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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Sydney's greenest home - winning some 13 awards on its 2013 construction - has been snapped up before it's scheduled weekend auction.
Builder Chris Knierim's two storey eco-house in Forest Lodge came with $1.9 million plus price hopes.
Over 100 groups inspected the pricey bespoke offering, which sold at an undisclosed price, through Jennifer Aaron of Jennifer Aaron Real Estate.
The recent marketing campaign had triggered 11,000 plus visits on realestate.com.au.
Designed to minimise its carbon footprint, it was Knierim's $900,000 construction dream to build a sustainable three bedroom house for his family.
Another inner west project is also underway by architect and builder, Oliver Steele in Newtown with three garden-topped eco-terraces on Angel Street.  
Being green might prove costly in the inner suburbs, but the traditional alternate eco home can still come cheap for tree changers with a mud brick home in a 200 acre land sharing community in the Hunter Valley region currently listed at $180,000 plus.
After working on eco-friendly building projects in Europe, Chris Knierim knew to insulate the ground underneath the slab and have solar panels on its green garden rooftop.
There's eight metre tall vertical garden walls in between, which impressed the Sydney Lord Mayor Clover Moore when she opened the house.
It comes with a 3500 litre underground water tank and extensive use of recycled materials.
The sustainable Foss Street home - just 5 metres or so wide in a narrow gap in a row of heritage-listed terraces - featured on the Grand Designs Australia television series.
The awards included the 2014 HIA Green Smart Australian Home of the Year and the Australian Sustainable Project of the Year.
Chris and wife Belinda paid $519,000 in 2007 for the small car park block next door to their then house. 
"Crowned by a green roof, it presents streamlined minimalism with state-of-the-art finishes and a focus on optimal light and airflow," selling agent Jennifer Aaron said.
Chris was happy with the home and said it performed better than expected.
"“It just functions really well."
The founder of design firm Code Green admitted that despite the fact the eco lodge was a dream home for his wife and two sons, it was time to move on.
“I’ve just got a good business opportunity, so it’s time to let it go", he said.
"Being a builder and designer I’m always looking at doing other things,” he said.
They all celebrated the sale at the sustainable fish cafe, Annandale's Fish &amp; Co.
This article was first published in the Sydney Daily Telegraph.
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jchancellor-FAypfDUnLy

Sydney's greenest terrace house sold at $1.9 million plus

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Close to 5,800 homes will have been auctioned this month in Melbourne in just four Super Saturday weekends, making it the biggest auction month in Victoria’s history.
The previous record was set in November last year, when more than 5,300 homes went to auction.
Capping off the month will be this final weekend, when 1,810 homes will go under the hammer, including 1,735 on the Saturday, and 75 on Sunday. This would break the previous record of 1,740 weekend auctions for the week ending October 26, 2014.
In all, 1,850 homes will go to auction this week, capping off a strong spring selling season.
REIV CEO Enzo Raimondo said it has been a remarkable year for the state’s property sector, particularly in Melbourne, in a year in which:
More homes have gone to auction than ever before: 37,700 across the state in the year to 23 November, 5% above the same period last year;
Auctions in outer suburbs, previously the domain of private sales, continued to grow, following a trend that started in mid-­2014;
The 2015 auction capital was Reservoir for the third successive year with 624 auctions;
Of the top 10 auction suburbs this year, Glen Iris recorded the highest clearance rate at 85.5%;
Croydon South, with 29 auctions, had a 100% rate.
“Victoria’s buoyant property market has recorded solid price growth over the past year with buyer demand and record low interest rates encouraging more vendors to sell their homes at auction,” Raimondo said.
“High auction numbers are creating unparalleled opportunities for buyers, with multiple auctions held in more than 300 Melbourne suburbs in November.
“Melbourne property buyers are currently spoiled for choice with high auction numbers forecast until mid-­December.”
Auction preview for week ending November 29
<table border="0" cellspacing="1" cellpadding="1"><tbody>
<tr>
<td>Last weekend</td>
<td>1,350 auctions (exc. 31 postponed and 45 withdrawn)</td>
</tr>
<tr>
<td>This weekend</td>
<td>1,850 auctions</td>
</tr>
<tr>
<td>This weekend last year   </td>
<td>66% from 1,399 auctions</td>
</tr>
</tbody></table>
The REIV expects about 1,850 auctions in 367 suburbs this week. The top auction locations this weekend are Mount Waverley (30 auctions), St Kilda (28 auctions) and Reservoir (27 auctions).
The 1,850 auctions scheduled this week is expected to deliver a national record for auctions. 
CoreLogic RP Data have advised more than 1000 properties are scheduled to go under the hammer across Sydney this weekend.
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j.ballantyne1990-6AQqhLzZaK

Melbourne caps off big November 2015 auction month with record Super Saturday

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A new report by LF Economics compares Australia's housing market to a Ponzi scheme, building on the theme of unaffordability in its previous reports. 
Lindsay David's latest report talks about how many first home buyers (FHBs) depend on their parents for financial assistance for a deposit and then use their homes as collateral to secure mortgages. While this fast-tracks their home ownership, the difficult situation of paying off ever-increasing debt exposes many Baby Boomer parents to a potentially dangerous situation should their children default.
The report says "in reality, many parents (the Baby Boomer cohort) are asset-rich but income-poor". It claims few parents have enough savings and other liquid assets on hand to meet their legal obligations without selling their home if their children default.
It says this loan guarantee strategy in a rising housing market for securing ever-larger amounts of debt is essentially pyramid or Ponzi finance. 
Founded by David and Philip Soos, LF Economics had previously argued that Australia’s housing market was one of the most overleveraged and unaffordable in the Western world.
It says Australia’s long-term housing price index, adjusted for inflation and quality, demonstrates the phenomenal boom in prices beginning in 1996 (a turning point in residential dwelling markets globally).
What distinguishes this boom from all others is its relative size and length of time without incurring a substantial correction. Between 1996 and 2015, real housing prices have risen by 141%. This surge in prices is why the housing market is so unaffordable, it states.
The report is also critical of government and industry claims that declining nominal mortgage interest rates since the peak in 1990 to record lows today has increased affordability, hence assisting FHBs. But this does not account for the ever-rising deposit needed for entry into the housing market given record-high price to income ratios and the hefty cost of lenders mortgage insurance, it adds. The current low interest rate also makes it difficult to save for a deposit.
It says the data shows Australia is in the midst of the largest housing bubble on record, both in terms of prices to rents and household incomes but that government and regulators have been denying the existence of a bubble.
"The price to income ratio (P/I) is as an indicator of residential property valuation, also referred to as the median multiple," says the report.
"When real housing prices began to lift off in 1996, the P/I ratio was around 4 for both houses and units, indicating superior affordability.
"A new peak was established in 2004 and remained steady for the next decade, with a ratio of 7 for houses and 6 for units.
"As the latest booms in Sydney and Melbourne have caused nationwide prices to rise further, the P/I ratio for houses and units have reached a new peak of 8.3 and 6.4 respectively in 2015Q2.
"It is clear a significant increase occurred from 1996 onwards as household incomes have not kept pace with the growth in dwelling prices. The P/I ratio certainly suggests Australia’s residential housing market is unaffordable."
In conclusion, it says the financial services industry does not heed and has no incentive to consider the financial livelihoods of FHBs after purchase. Regulators have ignored the Ponzi lending practices by lenders, believing the RBA will have the adequate ability to bail them out at taxpayers’ expense the day this classic Ponzi lending scheme breaks down.
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Parental guidance, property and ponzi: LF Economics

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It never ceases to amaze me just how little some “property experts” actually know about real estate machinations to the point they constantly make fools of themselves with dumb commentaries.
For example, one commentator earlier this week declared on Twitter “Auction clearance rates crumbling Melbourne 66.3% 2yr low Sydney another crash just 57.5% 3yr low” – well, that may be true as west of Sydney is performing badly. I then reminded him that I thought he is the worst property commentator in Australia. Last week, Sydney’s lower north shore recorded a bullish 80.4 % clearance rate up from 76.6 % the previous week – of course this was not mentioned.
It is also worth mentioning just like clockwork as soon as we hit the Melbourne Cup each year the market starts easing off which is exactly what we are presently witnessing – buyers are tired. Having said that, we will see property sales recorded right up to Christmas and what we are presently witnessing is no different to last year, the year before that and so on.
The common denominator is that we are seeing fewer properties on the market. In 2013 Mosman had 100 or more houses on the market in a given week on 33 occasions, in 2014 Mosman could only break the 100 mark on just 11 occasions. In 2015 it never made it to 100 with the highest being on March 12 with 84 and the lowest on July 2 with 42.
There are points that we need to make about many Sydney markets. Firstly, with Chinese buyers we have only just seen the “tip of the iceberg” where we expect in 2016 and beyond that they will be the main driving force behind Sydney property prices. We can also expect that the Foreign Investment Review Board (FIRB) and Australian Taxation Office (ATO) will be pushed to the limit with overseas buying applications.
Six weeks ago I suggested that we were hearing that many investors both local and overseas were getting very nervous and now we hear that one in three off – the – plan buyers are in trouble. This is a major problem for Sydney’s newly created “investor market” as if these properties were to flood the markets prices would capitulate.
It will be most interesting going into 2016 to watch what strategy developers, and more particularly the banks funding these developments, decide to adopt. Will this see the Australian Prudential Regulation Authority (APRA) forced into relaxing the newly introduced LVR’s? The off – the – plan feeding frenzy saw entire developments sold in a minimum of hours. Well I predict it will take months and months to see these properties find new owners. Will the developers offload apartments to parties that are already owners at discounted prices? That would be a sensible option to avoiding adverse publicity.
How many properties will the ATO force back onto the market in the form of Divestment Orders for parties that acquired real estate illegally? If this is as big as some believe (myself included) the Sydney property markets could not sustain these two forces combined – Divestment Orders and Off – The – Plan purchases.
We do need to be clear here in that the newly created “investors’ market” should not be confused with the homeowner markets – although some areas that contain these newly created high density developments will naturally affect the homeowner markets.
The absolute no-brainer here is when the Rudd government moved the ratio for overseas buyers buying off – the – plan from 50 % to 100 % in December 2008. This needs to be reduced back to 50 % as a matter of urgency.
Strange isn’t it how some want to bellow about clearance rates and others want to look at our property market machinations in greater detail. I know what I find the more interesting to discuss.
Historically when property markets start correcting then fewer properties go to public auction. Makes one ponder what some commentators would then be left to bellow about?
<h5>MOSMAN – 2088</h5>
• Number of houses on the market this time last year – 114
• Number of houses on the market last week – 74
• Number of houses on the market this week – 65
• Number of apartments on the market this time last year – 76
• Number of apartments on the market last week – 71
• Number of apartments on the market this week – 60
<h5>CREMORNE – 2090</h5>
• Number of houses on the market this time last year – 14
• Number of houses on the market last week – 13
• Number of houses on the market this week – 15
• Number of apartments on the market this time last year – 31
• Number of apartments on the market last week – 16
• Number of apartments on the market this week – 18
<h5>NEUTRAL BAY – 2089</h5>
• Number of houses on the market this time last year – 10
• Number of houses on the market last week – 8
•Number of houses on the market this week – 8
• Number of apartments on the market this time last year– 42
• Number of apartments on the market last week – 36
*Number of apartments on the market this week – 33
 
 ROBERT SIMEON is a director of <a href="https://www.rwm.com.au/" target="_blank" title="RWM" rel="nofollow">Richardson Wrench Mosman and Neutral Bay</a> and has been selling residential real estate in Sydney since 1985.  He has also been writing real estate blog <a href="https://www.rwm.com.au/news/" target="_blank" title="Virtual Realty News" rel="nofollow">Virtual Realty News</a> since 2000. 
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robertsimeon-hRNTwJyXkQ

Why off the plan can be a deadly market: Robert Simeon

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 <img src="/images/2015/11/26/NEW_RAMS_LOGO.jpg" alt="">
The process of applying for a home loan will flow more smoothly if you have your paperwork in order from the start.
The lender will need proof of your identity such as a passport or driver’s licence and birth certificate or citizenship certificate. You may also have to supply documents such as a utility bill or recent notice issued by the Australian Tax Office.
You’ll be asked for details about your income and financial position as this will determine how much you can borrow. 
INCOME
If you’re paid a salary or wage, proof of income might include:
<ul>
<li>Recent pay slips</li>
<li>Your employment contract or a letter from your employerconfirming your salary and how long you’ve worked there</li>
<li>A bank statement or transaction history showing your salary going into a bank account</li>
<li>A tax return prepared by a tax agent</li>
<li>An ATO Notice of Assessment</li>
</ul>
If you’re self-employed, you may need:
<ul>
<li>Recent personal and business income tax returns and ATO assessment notices</li>
<li>About a year’s worth of Business Activity Statements </li>
<li>Financial statements prepared by an accountant</li>
</ul>
FINANCIAL POSITION
You may be asked to demonstrate proof of your savings by presenting bank account transaction summaries. 
If someone has given you money towards your purchase you may need them to supply a letter saying the funds are an unconditional gift or outlining the repayment terms and conditions if it’s a personal loan.
The lender may ask for details of any other savings or assets you have, such as term deposits, share investments, property or motor vehicles.
Also, be prepared to supply statements for credit or store cards and any other loans you may have.
INSURANCE
If you have home and/or contents insurance, or any life insurance policies you may need to supply these details as well. 
THE PROPERTY
It’s important to have finance pre-approved before the exchange of contracts. When it comes to completing the formal home loan application, you’ll need to supply the lender with the contract of sale.
If you’re building, you’ll need a fixed price building contract and council approved building plans or specifications, or a building permit.
Quick tip: It's important to be open and honest about your finances from the start as this will avoid disappointment down the track, so choose a broker or loan adviser who you feel comfortable forming a relationship with as you will be sharing personal information with them.
 
TO FIND OUT HOW RAMS CAN HELP EASE YOU THROUGH THE PROCESS, GET IN TOUCH WITH YOUR LOCAL RAMS HOME LOAN EXPERT OR DROP IN FOR YOUR <a href="https://ad.doubleclick.net/ddm/clk/297891154;125002177;g" target="_blank">FREE FIRST HOME BUYERS’ GUIDE</a>.
For more great property advice and tips on buying your first home from RAMS subscribe to <a href="https://ad.doubleclick.net/ddm/clk/297886984;125002178;w" target="_blank">The Great Australian Dream property series</a>.
For your free Property Observer eBook from RAMS, 12 tips for first-time buyers, covering everything you need to know when it comes to purchasing property, click here.
Disclaimer: Information in this material is general and does not take into account your objectives, financial situation or needs and you should consider whether it is appropriate for you. You should also obtain independent professional advice relevant to your financial circumstances.
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Organising loan paperwork 

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GUEST OBSERVER
Last week Victoria announced a new plan to manage bushfire risk by conducting prescribed burns.
Previously, Victoria had adopted a plan to burn 5% of the state’s area each year to manage bushfire risk. The 5% target has been criticised by scientists for damaging the environment without necessarily reducing risk. But, following a review, the state is shifting to a new “risk-based” strategy.
So, how does the new strategy work and what can we learn from it?
<h2>Targets: a blunt instrument</h2>
Immediately following the devastating Black Saturday bushfires there were many questions about whether the government could have done more to either prevent such an event or at least reduce the impact of the fires.
A Royal Commission considered a range of submissions from government, the public and scientific committees. Following careful consideration of the information, the commission handed down 67 recommendations. Recommendation 56 was to adopt a long-term program of prescribed burning with a rolling average of 5% per year on public land.
A range of research has since been conducted examining the role of prescribed burning in reducing the risk to people and property as well as the impact on biodiversity.
The key message is that a hectare target is not the most cost efficient way of reducing risk to people and property, and that such an approach can have negative impacts on biodiversity.
Therefore, an alternate approach is needed to achieve the two objectives in the Code of Practice for Bushfire on Public Land: To minimise the impact of major bushfires on human life, communities, essential and community infrastructure, industries, the economy and the environment. Human life will be afforded priority over all other considerations. To maintain or improve the resilience of natural ecosystems and their ability to deliver services such as biodiversity, water, carbon storage and forest products.
<h2>The risk of bushfires</h2>
The new risk-based approach means that the state government will be able to focus their efforts in strategic areas, such as places close to houses and infrastructure, or areas where due to landforms there is a high chance of fires starting or spreading quickly.
Reducing fuels in these areas can result in the greatest reduction in risk from wildfires to the assets, but have a much higher risk of damage if the prescribed burn escapes such as we have seen recently at Lancefield.
Risk to people and property will be measured through fire behaviour simulation using the PHOENIX RapidFire program. This allows the state to compare the risk of losing houses between maximum fuel load (and maximum risk) and fuel loads after burnoffs.
The difference between the two is known as “residual risk” and is expressed as a percentage of the maximum risk. Victoria has set a target of 70% residual risk which means that burnoffs will remove at least 30% of the maximum risk. While there may be debate about the actual value, adopting a risk-based metric represents a more outcome focused approach to developing fire management strategies.
Residual risk methods currently consider only the impacts on people and property, however equivalent methods are being developed for the environment.
As a researcher in the field, it would be remiss of me not to say that there is great scope for improving both the underlying fire behaviour model and the methods of calculating risk. There is a big difference between developing a model in the lab and applying it to public safety. In time, new methods will be developed and Victoria will need to consider whether these represent improvements over their current system before they are adopted.
<h2>Doesn’t remove risk</h2>
The new plan advocates a reduction in risk, but doesn’t entirely remove it. This is simply not possible.
Black Saturday fires could occur again in the future under either a hectares or a risk reduction approach to fuel treatment as these fires are driven primarily by catastrophic fire weather.
What is important to note is that a risk reduction approach aims to reduce the impact of such fires so that we hopefully do not see the same devastating loss of life and property.
Fire management on private land and the preparedness of communities for wildfire will remain vital. Communities in at-risk areas need to be actively involved in fire management decision making and preparedness. Some communities may elect to live with the risk while others may actively be involved in reducing risk. Regardless of the decision, it is important that all parties understand the risk they are exposed to and take actions accordingly.
Overall, Victoria’s new plan is a major step forward for fire management in the state and Australia. Explicitly adopting risk as a measure of success is a brave and positive step by the Victorian government. The success of the new policy will be assessed in time, but in my opinion, it will make fire management decisions more transparent.
Such transparency will allow for better community involvement in the planning and application of fire management. In time, the inclusion of other asset types in the estimation of risk will complicate the process, but also allow for better assessments of the extent to which both objectives for fire management can be met.
 
Trent Penman is lecturer, Bushfire Behaviour and Management, University of Melbourne and author for The Conversation. He can be contacted <a href="https://theconversation.com/profiles/trent-penman-197032" target="_blank">here</a>.
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Saving homes, saving wildlife: Victoria ditches burnoff targets

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<div>Total construction work done in Australia has declined by 3.7% over the past year in seasonally adjusted terms. Let's take a look in two short parts at what this actually means.</div>
<div> </div>
<div>
Part 1 - Total construction 
</div>
<div>Total construction work done in the third quarter of 2015 declined by 3.7% to $49 billion on a seasonally adjusted basis. </div>
<div> </div>
<div>Despite a lift in residential building work done (+2.0%), there was a decline in non-residential building (-1.9%), and as widely expected engineering construction fell sharply (-7.3%) to be -11.7% lower over the year. The green shaded area which records construction work done in chain volume measures terms shows that the unwinding of the resources construction boom has a way to run yet. </div>
<div> </div>
<div>Quarterly engineering construction work done has declined from a peak of $34 billion to around $25 billion, but given the weakness in commodity prices - and given that in the same quarter a decade ago activity was just $13 billion - the decline surely has a long way to go.</div>
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<div><a href="/images/2015/11/26/A1.jpg" target="_blank">Click to enlarge</a></div>
<div> </div>
<div><img src="/images/2015/11/26/A1.jpg" alt=""></div>
<div> </div>
<div>
<div>The decline in engineering construction this quarter was driven by an overdue reversal in Western Australia, and to a lesser extent a decline in Queensland, as mega-projects begin to wind down. </div>
<div> </div>
<div>Activity in the Northern Territory continues to track at a historically exceptionally high level of $2 billion, accounted for primarily by the massive Ichthys LNG project.</div>
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<div><a href="/images/2015/11/26/A2.jpg" target="_blank">Click to enlarge</a></div>
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<div><img src="/images/2015/11/26/A2.jpg" alt=""></div>
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<div> </div>
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<div>While non-residential building and major renovations have contributed little of significance to the rebalancing of the economy, new house building and "other residential" building (apartments, units, townhouses) have effectively done everything that could have been expected of them in response to low interest rates.</div>
<div> </div>
<div>Total building work done of $24 billion represents a solid 6.4 per cent increase over the year, with no thanks to the non-residential sector.</div>
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<div><a href="/images/2015/11/26/A3.jpg" target="_blank">Click to enlarge</a></div>
<div><img src="/images/2015/11/26/A3.jpg" alt=""></div>
<div> </div>
<div>
<div>These high level numbers should present an idea of some of the challenges facing the economy given that housing starts are projected to decline from pretty much now, while the decline in engineering construction may only be half way done. </div>
<div> </div>
<div>Even now I'm still not sure anyone really has a satisfactory answer for what is going to fill this gaping hole while commodity exports ramp up. Given the expansion of Australia's population the obvious answers should come under the heading of "infrastructure" but if there's a coherent plan for that being discussed anywhere I haven't heard of it.</div>
<div> </div>
<div>Part 2 - Building work by state</div>
<div> </div>
<div>Victoria has been the king of building work through this cycle, with New South Wales following in second place, these states being home to the two capital cities with the strongest dwelling price gains. Indeed, Melbourne is a fine illustration of why it is important for market analysts to pay close heed to both demand and supply factors when forming their views. The Victorian capital has been building both houses and units like billy-o since 2010 - the source of a thousand crash predictions - yet vacancies and stock on market are both falling, and the market seems to be gathering momentum again.</div>
<div> </div>
<div><a href="/images/2015/11/26/A4.jpg" target="_blank">Click to enlarge</a></div>
<div><img src="/images/2015/11/26/A4.jpg" alt=""></div>
<div> </div>
<div>While there has been a reasonable response from the house building sector since 2012, approvals data shows that this market is running out of puff for the cycle, and has probably all but peaked already.</div>
<div> </div>
<div><a href="/images/2015/11/26/A5.jpg" target="_blank">Click to enlarge</a></div>
<div><img src="/images/2015/11/26/A5.jpg" alt=""></div>
<div> </div>
<div> </div>
<div>
On the other hand the "other residential" sector continues to surge to record heights (this has been visible in the largest cities to anyone with a working pair of eyes...always knew those gauges were dodgy!), the new high rise building boom being the defining dynamic of this market cycle. Building work in this sector is at historical highs in Victoria, New South Wales, Queensland, and Western Australia, with over-building of high rise apartments evident in parts of Brisbane and Melbourne.
</div>
<div> </div>
<div><a href="/images/2015/11/26/A6.jpg" target="_blank">Click to enlarge</a></div>
<div><img src="/images/2015/11/26/A6.jpg" alt=""></div>
<div> </div>
<div> </div>
<div>
<div>If you've been following this blog for the last couple of years, you will appreciate that the systemic risks in the housing market are obviously apparent and buried within this final chart. Would-be market shorters should dig deeper here.</div>
<div> </div>
<div>There have long been indicators of overbuilding in the high rise markets of inner city Melbourne and Brisbane, with a high proportion of new build sales being made offshore, especially to China.</div>
<div> </div>
<div>The storm clouds were gathering for off-the-plan buyers well before APRA's intervention, but recent tightening measures to lending procedures could well be the factor which nails on the correction for this sector. </div>
<div> </div>
<div>How many buyers who put down trifling holding deposits will fail to settle if lenders demand a 20 per cent deposit prior to completion? Perhaps up to a third could be in trouble, and will be juggling personal finances as we speak. </div>
<div> </div>
<div>Could get messy. </div>
<div> </div>
<div>
PETE WARGENT is the co-founder of <a href="https://allenwargent.com/" target="_blank" rel="nofollow">AllenWargent</a> property buyers (London, Sydney) and a best-selling author and <a href="https://petewargent.blogspot.com/" target="_blank" rel="nofollow">blogger</a>. 
His latest book is <a href="https://www.bigskypublishing.com.au/Books/General-Interest/Four-Green-Houses--and-a-Red-Hotel/1015/productview.aspx" target="_blank" rel="nofollow">Four Green Houses and a Red Hotel</a>.
</div>
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</div>
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pwargent-M4siyDbqQY

Construction trends (off-the-plan mess) Pete Wargent

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An award winning architects Jackson Clements Burrows-designed home has sold in Richmond.
The early 2000s design maintained the traditional Victorian aesthetics and contrasted them with contemporary design.
The property sold for $4.32 million at auction after selling agents Andrew Macmillan and Jodie McCarthy of Jellis Craig Real Estate.
They had initial hopes of over $3 million. It last traded at $398,500 in 1998 when bought by the vendors whose son is the architect Jon Clements.
Four bidders took the weatherboard property onto the market at $3.5 million.
The modern four bedroom, three bathroom home at <a href="https://www.realestateview.com.au/Real-Estate/38-richmond-terrace-richmond/Property-Details-sold-residential-9705048" target="_blank">38 Richmond Terrace</a> includes a service lift, a library and a home office.
The living and dining areas are surrounded by landscaped outdoor gardens with ample dining areas on the 547 sqm block.
The property features a rooftop terrace with 360 degree views of the streetscape and the entire city skyline.
One of Richmond’s largest residential properties, Araluen, at 207 Lennox Street, hold the suburb record having recently sold for $5.13 million.
Araluen last sold in 1958 when bought by the Ballerini family. <a href="https://www.realestateview.com.au/Real-Estate/207-lennox-street-richmond/Property-Details-sold-residential-8634864" target="_blank">The five bedroom 1856 home</a> had been listed through Abercromby's agents Jock Langley and Hugh Hardy. 
It is one of Richmond’s earliest homes sitting on a substantial 1478 square metres on the corner of Goodwood Street, about a kilometre from the CBD.
Title Tattle gleans it has been bought by Scott and Julia McKay, descendants of the industrialist inventor of the Sunshine Harvester.
The comedic radio broadcaster Hamish Blake and wife Zoe Foster Blake, the author wife, had held the previous record $4.25 million in Richmond for a home (below) featured on <a href="https://www.propertyobserver.com.au/https://www.completehome.com.au/articles/grand-designs-australia-richmond-inner-city-house/36365" target="_blank">Grand Designs Australia in 2013</a>. 
The three-bedroom, four-bathroom Richmond house was designed by neilarchitecture for Darren and Ruth Rogers.
<img class="js-first-image" src="https://b.domainstatic.com.au/w800-h534-8733637_1_pi_150319_100547" alt="79a rowena parade richmond VIC 3121">
They built the home on a block bought in 2009 for $920,000 with the works cost estimated at $3.3 million.
 
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Richmond Jackson Clements Burrows-designed home $4.32 million sale

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Mount Druitt - and the 2770 postcode - was identified as one of the most affordable rental suburbs closest to the Sydney central business district, according to Australia's first rental affordability index.
The index is a joint project between peak housing advocate National Shelter, Community Sector Banking and SGS Economics &amp; Planning.
Property Observer went looking for select properties for rent in Sydney's Mount Druitt and came up with a range. Here's the highest, the lowest and a couple in-between:
1. A four-bedroom duplex at <a href="https://www.realestateview.com.au/rental-properties/20a-druitt-street-mount-druitt/Property-Details-rent-residential-9781276" target="_blank">20A Druitt Street, MOUNT DRUITT 2770</a> (above) available for $550 a week tops the rentals. The property last traded for $360,000 in 2012.
2. A three-bedroom house on <a href="https://www.realestateview.com.au/rental-properties/15-anderson-avenue-blackett/Property-Details-rent-residential-9780114" target="_blank">15 Anderson Avenue, BLACKETT 2770</a> (below) is available for $380 a week. The house sold in March for $440,000 at a gross rental yield of 4.49%.
<img src="/images/2015/11/25/15-Anderson-Avenue-Blackett-NSW-2770-Real-Estate-photo-1-large-9780114.jpg" alt="" width="569" height="427">
3. A three-bedroom unit at <a href="https://www.realestateview.com.au/rental-properties/2-11-13-durham-street-mount-druitt/Property-Details-rent-residential-9776667" target="_blank">2/11-13 Durham Street, MOUNT DRUITT 2770</a> (below) tops the rentals for apartments at $420 a week. The unit sold for $398,000 in 2014 at a gross rental yield of 5.49%.
<img src="/images/2015/11/25/2-11-13-Durham-Street-Mount-Druitt-NSW-2770-Real-Estate-photo-1-large-9776667.jpg" alt="" width="505" height="379">
4. The bottom one is a two-bedroom unit at <a href="https://www.realestateview.com.au/rental-properties/16-28-hythe-street-mount-druitt/Property-Details-rent-residential-9552616" target="_blank">16/28 Hythe Street, MOUNT DRUITT 2770</a>, (below) available for $280 a week. The property last traded in 2007 for $145,000.
<img src="/images/2015/11/25/16-28-Hythe-Street-Mount-Druitt-NSW-2770-Real-Estate-photo-1-large-9552616.jpg" alt="" width="416" height="312">
The median sale price of a house in Mount Druitt is $520,000 with a median gross yield of 3.9%, according to <a href="/news">www.propertyvalue.com.au</a>.
The median rental is $390 per week and it sits at 808 across NSW, according to the data.
For apartments, the median sale price is $331,000 with a median gross yield of 5.3 percent. 
The median rent is $340 per week, which is well below the national average of $390 per week.
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Mount Druitt rental affordability: What landlords are asking from tenants

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Australian companies could increase their workforce potential by utilising their real estate assets, says a JLL report.
The report, Australian CRE (Corporate Real Estate) Survey – Getting the Strategy Right, identifies opportunities for real estate teams working in corporate Australia to shift their focus from real estate metrics to business performance goals.
“It is being recognised that a big factor of business success is the workplace, which contributes to talent attraction and retention and productivity," said Tony Wyllie, JLL’s Australian head of corporate solutions integrated portfolio services.
“Our latest JLL survey has found that when it comes to the expectations that are placed on internal teams managing real estate in corporate companies, they continue to walk a tightrope between delivering cost savings for the business and creating value from real estate assets owned by the company.
“There’s a real opportunity for these real estate teams to shift the conversation from cost to business strategy, focusing on outcomes like productivity that will create real value for the organisation,” he said.
The survey found that 88% of respondents reported productivity gains are still behind achieved predominantly by cost savings, but workplace improvements also rated highly in the survey, with 72% of respondents saying productivity gains had been made this way.
JLL’s third report on Global Corporate Real Estate Trends tracks insights from 544 CRE executives in 36 countries. The report shares the views of real estate teams operating in corporate Australia.
The major shifts in CRE sentiment since the last JLL global survey in 2012 are:
<ul>
<li>The CRE mandate is stronger than 3 years ago – 26% rated it much stronger and 40% said it was stronger</li>
<li>
Over the past 2 years, the majority of CRE (56%) say that their strategy has been more cost driven compared with 42% who say it has been more value driven
</li>
<li>77% of respondents said that over the past 2 years, productivity had become a more important goal for the CRE team.</li>
</ul>
The last three biennial global surveys conducted since 2010 indicate a clear focus on cost for corporate real estate teams at the expense of allowing these teams to create value beyond just financial savings.
“Internal real estate teams need to move from being a technical specialist to being a trusted advisor," Wyllie said.
“For corporate real estate teams to elevate their role away from just a cost focus, they need to expose what they have traditionally held as their organisation’s ‘strategically sensitive’ functions around portfolio strategy to service providers and shift their own focus on the pinnacle levels of strategy such as stakeholder management and integration with the key supporting business functions of HR, IT and finance.
“The results from JLL’s latest survey show that the demands from the C-suite (CEO’s, COO’s, CFO’s) are growing, not slowing.
“Since the GFC, companies have been honing in on what is typically either their second or third largest cost base – their real estate or office footprint.
“Not only has the C-suite continued to demand cost savings from real estate but their expectation is for corporate real estate teams to deliver on both the value and cost side of the real estate equation.
“That’s why corporate real estate teams are still walking a tightrope,” said Wyllie.
The report identifies opportunities for corporate real estate teams to shift their focus and increase their visibility in managing a company’s real estate assets. The survey found the CRE mandate to do this was stronger than 3 years ago – 26% said it was ‘much stronger’ and 40% said it was ‘stronger’.
“While the survey showed that the majority of CRE executives believe they can elevate their function through delivering cost savings (35%) and have spent the past two years with a strategy focused on cost savings, this succeeds in garnering support from the business, but leaves a lot of value on the table that companies could be using to maximise the performance of the business,” said Wyllie.
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