&nbsp;

A local Australian has spent a Lower North Shore record $15.1 million at <a href="https://www.apartments.com.au/new-apartments/elevate-hume-place-crows-nest-25-hume-street-crows-nest-nsw-2065">Elevate Hume Place</a>, the new TOD above the recently opened Crows Nest Metro Station.

The buyer amalgamated a penthouse and sub-penthouse to create the triplex apartment that will have five bedrooms, five bathrooms, a private rooftop pool, expansive terrace, and panoramic views of Sydney Harbour and skyline. The building is being created by burgeoning developer Third.i, alongside joint venture partner Phoenix Property Investors.

The buyer was drawn to Elevate’s unrivalled connectivity, situated directly above the&nbsp;<a href="https://www.apartments.com.au/developments/crows-nest-nsw-2065">Crows Nest</a> Metro Station, and the vibrant lifestyle precinct that surrounds it. The Metro connects to the CBD in just seven minutes, and Chatswood in four.

[smartcode_project:default project_id=142550 project_image_fid=309367]

Designed by internationally acclaimed architects <a href="https://www.apartments.com.au/architects/woods-bagot">Woods Bagot</a>, Elevate draws inspiration from the ancient blue gum forests native to the area. The building is a Net Zero development, created in consultation with Indigenous communities and exceeding sustainability benchmarks. Interiors feature chevron-engineered timber flooring, natural stone benchtops, and premium Sub-Zero Wolf appliances, delivering timeless elegance and next-level comfort.

The exchange of the $15.1 million apartment, follows a recent $5 million sale, and over $30 million currently in expressions of interests. Interest in Elevate’s penthouse stock has surged, reflecting a strong appetite for ultra-luxury residences that combine design excellence with unmatched connectivity.

[smartcode_project:default project_id=142550 project_image_fid=309369]

“We’re seeing a significant uptick in interest from local and international buyers who are prioritising connectivity, sustainability, and lifestyle,” said Callum Billinghurst, Head of Sales at Third.i Group.&nbsp;

“These recent sales are a testament to the vision behind Elevate. It’s not just about luxury finishes or panoramic views, it’s about creating homes that are deeply connected to the city and the community. Buyers are responding to that. They want to live somewhere that offers more than just a postcode, they want culture, convenience, and long-term value. Elevate delivers all of that, and more.”

[smartcode_project:default project_id=142550 project_image_fid=297878]

As part of the Hume Place precinct, Elevate is transforming Crows Nest into Sydney’s most dynamic urban village. Elevate’s unique position directly above the metro, combined with its curated amenity offering, has made it a magnet for buyers seeking a future-proof investment and a vibrant urban lifestyle.

The next release at Elevate is expected later this year.

[smartcode_project_cta:default project_id=142550]

“We’re seeing a significant uptick in interest from local and international buyers who are prioritising connectivity, sustainability, and lifestyle,” said Callum Billinghurst, Head of Sales at Third.i Group


Joel Robinson

Third.i & PPI set Lower North Shore apartment record with $15.1m sale at Elevate Hume Place penthouse amalgamation

Sydney developer Deicorp is set to officially open its <a href="https://www.apartments.com.au/new-apartments/hills-showground-village-castle-hill-2-mandala-parade-castle-hill-nsw-2154">Showground Village</a> precinct in Castle Hill.

NSW Premier Chris Minns will attend the opening on Sunday August 31, alongside&nbsp;Minister for Planning and Public Spaces Paul Scully, The Hills Shire Council Mayor Dr Michelle Byrne, Landcom CEO Alex Wendler, and Deicorp Founder Fouad Deiri.

Located just moments from Hills Showground Metro Station, the centre spans 9,500 sqm across four levels and features 26 specialty retailers as well as a 1,400 sqm public plaza, creating a new community meeting point for shopping, dining, fitness, and everyday convenience.&nbsp;

Showground Village forms part of the Hills Showground Station Precinct, an urban renewal initiative led by Landcom and Sydney Metro that will provide for around 2,300 new jobs over the next 20 years and around 9,000 new homes.&nbsp;

Deicorp was recently approved for another new development next door to Showground Village.

The new five residential buildings in the East Showgrounds Precinct, will see another 873 dwellings delivered, as well as&nbsp;3,500 sqm of open public space in the form of landscaped courtyards, a public park and communal outdoor recreational space including a playground, barbeque area, and outdoor seating.

“This approval will allow us to start construction on a range of beautifully designed, conveniently located apartments and create another vibrant, walkable and well-connected community,” said&nbsp;<a href="https://www.apartments.com.au/developers/deicorp" target="">Deicorp</a>&nbsp;Founder Fouad Deiri.

“These new homes will provide their residents with a seamless connection to jobs and services along Metro North West, and the new&nbsp;<a href="https://www.apartments.com.au/new-apartments/hills-showground-village-castle-hill-2-mandala-parade-castle-hill" target="">Hills Showground Village</a>&nbsp;retail precinct currently under construction."

Deicorp has several thousand apartments in planning and under construction across Sydney, from Zetland and Five Dock to Crows Nest and Macquarie Park.

[smartcode_project_cta:default project_id=133881]

Deicorp, NSW Premier officially open Showground Village, new retail and hospitality hub in Castle Hill

ASX-listed developer Cedar Woods is progressing its plans for its Southbank arts precinct site.&nbsp;

The developer has filed plans, which are now with the&nbsp;Department of Transport and Planning, for a new 20-level tower at&nbsp;<a href="https://www.apartments.com.au/new-apartments/141-151-sturt-street-southbank-vic-3006">141–151 Sturt Street</a>, a 2,718 sqm block opposite the Habitat Filter sculpture.

The proposal seeks to demolish the two-level&nbsp;commercial building, including a small supermarket and medical tenancies, and create a new building with 180 apartments and a focus on an&nbsp;active public realm and arts integration.

&nbsp;

<img alt="Southbank site" data-entity-type="file" data-entity-uuid="76a72db6-91ef-43ae-827d-a9cfa72893d2" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Site.png?VersionId=DZgtB4K6BswVh0QtCs3iLjXaLp0CbcEb" />

&nbsp;

There will be a full mix of apartment configurations, including 28 studio apartments, 16 one-bedroom, 104 two-bedroom, and 32 three-bedroom units.

Retail, creative arts, and residential amenity functions are integrated across the lower levels. A food and drink tenancy is planned to front Dodds Street, while a retail tenancy fronting Sturt Street will be accessed via an elevated walkway. The first floor includes a substantial 734 sqm creative arts space, envisioned to support Melbourne’s growing cultural and digital industries.

Architecture firm <a href="https://www.apartments.com.au/architects/rothelowman">Rothelowman</a> has put together the plans. In their&nbsp;Urban Design Report they highlighted the project’s ambition to embed itself within Southbank’s evolving cultural fabric.

A central feature of the design is a through-block link connecting Sturt and Dodds Streets, landscaped with native plantings and embedded with universal access ramps.

“The ramp has been thoughtfully integrated as the primary access point, ensuring universal accessibility for all users,” the report noted, with the link offering “a direct response to the urban planning scheme of creating more green spaces within our communities”.

<img alt="Southbank podium" data-entity-type="file" data-entity-uuid="4d24b1b2-d69c-4a11-a11d-ec6df432221c" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/podium.png?VersionId=geWoJyZDmPSLODZ_.PNJ0LvpOmyyCdpo" />

The building’s podium form responds to the mandatory height limits along Dodds Street and maintains a fine-grain interface to adjoining developments. Above the podium, the tower is articulated with recessed balconies and a focus on views toward the CBD and surrounding arts institutions. A communal rooftop recreation deck and indoor lounge are positioned on level four, adjoining seven apartments and providing over 900 sqm of resident amenity space.

Vehicle access and loading will be provided via Dodds Street, with 155 resident car spaces located across two basement levels and the first three above-ground floors. Bicycle storage is more generous, with 226 spaces distributed across resident, staff and visitor needs.

Rothelowman describes the architecture as “humanist,” with ground-level interfaces designed to encourage social interaction and provide a dignified entry for both residents and passers-by. “All street interfaces are crafted to invite and nurture human connections,” the design report states. “The façade transitions to a human scale, providing an approachable and engaging streetscape”.

Cedar Woods, while well-known for its large communities it develops outside of Australia's capital cities, they have recently developed in Melbourne's inner-ring before. They are approaching completion at <a href="https://www.apartments.com.au/new-townhouses/88-leveson-north-melbourne-88-leveson-street-north-melbourne-vic-3051">88 Leveson</a>, just 15 townhouses in the heart of North Melbourne.

Cedar Woods progresses with new apartment plans in Southbank arts precinct

Brisbane developers Core Property Partners and Vector Property Australia has teamed up for Brisbane's newest apartment development.

The duo identified <a href="https://www.apartments.com.au/developments/east-brisbane-qld-4169">East Brisbane</a> as their preferred suburb, on the fringe of the Gabba Precinct, where they've just revealed BANKSII, 72 apartments opposite Raymond Park.

[smartcode_project:default project_id=136432 project_image_fid=5481]

The one-, two-, and three-bedroom apartments will sit in a glass-wrapped building that will also feature a rooftop with an&nbsp;infinity-edge pool, a BBQ area and alfresco dining spaces, sun lounges, and a sauna, as well as a resident-only gym and a ground-floor cafe.

Rhett Williams, Director of Vector Property Australia, said the project will lift the quality of the East Brisbane community and set a new benchmark.

"In Brisbane’s current property landscape, <a href="https://www.apartments.com.au/new-apartments/banksii-east-brisbane-169-wellington-road-east-brisbane-qld-4169">BANKSII</a> stands out through its emphasis on lifestyle-oriented living, connectivity and sophisticated design," Williams says.

[smartcode_project:default project_id=136432 project_image_fid=5479]

The 10-level building has been designed by MAS Architecture. Their designs were inspired by the native Banksia flower, with the architecture and interiors reflecting the organic symmetry of its namesake flora. MAS has interpreted this throughout the building’s curved form, façade detailing and interior palette.&nbsp;

The building’s flowing geometry and natural tones are complemented by large balconies and floor-to-ceiling glazing, maximising cross-breezes, daylight and views over the city, parklands and river.

“Having a strong narrative for a building helps us architecturally,” MAS noted. "We can choose colours that come off that species of flowers. The trunk and the trees and the flower elements all are now visible in our joinery on the inside and in our architectural finishes on the outside."

[smartcode_project:default project_id=136432 project_image_fid=5485]

Apartments will feature timber floors, soft porcelain tiles, brushed bronze fittings, and stone benchtops with warm veining.&nbsp;

Kitchens feature premium SMEG appliances and generous storage, while bathrooms have been designed as calming retreats with curved cabinetry and twin sinks in the master ensuites.

The building will feature a suite of rooftop and wellness amenities. Residents will have access to an infinity-edge pool, BBQ and alfresco dining areas, sun lounges and a rooftop sauna.&nbsp;

A residents-only gym will be located on the podium level, while a ground-floor café and landscaped laneway will further activate the site and improve neighbourhood connectivity.

[smartcode_project:default project_id=136432 project_image_fid=5488]

BANKSII will rise from a prime Wellington Road site, with the building oriented to overlook the adjacent Raymond Park and take in extensive city views. It is also on the doorstep of key&nbsp;lifestyle infrastructure, including the future Kangaroo Point Green Bridge, The Gabba stadium, and the planned Brisbane Live arena.&nbsp;

Public transport options, including ferry, bus and rail - including the future Cross River Rail Woolloongabba station - are all nearby, supporting a car-optional lifestyle just minutes from the CBD.

Williams said the team spent over a year searching for the ideal site before securing this location.

"We were attracted to <a href="https://www.apartments.com.au/developments/east-brisbane-qld-4169">East Brisbane</a> as it is a vibrant and growing community that offers a perfect balance of urban convenience and natural beauty with the parklands and river on our doorstep.”

The project is part of the broader Woolloongabba Games precinct, which is undergoing significant investment in the lead-up to the 2032 Brisbane Olympics. This urban renewal, coupled with infrastructure upgrades, is expected to enhance long-term liveability and capital growth in the area.

Given the wide max of configurations, BANKSII is expected to suit everyone from first home buyers and investors to families and downsizers.

[smartcode_project_cta:default project_id=136432]

BANKSII sales launch in booming East Brisbane apartment market

The Minns Labor Government will deliver Sydney’s first new heavy rail station in more than a decade – enabling up to 10,000 new homes by rezoning land around Woollahra and Edgecliff stations, right next to the CBD, to tackle the housing crisis and rebalance growth across the city.

Recent reports by the NSW Productivity Commission have warned that Sydney is losing twice as many young people as it is gaining, while also finding that Woollahra is the most feasible Local Government Area (LGA) in New South Wales to build new housing.

Despite this, housing approvals in Woollahra consistently lag well behind other LGAs, and the population has declined by 11 per cent over the past 50 years while Greater Sydney as a whole has grown by 74 per cent.

The new station that will be an eight-minute trip from Sydney CBD, will be located on the Eastern Suburbs train line in Woollahra, where a station build was started in the 1970s but never completed.

To enable the delivery of new homes the NSW Government will lead a rezoning of Woollahra and Edgecliff stations similar to other state led rezonings to allow additional homes to be built around the stations.

Affordable housing will also make up a proportion of development on the site with the final amount of affordable housing required, to be determined as part of the rezoning process.

The area surrounding the new station is within walking distance of major green and recreational space including Cooper, Trumper, Rushcutters Bay and Centennial Parks.

The Eastern Suburbs train line between Bondi Junction and Sydney CBD also has the lowest passenger usage rates during the AM peak of any line on the Sydney network, with only 43 per cent of operating capacity during the AM peak currently being utilised by passengers.

Sydney Water and Infrastructure NSW have confirmed there is capacity in the water and wastewater systems to accommodate the proposed 10,000 dwellings without major upgrades.

The rezoning is expected to take around two years and will further support the Government’s housing targets that rebalance the delivery of new homes around existing infrastructure.

&nbsp;

&nbsp;

Next stop Woollahra train station - delivering up to 10,000 new homes in the heart of Sydney

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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<img src="/images/2016/07/11/3%20JUL%2014.png" alt="" width="413" height="621">
 
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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<img src="/images/2015/07/06/weekly.jpg" alt="" width="423" height="184">
 
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>
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<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.
<a href="/images/2016/04/01/Screen%20Shot%202016-04-01%20at%209.45.15%20AM.png" target="_blank">Click to enlarge</a>
<img src="/images/2016/04/01/Screen%20Shot%202016-04-01%20at%209.45.15%20AM.png" alt="">
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.
<a href="/images/2016/04/01/Screen%20Shot%202016-04-01%20at%209.48.13%20AM.png" target="_blank">Click to enlarge</a>
<img src="/images/2016/04/01/Screen%20Shot%202016-04-01%20at%209.48.13%20AM.png" alt=""> 
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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