<a href="https://www.apartments.com.au/developments/broadbeach-qld-4218">Broadbeach</a> offers plenty of reasons to live vertically, but moving from a substantial family home into an apartment can expose the compromises of high-density living. Privacy, room for guests and usable living space tend to matter more when an apartment is intended as a permanent home rather than an occasional coastal base.

A typical residential floor at <a href="https://www.apartments.com.au/new-apartments/the-eveleigh-broadbeach-7-9-surf-parade-broadbeach-qld-4218">The Eveleigh</a>, on Surf Parade,&nbsp;contains just four apartments. The 94-residence development by <a href="https://www.apartments.com.au/developers/hirsch-faigen">Hirsch &amp; Faigen</a> is predominantly made up of expansive three-bedroom homes, with a limited collection of half-floor penthouses above.

Across the apartment floors, <a href="https://www.apartments.com.au/architects/rothelowman">Rothelowman</a> has used the relatively limited number of residences to give each home greater access to natural light and outlook. Living spaces extend towards full-height glazing, while a series of bay windows frame selected views across the Pacific Ocean, city and hinterland rather than treating the building edge as a continuous wall of glass.

&nbsp;

[smartcode_project:default project_id=149670 project_image_fid=360965]

“The apartment floors deliver a collection of homes that embrace controlled outlook via a series of bay windows deliberately framing moments of view,” Rothelowman Director Kim Lowman said.

From outside, those projecting forms contribute to the tower’s faceted profile. Strong horizontal and vertical elements establish its proportions, while the changing position of the sun alters the light, shadow and reflection across the façade throughout the day.

The same attention moves inside the apartments, where the material palette combines warm timber, natural stone, metallic detailing and softer curved forms. Kitchens sit within the main living zone, with stone island benches, integrated joinery and European appliances, before the living areas extend towards the glazing and the outlook.

&nbsp;

[smartcode_project:default project_id=149670 project_image_fid=360981]

Three genuine bedrooms provide room to accommodate family and guests, while two secure car spaces and storage address some of the practical considerations that can become more noticeable when moving from a larger home. Feedback from the display suite has centred on the warmth and restraint of the interiors, with buyers commenting that the residences feel like homes rather than conventional coastal apartments.

A limited collection of half-floor penthouses occupies the upper levels, increasing the scale of the living spaces and adding private balconies and elevated finishes. From this position, the outlook extends between the ocean and hinterland.

Outside the private residences, The Eveleigh separates its shared spaces between the podium and rooftop. The podium is centred on wellness, with subtropical landscaping surrounding a swimming pool and pool terrace, yoga garden, private gymnasium, sauna and hot and cold plunge facilities. Landscaped retreats and pavilions provide additional places to sit away from the main recreation areas.

&nbsp;

[smartcode_project:default project_id=149670 project_image_fid=360966]

Higher in the building, a rooftop pavilion and private dining suite sit alongside resident lounge, barbecue and outdoor dining areas, opening towards panoramic views across the ocean, city and hinterland.

“Buyers are no longer just looking for an apartment, but a lifestyle where they can relax, reset, and enjoy a balanced way of living,” Hirsch &amp; Faigen Director of Sales Matt George said.

Interest to date has come from established owner-occupiers and interstate lifestyle purchasers, including buyers planning a future move to the Gold Coast. Many are coming from larger homes and want to reduce ongoing maintenance without giving up space for family and guests, privacy, two car spaces or the ability to entertain at home.

&nbsp;

[smartcode_project:default project_id=149670 project_image_fid=360969]

Much of that daily life can also take place beyond the building without requiring a drive. Kurrawa Beach and Pratten Park are an easy walk from Surf Parade, while Pacific Fair, Oracle Boulevard, The Oasis, restaurants, cafés, entertainment and public transport are also within walking distance.

The Eveleigh is Hirsch &amp; Faigen's fourth Gold Coast development since entering the market in 2021, following The Hemingway at Palm Beach, The Emerson at Kirra and Yves at Mermaid Beach. Each of the preceding projects sold out before completion.

“Broadbeach had been on our radar throughout our time operating on the Gold Coast,” the developer said. “Following our projects in Palm Beach, Kirra and Mermaid Beach, Broadbeach represented the natural next step for the business.”

The Surf Parade site brought together proximity to the beach, protected coastal outlooks and walkability to dining, shopping and recreation. Hirsch &amp; Faigen also identified the street as an emerging premium residential address, with enough separation from Broadbeach's busier destinations to retain a quieter environment at home.

The Eveleigh is now under construction by Maxcon, with completion forecast for mid-2028. Three-bedroom residences are currently available from $2.87 million.

[smartcode_project_cta:default project_id=149670]

Joel Robinson

The Eveleigh brings house-like apartments to Broadbeach

A long-stalled Campbelltown development site is back in play, with new plans for 139 apartments set to supersede a mixed-use scheme approved almost a decade ago but never built.

The new proposal for 28 Cordeaux Street would deliver 116 market and 23 affordable apartments in a part 14-storey building, bringing a substantial new project into a Campbelltown market where new apartment supply remains limited.

Plans have been filed over the 3,092 sqm corner site at Moore-Oxley Street, around 600 metres from Campbelltown Railway Station and the city-centre retail core.

The site already carries a mixed-use residential approval dating to 2016. Doroch Architects has now been engaged on a larger replacement scheme, which is progressing as a State Significant Development Application following a Housing Delivery Authority determination in August 2025.

The apartment mix comprises 39 one-bedroom, 72 two-bedroom and 28 three-bedroom residences. Two-bedroom apartments make up just over half of the project, while three-bedroom homes account for 20 per cent.

<img alt="First look: New 139-apartment plans revive long-stalled Campbelltown city centre site" data-entity-type="file" data-entity-uuid="136dd5b9-3791-4da6-9e31-76f533f5b4de" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Campbelltown%20da2.png?VersionId=LgOSy9nwf5u.MGswBBwaGGxuX8QpHSl_" />

Of the 139 apartments, 23 will be delivered as affordable housing under the in-fill affordable housing provisions of the Housing SEPP. The affordable component represents 15 per cent of the residential gross floor area and will be managed by a registered Community Housing Provider.

Doroch has sought to break the scale of the building into two distinct elements, with a masonry podium of around four storeys establishing the street edge before the residential tower steps back above.

The corner position has shaped that approach. Cordeaux Street faces toward the commercial and civic centre, while Moore-Oxley Street leads into the lower-scale residential neighbourhood to the south, and the design verification report describes the site as "bridging the commercial core to the north and established residential areas to the south."

The podium will be expressed predominantly in face brick, while the upper levels shift to brushed and grooved concrete cladding with darker metal detailing. Recessed sections, deep balcony edges and landscaping break down the upper form, with an approximately 11.8-metre setback to the northern boundary addressing the adjoining St Peters Anglican School.

<img alt="First look: New 139-apartment plans revive long-stalled Campbelltown city centre site" data-entity-type="file" data-entity-uuid="c8b3d2d3-c561-4bfc-a5d9-a68c0c10dac1" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Campbelltown%20da1.png?VersionId=AeAEyJU02Gk2k5noUj2StziCvdQ7fW4B" />

Campbelltown has been starved of new residential developments in the last decade.

The only other notable development set to come to market this year is ALAND's Queen Square, a mixed-use precinct on over two hectares that will comprise apartments above a vibrant ground-level retail and hospitality dining precinct.

First look: New 139-apartment plans revive long-stalled Campbelltown city centre site

First Look: Sherlock Construction pitches apartments for low-rise Deception Bay

Queensland builder-developer MAYD has revealed the first look at its major North Kirra beachfront development, lodging amended plans that reduce the number of apartments and increase the proportion of larger residences.

The project is planned across a substantial 4,742 sqm amalgamated site spanning seven lots at <a href="https://www.apartments.com.au/new-apartments/2-6-pacific-parade-bilinga-qld-4225">2-6 Pacific Parade</a> and 27-33 Golden Four Drive in Bilin​ga, directly opposite Nor​th Kirra Beach.

<a href="https://www.apartments.com.au/developers/mayd-group">MAYD</a> secured the site for $32.5 million in 2025, in what was one of the Gold Coast's largest property transactions of the year.

The development will be delivered across two stages, with the first stage carrying an estimated gross realisation value of around $360 million.

The latest amendments seek to reduce the overall apartment count and shift the project further toward the owner-occupier market, with larger residences designed for buyers wanting considerably more space than traditionally offered in a beachfront apartment.

The residential mix will include townhomes, oversized two-bedroom apartments, substantial three-bedroom residences and four-bedroom homes.

MAYD has appointed Cera Stribley to lead the architecture and interiors, with the Melbourne-based design practice drawing on the beachfront setting through a series of ocean-facing terraces and heavily landscaped balconies.

Strong horizontal forms and curved balconies will define the exterior, with subtropical landscaping integrated throughout the building to soften the built form and increase the connection between the residences and the beachfront.

The project will also include an extensive collection of resident wellness and lifestyle facilities, continuing the broader shift across the Gold Coast's luxury apartment market toward larger homes supported by resort-style amenity.

<img alt="MAYD" data-entity-type="file" data-entity-uuid="d1bcbb05-e659-4b47-8bd4-1e595315e2ad" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-27%20at%202.05.03%E2%80%AFPM.png?VersionId=jj0XEud1X1DuLt7_KyElhjMdZGOXmLHP" />

MAYD Founder Todd Mould said North Kirra was increasingly appealing to buyers attracted to the more established, lower-density character of the southern Gold Coast.

"North Kirra presents one of the most compelling luxury residential opportunities currently emerging in Australia, combining absolute beachfront with the character and authenticity that buyers are increasingly seeking, and the same sense of tight-knit community that defined Burleigh and Currumbin perhaps 10 or 15 years ago," Mould said.

"With Gold Coast Airport on its doorstep, it also offers a level of accessibility that broadens its appeal across almost every market demographic."

The project comes as the southern Gold Coast continues to attract an increasing share of high-end apartment development and buyer activity.

Kirra in particular has emerged as one of the region's more tightly held beachfront markets, with its relatively low-density character, established surf and hospitality scene and proximity to Gold Coast Airport differentiating it from the higher-density markets further north.

Mould said those characteristics had informed the approach MAYD and Cera Stribley had taken to the project.

"We've worked closely with Cera Stribley to create a vision that is deeply connected to its surroundings," he said.

"Inspired by the coastline itself, the architecture has been shaped around space, privacy and resort-style living, creating a collection of homes that reflects the next generation of luxury on the southern Gold Coast."

MOTIV Managing Director Carly Cottam, who has been appointed to market the project, said buyer attention had continued to move south along the Gold Coast.

"Purchasers who may once have defaulted to Broadbeach, Main Beach or Surfers Paradise are increasingly recognising the value of a genuine beachfront location that offers lower density, strong amenity and a more established sense of community," Cottam said.

"Kirra has a powerful combination of growing demand and genuine scarcity. Beachfront supply is inherently constrained, the area remains relatively low density, and buyers are increasingly placing a premium on locations that feel established, uncrowded and authentic rather than heavily developed."

Cottam said the proximity to Gold Coast Airport was also proving increasingly important for interstate and second-home buyers.

"Being minutes from Gold Coast Airport makes it particularly compelling for interstate buyers, frequent travellers and second-home purchasers who can access an authentic coastal lifestyle almost immediately after stepping off a flight."

The acquisition takes MAYD's active development portfolio to more than $500 million, with the North Kirra project representing one of its largest undertakings to date.

MAYD is targeting an early 2027 launch.

First look at MAYD's North Kirra mixed-use precinct

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Castle Hill, the longtime hub of the Hills District, has been one of the major beneficiaries of Sydney's Metro expansion, with improved connectivity helping drive continued population growth, development and buyer demand across the Hills District.

But despite that growth, the suburb has seen relatively few major new apartment projects brought to market over the past 18 months.

Hills District developer Reve Group is looking to fill that gap with <a href="https://www.apartments.com.au/new-apartments/nova-r-ve-castle-hill-2-garthowen-crescent-castle-hill-nsw-2154">Nova Rêve</a>, a major new mixed-use precinct on the corner of Garthowen Crescent and Old Castle Hill Road, a short walk from Castle Hill Metro Station and Castle Towers.

[smartcode_project:default project_id=152737 project_image_fid=377679]

The project will comprise three residential towers alongside a hotel, restaurants, cafes and a skybar, more than 1,600 sqm of ground-floor retail and almost an acre of landscaped gardens.

It represents the largest project undertaken by Reve Group, the development arm of the Kassis family, which has been building across the Hills District for more than 30 years through Kassis Homes.

[smartcode_project:default project_id=152737 project_image_fid=377675]

Nova Rêve also represents a significant step up from the family's first apartment development, Grand Rêve, which was delivered nearby on Garthowen Crescent.

Grand Rêve introduced larger, house-like apartment layouts and premium inclusions including Wolf and Sub-Zero appliances to the Castle Hill market.

Nova Rêve takes that approach to a precinct scale, combining the residential component with hospitality, retail and substantial public and resident landscaping.

[smartcode_project:default project_id=152737 project_image_fid=377685]

Reve Group Managing Director Sam Kassis said the project reflected the family's three decades of building in the Hills, which has evolved from trophy homes on quarter-acre blocks to larger-scale apartment development.

"Grand Rêve was our first apartment project here and it showed us what this pocket of Castle Hill could be. Nova Rêve is the refinement of that idea: not just apartments, but a place the whole suburb can use," Kassis said.

A key part of that approach is the hotel, which has been designed to operate as an amenity for the wider Castle Hill community rather than solely hotel guests.

It will include restaurants, cafes, skybars and all-day dining, alongside conference and event facilities catering to business functions, community groups and private events.

At ground level, more than 1,600 sqm of shops and cafes will open onto the surrounding streets and landscaped areas.

Almost an acre of gardens designed by Land and Form Studios will run through the precinct, incorporating pathways, seating, barbecue areas and children's play spaces.

[smartcode_project:default project_id=152737 project_image_fid=377680]

Reve Group's Romio Georges said creating an active ground plane had been central to the planning of Nova Rêve.

"There are gardens with pathways, barbecues, seating and play areas, shops and cafes opening onto the street, and a hotel with restaurants and a skybar that anyone in Castle Hill can walk into," Georges said.

The project's elevated position on one of Sydney's highest ridgelines will also provide apartments with outlooks toward the Sydney skyline, surrounding parkland and the Blue Mountains.

More than 80 per cent of the apartments will occupy corner positions, with Turner responsible for both the architecture and interiors.

&nbsp;

[smartcode_project_cta:default project_id=152737]

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</main>

Nova Rêve arrives as Reve Group bets on Castle Hill's next growth phase

Corelogic Rp Data

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What's the difference between this year and last?
Here's the recent week ending from CoreLogic.
 
<a href="/images/2016/07/11/CAPITAL%20JUL%2014.png" target="_blank">Click here to enlarge</a>
<img src="/images/2016/07/11/CAPITAL%20JUL%2014.png" alt="" width="413" height="219">
 
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It can be contrasted to the week end July 5 2015 where the strong national clearance rate over four weeks sat at 78.1% with 1,723 auctions in total.
The same time in 2014 the clearance rate was 68.9% from 1,442 auctions.
 
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<a href="/images/2015/07/06/prelim.jpg" target="_blank">Click to enlarge</a>
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Sydney's Sutherland region held a clearance at 92.9% from 35 auctions with the Inner South West registering a clearance rate of 92.1% from 92 auctions.
 
<a href="/images/2015/07/06/sydney.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2015/07/06/sydney.jpg" alt="" width="323" height="238">
 Notable clearance rates in Melbourne sub-regions were in the Outer East (93.8% from 43 auctions) at in the Inner East, with a clearance rate of 85.7% from 36 auctions.
<a href="/images/2015/07/06/melbourne.jpg" target="_blank">Click to enlarge</a> <img src="/images/2015/07/06/melbourne.jpg" alt="" width="341" height="152">
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j.ballantyne1990-6AQqhLzZaK

CoreLogic's state of market: Auction success between this year and last

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The property data and analytics company, CoreLogic, has recruited Lisa Claes to be its next managing director for Australia and New Zealand.
Ms Claes is currently ING Direct's executive director for customer delivery.
She will start in August, taking over from Graham Mirabito, who is set to become the US-based group's international chief executive.
<div>Graham Mirabito said Ms Claes had 20 years experience in the mortgage, financial services and insurance industries, which well fitted the CoreLogic business.</div>
<div> </div>
<div>"ING Direct has been a leader in analytics," he said. "Lisa will bring a lot of capability to improve efficiency, engagement, and the on-line experience," he told The Australian Financial Review.</div>
</div>
<div> </div>
<div>In his years at the helm since October 2005, the Australian staff has grown from 75 to around 700 and its name changed from RP Data to CoreLogic RP Data to now just CoreLogic.</div>
<div>
The local operation is now a fully owned subsidiary of the US-listed, $4.6 billion, CoreLogic Inc, with much of the international expansion into China and Japan driven from Australia.
</div>
<div>Mirabito told Fairfax Media much of his international focus would be on Europe.</div>
<div> </div>
<div>RP Data adopted the sole name of its parent company, CoreLogic late last year.</div>
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jchancellor-FAypfDUnLy

Lisa Claes to replace CoreLogic's Graham Mirabito

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The Onthehouse property website, which will include the Residex data base founded by John Edwards, has been bought by CoreLogic RP Data.
OTH's consumer online division (Onthehouse.com.au, Residex and REAN, the Real Estate Ad Network) fetched $3 million.
The stockmarket listed Onthehouse Group’s strategy is now solely focused on its real estate software division.
"The board believes the business is now funded to grow Console’s real estate software products market share and leverage new revenue opportunities through integrating or building other services to real estate agents and their clients."
Earlier this year it was signalled the property website was set to be shut down after its board ended negotiations with realestateVIEW just before contracts were due to be signed on the national price data base. 
"In the absence of a sale agreement for the Onthehouse.com.au and media businesses, they will be closed by April 2016 at an estimated closure cost of circa $1.7 million," the ontheouse company said in a statement to the ASX earlier this year. 
No white knight emerged until today.
Residex was initially intended to be retained in the envisaged remaining restructure, having been forecast to deliver revenues of more than $2 million in FY16 and to operate at a break even position going forward.
It was 2012 when Onthehouse acquired the last tranche to own 100% of property data business Residex.
Onthehouse acquired a half-share in May 2011.
The second 50% of Residex cost onthehouse $3.5 million.
Residex was founded by John Edwards in 1990 to to develop house price indices for the NSW state government and has since added expanded historical residential data, suburb reports and valuation reports to its national mix of products and services.
Residex hold more than 350 million records provided to the property industry and the public dating back to 1865.
Following the sale of COD division announced today, the onthehouse company’s cash position has materially improved through the lower COD exit costs.
The estimated but now avoided cost announced in February to close the business was $1.7 million.
The estimated cost to the company to exit COD has now been revised to $1.5 million which includes professional fees on the sale of COD.
The company’s cash position is $3.2 million better off than previously expected under a COD shutdown scenario.
The group chief Chris Meehan advised discussions with the Macquarie Group hostile takeover consortium are continuing.
"Onthehouse will continue to keep the market informed in accordance with its continuous disclosure obligations," said Chris Meehan.
The takeover consortium included CoreLogic RP Data.
 
 
 
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Onthehouse property website sold to CoreLogic RP Data

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Capital city rents declined over the past year for the first time since 1996 though weekly rents rose slightly, according to the latest CoreLogic RP Data update.  
Rental rates across the combined capital cities were -0.2% lower over the past year, while weekly rents increased by a fraction 0.2% in March for the capital cities. 
Over the year, Melbourne recorded the biggest increase in rental rates at 2 per cent followed by Sydney at 1.4 per cent, Canberra 1.2 per cent and Hobart 0.3 per cent, shows CoreLogic RP Data March rent review figures.
On the flipside, the cities to see a drop in rents included Darwin -11.5%, Perth -8.4 per cent, Adelaide -1.0%, and Brisbane with a -0.7% drop.
The combined capital city house rents were recorded at $489 per week in March while unit rents were $469 per week, said CoreLogic analysts. Over the past month, house rents have increased by 0.1% and unit rents by 0.4% and over the past three months, house rents rose 0.5% compared to a 0.9% rise in unit rents.
The March results show that recent rental increases are likely to be seasonal which is further highlighted by the fact that rents are lower over the year. Over the past 12 months, house rents were -0.5% lower and unit rents increased by 1.5%. 
“It is important to note that a much higher proportion of total unit stock is rented compared to housing stock,” said senior analyst Cameron Kusher.
“We have been tracking the annual change in capital city rents since 1996 and this is the first time we have seen rental rates falling.” 
“The extra accommodation supply, as a result of the current building boom, along with the recent record high levels of investment purchasing is adding substantial new dwelling supply to the rental market at a time when the rate of population growth is slowing from quarter to quarter. Furthermore, wages are increasing at their slowest annual pace.
“Today’s results also highlight a swift easing in rental market conditions over the past year. We’ve attributed this ease to a variety of influences such as falling real wages, excess rental supply in certain areas and lower rates of population growth which have impacted on demand for rental accommodation.”
“With dwelling approvals recently at record highs, construction activity set to peak over the next 24 months and many new properties still to settle, the rental demand weakness is expected to persist. In all probability, there won’t be much scope for landlords to lift rental rates given current conditions have given greater negotiation opportunities to those in rental situation.”
While rental rates remain at record highs in Sydney and Melbourne, rents are lower than their previous peaks in all remaining capital cities. The decline in dwelling rents from peaks is recorded at: -0.9% in Brisbane, -1.2% in Adelaide, -12.8% in Perth, -0.1% in Hobart, -15.6% in Darwin and -7.4% in Canberra.
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jonathanchancellor-7SQnKwU6yx

Annual capital city rental change in decline and lowest since 1996: CoreLogic RP Data

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The rate of home value growth continue to moderate as housing market conditions cool in Sydney and Melbourne, whilst the remaining capital cities recorded small value increases to moderate declines, according to the CoreLogic RP Data March Home Value Index.
During March, capital city dwelling values recorded a subtle lift, rising by 0.2 percent to take capital city home values 1.6 percent higher over the first quarter of 2016. The quarterly increase in home values was broad based across the nation’s capitals, with Perth (-0.9 percent) and Brisbane (-0.1 percent) the only two cities to record negative movements in dwelling values over the past three months.
“The March quarter rise in capital city dwelling values is in stark contrast to the first quarter of 2015, when values increased by 3.0 percent, which is almost double the current pace of quarterly growth. However, compared with the final quarter of 2015, when capital city dwelling values were down 1.4 percent, the housing market has shown a modest rebound in growth which is well below the strong capital gains recorded over the first half of 2015,” CoreLogic RP Data head of research Tim Lawless said.
“The annual pace of home value appreciation across Australia’s capital cities highlights the slowing growth trend,” he said.
Following the March results, the annual rate of capital growth across the capital cities has now reached its lowest point in 31 months, with dwelling values rising by 6.4 percent over the past twelve months across the combined capitals. Furthermore, no Australian capital city has recorded an annual growth rate in the double digits over the past twelve months. Melbourne remains the capital city with the strongest annual growth, with dwelling values increasing by 9.8 percent over the past twelve months.
Lawless said, “The housing market has been losing momentum since July last year, when capital city dwelling values were increasing at the annual rate of 11.1 percent.”
Perth and Darwin are the only two capital cities where home values are trending lower on an annual basis, down 2.0 percent and 1.8 percent respectively. However, Lawless noted the moderation in the rate of capital growth in the Sydney market has been the most pronounced, with annual dwelling value growth more than halving to 7.4 percent per annum, from a high of 18.4 percent per annum in July last year. 
The Melbourne market has been much more resilient, with annual growth in dwelling values slipping below the 10 percent mark for the first time since May last year, to reach 9.8 percent at the end of March 2016. 
The current growth cycle has been running since values troughed in May 2012. Through to March 2016, capital city dwelling values have risen by a cumulative 32.2 percent. Over the cycle to date, Sydney home values have seen the most significant level of appreciation, with dwelling values 49.2 percent higher since values started rising, followed by Melbourne at 35.7 percent cumulative growth.
Darwin and Perth moved through their respective cyclical market peaks more than a year ago, with Darwin home values peaking in May 2014, whilst Perth’s housing market peaked in December 2014. Since then, both Darwin and Perth home values have fallen by a total of 4.6 percent.
According to the March results, most capital cities continue to see the detached housing sector outperform the unit market. Over the past twelve months, house values rose by 6.6 percent compared with a 4.7 percent increase in unit values.
“The over performance by detached housing relative to units can most likely be attributed to the more efficient release of higher density housing supply together with an ongoing shortage of strategically located vacant land and new detached housing stock,” Lawless said.
The largest performance gap between houses and units is evident in Melbourne, where higher unit supply appears to be weighing on the rate of value growth. Melbourne house values were up 10.7 per cent over the past twelve months, whilst unit values are only 2.5 percent higher over the past year.
According to Lawless, “The CoreLogic December 2015 Pain and Gain report released last week showed 19.5 percent of all Melbourne council area units were resold at a gross loss, meaning, nearly one fifth of all apartments that resold over the last three months of 2015 did so at a price lower than what they were previously purchased for. Such a high proportion of loss making resales is a likely indicator of negative equity developing in this precinct as a result of supply outstripping demand.”
With the pace of capital gains slowing, the compression of rental yields has also eased, with capital city yields experiencing a small increase from their previous record lows. Every capital city has seen a deterioration in the rental yield profile over the past twelve months, with gross rental yields reducing from 3.7 percent across the combined capitals twelve months ago, to 3.5 percent at the end of March this year.
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Melbourne continues to show the lowest gross rental yields, with houses averaging 2.9 per cent (which is still a record low) and unit yields averaging 4.1 per cent (up from 4.0 per cent).
Lawless said, “A low rental yield scenario in Melbourne and Sydney is likely to act as a further dampener to investment demand in these markets, as the prospects for capital gains become less certain.
“We’re likely to see many investors turn towards other housing markets where the outlook for capital gains is stronger, housing is more affordable and the yield profile is healthier.”
Other market indicators are pointing towards a continued moderation in the rate of value growth,” Lawless said.
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Listing numbers have been trending higher, with the number of capital city homes currently being advertised for sale almost 8.5 per cent higher than a year ago. The most substantial lift in residential property listings has been in Sydney, where listing numbers are now 19.2 per cent higher than at the same time last year.
“Higher listing numbers means buyers have more choice and vendors may need to adjust their price expectations in light of the increase in available housing stock.”
“Additionally, housing finance figures are showing a trend towards fewer new mortgage commitments. Based on seasonally adjusted data from the Australian Bureau of Statistics to January, the value of owner occupier new mortgage commitments is down 7.6 per cent from last year’s peak, whilst the value of investor loans is 20.0 per cent lower compared to last year’s peak. Strict prudential supervision from APRA, as well as a potential rise in mortgage rates mooted for later this year due to higher lender funding costs, are likely to add to a further slowdown in credit growth during 2016.
“The lower number of housing finance commitments is also reflected in a slowdown in the number of homes transacting. For the twelve months to March 2016, an estimated 299,100 dwellings were sold across the capital cities, which is 9.9 per cent lower than the previous twelve month period. The number of homes sold across Sydney over the past twelve months is 18 per cent lower than a year ago, while Melbourne transaction numbers are 9.7 per cent lower year-on-year,” Mr Lawless said.
"Overall, no indicators have emerged to suggest that dwelling values are starting to show sharp declines in any of the capital cities. Perth and Darwin are the only cities to record negative value movements over the past year, and the declines from their recent peak which was more than twelve months ago have been modest at just 4.6 per cent. Sydney and Melbourne growth rates are moderating after a strong cycle of growth, while other cities are recording minimal shifts higher and lower.”
“Recent forecasts released collaboratively by CoreLogic RP Data and Moodys Analytics, reinforced a controlled slowdown in the Australian housing market was underway. Based on the forecasts, which factor in a series of short run indicators and long run macroeconomic scenarios, we are likely to see Sydney and Melbourne dwelling values continue to rise, at least on average over the 2016 and 2017 calendar year, however growth rates are likely to be substantially lower than what has been recorded over previous years, while some of the underperforming capitals, such as Brisbane, Canberra and Hobart may see some acceleration in their rates of capital gain by 2017.
 
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