One of North Sydney's best-known commercial buildings could become hundreds of new homes, with insurance giant Zurich Australia lodging a State Significant Development Application (SSDA) to transform 5 Blue Street into a mixed-use residential development above North Sydney Station.

Rather than demolishing the existing building and starting again, Zurich is proposing an adaptive reuse project that would convert the landmark office building into a 15-level residential development delivering 62 apartments, 86 affordable co-living dwellings, activated retail and significant upgrades to the Blue Street Plaza.

The proposal reflects a growing trend of commercial property owners repositioning ageing office assets into residential housing as Sydney grapples with housing supply shortages and changing workplace demand.

<img alt="Zurich" data-entity-type="file" data-entity-uuid="0bba7d12-06dc-4375-aad7-238c94b21ac5" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-22%20at%2010.42.05%E2%80%AFAM.png?VersionId=NJl5oLAEBDGuPmY3RnyliKODjMc8lvRh" />

Located directly above North Sydney Metro and train station, the 3,051 sqm site occupies one of the most strategically positioned parcels of land on Sydney's Lower North Shore.

Designed by fjcstudio, the proposal seeks to retain and adapt much of the existing structure while creating a contemporary residential address that better connects with the public domain surrounding North Sydney Station.

The application proposes two basement levels, ground floor retail, affordable co-living accommodation across the podium levels, and apartments above, while preserving and enhancing the publicly accessible Blue Street Plaza.

Rather than pursuing maximum apartment numbers, Zurich has opted for a housing mix heavily weighted towards larger owner-occupier residences.

The proposal includes 62 build-to-sell apartments comprising 12 one-bedroom, 19 two-bedroom, 29 three-bedroom apartments and two premium penthouses. It also incorporates 86 affordable co-living dwellings, which would be managed in perpetuity by a Community Housing Provider.

That balance between traditional apartments and affordable housing reflects the NSW Government's push to increase housing diversity around major transport infrastructure.

The proposal has been lodged concurrently with a rezoning application, with Zurich arguing the site is ideally positioned to support additional housing given its immediate proximity to public transport, employment and services.

"The proposal aims to respond to the housing challenges facing Sydney through the delivery of diverse housing types in a highly accessible location," the design report by fjcstudio states. It also seeks to improve pedestrian amenity through upgrades to Blue Street Plaza while creating a high-performing residential building that responds to the surrounding context.

<img alt="Zurich" data-entity-type="file" data-entity-uuid="36082e15-c636-4481-bb68-5a5f6443fe39" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-22%20at%2010.41.36%E2%80%AFAM.png?VersionId=5P6VD.fvmqjQfIG3TWWMRXxQWiQBjeFB" />

Rather than replacing the commercial building, fjcstudio has developed a design that works with the existing structural framework above the rail corridor, an approach that significantly reduces demolition while allowing the site to be repositioned as a mixed-use residential precinct.

The existing structural constraints have informed much of the building's design, including its relationship with Blue Street and surrounding public spaces.

The building has been designed as a slender tower rising above a clearly defined podium, with vertically expressed façades intended to reduce the perceived bulk while reinforcing North Sydney's emerging skyline.

According to fjcstudio, the architectural language responds directly to the surrounding commercial towers while maintaining a finer grain expression more closely aligned with the neighbouring Lavender Bay streetscape.

The tower incorporates articulated façade elements, landscaped podium edges and recessed upper levels to soften its appearance and improve pedestrian amenity below.

A significant component of the proposal is the revitalisation of Blue Street Plaza.

The existing public space has long served as one of the primary pedestrian connections between North Sydney Station, Greenwood Plaza and Blue Street, yet its role is expected to become even more important following the opening of Sydney Metro.

Zurich's proposal seeks to strengthen that role by improving landscaping, introducing new retail frontages, enhancing pedestrian permeability and creating more active edges throughout the day and evening.

Ground floor retail would wrap the plaza, while separate residential and co-living entries have been designed to improve wayfinding without reducing street activation.

Landscape design has been integrated throughout the podium and public realm, softening what is currently one of the most heavily urbanised parts of North Sydney.

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fjcstudio has carefully oriented apartments towards Sydney Harbour and the CBD while using privacy blades and articulated façades to minimise overlooking between neighbouring buildings.

Large framed openings along the western elevation maximise harbour outlooks, while the eastern apartments have been angled towards the south-east to improve privacy from neighbouring development.

The project forms part of the continuing transformation of North Sydney from a predominantly commercial CBD into a genuine mixed-use city centre.

Since the completion of Victoria Cross Metro Station, developers have increasingly shifted their attention towards residential projects capable of leveraging the area's unparalleled transport connectivity.

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FiveX recently lodged plans for a 61-storey, 490-apartment tower that would become one of the tallest residential buildings in North Sydney if approved.

Aqualand continues to expand its Lower North Shore presence following the completion of AURA on Walker Street and its recent St Leonards and Roseville proposals.

Developers are also progressing projects throughout Walker Street, Miller Street and the Victoria Cross precinct as demand for well-located owner-occupier apartments continues to strengthen.

Joel Robinson

First look: Zurich targets North Sydney office conversion with 148-unit proposal above Metro station

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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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

Bankwest

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Bankwest, which is owned by CBA, the nation's largest lender, has raised its standard variable rates.
It did so for principal and interest and interest-only home buyers.
The bank is raising rates by 15 basis points.
It puts the new standard variable rate at 5.57% for a owner-occupier principal and interest borrower and 5.92% for an interest-only.
For investors the new rates will be 6.22% and 6.47%.
Rowan Munchenberg, the Bankwest managing director, blamed the increases on a "sustained increase" in wholesale funding costs. 
"They have risen significantly since the beginning of the year," Munchenberg told Fairfax Media.
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j.ballantyne1990-6AQqhLzZaK

Bankwest raises its home loan rates

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Bankwest have announced they will close 29 branches across the east coast over just a three-week period. They're set to start the closure of the branches in mid-August.
The biggest changes will be in New South Wales, with over half of the branches on the chopping block coming from the state. The rest of the closures are in Victoria and Queensland.
The bank, who have 82 branches in Western Australia, are reducing its east coast footprint to 14 key branches.
Rowan Munchenberg, Bankwest's managing director, said rapid changes in the digital space required Bankwest to make important decisions on where to invest to deliver great value for customers and grow nationally.
Closures will affect about 200 staff.
“Many people still value face-to-face interactions, but customers increasingly expect seamless self-service options that allow them to do their banking when and where they choose,” he said. “We’re seeing a consistent trend of customers choosing mobile banking over in-branch options for their transaction needs, with an 88 per cent rise in app logins over the past three years. “So, we’re transforming our organisation to respond more rapidly to these changing customer needs by adopting new ways of working and embracing new technologies. “But we know we can’t match the major banks’ nation-wide footprint and also deliver world class digital services, so we will prioritise digital channels and broker relationships. “This change does not impact Western Australia, where our strong brand and established footprint enables us to maintain highly competitive branch and digital offerings.” Munchenberg said the change had been a difficult decision, given a significant number of east coast colleagues would be affected. “We will work with and support impacted colleagues in the coming weeks, doing what we can to help them identify other opportunities, be they within or outside of the Group,” he said. “We are writing to affected customers to outline options, such as using Australia Post’s Bank@Post services and, for business customers, taking advantage of CBA branches. “Ultimately, this change means we can provide better services to more customers in the future.”
Impacted customers are being informed of the closures and will receive guidance on alternative banking options available to them by email, letters and store signage.
The move is the latest step in Bankwest’s strategic refocus which they announced last year on evolving and improving its offering to retail and small business customers nationwide.
 
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jrobinson-rf4aSBido9

Bankwest set to close 29 east coast branches in three week period

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South Australians are falling out of love with the ‘Great Australian Dream’ of a living in a house with yard, more than anywhere else in the nation.
That is according to the Bankwest Housing Density report which is released today and provides an analysis of approvals in medium density and low density housing over both the long and the short term, combined with the latest Census 2016 data.
The report reveals SA saw the lowest growth in standalone housing stock in the country, rising by just 0.5% in the five years to June 2016.
In comparison, levels of medium density housing (apartments) grew by 12.3% in the same period, signaling a shift towards apartment-style living and away from a house with a yard in SA.
Bankwest General Manager Broker Sales Stewart Saunders say the state’s slowing population growth has clearly had an impact on the types of houses found in SA.
“SA’s population growth was just 5.0% in the five years to June 2016 – the lowest of all the states - which will have had undoubted impact on the amount of new homes needed during that period,” said Mr Saunders.
Today’s new report shows the level of low density housing stock is basically static as is the amount of low density housing approvals granted in the 12 months to March – down by just 1.2%.
Medium density approvals for the same short term period declined by 10.7% over the 12 months to March.
<a href="https://www.propertyobserver.com.au/images/2017/08/16/Screen%20Shot%202017-08-16%20at%201.05.45%20pm.jpg" target="_blank">Click 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/2017/08/16/Screen%20Shot%202017-08-16%20at%201.05.45%20pm.jpg" alt="">
“Looking at the changes in the whole of SA and in Adelaide it’s clear to see the vast majority of new apartment style homes are being built in the capital city,” said Mr Saunders.
“Adelaide accounted for almost (97.6%) all of the state’s new medium density housing approvals in the 12 months to March,” he added.
“When we look again at the broader, national picture the data paints a picture of a country where, overall, there is a continuing long term trend towards apartment style living.
“But what is noticeable in the short term analysis is that we see that over the 12 months to March the country has experienced its biggest decline in the proportion of medium density approvals for four years,” Mr Saunders added.
Medium density approvals declined by 6.5% in the 12 months to March to 110,471, down from 118,156 the previous year.
This national decline was largely driven by declines at a state level in Queensland (down 25.6%), and Western Australia (down 27.1%).
Mr Saunders said the annual Housing Density Report had been produced as part of Bankwest’s ongoing commitment to offer insights on economic data, trends and issues of value to its customers, businesses, communities and policy makers.
“Bankwest is committed to helping customers and local businesses achieve what matters, contributing to the development of our communities and being a positive voice in the debate on the future of the economy.”
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The Great Australian Dream is going out in South Australia: Bankwest

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Victoria has experienced the country’s largest, long-term increase in medium density housing (apartments) in the five years to June 2016.
That is according to the Bankwest Housing Density report which is released today and which provides an analysis of approvals in medium density and low density housing over both the long and the short term, combined with the latest Census 2016 data.
The report reveals the amount of medium density housing in Victoria increased by almost a quarter (24.6%) in the five years to June 2016.
Growth in standalone housing during the same period increased by a little (3.4%), signaling Victoria’s shift towards apartment style living.
Bankwest General Manager Broker Sales Stewart Saunders says the state’s growing population has clearly had an impact on the types of houses found in SA.
“Victoria’s population growth was 10.7% in the five years to June 2016 – the highest of all the states - which will have had undoubted impact on the amount of new homes needed during that period,” said Mr Saunders.
Despite the change in housing levels the report shows a slight, short term decline in the amount of medium density properties being approved, down 1.4% to 32,078 in the 12 months to March 2017.
The report also shows the speed at which Melbourne is growing, even outstripping Sydney.
Melbourne City registered 35,011 medium density approvals in the six years to March 2017, the largest number of approvals of any Australian city.
This was almost two thirds (65.0%) more than Sydney’s inner city which recorded 21,222 new medium density approvals over the same period.
<a href="https://www.propertyobserver.com.au/images/2017/08/16/Screen%20Shot%202017-08-16%20at%201.05.45%20pm.jpg" target="_blank">Click 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/2017/08/16/Screen%20Shot%202017-08-16%20at%201.05.45%20pm.jpg" alt="">
“When we look at the national picture the data paints a picture of a country where, overall, there is a continuing long term trend towards apartment style living,” said Mr Saunders.
“But what is noticeable in the short term analysis is that we see that over the 12 months to March the country has experienced its biggest decline in the proportion of medium density approvals for four years,” Mr Saunders added.
Medium density approvals declined by 6.5% in the 12 months to March to 110,471, down from 118,156 the previous year.
This national decline was largely driven by declines at a state level in Queensland (down 25.6%), and Western Australia (down 27.1%).
Mr Saunders said the annual Housing Density Report had been produced as part of Bankwest’s ongoing commitment to offer insights on economic data, trends and issues of value to its customers, businesses, communities and policy makers.
“Bankwest is committed to helping customers and local businesses achieve what matters, contributing to the development of our communities and being a positive voice in the debate on the future of the economy.”
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Victoria leading the charge to apartment style living in Australia: Bankwest

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The end of the resources boom and a slowing of the state’s population growth are contributing factors in the sharp drop in housing approvals in WA in the year to March 2017.
This is one of the findings of the Bankwest Housing Density report which analyses trends in approvals of medium and low density housing over both the long and the short term, combined with the latest Census 2016 data.
The new report shows approvals for medium and low density housing dropped in WA by around a quarter (27.1% and 23% respectively) in the year to March 2017, the largest decline of any of the mainland states.
Commenting on the findings, Bankwest General Manager Broker Sales Stewart Saunders, said: “This pronounced, short term drop is likely due the slowing of the state’s population growth to 0.7% during this period, a soft property market, lots of rental properties on the market and corresponding falling rental rates.
“The economic downturn is having a noticeable effect.
“Over the longer term, WA’s historically high population growth, which peaked at 10.5% during this period, coupled with the large amount of space in WA, allowed for strong growth in both medium and lower density housing stocks,” he added.
The report reveals the growth in standalone homes in WA outstripped all the other states, with a rise in standalone housing stock of 7.4% over the five years to June 2016.
<a href="https://www.propertyobserver.com.au/images/2017/08/16/Screen%20Shot%202017-08-16%20at%201.05.45%20pm.jpg" target="_blank">Click to enlarge</a>
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A rise of 15.0% in the five years to June 2016 was seen in the amount of apartments built in the same period.
On a national level the report paints a picture of a country which is continuing a long-term trend towards apartment style living.
However, in the short term - as seen in WA - there was a noted drop in medium density approvals – the biggest downturn in approvals for medium density housing for over four years.
Mr Saunders said that while the report showed a general downturn over the 12 months to March 2017 there were pockets of notable growth.
“The analysis of the data has allowed us to produce a top ten of the Australia’s fastest growing areas for apartment-style living. Interestingly, the area of Cottesloe-Claremont in Perth came out on top.
“Over the 12 months to March this year over half [50.2%] of all housing approvals in that area were for medium density housing.
“Looking a little closer at what’s happening at a local level it would appear the ‘Claremont on the Park’ development, where there are plans to build some 750 apartments, is the reason for the slight anomaly,” he said.
Mr Saunders said the annual Housing Density Report is the latest in Bankwest’s ongoing series of insights on economic data, trends and issues of value to its customers, businesses, communities and policy makers.
“Bankwest is committed to helping customers and local businesses achieve what matters, contributing to the development of our communities and being a constructive voice in the debate on the future of the economy.”
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Economic downturn hits Western Australia housing market: Bankwest

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Medium density housing approvals in the 12 months to March fell by the greatest margin in Queensland, more than in any other state or territory in Australia.
That is one of the key findings of the new Bankwest Housing Density report which analysed approvals in medium density and low density housing over both the long and the short term.
The report reveals the amount of medium density housing approvals in Queensland dropped by over a quarter (25.6%), down 6,789 approvals to just 19,693.
Bankwest General Manager Broker Sales Stewart Saunders says the state’s surplus of apartment style accommodation was the likely driver behind the drop.
“This sharp fall in medium density housing approvals in Queensland can be attributed to a high number of vacant properties, contributing to weaker investor expectations in the state’s hot property markets,” said Mr Saunders.
The drop is mirrored in the report’s findings that the proportion of medium density housing as a percentage of all approvals in Queensland fell by almost a half (45.3%) in the 12 months to March.
Despite this fall, the state’s medium density approvals in this period accounted for almost a fifth (17.8%) of all the approvals in the country over that period.
“The report also shows what’s happening at a more local level with pronounced decline in approvals in inner Brisbane City (down by 54.5% in the 12 months to March) but also a really healthy growth – the second highest in the whole country – in the Nerang area.
The report reveals the top ten fastest growing areas in the country for medium density housing, topped by Cottesloe-Claremont in Perth.
<a href="https://www.propertyobserver.com.au/images/2017/08/16/Screen%20Shot%202017-08-16%20at%201.05.45%20pm.jpg" target="_blank">Click to enlarge</a>
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“The increased demand for medium density housing in Nerang in Queensland is also seen in other Gold Coast areas such as a Surfer’s Paradise, Robina and Southport where virtually all of the approvals in the year to March were for medium density housing,” said Mr Saunders.
On a national level, the report paints a picture of a country experiencing a continuing, long term trend towards apartment style living.
“What is noticeable in the short term analysis of the whole country is that we see that over the 12 months to March the country has experienced its biggest decline in the proportion of medium density approvals for four years,” Mr Saunders added.
Medium density approvals declined by 6.5% in the 12 months to March to 110,471, down from 118,156 the previous year.
This national decline was largely driven by declines at a state level in Queensland (down 25.6%), and Western Australia (down 27.1%).
Mr Saunders said the annual Housing Density Report had been produced as part of Bankwest’s ongoing commitment to offer insights on economic data, trends and issues of value to its customers, businesses, communities and policy makers.
“Bankwest is committed to helping customers and local businesses achieve what matters, contributing to the development of our communities and being a positive voice in the debate on the future of the economy.”
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Apartment-style approvals decline in Queensland: Bankwest

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New South Wales leads the nation in the march toward medium density living, being the only state in the country to experience growth in medium density approvals in the 12 months to March 2017.
That is one of the key findings of the new Bankwest Housing Density report which analysed approvals in medium density and low density housing over both the long and the short term.
Bankwest General Manager Broker Sales Stewart Saunders said growth in these areas highlighted the continued strong property demand in Australia’s most populous state and its capital city.
“The growth seen in Sydney and New South Wales shows the existence of a highly competitive property market there with price pressures creating continued opportunity for medium density housing in the city.
The report shows how New South Wales there was a 5.9% increase in the amount of approvals for medium density housing (apartments) over the year to March 2017.
Similarly, Sydney was the only capital city to register substantial growth in medium density approvals during the 12 months to March, with the number of approvals increasing by 11.6% during the period.
“The picture for the rest of the country was markedly different from what we saw in New South Wales.
While the march towards apartment style living continues what we have seen during the period of our survey is the biggest down turn in approvals for medium density housing for over four years,” Mr Saunders added.
Medium density approvals at a national level dropped by 6.5% in the 12 months to March to 110,471, down from 118,156 the previous year.
It appears this national decline was largely driven by declines at a state level in Queensland (down 25.6%), and Western Australia (down 27.1%).
<a href="https://www.propertyobserver.com.au/images/2017/08/16/Screen%20Shot%202017-08-16%20at%201.05.45%20pm.jpg" target="_blank">Click to enlarge</a>
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Mr Saunders said that while the report showed a general downturn over the 12 months to March 2017 there were pockets where there was notable growth.
“The analysis of the data has allowed us to produce a top ten of the Australia’s fastest growing areas for apartment-style living. Interestingly, the area of Cottesloe-Claremont in Perth came out on top.
“Over the 12 months to March this year over half [50.2%] of all housing approvals in that area were for medium density housing.
Looking a little closer at what’s happening at a local level it would appear the “Claremont on the Park” development, where there are plans to build some 750 apartments, is the reason for the slight anomaly,” he said.
Mr Saunders said the annual Housing Density Report is the latest in Bankwest’s ongoing series of insights on economic data, trends and issues of value to its customers, businesses, communities and policy makers.
“Bankwest is committed to helping customers and local businesses achieve what matters, contributing to the development of our communities and being a constructive voice in the debate on the future of the economy.”
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Sydney bucks national trend with increase in approvals for apartment developments: Bankwest 

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Bankwest, the Commonwealth Bank of Australia subsidiary, has raised rates for existing interest-only owner occupiers.
The increase of 35 basis points is the latest move to rein in higher-risk loans.
The lender is decreasing lending on selected principal and interest products by up to 15 basis points to encourage property buyers to switch to, packages requiring principal repayment.
Transfer fees will be waived for existing borrowers with the bank switching to principal and interest loans.
"Bankwest is mindful of its broader obligations as a responsible lender and aims to balance the needs of customers, shareholders and regulators when reviewing products and pricing," a spokesman for the bank to The Australian Financial Review.
"These changes are being made in line with regulatory guidance."
From Tuesday, principal and interest investor and owner occupier loans will be reduced by 15 basis points and 12 basis points respectively.
From October, existing investor and owner occupier interest-only loans will be increased by 25 basis points and 35 basis points respectively.
It also created a new category of low-deposit loans for those with less than 5 per cent deposit by raising rates to 5.29 per cent, up from 4.53 per cent.
The new rate is inclusive of expensive lenders' mortgage insurance. The comparative rate, which takes into account all fees and charges, will rise from 4.94 per cent to 5.69 per cent.
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Bankwest raises rates for existing interest-only owner occupiers

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Bankwest, a subsidiary of Commonwealth Bank, has refunded nearly $5 million to customers after finding it failed to link offset accounts with home loans and overcharged interest to these customers for nearly a decade.
The issue affected customers who opened accounts between 2007 and June 2016, Bankwest said in a press release on the website of the Australian Securities and Investments Commission.  
Bankwest said it had refunded nearly 10,800 customers more than $4.9 million after it failed to link offset accounts to home loan accounts. An offset account is a savings or transaction account that, when linked to a home loan, offsets the balance of the loan account, reducing the interest payable.
Following media coverage of ASIC's work in relation to similar breaches by another bank, Bankwest undertook an internal investigation into the operation of its offset accounts. Bankwest identified issues in the linking of offset accounts with home loans and reported the matter to ASIC as a significant breach of its licence obligations. 
ASIC deputy chairman Peter Kell said, 'It is critical that licensees ensure that their systems work properly so that promises made to customers about their bank accounts are kept.
'When a problem is identified, licensees not only have an obligation to report the breach, but impacted customers must be returned to the position they would have been in, had the breach not occurred.'
Bankwest said it has fixed the problem, including the automatic linking of new offset accounts and contacted those customers it has identified as being affected to explain the impact and has arranged refunds.
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Bankwest refunds $4.9 million it overcharged on mortgage interest

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Australia’s first time home buyers are being locked out of the property market as wage growth fails to keep pace with rising house prices.
A national report from Bankwest reveals there are half as many first time home buyers (FTBs) in the market as a proportion of total buyers in 2016 than in 2009.
Fewer FTBs entered the market in the last 12 months, impacted by the removal of the First Homebuyers Grant for established homes by state governments, coupled with rising property prices. The number of FTBs declined to 90,939 in the year to June 2016, down from 94,517 the previous 12 months.
The proportion of FTBs in Australia has declined steadily over the last five years to 13.4 per cent in 2016, with the remainder repeat purchasers or investors, compared to 28.8 per cent in 2009.
The 2016 Bankwest Financial Indicator Series’ First Time Buyers Deposit Report shows Australian couples will have to save for an average of 4.4 years to accumulate the $103,600 needed for a 20 per cent house deposit on a median priced home.
This is two months longer than in 2015 (4.2 years) and a $3,900 increase on the $99,700 deposit required last year.
Bankwest Executive General Manager, Retail, Andrew Whitechurch said it was taking Australian FTB couples longer to save a deposit on a median priced house in every mainland state and territory except for WA.
“Western Australia bucks the national trend, being the only state where it takes less time for an average first time buyer couple to save for a house than it did last year.
The average time was down marginally to 3.5 years this year from 3.6 years in 2015 and well below the national average,” he said.
“Low interest rates, sluggish wage growth, and rising house prices are making it increasingly difficult for first time buyers to get a foot on the property ladder in most capital cities in Australia.
Australia’s median house value grew 3.9 per cent to $518,000 in the 12 months to June 2016, while variable-lending rates on owner occupier housing loans are notably lower than the 10-year average rate of 6.93 per cent.
We’ve seen extremely strong growth in property values in Sydney and Melbourne, while wages have grown by just 2.2 per cent nationally.
While lower interest rates are beneficial for those who already own their homes in the form of lower loan repayments and interest, they can also bring more buyers into the market and this drive up house prices, making home ownership less affordable for first time buyers.”
Mr Whitechurch said the eighth annual First Time Buyers Report had been produced as part of Bankwest’s ongoing commitment to offer insights on economic data, trends and issues of value to its customers, businesses, communities and policy makers.
“Bankwest is committed to helping customers and local businesses achieve what matters, contributing to the development of our communities and being a positive voice in the debate on the future of the economy.
We hope this annual report, which provides a snapshot of the country’s housing market in 2016, demonstrates this.”
The report shows FTB couples wanting to buy a property in the capital cities faced up to five years’ wait, with Sydneysiders facing the longest saving times.
“The average time for a first time buyer couple to save for a capital city property increased by almost six months to 4.9 years this year from 4.5 years in 2015,” Mr Whitechurch said.
“On average Sydney first home buyers will have to save for more than eight years to accumulate the $214,600 needed for a 20 per cent deposit on their first house (8.4 years), up from 7.9 years in 2015.”
Peppermint Grove in Perth is the local government area (LGA) with the longest savings time in the nation, where it takes 19.7 years for a couple to save the $686,300 needed for a 20 per cent deposit on a median priced house.
<a href="https://www.propertyobserver.com.au/images/2016/12/22/Bankwest.jpg" target="_blank">Click to enlarge</a>
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However, saving time in this exclusive Perth suburb is down from 20.2 years last year.
Peppermint Grove is followed by Strathfield in Sydney (17.9 years, $410,800) and Mosman in Sydney (17.4 years, $613,000).
Paroo Shire in Queensland’s South West lays claim to the title of the LGA with the shortest savings time nationally of six months to save the $8,500 deposit required.
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