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;

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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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Price estimates given  before auction by Sydney estate agents are coming under increased pressure as stock levels accumulate in spring. But in Melbourne the price guides appear overly cautious, with sales typically exceeding the estimates.
Despite the healthier price guidance Melbourne’s clearance rate eased to 53% from 55% on the previous weekend. Sydney’s weekend clearance rate stood at 58% on the preliminary results, up from 54% the weekend before last. It was 57% on initial reports, so expect the a fall once unreported non-sales come in.
In Sydney’s lower north shore at Neutral Bay, a 1930s Thrupp Street unit listed with $790,000 plus hopes sold on the weekend for $780,000. Not a major gap, but an increasingly regular occurrence.
There was a $2.75 million vendor on an unsold Manly duplex listing. The 2003 North Steyne had been listed with $3 million hopes.
The top bid on an unsold Birchgrove weekend auction listing was $1.7 million. The Grove Street listing had $1.8 million plus hopes, given it made the most of its 150-square-metre block. The Victorian terrace spans four levels and has four bedrooms and two bathrooms.
Even the first-home price bracket appears without momentum on occasions. A two-bedroom Marrickville unit listed with $500,000-plus hopes was passed in at $501,000 through Callagher Estate Agents. It had last traded for $385,000 in 2004.
Ashfield achieved a better result, with a 113-square-metre Liverpool Road listing fetching $490,000 pre-auction having been listed with $400,000-plus hopes through Raine &amp; Horne Ashfield.
A Queens Park semi sold for $2.13 million having been listed with $1.9 million-plus hopes through GoodyerDonnelley.
And there was a pre-auction sale at Bondi Beach when $750,000 was paid for an Edward Street flat listed with $700,000 plus hopes by GoodyerDonnelley.
Some agents have adopted extremely cautious estimates including a Surry Hills terrace that came with a $675,000-plus forecast. The Commonwealth Street terrace, listed through BresicWhitney, had previously sold at $660,000 in 2007. It sold before auction at $780,000.
A similar study of published pre-auction estimates of Melbourne listings suggested a greater success rate, although a $270,000 vendor bid was placed at an auction of a Commercial Road, Footscray offering that had been listed with a $280,000 to $300,000 estimate.
And a three-bedroom, renovated Federation property in Fairfield sold at $940,000 – midrange of its $900,000 to $990,000 estimate through Nelson Alexander.
About $1.6 million had been tipped for renovated 1930s Nungerner Street Balwyn offering that passed in on a $1.45 million vendor bid. It had a $1.54 million reserve through Jellis Craig.
But most of the other surveyed listings went past the upper end of the price ranges.
A $410,000 to $450,000 estimate was given on a Royal Parade, Parkville apartment that fetched $481,000 through Nelson Alexander.
There was a $520,000 to $570,000 estimate on a Prahran flat in Red Tulip factory conversion that fetched $615,000 through Biggin &amp; Scott.
A Collingwood warehouse conversion listed with $775,000 to $825,000 hopes fetched $860,000 through Jellis Craig.
A five-bedroom weatherboard  Sandringham offering with $1.65 million-plus hopes fetched $1.75 million.
An Edwardian house on Dover Street Flemington listed with $580,000 to $630,000 hopes sold through the Thomson agency at $646,500.
A $540,000 to $580,000 estimate had been given on an Esdale Street Nunawading offering that sold at $620,000 through Noel Jones.
A $476,000 sale in Yarraville through Hocking Stuart had been estimated to sell at between $400,000 and $440,000. It’s an apartment in the former 1981 St Georges theatre building, which was converted about seven years ago.
Several fell short of pre-marketing hopes. There were $1.6-million-plus hopes for a Caulfield North listing through Jellis Craig. The Alma Road offering with a McSteen Tan architects design was passed in, with bidding falling short of its $1.6 million reserve.
There was a $1.6 million vendor bid when a Ferrars Place, South Melbourne listing went to auction, having been marketed by Kay &amp; Burton with $1.55 million to $1.7 million hopes.
There was a $5 million vendor bid on a <a href="https://www.propertyobserver.com.au/victoria/vendors-of-st-kilda-west-home-hope-%245-million-is-over-the-horizon/2011092251652" target="_blank">Beaconsfield Parade, St Kilda offering</a> that had been listed with a $5 million to $5.5 million expectation.
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jchancellor-FAypfDUnLy

Sydney's auction price estimates challengable, Melbourne's better than on the money

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Melbourne buyers seem in general to have lost interest in the million-dollar-plus housing market, according to Melbourne buyers’ agent Mal James.
“But it’s not as boring out there as you might think,” James says.
“Just as some new AFL coaches bobbed up, so have a few interesting homes, and you should revisit your contacts to see what new offerings are on the horizon.”
He suggests the websites are showing a few more homes in the top end than they have for a while.
‘This is due to the selling agents planning an extended campaign around the grand final while still trying to get the home done and dusted prior to the Melbourne Cup,” he says.
He says the market has five strong themes:
<ol start="1">
<li>Very low new stock levels for family homes</li>
</ol>
“Stock levels have been below average for months with not one $100 million auction weekend in late winter or early spring for bayside and the inner east and it seems this will continue until at least after the Melbourne Cup,” James says.
<ol start="2">
<li>Upper end has some strength.</li>
</ol>
“More than one $3 million a day offering has been sold in Melbourne during September,” James says.
“We are still down on last year in terms of activity, but last year was a bumper year. So far it has been pretty much a normal September at this price level in terms of activity and price.”
<ol start="3">
<li>
Lower end of the $1 million-plus plus market is getting weaker </li>
</ol>
James says more properties in the lower end of the $1 million-plus market are being passed in, they are staying on the market for longer and they are attracting fewer bidders.
<ol start="4">
<li>
Well priced A-grade homes are selling </li>
</ol>
However, he says poorly priced B-grade and C-grade homes don’t sell, unless they are discounted.
<ol start="5">
<li>
Bayside appears considerably weaker than inner east </li>
</ol>
James says the inner-east market of Toorak, Malvern and Hawthorn is performing far better in the $1 million to $2 million price range than the bayside suburbs of Brighton, Hampton and Sandringham.
Mal James is principal of<a href="https://www.jamesbuyeradvocates.com.au/" title="James Buyer Advocates" target="_blank"> James Buyer Advocates</a>, which advocates on behalf of buyers of property over $1 million. Mal writes weekly auction reports, advice and in-depth market analysis on James' website.
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Very low new stock levels for Melbourne family homes: Mal James

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As we look to what's ahead for 2012, Property Observer is republishing some of our most noteworthy stories of 2011.
January 2012 update: All three businesses and associated properties mentioned below remain up for sale, according to online business for sale listings.
An original colonial-style manor house and accompanying boutique hotel business in the Port of Strahan in Tasmania is up for sale and expected to sell at a significant discount to its valuation.
Franklin Manor is rich in colonial heritage and village charm. It was built in 1896 and is the original residence of the Strahan harbour master, Captain Edward T. Miles, who named it Moana.
Miles was sacked after attempting to secure a tender for construction of the harbour breakwater for his son, but later rose to the position of state minister for public works.
The property as well as the hotel business is being sold by John Blacklow from Knight Frank Tasmania. 
Blacklow tells Property Observer he expects the freehold property and business to sell for “well under” the $1,715,000 million government valuation. 
“We had a written offer for the property in 2007 for $2.3 million, so that shows you the capability,” he says. 
Franklin Manor is built on 9,652 square metres of land and was totally restored in 1989. 
It includes 14 suites, lounge, sitting room, function room, licensed restaurant, honour bar, underground wine cellar, separate managers’ residence and staff quarters known as “The Stables” (comprising four units). 
Strahan is on the northern end of Macquarie Harbour and has about 700 residents. 
It is one of the most visited tourist destinations in the state after Port Arthur and Cradle Mountain. 
Its key attractions are wilderness cruises down the Gordon River and the West Coast Wilderness steam railway, which links the tiny fishing village to Queenstown. 
“Ideally it would suit an owner-operator. It’s a good residence for families,” Blacklow says. 
The property and business have been on the market for just over two weeks and interest to date has come mainly from the eastern seaboard of the mainland. 
Franklin Manor is one of six tourist businesses up for sale in Strahan. 
Also up for sale is the 18-guest bedroom Gordon Gateway Motel freehold and business, with Hospitality Property Brokers Bowral marketing it for $1.98 million, and the Sharonlee Holiday Villas featuring 11 units being marketed by Best Properties La Trobe with an asking price of $1.3 million. 
Blacklow says the Strahan market has been slow for a couple of years in keeping with general trends in the overall Tasmanian market.
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lschlesinger-FZcF9M3vE6

Tasmanian trophy tourism offerings abound in slow market

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What's in store for the property market this spring?
It all depends on which geographical and price segment you're in and it depends on what happens to consumer sentiment as that seems to be driving people as to whether they buy or not. For those investors buying in the median-priced inner-city areas, nothing has really changed financially since late 2010/early 2011, but all that demand has been whittled away with general negative thoughts on the economy and has led to most investors sitting on the fence.
They all seem to be sitting on the fence waiting for something to happen one way or the other, and it's always easy to make no decision rather than a decision. As a buyers agency we struggled to buy property in Januar and February, as prices paid were way over the top. July was very quiet but August brought in a lot more cashed-up buyers and September seems the same. Nothing has changed in the buyers' minds, they just seemed more ready, and some of these buyers have saved $700,000 in cash or have been pre-approved to $1.5 million and are looking at buying a couple, so it's not that they're struggling financially.
Spring is often a good time for real estate, sellers are keen to put their properties on the market as the warm weather hits and buyers shrug off the winter blues. We all know the property market moves in cycles and after sitting on a cold fence for the winter I think we'll see more buyers think it's time to jump down and make the most of the reduced demand. No matter how you look at it, if you're a long-term investor this reduced demand has got to mean better buying opportunities. 
How to prepare a house for sale
 The best house doesn't necessarily get the top price, it's the best prepared house and the best selling campaign with the best agent that gets it. There's a reason why the TV shows and the best real estate agencies spend time and money renovating and styling homes - it's because it works. Simply restyling a home can make a 5% to 10% difference to the sale price and you don't necessarily have to spend that much money or have exceptional renovation skills to make those changes.
It's often the simplest and cheapest things that give it the biggest wow factor. If you want to sell your property for the highest possible price you need to identify and understand the demographic that's most likely to purchase it. You then need to highlight your properties most appealing features and fix any features that detracts from that image. 
The simplest and cheapest things to work on first are: paint, carpet, re-polish floors, change light fittings and power points, kitchen cupboard doors (if the carcass is solid), re-enamel/re-paint bath and tiles, replace taps, mow the lawn, put in some plants, paint the front door and garden fence. Be wary of replacing kitchens and bathrooms with a family home as it may not be to the taste of the buyer and they won't want to pay to replace it if they think they've already paid for a new one in the purchase price. If you're selling an investment property it's a great thing to do as long as you stick to neutral palettes. 
Simple styling tips start from a major de-clutter as most people have too much 'stuff'. Depersonalise it by removing 99% of the family pictures and ornaments. Buyers need to see that it could be their home but you still need to show that it is a home rather than a bland project home. Unless you're a part-time interior designer, you may as well leave it to the professionals and bring in their professional items - it often only costs a few thousand dollars. Consider moving before the campaign and defintely don't be around for open inspections. Buyers spot you a mile off, it puts them off, makes them feel uncomfortable and they will move on to the next house. 
Picking the right agent is just as important as styling and renovating your property. The lowest commission might well get the lowest price so choose your agent on skills and personality, not on price.
You can't sell a secret, so spend some money on letting people know you property is for sale and what benefit it may offer. When it comes to the day of auction, the auctioneer is the one that will make you smile or make you cry and so as much due diligence needs to be put into them as choosing the agent. A good auctioneer can get the auction off to a competitive start and a few extra bids at the end can add tens of thousands to your sale price.
Chris Gray is CEO of <a target="_blank" href="https://www.yourempire.com.au/">E</a><a target="_blank" title="Empire Property Portfolios" href="https://www.yourempire.com.au/">mpire Property Portfolios</a> and a regular TV commentator. 
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chrisgray-pn7di3ceFk

Spring motivates undecided buyers to get off the fence

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With so many contradictions in the media about the state of the property market, it can be confusing to filter facts from fears. One day the market is close to collapse. Another day it is flat but showing some positive signs of recovery. New data and statistics are being released every week, and experts scramble to interpret what they mean. Which information is accurate and how much should you rely on it?
What do I think? Long run property capital gains are likely to be 4% to 5% per annum going forward (in line with wage growth) not 8+%. However, I don't expect 40% drop in prices as some doomsayers suggest. Rental yields should be higher going forward than over the last five years due to continued undersupply of housing in NSW. And interest rates are lower now and likely to remain so for some time to come, making carry cost cheaper for investors.
Unaffordability is a problem for many first-time home buyers. However, the undersupply of housing and significant store wealth and foreign wealth will support middle-class and established suburbs.
Finally, the recent news of the axing of stamp duty exemptions for first time home buyers in NSW for second-hand property may lead to a blip in first-home owner activity this spring but then will lower demand from this segment due to unaffordability. With leverage, property investment returns can still be quite rewarding.
It is of course always wise to do your own homework prior to making major life decisions (property-related or otherwise). However, if you are feeling more confused than ever as to whether you should buy or sell real estate this spring, forget for just a moment about what you have read here or in the media and just focus on answering the following three questions to help you make the right decisions:
1.            Are you making a real estate decision based on the market or on your life?
Property investors are typically opportunistic buyers, whereas owner-occupiers usually buy properties based on their lifestyle needs, such as an expanding or downsizing family. If you are hesitant to make a real estate decision, ask yourself what is holding you back from buying or selling? Are you trying to make your decision based on timing the market (which you have no control over) or based on your life and needs?
If you are an investor, perhaps you are making a calculated decision purely based on the market. However, if your life circumstances demand that you make a buying or selling decision this spring, then make the most of whatever market conditions you are faced with. If you are selling one home to buy a larger one, maybe it is a good time to buy when the upper-end market is still weaker. Whatever shortfall may result in selling your property in a flat market, if you buy in the same market, you will more than make up for it on the purchase end. What you want to avoid is selling your property now and buying only later when the maker is stronger already.
2.            How will you know when the market has hit the bottom?
The reality is that no one can ever accurately predict when the property market has or will hit the bottom. The only way to know for sure is to look at the data retrospectively, once the market has already made an upward trajectory and then it will be too late. It would be a waste of time and energy to sit on the sidelines to try to pinpoint a particular turn. Chances are you may be wrong with your calculations and would have by then missed out on some good opportunities in the marketplace. If you believe that the property market is most likely to go up in the medium term, focus on buying right and negotiating well, rather than on picking the bottom.
3.            What are you in control of?
It is important to understand and differentiate between factors which you are in control of and those which you are not. You are not in control of the global economy or how the EU and USA are performing; and you are not in control of interest rates which are set by the RBA. You are also not in control of the quantity or quality of property stock on the market. However, this does not mean that you cannot be in the driver’s seat when it comes to buying or selling a property.
If you are selling a property, you are always in control of the agent you appoint, the method of sale, the timing for the listing, the marketing budget, etc. Likewise, if you are buying a property, you are in control of picking a solid property (that is not going to underperform), understanding its value, how much you are willing to pay and when you submit the offer or bid at auction.
Keep things in perspective and don’t be paralysed by the things you cannot control. Focus on maximising the outcome of the things which you can control. This means that regardless of whether you are buying or selling a property this spring, you should demand more and negotiate smarter.
Oliver Stier is the director of <a target="_blank" title="OH Property Group" href="https://www.ohpropertygroup.com/">OH Property Group</a>, a Sydney-based buyers agency. In addition to being a licensed real estate agent, Oliver also holds the Chartered Financial Analyst (CFA) designation. You can follow Oliver on Twitter at <a href="https://www.twitter.com/ohproperty">www.twitter.com/ohproperty</a>
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oliverstier-Cu9aF99VRm

Spring property market: Fears, facts and focus

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Rental payments will have a greater weight in the calculation of inflation from the third quarter of 2011, while the weighting of mortgage fees has been reduced, the ABS has said. 
Besides rents, household services, health services and education will also get a greater weighting in CPI calculations. 
“The increase in the CPI weight[ing of rent] was driven by increases in the size and quality of dwellings being rented, and a slight increase in the proportion of people renting,” says CBA economist James McIntyre.
“Larger homes equal more rent, and as more housing is ‘consumed’, the weight in the consumption basket has increased.
“Low rental vacancy rates in major capital cities, and weak building activity in response to recent increases in interest rates, are likely to see elevated rental increases over the next few years.
“The larger CPI weight will compound the challenge this trend pose for the RBA in achieving its inflation target,” he says.
Not so, say ANZ economists Katie Deans and Riki Polygenis, who expect the new weights will have limited impact on ANZ’s or the RBA’s inflation forecasts.
“On balance, the composition of items increasing/decreasing in weight may lead to some minor upward bias to both headline and underlying inflation.  But our preliminary estimate is that this impact will be less than 0.1% per annum,” they say.
The weightings of fuel, furniture and financial services have all been reduced.
“Households have responded to rises in petrol prices over the years by consuming relatively less petrol.  The weight for automotive fuel fell by 0.13 points.  But at 3.6% of the CPI basket automotive fuel remains a major influence,” McIntyre says.
The largest decline in CPI weight occurred in the insurance and financial services sector.
“Most of this fall was due to the removal of the indirect charges for deposit and loan facilities, which was a volatile and somewhat unpredictable element of the CPI,” says McIntyre.
The reduced weighting of loan fees will be welcomed by Westpac, which claimed following the release of June quarter data that inflation figures had been “heavily influenced by another questionable upside surprise on the heavily weighted deposit and loan facilities sub-component”.
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New inflation calculation will weight rents more heavily

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The latest data for August puts Sydney's median house price at $675,000, which is up 2.5% for the year, or 1.1% for the quarter and 0.07% for the month of August.
Sydney has the strongest August result of the capital cities, according to John Edwards at Residex.
The Australian median house price was at $430,500, which was down 1.1% for the month.
Sydney's annual growth also led the nation, with Brisbane's 6.7% annual fall the worst capital city result.
And Sydney's strength is quite reflective of the cycle's, as its 10-year price gain reflects a 6.06% annual growth, the weakest of all the capitals and below the 8.6% average annual national growth over the decade.
Edwards has Tasmania has his standout capital city of the decade with 10.9% annual growth.
John Edwards maintains Sydney’s housing shortage has saved its bacon.
He suggests the downturn in migration to Australia had not assisted price stability or growth in many capital cities.
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Sydney house prices up 2.5% for the year: Residex

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Sydney has 14 suburbs with median prices of $2 million or more, according to Australian Property Monitors.
Point Piper tops the list with its $9.9 million median price.
Dr Andrew Wilson, the senior economist at APM , describes prestige housing market as generally having been quiet in the past four years since rising interest rates and the global financial crisis flattened demand from aspirational buyers.
He notes Sydney had 121 suburbs with median house prices of more than $1 million in the six months to July.
"This was one more than the number recorded in the previous six months.
"The number of property sales in suburbs with a $1 million median house price was also up, from 3,950 in the six months ending in January to 3953 recorded in the six months to July," Wilson says.
Some 15% of all sales recorded in Sydney in the six months to July were for properties in $1 million-plus median suburbs, compared with 7% in Melbourne.
The latest Australian Property Monitors data has the July quarter Sydney median house price at $639,484 – 16% and approaching $100,000 more expensive than Melbourne's $551,006.
"Sydney prices have also streaked ahead of Perth's. At the start of 2007, Perth's median was $530,000 – almost the same as Sydney's,” Wilson says.
"Perth's median remains $530,000, while Sydney's has risen 20% since then.”
The disparity between Sydney and the other capitals is even more pronounced, according to the APM data.
Brisbane's and Adelaide's median house price sits at $440,667 and $437,002 respectively, which is nearly $200,000 or 45% less expensive than Sydney's.
Wilson suggests another important point of difference is that despite being the most expensive, Sydney's market was also the most resilient.
"The 0.6% drop over the year to July is the best result of all the major capitals, with only volatile Darwin showing any growth (3.8 %)," he notes.
<table border="0" cellspacing="0" cellpadding="0" width="276"><tbody>
<tr>
<td width="132" valign="bottom">
Suburb
</td>
<td width="64" valign="bottom">
Postcode
</td>
<td width="80" valign="bottom">
Median Price
</td>
</tr>
<tr>
<td width="132" nowrap valign="bottom">
Point Piper
</td>
<td width="64" nowrap valign="bottom">
2027
</td>
<td width="80" nowrap valign="bottom">
$9,925,000
</td>
</tr>
<tr>
<td width="132" nowrap valign="bottom">
Bellevue Hill
</td>
<td width="64" nowrap valign="bottom">
2023
</td>
<td width="80" nowrap valign="bottom">
$3,340,000
</td>
</tr>
<tr>
<td width="132" nowrap valign="bottom">
Darling Point
</td>
<td width="64" nowrap valign="bottom">
2027
</td>
<td width="80" nowrap valign="bottom">
$3,325,000
</td>
</tr>
<tr>
<td width="132" nowrap valign="bottom">
Vaucluse
</td>
<td width="64" nowrap valign="bottom">
2030
</td>
<td width="80" nowrap valign="bottom">
$3,225,000
</td>
</tr>
<tr>
<td width="132" nowrap valign="bottom">
Double Bay
</td>
<td width="64" nowrap valign="bottom">
2028
</td>
<td width="80" nowrap valign="bottom">
$3,025,000
</td>
</tr>
<tr>
<td width="132" nowrap valign="bottom">
Dover Heights
</td>
<td width="64" nowrap valign="bottom">
2030
</td>
<td width="80" nowrap valign="bottom">
$2,465,500
</td>
</tr>
<tr>
<td width="132" nowrap valign="bottom">
Henley
</td>
<td width="64" nowrap valign="bottom">
2111
</td>
<td width="80" nowrap valign="bottom">
$2,375,000
</td>
</tr>
<tr>
<td width="132" nowrap valign="bottom">
Longueville
</td>
<td width="64" nowrap valign="bottom">
2066
</td>
<td width="80" nowrap valign="bottom">
$2,350,500
</td>
</tr>
<tr>
<td width="132" nowrap valign="bottom">
Mosman
</td>
<td width="64" nowrap valign="bottom">
2088
</td>
<td width="80" nowrap valign="bottom">
$2,250,000
</td>
</tr>
<tr>
<td width="132" nowrap valign="bottom">
Palm Beach
</td>
<td width="64" nowrap valign="bottom">
2108
</td>
<td width="80" nowrap valign="bottom">
$2,200,000
</td>
</tr>
<tr>
<td width="132" nowrap valign="bottom">
Kangaroo Point
</td>
<td width="64" nowrap valign="bottom">
2224
</td>
<td width="80" nowrap valign="bottom">
$2,170,000
</td>
</tr>
<tr>
<td width="132" nowrap valign="bottom">
Clontarf
</td>
<td width="64" nowrap valign="bottom">
2093
</td>
<td width="80" nowrap valign="bottom">
$2,145,000
</td>
</tr>
<tr>
<td width="132" nowrap valign="bottom">
Tamarama
</td>
<td width="64" nowrap valign="bottom">
2026
</td>
<td width="80" nowrap valign="bottom">
$2,075,000
</td>
</tr>
<tr>
<td width="132" nowrap valign="bottom">
Woollahra
</td>
<td width="64" nowrap valign="bottom">
2025
</td>
<td width="80" nowrap valign="bottom">
$2,000,001
</td>
</tr>
</tbody></table>
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Sydney now has 14 super-prestige suburbs and 121 above the $1 million median

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RBA assistant governor Philip Lowe’s speech on household saving and spending highlighted tough times ahead for retailers, according to Katie Dean, head of Australian economics at ANZ Research.
Dean notes comments by Lowe indicating that two macro trends – “higher household savings and increased spending on services” – are likely to persist. 
“In other words, challenging times for the retail sector will persist,” she says. 
And she expects retailers to struggle even if the RBA cuts interest rates, “given the RBA attributes a good portion of the recent rise in household savings to heightened uncertainty amongst households”. 
“Indeed, as the deputy governor confirms, ‘The increased household saving is … a positive development from a national risk-management perspective. Households are using some of their income growth to build up bigger financial buffers, and this should hold them in good stead in the uncertain world in which we live.’” 
According to Dean, Lowe’s speech also provides some perspectives on how and why Australian household savings and spending patterns are changing. 
“Briefly, the data suggest the rise in household savings reflects three drivers:
 
<ul>
<li>higher housing prices and debt levels, with household savings rising more sharply for younger households and households that are either renting or have a mortgage;</li>
<li>the desire to rebuild wealth after the global financial crisis, with the rise in savings also highest amongst households that had relatively high levels of financial assets before the financial turmoil; and</li>
<li>higher uncertainty amongst households, with the rise in savings more.</li>
</ul>
 “With all three drivers continuing (and perhaps worsening again) currently, there is therefore little reason to expect current household savings patterns to reverse.”
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Clouds won't part for retail anytime soon: ANZ

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Despite house buying sentiment tracking above levels last seen in 2002, the market will remain soft in spring due to unemployment concerns, according to Westpac economic and Red Book author Matthew Hassan. 
Hassan noted the 15.5% jump in the bank’s “time to buy” index in September – a component of its consumer sentiment survey – taking the index to its highest level since September 2009. 
“Somewhat incredibly the September reading is also the highest reading since March 2002 (excluding the 2008-09 period when mortgage rates were sub- 6% and generous first home buyer incentives were being rolled out),” he says.
“While this is positive heading into the spring selling season, we caution that it does not guarantee an upturn. 
“The index often says more about affordability than market prospects; that is, the September rise may have more to do with softer prices and shifting rate views. 
“A similar series for the US did not capture the extent of the slump there and has shown strong buyer sentiment since February 2009. US housing has yet to recover.”
 <img src="/images/stories/redbooksept22.gif">
To form a more accurate picture in Australia, Hassan says the index should be used in conjunction with unemployment expectations. 
According to the September Westpac–Melbourne Institute Consumer Sentiment Survey, unemployment expectations rose 8.5% in September following on from a 2% gain in August, suggesting households are observing a softer jobs market and are becoming increasingly insecure in their jobs. 
Taken together, Hassan says these indicators point to a net softening in demand conditions rather than a pick-up. 
This is despite fewer consumers now likely to be expecting an interest rate rise over the coming months. 
Westpac did not question consumers in September on their mortgage rate expectations  (in August, 73% of consumers said they expected mortgage rates to rise in the next 12 months with 29% picking an increase of over 1%) but Hassan says it would be reasonable to assume “considerably fewer respondents would now expect higher rates over the year ahead”. 
Despite this, consumers remain risk averse, with Westpac forecasting a continuation of the high levels of household savings that have been a feature of the last few years. 
The bank forecasts the savings ratio to stay in the current range of 10.5% to 11.7% of national over the next 12 months.
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