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;

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&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

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EXPERT OBSERVER
COVID-19 has brought about downside risks for the economy and housing market.
A 0.3% decline in March GDP confirmed a technical recession is underway in Australia, total wages paid fell 5.4% between mid-March and early May, and Australian dwelling market values saw the first month-on-month decline since June 2019. But one surprising sign of stabilising emerged in May.
Home sales have risen, with home owners testing the market, and new listings are rising.
In fact, buyer demand is outweighing the volume of new listings.
Where is demand coming from
Where is demand coming from? With the economy severely impacted by COVID-19, it is surprising to see such a strong rebound in transaction activity. But there are a few factors that can explain these numbers. The first is that the 20.4% jump in sales volumes in May is off a low base.
Over April, the number of transactions across the combined capital cities market was estimated to be just 16,115. That is the lowest monthly sales volume since 1991 excluding January results.
It is also pales in comparison to the decade average of 24,700 sales per month across these markets. Although a 20.4% uplift is significant, it still only brings sales volumes to an estimated 19,400 over May.
The second is a rise in consumer confidence. The ANZ Roy Morgan weekly consumer confidence index has risen consecutively for the past 9 weeks.
At the week ending 31st of May, the index is 50.5% higher than when it bottomed out in late March.
In fact, the index is now just 9% lower than when Australia confirmed its first case of coronavirus in January. The easing of social distancing policies and low COVID-19 case numbers in Australia mean people may be feeling more confident about the future of the Australian economy, their personal finances, and property purchases.
Finally, the kind of workers most impacted by COVID-19 are those that are less likely to have mortgage debt. Between the 14th of March and 2nd of May, 27.1% of payroll jobs have been lost across accommodation and food services, and 19.0% of jobs have been lost across arts and recreation. In a previous blog, we noted that this would disproportionately affect renters rather than owner occupiers.
Data from the ABS and HILDA suggests the share of households renting that are in food and accommodation services, and are in a more precarious financial situation, is around 40%. This suggests that for now, conditions have been relatively stable in the housing market because those most impacted by the economic slowdown of COVID-19 may be less likely to have a mortgage obligation.
With stability emerging in the property transaction space, it is evident that additional housing stimulus is less urgent among those that can already afford property, and is another case for addressing housing costs for low income earners.
ELIZA OWEN is CoreLogic's <a href="https://www.corelogic.com.au/news/early-market-indicators-show-first-signs-housing-market-slowdown?utm_medium=email&amp;utm_source=newsletter&amp;utm_campaign=20200420_propertypulse" target="_blank">head of research</a>
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pchatterjee-seVgoiQgz5

Buyer demand outweighing new May listings: CoreLogic's Eliza Owen

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An approved beachfront tourist accommodation park at 66-72 Rules Beach Road, on the edge of The Great Barrier Reef has hit the market.
The asset offers a 5.05 hectares of land area that is the balance area of ‘Rules Beach Estate’ and is being offered by way of expressions of interest closing June 25 2020.
The site is being marketed and sold by Ray White Special Projects Qld Executive Directors Mark Creevey and Tony Williams, in conjunction with HTL Property Directors Glenn Price and Brent McCarthy.
<img src="https://f.datasrvr.com/f1/120/40079/Rules_1.JPG" width="640" data-imagetype="External">
Mr Creevey said, "we know travel overseas will be heavily restricted in the short-to-medium term, and maybe even longer, so people’s focus will turn to domestic destinations."
“We expect a huge amount of money to be invested in tourism at home, and this asset really does represent exactly the kind of resort Australians will look to visit in the near future."
Mr Williams said the thoughtful and architecturally designed scheme was led by Shane Thompson, a prominent Australian architect, and Principal of Shane Thompson Architects.
“The site has development approval in place for glamping, camping and caravan park, as well as 42 freehold holiday villas and a rural service centre,” he said.
“It’s encircled by unspoiled beaches, Deepwater National Park and Baffle Creek inlet, with access to Lady Elliot and Lady Musgrave islands.
“Substantial development and infrastructure works to the estate have already been undertaken with access, power and water connected, and DA for sewerage treatment plant," Mr Williams added.
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j.ballantyne1990-6AQqhLzZaK

Approved beachfront tourist accommodation park near Great Barrier Reef listed

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EXPERT OBSERVER
Regional Victoria remains one of the nation’s leading markets, especially on price performance. Of the 138 suburbs and towns ranked our Price Predictor Index, 116 of them have recorded price growth in the past year. 
That means 84% of locations throughout Regional Victoria have growing prices. More than half of those growth markets have increased their median house prices more than 5% in the past year, including many which have had double-digit growth.
The strength of prices in Regional Victoria is confirmed by the latest price data published by CoreLogic on 1 June. House prices recorded, after recording solid increases in March and April, were unchanged in May, while unit prices were up 0.5% during the month.
Regional areas of the state have been boosted by buyers out of Melbourne, including home buyers seeking a more relaxed and affordable lifestyle, while in some cases working remotely for a city business. The coronavirus shutdown period which forced people to work from home is likely to further enhance this trend.
Our Winter survey of sales activity reveals that Regional Victoria has remained quite resilient in terms of sales activity, in the faces of the Covid-19 impacts. There has been only a minor reduction in the number of locations with growing sales activity, compared to the results of our Autumn survey.
There are 27 locations with rising demand. The numbers for the Winter survey are comparable to the results of the previous four quarterly surveys, which generally have indicated that the Regional Victoria market jurisdiction has passed its peak but remains sturdy.
This market was at its strongest throughout 2018, when three consecutive quarterly surveys had 47, 47 and 51 locations with rising sales activity.
But, as our research regularly demonstrates, real estate prices often remain strong long after the peak of the market in terms of sales activity.
This is shown by the many individual suburbs and towns throughout Regional Victoria which have recorded median price growth above 10% in the past 12 months.
Ballarat has been particularly outstanding, with price growth headed by the suburbs of Ballarat Central (up 24%) and Lake Wendouree (23%). Brown Hills, Redan, Alfredton and Sebastopol have all increased between 10% and 12%. Other Ballarat suburbs have increased 7-8%.
The best performers in Geelong have been Drysdale (19%) and Bell Park (10%), while growth in Bendigo has been led by East Bendigo (21%).
But growth markets have been spread widely throughout the state, including Irymple (27%), Tatura (23%), Nagambie (19%) and Euroa (18%).
Other which have risen by between 10% and 14% include Apollo Bay, Portland, Woodend, Churchill, Daylesford and Morwell.
There are numerous locations throughout Regional Victoria which have delivered annual growth of 7-8-9%.
In terms of locations with rising sales activity, which is a pointer to future price growth, the outstanding LGAs are Geelong and Bendigo.
The City of Greater Geelong has provided strong growth markets for the past three years and continues to show resilience. It benefits from its ability to provide an affordable alternative to Melbourne, underpinned by a strong local economy and good links to the nearby capital city.
In our Winter survey we have identified seven growth suburbs and four consistency suburbs, a good result in difficult times. There are also 15 suburbs in Greater Geelong classified as plateau markets. 
Bendigo has five growth markets and two consistency ones, in addition to nine plateau markets. This important regional city is benefiting from growing interest from Melbourne buyers and also investors from other parts of Australia.
Bendigo is behind Ballarat in the market cycle so we think has more upside, looking to the future. Ballarat has been a great performer in the past 2-3 years, as the price growth figures show, but is past its peak, with only one suburb remaining with growing sales activity.
The other standout is Latrobe City, where Morwell, Newborough and /Traralgon are all growth locations, while Moe and Churchill are consistency markets.
Other growth markets across the state include Ararat, Benalla, Castlemaine, Gisborne, Romsey, Cobram, Horsham, Mildura, Wonthaggi and Mooroopna.
Terry Ryder is the founder of hotspotting.com.au
<a href="https://mailto:ryder@hotspotting.com.au">ryder@hotspotting.com.au</a>
twitter.com/hotspotting
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Ballarat leads the regional Victorian house price boom: Hotspotting's Terry Ryder

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More than four-fifths of experts (29/34, 85%) say the economy won’t fully recover until at least 2022.
However, more than one-third of experts (37%, 14/38) expect Australia to have its first quarter of GDP growth in Q3 2020.
<img src="https://mcusercontent.com/cc5e9bce699fa1d71a67cf499/images/d8d0b433-be64-41ce-8ca2-8f894987f81f.png" data-imagetype="External">
Mark Crosby, applied macroeconomist at Monash University, said Q3 GDP growth is more about how bad the preceding quarters have been.
“If growth in Q3 2020 was measured against any quarter in 2019 it would be negative.
“In other words it's growth but nowhere near a reversion towards trend in Q3, not the end of recession (other than in definition) and not the end of rising unemployment,” Crosby said.
Restaurants and bars won’t return to normal until 2021
Those anxious for a "normal" restaurant experience once restrictions ease, may be waiting longer than they think.
Nearly half (47%, 15/31) of the experts who weighed in on hospitality said restaurants and bars won’t be operating at full capacity and without social distancing restrictions until 2021.
Less than a third (10, 31%) expected to see this happening this year.
Cooke said while restrictions are beginning to be relaxed, Australia still has a way to go until things return to normal.
“While restrictions are beginning to ease, it’s clear we’re still a long way off from booking a big group table at the pub over the long weekend,” Cooke said.
More than one-third of experts (37%, 14/38) expect Australia to have its first quarter of GDP growth in Q3 2020.
Mark Crosby, applied macroeconomist at Monash University, said Q3 GDP growth is more about how bad the preceding quarters have been.
“If growth in Q3 2020 was measured against any quarter in 2019 it would be negative.
“In other words it's growth but nowhere near a reversion towards trend in Q3, not the end of recession (other than in definition) and not the end of rising unemployment,” Crosby said.
Restaurants and bars won’t return to normal until 2021
Those anxious for a "normal" restaurant experience once restrictions ease, may be waiting longer than they think.
Nearly half (47%, 15/31) of the experts who weighed in on hospitality said restaurants and bars won’t be operating at full capacity and without social distancing restrictions until 2021.
Less than a third (10, 31%) expected to see this happening this year.
Cooke said while restrictions are beginning to be relaxed, Australia still has a way to go until things return to normal.
“While restrictions are beginning to ease, it’s clear we’re still a long way off from booking a big group table at the pub over the long weekend,” Cooke said.
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85% of experts say economy won't recover till 2022: Finder.com.au

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EXPERT OBSERVER
Back on 19th March when we first looked at the impact of the intensifying shutdown of the Australian economy on the housing market (see here) we concluded that the impact would depend on how high unemployment rose.
Our base case was a recession that saw unemployment rise to around 7.5% and would push average home prices down around 5%, but the risk was that a deeper downturn with say 10% unemployment could see a 20% fall in prices. Subsequent government support measures along with an earlier reopening of the economy have reduced the risk of worse case scenarios for home prices.
So Far So Good
The combination of the need for social distancing and the banning for a while of traditional on-site auctions led to a sharp decline in properties for sale.
In addition to this, the Federal Government’s JobKeeper scheme keeping around 3.5 million people in paid employment and a doubling in unemployment benefits along with bank mortgage payment holidays, all of which are for the six months to September, have helped head off an increase in forced sales that might have occurred given the size of the hit to the economy.
So, while property demand has fallen, it’s been matched by a collapse in supply, which has left the property market in a bit of a twilight zone.
While listings have started to pick up a bit lately, they are still very low and this has all helped soften the blow to house prices that would have otherwise occurred, but prices are still starting to fall. According to CoreLogic, after slowing to just 0.2% growth in April, average capital city home prices fell -0.5% in May.
Prices fell in all cities except Adelaide, Hobart and Canberra, with Melbourne -0.9%, Sydney -0.4% and Perth -0.6%. This has seen the monthly change in capital city home prices collapse from a peak of 2% in November.
The positives for the property outlook
There are basically five “positives” for property prices. 
Mortgage rates have fallen to record lows with deals around 2 to 3%. This is keeping mortgage debt interest costs as a share of household income well below historic highs even though the ratio of household debt to income is at a record high of around 200%. Low mortgage costs also make the funding costs for an investment property very low.
As noted above, while listings remain low. 
Government support measures have provided a huge boost to household income, supported businesses, supported employment for around 3.5 million workers, prevented a confidence zapping surge in measured unemployment &amp; with bank mortgage payment holidays (which has seen around 440,000 mortgage deferrals) are preventing a sharp rise in mortgage delinquencies and hence forced sales. 
The shutdown, impacting mostly services jobs, has hit women and younger workers harder in contrast to past recessions which have hit male breadwinners harder and this may have helped keep down debt servicing problems. 
China is running 2-3 months ahead of Australia with respect to the coronavirus shock and its experience provides some guide. While property sales were near zero in the peak lockdown month of February average property price growth slowed but did not go negative and is now picking up a bit.
The negatives
Against these positives there are these big “negatives” for property prices flowing from the coronavirus shock.
High unemployment. We have long regarded the combination of high house prices and high household debt as Australia’s Achilles heel and so we feared back in March that a large rise in unemployment could trigger debt servicing problems, forced sales and so sharp falls in prices.
As it’s turned out, measured unemployment is being suppressed and household incomes supported by stimulus measures. This is by design to help businesses, jobs and incomes hold up through the shutdown period.
It’s likely headed off the worst case 20% decline in house prices scenario we saw in March. But once the support measures end later this year, measured unemployment will likely rise to around 8% and take a long time to fall back to the pre coronavirus levels around 5.2%.
This in turn is likely to lead to some increase in mortgage defaults as bank payment holidays (for around 440,000 mortgages) end, boosting forced sales and act as a drag on property demand, albeit it’s unlikely to be anywhere near what would have occurred in the absence of support measures through the shutdown. 
A big drop in immigration. Thanks to travel bans, the Government expects net immigration to fall to just below 170,000 this financial year and to around 35,000 next financial year from 240,000 last financial year. This is a huge hit and if it occurs – the Government could always allow a faster return of immigration – it will take population growth over 2020-21 to just 0.7%, its lowest since 1917.
It will imply a hit to underlying dwelling demand of around 80,000 dwellings over the next 12 months taking it down to around 120,000 compared to underlying demand last year of around 200,000. This risks resulting in a significant oversupply of dwellings, reversing years of undersupply that has maintained very high house prices since mid-last decade.
A cut to immigration is not something China has had to deal with, so its property market experience is not directly translatable to Australia.
Falling rents and rising vacancy rates. Vacancy rates rose sharply in April and this plus rent relief is putting downwards pressure on rents. This will be further impacted by very low immigration. It will further weigh on investor demand and may cause problems for heavily geared property investors.
Measures to boost housing construction. Faced with a big reduction in housing construction activity over the year ahead, governments appear to be working on plans to boost activity to protect home builders’ jobs via new home building grants and possibly the construction of social housing.
Normally first home buyer grants provide a boost in overall demand. But if the focus is just on boosting supply at a time when underlying demand is very low reflecting lower immigration it could add to downwards pressure on average prices. (Proposed moves from stamp duty to land tax in some states could provide a short-term boost to home prices but should be long term neutral if the same revenue is raised and it’s unclear whether or when it will occur.)
Concluding comment
Our worst-case scenario for a 20% decline in prices and those of others seeing 30% plus falls are unlikely thanks to support measures and the earlier reopening of the economy. To get these worst-case scenarios would require a “second wave” of coronavirus cases &amp; so a renewed shutdown or another down leg in the economy in response to a surge in bankruptcies.
However, further falls in prices are still likely, as “true” unemployment (to become clear after September) remains high for several years, government support measures and the bank payment holiday end after September, immigration falls and likely government measures boost housing construction. Our base case is for national average prices to fall around 5-10% into next year.
Sydney &amp; Melbourne are likely to see 10% falls as they are more exposed to immigration and have higher debt levels whereas Adelaide, Brisbane, Perth &amp; Hobart are only likely to see small falls and Canberra prices are likely to be flat. This may be seen as a reasonable outcome in terms of making housing more affordable but without posing a big threat to the economy (via a downwards spiral of falling prices and negative wealth effects on consumer spending) at the same time.
Dr Shane Oliver Head of Investment Strategy and Chief Economist at AMP Capital
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Australian house price collapse likely averted but expect more weakness ahead: Shane Oliver

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A Gowanbrae mortgagee home has been listed for sale.
Located at 87 Primula Boulevard, the home features four bedrooms, four bathrooms, and a double garage.
The total block comprises 898 square metres, with 399 square metres of internal floor space inside the house.
A price guide of $1,150,000 to $1,250,000 was provided. 
The block of land was purchased in 2013 for $290,000, and the house was completed in 2015.
Lilian Farrugia, from Stockdale &amp; Leggo Gladstone, has the listing.
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Gowanbrae mortgagee home listed for sale

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EXPERT OBSERVER
When considering commercial property, you may think you need a lot of money, and most commercial property is indeed expensive. However, there are bargains to be had.
The majority of the cheapest listings sold on realcommercial.com.au in the past 12 months were storage units and regional development sites, some even with incomes.
The third cheapest commercial listing sold in the past 12 months – a development site in Brigalow – included a billboard, which was reported as earning $13,000 per annum. Not bad for a $36,000 purchase price.
The 10th cheapest – an office suite in Dandenong – is leased for $5,700 per annum, which again, isn’t a bad yield on a $57,000 purchase.
<img src="https://www.urban.com.au/images/2020/7/1/Cheap%20commercial.JPG" alt="">
NERIDA CONISBEE <a href="https://www.realestate.com.au/news/author/nerida-conisbee/" target="_blank">is the chief economist for the REA Group</a>
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What commercial property is selling for bargain prices? REA's Nerida Conisbee

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The Adelaide metropolitan suburb profiles vary, each characterised by different property types, location characteristics and demographics, according to the latest report from valuation firm Herron Todd White.
Seven percent of the metropolitan area’s population was made up of people aged 30 to 34 years, which represented the highest percentage of persons within an age bracket.
“At this time, the average age for a first home buyer was 34 years,” the March report found.
“These buyers are heavily reliant on financial institutions and the bank of mum and dad.
“They seek out comfort before opulence within familiar surroundings, typically within range of the family home.
“Within the inner ring those brought up in Prospect (dwelling median price $685,000) look north of Regency Road to Blair Athol (dwelling median price $440,000) which represents a price differential of $245,000 while those brought up in Millswood (dwelling median price $880,000) look west of South Road to Glandore (dwelling median price $495,000) which represents a price differential of $385,000,” the firm continued.
Representing typical first home buyer properties within Blair Athol and Glandore are 65 Lionel Avenue, Blair Athol, a circa 2008 brick veneer dwelling disposed as three-bedroom, two-bathroom on an allotment of 376 square metres and 32 Grosvenor Street, Glandore, a circa 1930 semi-detached brick dwelling disposed as two-bedrooms and one-bathroom on an allotment of 314 square metres.
These properties achieved sale prices of $467,000 and $502,500 respectively.
<img src="https://www.urban.com.au/images/2020/3/12/SA%201.png" alt="">
“We are also seeing first home buyers moving into the developing suburbs at the extremities of the metropolitan area,” the report said.
“This has become ever prevalent north of the city with Munno Para West recording the lowest median age of 29 years for the metropolitan area. Located 35 kilometres north of the Adelaide CBD, Munno Para West has been extensively developed over the past decade and provides purchasers with an affordable product of a more comfortable standard relative to the surrounding suburbs.”
An example of the typical dwelling within Munno Para West is 7 Blossom Road which achieved a sale price of $293,000. This property provides a circa 2014 brick veneer dwelling disposed as three-bedrooms and two-bathrooms.
The property has a double garage and a basic level of site improvements situated on an allotment of 370 square metres.
<img src="https://www.urban.com.au/images/2020/3/12/SA%202.png" alt="">
“As we move through the buyer lifecycle, first home buyers progress to upgraders and investors. Both these buyer types are looking for vastly different asset types,” the report said.
Upgraders are seeking out properties with increased accommodation, proximity to services particularly schooling, upside in terms of ability to extend or renovate and all at a reasonable price.
All of these factors come together east of the CBD in the foothills suburbs of Stonyfell, Wattle Park and Beaumont. Each of these suburbs are well serviced and had development occur through the 1970s and 1980s, with a substantial number of large brick homes being constructed.
Many of these come to market in a neat and tidy original condition.
Comparative affordability to the surrounding suburbs comes through the gradients of the land as the suburbs move further into the foothills.
Representations of this property type come in the form of 15 Caithness Avenue, Beaumont and 3 Darrell Avenue, Wattle Park, each achieving a sale price of $880,000.
Both properties provide neat and tidy original 1970s brick dwellings each with four bedrooms, multiple living areas and sloping allotments of greater than 950 square metres.
<img src="https://www.urban.com.au/images/2020/3/12/SA%203.png" alt="">
“Investors are seeking out properties throughout the greater metropolitan area with no real single area designated as a hot spot,” the report continued.
The outer ring is providing gross yields in excess of eight percent however provide limited price growth whilst the opposite is true for the inner and middle rings where gross yields soften to sub five percent however provide stronger prospects for price growth.
Investors generally avoid properties which require extensive capital works, tending to seek out tired properties which require a slap dash makeover to increase the achievable weekly rental.
The recent sale of 55 Marshall Terrace, Brooklyn Park for $555,000 is a fair representation of typical investor stock.
This is a neat and tidy original 1950s brick dwelling disposed as four bedrooms and one bathroom on a 635 square metre corner allotment.
Since settlement the property has been listed for rent asking $465 per week. If the asking rental is achieved, the property will generate a gross yield of 4.35 percent.
<img src="https://www.urban.com.au/images/2020/3/12/SA%204.png" alt="">
The buyer lifecycle is moving into its final stage with downsizers being front and centre.
These buyers are cashed up and specific in what they require.
“We typically see these buyers looking to reduce land size for low maintenance however retain living space for the grandkids to sleep over,” the report said of the demographic.
“The kicker for these buyers is that they don’t want to move any further than a drop punt from the family home.”
“This can become problematic for those living in the inner ring as zoning constraints restrict high density development reducing the availability of stock for these purchasers.”
Filling the market gap in the inner southern suburbs is the Cedar Woods development of the former Glenside Hospital site.
With proximity to Burnside Village, Adelaide Parklands and The Arkaba shopping and health precinct, this development has been popular with downsizers moving from the surrounding low density heritage suburbs.
Further servicing this market are the Norwood Green and George and Queen developments in the inner eastern suburb of Norwood.
<img src="https://www.urban.com.au/images/2020/3/12/SA%205.png" alt="">
Disruptors to the traditional buyer lifecycle are nonAustralian born purchasers entering the market.
“These buyers seek out comfortable surroundings gravitating towards areas which provide a cultural resemblance to their home country,” the report continued.
The CBD apartment market has been popular with Chinese buyers, particularly apartments within the buildings surrounding Chinatown. Similarly, the suburbs surrounding the northern section of Prospect Road have been popular with Middle Eastern, African and Indian purchasers.
“Many of these purchasers come from cultures where the whole family lives under one roof. We have seen an increase in construction of dwellings with self-contained living spaces and established dwellings being improved with detached living spaces,” the firm concluded.
“Suburban Adelaide provides market entrants at all stages of the buyer lifecycle the opportunity to enter the market. With a swathe of differing property types and market entry price point, there will be something available for everyone.”
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Adelaide first home buyers reliant on the bank of mum and day: HTW

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Much the same as most other regional locations across Central Queensland, Gladstone has a good mix of home-owner types, according to a recent report from valuation firm Herron Todd White.
“Investors have been very prominent during boom periods, however first home owners and upgraders have taken the market share of purchasers over the past two to three years,” the report found.
“It’s not hard to recognise the value to be had in the current market even after having seen minor price growth over the past 12 months. We have seen a marked increase in demand for executive style large four-bedroom homes on larger lots and typically with pools or sheds.”
The report concluded that the increase in demand has come from out of town buyers (typically from southern markets) wanting to downsize their mortgage but at the same time not wanting to compromise on quality or features.
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Gladstone residential market dominated by first home buyers and upgraders; Herron Todd White

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By late April some 1000 Australians have now purchased a property with Commonwealth Bank under the Australian Government's First Home Loan Deposit Scheme.
The scheme, launched on January 1, 2020, helps eligible first homebuyers purchase a home with a deposit of as little as five per cent.  
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In addition to the 1,000 customers who have purchased a home, CBA has helped a further 2,400 customers secure a place under the scheme.
CBA announced that customers who have reserved a place under the Scheme who have not yet found a property, can now request to extend the deadline to find a property and enter a contract of sale for another 90 days. 
It will give customers a total of six months to find a property and provide them with the peace of mind they need during this difficult period that their place under the scheme is safe. 
CBA Group Executive Retail Banking Services, Angus Sullivan said, “There is a lot of interest and uncertainty about the impact the coronavirus will have on the Australian property market so it’s encouraging that we have crossed this exciting milestone in the current environment. 
“As Australia's largest home-loan lender, our Australian-based call centres remain open for business and we continue to have industry leading processing and turnaround times for home loan applications. 
“Whether you are purchasing your first home or looking to buy a new home we want to reassure customers that we are open for business and here to help them realise their home ownership goals. 
“We also realise that some customers are looking for support during this difficult period and we have a range of measures to assist them including deferring repayments and reducing repayments to free up cash.” 
Rebecca Dore, a 32-year-old from Victoria, was the thousandth customer to purchase her dream home with CBA in Pakenham, Victoria.
“I was saving for a deposit but was a few years off buying a property so when my Lender contacted me and explained that I would be able to purchase a home much sooner by participating in the Scheme I was ecstatic."
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