<p>Construction is set to begin at <a href="https://www.apartments.com.au/new-townhouses/orchard-mews-glen-iris-18-scott-grove-glen-iris-vic-3146">Orchard Mews</a> in Glen Iris, with&nbsp;PC Whitehall &amp; Sons&nbsp;now appointed as the townhome development moves into its next phase.</p>

<p>The development by&nbsp;<a href="https://www.apartments.com.au/developers/montcoeur">MontCoeur</a>,&nbsp;located at 18 Scott Grove, is now around 30 per cent sold, with completion targeted for late-2027.</p>

<p>Orchard Mews comprises a curated collection of three- and four-bedroom customisable townhomes, positioned within one of <a href="https://www.apartments.com.au/developments/glen-iris-vic-3146">Glen Iris</a>’ more tightly held residential streets. The low-density project has been designed by <a href="https://www.apartments.com.au/architects/cera-stribley-architects">Cera Stribley</a>, with landscape architecture by <a href="https://www.apartments.com.au/landscape-architect/jack-merlo">Jack Merlo</a>, bringing together a team known for high-end residential projects across Melbourne.</p>

<p>[smartcode_project:default project_id=150128 project_image_fid=366285]</p>

<p>The development is defined by its focus on flexible living and long-term usability. Each residence includes multiple living zones and a customisable multipurpose room, allowing buyers to tailor spaces to suit changing needs, whether as a home office, additional bedroom, wellness area or entertainment space.</p>

<p>Architecturally, the townhomes emphasise natural light and spatial volume, with dual-aspect layouts and double-height living areas incorporated into the design. Interiors feature natural stone benchtops, premium appliances, and a neutral material palette intended to support everyday functionality rather than statement-driven finishes.</p>

<p>All residences are all-electric and include private lifts and secure double garages, reflecting a broader shift toward sustainability and future-focused housing in Melbourne’s established suburbs.</p>

<p>[smartcode_project:default project_id=150128 project_image_fid=366277]</p>

<p>Outdoor connections are also central to the offering, with a mix of private courtyards and terraces extending internal living spaces and integrating with the landscaped surrounds.</p>

<p>The Scott Grove address places Orchard Mews within close proximity to some of Melbourne’s key lifestyle and education amenities, including Scotch College, Sacré Cœur, Cabrini Hospital and the retail hub of Chadstone. Public transport access is also nearby, with trams and Gardiner Station providing connectivity to the CBD and surrounding suburbs.</p>

<p>[smartcode_project_cta:default project_id=150128]</p>


Joel Robinson

Construction to commence at luxury Glen Iris townhome project, Orchard Mews

<p data-end="150" data-start="66">A rare new apartment development has been proposed on the fringe of St Ives Village.</p>

<p data-end="370" data-start="152">Developer Newquest Property has lodged plans for a low-rise apartment project designed by well-regarded architecture firm Warren &amp; Mahoney, which is best known for its work in the multi-residential sector in Melbourne.</p>

<p data-end="370" data-start="152">The building, proposed for a 1,916 sqm site on <a href="https://www.apartments.com.au/new-apartments/st-ives-residences-3-5-memorial-avenue-nsw-2075">Memorial Avenue</a> opposite St Ives Village Green, has been designed to blend into the surrounding natural environment.</p>

<p data-end="370" data-start="152"><img alt="St Ives" data-entity-type="file" data-entity-uuid="5c1c7437-2fba-4345-a6d7-05321714ad3e" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-04%20at%201.28.46%E2%80%AFPM.png?VersionId=KrYyMaJvNqR7vbx0xbB3Ef8sJ6FuHpmn" /></p>

<p data-end="745" data-start="537">“Drawing inspiration from the pale trunks and flowering canopies of the scribbly gums and blue gums prevalent in the area, a considered material palette was developed,” the architectural design report states.</p>

<p data-end="912" data-start="747">“This palette references the established materiality of the suburb while elevating it through refined finishes to achieve a more luxurious architectural expression.”</p>

<p data-end="1185" data-start="914">Of the 33 apartments proposed, 21 will be three-bedroom residences. The remaining mix includes nine two-bedroom apartments, one one-bedroom apartment and two four-bedroom residences. The development will be supported by 62 car parking spaces and 33 secure bicycle spaces.</p>

<p data-end="1270" data-start="1187">The proposal would replace two single-storey brick buildings currently on the site.</p>

<p data-end="1270" data-start="1187"><img alt="St Ives" data-entity-type="file" data-entity-uuid="21422eaf-09a9-4439-9278-b9bd9daf22a1" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-04%20at%201.38.10%E2%80%AFPM.png?VersionId=v.fXSgcUcEscvOZzqcjG5nk3gVqk_Amt" /></p>

<p data-end="1467" data-start="1272">St Ives remains a relatively untapped market for new apartment development. North Shore developer WINIM has a number of projects in the area, while INCA is nearing completion of Ellis Residences.</p>

<p data-end="1635" data-start="1469">More recently, Traders In Purple has lodged plans for one of the denser projects proposed in the suburb, a 75-apartment development on a 5,900 sqm site on Cowan Road.</p>

<p data-end="1635" data-start="1469">NewQuest, a construction, design and development firm, has delivered over 24 projects across commercial, residential, industrial, and lad markets.&nbsp;</p>

<p>&nbsp;</p>

<p>&nbsp;</p>


First look: NewQuest Property proposes new St Ives apartment development

<p><a href="https://www.apartments.com.au/developers/centa-property-group">Centa Property Group</a> has achieved two major milestones at its <a href="https://www.apartments.com.au/new-apartments/bilinga-house-107-golden-four-drive-bilinga-qld-4225">Bilinga House</a> apartment development in the sought-after southern Gold Coast.</p>

<p>They've almost sold 50 per cent of the Golden Four Drive building, while at the same time announcing the commencement of construction through reputable builder Greyburn Construction.</p>

<p>The boutique 10-storey building, with 47 two- and three-bedroom apartments, now has a mid-to-late 2028 completion date.</p>

<p>[smartcode_project:default project_id=150037 project_image_fid=5333]</p>

<p>The <a href="https://www.apartments.com.au/architects/rothelowman">Rothelowman</a>-designed project is positioned just 200 metres from Bilinga Beach and brings a relatively rare apartment offering to a market that has seen limited new supply in recent years.</p>

<p>Residences have been designed to maximise natural light and ventilation, with open-plan interiors, generous glazing, and material palettes that reflect the surrounding coastal landscape.</p>

<p>Interiors incorporate engineered timber flooring, stone benchtops, and custom joinery, with layouts designed to adapt to both permanent living and lock-and-leave use.</p>

<p>[smartcode_project:default project_id=150037 project_image_fid=5336]</p>

<p>Rothelowman Senior Project Leader Matthew Tencate said the design approach centres on liveability and community.</p>

<p>“Providing curated on-site amenities and communal spaces for residents that facilitate a sense of community, liveability, and wellness,” Tencate said.</p>

<p>Residents will have access to a suite of private amenities including a pool, gym, sauna, and communal alfresco areas, alongside practical features such as surfboard storage and bicycle facilities.</p>

<p>[smartcode_project:default project_id=150037 project_image_fid=5336]</p>

<p>Centa Property Group Director Jason Yuen said the project has been designed to appeal to a range of buyers seeking flexibility in how they use their property.</p>

<p>“Bilinga House is designed for those who want the best of both worlds – a modern beachside escape with the flexibility to generate income when you're not there,” Yuen said.</p>

<p>[smartcode_project:default project_id=150037 project_image_fid=5338]</p>

<p>Bilinga remains one of the quieter pockets of the Gold Coast, sitting between the more established hubs of Coolangatta and Palm Beach. Its appeal has strengthened in recent years, supported by proximity to the Gold Coast Airport and the Oceanway coastal path.</p>

<p>[smartcode_project_cta:default project_id=150037]</p>


Bilinga House apartments snapped up as Greyburn commences construction

<p>Breaking into the Sydney property market has long felt out of reach for many first home buyers, particularly as median house prices sit above $1.6 million and unit prices push beyond $900,000.</p>

<p>But entry points still exist in pockets of Greater Western Sydney, where pricing, government incentives, and product mix are aligning to make ownership more attainable.</p>

<p>Understanding where those opportunities sit, and how the numbers actually stack up, is becoming increasingly important for buyers weighing up their next move.</p>

<h2>Work out what you can actually afford</h2>

<p>Sydney is expensive, but it isn’t uniformly expensive. The Greater Parramatta region continues to offer comparatively accessible entry points, particularly for buyers open to alternative configurations like studios.</p>

<p>There's an assumption that a first home needs to be a certain size, that anything smaller than a one-bedder is a concession rather than a choice. That assumption doesn't hold up against what well-designed studios in the right location actually offer: immediate liveability, strong urban amenity, and a price point that makes the deposit target realistic rather than theoretical.</p>

<p>At <a href="https://www.apartments.com.au/buildings/mason-main-merrylands-249-259-merrylands-road-merrylands-nsw-2160">Mason &amp; Main</a>, <a href="https://www.apartments.com.au/developers/coronation-property">Coronation Property</a>'s multi-award winning precinct in Merrylands, studio apartments are unlike the typical studio configuration.</p>

<p>Starting from $498,000, the bedroom is fully enclosed, separated from the living area by a cavity sliding door, creating a genuinely private sleeping space that functions more like a one-bedroom apartment than a traditional open-plan studio.</p>

<p>[smartcode_project:default project_id=31751 project_image_fid=359814]</p>

<p>At 42 sqm internally, with an open-plan kitchen, built-in robes, modern bathroom, and separate laundry, the apartments are designed for everyday liveability rather than short-term use.</p>

<p>With a five per cent deposit under the Federal Government's First Home Guarantee, that equates to a deposit of around $24,200, achievable for many first home buyers without the added cost of Lenders Mortgage Insurance.</p>

<h2>Understand the real cost of renting versus buying</h2>

<p>For buyers weighing up the shift from renting to owning, the numbers are closer than many expect.</p>

<p>Here’s how the numbers stack up for a studio at Mason &amp; Main (based on a $498,000 purchase):</p>

<ul>
	<li><strong>Purchase price:</strong> $498,000</li>
	<li><strong>Five per cent deposit (First Home Guarantee):</strong> ~$24,900</li>
	<li><strong>Loan amount:</strong> ~$473,100</li>
	<li><strong>Estimated mortgage repayment (6.29% variable, 30-year term):</strong> ~$675–$695/week*</li>
	<li><strong>Estimated rental return:</strong> $590–$620/week*</li>
	<li><strong>Rental yield:</strong> 6.16% - 6.47%</li>
</ul>

<p>At this level, the gap between renting and owning is relatively narrow, particularly when factoring in long-term equity, with rental returns also making the apartments a viable option for investors.</p>

<p>The rental range reflects current asking rents for remaining studio stock in the development and, based on prevailing asking prices, equates to an indicative gross rental yield of up to 6.47 per cent.</p>

<p>For buyers seeking more internal space, Mason &amp; Main also offers a range of one-bedroom apartments from $629,000, alongside larger one-bedroom plus multipurpose room configurations priced from $680,000 - all priced under $800,000 and eligible for first home buyer incentives.</p>

<ul>
	<li><strong>Purchase price:</strong> $629,000</li>
	<li><strong>20 per cent deposit:</strong> ~$125,800 (5% deposit on exchange: $31,450)</li>
	<li><strong>Loan amount 80%:</strong> ~$503,200</li>
	<li><strong>Estimated mortgage repayment:</strong> ~$720–$740/week*</li>
	<li><strong>Estimated rental return:</strong> $650–$680/week*</li>
	<li><strong>Rental yield:</strong>&nbsp;5.37% - 5.62%</li>
</ul>

<p>One-bedroom apartments continue to present a balanced option for both owner-occupiers and investors, supported by steady rental demand across Western Sydney.<span style="font-size:small"><span style="color:#222222"><span style="font-family:Arial, Helvetica, sans-serif"><span style="font-style:normal"><span style="font-variant-ligatures:normal"><span style="font-weight:400"><span style="white-space:normal"><span style="background-color:#ffffff"><span style="text-decoration-thickness:initial"><span style="text-decoration-style:initial"><span style="text-decoration-color:initial">&nbsp;</span></span></span></span></span></span></span></span></span></span></span></p>

<p>[smartcode_project:default project_id=31751 project_image_fid=359812]</p>

<h2>Make sure you're across the government incentives</h2>

<p>Government incentives continue to play a key role in reducing the upfront cost barrier.</p>

<p>At Mason &amp; Main, studio, one, and two-bedroom apartments are priced under $800,000, allowing eligible buyers to access a full stamp duty exemption under the NSW First Home Buyers Assistance Scheme.</p>

<p>On a $498,000 purchase, that represents a saving of roughly $17,900 that would otherwise need to be paid at settlement.</p>

<p>Combined with the First Home Guarantee, which enables purchases with as little as a five per cent deposit, the total capital required to secure a home is significantly reduced compared to traditional lending pathways.</p>

<h2>No waiting, no uncertainty</h2>

<p>For first home buyers who want to move sooner rather than later, Mason &amp; Main removes one of the more common pain points from the purchase process entirely. The development is already complete and move-in ready, meaning buyers can walk through the apartments, inspect the finishes, and have full certainty about what they're purchasing before signing anything.</p>

<p>Coronation brought in renowned architecture firm <a href="https://www.apartments.com.au/architects/woods-bagot">Woods Bagot</a> to design the development.&nbsp;</p>

<p>"The project's design drew inspiration from the area's rich heritage, in particular the nearby brickworks and aqueduct, infusing a contemporary perspective to seamlessly integrate historical influences into the design," Woods Bagot Principal Dom Alvaro says.</p>

<p>[smartcode_project:default project_id=31751 project_image_fid=736]</p>

<h2>Factor in location and lifestyle</h2>

<p>Beyond the apartment itself, the surrounding infrastructure matters, particularly for a first purchase. Merrylands Station sits 350 metres from the development, putting the Parramatta CBD a five-minute drive away and the Sydney CBD roughly 25 minutes via the Western Line. Directly across the road is Stockland <a href="https://www.apartments.com.au/developments/merrylands-nsw-2160">Merrylands</a>, one of Greater Western Sydney's major retail centres.</p>

<p>At street level, Mason &amp; Main's own retail and dining precinct has more than 30 tenants trading, including Iftar, Macelleria, Hayat, San Churro, Yuzu, and Fat Jaks. Residents also have access to a resort-style pool, a Technogym-equipped gym, private dining rooms, and a rooftop terrace with panoramic views across Parramatta, the Sydney CBD, and the Blue Mountains, all exclusive to the building.</p>

<p>Due to the mix of configurations, including studios which are rarely offered in today's new apartment market, first home buyers and investors have driven Mason &amp; Main to over 90 per cent sold.</p>

<p>Coronation Property Managing Director Joe Nahas says the development is driving a revitalisation of Merrylands, setting a high standard for future developments in the area.</p>

<p>Mason &amp; Main is move-in ready and is the latest in a series of award-winning mixed-use developments by Coronation Property.</p>

<p><em>Disclaimer: Mortgage repayment figures are estimates only, based on a 6.29 per cent variable rate over a 30-year term (Canstar, April 2026). Pricing and rental estimates are indicative and based on current listings and project information. Gross yield figures are indicative and derived from asking prices and estimated rental ranges. Stamp duty savings are indicative only. Buyers should seek independent financial and legal advice before proceeding.</em></p>

<p>[smartcode_project_cta:default project_id=31751]</p>


How first home buyers can enter the Sydney property market for under $500k

<p data-end="390" data-start="110">Australia’s housing debate has rarely been more urgent. The National Housing Supply and Affordability Council forecasts the country could fall around 262,000 homes short of housing needs by 2029, underscoring the scale of the challenge facing planners, governments and developers.</p>

<p data-end="514" data-start="392">In response, much of the conversation has centred on high-density towers around transport corridors and strategic centres.</p>

<p data-end="676" data-start="516">Diversified developer Coronation Property, while also focused on well-located, strategic sites, is incorporating an arguably underutilised typology, the terrace.</p>

<p data-end="983" data-start="678">Difficult to integrate into true high-rise developments, terraces have become a defining feature of Coronation’s lower-rise portfolio, including projects in Ashbury and Erskineville. <a href="https://www.apartments.com.au/buildings/ashbury-terraces-165-171-milton-street-ashbury-nsw-2193">Ashbury Terraces</a> places a stronger emphasis on this housing type, forming part of a broader community mix.</p>

<p data-end="1188" data-start="985">At its Erskineville development, <a href="https://www.apartments.com.au/new-apartments/lillian-erskineville-9-metters-street-erskineville-nsw-2043">Lillian</a>, terraces are more limited, with just a handful&nbsp;included within the wider, predominantly apartment-led precinct, one of the first developments to launch in Erskineville in several years.</p>

<p data-end="1188" data-start="985">[smartcode_project:default project_id=135149 project_image_fid=368392]</p>

<p data-end="1524" data-start="1190">Terrace residents at Lillian benefit from many of the same advantages as apartment owners, the lock-up-and-leave lifestyle and access to shared amenities like the rooftop wellness space, but with significantly more space.</p>

<p data-end="1524" data-start="1190">Spanning multiple levels, the terraces also feature front and rear courtyards, providing direct access to the central landscaped gardens within the precinct.</p>

<h3 data-end="212" data-section-id="1n97jye" data-start="191">The terrace model</h3>

<p data-end="464" data-start="214">Terrace housing has long been part of Australia’s urban fabric. From Paddington and Surry Hills to Glebe and Annandale, rows of terrace homes have shaped neighbourhood streets, offering a housing form that sits between detached houses and apartments.</p>

<p data-end="631" data-start="466">The contemporary terrace, however, addresses many of the limitations of older designs, where narrow staircases and constrained layouts often compromised liveability.</p>

<p data-end="703" data-start="633">[smartcode_project:default project_id=135149 project_image_fid=368157]</p>

<p data-end="834" data-start="705">“Terraces represent one of the city’s most intelligent housing models,” says Joe Nahas, Managing Director of Coronation Property.</p>

<p data-end="1085" data-start="836">“They deliver density without losing the human scale that makes neighbourhoods liveable. In many ways, they provide a bridge between the Sydney we know and the Sydney we need to build. If Sydney is going to grow well, it can’t rely on towers alone.”</p>

<hr data-end="1090" data-start="1087" />
<h3 data-end="1124" data-section-id="1a7l0gw" data-start="1092">The evolution of the terrace</h3>

<p data-end="1262" data-start="1126">That thinking has shaped Coronation’s approach at Ashbury Terraces, where the terrace typology has been reinterpreted for modern living.</p>

<p data-end="1459" data-start="1264">Designed by SJB, the project recently received recognition at the 2026 Better Future World Design Awards, acknowledging its architectural clarity and response to the surrounding suburban context.</p>

<p data-end="1564" data-start="1461">SJB Director Adam Haddow says the intent was to evolve a familiar housing form rather than reinvent it.</p>

<p data-end="1723" data-start="1566">“The terrace is one of Sydney’s most familiar housing forms, so our approach at Ashbury was to reinterpret that typology in a contemporary way,” Haddow says.</p>

<p data-end="1888" data-start="1725">“The homes are designed to sit comfortably within the existing neighbourhood while introducing more light, landscape and shared spaces that support modern living.”</p>

<p data-end="2082" data-start="1890">Ashbury Terraces combines terraces, apartments and penthouses across a series of low-rise buildings, integrating contemporary architecture with landscaped communal spaces and resident amenity.</p>

<p data-end="2264" data-start="2084">That same typology is now being carried into Coronation’s Lillian development in Erskineville, where a smaller number of terraces sit within a predominantly apartment-led precinct.</p>

<hr data-end="2269" data-start="2266" />
<h3 data-end="2289" data-section-id="cazuws" data-start="2271">Buyer response</h3>

<p data-end="2486" data-start="2291">Coronation’s decision to include terraces at Lillian was informed by strong buyer feedback from Ashbury Terraces, where purchasers were drawn to the flexibility and scale the housing type offers.</p>

<p data-end="2588" data-start="2488">One resident, Sweta Pursem, purchased a terrace as a single buyer, citing its long-term versatility.</p>

<p data-end="2720" data-start="2590">“As a single buyer, it might seem surprising that I chose a terrace over an apartment, but I was thinking long term,” Pursem says.</p>

<p data-end="2851" data-start="2722">“The terraces are incredibly versatile, catering to a range of lifestyles while still offering the space and privacy of a house.”</p>

<p data-end="2962" data-start="2853">For Pursem, the multi-level layout provides a level of functionality not typically found in apartment living.</p>

<p data-end="3202" data-start="2964">“Having a separate living area from the bedroom and home office makes everyday living feel both functional and comfortable. When friends and family come to visit, the layout gives a sense of privacy while still feeling open and spacious.”</p>

<p data-end="3279" data-start="3204">Her terrace also supports a more connected, lifestyle-driven way of living.</p>

<p data-end="3537" data-start="3281">“I love entertaining, and the courtyard is ideal for relaxed weekend drinks with friends. I tend to use each level differently throughout the day, it creates a natural rhythm between work, downtime and entertaining, which I didn’t have in apartment living.”</p>

<p data-end="3692" data-start="3539">Ashbury Terraces is now complete and ready to move in, while Lillian in Erskineville is under construction and expected to welcome residents in mid-2027.</p>


Coronation champions terraces as a key piece of Sydney’s housing mix

<p>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.</p>

<p>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;</p>

<p>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.</p>

<p>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.</p>

<p>Even in the low seasons of May and June, occupancy levels reach around 40 per cent.</p>

<p><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" /></p>

<p>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</p>

<p>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.</p>

<p><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" /></p>

<p>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.<span><span><span><span><span><span><span><span><span><span><span><span><span><span><span><span><span><span><span><span><span><span><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" /></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span><span><span><span><span><span>​</span></span></span></span></span></span></p>

<p>The apartments will feature modern amenities and contemporary designs with expansive windows capturing sweeping views of The Remarkables mountain range.&nbsp;</p>

<p>Interiors are equipped with modern finishes, premium appliances, and secure electronic key-locked doors, ensuring a comfortable living experience for residents and guests alike.</p>

<p>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;</p>

<p>Queenstown’s sustained demand for visitor accommodation and rental properties is underpinned by a shortage of housing options, attracting both local and international buyers.</p>


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

<html><body>
<p>EXPERT OBSERVER</p>
<p>The number of settled transactions in the housing market has been trending lower since peaking in 2015.</p>
<p>Nationally, 465,788 settled house and unit sales transacted over the 12 months to May 2018 with the annual number of settled sales -7.7% lower over the year.</p>
<p><img src="https://www.urban.com.au/images/2018/6/28/CL%20Pulse%20Chart%20Column%201.JPG" alt=""></p>
<p>As shown in the charts, the monthly data points to a declining trend in transactions with settled sales now sitting lower than the decade average.</p>
<p>Over the 12 months to May 2018 Sydney recorded 84,699 settled house and unit sales in Sydney.</p>
<p>Although the monthly data points to a slight rebound in transactions recently, likely the result of a surge in first home buyers since July last year.</p>
<p>Annual sales were -13.5% lower over the past 12 months. House sales were -11.4% lower over the year and unit sales were -16.0% lower.</p>
<p>Monthly sales volumes have consistently been lower than the 10 year average since May 2017.</p>
<p>While there is likely to be some revision as unsettled sales flow through, it remains likely that ultimately sales volumes are lower over the year.</p>
<p>Settled sales transactions have been trending lower for a number of years in Melbourne which is partly to do with high volumes of units under construction but also strong demand and relatively low supply of housing for sale.</p>
<p>With values now falling, the 83,444 settled sales over the past year was -12.9% lower than the previous year.</p>
<p>House sales are 13.2% lower and unit sales are down -12.4%.</p>
<p>As is the case in Sydney, it seems unlikely that once all off-the-plan properties are completed and settled that transaction volumes will be higher than a year ago.</p>
<p>Over the 12 months to May 2018 there were 48,050 settled house and unit sales in Brisbane.</p>
<p>On an annual basis, transaction volumes across the city were -12.1% lower over the year.</p>
<p>House sales have fallen by -8.3% over the year while unit sales have recorded a much greater fall of -19.8%.</p>
<p>Monthly sales volumes have been trending lower for a number of years and are now slightly lower than the decade average.</p>
<p>Volumes, particularly for units, are likely to see some moderate revision over the coming years but are likely to remain lower than they were a year ago.</p>
<p><img src="https://www.urban.com.au/images/2018/6/28/CL%20Pulse%20Chart%20Column%202.JPG" alt=""></p>
<p>Over the past 12 months, 27,705 settled sales occurred in Adelaide which was 2.5% more sales than over the same period in 2017.</p>
<p>Annual house sales were 0.5% higher over the year while unit sales recorded a much greater 85% increase.</p>
<p>Adelaide is one of only two capital cities in which annual sales were higher over the year and it is also one of the few cities in which monthly transaction volumes are currently above the decade average.</p>
<p>Perth’s housing market has been in a downturn since 2014 however, there are some early signs that transaction are lifting, albeit for a very low base.</p>
<p>Over the past 12 months there were 30,393 settled sales which was 1.4% higher than the previous year with house sales 1.0% higher and unit sales 3.4% higher.</p>
<p>As the housing market slowly shows signs of improvement sales volumes may continue to climb.</p>
<p>Although dwelling values in Hobart are increasing at a much faster pace in Hobart than any other capital city, transaction volumes are falling.</p>
<p>This is largely due to strong demand and little supply of stock available for sale, advertised listings are currently around record lows across Hobart.</p>
<p>Over the past 12 months there was 4,915 dwelling transactions in Hobart which was -7.4% fewer than the previous year with house sales down - 7.3% and unit sales -7.9% lower.</p>
<p>Monthly sales are currently only marginally higher than the decade average.</p>
<p>Darwin has recorded 2,018 dwelling sales over the past 12 months which was -5.8% fewer than the previous year with house sales -7.7% lower and unit sales down - 2.1%.</p>
<p>Like Perth, Darwin has been in a downturn for a number of years but has seen an increase in transactions over recent months with last month’s sales close to the decade average.</p>
<p>Monthly transactions in Canberra are sitting right on their decade average however, the chart shows that sales have been trending lower for over a year.</p>
<p>Over the past 12 months, there were 8,310 settled sales which was -10.0% lower than the previous year with house sales down -3.0% and unit sales -16.5% lower.</p>
<p>With value growth slowing, it is reasonable to expect fewer sales over the short-term.</p>
<p>With dwelling values now falling and tighter credit conditions it is reasonable to anticipate that transaction volumes will continue to trend lower.</p>
<p>For sellers this means they will need to be realistic about their price expectations as buyers become more empowered.</p>
<p>As a result, sellers will need to ensure their marketing strategy is finely tuned and set appropriate prices in order to achieve a sale.</p>
<p>Fewer sales means less turnover, which in turn means less commission and less stamp duty revenue for state governments.</p>
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Housing sale volumes trending lower: CoreLogic's Cameron Kusher

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<p>Queensland's Gladstone has the cheapest property rentals of the country.</p>
<p>CoreLogic calculated Barney Point has the cheapest house median rental and South Gladstone has the cheapest when it comes to units.</p>
<p>There is a three bedroom Barney Point cottage at 8 Callide Crescent <a href="https://www.realestate.com.au/property-house-qld-barney+point-415504567" target="_blank">available at $170 a week</a> (above).</p>
<p>Blackall, Clinton, Calliope and West Gladstone are also on the national top 10 list for 2017.</p>
<p> </p>
<p>Houses                    Median Value Median Rent</p>
<p>Qld Barney Point Gladstone $186,162 $150             </p>
<p>Qld Blackall Blackall Tambo $175,361 $150             </p>
<p>Tas Zeehan West Coast $96,377 $150                     </p>
<p>Tas Rosebery West Coast $91,907 $160                  </p>
<p>Tas Queenstown West Coast $93,707 $160               </p>
<p>Vic Ouyen Mildura $124,315 $160                            </p>
<p>WA Kambalda East Coolgardie $90,978 $160             </p>
<p>SA Peterborough Peterborough $109,475 $165          </p>
<p>SA Coober Pedy Unincorporated SA $130,463 $170     </p>
<p>Qld Dysart Isaac $98,187 $170                                  </p>
<p> </p>
<p>Units </p>
<p>Qld South Gladstone Gladstone $120,964 $120</p>
<p>Qld Clinton Gladstone $241,178 $120</p>
<p>SA Whyalla Stuart Whyalla $146,462 $135</p>
<p>SA Millicent Wattle Range $172,655 $143</p>
<p>SA Whyalla Norrie Whyalla $158,967 $150</p>
<p>Qld Tannum Sands Gladstone $184,350 $150</p>
<p>Qld Calliope Gladstone $174,677 $150</p>
<p>Qld West Gladstone Gladstone $170,353 $150</p>
<p>Qld Barney Point Gladstone $135,473 $150</p>
<p>SA Whyalla Whyalla $166,005 $153</p>
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<p> </p>
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Queensland's Gladstone has Austraia's lowest median rentals

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<div>Personal credit growth was negative again in November 2017, as it was in October 2017, and on an annual basis it has been negative since 2015 as Aussies elect to cut up their credit cards (or at least, apply for fewer cards and personal loans).<br><br>Housing credit continues to swing across from investors to owner-occupiers - in part due to loan switching - but in aggregate the annual rate of growth at 6.4 per cent remains higher than a year earlier when it was 6.3 per cent. </div>
<p> </p>
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<p><br><span>Annual credit growth was steady year-on-year at 5.4 per cent.</span><br><br></p>
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<div>Cross-checking to APRA's monthly figures we can see that ADIs grew their investment loan exposures at just 2.8 per cent, miles below the arbitrary 10 per cent speed limit, so there is plenty of potential capacity for investment loans to pick up again in 2018. </div>
<p> </p>
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<div>
<br>On the other hand, APRA's figures showed that monthly owner-occupier credit grew by an up-tempo 0.56 per cent to $1.04 trillion, suggesting that non-banks have picked up the slack created by tighter lending standards.<br><br>
</div>
<div><strong><span style="text-decoration: underline;">Low mortgage stress</span></strong></div>
<div> </div>
<div>The unemployment rate contin<span>ued to trend lower in 2017, now down to its lowest level in 4½ years with further declines to come in 2018, and S&amp;P has its 30-day prime mortgage arrears at the lowest level we've seen. Arrears may or may not pick up a bit in 2018, but they are presently tracking at such a remarkably low level it could hardly be a surprise if they did. </span>
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<div>The Reserve Bank's figures suggest that the ratio of household debt to disposable income will likely tick past 200 per cent in 2018, but serviceability remains very comfortable for most households, with the cost of living indexes very benign and household income growth passed its nadir.</div>
<div> </div>
<div>It was interesting to see that the Bank for International Settlements (BIS) incorporated the two uppermost points I raised at the UBS Conference panel debate, namely on Australia's household debt distribution by quintile and the tremendous growth of mortgage offsets (see borrowers and buffers) in its latest paper on household debt (though it appears to have given the buffers point relatively short shrift!).<br><br>The fact is, though, that mortgages are easier to service than they used to be, and overall households are managing pretty well, while the outlook is improving nicely in the resources states.<br><br>Roll on 2018 and the 'surprisingly resilient' articles...</div>
<div> </div>
<div>PETE WARGENT is the co-founder of AllenWargent property buyers (London, Sydney) and a best-selling author and <a href="https://petewargent.blogspot.com/" target="_blank">blogger</a>.</div>
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Non-banks pick up slack for investment loans: Pete Wargent

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<div>Another data series suggesting that 30-60 day arrears are now very close to the lowest level on record.</div>
<div> </div>
<div>First it was <a href="http://petewargent.blogspot.co.uk/2017/12/arrears-down-again" target="_blank">S&amp;P Global</a> that reported as such, as I charted at the attached link. </div>
<div> </div>
<div>And this time, it's Moody's.</div>
<p> </p>
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<p><em><span style="text-decoration: underline;">Source: Moody's</span></em></p>
<div>Total 90+ day Prime RMBS arrears declined from 1.62 per cent to 1.54 per cent in the September quarter, according to Moody's Investor Service.<br><br>The main improvement was seen in shadow lenders, with delinquencies declining from 2.85 per cent to 2.59 per cent, which there was also a solid decline in non-confirming loan arrears to 3.3 per cent.<br><br>Elsewhere it was reported that loan impairment charges were also close to record lows in 2017. </div>
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<div>Good to see. </div>
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Mortgage arrears down again, including shadow lenders: Pete Wargent

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<p>First home buyers should pay attention to market conditions, not the incentives on offer.</p>
<p>According to recently released housing finance data from the Australian Bureau of Statistics, the volume of new loans to first home buyers in New South Wales and Victoria has climbed substantially over recent months as value growth has slowed and even begun to fall in Sydney and Melbourne. </p>
<p>First home buyers must be vigilant about purchasing homes and not just be lured into buying at the peak of the market because of attractive incentives.</p>
<p>In New South Wales, from 1 July 2017 first home buyers don’t have to pay stamp duty for both new and existing homes for properties up to $650,000.</p>
<p>Stamp duty payable is reduced for buyers paying between $650,000 and $800,000.  In Victoria, if you buy a new or established home from July 1 2017 no stamp duty is payable on homes worth less than $600,000 and stamp duty is reduced for properties worth between $600,000 and $750,000.</p>
<p>The removal of stamp duty has resulted in a substantial increase in first home buyer housing finance commitments. </p>
<p>Over the six months from July to December 2017 there were 14,279 first home buyer finance commitments in New South Wales and 18,675 in Victoria.  To put this into some sort of perspective, over the six months prior to the new incentives going live there had been 7,891 first home buyer housing finance commitments in New South Wales and 12,683 commitments in Victoria.  This represents an increase in first home buyer volumes over the two six month periods before and after the changes to incentives of 81.0% in New South Wales and 47.2% in Victoria.</p>
<p>Since the stamp duty changes, average loan sizes have increased by 1.3% in New South Wales compared to an increase of 1.1% over the previous six months.  This seemingly suggests that the first home buyers entering the market are not using the removal of the stamp duty barrier to borrow more. </p>
<p>In Victoria, it is a bit of a different story with average first home buyer loan sizes increasing 7.0% over the past six months compared to a 2.7% increase over the previous six months.  This would seem to suggest in Victoria, the stamp duty concessions are leading to mortgagees borrowing more.</p>
<p>The most concerning thing for any potential first home buyer in the current New South Wales and Victoria markets should be the lure of entering a market which has been growing rapidly for many years.  In fact, recent data for Sydney and Melbourne indicates that values are now declining. </p>
<p>Across all of New South Wales, values have fallen -2.4% from their August 2017 peak to January 2018 with values -3.1% lower in Sydney and not yet declining in regional New South Wales.  In Victoria, values are -0.1% lower than their November 2017 peak with declines of -0.4% in Melbourne and no declines as yet in regional Victoria.  An important point to note is that the rate of value growth is slowing in regional areas of New South Wales and Victoria although the slowdown is greater in regional New South Wales to-date.</p>
<p>While those declines may sound quite minor, first home buyers are generally most sensitive to changes in interest rates.  Although the cash rate is expected to be on hold until early 2019, the combination of already falling dwelling values and potentially higher mortgage rates in the medium-term, these factors should raise some alarm bells for potential buyers. </p>
<p>For first home buyers there may be a sense that the removal of stamp duty along with the falling share of investors in the market creates the opportunity for entry however, ideally you do not want to be buying into a market which has only recently entered a downturn. </p>
<p>The best bet for potential first home buyers may not be to jump at the incentives which are currently available.  With values declining and investor demand continuing to trend lower a better option may be to remain on the sidelines somewhat longer as values potentially continue to slide.  By doing this you potentially avoid going into negative equity immediately, you potentially buy at a lower price and you have time to save an even larger deposit for your mortgage. </p>
<p>Furthermore, for well qualified borrowers with substantial deposits banks are competing heavily and offering substantial discounts for owner occupiers taking out principal and interest mortgages so if you take time and shop around you may be able to get a really good mortgage rate.</p>
<p><em>Cameron Kusher is head of research for CoreLogic. You can contact him <a href="https://www.propertyobserver.com.au/https://www.corelogic.com.au/taxonomy/term/28"><span class="s2">here</span></a>.</em></p>
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Market conditions more important than incentives on offer for FHB's

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<p>Overall, it’s hard to see a scenario where Australian housing values could fall off a cliff.</p>
<p>For this to happen we would need to see a material about face in labour market conditions, a global shock or a material rise in interest rates– none of which seems to be a likely outcome at the moment.</p>
<p><span>Without a doubt, housing risks are heighted relative to a year ago. Dwelling values are slipping lower nationally (down 2% since peaking in September last year), mortgage rates are edging higher (up by around 15 basis points from three of the four major banks announcing a rate rise in September) and mortgage arrears have moved off their record lows (but still only around 0.6% of all mortgages are 90+ days in arrears). All this against a backdrop of record high levels of household debt (the ratio of disposable income to household debt reached 190% in March this year), increasing levels of housing supply and rising domestic and global uncertainty.</span></p>
<p><span>It should come as no surprise that some commentators are forecasting a substantial reduction in dwelling values. We saw similar forecasts during previous downturns from the likes of Steven Keen, Harry Dent and Jeremey Grantham as well as many others. The most recent dire prediction to get mainstream airplay was from Martin North predicting a 40-45% fall in dwelling values; albeit with only a 20% chance of this occurring. Since airing on 60</span><span>Minutes, the segment titled ‘Bricks and Slaughter’ has seen th</span><span>e two primary experts featured, Martin North and Louie Christopher, clarifying their televised comments which were apparently presented in an unbalanced context: a presentation of the worst case scenario with no regard for the most likely outcome.</span></p>
<p><span>If we look at the current downturn in Australian housing, the trajectory of decline is actually quite unremarkable.</span></p>
<p><span>Australia’s largest housing market, Sydney, has seen values fall by 5.6% since</span><span>peaking in July last year; a trajectory that is straight down the middle of previous downturns. During the GFC, Sydney dwelling values fell by 7.0% in the space of twelve months, and the downturn before that (2003-2006) saw values fall 7.1% over the same number of months.</span></p>
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<p><span>Australia’s second largest city, Melbou</span><span>rne, has seen values falling since November last year. Since that time the market is down a cumulative 3.5% and the descent has generally been milder relative to previous downturns.</span></p>
<p>Click here <a href="https://www.propertyobserver.com.au/images/2018/9/21/CORELOGIC%201.jpg" target="_blank">to enlarge.</a></p>
<p><a href="https://www.propertyobserver.com.au/images/2018/9/21/CORELOGIC%201.jpg" target="_blank"><span> <img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2018/9/21/CORELOGIC%201.jpg" alt=""></span></a></p>
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<p><span>Even in markets where values have been falling consistently for more than four years on the back of a material weakening in economic and demographic</span><span>conditions, we haven’t seen values fall by anywhere near 40%. Perth dwelling</span><span>values peaked in 2014 and have fallen by 12.6% and in Darwin where conditions have been even tougher, dwelling values are down 21.8%.</span></p>
<p>Click here <a href="https://www.propertyobserver.com.au/images/2018/9/21/CORELOGIC%202.jpg" target="_blank">to enlarge.</a></p>
<p><img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2018/9/21/CORELOGIC%202.jpg" alt=""></p>
<p><span>Recently released housing value forecasts from Moody</span><span>’</span><span>s Analytics certainly paints a less gloomy picture of housing markets over the coming years. While, growth is forecast to be subdued relative to previous years, the forecast is for a relatively mild downturn, with national house and unit values returning to mild positive annual growth by the middle of 2019.</span></p>
<p>Click here <a href="https://www.propertyobserver.com.au/images/2018/9/21/CORELOGIC%203.jpg" target="_blank">to enlarge.</a></p>
<p><span> <img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2018/9/21/CORELOGIC%203.jpg" alt=""></span></p>
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<p><span>The </span><span>Moody’s </span><span>Analytics forecasts are based on an econometric model which</span><span>uses CoreLogic’s Hedonic </span><span>Index data as a base to forecast from. Their upbeat assessment of dwelling values is based on rising business investment, particularly in the non-mining sector, a rise in infrastructure spending, above trend jobs growth, and ongoing low interest rates.</span></p>
<p>Click here <a href="https://www.propertyobserver.com.au/images/2018/9/21/CORELOGIC%204.jpg" target="_blank">to enlarge.</a></p>
<p><img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2018/9/21/CORELOGIC%204.jpg" alt=""></p>
<p><span>Of course the outlook for housing conditions is varied across the regions. By</span><span>the end of 2019, Moody’s is expecting every capital city except Hobart (</span><span>-2.4%) to record a positive annual change in house values, with year on year rises </span>ranging from 4.5% in Canberra and Adelaide to a 0.9% rise in Perth dwelling values.</p>
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<p><span>Forecasting the movement in asset values is challenging at the best of times. With so much uncertainty at the </span><span>moment it’s even harder. </span><span>Several wildcards remain that could have a negative impact on the direction of housing values.</span></p>
<p><span>Households are more sensitive than ever to interest rate movements due to the record level of household debt. Roughly, 70% of household debt is housing related, which implies small changes to mortgage rates could have an amplified impact on household balance sheets. Further out of cycle movements in mortgage interest rates could have a negative impact on the market. On the flipside, if the RBA decides to cut the cash rate further (a possible scenario of economic conditions weakened and housing price falls accelerated), this would likely see a rise in housing activity and help to place a floor under housing prices.</span></p>
<p><span>There is also the potential for changes to property taxation policies that could have a further dampening effect on investment demand. Based on the value of new housing finance commitments, investors still comprise around 41% of mortgage demand, down from 55% in mid-2015. Investor concentrations remain well above their long term averages across New South Wales (49% of housing finance commitments) and Victoria (41% of housing finance commitments), implying Sydney and Melbourne would have more to lose if investor activity were to drop more substantially. Investors are already being disincentivised by falling prices, mortgage rate premiums and low rental yields; additional disincentives from tax reform could see demand reduce further, creating some slack in the overall demand composition for Australian housing.</span></p>
<p><span>In balance, even with mortgage rates edging higher, we are still in the lowest</span><span>mortgage rate environment since the 1960’s. Population growth remains</span><span>strong and maintaining a consistent migration policy seems to have support from both sides of politics which will continue to support demand for housing. Labour markets are reasonably healthy with unemployment holding at 5.3% and likely to trend lower, underemployment at the lowest rate since May 2014 and jobs growth above the long term trend.</span></p>
<p><span>Overall, it’s hard to see a scenario where </span><span>Australian housing values could fall off a cliff. For this to happen we would need to see a material about face in </span>labour market conditions, a global shock or a material rise in interest rates –none of which seems to be a likely outcome at the moment.</p>
<p><em><span class="s1">TIM LAWLESS</span><span class="s2"><em> heads up the CoreLogic RP Data research and analytics team and can be contacted<a href="https://blog.corelogic.com.au/author/timlawless/" target="_blank"> here.</a></em></span></em></p>
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Is the property market really all that bad? CoreLogic's Tim Lawless

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<p>EXPERT OBSERVER</p>
<p>Total housing finance was lower as expected back in August at $30.67 billion in seasonally adjusted terms, well down from the peak of above $34 billion a year earlier.</p>
<p>The Reserve Bank of Australia posted some useful insights on household finances, financial stress (or rather the lack of it), and the impact of tighter lending standards on loan sizes.</p>
<p>The RBA doesn't always help itself when citing very old data, but made some handy insights on borrowing capacity, specifically noting how most loans are made significantly below borrowing capacity.</p>
<p>In the surveyed figures only about 13 per cent borrowed 90 per cent or more of the maximum amount potentially available, while some two-thirds borrowed only 70 per cent or less of their capacity (thereby implying that tighter lending standards only impact some borrowers).</p>
<p>This was to some extent borne out by the housing finance data, with average loan sizes having continued to rise for owner-occupiers to be significantly higher than a year earlier, including in all three of the most populous states.</p>
<p>The borrowers most likely to be materially impacted by tighter lending standards include portfolio investors, and this is also reflected in the totals for investment loans.</p>
<p>The monthly trend result for investment loans has fallen from $14 billion at the 2015 peak to $10 billion, suggesting that the best performing properties are likely to be those actively sought by homebuyers (and the worst, investment units designed primarily for leasing).</p>
<p>More interest-only loans were reset in the third quarter.</p>
<p>Non-banks have been picking up more business, as expected.</p>
<p>With construction loans and the number of new dwellings financed now in decline new supply will be dropping off in time.</p>
<p>First homebuyers continued to account for about 18 per cent of new home loans, partly driven by incentives.</p>
<p><em>PETE WARGENT is the co-founder of AllenWargent property buyers (London, Sydney) and a best-selling author and <a href="https://petewargent.blogspot.com/" target="_blank">blogger</a>.</em></p>
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Housing finance squeezed in August: Pete Wargent

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<p>CoreLogic's head of research Tim Lawless talks the Adelaide's housing market.</p>
<p> </p>
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Perth's market update for November: CoreLogic

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<p>CoreLogic's head of research Tim Lawless talks the Brisbane housing market.</p>
<p> </p>
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Brisbane's market update for November: CoreLogic

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<p><span>Despite moderate value declines recently, and with a healthy median dwelling value of $904,041 as at November 2017, Sydney is remains the </span><span>nation’s </span>most expensive capital city housing market and has kept up this pace consistently, excluding a short period during 2006 and 2007 when Perth surpassed the city. </p>
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<p><span>A </span><span>valuable exercise is to look at how over time, </span><span>Sydney’s </span><span>premium relative to the other capital city markets has cycled.</span></p>
<p><span>(Note: The accompanying charts show the Sydney premium over time with the red line highlighting the average premium over the length of the period shown on each chart). </span></p>
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<p><span>Overview </span><span>– </span><span>capital cities performance compared to Sydney: </span></p>
<p><span>• </span><span>Melbourne </span><span>– dwelling values currently sit at $718,325 indicating that Sydney values are 25.9% higher. The Sydney premium is currently the lowest it has been since April 2014. Over the long- term Sydney’s average premium has been 39.2%. </span></p>
<p> <img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/12/8/melb7.jpg" alt=""></p>
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<p><span>• Brisbane – with a median dwelling value of $490,915, Sydney dwellings are currently 84.2% more expensive than Brisbane’s. The long-term average premium is 54.1% and the premium has consistently been higher than this average since September 2014 </span></p>
<p><span><img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/12/8/bris.jpg" alt=""></span></p>
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<p><span>• Adelaide – Sydney dwelling values have, on average, been 180.3% higher than Adelaide’s. Adelaide’s current median dwelling value of $432,126 sees the Sydney premium at 109.2%. Sydney has had an above average premium to Adelaide consistently since November 2014. </span></p>
<p><span><img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/12/8/adel.jpg" alt=""></span></p>
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<p><span>• Perth – the current median dwelling values for the city is recorded at $463,026 which indicates that Sydney’s current median is 95.2% higher compared to a long-term average difference of 60.8%. The premium for Sydney housing has been above the long-term average since August 2015. </span></p>
<p><span><img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/12/8/per.jpg" alt=""></span></p>
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<p><span>• Hobart – with a median dwelling value of $398,093, Sydney’s median value is currently 127.1% higher. The long-term average Sydney premium is 105.0% indicating that the gap has been wider than average since December 2013. </span></p>
<p><span><img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/12/8/hob.jpg" alt=""></span></p>
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<p><span>• Darwin – Sydney dwellings are currently 108.9% more expensive than Darwin’s median dwelling value which sits at $432,774. Over the long-term the average premium for Sydney dwellings has been recorded at 54.9% with the premium consistently above the long- term average since June 2015. </span></p>
<p><span><img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/12/8/darwin.jpg" alt=""></span></p>
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<p><span>• </span><span style="font-size: 12.16px;">Canberra – the median dwelling value currently sits at $588,788 which means that Sydney has a value premium of 53.5%. The long-term average premium for Sydney is 33.2% with the premium having been above average consistently since April 2014.</span></p>
<p><span><img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/12/8/canb.jpg" alt=""></span></p>
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<p>Just because the Sydney premium is currently above the long-term average for most cities, this doesn’t necessarily mean that we will see a reversion to those long term averages.</p>
<p>We acknowledge that dwelling values are beginning to fall in Sydney after a substantial increase over recent years. Assuming these falls continue, the premium relative to the other capital cities is likely to decline.”</p>
<p>Across most capital cities the current Sydney dwelling value premium is similarly large to what it was late in 2002 after a significant period of growth for the city. Following that growth phase, Sydney values peaked in December 2002 and then fell by 8.2% and didn’t eclipse the previous peak until October 2007. Mr Kusher said, “It is reasonable that we could see similar falls over the coming year(s) which would in-turn narrow the gap between the value of housing in other capital cities relative to Sydney.”</p>
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<p><span><em>Cameron Kusher is head of research for CoreLogic. You can contact him <a href="https://blog.corelogic.com.au/about/"><span class="s2">here</span></a>.</em> </span></p>
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