<p>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.</p>

<p>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.</p>

<p>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.</p>

<p>[smartcode_project:default project_id=7395 project_image_fid=278194]</p>

<p><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.</p>

<p>"<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.</p>

<p>"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."</p>

<p>[smartcode_project:default project_id=7395 project_image_fid=278196]</p>

<p>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.</p>

<p>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.</p>

<p>"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;</p>

<p>"Every apartment was to feel considered, timeless, and highly functional."</p>

<p>[smartcode_project:default project_id=7395 project_image_fid=278195]</p>

<p>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.</p>

<p>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.</p>

<p>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.</p>

<p>"Buyers are looking for spacious, house-like apartments that allow them to downsize without feeling like they are sacrificing comfort or functionality," Hyecorp noted.</p>

<p>"They value large kitchens, generous living areas, ample storage, quality finishes, secure parking, lift access, and low-maintenance living."</p>

<p>[smartcode_project:default project_id=7395 project_image_fid=278204]</p>

<p>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.</p>

<p>Juliet is currently more than 75 per cent sold ahead of its anticipated completion in late 2026.</p>

<p>[smartcode_project_cta:default project_id=7395]</p>


Joel Robinson

Juliet to sit quietly amid Roseville apartment boom

<p>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.</p>

<p><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.</p>

<p>The project will introduce a new retail and dining precinct at ground level, beneath 286 apartments.</p>

<p>[smartcode_project:default project_id=150017 project_image_fid=370959]</p>

<p>“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.</p>

<p>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.</p>

<p>[smartcode_project:default project_id=150017 project_image_fid=370964]</p>

<p>“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.</p>

<p>“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.”</p>

<p>[smartcode_project:default project_id=150017 project_image_fid=371430]</p>

<p>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.</p>

<p>Flourish Soleira will also feature the most extensive rooftop amenity offering ever delivered in Palm Beach.</p>

<p>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.</p>

<p>LPS Group is expected to start construction later this year.</p>

<p>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.</p>

<p>[smartcode_project_cta:default project_id=150017]</p>


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

<p>Are mortgage holders set to get a reprieve from the RBA in 2026?</p>

<p>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.</p>

<p>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.</p>

<p>“The next move in the cash rate is likely to be down, but the timing is uncertain," Dr Auld said.</p>

<p>"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.</p>

<p>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.</p>

<p>“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.”</p>

<p>Dr Auld said inflation risks and labour market outcomes would be important to watch.</p>

<p>“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.”</p>

<p>She said tighter financial conditions are expected to weigh on housing and activity.</p>

<p>“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.”</p>


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

<p>A local downsizer has splashed $6.5 million on a penthouse in Perifa's Alex &amp; Willow development in Crows Nest.<br />
&nbsp;<br />
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>.<br />
&nbsp;<br />
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.<br />
&nbsp;<br />
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.</p>

<p>[smartcode_project:default project_id=6680 project_image_fid=371325]<br />
&nbsp;<br />
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.<br />
&nbsp;<br />
“This is an exceptional outcome and a clear reflection of sustained buyer demand for premium, well-located downsizer product,” Mansour said.</p>

<p>“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.”<br />
&nbsp;<br />
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.<br />
&nbsp;&nbsp;<br />
Fabrizio Perilli, Managing Director of Perifa and Versatile Group, said the sale marks a defining moment for the project.<br />
&nbsp;<br />
“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;<br />
&nbsp;<br />
“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;</p>

<p>[smartcode_project:default project_id=6680 project_image_fid=338516]<br />
&nbsp;<br />
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;</p>

<p>Completion is slated for early 2027.</p>

<p>[smartcode_project_cta:default project_id=6680]</p>


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

<p>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.</p>

<p>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.</p>

<p>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.</p>

<p>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.</p>

<p><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" /></p>

<p>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.</p>

<p>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.</p>

<p>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."</p>

<p>"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.</p>

<p>"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.</p>

<p>"The design proposal responds to its specific site conditions, acknowledging the vegetation, climate, wind conditions and solar access of the site."</p>

<p>The architecture responds directly to the site's position between Wollongong's urban core and its natural landscape setting.</p>

<p>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.</p>

<p>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.</p>

<p><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" /></p>

<p>Urban Property Group secured the 11,000 sqm Smith Street site in 2022 and has since progressed plans for the broader Keira Place precinct.</p>

<p>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.</p>

<p>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.</p>

<p>"Today's groundbreaking is about turning approvals into homes and moving quickly to deliver much-needed housing in Wollongong's city centre," Elias said.</p>

<p>"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."</p>

<p><em>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></em></p>

<p>&nbsp;</p>

<p>&nbsp;</p>

<p>&nbsp;</p>


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

Property market

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<p>Highfield House, a Kempton, Tasmania home built in 1840 by a pardoned convict and ex-bricklayer from Shropshire, England, has been listed for sale.</p>
<p>The property, located at <a href="https://www.realestateview.com.au/Real-Estate/86-main-street-kempton/Property-Details-buy-residential-8454878" target="_blank">86 Main Street</a>, has been listed with $550,000 plus hopes through Kerry Shepperd and George Self at Charlotte Peterswald for Property.</p>
<p>Period features include original internal doors made of solid cedar. It is located 45km from Hobart.</p>
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jchancellor-FAypfDUnLy

Tasmania's Highfield House listed

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<p><span>Developers have been competing for development sites to build apartments across Toowoomba for the last twelve months with construction activity now continuing at a rapid pace, according to Herron Todd White.</span></p>
<p><span>Herron Todd White's September Month in Review said in the western suburbs a primary concern is for the looming oversupply as vacancy rates for new units in the western suburbs are increasing.</span></p>
<p><span>"While at present new units are achieving a premium on sale, second hand stock has seen a reduction in both sale price and volume of transactions," the report noted.</span></p>
<p><span>"Asking prices for newly constructed units appear to be in the early stages of decline with some sales and rentals being incentivised. Despite this, across all property types the vacancy rate for Toowoomba has stabilised at 3%. </span></p>
<p><span>"The market for new units located in established, in-fill areas across the eastern and southern areas of Toowoomba are more sought after as this product is also appealing to owner occupiers, which broadens the buyer profile."</span></p>
<p><span>According to Herron Todd White the median unit price as at June 2015 for units in the 4350 postcode was $300,000 - a decrease of approximately 1.5% since the previous quarter.</span></p>
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mick.cee-iDmgDDAmu8

Toowoomba unit construction at rapid pace: Herron Todd White

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<p>GUEST OBSERVER</p>
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<div class="column"><span style="line-height: 1.3em;">Aussie consumers seem to see the appointment of a new Prime Minister and cabinet as signalling a “fresh” start. Whether the initial positivity is sustained will depend on the future performance and direction of the new administration. But increased confidence is certainly a positive for the Australian economy – hopefully translating into increased spending, investment and employment.</span></div>
<div class="column">
<br><span style="line-height: 1.3em;">The Government leadership change would have been the main factor influencing consumer confidence last week. Other factors include a 2% lift in the sharemarket; stabilisation of the Aussie dollar near US71-72 cents; positive testimony on the economy by the Reserve Bank Governor; and the decision of the US Federal Reserve to leave rate settings unchanged. All these factors would have played a role in the rebound of consumer confidence.</span>
</div>
<div class="column">
<br><span style="line-height: 1.3em;">More confident consumers are more likely to spend, but there are no guarantees. But as the Reserve Bank Governor observed, the most important of the five questions posed to consumers each week are those relating to household finances. And even before the latest survey, consumers had an above-average assessment of the state of their household finances compared with a year earlier.</span>
</div>
<div class="column">
<br><span style="line-height: 1.3em;">The Bureau of Statistics confirms that Sydney’s property market is the exception, not the rule. While Sydney’s average home price was up 18.9% over the year – the fastest rate in the 12-year history of the series – Melbourne prices were up 7.8%and the average gain of other capital cities was just 1.2%. Sydney is witnessing a building boom and home prices will be more settled in 12-18 months. </span>
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<div class="column"><a href="/images/2015/09/22/Screen%20Shot%202015-09-22%20at%201.46.20%20PM.png" target="_blank"><span style="line-height: 1.3em;">Click to enlarge</span></a></div>
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<div class="column"><span style="line-height: 1.3em;"><img src="/images/2015/09/22/Screen%20Shot%202015-09-22%20at%201.46.20%20PM.png" alt=""></span></div>
<div class="column"><span style="line-height: 1.3em;">The ABS has quietly revised the employment by industry data released last Thursday. Overall job gains in the quarter weren’t revised (still up 78,000) rather the changes occurred in terms of industry gains and losses. Previously Mining was reported to have led the gains in jobs but the 19,300 increase is now revised to show a 3,500 gain. Professional, Scientific and Technical Services is now shown to have led job gains in the quarter (up 18,100).</span></div>
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<p><strong>What do the figures show?</strong></p>
<p><strong>Consumer sentiment</strong></p>
<p><span>The weekly ANZ/Roy Morgan consumer confidence rating rose by 8.7% 114.5 in the week to September 20. Confidence is up 1.4% over the year and 2.7% above the average level of 111.5 recorded since 2014.</span></p>
<p><span>All of the five components of the index rose in the latest week:</span></p>
<ul>
<li><span style="line-height: 1.3em;">The estimate of family finances compared with a year ago was up from +7 to +10;</span></li>
<li><span style="line-height: 1.3em;">The estimate of family finances over the next year was up from +21 to +27;</span></li>
<li><span style="line-height: 1.3em;">Economic conditions over the next 12 months was up from -18 to +3;</span></li>
<li><span style="line-height: 1.3em;">Economic conditions over the next 5 years was up from -3 to +10;</span></li>
<li><span style="line-height: 1.3em;">The measure of whether it was a good time to buy a major household item was up from +20 to +23 points.</span></li>
</ul>
<p><strong>Residential property prices</strong></p>
<p><span>The Bureau of Statistics (ABS) has released its Residential Property Price indexes.</span></p>
<p><span>"The price index for residential properties for the weighted average of the eight capital cities rose 4.7% in the June quarter 2015. The index rose 9.8% through the year to the June quarter 2015.</span></p>
<p><span>The capital city residential property price indexes rose in Sydney (+8.9%), Melbourne (+4.2%), Brisbane (+0.9%), Adelaide (+0.5%) and Canberra (+0.8%), was flat in Hobart (0.0%) and fell in Perth (-0.9%) and Darwin (-0.8%).</span></p>
<p><span>Annually, residential property prices rose in Sydney (+18.9%), Melbourne (+7.8%), Brisbane (+2.9%), Canberra (+2.8%), Adelaide (+2.7%) and Hobart (+1.5%) and fell in Darwin (-1.8%) and Perth (-1.2%).”</span></p>
<p><span>The ABS notes that as at June 2015 there were 9.53 million homes in Australia and the average price was $604,700. The number of homes has risen by 1.72% over the past year, ahead of the 1.42% growth of the population. But the number of homes in Sydney is up 1.3% whereas as homes in Victoria is up by 1.9%.</span></p>
<p><span>CommSec estimates that the increase in the value of homes has boosted per capita wealth by just over $26,000 over the past year. Also we estimate that the number of people per home fell from 2.501 to a 3-year low of 2.498 </span><span style="line-height: 1.3em;">people per home in the June quarter.</span></p>
<p><a href="/images/2015/09/22/Screen%20Shot%202015-09-22%20at%201.52.22%20PM.png" target="_blank"><span style="line-height: 1.3em;">Click to enlarge</span></a></p>
<p><span style="line-height: 1.3em;"><img src="/images/2015/09/22/Screen%20Shot%202015-09-22%20at%201.52.22%20PM.png" alt=""></span></p>
<p><span style="line-height: 1.3em;"> </span></p>
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<p><strong>What is the importance of the economic data? </strong></p>
<span style="line-height: 1.3em;">The </span><span style="line-height: 1.3em;">ANZ/Roy Morgan weekly survey of consumer confidence </span><span style="line-height: 1.3em;">closely tracks the monthly Westpac/Melbourne Institute consumer sentiment index but the former measure is a timelier assessment of consumer attitudes and is now closely tracked by the Reserve Bank.</span><br><p style="line-height: 1.3em;">The Australian Bureau of Statistics (ABS) provides quarterly data on residential prices. The figures provide further perspectives on the state of the housing purchase sector. </p>
<p style="line-height: 1.3em;"><strong><span style="line-height: 1.3em;">What are the implications for interest rates and investors?</span></strong></p>
<span style="line-height: 1.3em;">The latest consumer confidence data just reinforces the Reserve Bank view. Even before the latest survey, the RBA noted that views on family finances were above average and supporting consumer spending. The lift in the value of Australian homes has further boosted wealth levels in Australia, and may underpin future spending.</span>
</div>
<div class="column">
<br><span style="line-height: 1.3em;">Are more Gen Y children moving out of home into their own places? Perhaps. The latest data indicates that the number of people per home fell to a 3-year low in the latest quarter. Low interest rates and low rent levels have encouraged more young people to get their own homes, either singularly or sharing accommodation with others. </span>
</div>
<div class="column"><span style="line-height: 1.3em;"> </span></div>
<div class="column"><span style="line-height: 1.3em;">More home creations add to demand for household appliances, furniture and floor coverings.</span></div>
<div class="column"><span style="line-height: 1.3em;"> </span></div>
<div class="column"><span style="line-height: 1.3em;">CommSec expects no change to interest rates over the coming year. </span></div>
<div class="column"><span style="line-height: 1.3em;"> </span></div>
<div class="column"><a href="/images/2015/09/22/Screen%20Shot%202015-09-22%20at%201.56.08%20PM.png" target="_blank"><span style="line-height: 1.3em;">Click to enlarge</span></a></div>
<div class="column"><span style="line-height: 1.3em;"><img src="/images/2015/09/22/Screen%20Shot%202015-09-22%20at%201.56.08%20PM.png" alt="" width="1594" height="542"></span></div>
</div>
</div>
<p><span style="line-height: 1.3em;"><em>Craig James is the chief economist at <a href="https://www.comsec.com.au/default.aspx" target="_blank">CommSec</a>.</em></span></p>
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cjames-5S2v74qSNK

Biggest weekly lift in consumer confidence: CommSec's Craig James

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<p>The hardest sell in Australian real estate is convincing anyone they should invest in Tasmania.</p>
<p>It’s been many years since I wanted to try. But the time has arrived to put Tasmania back on the investor radar screen.</p>
<p>For years Tasmania has ranked last or second last among the states and territories on most economic and property indicators. It has a reputation, justified in many cases, as a place that lacks growth of any sort that matters, whether it be population, economic or housing prices.</p>
<p>It’s a cruel reality that it’s easy to get a bad reputation and very hard to lose it. Tasmania is emerging from the deep doldrums that had it ranked last on the list of investment possibilities for most Australians – but it will take time to convince anyone.</p>
<p>But, for the first time in many years, Tasmania’s main cities have been included in the Hotspotting reports that forecast of the growth markets of the future.</p>
<p>Slowly, but steadily the news is getting better. Economic indicators have improved and market dynamics are more positive.</p>
<p><span>A recent NAB report gave a generally optimistic outlook for the Tasmanian economy. It </span>found that the state’s economic outlook had improved over the past year, thanks in part to increased business investment and a domestic tourism renaissance.</p>
<p>“This trend is set to continue as the Australian dollar falls, making domestic holidays more attractive for Australians,” it said. “Meanwhile, a falling unemployment rate alongside a rising participation rate suggest that the fundamentals in the Tasmanian labour market are improving.<span style="line-height: 1.3em;"> </span></p>
<p>“This is further supported by a slowing rate of interstate migration, which points to a stabilising labour force.</p>
<p>“Stronger activity in dwelling construction is also expected to contribute positively to growth.”</p>
<p>The report forecast economic growth of 2.25% in 2015-16 and 2.0% in 2016-17. </p>
<p>The tourism revival is a big part of the brighter picture. A record 988,000 interstate travellers crossed Bass Strait in 2014-15, a 13% increase. With international visitors up 22%, overall visitors totaled 1.15 million.</p>
<p>With Qantaslink adding 11 return flights to Hobart per week, meaning an estimated 60,000 additional visitors per year, that record may be surpassed.</p>
<p>Visitor spending rose 9% (or $150 million) to $1.89 billion last financial year, so the industry packs some punch for the state’s economy.</p>
<p>Against that background, property markets have been slowly improving over the past 12-18 months. Sales volumes have grown in both Hobart and Launceston – in baby steps, but heading in the right direction.</p>
<p>Affordability is a big factor in favour of the Tasmanian market. Hobart’s median dwelling price of $320,000 looks attractive to mainland investors when placed alongside Melbourne’s $560,000 and Sydney’s $770,000.  </p>
<p>Hobart also looks good from the viewpoint of rental returns, particularly units which have a median rental yield around 5.5%, the best among the capital cities. The median house yield, 5.2%, is second only to Darwin.</p>
<p>It brings to mind the last time Tasmania had a genuine property boom, back in 2003/2004, when it caught the property invesetment wave from the mainland. With Melbourne prices now high after a couple of years of solid growth, we may see a similar pattern of behaviour this time around.</p>
<p><em>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></em><span style="line-height: 1.3em;"> </span></p>
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Tasmania the hardest sell in Australian real estate: Terry Ryder

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<p><span>South Perth's Civic Heart development has sold $61 million worth of property since the recent launch, with the 38-storey tower attracting interest from locals as well as the Singaporean market. </span></p>
<p><span>Sales for Civic Heart were simultaneously launched in Perth, Singapore and Jakarta. Malaysian sales will be launched in October.</span></p>
<p><span>A number of apartments sold in both Singapore and Jakarta, including one unit selling to a Singaporean buyer above $1.3 million. </span></p>
<p><span>Colliers International Asia desk director Ian Tan-Kang said the incorporation of a shopping mall and resort-like facilities into the 38-storey tower, which will be the tallest tower outside Perth CBD, had been particularly appealing to the Singaporean market. </span></p>
<p><span>"The tower will sit above a shopping centre, major supermarket, medical centre, child care centre, fitness centre, yoga room, cafes and restaurants, and incorporate a higher than normal level of resident amenity," he said. </span></p>
<p><span>“There are two theatrettes, two executive dining rooms, a library and a residents’ lounge.</span></p>
<p><span>“Then you have the games room with pool table and table tennis, the sauna and steam room – the kind of amenities that you might find in Singaporean condominiums and the level of luxury offshore buyers are looking for.”</span></p>
<p><span>For more information, <a href="https://www.finbar.com.au/developments/civic-heart/?region=perth-development&amp;start=300000&amp;end=10000000" target="_blank"><span>click here</span></a>.</span></p>
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Resort-style facilities drive offshore interest in South Perth Civic Heart 

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<div>A stunning research note from Cameron Kusher of <em>CoreLogic-RP Data</em> which revealed that while median vacant land prices continued to rise very strongly in Australian capital cities over the past year, regional land prices fell by -3.4% to $156,500.</div>
<div> </div>
<div>In particular land values in Sydney (+16.6%) and Melbourne (+14.5%) have exploded over the past year.<br><br>
</div>
<div>And while demand for housing is presently low in Western Australia, median land prices in Perth continued to escalate very significantly (+10.3%), which in turn will force up the cost of new housing. Today, Sydney and Perth have the most expensive land prices in Australia. </div>
<div> </div>
<div>Unlike in the capital cities regional lot sizes have actually expanded by +8.3% over the past year according to Kusher, making the decline in median land prices all the more notable.</div>
<div> </div>
<div>Driven by rapid expansion in household debt regional property prices had a relatively strong run in the lead up to the financial crisis, but this trend has evidently now slowed.<br><br>While a 750sqm lot in a capital city 25 years ago would have cost you $50,000 according to Kusher, today it would set you back $417,800...and rising.</div>
<div>
<br>Regional land values are therefore reportedly some 39% cheaper than in the capital cities, the largest such differential in since 1990.</div>
<div> </div>
<div>Interestingly over the long haul land prices have appreciated at a very similar percentage annual rate between capital cities and the regions.</div>
<div> </div>
<div>This implies in turn that the best performing property types have been those with a high percentage land value.</div>
<div> </div>
<div>More remote properties - where the land component comprises only a small part of the asset value - remain cheap precisely because the value is all in the <em>building, </em>and not the land.</div>
<div> </div>
<div>"Location, location, location" as the old mantra goes.</div>
<div> </div>
<div><strong><span style="text-decoration: underline;">Why is this happening?</span></strong></div>
<div> </div>
<div>Why are regional prices not keeping pace? And particularly why has this become the case now?</div>
<div> </div>
<div>This is a complex question, but a major reason for the strength in capital city land values is likely to be the restricted supply of new land made available for development in the congested capital cities where population growth and therefore underlying demand is strong.</div>
<div> </div>
<div>Regional population growth has been considerably weaker ex-Queensland, and there is generally speaking more land available for development.</div>
<div> </div>
<div>Since the financial crisis there has been another key driver for the larger capitals: jobs growth. </div>
<div> </div>
<div>The ABS released its Detailed Labour Force figures for August 2015 today which underscored some important trends.</div>
<div> </div>
<div><strong><span style="text-decoration: underline;">Cities creating jobs</span></strong></div>
<div> </div>
<div>While regional employment in the two most populous states was growing reasonably robustly until the financial crisis, regional employment growth has now slowed, with the mining capex cliff now adding to the drag in some regions.</div>
<div> </div>
<div><a href="/images/2015/09/18/LF3.jpg" target="_blank">Click to enlarge</a></div>
<div> </div>
<div><img src="/images/2015/09/18/LF3.jpg" alt=""></div>
<div> </div>
<div>
<div>Looking below at cumulative employment growth since Febuary 2007, we can see why both Sydney and Melbourne have been labelled by the Reserve Bank as "self-sustaining job magnets", creating +350,000 new jobs apiece.</div>
<div> </div>
<div>The combined cities and towns of regional New South Wales has created a fair level of new employment (+100,000), particularly in the Hunter, Newcastle and the Illawarra. </div>
<div> </div>
<div>However, over the same time period regional Victoria has by comparison created almost no additional employment (+10,000) on a net basis.</div>
<div> </div>
<div><a href="/images/2015/09/18/LF2.jpg" target="_blank">Click to enlarge</a></div>
<div> </div>
<div><img src="/images/2015/09/18/LF2.jpg" alt=""></div>
<div> </div>
<div>
<div class="separator">An unfortunate corrollary of this is while there was always a level of frictional unemployment in the lead up to 2007, there had at times been a job for almost everyone who wanted one.</div>
<div class="separator"> </div>
<div class="separator">Sadly this is no longer the case, and regional unemployment in particular has been pulsing higher. </div>
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<div class="separator"><strong><span style="text-decoration: underline;">Employment growth</span></strong></div>
<div class="separator"> </div>
<div class="separator">Not dissimilarly while Greater Brisbane has now added +23,000 jobs over the year to August 2015, regional Queensland employment has declined by -27,000, though there may be some debate over the "quality" of new jobs created. </div>
<div class="separator"> </div>
<div class="separator">While some revisions have been made to population assumptions relating to Western Australia, total employment in Perth has continued to rise modestly.</div>
<div class="separator"> </div>
<div class="separator">Unfortunately total employment in Adelaide has declined over the past <strong><span style="text-decoration: underline;">five</span></strong> years (-2,700), with more challenges in the pipeline in the manufacturing space and rising unemployment.</div>
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<div class="separator"><img src="/images/2015/09/18/LF4.jpg" alt=""></div>
<div class="separator"> </div>
<div class="separator">
<strong><span style="text-decoration: underline;">Unemployment rates</span></strong><br><br><div>Smoothing the volatile monthly unemployment readings below on a rolling annual basis we can see that Greater Sydney remains the best placed economy, the unusual labour market of Darwin aside.</div>
<div> </div>
<div>New South Wales also has the lowest level of mortgage delinquency rates according the latest figures from Moody's.</div>
<div> </div>
<div>Furthermore, unemployment rates are now trending down in Greater Brisbane, Melbourne and Hobart.</div>
<br><span>On the other hand, unemployment is clearly rising in Perth and Adelaide.</span>
</div>
<div class="separator"><span> </span></div>
<div class="separator"><a href="/images/2015/09/18/LF5.jpg" target="_blank"><span>Click to enlarge</span></a></div>
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<div class="separator"><span><img src="/images/2015/09/18/LF5.jpg" alt=""></span></div>
<div class="separator"> </div>
<div class="separator"> </div>
<div class="separator"><span>Adelaide is now recording an unemployment rate reading of 7.9 per cent which is dragging up the 12 month moving average.</span></div>
<div class="separator"><span> </span></div>
<div class="separator"><a href="/images/2015/09/18/LF7.jpg" target="_blank"><span>Click to enlarge</span></a></div>
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<div class="separator"><span><img src="/images/2015/09/18/LF7.jpg" alt=""></span></div>
<div class="separator"> </div>
<div class="separator"> </div>
<div class="separator">
<div>On the other hand Greater Brisbane has now recorded two surprisingly low readings of just 5.2 per cent over the last three months.</div>
<div> </div>
<div>Realistically the true unemployment rate in Greater Brisbane is higher than that, but nevertheless this is heartening to see for the Queensland capital. </div>
<div> </div>
<div><a href="/images/2015/09/18/LF6.jpg" target="_blank">Click to enlarge</a></div>
<div> </div>
<div><img src="/images/2015/09/18/LF6.jpg" alt=""></div>
<div> </div>
<div>
<p><span><em>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>.</em><br></span></p>
<p><em>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>.</em></p>
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Regional land prices are falling: Pete Wargent

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<div class="column">Housing market confidence fell in September nationally with New South Wales being the region to fall hardest where price expectations were previously strong, according to the Westpac Melbourne Institute House Price Expectations Index for September.</div>
<div class="column"> </div>
<div class="column">The Westpac Melbourne Institute House Price Expectations Index fell 6.1% to 127.3 in September – down 17% year on year. </div>
<div class="column"> </div>
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<span>Housing market confidence time to buy category fell</span><span> 0.9% - down 8.6% year on year and 30% below the Sep 2013 peak.</span>
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<span>The report said b</span><span style="line-height: 1.3em;">uyer sentiment fell hard in NSW, with the state index down 14% in Sep, 34% on a year ago and 55% over the last 2yrs.</span>
</div>
<div class="column"><span style="line-height: 1.3em;"> </span></div>
<div class="column"><span style="line-height: 1.3em;">"The NSW index is at its lowest level since Jun 1989 and the more specific Sydney index is at an all time low going back to 1975. This veritable collapse in buyer sentiment is a clear warning that owner occupier demand is set to fall. Disaffected buyers may also be starting to consider inter-state migration as an option," the report noted.</span></div>
<div class="column"> </div>
<div class="column">"The mood is very different across other markets. Readings have shown a less pronounced fall in Vic and remain relatively positive in Qld and WA. The latter is a little surprising given the stress the WA economy is currently coming under and price declines in Perth’s housing market. That said, the index tends to reflect buyers’ affordability assessments rather than expectations for price growth."</div>
<div class="column"><span style="line-height: 1.3em;"> </span></div>
<div class="column">
<span style="line-height: 1.3em;">"The age-group breakdown shows much weaker ‘time to buy’ reads for consumers in key first home buyer (FHB) age groups, and notably firmer readings for those that own their home without a mortgage."</span><span style="line-height: 1.3em;"> </span><span style="line-height: 1.3em;"> </span>
</div>
</div>
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<p><a href="/images/2015/09/18/Screen%20Shot%202015-09-18%20at%209.10.04%20AM.png" target="_blank"><span>Click to enlarge</span></a></p>
<p><strong>‘Time to buy a dwelling ’ by state, buyer group</strong></p>
<p><span> </span></p>
<p><span><img src="/images/2015/09/18/Screen%20Shot%202015-09-18%20at%209.10.04%20AM.png" alt=""></span></p>
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Housing market confidence fell in September: Westpac's Red Book

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<p><span>GUEST OBSERVER</span></p>
<p><span>The economy seems to be losing momentum as we move through 2015. In the first four months of 2015 the average growth rate of the Leading Index was 0.16% above trend.</span></p>
<p><span>That seemed to be a welcome lift in momentum from the second half of 2014 when the average growth rate was 0.67% below trend. However in the last four months the growth rate has slowed from 0.03% below trend to 1.14% below trend.</span></p>
<p><span>This emerging below trend growth profile for the economy is certainly in line with our own views. Note that the June quarter national accounts confirmed that Australia’s six month annualised growth slowed to a 2.1% pace in the first half of 2015 with our forecast for the second half of a still below trend 2.5%. Looking further out we expect growth in 2016 of 2.7% (recently revised down from 3.0%).</span></p>
<p><span>With trend growth in the economy now likely to be nearer 2.75% than 3% our forecast for GDP growth in 2016 of around trend growth looks a little vulnerable based on this recent print from the Leading Index. The Leading Index gives us a guide into the likely momentum in the economy through the second half of 2015 and into 2016. Today’s print points to a likely ‘below trend’ start to next year.</span></p>
<p><span>Key factors behind our current expectation of a modest lift in the growth pace in 2016 are: a lift in consumer spending growth from 2.5% in 2015 to 2.9% in 2016; a modest improvement in non-mining investment spend largely offsetting a sharper slowdown in mining investment and an increased contribution from net exports (adding 1.3ppts to GDP growth, up from 0.8ppts in 2015). These positive factors will be partly offset by a much smaller contribution to GDP growth from dwelling investment as the residential building boom reaches its peak.</span></p>
<p><span>Over the last six months the six month annualised growth rate has slowed from being 0.06% below trend to 1.14% below trend. Key drivers of this slowdown have been: S&amp;P/ASX 200 (–0.74ppts); dwelling approvals (–0.20ppts); aggregate monthly hours worked (–0.20ppts); the Westpac-MI Consumer Expectations Index (–0.17ppts); commodity prices in AUD terms (–0.17ppts); US industrial production (–0.08ppts); and the Westpac-MI Unemployment Expectations Index (–0.07ppts).</span></p>
<p><span>Partly offsetting these factor has been the yield curve which has added 0.53ppts.This effect has come about despite some recent flattening of the yield curve as the short end of the curve begins to doubt the need for a near term rate cut.</span></p>
<p><span>The recent sell off in the sharemarket has been particularly important in explaining the sharp fall in the growth rate between July and August. Of the 0.74ppt fall in the growth rate between July and August, 0.46ppts came from the sharply lower S&amp;P/ASX 200.</span></p>
<p><span>The Reserve Bank Board next meets on October 6. There is little chance that the Board will decide to change policy settings. Policy will now be focussed on the growth outlook for 2016. This print of the Leading Index is casting some early doubt around the Bank’s forecast of 3% growth for 2016. However the Bank is still expecting that the unemployment rate has stabilised despite growth in 2015 likely to be in the 2-2.5% range.</span></p>
<p><span>A particularly important point here is that the make-up of growth seems to be more ‘jobs intensive’ than we may have expected, with the lift from dwelling construction, household expenditure and net services exports being particularly important. </span></p>
<p><span>The Board is very likely to await more evidence around the labour market and specifically the beneficial impact on the jobs market resulting from the sharp fall in the Australian dollar before it moves again.</span></p>
<p><span>At Westpac we do not expect any further rate movements before 2017.</span></p>
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<p><span><em>Bill Evans </em></span><em>is chief economist of <a href="https://www.westpac.com.au/" target="_blank">Westpac</a>.</em></p>
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Leading Index slows well below trend: Westpac's Bill Evans

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<p>The hottest market across Brisbane is the middle-ring precinct on the city’s southside.</p>
<p>There’s been quite a chorus of commentators suggesting that, with Sydney having almost exhausted its three-year ride at the top, that Brisbane and South East Queensland is the next market to demand the focus of buyers.</p>
<p>At Hotspotting we tend to agree with that, although Brisbane sales activity has been elevated for some time now. It just hasn’t shown up yet in the generalised figure that describes the price growth rate for the entire city, although individual precincts have had good growth.</p>
<p>Brisbane’s recovery, in terms or rising sales volumes, began in the middle-ring suburbs north of the CBD – the precinct I call Brisbane Northside – about 18 months ago. This has translated into double-digit growth in median prices in many of the Brisbane Northside suburbs.</p>
<p>More recently, the focus has switched to the south. A year or so ago, Logan City (the LGA which covers the urban landscape between Brisbane City and Gold Coast City) began to rise. The <em>Price Predictor Index</em> nominated Logan City as the No.1 municipality in Australia in terms of the number of suburbs with rising sales volumes, for both the December 2014 and March 2015 quarters.</p>
<p>Then in the June Quarter Brisbane Southside surged and is now level with Logan City in terms of growth suburbs.</p>
<p><span style="line-height: 1.3em;">In the past week the Hotspotting team has been researching properties on the market in the middle-ring suburbs in the Brisbane Southside precinct and has found properties listed online are going under contract with startling speed. Most of the homes we targeted a week ago have sold since.</span></p>
<p>Other sectors across the Brisbane metropolitan area also have elevated activity, but properties are not selling as quickly as they are in the Southside precinct.</p>
<p>This area includes a range of middle market suburbs and affordable suburbs south of the CBD.</p>
<p>Typical suburbs include Greenslopes (median house price $585,000), Holland Park ($630,000), Annerley ($640,000), Mount Gravatt ($555,000), Sunnybank ($660,000), Sunnybank Hills ($560,000), Robertson ($720,000), Eight Miles Plains ($625,000). </p>
<p>Cheaper locations include Algester ($460,000), Oxley ($490,000) and Coopers Plains ($490,000). The most affordable options include Inala ($310,000), Darra ($340,000) and Acacia Ridge ($350,000).</p>
<p>Some suburbs have unit/townhouse markets with affordable prices, including Greenslopes ($median $355,000), Holland Park ($290,000), Holland Park West ($380,000) and Annerley ($390,000). Many investors in this precinct are seeking opportunities to buy houses where there’s the ability to build duplexes or townhouses on the block.</p>
<p>These areas are generally well-serviced by major roads, including the Pacific Motorway, and some have commuter train stations linking north the Brisbane CBD and south to the Gold Coast.</p>
<p>One of the standout regions within this precinct is the one centred on Nathan, where there is Griffith University, Queen Elizabeth II Jubilee Hospital, Westfield Garden City shopping centre and quick access to the Pacific Motorway. </p>
<p>Macgregor (median house price $660,000) is well positioned to access those amenities.</p>
<p><em>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></em></p>
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Hottest Brisbane market is in the middle-ring: Terry Ryder

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<p><span>CoreLogic RP Data has reported a combined capital city preliminary auction clearance rate of 72.1% for the week ending 13 September from a total of 2,615 auctions.</span></p>
<p><span>The weekend market indicator summary from CoreLogic RP Data found </span><span style="line-height: 1.3em;">clearance rates are down from this time last year when a 72.3% clearance rate was recorded from 2,080 auctions.</span><span style="line-height: 1.3em;"> </span></p>
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