It is specifically designed for trading purposes and tracks the value of an investment in a self-financing market portfolio (all dwellings),” Skilbeck explains.
“That is, the index removes bias associated with capital injections such as those arising because of renovations, alterations and additions so as to examine true changes in market value.”
Along with the launch of today’s daily index, RP Data <a href="https://www.rpdata.com/research/back_series" target="_blank">has provided a backdated series for the past year showing the granular changes</a>. 
The benefits of the new index will include timeliness – updated daily to reflect the latest available property market information; granularity – “intra-month” index movement insights available for the first time; and low volatility – measured annual volatility remains comparable, between the monthly adjacent period hedonic and will cover the overall market. All dwellings are included in the measurement, not just those that have transacted.
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Melbourne leads slight rebound in capital city house prices in February: RP Data-Rismark daily index

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After several years of research and development, Rismark and RP Data, in conjunction with the Australian Stock Exchange (ASX), have announced this morning two global firsts in the closely followed housing space:
(1) the launch of the world’s first genuine “daily” house price index suite, which will cover all the major cities and the national market and will be quoted by the ASX as a precursor to the development of exchange-traded products, such as house price index-linked “futures”; and
(2) the launch of house price indices that track the change in the value of the overall asset class (known as the “stock”) rather than simply being limited to the 5% to 6% of all homes that transact each year (called the “flow”).
Based on their new daily hedonic home value index, RP Data-Rismark report that dwelling values across Australia’s eight capital cities rose 0.8% in the month of February, although due to a slump in the seasonally slow month of January year-to-date dwelling values are still soft-to-sideways (-0.2%).
Encouragingly, in the month of February, dwelling values rose 0.8% in Sydney, 1.8% in Melbourne, 1% in Adelaide, 2.2% in Hobart, 5% in Darwin, and 1.9% in Canberra. The only cities to record falls in home values in February were Brisbane (-0.1%) and Perth (-1.8%).
These ASX-quoted daily house price index products should improve the accuracy and timeliness of the information available on Australia’s largest investment class, residential housing, which is valued at $4 trillion in total. They will also offer us the first historical insights into what happens to house prices on an “intra-month” basis.
In the ASX’s release today, Rismark’s Ben Skilbeck said, “RP Data-Rismark’s daily index is specifically designed for ‘trading’ purposes and tracks the value of an investment in a self-financing portfolio of dwellings. The index removes biases from renovations, alterations and additions so as to examine true changes in market value. The daily indices also address the compositional biases that plague ‘median’ and ‘repeat-sales’ techniques.”
Analysts in this area will recall that most house price indices currently report on a quarterly frequency. Rismark and RP Data broke ground by publishing a low-volatility monthly “hedonic” house price index back in 2006, which has been embraced as the leading benchmark by the RBA and bank economists.
Bill Evans, chief economist of Westpac, commented, “RP Data-Rismark are the RBA’s ‘preferred data analysts’ for house prices,” while CBA’s Craig James said, “RP Data-Rismark’s index has emerged as Australia’s authoritative source on home price trends”.
But the notion of accurately tracking daily movements in Australia’s most talked-about asset class is a potential game changer. As the first chart below shows, the new daily index moves in a generally similar fashion to the old monthly version when calculated over the long run (in this case since 1995).
Click to enlarge
<a href="/images/stories/march11.gif" rel="shadowbox" title="Click to enlarge"><img src="/images/stories/march11thumb.gif"></a>
However, on an “intra-month” basis the daily index opens up fluctuations in house prices that frankly nobody has ever been exposed to before. This is highlighted by the second chart below, which compares the daily index with its monthly predecessor, but this time sampling daily and monthly, respectively. Observe how the monthly index looks like a smoothed version of the daily.
Click to enlarge
<a href="/images/stories/march12.gif" rel="shadowbox" title="Click to enlarge"><img src="/images/stories/march12thumb.gif"></a>
Throughout history researchers have been restricted to “low-frequency” house price proxies that look like the red line in the above chart. Around the world, house prices are typically reported with a one-month to four-month lag. Even in Australia, RP Data-Rismark’s old benchmark was reported with a one-month lag while the ABS publishes on a quarterly basis one month after the end of the quarter.
Going forward, we will get daily updates on movements in Australian home values. Will this open us up to the wild swings associated with the share market? The short answer is: no.
In the final chart I’ve compared daily changes in the S&amp;P/ASX 200 share market index with RP Data-Rismark’s new benchmark. This puts into striking perspective questions about the volatility of the new daily measure, which, as you can see, is substantially less variable than its listed equity equivalent.
Click to enlarge
<a href="/images/stories/march13.gif" rel="shadowbox" title="Click to enlarge"><img src="/images/stories/march13thumb.gif"></a>
The differences in the chart above accord with what we understand about housing as an asset class more broadly: once you diversify at the national “index” level, volatility is very low and a fraction of the riskiness of equities. Of course, it’s not very easy to invest in a house price index. That is precisely why the ASX has got involved.
ASX product development manager Brian Goodman said today that the exchange is investigating “the creation of exchange-traded products with the objective of allowing investors to replicate the performance characteristics of Australian residential property. The ability to obtain and optimise residential property exposures with an exchange-traded product will enable investors to efficiently manage exposure to this asset class.”
“The RP Data-Rismark indices overcome a number of shortfalls present in existing indices and in so doing support ASX’s longer term product development objectives” Goodman said.
One obvious question is: how did they do it? The technology underlying the new daily index is sophisticated, and, if you are really interested, you can read three different papers on it <a href="https://www.rpdata.com/research/rp_data_rismark_home_value_index_methodology">here</a>.
The daily index leverages off the fact that in Australia all homes sales are collected and reported by valuer-general’s offices – i.e., we don't have “small sample” biases like the US or UK – and RP Data’s enormous financial investment in extra data-gathering.
The simplest explanation as to how the index works is this. First, RP Data has very detailed information on 99% of all Australian homes, including the exact address, land size, property type, historical sales prices paid for the property, its distance to the local GPO, listing information for the home and like dwellings in the area, its number of bedrooms, bathrooms, and car spaces, and whether the property has things like a pool or a tennis court. In addition to this information, RP Data captures, on average, about 1,400 new home sales every day.
For the purposes of the daily index, RP Data and Rismark have taken a portfolio of around 5 million capital city homes across Australia, and all of the specific attribute information that pertains to them, and used the flow of incoming sales data to re-price the portfolio.
This is similar to the way most financial market indices work. Consider the ASX’s All Ordinaries Accumulation Index. This includes every company listed on the ASX. Each company has a weighted contribution to the index. As new sales data is received, the company’s price is updated, and the index changes accordingly.
RP Data’s Tim Lawless adds, “The daily index production is reliant on timely updates from RP Data’s core database of more than 170 million property records. It has been independently audited and is calculated every day on RP Data’s secure servers.”
Researchers will want to ask obvious questions, like: how do the returns differ over time between the two methods; is the new index more volatile than the daily index; and why don't you seasonally adjust the ASX indices?
Analysis of the new and old indices shows that both their monthly volatility and average annual returns are very similar (e.g., over the last few years, monthly volatility for the daily index has been 0.84% while the old index’s volatility was 0.83%).
This is important. As the first chart above shows, the daily index does not tell us anything especially new about the low-frequency direction of Australian home values over the last 15 years.
It will, however, give us important new insights into weekly, fortnightly and monthly changes in national home values on a daily, rather than a one-month-lagged, basis.
On the question of seasonal adjustment, RP Data and Rismark are currently undertaking a detailed review of the methods they use for controlling for seasonality in house price movements. Upon completion of the review, they will commence publishing a seasonally-adjusted ‘analytical series’, much like the ABS does with its inflation data.
However, as is the case with financial contracts traded on inflation (or any other asset for that matter), the “tradeable” index will track actual or “true” changes in home values, rather than a statistically smoothed series.
Christopher Joye is a leading financial economist who serves as a director of Yellow Brick Road Funds Management and Rismark International. Christopher was actively involved in the development of the <a href="https://www.rpdata.com/research/daily_indices">daily indices</a> during his time as an executive of Rismark.
 
 
 
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chrisjoye-JYhJsTrNRC

New daily index shows Aussie home values rose 0.8% in February: Christopher Joye

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Residential construction activity fell 1.8% in the final quarter of 2011 to be 6% lower than a year ago, according to the latest data from the ABS. 
Overall construction work done fell by 4.6% in the December quarter after surging 11.7% in the September quarter. 
This was mainly the result of a 24.4% decline – expected to be temporary – in construction work done in WA. Construction in WA rose by 45% in the previous quarter. 
“We are not of the view that WA’s engineering construction boom is over. Recent project announcements for the expansion of iron ore projects are but one example pointing to the opposite,” says CBA economist James McIntyre. 
Commercial building work done fell by 7% in the December quarter while engineering work done fell by 5%. 
The drop in overall construction activity will drag on economic growth, with the Commonwealth Bank trimming its GDP forecast slightly as result of the latest figures. 
The CBA had forecast annual GDP growth of 3.25% for 2012. 
“Construction work done provides a guide to the likely contribution to GDP from residential and non-residential (commercial and engineering) construction activity,” says McIntyre.
Click to enlarge
<a title="Click to enlarge" rel="shadowbox" href="/images/stories/cbafeb29.gif"><img src="/images/stories/cbafeb29thumb.gif"></a>
Master Builders Australia (MBA) chief economist Peter Jones says the fall in building and construction work done in the December quarter is consistent with reports of poor industry conditions.
“With major parts of the industry caught in the slow lane of the two speed economy, the RBA needs to cut rates further,” says Jones.
“[December] figures confirm evidence from Master Builders’ latest survey showing builders expect industry activity to fall as trading conditions and profitability weaken.
“The ABS release shows that building work yet to be done and in the ‘pipeline’ suffered a sharp decline in the December quarter, in line with Master Builders’ information that builders are suffering a downturn in sales and enquiries.
“There is no indication that the negative growth trend firmly established in both the residential and commercial building sectors will turn around without further policy change,” says Jones.
 
 
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Residential construction down 1.8% in December quarter led by drop in WA activity: ABS

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The appeal of new residential property is growing among first-home buyers, investors and overseas buyers, according to NAB’s latest quarterly residential review. 
While owner occupiers remain the biggest category of new home buyers, their share of the market fell sharply in the final quarter of 2011 from 52% to 38%. 
A combination of lower rate and softer prices resulted in first-home buyers accounting for nearly a quarter (24%) of new home buyers in the December quarter, up from 17% in the September quarter. 
Investor numbers increased from 4% to 8% spurred on by lower rates and softer prices as well as stronger rental returns. 
Overseas buying activity doubled from 4% to 8% with NAB noted was consistent with some recent reports of strong foreign buying activity in the apartment market.
Click to enlarge
<a href="/images/stories/nabfeb291.gif" rel="shadowbox" title="Click to enlarge"><img src="/images/stories/nabfeb291thumb.gif"></a>
NAB expects these trends to stay broadly unchanged over the next 12 months.
Click to enlarge
<a href="/images/stories/nabfeb292.gif" rel="shadowbox" title="Click to enlarge"><img src="/images/stories/nabfeb292thumb.gif"></a>
According to the survey of 270 real estate industry particpants, demand for new residential property is expected to strengthen across all property types over the next 12 months, led by inner-city low-rise apartments and townhouses, where demand conditions are expected to be good. 
Demand for inner-city houses is also expected to strengthen, especially in NSW, with demand conditions approaching good. Demand is expected to remain weakest for high-rise apartments in the middle/outer ring, although somewhat stronger than in September, with demand for this type of property weakest in SA/NT, Victoria and WA.
 
Currently, the most popular new property types are inner-city low-rise apartments and townhouses, followed by inner-city detached housing, with demand strongest in NSW and Victoria.
Click to enlarge
<a href="/images/stories/nabfeb293.gif" rel="shadowbox" title="Click to enlarge"><img src="/images/stories/nabfeb293thumb.gif"></a>
There was a slight improvement in demand for new residential houses and low-rise apartments and townhouses in the middle and outer ring of major cities during the December quarter. 
In contrast, demand for all other types of new residential property weakened relative to the September survey.
 
 
 
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