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;

&nbsp;

[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

<html><body>
<table width="447" cellpadding="0" cellspacing="0" border="1"></table>
<table width="447" cellpadding="0" cellspacing="0" border="1"><tbody>
<tr>
<td valign="bottom" nowrap width="114">
Suburb
</td>
<td valign="bottom" width="85">
Postcode
</td>
<td valign="bottom" nowrap width="247">
Median sale price for houses
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="114">
CHARNWOOD
</td>
<td valign="bottom" width="85">
2615
</td>
<td valign="bottom" nowrap width="247">
$385,000
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="114">
NGUNNAWAL
</td>
<td valign="bottom" width="85">
2913
</td>
<td valign="bottom" nowrap width="247">
$425,000
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="114">
HIGGINS
</td>
<td valign="bottom" width="85">
2615
</td>
<td valign="bottom" nowrap width="247">
$427,000
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="114">
RICHARDSON
</td>
<td valign="bottom" width="85">
2905
</td>
<td valign="bottom" nowrap width="247">
$430,500
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="114">
MACGREGOR
</td>
<td valign="bottom" width="85">
2615
</td>
<td valign="bottom" nowrap width="247">
$431,250
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="114">
HOLT
</td>
<td valign="bottom" width="85">
2615
</td>
<td valign="bottom" nowrap width="247">
$439,990
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="114">
LATHAM
</td>
<td valign="bottom" width="85">
2615
</td>
<td valign="bottom" nowrap width="247">
$442,500
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="114">
SCULLIN
</td>
<td valign="bottom" width="85">
2614
</td>
<td valign="bottom" nowrap width="247">
$455,000
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="114">
CALWELL
</td>
<td valign="bottom" width="85">
2905
</td>
<td valign="bottom" nowrap width="247">
$458,000
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="114">
GILMORE
</td>
<td valign="bottom" width="85">
2905
</td>
<td valign="bottom" nowrap width="247">
$465,000
</td>
</tr>
</tbody></table>
 
Source: RP Data
 
 
 
</body></html>

cknowlton-QnEa6ntUYP

Top 10 cheapest suburbs in Canberra for houses: RP Data

<html><body>
What's the most important economic question in the world today?
 
While many of us are concerned about the collapse of the euro or whether the US will fall back into recession, closer to home a more important question could be: will the China property bubble burst?
Anyone watching China in the last few years must be wondering if it is another bubble in the making. We all know that Australia’s future prosperity is substantially reliant on the resources boom, and a large part of that will depend on China’s growth.
What has all this got to do with property?
Well, the health of our property markets is intimately intertwined with our general economic prosperity.
Of course it’s not just Australia that relies on China. China's growing strength is essential to recoveries both in the US and Europe, as the country contributed 19% of the world's economic growth in 2010, and that's expected to increase to 24% this year. 
The strains of the last three decades of growth are starting to show. 
There are now widespread reports of a property bubble in China, with stories of large cities full of new high-rise buildings that remain unoccupied. “Ghost cities” are signs of a property bubble in anyone’s language. 
And the Chinese factories that make things the world wants are having difficulty competing with other Asian countries that can now churn out goods more cheaply. 
In response the Chinese Communist Party has been attempting to put a damper on the debt-fueled real estate boom as part of a deliberate attempt to rejig the Chinese economy into one that relies more on a domestic service sector and less on manufacturing and exports.
What would a China slowdown mean to us?
It’s already started. China's economy grew 9.1% in the third quarter of the year, the slowest pace in two years.  
This has some analysts asking if the bubble will burst or if there will be a soft landing.
Economists disagree on the answer.
Only time will tell, but China's economy expanded 10.4% last year and growth is forecast to slow to 9.5% this year. 
But remember, this is six times the pace of the US and euro area, according to the International Monetary Fund. Expansion of 9% in 2012 will be eight times as fast as the group of 17 nations that share the European currency, it forecasts.
Let’s put it into perspective 
Here are some more numbers quoted earlier this year by as ANZ’s Paul Braddick as he explains what could happen in China between now and 2025
<ul>
<li>350 million more people will move to the cities – 103 million have moved to urban areas since 1990</li>
<li>221 Chinese cities will have 1 million-plus people living in them – the whole of Europe has 35 today</li>
<li>1 million kilometres of new road and 28,000 kilometres of metro rail will be laid</li>
<li>170 mass-transit systems will be built – twice the number that all of Europe has today</li>
<li>40 billion square metres of floor space will be built in 5 million buildings</li>
<li>50,000 skyscrapers (30 storeys or more) will be built – the equivalent of building two cities the size of Chicago every year</li>
<li>97 new airports will be built</li>
<li>One in seven planes assembled by Boeing and Airbus will be delivered to China</li>
<li>1,000 megawatts of coal-fired power capacity will be commissioned every week - equivalent to 4 million tonnes of new coal demand</li>
<li>One wind farm turbine will be built every hour and a half</li>
</ul>
Now if those numbers haven’t blown you away…
I found some of these numbers <a href="https://www.telegraph.co.uk/finance/china-business/8311283/Growing-out-of-control-China-by-numbers" target="_blank">in The Telegraph</a> interesting reading: 
<ul>
<li>1.3 billion – China’s population as at 2009</li>
<li>10.3% – China’s GDP growth in 2010</li>
<li>$US183.1 billion – China’s trade surplus in 2010, a decline of 6.4% compared with the previous year.</li>
<li>6.06% – China’s official one-year lending rate, up 25 basis points from 5.81%. China last raised interest rates on Christmas Day last year.</li>
<li>3% – China’s official deposit rate</li>
<li>4.6% – China’s rate of inflation in December 2010, down from a 28-month high of 5.1% the month before. Inflation for 2010 as a whole was 3.3%.</li>
<li>7.2% – Official food price inflation in 2010.</li>
<li>73 years – Life expectancy of someone born in China in 2008, up from 71.3 years in 2000 and 46.6 years in 1960.</li>
<li>4.1% – China's unemployment rate as at the end of December 2010.</li>
<li>42 million – The projected population of China's newly planned “mega-city”. If projections are correct, the city would be 26 times bigger than the greater London area and twice the size of the entire country of Wales.</li>
<li>94% – Literacy rate of people aged over 15 in China. This compares with 65.5% in 1982.</li>
<li>$36.4 billion – Amount of new loans the biggest state-controlled commercial lenders gave out in 2010, much of it for property development</li>
<li>70% – Increase in sales of land-use rights to developers in 2010</li>
<li>6.4% – Amount property prices rose in 2010</li>
<li>1 million – Number of people living in underground bunkers in Beijing</li>
<li>14.8% – Increase in retail sales in China during 2010</li>
<li>39 – Average age of Chinese millionaires, according to the Wall Street Journal
</li>
<li>8.4% – Average annual pay increase at multinational companies in China last year, according to a report by Hewitt Associates</li>
<li>1 million – Number of Chinese tourists who visited the US during 2010</li>
<li>500 billion yuan (£47.3 billion) – the amount of direct economic losses caused by extreme weather in China in 2010, according to the chief of the National Climate Centre</li>
</ul>
What’s ahead?
 The anticipation of a slowdown in the Chinese investment boom has fuelled a host of pessimistic projections about how China will crash and cripple the rest of the world.  
However Bill Mitchell, research professor in economics and director of the Centre of Full Employment and Equity (CofFEE) at the University of Newcastle, has a different view. 
He believes the Chinese government is totally on top of managing their economy, which sets it apart from the leaders in the advanced world. 
Mitchell says that China will not let a major economic crisis occur within their its borders, explaining that it has so much more scope to expand, although we will all rue the environment impacts of that expansion. 
Mitchell suggests their problems are going to political – taming an increasingly rowdy middle class. For the rest of us, China provides an economic example, according to Mitchell – when all other sources of expenditure fail, turn on public spending, do it quickly and don’t err on the conservative side.
We are in for some interesting economic times ahead. As always, savvy investors prepare for the worst and look forward to the best outcome.
Michael Yardney is the director of <a href="https://www.metropole.com.au/">Metropole Property Investment Strategists</a> , a best-selling author and one of Australia's leading experts in wealth creation through property. He also writes the <a href="https://www.propertyupdate.com.au/">Property Investment Update</a> blog.
 
 
 
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myardney-DFoGhGbSJX

China's economy slowing, but whether the bubble will burst remains to be seen

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Sydney has maintained its position as the city with the third most expensive retail rent while Melbourne has slipped one spot to number eight and Brisbane remains at number nine, according to CBRE.
Melbourne’s slight decline was despite it being globally the third-fastest-growing market, with rental growth in local currency at 32.3% growth for the year to September 30. It came in behind Hong Kong at 52.8% and Beijing at 40%.
“Melbourne started off at a low base and was further helped by many international tenants targeting this market, which has been cheaper and more easily obtainable than Sydney,” the CBRE report found.
“In Australia, global brands continue to open new stores, however many domestic retailers are consolidating as shoppers flock to the new foreign entrants in the market,” says CBRE global chief economist Ray Torto.
<img src="/images/stories/cbreglobalrents.gif">
Source: CBRE
Sydney’s commercial rent was €9,823 per square metre, Melbourne was €6,230 and Brisbane’s was €6,230 for the third quarter.
The list was topped by New York at €15,244 per square metre and Hong Kong at €13,601.
A limited amount of prime retail space available in Australia and competition from new market entrants pushed Australian cities up the list, according to CBRE regional director of retail services, Joshua Loudoun.
“Over the course of the next 12 months we would expect that the Australian markets would slip slightly down the rankings due to numerous challenges faced by domestic retailers, in particular the record levels of outbound tourism, together with increasing labour and utility costs that have placed further pressure on occupancy costs,” Loudoun says.
The impact of the Eurozone crisis on consumer confidence led to global commercial rents levelling off in quarter three, the report found.
Total global retail rents largely flat at -0.6% from quarter two to quarter three, with the Americas falling  2% and rents unchanged in the Asia Pacific and Europe, Middle East and Africa regions, the report found.
“This represents a significant slowdown from earlier in the year as retailers take a more cautious approach to expansion.”
Despite an uncertain economic outlook, retailers continue to expand their international store networks, the report found.
“The emerging markets, particularly Asia, provide attractive opportunities for growth, although prime locations in Europe’s biggest cities are also attracting a high level of occupier demand, as consumers increasingly target major destinations with the widest choice of retailers,” Torto says.
“Overall, however, retailers have been taking a more cautious approach to expansion, resulting in flat rental growth across the globe in the third quarter – a considerable slowdown from earlier in the year.”
 
 
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awalsh-7Ub9EypybQ

Sydney still number three for retail rents while Melbourne slips one spot: CBRE

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Many would-be vendors whose properties have been on the market for more than three years are still unwilling to offer deep discounts to entice buyers, notes SQM Research in its latest list of the properties that have been on the market the longest.
"With only one significant discount – number five on the list, which is 290 Viveash Road, Swan View, WA (a property which has also been a regular on our top 10 most discounted properties), the remainder of the homes in this top ten have not been excessively discounted – considering you would assume their vendors may be becoming increasingly eager to sell," notes SQM director Louis Christopher.
<a target="_blank" href="/news">Houses are currently taking an average of 56 days to sell</a>, according to RP Data.
SQM's list coincides with a recent report by PRDnationwide that shows that in the Queensland suburbs with the largest drop in residential sales over the six months to June this year, house prices did not fall much. In other words, <a target="_blank" href="https://www.propertyobserver.com.au/auctions/queensland-vendors-prefer-not-to-sell-at-all-rather-than-sell-at-a-deep-discount/2011112152454">vendors appeared intent on holding onto their properties </a>rather than selling in suburbs where prices were declining.
Christopher says that many of the properties' owners may be investors who have the luxury of time.
"Potentially some of these homes may be investment properties and if so, their owners may not need to vacate the property hastily or may not have committed elsewhere, so whether their home sells today, tomorrow or next year could potentially be of minor consequence," he says. 
However, he suggests that vendors may simply be unwilling to meet the market.
"Alternatively, there is always the possibility that these homes are cases which SQM Research has often referred to as 'stubborn Vendors' – owners who refuse to take any less than a certain amount of money for their property, regardless of the current market position because they are extremely reluctant to lose any money," Christopher says.
"The irony of this, of course, is that the longer their home is advertised the more likely they may have to discount it as house hunters are becoming increasingly cluey about market value and homes that have begun to go 'stale'.
"More often than not, when individuals see a home that has been advertised for an extensive period of time, they are either going to catch onto the fact that it may be overpriced or begin to think that there is something wrong with the property," he says.
<h2 style="font-size: 18px; line-height: 21px;">1</h2>
<a target="_blank" href="https://sqmresearch.com.au/homediscounts/redir.php?url=http%3A%2F%2Fwww.domain.com.au%2FPublic%2FPropertyDetails.aspx%3Fadid%3D2007103693">11 Ottiwell Street, Woorim, Queensland, 4507</a> (pictured)
On the market since: April 19, 2008
Initial asking price: $560,000
Current asking price: $499,000
Reduction: 11%
Days on market: 1,311
Last Sold For: $125,000 
Date of Last Sale: April 12, 2001
 
 
<h2 style="font-size: 18px; line-height: 21px;"></h2>
<h2 style="font-size: 18px; line-height: 21px;">2</h2>
<a href="https://sqmresearch.com.au/homediscounts/redir.php?url=http%3A%2F%2Fwww.domain.com.au%2FPublic%2FPropertyDetails.aspx%3Fadid%3D2007685342" target="_blank">5090 Tasman Highway, Buckland, Tasmania, 7190</a>
On the market since: May 18, 2008
Initial asking price: $250,000
Current asking price: $195,000
Reduction: 22%
Days on market: 1,283
Last Sold For: $68,500
Date of Last Sale: May 30, 2003
 
 
3
<a href="https://sqmresearch.com.au/homediscounts/redir.php?url=http%3A%2F%2Fwww.domain.com.au%2FPublic%2FPropertyDetails.aspx%3Fadid%3D2007854879" target="_blank">19 Wellington Street, Oatlands, Tasmania, 7120</a>
On the market since: May 22, 2008
Initial asking price: $260,000
Current asking price: $205,000
Reduction: 21%
Days on market: 1,279
Last Sold For: $145,000
Date of Last Sale: November 22, 2003
 
 
<h2 style="font-size: 18px; line-height: 21px;">4</h2>
<a href="https://sqmresearch.com.au/homediscounts/redir.php?url=http%3A%2F%2Fwww.domain.com.au%2FPublic%2FPropertyDetails.aspx%3Fadid%3D2007162731" target="_blank">1403 Magenta Drive, Magenta, NSW, 2261</a>
On the market since: May 22, 2008
Initial asking price: $600,000
Current asking price: $535,000
Reduction: 11%
Days on market: 1,276
 
<h2 style="font-size: 18px; line-height: 21px;">5</h2>
<a href="https://sqmresearch.com.au/homediscounts/redir.php?url=http%3A%2F%2Fwww.domain.com.au%2FPublic%2FPropertyDetails.aspx%3Fadid%3D2007193295" target="_blank">290 Viveash Road, Swan View, WA, 6056</a>
On the market since: June 5, 2008
Initial asking price: $2.29 million
Current asking price: $1.45 million
Reduction: 37%
Days on market: 1,264
 
<h2 style="font-size: 18px; line-height: 21px;">6</h2>
<a href="https://sqmresearch.com.au/homediscounts/redir.php?url=http%3A%2F%2Fwww.domain.com.au%2FPublic%2FPropertyDetails.aspx%3Fadid%3D2006717702" target="_blank">30 Charles Street, Triabunna, Tasmania, 7190</a>
On the market since: June 22, 2008
Initial asking price: $235,000
Current asking price: $195,000
Reduction: 17%
Days on market: 1,248
Last Sold For: $173,000
Date of Last Sale: November 15, 2005
 
 
<h2 style="font-size: 18px; line-height: 21px;">7</h2>
<a target="_blank" href="https://sqmresearch.com.au/homediscounts/redir.php?url=http%3A%2F%2Fwww.domain.com.au%2FPublic%2FPropertyDetails.aspx%3Fadid%3D2006781491">22 Beach Street, White Beach, Tasmania, 7184</a>
On the market since: July 1, 2008
Initial asking price: $250,000
Current asking price: $195,000
Reduction: 22%
Days on market: 1,239
 
<h2 style="font-size: 18px; line-height: 21px;">8</h2>
<a href="https://sqmresearch.com.au/homediscounts/redir.php?url=http%3A%2F%2Fwww.domain.com.au%2FPublic%2FPropertyDetails.aspx%3Fadid%3D2007358900" target="_blank">186 Beenak Road, Gembrook, Victoria, 3783</a>
On the market since: September 5, 2008
Initial asking price: $1.025 million
Current asking price: $850,000
Reduction: 17%
Days on market: 1,171
 
<h2 style="font-size: 18px; line-height: 21px;">9</h2>
<a href="https://sqmresearch.com.au/homediscounts/redir.php?url=http%3A%2F%2Fwww.domain.com.au%2FPublic%2FPropertyDetails.aspx%3Fadid%3D2008048160" target="_blank">90 Franklin Parade, Encounter Bay, SA, 5211</a>
On the market since: December 1, 2008
Initial asking price: $1.55 million
Current asking price: $1.39 million
Reduction: 10%
Days on market: 1,085
Last Sold For: $675,000
Date of Last Sale: August 23, 2005
 
 
<h2 style="font-size: 18px; line-height: 21px;">10</h2>
<a href="https://sqmresearch.com.au/homediscounts/redir.php?url=http%3A%2F%2Fwww.domain.com.au%2FPublic%2FPropertyDetails.aspx%3Fadid%3D2007601490" target="_blank">28 Julia Street, Swansea, Tasmania, 7190</a>
On the market since: February 2, 2009
Initial asking price: $240,000
Current asking price: $215,000
Reduction: 10%
Days on market: 1,019
 
<h2 style="font-size: 18px; line-height: 21px;"></h2>
SQM Research also offers a list of the <a href="https://www.sqmresearch.com.au/top100bargains.php" title="SQM Research" target="_blank">Top 100 Biggest Bargains in Australia </a>for sale.
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The longest 10: Three years on the market, and not budging much on price

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Growing concerns about the Eurozone and recently announced plans by the government to cut spending over the next four years are likely to cause the Reserve Bank to cut interest rates on December 6, according to some economists, borrowers and market commentators.
In today’s mid-year federal budget update, Federal Treasurer Wayne Swan announced $11.5 billion in new cost savings over four years and a lower growth forecast for the economy as part of plans to return the budget to surplus by 2012-13. Economists say the tightening of government purses and the reduced growth outlook is likely to encourage the RBA to cut rates when it meets next week.
Shane Oliver, chief economist at AMP Capital, says the government’s commitment to bringing the budget back to surplus by tightening its spending is likely dampen business and household spending.
At the same time he says Australian banks have been warning that their funding costs have been increasing as the situation in European – and associated global credit markets – has deteriorated.
“If this intensifies, then there is a risk that banks may actually increase their lending rates – both business rates and mortgage rates – independently of the RBA. Such a move would result in a tightening in monetary conditions at the worst possible time. The best way to prevent it from occurring in the short term would be for the RBA to reduce its cash rate,” he says. Oliver expects the RBA to cut rates in December, arguing that waiting until February 7 (there is no monetary policy meeting in January) would be too high a risk due to “the increase threat from the Eurozone debt crisis, rising bank funding costs and increasing fiscal drag following federal government belt tightening”, all of which is set against a “benign inflation backdrop”.
“A further 0.25% cut in the cash rate (taking it to 4.25%) at its December meeting is justified and further rate cuts are likely to be required next year,” he says.
"There's a 60% chance they will, but I think 100% they should. The risks are just too great," he told the Sunday Telegraph.
 Ahead of the budget update, Alan Kohler wrote in his most recent Eureka Report that it was his belief that “there will now definitely be another rate cut in December”.
“The RBA has no choice. If there was a case for a cut in November, there is even more of one in December,” Kohler says.
An online poll carried out by Loan Market, the mortgage broking arm of Ray White, found that 39% of respondents – the highest proportion – expect rates to be cut again at the RBA’s December meeting, with 26% expecting a cut in early 2012.
Loan Market chief operating officer Dean Rushton says the RBA’s Melbourne Cup decision to cut the cash rate from 4.75% to 4.5% provides some clear direction for consumers, but more relief is needed in the lead-up to Christmas.
“There is no doubt they will need to cut further to continue to shore up confidence in the current global environment,” says Rushton.
“A recent survey we ran showed that the issues occurring in Europe were top of mind for consumers when considering their financial position and these issues are not going away and more cuts are needed to stimulate sectors of our economy.”
Peter Strong, executive director of the Council of Small Business of Australia, has urged the RBA to cut interest rates for the sake of the economy and employment and says a rate cut will help a number of small business owners including real estate agents, tourist related business and the service sector as a whole.
“These sectors employ more people and add more to the economy than mines and banks put together and the RBA needs to get its head into reality and away from the over emphasised world of big business.”
 
 
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lschlesinger-FZcF9M3vE6

Europe worries and budget cuts intensify pressure for RBA to cut rates in December

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The sovereign debt crisis being experienced in Europe could soon be hitting the hip pockets of Australian mortgage holders. 
As eurozone finance ministers prepare to meet in Brussels tomorrow and Wednesday to try and find a path out of the current crisis, Australian economists and banking analysts are warning that the major banks may decide not to pass on the full extent of future interest rate cuts in order to maintain net profit margins on their lending and other financial products. 
Margins on home loans are expected to come under pressure due to an increase in the cost of re-financing wholesale funding lines as more jittery offshore institutional investors demand a greater return for their money (despite Australian mortgage-backed securities and other debt products rated among the safest in the world). 
The risk was made clear last week by Katie Dean, head of Australian economics at ANZ, who said a key transmission risk to Australia from European sovereign debt troubles was “a systemic shock to the supply and/or cost of global credit”. 
“This week, we saw a range of worrying developments that signal these transmission risks have risen,” she said.
“If global credit costs fail to resettle, the cost of Australian wholesale bank funding will likely rise. 
“This increases the risk that these higher wholesale costs will be passed on to the end-users of credit: businesses and households.” 
Over the past financial year the Big Four banks raised about $100 billion annually from wholesale debt markets to fund mortgage lending – primarily from institutional investors in Europe and the United States. 
While the major banks have all said they can hold off tapping into off-shore markets until 2012, Goldman Sachs estimates they will collectively require around $72 billion in wholesale funding for the 2012 financial year. 
According to figures prepared by Deutsche Bank for Business Day, the Big Four banks will need to refinance a total of $48 billion in bonds by June next year,  with $16 billion needed to be refinanced by the end of January. 
This refinancing will have to be done at higher rate of borrowing, meaning either borrowers or the bank’s shareholders will have to bear the cost. 
Australians don’t need very long memories to recall that a similar situation evolved in the wake of the sub-prime mortgage crisis of 2007 and 2008 when banks either raised interest rates above official rate rises or did not pass on rate cuts in full, blaming this on the high cost of offshore funding. 
This culminated in Westpac’s infamous “banana smoothie” animated video, where it tried unsuccessfully to explain how the increase cost of wholesale funding (bananas) was pushing up the price of mortgages (banana smoothies) after the bank raised mortgage rates by 45 basis points in December 2009 following an RBA increase of just 25 basis points. 
An escalation of the crisis in Europe would only add to the cost of borrowing money offshore with the increase likely to be passed on to borrowers rather than shareholders.
This appears to be happening already. with ANZ chief executive and new chairman of the Australian Bankers Association Mike Smith telling the Weekend Australian Europe was already in a “nasty” credit crunch, which was likely to spread to Asia and Australia. 
Offshore jitters has already caused the Commonwealth Bank to pull an issue of covered bonds – considered an exceptionally safe investment because they are backed the  bank’s assets  - due to “heightened market volatility”. 
Aside from increased wholesale funding costs, banks will also be looking to maintain home loan profit margins following a home loan pricing war, with the most recent JP Morgan Banking Sector report warning that “current [home loan] pricing is about as competitive as it can get prior to diluting group returns”.
 
 
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European debt crisis could hurt Australians' hip pockets

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The moderation in Australian house prices since mid-2010 should ease concerns that a large housing price bubble had developed, according to the international ratings agency Fitch.
It noted household leverage was still high in Australia.
“The household debt-to-disposable income ratio was 153.5% in Q2 2011, above the 'AAA' median, albeit lower than some rating peers.
“This can be linked to the run-up in housing prices over the past decade and a half.
“Official and private sector estimates show that growth in housing prices have been moderating since mid-2010, which should ease concerns that a large bubble has developed,” the report notes.
 
 
 
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jchancellor-FAypfDUnLy

Fitch eases its concerns that Australia had a large housing bubble

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National vendor discounting eased over the September quarter, however the rate of discounting remains at inflated levels, according to RP Data.
Across the capitals, vendor discounting sits at -6.4% for houses and -6.1% for units.
At the same time last year, vendor discounting was -5.8% for houses and -6.05% for units.
Over the past five years the average vendor discount has been recorded at -5.9% for houses and -5.6% for units.
“The current high level of vendor discounting is reflective of the slowdown in market conditions across the county, increased stock levels and greater competition amongst vendors for a smaller pool of buyers,” RP Data head of research Tim Lawless says.
“With the market recording value falls across each capital city and listings at elevated levels, it is anticipated that vendor discounting is likely to remain at above average levels.”
<img src="/images/stories/rpnov29.gif">
Houses are currently taking an average of 56 days to sell with units typically selling in 54 days, according to RPData.
A year ago it took an average of 46 days to sell a house and 43 days for units.
“The results show that the average time it takes to sell a property has increased as market conditions have softened,” Lawless notes.
Lawless says the time on market and vendor discounting figures continue to suggest that there is a disconnect between prices that vendors are seeking and those that purchasers are prepared to pay for the properties currently available.
The latest report noted houses have taken 47 days and units 43 days to sell over the last five years, highlighting that both were currently at levels well above average.
The average time on market is simply the time it takes from when a property is initially advertised for sale to when it ultimately sells.
Vendor discounting measures the average amount vendors have to discount their properties from the initial list price in order to sell their property by private treaty.
 
 
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Vendor discounting eases but time on market extends: RP Data

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{yoogallery src=[images/stories/november29medich]}
Internal photos giving a glimpse into the Point Piper home of Ron Medich and his wife, Odetta, have been posted on an international architectural website.
Meanwhile the harbourfront property remains quietly listed for sale, having never been publicly marketed in print or internet.
The photos by Romello Pireira show its harbourside pool patio that comes adorned with Tasmanian tiger sculptures by Caroline Rothwell. The internal walls of the four-storey house are filled with contemporary art.
The Australian architectural studio Katon Redgen Mathieson completed the Point Piper project in 2009. The <a target="_blank" href="https://myinteriordesign.us/point-piper-residence">design website MyInteriorDesign</a> posted photos by Pireira of the assignment on its website on the weekend.
“This existing four storey house was stripped back to its concrete structure, remodelled and refurbished,” MyInteriorDesign notes. “The planning was simplified and a new circulation spine, with circular lift and stair, added and extended to the upper arrival level to the house. Limestone, American oak and Arabescato marble are used throughout the house.
"Sliding glass doors open across the facade to terraces and balconies. The rear internal walls of each floor are panelled in oak (living levels) and Belgian linen (bedroom levels) as a backdrop to the client’s contemporary art collection. An existing free-form swimming pool was refurbished on the harbour level terrace.”
Earlier this year Ron Medich slapped an ambitious $55 million asking price on the mansion he owns with his estranged wife, arts patron Odetta. Medich made a fortune with his brother developing industrial sites in Sydney’s west. Odetta has been one of the country's most generous patron of the arts.
Before his arrest in October over the 2009 murder of his business associate Michael McGurk, Ron Medich was living in splendour in the white house with point-blank images of the Opera House and Harbour Bridge.
Now on bail and wearing an electronic bracelet that monitors his movements, Ron Medich lives in a two-storey, 128-square-metre apartment in a city high rise overlooking St Andrews Cathedral.
With his wife spending most of her time in Europe, the couple's Wolseley Road home was quietly listed for sale in February.
The David Katon-designed house replaced the house bought from the restaurateur Wolfie Pizem in 2003 for $15.1 million.
Pizem had bought the 780-square-metre property for $160,000 in 1978.
Agents have estimated a more realistic price for the Medich home was about $40 million.
One agent quipped that the Medichs' art collection was worth far more than the house.
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Tasmanian tigers keep watch over the Point Piper harbourfront mansion of the much-accused Ron Medich

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The level of distressed commercial property available in Australia is expected to increase and dramatically exceed demand in quarter four of 2011, according the latest report by the Royal Institute of Chartered Surveyors.
The level of global supply is expected to outstrip demand by 60%, up from an estimated 40% in the third quarter.
<img src="/images/stories/distressed-property.gif">
Source: RICS
The level of interest in distressed properties from specialist funds in Australia is down from the second quarter.
Demand exceeded supply for distressed commercial property in New Zealand in quarter three, but RICS expects supply to exceed demand in quarter four. 
The global increase is led by Ireland, Southern Europe and the United Arab Emirates.
“Of the 25 countries included in the report, respondents in roughly three quarters indicated that they expected the supply of distressed assets to rise in the coming quarter, compared to the previous quarter,” the report found.
“Respondents in 15 countries expect supply to rise beyond increasing demand from investors, compared to only 11 in Q2.”
Germany and Russia were among the few European countries holding ground.
Germany had a slight increase in interest in distressed properties and in Russia levels of demand by specialist funds but the supply of distressed properties is also expected to fall.
“Other European commercial property markets have again weakened amid fears of the crisis intensifying in Greece and the political instability in debt-burdened Italy further threatening the single currency,” the report found.
“China and Brazil are still prospering, with both countries expecting the number of foreclosed properties coming to the market to decline over the near term.”
Distressed property is a one that is under a foreclosure order or is advertised for sale by its mortgagee.
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Safari Group offers low-touch investment proposition in Queenstown’s popular ski fields district

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