Local developer Harridan is seeking to turn its Woolloongabba apartment project into the first stage of a broader transformation of Burke Street, using a new 16-storey mixed-use building to establish a greener pedestrian connection toward the rapidly evolving Boggo Road transport and knowledge precinct.

The South East Queensland developer has filed plans for 154 apartments on the <a href="https://www.apartments.com.au/new-apartments/4-burke-street-woolloongabba-qld-4102">southern side of Burke Street</a>, where its proposal has been designed alongside a wider vision by LatStudios for the street.

That vision positions the southern side of Burke Street for buildings of 15 storeys and above, while envisaging lower-rise development of up to five storeys on the northern side to transition into Woolloongabba's existing character housing. It also proposes wider pedestrian verges, deep planting, new street trees and upgrades to the pedestrian approach to Boggo Road Station.

The Harridan development itself has been designed by Brisbane-based Arqus Design and will comprise 154 apartments across 16 storeys. The mix is weighted heavily toward two-bedroom apartments, with 121 proposed alongside 10 one-bedroom and 23 three-bedroom residences. There will typically be around 14 units per floor.

A lower-ground car park and three podium levels will accommodate 156 resident parking spaces, along with visitor and commercial parking. There will also be 154 resident bicycle spaces and 40 visitor bicycle parks.

&nbsp;

Harridan is a family-owned developer and part of the Holmwood Highgate Group, with more than three decades of development activity across South East Queensland. Its portfolio spans residential, commercial and industrial property, with current residential projects including Riverbank on Byron in Bulimba, Esperance Residences in Carina and The Precinct at Kinross Road in Thornlands.

Wooloongabba has been popular for apartment developers, particularly since the announcement of the 2032 Summer Olympics games in Brisbane.

While there have been a lot of development applications, it has failed to materialize into real supply.&nbsp;

Sarazin has been the major player in the area. They are under construction at Murcia Residences, on the fringe of East Brisbane and Woolloongabba. They have just launched <a href="https://www.apartments.com.au/new-apartments/the-stanley-residences-woolloongabba-8-trafalgar-street-woolloongabba-qld-4102">The Stanley Residences</a>, in Woolloongabba on Trafalagar Street. They also have Nuage coming soon on the nearby <a href="https://www.apartments.com.au/new-apartments/nuage-woolloongabba-14-wellington-road-woolloongabba-qld-4102">Wellington Road</a>.

Joel Robinson

First look: Harridan plans Burke Street transformation beside Boggo Road transport hub

IN BRIEF

<ul>
	<li>
	Just three double-storey Sky Homes sit at the top of The Waterline, each with its own private marina berth and rooftop terrace.
	</li>
	<li>
	Construction on The Waterline is complete, with the first residents expected to move in from mid-October.
	</li>
	<li>
	Sky Homes range from 282 sqm to 367 sqm and are priced from $3.65 million.
	</li>
</ul>

<hr />
Lewis Land has opened the first completed sky home for inspection at Harbour Shores, giving buyers their first opportunity to step inside one of just three double-storey residences crowning The Waterline.

Each sky home comes with its own private marina berth, rooftop terrace and Broadwater views, combining the scale of a larger home with direct access to the boating lifestyle that underpins the wider <a href="https://www.apartments.com.au/new-apartments/harbour-shores-biggera-waters-564-oxley-drive-biggera-waters-qld-4216">Harbour Shores</a> masterplan.

[smartcode_project:default project_id=113271 project_image_fid=366708]

Lewis Land Head of Development Michael Long said the inclusion of a berth with every Sky Home had become increasingly valuable as marina access across the Gold Coast tightened.

“Marina berths are becoming increasingly difficult to secure across the Gold Coast, so including one with every Sky Home makes this a genuinely rare offering,” Long said.

“The private 70-berth marina will accommodate boats up to 12 metres in length and is positioned just 2.5 kilometres from the Broadwater, placing the open ocean only 15 minutes away.

“Being able to step out of your home onto your boat is a rare luxury, and it’s something residents here can look forward to when it opens later this year.”

[smartcode_project:default project_id=113271 project_image_fid=366709]

The display opening comes as construction completes on The Waterline, with the first residents expected to move in from mid-October.

The three Sky Homes range from 282 sqm to 367 sqm and each feature three bedrooms, three bathrooms, multiple living zones, expansive kitchens with butler's pantries and large balconies taking in the Broadwater outlook.

Each residence also has three secure basement car spaces and additional storage.

“This is the first opportunity the Gold Coast has had to step into Harbour Shores and see, touch and feel what we’re bringing to life here,” Long said.

“There are only three Sky Homes within The Waterline, ranging in size from 282sqm to 367sqm, with each residence featuring three large bedrooms, three bathrooms, multiple living zones, expansive custom-built kitchens with butler’s pantry, and large balconies capturing Broadwater views.”

<img alt="Harbour Shores" data-entity-type="file" data-entity-uuid="bab65e10-4fab-45e1-92d8-fc56e2ab98ff" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-25%20at%202.00.16%E2%80%AFPM.png?VersionId=XT8q76LsPkw3cYTsvN3JfFDaPLud90PN" />

Residents of The Waterline will have access to a private pool, along with Harbour Shores' wider collection of amenity including a lagoon pool, social clubhouse, tennis court, gym, yoga facilities and sauna.

Lewis Land partnered with Studio Collective to furnish the completed display, with the interiors designed to demonstrate how the residences could function as permanent homes rather than simply as show apartments.

Studio Collective Director Melissa Park said the surrounding waterways informed the interiors, but in a more restrained way than a traditional coastal scheme.

“We drew inspiration from the canals and coastal surrounds, but our approach was to interpret that subtly through layered materials and a grounded palette of earthy tones, rather than literal coastal references,” Park said.

“We introduced hero moments of green and teal to reference the surrounding waterways, while mirrored elements help reflect natural light.

“The result is a residence that feels elevated yet comfortable, somewhere buyers can genuinely imagine themselves living, entertaining and unwinding.”

Sky Homes are priced from $3.65 million.

Lewis Land is also offering private marina berths with The Residences, its limited collection of three and four-bedroom villas positioned directly along the Harbour Shores waterfront boardwalk.

Three-bedroom villas are priced from $2.99 million, while four-bedroom residences start from $3.19 million.

Harbour Shores is being marketed by Colliers International.

[smartcode_project_cta:default project_id=113271]

Lewis Land opens sky home display as The Waterline completes at Harbour Shores

St Vincent de Paul Society Housing Australia has filed plans for a major mixed-use housing precinct on the southern edge of the North Sydney CBD, adding another significant proposal to a pocket around North Sydn​ey Station that is quickly becoming one of the LGA's busiest development zones.

The State Significant Development Application covers a 5,990 sqm site at <a href="https://www.apartments.com.au/new-apartments/1-19-mackenzie-street-lavender-bay-nsw-2060">1-19 MacKenzie Street and 211 Blues Point Road in Lavender Bay</a>, immediately south of Nor​th Sydney Station and between the commercial core and the lower-rise Lavender Bay Heritage Conservation Area.

Designed by Wardle, the proposal would deliver a new residential tower comprising 88 build-to-sell apartments and 19 affordable apartments, alongside a separate co-living building with 57 rooms and a building manager's studio.

It would also see the significant restoration and upgrade of St Francis Xavier Catholic Church, the adaptive reuse of the former school building, new parish facilities, retail, a new public square and around 1,000 sqm of publicly accessible open space.

<img alt="Vinnies North Sydney" data-entity-type="file" data-entity-uuid="d5dd7f87-a617-463e-b577-17541e01f0e9" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-26%20at%209.10.13%E2%80%AFAM.png?VersionId=4R8TsFN3P_LrrXO2HswTOIrx2blil8lh" />

The project is seeking a concurrent rezoning of the site to R4 High Density Residential and an increase in the maximum building height to allow a tower reaching RL120, or up to 20 storeys. The proposal was progressed through the NSW Government's Housing Delivery Authority pathway.

The build-to-sell component will be weighted toward larger apartments, with just six one-bedroom apartments compared with 31 two-beds, 43 three-beds and eight four-bedroom residences.

The 19 affordable apartments will comprise two studios, 15 one-bedroom apartments and two two-bedroom apartments, taking the total apartment component to 107 residences before the 58 co-living rooms are included.

<img alt="Vnnies" data-entity-type="file" data-entity-uuid="7d568ca5-cb90-4e18-96c6-d9795dba0c56" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-26%20at%209.10.05%E2%80%AFAM.png?VersionId=GY2R5M9VtQh0EKy1vajaea19PSLOPuRD" />

Wardle's design for the Vinnies site has sought to negotiate that emerging high-rise context while retaining the lower-scale character of MacKenzie Street and the adjoining heritage conservation area.

The main building adopts a three-storey podium and tower arrangement, with the podium aligned to the ridgeline and front setback of St Francis Xavier Church.&nbsp;Wardle has designed the podium with colonnades, seating, recessed entries and active ground-floor frontages, with sandstone-toned precast concrete and face brick referencing the materiality of the existing church.

The tower then steps back eight metres to the south and six metres to the north before rising in a sculpted form comprising four interlocking quadrants. Wardle has also introduced rounded forms and chamfered corners to reduce the tower's perceived bulk and improve view sharing with neighbouring development sites.

Resident facilities and outdoor areas are planned at the separation between the podium and tower at Level 3, oriented toward Sydney Harbour and the CBD skyline.

The tower itself will feature a glass reinforced concrete facade, with recessed balconies and deep reveals used both to provide shading and privacy and frame views toward the harbour and city. The lower levels take a different architectural approach, using brick and sandstone-toned finishes intended to establish a stronger relationship with St Francis Xavier Church. The Church itself will be conserved and upgraded for its continued use, while the former school building will be adaptively reused as part of the co-living component.

<img alt="Lavendar Bay" data-entity-type="file" data-entity-uuid="2d4418ad-90aa-4d49-af93-c80b140aea80" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-26%20at%209.09.47%E2%80%AFAM.png?VersionId=Kv4gzbsACaGvZSRuaqcfGC54jEJRXIDJ" />

&nbsp;

The proposal adds to an increasingly concentrated pipeline of residential development around Blue Street, MacKenzie Street and Lavender Bay.

Just west of the site, Central Element lodged plans earlier this year for one of the most significant residential developments proposed in Lavender Bay in recent years.

Central Element's SJB-designed scheme at 64-66 Lavender Street and 3-7 Middlemiss Street would deliver 163 apartments across two towers rising 23 and 32 storeys, replacing five existing apartment buildings containing 32 homes. The project also forms part of the Housing Delivery Authority pathway.

<a href="https://www.apartments.com.au/news/nsw/first-look-central-element-reveals-lavender-bay-apartment-plans?utm_source=chatgpt.com" rel="noopener" target="_blank">First look: Central Element reveals Lavender Bay apartment plans</a>

Immediately around North Sy​dney Station, another two significant proposals have emerged at 5 and 15 Blue Street.

Zurich Australian Insurance Properties is seeking to adaptively reuse its longstanding commercial building at 5 Blue Street, directly above North Sydney Station, rather than demolishing the structure.

Its SSDA proposes converting the building into a 14-storey mixed-use development with 62 apartments and 86 co-living rooms, together with ground-floor retail and a major refurbishment of Blue Street Plaza. The application is currently at the Response to Submissions stage.

<a href="https://www.apartments.com.au/news/nsw/first-look-zurich-targets-north-sydney-office-conversion-with-148-unit-proposal-above-metro-station">First look: Zurich targets North Sydney office conversion with 148-unit proposal above Metro station</a>

&nbsp;

First look: Vinnies files for 20-storey Lavender Bay apartment tower as North Sydney housing pocket heats up

When the opportunity arose for South Australian developer Palumbo to return to Kent Town, where it had previously delivered East Park Apartments and the East 
Rundle Apartments, it wasn't one the longstanding developer-builder was going to pass up.

The decision was quickly vindicated, with more than 30 apartments sold within the first month of launching <a href="https://www.apartments.com.au/new-apartments/royal-apartments-kent-town-2-8-north-terrace-kent-town-sa-5067">Royal Apartments</a> to the market.

The 206-apartment development, which will bring significant new supply to Adelaide's tightly held eastern city fringe, also gives <a href="https://www.apartments.com.au/developers/palumbo">Palumbo</a> the opportunity to bring new life to one of Kent Town's most recognisable watering holes.

[smartcode_project:default project_id=6109 project_image_fid=376073]

Royal Apartments incorporates the historic Royal Hotel, a venue Palumbo Managing Director Daniel Palumbo said has a longstanding connection with the local community.

"Everyone in the area has history with the Royal Hotel," Palumbo told Apartments.com.au.

"It was quite an active pub and social gathering place for locals. We want to bring it back to its former glory."

[smartcode_project:default project_id=6109 project_image_fid=376072]

The wider development will comprise two residential towers alongside the restored hotel, sitting on North Terrace opposite the Adelaide Park Lands.

For Palumbo, the project also marks a return to familiar territory.

The developer completed East Park Apartments next door more than a decade ago and jumped at the opportunity to develop in Kent Town again when the Royal Hotel site became available.

"The opportunity emerged, and we moved to secure the site," Palumbo said.

"We were approached by the previous landowner, who said they had extensive commitments in Sydney and weren't in a position to deliver the project.

"We took over the site and within six months recut the design scheme to be more in keeping with the type of development we want to bring to Adelaide.

"Now we're on the market and those changes have really resonated with local buyers."

That has translated into a strong start to sales, with 33 apartments transacting in the project's first 35 days.

Palumbo said the early purchaser profile had been consistent with the group's traditional focus on owner-occupiers rather than investor-led apartment stock.

"Local owner-occupiers have always been our market," he said.

"There are always some investors, but we've never developed what would be called traditional development stock. Owner-occupiers are very much our market."

[smartcode_project:default project_id=6109 project_image_fid=376068]

The buyer mix has been diverse so far, with downsizers and younger professionals both accounting for a significant portion of early sales.

South Australia's current stamp duty settings, which allow&nbsp;eligible homeowners in South Australia aged 60 savings of up to $103,830 on stamp duty when they downsize to a new property valued at up to $2 million,&nbsp;have helped encourage downsizer activity, while younger buyers in their late 20s and early 30s have been attracted to the opportunity to live immediately outside the CBD while still being able to walk into the city.



Location has been a major part of the proposition for both buyer cohorts.

[smartcode_project:default project_id=6109 project_image_fid=376075]

Royal Apartments sits on North Terrace directly opposite the Adelaide Park Lands, with residents able to walk through the parklands toward the East End, Rundle Street and Rundle Mall.

Apartments have been positioned to capture views across the parklands, Adelaide skyline, Botanic Gardens and Adelaide Hills.

Palumbo believes the scarcity of developable land along this section of the Park Lands makes the site particularly difficult to replicate.

"There's very few allotments on that side that can be developed," he said.

"If this location was in New York and you were sitting on Central Park, you'd be talking about a $60 million apartments."

Royal Apartments will offer a broad mix of residences, ranging from one-bedroom apartments through to four-bedroom sub-penthouses and penthouses.

Current listings include one-bedroom apartments from $680,000, while larger three and four-bedroom residences are priced around $2.5 million.

Residents will have access to a swimming pool, gym, barbecue and recreation areas, residents' lounge and dining space, and a communal deck.

[smartcode_project:default project_id=6109 project_image_fid=376067]

The apartments will feature generous balconies, while secure parking, bicycle storage and storage cages will also be provided.

A porte-cochère-style arrival and drop-off area has also resonated with buyers, particularly those attracted to being able to walk into the CBD during the day while retaining secure vehicle access at home.

Palumbo is acting as developer, architect and builder on Royal Apartments, continuing the vertically integrated model it has used across its South Australian portfolio.

The group was also behind the $150 million Sofitel Adelaide, the 251-room five-star hotel and residential tower which opened in 2021.

Palumbo said Royal's launch had come at an interesting time for the broader Adelaide apartment market.

Buyer confidence had initially been impacted by uncertainty surrounding the Federal Budget and broader economic conditions, but Palumbo believes sentiment is beginning to improve against a backdrop of significant investment flowing into South Australia.

He pointed to increased activity across defence and resources, including Olympic Dam, as potential long-term drivers of the state's economy and housing market.

"Money is starting to flow into Adeliade, significant amounts as Adelaide bucks the trend of the rest of the country.," Palumbo said.

"There's a lot of activity in the economy over the next decade. I think more investment will come into this market."

Early works on Royal Apartments are expected to commence this year, with major construction activity and cranes anticipated on site from early next year.

[smartcode_project_cta:default project_id=6109]

Palumbo's return to Kent Town strikes early chord with buyers

Go-to builder-developer <a href="https://www.apartments.com.au/developers/graya">GRAYA</a> is continuing to bulk out its already impressive and diverse apartment portfolio across South East Queensland. Their latest milestone is securing development approval for Silk, its boutique riverfront apartment development in St Lucia.

The approval clears&nbsp;the way for the team to begin construction planning for the 22-residence project.

<a href="https://www.apartments.com.au/new-apartments/silk-st-lucia-16-18-sandford-street-st-lucia-qld-4067">Silk</a> will rise 15 levels from an 810 sqm site at 16-18 Sandford Street, occupying a prominent bend of the Brisbane River with a prized northern aspect across Orleigh Park toward the Brisbane CBD.

The approved scheme will comprise 16 split-floor and six full-floor residences, continuing GRAYA's move into larger-format apartment developments targeting Brisbane's prestige owner-occupier market.

The project has been designed around the site's broad river frontage and dual-direction views, with GRAYA prioritising larger residences, privacy and outlook over apartment yield.

<img alt="Silk St Lucia" data-entity-type="file" data-entity-uuid="aa5c2349-f96c-4914-a812-1f2cd6827af8" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-26%20at%208.25.44%E2%80%AFAM.png?VersionId=WY0vEU_7vYjeRJKQHiCwFdMxu8PvFh52" />

GRAYA Co-founder and Chief Executive Officer Rob Gray said the project had been shaped around local homeowners wanting to remain in St Lucia without maintaining a traditional family home.

"St Lucia is one of those suburbs people do not want to leave," Gray said.

"They know the river, the trees, UQ, the golf course, Toowong and Indooroopilly, and that familiarity is hard to replace.

"True riverfront opportunities here are exceptionally scarce. What we have designed at Silk is a way to stay in the suburb people love, with the scale and privacy of a private home and far less to maintain.

"This is not typical apartment product. It is a proper home on the river, and that is exactly what this market has been missing."

The approval comes as new apartment development continues to increase across the St Lucia and neighbouring Toowong corridor, although direct riverfront sites remain considerably more tightly held.

GRAYA Co-founder and Managing Director Andrew Gray said securing the approval had removed a significant element of development risk from Silk.

"Genuine riverfront sites of this quality in St Lucia are not something that comes up regularly," Gray said.

"The approval removes a substantial layer of execution risk, and the location underwrites demand in a way very few inner-city sites can.

"The fundamentals here are as strong as anything we have assessed in Brisbane."

<img alt="Silk St Lucia" data-entity-type="file" data-entity-uuid="d0f3d734-65e1-48e8-8ed3-2e0715ffcdd9" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-26%20at%208.25.56%E2%80%AFAM.png?VersionId=sOLSs_jdHkXLWbBKzRyayf5BfTb2vPsD" />

Silk will see GRAYA return to a stretch of the Brisbane River where it already has recent construction experience. The vertically integrated group recently completed ARC in neighbouring Toowong as builder for developer Spyre, delivering the riverfront project on a constrained site.

GRAYA will take a different role at Silk, controlling the project from design and development through construction and aftercare under its vertically integrated model.

The development will include a gym and resident leisure areas at ground level, integrated with the river's edge.

Silk joins a growing pipeline for GRAYA across Brisbane and the Gold Coast, which includes Enclave, The Gallery, Coral and Ripple.

The developer-builder has also recently lodged plans for its largest project to date, <a href="https://www.apartments.com.au/new-apartments/the-silo-19-chester-street-newstead-qld-4006">The Silo</a>, a proposed <a href="https://www.apartments.com.au/news/qld/graya-buys-frasers-newstead-site-plans-the-silo-between-james-street-and-gasworks-precincts">$700 million mixed-use development</a> in Brisbane's James Street precinct.

Silk is expected to predominantly target local owner-occupiers and prestige buyers seeking a permanent riverfront home in Brisbane's inner west.

Registrations of interest are now open, with further details on the project and construction program to be released as it progresses.

<hr />
<h2>SILK PROJECT FACTS</h2>

Developer-builder: GRAYA

Project: Silk

Location: 16-18 Sandford Street, St Lucia

Apartments: 22

Built form: 15 levels

Site: 810 sqm riverfront holding

Mix: 16 split-floor and six full-floor residences

Status: Development approved

Next step: Construction planning underway

[smartcode_project_cta:default project_id=152168]

GRAYA greenlit for riverfront St Lucia apartment development, Silk

Commonwealth Bank

<html><body>
Commonwealth Bank's loan book has grown over the March quarter in line with their forecasts, but their arrears have grown too, in the continued fallout of the mining boom end.
There are 0.71 percent of mortgage holders who are over 90 days behind on their repayments, according to Commonwealth Bank's latest quarterly results. 
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/5/13/Arrears.jpg" alt="">
"Consumer arrears were impacted by seasonal factors in the quarter and continued to trend higher from a low base, influenced by subdued levels of income growth and cost of living challenges, most pronounced in outer metropolitan areas of Perth, Melbourne and Sydney," Commonwealth Bank advised.
The end of the mining boom still seems to be felt by the nation's biggest lender. 
Accounts in negative equity represent just over three percent of total accounts, with around 75 percent of that figure relating to Western Australia and Queensland.
Despite the rise in arrears, Commonwealth Bank's loan book continues to grow, a further 2.5% over the March quarter against the December quarter.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/5/13/Volums1.jpg" alt="">
It was slower growth however from the December quarter where there were 4% more home loans taken.
CBA saw their profits plunge over the March quarter 2019, with customer compensation costing them around $714 million.
Profits drop by 28 percent $1.7 billion over the quarter.
Compensation payments and the administrative costs have now hit $2.17 billion.
Chief executive Matt Comyn said the bank are quickly making amends. 
“We are committed to improving outcomes for our customers, addressing past failings and compensating customers quickly," Comyn said.
"The additional $714m in pre-tax customer remediation provisions taken in the quarter demonstrates this commitment, and builds on a range of other initiatives to achieve better customer outcomes, including removing and reducing fees for our customers.
"We continue to make progress on our strategy to become a simpler, better bank.
"While headline profitability was impacted by higher remediation provisions, our sound business fundamentals ensure we remain well-placed in a challenging environment, highlighted in this quarter by volume growth in our core businesses, a strong capital position and continued balance sheet strength.”
March quarter results across the big four banks had their holes.
Most of the focus has been the shift away from interest-only loans.
ANZ have trimmed their loan book to now have just <a href="/expert-insights/finance/anzs-home-loan-portfolio-shows-big-drop-in-interest-only-borrowers">18% interest only home loans</a>, compared to NAB, who as well as CBA saw their profits drop, have an unhealthier <a href="/news/nab-housing-lending-revenue-continues-to-drop-and-shareholders-pay-the-price">26% of their loan book</a> given to interest only loans.
Late last week ANZ were the final big four bank to <a href="/news/anz-finally-cuts-fixed-home-loan-rates">cut their rates in this cycle</a>.
 
 
</body></html>

jrobinson-rf4aSBido9

CBA arrears rise but home loan book continues to grow slowly 

<html><body>
LandMark White has been reinstated by Commonwealth Bank to its panel for residential valuations.
Marking a significant step for the company after the <a href="/news/landmark-white-limited-reports-property-valuations-data-breach">recent cyber-attack</a>, Keith Perrett, Chairman of LandMark White, said the decision made by Commonwealth Bank is an endorsement of the actions taken by the company in response to the incident.
"We’re pleased a number of financial institutions have reinstated LMW to its panel of valuation providers, including one of Australia’s major lenders.
"Commonwealth Bank recognised the risk to our company, our staff and shareholders, and reviewed the enhancements to our systems and networks in an efficient manner while also ensuring its affected customers were supported,” Mr Perrett said.
<div class="page" title="Page 1">
<div class="layoutArea">
<div class="column">
The company has been working closely with financial institutions throughout the last few weeks – including all of Australia’s major lenders – to ensure its systems and networks are now subject to the highest level of security and monitoring.
Commonwealth Bank, as well as NAB and ANZ, <a href="/news/banks-drop-landmark-white-valuations-after-data-breach">dropped LandMark White</a> following the attack.
LMW liaised with Commonwealth Bank’s Data Protect Group to assess and improve its datasecurity environment, while the company has also committed to a framework for robust risk management and continuous improvement.
"We’re pleased a number of financial institutions have reinstated LMW to its panel of valuation providers, including one of Australia’s major lenders. 
“It’s a great sign of faith in our company and our people, and I thank the Commonwealth Bank for the support they have shown LMW in the last few weeks. We are confident we now have one of the most secure systems and networks for a property valuation company in Australia.”
“We have been a trusted member of the industry for nearly 40 years and with the support ofall the major banks, we’re confident we’ll be here for another 40 years and longer.”
</div>
</div>
</div>
</body></html>

j.ballantyne1990-6AQqhLzZaK

CommBank resumes LandMark White valuations

<html><body>
In the first half of the 2019 financial year the Commonwealth Bank's exposure to commercial property has remained flat, according to their mid year report.
The report note their commercial portfolio remains, diversified across sectors and by counterparty.
<img src="https://www.urban.com.au/images/2019/2/6/CBA%20Graph%203.JPG" alt="">
CBA have lower apartment development exposures.
Their top 20 counterparties are primarily investment grade (weighted average rating of BBB equivalent) and account for 16.4% of their Commercial property exposure.
34% of the portfolio investment grade, and the majority of subinvestment grade exposures are secured (91%).
<img src="https://www.urban.com.au/images/2019/2/6/CBA%20Graph%201.JPG" alt="">
Impaired exposures remain low, 0.12% of the portfolio.
Geographical weighting has remained steady during the half.
They have been continuing ongoing comprehensive market and exposure monitoring of the portfolio.
<img src="https://www.urban.com.au/images/2019/2/6/CBA%20Graph%202.JPG" alt="">
</body></html>

Commonwealth Bank exposure to commercial property remains flat 

<html><body>
The nation's largest bank, Commonwealth Bank of Australia's has reported a 6 per cent fall in its net profit, hit by the costs associated with fixing historic misconduct issues and tighter margins due to competition and rising costs.
The CBA produced a weaker than expected result. 
First-half profit came in at $4.6 billion, down from $4.9 billion in the corresponding period last year.
<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/2019/2/6/CBA-1.jpg" alt="">
Cash profit — the bank's preferred measure that strips out one-off gains and losses — rose 1.7 per cent to $4.68 billion, with higher sales volumes of loans offset by lower margins.
It lower than the $4.87 billion it reported for the first half last year.
CBA reported that cash profit fell 2.1 per cent.
<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/2019/2/6/CBA2.jpg" alt="">
The interim dividend per share was flat at $2.00. 
The bank recorded an operating income of $12.4 million which was down 1.9 per cent for the same period a year earlier. 
<div class="advert" data-ad-type="MEDIUM" data-loc="MOBILE" data-max-width="767" data-reactid="50">CBA attributes this to volume growth being offset by its net interest margin decline, lower fees, weaker trading income and the impact of weather events. </div>
Volume growth in the core business resulted in lending and deposits increasing by 2 per cent, while home loan volumes increased 4 per cent.
The growth was more for owner occupiers than investors.
 
</body></html>

Home loan volumes up, but CommBank reports lower than expected profit

<html><body>
Surfers Paradise’s Chevron Renaissance Shopping Centre has secured the Commonwealth Bank among its new tenants.
The financial institution is set to open a branch within the retail, dining and entertainment precinct in July.
Coles, National Bank of Australia, Chempro and Endota Spa are in the centre where The Precision Group has spent in excess of $5 million dollars since their purchase in 2015.
Other new tenants taking up prime positions within the precinct includes Surfers Paradise’s only Asian grocer Yifan Asian Emporium, internationally renowned Malaysian restaurant PappaRich and eyebrow threading boutique Elegant Eyebrows.
The centre also recently facilitated the installation of Auscoin's first Bitcoin ATM in Queensland.
Among the future tenants is an innovative Childcare Centre that will be the first service of its kind in the heart of Surfers Paradise.
 <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/2018/5/23/Chevron%20Renaissance%20Shopping%20Centre%201.jpg" alt="">
Set to open early 2019, Journey Early Learning Childcare Centre will have capacity for 88 children on the second level of the Centre. 
The centre has frontage to the G:Link tramline. 
</body></html>

Bitcoin ATM and Commonwealth Bank join Chevron Renaissance's tenants

<html><body>
<div>
The Commonwealth Bank has revealed an increase in borrowers behind in their mortgage repayments.
The number of home loan borrowers more than 90 days overdue on their loan was sat at 0.65 per cent, up from 0.59 per cent at the end of December. 
There were emerging "troublesome exposures" mentioned in its stockmarket update on Wednesday morning.
However CBA said the credit quality of the group's lending portfolios remained sound. 
The bank noted "there has been an uptick in home loan arrears, influenced by a small number of customers experiencing difficulties with rising essential costs and limited income growth".
CBA said "consumer arrears were seasonally higher in the quarter".
Customers more than 90 days due on their personal loans rose from 1.21 per cent at the end of December to 1.39 per cent at the end of March, while credit card arrears also rose slightly, from 0.88 per cent to 0.98 per cent.
</div>
<div>
<div id="article-inline-ad">It also said a small number of loans had resulted in an increase "troublesome exposures", while impaired assets remained stable.</div>
</div>
<div>
Overall, bad debts remain very low.
The Australian Financial review advised the loan impairment expense of $261 million in the quarter was 14 basis points of gross loans and acceptances, down from 16 basis points in the first half. CBA said it maintained "prudent" levels of credit provisioning with total provisions at $3.8 billion.
Westpac recently indicated at the end of 2017 its arrears rate was 1.2 per cent, down slightly from 1.3 per cent at the end of 2016. Westpac arrears were below historical peaks of 1.7-to-1.9 per cent. In New South Wales market, Westpac mortgage arrears are the lowest nationally at just 0.8 per cent, below the state's long-term average of 1.4 per cent.
</div>
</body></html>

Arrears jumps in CommBank loan book

<html><body>
Commonwealth Bank of Australia has leased space in Melbourne’s Glenferrie Road shopping strip, which according to leasing agent Allard Shelton is the largest dollar value letting deal in 2017.
The agreed rent of $275,000 p.a plus GST and outgoings for <a href="https://www.realcommercial.com.au/property-offices-vic-malvern-502202670" target="_blank">142 Glenferrie Road, Malvern</a> works out for a rent of $859 per sqm.
“Demand for retail property in Melbourne is still strong and freehold buildings on high exposure corners like this are always sought after,” said Allard Shelton’s Patrick Barnes.
Commonwealth Bank is expected to occupy the new premises by October 2017 with the owner of 142 Glenferrie Road fitting out the building in line with the Commonwealth Bank’s retail design strategy. The fit out is expected to take over two months to complete and will comprise of an internal and external renovation.
The site is part of one of Melbourne's busiest shopping strips and is close to other quality tenants such as Coles, ANZ, Westpac and Dan Murphy’s, added Barnes. 
Allard Shelton, Victoria’s oldest, Australian owned commercial property agents, facilitated the rental transaction after an introduction from Fitzroys director, David Bourke.
</body></html>

jonathanchancellor-7SQnKwU6yx

Commonwealth Bank leases space in Melbourne's busy Glenferrie Road shopping strip

<html><body>
GUEST OBSERVER
The RBA’s updated forecasts are consistent with policy on hold over the rest of 2017.
The Bank expects growth to lift over the next few years to an above-trend pace.
And while core inflation is forecast to be close to 2% in H2 2017 (a touch under on the Bank’s chart), the RBA sees headline inflation tracking in their 2-3% target band.
Optimism around the recent strength in employment growth is tempered by a “subdued” outlook for wages growth.
As such, we think that the Bank retains a neutral bias in today’s Statement on Monetary Policy (SMP).
<a href="https://www.propertyobserver.com.au/images/2017/08/07/Screen%20Shot%202017-08-07%20at%209.53.06%20am.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/2017/08/07/Screen%20Shot%202017-08-07%20at%209.53.06%20am.jpg" alt="">
The Bank has downwardly revised their near term GDP forecasts due to the softer than expected QI which was negatively impacted by weather.
Looking at the Bank’s through the year forecasts implies that the pace of growth picks up to 2% by year end and 23⁄4% by Q2 2018.
Positive contributions to come from LNG production, consumption, infrastructure spend and a lift in non-mining investment.
The RBA notes that the stronger AUD has had a “modest dampening” effect on the growth forecasts.
In summary, the Australian economy would be deemed to be in good shape if the RBA’s growth outcomes can be achieved.
The forecasts look reasonable to us but the risks are to the downside.
<a href="https://www.propertyobserver.com.au/images/2017/08/07/Screen%20Shot%202017-08-07%20at%209.53.16%20am.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/2017/08/07/Screen%20Shot%202017-08-07%20at%209.53.16%20am.jpg" alt="">
Core inflation forecasts haven’t budged, but the expected trajectory for headline inflation has inched higher due to the lift in utilities prices.
There is nothing in the inflation forecasts to suggest that policy will be tightened over the next year.
We think that at the very least the RBA would need to upgrade its core inflation forecast to even entertain the idea of a rate rise.
<a href="https://www.propertyobserver.com.au/images/2017/08/07/Screen%20Shot%202017-08-07%20at%209.53.24%20am.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/2017/08/07/Screen%20Shot%202017-08-07%20at%209.53.24%20am.jpg" alt="">
We note the change in language from the RBA on the labour market that signals the Bank is clearly happy with developments.
The RBA states that leading indicators of the labour market point to, “solid employment growth” over H2 2017.
Here the emphasis is on solid and suggests that the RBA considers the recent strength in the labour market as genuine and that it will continue over the year.
<a href="https://www.propertyobserver.com.au/images/2017/08/07/Screen%20Shot%202017-08-07%20at%209.53.33%20am.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/2017/08/07/Screen%20Shot%202017-08-07%20at%209.53.33%20am.jpg" alt="">
As a result, some mild downward pressure is expected to be applied to the unemployment rate.
On wages, the RBA devoted “Box C” to a discussion on the 2017/18 minimum wage decision.
The upshot is that it should contribute 0.2ppts to growth relative to its contribution in 2016/17.
We have a similar view to the RBA on the outlook for wages growth.
Namely that it has reached a bottom and should pick up gradually from here.
That said, the process will be slow because there is still plenty of slack in the labour market.
<a href="https://www.propertyobserver.com.au/images/2017/08/07/Screen%20Shot%202017-08-07%20at%209.52.51%20am.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/2017/08/07/Screen%20Shot%202017-08-07%20at%209.52.51%20am.jpg" alt="">
As a result, we think that the RBA’s outlook for wages growth is more plausible than the optimistic wages forecasts underpinning the 2017/18 Federal Budget.
In summary, it looks like more of the same from a monetary policy perspective over 2017.
Rates will stay on hold until wages growth and core inflation are on a sustained upward trend.
That is some way off and in our view that means that policy is likely to be on hold until late 2018.
Gareth Aird is a senior economist at Commonwealth Bank and can be contacted <a href="https://www.propertyobserver.com.au/https://au.linkedin.com/pub/gareth-aird/14/790/905">here</a>.
</body></html>

jchancellor-FAypfDUnLy

RBA on hold over rest of 2017: Gareth Aird

<html><body>
Just under half of Aussies polled for a recent survey (48 percent) believe the property dream is still alive and well according to the CommBank Connected Future Report.
The report, based on the response of more than one million people, asked Australians about how they perceive their future, the property market, adapting to a changing workforce, and life for younger generations.
Just over half of the respondents (52 percent) said the Australian dream is being redefined.
Demographer and futurist Claire Madden authored the CommBank Connected Future Report.
She said a remarkable insight from the CommBank ATM data overall is the resilience and tenacity Aussies have in the face of economic uncertainty.
“As a lead example, while the Australian property dream looks markedly different in 2017, the majority of Australians either fully own or are paying off their home," she said.
“This has remained constant over the past five decades, so despite uncertainty, the Australian dream has clearly lived through time.
"The research shows while Millennials (Gen Y) are delaying traditional life markers like getting married or having a child, the average age of a first homebuyer has remained relatively constant over the last two decades, sitting at around 32 years of age.
<a href="https://www.propertyobserver.com.au/images/2017/06/14/Screen%20Shot%202017-06-14%20at%2011.09.10%20AM.png" target="_blank">Click to enlarge</a>
<img src="https://www.urban.com.au/images/2017/06/14/Screen%20Shot%202017-06-14%20at%2011.09.10%20AM.png" alt="">
 
"The Australian ‘dream home’ is no longer a weatherboard standalone house. It is an architecturally designed product, as the quality of dwellings has risen over time.
"Whilst 74 per cent of those living in cities and 81 per cent of those outside capital cities currently live in a stand alone house, 48 per cent of new residential approvals over the past year have been for medium or high density housing.
"CommBank data reveals 68 percent of first home buyers purchased a house in the last year, 16 percent desire to build their architectural dream home after purchasing vacant land, and 15 percent purchased an apartment or townhouse.
<a href="https://www.propertyobserver.com.au/images/2017/06/14/Screen%20Shot%202017-06-14%20at%201.22.26%20PM.png" target="_blank">Click to enlarge</a>
<img src="https://www.urban.com.au/images/2017/06/14/Screen%20Shot%202017-06-14%20at%201.22.26%20PM.png" alt="">
"The data relating to the Australian property dream reveals that the state you live in impacts your state of optimism.
"The least optimistic were people residing in New South Wales (53 percent) and Victoria (54 percent), and this was significantly high with younger generations (57 percent in both states).
"Those in Queensland (51 percent), South Australia (53 percent), Western Australia (54 percent) and the Northern Territory (57 percent) believe the dream is more attainable.
"Gen Y have prioritised global travel, lifestyle experiences, stayed longer in formal education and attained the name KIPPERS (Kids in Parents’ Pockets Eroding Retirement Savings) for staying in the family home longer.
<a href="https://www.propertyobserver.com.au/images/2017/06/14/Screen%20Shot%202017-06-14%20at%201.24.11%20PM.png" target="_blank">Click to enlarge</a>
<img src="https://www.urban.com.au/images/2017/06/14/Screen%20Shot%202017-06-14%20at%201.24.11%20PM.png" alt="">
"Yet now they are in their prime career building and family forming years, they, like their predecessors, are finding a way to overcome the obstacles, respond to new realities, and see the (re)defined dream come alive.
"Even though the dream has taken a different form, the data reveals property ownership remains high on the aspirational list (average home buying age remains consistent at 32).
"With almost 3 in 10 Australians (29 percent) born overseas, and a quarter (27 percent) of the population’s labour force born overseas, immigration has significantly contributed to Australia’s workforce and economy.
"In the midst of this diversity, CommBank data reveals that almost half of Aussies (49 percent) believe that our society truly embraces everyone."
</body></html>

Survey reveals under half of people believe that the property dream is still alive

<html><body>
Interest rates hikes have struck home owners and investors after the Commonwealth Bank (CBA) lifted fixed rate deals on its loans by as much as 0.5 per cent. Customers taking out fixed rate deals with rate will now be hit with increases across 1, 2, 3, 4 and 5 year fixed terms. It is the second rate hike within 20 days.
However, the bank provided for owner occupiers signing up to principal and interest fixed home loan deals to escape the latest hikes.
The Commonwealth Bank said the move was to ensure it "continue[d] to meet our regulatory requirements".
In a memo issued to mortgages brokers, CBA outlined that interest-only investment loans would be the worst hit — 2, 3, 4, and 5 year terms would all rise by 0.5 per cent.
The changes are effective for new and existing customers who switch into one of these products from today.  
Three-year fixed rate interest-only owner occupier loan rates will rise by 0.25 per cent to 4.49 per cent.
Three-year fixed rate interest-only investment loan rates will rise by 0.5 per cent to 4.94 per cent.
Three-year principal and interest investment loan rates will rise by 0.25 per cent 4.69 per cent.
CBA raised rates for interest-only loans to 5.94 percent in March.
Homebuyers also faced increased fixed interest rates in December 2016.
The bank’s measures follow an increased crackdown by the banking regulator, the Australian Prudential and Regulation Authority, to limit interest-only loans.
</body></html>

Commonwealth Bank

Editor's Picks

Have something to contribute?

Developments

New apartments

New townhouses

News

Commonwealth Bank

Editor's Picks

Receive the latest news stories to your inbox

Have something to contribute?

Developments

New apartments

New townhouses

News