<a href="https://www.apartments.com.au/developers/sunland-group">Sunland Group</a> has officially lodged plans for its first Gold Coast apartment project since the departure of the Abedian family from the company three years ago, unveiling a new high-rise proposal for a prominent Broadbeach corner site on Old Burleigh Road.

The application was submitted by an entity directed by Tom Jamieson, stepson of longtime Sunland leader Soheil Abedian, and Riaz Rezvanipour, brother-in-law of Sahba Abedian, Soheil’s son.

Sunland acquired the 1,283 sqm site on the corner of Old Burleigh Road and Armrick Avenue for $9.5 million late last year and is now seeking approval for a <a href="https://www.apartments.com.au/new-apartments/99-101-old-burleigh-road-broadbeach-qld-4218">42-storey tower with 81 apartments</a>.

<img alt="First look: Sunland Group returns to Broadbeach with new Old Burleigh Road tower plans" data-entity-type="file" data-entity-uuid="fea2946d-90ee-4cfc-babe-2a8ad5db2cb6" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/pers.png?VersionId=BV0fihJw31nDIQ8ozY_h3GbS8mxDyhnm" />

Designed by <a href="https://www.apartments.com.au/architects/contreras-earl-architecture">Contreras Earl Architecture</a>, the proposed tower at 99-101 Old Burleigh Road would deliver a predominantly larger-format apartment mix aimed at the owner-occupier market. Plans include 17 two-bedroom apartments, 55 three-bedroom apartments, and nine four-bedroom residences across 35 residential levels.

The development also incorporates three basement levels, four podium parking levels, two levels of communal recreation facilities, and rooftop plant and equipment. A total of 189 car spaces are proposed, significantly exceeding the 90 spaces required under the planning scheme.

The architecture adopts a sculpted, curvilinear form, with deep wraparound balconies and integrated landscaping intended to soften the tower’s vertical expression. The planning report states the building’s “slender footprint/form provides a complimentary yet varied built form within the local streetscape” and contributes to “a varied, yet ordered skyline.”

Contreras Earl noted in its Architectural Statement that from the early stages, the project addressed a fundamental challenge: how to accommodate the required residential yield while avoiding the conventional model of a tower sitting on a rigid, fully resolved parking podium.

“The most direct response would have been to consolidate parking into a singular, flat podium and extrude a repetitive tower above,” the statement said. “While efficient, this approach would result in a consolidated built form with limited engagement with the surrounding landscape and public realm.”

Instead, the conventional podium model was “deliberately rejected”. The architects described the base of the building as “a landscaped architectural condition where structure, planting and circulation are integrated”.

“Rather than presenting a continuous built mass, the base of the building is articulated through a series of concrete planter elements that organise the podium into a fragmented system,” the statement said. “This approach reduces the perceived bulk of the lower levels while establishing a more permeable interface with the streetscape and adjacent open space.”

<img alt="Sunland" data-entity-type="file" data-entity-uuid="923fad8d-c960-4527-8fbe-975cf1ddf88d" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-25%20at%2010.32.03%E2%80%AFAM.png?VersionId=pngwb0hYOIUpq9vDw6F2EsOiVuHF3DiX" />

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The site sits within the High Density Residential Zone and inside the City of Gold Coast’s unrestricted “HX” building height area, where the planning framework anticipates intensified residential development tied to the expanding light rail corridor. The planning report notes the area is undergoing “transition toward more intense development forms” given its proximity to Broadbeach, Surfers Paradise, and high-frequency public transport infrastructure.

Positioned directly opposite Broadbeach Park and within walking distance of Florida Gardens light rail station, the development would sit among a rapidly evolving stretch of Old Burleigh Road that has become one of the Gold Coast’s most active apartment development corridors.

The application joins a growing pipeline of luxury residential projects reshaping Broadbeach, including nearby developments by 5Point Projects, Polycell, and Graya.

The planning report argues the project contributes toward the Gold Coast’s long-term housing targets under the South East Queensland Regional Plan, which forecasts the need for more than 100,000 additional high-rise dwellings across the city by 2046.

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The Abedian family departed Sunland Group in late 2023, ending a four-decade association with the company, and subsequently established the private development firm Abedian &amp; Co. The group is currently delivering <a href="https://www.apartments.com.au/new-apartments/greenmount-residences-cnr-hill-street-and-marine-parade-coolangatta-qld-4225">Greenmount Residences</a> at Rainbow Bay and recently launched <a href="https://www.apartments.com.au/new-apartments/18-mary-avenue-14-18-mary-avenue-broadbeach-qld-4218">18 Mary Avenue</a> in Broadbeach.
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Joel Robinson

First look: Sunland Group returns to Broadbeach new apartment market with new Old Burleigh Road tower plans

The Minns Labor Government has established the new Bays West Delivery Authority to lead the development&nbsp;of the Bays West Precinct and Blackwattle Bay Precinct.&nbsp;

The Authority is charged with creating Sydney’s newest precinct, a thriving, connected, sustainable hub with White Bay Power Station as its cultural heart. Its vision is to build on the area’s natural, cultural and industrial history to shape a vibrant new neighbourhood.

The precinct will deliver up to 8,500 well-located homes, including a minimum of 10 per cent affordable and essential worker homes. Combine new housing with public open space, opening public access to the waterfront for the first time in more than 100 years, while retaining important deep-water facilities to support Sydney’s working harbour.

Located just minutes from the Sydney CBD and connected to a world-class metro, ferry, walking and cycling links, the Bays West precinct will rebalance housing growth towards well-serviced inner-city locations and help tackle the state’s housing crisis.

The Bays West Delivery Authority,&nbsp;an agency of the Department of Planning, Housing and Infrastructure, will report to the NSW Minister for Lands and Property who already has oversight of major precinct renewal projects including at Blackwattle Bay and Barangaroo.

As part of the broader Bays West transformation, the Minns Government recently announced that a proposal from Lendlease to redevelop part of the Bays West Precinct has progressed to Stage 2 of the NSW Government’s unsolicited proposals process.

<img alt="Sydney" data-entity-type="file" data-entity-uuid="2ed71eb9-d8e8-4fa7-b9d1-de4531dcf2f3" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-25%20at%209.42.31%E2%80%AFAM.png?VersionId=IDryFIbped9SNDg72LEN_EecvhUsOPvp" />

The Minns Labor Government has also confirmed the Bays West precinct will have a new suburb name. This will be the first major suburb built in close proximity to Sydney’s CBD in decades and will encompass the area currently being referred to as Bays West, including Glebe Island and the White Bay Power Station. Served by a new Metro station just five minutes from the CBD, it will become one of the most populous suburbs in the Inner West and one of Sydney’s premier cultural destinations.

An early works program is taking shape, which&nbsp;includes the first stages of an international design competition.&nbsp;

The aim of the Bays West&nbsp;International&nbsp;Design Competition is to&nbsp;ensure design excellence is embedded in the project from the start. The competition will deliver an&nbsp;urban framework that defines the character, ambition and long-term identity of&nbsp;this&nbsp;former industrial precinct as it transitions to a vibrant, inclusive and sustainable residential&nbsp;neighbourhood.

The competition will be led by the Bays West Delivery Authority in partnership with Government Architect NSW.&nbsp;

It will launch with an invitation for a global Expressions of Interest, before moving to an invitation-only stage that will be assessed by a panel that&nbsp;will provide advice to Cabinet who will select a winner.

Premier of NSW, Chris Minns said the establishment of the new Authority is the first step in transforming the Bays West precinct into a vibrant, livable suburb minutes from the Sydney CBD and two stops from Hunter St Station on the Metro West line.

“The Authority will deliver well-located homes close to the heart of the city and integrate the new precinct with Blackwattle Bay and the new Sydney Fish Market.

“This is a generational opportunity to build a new suburb on the city’s edge and open the harbour foreshore to the public for the first time in a century.”&nbsp;

Minister for Lands and Property Steve Kamper said the new Bays West Delivery Authority established by the Minns Government will turbocharge the development of Sydney’s newest suburb.

“The Authority is working at a record pace to deliver an international design competition, planning pathways and a financial model so that this development benefits Sydney with well-designed homes in a central location, close to public transport, jobs, entertainment and essential services.

“If we want Sydney to stay liveable and affordable, we need to be bold about using underutilised government-owned land to deliver homes for the future while making sure essential working harbour functions can be accommodated.”

Bays West Delivery Authority established to "turbocharge" Sydney’s newest suburb

Around 400 additional homes could be built at Southwark Grounds on Port Road, lifting total site capacity from 1300 to around 1700 dwellings.

A recently approved code amendment would allow apartment towers of up to 14 storeys in some areas of Renewal SA’s redevelopment of the former West End Brewery.

Renewal SA Acting Chief Executive Shane Wingard said he welcomed the code amendment, with the increase in heights and homes making a positive impact on the supply of high-quality, well-connected housing close to the city.

“By going higher across some parts of Southwark Grounds, we are adding a substantial number of very well-located homes with little impact on project delivery time or planned open space,” Mr Wingard said.

Since the project officially launched in 2025, Mr Wingard said more than 12,000 enquiries had been received about living at Southwark Grounds.

“The very strong early interest we’ve seen since homes were first released in the precinct reinforces our plans to create more housing opportunities,” he said.

The Southwark Grounds code amendment was launched in December last year, with community engagement undertaken over five weeks from January.

It proposed increasing maximum building heights from eight to 14 storeys on the eastern section of Southwark Grounds, and to 12 storeys across the remainder of the site, with minimum building heights ranging from two to four storeys.

The code amendment was implemented through an Early Commencement policy in late January, allowing developers to quickly explore the viability of increased height and housing yield while other planning processes continue.

One of the first developers delivering apartment sites have already finalised redesigns to increase the number of apartments following the code amendment.

Samaras’ development adjacent to the future Colonel Light Park is now planning to deliver 125 apartments across 11 storeys, significantly greater than original plans of around 50 apartments across four storeys.

The developer is also exploring the potential for additional affordable housing outcomes.

Most of the apartments at Southwark Grounds will be delivered within a master-planned precinct on a large parcel of land on the eastern portion of the site, covering around two-thirds of its 8.4 hectares.

Wingard said detailed precinct planning over the coming months may identify further opportunities to increase yield further that could see total apartment numbers at Southwark Grounds, exceed this number.

Affordable homes at Southwark Grounds will also see a net increase, with Renewal SA maintaining its commitment to a minimum of 20 per cent affordable housing across the development.

&nbsp;

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Civil works have begun across the site, with construction under way on the first new roads surrounding a townhouse precinct in the south‑west corner of Southwark Grounds. This includes Renewal SA’s 17 Founder’s Row homes, which are on track for completion by Christmas.

“We expect to have people living at Southwark Grounds by the end of the year, so delivering roads and public spaces for those residents is among our highest priorities.”

Construction of 40 townhouses off Anderson Street, known as West Village and being delivered by Contour, is forecast to begin in mid‑2026. Kolabb’s Anderson Lane development will follow shortly after, delivering a further 26 townhouses.

Southwark Grounds is a state government‑led urban renewal project now set to deliver around 1,700 homes over the next decade.

Homes will be supported by a supermarket, a range of retail and hospitality offerings anchored by a revitalised Walkerville Brew Tower, a childcare centre, car parking and well‑connected public spaces.

400 new homes planned for Adelaide's former West End Brewery site

Brisbane developer&nbsp;<a href="https://www.apartments.com.au/developers/cavcorp">Cavcorp</a> has lodged plans for a new mixed-use residential development at <a href="https://www.apartments.com.au/new-apartments/55-wyandra-street-teneriffe-qld-4005">55 Wyandra Street</a>, Teneriffe, anchored by an 85-metre public laneway designed to reconnect the suburb’s riverfront with the Gasworks precinct.

The buildings, known as Teneriffe House and Teneriffe Lane, would replace the existing Queensland Cotton head office site with a 15-storey residential tower transitioning to eight storeys toward Helen Street. The project has been designed by Plazibat Architects and lodged as a code assessable development application for 93 apartments across a 3,401 sqm mixed-use site within the Newstead and Teneriffe Waterfront neighbourhood plan.

Central to the scheme is the transformation of an existing service easement into a publicly accessible cross-block connection linking Wyandra and Helen Streets. Cavcorp says the new laneway will act as both a pedestrian shortcut and a landscaped civic space between the Teneriffe Riverwalk, ferry terminal, and Gasworks precinct.

<img alt="First Look: Cavcorp unveils Teneriffe House and Teneriffe Lane plans for landmark wellness tower in Teneriffe" data-entity-type="file" data-entity-uuid="26e7f058-b065-4de8-b13d-a2b8cb64dfcc" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/bldg.png?VersionId=sELS0ZKYi361oYipUa1BIKfe_.DLZoFV" />

“The revised proposal delivers a legacy public-realm cross-block link, permanently secured for community use, transforming an existing private easement into a safe, high-quality pedestrian connection between the Teneriffe heritage riverwalk and the Gasworks–Long Island precinct,” the planning report states.

The laneway will sit beneath a large subtropical loggia integrated into the podium levels of the development. The design incorporates deep landscaping, water gardens, lobby spaces, business lounges, and ground-floor apartments to create what Cavcorp describes as a climate-responsive “urban verandah.”

The tower itself has been designed as a slender form with recessed floorplates and curved translucent corners inspired by contemporary Japanese architecture. The building height aligns with the Commercial Road precinct controls, which permit towers up to 15 storeys within proximity to Longland Street.

<img alt="First Look: Cavcorp unveils Teneriffe House and Teneriffe Lane plans for landmark wellness tower in Teneriffe" data-entity-type="file" data-entity-uuid="a8a17d40-43b6-4718-b3fd-67676fcbb485" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/pers%202_1.png?VersionId=i3VwDtp5AmL_8InW7w4qRbDFEpb744Jt" />

The project will comprise a mix of larger-format apartments aimed at owner-occupiers, downsizers, and families. The proposed apartment mix includes 11 loggia apartments across the lower levels, 50 four-bedroom Sky-Terrace apartments from levels three to seven, and 32 Sky-Pool Homes occupying the upper tower levels. The Sky-Pool Homes will feature private thermal plunge pools integrated into oversized balconies.

According to the application, the apartments are intended to reinterpret the scale and character of Teneriffe’s woolstore conversions and Queensland homes within a vertical residential format.

“The sky-pool homes build on Cavcorp’s previous projects and introduce a distinct apartment typology to Teneriffe, informed by both local and international precedent and responding to an identified market demand for enhanced safety, space and amenity,” the planning submission notes.

A major focus of the proposal is its five-level wellness and lifestyle offering, extending from the basement through to the rooftop.

Amenities proposed include a rooftop Swim &amp; Racquet Club with a 25-metre Olympic lap pool and tennis court, coworking spaces and libraries, golf simulators, wine storage, concierge facilities, business lounges, pet wash areas, and rooftop longevity-focused wellness spaces with spas, outdoor fitness zones, and landscaped terraces.

<img alt="First Look: Cavcorp unveils Teneriffe House and Teneriffe Lane plans for landmark wellness tower in Teneriffe" data-entity-type="file" data-entity-uuid="944b352c-49b9-4247-a4c6-5967b4b69fda" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/amenity.png?VersionId=Ed_qKjAtMwFT.5gfl3jiA9QwdWxSMsaX" />

All parking will be concealed within basement levels accessed from Wyandra and Helen Streets. Cavcorp says the deep-basement engineering approach allows the entire ground plane to prioritise landscaping, pedestrian movement, and active frontage rather than vehicle infrastructure.

The development continues Cavcorp’s concentration in Newstead and Teneriffe, where the Brisbane developer has delivered a number of apartment projects including Lucent, Le Bain, and Luminare, as well as the Long Island Wellness Precinct nearby. Several of those projects have received national design and architecture awards, including recognition under Brisbane’s “Buildings that Breathe” program.

Cavcorp unveils wellness-focused Teneriffe House and Teneriffe Lane apartment buildings

Focus Group Investments has lodged plans for a new apartment development at <a href="https://www.apartments.com.au/new-apartments/64-70-hanover-street-fitzroy-vic-3065">64–70 Hanover Street</a> in Fitzroy, seeking to utilise the Victorian Government’s recently introduced Great Design Fast Track pathway to accelerate approvals for the project.

The proposal is among the latest developments to emerge through the state-led initiative, which was established to fast-track well-designed residential projects in activity centres and transport-connected inner-city locations. The pathway allows qualifying developments that meet elevated design and housing benchmarks to bypass traditional council planning timeframes and instead be assessed directly by the Department of Transport and Planning.

Designed by SJB, the development will comprise a mix of apartments above activated lower levels, with a strong focus on architectural articulation, landscaping, and communal amenity. The design response seeks to balance the industrial character of Richmond’s former warehouse precincts with a more contemporary residential form.

<img alt="First look: Focus Group Investments taps Victoria’s Great Design Fast Track for Richmond apartments" data-entity-type="file" data-entity-uuid="abea51cc-d85b-479e-9aef-a589f3b37ca7" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/ground.png?VersionId=e1Kf8EyPWwyiVumtqQ4rM5S4GpOR3CCz" />

Proposed are 63 new dwellings, a wide ranging mix of studio, one-, two-, and three-bedroom apartments, and townhouses and duplexes. They will be spread across a part-three, part-eight storey building.

The Planning and Urban Context Report by Tract says the development is of an "exemplary architectural standard" and has been carefully crafted by SJB Architects.

"Dwellings&nbsp;will benefit from excellent access to natural light, cross-ventilation opportunities and extensive communal space," the report noted.

The architectural material highlights the project’s integration of landscaped elements and communal spaces throughout the building. The proposal also incorporates sustainability initiatives aligned with the Victorian Government’s push for higher-performing apartment developments under the fast-track program.

The Great Design Fast Track was unveiled by the Victorian Government in 2024 as part of a broader housing supply strategy aimed at accelerating the delivery of new homes. Projects assessed through the pathway must demonstrate high-quality architecture, sustainability outcomes, and housing diversity while being located close to public transport and existing infrastructure.

<img alt="First look: Focus Group Investments taps Victoria’s Great Design Fast Track for Richmond apartments" data-entity-type="file" data-entity-uuid="afdbe834-8dc4-4a77-a943-ba07bc927348" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/site_11.png?VersionId=0J657j.TaChAZfp93wqJYBTqSsnREJx2" />

Focus Group, founder and led by Paul De Lutiis, is increasingly active across Melbourne’s inner suburbs, targeting well-connected urban renewal locations suited to medium and higher-density residential development. The Fitzroy proposal continues that strategy, leveraging the area’s strong transport links, established retail amenity, and proximity to the CBD.

Fitzroy has been one of the most popular spots for developers and buyers in recent years. The likes of PACE Development Group, SMA Projects, Crema Group and Chapter Group, currently selling projects in the suburb.

First look: Focus Group Investments taps Victoria’s Great Design Fast Track for Fitzroy apartments

Consumer Confidence

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Sensationalist press commentary about the outlook for residential markets was, in part, to blame for suppressed consumer confidence, according the boss of house and land package company AV Jennings.
Its chief executive Peter Summers said confidence in relation to property had been hit in "a constant barrage of media."
"Much of this media reflects extreme examples or views," he said adding that it remains a fact that market fundamentals remain sound and, in some areas, strong.
The house and land developer AV Jennings also blamed political uncertainty, a slowdown in bank lending for its plunge in profits.
It presented shareholders with headlines it said reflected a frenzy.
<a href="https://www.propertyobserver.com.au/images/2019/2/11/AVJennings.JPG" target="_blank">Click</a> to enlarge.
<img src="https://www.urban.com.au/images/2019/2/11/AVJennings.JPG" alt="">
Summers noted Australia continued to have a strong economy.
"In analysing where things are at it is important to have this perspective.
"In the past we have had poor market conditions based on high or rising interest rates, we have had poor employment prospects in areas where our customers work.
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"Market cycles are part of the property landscape.
"They need to be planned for, they need to be managed.
"But they also need to be understood."
He said "some corrections were required, some are still required and the most obvious remains government policies.
"But the gap that has opened up the most is consumer confidence in residential property."
He suggested too shareholders that in the short term it was unlikely to change significantly.
 
 <img src="https://www.urban.com.au/images/2019/2/11/AVJennings%202.JPG" alt="">
"However, as the media frenzy moderates, as it always does; as elections come and go and some sense of the political future emerges; as the necessary pricing adjustments occur; we believe those strong fundamentals will see a return to positive market conditions."
The company noted there is no doubt the first half results were impacted by a fast deterioration in market conditions," he noted, adding there had been settlement delays at key projects in NSW and Victoria.
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"When we released our full year results for FY2018, we did comment that we expected the market, particularly in Melbourne and Sydney, would most likely slow.
"Both these markets had experienced high growth rates in both volumes and prices, and moderation was not only expected, it was necessary, for longer term sustainability.
"We also flagged the political risk around three planned elections in Victoria, New South Wales and federally.
"Traditionally markets slow in the lead up to elections.
"There were the early signs of the impacts coming out of the Banking and Finance Royal Commission," he said.
"It is fair to say that the extent of all of these was underestimated.
"The impacts from the Royal Commission have been extensive and the political landscape continued to deteriorate, including seeing another change in Prime Minister."
AVJennings announced profit before tax of $2.167 million for the first half 2019 financial year, consistent with revision statements made to the market prior to Christmas
"The company believes that consumer confidence is currently suppressed by a combination of political uncertainty (especially Federal tax policy), sensationalist press commentary about the outlook for residential markets and the relatively sudden tapering of residential property lending appetite of banks."
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"Major lenders are digesting the recommendations of the Banking Royal Commission and tighter credit conditions have bitten particularly hard over the past six months,” Summer said adding he was seeing first homebuyers re-enter the market.
"Which is pleasing, but second and subsequent buyers are not currently confident to contract prior to selling their existing home, so the transaction chain is slower across the board.”
 
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jchancellor-FAypfDUnLy

Sensationalist press commentary blamed for suppressed home buyer confidence: AV Jennings

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Australian consumers are uncertain about the future of the property market, according to the latest consumer survey from NAB.
With Australian house prices continuing to moderate, home owners, investors, buyers and sellers now face a different and for some unfamiliar, property market.
This survey found <a href="/news/melbourne-houses-set-to-fall-the-most-in-2019-nab-survey">Melbourne houses are set to fall the most of any in 2019</a>.
<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/2019/1/1/Strip%20ad%20keep%20up%20in%202019.jpg" alt=""></a>
NAB’s Chief Economist, Alan Oster, said “most consumers think now is a good time to renovate their home or buy to live in, but with prices falling across most of the country, not surprisingly they don’t think it’s a good time to sell their home or investment property”.  
<a href="https://www.propertyobserver.com.au/images/2019/1/24/Is%20it%20a%20good%20time%20australia.JPG" target="_blank">Click</a> to enlarge.
<img src="https://www.urban.com.au/images/2019/1/24/Is%20it%20a%20good%20time%20australia.JPG" alt="">
Overall, 1 in 2 Australians said it wasn’t a good time to sell their home or investment property. A much higher number in Western Australia said it wasn’t a good time to sell their home.
“We suspect this is influenced by the fact that some home owners in WA may also be sitting on capital losses” said Mr. Oster.
Over the next 12 months Australians are still most positive about renovating their home and buying a property to live in. 
But Mr Oster said, “overwhelmingly, the majority plan to sit tight and do nothing."
On average, consumers expect price falls of ‐2.1% over the next 12 months compared to ‐2.4% forecast by property professionals that NAB surveyed.   
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j.ballantyne1990-6AQqhLzZaK

Australians plan to sit tight and do nothing in the 2019 property market: NAB Survey

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EXPERT OBSERVER
The ANZ-Roy Morgan consumer confidence rating rose by 0.7 per cent to 118.6 in the past week. The index is well above the average of 114.2 held since 2014, and above the longer-term average of 113.0 held since 1990.
The consumer confidence figures have implications for retailers, and other consumer-focussed businesses.
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<h1>What does it all mean?</h1>
Aussie consumers are resilient. Despite sharemarket gyrations and the inconvenient interruptions provided by global and domestic politics, confidence levels of Aussie consumers are above “normal”. The strong job market and falling petrol prices and clear positives for consumers together with the ongoing deals provided by global and domestic retailers.
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Aussie consumers also tend to like a firmer Aussie dollar as it is considered favourable for maintaining spending power when shopping or travelling overseas. So an Aussie near US72-73 cents, rather than US70-71 cents a few weeks ago, serves to support confidence levels.
Retailers will be pleased by the trading environment. The job market is strong, wages are ticking higher and petrol prices are well down from recent highs.
<h1>What do the figures show? </h1>
Consumer Sentiment
The ANZ-Roy Morgan consumer confidence rating rose by 0.7 per cent to 118.6 in the past week. The index is well above the average of 114.2 held since 2014, and above the longer-term average of 113.0 held since 1990. 
Three of the five components of the index decreased last week:
- The estimate of family finances compared with a year ago was down from +6.7 to +6.2; 
- The estimate of family finances over the next year was down from +25.2 to +21.4;
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- Economic conditions over the next 12 months was up from +9.9 to 15.4; 
- Economic conditions over the next 5 years was down from +16.6 to +15.7;
- The measure of whether it was a good time to buy a major household item was up from +30.7 to +34.1.
- The measure of inflation expectations fell from 4.2 per cent to 4.1 per cent.
<h1>What is the importance of the economic data?</h1>
- The ANZ/Roy Morgan weekly survey of consumer confidence closely tracks the monthly Westpac/Melbourne Institute consumer sentiment index but the former measure is a timelier assessment of consumer attitudes and is now closely tracked by the Reserve Bank.
<h1>What are the implications for interest rates and investors?</h1>
- Consumers remain positive but they aren’t getting carried away. One of the key areas to watch is the collective attitude of consumers on their future finances. There has been a softening in views in recent weeks, suggesting some conservatism on current and future spending.
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Craig James is the chief economist at <a href="https://www.comsec.com.au/default.aspx" target="_blank">CommSec</a>. 
 
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No signs of flagging in consumer confidence: CommSec

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<div class="column">NAB have suggested the orderly correction in house prices will continue over the next 18 to 24 months, with Sydney units falling around 10 percent and Melbourne houses over eight percent.</div>
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<div class="column">NAB’s change in forecast comes after their current market sentiment survey dipped to a seven year low and confidence collapsed.</div>
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<div class="column">Confidence in the NAB Residential Property Index in July saw confidence fall to its lowest level since mid-2016.</div>
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<div class="column">Its recent release is its first negative read since mid 2012, when the property price boom began.</div>
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<div class="column">"Weakening house prices in New South Wales and Victoria weight heavily on the market," NAB's chief economist Alan Oster said.</div>
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<div class="column">In July NAB forecasted a fall of 3.7 percent in the Sydney housing market this year. Now they suggest it will be a 5.7 percent decline.</div>
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<div class="column">Melbourne's housing market has seen the biggest forecast change. Predicted to drop 2.3 percent over the year in July, they are now forecast to decline by 5.9 percent, even greater than Sydney.</div>
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<div class="column">Unit prices in Sydney have now been tipped to decline twice as much as they were forecast to in July.</div>
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<div class="column">NAB predicted a 1.6 percent decline, which they have changed to a 3.6 percent drop.</div>
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<div class="column">Oster says the dwelling declines are a healthy correction.</div>
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"Overall, we see this as a healthy correction which will help offset some of the risk in the household sector against a backdrop of a relatively healthy economy and labour market," he said.
"Our central scenario does not include a credit crunch event leading to disorderly falls in house prices."
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jrobinson-rf4aSBido9

NAB change property price correction forecast after confidence collapses

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EXPERT OBSERVER 
The consumer mood deteriorated in August, giving back about half of the surprisingly strong gains seen in June and July. Those gains look to have been partly a positive response to the tax cuts announced in the May Budget, which passed into legislation in June, the first round of cuts coming into effect in July. The June-July gains also came against a backdrop of adverse developments on the global trade front and an emerging price correction in the Sydney and Melbourne housing markets.
Despite the latest decline, the Index is still in positive territory overall, 5.5% above the average in 2014 to 2017. August marks the ninth successive month that the Index has been above the 100 level, indicating optimists outnumber pessimists, a clear turnaround on the twelve months in which 11 out of 12 readings were below 100.
Reduced rate rise fears may also have contributed to the lift in sentiment since earlier in the year. Every six months we gauge respondents’ outlook for interest rates. Back in February, 58% of respondents expected rates to rise over the next year down slightly from 61% in August 2017. The proportion fell further to just below 50% in August 2018.
All index components recorded declines in August, but the biggest falls were around expectations for the economy: the ‘economic outlook, next 12 months’ sub-index down 4.9% and the ‘economic outlook, next 5yrs’ sub-index down 3.1%. Both sub-indexes recorded strong gains last month. Despite the August pull-back, both ‘economic outlook’ sub-indexes remain well above their levels a year ago and 9-10pts above their long run averages.
Consumer views around family finances showed a milder pull back in August but remain weaker overall. The ‘finances vs a year ago’ sub-index dipped 0.5% and the ‘finances, next 12 months’ sub-index declined 1.1%. Both remain 1-2pts below their long run averages. Household budgets have come under persistent pressure from a range of factors, including: slow growth in wages, rising electricity and petrol costs, and declining house prices.
Consumers remain relatively downbeat on spending. The ‘time to buy a major household item’ sub-index declined 1.7%, giving up all of last month’s firming. At 122.4, the sub-index is 5ppts below its long run average and well below the levels associated with buoyant spending conditions.
Consumer views on unemployment continue to soften, pointing to a shift in labour market conditions. The Westpac Melbourne Institute Unemployment Expectations Index rose 2.8% to 129.3 and has now risen 7.2% from its February low (recall that higher reads mean more consumers expect unemployment to rise in the year ahead). The Index, which can also be viewed as a measure of consumers’ sense of job security, is now back near its long run average levels, suggesting consumers expect little change in the unemployment rate over the next 12mths. That would in turn imply a continuation of the slower employment gains seen since the start of the year with employment growth over the first half of 2018 more in line with growth in the working age population. Whether the shift marks a more sustained turning point in the labour market – something that has been seen during the lead in to the last two Federal elections – remains to be seen.
Consumer views around housing improved in August. The ‘time to buy a dwelling’ index posted a solid 5.5% gain and is now up 15.1% on a year ago and over 20% from its mid-2017 low. At 108.8, the index is at its highest level since September 2016. However, it remains well below the long run average of 120. The biggest lifts over the past year have been in Sydney and Melbourne where markets have seen significant price declines. Despite this, the average ‘time to buy a dwelling’ sub-indexes for these cities over the last three months has still been more subdued (102 and 101 respectively compared to 105.8 nationally). The easing rate rise fears evident in consumers’ mortgage rate expectations would have undoubtedly contributed to this lift in housing sentiment.
Consumer expectations for house prices stabilised in August. The Westpac Melbourne Institute Index of House Price Expectations edged 0.3% higher to 112.8 in August. That followed a sharp 13.1% drop over the previous two months. Expectations showed solid gains in NSW and Vic (both up 4.8%), the states that had led the declines in June-July (down 22% and 23% respectively).
The Reserve Bank Board next meets on September 4. Last week the Bank released its latest Statement on Monetary Policy which provided an update on its forecasts. Of most interest was a downward revision to the Bank’s inflation forecast for 2018 from 2.25% to 1.75%. If correct that would mark five consecutive years when headline inflation has printed below the bottom of the Bank’s 2-3% target band.
The Reserve Bank still expects inflation to lift to 2.25% by 2020 and anticipates that the next move in the cash rate will be up. An obvious headwind to the Bank’s plan to move inflation back into the target zone is the impact that five years of underperformance in inflation will have on households’ and firms’ expectations. Lower expectations will make it that much more difficult to lift inflation back into the band. Price expectations impact households’ wage expectations and claims, while firms’ pricing decisions are also influenced by expectations.
Certainly it will be quite some time before the Bank has a case to adjust the cash rate.
Westpac reaffirms its view that rates will remain on hold in both 2018 and 2019.
Bill Evans is the Chief Economist for Westpac
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Consumer optimism fades, but housing sentiment rises: Bill Evans

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The Sydney house market is forecast to fall 3.7 percent this year, according to the latest NAB Residential Property Index which saw confidence fall to its lowest level since mid-2016 and less than half the average.
The 1.6 percent fall in unit prices in Sydney in 2018 will not be as much as for houses. 
NAB's Residential Property Index is 'a measure of sentiment among property professionals based on expectations for house prices and rents'.
Sentiment waned in all states, with the biggest falls in WA and NSW.
The report suggests weaker than expected residential markets in Melbourne, Brisbane and Perth would add to ongoing weakness in Sydney.
It had prompted NAB to cut its outlook for housing prices this year to expect house prices this year to fall 1.8 percent from the 0.8 percent it forecast in April.
Unit prices are tipped to fall 1.7 percent.
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Confidence also fell to a new survey low, pulled down mainly by NSW and VIC where the outlook for house prices has been scaled back sharply.
The outlook for rents remains positive in all states and is likely placing upward pressure on yields.
It noted housing demand from first home buyers continued to offset a reduction in demand from foreign buyers in new and established housing markets, with state government incentives and moderating house prices assisting these buyers in moving onto the property ladder.
Property professionals have said credit constraints are impacting housing markets more than they have for a number of years amid intensified lending scrutiny by banks and APRA-inspired tighter credit policies.
<img src="https://www.urban.com.au/images/2018/7/12/NAB%20res%20G3.JPG" alt="">
NAB’s is of the opinion that the weakness in dwelling prices seen over the past year is likely to persist in 2018 and 2019 although they expect moderate rather than sharp price falls.
Having revised their forecasts NAB now predict that there will be a slightly larger decline in 2018 and a small fall in 2019 (which they previously predicted would be a small increase), driven by continued weakness in Sydney and Melbourne as well as a sharper decline in unit prices in Brisbane.
<img src="https://www.urban.com.au/images/2018/7/12/NAB%20res%20G1.JPG" alt="">
NAB forecasts that house prices will flatten in aggregate in 2020.
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Confidence falls with Sydney housing market forecast to be the worst in 2018: NAB

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Paris is a top-tier world city that offers value on a global stage.
The Savills combined world city ranking for connectedness, competitiveness, power and performance often places Paris third, after London and New York.
But several years of more muted performance have left residential costs significantly lower than its rivals.
However, with a new political regime, historically low interest rates and building consumer confidence, the residential market has now possibly turned.
Prices in the prime Paris residential market rose by 4.3% in 2016 and the pace of price growth has picked up in 2017.
“Stock levels have been starting to contract over the last year which will continue to push prices higher in the coming months”, said Hugues de La Morandière, partner of Savills residential in Paris.
Across the whole market, prices stood at €8,430psm in February 2017. Leading indicators from Notaires suggest a price of €8,700psm in June 2017, bringing price growth to 7% for the last 12 months.
In the prime market, prices have also grown from a 2014 low, averaging between €12,000 and €18,000psm, while exceptional properties are trading for between €20,000 and €30,000psm. 
Values in the 1st, 4th and 5th arrondissements have already exceeded their 2012 peak.
Paul Tostevin, associate director, Savills World Research, said recently the recovery was being driven by domestic demand.
"Activity has been buoyed by record low interest rates and more-competitive asking prices.
"This year, the prospect of interest rate rises has encouraged more buyers to close deals and stock levels have fallen.
“Overseas buyers accounted for just 9% of the prime market in 2016, but we expect them to grow in importance. 
"The new Government will bring clarity on legislation and a period of relative stability.
"This could encourage buyers who have been waiting on the sidelines to act, including expat French citizens looking to return home.”
<a href="https://www.propertyobserver.com.au/images/2017/06/23/Screen%20Shot%202017-06-23%20at%2010.00.43%20am.jpg" target="_blank">Click to enlarge</a>
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<a href="https://search.savills.com/com/en/list#/r/list/property-for-sale%252Ffrance%252Fparis%252Fgbp%252Fdesc" target="_blank">Prime Paris</a> is characterised by apartments of the Haussmann era, with limited new development. 
Consequently, modern buildings with high levels of services and amenities (a type favoured by wealthy international buyers) are relatively rare in Paris.
Pied-á-terres, larger apartments and mansions are favoured by both French and international high net worth individuals (HNWIs).
Family apartments are sold mainly to the French.
Overseas buyers accounted for 9% of prime Paris sales in 2016, down from a peak of 14% in 2008.
Americans, who benefit from a strong dollar, dropped from 21% of foreign buyers in 2015 to 16% in 2016.
Other Europeans are the largest single foreign buyer group (39%), led by the British, Swiss and Belgians.
The Chinese, a huge tourist group, have yet to make their mark as property buyers.
The perception of France as a high-tax location has weighed on the prime markets.
But Savills analysis of buying, holding and selling costs in major world cities suggests this is unfounded.
Property taxes and fees are, in fact, average by global standards.
Purchase costs in particular, are lower than many rival cities. Hong Kong, Vancouver and Singapore all levy an additional 15% stamp duty on foreign buyers (on top of existing stamp duties).
Beyond property, France’s much quoted 75% income tax rate is not payable by those whose source of income is from another country.
Paul Tostevin suggested the election of Emmanuel Macron as the new French president should mean a period of stability for the Parisian residential market.
"Reduced political risk in Europe coupled with pro-business reforms could result in renewed economic growth and stimulate the residential markets. 
"The abolition of Wealth Tax (ISF) will improve France’s attractiveness to HNWIs, although taxation on real estate at the current ISF thresholds are set continue.”
Mark Harvey, head of European sales at Knight Frank, noted last month that online searches for French property on Knight Frank’s website had increased by 97 per cent in April 2017 compared to March, and across the country 30,909 properties changed hands in the first quarter of 2017, up 8 per cent on the same period in 2016 and 29 per cent on 2015.
Despite price growth in the prime Paris residential market of 7 per cent in the past 12 months, less than 15 per cent of HNW buyers are foreign, compared to around 60 per cent in London, according to Savills.
It seems Paris’s high-end housing stock is typified by gloomy 19th-century apartments whose stuffy interiors are worlds away from the open-plan, wrap-around glazed affairs favoured by most international buyers.
‘Unlike London, where there are upwards of 20-25 large developments going on, in Paris there are fewer than three," Hugues de la Morandière told the Spear's wealth management website last month.
"Consequently, Paris tends to be less attractive to people who want something of international standards, although there is a new trend of interior designers renovating older apartments into something more modern."
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Confidence returns to Paris residential market says Savills

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GUEST OBSERVER
The NAB business survey reported that business conditions remained elevated in July and that business confidence increased. The survey was conducted from July 25 to 31.
In July, the conditions index rose 1pt to +15. This is well above the long-run average for this series, of +1 (dating from 1989), but below the highs of 2007 ahead of the GFC.
<a href="https://www.propertyobserver.com.au/images/2017/08/09/Screen%20Shot%202017-08-09%20at%208.14.38%20AM.png" target="_blank">Click to enlarge</a>
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The components of business conditions for July were: trading conditions down 1pt to +20; profitability up 4pts to +18; and employment conditions held onto earlier gains, steady at +7.
Business confidence moved higher, up 4pts to +12. Business confidence has improved since 2016, mirroring the global trend, and is at above average levels, although it continues to trail actual conditions.
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<img src="https://www.urban.com.au/images/2017/08/09/Screen%20Shot%202017-08-09%20at%208.15.52%20AM.png" alt="">
How to interpret the survey?
The elevated level of the business conditions index is overstating actual conditions across the broader economy, as it has tended to do since the GFC.
Directionally, the survey suggests that the Australian economy is experiencing a trend improvement in underlying conditions after the slowdown in mid-2016, associated with the July Federal election.
The official data was mixed early in 2017, impacted by weather disruptions. More recently, partial indicators have improved (retail sales, exports, jobs), lending support to our view that the economy will rebound in 2017 from these temporary disruptions, although consumer spending is likely to be constrained by weak wages growth.
<a href="https://www.propertyobserver.com.au/images/2017/08/09/Screen%20Shot%202017-08-09%20at%208.17.09%20AM.png" target="_blank">Click to enlarge</a>
<img src="https://www.urban.com.au/images/2017/08/09/Screen%20Shot%202017-08-09%20at%208.17.09%20AM.png" alt="">
On employment growth, the previously weak official data has fallen into line with the positive signal from the private business surveys, meeting our expectations. The survey suggests that the recent trend improvement in employment will be sustained in coming months.
On investment, the outlook is less certain, with the survey’s capex measure pulling back in July.
By industry, a strengthening of conditions in 2017 relative to 2016H2 is evident in: construction; manufacturing; and mining. Construction has strengthened on an upswing in public investment; a lift in commercial building; elevated home building activity (ahead of a 2018 downturn); and the waning of the mining investment drag. Mining is enjoying better cash flows associated with higher commodity prices. Manufacturing is benefitting from strength in construction, mining, agriculture and the lower AUD. Positive spillover effects are also evident in wholesale and in transport &amp; utilities.
Retail conditions reportedly dipped in July, possibly in part due to a mild winter, with Sydney experiencing its 2nd warmest July on record. Official data reports that real retail sales jumped in Q2, up 1.5%, after a weather disrupted 0.2% gain in Q1. The uncertainty is around the strength of consumer spending over the second half of 2017 and beyond.
By state, business conditions for July are positive in all states, with the exception of WA. Trend conditions are most favourable in the major non-mining state of NSW and Victoria. In NSW conditions jumped in July, to +22, possibly in part due to unseasonably mild and dry weather conditions. Looking through month to month volatility, the improvement in overall conditions between 2016H2 and 2017H1 is largely driven by the mining states of WA and Qld, as well as SA. 
Andrew Hanlan is senior economist for Westpac and can be contacted <a href="https://www.propertyobserver.com.au/https://au.linkedin.com/pub/andrew-hanlan/3/222/430" target="_blank">here</a>. 
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July conditions elevated, confidence lifts: Andrew Hanlan

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GUEST OBSERVER
The weekly ANZ/Roy Morgan consumer confidence rating eased from 112.4 to a 5-week low of 111.8 in the week to June 25.
Engineering work lifts: Work done rose by 2.8 percent in the March quarter to $20.3 billion.
Outstanding work: The value of engineering work still to be completed stood at a 71⁄2-year low of $59.8 billion at the end of March.
Consumer confidence data is important for retailers.
The data on engineering construction is important for builders, building material and construction-dependent companies.
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<img src="https://www.urban.com.au/images/2017/06/28/Screen%20Shot%202017-06-28%20at%201.32.46%20PM.png" alt="">
What does it all mean?
Consumer confidence remains just OK. Most Aussie consumers are still grappling with the new reality that annual wage growth will now be closer to 2 percent rather than 3-4 percent as in the past.
Still, what is lost on most is the fact that wages are growing at a faster rate than household inflation. And the job market continues to improve with the jobless rate at 4-year lows.
While business confidence is near 7-year highs, consumer confidence is merely trending sideways. The hope is that with profits at record highs and real unit labour costs falling, more jobs will be created, thus leading to a tighter job market and serving to push wages higher.
The mining construction boom continues to unwind. The value of outstanding engineering work has fallen to 71⁄2- year lows around $60 billion, but the value of work yet to be done has scope to fall further to get to the levels existing before the mining boom commenced.
The new economic driver in the next few years will be broader economic and social infrastructure building, especially that progressed by state and federal governments.
What do the figures show?
Consumer sentiment
The weekly ANZ/Roy Morgan consumer confidence rating eased from 112.4 to 111.8 in the week to June 25. Confidence is down 4.3 percent over the year and below the average of 113.1 since 2014.
Three of the five components of the index fell in the latest week:
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<li>The estimate of family finances compared with a year ago was unchanged at a reading of zero;</li>
<li>The estimate of family finances over the next year was down from +23 to +21;</li>
<li>Economic conditions over the next 12 months was up from -6 to -3;</li>
<li>Economic conditions over the next 5 years was down from +4 to +3;</li>
<li>The measure of whether it was a good time to buy a major household item was down from +41 to +38:</li>
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Engineering construction
Engineering construction work completed in the March quarter (activities like roads, bridges, pipelines and railways) rose by 2.8 percent in real terms. 
Work done was down 12.5 percent on a year ago. But while work done for the private sector was down 22.4 percent over the year, work done for the public sector was up by 10.2 percent.
The value of engineering work yet to be done stood at $59.8 billion at the end of March with private sector work standing at $56 billion and public sector work at $3.8 billion. 
While outstanding work is at 71⁄2-year lows, the value of the projects is still double the level that prevailed a decade ago in December 2006, just before the Chinese-driven mining construction boom. 
Characteristics of Exporters 
The total number of exporters of goods and/or services in 2015/16 was 53,350, an increase of 2,454 (5 percent) from 2014/15.
The number of goods exporters increased by 2,611 (5 per cent) and the number of services exporters decreased by 136 (-4 percent).
The increase in the number of exporters was across the board, except for large goods exporters (over $100m) and services exporters.
The number of goods exporters increased in each of the main industry divisions, except for Mining. What is the importance of the economic data?
The ANZ/Roy Morgan weekly survey of consumer confidence closely tracks the monthly Westpac/Melbourne Institute consumer sentiment index but the former measure is a timelier assessment of consumer attitudes and is now closely tracked by the Reserve Bank.
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The Australian Bureau of Statistics provides detailed estimates on Engineering Construction each quarter. The data is valuable in gauging activity levels across the sector. 
The Australian Bureau of Statistics provides insights on Australian exporters each year to highlight trends. What are the implications for interest rates and investors?
CommSec expects the Reserve Bank to remain on the interest rate sidelines for an extended period. The mining boom is over, but home building is at record levels and public infrastructure construction is about to ramp up. The economy is poised to enter a new phase.
Consumers aren’t super-optimistic, but neither are they super-pessimistic. Basically they are just taking stock of the changing landscape. Unfortunately political wrangling isn’t helping to boost consumer sentiment, despite some favourable influences such as strong job growth and lower petrol prices. 
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Craig James is the chief economist at <a href="https://www.comsec.com.au/default.aspx">CommSec</a>. 
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Wages growing at a faster rate than household inflation: Craig James

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The number of Australians who consider property as the best place to invest their savings has fallen to its lowest level in more than 40 years, according to the Melbourne Institute of Applied Economic and Social Research.
The latest survey found confidence has fallen since September 2015 to an all time low of 11.6 percent.
In a breakfast briefing this week Michelle Bullock from the Reserve Bank said the worry is what happened in the United States - a big downturn in housing prices and negative equity
"Hopefully what we've done with strengthening the resilience of the households and the banks means they can withstand that sort of thing if it happened," she said.
The Age reported Bill Evans, Westpac chief economist said the result showed a clear increase in risk aversion.
"Consumers are saying: yes we expect [real estate] prices to rise, but we are a little cautious," he said.
"There is no doubt there is nervousness about the sustainability of the prices."
 
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