Repeat buyers are one of the strongest measures of confidence in any apartment development.

At <a href="https://www.apartments.com.au/new-apartments/era-newcastle-west-124-126-bull-street-newcastle-west-nsw-2302">ERA</a> in Newcastle West, some purchasers are returning to <a href="https://www.apartments.com.au/developers/gwh">GWH</a> after living at the developer's One Apartments. Their decision to purchase again was driven by the quality of life they found after moving into their first GWH home.

Keith Wilton had spent years living in a house in East Maitland before deciding it was time for a change. Apartment living had always been on his radar, but he was selective about what he wanted.

<iframe allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen="" frameborder="0" height="315" referrerpolicy="strict-origin-when-cross-origin" src="https://www.youtube.com/embed/FH_1EzB-1vs?si=XScVlP1ERsTDJoME" title="YouTube video player" width="560"></iframe>

"I had some boxes I wanted to tick," he says.

Keith points to the open-plan design, generous outdoor areas and considered inclusions as key reasons One Apartments worked for him.

“One of those things was a nice indoor open plan area, but also I wanted a nice outdoor open area that I could entertain on in summer or Christmases or birthdays,” he says.

He also found value in the smaller details, from integrated appliances to shared resident spaces including the pool, cinema and rooftop areas.

[smartcode_project:default project_id=135096 project_image_fid=356818]

After comparing several developments, he chose One Apartments because of GWH's longstanding local reputation and his own experience working with the developer on a commercial project more than a decade earlier.

"I knew that they were local, that the quality of the build was going to be up there. I'd looked at other apartment complexes around and close by, and I just knew that here was a better decision location wise."

Today, Keith says the move has completely changed how he experiences Newcastle.

"I enjoy living in this location because it's more of a lifestyle change. That Newcastle city living where you can walk to restaurants and bars and even beaches and parks and even shopping across the road."

[smartcode_project:default project_id=135096 project_image_fid=356828]

Beyond the location, he says it's the sense of community that has surprised him most.

"Everyone loves living here because they chose to live here, but everyone looks out for each other. It's a real great community feel here."

For Aimee and Lyle Goodman, the journey started almost by chance.

<iframe allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen="" frameborder="0" height="315" referrerpolicy="strict-origin-when-cross-origin" src="https://www.youtube.com/embed/tsioMLcnjas?si=zq-ys3JuWpfa5hFv" title="YouTube video player" width="560"></iframe>

The couple happened to be having coffee in Newcastle when they noticed the site where One Apartments was about to begin construction.

"We were aware GWH was planning a development," Aimee says. "We made one phone call and things moved pretty quickly after that."

As busy business owners, they initially thought apartment living would simply reduce the maintenance that came with larger homes. Instead, it fundamentally changed how they spent time together.

"We actually catch up more as a family now," Aimee says.

"We've had homes with big yards and lots of space, but everyone ended up in different rooms. Here we'll have dinner together, the kids can play, and we spend far more quality time together."

[smartcode_project:default project_id=135096 project_image_fid=356829]

Lyle says their confidence came from GWH's reputation within Newcastle's building industry.

"I know people who've worked across different apartment projects, and whenever GWH came up the feedback was always the same. They're rock solid. They're quality."

That confidence only grew throughout the buying process.

"One of the things that really impressed us with GWH was the whole process, was the communication," Lyle says. "It was consistent, it was regular, there was no problem if we had some weird questions, there was no problems in getting answers."

[smartcode_project:default project_id=135096 project_image_fid=351104]

Aimee says one moment stood out.

"The project actually finished on time. We realised we needed to hurry up and sell our house because everything was happening exactly when they said it would."

The positive experience at One Apartments ultimately gave all three buyers the confidence to purchase again with GWH, this time at ERA.

Their confidence reflects what many buyers are seeking in today's apartment market. Location remains important, but so too does certainty around delivery, quality and long-term liveability.

[smartcode_project:default project_id=135096 project_image_fid=356822]

ERA builds on those foundations with 280 one, two and three-bedroom apartments across two landmark towers in <a href="https://www.apartments.com.au/developments/newcastle-west-nsw-2302">Newcastle West</a>.&nbsp;

Designed by <a href="https://www.apartments.com.au/architects/fk-australia">Fender Katsalidis</a>, the project will include more than 2,000 square metres of resident amenities, including a resort-style pool, gym, sauna, private cinema and rooftop entertaining spaces overlooking the harbour and coastline.&nbsp;

The development is also within walking distance of the Newcastle Interchange, Honeysuckle, Darby Street, the harbour foreshore, restaurants, retail and the city’s beaches, continuing the walkable lifestyle that existing GWH buyers say has transformed how they live.

[smartcode_project:default project_id=135096 project_image_fid=356826]

For Keith, the appeal remains straightforward.

"You feel at home even before you've moved into your home."

For Aimee, the change is measured in time.

“I just felt like I had more time,” she says.

[smartcode_project:default project_id=135096 project_image_fid=351102]

Construction at ERA is now underway, with more than half of the residences already sold and limited two and three-bedroom apartments remaining in the East Tower release. Priced from $980,000 for two-bedroom residences and $1.46 million for three-bedroom residences, buyers can secure an apartment with a 10 per cent deposit, with premium homes offering ocean views from Level 8 and harbour views from Level 10.

ERA is also backed by Resilience Insurance's 10-year Latent Defects Insurance policy, providing protection against structural or waterproofing defects for 10 years after completion. The project is anticipated to be completed in early 2028.

[smartcode_project_cta:default project_id=135096]

Joel Robinson

From ONE to ERA: Why buyers are choosing GWH again in Newcastle West

Virgate Property Group is preparing to commence construction of Verdé, its new apartment development in Melbourne's Arts Precinct at Southbank, following a strong run of sales that has seen more than half of the project's 173 apartments secured.

Verdé has attracted a broad mix of first home buyers, owner-occupiers upgrading from nearby inner-city suburbs and investors, with younger owner-occupier couples aged between 28 and 45 accounting for the strongest enquiry. Many are already living in Southbank, South Melbourne, Albert Park, Port Melbourne, South Yarra and the CBD.

"Verdé is located in one of the most desirable pockets of southern Melbourne," Blair Property Group Director Darren Blair, who is managing sales at Verdé, said.

"It's within walking distance of the Arts Centre, Royal Botanic Gardens, Albert Park Lake, and Southbank's restaurants and retail. It's a great lifestyle location with strong amenity and liveability, which made it a very attractive choice for the project."

[smartcode_project:default project_id=4661 project_image_fid=372549]

Virgate was already familiar with the precinct, having previously delivered the successful Domain House development in neighbouring South Melbourne. That experience gave the developer confidence to acquire the Coventry Street site and continue expanding its presence in Melbourne's inner south.

"We had been keeping an eye on the site and the broader precinct for a few months before deciding to move forward with the acquisition," Virgate said.

The project was ultimately secured in 2020 following feasibility studies, planning assessments and due diligence, with the brief centred on delivering "a high-quality, considered design that feels both refined and fit for purpose."

[smartcode_project:default project_id=4661 project_image_fid=314259]

Designed by <a href="https://www.apartments.com.au/architects/bruce-henderson-architects">Bruce Henderson Architects</a>, Verdé comprises 173 one, two and three-bedroom apartments priced from $599,000. The architecture is distinguished by a faceted glass façade that responds to both the site's outlook and Melbourne's changing light conditions.

According to Bruce Henderson Architects, the coloured glazing gives the building a distinctive identity while also providing privacy and solar shading, with residences oriented to capture views across the bay, city skyline and surrounding parklands.

Inside, <a href="https://www.apartments.com.au/interior-designers/designoffice">DesignOffice</a> has created interiors focused on natural light, efficient planning and enduring materials. Apartments feature engineered oak flooring, natural stone benchtops, floor-to-ceiling glazing and SMEG appliances, while a restrained material palette aims to complement the expansive outlooks rather than compete with them.

[smartcode_project:default project_id=4661 project_image_fid=372550]

Resident amenity has also been designed around everyday functionality rather than occasional use. Facilities include a concierge-serviced lobby, residents' lounge with fireplace, library and co-working space, gym, terrace garden with barbecue facilities, ground-floor café, and package delivery management.

The project's location continues to be one of its strongest drawcards. Positioned on Coventry Street, Verdé sits within walking distance of the National Gallery of Victoria, Arts Centre Melbourne, Royal Botanic Gardens and Albert Park Lake, while Southbank's dining precinct, Sturt Street trams and the new ANZAC Station are all nearby. The surrounding education catchment also includes Melbourne Grammar, Melbourne Girls Grammar, Mac.Robertson Girls' High School and several major university campuses.

The sales team says buyers have responded particularly well to the combination of location, design quality and long-term liveability.

"They're responding really positively to the quality of the design, premium resident amenities and the uninterrupted views. Many also appreciate the location and how connected it is to everything they need."

The ability to secure stamp duty savings before completion has also been a key factor for purchasers, alongside the opportunity to personalise finishes ahead of settlement.

With construction set to commence soon and more than half the apartments already sold, Verdé enters its next phase as one of the Arts Precinct's more established apartment developments, offering remaining buyers an opportunity to secure a residence before construction advances further. Expected completion is scheduled for late 2027.

[smartcode_project_cta:default project_id=4661]

Virgate's Verdé Southbank moves toward construction as sales fly past halfway stage

Downsizer-focused apartment development Kooyongkoot in Hawthorn has been recognised at the 2026 Better Future Melbourne Design Awards, taking home Gold and Silver awards in two categories.

<a href="https://www.apartments.com.au/new-apartments/kooyongkoot-hawthorn-1-kooyongkoot-road-hawthorn-vic-3122">Kooyongkoot</a>, currently being delivered by developer PQD and designed by Cera Stribley, received Gold in the Interior Design – Proposed category and Silver in the Architecture – Proposed category.

The dual recognition reflects the design approach behind the boutique development on prestigious Kooyongkoot Road, where the focus has been on creating homes for downsizers seeking the space, quality and functionality of a detached house within a low-rise apartment building.

Rather than maximising apartment numbers, <a href="https://www.apartments.com.au/developers/pqd">PQD</a> and <a href="https://www.apartments.com.au/architects/cera-stribley-architects">Cera Stribley</a> limited the development to just 18 residences, allowing for larger floorplans, greater privacy, generous landscaping and expansive communal spaces.&nbsp;The majority of the apartments also benefit from corner aspects, allowing for dual sources of natural light.

Now around 70 per cent complete and on track for completion in November 2026, Kooyongkoot will comprise a mix of garden residences, ter​race apartments, sub-penthouses, and is crowned by two half-floor penthouses with direct lift access and private rooftop terraces.

[smartcode_project:default project_id=102717 project_image_fid=355297]

The Silver Award for Architecture recognised the way the building responds to its prominent corner position at the ent​rance to Hawthorn's Scotch Hill precinct, one of Melbourne's most established residential neighbourhoods.

Rather than competing with the grand homes that line Kooyongkoot Road, the architectural approach focused on restraint and longevity, using curved brickwork, generous landscaping and carefully considered proportions to integrate with the existing streetscape.

"The form feels fluid and timeless, as though shaped by the landscape itself – architecture that belongs, rather than competes," said Chris Stribley, Co-Founder and Managing Principal of Cera Stribley.

The judging submission also highlighted practical innovations throughout the building, including lift cores servicing only nine homes each, a central landscaped lightcourt designed to bring daylight and ventilation into the building, and fully enclosed private storage rooms with lighting, power and shelving to better accommodate residents transitioning from larger family homes.

[smartcode_project:default project_id=102717 project_image_fid=355293]

The Gold Award for Interior Design recognised the project's focus on long-term liveability rather than display-home aesthetics.

According to the awards submission, the interiors were designed from the inside out, prioritising how homes would function over decades of daily use through generous proportions, practical storage, durable natural materials and flexible layouts.

The specification includes natural stone throughout, upgraded acoustic glazing, V-ZUG appliances and fully enclosed storage rooms, alongside an amenity offering focused on wellness, entertainment and everyday convenience.&nbsp;

Residents will have access to a gym and yoga studio, a wellness centre featuring traditional and infrared saunas, a cold therapy shower and treatment room, as well as a residents' lounge and golf simulator/cinema room for entertainment.&nbsp;Kooyongkoot has also considered the everyday convenience of its residents by offering a private carwash and pet wash facilities on site as well as dedicated parcel lockers and oversized fully enclosed storage rooms.&nbsp;

[smartcode_project:default project_id=102717 project_image_fid=355303]

The project's attention to detail has already resonated with buyers. Earlier this year, Kooyongkoot recorded one of Boroondara's highest apartment sales when an $8 million penthouse was purchased by a Melbourne CEO downsizing from a nearby family home.

"Every detail feels deliberate, from the overall design down to the smallest touches," the purchaser said.

"The level of quality and refinement is exceptional, but what really sold it was how liveable it felt... It felt like a place where everything had been considered, not just a luxury building."

[smartcode_project:default project_id=102717 project_image_fid=355304]

Sustainability also formed a key part of both award submissions. Kooyongkoot is targeting a minimum 7.5-star NatHERS rating across all residences, supported by passive design principles, high-performance glazing, EV charging infrastructure, water reuse systems and a wellness model focused on lower-energy dry facilities rather than pools and large wet areas.

Located within walking distance of Scotch College, Methodist Ladies' College, Koo​yong Lawn Tennis Club, Aubur​n Village and Camberwell Junction, Kooyongkoot continues to target owner-occupiers looking to remain in Melbourne's inner east without compromising on space or quality. A limited selection of two, three and four-bedroom residences remains available, with prices starting from $1.9 million.

[smartcode_project_cta:default project_id=102717]

Kooyongkoot wins Gold and Silver at Better Future Melbourne Design Awards

New apartment supply has become increasingly constrained across <a href="https://www.apartments.com.au/developments/parramatta-nsw-2150">Parramatta</a> in recent years, with fewer projects progressing through to completion as development conditions have become more challenging.

It makes <a href="https://www.apartments.com.au/developers/novm">NOVM</a>'s 2021-completed <a href="https://www.apartments.com.au/buildings/the-lennox-parramatta-12-phillip-street-parramatta-nsw-2150">The Lennox</a> one of the most recently completed residential towers on the Parramatta River, and among the newest apartment developments in Sydney's second CBD.

With the project largely completed before the sharp escalation in construction costs and inflation following the pandemic, The Lennox is now offering pricing that would be difficult to replicate in a comparable new development in Parramatta today, or across much of Western Sydney.

The majority of the 413 apartments at The Lennox sold before and shortly after completion. A limited release of the remaining apartments has recently been brought to market by capital partner <a href="https://www.apartments.com.au/project-marketer/equitifund-group">Equitifund</a>, with entry-level pricing from $700,000 and two-bedroom apartments available from under $1 million.

Rising above the Parramatta River at 12 Phillip Street, The Lennox comprises one, two, three and four-bedroom apartments, appealing to first home buyers, young professionals, families, downsizers and interstate investors seeking a completed apartment in one of Australia's fastest-growing economic centres.

[smartcode_project:default project_id=5743 project_image_fid=372394]

Rather than positioning Parramatta as an alternative to Sydney's CBD, Equitifund believes the city has reached a point where it stands on its own merits.

"Parramatta is no longer simply an alternative to Sydney CBD, it's becoming a destination in its own right," Equitifund Executive Chairman Greg Huxley said.

"The Lennox captures that evolution with a level of quality and amenity that's difficult to match at its price point."

[smartcode_project:default project_id=5743 project_image_fid=953]

Designed by <a href="https://www.apartments.com.au/architects/marchese-partners">Marchese Partners</a>, the tower responds directly to its riverfront setting through expansive glazing and open-plan layouts that maximise views across the Parramatta River and city skyline. Interiors feature engineered timber flooring, stone benchtops, stainless steel appliances and floor-to-ceiling glazing, while generous balconies extend the living spaces outdoors.

Marchese Partners says the project was conceived to balance high-quality apartment living with practical, long-term functionality, pairing larger, efficient floorplans with amenities more commonly associated with five-star hotels.

That emphasis continues through the resident facilities, which include a 20-metre rooftop swimming pool, fully equipped gym and wellness spaces, full-time concierge, a residents' lounge, function room, private lifts, secure basement parking and rooftop communal areas overlooking the Parramatta River. Ground-floor boardwalk retail and dining further activate the riverfront and integrate the building into the surrounding public realm.

[smartcode_project:default project_id=5743 project_image_fid=925]

Australian housing and finance group Equitifund has secured the remaining apartments, believing there are few completed apartment opportunities in Parramatta that offer the same combination of location, amenity and pricing.

Equitifund National Sales Director Ben Hamblett says buyers are increasingly recognising that premium apartment living no longer needs to come with Sydney CBD pricing.

"The Lennox is where aspirational living becomes attainable," Hamblett said.

"Wake to river and mountain views, step into Sydney's Second CBD, and arrive home to resort-calibre amenities, all without the harbour price tag."

Hamblett says owner-occupiers are also attracted by the convenience of having Westfield Parramatta, Church Street's dining precinct, Parramatta Park, Riverside Theatres, Western Sydney University and major transport connections all within walking distance.

"At The Lennox, lifestyle is not an afterthought, it is the foundation."

[smartcode_project:default project_id=5743 project_image_fid=5374]

The Lennox places residents within walking distance of Parramatta Square, Westfield Parramatta, Church Street Eat Street, Parramatta Station, the ferry wharf, Light Rail, the future Sydney Metro West, Parramatta Park and CommBank Stadium, reinforcing Parramatta's position as one of Australia's most connected metropolitan centres outside Sydney's CBD.

Equitifund says buyers visiting the display suite consistently comment on the quality of the finishes, generous floorplans, river and skyline views, and the walkability of the location. The project has attracted a broad mix of local professionals, upsizers, downsizers, buyers relocating from Sydney's inner suburbs and interstate investors seeking long-term growth opportunities.

That demand aligns with Parramatta's continued evolution as an economic powerhouse. Equitifund Research and Market Insights specialist John Bekiaris says sustained population growth, infrastructure investment and expanding employment opportunities continue to support long-term housing demand across the city.

"Parramatta has evolved from a satellite city into one of Australia's most important economic centres. Population growth, infrastructure investment and employment are all supporting sustained long-term housing demand."

[smartcode_project_cta:default project_id=5743]

The apartment price gap drawing Sydney buyers west

A luxury beachfront apartment at Rainbow Bay has more than doubled in value since it sold off the plan six years ago, setting a new local apartment record in the process.

The three-bedroom apartment in the Flow development on Petrie Street, the first of four new projects locally by Paul Gedoun's S&amp;S Projects, has sold for $7.4 million, after originally selling for $3.27 million when the project launched in 2020.

The seventh-floor apartment, comprising 187 sqm of internal living space and a 54 sqm balcony overlooking Froggies Beach and Snapper Rocks, was purchased by a local family.

The transaction was negotiated by Pezet Matheson director Kerry Pezet and equates to more than $30,000 per sqm.

Pezet said the sale reflected the limited opportunities to buy into the boutique beachfront development.

"The sale highlights the rarity of opportunities within the boutique beachfront development, where residences seldom become available," Pezet said.

"Flow is one of the Gold Coast's most tightly held buildings. Buyers from our database move quickly when residences become available, and achieving an off-market sale at $7.4 million demonstrates the depth of demand for property of this calibre."

<img alt="Flow" data-entity-type="file" data-entity-uuid="c585b206-2130-4eee-a50c-3f27c51a7c70" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-06%20at%208.33.25%E2%80%AFPM.png?VersionId=m3pHRDV62Y3fvN.XQuQHq.52ilTWpRLf" />

Flow was the first of four luxury apartment developments delivered by Paul Gedoun's S&amp;S Projects at Rainbow Bay and was completed in 2023.

Positioned on the beachfront overlooking Snapper Rocks, the residence includes three bedrooms, three bathrooms, a powder room and views stretching north along the coastline towards Surfers Paradise.

Pezet Matheson Residential principal Mitchell Lambert said buyers continued to prioritise quality beachfront apartments in tightly held locations.

"Flow Residences offers a rare combination of elevated beachfront positioning, architectural excellence, comprehensive resident amenity and premium finishes, which is exactly what discerning purchasers are seeking," Lambert said.

"The transaction further reinforces Rainbow Bay's reputation as one of Australia's premier coastal lifestyle destinations, where limited supply and growing demand continue to support strong market performance."

Pezet Matheson originally marketed and sold out Flow off the plan, making the latest transaction a return to one of the project's original buyers.

Paul Gedoun is selling his third project, <a href="https://www.apartments.com.au/new-apartments/radia-rainbow-bay-271-boundary-street-coolangatta-qld-4225">Radia Rainbow Bay</a>, after recently completing, and selling out, <a href="https://www.apartments.com.au/buildings/esprit-217-227-boundary-street-coolangatta-qld-4225">Esprit</a>. He has plans for a <a href="https://www.apartments.com.au/news/qld/first-look-s-s-projects-proposes-88-apartment-wellness-tower-at-coolangattas-boundary-street">fourth building</a>, 88 apartments on <a href="https://www.apartments.com.au/new-apartments/209-213-boundary-street-coolangatta-qld-4225">Boundary Street</a>.

Rainbow Bay apartment doubles in price since off the plan sale during pandemic

Coronavirus

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Westpac's chief economist Bill Evans have drastically changed his forecast for the June quarter given the ongoing economic crisis due to COVID-19.
He expects the June quarter will see unemployment rate will rise over 11 per cent, while GDP is expected to contract by 3.5 per cent.
"We do not expect a significant recovery until the December quarter", Evans said.
"Two weeks ago when I last spoke to you we were bold enough to say there will be a recession when most people were in denial about that", Evans said, after predicting a 0.6 per cent decline in the Australian economy in the first half of the year.
"Then four days later, when we analysed the government's first stimulus package, we said no there will still be a recession, even though most commentators thought it would be enough to avoid a recession."
Evans had previously forecast back to back 0.3 per cent quarter contractions before a 2.2 per cent growth in the second half of 2020 as the economy recovered from COVID-19.
"[The shutdowns] have changed the face of the economy quite significantly", Evans said. 
Two weeks ago Evans forecasted a seven per cent unemployment rate, but he notes things have moved a lot further, a lot more quickly than that.
<iframe src="https://www.youtube.com/embed/8fziCgfoVmo" frameborder="0" width="360" height="315"></iframe> Evans full update. Source: WestpacIQ.
"It will involve 814,000 job losses [over the June quarter]".
Evans suggests the September quarter is difficult to predict.
"We were pretty optimistic that we would start to see the recovery blooming in the September quarter.
"The government is now talking a six month period of shutdowns.
"We expect the September quarter will probably see  the turning point in a number of new cases of COVID-19, which will give markets a lot of encouragement, but the economy will still be very soft and the gov will be slow to release a lot of these shutdowns.
Evans forecasts no further job losses over the September quarter, but not much improvement either, which will see an 11 per cent unemployment rate at the end of September
December quarter is where Evans predicts a "substantial improvement" with the shutdowns being ceased and confidence coming back to markets.
We expect about another 350,000 new jobs at the end of December, ending the unemployment year at 8.8 per cent.
"2021 will be a year when things will gradually improve, but we're not optimistic we will see that 5.1 per cent unemployment rate anytime in the future."
Over 2020, Evans says the economy will have contracted by three per cent. 
 
 
 
 
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jrobinson-rf4aSBido9

June quarter to see 11 per cent unemployment and GDP contract 3.5 per cent : Westpac's Bill Evans

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Prime Minister Scott Morrison has said there will soon be an announcement for the hundreds of thousands of people who have lost their jobs and small business operators who can't pay rent. 
"A lot of progress has been made over the course of today and over the course of this week, we'll be looking to hopefully finalise some measures", Morrison said when responding when the government will announce how they will help to ease people's rent bill.
"This is obviously a complicated issue because you've got a tenant, you've got a landlord, you've got creditors and all of those issues and you need to solve for the entire chain that's there", Morrison said.
He said it will be considered tonight at the National Cabinet.
"The states, working together with the treasurer, have done some excellent work today and there's more work to be done on that."
He said it is the states that have the legislative authority when it comes to tenances, both commercial and residential, and the Commonwealth has other incentives and levers that it can pull to support and enable the chain of businesses and individuals who are caught up in rental stress.
Morrison suggested, aside from jobseeker payments and family tax benefits, that rent payments and how much people are paying on their energy bills, is another area that they are working with the energy companies.
"We've already seen some concessions on that, which we welcome", Morrison said.
He made mention of the mortgage relief, which the banks have already moved on.
"I think it's really good work to try and reduce the pressures that otherwise are falling on people at this incredibly difficult time."
 
 
 
 
 
 
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Relief for tenants in complicated rental market being considered by coronavirus national cabinet

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The national Ray White agency says its agents will continue to host virtual property tours, private inspections and on-line/digital auctions.
Their determination was announced after the Tuesday night announcement of the Prime Minister on new bans as of midnight Wednesday March 25, 2020. 
"We can take heart from the statement that 'all workers in the economy are essential' and we will carefully adhere to the latest restrictions," Ray White Group managing director Dan White said.
"The key message to take away is that all real estate onsite and in room auctions and open house inspections will be cancelled as of Wednesday night, but our members will still be able to host virtual property tours, private inspections and on-line/digital auctions, as we have been encouraging." 
The industry had unsuccessfully lobbied politicians to make estate agents classified as essential.
"Real estate auctions and open house inspections, in particular open house inspections — that cannot continue," PM Scott Morrison said last night.
"In the retail space, auction houses, gatherings together in auction rooms, that can no longer continue," he added, noting Australians would "stay at home unless it is absolutely necessary that you go out."
“We’re trying to limit the gathering of people in large numbers that can relate to the transmission of that virus,” Mr Morrison said.
Mr White said the restrictions "will no doubt provide us with some challenges, we view them as necessary to face the current crisis and welcome the opportunity to continue to support the many Australians who rely on us to support them in renting, buying, selling and managing their homes." 
Mr White said no other restrictions were announced for either property management or sales businesses, subject to other restrictions on physical distancing and hygiene. 
He pointed out the "clear and significant need of the millions of residential and commercial tenants who will also need support during this time, whether it be for routine maintenance requests or for the more serious matters that will result from widespread financial hardship." 
 
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j.ballantyne1990-6AQqhLzZaK

Ray White agents to continue to host private inspections and on-line/digital auctions

Before the novel Coronavirus (COVID-19), there was the 2003 severe acute respiratory syndrome (SARS). Originating in Hong Kong, SARS quickly&nbsp;spread to other countries within&nbsp;Asia&nbsp;and by mid-2003 it had spread to 29 countries across the globe.&nbsp;SARS caused an estimated <a href="http://documents.worldbank.org/curated/en/913201468311659515/pdf/ICR33300P1016000disclosed0120300140.pdf">loss of $54 billion&nbsp;USD</a>&nbsp;($9.3 billion&nbsp;AUD). Countries in the Asia-Pacific region experienced a major impact to the global economy, with markets taking years to recover. Restructuring measures varied across the globe, but in light of the <a href="/expert-insights/buying/how-will-the-coronavirus-impact-australia-s-property-market">COVID-19 outbreak</a>, it would be useful to review these past policies implemented by governments and financial institutions for reference.&nbsp;

Commercial real estate was a sector that was devastated by SARS. Real estate transactions in Hong Kong, one of the world&rsquo;s global financial hubs, were down 33% to 72% each month. <a href="https://www.globenewswire.com/news-release/2020/02/12/1984215/0/en/New-REIN-report-How-the-coronavirus-outbreak-will-impact-Canadian-real-estate">Canada</a>, the most severely affected country outside Asia experienced 16 deaths, and low real estate activity due to widespread panic.

Property development took a major blow during the outbreak. Loss in property sales resulting in an over-supply of property units amounted to a loss of $768.7 million HKD ($170.6 million AUD) in Hong Kong alone.

Aviation and tourism were also two industries that were affected. The U.S. Federal Reserve at the time released a <a href="https://www.federalreserve.gov/fomc/beigebook/2003/20030423/default.htm">Beige Book survey</a> confirming a slump in United States tourism and cited SARS as the main factor for its slowdown. Australia&rsquo;s national carrier, Qantas, also reported <a href="https://ro.uow.edu.au/cgi/viewcontent.cgi?referer=https://www.google.com/&amp;httpsredir=1&amp;article=1334&amp;context=apme">a decline in passengers</a>: 68,000 fewer passengers flew with Qantas compared to the year before.&nbsp;

The road to recovery was a painstakingly slow one. Governments in the Asia-Pacific region responded with fiscal measures to stimulate economic activity. Deflation and price adjustment was a painful yet necessary choice for China and Hong Kong in order to remain competitive. As both regions&rsquo; currencies are pegged to the US dollar, the depreciation of their nominal exchange rate, albeit low, led to an increase in net exports. Financial stimulus packages for small and medium-sized businesses &mdash; similar to the one introduced by Prime Minister Scott Morrison <a href="https://treasury.gov.au/coronavirus">earlier this month</a> &mdash; were introduced by several countries to boost domestic consumption. Retail and hospitality, in order to survive, either introduced unpaid leave or laid off thousands of employees. Qantas responded to the crisis by laying off 1,400 employees. Privatisation of the property development sector &mdash; as illustrated by Singapore&rsquo;s Housing Development Board &mdash; also resulted in mass retrenchment, but was a necessary step to cut costs.

<a href="https://www.betterhealth.vic.gov.au/health/conditionsandtreatments/severe-acute-respiratory-syndrome-SARS">Australia&nbsp;was fortunately&nbsp;spared from SARS</a> with only one reported case and zero deaths. Tourism was affected,&nbsp;but the overall economic impact was mild compared to its Southeast Asian neighbours. In fact, Australian cities, particularly Sydney and <a href="/developments/melbourne-vic">Melbourne</a>, were viewed as a kind of &lsquo;safe haven&rsquo; for property investors precisely because it was one of the least affected nations in the Asia-Pacific region. However, with an <a href="https://annals.org/aim/fullarticle/2762808/incubation-period-coronavirus-disease-2019-covid-19-from-publicly-reported">incubation period longer than the common cold</a>, <a href="https://www.health.gov.au/news/health-alerts/novel-coronavirus-2019-ncov-health-alert/coronavirus-covid-19-current-situation-and-case-numbers">565 confirmed cases with 6 deaths so far</a> and a dipping exchange rate, it seems that the spread of COVID-19 in Australia is bound to create a strain on the Australian economy. The full extent of the virus&rsquo; economic impact on Australia and the world is still unknown as the outbreak has just begun its deadly expansion in Europe and the Americas. In view of this, <a href="/guides/covid-19-how-apartment-dwellers-can-keep-themselves-safe-during-self-isolation">aggressive protective measures</a> ought to be taken, as the only thing that governments can do at this stage is containment, not elimination.

Have thoughts you&#39;d like to share about the future of Australia&#39;s economic climate? Let us know in the comments.&nbsp;

COVID-19: How the world previously recovered from SARS — and whether or not we can do the same this time round

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The holding of public open for inspections for houses for sale have been banned in Australia from Thursday to help stop the spread of coronavirus.
Auctions have also been banned, Prime Minister Scott Morrison announced after the Tuesday night national cabinet meeting.
"Real estate auctions and open house inspections, in particular open house inspections — that cannot continue," Scott Morrison said.
"In the retail space, auction houses, gatherings together in auction rooms, that can no longer continue."
“We’re trying to limit the gathering of people in large numbers that can relate to the transmission of that virus,” Mr Morrison said.
Private appointments for inspection are permitted, the official paperwork showed.
There were 2000 onsite and inroom auctions scheduled around Australia in the capital cities for the next two weekends in the traditional pre-Easter sales rush.
The decision came despite a concerted eleventh hour campaign by the property industry who suggested home open for inspections could be held with inspectees keeping their hands in their pockets.
The major real estate brands had lobbied the Federal Government for its agents to be deemed an “essential service”,  the same as the financial services industry, in a bid to prevent a "catastrophic fallout" in the property sector.
The national cabinet has been asked to consider the property market as one of the foundational cornerstones of the economy.
“Despite some media reports to the contrary, the property market is continuing to yield high clearance rates and it’s clear that many Australians still have a strong need to buy and sell property, regardless of the current situation,” one agent complained. 
There are around 115,000 sale listings on the market, according to CoreLogic. 
Limiting auctions to registered bidders practising social distancing had been initially suggested, along with the shift of some auctions slated for indoor to move outdoors to stay within the government's then 100 person limit on indoor non-essential social gatherings.
Agents were also seeking to encourage more online auctions along with absentee phone bidding.
Last week the New York Governor Andrew Cuomo barred brokers from showing homes, as part of a sweeping ban on activities that risk spreading the coronavirus.
At a press conference Friday, Cuomo announced an executive order mandating all employees of non-essential businesses to stay home from work.
The <a href="https://esd.ny.gov/guidance-executive-order-2026" target="_blank">list of essential jobs</a> includes food delivery, doormen and some construction.
It does not include real estate brokers.
The Real Deal website reported when Cuomo discussed the 90-day ban on evictions, he said, “I don’t know who you think you’re going to rent an apartment to now, anyway, if you kick someone out. 
"By my mandate, you couldn’t even have your real estate agent out showing the apartment.”
Across the other side of America, parts of California’s real estate industry are grinding to a halt because of Gov. Gavin Newsom’s “stay at home” order.
The 15,000 L.A.-based realtors represented in the local Multiple Listing Service (MLS) had been hoping for the best but preparing for the worst.
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Real estate open for inspections have been banned by Australian government

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There's been no official indications from the Australian state governments whether renters will be given any financial reprieve in the ongoing COVID-19 crisis.
Homeowners have been backed by the big banks, who have offered to pause mortgage repayments for up to six months for those affected financially by COVID-19. 
However there are some three million renters who haven't been formally told whether they're expecting any financial aid or abatement in keeping a roof over their heads.
There are about eight million occupying the residential rental premises.
The Prime Minister Scott Morrison has said landlords will be among those who "are going to be making sacrifices in the months ahead", adding that everyone has that role to play.
Last week the PM held a press conference in Canberra suggesting help for tenants is coming, but there's been no update forthcoming from the state governments who regulate the rental market.
"Further work will be done on identifying how relief can be provided for tenants in both commercial and residential tenancies to ensure that in hardship conditions, there will be relief available," Morrison said.
"All Australians are going to be making sacrifices obviously in the months ahead, and everyone does have that role to play, and that will include landlords at the end of the day."
“(States are) working to identify how relief can be provided for tenants in both commercial tenancies and residential tenancies, to ensure that in hardship conditions, there will be relief that will be available, and ensuring that tenancy legislation is protecting those tenants over the next six months at least,” Morrison added.
Treasurer Josh Frydenberg also called for landlords to act.
"This is a team Australia moment. Whether you are an energy company, whether you're a landlord, whether you're a bank, you need to fully understand the predicament in which your customers are finding themselves through no fault of their own", Frydenberg said last week.
Press conferences by Morrison and Frydenberg have suggested it will be a state by state financial relief package.
The REIA President Adrian Kelly has said the real estate industry across Australia is "extremely concerned" for the welfare of tenants
"We know that many of our tenants are employed in sectors that are likely to experience significant job losses during these uncertain times. "On behalf of the real estate industry I would like to communicate to our tenants that we absolutely understand the stress and anxiety that you may be feeling at this time."
He noted agents have a responsibility and a duty of care to look after the interests of both tenants and also property owners.
"Under normal circumstances if a tenant can no longer afford to pay their rent, we undertake the process of eviction. "However in these times of the Coronavirus pandemic, we are in unchartered waters.
"If a tenant is unable to pay their rent, due to a loss of income, the situation is further exacerbated by the fact they may need to self-isolate for a period of time."
Kelly indicated there was already an issue for property owners, particularly in Melbourne and Sydney, whose tenants are overseas student currently locked out of the country.
Kelly said he was in the process of writing to the larger banks and financial institutions to make them aware of these imminent situations. "The postponement of mortgage repayments by the banks and financial institutions, for impacted property owners, is a possible solution."
Kelly has also spoken to the federal housing minister Michael Sukkar to discuss the situation with him.
The US has seen eviction notices are still being pinned on doors of millions of tenants.
However the lockdown in the US have banned estate agents from functioning under the stay at home laws, so they are not able to show new tenants any new rental listings.
Donald Trump declared the Department of Housing and Urban Development (HUD) would be “providing immediate relief to renters and homeowners by suspending all foreclosures and evictions until the end of April", cover 30 million homeowners from eviction, although it didn't cover the 40 million renters across the country.
New York, who has the largest public housing authority in the nation, has temporarily blocked evictions for renters, although that's only renters in federally subsidized apartments.
The Texas Supreme Court has ordered a halt to all tenant evictions until the end of April.
The UK however has protected their renters.
Housing secretary Robert Jenrick announced the new laws last week that would ban landlords in England and Wales from evicting tenants.
They will not be evicted from their homes for at least three months. 
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No forced evictions measures have been mooted for the nation's three million rental residential properties

What impact will COVID19 have on the property market? CoreLogic's Eliza Owen

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Urban Taskforce boss Tom Forrest has welcomed the clear message delivered by the Premier, Gladys Berejiklian MP, which declared construction sites and workplaces to be “exempt” from the list of businesses to be shut down.
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“This morning’s media release from Premier Berejiklian clearly states that construction sites and workplaces are exempt from the close down”, Forrest said. 
“This announcement is welcome and is a great relief to our members, their employees and families. 
“Every precaution will be taken to keep all employees and staff safe. Clear communication will continue to be the key. The Urban Taskforce welcomes this decision and welcomes the clarity of the message.
Forrest had previously said that the messages conveyed by the government weren't clear. 
“If the message from the health authorities and the government changes, then the industry will (of course) follow that advice", Forrest said.
“Construction is a massive component of the NSW economy employing hundreds of thousands of workers, trades, architects, planners, engineers, transport workers and traffic controllers, as well as all the associated staff. The industry is well practiced and well placed to identify health and safety risks and take steps to mitigate or eliminate those risks. 
“The building and construction industry will be a critical player in driving the economy through this crisis. We will be even more significant in the recovery from COVID 19. We are keen to work with the Government on planning reforms to free up investment dollars and ensure the recovery is strong”. 
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Gladys Berejiklian's clear message on construction sites and workplaces exemption welcomed by Urban Taskforce

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EXPERT OBSERVER
On Tuesday (24 March) I will be <a href="https://www.hotspotting.com.au/events/" target="_blank">hosting a lunchtime webinar</a> in which I will discuss the impact of the coronavirus on real estate with Rich Harvey of propertybuyer. 
We’ve been inundated with registrations and it will the most popular webinar ever hosted by Hotspotting. Not surprisingly, with the virus impact dominating news media, people have an urgent interest in how this will play out for real estate.
The virus impact is creating volatile share markets but I expect the outcomes for property markets to be quite positive by comparison.
At times of extreme uncertainty and volatility, Australians tend to retreat to the solidity and relative safety of bricks and mortar.
We saw that the last time there was a global crisis impacting on our economy and causing the Federal Government and the Reserve Bank to take special action – and that was in the wake of the Global Financial Crisis in 2008. 
At that time we were inundated with economists and others seeking their 15 minutes of fame by forecasting a collapse in housing values. Academic Steve Keen famously predicted that our property values would drop at least 40% in 2009. If he’d been right, it would have been an unprecedented demise of house prices, not only in Australia but anywhere in the world.
And Keen was not alone. At that time, and in subsequent years, there was a seemingly never-ending line-up of doomsday forecasters for Australian real estate. 
One American spruiker, seeking to drum up publicity for an Australian seminar tour, claimed that house values would drop 60% and that land values would fall 90%. 
Renowned doomsday ranter Harry S Dent has claimed our property values were on the point of collapse on at least three separate visits to Australia over the past decade.
Keen, Dent and all the other forecasters have one thing in common: they were all proven spectacularly wrong, every time.
In 2009, at a time when Keen predicted a 40% drop in Australian property values, house values rose 13.6% - that’s the weighted average increase across the eight state and territory capital cities in calendar 2009, according to the Australian Bureau of Statistics.
Every capital city except Adelaide recorded a double-digit rise in house prices in 2009.
And in 2010 property values rose another 6%, according to the ABS, with all capital cities recording some level of growth, except Perth.
One of the messages we received from those times, and from other periods when share markets have over-reacted to situations in the global economy, is that the Australian property market does not follow the lead of the share market.
In fact, often it does the opposite. 
One of the factors that will keep residential real estate solid amid the virus crisis is the general shortage of homes in Australia, amid times of strong demand from owner-occupier buyers, including first-home buyers.
There was relatively little construction of new dwellings in 2019. Vacancies across Australia are very low in most locations and listings of properties for sale remain well down on the levels of recent years.
One measure showing the general shortage of homes is the vacancy rate figures published each month by SQM Research.
Their latest report shows that, for the first time in many years, every one of the eight state and territory capital cities has a vacancy rate below 3%.
In recent years both Perth, Brisbane and Darwin have had quite high vacancy rates and Sydney recently also had a vacancy rate above 3%. But now Perth is down to 2%, Brisbane is 2.2% and Darwin has dropped steadily lately and is now 2.7%. Sydney’s rate has also fallen and it’s now 2.9%.
Hobart, Canberra and Adelaide all have vacancy rates around 1%, which means their rental markets are very tight. Melbourne has fallen lately and well as its vacancy rate is now just 1.9%. 
So four of the capital cities are below 2% and all of them are lower than 3%.
With availability of rental properties so low, we’re seeing rents rising in most of the capital cities.
If vacancies are tight and rents are rising, prices are likely to heading north as well – and that’s certainly the case at the moment.
The price report published by CoreLogic earlier this month showed prices had risen in the previous three months pretty much everywhere in Australia – in all eight capital cities and in all seven state regional jurisdictions.
The SQM Research figures published on 17 March showed strong growth in our largest cities, with Sydney up 11%, Melbourne 9% and Brisbane around 7%.
But Hobart still leads, according to these figures, with house prices 14% higher than a year ago.
And there were also moderate rises in cities like Canberra and Adelaide.
So, overall, the data shows that our property markets are very strong – and well placed to handle whatever outcomes arise from the virus crisis.
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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Coronavirus, a threat or opportunity for the housing market? Hotspotting's Terry Ryder

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Auction markets are now showing a clear and fairly rapid cooling, the Westpac senior economist Matthew Hassan has noted.
Preliminary unadjusted clearance rates were in the mid to low 60s compared to the mid to low 70s last week.
Uncertainty around COVID-19 has seen the preliminary clearance rate take a hit on the weekend, falling to 61.3 per cent across the combined capital cities.
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Despite the escalating health crisis and economic fallout related to coronavirus, the past week was the second busiest for auction activity so far this year with 2,539 homes taken to auction.
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The coronavirus scare prompted Sydney’s auction market success rate to tumble into the 60s.
Saturday's 68 percent success rate is down on 82 percent a fortnight ago and the 74 percent clearance rate last weekend, according to the preliminary realestate.com.au data.
It was Sydney's lowest clearance rate in what has been an exceptionally strong year.
<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/2020/3/23/CoreLogic%20March%2023.jpg" alt="">
Domain and CoreLogic put the Sydney rate at even lower, at 64 percent.
There were just over 400 results tallied from the 750 auctions held in Sydney.
Estate agents had feared that some of their buyers would stay away amid the current contagion health scare.
But there are also looming concerns that the likely loss of workers' income across almost ever industry along with jobs losses will further dampen buyer enthusiasm.
"I expect price falls ahead," Shane Oliver, the AMP Capital chief economist said.
"Coronavirus social distancing and rising uncertainty about the economic outlook look to be impacting," he said.
Sydney remains the strongest capital city auction market.
The national clearance rate has dropped to 62 percent, down from 75 percent two weeks ago.
Sydney agents now head into the busy pre-Easter auction period which is traditionally one of the busiest fortnights of the year.
Search activity on realestate.com.au has slowed, Nerida Conisbee, the realestate.com.au chief economist noted last earlier this month.
The top sale under the hammer was a three-bedroom Tofts Monks, Elizabeth Bay apartment (pictured top) for $4,225,000 to an expatriate buying when the Australian dollar was down near 18 year lows. 
The auction was brought forward by the fortnight given heightened demand.
Auction clearance rates dropped in Melbourne.
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In Melbourne, a preliminary auction clearance rate of 62.7 per cent was recorded across 1,317 auctions, while last week there were 1,201 auctions returning a final clearance rate of 65.6 per cent. One year ago, the clearance rate was 55.1 per cent across 814 auctions.
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Melbourne’s most expensive sale was a five-bedroom, five-bathroom house in Albert Park at $9,010,000.
CoreLogic described the weekend results as a “turning point in buyer and seller sentiment.” 
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“The latest results highlight the housing market is being impacted by the social distancing measures and weaker confidence related to the coronavirus pandemic,” CoreLogic auction analyst Kevin Brogan said.
“To date there is no evidence of reduced housing values, however it is clear that transactional activity will be temporarily disrupted [over the] coming weeks and months.”
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