Property developer One Living, backed by former Macquarie banker turned investment manager Chris Green’s investment firm, has unveiled plans to bring more institutional capital into housing to help address the national supply crisis.

The New York-based investor has focused his firm, GreenPoint Partners, on addressing the supply shortage hitting middle market housing in Australia.

It is backing the new One Living business to develop more than 1000 units along the eastern seaboard. The new firm is starting with a development on Mona Vale Road, on the border of Mona Vale and Pymble, in Sydney’s Northern Beaches, with around 140 apartments planned. They are eyeing off more sites across the city.

With cost pressures rising in the industry, One Living’s model is to be a vertically integrated developer-builder, so it can respond directly to the housing gap by removing the cost inefficiencies embedded in traditional residential delivery.

“We are building a platform designed to operate at scale and starting in a market where there’s a clear need for quality, attainable housing,” One Living joint managing director Joseph Scuderi said.

“It’s that missing middle – it’s that attainable end of housing… that’s what most Australians invest into and what Australians can actually afford.”

<img alt="Mona Vale" data-entity-type="file" data-entity-uuid="798dfa93-4941-4db6-a696-31e9dc18e81c" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%202.31.50%E2%80%AFPM.png?VersionId=mKBqi5C_DmeiXS.AtJkcR8LQIxqCqmFi" />

GreenPoint Partners brings years of experience assembling and scaling real estate operating businesses across major markets. And Green sees a big opportunity in Australia.

“For its size, sophistication and importance to the community, Australia’s living sector has remained largely under-institutionalised, which represents significant opportunity,” Green said. “GreenPoint identified that gap, assembled the right team, and is backing One Living to build a platform that is aligned to market needs.”

Green said being a builder-developer would give the company the capacity and flexibility it required to deliver reasonably-priced homes.

“We want it to be at that attainable level; not super high end luxury but at that attainable level,” he said.

<img alt="Mona Vale" data-entity-type="file" data-entity-uuid="74a5344a-4b26-4d4a-ada3-056b1220be77" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%202.32.15%E2%80%AFPM.png?VersionId=vY8hXHO4reBMdO8ZXMWCNtGZJofUPQ3j" />

&nbsp;

One Living will undertake a component of affordable housing in its schemes, which it will own and operate, and it could also run build-to-rent on some sites.

Green praised local policy settings.

“The NSW government is being very supportive, strategic and pragmatic in terms of how do we generate more supply of housing,” he said. “We think it’s actually positive for development and the bit that’s been lacking at that attainable level is that it’s lots of relatively small private developers, whereas we want to create an institutional platform.”

One Living is also&nbsp;looking at high-density projects and could take on more institutional funding in the future.

“The way we will be able to achieve economies of scale is through size,” Green added.

Joel Robinson

One Living enters Sydney's new apartment market with Northern Beaches site acquisition

It's been several years since there's been an opportunity to buy a brand new townhome in Melbourne's coastal suburb of Mordialloc. Even apartment developments in recent times have been few and far between in the area.

Local developer LDS Property identified the gap in new housing, securing a site on White Street, directly opposite&nbsp;Woodlands Golf Club Mordialloc. They've recently launched&nbsp;<a href="https://www.apartments.com.au/new-townhouses/wm-residences-mordialloc-102-white-street-mordialloc-vic-3195">WM Residences</a>, just 13 townhouses which they have already started building.

Projects by Buxton Director Heath Thompson, who is selling WM Residences, says the townhouses x that perfect middle ground be

"Mordialloc residents have had limited options to downsize within the suburb, often forcing them to look elsewhere despite long-standing ties to the area," Thompson says.

"With very little comparable new supply coming to market, projects like WM Residences are well placed, particularly as buyers look to capitalise on current conditions amid constrained supply."

[smartcode_project:default project_id=134646 project_image_fid=6109]

The development, designed by regarded architecture firm&nbsp;<a href="https://www.apartments.com.au/architects/ewert-leaf">Ewert Leaf</a>,&nbsp;adopts a deliberately restrained architectural approach, focusing on simplicity, durability and liveability rather than overt design gestures.

The boutique scale is central to the offering. With only 13 three-bedroom residences, each home is configured to prioritise functional layouts and everyday use, supported by private terraces and secure two-car garages.

Ewert Leaf’s design response leans into a calm, neutral material palette. Interiors are defined by oak flooring, white walls and soft finishes, creating a consistent and understated backdrop. The approach avoids trend-driven detailing in favour of longevity, with an emphasis on natural light and spatial clarity.

[smartcode_project:default project_id=134646 project_image_fid=6110]

Beyond aesthetics, the homes are designed to meet contemporary performance expectations. Each residence targets a minimum 6-star energy rating, incorporating double glazing, comprehensive insulation and all-electric Bosch appliances.

The project’s location supports a walkable coastal lifestyle, sitting within close proximity to Mordialloc’s foreshore, Main Street retail strip and the train station. Local cafés and dining venues, including Suburbia Deli and Hendriks Café, are within a short walk, reinforcing the area’s established neighbourhood character.

[smartcode_project:default project_id=134646 project_image_fid=6116]

While <a href="https://www.apartments.com.au/developments/mordialloc-vic-3195">Mordialloc</a> is often defined by its beach and pier, the project taps into other areas of day to day living, offering easy access to local food, casual dining and transport, rather than positioning itself purely as a lifestyle retreat.

WM Residences reflects a continued trend across Melbourne’s coastal suburbs towards smaller-scale, design-led townhouse developments, particularly on infill sites where proximity to amenity is already established.

With construction commenced prior to its market entry, the project aligns with a growing preference among buyers for developments with visible progress and defined delivery timeframes.

[smartcode_project_cta:default project_id=134646]

WM Residences fills gap in Mordialloc townhouse market

&nbsp;

Developer GURNER™ Group has revealed $1.65 billion in residential sales nationally across the 12 months to December 2025, driven largely by the continued momentum of its Docklands wellness-focused precinct, Elysium Fields.

The sales result was generated across seven projects in Victoria and New South Wales, headlined by Elysium Fields, GURNER™’s $2.75 billion mixed-use precinct planned for Harbour Esplanade in Docklands.

The project has recorded more than $500 million in sales across the first three towers, equating to around 580 apartments sold.

The first tower, Helios, has now sold out of its 240 private residences, with GURNER™ preparing to release a premium penthouse collection comprising 15 three-bedroom penthouses in coming weeks.

[smartcode_project:default project_id=144441 project_image_fid=370975]

Elysium Fields is being developed on the long-held 20,000 sqm Docklands site at 208-226 Harbour Esplanade, which had remained undeveloped for more than two decades prior to GURNER™ taking over the project around four years ago.

Construction has now commenced across four towers ranging between 18 and 30 storeys, with Hamilton Marino and Maxcon appointed as builders.

Once complete, the precinct is expected to comprise around 1,100 residences, alongside retail, hospitality and public realm uses integrated throughout the site.

[smartcode_project:default project_id=144441 project_image_fid=370981]

Designed by Fraser &amp; Partners in collaboration with GURNER™ Design House, the project has been positioned around the developer’s broader focus on wellness-led residential living.

“We don’t sell apartments. We create a true luxury lifestyle that simply doesn’t exist elsewhere in the market today,” Founder and Executive Chairman Tim Gurner said.

“To deliver that requires an extraordinary level of detail, coordination and discipline across multiple verticals, from design and hospitality through to wellness and service.”

“We’ve always believed that living extends far beyond the physical residence. It’s about how you feel the moment you arrive, how you live day-to-day, and the ecosystem that supports that.” 
[smartcode_project:default project_id=144441 project_image_fid=370977]

The project’s design places a heavy focus on landscaping, wellness amenities and biophilic design principles.

Plans include around 3,700 sqm of landscaped gardens and open space throughout the precinct, alongside a retail and dining offering spanning approximately 5,000 sqm.

The broader public realm strategy centres around what GURNER™ describes as the “Path of Life”, an urban forest and landscaped pedestrian environment intended to connect the various buildings and wellness spaces across the precinct.

The apartments themselves will incorporate a range of wellness-focused inclusions, including purified air and water systems, circadian lighting, antimicrobial surfaces, and optional in-home wellness upgrades.

[smartcode_project:default project_id=144441 project_image_fid=370980]

Gurner said the company’s experience through its Saint Haven wellness clubs had directly informed the residential offering now being incorporated into Elysium Fields.

“We’re seeing a clear global shift toward longevity, performance and proactive health,” Gurner said.

“Our role is to deliver that in a way that feels seamless, highly private and beautifully resolved within the environments we create.”

A large component of the wellness offering is planned through the resident amenity and health facilities proposed within the precinct.

That includes plans for bathing and recovery facilities spread throughout the towers, incorporating mineral pools, saunas, steam rooms, flotation therapy, red light therapy and wellness lounges.

The developer is also seeking approvals for what it describes as a “reverse ageing medical clinic” within the precinct.

[smartcode_project:default project_id=144441 project_image_fid=370978]

According to project information released by the group, the proposed facility would include cryotherapy, IV infusion therapy, infrared and dry saunas, PEMF beds, MRIs, DEXA scans, brain scans and blood analysis services.

Within the first tower, Helios, residents will also have access to a dedicated amenity offering known as the Sky Private Club.

The upper 15 levels of the building will include private lounges, dining spaces, rooftop amenities and optional private wellness studios integrated within residences.

The Helios tower itself comprises 260 apartments ranging between 60 sqm and 300 sqm, including a collection of penthouses.

That includes a planned two-storey penthouse spanning around 600 sqm with uninterrupted bay views.

The Elysium Fields precinct is being delivered in partnership with Digital Harbour Holdings, a consortium that includes the Liberman family, which controls the development rights across the Docklands site.

[smartcode_project:default project_id=144441 project_image_fid=370979]

The sales result comes as GURNER™ continues expanding its national development pipeline beyond Victoria.

“We have a strong pipeline across Australia and are now focused on scaling into key markets including New South Wales and Queensland, while continuing to build on our Melbourne base,” Gurner said.

“We currently have more than $3 billion in the market, growing to over $5 billion by October, and expect to materially outperform last year in the 2026 calendar year.”

The result also reflects the continued strength of the upper-end apartment market in Melbourne, particularly for owner-occupier-focused product with large-scale amenity and lifestyle offerings.

[smartcode_project_cta:default project_id=144441]

Record result anchored by the Group’s “utopian” Elysium Fields precinct – defying market headwinds in Docklands.

Elysium Fields drive Gurner to $1.65 billion in apartment sales over 2025

National Australia Bank (NAB) will fund <a href="https://www.apartments.com.au/new-apartments/palmera-residences-gold-coast-18-garfield-terrace-surfers-paradise-qld-4217">Palmera</a>, a $1 billion, 52-level luxury residential tower being developed by Central Equity in one of the Gold Coast’s most tightly held coastal locations at Northcliffe.

The project, launched recently by <a href="https://www.apartments.com.au/developers/central-equity">Central Equity</a>, one of Victoria’s largest private residential developers, comes at a time when construction funding for large residential developments has become increasingly competitive as lenders tighten exposure to the sector.

Multiplex has been appointed the builder, and construction is now underway.

[smartcode_project:default project_id=108274 project_image_fid=365784]

Since its first project, Central Equity has delivered more than 85 residential developments with a combined end value exceeding $8 billion.

Palmera reflects Central Equity’s growing focus on the Gold Coast luxury apartment market and continues a relationship between Central Equity and NAB that dates back to the late 1980s, when the bank funded one of Melbourne’s earliest inner-city residential towers at a time when high-rise apartment living in the CBD was largely unproven.

“NAB’s funding of Central Equity’s $36 million CBD development in the late 1980’s to the financing of the billion-dollar tower today highlights the long-term relationship between the two organisations in delivering major residential projects” said Central Equity Founder and Chairman Eddie Kutner.

He said NAB’s early support was instrumental in helping establish the company’s development model.

“When we commenced our first residential tower in the late 1980s the concept of funding off-the-plan apartments was still largely untested in Australia,” Kutner said.

“NAB recognised the opportunity early and supported the project when others were uncertain. That relationship has now continued for more than 37 years across many developments.”

[smartcode_project:default project_id=108274 project_image_fid=365771]

Central Equity was established in 1987 when Melbourne’s CBD and Southbank precinct were still dominated by warehouses and commercial buildings. Fewer than 100 residents lived in Southbank at the time, and large-scale residential development in the inner city was not widely considered.

Recognising changing demographics and lifestyle preferences, the company began developing high-rise residential projects designed to bring permanent residents into the city centre.

Central Equity has provided accommodation for approximately 40,000 residents across Melbourne’s CBD and Southbank, while also incorporating supporting infrastructure including essential lifestyle facilities like retail spaces, childcare facilities and neighbourhood activity centres.

Central Equity has spent many years assembling the Palmera development site on the corner of Garfield Terrace and Frederick Street in Northcliffe, creating a supersite of around 3,300 sqm.

The developer said the Palmera apartment tower reflects its long-term view of the Gold Coast as a growing and increasingly diversified economy.

[smartcode_project:default project_id=108274 project_image_fid=365768]

Supported by infrastructure including the light rail network, major road upgrades expanded education, hospital and medical facilities and continued expansion at the Gold Coast Airport with more international and domestic flights.

Positioned in the tightly held Northcliffe precinct, the 52-level tower will deliver 347 apartments, targeting buyers seeking a high-end coastal lifestyle, from downsizers to interstate investors.

Designed by Marchese Partners with interiors by DBI, Palmera has been conceived as a next-generation residential offering, featuring a collection of oversized apartments, with premium three-bedroom residences offering sweeping northern views stretching from Surfers Paradise through to Burleigh Heads.

[smartcode_project_cta:default project_id=108274]

NAB funds $1 billion Surfers Paradise apartment development, Palmera

Two years after completing one of the newest developments in North Sydney, developer <a href="https://www.apartments.com.au/developers/aqualand-australia">Aqualand</a> is turning its attention to the rapidly evolving St Leonards apartment market.

The developer, which completed AURA by Aqualand on North Sydney's Walker Street, has lodged plans for a 5,918 sqm site at <a href="https://www.apartments.com.au/new-apartments/33-37-herbert-street-st-leonards-nsw-2065">33-37 Herbert Street, St Leonards,</a> seeking approval for a pair of residential towers rising above a shared podium opposite Royal North Shore Hospital.

The proposal forms part of the broader transformation underway across the St Leonards-Crows Nest precinct, where former industrial and commercial sites are increasingly being redeveloped into high-density mixed-use projects tied to major transport infrastructure.

<img alt="Aqualand" data-entity-type="file" data-entity-uuid="2cc428cf-fe70-4cac-9cd5-264ad53af62c" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%209.51.56%E2%80%AFAM.png?VersionId=otKSnHtbjAvAddOnovyXQMgcAwE6DMe1" />

According to the planning documents, the site sits “within the St Leonards–Crows Nest Strategic Centre, identified by the NSW Government as a key area for accommodating future jobs and housing across Sydney.”

The proposal has been designed by fjcstudio, formerly FJMT Studio, and is being progressed through the State Significant Development pathway due to its scale and affordable housing provision.

The scheme would comprise 413 apartments, including 46 affordable housing units, alongside retail and commercial uses fronting Herbert Street. The project would also include communal open space, landscaping, a swimming pool, gymnasium, children’s play areas and podium-level resident amenities.

Planning documents show the development would consist of a part-13, part-39 storey tower form positioned above a four-storey podium.

“The development comprises a unified podium that activates the street interface, and two setback towers to accommodate new housing supply while maintaining an appropriate human scale at ground level,” fjcstudio noted in its Design Report.

The northern and southern towers have been shaped to respond to the surrounding skyline while also limiting overshadowing impacts to nearby public open space, particularly Talus Reserve.

The design report said the differing tower heights were intended to “contribute to a varied skyline while responding to the surrounding built form context and solar access considerations.”

<img alt="Aqualand" data-entity-type="file" data-entity-uuid="36da62dc-ff9e-41f2-a7e3-7be38373751c" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%209.51.45%E2%80%AFAM_0.png?VersionId=Mo6Rp2r.XRLTzIfg_PEEpw8NepDH8UBs" />

The site sits directly opposite Royal North Shore Hospital and within walking distance of both St Leonards Station and the new Crows Nest Metro station.

While the site itself sits just outside the formal Crows Nest Transport Oriented Development boundary, the planning documents repeatedly reference its alignment with the broader TOD objectives reshaping the Lower North Shore.

“The site is located adjacent to St Leonards Station and in close proximity to Crows Nest Metro which is within the Crows Nest Transit Orientated Development Accelerated Precinct which has been identified by the NSW Government to support housing delivery,” the Design Verification Statement noted.

According to fjcstudio, the project has been designed to respond to the broader transition occurring across St Leonards, where increasing residential density is being concentrated around transport infrastructure and employment hubs.

“The broader precinct is undergoing significant change, with a mix of existing mid-rise buildings and newer high-density developments,” the report stated.

“Recent and approved projects indicate a consistent shift toward taller built form, typically organised as tower-and-podium typologies with more active ground levels.”

The proposal includes close to 6,000 sqm of retail and commercial space across the ground floor and podium levels, designed to create a more activated street edge along Herbert Street.

Aqualand’s plans would also introduce a landscaped podium shared between the two towers, with communal open space in the form of a podium rooftop designed to support resident interaction and improve urban greening outcomes. The scheme would also introduce pocket parks at the northern and southern ends of the site, including a landscaped area at the corner of Herbert and Ella streets designed to improve pedestrian amenity and soften the streetscape.

&nbsp;

The proposal is being progressed through the NSW Government’s Housing Delivery Authority pathway, which was introduced to accelerate housing supply across the state. The application was declared State Significant Development in April 2025 following an expression of interest process.

<img alt="Aqualand" data-entity-type="file" data-entity-uuid="faf6d97d-2671-454f-b85a-fe1c6a7be608" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%209.51.49%E2%80%AFAM.png?VersionId=diVd28OBVr5.YV.7prrOz.uAanwwwm7a" />

St Leonards has been particularly active with new developments in recent weeks. Developer SP Setia’s <a href="https://www.apartments.com.au/news/nsw/first-look-sp-setia-targets-st-leonards-skyline-with-40-storey-tod-tower">plans for a new 42-storey tower</a> recently went on exhibition through the same pathway, while <a href="https://www.apartments.com.au/news/nsw/first-look-stockland-plans-52-storey-538-apartment-st-leonards-tower">Stockland’s 52-storey tower proposal</a> was also recently unveiled.

Aside from the St Leonards project, which is expected to take around nine months to move through the approvals process ahead of a potential 2027 launch, Aqualand is also preparing to launch Boronia, a new apartment project in Roseville comprising around 111 apartments on Larkin Street.

The developer also has approvals in place for the next stage of the Barangaroo precinct, which will feature new residential, retail, hospitality and community uses, alongside a new metro entry across the five-hectare site.

More than 50 new retail destinations are planned for Central Barangaroo, alongside a 270-metre-long boulevard connecting Hickson Park to Nawi Cove. Together with Harbour Park, more than 50 per cent of the precinct will comprise public open space and parkland.

First look: Aqualand joins St Leonards apartment party

Sydney

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The list of the most exclusive suburbs in each state reiterates just how much more expensive real estate is in Sydney relative to the rest of the country.
Sydney is by far and away the nation’s most expensive housing market. To put this into some perspective we have looked at the top decile of selling prices over the three months to January 2016. A decile simply divides a group into ten equal parts. What this means is if there were 20 sales over the three months and we lined the sales up from lowest to highest we would take the 18th price as a representation of the most expensive segment of the market.
Over the three months to January 2016, the 90th percentile price of a house in the city was $1.5 million and the 90th percentile unit price was $980,000.  Over the same period, the two capital cities with the next highest 90th percentile house price was Melbourne at a still high but much lower $1,050,000.  This highlights just how much more expensive housing is in Sydney and to a lesser degree Melbourne is relative to other capital cities.  As an example the next highest 90th percentile price is Perth at $870,000.
<div>
<h3>90th percentile price of houses and units 3 months to January 2016</h3>
<a href="/images/2016/04/15/2016-03-21--img1.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2016/04/15/2016-03-21--img1.jpg" alt="">
There is also a large difference between the cost of premium housing in capital cities and non-capital cities.  The 90th percentile house price across the combined capital cities is $1,010,000 compared to $675,000 in combined regional markets.  Similarly, 90th percentile unit prices are $830,000 in the combined capital cities compared to $600,000 outside of the capitals.  This data points to the fact that non-capital city areas are the great un-tapped resource for more affordable housing.  Of course employment opportunities in these areas are the main factor holding back the regional areas of the country.
The table below highlights the five most expensive suburbs for both houses and units in each state.  The data is based on median values and we have only included suburbs that had at least 10 sales over the 12 months to January 2016. 
<h3>Suburbs with most expensive median values, January 2016</h3>
<a href="/images/2016/04/15/2016-03-21--img2.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2016/04/15/2016-03-21--img2.jpg" alt="">
The Sydney premium becomes very evident when we look at the most expensive suburbs in each state based on median values.  The data shows the 5 most expensive suburbs for houses in NSW (all of which are in Sydney) all have a median value of more than $4 million.  In comparison, the most expensive suburbs for houses in Vic and WA are more than $3 million, in SA it is more than $2 million, in Qld, NT and ACT it is more than $1 million and in Tas it is less than $850,000.
Similarly for units, all of the 5 most expensive suburbs in NSW (Sydney) have a median values of more than $1 million.  Tennyson in Brisbane is the only other suburb outside of Sydney with a median unit value of more than $1 million.
There is a large premium for housing in our largest city.  Of course the city also has an abundance of waterfront homes which contributes to the higher overall cost of housing.  While employment opportunities remain significant in Sydney and employers limit the opportunities for workers to work remotely we would expect that a substantial Sydney premium will remain.  Elsewhere housing is generally much more affordable but of course not everyone has a choice when it comes to potentially leaving Sydney and heading to another area of the country where housing is cheaper.
Cameron Kusher is research analyst for CoreLogic RP Data. You can contact him <a href="https://blog.corelogic.com.au/about/">here</a>.
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Sydney’s premium suburbs are much more expensive than anywhere else: Cameron Kusher

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There were a total of 249,133 residential properties available for sale across Australia as at the week ending 29 November 2015, with 110,884 capital city properties available for sale, indicating that total stock levels are -1.7% lower than last year across the combined capital cities and -2.8% lower nationally. 
Over the most recent four week period, the majority of listings newly added to the market were within the capital cities, with 30,539 new advertisements, compared to 18,104 in regional towns, which means 63% of new listings were in capital cities, while across the total stock pool, capital city listings account for just 45% of available properties
<a href="/images/2015/12/7/201511-Listings-table.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2015/12/7/201511-Listings-table.jpg" alt="" width="696" height="155">
 
<ul>
<li>
Melbourne – 9,477, which is 2.5 per cent higher compared to the same period last year (9,246)</li>
<li>
Adelaide – 2,537, which is 1.5 per cent higher compared to the same period last year (2,500)</li>
<li>
Canberra – 756, which is 16 per cent higher compared to the same period last year (652)</li>
</ul>
While in terms of total stock, levels are higher, relative to last year, in Sydney, Perth and Darwin. While Perth and Darwin’s total stock levels have continuously been recorded at a higher volume compared to the relative period one week ago for the entirety of 2015, this has only been the case since mid-September in Sydney.
At one point this month, the total available stock in Sydney was the greatest it has been since late 2011, and based on the four weeks ending 29 November, there were a total of 24,579 residential Sydney properties available for sale, the highest volume of listings since late 2013, giving buyers plenty of choice across the Sydney market.
To put this further into perspective, three months ago, at the end of August, there were just over 19,000 Sydney properties listed for sale. Stock levels have been increasing due to two things, firstly the increase in new listings being added to the market each week, which has been trending upwards since May this year, likely attributed to the increase in home values across the city and associated vendor confidence, while since March sales volumes across the city have generally been slowing.
<a href="/images/2015/12/7/201511-Capital-City.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2015/12/7/201511-Capital-City.jpg" alt="" width="778" height="294">
Nationally, total listings are -2.8 per cent lower than they were one year ago. Across South Australia, the number of total listings is virtually the same as one year ago, while in the Australian Capital Territory, total listings are just -1.9 per cent lower. Across all the other states and territories, the difference between total stock this year relative to last year is more prominent, with Northern Territory (+9.7 per cent) and Tasmania (-7.0 per cent) showing vast differences.
<a href="/images/2015/12/7/201511-National.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2015/12/7/201511-National.jpg" alt="" width="650" height="246">
 
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smiller-vwPjRHTkST

High volume of Sydney stock available for sale: CoreLogic RP Data's Shana Miller

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GUEST OBSERVER
It had to happen sooner or later when we start to see real estate sales reach levels never witnessed before, which is exactly what is happening now on Sydney’s lower north shore where sale prices are running amok.
The saying that real estate is not an exacting science is so true when one looks closely at real estate prices where the heat is now a blow torch and property valuers are having a lot of difficulty justifying selling prices to the lenders. For example; on a recent sale we made the valuer appointed by the lender submitted his valuation 10 per cent below the purchase price.
These are markets we have never seen where in the past Sydney would boom as one. This time what we have seen are scattered booms, with the other areas reporting solid results with nothing out of the ordinary.
One million dollar markets have jumped to two million dollar markets; two million dollar markets are now three and three million dollar markets are now four million dollars and so on. I must admit the progression from slow and steady to fast and furious has caught many by surprise although for purchasers we are now in the final selling stages for 2016.
To the untrained eye, it seemed like just another property market run. To the trained however, it resembles a “Houston, we have a problem.” For example, clearance rates on the lower north shore are now well into the 90 per cent zone which is the highest recorded in years.
It will be interesting to watch how the Reserve Bank of Australia (RBA) responds following their last commentary on Melbourne Cup Day. “In the established housing market, conditions had eased relative to a year earlier, although there had been some signs that conditions had strengthened a little more recently. Housing price growth in Sydney and Melbourne had increased in recent months and auction clearance rates in these two cities had risen.
In contrast, turnover and housing credit growth had been noticeably lower than a year earlier and the value of housing loan approvals had been little changed in recent months. Conditions in the rental market had continued to soften, particularly in Perth, where population growth had been easing and the rental vacancy rate had risen.’’
When you look at the respective market data we are witnessing some amazing data shifts. In Mosman, CoreLogic report that the average hold period is now out to 10.5 years where 3 years ago this sat at 7.5 years, so next year we can expect to see this blow out further to 12.5 years. The percentage of stock is another fascinating statistic where over the past year the percentage of stock offered is down to an all-time low for houses at 5.5 percent where ten years ago it sat at 10.00 per cent.
For apartments in Mosman the average hold is getting longer and now sits at 9.8 years and the percentage of stock on the market sits at a record low of 3.4 percent. These are the property accelerants that are driving prices up as stock levels are at record lows across Sydney. Whilst it is being reported that Sydney prices have climbed another 12.1 percent over the last year some areas would be double that plus some more.
Last week, Sydney boasted a clearance rate of 84.2 percent, although CoreLogic reported the number of properties currently listed for sale in Sydney was 10.1 percent down from the same period last year.
Now this is where it gets confusing when you look at household debt which is peaking at record highs and some suggesting that this is to be expected with a record low cash rate. How could this be expected when we have never had a record low cash rate before?
Lending remains strong and currently sits well above inflation and wage growth. Although it must be said that our banks are now in a much stronger position, and they will need to be. During 2016, liquid assets have made up around 20 per cent of the major Australian banks total assets which is up from an average of 15 per cent prior to the Global Financial Crisis (GFC). Although it should be added that since the GFC property values have climbed to new record highs.
So, I am in the school of thought that the major banks will start hiking rates upwards in 2017 to start slowing down the property markets although it should be noted that those who have mortgages have been stress tested at 7.00 percent.
Last year, we observed a fall in interest – only loans which are now on the rise again and that is a very dangerous sign. A recent survey by Digital Finance Analytics (DFA) revealed that four – in – ten interest – only borrowers had absolutely no idea when, or how, they will start to repay the principal and that 90 per cent are hoping to roll indefinitely their interest – only term.
Now this will have just the one ending as the banks will start rolling the clients as they should not have been approved in the first place. The Australian Prudential Regulation Authority (APRA) must take a long and hard look at interest – only loans as they are dangerous with a capital D!
In 2014 on this day there were 115 houses in Mosman on the market, this day last year 74 and today 54. For Mosman apartments they have reduced from 73 in 2014, 61 in 2015 and 42 today.
MOSMAN – 2088
Number of houses on the market this time last year – 74
Number of houses on the market last week – 57
Number of houses on the market this week – 54
Number of apartments on the market this time last year – 71
Number of apartments on the market last week – 49
Number of apartments on the market this week – 42
CREMORNE – 2090
Number of houses on the market this time last year – 15
Number of houses on the market last week – 6
Number of houses on the market this week – 5
Number of apartments on the market this time last year – 18
Number of apartments on the market last week – 24
Number of apartments on the market this week – 21
NEUTRAL BAY – 2089
Number of houses on the market this time last year – 8
Number of houses on the market last week – 7
Number of houses on the market this week – 8
Number of apartments on the market this time last year – 33
Number of apartments on the market last week – 28
Number of apartments on the market this week – 27
 
ROBERT SIMEON is a director of <a href="https://www.rwm.com.au/" target="_blank" title="RWM" rel="nofollow">Richardson Wrench Mosman and Neutral Bay</a> and has been selling residential real estate in Sydney since 1985. 
He has also been writing real estate blog <a href="https://www.rwm.com.au/news/" target="_blank" title="Virtual Realty News" rel="nofollow">Virtual Realty News</a> since 2000.
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Lower North Shore markets are starting to run amok

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Despite periodic warnings from the Reserve Bank about crazy prices, the Sydney market place has just had a year that no-one foresaw in terms of continued strong price growth.
But Brian White, chairman of real estate agency Ray White, says that homeowners’ and buyers’ sensitivity to interest rates remained "acute."
Any talk of rising interest rates dampens buyer enthusiasm across the Sydney property market.
And when rates do actually rise, the doubts set in further as buyers pause putting their hand too deep into their pockets. And often not buying at all.
It was no surprise that the tail end of 2016's auctions has seen a seasonal turn in the pitch as the last minute boost in numbers hits the market.
Clearance rates that were in the 80s, now into the mid-70 as many buyers turned off - perhaps to come back next year.
The recent auction market fatique also had much to do with interest rate headlines.
Ever since the Trump triumph in the United State in early November, its been subject to much speculation.
And the past fortnight has seen the big banks make early adjustments, to fixed rates more so than the more popular variable home loans. 
The Commonwealth Bank, the country’s biggest lender lifted the rate of its popular 3-year fixed rate by 0.20 percentage points to 4.24 percent.
It also lifted its longer-term 5-year fixed rate by 0.60 percentage points to 4.74 percent.
CBA was following Westpac with a RateCity.com.au analysis showing a further 20 lenders had lifted rates 268 fixed products since November 1.  
Peter Arnold, data insights director at RateCity.com.au said fixed rates are based on market expectations of future rates and "are the best indicator that we’ve got that a variable rate hike on the way.".
“Previously, banks were betting on lower rates in the future but we’re seeing those expectations change by the day."
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All the recent talk and then movements will dictate the direction of house price growth in 2017, having already started to dampened the market.
There are two substantive price forecasts out for 2017. 
Housing price growth of between 5 and 6 percent is expected for 2017 for detached houses is tipped by Paul Bloxham, the HSBC chief economist.
He expects Sydney apartment prices to track at a slower pace than detached houses at between 0 and 4 percent.
Bloxham noted what he called a substantial 66 percent ramp-up in housing prices in Sydney since mid-2012.
He added some of the price growth was at a "worrisome pace" of Sydney price growth, particularly in 2014 and 2015.
But following a tightening in prudential settings starting in late 2014, housing price growth had slowd from double-digit growth last year to high single-digit rates this year.
The other forecast came from SQM's Louis Christopher who has more often got it right than wrong.
He suggests the Reserve Bank of Australia will need the Australian Prudential Regulation Authority to reign in home lending once again, or lift interest rates, or do both to avert a dangerous housing bubble.
Christopher suggested a scenario house prices in Sydney could rise between 11 and 16 percent given a combination of factors including loose monetary policy, strong population growth and booming local economies.
The early November forecast assumed a stable interest rate environment, a stable exchange rate and no further home lending restrictions by APRA.
A rate rise by the RBA of 25bps would curtail the rising Sydney market to beween 8 and 13 percent for the year.
The article first appeared in the Saturday Telegraph
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What will happen to Sydney prices in 2017?

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<div>I've spent some time in recent weeks looking at migration and immigration trends.</div>
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<div>The capital cities are accounting for an ever-greater share of population growth, now up to 82 percent, for a huge increase over the past decade from 75 percent.</div>
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<div>And this trend is forecast to continue over the next decade too.</div>
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<div>In particular, Melbourne and Sydney are accounting for a record share of the growth in headcount.</div>
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<div>A valid question is: why?</div>
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<div>There are a number of drivers for the capital city migration, including an apparent desire to live "closer to the action".</div>
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<div>The main reason, though, is jobs, with the capital cities creating most of the employment since the peak of the resources investment boom. </div>
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<div>The chart below looks at the number of unemployed persons per job vacancy by state, with the numbers smoothed on a rolling four quarter average basis. </div>
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<div>In New South Wales the ratio has declined to just 3, with job vacancies advertised having hit a record high in H2 2016. </div>
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<div>Victoria has also responded relatively to interest rate cuts with the ratio declining from 6.6 to a more reasonable 4.2. </div>
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<div>Many of the jobs created have been in or related to construction, of course, which may prove to be a transient dynamic.</div>
<a href="https://www.propertyobserver.com.au/images/2017/04/6/VACANCIES.jpg" target="_blank">Click to enlarge</a>
<div class="separator"><img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/04/6/VACANCIES.jpg" alt=""></div>
 
<div>Tasmania has the highest ratio at 7.8, but the latest figures show that this is about to drop sharply over the next couple of quarters as the outlook improves. </div>
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<div>The problem child is Western Australia, which saw its labour force switch from full employment to an elevated level of slack after the peak of the mining construction boom.</div>
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<div>Lately the ratio in WA appears to have been correcting itself, but this is partly because some of the thousands of Aussies that migrated to WA during the boom years are now returning home (or simply heading to the eastern capitals for gainful employment). </div>
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<div>The labour force challenges are generally more acute in a number of the regional centres than in the capital cities.</div>
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<div>Most immigrants into Australia naturally gravitate towards Sydney and Melbourne.</div>
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<div>Meanwhile within Australia Sydneysiders are now drifting towards south-east Queensland, and residents of Adelaide are lurking across the border into Melbourne. </div>
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PETE WARGENT is the co-founder of <a href="https://allenwargent.com/" target="_blank">AllenWargent</a> property buyers (London, Sydney) and a best-selling author and <a href="https://petewargent.blogspot.com/" target="_blank">blogger</a>.
His latest book is <a href="https://www.bigskypublishing.com.au/Books/General-Interest/Four-Green-Houses--and-a-Red-Hotel/1015/productview.aspx" target="_blank">Four Green Houses and a Red Hotel</a>.
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Employees flocking to eastern capitals: Pete Wargent

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Despite moderate value declines recently, and with a healthy median dwelling value of $904,041 as at November 2017, Sydney is remains the nation’s most expensive capital city housing market and has kept up this pace consistently, excluding a short period during 2006 and 2007 when Perth surpassed the city. 
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A valuable exercise is to look at how over time, Sydney’s premium relative to the other capital city markets has cycled.
(Note: The accompanying charts show the Sydney premium over time with the red line highlighting the average premium over the length of the period shown on each chart). 
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Overview – capital cities performance compared to Sydney: 
• Melbourne – dwelling values currently sit at $718,325 indicating that Sydney values are 25.9% higher. The Sydney premium is currently the lowest it has been since April 2014. Over the long- term Sydney’s average premium has been 39.2%. 
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• Brisbane – with a median dwelling value of $490,915, Sydney dwellings are currently 84.2% more expensive than Brisbane’s. The long-term average premium is 54.1% and the premium has consistently been higher than this average since September 2014 
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• Adelaide – Sydney dwelling values have, on average, been 180.3% higher than Adelaide’s. Adelaide’s current median dwelling value of $432,126 sees the Sydney premium at 109.2%. Sydney has had an above average premium to Adelaide consistently since November 2014. 
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• Perth – the current median dwelling values for the city is recorded at $463,026 which indicates that Sydney’s current median is 95.2% higher compared to a long-term average difference of 60.8%. The premium for Sydney housing has been above the long-term average since August 2015. 
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• Hobart – with a median dwelling value of $398,093, Sydney’s median value is currently 127.1% higher. The long-term average Sydney premium is 105.0% indicating that the gap has been wider than average since December 2013. 
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• Darwin – Sydney dwellings are currently 108.9% more expensive than Darwin’s median dwelling value which sits at $432,774. Over the long-term the average premium for Sydney dwellings has been recorded at 54.9% with the premium consistently above the long- term average since June 2015. 
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• Canberra – the median dwelling value currently sits at $588,788 which means that Sydney has a value premium of 53.5%. The long-term average premium for Sydney is 33.2% with the premium having been above average consistently since April 2014.
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Just because the Sydney premium is currently above the long-term average for most cities, this doesn’t necessarily mean that we will see a reversion to those long term averages.
We acknowledge that dwelling values are beginning to fall in Sydney after a substantial increase over recent years. Assuming these falls continue, the premium relative to the other capital cities is likely to decline.”
Across most capital cities the current Sydney dwelling value premium is similarly large to what it was late in 2002 after a significant period of growth for the city. Following that growth phase, Sydney values peaked in December 2002 and then fell by 8.2% and didn’t eclipse the previous peak until October 2007. Mr Kusher said, “It is reasonable that we could see similar falls over the coming year(s) which would in-turn narrow the gap between the value of housing in other capital cities relative to Sydney.”
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Cameron Kusher is head of research for CoreLogic. You can contact him <a href="https://blog.corelogic.com.au/about/">here</a>. 
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Sydney has consistently kept mantle as nation's most expensive capital city

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Historically Sydney embraced apartment living relatively early, in many inner suburbs there are examples of apartment buildings dating back to the 1930’s. Sydney’s appetite for apartment living has increased steadily ever since and this has resulted in a diverse stock of medium and high-density apartments to a greater extent than Melbourne.
Sydney has also alone successfully grown an urban landscape to become a ‘city of cities’ while the City of Sydney has long promoted the idea of a ‘city of villages’.
The evolution in high-density living and the continued growth of our varied urban centres has combined to help produced a rich and increasingly diverse apartment market. With each area offering interesting, diverse and appealing communities and neighbourhoods, as a result new apartment projects have also evolved in design and size to fit these different ‘cities’ and ‘villages’.
It’s a pattern of development that in Australia is unique to Sydney, much more so than Melbourne and with apartment living only going to increase, this extent of diversity appeals to many developers and buyers. It enables varied cultural outcomes to evolve and so makes each area more engaging and exciting.
One result is that we see architectural variety clearly responding to the different geographic and cultural markets that have developed. This also adds character to the city and creates different neighbourhoods that appeal to buyers.
City of Cities
Unlike Sydney, no other Australian city has developed the number of major high-density satellite centres such as Parramatta, Auburn, Bankstown, Bondi Junction, North Sydney and Chatswood.
This pattern of development is not surprising given the growing proportion of people living in high density housing. In 2001 one in seven (15.7%) of Sydney dwellings were classified as high density, by 2011 that had increased to 20.7%, today the figure is close to 30% and growing.
The highest proportions are located in the City of Sydney (70.2%) with the CBD (94.3%), and then followed by North Sydney (60.8%), Waverley (49%) and Woollahra (46.4%).
The appeal of these ‘satellite centres’ locations is somewhat surprising, as Parramatta, Bankstown and Auburn are all located some 20kms from the CBD, while Chatswood and Bondi Junction are within 10kms, which is often seen as the limits of the definition of inner-city.
However Parramatta is a great example so much so that recently a $2 billion proposal to rejuvenate its commercial hub was announced. And like Chatswood a strong high density residential market will be a key part of future plans.
City of Villages
In the 1950’s the idea of a CBD, as a district devoted to business did result in some areas becoming somewhat isolated from the wider community, and this historically residential development. Now that thinking has been reversed. Today the City of Sydney (along with most other cities) is one of the most dynamic high-density residential markets.
Taking on the idea of a series of villages, in part reflects international trends, but it’s a very positive way to help encourage and sustain residential areas and individual developments with wide appeal.
The City of Sydney has identified 10 villages, and these include the CBD and Harbour, Chinatown/CBD South, Green Square/City South, King &amp; Harris Streets, Oxford Street and Redfern Street.
With the village plan actively promoted, when we think of marketing and development goals we can see from various consultations how residents would like to see the area’s villages evolve.
What is interesting and perhaps not that surprising is that many of the key points residents look to encourage would be an exact check list for any successful development to address, including;
<ul>
<li>developing a sense of community</li>
<li>improving public transport (plus encouraging bike riding and walking)</li>
<li>supporting local services and businesses</li>
<li>solving parking problems</li>
<li>‘greening’ streets and neighbourhoods</li>
<li>promoting safe and clean public places.</li>
</ul>
For residents the idea of a City of Villages is appealing, however to meet the needs of a modern economy the long-term planning for any city needs to accommodate commercial growth and all of the associated services. Today we also see that a mix of development, including a range of residential projects clearly helps to enhance and create a more vibrant city.
As Sydney continues to grow as a ‘City of Cities’ we will continue to see further urban consolidation, much of which is based around transport connections. People and planners are attracted to existing suburbs and so the idea of a ‘City of Villages’ also makes sense, the idea allows for sensitive development while retaining local character.
Sydney’s supply of land, in particular land with reasonable access to services and employment is very limited and so both these trends are set to continue, and I think make a positive contribution to our urban environment.
Peter Chittenden is managing director for residential of Colliers International. He can be contacted <a href="https://www.projectagenda.com.au/" target="_blank">here</a>.
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City of cities, city of villages: Peter Chittenden

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What a hoo-ha we experienced this week with Treasurer Hockey's comments when he dismissed suggestions that property in Sydney was unaffordable when he went on to say "If you've got a good job and it pays good money and you have security in relation to that job, then you can go to the bank and you can borrow money and that's readily affordable."
and "...if housing were unaffordable in Sydney, no one would be buying it," he said.
You know, it got me thinking back to 2003/4 when something similar was going on.  We copped the same media frenzy about the overheated Sydney market and that the boom would crash soon etc.
Then like now, when property becomes too expensive, usually in the cities, investors start to look for more affordable areas.
I was in the market investing in the early 2000's and that is exactly what I did. After settling four negatively geared Sydney properties, I realised there was no point to continue to buy such expensive property after all the capital growth had been realised as the market was peaking and back then the rental market was not as strong as it is now. I needed to find more cash flow positive property. Property that I could add value to and big blocks we could build multiple dwellings on so I could keep buying more. 
That’s when I discovered the Lower Hunter Region of NSW.
There are some people that think regional areas do not experience good capital growth. I track the quarterly median price in three of the regional cities Property Bloom develops in and my graph looks very healthy. There are no extreme spikes but healthy long term growth. Rental yields are around 7% gross on most of our completed developments and with cash so cheap right now, this is sure to present a good return in anyone's book. Also, the depreciation benefits on new property is a nice bonus.
Property Bloom has found a prime location that is currently experiencing good growth and high demand for the housing we are building for our clients. So forget about what some of our politicians are saying and get stuck into some solid research on regional cities and I bet you'll be pleasantly surprised.
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 Jo Chivers is Chief Executive Officer of property development project managers <a href="https://www.propertybloom.com.au/about" target="_blank">Property Bloom</a>.
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Copping the media frenzy: Jo Chivers

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We have valuation firm Herron Todd White to thank for this quite startling revelation earlier in the week: “Signs of slowing have emerged in Sydney property markets.”
Were it not for the ground-breaking analysis and cutting-edge research of HTW, no one would have noticed that the Sydney market has been fading. 
The marked decrease in sales volumes since the start of the year would have passed us by.
The stark decline in auction clearance rates over several months would have gone unnoticed.
The significance of the steady increase in stock on the market would have been lost of all but the most brilliant among us. 
And the wind-down in the pace of price growth would have been quite meaningless.
Fortunately, HTW to the rescue, publishing a report that contains zingers like: “There are signs that the market may be cooling.”
Good grief. What were they thinking? Were they competing for first prize in a competition for under-statement of the year? Or was it the time-honoured tradition among the valuation profession of being unwilling to say anything meaningful for fear of being relevant? 
There are signs that the market may be cooling? Is there seriously some doubt that the Sydney market is in wind-down? 
This is sadly symptomatic of the absence of expert analysis in the residential property industry.
We had another example in a speech last week by Reserve Bank assistant governor Malcolm Edey, in which he made the most common mistake in real estate “analysis”. This is the theory that says that if Event A coincided with Event B, therefore Event A must have caused Event B.
It’s irrelevant that there are five or six other events that also were aligned with Event B - Event A has had the most publicity, so Event A gets the prize.
So APRA made some announcements and then signs emerged, a la HTW’s rip-snorting expose, of a cooling in the market, therefore APRA must have caused the de-heating. 
Obviously.
This overlooks the reality that the Sydney market peaked and started its gradual wind-down long before APRA had its self-indulgent brain-explosion.
The Sydney market peaked in the December Quarter last year. Sales activity dropped in the March Quarter, dropped again in the June Quarter and continued its steady dissipation in the September Quarter.
Little by little, that has been reflected in other data. 
Clearance rates are now below 60% for the first time in three years, following a pattern of decline stretching back months.
The latest quarterly price data, always a long way behind the real game, indicates Sydney growth has fallen back to levels on a par with Adelaide and Brisbane.
 But Edey, as a boffin who gets no closer to the coal face than his computer screen, sees only “tentative evidence that sentiment may now be turning”.
 I fully agree with the growing list of pundits calling the end to Sydney’s boom. I’ve been writing about it for the past 5-6 months.
Terry Ryder is the founder of <a href="https://www.hotspotting.com.au/" target="_blank">hotspotting.com.au</a>. You can <a href="https://mailto:ryder@hotspotting.com.au" target="_blank">email him</a> or follow him on <a href="https://twitter.com/hotspotting" target="_blank">Twitter.</a>
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Sydney market wound down before APRA's brain-explosion: Terry Ryder

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The increase in the value of Sydney homes over recent years has been significant and Sydney home owners now have a substantial amount of equity, it will be interesting to see what they do with it.
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The latest CoreLogic RP Data Home Value Index results were released earlier this week.  Apart from an update how house and unit values have shifted in November, the release includes the latest update on median selling prices for houses and units across the capital cities.  From this data it is becoming increasingly evident that housing costs in Sydney have well and truly separated from the rest of the country.
The CoreLogic RP Data Home Value Index results highlight just how much stronger value growth has been in Sydney, and to a lesser degree Melbourne, relative to all other capital cities.  The first chart highlights that since the current growth phase commenced in June 2012, value growth has been significantly greater in Sydney than in most other cities.  This has occurred despite the fact that Sydney was already the most expensive capital city.
<a href="/images/2015/12/7/Screen%20Shot%202015-12-07%20at%202.16.35%20PM.png" target="_blank">Click to enlarge</a>
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The second chart compares median house and unit prices across each of the capital cities.  This data is based on median prices over the three months to November 2015. Sydney has the greatest median house ($950,000) and unit price ($675,000).  In fact, Sydney’s median unit price is higher than the median house price in all other cities except Melbourne where they sit at the same level.  To put the differential into some perspective the combined median house ($495,000) and unit price ($400,000) is lower than the median house price in Sydney.
<a href="/images/2015/12/7/Screen%20Shot%202015-12-07%20at%202.17.54%20PM.png" target="_blank">Click to enlarge</a>
<img src="/images/2015/12/7/Screen%20Shot%202015-12-07%20at%202.17.54%20PM.png" alt="" width="626" height="308">
 
It is important to remember that the median price provides an indication of the typical home selling at a period of time.  It can be impacted by compositional bias if lower or higher priced stock is selling.  Nevertheless it does afford an understanding of what the typical home is currently selling for.
To better understand exactly how much Sydney has separated from the rest of the capital cities in pricing terms, we’ve looked at the approximate dollar value change from the recent low point in the market through to the end of November.  The data shows that home values have increased substantially across Sydney and those who have owned a property in Sydney for more than a few years are likely to have accumulated a sizeable level of equity in their property.
<a href="/images/2015/12/7/Screen%20Shot%202015-12-07%20at%202.19.12%20PM.png" target="_blank">Click to enlarge</a>
<img src="/images/2015/12/7/Screen%20Shot%202015-12-07%20at%202.19.12%20PM.png" alt="" width="775" height="610">
At their most recent low, Sydney median house prices were recorded at $620,000 and median unit prices were $465,000. From that time to the end of November Sydney house values had increased by 51.7% and unit values by 38.3%.  In dollar value terms this is an increase of $320,265 and $178,245 respectively. Of course some of that increase may be due to improvements however, that rise in the value of Sydney houses and units are much greater than increases in all other capital cities.
The substantial rise in prices and the subsequent boost in housing equity probably also points to why many lifestyle markets are now seeing value rises.  Anecdotally, home owners from Sydney and Melbourne are now more able to purchase lifestyle properties given the wealth effect of higher property prices.  It also indicates that someone could sell out of Sydney, buy into another market and pocket a significant amount of capital from the balance from the sale.  This is probably quite appealing to some Sydney-siders that are retired or close to retirement as well as those that own their own business.
Cameron Kusher is research analyst for CoreLogic RP Data. You can contact him <a href="https://blog.corelogic.com.au/author/cameron-kusher/" target="_blank">here</a>.
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