Roseville is poised for a wave of new apartment development following the NSW Government's rezoning of land around Roseville Station under its Transport Oriented Development program.

The new planning controls have unlocked significant development potential within walking distance of the station, with a number of sites expected to be amalgamated and redeveloped in the coming years as developers seek to take advantage of the increased density allowances.

One of the more restrained developments in the precinct, and set among the first to be delivered having commenced well before the recent changes, is Hyecorp's Juliet. The boutique apartment project is already well under construction and remains on track to welcome residents by the end of the year, offering a markedly different proposition to many of the larger-scale developments now likely to emerge across the suburb.

[smartcode_project:default project_id=7395 project_image_fid=278194]

<a href="https://www.apartments.com.au/new-apartments/juliet-roseville-64-pacific-highway-roseville-nsw-2069">Juliet</a> will comprise just&nbsp;34 one-, two-, and three-bedroom apartments opposite Roseville Station. For Hyecorp, which has delivered projects across Sydney's Lower North Shore for more than three decades, Roseville presented a rare opportunity to address a growing gap in the market.

"<a href="https://www.apartments.com.au/developments/roseville-nsw-2069">Roseville</a> has long been one of the North Shore's most tightly held and desirable suburbs, offering a unique combination of village charm, established greenery, excellent transport connections, and proximity to some of Sydney's best schools and lifestyle amenities," Hyecorp said.

"We recognised a growing demand from local homeowners seeking to downsize without leaving the community they have built their lives around. The location presented a rare opportunity to create homes that cater specifically to that buyer profile."

[smartcode_project:default project_id=7395 project_image_fid=278196]

The six-level development has been designed by <a href="https://www.apartments.com.au/architects/pbd-architects">PBD Architects</a> as a collection of residences that feel more like homes than apartments. The brief centred generous floorplans, abundant natural light, quality finishes, and strong connections to outdoor space.

PBD Architects drew inspiration from Roseville's established garden suburb character, creating a building that sits comfortably within its surroundings rather than dominating them. The architecture incorporates natural materials, soft forms, layered landscaping, expansive balconies, and generous setbacks to strengthen the connection between residents and the suburb's leafy environment.

"The focus was on designing spacious, house-like residences for discerning owner-occupiers and downsizers who wanted to remain on the North Shore without compromising on comfort, privacy, or design," PBD said.&nbsp;

"Every apartment was to feel considered, timeless, and highly functional."

[smartcode_project:default project_id=7395 project_image_fid=278195]

Inside, residences feature engineered timber flooring, stone kitchen benchtops and splashbacks, integrated Fisher &amp; Paykel appliances, ducted air conditioning, and large outdoor entertaining areas designed to take advantage of district and treetop views.

Residents will also have access to a rooftop barbecue and lounge area, alongside practical amenities including parcel lockers, EV charging capability, bicycle storage, a dog wash bay, and a basement car wash facility.

The majority of purchasers so far have been local owner-occupiers from Roseville, Lindfield, Chatswood, Killara, and the broader Upper North Shore, many of whom are transitioning from larger family homes.

"Buyers are looking for spacious, house-like apartments that allow them to downsize without feeling like they are sacrificing comfort or functionality," Hyecorp noted.

"They value large kitchens, generous living areas, ample storage, quality finishes, secure parking, lift access, and low-maintenance living."

[smartcode_project:default project_id=7395 project_image_fid=278204]

Juliet sits directly opposite Roseville Train Station and within walking distance of Roseville Village, while Chatswood's retail and dining precinct is only minutes away. The development is also surrounded by some of Sydney's most established schools, including Roseville College, Ravenswood, Pymble Ladies' College, and Knox Grammar, as well as nearby parklands and golf courses.

Juliet is currently more than 75 per cent sold ahead of its anticipated completion in late 2026.

[smartcode_project_cta:default project_id=7395]

Joel Robinson

Juliet to sit quietly amid Roseville apartment boom

Sherpa Property Group has unveiled the third instalment of its Flourish series, securing full approval for the two-tower, $500 million Flourish Soleira development in Palm Beach.

<a href="https://www.apartments.com.au/new-apartments/flourish-soleira-1150-1154-gold-coast-highway-palm-beach-qld-4221">Flourish Soleira</a> will rise from a prominent site in the commercial heart of Palm Beach, the long-time home of Cash Converters and a range of local retailers.

The project will introduce a new retail and dining precinct at ground level, beneath 286 apartments.

[smartcode_project:default project_id=150017 project_image_fid=370959]

“We’re very committed to not only providing affordable residential offerings that are much needed in Palm Beach, but also delivering a vibrant new commercial heart that complements the extraordinary growth of the southern Gold Coast,” Sherpa Property Group founder Christie Leet said.

The development will sit under Sherpa's Flourish brand, which is aimed at providing a pathway into the beachside suburb for locals, first-home buyers and downsizers. In a move designed to assist first-home buyers entering the market, Sherpa has reserved all one and two-bedroom, one-bathroom apartments exclusively for eligible first-home buyers.

[smartcode_project:default project_id=150017 project_image_fid=370964]

“Our vision through Flourish is to create a vibrant retail and lifestyle focal point within the Palm Beach centre zone, delivering thriving communities underpinned by lifestyle-rich locations,” Leet said.

“So far, Flourish has been an incredible success, and we hope to carry this momentum as we progress the next two Flourish projects in Palm Beach.”

[smartcode_project:default project_id=150017 project_image_fid=371430]

Located across 1150-1164 Gold Coast Highway and 3 Sixth Avenue, the development will comprise two towers. The northern tower will deliver 154 apartments, while the southern tower will add a further 132 residences, helping address ongoing demand for new apartments in the tightly held coastal suburb.

Flourish Soleira will also feature the most extensive rooftop amenity offering ever delivered in Palm Beach.

The two towers will be connected by a skybridge, with residents gaining access to a rooftop recreation deck featuring a full-width swimming pool, hot and cold plunge pools, wellness spaces, a gymnasium, private dining facilities, massage treatment rooms, barbecue areas, a basketball court, golf simulator, indoor and outdoor dining spaces, sun lounges and extensive landscaping.

LPS Group is expected to start construction later this year.

Sherpa is already well advanced on construction of its debut Flourish project, Flourish Amargo, located just around the corner from Soleira. Meanwhile, Flourish Oasis, positioned opposite Amargo, recently commenced construction and has nearly sold out its collection of 47 apartments.

[smartcode_project_cta:default project_id=150017]

Sherpa unveils $500m mixed-use Palm Beach precinct, Flourish Soleira

Are mortgage holders set to get a reprieve from the RBA in 2026?

Big Four bank NAB believes so. They are now expecting the next move from the RBA to be a cut, rather than a hike, which they had pencilled in for August. They are unsure of the timing of the cut however, they note in their latest&nbsp;NAB Economics RBA Watch.

NAB Chief Economist, Dr Sally Auld, said recent data suggests the economy has lost momentum and the outlook for rates has shifted, noting that the broader economic backdrop has changed since earlier in the year.

“The next move in the cash rate is likely to be down, but the timing is uncertain," Dr Auld said.

"In February, growth was above trend, the economy was operating above capacity and there was uncertainty over the restrictiveness of rates. None of these conditions exist today,” she outlined.

Dr Auld said recent data pointed to softer momentum across the economy while acknowledging that at the same time, uncertainty remains a key feature of the outlook.

“Both Q1 GDP data and the NAB business survey suggest momentum in the economy has slowed, meaning that growth has likely peaked for the cycle. That said, we are cognisant there is still considerable uncertainty around the outlook, both with respect to activity and inflation.”

Dr Auld said inflation risks and labour market outcomes would be important to watch.

“On the prices side, we are still forecasting above target core inflation through to mid-2027. Margins will compress and weaker labour market outcomes are a risk.”

She said tighter financial conditions are expected to weigh on housing and activity.

“Tighter financial conditions will be reflected in a slowing in house price growth and housing credit growth. In summary, we have greater conviction that the next move in rates is down, but less conviction on the timing.”

Mortgage relief? NAB forecasts RBA rate cut, not hike, after softer economic conditions

A local downsizer has splashed $6.5 million on a penthouse in Perifa's Alex &amp; Willow development in Crows Nest. 
&nbsp; 
The purchaser sold their long-held family home in the area before embarking on a six-month search for the right apartment. After inspecting a range of options across the Lower North Shore, the buyer returned to <a href="https://www.apartments.com.au/new-apartments/alex-willow-crows-nest-82-90-alexander-street-crows-nest-nsw-2065">Alex &amp; Willow</a>. 
&nbsp; 
The buyer profile reflects the project’s broader purchaser mix. <a>Alex &amp; Willow</a> has attracted predominantly local downsizers looking to transition from larger homes without compromising on space or quality, alongside a smaller cohort of upsizers and investors drawn to the project’s location and design credentials. 
&nbsp; 
The milestone sale comes as the project, developed by&nbsp;<a href="https://www.apartments.com.au/developers/perifa">Perifa</a>&nbsp;and delivered by <a href="https://www.apartments.com.au/builders/versatile-made-construction">Versatile Construction</a>, both part of Versatile Group, reaches 60 per cent sold.

[smartcode_project:default project_id=6680 project_image_fid=371325] 
&nbsp; 
Eddie Mansour, Managing Partner of <a href="https://www.apartments.com.au/project-marketer/ray-white-projects">Ray White Projects</a>, said the result demonstrates not only a headline price but also depth of demand. 
&nbsp; 
“This is an exceptional outcome and a clear reflection of sustained buyer demand for premium, well-located downsizer product,” Mansour said.

“We’re seeing a consistent pattern of local homeowners selling family residences and reinvesting into high-quality apartments that allow them to remain within their community. Alex &amp; Willow has resonated strongly with this group because it offers genuine scale, thoughtful design and immediate proximity to the village.” 
&nbsp; 
The sale reflects a broader and consistent trend of local downsizers actively seeking high-quality, low-maintenance residences close to established village centres. Agents report that demand for this product type has remained resilient, particularly where developments offer a rare combination of scale, design quality and walkable amenity. 
&nbsp;&nbsp; 
Fabrizio Perilli, Managing Director of Perifa and Versatile Group, said the sale marks a defining moment for the project. 
&nbsp; 
“The penthouse sale is a strong endorsement of the quality we have delivered, alongside our partners, and the clear demand from local downsizers for premium, boutique residences in this location,” Perilli said.&nbsp; 
&nbsp; 
“Most importantly, we’re proud to see the Alex &amp; Willow community beginning to take shape. As we move closer to completion, we’re looking forward to welcoming residents and seeing the project come to life.”&nbsp;

[smartcode_project:default project_id=6680 project_image_fid=338516] 
&nbsp; 
Designed by <a href="https://www.apartments.com.au/architects/nettletontribe">Nettleton Tribe</a> with interiors by <a href="https://www.apartments.com.au/interior-designers/richards-stanisich">Richards Stanisich</a>, Alex &amp; Willow is a boutique collection of generously sized two- and three-bedroom residences in the heart of Crows Nest village.&nbsp;

Completion is slated for early 2027.

[smartcode_project_cta:default project_id=6680]

Alex & Willow, Crows Nest penthouse sells off the plan for $6.5 million

Fresh from launching the first stage of its Wollongong precinct, <a href="https://www.apartments.com.au/new-apartments/keira-place-wollongong-120-122-smith-street-wollongong-nsw-2500">Keira Place</a>, builder-developer Urban Property Group has unveiled plans for the next phase of the masterplanned community.

Now on public exhibition through the NSW Government's Housing Delivery Authority pathway is a State Significant Development Application for a further 657 homes on the prominent gateway site opposite Beaton Park.

The proposal comprises three buildings, including two build-to-sell towers rising 25 and 30 storeys, delivering 391 apartments, alongside a 12-storey co-living building with 266 residences, making it one of the largest co-living proposals currently planned in regional New South Wales.

Of the apartments proposed in the build-to-sell towers, the majority, 310, are two-bedroom dwellings. The balance comprises 44 one-bedroom apartments and 37 three-bedroom residences. Apartment sizes range from around 50 sqm for one-bedroom homes to approximately 90 sqm for three-bedroom apartments.

<img alt="Smith St" data-entity-type="file" data-entity-uuid="19347059-1612-41a0-9c74-b86a657237f8" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-06-10%20at%2010.02.18%E2%80%AFAM.png?VersionId=sWXnaCcA.cIC6N8YT1dg5pJ2e1V3Z6z7" />

The submission says the proposal has evolved significantly from its original Housing Delivery Authority application following extensive consultation with the State Design Review Panel and Wollongong City Council.

The final scheme has been designed to align with the emerging vision for the Flinders Street Precinct, an area identified by Council as a future high-density mixed-use neighbourhood capable of accommodating substantial housing growth close to transport, employment and community infrastructure.

According to the design report prepared by COX Architecture, the development aims to "deliver a built outcome consistent with the future character of the Wollongong CBD while responding to the site's unique constraints and opportunities."

"Our vision for the next phase of the site evolution in Wollongong is grounded in three design pillars that guide the design response: place, natural environment and celebration," COX said.

"Inspired by its surroundings and grounded in the stories of place on Wodi Wodi Country, the design proposal acknowledges the established character of its setting while creating a unique and timeless identity that sits harmoniously within it.

"The design proposal responds to its specific site conditions, acknowledging the vegetation, climate, wind conditions and solar access of the site."

The architecture responds directly to the site's position between Wollongong's urban core and its natural landscape setting.

COX identified views towards Mount Keira and the Illawarra Escarpment as defining features of the site, while the upper levels of the towers will also capture expansive views across the city and out to the Pacific Ocean.

The design team has positioned the tallest buildings closer to the rail corridor, where overshadowing impacts can be better managed while establishing a landmark built form on the northern approach into the city.

<img alt="Smith St" data-entity-type="file" data-entity-uuid="79580d5b-500c-4ebf-9629-797146a4a694" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-06-10%20at%209.51.59%E2%80%AFAM.png?VersionId=WbTB1EKSG.KDfsfz0F3wp1QVa2oCMGR5" />

Urban Property Group secured the 11,000 sqm Smith Street site in 2022 and has since progressed plans for the broader Keira Place precinct.

Construction recently commenced on the first stage of Keira Place, which will deliver 150 apartments across two residential buildings, including 27 affordable housing apartments and 18 specialist disability accommodation dwellings, alongside activated ground-floor retail and commercial space.

Urban Co-CEO Patrick Elias said the commencement of construction marked a significant milestone for Wollongong and reflected the developer's long-term commitment to regional cities.

"Today's groundbreaking is about turning approvals into homes and moving quickly to deliver much-needed housing in Wollongong's city centre," Elias said.

"Keira Place will provide a diverse mix of homes close to jobs, transport and services, while setting a high benchmark for quality, durability and consumer protection."

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/groundbreaking-marks-start-of-construction-at-keira-place-in-wollongong-cbd">Groundbreaking marks start of construction at Keira Place in Wollongong CBD</a>

&nbsp;

&nbsp;

&nbsp;

Urban Property Group unveils trio of towers for next stage of new Wollongong precinct, Keira Place

Property market

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CoreLogic RP Data's senior research analyst Cameron Kusher has weighed into the Sydney property market decline debate through his twitter <a href="https://twitter.com/cmkusher" target="_blank">@cmkusher</a> by asking, why exactly is the fact that Sydney house prices are allegedly not booming any more a bad thing?
Sydney house prices have recorded a sharp decline over the last quarter with the fall marking the end of the Sydney property boom, according to figures released recently by Domain.com.au. 
Despite the property boom ending, Sydney and Melbourne are set to reclaim some of the losses record over the final quarter of 2015, according to CoreLogic RP Data's head of research Tim Lawless.
In preparation for the announcement on Monday, Lawless said Sydney will bounce half a percent higher over the first 27 days of January while dwelling values in Melbourne are likely to increase by around 2 percent by the months end.
He said that the month to date performance will help to offset the 2.3% fall in Sydney values recorded over the December quarter, while the higher growth rate in Melbourne should bring Australia’s second largest city back into positive growth territory on a rolling quarterly basis.
Although there will be higher index readings across the largest cities, Tim suggests it's likely that housing market conditions will track lower than what we saw over 2015.
Property Observer will keep you up to date with the home value index when it is released on Monday.
 
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po-LsXgBTHBmX

Tweet of the day: Cameron Kusher on Sydney's possible bust 

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It’s a marvel that Australia has any regional cities left.
Every time there’s a major (and sometimes relatively minor) business reversal, media declares the death of the local economy and often the collapse the local property market.
Legendary author Mark Twain could have been speaking for Newcastle, Wollongong, Geelong and many other regional cities when he said that “the reports of my death have been greatly exaggerated”.
The latest Australian regional city to inspire a premature obituary is Townsville in the wake of the decision by political and business buffoon Clive Palmer to shed 237 jobs at his Queensland Nickel refinery. 
As has become common in the wake of such events, the media coverage has been a tad over the top since the announcement. I’ve seen reports predicting devastation of the local economy. One suggested Townsville would become “a ghost town”.
Admittedly some of the dire forecasts have been sourced from sacked workers who were understandably emotional.
But beyond the unfortunate impacts on the affected families, the downsizing of the Queensland Nickel business is not a catastrophe for Townsville.
The northern Queensland city is one of Australia’s strongest regional economies. It has wonderful diversity, with a broad range of strong industry sectors providing employment and economic activity.
It has a major (and expanding) military presence, a massive government sector, a significant education industry, a busy tourism industry and various activities related to the resources sector, among others. 
Few Australian regional cities can match it for strength and diversity.
A couple of years from now the Queensland Nickel kerfuffle will be seen as a minor blip in the economic life of this very strong city.
Townsville is not the first regional economy to be declared terminal and it won’t be the last.
Last rites have been administered in recent years to both Wollongong and Geelong, which nevertheless remain very much alive and kicking.
Wollongong was proclaimed an impending basket case when Bluescope Steel announced some major downsizing in 2011. Media went overboard. I recall one headline predicting that property values would fall 50%.
But something quite different occurred. The Wollongong property market has recorded strong price growth in the years since, partly because it caught the wave from Sydney and partly because of positive events in the local economy. 
What the doomsayers overlooked when they over-reacted to the Bluescope Steel job cuts is that there are a lot of  other things happening in Wollongong besides the smokestack industries. Like many other regional cities, Wollongong has been busily reinventing itself and these days has strong industry sectors in education, IT and tourism, among others.
The gradual decline in employment at the steelworks has been going on since the 1970s. Back then, Bluescope Steel employed 27,000 people. Today it provides jobs to only 10% of that number. In the meantime, Wollongong has moved on and created new modern industries to sustain itself.
It’s doing just fine.
So is Geelong, although it should have shuffled off this mortal coil before now, in the wake of bad news about the Ford car plant and one or two other old-style industries. 
But, like Wollongong, Geelong isn’t a blue collar factory town any more. Its biggest employment sectors are eduction and health. The city is thriving as an affordable lifestyle alternative to Melbourne, to which it is now better connected since the completion of the $5 billion Regional Rail Link.
Major new enterprises are opening up in Geelong. One is the National Disability Insurance Scheme, which is being headquartered in Geelong and is attracting other enterprises that want to be located near it.
In real estate terms, Geelong is the strongest market in regional Victoria and I don’t expect that to change any time soon.
There are echoes in this situation also of Newcastle, which was expected to wither and die following the closure of BHP activities in the late 1990s. But check it out today and you’ll find a strong and vibrant city where spending on new infrastructure and property developments totals many billions of dollars. 
And so it will be with Townsville. I’m sure those 237 people who are losing their jobs are suffering (I’ve experienced retrenchment a couple of times in my life and it’s not pleasant) but Townsville as a community and as an economy will not be devastated. 
We’re talking 237 jobs in a city of 200,000 people. Even allowing for flow-on effects, Townsville’s future is as strong as ever.
Terry Ryder is the founder of <a href="https://www.hotspotting.com.au/" target="_blank">hotspotting.com.au</a>. You can <a href="https://mailto:ryder@hotspotting.com.au" target="_blank">email him</a> or follow him on <a href="https://twitter.com/hotspotting" target="_blank">Twitter.</a>
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terryryder-YECXbqmri2

Townsville economy will weather mining downturn: Terry Ryder

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GUEST OBSERVER
The Queensland real estate market continued its steady pace throughout 2015, with a new record median house price in Brisbane of $610,000 ending the year with a flourish.
The market has recorded a steady sustainable growth rate of about two percent over the past eight quarters and this has led the southeast corner into firmer territory following the post GFC slump of 2011/2012.
Compared with the southern states, Queensland’s market has been relatively stable and has resisted the volatility shown in those markets.
As Sydney and Melbourne’s markets have strengthened considerably over the year, investors have been attracted to Brisbane and the Gold Coast where affordability and ROI factors have remained steady.
The apartment market in Brisbane’s inner city has remained in healthy territory, despite concerns that an oversupply was imminent. Vacancy rates have remained steady with data revealing vacancies in the inner city were around 2.5 percent to 2.7 percent.
Outside of the southeast corner, the state’s regional centres struggled to gain meaningful ground, although small gains were seen in some towns.
Tourist cities performed strongly. The Gold and Sunshine coasts recorded buoyant market conditions with investor activity picking up in both regions.
Cairns and Fraser Coast also continue to show promising signs of firming market conditions, with average days on market and vendor discounting improving on a year ago for their respective unit markets which had struggled following the GFC.
Regional centres still continue to be impacted by the resources downturn, but many now look to have reached the bottom of the market.
Local agents in Gladstone, Mackay and Townsville say the softer market conditions has started to entice more local buyers, with market confidence slowly but surely improving.
First home buyers are taking advantage of the low interest rate environment and in regional centres are gaining confidence with increased housing affordability.
House sales activity in the strengthening markets of southeast Queensland continued to improve over the June quarter.
Back in the capital city, increased prestige sales and strong buyer demand in the $500,000-plus price contributed to the lifting median house price in Brisbane.
Brisbane surrounds also showed improving buyer demand, with Ipswich and Logan recording double digit growth in sales activity over the quarter and over the year to June.
Toowoomba’s house market appears to have taken the foot off the accelerator with sales volumes tapering off for a second consecutive quarter. Given the various projects in the pipeline, such as the going ahead of the second range crossing, local agents anticipate the region will continue to record consistent growth in its real estate market.
The year ahead
In the regional centres, sales activity is mixed, however the general feel on the ground is that the bottom of the market has been met.
I believe the sales activity is encouraging. With any market recovery there is always a concern that things will take a backward step from time to time, however, that is not the case in Queensland as this consistently steady improvement across the state shows.
Our regional centres, where the impact of the GFC and mining downturn continue to be felt years later, are defiantly consistent and this is fantastic news for our state. Queensland property is an encouraging story of economic resilience and even though some of our regional centres are struggling, we are seeing signs of a return to equilibrium.
The southeast corner remains the powerhouse of the state’s real estate market, with Brisbane LGA recording a new high median house price of $610,000.
The market in the southeast corner is performing well and this will eventually be felt throughout the rest of the state.
 
Antonia Mercorella is the CEO of the Real Estate Institute of Queensland – the first woman in its almost 100-year history and the youngest person to take on the role. She can be contacted <a href="https://blog.realestateview.com.au/author/antonia-mercorella/" target="_blank">here</a>.
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jchancellor-FAypfDUnLy

Bouyant Gold Coast seeing more investors

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The Victorian property market finished 2015 on a high with a record number of auctions held in November and December.
While median house price growth is expected to moderate this year, population increases, a robust economy and relatively low interest rates will encourage buyer interest in 2016.  In 2016 the REIV expects moderate growth across the city with further price increases in a range of suburbs in Melbourne’s inner, middle and outer rings.
Some suburbs to watch in 2016 are: WEST OF THE CBD
Footscray - Close to the CBD and recorded double-digit growth in 2015. Footscray remains affordable given its location in Melbourne’s inner ring. Improving infrastructure and gentrification likely to result in solid long-term growth.  Median price: $780,000 Altona - Close to the CBD (13km) and to the bay and has seen double digit growth in 2015. Private sales market tightened in 2015 and clearance rate increased, despite listings being up 17 per cent.  Median price: $710,125 Sunshine - Still offers very affordable buying and is within 11km of the Melbourne city centre. Larger land blocks are proving attractive to both buyers and developers. Median price: $530,000 Spotswood - Another inner west Melbourne suburbs which is poised for further growth in 2016. Despite listings increasing significantly in 2015, the median days on market fell 23 days and clearance rate improved 13 per cent.  Median house price remains well below the inner Melbourne median of $1,236,000. Median price: $775,000 NORTH OF THE CBD Preston – Has seen solid growth in recent months, reflected in strong private sales activity (median number of days on market declined seven days in 2015). Located within 10km of the CBD, Preston’s median house price remains well below the inner Melbourne median of $1,236,000. Median house price: $815,000       Epping – Located on the fringe of Melbourne’s middle ring, Epping recorded solid price growth in 2015, driven by a strong private sale market. Poised for further increases in the coming 12 months.  Median price: $432,750. EAST OF THE CBD  Burwood East - A big growth area with extensive development underway at present. While the median house price is high, days on market continue to fall (down from 37 days in 2014 to 30 days in the past 12 months) showing increasing buyer interest. Median price: $1,004m Montrose – Has a relatively affordable median house price for those buying in Melbourne’s east and has shown good signs of capital growth in the past 12 months (up 10%). A significant drop in median days on market in 2015 (down 11 days to 19 days) has resulted in a strong private sales market. Median price: $600,000 Mount Waverley - Experienced one of the highest median price increases of any Melbourne suburb in 2015, up more than 20 per cent, but should still see growth this year. Attractive to foreign investors and quality local schools (Mt Waverley Secondary College) are also proving to be a key driver for buyers.  Median price: $1.38m Glen Waverley – Middle-eastern suburb which has been in the spotlight in 2015, and will continue in 2016. Given it is zoned for quality public school Glen Waverley Secondary College, buyer demand is likely to continue for the foreseeable future.   Median price: $1.319m SOUTH OF THE CBD  Seaford - Bayside and has experienced strong growth in the past six months. Like Sunshine, is also very affordable. Strong private sales activity and clearance rate.   Median price: $530,000 Chelsea - Close to the bay and with good transport to the CBD. Saw a strong private sale market and solid auction activity in 2015 as well as double-digit annual growth. Should be a solid year ahead.                
Median price: $727,000
‎Enzo Raimondo is chief executive officer of <a href="https://www.reiv.com.au/" target="_blank">The Real Estate Institute of Victoria</a>.
 
{mijopolls 126}
 
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enzoraimond-7fvRFHPR52

12 Melbourne suburbs to watch in 2016: REIV's Enzo Raimondo

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The VP Chief Lending officer at La Trobe Financial has offered his enthusiasm for Tasmania's property markets through his twitter <a href="https://twitter.com/lfcbannister" target="_blank">@lfcbannister.</a>
He tweeted the ANZ/Property Council surveys results which showed the island state now boasting the highest property confidence in Australia.
To access the full ANZ report <a href="https://www.propertycouncil.com.au/Web/EventsServices/ResearchData/Sentiment__Survey/Web/Events___Services/Research_Services/ANZ_Survey.aspx?hkey=c118acf0-384d-4778-be64-c29b97bfebb7" target="_blank">click here.</a> 
<a href="/images/2016/01/15/Screen%20Shot%202016-01-18%20at%208.45.18%20am.png" target="_blank">Click to enlarge</a>
<img src="/images/2016/01/15/Screen%20Shot%202016-01-18%20at%208.45.18%20am.png" alt="" width="503" height="209">
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jrobinson-rf4aSBido9

Tweet of the day: Tasmania property confidence looking up

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GUEST OBSERVER
In Australia, there is a lingering belief that bankruptcy should not be “too easy”.
The federal government’s plan to reduce the period of bankruptcy from a minimum of three years to one year, announced in December’s Innovation Statement, has been criticised for allowing debtors to avoid the consequences of their misconduct.
But this view misunderstands the role of bankruptcy law in a modern economy and arguably conflates the role of bankruptcy and criminal law. In fact, what is needed in addition to legal changes is a shift in the way Australians think about bankruptcy.
Modern personal bankruptcy law attempts to balance competing public interests of rehabilitating debtors and allowing them a fresh start, with the need to discourage reckless borrowing and spending and abuse of the credit and insolvency system.
But bankruptcy as a crime has had a long history, arising out of an early need to allay the violence and mayhem occurring through Roman debtors not paying their creditors, by imposing some order and authority on the warring parties.
This authority sought to divide up the debtor’s assets among the creditors; but the idea of protection of the unfortunate debtor did not arise until later. The first modern bankruptcy laws developed in the 16th century in England and sought to provide administrative order to commercial debt recovery.
Non-business bankruptcy was treated as a crime, with debtor’s prisons existing until the late 19th century. The growth of middle classes after the industrial revolution and the drive to encourage and broaden entrepreneurial risk taking helped change society’s treatment of all bankrupts (both business and non-business) and the goal of protection and rehabilitation became more important.
At the same time, bankruptcy continues to involve the bankrupt losing most of their property, including the family home, and any cash, shares or other property, including their passport, and anything other than household furniture and a cheap car.
There are requirements to repay creditors through contributions from income, above a certain level; restrictions imposed on obtaining credit and with credit agencies reporting the bankruptcy; and restrictions on being a company director and on retaining licenses to work in certain trades and professions.
A failure of a bankrupt to comply with their obligations can result in the extension of their bankruptcy to five or even eight years. Failure to file a list of their assets and liabilities can result in the bankruptcy continuing indefinitely, at least until the bankrupt complies.
Most of these impacts are expected to remain whether bankruptcy is one year or longer.
Our 21st century laws even connect bankruptcy with serious crime, and treason, and impose criminal sanctions, including imprisonment, for breaches by bankrupts of many of these obligations. And there is still the stigma of bankruptcy, of being labelled as someone who could not manage their finances and left their creditors unpaid, and who otherwise might be seen as morally suspect.
The government doesn’t propose to lessen these rules. Those who suggest that bankruptcy is an easy option are ignoring the range of penalties and limitations that apply to bankrupts. Given the fact that bankruptcy can release a debtor from debts of $20,000, or $20 million, the law - and society - acknowledges that some accountability and consequence be imposed. It is a matter of degree and of balance.
But the government has opted for a fresh approach to unpaid debt in personal insolvency, given it is a more emotive area than the relative anonymity of corporate losses.
Australia is seen internationally as having a rather harsh view of unpaid debt. But punishment and deterrence can only achieve so much when it comes to discouraging reckless borrowing or profligate spending.
A person might well not pursue their innovative business idea if the consequence of it not working were jail, or at a less extreme outcome, a long period of bankruptcy and the loss of most if not all of their property. Creditors also need a predictable, transparent and fair system for collecting their debts.
For that reason, many other countries are refocusing their insolvency laws more on rehabilitation and a constructive approach to business rescue.
The government is trying to shift the balance in favour of risk and innovation, with its potential for promoting economic growth, and to move the language away from retribution and failure, an important aspect of cultural change. But merely reducing the period of bankruptcy won’t be enough.
The public narrative and perception around financial failure and insolvency, both personal and corporate, need to change if we are to embrace an entrepreneurial and innovative business culture.
Changing the law is perhaps the easier part, with initial public support needed, followed by a shift in public perception in order to allow the law to be fully effective.
 
Jason Harris is associate professor in corporate, commercial and insolvency law, University of Technology Sydney and can be contacted <a href="https://theconversation.com/profiles/jason-harris-147254" target="_blank">here</a>.
Michael Murray is visiting fellow, QUT, Queensland University of Technology and can be contacted <a href="https://theconversation.com/profiles/michael-murray-211427" target="_blank">here</a>.
Both are authors for The Conversation.
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Reforming bankruptcy laws is the first step - next, remove the stigma

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Apartment rents Australia-wide rose 2.4% over the year to September to arrive at a median price of $420 per week, with total vacancy increasing to 3%, according to the 2015 Q4 residential review from Knight Frank.
The review found apartment sales volume, capital values and rents grew nationwide despite gross rental yields tightening in the September 2015 quarter.
Michelle Ciesielski, director of residential research for Knight Frank said in September 2015, gross rental yields for Australian apartments averaged 4.64%.
"Over the year to September 2015, Australian apartment capital values have experienced 7.7% growth with the last three months of this period recording growth of 2.4% to stand at a median capital value of $473,500," she said.
"Capital growth amongst the capital cities has continued to be led by Greater Sydney (at 15.6%), Greater Hobart (at 5.8%) and Greater Melbourne (at 5.4%) over the past year.
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"When utilising growth in sales volume as a leading indicator, it would be expected that Greater Brisbane and Greater Melbourne are likely to witness further capital growth heading into 2016. Greater Hobart and the Australian Capital Territory (ACT) are displaying signs of a potential upswing over the medium term for capital growth after experiencing negative growth in 2014.
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"Highest annual rental growth is still being experienced in Greater Sydney, at 5.7% over the year to September 2015 while achieving a median rent of $560 per week. Although since mid-2015 rents in Greater Sydney have remained steady as total vacancy has fallen from 2.1% to 1.9% over this time, it is likely we will once again see a rise in rents early in the new year.
"With continued negative growth in apartment capital values over the past year, Greater Darwin recorded the highest gross rental yield at 5.87% in September 2015, although rents continued to fall throughout this period. As shown in Figure 4, Greater Sydney returns the lowest gross rental yields across Australia, at 4.30%. When plotted over a five year range, current yields in Greater Sydney are at the lower end of the range; a similar experience being recorded by Greater Brisbane and Greater Perth."
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jonathanchancellor-7SQnKwU6yx

Apartment sales volume, capital values and rents grow: Knight Frank

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GUEST OBSERVER
Dwelling approvals came in weaker than expected in Aug, with a fall in units dragging total approvals down 6.9% vs expectations of a 2% dip.
That said, the decline comes off a higher base with the Jul gain revised up from +4.2% to +7.9%. The net result is that the level of approvals in Aug is only 1% lower than the consensus forecast implied off the old base.
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It's becoming an all too familiar refrain for monthly housing data, but volatility continues to cast major doubts over underlying trends. Some sort of slowdown is underway with approvals passing a clear peak back in Mar. The extent of the slowdown is proving difficult to pinpoint though.
Current trend figures show declines running at a 5–10% annualised pace but only a month or two ago the decline appeared to be running more in the 10-15% range. The monthly volatility is such that this trend pace could easily move again once another month's data is incorporated.
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The detail shows the Aug decline was concentrated in ‘unit’ approvals which were down 11.4% following a 14.6% surge in Jul. Our estimates indicate that, within this segment, 'high rise' approvals have driven all of the Jul-Aug variation with the smaller 'low rise' sub-segment showing a more consistent downtrend throughout.
Private sector houses posted a surprisingly strong 4.9% gain in Aug, a relatively big move for what is usually a more stable segment. Note that private sector houses held flat throughout the most recent surge in approvals (since late 2014) which has entirely driven by units.
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The state breakdown shows the Jul-Aug volatility centred on NSW where unit approvals spiked 98% in Jul, reversing 66% in Aug to be back below their Jun level.
Three month averages smooth the state level volatility somewhat. For 'high-rise' they show continued strength in NSW but signs of a fairly sharp downturn coming through in Vic (we have noted in previous bulletins that this is likely being accentuated by a pull forward in approvals associated with the new Vic state government levy introduced in July).
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For non-high rise, the state figures suggest strengthening approvals in NSW vs a moderation in Vic, flat-lining approvals in Qld and declines in WA.
The value of renovation approvals pulled back sharply in Aug, down 7.9%mth, with the 3mth rolling average growth rate slowing abruptly from 9.3% in Jun to –1.7% in Aug.
The value of non residential building approvals also fell 10% in Aug although that followed a similar-sized gain in Jul and is well within the range of volatility for this segment. Approvals are still on a reasonable rising trend.
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Overall, the Aug detail is a little less downbeat than the surprisingly weak headline number would suggest. The main takeaway though is that a downturn of some sort is underway, the extent of which remains highly uncertain.
Matthew Hassan is senior economist with <a href="https://www.westpac.com.au/" target="_blank">Westpac</a>. 
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Watch for a lift in the 'drop-out' rate between unit approvals and construction: Westpac's Matthew Hassan

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GUEST OBSERVER
Many Australians want to grow old at home with family and friends. Yet most have homes that are inaccessible. Without intervention now, taxpayers will be asked to deal with the unintended consequences for the health, aged care and disability budgets.
We all know people who go to hospital and do not return home because they can no longer climb the stairs, get down the hall, or use the bathroom. The alternative is an extended hospital stay while they wait for expensive modifications, or placement in some distant residential facility.
<h2>The fix?</h2>
Community and housing industry leaders agreed with the federal government a voluntary national guideline and a plan to provide basic access features in all new housing by 2020. Governments at all levels endorsed this agreement through their housing, aged and disability policies. This includes COAG’s 2010-2020 National Disability Strategy.
Adding these features at the design stage is cheap and easy to do. One cost estimate is A$200-$1,000 per dwelling. This would provide:
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An accessible path of travel from the street or parking area to and within the entry level of a dwelling;
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Doorways, corridors and living spaces on the entry level which most people can use;
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One bathroom, shower and toilet that most people can use, with reinforcement in the walls for easy installation of grab-rails if required.
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The agreement does not solve the housing needs of people with significant long-term disability. This requires more thought. But it does allow most people to manage unexpected disability, illness or frailty until more substantial changes can be made.
Just as importantly, it allows friends and family who have mobility difficulties to visit and be part of family life.
<h2>Voluntary approach isn’t working</h2>
A 2015 review of the agreement indicated that the voluntary approach has failed. It estimated that, without intervention, less than 5% of the agreed 2020 target would be achieved.
There are good reasons for this failure. The housing industry is highly competitive and risk-averse.
Most housing is designed and built long before the buyer comes along. Builders build what has sold in the past and what they think buyers might aspire to in the future. Their experience is that most buyers do not aspire to be old, disabled or frail, so access is not high on their agenda – but it should be.
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These maps demonstrate the speed at which populations are ageing. They show the proportion in each country of people aged 60 or over in 2014 and 2050. UNDESA Population division, World population prospects: the 2015 revision.
Although the features are easy and cheap to install, a change to new practices has its risks and can be expensive. Contrary to the notion that a single builder builds a home, housing construction constitutes a complex web of subcontractors and suppliers. Each is dependent on the other to avoid delays or unexpected costs.
A simple change, such as wider doorways, can throw out the preceding and following trades, and both time and money are lost.
From the housing industry’s point of view, the estimated cost of voluntarily providing these features is much greater. It is simpler to keep doing the same – there will always be a buyer at the end.
The housing industry acknowledges that when change is necessary for the common good, regulation is required. The industry first resists, then makes the change. The “conveyor belt” of housing construction adjusts, and business continues as usual.
A home’s design affects people’s lives throughout its lifetime, so many others bear the secondary costs of inaccessible design. Providing access in a home after it is built is 19 times more expensive than if it was included from the start. But it is the tertiary costs to health, ageing and disability programs that are of real concern.
The National Disability Insurance Scheme and the aged care reforms – Australia’s most ambitious and costly social programs in a generation – are based on the premise that it is both socially and economically responsible to keep people connected. This includes participating in community and family life for as long as possible.
<h2>What now?</h2>
Australia needs only to look to other countries to understand what needs to be done. The UK has legislated for minimum access in all housing since 1999. For three decades, Japan has provided financial incentives for the housing industry to build accessible housing.
Although these strategies are not without their problems, they have clearly changed the housing industry for the better.
The federal government must let go of the voluntary approach, to think long-term and regulate for minimum access features in the National Construction Code for all new housing. The agreed 2020 target can then be achieved.
As a nation that prides itself on embracing difference, a national accessible housing code is a good place to start.
Margaret Ward is research fellow, School of Human Services and Social Work, Griffith University and author for <a href="https://theconversation.com/profiles/margaret-ward-129939" target="_blank">The Conversation</a>. 
 
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Housing standards are failing Australia's ageing population who deserve accessible housing code

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Cashed-up expats are well placed to really make the most of their trip back to Sydney for the 2015-2016 Christmas holiday break.
"Expat buyers are in a powerful negotiating position this summer holiday season given the decline in the Australian dollar," estate agent Vicki Laing at Laing Real Estate says.
"They are cashed-up, ready to buy," she said.
“They have the preparedness to offer local vendors either short or long-term settlements which suits both parties," she adds explaining that often the expats actually don’t need the house immediately and are keen to rent it back to the vendor.
Expatriates in senior positions overseas are looking for properties typically costing upwards of $3 million, with younger expats seeking properties selling for $1 million plus.
She said for many they want close proximity to the CBD with easy access to beaches, restaurants and cafes.
“These professionals work long hours when they return so want to be in and out of the office in a reasonable time.”
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