Developers and apartment buyers have a narrowing window of opportunity before Brisbane's Olympic infrastructure pipeline begins competing directly with residential construction, pushing up costs, tightening labour supply and making new projects increasingly difficult to deliver.

While Brisbane's apartment market continues to benefit from strong population growth and limited housing supply, industry research suggests the years leading up to 2027 could prove to be the most important period for developers looking to secure builders and buyers hoping to purchase before the next wave of price increases.

A new Colliers report, Brisbane 2032 Olympic and Paralympic Games: Creating Solutions, highlights the scale of the challenge. While thousands of new homes are planned across South East Queensland, the Brisbane Olympic Athletes Village alone will deliver more than 10,500 beds during the Games before being converted into around 1,750 to 2,000 apartments. Equivalent to almost two years of typical inner-city apartment supply, the project will also absorb a significant share of the construction workforce and building materials.

The broader construction pipeline paints an even clearer picture.

Construction Skills Queensland's Horizon 2032 report forecasts Queensland's annual construction pipeline will average $69 billion over the coming years before peaking at $75 billion in 2027-28. Demand for construction workers is expected to increase by 17 per cent to almost 150,000 people, with the industry facing an annual shortfall of around 19,000 workers that could blow out to as many as 35,000 during the peak construction period.

The Olympic venues, athletes village and supporting infrastructure will account for billions of dollars worth of work across South East Queensland through to 2032, creating intense competition for labour at a time when Australia's residential construction sector is already under pressure.

[smartcode_project:default project_id=150489 project_image_fid=373834]

Colliers Queensland Residential Director Andrew Scriven said the convergence of these projects is creating a clear window of opportunity for both developers and buyers.

"From 2027 onwards, the market will shift dramatically," Scriven said.

"Labour will increasingly be locked into government-led infrastructure and Olympic projects, which means private residential developments will face higher costs and tighter margins. The developers who move now are the ones most likely to get projects off the ground."

Scriven said the same dynamic would also affect buyers, with fewer apartment projects expected to launch once construction capacity tightens.

"If you're looking to change your lifestyle over the next five years, now is your window of opportunity to buy."

[smartcode_project:default project_id=150713 project_image_fid=373827]

Developers are already positioning themselves ahead of that window.

Following the success of Monarch at Toowong, Consolidated Properties is preparing to launch two new Brisbane apartment projects in the second half of 2026. They include <a href="https://www.apartments.com.au/new-apartments/gloriette-30-bedivere-street-yeerongpilly-qld-4105">Gloriette</a> at Yeerongpilly Green, a 25-storey tower within one of Brisbane's key Olympic precincts, and <a href="https://www.apartments.com.au/new-apartments/castile-47-skyring-terrace-newstead-qld-4006">Castile</a>, a recently approved 25-storey riverfront development at 47 Skyring Terrace in Newstead.

Hutchinson Builders will deliver both projects, with early works already underway at Yeerongpilly and Newstead expected to commence later this year.

The timing comes as Brisbane's fundamentals continue to strengthen, with strong interstate migration, population growth and vacancy rates remaining below 1.5 per cent.

Colliers Queensland researcher Pragya Sharma said Greater Brisbane is forecast to require around 40,000 new apartments between 2021 and 2031.

"There's a real mismatch emerging between when housing is needed and when it will be feasible to build," Sharma said.

"As a result, the period leading up to 2027 presents a key window of opportunity for developers to secure approvals, funding and construction capacity, while buyers will have greater choice before supply constraints intensify."

Colliers research outlines a critical pre-2027 window to start residential projects before labour squeeze: now is the time to buy

Joel Robinson

Developers, buyers on watch in South East Queensland ahead of construction crunch: Colliers

It's taken less than nine months for developer Sherpa Property Group to sell out all 51 apartments in its <a href="https://www.apartments.com.au/new-apartments/flourish-oasis-palm-beach-7-9-sixth-avenue-palm-beach-qld-4221">Flourish Oasis</a> development in <a href="https://www.apartments.com.au/developments/palm-beach-qld-4221">Palm Beach</a>, over a year before its anticipated completion.

&nbsp;

Located at 7-9 Sixth Avenue, the $67 million development has resonated strongly with both local owner-occupiers and downsizers seeking high-quality apartments within walking distance of the beach, dining precincts and everyday amenities.

[smartcode_project:default project_id=151449 project_image_fid=357458]

Christie Leet, Founder of <a href="https://www.apartments.com.au/developers/sherpa-property-group">Sherpa Group</a>, said the sell-out reflected both the strength of the Palm Beach market and the success of Sherpa's community-first approach to development.

"The sell-out of Oasis is a fantastic outcome and reinforces the strong demand we're seeing for thoughtfully designed apartments in lifestyle locations," Leet said.

"From the outset, our vision was to create a development that genuinely enhanced the Palm Beach community while providing residents with exceptional homes and wellness-focused amenities.

"We've been incredibly encouraged by the level of local support throughout the campaign, 72.5 per cent of buyers are locals, with a significant proportion of purchasers choosing Oasis as their future home rather than an investment."

[smartcode_project:default project_id=151449 project_image_fid=357463]

Construction is now progressing following development approval, with trusted builder LPS Group delivering the project and completion anticipated in Q3 2027.

Oasis forms part of Sherpa Group's successful Flourish collection, which has become recognised for its focus on wellness, community and elevated coastal living.

[smartcode_project:default project_id=151449 project_image_fid=357469]

Residents will have private access to a rooftop amenity space featuring a pool, gym, sauna, steam room, hot and cold plunge pools, spa and barbecue facilities.

"The success of Oasis demonstrates that buyers continue to prioritise quality, location and lifestyle," Leet said.

"We are proud to have delivered a project that has resonated so strongly with the market and look forward to bringing Oasis to life for our future residents."

Sherpa recently launched <a href="https://www.apartments.com.au/new-apartments/flourish-soleira-palm-beach-1150-1160-gold-coast-highway-palm-beach-qld-4221">Flourish Soleira</a>, its third instalment of the Flourish brand in Palm Beach following Flourish Oasis and <a href="https://www.apartments.com.au/new-apartments/amargo-6-12-sixth-avenue-palm-beach-qld-4221">Flourish Amargo</a>.

[smartcode_project_cta:default project_id=151449]

Sherpa sells out Flourish Oasis in booming Palm Beach

Urban Property Group's <a href="https://www.apartments.com.au/new-apartments/la-vera-macquarie-park-94-talavera-road-macquarie-park-nsw-2113">La Vera</a> is leading the next phase of Macquarie Park's residential evolution, with the new apartment development set to become the first of several new apartment projects in the precinct to complete.

The 169-apartment building has now topped out ahead of its scheduled completion in the third quarter of 2026, as new residential investment continues to reshape one of Sydney's largest employment hubs into a true mixed-use precinct.

[smartcode_project:default project_id=134951 project_image_fid=368645]

Cox Architecture has designed La Vera to capture the best of its unique positioning on Talavera Road, orienting the building towards Lane Cove National Park.&nbsp;The building features a sculpted northern façade with flowing curves inspired by the surrounding landscape, while its city-facing elevation adopts a more structured architectural expression to maximise skyline views.

"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," <a href="https://www.apartments.com.au/architects/cox-architecture">Cox Architecture</a> Director Felipe Miranda said.

"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."

[smartcode_project:default project_id=134951 project_image_fid=358802]

La Vera offers a diverse mix of one, two, three, and four-bedroom configurations, with prices currently starting from $740,000. Buyers so far have been a mix of Sydney-based investors,&nbsp;metro commuters, owner-occupiers and downsizers from surrounding North Shore suburbs.

Both investors and owner-occupiers have been drawn to La Vera's proximity to Macquarie University, Macquarie University Hospital, Macquarie Centre and the Sydney Metro, infrastructure that supports both strong rental demand and a convenient lifestyle for residents.

The apartments feature full-height glazing, timber flooring throughout living areas, stone kitchen benchtops, SMEG appliances, floor-to-ceiling bathroom tiling and ducted air conditioning.

Residents will have access to a rooftop recreation level featuring a swimming pool, sauna, barbecue facilities and landscaped relaxation areas, complemented by additional communal space at ground level. Many apartments enjoy uninterrupted views across Lane Cove National Park, reinforcing the project's connection to its natural setting.

[smartcode_project:default project_id=134951 project_image_fid=364551]

<a href="https://www.apartments.com.au/developers/urban-property-group">Urban Property Group</a>, a family-owned developer and builder with nearly four decades of experience, holds a 4.5-star iCIRT rating and was Australia's first developer to introduce 10-Year Latent Defects Insurance (LDI). La Vera is the first apartment development in <a href="https://www.apartments.com.au/developments/macquarie-park-nsw-2113">Macquarie Park</a> approved to offer the additional insurance protection, alongside a five-year warranty on SMEG appliances.

Urban Property Group CEO Patrick Elias said the additional protection reflects changing buyer expectations in 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," Elias said.

Following completion of the building later this year, buyers will move into their apartments well before Christmas.

[smartcode_project_cta:default project_id=134951]

La Vera closes in on completion as Macquarie Park continues residential transformation

Brisbane developer Red &amp; Co's decision to include dual key apartments in its debut Gold Coast apartment development, <a href="https://www.apartments.com.au/new-apartments/como-varsity-lakes-22-lake-street-varsity-lakes-qld-4227">COMO Varsity Lakes</a>, is proving to be one of the project's biggest drawcards, with buyers quickly snapping up the flexible residences.

More than half of the project's 36 dual key apartments have already sold, helping drive COMO beyond the 50 per cent sold mark within the first month of launch.

The strong response highlights growing demand for apartment designs that can adapt to changing lifestyles, with buyers increasingly looking for homes that accommodate multi-generational living, provide rental income opportunities or simply offer greater flexibility over time.

Located on the shores of Lake Orr, COMO will deliver 156 apartments across 16 levels, with the dual-key residences forming a limited release within the broader development.

Each combines a primary two-bedroom apartment with a fully self-contained studio on a single title, connected by a shared foyer and lockable internal door. The design allows owners to house ageing parents, adult children or guests while maintaining privacy, or lease the secondary residence to generate additional income.

Just 17 of the original 36 dual key apartments remain available.

[smartcode_project:default project_id=135546 project_image_fid=367096]

The innovative configuration combines two fully self-contained residences on a single title, typically comprising a primary two-bedroom apartment alongside a separate studio residence, connected via a shared foyer and lockable internal door.&nbsp;

The model is proving particularly attractive to owner occupiers navigating changing family dynamics and the realities of the current housing crisis.&nbsp;

[smartcode_project:default project_id=135546 project_image_fid=363511]

<a href="https://www.apartments.com.au/project-marketer/npa">NPA</a>&nbsp;CEO Andrew Erwin said dual key living was resonating strongly with modern buyers because it delivered both financial flexibility and practical lifestyle benefits.&nbsp;

“The housing crisis and rising cost of living are fundamentally changing how Australians think about home ownership,” Erwin said.&nbsp;

“Dual key apartments provide a genuine solution for families who want to stay connected while maintaining independence. Parents can help adult children save for a future home, ageing parents can remain nearby without moving into aged care, and owners still retain privacy and flexibility.

“Importantly, buyers are also recognising the financial advantages. It creates the opportunity to generate additional income from part of the home without the holding costs associated with owning a separate investment property.”&nbsp;

[smartcode_project:default project_id=135546 project_image_fid=363509]

Unlike traditional dual occupancy arrangements, the residences operate under a single title, meaning owners only incur one set of body corporate fees, council rates and holding costs.&nbsp;

The secondary residence can also evolve over time - functioning as guest accommodation, a home office, creative studio or private retreat before later becoming an income-producing asset.

<a href="https://www.apartments.com.au/developers/red-co">Red &amp; Co</a>&nbsp;Director and Co-Founder David Laverty said the strong early sales reflected growing buyer urgency and changing priorities within the market.&nbsp;

“Securing more than half of COMO’s residences within such a short timeframe is an outstanding result and a clear endorsement of both the design and location,” Laverty said.&nbsp;

“Buyers are responding to the combination of location, connectivity and amenity, but ultimately it’s value relative to other East Coast markets that is driving enquiry.”&nbsp;

“We’re also seeing strong interest from owner occupiers looking for homes that can adapt with them over time. Flexibility has become one of the most important considerations for buyers in today’s market.”&nbsp;

[smartcode_project:default project_id=135546 project_image_fid=363515]

Designed by <a href="https://www.apartments.com.au/architects/bda-architecture">BDA Architecture</a>, COMO features a mix of one-, two- and three-bedroom residences with 2.7-metre ceilings and larger-format floorplans aimed at owner occupiers, downsizers and lifestyle-focused buyers.&nbsp;

The development will feature an extensive rooftop recreation and wellness offering including a 25-metre lap pool, sundeck, barbecue and dining areas, gym, sauna, plunge baths, landscaped gardens, wellness spaces and rooftop pickleball and paddleball courts.

The remaining dual key apartments range from 137 sqm to 167 sqm and include generous three-bedroom layouts with separate self-contained studio accommodation and dual parking.&nbsp;

Erwin said the dual key concept represented a broader shift in how Australians would live in the future.

“People want homes that can evolve with their lives,” he said.&nbsp;

“A dual key apartment can suit a family today, support an ageing parent tomorrow, and potentially generate income later on. That adaptability is becoming incredibly valuable in the current environment.”

Prices currently range from $2,115,750 to $2,583,000.&nbsp;

[smartcode_project_cta:default project_id=135546]

Inter-generational living drives demand for COMO’s dual key apartments as housing pressures reshape buyer priorities 

Builder-developer&nbsp;<a href="https://www.apartments.com.au/developers/ceerose">Ceerose</a> has doubled down on its Leichhardt ambitions, lodging its second State Significant Development Application (SSDA) in the suburb in the last six months.

Their newest proposal seeks to transform a former industrial precinct into a new residential community centred around the adaptive reuse of one of the site's heritage warehouse buildings.

The new project, on a 6,930 sqm block at&nbsp;<a href="https://www.apartments.com.au/new-apartments/40-76-william-street-leichhardt-nsw-2040">40–76 William Street</a>, will bring more than 200 apartments to a suburb that has seen little to no new supply in recent years. It follows Ceerose's late 2025 SSDA for a mixed-use apartment project on nearby Parramatta Road, signalling the developer's growing investment in Sydney's Inner West.

Designed by <a href="https://www.apartments.com.au/architects/woods-bagot">Woods Bagot</a>, the redevelopment would involve the demolition of four existing industrial buildings while retaining and adaptively reusing the site's most significant warehouse. The retained structure would anchor a new residential precinct comprising five interconnected buildings arranged around a large central landscaped courtyard, with heights stepping from five storeys along the surrounding residential streets to 11 storeys at the William Street corner.

<img alt="First look: Ceerose returns to Leichhardt with 203-apartment adaptive reuse proposal at former warehouse site" data-entity-type="file" data-entity-uuid="7258c54c-8167-479e-8361-2d5fca9915b4" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Appendix%2010B%20-%20CGI%20-%20View%202.jpg?VersionId=S9DQfxu_jpcB5LrAEYFUbyMzg5odW6i5" />

According to the Architecture Design Report by Woods Bagot, the proposal "seeks to create a residential village centred around a generous green heart while celebrating the site's industrial heritage through the adaptive reuse of the existing warehouse building."

The development would comprise 203 apartments, with 188 proposed as build-to-sell residences, alongside 15 affordable housing apartments.

Rather than treating the retained warehouse as a standalone heritage object, Woods Bagot has sought to weave the site's industrial history throughout the masterplan. The proposal retains the north and west facades of the landmark corner warehouse, while new buildings reinterpret the site's brick-and-steel industrial language through their material palette and architectural expression.

<img alt="First look: Ceerose returns to Leichhardt with 203-apartment adaptive reuse proposal at former warehouse site" data-entity-type="file" data-entity-uuid="9e8c64c2-881b-49e1-8c90-6b6acaaa45b6" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Appendix%2010C%20-%20CGI%20-%20View%203.jpg?VersionId=Qm8_8H_Xrg_sc4Mdjc59vlAcKF_5wRTb" />

The design is organised around what Woods Bagot describes as a "green heart", a landscaped communal open space that reinstates the leafy character removed when the site became an industrial storage facility. A new pedestrian laneway running through the site would improve permeability between William, North and Francis streets, linking residents through landscaped public spaces while activating the ground plane.

Residents would have access to communal gardens, rooftop open space and shared recreation areas distributed throughout the development. Sustainability has also been prioritised, with the project targeting an average 7.9-star NatHERS rating. Proposed initiatives include rooftop solar generation, rainwater harvesting, passive solar design, naturally ventilated lobbies, extensive cross-ventilation and the reuse of existing building fabric to reduce embodied carbon.

The adaptive reuse strategy became a defining feature of the application after heritage investigations found only one of the site's industrial buildings could feasibly be retained. The Heritage Impact Statement concludes that preserving the key warehouse façades while referencing the site's industrial character throughout the new development provides an appropriate balance between renewal and conservation.

<img alt="First look: Ceerose returns to Leichhardt with 203-apartment adaptive reuse proposal at former warehouse site" data-entity-type="file" data-entity-uuid="efffafdb-594f-4e2b-a067-921fd51c05e1" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Appendix%2010D%20-%20CGI%20-%20View%204.jpg?VersionId=DPmE4.k16YRt0i27hEZVtJAffarpvUfx" />

"Retention and adaptation of the site buildings has been explored but found not to be feasible except for the tallest building, whose street facades will be retained," the heritage report states.

"The proposed building will interpret the brick and steel character of the subject site, including reuse of some components and construction of a large 'sawtooth' structure in the proposed open space."

<img alt="First look: Ceerose returns to Leichhardt with 203-apartment adaptive reuse proposal at former warehouse site" data-entity-type="file" data-entity-uuid="3bfef2b5-83f5-40cd-9cab-767092f34266" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Appendix%2010E%20-%20CGI%20-%20View%205.jpg?VersionId=7asb3i_ql4ybbuJOUb5UHBEIy0Q9t.DF" />

The William Street site is located around 300 metres from Leichhardt North Light Rail station and a short walk to Norton Street's retail, dining and hospitality precinct. The surrounding area has increasingly become a focus for urban renewal given its proximity to public transport and the Parramatta Road corridor.

Ceerose, founded by Edward Doueihi in 1998, has become one of Sydney's more active apartment developers, with completed projects including The Alex Collective in Alexandria, Abbie's Lane in Annandale, and the award-winning Munro House in Elizabeth Bay. They are currently delivering Belgravia, 17 luxury apartments in Potts Point.

First look: Ceerose doubles down in Leichhardt with adaptive reuse of former warehouse site

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The golden age of banks controlling the home loan market seems to be ending, with active home borrowers set to be the main beneficiaries.
The market share of the big four banks continues to fall.
According to research from UBS analyst Jonathan Mott mortgage origination via the big four’s branch networks has fallen from a peak of 48% in 2013 to presently around 37%.
ANZ’s branch network experienced the sharpest reduction.  
As a result of the shift, the major banks’ share of new home loans has dropped from 78% to 71% over the past six years.
Mott noted the majors still have 79% share of all outstanding mortgage credit outstanding, but that new lending competition was intensifying as customers migrate away from the major banks.
Reputational damage post the banking royal commission accelerated the trend along with repeated times of not fully passing through RBA rate cuts to its annoyed variable rate customers.
The Hoff, actor David Hasselhoff, was the unlikely influencer that helped turbo-boost the ANZ Bank's recent home loan activity.
The ANZ saw a 30% plus bounce in the home loan applications accompanying the recent two month campaign featuring the 1980s star of Knight Rider and Baywatch.
The cheesy ANZ advertising campaign also promised 300,000 bonus Qantas Points for a loan of $300,000 or more, which could comfortably take a family of four to Fiji return or a couple to New York.
The marketing campaign slogan was "a home loan offer so good you don't need a celebrity".
The two month campaign was perfectly time to capture the spurt in buying interest around the time of the May election.
The multi-media ANZ campaign ran from July until late August, attracting some 1.7 million views on YouTube.
There was certainly some negative social media suggesting The Hoff was a "has been". 
The Hoff, who proposed to his wife, Hayley Roberts at the top of the Harbour Bridge climb in 2012, was back in Sydney for just a day to do the filming earlier this year.
Helping turn the tide on its falling home loan applicants, the ANZ chief executive Shayne Elliott credited the campaign.
He noted the Hoff campaign had blown through its volume targets "every single day".
“We think it’s a signal to the market we’re back — to the broker market, in particular, but also to our branches," he said.
Elliott also noted the increased volume came through "operational" improvements and an improved property market.
Before the campaign began, APRA statistics showed ANZ had 15% of the owner occupier home loan market, well behind the Commonwealth Bank's 26% and Westpac with 21%.
"Average (application) levels in the second half were more than 30% higher than the first half," the chief financial officer Michelle Jablko said.
Elliott conceded earlier this year the bank had become too conservative assessing home loan applications.
Westpac chief executive Brian Hartzer advised this week that he expects lending to be “relatively flat” over the 2020 year.
Westpac highlighted that the group’s credit quality “remains sound”.
“Nevertheless, we have seen a small rise in 90 day mortgage delinquencies over the year, in part due to low wage growth and slowing economic activity.
"70% of our Australian home loan customers are ahead on their repayments including offset accounts,” he added.
Hartzer said the economy would continue to feel the squeeze throughout 2020 as the residential construction cycle headed towards a low.
This article first appeared in The Daily Telegraph. 
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jchancellor-FAypfDUnLy

Golden age for big four home loan dominance ending

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The ANZ has seen a sharp boost in its home loan applications.
It credits some of the success to its recent advertising campaign featuring The Hoff.
The marketing was along the lines that the "offer so good" you didn't need a celebrity.
ANZ ran a cheesy campaign featuring David Hasselhoff to promote a home loan that offers bonus Qantas Points. 
This campaign promises 300,000 bonus Qantas Points for an ANZ home loan of $300,000 or more.
<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/2019/10/31/ANZ%20home%20loan%20application%20trend.jpg" alt="">
They've also trimmed their interest only portfolio significantly over the last two years.
Owner occupier interest only loan amounts have dropped from $33 billion to $14 billion over two years.
Investors interest only loans have dropped by nearly half, down from $49 billion in 2017 to $26 billion in 2019.
<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/2019/10/31/ANZ%20housing%20portfolio.jpg" alt="">
Owner occupier principal and interest has grown over the year, with $156 billion worth of loans rising to $164 billion.
Investor principal and interest also rose by $5 billion in the last 12 months.
The details came when the ANZ reported its latest profit, $6.47 billion, which analysts said was flat.
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j.ballantyne1990-6AQqhLzZaK

The Hoff boosts ANZ home loan applications as IO borrowers drop away

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ASIC has now commenced proceedings in the Federal Court against ANZ for misrepresentation and unconscionable conduct.
ASIC will allege that ANZ was not entitled to charge certain periodic payment fees under the bank’s contracts with its customers.
Between August 2003 and 23 February 2016 (the 2003-2016 Period), ASIC alleges that ANZ wrongly charged transaction fees and non-payment fees for periodical payments between accounts in the same name.
They stated, transaction fees were charged when a periodical payment was successful, and non-payment fees were charged when a periodical payment could not be made due to insufficient funds in the customer’s account.
During the 2003-2016 period the transaction fee for periodical payments varied between $1.70 and $4 for business accounts and was either $4 or free for retail accounts. And the non-payment fee for periodical payments varied between $35 and $45 for business accounts and was between $6 and $45 for retail accounts.
ASIC alleges that between 26 July 2013 and 23 February 2016, ANZ unlawfully charged the fees on at least 1,340,087 occasions.
ASIC estimates that the total gross loss to customers during the period 1 January 2008 to 23 February 2016 is in excess of $50 million. ANZ has paid approximately $28 million in remediation to customers to date.
However, ANZ has not paid remediation to customers who have been charged the fees prior to 31 December 2007.
The authority contends that ANZ first became aware there was a risk the bank was not entitled to charge these fees in July 2011. 
However, ASIC will say that ANZ did not:
1. provide written notification of the existence of a possible issue in relation to the fees to ASIC until 14 February 2014; 2. commence notifying affected customers about the issue until at least 23 September 2015; 3. change its terms and conditions to permit the charging of the fees until 23 February 2016; and 4. commence making remediation payments in relation to the unlawfully charged fees until August 2016. 5. At the heart of ASIC’s action is the fact that ANZ continued to charge the fees during the 2003-2016 Period, despite what ANZ already knew.
ANZ first reported the matter to ASIC in February 2014.
ASIC stated, "in September 2018, ANZ contacted ASIC advising that information they had previously provided to ASIC relating to ANZ’s identification of the issue was incomplete. As a result of the new information, ASIC commenced an investigation into ANZ in October 2018."
"ASIC alleges ANZ breached section 912A(1)(a) and (c) the Corporations Act 2001 (Corporations Act) which requires a licensee to ensure that the financial services covered by its licence are provided efficiently, honestly and fairly and to comply with financial services laws because it amongst other things, provided incomplete or misleading information when it reported the issue to ASIC in February 2014."
"ASIC further alleges breaches by ANZ of the Australian Securities and Investments Commission Act 2001 (ASIC Act), including that ANZ engaged in misleading or deceptive conduct, made false or misleading representations and engaged in unconscionable conduct because the bank:"
1. continued to charge the fees when it knew that the fees were unlawful or were at risk of being unlawful; 2. knew that it was highly unlikely that it would be able to remediate all affected customers; 3. failed to inform customers who may have been affected by its unlawful charging until September 2015; and 4. deliberately did not make remediation payments to customers who had been charged the fees between August 2003 to 31 December 2007. 5. The ASIC Act contraventions attract a maximum pecuniary penalty of between $1.7 million and $2.1 million per contravention.
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ASIC sues ANZ for unconscionable conduct over unlawful transaction fees

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ANZ has announced it will decrease variable interest home loan rates in Australia by 0.25% pa, the full RBA rate cut, effective July 12.
They are <a href="/expert-insights/finance/anz-first-to-pass-on-part-of-june-2019-rba-rate-cut">once again the first of the Big Four to cut rates</a>, unlike in June when they only passed on a 0.18 basis point reduction, they are passing on the full 0.25 basis points.
The first to call was <a href="/expert-insights/finance/athena-home-loans-match-the-full-rba-cut-again">once again Athena, a non-bank lender</a>, who passed on the whole July cut, reducing rates by 0.25 basis points, which they also did in June.
ANZ may have made this decision following the backlash last month which prompted the federal Treasurer Josh Frydenberg to say, “I think the ANZ has let down its customers.”
“This is deeply disappointing from the ANZ," he stated following ANZ's decision to not pass on the full June RBA rate cut.
ANZ Group Executive, Australia Retail &amp; Commercial, Mark Hand said: “Today we have decided we will reduce variable interest rates for our home loan customers by 0.25% pa. Importantly, we will apply this reduction across all our variable rate home loans.
“We looked at a number of factors before reaching this decision, including business performance, market conditions and the impact on our customers.
“On balance, we believe this is the right decision for our home loan customers and for our business,” Mr Hand said.
The ANZ changes are as follows: 
1. Decrease all variable interest rates for Australian home and residential investment loans by 0.25%pa. 2. For Standard Variable Rate Owner Occupiers paying principal and interest this reduces the Index Rate to 4.93%pa, from 5.18%pa. 3. For Standard Variable Rate Owner Occupiers paying interest only the Index Rate reduces to 5.48%pa, from 5.73% pa.
So far none of the Big Four have indicated as to whether they will reduce rates in line with ANZ.
But at around 6pm CBA announced it will reduce its standard variable rate home loans by between 0.19% p.a. and 0.25% p.a.
<ul>
<li>Owner Occupied Principal and Interest Standard Variable Rate home loan reduced by 0.19% per annum (p.a) to a new record low rate of 4.93% p.a.</li>
<li>Investor Principal and Interest Standard Variable Rate home loans reduced by 0.19% p.a. to 5.51% p.a.</li>
<li>Owner Occupied Interest Only Standard Variable Rate home loans reduced by 0.25% p.a. to 5.42% p.a.</li>
<li>Investor Interest Only Standard Variable Rate home loans reduced by 0.25% p.a. to 5.89% p.a.</li>
</ul>
CBA will also introduce a new special term deposit offer, with an extra bonus offer for existing pensioner customers.
At 6.30 NAB announced it will reduce its variable rate home loans by 0.19% per annum, effective 12 July. 
This is on top of the 0.25% reduction last month by NAB.
Around 6.30pm Westpac announced it was reducing its variable interest rates for home loan customers, including a reduction of 0.20% p.a for owner occupiers and a reduction of 0.30% p.a. for investors with interest only repayments.
<a href="/expert-insights/finance/westpac-to-cut-by-0-2-but-more-for-io-borrowers">With the same 0.2% last month</a>, Westpac's combined rate cuts of the past two months ranks as the lowest for home loan customers.
The following interest rate changes will come into effect on Tuesday 16 July 2019 at Westpac.
<ul>
<li>Variable home loan (owner occupier) rate has been reduced by .20% p.a. to 4.98% p.a. for customers with principal and interest repayments.</li>
<li>Variable residential investment property loan reduced by .20% p.a. to 5.53% p.a. for customers with principal and interest repayments.</li>
<li>Variable home loan (owner occupier) rate reduced by .20% p.a. to 5.57% p.a. for customers with interest only repayments.</li>
<li>Variable residential investment property loan rate reduced by .30% p.a. to 5.79% p.a. for customers with interest only repayments.  </li>
</ul>
“Today’s announcement means our Standard Variable Rate (SVR) will be the lowest it has been in more than 45 years for owner occupier home loan customers with principal and interest repayments,” David Lindberg, Westpac Chief Executive, Consumer said.
 
 
 
</div>
</div>
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ANZ first to cut rates again, this time the full cut

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The ANZ was the first of the big four banks to cut rates, nine minutes after today's RBA decision.
They didn't pass on the full 0.25% rate cut with rates reduced only by 0.18 basis points effective June 14.
ANZ Group Executive, Australia Retail &amp; Commercial, Mark Hand said, “in making this decision we have weighed up a number of factors, such as business performance, market conditions and the impact on our customers, including our depositors.”
“I think the ANZ has let down its customers,” the federal Treasurer Josh Frydenberg said after the RBA decision and the ANZ response. 
“This is deeply disappointing from the ANZ,” Mr Frydenberg said.
Athena was the first non-bank lender to reduce rates, and they passed on the whole cut, reducing rates by 0.25 basis points.
The Sydney based online lender announced a new headline variable rate for owner-occupiers paying principal and interest of 3.34 per cent p.a. within 15 minutes of the RBA decision.
Athena only entered the home loan market this year.
The next to cut rates is Reduce Home Loans making their reducing their rates by 0.25 basis points. 
RACQ Bank have also announced they will also pass on the whole 0.25 per cent rate cut.
At 3:50 the Commonwealth Bank (CBA) announced a full rate cut effective from June 25.
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ANZ first to pass on part of June 2019 RBA rate cut

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ANZ Banking Group has again suspended the troubled valuer LMW after another incident involving the posting of unauthorised valuation information on the web.
The bank said last Friday it was "disappointed and concerned" that a new incident had occurred.
ANZ was the first to respond to LMW's second data breach, with the Commonwealth Bank today suspending the use of its services in light of the latest smaller data breach.
LMW was previously known as LandMark White and LMW Hegney. 
"Following LMW’s recent data incident, CBA can confirm we have indefinitely suspended the company from our valuation panel," a company spokesman said.
"The safety and security of our customer information is of paramount importance to us."
Meanwhile LMW company secretary John Wise advised today only a "small number of clients have again suspended workflows to LMW".
"The majority continue to work closely with LMW to understand the disclosure and any impact on their customers and LMW appreciates the way they are responding by supporting LMW, its employees and shareholders rather than acting in a way that ultimately rewards the criminal attempting to damage LMW’s reputation," Wise added.
There was an earlier data incident in January that left 137,500 records sitting on a dark web forum for 10 days.
LMW provided a further market update on the disclosure of documents on a US based sharing platform called SCRIBD.
LMW first became aware of the documents posted on SCRIBD late on May 29 with information relating to the establishment of SCRIBD accounts by the criminal provided to the NSW Police.
Based on a review of the documents posted to SCRIBD, LMW advised it was apparent that very few of the documents had been viewed or downloaded by anyone prior to being removed (other than LMW’s internal and independent response team).
The vast majority of the documents uploaded to SCRIBD are 2017 residential "short form" valuations in PDF format and have very limited personal information recorded in them (limited to a name and address). There are no bank account or identity details included in these documents.
"The nature of these documents together with the small number of non-valuation documents loaded to SCRIBD clearly indicate that this is not a cyber-attack on LMW but rather the deliberate acts of a person known to LMW," it advised shareholders.
"LMW suspects that this person has taken the documents from LMW via a manual process and is attempting to damage LMW’s brand and reputation.
"There is absolutely no indication that the person is attempting to derive personal gain from the disclosure.
"LMW is treating this activity incredibly seriously and is engaging with law enforcement to investigate the activities.
"LMW will support this investigation with full force, in an effort to identify the wrongdoer and prevent further activities.
"LMW is limited in what it can say given the ongoing investigation."
Following the cyber breach identified in early February 2019, LMW implemented significantly enhanced security measures that were independently reviewed by our third party, industry recognised, IT consultants and the cyber / security teams from the major banks, all which concluded that the risks of further cyber incidents had been appropriately mitigated.
"If the perpetrator is allowed to succeed in their efforts to damage LMW’s brand and reputation, this will have implications for the wider valuation industry’s viability," it advised the market.
"Further, if the approach of dumping internal documents on the web successfully damages LMW, its employees and shareholders, it opens an avenue for disgruntled employees of other organisations to do the same.
"This activity must be deterred, and we thank the wider community for its support (and look forward to further support) to stamp this activity out."
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ANZ and CBA stop LMW valuations after second web privacy breach

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ANZ has cut rates across several fixed rate home loans packages as of May 10.
It makes them the last of the <a href="/news/westpac-joins-other-big-two-to-cut-fixed-home-loan-interest-rates">big four banks to reduce fixed rates</a> on home loans.
Australia’s fourth largest bank has cut between 0.20 per cent and 0.60 per cent off owner occupier and investor fixed loans.
The cuts make their rates more comparable with their big four competitors.
<img src="https://www.urban.com.au/images/2019/5/10/ANZ%20Rates%201.JPG" alt="">
(Source: RateCity.com.au)
On the same day, Macquarie Bank, Australia’s eighth largest home lender has reduced variable rates on a range of loans by up to 0.51 per cent.
Macquarie Bank's lowest ongoing variable rate, available to new owner occupiers paying principal and interest with a 30 per cent deposit, is now 3.69 per cent – a drop of 0.12 per cent.
As a result they now offer a lower a lower variable rate than the big four banks alongside HSBC, who offer the same rate for new customers.
Sally Tindall, RateCity.com.au research director said, "with more competitive pricing, Macquarie Bank has seen an 18.4 per cent growth in their home lending year on year, according to the most recent data from APRA."
“The move by ANZ today comes as no shock. Some of their fixed rates were sticking out like a sore thumb. Now ANZ has some of the most competitive 3 and 5-year fixed rates available from the big four banks,” she added.
<img src="https://www.urban.com.au/images/2019/5/10/ANZ%20Rates%202.JPG" alt="">
(Source: RateCity.com.au)
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ANZ finally cuts fixed home loan rates

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An overview of ANZ's home loan portfolio from their half year results investor pack published today shows a big fall its in its investor portfolio along with a big drop in interest-only loan borrowers.
Just 18 percent of their portfolio is IO compared with 26 percent this time last year and 36 percent in 2017.
The number of investor loans has dropped over the two years from 34 percent to 31 percent.
Click here <a href="https://www.propertyobserver.com.au/images/2019/5/1/ANZ-Home-Loan-Portfolio.jpg" target="_blank">to enlarge</a>.
<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/2019/5/1/ANZ-Home-Loan-Portfolio.jpg" alt="">
At $269 billion lent, its entire loan book has 1 million accounts, down on the 1,018,000 this time last year.
Some 82 pecent of loans are variable.
Click here <a href="https://www.propertyobserver.com.au/images/2019/5/1/ANZ-Australi-Division-Portfolio.jpg" target="_blank">to enlarge.</a>
<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/2019/5/1/ANZ-Australi-Division-Portfolio.jpg" alt="">
There is an average 55 percent LVR compared with an originating 67 percent LVR. 
The average loan size has kept up to $269,000, up from $266,000 this time last year.
ANZ says it has 15.1 percent market share.
Around 52 percent of loans are broker originated.
ANZ Banking Group met expectations against a difficult operating environment with 2 per cent rise in cash profit to $3.564 billion.
 
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ANZ's home loan portfolio shows big drop in interest-only borrowers

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The ANZ-Property Council Survey for the June quarter shows a further decline in sentiment in Australia’s property sector. 
Confidence has hit a new low and is now at the lowest level since the survey began in 2011.
Residential property continues to lead the fall in overall sentiment.
Nearly all the key residential indicators declined further in the June quarter, with sentiment, prices and construction all reaching fresh lows. 
"Importantly though, the outlook for credit availability improved, tentatively suggesting that the housing sector is reaching an inflexion point," it noted.
The largest decline in confidence came in New South Wales, which is consistent with the fact that Sydney has seen the most marked weakness in house prices.
 Not far behind was Victoria, while Queensland, South Australia and Western Australia saw more moderate declines. 
But ANZ Head of Australian Economics, David Plank, commented that the most important aspect of the latest ANZ-PCA property survey could be the improvement in the availability of finance.
"It was a modest improvement in this part of the survey in mid-2017 that signalled greater stability in the housing market later that year and in early 2018.
"Finance availability then deteriorated sharply, continuing to fall through the rest of 2018 and into 2019.
"We think this deterioration was the trigger for the renewed house price weakness in Sydney and Melbourne from that point.
"The turn in finance availability captured in this survey could signal a turn in the market.
"Certainly it suggests we may be past the worst of the downturn in building approvals.
"We need to be cautious, though, about the outlook."
He added finance is still difficult to get, and sentiment in the residential property space is very negative.
"This primarily reflects the price outlook, which has fallen further in New South Wales and Victoria.
"Sentiment does tend to lead rather than follow prices, however, certainly over the past few years.
"We think the continued downturn in price sentiment reflects recent developments rather than indicating a deterioration in the outlook.
"The shift in expectations with regard to interest rates may help the outlook.
"Still, we expect further declines in house prices this year."
Outside residential, sentiment is much better. It has, however, declined from its recent peak across most sectors. Sentiment in the retail sector is especiallysoft, which is not surprising.”
Sentiment declined in the commercial space as well, although it remains much more positive than is the case for residential. 
Declines in confidence were seen in all segments (retail, tourism, office) except industrial. 
It noted forward work schedules have declined, but remain elevated, reflecting the fact that the amount of work in the pipeline remains substantial but is past the peak. Consistent with the decline in the construction outlook, hiring intentions have also come down.
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NSW sees biggest fall in confidence in property outlook

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ANZ has joined forces with the Property Industry Foundation to combat youth homelessness, with the bank committing to a three-year partnership worth $150,000 to support the Foundation’s PIF House Program.
The Property Industry Foundation works with the property and construction industry to build homes for disadvantaged youth and is set to deliver 125 bedrooms by 2021 under its PIF House Program.
ANZ’s support will contribute to the program’s development pipeline of 44 new bedrooms across several states, including an 18-bedroom crisis accommodation in Melbourne’s CBD, a seven-bedroom house in Orange, NSW and a six-bedroom house in Clayton, Victoria. 
ANZ’s head of property, Jason Cannock said: “The foundation has played a pivotal role in delivering housing outcomes for at-risk youth over the last two decades. 
“We want to play our part in supporting them, so it’s important we partner with our clients across the industry to help deliver more transitional housing to those most in need.”
Kate Mills, Chief Executive Officer, Property Industry Foundation, said ANZ’s commitment will create a long-term legacy.
“Homeless young people typically live in these PIF Houses for up to 12 months until they have the skills to live independently,” she said.
“It means each year, ANZ’s investment will give even more young people a new start. That’s the real value of the contribution.”
The program has completed construction of 32 bedrooms since 2016, with those rooms located in three PIF Houses where carers and counsellors provide support and mentoring to rebuild young lives. 
For 20 years, the Property Industry Foundation has used the resources of the property and construction industry to build bedrooms for homeless young people. 
Companies and people from across the sector in New South Wales, Victoria and Queensland donate their time, expertise, resources and money to help reduce youth homelessness.
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