Busy developer Aqualand Prestige has formally taken the next step in its expansion across Sydney's Lower North Shore, lodging a State Significant Development Application (SSDA) for its long-held Archer Street site in Chatswood.

The application covers <a href="https://www.apartments.com.au/new-apartments/51-55-archer-street-chatswood-nsw-2067">51-55 Archer Street</a>, a 1,767 sqm amalgamated site on the eastern edge of the Chatswood CBD, where the developer is seeking approval for a 45-level mixed-use tower delivering 114 apartments, including a significant affordable housing component, alongside retail, commercial space and six basement levels of parking.

The SSDA marks the latest milestone for a project Aqualand has been quietly progressing over the past two years. The developer first secured the site for its Aqualand Prestige platform before undertaking an alternative design excellence process with PTW Architects, ultimately avoiding a formal design competition through the Housing Delivery Authority pathway.

The proposal has evolved considerably from Aqualand's original concept. The revised scheme has been designed around larger owner-occupier product, with an unusually high proportion of three and four-bedroom apartments, targeting the more affluent buyer profile, and downsizer, emerging across the North Shore.

<img alt="Archer St" data-entity-type="file" data-entity-uuid="0171204c-5811-41b5-9b09-2335d1b7c3d0" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-22%20at%208.52.48%E2%80%AFAM.png?VersionId=6YTuxfq.puZo7k2wbfgemcO5K3QfXYGQ" />

The 114-apartment mix comprises six studios, 27 one-bedroom apartments, 18 two-bedroom apartments, 50 three-bedroom residences and 13 four-bedroom homes. A quarter of the building will be dedicated to affordable housing, well above the mandated 15 per cent&nbsp;

PTW has structured the building vertically, with affordable housing across levels one to six, premium apartments through levels seven to 31, duplex skyhomes on klevels 32 to 43, a penthouse on level 44, and a rooftop plant level above. Six basement levels will provide resident parking and servicing.

The tower is proposed to reach approximately 154 metres, placing it among a growing collection of residential high-rises transforming Chatswood's skyline.

Rather than competing purely on height, PTW says the design has been driven by creating a slimmer tower capable of delivering significantly larger apartments.

"The primary objective of this project was to create a distinctive building that stands out from the recently approved or built structures in the Chatswood area," the design report states, noting the structural efficiency allows greater investment into apartment quality and resident amenity.

Residents would have access to more than 450 sqm of communal open space including landscaped gardens, swimming pool, rooftop entertaining areas, fitness spaces, community gardens, children's play areas and barbecue facilities.

A major focus of the design has been the public domain.

The ground plane has been opened up through landscaped terraces inspired by Willoughby's sandstone ridges, with native planting, public seating, artwork, retail activation and a series of gathering spaces intended to soften what has traditionally been a hard commercial streetscape.

The landscape strategy references Blue Gum forests once common throughout the area, while incorporating Indigenous storytelling, public art and lighting installations to strengthen the connection to Country.

Chatswood has been one of Sydney's busiest apartment markets over the past 12 months, with a steady pipeline of both new project launches and fresh development applications.

Hyecorp recently launched Celine, a 122-apartment development just along Archer Street, while Changfa and Huirong Group are progressing The Anderson, an 84-apartment project on Anderson Street.

Develotek recently secured approval for a 101-apartment tower on Pacific Highway, while Tian An LFD received the green light for Hammond Greens, its apartment development on the edge of the Chatswood Bowling Club.

Commercial property developer FiveX is also making its move into the residential market. Last month it lodged plans for a 61-storey tower with 490 apartments, which, if approved, would become one of the tallest residential buildings in Chatswood.

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/first-look-fivex-targets-chatswood-skyline-with-61-storey-tower-after-north-sydney-plans">First look: FiveX targets Chatswood skyline with 61-storey tower after North Sydney plans</a>

Aqualand is also expanding its development pipeline following the launch of its luxury residential brand, Aqualand Prestige. The developer has delivered a string of high-end apartment projects across Sydney's affluent suburbs over the past decade, most recently AURA by Aqualand on Walker Street in North Sydney.

[smartcode_project:default project_id=30959 project_image_fid=292863]

It has since quietly assembled its next wave of projects.

Earlier this year Aqualand launched Boronia in Roseville, a boutique 111-apartment development on Larkin Street. The project is one of the first significant apartment developments to launch in the suburb ahead of what is expected to become one of Sydney's most active new housing precincts under the NSW Government's Low and Mid-Rise Housing reforms, which allow greater density around train stations.

[smartcode_project:default project_id=152095 project_image_fid=373685]

The developer has also lodged plans for a two-tower, 413-apartment development on Herbert Street in nearby St Leonards, further strengthening its presence across the Lower North Shore.

Beyond that, Aqualand remains behind the final stage of Barangaroo, where plans will deliver a five-hectare mixed-use precinct comprising new homes, retail, hospitality and community facilities, alongside a new Metro entrance and more than two hectares of public open space, completing the Barangaroo precinct.

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/central-barangaroo-development-takes-big-step-with-concept-proposal-approval">Central Barangaroo development takes big step with concept proposal approval</a>

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/first-look-aqualand-joins-st-leonards-apartment-party">First look: Aqualand joins St Leonards apartment party</a> 
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Joel Robinson

First look: Aqualand pushes ahead with Chatswood apartment tower as SSDA lodged for Archer Street

Mass timber is becoming an increasingly popular construction material in apartment developments, but Adelaide developer <a href="https://www.apartments.com.au/developers/otello">Otello</a> is taking the approach a step further.

At its new <a href="https://www.apartments.com.au/new-apartments/flowe-bowden-18-gibson-street-bowden-sa-5007">Flowe Bowden</a> development, the exposed cross-laminated timber (CLT) structure isn't just about reducing the building's environmental footprint. It also forms the foundation of a broader wellness strategy, influencing everything from indoor air quality and natural materials to the way residents move through and experience the building.

The 115-apartment mixed-use development, designed by Melbourne-based architecture practice Fieldwork, will occupy a prominent island site opposite Bowden Village Reserve, combining one, two and three-bedroom apartments with retail and a dedicated wellness destination.

[smartcode_project:default project_id=152022 project_image_fid=375528]

Wellness isn't confined to a gym or shared resident facility at Flowe. Instead, Fieldwork embedded the concept into the building itself.

The development has been split into two residential wings connected by a naturally ventilated central breezeway, replacing traditional enclosed corridors with open-air walkways that improve natural light, encourage cross ventilation and create more opportunities for neighbourly interaction.

"Rather than treating wellness as something that only happens on the ground floor, our response integrates it throughout the building, which led us to ask what it really means to design a healthy building," Fieldwork Director Quino Holland said.

[smartcode_project:default project_id=152022 project_image_fid=375531]

The building's architecture also reflects Bowden's industrial heritage. The lower podium references the area's historic brick and sandstone buildings, while the upper levels transition to exposed CLT, allowing the timber structure to become a defining feature throughout the apartments and shared spaces.

The use of mass timber sits alongside a range of sustainability initiatives, including a fully electric, gas-free design, rooftop solar and a targeted 5 Star Green Star rating.

[smartcode_project:default project_id=152022 project_image_fid=375524]

Inside the residences, the focus remains on natural, durable materials. Blackbutt engineered timber flooring, exposed CLT ceilings, porcelain surfaces and warm timber joinery create a calming interior palette, while low-VOC finishes and responsibly sourced materials have been selected to improve indoor air quality.

Kitchens have been designed as the centrepiece of each apartment, featuring porcelain island benchtops, timber-look cabinetry and brushed steel tapware, with layouts that maximise natural light and ventilation.

[smartcode_project:default project_id=152022 project_image_fid=375530]

The more traditional interpretation of wellness comes in the form of Level Eleven, a two-storey wellness club spanning the ground floor, mezzanine and first floor.

The facility will include a gym, yoga and reformer Pilates studios, Finnish and infrared saunas, magnesium hot and cold plunge pools, and dedicated recovery spaces. Unlike many residential wellness facilities, Level Eleven will also operate commercially, allowing the broader Bowden community to access the venue while giving residents exclusive membership benefits.

The ground floor has also been designed around everyday living. A café overlooking Bowden Village Reserve will activate the street frontage, while a bike workshop with tool storage, co-working space and dog wash has been incorporated to support daily routines and encourage interaction between residents.

"Flowe brings together my two biggest passions, creating places and creating healthier lives," Otello founder Daniel Harris said.

"We wanted to create something Adelaide hasn't seen before, a genuinely healthy building, where the way you live is lifted without even trying."

Flowe is positioned directly opposite Bowden Village Reserve and within walking distance of Bowden Railway Station and the Adelaide Entertainment Centre, placing future residents just minutes from the Adelaide CBD while remaining connected to one of the city's most established urban renewal precincts.

[smartcode_project_cta:default project_id=152022]

Otello launches wellness-focused Flowe Bowden with Adelaide-first mass timber apartment design

Not all apartment amenities are immediately visible.

Swimming pools, gyms, rooftop terraces and residents' lounges have long featured on buyers' wishlists, but as the way Australians live has changed, so too have the features that make apartment living more convenient.

Increasingly, buyers are placing value on the practical aspects of day-to-day life. Fast internet, EV charging, secure bike storage, flexible workspaces and parcel management are becoming just as relevant as lifestyle amenities, reflecting changing habits and expectations.

Online shopping has been one of the biggest drivers of that shift.

Australians spent a record $82.6 billion shopping online in 2025, with almost one in every four retail dollars now spent digitally, making parcel deliveries a routine part of everyday life rather than an occasional convenience.

For apartment residents, however, receiving those deliveries isn't always straightforward.

Without someone home to accept a parcel, deliveries can be redirected to a nearby Post Office, left in building foyers or common areas, or require building management to temporarily store packages. As apartment living continues to grow across Australia's cities, parcel management has become an increasingly important consideration for both residents and developers.

Australia Post's Parcel Locker network is one response to that shift.

<iframe allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen="" frameborder="0" height="315" referrerpolicy="strict-origin-when-cross-origin" src="https://www.youtube.com/embed/KPZ9j5FRdsQ?si=Qztc1dNP3ZvEIUhb" title="YouTube video player" width="560"></iframe>

Rather than relying on home delivery, eligible parcels can be directed to a nominated Parcel Locker, where they're securely stored until collected. Once a parcel arrives, residents receive a notification through the AusPost app or SMS and can retrieve it using a one-time code or QR code at a time that suits them.

The network has expanded to more than 1,500 locations nationwide, with Parcel Lockers positioned at Post Offices, shopping centres, supermarkets, transport hubs and, increasingly, within or alongside residential developments.

That growing presence reflects a broader change in how apartment buildings are being planned.

Developers are increasingly considering the operational side of apartment living alongside traditional lifestyle amenities. Just as secure mailrooms, bicycle storage and EV charging have become more common inclusions, parcel management is emerging as another feature that supports everyday convenience.

It also helps preserve the arrival experience within a building. Carefully designed lobbies and communal spaces can quickly become cluttered when deliveries accumulate, while secure parcel solutions reduce the likelihood of missed deliveries or parcels being left unattended.

For buyers comparing apartments, these everyday details are becoming part of the decision-making process.

Location, floorplans and finishes remain fundamental, but the features that simplify daily life are carrying greater weight than they once did. As online shopping continues to shape consumer behaviour, secure parcel delivery is increasingly becoming another amenity worth looking for.

Parcel delivery is joining the apartment amenity checklist

Inca Property Group has lodged a State Significant Development Application (SSDA) for Dawn, a 53-apartment oceanfront development overlooking Mona Vale Beach.

The proposal, at 35-39 Darley Street East, would replace an existing 18-apartment strata building with a new owner-occupier-focused development comprising 53 two and three-bedroom apartments, including nine affordable built-to-rent residences delivered under the State's infill affordable housing scheme.

Positioned on a 2,679 sqm elevated site around 280 metres from Mona Vale Beach, the development has been designed to maximise panoramic ocean views while responding to the site's sloping topography.

<a href="https://www.apartments.com.au/developers/inca-property-group">Inca Property Group</a> Managing Director Josh Thompson said the State Significant pathway provided greater certainty for projects of this scale.

"This State Significant pathway gives the team real certainty to progress <a href="https://www.apartments.com.au/new-apartments/dawn-35-39-darley-street-east-mona-vale-nsw-2103">Dawn</a> through to completion," Thompson said.

"It allows us to acquire a one-off site, design it carefully and deliver the right offering for the suburb, assessed by the NSW Government's planning department."

The project is one of the first developments in the area to be assessed under the NSW Government's Low and Mid-Rise Housing policy, with the site sitting on the edge of the policy's designated inner area.

The proposal includes three basement levels providing 124 car spaces, alongside a range of resident amenities including a swimming pool, gym, sauna, wellness facilities and private plunge pools for selected ground-floor and penthouse apartments.

<img alt="Dawn" data-entity-type="file" data-entity-uuid="fc1a1daf-0ce4-4f12-9076-b1fa553c7a91" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-21%20at%208.42.11%E2%80%AFAM.png?VersionId=4GZ9h.gpNkTljbxyAET8Jfhv51XUamDm" />

Thompson said Dawn had been designed specifically for owner-occupiers and downsizers, a buyer profile that has driven demand across Inca's recent Upper North Shore developments.

"The majority of buyers in our recent North Shore projects have been downsizers, and we are learning exactly what this market is looking for. Beyond the location itself, we have included resort-style amenities to deliver a genuine lifestyle offering," Thompson said.

Located within walking distance of Mona Vale Beach, the town centre, Mona Vale Golf Club and the Royal Motor Yacht Club, Dawn represents Inca's first Northern Beaches project following the sell-out of Tara on Park in Waitara and Ellis Residences, currently under construction in St Ives.

Construction will be undertaken by Inca's in-house construction arm, GOP Constructions.

Dawn is the latest major apartment proposal for Mona Vale, with the suburb emerging as one of the key beneficiaries of the NSW Government's new Low and Mid-Rise Housing policy.

New developer One Living, led by industry veteran Joseph Scuderi, recently secured a site on Mona Vale Road, on the border of Mona Vale and Pymble, where it is planning around 140 apartments.

IPM is also planning its third project in Mona Vale, significantly increasing the scale of its previous developments with an 82-apartment proposal at <a href="https://www.apartments.com.au/new-apartments/159-167-darley-street-west-mona-vale-nsw-2103">159-167 Darley Street West</a>, opposite Bayview Golf Course and less than 800 metres from Mona Vale town centre.

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/one-living-enters-sydneys-new-apartment-market-with-northern-beaches-site-acquisition">One Living enters Sydney's new apartment market with Northern Beaches site acquisition</a>

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/first-look-ipm-plans-third-mona-vale-project">First look: IPM plans third Mona Vale project</a>

First look: Inca eyes Mona Vale with State Significant DA for Dawn apartments

Seasoned Victorian apartment developer <a href="https://www.apartments.com.au/developers/central-equity">Central Equity</a> has logged more than $400 million in sales in its luxury apartment project Palmera Residences at Northcliffe on the Gold Coast.&nbsp;

Central Equity Director Karl Kutner said the sales result reflected a combination of location, product quality and delivery certainty with the project already under construction by building powerhouse Multiplex.&nbsp;

"Surpassing $400 million in sales since launch is a significant milestone and an outstanding endorsement of <a href="https://www.apartments.com.au/new-apartments/palmera-residences-gold-coast-18-garfield-terrace-surfers-paradise-qld-4217">Palmera Residences</a>,” he said.&nbsp;

"We believe one of the key reasons for this strong result is the confidence purchasers have in knowing the project is under construction with Multiplex. Buyers are increasingly looking for certainty. They want to know that the project they commit to today will be delivered by an experienced team with a proven track record."&nbsp;

[smartcode_project:default project_id=108274 project_image_fid=365782]

Kutner said it was clear there was still high demand for luxury projects that offered certainty of delivery.&nbsp;

“We are in a market where many residential developments have faced delays due to rising construction costs, labour shortages and financing challenges,” said Kutner.&nbsp;

"But having construction underway has provided our buyers with resounding confidence backed by more than 40 years of development delivery by Central Equity combined with construction by one of Australia's most respected construction companies."&nbsp;

[smartcode_project:default project_id=108274 project_image_fid=365785]

Central Equity is one of Australia's most experienced privately-owned property developers. Over more than four decades, the company has delivered in excess of 85 residential developments including 10,000 apartments and many thousands of stand alone homes.&nbsp;

Located on Garfield Terrace at Northcliffe, between Surfers Paradise and Broadbeach, Palmera Residences occupies one of the Gold Coast's most sought after beachside locations. The development has been designed to appeal to owner occupiers seeking premium residences that combine generous living spaces and resort style amenities.&nbsp;

Palmera Residences will feature an exceptional collection of resort style amenities, including two swimming pools: a generously sized family pool with safe shallow zones for relaxed recreation, and a 20 metre lap pool positioned to maximise all day sunlight.&nbsp;

Residents will also enjoy exclusive access to wellness and recreational facilities including a magnesium pool, sauna, yoga studio, expansive fitted gymnasium, resident lounge, outdoor BBQ’s&nbsp;and indoor and outdoor dining areas, together with a dedicated concierge and luxurious hotel inspired entrance foyer.&nbsp;

[smartcode_project:default project_id=108274 project_image_fid=365767]

A unique feature at Palmera Residences has been designed to enhance the Gold Coast lifestyle which includes both indoor and outdoor gymnasium facilities, together with thoughtfully designed indoor and outdoor dining and entertaining areas. A corner café has also been incorporated to provide residents with a destination for their everyday needs.&nbsp;

Kutner said buyer demand had been broad based with purchasers attracted from interstate as well as throughout South East Queensland.&nbsp;

"We're seeing strong interest from owner occupiers, lifestyle buyers and people relocating to the Gold Coast. Many purchasers have been searching for a premium beachside residence where quality, design and delivery are equally important."&nbsp;

[smartcode_project:default project_id=108274 project_image_fid=365771]

Kutner said the sales milestone was an important achievement, but the focus remained firmly on delivering an exceptional development.&nbsp;

"While reaching $400 million in sales is an important milestone, our priority remains delivering a project that exceeds purchaser expectations,” he said.&nbsp;

"Palmera Residences has been designed to become one of the Gold Coast's landmark residential addresses, and we look forward to welcoming our purchasers to their new homes."&nbsp;

There are a limited number of residences remaining in selected configurations with pricing from $2,950,000 to $8,950,000. Palmera Residences is also crowned by expansive penthouses with wrap around views.

[smartcode_project_cta:default project_id=108274]

Construction certainty and strong buyer demand drive major sales result for luxury Gold Coast development

Palmera Residences fly out the door as sales pass $400 million

Apartment Market

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Scott Tanner, the boss of Bank of Melbourne, retains his much listed luxury three-bedroom Isis apartment in South Yarra after it did not sell at weekend auction.
<a href="https://www.realestate.com.au/property/3-262-domain-rd-south-yarra-vic-3141" target="_blank">The Domain Road apartment</a> cost $2.7 million in 2009 in the block of seven known as one of Melbourne’s Tower of Power.”
It is now listed at $3.495 million through Marshall White. 
It was advertised last year as a $2000 weekly rental.
It was developed about 10 years ago by boutique builder Arno Corporation.
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No sale yet for BoM's Scott Tanner in South Yarra

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The latest Master Builders Survey of Building and Construction shows industry sentiment holding up, despite a recent deterioration in some of the leading indicators. 
Matthew Pollock, housing national manager said there had been a bounce in sales contracts and a loosening of skills shortage constraints. 
“By sector, house builders for detached housing were the most positive, particularly in New South Wales, Victoria and Queensland where strong population growth continues to support a healthy pipeline of work-on-the-books," he said.
"These results show that while activity in inner-city apartment markets may drop off over the next two years, broader industry sentiment remains positive,” he said in reference to the September quarter issue of Master Builders quarterly National Survey of Building and Construction. 
“Sentiment here is supported by ABS statistics which show residential construction work holding up - up by 1.2 per cent in the June quarter 2016 to be 6.6 per cent up on over the year"
“But areas of vulnerability remain,” he said.
“Non-residential builders have lowered profit expectations and non-residential work-on-the-books is soft. Typically, these are good leading indicators for industry prospects, with the current results pointing to a slower period for the nation’s non-residential builders,” Matthew Pollock said.
“The CBD office markets in Perth and Brisbane remain a lingering weight on broader sectoral business conditions as the resource boom hangover continues to cast a long shadow. Other pockets of vulnerability include inner-city apartment markets, and pretty much the entire engineering construction sector,” he said.
“In terms of employment, the survey shows labour availability has loosened across the board, with all construction related occupations covered in the survey showing index values of below 50,” he said.
The loosening of labour market conditions is good news as long as building activity holds steady, but less positive prospects going forward may pose a risk to employment.
"Jobs may be at risk if building activity was to deteriorate beyond current market expectations,” Matthew Pollock said.
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jchancellor-FAypfDUnLy

Inner-city apartment markets have a vulnerability: Master Builders

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The photographer Mark Morffew has listed his ultra bright designer pad overlooking Bondi Beach.
Accessed through an expensive private front courtyard, <a href="https://www.realestate.com.au/property-apartment-nsw-bondi+beach-123870394" target="_blank">the two bedroom, two bathroom apartment</a> comes with interiors by Lawless &amp; Meyerson.
The walls are lined with photographic works.
The living and dining areas flow onto an ocean-facing terrace.
The master bedroom offers terrace access and the second bedroom opens to a rear entertaining courtyard.
Belle Property Double Bay agent Albert Sassoon has a November 16 auction date.
One of the blocks most recent sales came in May when other two bedroom apartments sold for $3.8 million and at $4.2 million. 
He paid $2.9 million for the 94 sqm Notts Avenue apartment.
The Pacific Terraces development was undertake by Bill Shipton in 1983 with financing from the late Kerry Packer.
This article was first published in the Sunday Telegraph.
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Mark Morffew lists at Bondi Beach through Belle Property

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The popular Channel 7 trackside horse racing presenter Francesca Cumani and her polo playing husband Rob Archibald have bought a Sydney bolthole.
It is a $2.48 million Randwick penthouse, not far from the track.
The purchase came following the birth of the couple's first child, Harry, in April.
The UK-born Cumani is busy with the Emirates Spring Carnival.
Having studied languages at university, Cumani came to Australia in 2006 with father, the UK based trainer Luca Cumani, to run Glistening in the Melbourne Cup.
Cumani's career soon shone. 
After finishing runner up with Purple Moon (2007) and Bauer (2008), Francesca received an unexpected request from Channel 7 asking to join their Melbourne Cup panel.
Having since hosted The Winning Post on CNN, the English born TV star has just been announced as part of the UK team covering ITV's flat racing for the next four years alongside Sky Sports veteran Ed Chamberlin who has switched to ITV.
Cumani has insider-knowledge aplenty. She grew up in the Newmarket stables of her Derby-winning father Luca and rode as an amateur.
Francesca is now an ambassador for next January's Magic Millions.
The 2017 Magic Millions event will introduce polo for the first time, with an exhibition match between ambassadors Cumani, equestrian champion Royal Zara Phillips and some of the best players in the world, including Cumani's husband Rob Archibald.
Cumani married Archibald, one of Australia's top ranked polo players, in 2014. He is heir to a 70 year legacy of polo pony breeding, training and playing.
Francesca brother Matt Cumani is also in the horse racing world. 
Beginning his training at Ballarat, Matt has shot onto the scene as a trainer of international horse Grey Lion, which runs in the Geelong Cup later this month.
Grey Lion is chasing a start in the Melbourne Cup, however would need a weight penalty to make the final field.
Their three bedroom, two bathroom apartment sits atop the award-winning Pindari complex featuring an expansive split-level layout.
Its a spacious 291 sqm apartment that encourages indoor and outdoor living amid tranquil treescape vista.
It was bought from Adam Geha, who paid $1.01 million in 2005, was the architect behind the complex which won the 2009 RAIA National Architecture Award for Multi-Unit Residential
It had previously been a $2,000 a week rental before being sold by N G Farah Real Estate Coogee agent Peter McGuire.
It had been on the market for just under a year.
This article was first published in the Saturday Daily Telegraph.
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Horse racing trackside star Francesca Cumani buys Randwick penthouse 

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The Reserve Bank has noted there is a danger that apartment buyers will default on off the plan purchases because of falling ­prices along with the difficulty of obtaining ­finance.
“These risks appear greatest in inner-city Brisbane and Melbourne, where the new supply is largest relative to the existing dwelling stock,” the Reserve Bank said in its latest review of the ­stability of the Australian financial system, released on Friday.
The RBA said the chance of developer sales falling through had been ­increased by new bank restrictions.
These included the restrictions on lending to buyers with foreign incomes, aimed mainly at Chinese investors, and also the more rigorous requirements now being ­imposed by the local banks on mortgage borrowers generally.
“There are signs that some settlements are taking longer and lending valuations are coming in below their contract price, though settlement failures to date remain low,” the bank noted.
The Reserve Bank’s concerns were shared by the banking regulator, the Australian Prudential Regulation Authority.
But APRA's chairman Wayne Byers told a parliamentary committee on Friday that the biggest lending exposures to the east coast apartment boom were taken on by Asian banks, rather than by the big four Australian banks.
The Reserve Bank estimated that 16,000 new apartments in Melbourne over the next two years would add around 18 per cent to the city’s stock of inner-city housing, while an additional 12,000 in Brisbane would add 15 per cent to exisiting stock levels.
Sydney's increase is only around six per cent and the 10,000 new ­apartments scheduled for completion over the next two years spread across the city.
The RBA noted apartment ­prices and rents were weaker in Melbourne and Brisbane, while vacancies were higher.
“If apartment markets were to turn down and settlement difficulties become more widespread, banks would be more likely to incur some loan losses,” the ­bank said.
It said housing default rates in Australia had historically been very low, about 0.5 per cent, with home buyers having a high level of collateral.
The Reserve Bank noted that during the post 2008 global financial crisis, house prices fell by between 30 and 50 per cent in the most affected nations.
“However, Australia is not facing the same economic and financial headwinds as Spain or Ireland did during the financial crisis,” it added.
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RBA fears off the plan apartment non-settlement jitters especially in Melbourne and Brisbane

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The Australian columnist Robert Gottliebsen says the Australian apartment market is close to a meltdown.
He suggested Australia faces the potential of Chinese walking away from apartment settlements at the rate of between $1 billion and $1.5 billion a month for a year or two.
"In the worst case scenario a large number of apartment developers go to the wall taking with them many unsecured suppliers," he wrote.
He advised that Sydney’s Harry Triguboff went into the crisis without debt and can cushion the impact on the city.
"Melbourne and to a lesser extent the already depressed Brisbane will feel the full force of any disaster," the veteran columnist advised.
He added that much was being done to reduce or avoid the above scenario taking place.
He said that the Australian apartment developments are in three baskets:
First, those being developed by large well-capitalised enterprises like Meriton or the listed apartment developer.
Second, those being developed by developers with big Chinese backing and funded by Chinese banks. They are highly leveraged;
Third, developers funded by Australian banks.
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Apartment meltdown looming as Chinese think of walking away

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An oversupply of new apartments in some regions in Australia over the next two years will pressure both real estate prices and rental returns from investment properties in these areas, says Moody's Investors Service.
The conclusions were contained in Moody’s report titled Apartment Construction Boom Poses Moderate Risk to Australian RMBS, which is based on the data in its supplementary excel report, Australian RMBS Exposure to Apartments in High-Density Regions. 
Around 230,000 new apartments are due to be completed across all the capital cities of Australia by 2018, according to Corelogic. This figure is more than double the annual average sales of apartments over the five years to April 2016. And more than half will be built in regions where there is already a large supply of existing apartments.
"Such a development will in turn raise the risk for residential mortgage-backed securities (RMBS) exposed to these 'high-density regions', but for Moody's-rated RMBS portfolio overall, the rise in risk will be moderate," says Natsumi Matsuda, an analyst at the credit rating firm.
"Specifically, with the Australian RMBS that we rate, there is a moderate overall exposure of 5.6% to mortgages on apartments in high-density regions," said Matsuda. 
"Furthermore, the risk posed to RMBS is mitigated by the level of equity that is available to absorb losses if borrowers default, as highlighted by the low weighted average loan-to-value (LTV) ratio of mortgages on apartments in high-density regions.” 
Exhibit 1 shows the exposure of the Australian RMBS portfolio to regions where, according to Corelogic, the largest number of new apartments is due to be completed over the next two years. The RMBS portfolio's largest exposures to apartments in these high- density regions are in the Sydney Inner City and Melbourne City regions, which are ranked first and third in terms of the areas with the most new apartments due to be completed over the next two years. 
<a href="/images/2016/10/13/Exhibit1.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2016/10/13/Exhibit1.jpg" alt="">
On LTV on mortgages in high-density regions, the current level is 62.5 percent, which drops to 47.6 percent after considering the increase in apartment prices.
Exhibit 2 below shows the five deals with the largest exposure to mortgages on apartments in high-density regions. In all of these deals, mortgage loans have low LTVs on weighted average basis, which means there is a material level of equity to absorb losses if borrowers default. 
<a href="/images/2016/10/13/Exhibit2.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2016/10/13/Exhibit2.jpg" alt="">
Exhibit 3 below lists the five deals with the lowest exposure to mortgages on apartments in high-density regions. These deals face the least risk from the increase in the supply of apartments in high-density regions.  
<a href="/images/2016/10/13/Exhibit3.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2016/10/13/Exhibit3.jpg" alt=""> 
Melbourne suburbs have least additional equity to absorb losses
Of the high-density regions to which the Australian RMBS portfolio is exposed, mortgages in inner Melbourne have the least additional equity (7.6%) for absorbing losses, owing to the relatively low level of apartment price increases, says Moody’s.
Prices in the Melbourne City region have risen by just 5% over the last five years, compared with the 40% rise in Sydney apartment prices over this period.
<a href="/images/2016/10/13/Exhibit4.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2016/10/13/Exhibit4.jpg" alt="">
A relatively high proportion of mortgages on apartments in high-density regions are investment (46.5%) and interest-only (31%) mortgages, which adds to the risk, says Moody. 
Investment and interest-only mortgages are typically riskier than owner occupier and principle and interest mortgages, because, among other factors, borrowers typically repay loans slower and will therefore build equity more slowly. 
In the RMBS portfolio, the slower repayment of housing investment and interest-only mortgages is evident in the higher LTVs of these loans when compared with the overall portfolio, as Exhibit 5 shows. 
<a href="/images/2016/10/13/Exhibit5.jpg" target="_blank">Click to enlarge</a>
 <img src="/images/2016/10/13/Exhibit5.jpg" alt="">
Furthermore, the large supply of new apartments due to be completed in high-density regions will put downward pressure on apartment rents in these areas and drive up vacancy rates, lowering the return for investors who rely on rental income to repay their housing investment loans. 
Rental yields on apartments in Sydney and Melbourne are already at the lowest levels in a decade. Such developments will in turn pressure mortgage performance.
 
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prateek24-ezbwHMbNAk

Rising supply of apartments in Australia to pressure prices, especially inner Melbourne: Moody’s

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Australia's apartment market is self-correcting with fewer projects in the pipeline, according to Andrew Schwartz, the co-founder and managing director of real estate investment firm, Qualitas.
But it won't crash, Schwartz suggests.
He suggested the Australian market had certain qualities that allowed it to self-correct including high levels of migration, a demographic shift towards apartment living and low and stable levels of rental vacancy.
Another key distinction of the local market is the mix of foreign and local buyers.  “Although there has been a lot of concern expressed about the volume of sales to foreign buyers, the Australian banks – again, using very prudent lending standards - have insisted that a maximum of 30% (and often much lower) of total sales could be made to foreign purchasers.   “In addition, we know from our own experience that approximately one-third of all foreign buyers settle using their own cash resources.
"So, even assuming all the remaining foreign purchasers fail to settle - which seems a very harsh assumption - the banks will still have very comfortable levels of security,” Mr Schwartz said.  “Given the high level of pre-sales required upfront, the dominance of local buyers, and the banks’ conservative lending standards, we think it’s highly unlikely that there would be a rush of bank liquidation sales for apartments.  “There could be a short period where there is some market excess, but overall, we continue to see the absorption rates being strong, as evidenced by continuing sales across well-designed projects.  “The demographics also continue to weigh in favour of residential apartments – including an ageing population seeking to downsize, an influx of offshore students, and continued high levels of immigration,” Mr Schwartz said.
The boutique lender, which was founded in 2008, has financed or invested in $3.5 billion worth of real estate projects, mostly apartment projects.
He anticipated any potential apartment over supply would be short-lived. 
"By 2020, prices will have risen, especially in Sydney and Melbourne, to support a new round of much-needed development projects," he said.
"However, we do see some warnings on the horizon for the short term. This includes increased supply concentrated into specific precincts across Australia, fully priced site values, rising construction costs, lower levels of available construction finance, and curbs on loans to foreign purchasers and additional taxes for this group," he said.
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Australian apartment market won't crash: Qualitas

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Apartment prices in Sydney are more expansive than houses everywhere else in the country, according to CoreLogic.
Sydney apartments have a $675,000 median. Melbourne houses and Canberra houses are the closest in price. 
<a href="/images/2016/10/03/Capital%20growth.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2016/10/03/Capital%20growth.jpg" alt="">
 
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Apartment prices in Sydney more expansive than houses everywhere else in the country: CoreLogic

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Sales rates for new apartments within inner Brisbane experienced a slight decline in the June quarter according to the latest residential apartment market report by Urbis.
Paul Riga, associate director at Urbis said this has been on the back of political and regulatory distractions, however the outcome is that supply of new developments coming to the market – the future pipeline of apartment product has started to self-regulate. 
“Primary factors driving the slowing supply of product are increasing construction costs, high development site acquisition costs, a competitive pricing market, and added costs required to give developments a point of difference," he said.
“These factors have culminated with tightening developer finance across the Inner Brisbane residential market. The positive from this slowdown in future supply is that it will allow product under construction to absorb into the rental market without an ongoing flow of high levels of new apartment supply. 
“The vacancy rate was at 0.6 percent in March quarter 2016, with over 2,350 new and near-new apartments being surveyed across the inner Brisbane.
 “This indicates a significantly tighter rental market when compared to the total inner Brisbane rental market, which recorded a 3.3 per cent vacancy rate for houses and units according to the Real Estate Institute of Queensland (REIQ)."
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<div align="justify">Brisbane CBD luxury apartments priced over $1 million have experienced an average capital gain of $207,241 according to Colliers International, with 29 apartments sold in the last 12 months at an average sale price of $1,515,172.  </div>
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Lily O’Connell, residential project manager at Colliers International said the sales volumes may seem light on, it does indicate that there are not many options in the CBD that suit purchasers with a budget of over $1 million, creating competition in a limited market place.
“As reported by Urbis, there were only four new developments within the CBD over the June quarter, with only two additional projects expected to enter the market in the next six months.
“Due to the demand for quality product within the CBD, Mary Lane’s three bedroom residences are proving very popular, particularly with owner occupiers. 
“These north facing residences are selling for an average of $1.49m and feature 2.7m high ceilings, exclusive on-floor storage and expansive glazing with views to the Story Bridge and Brisbane River. 
“Mary Lane residents can also enjoy hotel services offered by The Westin Brisbane such as in-room dining, maid service, use of hotel spa, bar and restaurants,” said Ms O’Connell.
 
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