Mark and Roy Makari are expanding their presence in Sydney’s South West with a second major proposal for Leppington, this time envisioning a 900-dwelling mixed-use development just 850 metres from their previously lodged tower trio on Fifth Avenue.

The latest application seeks approval for a multi-building project at <a href="https://www.apartments.com.au/new-apartments/230-rickard-road-leppington-nsw-2179">230 Rickard Road, Leppington</a>. The proposal seeks to establish a new focal point for the precinct through a high-density, transit-oriented development supported by diverse land uses.

According to the Scoping Report prepared for the Department of Planning, the scheme includes around 900 apartments across multiple towers, including 135 dwellings designated for affordable housing. A mix of market and subsidised apartments will be supported by ground-level activation through retail and office space, a childcare centre, and a hotel, forming a comprehensive urban precinct.

<img alt="Mixed Use Development 230 Rickard Rd Leppington" data-entity-type="file" data-entity-uuid="34797362-f3dc-4d84-8235-2657fc5f3bde" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Plan.png?VersionId=Uzckrz9tUpDQl5lX1_WMhjnv16bsr8wG" />

The Design Report by <a href="https://www.apartments.com.au/architects/studiosc-0">Studio SC</a> notes that the project “intends to deliver a high-quality, high-density built form that supports the vision for the Leppington Town Centre, integrating mixed-use outcomes and public domain upgrades.” The development is expected to be delivered in stages, although a precise timeline is yet to be confirmed.

The project will be assessed through a future State Significant Development Application, with the Scoping Report indicating the team will seek design excellence via a competitive process or through an expert design review panel. Early massing diagrams suggest a series of mid- to high-rise buildings framing a central landscaped spine, with emphasis on pedestrian permeability and public space.

The planning documentation flags a strong sustainability agenda, stating that the development will “respond to the urban heat island effect, incorporate water sensitive urban design, and prioritise active transport”.

<img alt="Mixed Use Development 230 Rickard Rd Leppington" data-entity-type="file" data-entity-uuid="369d7b54-1279-4cde-88ec-dcb215594414" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Podium_1.png?VersionId=QArL7B2kkLt63vl5xvL0FNV_ardAlez4" />

The proposal follows in the footsteps of the Makaris’ nearby Fifth Avenue site, where they’ve submitted plans for three towers comprising nearly 500 apartments, with 10 per cent dedicated to affordable housing. That project features commercial podiums, a childcare centre, and a new public park that would occupy more than a third of the site.

Both developments are situated within walking distance of Leppington Train Station and fall under strategic precinct plans promoting higher density housing. The town centre is undergoing substantial transformation, driven by state government planning reforms aimed at fast-tracking housing delivery.

Together, the two projects represent a combined ambition of nearly 1,400 new homes across just under two kilometres of central Leppington.

Staff Writer

First look: 900-home mixed-use precinct planned for Leppington

Leading Australian integrated property development group, <a href="https://www.apartments.com.au/developers/aqualand-australia">Aqualand</a>, has released the signature penthouses crowning its landmark AURA by Aqualand precinct at 168 Walker Street in North Sydney, unveiling Il Magnate and La Divina as the largest and most luxurious penthouses in the suburb.

With prices anticipated to commence from $15 million, and each accompanied by a new Porsche Carrera 911 valued at over $500K, the residences mark the culmination of <a href="https://www.apartments.com.au/buildings/aura-by-aqualand-north-sydney-168-walker-street-north-sydney-nsw-2060">AURA by Aqualand</a>’s decade-long journey and the beginning of its final sales chapter. 
&nbsp; 
Their release follows more than $850 million in record-breaking residential sales and the building’s completion and occupation.

[smartcode_project:default project_id=30959 project_image_fid=358868]

The Richards Stanisich-designed 284 sqm Il Magnate and 224 sqm La Divina penthouses, collectively known as The Icons of AURA, are conceived as grand luxury homes rather than apartments, with expansive proportions, elevated materiality and curated identities that reflect their status as one-off residences.&nbsp;

Il Magnate features a grande master suite, complete with substantial walk-in dressing area and ensuite, three other bedrooms, second ensuite and another bathroom, powder room, open plan kitchen, scullery, substantial dining area and generous living room divided by a feature fireplace, and a multifunction wintergarden, which is ideal for a study and adjoining office breakout space. &nbsp;

Meanwhile, the La Divina residence offers the same amenities, sans the powder room, on a slightly smaller alternate floor plan configuration.

[smartcode_project:default project_id=30959 project_image_fid=358863]

Each occupies half of AURA by Aqualand’s topmost 28th level, comes with four secure car spaces and pairs sweeping Sydney Harbour panoramas with large-scale living spaces, refined detailing and a level of craftsmanship and amenity rarely offered in the North Shore market.&nbsp;

Penthouse residents will also receive Etymon’s ‘Black Key’ private concierge and lifestyle management service, an invitation only offering providing the ultimate in bespoke personalisation, including a range of everyday discrete services, from dinner party management, grocery deliveries, pet feeding or plants watered, dinners, snacks and coffee deliveries, event ticket sourcing, right up to organising travel visas and international airfares. Rarely seen in Australian properties, the service provides residents the benefits of living in a world-class luxury hotel-style home, akin to The Ritz, or the Waldorf Astoria.

[smartcode_project:default project_id=30959 project_image_fid=358862]

<a href="https://www.apartments.com.au/interior-designers/richards-stanisich">Richards Stanisich</a>’s Director, Kirsten Stanisich, said the studio set out to craft residences that feel profoundly considered, contemporary and deeply connected to their setting.

“From the outset, we approached these penthouses with the sensibility of a grand Parisian residence - generous in scale, elegant in proportion and designed to feel more like a handcrafted home than an apartment," Stanisich said.

“Their elevated position and sweeping harbour outlook informed every decision, creating a rare connection between urban sophistication and natural calm. We shaped each space with expressive materiality, sculptural forms and bespoke detailing that invite touch and interaction.&nbsp;

“The result is a pair of residences defined by volume, light and an inherent softness - refined, flexible and deeply personal. These penthouses are unlike anything else in North Sydney, offering a sanctuary of true luxury framed by some of the city’s most remarkable views.”

For Aqualand’s Head of Sales &amp; Marketing, Alex Adams, the collaboration with Porsche underscores the shared ethos behind the residences.

“Aqualand’s collaboration with Porsche underpins both brand’s sharing an obsession with craftsmanship, design excellence, and enduring value," Adams said.

“Our penthouses are created for those who appreciate the finer details and expect the extraordinary at every touchpoint. Including a Porsche simply extends that experience beyond the residence - it’s a continuation of the lifestyle our buyers already live.”&nbsp;

[smartcode_project:default project_id=30959 project_image_fid=292862]

Aqualand’s Managing Director, Jin Lin, said the penthouses represent both the pinnacle of AURA by Aqualand and an important design benchmark for the company’s future pipeline.&nbsp;

“These stunning penthouses reflect the purest expression of Aqualand’s design ambition," Lin said.

“The unparalleled design intent makes them not only the glistening crown of AURA by Aqualand, but the crown of North Sydney itself. They’re essentially a thank you gift to a burgeoning community that deserves this level of quality and architectural consideration.&nbsp;

“We’re leveraging the unrivalled standard set here as the foundation for what comes next, including our upcoming Anderson Street, Chatswood; 15 Blue Street, North Sydney and Central Barangaroo projects. Purchasers of these penthouses will essentially be living inside the blueprint of Aqualand’s future.

“These landmark residences demonstrate how far North Sydney has evolved and the strength of demand for highly curated, bespoke luxury homes. They’re more than penthouses, they’re legacy residences.&nbsp;

“With AURA by Aqualand now a thriving new precinct with residents well and truly settled, and our in-house world-class lifestyle amenity activated, Il Magnate and La Divina represent a once-in-a-lifetime opportunity to secure an extraordinary piece of North Sydney’s future.”

[smartcode_project_cta:default project_id=30959]

Joel Robinson

Aqualand launches North Sydney penthouses with free Porsche Carrera 911

<a href="https://www.apartments.com.au/developments/bokarina-qld-4575">Bokarina</a> Beach has quietly evolved into one of the Sunshine Coast’s most complete coastal lifestyle precincts, defined not just by proximity to the ocean, but by how residential living, local retail and everyday amenity are stitched together.&nbsp;

Gardner Vaughan Group’s <a href="https://www.apartments.com.au/new-apartments/bask-bokarina-38-bokarina-boulevard-bokarina-qld-4575">Bask Bokarina</a> now represents the final residential chapter in that transformation.

[smartcode_project:default project_id=141609 project_image_fid=333360]

Over recent years, the Bokarina Beach precinct has taken shape as a walkable, community-oriented neighbourhood, anchored by beachfront access, Lake Kawana to the west, and a growing mix of cafés, specialty retail and public open space.&nbsp;

With Zinc Bokarina already delivered next door by <a href="https://www.apartments.com.au/developers/gardner-vaughan-group">Gardner Vaughan Group</a> (GVG), Bask is the last opportunity to buy a brand new apartment within the precinct, effectively rounding out a fully formed coastal village.

GVG has positioned Bask to strengthen that lifestyle framework. Nine ground-floor retail spaces are planned beneath the residences, extending Bokarina Boulevard’s existing activity and reinforcing the area’s everyday convenience, from casual dining and coffee to local services, within a short walk of the beach.

[smartcode_project:default project_id=141609 project_image_fid=333359]

The residential component comprises 135 apartments across two buildings, Mydas and Caretta, with a clear shift toward larger three- and four-bedroom layouts and penthouses. That mix reflects a maturing buyer profile in Bokarina, where demand is increasingly led by owner-occupiers and active downsizers seeking space, permanence, and connection to place rather than short-term coastal accommodation.

Design and amenity have followed the same logic. Residents will have access to a heated plunge pool, gym, private dining room with a full kitchen, landscaped communal gardens with barbecues and a firepit, and a shared herb and vegetable garden, facilities intended to support daily use rather than resort-style turnover. Pet-friendly features, including a dog wash bay, acknowledge both buyer expectations and the area’s dog-friendly beach, located around 250 metres from the site.

[smartcode_project:default project_id=141609 project_image_fid=333366]

“Bokarina has become one of the Sunshine Coast’s most desirable beachside communities, and Bask represents the very last chance to buy new in this location,” GVG Director Sam Gardner said.&nbsp;

“Our focus has been to create spacious, functional apartments that meet the needs of locals who want to downsize without compromise, as well as those seeking a full-time coastal retreat.”

Positioned between the Pacific Ocean and Lake Kawana, Bask apartments have been oriented to capture outlooks toward the water or the Glass House Mountains, reinforcing the project’s connection to its natural surroundings. With parks, beachfront paths, hospitals, retail and public transport already in place, Bask arrives at a point where the broader precinct is no longer emerging, but established.

Construction is expected to complete in Q3 this year, with apartments ready to move into this Spring.

[smartcode_project_cta:default project_id=141609]

Bask to complete Bokarina’s Sunshine Coast lifestyle precinct as final apartments are released

Property development giant <a href="https://www.apartments.com.au/developers/avid-property-group">AVID Property Group</a> is approaching completion, and sell-out, of its Surry Hills apartment development, <a href="https://www.apartments.com.au/new-apartments/the-rathbone-23-47-flinders-street-surry-hills-nsw-2010">The Rathbone</a>.

The Flinders St project has sold well over half of its 32 apartments, which will sit above two retail spaces.

Now hitting the market are the final 14 one-, two-, and three-bedroom apartments, which start from $1.15 million. AVID is targeting a mid-2026 completion.

[smartcode_project:default project_id=5947 project_image_fid=51208]

AVID General Manager New South Wales Danny Boubli said as more apartments are introduced to increase housing options in inner-city areas, homebuyers are searching for a &nbsp;sense of belonging in addition to location, convenience and value.&nbsp;

“There are very few opportunities for new developments in Surry Hills, and since acquiring the site, we’ve even seen one early purchaser merge two apartments plans together, reflecting the demand for a spacious, premium offering in a prime location,” Boubli said.&nbsp;

“Demand has been strong since we launched to market – we don’t see these final apartments staying on the market for long.”&nbsp;

Architectural firm Studio SC has designed the building which pays homage to the former 1900s Rathbone Terraces that once sat on the 990 sqm island site.

Boubil said the team has made every effort to create "truly liveable apartments", through&nbsp;functional floor plans, security, storage, and the inclusion of quality fittings.

[smartcode_project:default project_id=5947 project_image_fid=51207]

&nbsp;

Sustainable design has also been implemented throughout the development, with natural light flooding each apartment, ventilation throughout, extensive landscaping and where possible, materials with a high level of recycled content and low volatile organic compound paints have been used. &nbsp;

Apartments range in size from 57 sqm for the one-bedrooms to the large-scale 165 sqm three-beds which are priced at $2,575,000.

[smartcode_project_cta:default project_id=5947]

AVID launches final apartments at The Rathbone, Surry Hills

A wave of investment, renewal and precinct growth continues to shape the northern edge of Macquarie Park, where daily life is supported by a rare combination of university activity, corporate employment, major retail, and expansive green corridors. It’s this convergence of amenity and connectivity underpins the setting for <a href="https://www.apartments.com.au/developers/urban-property-group">Urban Property Group</a>’s <a href="https://www.apartments.com.au/new-apartments/la-vera-94-talavera-road-macquarie-park-nsw-2113">La Vera</a>, which has now topped out and is tracking toward completion in mid-2026.

Within this pocket of the precinct, residents move easily between the area’s key anchors. Macquarie Centre, home to more than 360 retailers, fresh food offerings, dining and entertainment, sits at the heart of local convenience and functions as a major transport interchange. The Metro, T1 rail line and extensive bus network place much of Sydney within quick reach, while surrounding arterial links support direct access to neighbouring districts.

[smartcode_project:default project_id=134951 project_image_fid=5829]

Green space remains a defining feature of the immediate environment. Lane Cove National Park stretches along the northern boundary of the precinct, offering bushland trails, cycling routes and quiet riverfront pockets. Shrimptons Creek and the campus grounds of Macquarie University extend these recreational networks, softening the urban setting and creating a daily connection to nature that informs the project’s architectural response.

<a href="https://www.apartments.com.au/architects/cox-architecture">Cox Architecture</a> have shaped La Vera around these contrasts. The building’s northern elevation adopts an organic, curvilinear form that mirrors the natural topography of the national park. Three sculpted forms soften the tower’s profile and encourage a stronger transition between indoor living areas, balconies and the broader landscape.

[smartcode_project:default project_id=134951 project_image_fid=223737]

Cox Director Felipe Miranda says the building’s outlook played a central role in the design process.

“The vision for the project was to conceive a building that adopted an organic and curvilinear form to the northern portion that faces the Lane Cove National Park… The residents that reside in the northern portion of the building benefit by having beautifully crafted curved balconies that speak to the natural context and heighten the relationship of their internal living spaces to the external balconies,” Felipe Miranda of Cox Architecture said.

Toward the city-facing side, the design shifts to a more urban expression. A gridded facade and extensive glazing capture CBD views, creating a dual strategy that blends ecological outlooks with metropolitan orientation.

[smartcode_project:default project_id=134951 project_image_fid=5827]

La Vera delivers 169 residences across one- to four-bedroom layouts, reflecting the needs of young families, downsizers, first-home buyers and investors seeking long-term certainty within a high-amenity location. From the project, residents can walk to Macquarie University, Macquarie Hospital and nearby corporate offices, reach national park trails within minutes, and enjoy retail and dining without relying on a car.

The project is delivered by Urban Property Group, a 4.5-star iCIRT-rated developer-builder with more than three decades of experience. The company has become a leader in adopting 10-Year Latent Defects Insurance (LDI), first introduced on its Parq Bexley development and now embedded into its pipeline.

[smartcode_project:default project_id=134951 project_image_fid=223727]

La Vera is the first development in Macquarie Park approved to offer this 10-year LDI policy, adding another layer of protection for purchasers and reinforcing the transparency of the construction process.

Urban Property Group CEO Patrick Elias says this assurance has become increasingly important for buyers navigating the off-the-plan market.

“Consumers are a lot more weary and a lot more concerned in buying off the plan than they ever have been… Having LDI is a tool to portray the confidence that we have in our product, and a confidence we want buyers to share,” Urban Property Group CEO Patrick Elias said.

Urban Property Group's in-house construction team is forecasting a mid-2026 completion, with <a href="https://www.apartments.com.au/project-marketer/home789">HOME789</a> appointed as the project marketer.

[smartcode_project_cta:default project_id=134951]

La Vera delivers a nature-connected address within Macquarie Park’s core

2021 Forecast

A key reason why fundamental problems in the housing market are never solved is because people seek to treat the symptoms rather than the cause.

This is true in business and in life, as much as it is in the housing market. It makes little sense to take medication for high blood pressure if the underlying cause is that you&rsquo;re overweight because you have a bad diet and you don&rsquo;t exercise.

People who hover around the sidelines of the real estate industry, sniping at things they don&rsquo;t like, are highly prone to demanding actions on the symptoms of a perceived problem when they should be addressing the underlying causes of the symptoms.

Treating symptoms, while ignoring causes, has a tendency to make problems worse. Right now, we have spectators to the housing market demanding controls on landlords because rents are rising.

Other spectators want draconian measures from regulatory authorities because prices are rising, bringing howls of outrage about housing affordability.

In both cases, their targets are investors, always a popular choice as scapegoats when there&rsquo;s growth in housing markets and it&rsquo;s characterised in media as a crisis.

[smartcode_project:default project_id=94542]

The natural impulse of the sideline whingers is to demand a crackdown aimed at investors, because they&rsquo;re always seen as the villains.

The reality for the issue of rapidly rising rents is that we need to be encouraging investors, not attacking them.

The symptoms of the problem are rising rents, but the cause is a chronic shortage of rental properties.

In my four decades of researching and writing about housing markets, I&rsquo;ve never seen vacancies so low in so many places.

Anyone genuine in their concerns (rather than having a whinge or grandstanding for political reasons) should be asking why we have such a shortage and how we can fix that fundamental problem.

Rental control is a quick fix medicine to treat the symptoms, while ignoring the underlying market health issues. It will make the problem worse by exacerbating the fundamental problem, which is that Australians have been massively discouraged from becoming investors.

Rental vacancies are a function of the activity of property investors. When people buy dwellings and make them available for rental in large numbers, there are ample properties for everyone who wants or needs to be a tenant, and rents are likely to be stable.

[smartcode_project:default project_id=600]

But investors have been largely absent from the market in recent years. There has been a growing raft of disincentives to property investment over the past five or six years &ndash; including a series of negative measures by APRA, negative changes to depreciation rules and menacing political rhetoric at the last two federal elections, notably from the ALP which has been intent on scrapping negative gearing and increasing capital gains tax.

We&rsquo;ve also had state governments discouraging investors by hitting them with new taxes, fees and charges. The impact of all those different milestone events since 2015 has been a profound discouragement to investment. Some sections of media have characterised property investment as something akin to a criminal activity, abetted by politicians who have claimed the average investor is a rich greedy bastard who owns 15 or 20 properties and is ripping off the system &ndash; a blatant lie (the official data shows 75% of investors have average incomes and own only one or two properties) but lapped up by a careless media.

The short-term consequences include a rental shortage crisis and the long-term outcomes include fewer Australians who will be self-funded in retirement and will need to be supported in growing numbers by taxpayers. If governments respond to the twits on the sidelines and enforce controls on rental levels, rather than allow market forces to set them, that will be yet another disincentive to investors &ndash; and the problem will get worse.

[smartcode_project:default project_id=100322]

Limiting how much a tenant has to pay in rent is worthless if the prospective tenant can&rsquo;t find a vacant property at any price. That&rsquo;s the reality at the moment. There are so few vacant properties that there are dozens of applicants for every listing and people who desperately need a home keep missing out. Rents are rising because people are offering more than the asking rent in an effort to out-bid their competitors, not because landlords are asking extortionate rents.

And, as an aside, increasingly businesses can&rsquo;t fill job vacancies because willing applicants can&rsquo;t find anywhere to live. The only answer to this problem is to increase the supply of rental properties. And that means introducing measures that encourage property investors.

That will elicit further howls of indignation from the chattering economists and other sideline snipers, but it&rsquo;s the only way to fix this problem.

Rental control is a quick fix medicine to treat the symptoms, It will make the problem worse by exacerbating the fundamental problem, which is that Australians have been massively discouraged from becoming investors

terryryder

Why is there a housing shortage and why will government controls make it worse? Hotspotting's Terry Ryder

EXPERT INSIGHT

Price growth in the early part of 2021 has been beyond impressive in many locations across Australia - it&rsquo;s been exponential.

Every three months, Hotspotting analyses sales activity and prices for every suburb and town in the nation, for the quarterly editions of The Price Predictor Index.

In updating the median prices for each location, it&rsquo;s impossible to avoid the conclusion that something extraordinary has been happening in many of our property markets.

The change in median prices in just three months has been, in many cases, mind-boggling. At Bondi Beach in Sydney, the median house price three months ago was $2,820,000. Now it&rsquo;s $3,100,000. That&rsquo;s an increase of $280,000 in just three months.

At Noosa Heads in Queensland, the median house price has risen from $1,150,000 to $1,400,000, an increase of $250,000 - 22% - in three months. And at Byron Bay, the median house price has gone from $1,835,000 to $2,220,000. 
 
It&rsquo;s happening also in some of the nation&rsquo;s apartment markets. In Kogarah in Sydney, the median unit price has risen from $685,000 to $785,000, a rise 15% in three months, while the median unit price in Rose Bay has increased $125,000, St Ives is up $100,000 and Lindfield $125,000 in that time frame.

[smartcode_project:default project_id=6201 project_image_fid=89013]

Here are some Sydney examples of median price rises over the past 3 months:

<ul>
	<li>Lindfield, houses up from $2,750,000 to $3,120,000, units up from $1,200,000 to $1,325,000.</li>
	<li>Bronte, houses up from $3,400,000 to $3,890,000.</li>
	<li>Cremorne, houses from $2,800,000 to $3,000,000, units from $1,125,000 to $1,170,000.</li>
	<li>Croydon, houses from $1,570,000 to $1,770,000.</li>
	<li>Kogarah, houses from $1,305,000 to $1,405,000, units from $685,000 to $785,000.</li>
	<li>Fairlight, units from $1,425,000 to $1,560,000.</li>
	<li>Freshwater, houses from $2,480,000 to $2,660,000, units from $890,000 to $940,000.</li>
	<li>Kensington, houses from $2,445,000 to $2,680,000.</li>
	<li>Granville, houses from $730,000 to $805,000.</li>
	<li>Coogee, houses from $2,900,000 to $3,125,000.</li>
	<li>Kirrawee, units from $690,000 to $740,000.</li>
	<li>Jannali, units from $665,000 to $730,000.</li>
	<li>Canley Vale, houses from $810,000 to $880,000.</li>
	<li>Collaroy, houses from $2,400,000 to $2,580,000, units from $875,000 to $905,000.</li>
	<li>Naremburn, houses from $2,280,000 to $2,620,000.</li>
	<li>North Sydney, units from $945,000 to $1,025,000.</li>
	<li>Rose Bay, houses from $3,810,000 to $3,960,000, units from $1,475,000 to $1,600,000.</li>
	<li>Woolloomooloo, units from $935,000 to $1,280,000.</li>
	<li>Seaforth, houses from $2,690,000 to $2,895,000.</li>
	<li>St Ives, houses from $2,040,000 to $2,175,000, units from $1,020,000 to $1,120,000.</li>
</ul>

Examples of median price rises in Regional Queensland include these:

<ul>
	<li>Minyama, houses up from $1,315,000 to $1,400,000.</li>
	<li>Mudjimba, houses from $770,000 to $845,000, units from $445,000 to $485,000.</li>
	<li>Noosa Heads, houses from $1,150,000 to $1,400,000, units from $905,000 to $960,000.</li>
	<li>Maleny, houses from $675,000 to $720,000.</li>
	<li>Mermaid Beach, houses from $1,350,000 to $1,440,000, units from $440,000 to $475,000.</li>
	<li>Burleigh Waters, houses from $820,000 to $870,000, units from $415,000 to $465,000.</li>
	<li>Palm Cove Cairns, houses from $670,000 to $745,000, units from $265,000 to $310,000.</li>
</ul>

[smartcode_project:default project_id=22057 project_image_fid=150842]

And examples from Regional NSW include these:

<ul>
	<li>Wentworth Falls, houses up from $675,000 to $770,000.</li>
	<li>Byron Bay, houses from $1,835,000 to $2,220,000.</li>
	<li>Gerringong, houses from $890,000 to $995,000.</li>
	<li>Kiama, houses from $980,000 to $1,050,000, units from $630,000 to $680,000.</li>
	<li>Kingscliff, houses from $1,165,000 to $1,240,000 and units from $620,000 to $690,000.</li>
	<li>Merimbula, houses from $625,000 to $720,000.</li>
	<li>Yamba, houses from $590,000 to $670,000, units from $450,000 to $510,000.</li>
	<li>Albury, houses from $550,000 to $605,000.</li>
	<li>Moss Vale, houses from $690,000 to $740,000.</li>
</ul>

There are thousands of other similar scenarios from the various markets across Australia.

The change in median prices in just three months has been, in many cases, mind-boggling across Sydney

Property price growth has been beyond impressive across Sydney: Hotspotting's Terry Ryder

EXPERT INSIGHT

Make no mistake, this is a big spending budget.

The policy approach was appropriate highlighted by worthy social programs. However, a better balance between short term tax initiatives and genuine tax reform would have been a more effective approach.

New stimulus initiatives, headlined by the surprise extension to the instant asset write-offs for businesses, are worth 4.1 per cent of GDP over four years &ndash; about eight times the pace of the pre-election budget in 2019.

For perspective, the government&rsquo;s stimulus spending in last year&rsquo;s budget following the biggest economic shock since the 1930s was a little higher at 5.5 per cent of GDP, but not materially so.

The disruption from COVID and this associated stimulus response is forecast to see net debt lift from 19.2% of GDP in 2018/19 to 34.2% in 2021/22 and 40.9% in 2024/25.

Despite this sharp increase in debt the cost of servicing the debt is forecast to hold at a modest 0.7% of GDP due to the low interest rate environment.

[smartcode_project:default project_id=3233 project_image_fid=160016]

An early use of policies to reduce debt would have been at the expense of allowing the economy to operate at its potential.

As with other countries debt ratios are unlikely to return to pre COVID levels.

Any return to sustained full employment would see significant budget repair although the public sector is still likely to cycle around much higher debt ratios than we saw before the advent of COVID.

Despite employment levels now being above pre-COVID-19 levels and GDP expected to boom this year, the government is clearly going all in to &ldquo;secure the recovery&rdquo; and drive the unemployment rate down faster.

This drive for growth strategy, along with appropriate commitments to additional services, sees fiscal and monetary policy firmly working together to reach full employment.

The government defines full employment as 4.5 per cent, although that level is not forecast to be reached until mid-2024. Westpac &ndash; and I believe the Reserve Bank &ndash; sees it as 4 per cent or even a little lower.

BILL EVANS&nbsp;is the Chief Economist at Westpac

The policy approach was appropriate highlighted by worthy social programs, however, a better balance between short term tax initiatives and genuine tax reform would have been a more effective approach

bevans-rYk9SxEa4r

Federal Budget 2021: Genuine tax reform stuck in the too-hard basket: Bill Evans

<html><body>The Reserve Bank of Australia governor Philip Lowe has warned that "history suggests that shifts in population growth can have large effects on the housing market."

It was his bluntest warning yet about the dangers of the current house price boom across most of the country.

The RBA boss affirmed the financial regulators were "watching carefully" to see if home lending restrictions were necessary while giving a speech at the Australian Financial Review's Business Summit.

"There are many moving parts at present," he noted.

"Record low interest rates; a shift in preferences towards houses and away from apartments; strong demand for housing outside our largest cities; large government incentives for first-home buyers and home builders; and the slowest population growth in a century," he observed.

"Time will tell as to how these various factors ultimately balance out, but history suggests that shifts in population growth can have large effects on the housing market."

"At its recent meetings, the board has discussed developments in the housing market, including the rising housing prices across most of the country.

"Looser standards would increase medium-term risks and add to the upward pressure on prices, so would be of concern," he advised.

Lowe said he recognised that low interest rates were one of the factors contributing to higher housing prices "and that high and rising housing prices raise concerns for many people."

"I would like to reiterate that the RBA does not target housing prices, nor would it make sense to do so. 

"I recognise that low interest rates are one of the factors contributing to higher housing prices and that high and rising housing prices raise concerns for many people. 

"There are various tools, other than higher interest rates, to address these concerns, leaving monetary policy to maintain its strong focus on the recovery in the economy, jobs and wages," he noted.</body></html>

The RBA governor Philip Lowe noted "history suggests that shifts in population growth can have large effects on the housing market."

jchancellor

RBA boss Dr Philip Lowe warns on low population growth impact on housing

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EXPERT INSIGHT

We have lifted our growth forecast for 2021 from 4% to 4.5%; the key will remain the household sector, where accumulated savings; ongoing reopening; vaccines and the boom in the housing market are likely to offset the major headwinds of reduced government support and zero net immigration.

Westpac has lifted its GDP growth forecast in 2021 from 4% to 4.5%, with the 2022 forecast holding at 3%.

The December quarter national accounts provided rich evidence of the key dynamics that will emerge as the recovery continues.

They showed continued evidence of Australia’s bounce back from the pandemic induced recession in the first half of 2020.

Growth in GDP printed at 3.1%qtr, following the 3.4% increase in the September quarter. Annual growth is now -1.1% for 2020, compared to market expectations of -2% only a week earlier.

The key components of growth – household consumption; business investment and dwelling construction all surprised on the upside.

Our forecasts for GDP growth anticipate solid ongoing momentum in those components in 2021.

Household consumption lifted by 4.3% in the December quarter 2020, significantly boosted by the reopening of Victoria where spending increased by 10.4%. Spending in the rest of Australia rose by 2.3%. This result provides compelling evidence of the “reopening” effect with Victoria contributing around 2ppts to the growth rate in household spending.
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bevans

Boom in housing market likely to offset major economic headwinds: Westpac's Bill Evans

<html><body>Australian home prices are likely to rise another 5% to 10% this year and next, according to Shane Oliver at AMP Capital.

"Prices were being boosted by record low mortgage rates, government home buyer incentives and the recovery in the jobs market.

"But the stop to immigration and weak rental markets will likely weigh on inner city areas and units in Melbourne and Sydney. 

"Outer suburbs, houses, smaller cities and regional areas will see relatively stronger gains in 2021," he forecast.

His comments came after housing finance rose to a new record; and house prices rose at their fastest pace in nearly 18 years. 

"While home building approvals fell sharply this reflects volatility driven by the HomeBuilder incentive scheme with dwelling construction still on track for strong growth.

"There was some other good news too with the share of housing and small business loans in payment deferrals collapsing further to just 1.8% and 1% respectively in January," he added.</body></html>

The stop to immigration and weak rental markets will likely weigh on inner city areas and units in Melbourne and Sydney

Weak rental markets will weigh on inner city units in Melbourne and Sydney: Shane Oliver

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Amid ongoing uncertainty in the global markets due to COVID-19 it remains low rates as usual for the RBA, who kept the official cash rate at 0.10 percent for another month.

Their recently released chart pack, which details figures from the world economy to Australia's financial figures, yielded interesting information about the Australian property situation

Private residential building approvals has continued to soar, up once again in February as seen below.

<img alt="" height="339" src="https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/rba_chart_1.jpg" width="407">

This trend continues to be driven by growth in the detached housing sector which can be attributed to the HomeBuilder grant among other government initiatives

<img alt="" height="357" src="https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/rba_chart_2.jpg" width="396">

There continues to be a gap between household consumption and disposable income.

A household's disposable income hadn't been higher than its consumption since 2014.

This is in sharp contrast to the current Covid-19 effected situation.

Housing price growth can be seen to have come out of a dip with APM recording the smallest falls as seen below. 

<img alt="" height="313" src="https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/rba_chart_3.jpg" width="401">

Residex and CoreLogic data showed that for the year to February home price growth near zeroed out.

Housing loan commitments continue to soar to new record highs, levels well beyond the 2015 and 2017 highs.

<img alt="" height="353" src="https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/rba_chart_4.jpg" width="393">

This trend is similarly driven by government initiatives with owner-occupiers rocking this trend up to $20 billion in commitments.

Investor's have also been investing further although clearly not to a similar level as many lack incentive in this current low supply, high demand market.
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Data showed that for the year to February home price growth near zeroed out, however a growth spike seems to be on the horizon

jordan_55689

House prices hold steady and ready for turnaround: RBA 

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The HomeBuilder Grant together with increased buyer confidence, record levels of savings and affordable land prices has encouraged an optimistic 2021 in Victoria, according to Red23’s managing director Terry Portelli.

Price growth remains at a minimal level, with the median land price stable at $322,000, increasing 0.31% during the last quarter of 2020 however down 0.62% year on year.

Median land price increases were seen across 5 of the 7 metro growth area municipalities as well as Greater Geelong with above 3% increases witnessed in Casey, Whittlesea, Greater Geelong and Mitchell.

Casey has continued to be the price leader, pushing their median land price over $360,000.

<img alt="" height="736" src="https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/median_land_prices_vic_2021.jpg" width="1226">

Uncertainty arising from the Covid-19 pandemic and employment security meant the Victorian new homes sector suffered a push back in 2020, but adjusted by developing online selling environments, Portelli advised. 

“The second half of 2020 exceeded expectations due to the HomeBuilder Grant albeit impacted by limited international travel, population growth and migration,” he said, noting in metro Melbourne, nearly 15,000 land sales were made in 2020, doubling that of 2019.

The largest increases by municipality were Whittlesea (+129%), Melton (+123%) and Mitchell (+82%) while all other municipalities also increased by between 21% to 60%.

Red23 pointed out the HomeBuilder Grant proved successful in driving demand for new homes, with the Treasury figures showing Victoria accounted for 21,959 of the 75,000 applications.

“Titled lots available are now diminishing,” he advised.

Home buyers can now spend up to $850,000 on a home and receive the $15,000 HomeBuilder Grant when purchasing between January 1 and March 31, 2021 on condition that their income does not exceed $125,000 as an individual, or $200,000 as a couple.

“Land prices remain at their most affordable since early 2018.

“We have seen a reduction in the number of incentives and rebates being offered by developers,” he noted.

<h2>Recently listed properties in Melbourne:</h2>

[smartcode_project:default project_id=9023]

[smartcode_project:default project_id=22803]

[smartcode_project:default project_id=22700]
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Median land price increases were seen across 5 of the 7 metro growth area municipalities as well as Greater Geelong

Why are land prices creating an optimistic 2021 Victorian market?

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Here’s how you spot a real estate charlatan, someone who likes to present themselves as a real estate expert but who in reality knows nothing worth hearing …

- They speak of Australia as a single property market; and/or

- They attribute price growth to “record low interest rates”

Mostly these pretenders are economists. I would remind you of a much-quoted definition of an economist: Someone who can tell you tomorrow why their predictions yesterday didn’t come true today.

We have learnt over the years, but particularly in 2020, that the bigger the name and the media profile, the worse they are at analysing residential real estate and forecasting outcomes.

Cast your minds back to the predictions in March/April 2020 from senior economists employed by the major banks, big institutions like AMP and even those working for specialist real estate research entities. And then again later in the year when the so-called September Cliff was proclaimed an impending disaster.

There was a chorus of predictions of a long recession, with double-digit unemployment and real estate values collapsing. How spectacularly wrong they were. Only the specialist property analysts got it right.

But the appalling track record of economists with real estate analysis stretches back years and includes the alarmist predictions about property prices in the wake of the GFC – also proven to be spectacularly wrong. 

It’s remarkable that media continues to give these charlatans airplay. Credibility, it seems, is optional, so long as you have “economist” in your title.

So the nation’s gaggle of chattering economists has been compelled to admit they got it wrong in 2020 and most of them are now forecasting big price growth this year. You will note that what they are predicting is already happening, highlighting another characteristic of this bloated and overblown profession: predicting the recent past.

And how do they explain the gathering boom? Record low interest rates!

God help us. The lack of expertise among the talking heads who clutter up the airways with their simplistic analysis is quite breathtaking.

As we all know, we’ve had ultra-low interest rates for years. Very little has changed in that regard to explain the recent uplift in sales activity. When Sydney and Melbourne were having their real estate boom from 2013 to 2017-ish, economists generally explained the price rises with “record low interest rates”. They had no response to the obvious question at the time: how come prices in Perth and Darwin were falling, while Canberra, Brisbane and Adelaide were stagnating?

The “low interest rates = property boom” theory also fails to explain why the last two genuine nationwide property booms, in the late 1980s and in the early years of this century, both occurred during periods of very high and rising interest rates.

My view, strongly, is that record low interest rates do not explain what’s happening in real estate across most of Australia.

The growth is being fueled by multiple factors, including …

- A stronger-than-expected economy

- Lower-than-predicted unemployment

- State and federal stimulus measures

- The build-up of savings during the pandemic period

- People in lockdown reviewing their life choices

- Ultra-low vacancies, putting upward pressures on rents and prices

- Pent-up demand, leading to rising sales activity

- Low listings levels, relative to rising buyer demand

- The Exodus to Affordable Lifestyle trend, which is hugely influential

- Increased spending on major new infrastructure

- The revival of the resources sector

- The return of ex-pat Australians in large numbers

- The belated entry of investors to compete with owner-occupiers

-Perceptions about the safety and solidity of bricks &amp; mortar in times of uncertainty

-The growing prevalence of e-commerce and its impact on industrial property, which has repercussions for residential demand

- Access to low-cost finance

And you’ll notice that I mention low interest rates as just one of 16 different factors – and I mention it last and definitely least.

Terry Ryder is the founder of hotspotting.com.au

ryder@hotspotting.com.au

twitter.com/hotspotting
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The nation’s gaggle of chattering economists has been compelled to admit they got it wrong in 2020

Economists got real estate wrong in 2020: Hotspotting's Terry Ryder

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After a stronger than expected housing turnaround, NAB are now forecasting dwelling values to rise by an average of eight per cent nationally across 2021, with a view that 2022 will also see strong gains.

The revision comes after the turnaround in the housing markets, pared with low interest rates, the government's HomeBuilder grants and stamp duty concessions on newly built properties.

"The housing market has fared significantly better than expected over the past year, despite significant headwinds from slower population growth and a weaker labour market," the NAB report read.

"Lower interest rates and household income support from the Federal Government have been a key support amidst the challenges of the pandemic.

"While the impact of lower rates is broad-based, there are some key dynamics underlying our forecast."

[smartcode_project:default project_id=90553]

NAB expect the smaller capitals to continue to outpace Sydney and Melbourne, but the two biggest capital city markets have closed the gap from NAB's previous forecasts.

In the Q2 update in mid-2019, NAB were forecasting a -4.3 per cent average decline across the country, with Melbourne (-7.3 per cent) and Sydney (-4.7 per cent), driving the losses.

In Q3, following a positive response to COVID-19, NAB flipped their forecast, predicting five per cent gains nationally over 2021 and Melbourne (+3.6 per cent) and Sydney (+4.4 per cent), going full circle.

Now NAB expect nearly eight per cent gains average, with Sydney and Melbourne not far behind other capital city markets.

<img alt="" height="791" src="https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/nab_q4_forecast.jpg" width="1200">

They expect the best performer to be Brisbane, where there are 10.1 per cent gains forecast for 2021 and 6.3 per cent for 2022.

Adelaide and Hobart are predicted to see the strongest gains over 2022, up 7.4 per cent after 8.9 per cent and 9.7 per cent gains over 2021.

Sentiment has been on the turn for a number of months and the NAB Residential Property Index ended 2020 at a survey high +45 points. Confidence levels returned to levels last seen before COVID in late-2019 as expectations lifted sharply for house price growth across the country.

<img alt="" height="905" src="https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/nab_sentiment_q4.jpg" width="1200">

NAB economist Alan Astor says first home buyer demand remains very strong in new and established housing markets and is likely being supported by historically low interest rates and government support such as the First Home Loan Deposit Scheme and HomeBuilder.

"The brief pullback in house prices earlier in the year may have also helped sentiment among these buyers."
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The revision comes after a stronger than expected housing market, pared with the low interest rates, the government's HomeBuilder grants and stamp duty concessions on new properties.



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