Growing national developer Time &amp; Place has announced its fifth new apartment development.

With two projects in Manly and two upcoming in Surry Hills and Potts Point, the developer, which expanded beyond Melbourne just a few years ago, is now heading to Mosman. It is planning 53 new apartments on Redan Street.

The 3,233 sqm site, spanning <a href="https://www.apartments.com.au/new-apartments/40-48-redan-street-mosman-nsw-2088">40–48 Redan Street</a> with frontage to Redan Lane, is located just under 400 metres from Spit Junction Town Centre. It is reported the developer paid around $100 million for the five-site amalgamation.

Time &amp; Place, founded by Tim Price and backed by James Packer’s private investment firm NPACT, has submitted the project as a State Significant Development through the NSW Government’s Housing Delivery Authority pathway.

Of the 53 apartments, 42 will be released to the market, with the remaining 11 allocated as affordable housing in line with NSW Government requirements.

fjc Studio has designed the building. In its Design Report, the architect said the diverse mix of dwelling types and sizes, including 11 two-bedroom affordable housing units, 40 three-bedroom apartments, and two four-bedroom residences, will support a broad demographic, including families, downsizers, and key workers.

The development will rise to nine levels, a height encouraged by the NSW Government due to the site’s proximity to Spit Junction, which has been identified as a low- to mid-rise centre. Developments within a certain proximity to these centres are permitted increased height.

fjc said the project “achieves an appropriate density outcome for its setting by balancing increased housing supply with strong amenity performance,” adding that it “makes a measurable contribution to NSW housing supply targets through the delivery of additional dwellings and dedicated affordable housing.”

The new development will replace five existing two-storey homes.

“By aligning with the objectives of the Housing SEPP and applying careful architectural and urban design principles, the development provides high-quality residential accommodation that integrates sensitively within its established Mosman context and delivers enduring benefits to residents and the wider community.”

Mosman has become increasingly popular with developers in recent years.

Developer Abadeen has been particularly active, with Mosman Residences currently on the market and under construction on Clifford Street. It also has an upcoming Burran Avenue project, comprising just three apartments on the Balmoral Slopes, and recently secured the Midas and Honeysuckle nursery site on Military Road.

Prosker Property has a project on Redan Lane, just a few doors down from Time &amp; Place’s proposed development.

Developers including Toohey Miller, DARE Property Group, and WINIM also have projects underway in the area. In 2024, a five-year target was set for the Mosman LGA to increase housing supply by 500 dwellings by 2029.

Time &amp; Place entered the Sydney market with Two Tides, its under construction Manly development. Given its sales success, it has secured another development in the area, more boutique, facing the beach on North Steyne.

They are hoping to launch their redevelopment of The Chimes in Potts Point this year, and next year will look to take to market Marlborough House, an adaptive re-use of the landmark David Jones warehouse in Surry Hills.

Joel Robinson

Time & Place to take on Mosman apartment market

Brunswick’s civic heart continues to consolidate around the Merri-bek Arts and Culture Precinct, where a growing cluster of cultural institutions, recreation facilities, and public infrastructure has created one of the inner north’s most defined community hubs.&nbsp;

Within this evolving precinct, <a href="https://www.apartments.com.au/new-apartments/saxon-street-by-milieu-brunswick-31-saxon-street-brunswick-vic-3056">Saxon Street by Milieu</a> introduces new housing directly alongside the civic anchors that shape daily life in the suburb.

At 31 Saxon Street, the project sits immediately beside Brunswick Baths and within moments of Brunswick Library and Town Hall, longstanding institutions that support both community services and everyday amenity.&nbsp;

[smartcode_project:default project_id=136434 project_image_fid=348840]

Next door, the newly delivered Balam Balam Place arts precinct has emerged as a central piece of Merri-bek Council’s cultural strategy, bringing together creative studios, exhibition spaces, maternal and child health services, and community programming in a purpose-built civic facility. Together, these destinations have reinforced the surrounding blocks as a focal point for public life in Brunswick.

This part of <a href="https://www.apartments.com.au/developments/brunswick-vic-3056">Brunswick</a> forms a key pocket within the suburb’s designated Major Activity Centre, where long-term planning has prioritised walkability, civic investment, and increased housing supply close to transport and services. The surrounding street network reflects that strategy, with compact blocks, established retail corridors and active transport links supporting a lifestyle that is largely navigable on foot.

Within a few minutes’ walk, Sydney Road delivers one of Melbourne’s most recognisable streets, known for its long-running mix of independent retailers, international dining venues and everyday convenience. Tram routes along Sydney Road provide frequent connections south toward the CBD and north through Brunswick and Coburg, while Jewell Station on the Upfield line sits within roughly a ten-minute walk, offering direct train access into the city.

[smartcode_project:default project_id=136434 project_image_fid=348839]

Active transport also plays a significant role locally. The nearby Upfield Bike Path forms a key north–south cycling corridor linking Brunswick through Parkville and into the central city, reinforcing the area’s reputation as one of Melbourne’s most accessible inner-urban neighbourhoods for cyclists and pedestrians alike.

The surrounding civic cluster extends beyond cultural infrastructure. Siteworks, a nearby creative hub supporting artists and community organisations, adds to the concentration of cultural activity in the immediate area. Educational institutions such as Brunswick North Primary School, Brunswick Secondary College and RMIT’s Brunswick campus are also within easy reach, contributing to the suburb’s diverse resident base spanning families, students and professionals.&nbsp;

[smartcode_project:default project_id=136434 project_image_fid=348841]

Designed by <a href="https://www.apartments.com.au/architects/jackson-clements-burrows-architects">Jackson Clements Burrows Architects</a> in collaboration with <a href="https://www.apartments.com.au/interior-designers/designoffice">DesignOffice</a> and landscape architects <a href="https://www.apartments.com.au/landscape-architect/oculus">OCULUS</a>, the nine-level building has been shaped to respond to the surrounding streetscape, with lower levels aligning to the street and upper storeys stepping back to soften its scale and improve solar access.&nbsp;

Curved balcony forms reference nearby heritage architecture, while the development’s public realm improvements include a widened footpath along Saxon Street to strengthen pedestrian connections between the precinct’s civic sites.

Sustainability also underpins the project’s approach. The building is designed to operate entirely on electric infrastructure supported by rooftop solar, with an average 7.5-star NatHERS energy rating and EV-charging readiness across the development. Shared resident amenities will include a landscaped rooftop terrace with barbecue and covered dining areas intended to encourage informal interaction between residents.

Saxon Street marks developer Milieu's fifth project in Brunswick and continues its focus on design-led infill housing across Melbourne’s inner suburbs.&nbsp;

Construction has commenced through reputable builder Manresa, who will complete the project in 2027.

[smartcode_project_cta:default project_id=136434]

Saxon Street by Milieu connects residents to Brunswick’s cultural and civic core

Within <a href="https://www.apartments.com.au/new-apartments/candela-ivanhoe-40-upper-heidelberg-road-ivanhoe-vic-3079">Candela Ivanhoe</a>, <a href="https://www.apartments.com.au/developers/salter-brothers">Salter Brothers</a>&nbsp;takes a different approach to larger residences, moving away from the constraints of a single level.

In Grand Residence 3.05, known as the Lustre, plays out across two levels, with a mezzanine configuration that is uncommon in apartment living.

Lustre is a four-bathroom residence where the layout creates a clear distinction between shared and private zones, with uninterrupted views toward the Dandenong Ranges extending the sense of openness from the main living areas.

Entry is to the primary living level, where the kitchen, dining, and living areas are arranged as one continuous space. Timber flooring runs throughout, with a fireplace set within the living zone. Full-height glazing brings in natural light, supported by double glazing that improves thermal performance.

[smartcode_project:default project_id=342 project_image_fid=357506]

The kitchen is configured as both a working and social space. A large island bench provides seating, while a walk-in pantry extends storage beyond typical apartment expectations.

Gaggenau appliances, including a 900mm gas cooktop and 600mm oven, are integrated into a layout that connects directly to the adjacent dining and living areas, and outward to the terrace. This balcony includes a built-in BBQ, reinforcing the apartment’s capacity to accommodate larger gatherings without compromising internal space.

A dedicated laundry room, powder room, and a wine cellar area sit discreetly off the main living zone, ensuring that functional requirements are resolved without encroaching on primary living areas. The master suite is also located on this level, designed as a retreat with a walk-through wardrobe and an ensuite that includes double vanities, a bath, and a dedicated dressing table.

[smartcode_project:default project_id=342 project_image_fid=357508]

The mezzanine level introduces a second layer of living, rather than simply additional bedrooms. Two large bedrooms with built-in robes are positioned alongside a central bathroom, while a secondary lounge and study area create a self-contained zone suited to children, guests, or extended family. A large storage room further supports long-term usability, addressing a common shortfall in apartment design.

This separation of levels is central to how the residence functions day-to-day. It allows the lower level to operate as the primary entertaining and living space, while the upper level provides privacy and flexibility. The result is closer in feel to a townhouse or standalone home, but with the benefits of apartment living, security, and low maintenance.

[smartcode_project:default project_id=342 project_image_fid=364553]

Candela is close to 80 per cent complete, with Ironside delivering construction ahead of its expected October 2026 completion. The development comprises 58 residences, with a strong owner-occupier profile and a mix of one to four-bedroom apartments and loft-style townhouses.

Candela has exclusive access to private amenities, including a residential lounge and rooftop terrace. A charming café and a lifestyle wellness centre are located on the ground level, designed to foster community connection and extend the living experience beyond individual apartments without competing with the scale of homes like Lustre.

Candela, positioned in the heart of Ivanhoe Village, reinforces the practicality of the address. With a Walk Score of 90, residents are within immediate reach of cafés, retail, parklands, and Ivanhoe Station, while also benefiting from proximity to established schools and healthcare services.

[smartcode_project_cta:default project_id=342]

Inside Lustre: Grand Residence 3.05 at Candela Ivanhoe

<a href="https://www.apartments.com.au/developers/milieu-property">Milieu</a>’s <a href="https://www.apartments.com.au/new-apartments/elsternwick-gardens-by-milieu-8-gordon-street-elsternwick-vic-3185">Elsternwick Gardens</a> is being shaped around a simple but increasingly rare premise in apartment development: that the built environment should actively support residents’ wellbeing.&nbsp;

Located on the former ABC Studios site on Gordon Street in Melbourne’s south-east, the new neighbourhood sits on an expansive 11,740 sqm site neighbouring the heritage-listed Rippon Lea Estate, whose gardens date back more than 140 years.

Rather than positioning wellness as an add-on amenity, the development integrates it into the physical planning of the site. Architecture by <a href="https://www.apartments.com.au/architects/woods-bagot">Woods Bagot</a> is arranged across six low-rise buildings set within extensive landscaping designed by <a href="https://www.apartments.com.au/landscape-architect/oculus">OCULUS</a>, with more than 40 per cent of the land dedicated to gardens and green space. Walking trails, pocket gardens, and mature trees are threaded between buildings, creating a network of green corridors that encourage residents to move through the precinct on foot and spend more time outdoors.

[smartcode_project:default project_id=136535 project_image_fid=288420]

Milieu has intentionally framed these gardens as an extension of the neighbouring Rippon Lea Estate. More than 16,000 new plants will be introduced across the site, with species carefully selected to protect and complement the area’s ecological significance. The approach focuses on strengthening existing environmental conditions while establishing new habitats that support native wildlife, reinforcing the role of the landscape as both an active ecosystem and a defining element of daily life.

A private resident gate will provide direct access to the historic grounds during opening hours, allowing residents to move seamlessly between the development’s landscaped gardens and the estate’s expansive lawns, lakes, and mature trees. The project’s gardens will also be maintained by the same gardeners responsible for Rippon Lea, reinforcing the visual and ecological continuity between the two landscapes.

Complementing the landscape is a dedicated wellness hub designed to support everyday health and recovery. Residents will have access to a gym alongside yoga and Pilates studios, while mineral pools and infrared saunas provide spaces for relaxation and restorative wellbeing. Shared lounges, workshop spaces, and pet care facilities expand the concept of wellness beyond fitness, creating opportunities for social connection and community interaction within the precinct.

Environmental performance is another key component of the project’s wellbeing focus. Elsternwick Gardens will be entirely fossil-fuel-free, with homes designed to operate on renewable electricity rather than gas. Passive design strategies, including cross-flow ventilation, high-performance insulation, and thermally broken double glazing, are intended to maintain comfortable indoor temperatures while reducing energy demand. Solar photovoltaic systems will power common building services, while rainwater harvesting will help irrigate the extensive landscaping across the site.

[smartcode_project:default project_id=136535 project_image_fid=361030]

Milieu Founder and Managing Director Michael McCormack says the scale and setting of the project allowed the team to take a different approach to urban apartment living.

“This site represents a once-in-a-lifetime opportunity to build something truly special,” McCormack says.

“Through that process, we arrived at a design that centres on a fully realised natural landscape – a series of private, interconnected gardens that encircle the homes and extend seamlessly from Rippon Lea Estate.”

Elsternwick Gardens will comprise three residential offerings, Gordon Place, Ripponlea Terrace, and The Garden Pavilion, each designed for owner-occupiers and shaped around high-quality interior design by Woods Bagot, K.P.D.O., and Flack Studio. The first stage, Gordon Place, includes one-, two-, and three-bedroom apartments designed with a strong focus on indoor-outdoor living and sustainability.

[smartcode_project:default project_id=136535 project_image_fid=288412]

Milieu recently appointed <a href="https://www.apartments.com.au/builders/brady-constructions">Brady Constructions</a> to deliver the project, marking a key milestone for the development. The appointment follows the demolition of the former studio buildings on the Gordon Street site, with construction progressing toward the delivery of the nature-led community.

Situated between the established villages of Elsternwick and Ripponlea, the development balances its garden setting with strong urban connectivity. Residents will be within walking distance of cafés, restaurants, and local retail, while nearby train and tram connections provide quick access to Melbourne’s CBD and the beaches of Elwood and St Kilda.

With construction underway and the first residents expected to move in by early 2027, Elsternwick Gardens represents a growing shift in apartment development toward environments that prioritise wellbeing as much as density or location. By placing landscape, sustainability, and shared spaces at the centre of the design, Milieu is positioning the project as a residential neighbourhood where wellness is not just promoted, but built into the structure of everyday life.

[smartcode_project_cta:default project_id=136535]

Elsternwick Gardens' wellness-first design strategy

Brisbane-based developer <a href="https://www.apartments.com.au/developers/red-co">Red &amp; Co</a> has made a striking debut on the Gold Coast, officially unveiling its $250 million COMO development in Varsity Lakes, a lifestyle-driven residential project anchored by an extensive rooftop wellness and activity precinct.

Having recently launched to market, construction has already been fast-tracked by <a href="https://www.apartments.com.au/builders/5point-projects">5Point Projects</a>, ensuring momentum continues on what is set to become a landmark residential address for the growing Varsity Lakes community.

Located at 22 Lake Street, Varsity Lakes, <a href="https://www.apartments.com.au/new-apartments/como-varsity-lakes-22-lake-street-varsity-lakes-qld-4227">COMO</a> will comprise 156 apartments across 16 levels, comprising one-, two- and three-bedroom residences designed for modern living. However, it is the project’s rooftop amenity offering that sets COMO apart.

[smartcode_project:default project_id=135546 project_image_fid=363510]

Designed as a dedicated wellness and recreation hub, the rooftop will feature a 25-metre lap pool, fully equipped gymnasium, and multiple pickleball and paddleball courts - amenities rarely seen in boutique apartment projects.

Residents will also have access to a sauna and plunge baths, while landscaped gardens and relaxation zones will provide tranquil spaces overlooking sweeping panoramic views across the Gold Coast skyline.

The rooftop precinct has been designed to function as the social and wellness heart of the development, encouraging residents to embrace an active, balanced lifestyle within their own building.

&nbsp;

[smartcode_project:default project_id=135546 project_image_fid=363512]

Red &amp; Co director David Laverty said the amenity offering was central to the project’s design from the outset.

“Amenities were at the forefront of our decisions,” Laverty said.

“Buyers today are looking for more than just an apartment - they want a lifestyle that promotes health, connection and balance.

“The rooftop at COMO has been designed to be the epicentre of that lifestyle, with a suite of wellness and recreation facilities that are quite unique for a boutique development of this scale.”

&nbsp;

[smartcode_project:default project_id=135546 project_image_fid=363514]

Designed by <a href="https://www.apartments.com.au/architects/bda-architecture">BDA Architecture</a>, the residences prioritise liveability, featuring spacious layouts, 2.7-metre ceilings and high-quality finishes throughout.

The development sits beside Bond University, placing residents within walking distance of education, retail and dining options within the vibrant Varsity Lakes precinct, including Robina Town Centre, Varsity Lakes Train Station and a range of leading schools.

[smartcode_project:default project_id=135546 project_image_fid=363511]

Laverty said the location was a key driver behind Red &amp; Co’s decision to bring the project to the Gold Coast.

“<a href="https://www.apartments.com.au/developments/varsity-lakes-qld-4227">Varsity Lakes</a> was a clear choice for us to invest in as it’s a lifestyle hub that seamlessly blends lakeside living with urbanity,” he said.&nbsp;

“Como will capitalize on this great location, delivering a project that not only creates premium homes, but a lifestyle defined by community, wellbeing, and connectivity.”

Red &amp; Co has delivered more than 500 apartments and townhouses across 26 projects in Brisbane in recent years, with COMO marking the company’s first major Gold Coast development.

[smartcode_project_cta:default project_id=135546]

Red & Co unveils amenity-rich Como development in Varsity Lakes

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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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>
<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="">
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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