<p data-end="184" data-start="92">Growing national developer Time &amp; Place has announced its fifth new apartment development.</p>

<p data-end="408" data-start="186">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.</p>

<p data-end="553" data-start="410">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.</p>

<p data-end="762" data-start="555">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.</p>

<p data-end="918" data-start="764">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.</p>

<p data-end="1241" data-start="920">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.</p>

<p data-end="1519" data-start="1243">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.</p>

<p data-end="1830" data-start="1521">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.”</p>

<p data-end="1898" data-start="1832">The new development will replace five existing two-storey homes.</p>

<p data-end="2218" data-start="1900">“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.”</p>

<p data-end="2293" data-start="2220">Mosman has become increasingly popular with developers in recent years.</p>

<p data-end="2616" data-start="2295">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.</p>

<p data-end="2729" data-start="2618">Prosker Property has a project on Redan Lane, just a few doors down from Time &amp; Place’s proposed development.</p>

<p data-end="2948" data-start="2731">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.</p>

<p>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.</p>

<p>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.</p>


Joel Robinson

Time & Place to take on Mosman apartment market

<p>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;</p>

<p>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.</p>

<p>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;</p>

<p>[smartcode_project:default project_id=136434 project_image_fid=348840]</p>

<p>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.</p>

<p>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.</p>

<p>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.</p>

<p>[smartcode_project:default project_id=136434 project_image_fid=348839]</p>

<p>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.</p>

<p>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;</p>

<p>[smartcode_project:default project_id=136434 project_image_fid=348841]</p>

<p>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;</p>

<p>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.</p>

<p>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.</p>

<p>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;</p>

<p>Construction has commenced through reputable builder Manresa, who will complete the project in 2027.</p>

<p>[smartcode_project_cta:default project_id=136434]</p>


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

<p>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.</p>

<p>In Grand Residence 3.05, known as the Lustre, plays out across two levels, with a mezzanine configuration that is uncommon in apartment living.</p>

<p>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.</p>

<p>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.</p>

<p>[smartcode_project:default project_id=342 project_image_fid=357506]</p>

<p>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.</p>

<p>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.</p>

<p>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.</p>

<p>[smartcode_project:default project_id=342 project_image_fid=357508]</p>

<p>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.</p>

<p>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.</p>

<p>[smartcode_project:default project_id=342 project_image_fid=364553]</p>

<p>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.</p>

<p>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.</p>

<p>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.</p>

<p>[smartcode_project_cta:default project_id=342]</p>


Inside Lustre: Grand Residence 3.05 at Candela Ivanhoe

<p><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;</p>

<p>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.</p>

<p>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.</p>

<p>[smartcode_project:default project_id=136535 project_image_fid=288420]</p>

<p>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.</p>

<p>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.</p>

<p>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.</p>

<p>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.</p>

<p>[smartcode_project:default project_id=136535 project_image_fid=361030]</p>

<p>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.</p>

<p>“This site represents a once-in-a-lifetime opportunity to build something truly special,” McCormack says.</p>

<p>“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.”</p>

<p>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.</p>

<p>[smartcode_project:default project_id=136535 project_image_fid=288412]</p>

<p>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.</p>

<p>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.</p>

<p>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.</p>

<p>[smartcode_project_cta:default project_id=136535]</p>


Elsternwick Gardens' wellness-first design strategy

<p>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.</p>

<p>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.</p>

<p>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.</p>

<p>[smartcode_project:default project_id=135546 project_image_fid=363510]</p>

<p>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.</p>

<p>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.</p>

<p>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.</p>

<p>&nbsp;</p>

<p>[smartcode_project:default project_id=135546 project_image_fid=363512]</p>

<p>Red &amp; Co director David Laverty said the amenity offering was central to the project’s design from the outset.</p>

<p>“Amenities were at the forefront of our decisions,” Laverty said.</p>

<p>“Buyers today are looking for more than just an apartment - they want a lifestyle that promotes health, connection and balance.</p>

<p>“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.”</p>

<p>&nbsp;</p>

<p>[smartcode_project:default project_id=135546 project_image_fid=363514]</p>

<p>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.</p>

<p>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.</p>

<p>[smartcode_project:default project_id=135546 project_image_fid=363511]</p>

<p>Laverty said the location was a key driver behind Red &amp; Co’s decision to bring the project to the Gold Coast.</p>

<p>“<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;</p>

<p>“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.”</p>

<p>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.</p>

<p>[smartcode_project_cta:default project_id=135546]</p>


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

Business Confidence

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<p>EXPERT OBSERVER</p>
<div>Consumer confidence rose +1.2 per cent last week to 93.5, according to ANZ-Roy Morgan, a 13-week high.</div>
<div> </div>
<div>However, confidence levels remain well below the monthly average since 1990 of 112.6, and even still a reading of 93.5 is equivalent to what Australia experienced through the financial crisis. </div>
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<div><em>Source: ANZ-Roy Morgan</em></div>
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<div>On March 29 the COVID shock saw consumer confidence reading hit the lowest level in half a century at 65.3, but it has since rebounded by 43 per cent. </div>
<div> </div>
<div>Curiously confidence levels in Melbourne have picked up this week to a level 'a touch below neutral' -  possibly on optimism of restrictions being eased - and confidence levels in Melbourne are now higher than in Sydney. </div>
<div> </div>
<div><strong>RBA update</strong></div>
<div> </div>
<div>The RBA put out some state level payroll jobs figures this week which showed that jobs have been steadily picking up elsewhere, but not in Victoria. </div>
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<p>However, the payrolls recovery has stalled this week, and indeed it cannot really take hold until the Victorian economy sees restrictions broadly eased. </p>
<div>Separate analysis from UBS highlighted how small businesses have disproportionately felt the pain this year, and this is reflected in hiring figures relative to large businesses. </div>
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<div>This has raised the prospect of a potential further reduction of interest rates, as discussed today by the RBA’s Guy Debelle.</div>
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<div>The RBA has now expanded its balance sheet significantly, almost doubling from from $170 billion in February to $300 billion, through its various policy measures. with a further 'decently large' expansion to come. </div>
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<div>In the money markets swap rates are now at record lows. </div>
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<div class="separator"><a href="https://1.bp.blogspot.com/-AKO7Q4wvkD8/X2pXNbrruuI/AAAAAAAA4bQ/IAE0kGoX9707mn1loIZ6287W93v30zTawCNcBGAsYHQ/s733/MMR.jpg"><img src="https://1.bp.blogspot.com/-AKO7Q4wvkD8/X2pXNbrruuI/AAAAAAAA4bQ/IAE0kGoX9707mn1loIZ6287W93v30zTawCNcBGAsYHQ/w640-h506/MMR.jpg" width="640" height="506" data-original-height="580" data-original-width="733"></a></div>
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<div>Banks are now allowing their offshore funding to roll off, which has reduced the share of offshore bonds funding, and this has been replaced by take-up of the cheaper Term Funding Facility (TFF). </div>
<div> </div>
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<div> </div>
<div>It's interesting to note that the Chinese economy has come surging back from its 10 per cent decline in the March 2020 quarter, to the extent that its output is now greater than it was at the end of 2019, as targeted stimulus measures have successfully bolstered production.</div>
<div> </div>
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<div>Australia has gone down a different route, focusing instead on income support, to the extent that household income actually <em>increased</em> over the previous quarter, which is a very unusual outcome for a recession.</div>
<div> </div>
<div>This was driven by a range of factors including lower interest rates, super withdrawals, mortgage and rent deferrals, and all of the various government stimulus measures (including JobKeeper payments, and JobSeeker). </div>
<div> </div>
<div>No wonder them Harvey Norman shares have come roaring back! </div>
<p><strong>PETE WARGENT</strong><em><span> </span>is the co-founder of AllenWargent property buyers and a best-selling author and blogger </em></p>
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pwargent-M4siyDbqQY

Consumer confidence hits three month high: Pete Wargent

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<p><span>The 2019 March quarter ANZ-</span><span>Property Council survey shows that confidence in Australia’s housing </span><span>sector has fallen further than in 2018 and is now at its lowest level since the survey commenced in 2011.</span></p>
<p>It is not surprising given that many indicators are around their worst levels in many years.</p>
<p>"Housing prices, credit, auction results, days on market and vendor discounts are all weak," the report noted adding there is little sign of improvement.</p>
<p>"The ANZ-Property Council survey is consistent with these other indicators and suggests we are set for an extended period of weakness in the housing sector," it noted.</p>
<p><img src="https://www.urban.com.au/images/2019/1/10/ANZ-Prop%20Counc%20G1.JPG" alt=""></p>
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<p>NSW's property industry confidence has dropped to one of the lowest in the nation, according to the latest ANZ/Property Council Survey.</p>
<p>The largest decline in confidence came in Queensland.</p>
<p><a href="https://www.propertyobserver.com.au/subscribe" target="_blank"><img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/1/Subscriber%20strip%20ad.jpg" alt=""></a></p>
<p>Property Council NSW Executive Director Jane Fitzgerald said sentiment is down.</p>
<p>"With a state and federal election just around the corner, I don’t think we will see it rebound in the short term despite stronger results in some sectors," she said.</p>
<p>“The industry is facing a lot of uncertainty and change, particularly over the past twelve months.</p>
<p>"We have seen the introduction of Special Infrastructure Contributions, increasing 7.11 levies, the changing of key policies such as the Medium Density Housing Code, the updating of Local Environmental Plans, and the review of approaches to planning in areas such as Ryde – that’s a lot of change for an industry."</p>
<p>“With a flat residential market, there is a real risk that this moving feast of policy changes will have a detrimental effect on economic growth and jobs. The 400,000 people who work in the property industry in NSW rely on a healthy industry for their economic wellbeing," she concluded.</p>
<p>David Plank, the ANZ Head of Australian Economics, said the survey gives a softer reading on the health of Australia’s property sector.</p>
<p>"Survey respondents report that the availability of finance will worsen further over the coming year, which is a central feature of our housing outlook.</p>
<p><img src="https://www.urban.com.au/images/2019/1/10/ANZ-Prop%20Counc%20G2.JPG" alt=""></p>
<p>"In turn, respondents also expect housing prices and construction activity will continue to ease.</p>
<p>"We think prices will fall through to 2020, and expect to see declines <a href="/expert-insights/buying/anz-revise-forecast-upwards-to-20-percent-house-price-declines-in-sydney-and-melbourne">around 15–20% peak to trough</a> for Sydney and Melbourne.</p>
<p>"We also think the decline in housing construction will accelerate through 2019 and 2020, as the current backlog of work is gradually completed.</p>
<p>"The survey also suggests that firms expect the next interest rate movement to be higher, though the conviction in this expectation has dropped from the last survey.</p>
<p>"With risks around global trade tension and questions over the sustainability of domestic household spending, we think any RBA move is still some time off.</p>
<p>"Overall, though, the forward work schedule is solid and employment intentions are holding up.</p>
<p>"But clearly sentiment in the property sector is being challenged by a number of significant headwinds.," Plank said.</p>
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j.ballantyne1990-6AQqhLzZaK

Little sign of optimism in the residential sector as confidence falls to lowest levels: ANZ/Property Council

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<p>Business confidence in the WA property sector has climbed to its highest level since 2014, according to the ANZ/Property Council Survey for the June quarter 2017, which revealed a 20-percentage point increase in the confidence index.</p>
<p>“These results point to an economic turnaround in WA led by proposed investments by non-mining businesses,” Property Council WA Executive Director Lino Iacomella said.</p>
<p>“The improvement in industry confidence is due to expectations that improved national economic growth will flow to WA, and a lift in forward work schedules and staffing numbers. </p>
<p>A raft of major projects is proposed in WA, including shopping centre expansions, hotels and new infrastructure such as the Forrestfield-Airport Link.</p>
<p>The retail and retirement living sectors continue to lead the way with continued growth expectations.</p>
<p>Other sectors in the property industry are continuing to show declining growth expectations, however the outlook has improved with house price growth expectations close to stabilising. </p>
<p>The property industry is looking forward to working with the new McGowan state Government to progress economic reforms, fast-track infrastructure planning and cut red-tape to ensure the major construction projects proposed for WA get off the ground,” Mr Iacomella said.</p>
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Confidence returning to WA property industry

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<p>GUEST OBSERVER</p>
<p>The December NAB business survey showed business confidence remaining reasonable at +6 and businessconditions improving significantly to a strong reading of +11.</p>
<p>The bounce in conditions reflected strength in trading, profits and new orders.</p>
<p>Business continues to remain more confident than are consumers, but the rebound in business conditions adds to confidence that the September quarter downturn in GDP reversed in the December quarter.</p>
<p class="x_MsoNormal"><a href="https://www.propertyobserver.com.au/images/2017/02/01/image006.png" target="_blank">Click to enlarge</a></p>
<p class="x_MsoNormal"><img src="https://www.urban.com.au/images/2017/02/01/image006.png" alt=""></p>
<p class="x_MsoNormal">Source: Westpac, NAB, AMP Capital</p>
<p class="x_MsoNormal">Meanwhile, private credit rose a stronger than expected +0.7 percent <span id="0.6023802033159882" class="highlight">in</span> December or 5.6 percent year on year. </p>
<p class="x_MsoListParagraph">The <span id="0.19327247748151422" class="highlight">bounce</span> <span id="0.08058031392283738" class="highlight">in</span> credit growth from +0.5 percent mom <span id="0.4836013962049037" class="highlight">in</span> November was driven by stronger <span id="0.4131828281097114" class="highlight">lending</span> <span id="0.2442040389869362" class="highlight">to</span> <span id="0.799539064290002" class="highlight">business</span>es, which is potentially a good sign. </p>
<p class="x_MsoNormal">While housing credit growth was unchanged at 0.5 percent/mom or 6.3 percent/yoy <span id="0.3568573796655983" class="highlight">in</span> December, what is concerning is a continued deceleration <span id="0.41784490551799536" class="highlight">in</span> owner occupier housing credit (<span id="0.5229188892990351" class="highlight">to</span> +0.4 percent/mom) relative <span id="0.9022720851935446" class="highlight">to</span> <span id="0.7141850041225553" class="highlight">in</span>vestor credit (which rose +0.8 percent/mom). Over the last three months <span id="0.3730766784865409" class="highlight">in</span>vestor housing credit rose at an annual rate of 9 percent <span id="0.8393944983836263" class="highlight">and</span> is now rapidly approaching APRA’s 10 percent threshold.</p>
<p class="x_MsoNormal">It is <span id="0.8709192702081054" class="highlight">in</span>creasingly clear that the dampening impact of APRA’s 2015 macro prudential tightening has worn off <span id="0.09559610136784613" class="highlight">to</span> a significant degree. With household <span id="0.3539372014347464" class="highlight">in</span>come growth <span id="0.7710073834750801" class="highlight">in</span> the economy running well below 10% yoy <span id="0.07574582751840353" class="highlight">and</span>the Sydney <span id="0.6721861795522273" class="highlight">and</span> Melbourne <span id="0.8575597342569381" class="highlight">property</span> markets <span id="0.7601068657822907" class="highlight">continuing</span> <span id="0.8739038927014917" class="highlight">to</span> run <span id="0.9272325034253299" class="highlight">to</span>o hot <span id="0.6534713262226433" class="highlight">in</span> the face of ultra-low <span id="0.46389276324771345" class="highlight">in</span>terest rates there remains a case for APRA <span id="0.7982982180546969" class="highlight">to</span> further lower the 10 percent growth threshold for <span id="0.04621078143827617" class="highlight">property</span> <span id="0.7070795088075101" class="highlight">in</span>vestor credit.</p>
<p class="x_MsoNormal"><a href="https://www.propertyobserver.com.au/images/2017/02/01/image009.png" target="_blank">Click to enlarge</a></p>
<p class="x_MsoNormal"><img src="https://www.urban.com.au/images/2017/02/01/image009.png" alt=""></p>
<p class="x_MsoNormal"> </p>
<p class="x_MsoNormal"><em><span><a href="https://www.propertyobserver.com.au/https://plus.google.com/110172465327488162875?rel=author" target="_blank">SHANE OLIVER</a></span> is head of investment strategy and economics and chief economist at <a href="https://www.ampcapital.com.au/home" target="_blank">AMP Capital</a> and is responsible for AMP Capital's diversified investment funds.</em></p>
<p class="x_MsoNormal"> </p>
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