<p data-end="587" data-start="368">Queensland builder-developer MAYD has revealed the first look at its major North Kirra beachfront development, lodging amended plans that reduce the number of apartments and increase the proportion of larger residences.</p>

<p data-end="778" data-start="589">The project is planned across a substantial 4,742 sqm amalgamated site spanning seven lots at <a href="https://www.apartments.com.au/new-apartments/2-6-pacific-parade-bilinga-qld-4225">2-6 Pacific Parade</a> and 27-33 Golden Four Drive in Bilin​ga, directly opposite Nor​th Kirra Beach.</p>

<p data-end="907" data-start="780"><a href="https://www.apartments.com.au/developers/mayd-group">MAYD</a> secured the site for $32.5 million in 2025, in what was one of the Gold Coast's largest property transactions of the year.</p>

<p data-end="1052" data-start="909">The development will be delivered across two stages, with the first stage carrying an estimated gross realisation value of around $360 million.</p>

<p data-end="1311" data-start="1054">The latest amendments seek to reduce the overall apartment count and shift the project further toward the owner-occupier market, with larger residences designed for buyers wanting considerably more space than traditionally offered in a beachfront apartment.</p>

<p data-end="1451" data-start="1313">The residential mix will include townhomes, oversized two-bedroom apartments, substantial three-bedroom residences and four-bedroom homes.</p>

<p data-end="1676" data-start="1453">MAYD has appointed Cera Stribley to lead the architecture and interiors, with the Melbourne-based design practice drawing on the beachfront setting through a series of ocean-facing terraces and heavily landscaped balconies.</p>

<p data-end="1908" data-start="1678">Strong horizontal forms and curved balconies will define the exterior, with subtropical landscaping integrated throughout the building to soften the built form and increase the connection between the residences and the beachfront.</p>

<p data-end="2142" data-start="1910">The project will also include an extensive collection of resident wellness and lifestyle facilities, continuing the broader shift across the Gold Coast's luxury apartment market toward larger homes supported by resort-style amenity.</p>

<p data-end="2142" data-start="1910"><img alt="MAYD" data-entity-type="file" data-entity-uuid="d1bcbb05-e659-4b47-8bd4-1e595315e2ad" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-27%20at%202.05.03%E2%80%AFPM.png?VersionId=jj0XEud1X1DuLt7_KyElhjMdZGOXmLHP" /></p>

<p data-end="2308" data-start="2144">MAYD Founder Todd Mould said North Kirra was increasingly appealing to buyers attracted to the more established, lower-density character of the southern Gold Coast.</p>

<p data-end="2648" data-start="2310">"North Kirra presents one of the most compelling luxury residential opportunities currently emerging in Australia, combining absolute beachfront with the character and authenticity that buyers are increasingly seeking, and the same sense of tight-knit community that defined Burleigh and Currumbin perhaps 10 or 15 years ago," Mould said.</p>

<p data-end="2797" data-start="2650">"With Gold Coast Airport on its doorstep, it also offers a level of accessibility that broadens its appeal across almost every market demographic."</p>

<p data-end="2938" data-start="2799">The project comes as the southern Gold Coast continues to attract an increasing share of high-end apartment development and buyer activity.</p>

<p data-end="3216" data-start="2940">Kirra in particular has emerged as one of the region's more tightly held beachfront markets, with its relatively low-density character, established surf and hospitality scene and proximity to Gold Coast Airport differentiating it from the higher-density markets further north.</p>

<p data-end="3325" data-start="3218">Mould said those characteristics had informed the approach MAYD and Cera Stribley had taken to the project.</p>

<p data-end="3442" data-start="3327">"We've worked closely with Cera Stribley to create a vision that is deeply connected to its surroundings," he said.</p>

<p data-end="3662" data-start="3444">"Inspired by the coastline itself, the architecture has been shaped around space, privacy and resort-style living, creating a collection of homes that reflects the next generation of luxury on the southern Gold Coast."</p>

<p data-end="3818" data-start="3664">MOTIV Managing Director Carly Cottam, who has been appointed to market the project, said buyer attention had continued to move south along the Gold Coast.</p>

<p data-end="4076" data-start="3820">"Purchasers who may once have defaulted to Broadbeach, Main Beach or Surfers Paradise are increasingly recognising the value of a genuine beachfront location that offers lower density, strong amenity and a more established sense of community," Cottam said.</p>

<p data-end="4375" data-start="4078">"Kirra has a powerful combination of growing demand and genuine scarcity. Beachfront supply is inherently constrained, the area remains relatively low density, and buyers are increasingly placing a premium on locations that feel established, uncrowded and authentic rather than heavily developed."</p>

<p data-end="4503" data-start="4377">Cottam said the proximity to Gold Coast Airport was also proving increasingly important for interstate and second-home buyers.</p>

<p data-end="4741" data-start="4505">"Being minutes from Gold Coast Airport makes it particularly compelling for interstate buyers, frequent travellers and second-home purchasers who can access an authentic coastal lifestyle almost immediately after stepping off a flight."</p>

<p data-end="4910" data-start="4743">The acquisition takes MAYD's active development portfolio to more than $500 million, with the North Kirra project representing one of its largest undertakings to date.</p>

<p data-end="4951" data-start="4912">MAYD is targeting an early 2027 launch.</p>


Joel Robinson

First look at MAYD's North Kirra mixed-use precinct

<main data-perf-region="main">
<p data-end="600" data-start="394">Castle Hill, the longtime hub of the Hills District, has been one of the major beneficiaries of Sydney's Metro expansion, with improved connectivity helping drive continued population growth, development and buyer demand across the Hills District.</p>

<p data-end="733" data-start="602">But despite that growth, the suburb has seen relatively few major new apartment projects brought to market over the past 18 months.</p>

<p data-end="970" data-start="735">Hills District developer Reve Group is looking to fill that gap with <a href="https://www.apartments.com.au/new-apartments/nova-r-ve-castle-hill-2-garthowen-crescent-castle-hill-nsw-2154">Nova Rêve</a>, a major new mixed-use precinct on the corner of Garthowen Crescent and Old Castle Hill Road, a short walk from Castle Hill Metro Station and Castle Towers.</p>

<p data-end="970" data-start="735">[smartcode_project:default project_id=152737 project_image_fid=377679]</p>

<p data-end="1159" data-start="972">The project will comprise three residential towers alongside a hotel, restaurants, cafes and a skybar, more than 1,600 sqm of ground-floor retail and almost an acre of landscaped gardens.</p>

<p data-end="1357" data-start="1161">It represents the largest project undertaken by Reve Group, the development arm of the Kassis family, which has been building across the Hills District for more than 30 years through Kassis Homes.</p>

<p data-end="3400" data-start="3216">[smartcode_project:default project_id=152737 project_image_fid=377675]</p>

<p data-end="3400" data-start="3216">Nova Rêve also represents a significant step up from the family's first apartment development, Grand Rêve, which was delivered nearby on Garthowen Crescent.</p>

<p data-end="1664" data-start="1517">Grand Rêve introduced larger, house-like apartment layouts and premium inclusions including Wolf and Sub-Zero appliances to the Castle Hill market.</p>

<p data-end="1826" data-start="1666">Nova Rêve takes that approach to a precinct scale, combining the residential component with hospitality, retail and substantial public and resident landscaping.</p>

<p data-end="1826" data-start="1666">[smartcode_project:default project_id=152737 project_image_fid=377685]</p>

<p data-end="2045" data-start="1828">Reve Group Managing Director Sam Kassis said the project reflected the family's three decades of building in the Hills, which has evolved from trophy homes on quarter-acre blocks to larger-scale apartment development.</p>

<p data-end="2269" data-start="2047">"Grand Rêve was our first apartment project here and it showed us what this pocket of Castle Hill could be. Nova Rêve is the refinement of that idea: not just apartments, but a place the whole suburb can use," Kassis said.</p>

<p data-end="2430" data-start="2271">A key part of that approach is the hotel, which has been designed to operate as an amenity for the wider Castle Hill community rather than solely hotel guests.</p>

<p data-end="2606" data-start="2432">It will include restaurants, cafes, skybars and all-day dining, alongside conference and event facilities catering to business functions, community groups and private events.</p>

<p data-end="2724" data-start="2608">At ground level, more than 1,600 sqm of shops and cafes will open onto the surrounding streets and landscaped areas.</p>

<p data-end="2892" data-start="2726">Almost an acre of gardens designed by Land and Form Studios will run through the precinct, incorporating pathways, seating, barbecue areas and children's play spaces.</p>

<p data-end="2892" data-start="2726">[smartcode_project:default project_id=152737 project_image_fid=377680]</p>

<p data-end="3004" data-start="2894">Reve Group's Romio Georges said creating an active ground plane had been central to the planning of Nova Rêve.</p>

<p data-end="3214" data-start="3006">"There are gardens with pathways, barbecues, seating and play areas, shops and cafes opening onto the street, and a hotel with restaurants and a skybar that anyone in Castle Hill can walk into," Georges said.</p>

<p data-end="3400" data-start="3216">The project's elevated position on one of Sydney's highest ridgelines will also provide apartments with outlooks toward the Sydney skyline, surrounding parkland and the Blue Mountains.</p>

<p data-end="3400" data-start="3216">More than 80 per cent of the apartments will occupy corner positions, with Turner responsible for both the architecture and interiors.</p>

<p data-end="3670" data-start="3538">&nbsp;</p>

<p data-end="3670" data-start="3538">[smartcode_project_cta:default project_id=152737]</p>

<h3 data-end="3697" data-section-id="q3n5ak" data-start="3672">&nbsp;</h3>
</main>


Nova Rêve arrives as Reve Group bets on Castle Hill's next growth phase

<p>A collection of just 25 large-format apartments and penthouses overlooking Goodwin Park is entering the Coolangatta market, with <a href="https://www.apartments.com.au/new-apartments/marea-residences-coolangatta-27-27a-dixon-street-coolangatta-qld-4225">Maréa Residences</a> combining a low-density, residential-only approach with uninterrupted park and Pacific Ocean outlooks.</p>

<p>Located at 27 Dixon Street, Maréa comprises three and four-bedroom residences alongside a limited number of dual-level penthouses, with the project positioned between Goodwin Park and <a href="https://www.apartments.com.au/developments/coolangatta-qld-4225">Coolangatta</a>’s coastal precinct.</p>

<p>Construction has commenced, with completion currently estimated for late 2027. Three-bedroom residences are priced from $1.8 million.</p>

<p>[smartcode_project:default project_id=150999 project_image_fid=374005]</p>

<p>The project has been designed around its northern outlook across the park, with the building’s architecture, landscaping and material palette intended to establish a connection with the neighbouring green space. The residences have been configured to maximise natural light and views across Goodwin Park towards the ocean.</p>

<p>Inside, the material palette incorporates timber, stone and brushed brass, complemented by curved detailing and ambient lighting. Kitchens and bathrooms carry the same natural material approach, while residences also include basement parking, storage and lift access.</p>

<p>Maréa’s penthouses are arranged over two levels and include private pools, adding another layer to the project’s focus on larger-format apartment living. Across the development, residences are configured with three or four bedrooms rather than the broader mix of smaller apartment types commonly found in larger projects.</p>

<p>[smartcode_project:default project_id=150999 project_image_fid=374010]</p>

<p>Resident amenity is concentrated at rooftop level, where landscaped entertaining terraces and pools take advantage of elevated views across Coolangatta and the Pacific Ocean.</p>

<p>The project has so far been particularly well received by local owner-occupiers and downsizers, according to Urban Activation Property Sales and Marketing Director Matt George, with the residential-only format, construction quality and northern park outlook among the features resonating with purchasers.</p>

<p>“The uninterrupted northern aspect overlooking Goodwin Park has been a key point of difference, with buyers attracted to the sense of serenity and open space the park provides, while still enjoying easy access to the ocean and being within walking distance of the lifestyle and amenities Coolangatta has to offer,” George said.</p>

<p>[smartcode_project:default project_id=150999 project_image_fid=374002]</p>

<p>“The combination of high-quality construction, a residential-only building, park outlook and proximity to the beach has resonated strongly with the local downsizer market.”</p>

<p>The Dixon Street address is within walking distance of Coolangatta Beach and the broader southern Gold Coast coastline, including the surf breaks at Snapper Rocks and Kirra. Coolangatta’s cafés, restaurants and retail are nearby, while Gold Coast Airport is also within close proximity.</p>

<p>[smartcode_project_cta:default project_id=150999]</p>


Maréa Residences brings parkside apartments to Coolangatta

<p data-end="535" data-start="324">Melbourne developer PDG has secured Victorian Government approval for its $1.5 billion Southbank development <a href="https://www.apartments.com.au/new-apartments/the-one-1-queens-bridge-street-southbank-vic-3006">The One</a>, clearing the way for the long-dormant riverfront site opposite Crown to finally be developed.</p>

<p data-end="717" data-start="537">The Minister for Planning has approved the project at 1-29 Queens Bridge Street, with the Department of Transport and Planning issuing the planning permit following its assessment.</p>

<p data-end="918" data-start="719">The approval will allow PDG to develop the prominent 5,059 sqm site with a major mixed-use tower comprising premium apartments, including branded residences, a luxury hotel and boutique office space.</p>

<p data-end="1131" data-start="920">PDG acquired the site in late 2024, with its position directly opposite Crown's main entrance and near Melbourne's Arts Precinct making it one of Southbank's most significant remaining development opportunities.</p>

<p data-end="1131" data-start="920"><img alt="PDG" data-entity-type="file" data-entity-uuid="3933013e-6332-4386-b9be-089df05caf17" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-27%20at%209.29.22%E2%80%AFAM.png?VersionId=sITIgBqDL0N3VNSMwWEmF5UA.uvcsRyu" /></p>

<p data-end="1318" data-start="1133">Designed by COX in collaboration with ODO and PDG, the tower's architecture draws on the movement of the Yarra River, with six vertical pleats running the height of the sculpted facade.</p>

<p data-end="1433" data-start="1320">The project will also see the heritage-listed Queens Bridge Hotel restored and incorporated into the development&nbsp;with new hospitality and public uses, including a rooftop venue.</p>

<p data-end="1658" data-start="1591">A significant component of The One will be its residential amenity.</p>

<p data-end="1864" data-start="1660">More than 5,000 sqm of resident facilities will be delivered across a single level, making it one of the largest consolidated residential amenity offerings proposed in an Australian apartment development.</p>

<p data-end="2011" data-start="1866">The planning approval also incorporates a major upgrade of Queensbridge Square, which PDG will deliver in partnership with the City of Melbourne.</p>

<p data-end="2011" data-start="1866"><img alt="PDG" data-entity-type="file" data-entity-uuid="73167fcd-1031-4b6f-a408-a064cfe45ed1" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-27%20at%209.29.17%E2%80%AFAM.png?VersionId=Pf1AEWxw6SNmBqR0zQW5lyEze.MtxgFp" /></p>

<p data-end="2191" data-start="2013">The existing square will be revitalised as a new civic and pedestrian space along the Yarra River, strengthening the connection between the project, Southbank and the riverfront.</p>

<p data-end="2365" data-start="2193">PDG Founder and Managing Director Vince Giuliano said the approval represented a major milestone for a site which has remained largely underutilised for more than 15 years.</p>

<p data-end="2473" data-start="2367">“This is the most significant Planning Permit approval Melbourne has seen in recent years,” Giuliano said.</p>

<p data-end="2775" data-start="2475">“For more than 15 years, this site has remained underutilised. This approval enables us to deliver a project that will contribute meaningfully to the revitalisation of Southbank, restore and reactivate an important heritage building, and create a new civic and hospitality destination for Melbourne.”</p>

<p data-end="2943" data-start="2777">The latest approval follows an earlier planning permit issued by the City of Melbourne covering demolition works across part of the site at 9-29 Queens Bridge Street. Those demolition and early works are already underway.</p>

<p data-end="3145" data-start="3001">PDG has also started generating early interest in the residential component from owner-occupiers ahead of a planned public launch in early 2027.</p>


PDG secures approval for $1.5bn Southbank apartment development, The One

<p>Local developer Harridan is seeking to turn its Woolloongabba apartment project into the first stage of a broader transformation of Burke Street, using a new 16-storey mixed-use building to establish a greener pedestrian connection toward the rapidly evolving Boggo Road transport and knowledge precinct.</p>

<p>The South East Queensland developer has filed plans for 154 apartments on the <a href="https://www.apartments.com.au/new-apartments/4-burke-street-woolloongabba-qld-4102">southern side of Burke Street</a>, where its proposal has been designed alongside a wider vision by LatStudios for the street.</p>

<p>That vision positions the southern side of Burke Street for buildings of 15 storeys and above, while envisaging lower-rise development of up to five storeys on the northern side to transition into Woolloongabba's existing character housing. It also proposes wider pedestrian verges, deep planting, new street trees and upgrades to the pedestrian approach to Boggo Road Station.</p>

<p>The Harridan development itself has been designed by Brisbane-based Arqus Design and will comprise 154 apartments across 16 storeys. The mix is weighted heavily toward two-bedroom apartments, with 121 proposed alongside 10 one-bedroom and 23 three-bedroom residences. There will typically be around 14 units per floor.</p>

<p>A lower-ground car park and three podium levels will accommodate 156 resident parking spaces, along with visitor and commercial parking. There will also be 154 resident bicycle spaces and 40 visitor bicycle parks.</p>

<p>&nbsp;</p>

<p>Harridan is a family-owned developer and part of the Holmwood Highgate Group, with more than three decades of development activity across South East Queensland. Its portfolio spans residential, commercial and industrial property, with current residential projects including Riverbank on Byron in Bulimba, Esperance Residences in Carina and The Precinct at Kinross Road in Thornlands.</p>

<p>Wooloongabba has been popular for apartment developers, particularly since the announcement of the 2032 Summer Olympics games in Brisbane.</p>

<p>While there have been a lot of development applications, it has failed to materialize into real supply.&nbsp;</p>

<p>Sarazin has been the major player in the area. They are under construction at Murcia Residences, on the fringe of East Brisbane and Woolloongabba. They have just launched <a href="https://www.apartments.com.au/new-apartments/the-stanley-residences-woolloongabba-8-trafalgar-street-woolloongabba-qld-4102">The Stanley Residences</a>, in Woolloongabba on Trafalagar Street. They also have Nuage coming soon on the nearby <a href="https://www.apartments.com.au/new-apartments/nuage-woolloongabba-14-wellington-road-woolloongabba-qld-4102">Wellington Road</a>.</p>


First look: Harridan plans Burke Street transformation beside Boggo Road transport hub

Rental market

<html><body>
<div>A bit of early disclosure: I'll admit here straight away that I had a few gripes with the Grattan Institute during the recent election campaign when I felt they were twisting 'facts' to suit their arguments. For example:</div>
<p><a href="/images/2016/10/24/Grattan.jpg" target="_blank">Click to enlarge</a></p>
<p><img src="/images/2016/10/24/Grattan.jpg" alt=""></p>
<p> </p>
<div>Over years of experience in housing markets, I've literally never heard of anyone paying a huge lump of stamp duty only to sell their investment property because the rents had become too high (before buying another loss-making investment property, and incurring yet more stamp duty).<br><br>Would never happen in a month of Sundays.</div>
<div> </div>
<div>Anyway, I generally don't bear grudges, so we can let bygones be just that!<br><br>Let's move on from that to today's op-ed from Grattan, which recommended that other states follow the Australian Capital Territory (ACT) lead in phasing out stamp duties for a broad based property tax.<br><br>
</div>
<div><strong><span style="text-decoration: underline;">Land tax in the ACT</span></strong></div>
<div> </div>
<div>In theory, phasing out stamp duty - a pro-cyclical levy which discourages labour force mobility (if, for some unknown reason, not landlord churn!) - in favour of higher recurrent property taxes is a sound economic principle.</div>
<div> </div>
<div>Of course, one always fears that new and additional taxes raised will be frittered away on infrastructure white elephants, while those of us that have already paid their stamp duties are naturally inclined to be grouchy (in the same way that I'm bound to think that Chartered Accountants shouldn't have open book exams, because we didn't 'back in my day'). </div>
<div> </div>
<div>Overall, I tend to agree with most of Grattan's points, with stamp duties being an inefficient if extraordinarily lucrative levy. </div>
<div> </div>
<div>In fact, I wrote a piece myself for <em>Property Observer</em> back in 2013 which discussed precisely the potential benefits of introducing a progressive and recurrent property tax (i.e. not necessarily a straight land tax). </div>
<div> </div>
<div><a href="/images/2016/10/24/ACT4.jpg" target="_blank">Click to enlarge</a></div>
<div> </div>
<div class="separator"><img src="/images/2016/10/24/ACT4.jpg" alt=""></div>
<div>
<strong><span style="text-decoration: underline;"><br></span></strong><strong><span style="text-decoration: underline;">Canberra housing</span></strong>
</div>
<div> </div>
<div>That said, five years in to the experiment, there was no analysis provided by Grattan of the impact of the tax reforms to date on the housing market in the nation's capital itself. </div>
<div> </div>
<div>As always, of course, it's impossible to isolate the impact of shifts in property taxes.<br><br>We can't after all run a parallel universe wherein another version of Canberra sticks with the old regime as a control experiment (Lord knows, just the one Canberra existing in our own Universe is plenty!).</div>
<div> </div>
<div>In any event, here's a quick look at what's been going down.</div>
<div> </div>
<div>The ABS Residential Property Price Indexes to 30 June 2016 showed established house prices rising by +8.0 per cent, and a +6.0 per cent increase for all dwellings - rates of price growth which in a healthy market should be resulting in a strong supply response.<br><br>Anecdotal evidence suggests that house prices have been going a bit silly in parts of Canberra, though I do worry about the outlook for the new apartment market in the city.</div>
<div> </div>
<div>Investor loans have understandably declined due to the inevitable uncertainty of change. This may in part be due to tighter lending restrictions introduced by APRA in 2015, and in any case many would argue that lower investor loan activity is on balance a good thing.  </div>
<p><a href="/images/2016/10/24/ACT1.jpg" target="_blank">Click to enlarge</a></p>
<p><img src="/images/2016/10/24/ACT1.jpg" alt=""></p>
<p><br><span>Less thrillingly, detached house approvals have tanked.</span></p>
<p><a href="/images/2016/10/24/ACT1-1.jpg" target="_blank">Click to enlarge</a></p>
<p><img src="/images/2016/10/24/ACT1-1.jpg" alt=""></p>
<div>The trend in monthly new house commencements has basically crashed in the ACT, down by more than 50 per cent since the beginning of 2011.<br><br>Attached dwelling commencements, on the other hand, have held up much better, perhaps reflective of record low interest rates, a structural shift towards attached dwellings, as well as strong pre-sales to offshore investors.<br><br><strong><span style="text-decoration: underline;">Long lead times</span></strong><br><br>Whatever the causes, with the long lead times for apartments there are presently more than 5,000 dwellings under construction in the ACT, of which only 600 or so are detached houses. </div>
<div> </div>
<div>As a result of the above dynamics, vacancy rates in the capital have nosedived from 2.5 per cent in 2014 to just 1.1 per cent, even though population growth in the entire territory is tracking at just 5,000 per annum.</div>
<p><a href="/images/2016/10/24/VR.jpg" target="_blank">Click to enlarge</a></p>
<p><img src="/images/2016/10/24/VR.jpg" alt=""></p>
<p> </p>
<div>According to SQM Research, after a lag asking rents have soared lately, up by +12.3 per cent over the past year for houses, while even apartment asking rents have ripped +9.3 per cent higher. And this through a period when nationally rental growth is tracking at two decade lows.</div>
<div> </div>
<div>Granted this vast increase in asking rents is yet to be reflected in the ABS consumer price indexes, which lag significantly. The figures for Q3 2016 will be released next week.<br><br>But in any case, when the 5,000 dwellings under construction eventually hit the market, rents for apartments at least should eventually return to flat or falling in real terms.<br><br><div class="separator"><a href="/images/2016/10/24/Z1.jpg" target="_blank">Click to enlarge</a></div>
<div class="separator"><img src="/images/2016/10/24/Z1.jpg" alt=""></div>
</div>
<p><strong><span style="text-decoration: underline;">The wrap</span></strong></p>
<div>No strong conclusion either way here.<br><br>As noted, we can't readily know the counter-factual, while some of the prevailing housing market dynamics in Canberra may be related to restricted land release, in particular the lack of responsive detached housing supply. </div>
<div> </div>
<div>On taxes, my view is that homeowners shouldn't have to pay twice, and that will no doubt be the view of most other homeowners too.<br><br>Therefore in the real world the most populous states would find it extremely difficult to phase in such a tax with the required long exemption period for existing homeowners, due to the initial revenue shortfall (look at the unprecedented stamp duty windfalls being delivered in New South Wales, for example).</div>
<div> </div>
<div>I'd also be very wary of declaring the ACT experiment an unqualified success while even in a low density market such as Canberra with moderate population growth asking rents for houses are rising at more than twelve times the rate of inflation!</div>
<div> </div>
<div>Nevertheless, it looks to me as though the rental market will probably correct itself in time with a flood of new apartment stock in the supply pipeline.</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>
</div>
</body></html>

pwargent-M4siyDbqQY

Asking rents soaring in Canberra, but why? Pete Wargent

<html><body>
<p>Earlier this year, law changes clarified that it is now a material fact if a home is listed on the Loose-fill Asbestos Insulation register.</p>
<p>Material facts refer to information which affects a consumer's decision about a property and must be disclosed before any agreement is entered into.</p>
<p>From 30 October 2016, the standard tenancy agreement includes a requirement to notify tenants if the premises they want to lease is: on the Loose-fill Asbestos Insulation register, or added to the register during the tenancy.</p>
<p>This information is important to tenants because a property containing loose-fill asbestos insulation could be a health risk.</p>
<p>You can now download an amended version of the standard form residential tenancy agreement, which is for use from 30 October. An addendum is also available to allow landlords and agents to continue to use existing stock of the previous version of the residential tenancy agreement.</p>
<p>You can download a copy of the Frequently asked questions on the changes to the Residential Tenancies Regulation 2010 on the Fair Trading website.</p>
<p>For more information, visit the Fair Trading website <a href="https://www.fairtrading.nsw.gov.au" target="_blank">here</a>.</p>
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Property 101: Asbestos issues trigger new NSW tenancy agreement from October 2016

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<p>SPONSORED POST</p>
<p>Where once it was a niche investment, student accommodation has now become a global asset class.</p>
<p>According to the latest Savills World Student Housing Spotlight, 2015 was a record year for investment in student housing with US$14.9 billion invested globally in the sector.</p>
<p><strong>The Local Market - Australia</strong></p>
<p>The Australian market continues to attract significant attention and is a particularly popular destination for international students. Students from China and India together supply nearly 40 percent of international students, an increase of more than 13 percent and 15 percent respectively in 2015.</p>
<p>With Australia featuring in the list of favoured destinations in the world’s top outbound markets for international students, plus a fast-growing domestic population, student numbers have risen 37 percent in the last eight years. With 30 Australian institutions appearing in the top 750 of the QS World University Rankings, up from 25 in 2012, demand is likely to continue and, as a consequence significant new stock will be required.</p>
<p>The strong growth potential in Australia is set against a general shortage of supply; at the moment there is only enough purpose-built student accommodation (PBSA) available to accommodate 6 percent of the student population. In response, more than AU$2 billion of capital has been earmarked for development projects in student accommodation since the start of 2015.</p>
<p><strong>Around the World</strong></p>
<p>The Savills World Student Housing Spotlight has found that cross border investment in this fast maturing asset class accounted for 40 percent of all global investment activity. International investors who are seeking to diversify their portfolios have been attracted by the fact that US and UK student housing REITs have outperformed their All REIT indices by 19 and 16 percentage points respectively.</p>
<p>The first half of 2016 has seen lower total global volumes compared with 2015, but in mainland Europe investment levels have continued to rise off a low base. By the end of July, German student housing had attracted €350 million of investment – more than double the total invested in the whole of 2015 – while in France €345 million has been transacted in the year to August 2016.</p>
<p><a href="/images/2016/10/18/Major%20Student%20Housing%20Markets%20at%20a%20glance-2.jpg" target="_blank">Click to enlarge</a></p>
<p><img src="/images/2016/10/18/Major%20Student%20Housing%20Markets%20at%20a%20glance-2.jpg" alt=""></p>
<p>Investors have been attracted by mainland Europe's strong investment potential. Its combined student population of 20 million, and the very low provision in some markets of purpose-built student accommodation (PBSA) despite growing demand from international students attracted by an increasing number of courses taught in English, place it on an upwards trajectory.</p>
<p><strong>A Resilient Asset Class</strong></p>
<p>Growing international student numbers are therefore set to secure the market for a premium PBSA product, but there also remains a huge untapped market for more affordable private accommodation. High land values and development costs will impede this in many markets, but upgrading of existing university stock or establishment of new models may be a route in.</p>
<p>In either case, student housing has proven itself to be a resilient asset class and, with its counter-cyclical fundamentals, many institutional investors will continue to turn to the sector where they can achieve strong occupancy and rental growth.</p>
<p>To learn more about the trends in the current student accommodation market, view <a href="https://www.savills.co.uk/research_articles/188294/207929-0" target="_blank">Savills World Student Housing Spotlight 2016</a>.</p>
<p>Savills is a leading global real estate service provider offering the full spectrum of services from strategic advice to managing assets and projects and transacting deals. To learn more about Savills student accommodation services, visit <a href="https://www.savills.com.au/services-and-sectors/student-accommodation.aspx" target="_blank">savills.com.au/studentaccommodation</a>.</p>
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The rise – and rise – of global student housing investment

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<p><img src="https://counter.theconversation.edu.au/content/65712/count.gif" alt="The Conversation" width="1" height="1"></p>
<p>GUEST OBSERVER</p>
<p>Saving energy is a win-win. You reduce greenhouse emissions and you reduce your energy bills. However, improving energy efficiency is not an option for a significant number of people in Australia – renters. </p>
<p>This is important not only because rental properties account for 29.6 percent of Australian houses, or 2.3 million homes, but because the high proportion of low-income households in rental properties are particularly vulnerable to rising energy prices.</p>
<h2>Those who can, and those who need to but can’t</h2>
<p>In Victoria, only 58 percent of private and 55 percent of public rented homes have some insulation. In contrast, 95 percent of owner-occupied homes have insulation. </p>
<p>In 2009 the Victorian government found the use of electric heaters is much higher in rental properties, and that half of all rental households report difficulty heating their homes.</p>
<p>The relationship between low incomes and higher rates of renting is a long-term trend in Australia. More than 20 percent of long-term renters regularly pay more than half of their income on rent, and 17 percent of all private renters are on government pensions or allowances. The proportion of people with a disability, a group with higher-than-average energy needs, is also much higher in rental properties.</p>
<p>As energy prices continue to rise, the gap between those who can afford to improve the energy efficiency of their property and those who cannot is growing. Those who are most vulnerable to energy price increases are the people with the least capacity to improve the energy efficiency of their home.</p>
<h2>What is getting in the way?</h2>
<p>Internationally, split incentives (when two parties engaged in a contract have different goals and levels of information) are recognised as a key barrier to improving energy efficiency in rental properties. </p>
<p>The International Energy Agency estimates that, globally each year, over 3,800 petajoules of energy (roughly 65 percent of Australia’s total energy use in 2013-14) is not saved due to split incentives.</p>
<p>In Australia, several additional legislative barriers prevent improvements to rental properties. </p>
<p>For example, landlords can offset the entire cost of any repairs made to rental properties against their income in the same financial year. But any repair has to be like-for-like.</p>
<p>So if a gas hot-water system broke down in a rental property and the landlord decided to replace it with a solar hot-water heater it would be classed as an improvement, not repair. The entire cost of improvements cannot be offset in the same financial year, which deters landlords from replacing broken appliances with more efficient versions.</p>
<p>Many state tenancy laws require tenants to return the properties to the same condition as when they rented the property. This means even willing renters are discouraged from improving properties themselves, or engaging in energy efficiency programs offered by external parties.</p>
<p>The majority of leases in Australia are for six to 12 months. In Victoria you cannot get a lease longer than five years. </p>
<p>Therefore, tenants who do have the income and permission to improve the energy efficiency of their properties cannot be sure they will live in the property long enough to pay off the initial investment through energy savings.</p>
<h2>Hope for change</h2>
<p>In our 2015 study we aimed to identify solutions for the barriers to energy efficiency in rentals. We surveyed 230 tenants and landlords and interviewed five real estate agents.</p>
<p>We found two possible solutions that received a high degree of support from all stakeholders. </p>
<p>The first solution, which received over 90 percent support from both landlords and tenants, is to change the classification of energy efficiency improvements to repairs under tax law. This would allow landlords to offset the entire cost of the improvement in the same financial year. Real estate agents were also convinced this solution would work, with no repercussions for tenants.</p>
<p>The second solution that all stakeholders supported was mandatory minimum efficiency standards for rental properties. Over 90 percent of tenants and 70 percent of landlords supported this solution. </p>
<p>However, fewer landlords strongly disagreed with a mandatory standard if it was combined with tax offsets for energy efficiency improvements. Real estate agents agreed that the combined solution could be effective.<span style="font-size: 1em; font-weight: bold;"> </span></p>
<p>Interestingly, if the mandatory minimum energy efficiency standard were enacted, it could allow landlords to claim tax offsets for energy efficiency improvements in the same financial year. This is because spending required to make a property satisfy regulatory requirements falls into the repairs classification.</p>
<p>The results of this study show that despite the different goals of landlords and tenants there are combinations of solutions that could overcome the barriers to improving the energy efficiency of rental properties. </p>
<p>If landlords and tenants can find some common ground, surely politicians across multiple levels of government can work together to find solutions for some of the most vulnerable people in our community.</p>
<p><em><span class="fn author-name">Robert Crawford is s</span>enior lecturer in Construction and Environmental Assessment, University of Melbourne and author for The Conversation. He can be contacted <a href="https://theconversation.com/profiles/robert-crawford-14921" target="_blank">here</a>.</em></p>
<p><em><span class="fn author-name">Koel Wrigley is c</span>ommunity engagement consultant, Capire Consulting Group, University of Melbourne and author for The Conversation. She can be contacted <a href="https://theconversation.com/profiles/koel-wrigley-301797" target="_blank">here</a>.</em></p>
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Renters are being left out in the cold on energy savings: here’s a solution

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<p>Following his purchase of Simon Baker and Rebecca Rigg's North Bondi rooftop apartment, e-commerce entrepreneur Simon Hill has listed his redundant Paddington terrace for rent.</p>
<p>It's priced at $2,500 a week through BresicWhitney Darlinghurst agent Rebekah Doyle, with the potential to come furnished.</p>
<p>Hill bought the <a href="https://www.bresicwhitney.com.au/rent/35-hampden-street-paddington-13800" target="_blank">four bedroom home</a> in 2014 for $2.6 million, after hailing from Melbourne. He'd also looked at the penthouse when it sold in 2014 for $2.63 million.</p>
<p>This time the 29 year-old investor in e-commerce business and products, snapped up the Ben Buckler peninsula penthouse within two weeks of it hitting the market in June when it was listed with $3.5 million hopes.</p>
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Simon Hill rents out Paddo after buying from Simon Baker at Bondi

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<div>The number of residential vacancies dropped in August to give a vacancy rate of 2.3 percent, according to SQM Research.</div>
<div>
<br><span>The latest SQM research shows vacancies dropping in all capital cities, pushing up rents, especially in Sydney and Melbourne where vacancy rates are now below 2 percent.</span>
</div>
<div> </div>
<div><a href="/images/2016/09/21/Screen%20Shot%202016-09-21%20at%2011.10.04%20AM.png" target="_blank">Click to enlarge</a></div>
<div>
<img src="/images/2016/09/21/Screen%20Shot%202016-09-21%20at%2011.10.04%20AM.png" alt=""><br><br>SQM Research managing director Louis Christopher said Sydney and Melbourne recorded vacancies rates of 1.7 percent and 1.9 percent, respectively, while Hobart had the tightest rate at just 0.5 percent.</div>
<div> </div>
<div>"In contrast, Perth recorded the highest vacancy rate of 5.0 percent in August, though it fell by 0.2 percentage points from a record high of 5.2 percent in July," he said.</div>
<div>
<div><span><br>"Reflecting a high vacancy rate, Perth has recorded big falls in asking rents of 9.6 percent for houses and 11.4 percent for units over the past 12 months. </span></div>
<div><span> </span></div>
<div>
<span>"Yearly falls have also been recorded in Darwin, with asking rents down 1.5 percent for houses and 5.5 percent for units. In contrast, asking rents jumped in Canberra, up 12.1 percent for houses and 9.6 percent for units. The asking rent for a three-bedroom house in Sydney jumped 4.8 percent to $713 a week over the year to September 20 and in Melbourne, rents jumped to $486, up 3.4 percent.</span><br><br><span>"Despite a very tight vacancy rate, Hobart continues to record the most affordable rental accommodation with rents for houses at just $343 a week and units averaging $279 a week.<br><br></span>
</div>
<div><a href="/images/2016/09/21/Screen%20Shot%202016-09-21%20at%2011.10.18%20AM.png" target="_blank"><span>Click to enlarge</span></a></div>
<div><span><img src="/images/2016/09/21/Screen%20Shot%202016-09-21%20at%2011.10.18%20AM.png" alt=""></span></div>
<div><span>"Looking forward, fears of an apartment oversupply in Melbourne, if true, cannot come soon enough, as at present, having a vacancy rate trending down below 2 percent is highly suggestive that landlords are in control of the market. <br><br>"Sydney too is likely to remain a landlord's market as the city's growing population creates demand for new stock. The only area right now recording sustained increases in vacancies is the Hills District, including the Kellyville area."<br></span></div>
</div>
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Vacancy rates drop, big city rents jump: SQM

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<p><span style="font-size: 12.16px; line-height: 1.3em;">Seven of the eight Australian capitals saw an increase in median rent in August from July, with Sydney the most expensive for renters, according to data compiled by rent.com.au.</span></p>
<p><span style="font-size: 12.16px; line-height: 1.3em;">The national average median rent increased by 1.4 percent to $395 in August. Sydney, the capital of New South Wales, reported a median average weekly rent of $542. On a regional level, median rents remained healthy across the board, with no change in the median rent for apartments or houses on Rent.com.au.</span></p>
<p><span style="font-size: 12.16px; line-height: 1.3em;">The Northern Territory reported the only decrease in overall median rent, dropping 3.25 percent from July. Its capital, Darwin, reported a 3.25 percent decrease to $463, following a spike in July. </span></p>
<p><span style="font-size: 12.16px; line-height: 1.3em;">The report was based on data related to property listings on Rent.com.au in August. Apartments made up 36 per cent of all listings while houses comprised 63 per cent. The majority of dwellings were three-bedroom houses, comprising 31.5 percent of all dwellings on the site. The median price for a three-bedroom house in August was $375.</span></p>
<p><a href="/images/2016/09/09/rentals.png" target="_blank"><span style="font-size: 12.16px; line-height: 1.3em;">Click to enlarge</span></a></p>
<p><span style="font-size: 12.16px; line-height: 1.3em;"><img src="/images/2016/09/09/rentals.png" alt=""></span></p>
<p><strong style="font-size: 12.16px; line-height: 1.3em;"><span style="font-size: 12.16px; line-height: 1.3em;">State and territory breakdown </span></strong></p>
<p><strong><span style="font-size: 12.16px; line-height: 1.3em;">Sydney, NSW </span></strong></p>
<p>Sydney tenants experienced another rise in the median rent for apartments. Median apartment rents increased from $510 to $520 per week, now only $60 less than median house rents, which remained steady at $580. </p>
<p>New South Wales recorded an increase in asking rents of 1 per cent in apartments and 2 per cent in houses in August. A six-month price is also recorded for the state, with asking rents up 5.26 per cent for apartments and 1.1 per cent for houses. </p>
<p>New South Wales over indexes in apartments, with a makeup of 45 per cent in the state against the national average of 36 percent. </p>
<p><strong><span style="font-size: 12.16px; line-height: 1.3em;">Melbourne, VIC </span></strong></p>
<p>Median apartment rents in Victoria increased from $360 to $370 (a 3 percent rise), now in line with median house rents, which also increased from $360 per week. </p>
<p>Houses in Melbourne saw a 3 percent increase in price for the month of August, with median rents now $410 per week, slightly ahead of apartment median rents, up 1 percent to $385 per week. </p>
<p><strong><span style="font-size: 12.16px; line-height: 1.3em;">Brisbane, QLD </span></strong></p>
<p>Queensland median rents have steadied, remaining at $350 for apartments and $380 for houses, lining up against July’s figures. Apartment prices have seen no change since January when the median rental was $360, while the asking rent on houses has remained steady in Queensland since April ($370). </p>
<p>In Brisbane metro, apartment prices remained consistent in August at $400 per week, close to year-to-date figures that have not peaked over $405 since January this year. Houses saw a small price increase in August, rising 1 percent to $423 per week. </p>
<p><strong><span style="font-size: 12.16px; line-height: 1.3em;">Adelaide, SA </span></strong></p>
<p>South Australian house rents are at their lowest since April, with the asking median rent now $325 per week, down 2 percent from July. Similarly, median apartment prices have risen slightly, up 4 percent in August to $280 from July’s $270. </p>
<p>On a city level, Adelaide’s median rent climbed to $290 per week for apartments, an increase of 2 per cent on last month, but 3.57 percent below the state average. Houses saw a 3 percent increase in median rent, up to $360 per week. </p>
<p><strong><span style="font-size: 12.16px; line-height: 1.3em;">Perth, WA </span></strong></p>
<p>Western Australia’s median rents have steadied, remaining at $330 for apartments and $380 for houses in August. Apartment and house prices have seen no change since June when the median rental was $335 and $375 respectively. </p>
<p>Houses in Perth’s metropolitan area increased by 3 percent to $390 per week, while a smaller rise (1 percent) was recorded in the median rent for apartments, now at $345. </p>
<p>In August, WA showed the lowest number of listed apartments, making the highest concentration of houses in WA (76 percent), closely followed by SA (second highest at 75 percent). </p>
<p><strong><span style="font-size: 12.16px; line-height: 1.3em;">Hobart, TAS </span></strong></p>
<p>Tasmania’s house rental prices rose 3 percent in August, shifting the median rent from $280 in July to $288 per week. Apartment prices moved up 1 percent to $243 in August. The state continues to lay claim to Australia’s most affordable prices. </p>
<p>At city level, Hobart apartment prices dropped 17 percent to the lowest median rent per week of $278, year-to- date, down from $333 in July. House prices on a metro level also rose by 12 percent to a median rent of $393 per week. </p>
<p><strong><span style="font-size: 12.16px; line-height: 1.3em;">Canberra, ACT </span></strong></p>
<p>Over in the Australian Capital Territory, both apartments and house rents increased in August. The month saw a 1 percent change in the median price of apartments (up $10 to $400 per week) and 3 per cent in the median price of houses ($455 per week in August). </p>
<p>Canberra median rents remained steady in August, maintaining the record high for apartment prices year-to- date ($390) and $450 per week for houses. House prices reached a high in May at $470 but have since decreased. </p>
<p><strong><span style="font-size: 12.16px; line-height: 1.3em;">Darwin, NT </span></strong></p>
<p>Northern Territory tenants saw a 3 percent fall in house rents for the month of August. Territory rents hit a high $520 per week in March, but dropped to $500 last month from July’s $518. Apartments, however, remained steady at a median rent of $400. </p>
<p>The market switches slightly on a metro level. Darwin apartments recorded a 4 percent decrease in the median rent to $425 per week, returning to June prices. On a city level, house rents remained consistent at $550 per week – a level that has not dropped since June. </p>
<p>Overall, Darwin as a region recorded a combined median rent of $463, a decrease of 3.25 percent from July. </p>
<p> </p>
<p> </p>
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Rents rose in seven of eight Australian capital cities in August: rent.com.au 

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<p><span style="font-size: 12.16px; line-height: 1.3em;">City rents continue to decline as asking rents decreases by 0.5 percent over the last 12 months, according to CoreLogic.</span></p>
<p><a href="/images/2016/09/06/CoreLogic_Graphs/Screen%20Shot%202016-09-06%20at%201.25.44%20PM.png" target="_blank">Click to enlarge</a></p>
<p><img src="/images/2016/09/06/CoreLogic_Graphs/Screen%20Shot%202016-09-06%20at%201.25.44%20PM.png" alt=""></p>
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City rents continue to decline: CoreLogic

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<p>It's a cool $3,750 a week to stay in comedian Tim Minchin's newly purchased art deco Coogee palace.</p>
<p>Currently the most expensive rental on the market in Coogee, <a href="https://www.lsdb.com.au/real-estate-for-sale-20-gordon-avenue-coogee-nsw/2950479/" target="_blank">Minchin paid $5.9 million for the five bedroom, five bathroom home</a>.</p>
<p>It had been priced at $4,000 a week when first listed last month, but it's dropped by $250 last week through leasing agent Toni Atkinson at Laing + Simmons Bondi Beach.</p>
<p>It's more than twice as expensive that the next most priciest rental in Coogee and is amongst the most expensive dozen in the eastern suburbs.</p>
<p>The Coogee median rental price for a house currently sits at $2,462,500 according to CoreLogic.</p>
<p>The expatriate - who's conquered the West End and Broadway with his music and lyrics for Matilda the Musical - is seemingly staying overseas despite being homesick.</p>
<p>His latest project is Groundhog Day, a musical comedy based on the 1993 film of the same name. There's been no spculation on just who might play XXXX's role on stage.</p>
<p>Offering sweeping views over Gordon's Bay from its blue-chip coastal enclave, the two level home was redesigned by architect Stephen Vardy.</p>
<p>The home on 563 sqm with customer-craft finishes throughout has two living areas, library, wine cellar and a swimming pool.</p>
<p>It was the home of luxury car dealer Steve Nasteski and Alisa Grey, an actor and singer, who had paid $3.1 million in 2004.</p>
<p>They're off to Bondi Beach, having secured one of the lighthouse penthouse apartment in the Pacific Bondi for $7.28 million.</p>
<p>Minchin grew up in Perth, however it is widely expected that the family are heading to Sydney's east to live closer to family. His sister, Nel and her husband Guy Patrick, an advertising art director, own at Randwick. Nel has worked in television for 10 years, most recently researching for Julia Zemiro’s Home Delivery series.</p>
<p>He won't be moving back from Hollywood in a hurry, with the property advertised as being available on a minimum six month lease. </p>
<p>Minchin does still own in Perth, having bought a top floor apartment in Bel-Air, a Cottesloe landmark.</p>
<p>He paid $850,000 for the two bedroom art deco apartment in 2012, with his social worker wife Sarah.</p>
<p>He once said the first thing he does when he lands back in Perth was go to Grant Street beach in North Cottesloe.</p>
<p>He jested he “christened” both his UK-born kids at that beach.</p>
<p>The comedian and composer is best known for his award-winning musical adaptation of Matilda. </p>
<p>It was an adaption of the Dennis Kelly's take on the Roald Dahl classic.</p>
<p>This article was first published in the Saturday Daily Telegraph. </p>
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Tim Minchin lists Coogee purchase for rent

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<p>The rental property market Perth’s north east sub-region recorded a 4.7 percent increase in leasing activity in the June 2016 quarter and the south west sub-region an increase of 0.2 percent.<br><br>Overall Perth leases for houses and units fell 5.2 percent in the June quarter. The overall median rent for houses and units combined fell $15 to $380 per week.</p>
<p>REIWA President Hayden Groves said while the central sub-region had the biggest decline in activity in the three months to June, dropping off 8.5 percent.</p>
<p><a href="/images/2016/08/18/Screen%20Shot%202016-08-18%20at%2012.45.41%20PM.png" target="_blank">Click to enlarge</a></p>
<p><img src="/images/2016/08/18/Screen%20Shot%202016-08-18%20at%2012.45.41%20PM.png" alt=""></p>
<p>“There was a notable lift in activity in the north east sub-region, and we also saw signs of strength in the south west sub-region with activity lifting 0.2 percent,” he said.</p>
<p>"As with leasing activity, the North East and South East sub region’s median rent price held steady over the quarter with no change.</p>
<p>"Despite the rental market becoming more affordable overall for Perth tenants, there were still some suburbs throughout the metropolitan area that were benefiting investors.</p>
<p><a href="/images/2016/08/18/Screen%20Shot%202016-08-18%20at%2012.46.52%20PM.png" target="_blank">Click to enlarge</a></p>
<p><img src="/images/2016/08/18/Screen%20Shot%202016-08-18%20at%2012.46.52%20PM.png" alt=""></p>
<p>“For example, 30 percent of the 124 suburbs in the Central sub-region experienced either an increase in their median rent prices or had stable rents.</p>
<p>“Average leasing days for the three months to June sits at 50 days, which isn’t surprising given that the volume of rental properties available for lease on the market pushed past 11,000 in the three months to June,” Mr Groves said. </p>
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