<p><a href="https://www.apartments.com.au/developers/s-p-setia">SP Setia</a> has lodged plans for a $750 million, three-tower mixed-use precinct that would complete the long-running redevelopment of Carlton's former Carlton United Breweries site.</p>

<p>The proposal at <a href="https://www.apartments.com.au/new-apartments/185-195-queensberry-street-carlton-vic-3053">46-78 Bouverie Street and 185-195 Queensberry Street</a> spans a 6,468 sqm site, the last remaining undeveloped parcels within the former brewery's 2007 masterplan.</p>

<p>Designed by <a href="https://www.apartments.com.au/architects/cox-architecture">COX Architecture</a>, the development will comprise two purpose-built student accommodation towers and a third build-to-sell apartment tower above a shared commercial podium and basement.</p>

<p>Across the three towers, SP Setia is proposing 606 build-to-sell apartments and 1,499 student accommodation units containing 2,009 beds.</p>

<p>The apartments will sit in the tallest tower, which will rise nearly 200m and 55 storeys. It will become&nbsp;one of the more substantial new build-to-sell apartment projects at the northern edge of Melbourne's CBD.</p>

<p>The apartment mix is weighted toward smaller inner-city product, with 188 studios, 206 one-bedroom apartments, 192 two-bedroom apartments and 20 three-bedroom apartments</p>

<p><img alt="First look: SP Setia plans three-tower finale for Carlton’s former CUB precinct" data-entity-type="file" data-entity-uuid="8271bc87-1b0a-41b7-ac73-a425ee375261" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/3_2.png?VersionId=G4lw23o90B1boX4k4dj7rdz2ZEajS9wy" /></p>

<p>Part of the precinct will be a large-scale&nbsp;3,684 sqm supermarket and a further 2,198 sqm of speciality retail, creating close to 5,900 sqm of new commercial space within the precinct.</p>

<p>But one of the biggest components of the proposal is what sits between the buildings.</p>

<p>Around 4,650 sqm, or roughly 72 per cent of the site, will be publicly accessible open space, incorporating plazas, pedestrian connections, landscaped laneways and retail spill-out areas.</p>

<p>The ground plane is intended to finally complete pedestrian connections envisaged when the CUB masterplan was first approved nearly two decades ago, stitching together Victoria Street, Queensberry Street, Bouverie Street and Swanston Street through the former brewery precinct.</p>

<p>Urbis said the development would "complete the CUB precinct", with the public realm providing important north-south and east-west connections through what is currently the final undeveloped portion of the masterplanned site.</p>

<p>SP Setia is also exploring a new linear park within the Bouverie Street road reserve, with the concept to be developed further with the City of Melbourne through the planning process.</p>

<p>The proposal is being pursued through the Victorian Government's Development Facilitation Program under Clause 53.23 for significant residential development with affordable housing.</p>

<p>The planning report acknowledges the proposed heights exceed those contemplated under the original Comprehensive Development Plan and masterplan, but argues the built-form context has changed considerably over the past two decades.</p>

<p>Urbis said the three towers would instead create a stepped transition between Carlton and the Hoddle Grid, rising progressively from the 94.1-metre Tower One along the Queensberry Street edge to the 199.44-metre Tower Three closer to the established CBD-scale buildings to the south.</p>

<p><img alt="SP Setia" data-entity-type="file" data-entity-uuid="e885a07a-592c-40fc-bf82-e6dbaf32da54" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-21%20at%208.52.24%E2%80%AFAM.png?VersionId=7s_ErUkSKAdY1mAWp3GRZgMNCGtwhk5m" /></p>

<p>SP Setia plans to deliver the development across three stages.</p>

<p>Stage One would deliver the basement, podium and retail areas for the entire precinct alongside the first student tower. Tower Two would follow in Stage Two, before the 606-apartment Tower Three is delivered as the final stage.</p>

<p>If approved and delivered, the project would close out a redevelopment process that has been underway since the former brewery masterplan was approved in 2007, adding more than 2,600 student beds and apartments to a precinct already home to Swanston Central, the Barak Building, RMIT Design Hub and several large student accommodation developments.</p>

<p>&nbsp;</p>

<p>&nbsp;</p>


Joel Robinson

SP Setia plans three-tower finale for Carlton’s former CUB precinct

<p>Melbourne developer Lowe Living is seeking to add to its growing bayside apartment pipeline, filing plans for a boutique eight-residence development in tightly held Middle Park.</p>

<p>Lowe Living, which has built much of its development portfolio across Melbourne's affluent bayside and south-east suburbs, is behind the plans for the 730 sqm site at <a href="https://www.apartments.com.au/new-apartments/123-125-erskine-street-middle-park-vic-3206">123-125 Erskine Street</a>, just off Armstrong Street and within the Armstrong Street Neighbourhood Activity Centre.</p>

<p>The developer is seeking approval for a five-storey residential building above two basement levels, with just eight large-format apartments and 18 car spaces.</p>

<p>“This is a deliberately very different proposition for us,"&nbsp;Tim Lowe, Co-Founder of Lowe Living, said.</p>

<p>"Eight residences is exceptionally boutique, but that's precisely what this site calls for.</p>

<p>“There is a strong community in Middle Park and the surrounding suburbs who have spent decades building a life here. They no longer want the maintenance of a large period home, but they aren't prepared to compromise on space, quality or location. We think there is a real opportunity to capture that hyper local market. A site like this rarely comes to market.”</p>

<p><img alt="Lowe " data-entity-type="file" data-entity-uuid="875fe572-0f14-4d90-9e11-55b28dd07731" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-21%20at%208.42.49%E2%80%AFAM.png?VersionId=GDNQRv9BfpR9r1zkZ5UDyUM4ZvpIksut" /></p>

<p>The low-density proposal has been designed by Cera Stribley and is being progressed through the Victorian Government's Great Design Fast Track pathway, having already secured eligibility from the Minister for Planning.</p>

<p>The Office of the Victorian Government Architect supported its eligibility after finding the proposal demonstrated consistency with the program's seven design principles, while the project's financial feasibility has also been independently confirmed by Invest Victoria.</p>

<p>The project is targeting the downsizer market, with the planning documents describing the homes as larger-format residences and noting the two penthouses could otherwise have been configured as four separate apartments.</p>

<p><img alt="Lowe 2" data-entity-type="file" data-entity-uuid="60ab0987-2da6-4175-adac-315dcf6053c6" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-21%20at%208.43.15%E2%80%AFAM.png?VersionId=bOCPH0B2MFwlmaRW.TTCF9TzyifgVoQI" /></p>

<p>The site has dual frontage to Erskine Street and Canterbury Place and currently comprises a collection of commercial buildings used as offices, including a former heritage bakehouse, a former stable, a later gabled addition and a central courtyard.</p>

<p>It sits within the Commercial 1 Zone and the Armstrong Street Commercial Precinct heritage overlay, with the existing property classified as a contributory heritage place.</p>

<p>Heritage has subsequently played a significant role in Cera Stribley's design.</p>

<p>The front section of the former bakehouse facing Erskine Street will be retained, including its return walls, street-facing hipped roof and chimneys, while the Erskine Street façade and part of the western return wall of the former stable will also be incorporated into the new development.</p>

<p>Levels four and five will be set back five metres from the retained stable façade, while bricks removed through demolition are proposed to be salvaged and reused within the new building where possible.</p>

<p><img alt="Lowe 3" data-entity-type="file" data-entity-uuid="e97927a9-a2de-4a0f-83b6-65451238abfa" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-21%20at%208.43.06%E2%80%AFAM.png?VersionId=VR44AChLrX9q1XPB9GvVQV.ALXXbe4gC" /></p>

<p>Rather than presenting as a single five-storey building to Erskine Street, Cera Stribley has broken the development into a series of distinct forms.</p>

<p>A three-storey infill element will sit between the retained bakehouse and stable façades, with the upper levels recessed behind the heritage fabric. Canterbury Place will similarly feature two three-storey podium forms, separated by a central pedestrian accessway, before the upper two levels step back from the street.</p>

<p>A pedestrian through-link will run through the centre of the project between Erskine Street and Canterbury Place, creating entrances from both sides of the site and introducing landscaping and communal areas through the ground plane.</p>

<p>Landscape architect Acre has designed planting across the ground level, private terraces and upper levels, including a feature canopy tree at level three and integrated planting and arbours across the level four terraces. Five existing Erskine Street trees are proposed to be retained.</p>

<p>Sustainability is also a significant component of the Great Design Fast Track application. The apartments are targeting an average eight-star NatHERS rating, with no residence below 6.5 stars, while the project has achieved a 75 per cent BESS score. Seven of the eight apartments are designed for cross-ventilation, with the remaining residence using mechanically assisted natural ventilation.</p>

<p>The plans also incorporate an 8kWp rooftop solar system, a 5,000-litre rainwater tank and infrastructure allowing future electric vehicle charging for every residence.</p>

<p>Lowe has a strong portfolio across Melbourne's blue-chip suburbs. They recently launched <a href="https://www.apartments.com.au/new-apartments/jardin-house-by-lowe-living-camberwell-335-camberwell-road-camberwell-vic-3124">Jardin House by Lowe Living</a> in Camberwell, their first development in the Stonnington LGA.</p>


Lowe Living unveils Middle Park apartment development

<p data-end="288" data-start="269"><strong data-end="288" data-start="269">Article summary</strong></p>

<ul data-end="888" data-start="289">
	<li data-end="442" data-section-id="8tsh6o" data-start="289"><strong data-end="374" data-start="291">DVB Projects is preparing to launch its second Gold Coast apartment development</strong>, with demolition now underway at 137 Old Burleigh Road, Broadbeach.</li>
	<li data-end="573" data-section-id="1nyxl3e" data-start="443"><strong data-end="513" data-start="445">The 34-level tower will comprise just 49 ultra-luxury residences</strong>, including half-floor, full-floor and penthouse apartments.</li>
	<li data-end="717" data-section-id="oiyimj" data-start="574"><strong data-end="646" data-start="576">The launch follows strong demand at DVB's nearby Sea Glass project</strong>, which is more than 50 per cent sold and currently under construction.</li>
	<li data-end="888" data-section-id="epk9o9" data-start="718"><strong data-end="787" data-start="720">The development adds to the transformation of Old Burleigh Road</strong>, with premium beachfront apartment projects continuing to reshape the tightly held Broadbeach strip.</li>
</ul>

<p data-end="1011" data-start="790"><a href="https://www.apartments.com.au/developers/dvb-projects">DVB Projects</a> is preparing to launch its second Gold Coast apartment development, with demolition now underway on the Broadbeach site as the Sydney developer moves closer to bringing the ultra-luxury project to market.</p>

<p data-end="1296" data-start="1013">The 34-level tower at <a href="https://www.apartments.com.au/new-apartments/137-old-burleigh-road-broadbeach-qld-4218">137 Old Burleigh Road</a> will comprise just 49 residences, ranging from half-floor apartments through to full-floor homes and a penthouse. The launch follows the strong sales performance of DVB's nearby Sea Glass development. More than half of the apartments at Sea Glass, on the other side of Broadbeach, have been snapped up, well ahead of its late 2027 completion</p>

<p data-end="1296" data-start="1013"><img alt="DVB Projects to commence demolition on $320m Broadbeach luxury tower" data-entity-type="file" data-entity-uuid="2944b4be-c84e-4b54-8dc1-c712e76704c0" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/E02_Exterior_Street%20Level%20Entrance.jpg?VersionId=YoNig7pRdrE3HCue7sUj78LzJteeQf3H" /></p>

<p>The start of demolition at 137 Old Burleigh Road signals DVB Projects’ underlying confidence in the Gold Coast’s luxury beachside apartment sector.</p>

<p>“We see the Gold Coast as one of the most compelling lifestyle markets in Australia, particularly at the premium end where demand continues to deepen,” said Dean Brown, Managing Director of DVB.&nbsp;</p>

<p>“This project has been carefully designed to respond to that demand - delivering large-format residences with a level of quality, privacy and amenity that is still relatively rare in the apartment market on the beachside."</p>

<p>Brown says the site itself is "exceptional."</p>

<p>"Old Burleigh Road is one of the most tightly held beachfront strips, and opportunities to deliver a project of this scale and calibre in this location are extremely limited.”</p>

<p><img alt="DVB Projects to commence demolition on $320m Broadbeach luxury tower" data-entity-type="file" data-entity-uuid="398f377a-c037-455e-9250-0c5e0d84c35b" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/I12_FF%20Balcony.jpg?VersionId=NwOiRWGMubR1c8wthuEfggklcja7al9." /></p>

<p>The project will comprise 40 half-floor residences of approximately 260 sqm, alongside eight full-floor residences spanning around 524 sqm.</p>

<p>A single penthouse will crown the building, featuring a private pool, barbecue area, indoor gym and dedicated entertaining spaces.</p>

<p>Residents will have access to a resort-style suite of amenities, including a 20-metre pool with daybeds, a gymnasium, hot and cold plunge pools, a sauna, and private residents’ lounge and dining facilities.</p>

<p><img alt="DVB Projects to commence demolition on $320m Broadbeach luxury tower" data-entity-type="file" data-entity-uuid="d1642bb0-9a66-4427-a022-dfc0988c6287" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/A02_Pool%20to%20View.jpg?VersionId=c0IXPyn_Gp_Kn3XCwzMrqIVkAdCEwVXP" /></p>

<p>Sales agent Todd Matheson, of <a href="https://www.apartments.com.au/project-marketer/pezet-matheson">Pezet Matheson</a>, which is marketing both 137 Old Burleigh Road and Sea Glass, said 137 Old Burleigh Road would address a clear gap in the market for genuine luxury products.</p>

<p>“There are very few opportunities on the Gold Coast where buyers can secure a residence of this size and quality in a new building,” Matheson said.</p>

<p>“What we’re seeing is a growing cohort of downsizers and interstate buyers who still want space - they’re not willing to compromise on living area, entertaining or finishes.</p>

<p>“This project has been designed with that buyer in mind. It offers the scale of a home, combined with the convenience and security of apartment living, in one of the coast’s most desirable positions.”</p>

<p><img alt="DVB Projects to commence demolition on $320m Broadbeach luxury tower" data-entity-type="file" data-entity-uuid="59aae0ca-5639-4320-8aca-d0bf60f48e43" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/E01_Exterior%20Hero.jpg?VersionId=DS8Zfy2WtgUEtdfe0TEUuf1W1GfcZq8S" /></p>

<p>Located on a 1,156 sqm site one block from the beachfront, the development will replace an ageing walk-up building and is expected to contribute to the ongoing transformation of the Old Burleigh Road strip into one of the Gold Coast’s most prestigious residential corridors.</p>

<p>With the development moving into the delivery phase, 137 Old Burleigh Road is slated to hit the market later this year.</p>

<p>[smartcode_project_cta:default project_id=145141]</p>


DVB Projects to launch second Broadbeach apartment tower as demolition commences

<p><a data-end="327" data-is-only-node="" data-start="250" href="https://www.apartments.com.au/developers/norus-projects" rel="noopener" target="_new">Norus Developments</a> has lodged plans for a new apartment development in Clayton that would add further momentum to the suburb's emerging Green Street corridor.</p>

<p>Plans have been lodged for the consolidated site at <a href="https://www.apartments.com.au/new-apartments/1359-1365-centre-road-clayton-vic-3168">1359-1365 Centre Road</a>, where Norus is seeking approval for 218 apartments across a 12-storey apartment building designed by <a href="https://www.apartments.com.au/architects/life-architecture-and-urban-design">Life Architecture</a>.</p>

<p>The proposal sits within the Clayton Major Activity Centre at the threshold of the planned Green Street corridor, a landscaped pedestrian connection intended to improve links through the precinct towards Clayton Railway Station.</p>

<p>The development would replace the site's existing collection of low-scale residential and commercial buildings with a single consolidated building, introducing significantly greater housing density to this part of Centre Road.</p>

<p>A retail tenancy is proposed at ground level to activate the Centre Road frontage, accompanied by transparent street interfaces and landscaping intended to create a more pedestrian-focused edge to the development.</p>

<p><img alt="First look: Norus Developments plans landscape-led apartment project for Clayton’s emerging Green Street" data-entity-type="file" data-entity-uuid="0a5a763a-d9e9-4253-af2f-88008de27ebf" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Clayton%20a.png?VersionId=S2WJJbat1XVkZwB9SnYtygirXgWHiklX" /></p>

<p>The building has been designed with stepped massing and upper-level setbacks to manage its transition towards surrounding residential properties. The planning report describes the approach as one that integrates the building into the landscape rather than treating landscaping as a secondary element.</p>

<p>"A strong landscape and public realm strategy underpins the proposal," Urbis states in the planning report.</p>

<p>"Public benefits include an affordable housing contribution, a new pocket park, generous landscaped setbacks, deep soil planting and integrated Water Sensitive Urban Design."</p>

<p>The report adds that these elements are intended to create "a permeable, pedestrian-focused ground plane that enhances walkability, supports urban cooling and reinforces the emerging Green Street character."</p>

<p>Biophilic and passive design principles extend through the residential levels, with planting, daylight, natural ventilation and views towards landscaped areas forming part of the amenity strategy.</p>

<p>Parking would be concentrated away from the public realm, with 145 car spaces proposed from the rear laneway rather than dominating the Centre Road frontage.</p>

<p>The proposal follows an extensive pre-application process with the City of Monash. Three formal meetings were held between the project team and Council from December 2025 to March 2026, with the scheme evolving through several concept iterations before the current design was lodged.</p>

<p>The project arrives as Clayton prepares for substantial change around its established activity centre and the wider Suburban Rail Loop precinct. Its position on Centre Road places the development within an existing concentration of shops, services and public transport, while the Green Street connection is intended to strengthen pedestrian access towards Clayton Railway Station.</p>


First look: Norus plans landscape-led apartment project for Clayton’s emerging Green Street

<p><a href="https://www.apartments.com.au/developers/gardner-vaughan-group">Gardner Vaughan Group</a> has officially commenced construction on Bronze on Chevron, celebrating the sod turning of its first-ever Gold Coast development and marking a significant milestone in the company's continued expansion across South East Queensland.&nbsp;</p>

<p>Following the successful delivery of premium residential developments throughout Brisbane and the Sunshine Coast, <a href="https://www.apartments.com.au/new-apartments/bronze-on-chevron-8-mawarra-street-chevron-island-qld-4217">Bronze on Chevron</a> represents Gardner Vaughan Group's entry into the Gold Coast market. Bronze will deliver 119 one, two, three and four-bedroom apartments above two ground-level retail tenancies.</p>

<p>[smartcode_project:default project_id=107520 project_image_fid=367193]</p>

<p>The recent sod turning ceremony was attended by Deputy Mayor Mark Hammel, President of the Surfers Paradise Surf Life Saving Club, Cassandra Sedgman, project consultants, purchasers, project partners and invited guests to celebrate the commencement of construction.&nbsp;</p>

<p>Gardner Vaughan Group Chief Executive Officer Simon Betteridge said Bronze on Chevron represented an exciting new chapter for the business.&nbsp;</p>

<p>"We've spent almost four decades building homes that respond to the way people want to live, and we're excited to bring that experience to <a href="https://www.apartments.com.au/developments/chevron-island-qld-4217">Chevron Island</a>," Betteridge said.</p>

<p>"Bronze on Chevron is particularly significant because it marks Gardner Vaughan Group's first development on the Gold Coast following many successful projects across Brisbane and the Sunshine Coast."</p>

<p>[smartcode_project:default project_id=107520 project_image_fid=367183]</p>

<p>Betteridge said the ground breaking is a proud moment for the&nbsp;team and their purchasers, who can now see their future homes beginning to take shape.&nbsp;</p>

<p>"As both developer and builder, we're able to oversee every aspect of the project from design through to construction, ensuring the quality and attention to detail Gardner Vaughan Group has become renowned for."&nbsp;</p>

<p>Designed by acclaimed architectural practice <a href="https://www.apartments.com.au/architects/cottee-parker-architects">Cottee Parker</a>, Bronze on Chevron has been thoughtfully designed to complement Chevron Island's evolving streetscape while embracing its relaxed coastal lifestyle.</p>

<p>The development will offer generous residences with refined interiors, premium finishes and resort-style amenities, with completion anticipated in early 2029.&nbsp;</p>

<p>[smartcode_project_cta:default project_id=107520]</p>


The development will offer generous residences with refined interiors, premium finishes and resort-style amenities, with completion anticipated in early 2029

Gardner Vaughan Group breaks ground on first Gold Coast development, Bronze on Chevron

COVID-19

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<p>EXPERT OBSERVER</p>
<p class="p1"><span class="s1">The virus crisis creates unique challenges for everyone in real estate, including those of us who research, analyse and write reports.</span> </p>
<p class="p1"><span class="s1">Every quarter I write <em>The Price Predictor Index</em>, which analyses key data like sales activity and price trends for every suburb and town in Australia. Researching and writing that report stretches typically across two months – and in the past two months the world has changed.</span></p>
<p class="p1"><span class="s1">In some ways, the world is forever changed but the fundamentals underpinning Australia will not change. Areas with strong and diverse economies, growing populations, good existing infrastructure and investment in new infrastructure, will continue to be good places to own real estate. The underlying principles of supply and demand will remain intact on the other side of the shutdown.</span></p>
<p class="p1"><span class="s1">The Autumn 2020 edition of the PPI is based on data that pre-dates the full impact of the virus crisis on property markets (remembering that the figures from both CoreLogic and SQM Research show little negative impact during March) but it shows that Australia was full of strong markets going into the crisis – and gives a clue to life on the other side.</span></p>
<p class="p3"><span class="s2">The report identified growth markets right across Australia, finding uplift in places you don’t hear much about in mainstream media, as well as in the usual places. Based on our analysis of sales activity, the leading market jurisdictions were Regional New South Wales and Adelaide, ahead of Melbourne and Sydney.<span class="Apple-converted-space"> </span></span></p>
<p class="p3"><span class="s2">Other strong performers, in terms of the number of locations with rising sales activity, were Regional Queensland, Perth, Brisbane and Canberra. Regional South Australia was a surprise stand-out.</span></p>
<p class="p3"><span class="s2">Our Autumn 2020 survey identified 77 growth markets in Regional NSW, while Adelaide and Melbourne both had 69 suburbs with rising momentum - but we rate Adelaide higher because it had the same number of growth market as Melbourne despite being a much smaller city.<span class="Apple-converted-space"> </span></span></p>
<p class="p3"><span class="s2">The survey reveals that both Sydney and Melbourne were well into growth phases prior to the onset of the coronavirus period, as part of a major upward movement in most market jurisdictions across Australia.<span class="Apple-converted-space"> </span></span></p>
<p class="p3"><span class="s2">Exceptions included the two previous national leaders, Regional Victoria and Hobart, which were both past the peaks of their recent upward cycles. We would expect price growth in those plateau-ing markets to level off - even without the additional impact created by the virus.</span></p>
<p class="p3"><span class="s2">The report underlines some of the key principles of real estate which won’t change amid the current uncertainty. It demonstrates that price movements are preceded by significant changes in sales activity - and that prices take time to react to those trends.<span class="Apple-converted-space"> </span></span></p>
<p class="p3"><span class="s2">Our quarterly analysis shows that areas which experience a steady uplift in sales volumes will have increases in prices - eventually. And locations where sales activity is declining will eventually see price growth cease, or price decline.<span class="Apple-converted-space"> </span></span></p>
<p class="p3"><span class="s2">Both Sydney and Melbourne had falling prices in 2018 and early 2019, and this was preceded by a steady fall-off in sales volumes in the 12-18 months before values began their descent. Most researchers measure market peaks by price behaviour but at Hotspotting we measure it by analysing sales volumes – which allows predictions of whether prices will rise or fall in the near future.</span></p>
<p class="p4"><span class="s2">The report also provides further evidence of the folly of generalisation about property markets. Media often discusses Australia as a single market, with forecasts of the likely movement in “Australian house prices”. It’s a ludicrous concept, but that’s what they do, fed by press releases from economists who discuss real estate as a single national entity.<span class="Apple-converted-space"> </span></span></p>
<p class="p4"><span class="s2">It is equally foolish to discuss a city as a single market. Our Autumn 2020 survey shows that while there was a noteworthy recovery under way in both Sydney and Melbourne in late 2019 and early 2020, the uplift was not occurring evenly across those very large metro areas.<span class="Apple-converted-space"> </span></span></p>
<p class="p4"><span class="s2">In Sydney, the revival was seen most vividly in upmarket areas like the Northern Beaches and the Inner West. The outer ring locations remained relatively quiet (with the notable exception of the Blacktown LGA).<span class="Apple-converted-space"> </span></span></p>
<p class="p4"><span class="s2">And while Sydney overall was the strongest we had recorded in any of our quarterly surveys in the past five years, there remained 12 suburbs we classified as declining markets and another 12 we rated as danger markets. The latter were all locations dominated by apartments, where extensive recent new development had created over-supply, without any evidence as yet of an increase in demand or prices.<span class="Apple-converted-space"> </span></span></p>
<p class="p4"><span class="s2">In Melbourne, we saw some similar patterns, with considerable uplift in the top end suburbs and also in Middle Melbourne - strong middle-ring locations like the Whitehorse LGA - but relatively little response in many of the outer ring areas. Melbourne still had 16 suburbs classified as declining markets, but no danger markets.</span></p>
<p class="p5"><span class="s2">Equally, there can be stark contrasts in the performance of suburbs within a single local government area. The City Of Sydney LGA had five rising, 11 plateau, one danger and three declining markets - all those contrasting fortunes within one municipality, covering just 25 square kilometres of inner-city Sydney.<span class="Apple-converted-space"> </span></span></p>
<p class="p5"><span class="s2">Real estate markets are primarily driven by local events, even though national factors can impact sometimes. And we’ll find out how much when we see the data for April and May.</span></p>
<p class="p5"><span class="s2">I continue to expect the negative impacts from the virus crisis to be short-term – and that, when we’re through this bizarre period in the life of the nation, the fundamentals will still apply.</span></p>
<p class="p7"><span class="s1">T<em>erry Ryder is the founder of hotspotting.com.au</em></span></p>
<p class="p7"><span class="s3"><a href="https://mailto:ryder@hotspotting.com.au"><em>ryder@hotspotting.com.au</em></a></span></p>
<p class="p8"><span class="s1"><em>twitter.com/hotspotting</em></span></p>
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terryryder-YECXbqmri2

Negative impacts of COVID-19 on real estate to be short-term: Hotspotting's Terry Ryder

<html><body>
<div>
<p class="post-title entry-title">EXPERT OBSERVER</p>
<p class="post-title entry-title">Very few cases of COVID-19 in Australia, with a handful of cases returning from overseas and headed to quarantine. </p>
<p id="post-body-464826279062726739" class="post-body entry-content"> </p>
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<br><div>Recoveries continue to comfortably outstrip new cases.</div>
<br><div>And, importantly, we're consistently seeing zero deaths reported on a daily basis, with few serious cases even going as far as ICU. </div>
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<br><div>There are 5 cases remaining in ICU nationally, against the expanded capacity of 7,500 beds.</div>
<div><span> </span></div>
<div><strong>Confidence returning</strong></div>
<div> </div>
<div>Consumer confidence increased for an 8th consecutive week, up by +0.4 per cent to a reading of 92.7 points according to ANZ-Roy Morgan.</div>
<div> </div>
<div>Future financial conditions gained by +3.2 per cent and is approaching its long term average reading.</div>
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<br><div><span><em>Source: ANZ-Roy Morgan</em></span></div>
<br><div>Credit card usage data shows that Aussies are willing and able to spend again, but realistically travel restrictions needs to be eased before the economy can begin to fire up properly.</div>
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<div> </div>
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<strong>PETE WARGENT</strong><em> 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>
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Confidence up for 8th consecutive week: Pete Wargent

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<p>EXPERT OBSERVER</p>
<p>In brighter news, there's been no COVID-19 community transmission to speak of in Australia this week...ex-Victoria. </p>
<p>Unfortunately the Victorian government's shocking mismanagement of hotel quarantine means that there's now a potentially nasty second wave of the virus spreading exclusively in that state. </p>
<p><img src="https://1.bp.blogspot.com/-xOh3b4Tga-M/Xwn9wtOrb4I/AAAAAAAA25w/iEmfMiNIxQgg1LywLx57S7j_pky0hB5IQCNcBGAsYHQ/s640/CV2.jpg" width="640" height="362" data-original-height="806" data-original-width="1424"></p>
<p>With another couple of hundred cases over the past 24 hours Victoria now has 1,124 active cases.  </p>
<p>Elsewhere local cases have essentially been running at zero all week, which is a great result. </p>
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<p>Victoria will now go into another lockdown, this time for at least six weeks, which is a disastrous hammer blow for the local economy. </p>
<p><strong>Auctions slump</strong></p>
<p>Sydney recorded rock solid auction results on Saturday, with the median price of property sold under the hammer rising to $1,260,000. </p>
<p>In Melbourne. however, auction success volumes and results have unsurprisingly begun to plummet as consumer confidence has been demolished by the lockdown announcement.<br><br>Alas it's now only a matter of time before someone rolls out another 'tale of two cities headline'...sigh.</p>
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<p><span>To date Melbourne's housing prices have fallen by about 3 per cent since April.</span></p>
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<p><strong>Look out below</strong></p>
<p>I'm not usually in the business of making serious predictions, which are usually broad brush and often prove to be pointless.</p>
<p>But these sorts of auction results in Melbourne have normally been commensurate with something close to double digit pace declines in housing prices, and in all likelihood may point to a 10 to 20 per cent decline in Melbourne's market.<br><br>Given that Greater Melbourne is Australia's second largest economic hub - and that it's long been accounting for such a significant share of growth - the decision to lock down for six weeks has all but cruelled the chance of a meaningful recovery any time soon. </p>
<p>Research across half a century of historical data from the Bank of England has shown that falling house prices lead to fear of negative equity, falling confidence, and consumers declining to spend, borrow, or invest.</p>
<p> If the Federal government wants to stand any chance of getting the Australian economy back on its feet this year the Treasurer should announce on July 23 a temporary stamp duty holiday for the remainder of 2020 (and fund the difference for the states by making use of bond yields at record lows).</p>
<p>Alternatively, and more sustainably, broaden the GST and raise the rate to 12.5 per cent. </p>
<p><strong>PETE WARGENT</strong><em><strong> </strong>is the co-founder of AllenWargent property buyers and a best-selling author and blogger </em></p>
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Melbourne lockdown kills chance for a meaningful property recovery: Pete Wargent

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<p>EXPERT OBSERVER</p>
<p>Melbourne markets have held up better than most against the forces of Covid-19. The number of growth markets has dropped but it remains at solid levels – and prices have continued to perform well, in defiance of predictions (by the usual suspects) of a collapse.</p>
<p>The latest quarterly survey of sales activity by Hotspotting has found fewer growth suburbs than the previous survey, but still better than all other quarters since the Melbourne market peak in 2017.</p>
<p>This tells us that the Melbourne market has dropped in terms of sales activity, thanks to the restrictions imposed for the coronavirus, but remained stronger than during the post-boom downturn phase that extended throughout 2018 and early 2019.</p>
<p>Melbourne has done particularly well with price performance – with houses coming back strongly in the most recent quarter, but with apartments doing better than houses in annual terms.</p>
<p>In the past 12 months, two-thirds of Melbourne suburbs with apartment markets recorded growth in their median unit prices – and most of those growth suburbs increased their median prices by more than 5%.</p>
<p>House markets were less positive in annual terms, with only one-third recording price growth over the past months.</p>
<p>But the situation with house prices is starkly different when looking at the most recent data: 88% of Melbourne suburbs recorded growth in their median house prices in the most recent quarter.</p>
<p>This reflects the overall trend in the market. In the first half of 2019, Melbourne prices generally were falling, following the end of the previous boom and impacted also by the lead-up to the Federal Election.</p>
<p>Markets started to recover in the second half of 2019 and the early months of 2020 – so that most suburbs were recording price growth in their housing markets, but two-thirds still remained below the levels of 12 months earlier.</p>
<p>The data suggests Melbourne markets have been resilient price-wise in the Covid-19 period, despite the fall in sales activity which is reflected in our Winter 2020 survey of sales volumes.</p>
<p>In the circumstances, a result of 32 suburbs with growing sales activity is a solid performance and is better than all the quarterly surveys of 2018 and 2019.</p>
<p>The Mornington Peninsula has been the standout performer in our Winter 2020 survey: seven suburbs have continued to deliver growth in sales activity. Growth suburbs include Blairgowrie, Hastings, McCrae, Rye, Safety Beach, Sorrento and Tootgarook.</p>
<p>Quarterly sales in Safety Beach have been 33 46 45 47 54 and 64 over the past 18 months and the median house has risen 3% in the latest quarter while the median unit price is up 25% over the past 12 months.</p>
<p>In Hastings, quarterly sales have been 43 49 67 69 and 73 – and the median house price has increased 4.6% in the most recent quarter.</p>
<p>The next best LGA in terms of the number of suburbs with growing sales activity is the upmarket Glen Eira LGA, with three growth suburbs and two consistency markets. The growth suburbs are Carnegie, Caulfield North and Ormond.</p>
<p>There are seven municipalities with two growth suburbs each, including the Moreland LGA where both Brunswick East (63 79 80 83 and 86) and Brunswick West (52 60 63 76 and 83) are growth markets.</p>
<p>The Brunswick West unit market has been particularly strong, with notable growth in its median price both for the most recent quarter and over the past 12 months (up 18%).</p>
<p>This Winter 2020 survey has identified 11 suburbs as declining markets – a surprisingly small number given the Covid-19 circumstances – and three danger markets.</p>
<p>The locations we have ranked as danger markets are the Melbourne CBD, Southbank and Docklands, all inner-city apartments markets where sales activity has dropped markedly at a time when vacancy rates have spiked because of the Covid-19 impacts.</p>
<p><em>Terry Ryder is the founder of hotspotting.com.au </em><br><em>ryder@hotspotting.com.au</em><br><em>twitter.com/hotspotting</em></p>
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Melbourne market holding up better than most during Covid-19: Hotspotting's Terry Ryder

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<p>One of the recent trends in real estate is more people moving from the big cities and buying in lifestyle areas within an hour or two of the city.</p>
<p>This movement has been enhanced by technology which allows people to work from home or by improved transport links.</p>
<p>I’ve described Regional Victoria as the strongest market in the nation over the past two years, based on data on sales activity and price growth in multiple locations.</p>
<p>And much of the uplift in markets within an hour or two of Melbourne – in the north, north-west and the south-east – has been driven by buyers out of Melbourne, both home-buyers and investors.</p>
<p>In the six months before the onset of the virus-induced restrictions, there had also been a notable increase in sales activity, with consequent positive impact on prices, in regional areas close to Sydney, including the Central Coast, the Southern Highlands and the Wollongong region.</p>
<p>I believe this trend will be further exacerbated by the current situation, which is forcing people to work from home.</p>
<p>Some will make it a permanent arrangement – and increasingly we are seeing media commentary to that effect.</p>
<p>An article last week in the Herald Sun in Melbourne said:</p>
<p>Many Melburnians will leave the city behind for regional Victoria during the coronavirus crisis, property experts say.</p>
<p>Agencies are reporting a “significant increase” in inquiries about regional properties from city dwellers “seeing the benefits” of working from home due to the COVID-19 lockdown, and keener than ever to escape the “madness” of Melbourne life.</p>
<p>Others are viewing the pandemic-impacted market as offering opportunity to get their feet on the property ladder in affordable areas.</p>
<p>A report from JLL says the COVID-19 quarantine policies have sent employees of all levels – from chief executives to junior staff – home with laptops to their kitchen tables.</p>
<p>“With this mass experiment under way, there is a belief among workplace experts that such set-ups could become more prevalent at companies large and small,” it says.</p>
<p>“Well beyond the peak of the crisis, corporate culture and, more than likely, the digital skills of global workforces, will have changed in significant ways. Location and working hours could become more flexible, leading to better productivity and improved work life balance for individuals.”</p>
<p>Gillian Rowbotham, human experience director – Australasia at JLL, says: “Given how suddenly everything changed, that tech has stood up pretty well, and people are mostly enjoying the flexibility to manage their day according to what needs to be done, I think we are inevitably entering a new dawn in the workplace experience.”</p>
<p>Interior architect Iva Durakovic suggests the success of working from home will mark the end of the office as we current know it, with remote working becoming the new norm.</p>
<p>The Associate Lecturer at UNSW Built Environment believes that remote working arrangements will continue long after the coronavirus pandemic has passed and will also change the nature of office spaces for the better.</p>
<p>"We already saw this idea of a distributed workforce getting stronger - and this will only accelerate it,” she says.</p>
<p>She says that widespread working from home is shaking up the role of the traditional workplace and highlighting what is truly valuable.</p>
<p>"It will break down what we need to come to a traditional workplace for, like face-to-face contact, and the way the future work environment looks. And it will be very different."</p>
<p>All of this has consequences for real estate. It provides another good reason for property investors to consider regional real estate, which offers greater affordability and higher rental yields than the big cities – and, if you choose your location well, good potential for capital growth.</p>
<p>We’ve seen excellent price growth in the past year or two, not only in Regional Victoria, but also in regional locations in NSW, Tasmania, South Australia and increasingly in Queensland.</p>
<p>TERRY RYDER is the founder of hotspotting.com.au</p>
<p><a href="https://mailto:ryder@hotspotting.com.au">ryder@hotspotting.com.au</a></p>
<p>twitter.com/hotspotting</p>
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Regionalisation: The positive real estate trends exacerbated by COVID-19: HotSpotting's Terry Ryder

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<p>EXPERT OBSERVER</p>
<div>Yet another inflation target miss was recorded for the June quarter.</div>
<div> </div>
<div>Nothing too earth-shattering there - the target has consistently been missed for years - but this one was a real corker, with headline inflation down by -1.9 per cent in the June 2020 quarter.</div>
<div> </div>
<div>And now the annual inflation rate has also turned negative, which a true rarity.</div>
<div> </div>
<div>Stated the ABS:</div>
<div><strong><em> </em></strong></div>
<div><em>'Since 1949, this was only the third time annual inflation has been negative. </em></div>
<div><em> </em></div>
<div><em>The previous times were in 1962 and 1997-98.'</em></div>
<div> </div>
<div>Underlying inflation was pretty flat for the quarter.</div>
<div> </div>
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<div> </div>
<div>Grattan recently produced a fairly damning indexed chart showing how inflation would've tracked higher had the target been hit over the past five years versus the actuals, a period through which there's been a persistent output gap, weak wages growth, and oodles of spare labour force capacity. </div>
<div> </div>
<div>We're still getting no closer to the inflation target then. </div>
<p><img src="https://1.bp.blogspot.com/-GuyrxR0LcdU/XyE197Iof6I/AAAAAAAA3Us/7ilsxHD355ESAA7OgfmRuvoGqYN1PbStwCNcBGAsYHQ/s640/A1.jpg" width="640" height="374" data-original-height="798" data-original-width="1361"></p>
<p>The main contributors to the weakness over the quarter included declining childcare and fuel prices.</p>
<p><img src="https://1.bp.blogspot.com/-jv2DrjN1hpA/XyE19w7O2II/AAAAAAAA3Uw/6gSiXaKog4syvMHwDoL7a3v4uZor3qU0wCNcBGAsYHQ/s640/A3.jpg" width="640" height="376" data-original-height="796" data-original-width="1348"></p>
<p>The CBD rental markets were hit with a swathe of Airbnb and student rentals in the June quarter, and the rental price index also turned negative year-on-year...for the first time ever. </p>
<p><img src="https://1.bp.blogspot.com/-xopSOfZK4aM/XyE2GoQgGHI/AAAAAAAA3U0/on8rPBYcHIwdFBDw-AA6TgZAGutBgM-8wCNcBGAsYHQ/s640/A2.jpg" width="640" height="360" data-original-height="804" data-original-width="1427"></p>
<p>There will be something of a bounce in Q3 in some categories, and truthfully there weren't too many surprises here, but overall there's a long way to go before things recover.</p>
<div>Detailed report as always from from James Foster here.</div>
<p><strong>PETE WARGENT</strong><em><strong> </strong>is the co-founder of AllenWargent property buyers and a best-selling author and blogger </em></p>
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Annual inflation negative for the third time ever: Pete Wargent

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<p>Just one in 10 cash-strapped borrowers who took a COVID-19 mortgage break from repayments to the big four banks have exited the payment relief program.</p>
<p class="indent">The Australian Banking Association confirmed many Australians are unwilling to make any repayments.</p>
<p class="indent">About 485,000 mortgages have been deferred in Australia with the nation’s largest seven banks, including the Commonwealth Bank, National Australia Bank, Westpac, ANZ, Bendigo and Adelaide Bank, Suncorp and Bank of Queensland.</p>
<p class="indent">But new data released by the big four banks found that in May and June:</p>
<p>• About 75,800 customers on mortgage deferrals had exited the repayment holiday program (9 per cent).</p>
<p>• About 50,000 are making partial repayments and 62,500 are making full repayments (15 per cent).</p>
<p class="indent">The ABA’s chief executive, former Queensland premier Anna Bligh, said there was "a very long road and plenty of hurdles to clear." </p>
<p class="indent">Customers were initially given repayment deferral for up to six months, but banks are set to offer further extensions.</p>
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Most mortgage relief recipients still taking COVID-19 repayment break

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<p>EXPERT OBSERVER</p>
<p>Regional Queensland has achieved something that few jurisdictions across Australia have managed: it has maintained its previous high levels of well-performing markets in defiance of Covid-19.</p>
<p>Hotspotting’s Winter 2020 survey of sales activity has identified 54 growth markets and 30 consistency markets, down only marginally on the results of the previous (Autumn 2020) survey, which found 55 growth locations and 34 consistency ones. This was the strongest performance by Regional Queensland in three years and the results of this latest survey are only slightly inferior.</p>
<p>The number of “declining” markets has reduced (from 12 to six to four in recent surveys) and there are now few danger markets in Regional Queensland outside of the perennial struggler, Mount Isa.</p>
<p>Compared to the Covid-inspired deterioration in the results of other major jurisdictions across the nation, this is a commendable performance – and provides further evidence that regional areas have done much better in the pandemic period than the biggest capital cities.</p>
<p>The well-performing markets include Townsville, Mackay, Rockhampton, Hervey Bay, Gympie and Toowoomba, as well as the Regional Queensland heavyweights, the Sunshine Coast and the Gold Coast.</p>
<p>In addition, we have seen further evidence of recovery in the Gladstone market, after multiple years in decline.</p>
<p>We continue to rate the Sunshine Coast one of the strongest economic and real estate stories in the nation and it has produced another solid result in this winter survey. The Sunshine Coast Regional Council area and neighbouring Noosa Shire have 11 suburbs with rising sales activity and eight others with consistent sales performance. There are also a number of locations which have delivered strong price growth in the past 12 months.</p>
<p>Nearby Gympie has a number of growth locations and is poised for a sustained period of growth, given major infrastructure projects and its improved links to the boom Sunshine Coast economy.</p>
<p>Sales activity overall in Gold Coast City has declined, unsurprisingly given the impact of Covid-19 on an economy so heavily reliant on tourism. This is reflected in the 35 suburbs with plateau markets. Nevertheless, there remain 10 suburbs with rising sales activity.</p>
<p>There are solid performers spread across Queensland, stretching from Townsville in the far north to more southerly locations like Hervey Bay and the inland city of Toowoomba.</p>
<p>Townsville has five suburbs with growing sales and, boosted by major infrastructure projects, is poised for a recovery from the previous downturn.</p>
<p>Mackay, a growth market we have noted in previous surveys, also has five growth suburbs and has a number of locations delivering strong price growth. Sales in South Mackay have been 20-27-35-34-52 in the past five quarters, a pattern which had led to strong price growth recently.</p>
<p>Rockhampton is showing increasing signs of revival, with four growth suburbs and three with consistent sales performance. The suburb of Berserker has lifted quarterly sales from 21 to 31 to 33 to 43 in the past year. Frenchville and Gracemere display similar growth patterns.</p>
<p>The Fraser Coast, based on Hervey Bay, is showing increasing signs of a growth phase, with five suburbs with growing buyer demand.</p>
<p>Toowoomba, after several years of moderate activity, is showing symptoms of a rising market, with three growth and four consistency suburbs.</p>
<p>The one disappointing result comes from Cairns, which stood out strongly in the previous Autumn survey as a rising market with nine growth suburbs. But this Winter survey finds only two growth suburbs, with sales in most Cairns suburbs falling away recently. This is an economy strong reliant on tourism, including international visitors, which has taken a serious hit from Covid-19.</p>
<p>Regional Queensland has also performed well on price growth. Six out of 10 locations have produced some level of growth in their median house prices in the past 12 months and most of those where prices have declined have done so only marginally.</p>
<p>The Sunshine Coast has a number of strong performers with annual price growth, led by Warana (19%), Minyama (16%) and Noosa Heads (11%).</p>
<p>The Gold Coast also has a number of growth locations, including Runaway Bay (18%), Worongary (15%), Palm Beach (11%) and Mermaid Waters (10%).</p>
<p>Mackay has some outstanding performers, including South Mackay (16%), Blacks Beach (14%) and Bucasia (10%).</p>
<p>I’ve previously noted the revival signs in Gladstone, with vacancies down and rents rising. We are now seeing evidence of prices rising, although from a low base. West Gladstone is up 16% and Glen Eden 23% in annual terms, while Calliope, New Auckland and Tannum Sands have all risen 8-9% in the past year.</p>
<p>Other resources-related locations where prices are rising from low bases include Moranbah (up 19%, but still only with a median of $240,000) and Blackwater (up 45%, but with typical houses still worth only $130,000).</p>
<p>Emerald is headed back to growth, with quarterly sales of 50-56-59-63-72 in the past five quarters.</p>
<p><strong>Terry Ryder</strong><em> is the founder of hotspotting.com.au </em><br><em>ryder@hotspotting.com.au</em><br><em>twitter.com/hotspotting</em></p>
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Regional Queensland market maintained strong performance despite COVID

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<p class="post-title entry-title">EXPERT OBSERVER</p>
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<div>Australia's recent figures on COVID-19 have been nothing short of remarkable.</div>
<div> </div>
<div>Lest you think that's an exaggeration, think back to what the medical experts were forecasting only one month ago, which was a tragically similar path to the worst hit countries. </div>
<br><div>Yesterday, Australia ramped up the daily total in testing to a much larger 14,980, of which 42 tested positive, or 0.3 per cent. </div>
<div> </div>
<div>More than 411,000 tests have now been carried out nationwide. </div>
<div>
<br>Encouragingly the rate testing positive has continued to fall very consistently from 2.8 per cent on March 30 to just 0.3 per cent yesterday. </div>
<div>
<br>Greg Hunt noted this morning that total new confirmed cases have increased by under 1 per cent for each of the past seven days, resulting in a 'genuine and sustained flattening of the curve'.</div>
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<br><div>There were 10 new confirmed cases yesterday in New South Wales relating to two known clusters (Anglicare at Caddens in Western Sydney, and the Ruby Princess cruise ship). </div>
<div> </div>
<div>That result was from a very substantial 5,152 tests.</div>
<div> </div>
<div>Today Victoria reported just 9 new cases from 3,000 tests, and Queensland had only five new confirmed cases.<br><br>North-west Tasmania has seen a cluster of cases related to hospitals, while elsewhere in the country numbers have fallen to zero, or very close to zero in recent days. </div>
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<br><div>Recoveries have comfortably exceeded new cases over the past week, and the number in ICU has almost halved, down by another 6 today to just 49 (versus the planned expanded capacity of 7,000), with 31 presently on ventilators. </div>
<div>
<br>Greg Hunt reported today that Australia has received some 60 million masks, which is 6 million than anticipated, and two weeks early than expected.</div>
<div> </div>
<div>Australia is 'the envy of the world' according to the government reports; let's hope it stays that way.</div>
<div> </div>
<div>
<strong>PETE WARGENT</strong><em> 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>
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Miraculous improvement in COVID-19 cases: Pete Wargent

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<p>Commentary on the future direction of the residential property sector has been diverse.</p>
<p>As Gary Brinkworth, the boss of the Herron Todd White valuation firm recently noted, some observers are expecting a subtle slowdown, while others predict a catastrophic collapse.</p>
<div title="Page 4">
<div>
<div>
<div>
<p>He suggests these views fail to understand the complexity of the Australian residential property sector and that having specialist knowledge at a localised level was key to good decision making.</p>
<p>It adds its can be difficult to keep up as markets adapt to the challenges around COVID-19.</p>
<p>"Some locations have seen monumental disturbance to their usual state of affairs, while others have barely registered a ripple.</p>
<p>"COVID-19 has amplified the diversity of Australia’s resident property markets by location, price point and property type," he added.</p>
<p>Well informed valuers, like well informed estate agents, are well informed on sales activity and price direction.</p>
<p>Brinkworth acknowledged Herron Todd White in Sydney made the decision in early March that all staff would work from home.</p>
<p>The decision was made to ensure that any potential exposure to the virus did not place further risk on other staff and their clients, whose homes they inspect daily.</p>
<p>They changed the way they conduct inspections - with hand sanitiser, face masks and disposable gloves becoming just as importan as their tablets and laser measurers.</p>
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<p>HTW has also developed a contactless inspection tool which allows occupants to take internal photos which feed straight into their valuation system, allowing valuations when a COVID-19 related concern means a property cannot be fully assessed.</p>
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<p>This has allowed mortgage applications to proceed instead of being delayed by weeks or even months until internal access became available.</p>
<p>His team, while noting some statistics may not yet be showing a decline in values across the Sydney market, have seen evidence from selling agents indicates that values are falling, particularly in some areas and for some price sectors, although not necessarily uniformly within these sub-markets.</p>
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<p>The rental market has seen a more immediate impact however, with listings increasing and rents falling, which will certainly have an impact on yields and prices.</p>
<p>Looking around the regions the Northern Beaches has appeared to absorb much of the negative sentiment and restrictions surrounding the pandemic, although "there is a strong chance you will be paying less than you would have three months ago for the same product."</p>
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<p>The slowdown in volumes of transactions in inner Sydney and the Eastern Suburbs made it difficult to ascertain any emerging pattern emerging, but HTW advised in previous downturns, the inner city market segment most vulnerable to volatility is the upsizer price bracket, typically from $2 million to $3 million.</p>
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<p>It also noted properties falling in the Airbnb sector are being impacted, for obvious reasons. </p>
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<p>HTW have been still seeing reasonably strong activity in the west, particularly at the entry level.</p>
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<p>Like the eastern suburbs, the North Shore prestige market is more accustomed to off-market transactions, so recent restrictions around open for inspections and public auctions have not impacted this part of the market as much as lower price points.</p>
<p>Overall HTW conclude the long term outcome of the COVID-19 pandemic for the property market is uncertain.</p>
<p>The Sydney property market is resilient, as seen by the recovery from the 2017 to 2019 downturn. </p>
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<p>However, HTW anticipate a slower return to normal, depending on just where unemployment numbers end up and the extent of a decrease in short term immigration numbers.</p>
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