<p>Perth’s new apartment market recorded its strongest quarter of sales since Q4 2021, with 412 apartments sold in Q1 2026 and a record quarterly sold value of $537 million, according to Urbis’ latest Apartment Essentials results.</p>

<p>Urbis said the March quarter result reflects strong, highly product‑specific demand across both ends of the market, from more attainable projects delivering at scale, through to premium stock being absorbed by equity‑rich downsizers.&nbsp;</p>

<p>David Cresp, Partner at Urbis, said the key story in Perth is not demand, it is the market’s ability to convert demand into delivered housing.&nbsp;</p>

<p>“This is the strongest sales quarter since Q4 2021, and it reinforces that demand in Perth is real and it’s local,” David Cresp said. “But the task now is delivery, turning that demand into projects that can actually be built and completed.”&nbsp;</p>

<p>[smartcode_project:default project_id=110291 project_image_fid=302785]</p>

<h2>Affordable product leads, premium demand remains resilient</h2>

<p>Sales in Q1 were led by more affordable projects, with The Boulevard (SKS Group) recording 115 sales in the quarter, the presentation noting this is only the second time a single project has surpassed 100 quarterly sales. The project was able to offer more affordable housing product right next to a train station.&nbsp;</p>

<p>Palmyra West (Finbar) also delivered strong results with 28 sales in Q1, following 84 sales in Q4, with an average price of under $800,000, underscoring depth of demand for well‑located, attainable new stock.&nbsp;</p>

<p>At the premium end, Urbis said downsizer demand is continuing, with the results highlighting Romeo (Applecross, Finbar) recording 75 sales and reaching almost 50% sold in one quarter.</p>

<p>Jual (Shenton Park, Celsius Property) also posted a strong quarter with 28 sales, reaching 39% sold in one quarter.</p>

<p>Urbis noted that Perth apartment demand is not speculative, not investor‑led, and not uniform, describing it as localised, often equity‑driven and highly product‑specific, a pattern reflected in the polarisation between strong “attainable” performers and premium downsizer product.&nbsp;</p>

<p>[smartcode_project:default project_id=148957 project_image_fid=364102]</p>

<h2>Prices underpinned by costs, and the delivery risk is growing</h2>

<p>Urbis said pricing pressure is cost not demand‑driven: construction costs and delivery risk are now a central constraint, with the results noting build costs remain elevated and volatile, and that energy, fuel and labour uncertainty weigh on feasibility.</p>

<p>David Cresp said a growing challenge for private Build‑to‑Sell developers is simply securing a builder in the current environment.</p>

<p>“Developers are really feeling the pressure from a building market that was operating at capacity and securing a builder is challenging,” David Cresp said, adding that even where a builder can be secured, “trying to get to the price that makes the development financially viable is incredibly challenging in the current market.”&nbsp;</p>

<p>Urbis’ broader WA commentary also notes that industry remains at or above capacity with lot and housing creation, and that many builders are limiting new sales to manage stretched workforces and fixed‑price contract pressures, conditions that flow directly into apartment feasibility and delivery timing.</p>

<p>[smartcode_project:default project_id=108869 project_image_fid=317905]</p>

<h2>Supply: improving later, but still constrained, and Perth lags eastern benchmarks</h2>

<p>While near‑term supply remains constrained, Urbis’ forecast shows completions lifting “Supply is forecast to be back above 1,500 apartments per annum for the first time since 2019”, with 1,775 completions forecast for 2026, and volumes remaining above that level over the following years.&nbsp;</p>

<p>Looking further ahead, completions are forecast to reach 2,500 in 2028, with the report noting 32% of that total is social/affordable, reflecting the role of government‑supported delivery in rebuilding the pipeline.&nbsp;</p>

<p>However, Urbis said Perth remains behind comparable markets on pipeline scale. In a national comparison of projects under construction, the report shows under construction Perth Build‑to‑Sell (BTS) at 3,446 apartments versus the Gold Coast at 7,922. Mr Cresp said “The challenge for Perth is how to we grow the delivery pipeline”.</p>

<p>Urbis’ conclusion is that Perth’s market is increasingly defined by product discipline and delivery certainty, with the research identifying “delivery certainty is key” and calling out builder risk and procurement models as core success factors, alongside “timing and staging”.&nbsp;</p>


Joel Robinson

Perth apartment sales hit strongest pace since late 2021 as builder capacity tightens

<p><a href="https://www.apartments.com.au/developers/sammut-developments">Sammut Group</a> has secured development approval for its latest Brisbane apartment project, marking the Sydney developer’s next step in expanding its Queensland pipeline following the success of its debut Gold Coast development, Coast.</p>

<p>The approved project at <a href="https://www.apartments.com.au/new-apartments/44-glen-road-toowong-qld-4066">44 Glen Road, </a><a href="https://www.apartments.com.au/developments/toowong-qld-4066">Toowong</a> will deliver a 15-storey riverfront apartment building with 42 residences, significantly increasing the scale of the site’s previous approval for a smaller luxury scheme. Designed by Bureau^proberts, the development will comprise a mix of predominantly four-bedroom and two-bedroom apartments positioned to maximise Brisbane River and city views.</p>

<p>Sammut Director Julian Sammut said the group had been actively searching Brisbane for several years before identifying Toowong as the right fit.</p>

<p>“Brisbane was the right step for Sammut,” Sammut said.</p>

<p>“With the success of Coast we thought we should definitely look to do more in Queensland alone. We then pushed up to look at Brisbane. We've been looking for I'd say two to three years actually and it was hard to find the right location.”</p>

<p><img alt="Sammut makes Brisbane apartment play" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/f_auto,c_limit,w_1440,q_75/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/field/image/Screenshot%202025-12-23%20at%203.27.14%E2%80%AFPM.png?VersionId=dYAVIL7qdcGA8ojvkslSrLjczXFejSSx" /></p>

<p>Sammut said suburbs including New Farm and Teneriffe were considered before the group ultimately focused on Toowong due to its strong downsizer demographic and limited supply of developable riverfront land.</p>

<p>The site was acquired off-market after what Sammut described as a lengthy negotiation and planning process, with the developer pursuing an uplift to the original approval.</p>

<p>“We are DA approved now which is very exciting,” Sammut said.</p>

<p>“We've had our change approval come through and we've obviously doubled the height, 15 storeys plus rooftop. We've got 42 amazing apartments that are going to be coming to market soon.”</p>

<p><img alt="Sammut makes Brisbane apartment play" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,dpr_2.0,q_auto:good/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202025-12-23%20at%203.27.26%E2%80%AFPM.png?VersionId=ohkRkY0dIZlqdfME2EZePsCQavRiBadE" /></p>

<p>Bureau^proberts said the design responds to Toowong’s evolving urban character, balancing contemporary apartment living with the area’s established residential identity.</p>

<p>“A place where traditional Queensland living has taken place for centuries; Toowong is seeing a shift of contemporary influence, commercial and retail hubs mixed with well-considered residential offerings – all the while maintaining its character and charm,” the architect noted in planning documents submitted to Brisbane City Council.</p>

<p>The architecture practice said the project’s form was shaped by its riverfront setting, flood considerations, neighbouring building scales, and view corridors.</p>

<p>“They said the mix of four and two-bedroom apartments capture the ‘fundamental qualities of Queenslander living,’ translated into the context of a contemporary subtropical building.”</p>

<p>The development sits just off Coronation Drive within walking distance of Toowong’s retail precinct and the upgraded Regatta ferry terminal, while also benefiting from proximity to the incoming green bridge connection to West End. Sammut said the accessibility and amenity offering were central to the site’s appeal.</p>

<p>The approval adds to growing residential activity along the Toowong riverfront, joining nearby projects including Consolidated Properties’ Monarch Residences and Spyre Group’s ARC Residences.</p>


Sammut secures approval for debut Brisbane apartment development in Toowong

<p>Developer Lanevick is heading back into Sydney’s apartment market after focusing more heavily on the luxury townhouse and terrace sector in recent years.</p>

<p>Lanevick, founded and directed by Steve Maroun, is expecting to receive approval in the coming months for a new apartment development in Gladesville, with the aim to launch it to the market later this year.</p>

<p>The 51-apartment project, designed by Studio Johnston, will comprise a mix of one-, two-, and three-bedroom apartments positioned toward the Hunters Hill downsizer market.</p>

<p>“Traditionally it’s been difficult for people in that market to downsize because there just hasn’t been the right product available,” Maroun said.</p>

<p>“We’re targeting buyers who might have 30 to 40 per cent of their house value sitting in the bank after downsizing.</p>

<p>“They still want good spacious entertaining areas, they still want quality design, but they also want flexibility and the ability to enjoy life a bit more after working hard for a long time.”</p>

<p>The project sits near Boronia Park and within close proximity to the Parramatta River foreshore, an area Maroun says offers more of a Hunters Hill lifestyle than a traditional apartment precinct.</p>

<p>“From a lifestyle perspective, it’s really more Hunters Hill than Gladesville,” Maroun said. “You’re close to the foreshore, close to parklands, and still connected back into the village precinct.”</p>

<p>From level four and above, apartments will capture water views&nbsp;toward Sydney Harbour. Communal amenity will include rooftop entertaining areas, wellness spaces, and a gym tailored toward owner-occupier buyers.</p>

<p>“We’ve really designed these apartments around that buyer coming from the Hunters Hill LGA and what they’re actually looking for in their next chapter.”</p>

<p>The proposed development has also been designed to respond to the changing character of the broader Gladesville town centre, where a growing number of mixed-use and residential proposals are expected to emerge over the coming years.</p>

<p>“Gladesville presented a rare opportunity to deliver a genuinely design-led residential project within an evolving lifestyle precinct, just moments from the growing Gladesville town centre, and we’ve approached the project with a strong focus on architecture, liveability and long-term community value,” Maroun said.</p>

<p>Maroun said Lanevick saw a first-mover advantage within the precinct as planning controls continue to evolve to accommodate greater housing density.</p>

<p>“We think there’s a real opportunity there that hasn’t really been serviced properly yet,” he said.</p>

<p>“There’s going to be a broader evolution of the whole Gladesville village precinct over time, particularly with more activation and mixed-use outcomes.”</p>

<p>The Venus Street proposal will include a commercial and retail component at ground level designed to contribute to that evolving streetscape activation.</p>

<p>“A big part of the thinking was how do you activate that area properly and create more vibrancy and amenity, which is what Hunters Hill has been looking for,” Maroun said.</p>

<p>Lanevick’s focus since 2020 has largely been on smaller-scale luxury townhouse and terrace developments. The developer recently completed Royale Randwick, also designed by Studio Johnston, where prices reached $3.65 million. The project was featured in the UDIA NSW 2026 Professional Development Prospectus and was also named a finalist for Development of the Year.</p>

<p>&nbsp;</p>


Lanevick to cater for Hunters Hill downsizers with new Gladesville apartment development

<p>Property developer One Living, backed by former Macquarie banker turned investment manager Chris Green’s investment firm, has unveiled plans to bring more institutional capital into housing to help address the national supply crisis.</p>

<p>The New York-based investor has focused his firm, GreenPoint Partners, on addressing the supply shortage hitting middle market housing in Australia.</p>

<p>It is backing the new One Living business to develop more than 1000 units along the eastern seaboard. The new firm is starting with a development on Mona Vale Road, on the border of Mona Vale and Pymble, in Sydney’s Northern Beaches, with around 140 apartments planned. They are eyeing off more sites across the city.</p>

<p>With cost pressures rising in the industry, One Living’s model is to be a vertically integrated developer-builder, so it can respond directly to the housing gap by removing the cost inefficiencies embedded in traditional residential delivery.</p>

<p>“We are building a platform designed to operate at scale and starting in a market where there’s a clear need for quality, attainable housing,” One Living joint managing director Joseph Scuderi said.</p>

<p>“It’s that missing middle – it’s that attainable end of housing… that’s what most Australians invest into and what Australians can actually afford.”</p>

<p><img alt="Mona Vale" data-entity-type="file" data-entity-uuid="798dfa93-4941-4db6-a696-31e9dc18e81c" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%202.31.50%E2%80%AFPM.png?VersionId=mKBqi5C_DmeiXS.AtJkcR8LQIxqCqmFi" /></p>

<p>GreenPoint Partners brings years of experience assembling and scaling real estate operating businesses across major markets. And Green sees a big opportunity in Australia.</p>

<p>“For its size, sophistication and importance to the community, Australia’s living sector has remained largely under-institutionalised, which represents significant opportunity,” Green said. “GreenPoint identified that gap, assembled the right team, and is backing One Living to build a platform that is aligned to market needs.”</p>

<p>Green said being a builder-developer would give the company the capacity and flexibility it required to deliver reasonably-priced homes.</p>

<p>“We want it to be at that attainable level; not super high end luxury but at that attainable level,” he said.</p>

<p><img alt="Mona Vale" data-entity-type="file" data-entity-uuid="74a5344a-4b26-4d4a-ada3-056b1220be77" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%202.32.15%E2%80%AFPM.png?VersionId=vY8hXHO4reBMdO8ZXMWCNtGZJofUPQ3j" /></p>

<p>&nbsp;</p>

<p>One Living will undertake a component of affordable housing in its schemes, which it will own and operate, and it could also run build-to-rent on some sites.</p>

<p>Green praised local policy settings.</p>

<p>“The NSW government is being very supportive, strategic and pragmatic in terms of how do we generate more supply of housing,” he said. “We think it’s actually positive for development and the bit that’s been lacking at that attainable level is that it’s lots of relatively small private developers, whereas we want to create an institutional platform.”</p>

<p>One Living is also&nbsp;looking at high-density projects and could take on more institutional funding in the future.</p>

<p>“The way we will be able to achieve economies of scale is through size,” Green added.</p>


One Living enters Sydney's new apartment market with Northern Beaches site acquisition

<p>It's been several years since there's been an opportunity to buy a brand new townhome in Melbourne's coastal suburb of Mordialloc. Even apartment developments in recent times have been few and far between in the area.</p>

<p>Local developer LDS Property identified the gap in new housing, securing a site on White Street, directly opposite&nbsp;Woodlands Golf Club Mordialloc. They've recently launched&nbsp;<a href="https://www.apartments.com.au/new-townhouses/wm-residences-mordialloc-102-white-street-mordialloc-vic-3195">WM Residences</a>, just 13 townhouses which they have already started building.</p>

<p>Projects by Buxton Director Heath Thompson, who is selling WM Residences, says the townhouses x that perfect middle ground be</p>

<p data-end="683" data-start="511">"Mordialloc residents have had limited options to downsize within the suburb, often forcing them to look elsewhere despite long-standing ties to the area," Thompson says.</p>

<p data-end="882" data-start="690">"With very little comparable new supply coming to market, projects like WM Residences are well placed, particularly as buyers look to capitalise on current conditions amid constrained supply."</p>

<p data-end="882" data-start="690">[smartcode_project:default project_id=134646 project_image_fid=6109]</p>

<p>The development, designed by regarded architecture firm&nbsp;<a href="https://www.apartments.com.au/architects/ewert-leaf">Ewert Leaf</a>,&nbsp;adopts a deliberately restrained architectural approach, focusing on simplicity, durability and liveability rather than overt design gestures.</p>

<p>The boutique scale is central to the offering. With only 13 three-bedroom residences, each home is configured to prioritise functional layouts and everyday use, supported by private terraces and secure two-car garages.</p>

<p>Ewert Leaf’s design response leans into a calm, neutral material palette. Interiors are defined by oak flooring, white walls and soft finishes, creating a consistent and understated backdrop. The approach avoids trend-driven detailing in favour of longevity, with an emphasis on natural light and spatial clarity.</p>

<p>[smartcode_project:default project_id=134646 project_image_fid=6110]</p>

<p>Beyond aesthetics, the homes are designed to meet contemporary performance expectations. Each residence targets a minimum 6-star energy rating, incorporating double glazing, comprehensive insulation and all-electric Bosch appliances.</p>

<p>The project’s location supports a walkable coastal lifestyle, sitting within close proximity to Mordialloc’s foreshore, Main Street retail strip and the train station. Local cafés and dining venues, including Suburbia Deli and Hendriks Café, are within a short walk, reinforcing the area’s established neighbourhood character.</p>

<p>[smartcode_project:default project_id=134646 project_image_fid=6116]</p>

<p data-end="247" data-is-last-node="" data-is-only-node="" data-start="0">While <a href="https://www.apartments.com.au/developments/mordialloc-vic-3195">Mordialloc</a> is often defined by its beach and pier, the project taps into other areas of day to day living, offering easy access to local food, casual dining and transport, rather than positioning itself purely as a lifestyle retreat.</p>

<p>WM Residences reflects a continued trend across Melbourne’s coastal suburbs towards smaller-scale, design-led townhouse developments, particularly on infill sites where proximity to amenity is already established.</p>

<p>With construction commenced prior to its market entry, the project aligns with a growing preference among buyers for developments with visible progress and defined delivery timeframes.</p>

<p>[smartcode_project_cta:default project_id=134646]</p>


WM Residences fills gap in Mordialloc townhouse market

Dwelling Prices

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<p>Celebrity MasterChef Gary Mehigan has starred in a two-minute film for realestate.com.au testing how smells can influence the valuation of house prices.</p>
<p>The film, titled ‘Sale Scents’, sees Gary Mehigan and aroma specialist Dr Megan Thornton was inspired by the idea that using aromatic citrus scents could help your house sell for more.</p>
<p><span>Gary and Megan test six scents with 44 people </span><span>inspecting a property in ‘scent groups’m with each person</span><span> then asked what they thought the home is worth.</span></p>
<p><span> The citrus scented home won the highest valuation. </span></p>
<p><span>Gary Mehigan </span><span>said he was with most Australians in thinking that baked bread was the best </span><span>smell to have through your home. </span></p>
<p><span>"Not so! Citrus scents are the most appealing at an open for inspection," he said.</span></p>
<p><span>"So while I reckon my brownies and bread pa</span><span>ss the taste test, it’s lemons, limes and oranges that will make noses sing.”</span></p>
<p>Simon Bagnasco, executive creative director at BWMD said there is a prevailing theory in the community that if you bake bread or brew coffee you can sell your house for more.</p>
<p><span>"We decided to put that theory to the test with Gary and Megan in a creative and engaging way for </span><span>realestate.com.au,” he said.</span></p>
<p><span>Six other short edits across realestate.com.au’s social channels </span><span>will be released in coming weeks. </span></p>
<p>Watch the video in full <a href="https://www.youtube.com/watch?v=f02pPOw9Zek" target="_blank">here</a>.</p>
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jonathanchancellor-7SQnKwU6yx

Realestate.com.au launches Sales Scent campaign with celebrity chef Gary Mehigan

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<p>Hotspotting’s Dirty Dozen – the 12 worst places to invest in Australia – has for a long time been dominated by markets closely linked to the resources sector. </p>
<p>The latest batch – included in the new edition of <em>The Price Predictor Index</em> – has a different flavour. Half of the locations are suburban markets, with considerably less dominance by the mining-related centres.</p>
<p>There are two reasons: oversupply has coincided with a decline in sales to turn many city apartment markets no go zones – and there are glimmers of recovery in some of those down-trodden resources locations.</p>
<p>One of the most remarkable emerging news stories right now is the speed of the turnaround in perception, confidence and activity in the resources sector. After 2-3 years of “the resources boom is over” articles, suddenly the news is dominated by rising commodity prices and announcements of new mining ventures or the revival of projects previously mothballed. </p>
<p>This is particularly true in Queensland, where the spectacular rise in the price for coal has changed the mentality of the industry and perceptions about the state economy.</p>
<p>Personally, I wish they’d leave coal in the ground and find better, cleaner ways to make steel or fire up power stations. </p>
<p>But for anyone who owns real estate in places like Mackay, Emerald, Moranbah or Rockhampton in Queensland, as well as the towns of the Hunter Valley in New South Wales, this is seriously good news. There is now genuine hope of vacancy rates coming down and rents and prices rising again.</p>
<p>Consider this from <em>The Courier-Mail</em> on 17 October: “A third Queensland coal mine has announced its ­intention to restart production as demand out of China has pushed the spot price above $US220 a tonne. Cockatoo Coal has emerged from administration with a plan to restart the Baralaba mine early next year. It follows Glencore’s decision to restart production at the Collinsville mine, while Stanmore Coal has taken over the Isaac Plains mine from Vale and Sumitomo and has now settled contracts for November delivery of its semisoft coking coal at $US130 a tonne, which is 75 percent higher than September’s price.”</p>
<p>And this from <em>The Herald</em> in Newcastle on 14 October: “The Hunter coal industry is back on an optimistic footing after big rises in prices both for coking coal for steelmaking and the region’s main product, thermal coal for power stations. In round figures, thermal coal prices are up by about 70 percent on lows earlier this year, while coking coal, which makes up about 15 percent of Hunter output, has effectively doubled. The price increases have led analysts to re-rate most Hunter mines as profitable, whereas a year ago it was widely accepted that two out of three mines were losing money.”</p>
<p>Or this from the <em>Financial Review</em> on 12 October: “The mining industry has reached an agreement with Japanese steel makers that prices for most Australian coking coal will jump 117 percent in just three months, an increase that means that the benefit of rising prices could be felt across the economy. The agreement means most Australian coking coal will be sold for $US200 per tonne over the next three months, compared with $US81 per tonne in the March quarter. The boom in coal prices could add 2 percent to national income this year, boost Federal Budget revenues by close to $7 billion and start wages growing again. Less than a year after the coal industry was accused of being in terminal decline, shuttered mines across Queensland and NSW have been reopened.”</p>
<p><em>Business Insider</em> reported on 17 October: “With just over two months to go, it appears that 2016 could well be an important turning point for Australia’s mining sector. Commodity prices have recovered, the downturn in capital investment appears to be nearing its end and there are even some signs of a pickup in non-mining infrastructure investment, which is helping to boost sentiment after years of depressing, capital-destroying developments. For an economy that’s still highly-dependent on the mining sector, it’s been welcome news.”</p>
<p>What a startling difference in the rhetoric is so short a space of time.</p>
<p>There are all kinds of implications for economies and government budgets, but also for real estate in affected areas.</p>
<p>For those long-suffering investors who have been agonising over whether to cut their loses and get out of badly-performing properties in places like Gladstone in Queensland and Newman in Western Australia, there is now some hope that hanging on will deliver, in time, a reasonable outcome.</p>
<p><em>Terry Ryder is the founder of <a href="https://www.hotspotting.com.au/" target="_blank">hotspotting.com.au</a>. You can <a href="https://mailto:ryder@hotspotting.com.au" target="_blank">email him</a> or follow him on <a href="https://twitter.com/hotspotting" target="_blank">Twitter.</a></em></p>
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terryryder-YECXbqmri2

Half of Hotspotting's Dirty Dozen now in suburban markets

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<p>GUEST OBSERVER</p>
<p>The relentless housing boom in Australia’s cities, especially Melbourne and Sydney, is often framed as an intergenerational conflict in which younger generations are being priced out of the market by baby boomers.</p>
<p>However, sociological theories of social class suggest parents’ wealth and social status will eventually be passed onto their children anyway.</p>
<p>So, by focusing on intergenerational inequalities that will eventually be reversed, we are framing the housing affordability question the wrong way. At the same time, the impact of the housing boom is so deep that some long-established ideas about social class may be no longer relevant.</p>
<p>The housing boom has blurred existing boundaries between upper, middle and lower classes that applied to the baby boomers and previous generations. New social class boundaries and formations are being produced.</p>
<p>This does not mean younger generations, as a collective, are disadvantaged compared to their parents. Rather, these younger generations will be subdivided differently and more unequally.</p>
<h2>The renting class</h2>
<p>In the industrial city, the term “working class” was defined by the experiences of low-income workers in manufacturing jobs. Yet in a post-industrial Australian city it makes more sense to talk about the “renting class”. </p>
<p>Not all renters are poor, and not all poor households are private renters. However, the correlation between the two is significant and strengthening. The proportion of private renters in the total population is slowly but surely increasing – from 20.3 percent in 1981 to 23.4% in 2011. </p>
<p>Simultaneously, public housing – once a symbol of the working class – is undergoing a dramatic demise.</p>
<p>Largely abandoned by the state to fend for itself, with weak regulation for security of tenure or rent control, the renting class faces the unrelenting burden of ever-rising rents. The average renter paid 19 percent of their income on rent in 1981. In 2011, this proportion increased to 26.9 percent. </p>
<p>And, in 2014, around 40 percent of low-income private renters were in housing affordability stress, paying more than one-third of their income on housing. </p>
<p>With hardly enough “after-housing” disposable income to meet basic living standards, savings for retirement is almost impossible for the low-income renter. And with little or no wealth to assist their children to buy a home, the renter’s social class status is likely to be passed from one generation to the next.</p>
<h2>The home-owner class</h2>
<p>More than just a status symbol, home ownership has become increasingly central to the way most Australians accumulate wealth. About half of the home-owner’s wealth is held in their own home. Each housing boom enriches them further through tax-free capital gain on their homes.</p>
<p>The housing boom also creates work in the construction industry, which is the third-largest employer in Australia with more than one million workers. These are no longer working-class occupations, with most skilled jobs paying average weekly earnings of close to A$1,500. So, it is arguably the home-owner class that benefits most from each construction boom. </p>
<p>One consequence of the housing boom is that a growing cohort of moderate-income households is now priced out of home ownership. Had they been born a generation earlier, they would have probably been able to afford a house. Now it is beyond their reach. </p>
<p>Over the years, as their rents rise and their wealth stagnates, the gap between the renter and a home owner will become unbridgeable. Their experience of retirement will be worlds apart. </p>
<p>One lifeline for this cohort is the prospect of inheriting some of the housing wealth of their baby boomer parents. But when this will happen is highly uncertain.</p>
<h2>The housing elite</h2>
<p>The housing elite is rewarded by the housing boom well beyond the capital gain on their own homes. Much of the massive wealth of Australia’s elite is generated through the housing market – through investment, construction and financing of housing. </p>
<p>Harry Triguboff, Australia’s third-richest person, earned his fortune in the apartment development business. So did the three youngest entrants into the 2016 BRW Rich List. Their entry marks the rising importance of housing in the making of Australia’s super-rich. </p>
<p>The top 20 percent of the wealthiest Australians hold most of their wealth in their home and in other investment properties. They also hold significant wealth in the sharemarket, which is commanded by big banks whose portfolios are heavily dominated by housing loans. Each housing boom significantly adds to their wealth.</p>
<p>Social class, however, is more than just financial wealth. The wealthiest Australians secure their social class position by living in exclusive suburbs where they are able to associate with the right people and live an elite lifestyle. The astronomical prices of houses in some of these suburbsensure their hermetically exclusive nature. </p>
<h2>Breaking the loop</h2>
<p>None of these social class categories is natural or universal. These categories will not apply in some European countries, for example, that have very different housing systems.</p>
<p>The deepening fusion between Australia’s housing system and its social class system creates a dangerous cycle. The further house prices grow, the more important housing becomes as a determinant of social class. And when social class is increasingly defined by housing, people are willing to bid even higher to enter home ownership or the housing elite.</p>
<p>Unless we break this cycle, Australia will continue in its path of becoming a more polarised society, with a weakened renting class, an impenetrable elite, and a shrunken home-owner class between them.</p>
<p><em><span class="fn author-name">Ilan Wiesel is l</span>ecturer in Urban Geography, University of Melbourne and author for The Conversation. He can be contacted <a href="https://theconversation.com/profiles/ilan-wiesel-303040" target="_blank">here</a>.</em></p>
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jchancellor-FAypfDUnLy

How the housing boom is remaking Australia’s social class structure

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<p>The commodities downturn continues to affect dwelling prices in Western Australia with three Perth properties remaining on the SQM Research Top Ten Discounted Properties list.</p>
<p>Louis Christopher, SQM Research managing director said there were no surprises there.</p>
<p>"No surprises there - the commodities downturn has left many properties in the city stranded, or at least their vendors," he said.</p>
<p>"As the SQM Research Weekly Asking Price Index<a href="https://sqmresearch.us5.list-manage.com/track/click?u=9badbd870addb4af72206c2eb&amp;id=792a479795&amp;e=0aab96dc54"> </a>shows, house and unit prices have been falling for some time in Perth.</p>
<p>"Despite the buoyancy in east coast property markets, there is no sign of an easing in the downturn in Perth, or Darwin, for that matter."</p>
<p><a href="/images/2016/09/15/Screen%20Shot%202016-09-15%20at%201.21.11%20PM.png" target="_blank">Click to enlarge</a></p>
<p><img src="/images/2016/09/15/Screen%20Shot%202016-09-15%20at%201.21.11%20PM.png" alt=""></p>
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Commodities downturn leaving some WA vendors stranded: SQM Research

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<div>A five bedroom home in Raymond Terrace, north of Newcastle in New South Wales has had $100,000 taken off the initial asking price since listing at the start of the year according to SQM Research.</div>
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<div>The property, 14 Kanwary Close Raymond Terrace, was first on the market for $949,000.</div>
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<div>Louis Christopher, SQM Research managing director, said the vendors are struggling to find a buyer and bad financial news is forcing them to lower their expectations.</div>
<div><span><br>"With five double bedrooms and three bathrooms, this modern home can fit a big family without breaking your budget.</span></div>
<div><span> </span></div>
<div><span>"The home is located in the Roslyn Park Estate, and backs onto a wetland reserve, offering unrestricted views of the river."<br></span></div>
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Raymond Terrace five bedder price reduced by $100k 

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<p><img src="https://counter.theconversation.edu.au/content/64794/count.gif" alt="The Conversation" width="1" height="1"></p>
<p>GUEST OBSERVER</p>
<p>There is much debate about which groups of people have played the greatest role in creating the increasingly unaffordable housing markets in Australian cities. Baby boomers and foreign investors are two popular targets.</p>
<p>But in my new book, The Geopolitics of Real Estate, I show it is a mistake to blame particular domestic or foreign investor groups for affordability problems over a short timeline.</p>
<p>One way to think about housing affordability is to reverse-engineer the problem back to the birth of Australia’s property-owning democracy. History shows the problem was created in five key steps.</p>
<p>Step 1: Aboriginal peoples were dispossessed of their land</p>
<p>When you open up the timeline for an analysis of housing affordability, the question quickly becomes: whose land are domestic and foreign real estate investors trading?</p>
<p>Go back a couple of centuries and you arrive at what RMIT academic Libby Porter calls the original dispossession: the point when the land was stolen from Aboriginal peoples.</p>
<p>But Aboriginal land dispossession is not only a series of historical events that occurred in the past. Such acts established the social and legal conditions that allow land and real estate to be traded today.</p>
<p>This throws statements by domestic real estate investors about invading foreigners into sharp relief.</p>
<p>Step 2: foreigners and capital were moved onto the land</p>
<p>The early British colonial settlements set trade and migration as their objectives.</p>
<p>In the early 19th century, Edward Wakefield, a leading force in South Australia’s colonisation, argued land should be sold rather than given away. This would incentivise the new landowners to pay the emigration costs associated with transporting immigrants to supply labour for the colony.</p>
<p>Wakefield argued the immigrants would sell their labour and, with their incomes, would buy land. He called this systematic colonisation, and later championed these ideas in New Zealand and Canada.</p>
<p>These ideas about globalising the scale at which foreigners could be moved through local colonial land opened up new ways of thinking about the global market for land and sources of labour.</p>
<p>Contemporary governments continue to use the movement of people and capital through their land and real estate markets to underwrite their economies and labour markets.</p>
<p>Step 3: a property-owning democracy was built</p>
<p>A property-owning democracy is a society in which between 65% and 85% of households own or are purchasing the home they live in.</p>
<p>After the second world war the Australian government set about building a property-owning democracy. To build it required two interrelated tasks.</p>
<ul>
<li>The first involved claiming, measuring, quantifying and distributing the land ready for the sale of real estate.</li>
<li>The second involved creating a way of thinking about real estate that would function within the property-owning democracy.</li>
</ul>
<p>After the war the government increasingly regulated the movement of people and their money across Australian borders. It introduced a raft of economic and social policies that were firmly aimed at shaping how Australians thought about real estate – the Great Australian Dream.</p>
<p>Post-war housing and economic policies, ideas about nationhood and citizenship, and the responsibility to be a suburban consumer of a home and household goods were worked deeply into the minds of baby boomers.</p>
<p>Step 4: land and real estate was constituted as private property</p>
<p>What emerged in the second half of the 20th century was a suite of crises in land and real estate.</p>
<p>Aboriginal land rights rose to the surface as the settler politics of claiming and defending the land and real estate was called into question.</p>
<p>As the populations grew and the effects of the property-owning democracy took hold in major Australian cities, a crisis in housing affordability emerged.</p>
<p>When compared with the experience of their parents, by the early 21st century it was harder for the children of the baby boomers to buy into urban real estate markets. As the baby boomers were busy buying real estate in the second half of the 20th century, a land revolution was under way in China.</p>
<p>The collectivisation of land had effectively removed the land from the private property market in China in the mid-20th century. It was radically reinserted a few decades later.</p>
<p>The geopolitical rise of China at the end of the 20th century changed the way people and money circulated around the world.</p>
<p>Step 5: global movements of people and capital followed the geopolitics</p>
<p>Strong private property land and real estate ideals emerged from the other side of the Cultural Revolution. The commodification of land and real estate became a key tactic for building wealth in China.</p>
<p>The surplus Chinese capital broke free of the national border by the end of the century. The newly enfranchised middle class and super-rich Chinese were looking for foreign real estate opportunities.</p>
<p>At the turn of the century, the baby boomer real estate dream was becoming harder to realise for their children. But the Chinese local and foreign real estate dreams were still in their infancy.</p>
<p>The history of foreign investment in land and real estate shows the global movement of people and capital is closely linked to the prevailing geopolitics.</p>
<p><em><span class="fn author-name">Dallas Rogers is l</span>ecturer in Urban Studies, Western Sydney University and author for The Conversation. He can be contacted <a href="https://theconversation.com/profiles/dallas-rogers-5269" target="_blank">here</a>.</em></p>
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Property 101: Australia’s housing affordability problem explained in five historical steps

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<div class="column">The Westpac–Melbourne Institute Consumer Sentiment Index rose 2 percent from 99.1 in July to 101.0 in August with the 'time to buy a dwelling index rising 10.1 percent.</div>
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<div class="column">The time to buy a dwelling index, according to the release, is now 9.7 points below long-run average but has improved 'markedly' over the year, according to Westpac.</div>
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<div class="column">It said the new record low on interest rates may also have been unnerving in terms of the signal it gives about the wider economy.</div>
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<div class="column">"While sentiment across the mortgage belt responded strongly (up 7 percent) it dipped 0.4 percent across all other groups on a combined basis," the report noted.</div>
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<div class="column">"The survey detail points to another positive rate effect from the decision by banks to raise some term deposit rates following the RBA rate move.</div>
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<div class="column">"August saw a notable 7 percent lift in sentiment amongst retirees, a group that typically reacts negatively to rate cuts (–0.4 percent historically) due to their low debt exposure and reliance on interest income.</div>
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<div class="column">"A range of factors likely contributed to the smaller positive reaction in August including the decision by the four major banks to reduce mortgage rates by 10-14bps vs 25bps in May. Against this, the survey detail suggests the decision by banks to raise some term deposit rates lifted sentiment amongst retirees, a segment that typically reacts negatively to interest rate cuts.</div>
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<div class="column">"The ‘time to buy a dwelling’ index surged 10.1 percent in Aug. It is 9.7pts below its long run average but has improved markedly over the year. Buyer sentiment in NSW and Vic have shown particularly strong improvements.</div>
<div class="column"> </div>
<div class="column">"The Westpac-Melbourne Institute Consumer House Price Expectations Index was flat in Aug. However, the signal since the start of the year has been of improved confidence with the index up 28 percent since the end of 2015."</div>
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 Time to buy a dwelling index lifts in August: Westpac–Melbourne Institute Consumer Sentiment Index

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<p>Houses in Melbourne, the NSW Central Coast and Newcastle are at the peak of the market cycle according to analyst firm Herron Todd White's property clock for houses in August.</p>
<p>Last month Dubbo and the Gold Coast were in the peak of the market as well.</p>
<p> <a href="/images/2016/08/16/Screen%20Shot%202016-08-16%20at%2012.35.54%20PM.png" target="_blank">Click to enlarge</a></p>
<p><img src="/images/2016/08/16/Screen%20Shot%202016-08-16%20at%2012.35.54%20PM.png" alt=""></p>
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<p>HTW said the diversity of proportion the NSW Central Coast covers all wants, tastes and needs at pricing levels which are more than favourable to those seen in the Sydney metropolitan area but first home buyers make up a big part of the economic base on the coast.</p>
<p>"Spoilt for choice, there are a number of localities suitable for the first home buyer," HTW said.</p>
<p>"At present, Narara, Niagara Park and Wyoming are probably the pick for these buyers toward the southern end of the LGA. Newer and bigger homes within reach for the rst home buyer toward the northern end of the LGA can be found at Woongarrah, Hamlyn Terrace and Wadalba.</p>
<p>"Second, third and subsequent buyers are equally well catered for. It just depends on whether they want to be close to the beaches or lakes, or in a suburbs or rural lifestyle area. All budgets and tastes are satisfied."</p>
<p>HTW state Newcastle/Lake Macquarie has seen a sustained period of growth for standard residential property over the past two years, despite new release subdivisions selling land at Fern Bay, Cameron  Park and Fletcher in large numbers.</p>
<p>“There are also smaller estates dotted throughout Newcastle and in particular Lake Macquarie, with Catherine Hill Bay and Trinity Point at Morisset adding to the available stock," HTW said.</p>
<p>"This can be put down to a number of factors including incentives for first home buyers to build, interstate migrants coming from the more expensive Sydney market and speculative out of town investors looking to add to their rental portfolios."</p>
<p>In Melbourne, Cranbourne East provides an affordable option with a median house price of $418,750. </p>
<p>"It has been named the fastest growing suburb in Victoria, expanding by 88 people per week in the past financial year as stated by the Australian Bureau of Statistics."</p>
<p><span> </span></p>
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Melbourne, the NSW Central Coast and Newcastle houses at market peak: HTW property clock

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<p>Utilising quarterly household income data from the Australian National University, CoreLogic has developed quarterly measurements of the ratio of property prices to annual household income.</p>
<p>This data is extremely valuable when looking to measure housing affordability.  The measure is available at a number of different geographies from SA2 regions (generally about the size of a suburb or group of suburbs) all the way up to GCCSA (capital city and rest of state) regions.  When looking at the analysis it is important to note that a higher ratio means housing is less affordable and a lower ratio indicates better affordability.</p>
<p>Note that CoreLogic will be releasing a range of affordability indicators over the coming months, including rental price to income ratio’s and the proportion of household income required to service a mortgage.</p>
<p><a href="/images/2016/07/08/Chart-1-3-527x580.jpg" target="_blank">Click to enlarge</a></p>
<p><img src="/images/2016/07/08/Chart-1-3-527x580.jpg" alt=""></p>
<p>With property prices varying greatly between each of the capital cities it is interesting to note that the variation in household incomes in nowhere near as large.  In March 2016, Hobart had the lowest median dwelling price at $337,250 and Sydney had the highest median price at $775,000.  Meanwhile, household incomes range from as low as $1,175/week in Hobart to $2,118/week in Darwin.  Obviously the differences in property prices and incomes impact on housing affordability, so let’s take a look at each of the capital cities and the ratio of prices to income over time.</p>
<p><a href="/images/2016/07/08/Chart-2-3-580x210.jpg" target="_blank">Click to enlarge</a></p>
<p><img src="/images/2016/07/08/Chart-2-3-580x210.jpg" alt=""></p>
<p>In March 2016 the ratio of house prices to annual household income in Sydney was 9.8 and for units it was 7.2.  Both property types are currently recording a record-high ratio. 12 months ago these ratios were recorded at 8.9 for houses and 6.8 for units. Note that the data goes as far back as September 2001 and at that time the ratios were recorded at: 6.0 for houses and 5.7 for units.</p>
<p><a href="/images/2016/07/08/Chart-3-3-580x206.jpg" target="_blank">Click to enlarge</a></p>
<p><img src="/images/2016/07/08/Chart-3-3-580x206.jpg" alt=""></p>
<p>The ratio of property prices to annual household income in March 2016 for Melbourne were recorded at: 7.7 for houses and 6.1 for units.  The ratio for houses is currently at a record high while for units it peaked at 6.6 in December 2010 and March 2011 indicating an improvement in affordability for units since that time. </p>
<p>In March 2015, these ratios were recorded at 7.2 for houses and 6.0 for units. Affordability has deteriorated over the year for each property type however, detached housing affordability has deteriorated much more rapidly than units. In September 2001 the ratios were recorded at: 4.6 for houses and 4.8 for units.</p>
<p><a href="/images/2016/07/08/Chart-4-3-580x207.jpg" target="_blank">Click to enlarge</a></p>
<p><img src="/images/2016/07/08/Chart-4-3-580x207.jpg" alt=""></p>
<p>Unlike Sydney and Melbourne, the ratio of property prices to household income is falling in Brisbane, indicating improving housing affordability.  In March 2016, the ratios were recorded at 6.1 for houses and 4.9 for units.  12 months earlier the ratios were recorded at 6.1 for houses and 5.1 for units.  Brisbane housing was at its least affordable in September 2008 when the ratio of prices to household income were recorded at: 6.7 for houses and 5.7 for units.  In September 2001 the ratios for Brisbane were recorded at: 3.7 for houses and 3.8 for units.</p>
<p><a href="/images/2016/07/08/Chart-5-3-580x206.jpg" target="_blank">Click to enlarge</a></p>
<p><img src="/images/2016/07/08/Chart-5-3-580x206.jpg" alt=""></p>
<p>The ratio of property prices to household income for Adelaide peaked in December 2010 at 7.1 for houses and 5.9 for units.  In March 2016 the ratios were recorded at 6.5 for houses and 5.1 for units.  Affordability changed little over the year with the ratios recorded at 6.5 for houses and 5.3 for units in March 2015.  In September 2001, the ratios were recorded at 3.9 for houses and 2.9 for units.</p>
<p><a href="https://blog.corelogic.com.au/wp-content/uploads/2016/06/Chart-6-1-580x206.jpg" target="_blank">Click to enlarge</a></p>
<p><img class="aligncenter size-large wp-image-7066" src="https://blog.corelogic.com.au/wp-content/uploads/2016/06/Chart-6-1-580x206.jpg" alt="Chart 6" width="580" height="206"></p>
<p>With Perth property prices falling, the ratio of prices to household income is also improving.  In March 2016, the ratio of prices to income was recorded at 6.0 for houses and 4.7 for units and a year earlier the ratios were 6.3 for houses and 5.1 for units.  At its peak in June 2007 the ratio of house prices to household income was 7.4 and for units the peak of 6.3 was recorded in December 2007.  In September 2011 the ratios of property prices to household income were recorded at 3.7 for houses and 3.3 for units.</p>
<p><a href="https://blog.corelogic.com.au/wp-content/uploads/2016/06/Chart-7-580x207.jpg" target="_blank">Click to enlarge</a></p>
<p><img class="aligncenter size-large wp-image-7067" src="https://blog.corelogic.com.au/wp-content/uploads/2016/06/Chart-7-580x207.jpg" alt="Chart 7" width="580" height="207"></p>
<p>Although Hobart has the cheapest capital city property prices it is not the most affordable capital city housing market.  In March 2016, the ratio of property prices to household income was recorded at 5.8 for houses and 4.7 for units compared to 5.9 and 4.4 respectively a year earlier.  At its least affordable the ratio of prices to income was recorded at 6.5 for houses in September 2010 and 5.2 for units in March 2011.  In September 2011 the ratios were recorded at 3.1 for houses and 2.5 for units.</p>
<p><img class="aligncenter size-large wp-image-7068" src="https://blog.corelogic.com.au/wp-content/uploads/2016/06/Chart-8-580x206.jpg" alt="Chart 8" width="580" height="206"></p>
<p>Based on a ratio of property prices and household incomes Darwin is currently the most affordable capital city housing markets with ratios of 5.2 for houses and 4.2 for units.  Affordability is improving in the city as property prices fall with these ratios recorded at 5.5 for houses and 4.3 for units a year earlier in March 2015.  At their peak over the September and December quarters of 2010 the ratio of house prices to income was 6.0 and the ratio for units was 4.7.  In September 2001 these ratios were recorded at 3.2 for houses and 2.7 for units.</p>
<p><img class="aligncenter size-large wp-image-7069" src="https://blog.corelogic.com.au/wp-content/uploads/2016/06/Chart-9-580x205.jpg" alt="Chart 9" width="580" height="205"></p>
<p>In Canberra there is a divergence in results with houses becoming less affordable while affordability for units is remaining unchanged.  In March 2016, the ratios of prices to income were recorded at 5.8 for houses and 4.0 for units compared to 5.5 for houses and 4.0 for units a year earlier.  Canberra houses are at their least affordable level on record while units were their least affordable in December 2010 when they had a ratio of 4.4.  In September 2001 the ratios for Canberra were recorded at 3.6 for houses and 2.7 for units.</p>
<p>Outside of Sydney, Melbourne and Canberra housing affordability is improving with each capital city having a current ratio which indicates affordability has been worst in the past.</p>
<p>The problem is that almost 2 out of every 5 Australians live in either Sydney or Melbourne and these two cities have also been the epicentres of employment and economic growth over recent years. Deteriorating housing affordability in Sydney and Melbourne impacts on significantly more people than deteriorating housing affordability elsewhere around the country.</p>
<p>This measure of affordability provides a high level overview of the relative housing affordability across the capital cities, but it is important to remember that geographically across each city the affordability story can be dramatically different. </p>
<p>Furthermore, this analysis does not take into consideration interest rates which can make housing affordability more affordable.  While interest rates are undoubtedly a consideration for buyers, they must also consider that interest rates can fluctuate dramatically over the life of a mortgage.</p>
<p><em>Cameron Kusher is research analyst for CoreLogic RP Data. You can contact him <a href="https://blog.corelogic.com.au/about/">here</a>.</em></p>
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Property price to income ratio is rising in Sydney, Melbourne and Canberra but flat or falling elsewhere: CoreLogic 

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<p>Home values fell in the March quarter for the first time in two and a half years, according to the Australian Bureau of Statistics' index of dwelling values across the eight capital cities.</p>
<p>The inxex fell 0.2 percent in the three months to March.</p>
<p>The December quarter had seen it plateau.</p>
<p>It was the first decline since the September quarter of 2012, when the index also fell 0.2 percent. </p>
<p>The bigger dip were attached dwellings - apartments, townhouses and semi-detached homes - that fell 0.8 percent over the quarter.</p>
<p>In Sydney attached dwelling values fell 0.6 percent over the quarter, following a 0.8 percent decline in December.</p>
<p>Melbourne apartments fell 1.3 percent. </p>
<p>Prices rose in Brisbane by 0.7 percent, Hobart (2.3 percent) and Darwin, where they gained 0.1 percent - the first increase after five quarters of decline. </p>
<p>The national capital city weighted average index for prices of established houses was unchanged, however there was a 0.6 percent fall in Sydney house prices - the second quarterly fall after the December quarter's 2.1 percent decline.</p>
<p>The ABS data suggested Melbourne prices rose 1.4 percent and Brisbane houses increased 0.2 percent. Houses in Adelaide (0.6 percent) and Hobart (0.9 percent) also rose.</p>
<p>They fell 1.8 percent in Perth, 2.8 per cent in Darwin - their seventh consecutive quarterly decline - while there was a 0.1 percent dip in Canberra.</p>
<p>The total number of residential dwellings rose to 9,661,500 in the quarter from 9,622,500 in December.</p>
<p>The value of housing stock rose less than 1 percent to $5.93 trillion from $5.91 trillion.</p>
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