<a href="https://www.apartments.com.au/developers/skymark-group">Skymark</a>'s boutique Cronulla development Solis has secured a 10-year Latent Defects Insurance policy through Resilience Insurance, providing buyers of the 16-residence building on Ewos Parade with structural and waterproofing protection that extends a decade beyond the building's completion.

Currently under construction and due for completion in late 2027, <a href="https://www.apartments.com.au/new-apartments/solis-cronulla-8-ewos-parade-cronulla-nsw-2230">Solis</a> is one of a small number of new developments in the Sutherland Shire to carry Resilience LDI coverage, a distinction that carries increasing weight as buyer confidence in the off-the-plan sector continues to be shaped by how developers stand behind their product.

Latent Defects Insurance, which entered the Australian market in 2022 when Resilience Insurance was approved to offer the cover, protects buyers against major structural or waterproofing defects for ten years post-completion. Unlike traditional statutory warranties, it operates as a first-resort policy, if a covered defect arises, the insurer responds directly, without the buyer needing to pursue the builder or developer through a lengthy claims process.

Resilience Insurance CEO Corey Nugent has noted that the product addresses something fundamental to the new apartment market.

"The overarching feedback from prospective buyers in the new development space is that they want more confidence and assurances around the quality of the build," Nugent says.

"Resilience Insurance Latent Defects Insurance not only gives them complete peace of mind for 10 years, but it shows the developer they are buying from is standing by their product."

[smartcode_project:default project_id=150499 project_image_fid=370898]

For Solis, the Resilience LDI policy adds a meaningful layer of accountability to an already considered project. The development comprises nine two-bedroom and seven three-bedroom residences, including one dual-level three-bedroom apartment, across a five-storey building on Ewos Parade, positioned between Shelly Beach and South Cronulla.

Garden apartments connect directly to private landscaped courtyards, while upper-level homes capture beach views to the east from level four and above.&nbsp;

All 16 residences include at least one balcony or courtyard, and select apartments on the upper floors feature bar areas and secondary flexible living spaces.

Hiba Sander, Managing Director of Skymark, says Solis offers a rare balance, nestled between the quiet beauty of secluded beaches and the lively charm of South Cronulla's esplanade.

"It's a place to choose your pace and live gracefully, seaside'," Sander says.

[smartcode_project:default project_id=150499 project_image_fid=370900]

The architecture, designed by <a href="https://www.apartments.com.au/architects/ida-design-group">IDA Design Group</a>'s Michael Trinh, draws from the natural erosion patterns of <a href="https://www.apartments.com.au/developments/cronulla-nsw-2230">Cronulla</a>'s sandstone headlands, translating the organic forms of the coastline into soft curves, pavilion-style massing, and a material palette chosen for longevity in a salt-tinged environment.&nbsp;

Textured natural stone, soft renders, and timber-look battens reference the tones of the surrounding cliffs, while the building has been oriented to maximise natural light and passive ventilation, with primary living spaces facing north and east to capture morning sun and sea breezes.

"At Solis, our aim was to create architecture that feels quietly confident, grounded in natural materials like stone and timber, and elevated by light and landscape," Trinh says.&nbsp;

"The buildings are designed to sit gently within their coastal surrounds, with expansive glazing and abundant greenery creating a seamless dialogue between inside and out."

[smartcode_project:default project_id=150499 project_image_fid=370897]

Interiors by <a href="https://www.apartments.com.au/architects/hot-black">Hot Black</a> carry the same material language through to every room. Kitchens feature integrated Gaggenau appliances, sculpted stone benchtops, and Lo &amp; Co joinery, while bathrooms feature natural stone, timber, and brushed metal finishes.&nbsp;

Hot Black Founder and Design Director Sophie Safrin describes the intent as one of considered restraint: "At Solis, every detail has been thoughtfully considered to create a timeless coastal retreat, calm, refined, and effortlessly liveable. From natural finishes to seamless indoor-outdoor flow, Solis offers a quiet elegance that's deeply connected to its surroundings.

The landscape, designed by Julian Brady of <a href="https://www.apartments.com.au/landscape-architect/sitedesignstudios">Site Design Studios</a>, treats green space as an integral part of the resident experience rather than an afterthought.&nbsp;

"Gentle curves and layered native plantings mirror the ebb and flow of the ocean," Julian Brady says, "creating a serene connection between architecture and place."&nbsp;

Coco Republic has provided bespoke furniture packages tailored to the project's coastal palette.

[smartcode_project:default project_id=150499 project_image_fid=370899]

Skymark has an established track record in the Sutherland Shire, with a portfolio spanning Cronulla, Woolooware and Burraneer that includes Isla, Sylva, Bask, Shells, Sula and Mist. Securing LDI on Solis reflects a broader shift in how the developer is positioning its buildings to buyers, at a time when Resilience Insurance expects the policy to become mandatory in New South Wales by 2028.

Sales at Solis are launching soon through Ray White Projects, with an official event scheduled for 11 June. Enquire for more information.

[smartcode_project_cta:default project_id=150499]

Joel Robinson

Skymark takes out 10-year Resilience Insurance LDI at Solis Cronulla

Investors may soon find themselves with fewer reasons to buy established property and more incentives to look towards the new apartment market.

Proposed changes to negative gearing and capital gains tax concessions would see new and off-the-plan apartments retain access to the tax benefits, while established properties would miss out, creating a clear advantage for buyers purchasing newly built housing.

The policy direction aligns with what many developers have been saying for several years. Australia needs more housing supply, and governments are increasingly looking for ways to encourage investment into new stock rather than existing homes.

The challenge for investors is that suitable product is becoming harder to find.

For much of the last decade, one-bedroom apartments were the cornerstone of investor demand. They offered a lower entry price, strong rental appeal, and were a common feature across most apartment developments.

Today, the development pipeline looks very different.

Across both New South Wales and South East Queensland, developers are increasingly targeting owner-occupiers and downsizers, delivering larger two, three and four-bedroom apartments in response to changing buyer preferences. While one-bedroom apartments still exist, they now form a much smaller portion of many new projects.

That shift has created a shortage of investor-friendly stock, particularly in well-located projects close to transport, employment hubs and lifestyle amenity.

At the same time, rising apartment prices have pushed many new developments beyond the reach of traditional investors. On the Gold Coast and across South East Queensland, it's becoming increasingly difficult to find new apartments priced around the $1 million mark, particularly those offering strong rental fundamentals and long-term growth prospects.

We've rounded up four new apartment developments where investors can still secure a foothold in the market for around $1 million or less.

<h2 data-end="1140" data-start="844">Flourish Soleira</h2>

<h2>Priced from: $1.07 million</h2>

Popular Palm Beach developer Sherpa is soon to officially launch its newest local apartment development, Flourish Soleira.

The one-bedroom apartments in the building were only offered to first home buyers rather than investors, and all of those have been snapped up. The two-bedroom apartments will start from $1.07 million, and the three-bedrooms, still a good investment given the popularity of Palm Beach for owner-occupiers, starting at $2,045,000.

&nbsp;

[smartcode_project:default project_id=150017 project_image_fid=370964]

Flourish Soliera will comprise 153 apartments across two buildings, connected by a skybridge, the first ever delivered in the suburb.

True to Sherpa's booming Flourish brand of apartment projects, Flourish Soleira will have extensive rooftop amenity across both buildings including a&nbsp;wellness centre with gym, work from home, yoga, pilates, a&nbsp;heated pool, private dining rooms, pizza oven and barbecues, basketball court, and golf simulator.

<h2>Corallo, Palm Beach</h2>

Priced from: $841,500

Nearby Flourish Soleira is Changfa Group's beachfront-inspired Corallo development. They still have some one-bedroom apartments remaining, priced from $841,500.

The 105-apartment project on Palm Beach Avenue is otherwise dominated by larger two and three-bedroom residences, many of which are aimed at owner-occupiers and downsizers.

[smartcode_project:default project_id=112194 project_image_fid=808]

For investors, the appeal lies in Palm Beach's continued transformation from a laid-back beachside suburb into one of the Gold Coast's most sought-after residential markets. Residents at Corallo will be within walking distance of Palm Beach's surf beaches, the recreational amenity of Tallebudgera Creek, and the increasingly popular collection of cafes, restaurants and boutique retailers along the suburb's central dining precinct.

<h2>Corner House, Stones Corner</h2>

<h2>Priced from: $880,000</h2>

One of only two Brisbane apartment developments to make the list with prices under $1 million is DeMartini Fletcher's Corner House development in Stones Corner.

One-bedroom apartments start from $880,000 within the 88-apartment development, providing investors with exposure to one of Brisbane's most established inner-south locations.

[smartcode_project:default project_id=149098 project_image_fid=330594]

Stones Corner has long been supported by strong tenant demand due to its proximity to major employment and education destinations. The suburb sits less than five kilometres from Brisbane's CBD and is within easy reach of the Princess Alexandra Hospital, Greenslopes Private Hospital, Queensland Children's Hospital and several university campuses.

The project's location within a walkable urban village environment, surrounded by retail, dining and public transport infrastructure, continues to attract both professionals and healthcare workers seeking accommodation close to work.

Parkdrive Apartments, Chermside

Priced from: $749,000

The most affordable apartments across Brisbane's new and off the plan market are in Chermside where developer AusDev is selling one-bedroom apartments from $749,000, and two-beds from $929,000, at its recently launched Parkdrive development.

The development is strategically positioned in one of Brisbane's largest employment and retail precincts, placing residents within easy walking distance of Westfield Chermside, The Prince Charles Hospital, St Vincent's Private Hospital Northside and the suburb's major bus interchange.

[smartcode_project:default project_id=152125 project_image_fid=363782]

Already under construction and scheduled for completion in early 2028, Parkdrive benefits from Chermside's ongoing evolution into Brisbane's northern metropolitan centre. The suburb continues to attract significant public and private investment, supporting population growth and underpinning long-term rental demand.

For investors focused on yield and tenant depth, the combination of healthcare, retail and transport infrastructure within close proximity provides a strong foundation for occupancy and rental performance.

Investors to turn to new apartments after Federal Government changes spark hunt for Queensland's best $1 million apartments

A mix of Gold Coast locals, fly-in, fly-out purchasers from Sydney and Melbourne, and Brisbane-based families has driven early sales success at Broadbeach's newest apartment tower, Lumara.

The 26-level project, a joint venture between builder-developer 5Point Projects and Bourke Projects, comprises just 37 luxury residences and is attracting a buyer profile that is looking for exclusivity, above the most amenity-rich suburb on the Gold Coast.

[smartcode_project:default project_id=150454 project_image_fid=364156]

Jamie Bourke, Director of Bourke Projects, says every buyer secured so far intends to use Lumara as a lock-up-and-leave residence, combining holiday use with the ability to work remotely when required.

“The size of the apartments, both half- and full-floor options, and the different zones within the floorplans, lends itself perfectly to dedicated home office setups and multi-generational family holidays,” Bourke says.

That flexibility has become a key drawcard for affluent buyers seeking a second residence on the Gold Coast without sacrificing the ability to conduct business away from their primary home base.

The absence of holiday letting within the building has also resonated strongly with purchasers.

“This type of buyer doesn't need to generate holiday rental income,” Bourke says. “They're paying for exclusivity, privacy and certainty around who their neighbours are.”

[smartcode_project:default project_id=150454 project_image_fid=366491]

The strong demand comes amid broader shifts in the high-end apartment market following the Federal Budget announcements in May.

“We were already seeing strong enquiry from high-net-worth buyers, but that has only accelerated since the policy changes,” Bourke says.

“A lot of those buyers are looking to place more capital into premium lifestyle assets rather than investment-grade stock that has been targeted by the Federal Government.”

[smartcode_project:default project_id=150454 project_image_fid=366486]

Designed by Cottee Parker, Lumara adopts a slender, sculpted form with an emphasis on natural materials suited to its beachfront setting. The architectural approach draws on coastal influences, with a palette of stone, timber and concrete selected for durability and the ability to weather over time.

Apartments are limited to three and four-bedroom configurations, with a maximum of two residences per floor through the mid-levels and a selection of full-floor and dual-level homes in the upper levels. All apartments are oriented to the north to maximise natural light, cross-ventilation and views across the ocean, city skyline and hinterland.

A two-level amenity offering is positioned high within the building on levels 20 and 21, conceived as a sky wellness retreat. Facilities include a magnesium pool, spa, sauna and steam rooms, alongside more social spaces such as a private dining room, resident lounge, workspaces and outdoor barbecue areas integrated with landscaped greenery.

The uppermost levels are reserved for larger-format residences, including several full-floor homes and a dual-level penthouse with its own private wellness features and recreational spaces.

&nbsp;

To give buyers confidence, 5Point and Bourke commenced construction ahead of the apartments launching to the market, a sure-fire way to prove they mean business, and the building will be delivered. They are targeting a 2028 completion date.

[smartcode_project_cta:default project_id=150454]

Locals, interstate holiday makers, drive early sales at Lumara, Broadbeach's newest luxury apartment tower

Often when it comes to purchasing property, the biggest barrier to entry is the deposit. Buyers of established homes typically aim for a 20 per cent deposit to avoid the added cost of Lenders Mortgage Insurance, while most property transactions require around a 10 per cent deposit when contracts are exchanged.

The off-the-plan market works differently, with buyers typically paying a deposit during construction and settling the balance upon completion. As completion approaches at <a href="https://www.apartments.com.au/new-apartments/fabbrica-fitzroy-369-gore-street-fitzroy-vic-3065">Fabbrica Fitzroy</a>, developer <a href="https://www.apartments.com.au/developers/pace-development-group">Pace</a> is making it easier for buyers to secure a residence through a deposit-matching incentive. Purchasers need only contribute a five per cent deposit*, with Pace matching the remaining five per cent.

The offer comes as Pace unveils a completed display apartment and townhouse, now available for inspection by appointment ahead of the project's Spring completion.

[smartcode_project:default project_id=139552 project_image_fid=371009]

Designed by <a href="https://www.apartments.com.au/architects/sjb-architects">SJB</a> with interiors by <a href="https://www.apartments.com.au/interior-designers/winwood-mckenzie-architecture">Winwood Mckenzie</a> and landscaping by <a href="https://www.apartments.com.au/landscape-architect/acre">Acre</a>, Fabbrica draws on Fitzroy’s industrial and manufacturing history, incorporating references to the former Argyle Shirt Factory and Life Savers Confectionery Company that once occupied the site.

The development comprises 85 residences, spanning low-maintenance apartments through to larger-format townhouses with private street access and double lock-up garages, a relatively uncommon offering in Fitzroy’s higher-density apartment market.

Pace says the project has been designed to appeal to buyers seeking inner-city convenience without sacrificing space, flexibility, or amenity.

[smartcode_project:default project_id=139552 project_image_fid=371016]

Inside the residences, Winwood Mckenzie has focused on adaptable layouts and integrated detailing, with features including custom joinery, and concealed storage solutions. The material palette leans into warm, tactile finishes intended to complement the building’s industrial architectural language.

Fabbrica’s rooftop amenity is a key part of the project offering. Spanning around 800 sqm, the communal rooftop includes a private dining room, communal kitchen, lounge spaces, work-from-home zones, and outdoor dining areas overlooking the Melbourne CBD skyline.

[smartcode_project:default project_id=139552 project_image_fid=371017]

Landscape architecture studio Acre has introduced a layered rooftop garden designed to soften the urban setting while creating a more communal environment for residents.

The Fitzroy location also positions residents within walking distance of Brunswick Street, Smith Street, parks, cafés, galleries, and public transport, while remaining only minutes from Melbourne’s CBD. The project has an enviable Walk Score of 96.

[smartcode_project:default project_id=139552 project_image_fid=371025]

Pace, which is also delivering the project as builder, has developed more than 100 projects across Melbourne over the past three decades. The vertically integrated approach has become increasingly common among developers seeking greater control over construction delivery amid broader market pressures affecting the apartment sector.

The strikingly contemporary Gore Street development is now around 70 per cent complete, with purchasers expected to move into their new homes in Spring 2026. A limited number of residences remain available under the current deposit match offer.

*Conditions apply in relation to the deposit match offer.

[smartcode_project_cta:default project_id=139552]

Pace offers five per cent deposit match at Fabbrica Fitzroy ahead of Spring completion

Sydney developer Hyecorp's roots on the Lower North Shore stretch back three generations, and that deep understanding of the market continues to shape where and how it develops today.

From high-rise towers to boutique apartment projects, the family-run developer has built its reputation by focusing on a part of Sydney it knows intimately. Founded by Michael Abolakian in the early 1990s, Hyecorp is now led by his sons Stephen, Troy and Patrick.

Stephen Abolakian, joint managing director alongside Troy, has spent more than two decades in the business, overseeing development, planning, finance, marketing and sales.

Abolakian says the developer's disciplined focus on where it chooses to operate has been, and continues to be, one of Hyecorp's greatest strengths.

“We know the buyer profile exceptionally well,” Abolakian says.

“The demographics between places like Willoughby, Chatswood, St Leonards and Roseville are very similar. There are nuances between suburbs and projects, but culturally and from a buyer perspective, there’s a strong overlap.”

That buyer has historically been overwhelmingly owner-occupier driven.

Unlike many Sydney apartment developers that have traditionally relied heavily on investor demand, Hyecorp’s projects have typically attracted downsizers, upsizers, rightsizers and family owner-occupiers seeking long-term homes rather than short-term investments.

“Historically, investors have been a much smaller portion of our demand profile,” Abolakian says.

“We design for owner-occupiers. We don’t design for yield, we design for comfort, amenity, family living and long-term usability.”

That philosophy extends well beyond apartment layouts.

From landscaping and communal gardens to shared amenities and circulation spaces, Hyecorp’s developments are designed around how people actually live, something Abolakian believes has become increasingly important in Sydney’s apartment market.

“There was probably a period where having an approved project in market was enough,” he says.

“There wasn’t as much competition and if you built it, buyers would come. That’s no longer the case.”

“There’s more supply in the pipeline now, particularly with TOD precincts and low and mid-rise reforms opening up opportunities across Sydney. Buyers have more choice, so if you get the product wrong, they’ll simply go elsewhere.”

[smartcode_project:default project_id=110379 project_image_fid=311393]

The shift has forced developers to become more sophisticated in how they approach apartment design, particularly as owner-occupier expectations continue to rise.

For Hyecorp, that means thinking beyond who the buyer is today and designing for who they may become in five or 10 years' time.

“People buying now often aren’t moving in for several years,” Abolakian says.

“You might have a young couple buying today, but by the time they move in they may have children, older children, or changing lifestyle needs. You’ve got to think about how families evolve.”

That thinking also shapes Hyecorp’s approach to amenity, which positions wellness at the forefront.

[smartcode_project:default project_id=149594 project_image_fid=362634]

While resort-style facilities have become increasingly common marketing tools across Sydney apartment developments, Abolakian says the challenge is ensuring amenities are genuinely usable and appropriate for the scale of the project.

“If amenities are done right, they can materially improve the living experience,” he says, adding however that if you&nbsp;overdo it or get it wrong, you can end up with facilities nobody uses that simply create ongoing strata costs.”

That balance is something Hyecorp is aiming to strike with projects like Roseville Avenue, one of the group's upcoming Lower North Shore developments, which Abolakian describes as bringing a resort-style living experience into a metropolitan setting.

“It’s about creating something that feels special without being excessive,” he says.

“Good gardens, quality apartments, thoughtful amenity. Creating that resort feeling in a metro location.”

<img alt="Hyecorp" data-entity-type="file" data-entity-uuid="13c4c0f3-b1b7-44cf-9344-0b3d1d07797a" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-06-02%20at%2012.14.57%E2%80%AFPM.png?VersionId=9OLWjyj2bYkDV35F78WJnyMSPfc2bJ2z" />

The focus on owner-occupier product comes as Sydney’s apartment market continues to navigate a difficult development environment.&nbsp;For Hyecorp, maintaining an in-house operating model across construction, sales, marketing and development management has become increasingly important in navigating that environment.

“We’ve always believed in keeping a lot of the process in-house,” Abolakian says.

“It creates efficiencies, but it also creates quality control. You can make faster decisions and ensure the end product stays aligned with the original vision.”

Despite the challenges, Abolakian believes demand for quality owner-occupier apartments across Sydney remains strong beneath the surface, particularly across established Lower North Shore suburbs where downsizers continue to seek new housing options close to existing communities.

“There are definitely people waiting,” he says.

“Once some of the broader uncertainty settles, whether that’s the global environment or some of the local economic noise, I think the right projects will perform very strongly.”

Hyecorp currently has three residential developments on the market across Sydney’s Lower North Shore.&nbsp;Audrey, St Leonards, positioned opposite Newlands Park, is nearing completion and preparing to welcome its first residents, with the project now almost sold out.

Hyecorp has also recently launched&nbsp;<a href="https://www.apartments.com.au/new-apartments/celine-chatswood-37-archer-street-chatswood-nsw-2067">Celine Chatswood</a>, an architectural tower, while continuing to deliver&nbsp;<a href="https://www.apartments.com.au/new-apartments/juliet-roseville-64-pacific-highway-roseville-nsw-2069">Juliet Roseville</a>, a more boutique scale of development with just 34 apartments.

Why Hyecorp continues to back Sydney's Lower North Shore apartment market

Global Ranking

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The 2021 Demographia International Housing Affordability Survey ranks Australia as having two of the most expensive housing markets in the world.

This year’s report assesses 92 major metropolitan markets in eight nations in the third quarter of 2020 with 36 severely unaffordable major housing markets.

The 10 least affordable were ranked as Hong Kong, Vancouver, Sydney, Auckland, Toronto, Melbourne, San Jose, San Francisco, Honolulu and London.

It is presented by the Urban Reform Institute and the Frontier Centre for Public Policy who work on a price to income ratio.

"It is not surprising that housing affordability — given the large influx of new buyers, particularly in suburban and outlying areas — has continued to deteriorate," institute president Charles Blain advised.

"As a result many low-income and middle-income households who already have suffered the worst consequences from housing inflation will see their standards of living further decline."

The report noted virtually all of the markets with severely unaffordable housing have urban containment policies that severely restrict building on their periphery.

It noted by 2004, all of the major markets of Australia had become severely unaffordable. "National price-to-income ratios were 3.0 or less in Australia, Canada, Ireland, New Zealand, the United Kingdom and the United States until the late 1980s or 1990s.

"However since that time, housing affordability has deteriorated significantly and by 2019 national median multiples had increased to 4.0 in the United States and Canada, nearly 6.0 in Australia and 7.0 in New Zealand," it noted.

<h2>Recently listed properties:</h2>

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The report assesses 92 major markets in metropolitan areas across eight nations

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2021 Demographia International survey ranks Australia among the most expensive housing markets

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Australia slipped to 19th in the world for house price growth for the year to June 2020, according to the Knight Frank Global House Price Index Q2 2020.
In the same report for Q1, Australia had ranked 10th.
But it was still up 37 places from one year ago, when we were 56th, with negative growth over the previous 12 months of -7.4 per cent.
Over the last quarter, Australia was down -2 per cent, which made the house price growth 6.1 per cent higher for the year to date.
Topping the charts was turkey, whose 12 months change was up 25.7 per cent, with 11.2 per cent over the last quarter.
New Zealand was the best performing country in Asia Pacific, with growth of 9.1% over the past year, but it slipped in the rankings from 2 to 11 between March and June.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2020/9/8/Global%20Top%2020.jpg" alt="">
 
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<div>Knight Frank’s head of residential research Australia Michelle Ciesielski said the data in the most recently released Knight Frank Global House Price Index Q2 2020 was backward-looking, covering the year up to June 30, when the COVID-19 pandemic had hit most global markets.</div>
<div> </div>
<div>“It is not unusual for official house price indices to be published with a two or three month time lag, but this quarter 29* of the 56 countries and territories we track have yet to report their figures for Q2 2020, no doubt as a direct result of Covid-19 and operational challenges,” she said.</div>
<div> </div>
<div>“Despite this the data still offers a glimpse into the impact of COVID-19, with the number of countries and territories seeing a decline in prices increasing again. In total nine per cent of the areas tracked registered annual price declines in Q2 2020.</div>
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“While annual price growth in Australia has fallen slightly from the previous quarter, growth is still positive and 1.4 per cent higher than the average annual price change of 4.7% across the 56 countries and territories tracked in the index. 
“Australia has dealt with the COVID-19 pandemic better than some other countries and territories around the world, with the length and severity of the lockdown not as strong, which partly explains its stable performance. 
“However, it can also be attributable to the state of the housing market prior to the pandemic, with Australia’s market strong heading into 2020 with demand high and stock levels low.” 
Knight Frank national head of residential Shayne Harris said Australia’s housing market has seen continued demand throughout the pandemic, but fewer transactions due to sellers choosing to ‘wait and see’ how the pandemic would play out. 
“In Sydney the market continues to be underpinned by a severe shortage of stock for sale by both auction and private treaty,” he said. 
“Whilst in the past eight weeks the difficulties around obtaining finance have seen the number of registered bidders thin out at auction, the clearance rate remains stable as do prices across the inner and middle rings of metropolitan Sydney. 
“In Melbourne market conditions have been in steady decline for the past four months, with volumes and prices heading gradually south, although there was a very slight uptick in August. 
“The cities second lockdown, combined with reliance on overseas immigration and education to support the market, could see these conditions continue beyond the other capital cities who are ahead of the curve in relation to recovery. 
“In Brisbane quicker recovery from the pandemic than expected, combined with a tight apartment supply pipeline, has seen the Brisbane market emerge in a very strong position for 2021 and beyond. 
“Coming off an extended period of low price growth Brisbane’s affordability is the best capital city side by side with Perth in the short to medium term.”
 
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jrobinson-rf4aSBido9

Australia drops down rankings in Knight Frank's Global House Price Growth Index

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How do Australian house prices compare to the rest of the world? REA's Nerida Conisbee

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Sydney has been ranked in top six of ultra-prime cities globally for number of residential sales above US $25 million, according to Knight Frank's assessment of the global ultra-prime residential market.
Hong Kong is the city with the highest number of ultra-prime sales, with New York and London ranked in second and third place.
Sarah Harding, Knight Frank partner for head of residential, said in a global market, Sydney remains the destination of choice for high net worth individuals due to a number of factors including the lifestyle and relative political stability.
“All ultra-prime transactions in Sydney over the past three years occurred in the Eastern Suburbs and all were for houses," Harding said.
"However, this is based on completed properties and we expect that off-plan sales will further increase these numbers when further prestige apartment buildings in Sydney are completed.
“In the 12 months ending August 2018, the total value of ultra-prime properties (over US $25 million) sold in Sydney was US $219 million across five transactions.
“Whilst Sydney is one of the smallest city markets in regard to transaction levels, it has some of the most spacious properties with the typical transaction encompassing plots of land, and an average saleable area of 1,976 square metres.
“Not only do the properties cover large areas, but the majority have waterfront views and a private swimming pool." 
The 12 month period to August 2018 shows a slight decline in Sydney from last year, but well up on the total value of transactions from 2015 and 2016.
The number of transactions in Sydney has been steady since 2015.
Click here to enlarge.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2018/12/11/Knight-Frank.jpg" alt="">
Knight Frank partner, Crown Residences at One Barangaroo, Erin van Tuil, said Sydney is now established as one of the world’s top ultra-prime city markets. 
"We have seen the reality of this in the market response to Crown Residences at One Barangaroo. Crown Residences has now offered UHNWIs a viable alternative to the traditional, free-standing harbour-side home in Sydney. 
“In Crown Residences, Sydney now has apartments that actually respond to the needs of UHNWIs; space, views, location, stunning design and of course the impeccable service of Crown Resorts. 
"I would expect to see transactions over US$25m increase over the coming years in Sydney.” 
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Sydney ranks in top six of ultra-prime cities globally for amount of prestige sales

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Australia continues to lead the world’s green building sector with further growth predicted over the next three years, according to a new global report.
The <a href="https://www.construction.com/toolkit/reports/world-green-building-trends-2018" target="_blank">World Green Building Trends 2018 SmartMarket Report</a>, released by Dodge Data and Analytics today, indicates support for the green building sector is growing globally, with organisations across the construction industry shifting towards more sustainable materials and practices.
It noted third-party certification systems such as the Green Building Council of Australia’s (GBCA) Green Star rating system were being used to make buildings perform more efficiently yielding both commercial and environmental gains.
“The drivers for green building in Australia are noted as market demand, client demand and improving occupant health and wellbeing.” the report states.
“Australia is also notably higher than the global average for each of these factors, demonstrating the sway they have on encouraging the green building market in this country.”
More than 2000 industry stakeholders across 86 countries, including architects, engineers, contractors, owners, consultants and investors, were surveyed for the report, including GBCA members.
It found 94% of Australian respondents are involved in green building projects, and a two-third majority (67%) report at least a moderate level of green activity, with 30% share or more of their work in the sector. Notably, 46% of respondents reported more than 60% of their projects were in the green building space, the highest of any country, and 64% expected by 2021 the majority of their work would be in green building.
GBCA Chief Executive Officer Romilly Madew said the results were a testament to the continued commitment and leadership of the Australian property sector to sustainably transform the built environment.
“Australia’s green building sector is continuing to innovate and is leading the world,” Madew said.
“The GBCA and its Green Star rating system continue to support the industry to set and maintain ambitious sustainability standards and provide guidance in the delivery of better outcomes on the ground for building owners, tenants, users and the broader community. 
“2018 has been monumental for the GBCA and just last month we certified our 2000th Green Star project.
“Understandably, commercial property continues to perform strongly in the adoption of green building in Australia driven by world-leading investor and market demand. Thirty-seven percent of Australia’s office space is now Green Star certified. 
“As green building expands we see huge growth opportunities in social infrastructure, led through government procurement, and in the residential sector.
“Investor demand to effectively manage climate risk and meet ambitious carbon reduction targets continues to be a major driver for green building. Increasingly though, there is a realisation of the wider social and economic benefits from a holistic approach to sustainability, for example improvements in health and well-being, amenity and liveability.
“The GBCA will continue to work with government and industry to ensure Australia continues to realise the benefits of its global leadership as evidenced in this report.”
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j.ballantyne1990-6AQqhLzZaK

Australia leading the way as green building booms globally

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GUEST OBSERVATION
Melbourne lost its “most liveable city” title and is confronting being runner-up to Vienna after seven years at the top. These rankings are based on The Economist Intelligence Unit’s Global Liveability Index, which “assesses which locations around the world provide the best or the worst living conditions”.
But the tool was actually designed to help companies decide how much “hardship” allowance they would need to pay employees who relocate. So, The Economist suggests that none of the top cities – including Melbourne, Vienna and other Australian cities – need a hardship allowance at all. But it recommends a 20% allowance for cities at the bottom of the ranking like Port Moresby, Tripoli and Karachi.
Despite the hype, the Global Liveability Index focuses on things that matter to expats, not citizens. This is different to what is important to the average person living in Vienna, Melbourne or any other city – such as housing affordability, walkability, access to public transport and education, and the number of bike paths.
What the index measures
The Economist’s Global Liveability Index uses 30 indicators to measure five categories of liveability: stability (safety), health care, culture and environment, education, and infrastructure. And 26 of the indicators are based on the “judgement of in-house expert country analysts and a field correspondent based in each city”.
These unknown critics score the performance of a city as acceptable, tolerable, uncomfortable, undesirable or intolerable.
There is no freely available information about the qualifications of these judges, why the categories were chosen to represent liveability, or how indicators in a category are weighted. While the summary report is free, a more detailed report will set you back US$620 and the actual data sets a smooth US$9,210, which we didn’t purchase. Our comments are based on the freely available information.
It appears that, beyond the well-designed league tables and flurry of media attention, The Economist’s Global Liveability Index is a mostly subjective rating with opaque methods for comparing cities.
Take for example the stability category. This includes crime, terror attacks and civil unrest, and makes up 25% of the total liveability score. Out of 100, Melbourne, Sydney and Adelaide are judged to be five points less “stable” than Vienna, Osaka and Toronto. But there is no information on how The Economist’s experts came up with this conclusion.
Some of the indicators could be objectively measured, such as the prevalence of violent and petty crime, but they are still given a rating by The Economist’s experts. It isn’t clear what types of crime are included in this decision or how they are weighted.
Two indicators rate the availability and quality of private education, but there are no equivalent indicators for public education. Most students (65.6%) in Australia are enrolled in government schools. So, for the average family in Australia the availability and quality of the public education system is more important than private.
And, most importantly, the index seems to miss the things that affect the lived experience of city residents. Although housing “quality” and the availability and quality of private education are included, housing affordability, traffic congestion, walkability and lack of public transport, bike paths and essential services don’t appear to be in the index.
Yet these are some of the real problems facing Australians.
What it doesn’t measure
Both Sydney and Melbourne got full points in the “infrastructure” category. This includes the quality of public transport and roads, international links and quality of water provision and telecommunications.
While this may be true for inner-city residents, our research has found that some suburbs – particularly those on the urban fringe – are less lucky. Public transport in particular is often missing in outer suburbs. The index doesn’t consider how liveability is distributed across a city and if some people are missing out.
It also doesn’t take into account the environmental sustainability of cities. One study, which compared the liveability score of cities with their ecological footprint, found that Vienna’s is almost half that of Sydney, Melbourne and Brisbane. However, none of these cities was found to be sustainable.
Better measures of liveability
If we really want to create liveable cities that promote the quality of life of citizens, we need transparent and objective measurements.
Our team has previously defined the key ingredients of a liveable city. These include safety, environmental sustainability and affordable and diverse housing linked by public transport, walking and cycling infrastructure to employment and the amenities needed for daily living.
These measures are based on our research of what affects the health and well-being of communities.

Chasing the hollow crown of the Global Liveability Index will not make Melbourne or any other city a better place to live. Instead, all levels of government should focus on creating and implementing policies that improve the liveability of cities for their residents.
Julianna Rozek, Research Officer, Healthy Liveable Cities Group, Centre for Urban Research, RMIT University
Billie Giles-Corti, Director, Urban Futures Enabling Capability Platform and Director, Healthy Liveable Cities Group, RMIT University
Lucy Gunn, Research Fellow, Centre for Urban Research, RMIT University
This article was originally published on <a href="http://theconversation.com" target="_blank">The Conversation</a>. Read the <a href="https://theconversation.com/the-worlds-most-liveable-city-title-isnt-a-measure-of-the-things-most-of-us-actually-care-about-101525" target="_blank">original article</a>.
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The ‘most liveable city’ title doesn't mean what you probably think it does

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The main story from this quarter’s data is of slowing growth. 
Overall, the index increased by 5.1% year-on-year compared with 6.3% last quarter, so the index’s lowest rate of annual growth since the start of 2016. 
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Although nearly nine in every ten of the countries tracked by our index recorded positive annual price growth in the year to September 2017, almost half saw their rate of annual growth decline compared with the previous quarter. 
The shift was most evident at the top of the rankings table. Thirteen of the 15 strongest- performing housing markets around the world registered a slowdown in their rate of annual growth in the year to September.
But Australia was placed seventh in Knight Frank’s Global House Price Index for the September quarter, surging 25 places from 2016.  
The global index tracks housing market performance across 56 countries worldwide.
Click here <a href="https://www.propertyobserver.com.au/images/2017/12/7/figure1.jpg" target="_blank">to enlarge.</a>
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/12/7/figure1.jpg" alt="">
Iceland leads our annual rankings with average prices ending the year to September 20.4% higher, down from 23.2% last quarter. Iceland has now topped our annual rankings for four consecutive quarters. 
Hong Kong has clung on to second place but data from the Hong Kong Ratings and Valuation Department shows price growth equated to only 1.7% in the three months to September. 
Estonia, Hungary and New Zealand have dropped out of the top ten this quarter. New Zealand slipped from 10th place to 27th as annualised price growth declined from 10.4% to 5.2%. Tighter lending conditions and plans to introduce a ban on foreign investors in 2018 have potentially reduced some of the speculative activity in the market.
Click here <a href="https://www.propertyobserver.com.au/images/2017/12/7/Figure2.jpg" target="_blank">to enlarge.</a>
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/12/7/Figure2.jpg" alt="">
This quarter marks the inclusion of Saudi Arabia within the index for the first time. Latest data shows prices slipped 5.4% on an annual basis meaning it is second only to Ukraine as the weakest-performing market. The oil-dependent Saudi economy is struggling to gain traction, which along with the recent introduction of a levy on expatriate workers is stifling housing demand.
The US and the UK are following different trajectories, mirroring their economic performance. Average prices in the US accelerated 6.2% over the 12-month period, up from 5.8% last quarter whilst the UK has incurred a marginal dip from 2.8% to 2.6%. The UK market remains highly localised with affordability a key concern in many markets.
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Click here <a href="https://www.propertyobserver.com.au/images/2017/12/7/Figure3.jpg" target="_blank">to enlarge.</a>
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China has slipped from 12th to 19th position in our rankings. House prices are now rising at their slowest rate for five quarters, up by 6.5% on an annual basis according to the National Bureau of Statistics.
European housing markets are firmly back in the spotlight. On average, the region recorded 5.6% annual price growth in the year to September, up from 2.3% three years ago. The good news for Europe doesn’t end there. Greece (0.7%) may finally see price growth reach positive territory over the next quarter after nine years of negative annual growth.
Despite Europe’s recent recovery, analysis over a five and 10-year period underlines the extent to which countries within Asia Pacific still rank amongst the highest performers. (Figure 4).
Click here <a href="https://www.propertyobserver.com.au/images/2017/12/7/Figure4.jpg" target="_blank">to enlarge.</a>
<a href="https://www.propertyobserver.com.au/images/2017/12/7/Figure4.jpg" target="_blank"><img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/12/7/Figure4.jpg" alt=""></a>
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The Knight Frank Global House Price Index, established in 2006, allows investors and developers to monitor and compare the performance of mainstream residential markets around the world. The index is compiled on a quarterly basis using official government statistics or central bank data where available. The index’s overall performance is weighted by GDP on a Purchasing Power Parity basis and the latest quarter’s data is provisional pending the release of all the countries’ results. 
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Australia surges to 7th place in weakening Global House Price Index: Knight Frank

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Knight Frank’s Global House Price Index: Q3 2017, which tracks housing market performance across 56 countries worldwide, has found that Australia defied the global trend by moving up to 7th position, maintaining 10.2 percent growth over the past quarter.
They move from 11th in the last quarter, also with a growth of 10.2 percent.
Overall, global house prices have increased by 5.1 percent in the year to September 2017. This is down from 6.3 percent growth the previous quarter.
The 5.1 percent growth represents the index's lowest rate of annual growth since the beginning of 2016.
Iceland leads the index for the 4th consecutive quarter, but its rate of growth has slowed.
European housing markets averaged 5.6% price growth in the year to September, up from 2.3% three years ago, while China has slipped from 12th to 19th position in the rankings as tighter macro-prudential regulations bite.
Knight Frank Australia's head of residential research Michelle Ciesielski noted Australia's strengthened position.
“The Global House Price Index has weakened, and now represents the lowest increase since the start of 2016. However, Australia’s annual price growth has been maintained at 10.2% in Q3 2017," she said.
“Interestingly, with weaker growth across the global marketplace, our ranking has moved up four spots to seventh place – we are also one of just seven cities tracked globally still performing with double-digit growth.
“Over the past five years to Q3 2017 the Asia Pacific region has dominated price growth led by India (76.1%), Hong Kong (60.1%) and New Zealand (56%).
“Australia was fifth in the region over this time, with total growth of 45.9%.” (See figure 4 below).
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/12/7/Figure4.jpg" alt="">
Sarah Harding, Head of Residential at Knight Frank Australia said that other capitals are making up for the Sydney drop.
"Although some of the heat has been taken out of the Sydney residential market of late, Melbourne, Hobart and Canberra are thriving – driving up total annual growth," Harding said.
“Additionally, the worst appears to be behind Perth’s residential markets and this is also contributing positively to the overall Australian performance.
“As investors find it increasingly harder to obtain finance, we’re experiencing more enquiries from owner-occupiers, including those looking to downsize, and we’re starting to see the return of first-time buyers to the market."
 
 
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Australia defies global trend in Global House Price Index: Knight Frank

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Sydney and Melbourne have again topped the global list for office rental performance, taking out the 2 top spots for annual prime office rental growth in the third quarter.
JLL’s latest <a href="http://www.jll.com/gmp/Global-Office-Index" target="_blank" style="font-size: 12.16px;">Global Office Index for Q3</a> shows Sydney way out in front globally in number one spot for annual growth between Q3 2016 and Q3 2017.  Sydney recorded 30.1% annual growth in prime rents.  Melbourne recorded 17.3% year-on-year growth for the same period, pushing it to the second global spot.
US cities came in next, with San Francisco Peninsula in third at 12.9% annual rental growth, New Jersey at 12.2% and Portland in 5th spot at 10.4%.
Click here <a href="https://www.propertyobserver.com.au/images/2017/11/29/Global%20office%20index.jpg" target="_blank">to enlarge.</a>
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JLL’s Head of Office Leasing – Australia, Tim O’Connor said, “Sydney has consistently featured in the Top 10 Global performers rankings for the past 5 years and Melbourne for the past 2 years.
“Two years ago, Sydney ranked number one, while Melbourne was ranked fifth. While the Sydney story has continued on the back of centralisation, stock withdrawals and growth from the technology sector in particular, Melbourne is now following hot on the heels.
“The sharp reduction in vacancy that precipitated the upward pressure in Sydney and Melbourne rents has been amplified by the lack of available new supply coming on line in the short term. The number of options for larger space users in existing stock now means demand will be expressed through additional pre-commitment activity,” said Mr O’Connor.
JLL Charts below showing global rental performance over the past 2 and 5 years for comparison of Sydney and Melbourne rankings two and five years ago:
Two year global rental performance. Click here <a href="https://www.propertyobserver.com.au/images/2017/11/29/2%20year%20global%20rental%20performance.jpg" target="_blank">to enlarge.</a>
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/11/29/2%20year%20global%20rental%20performance.jpg" alt="">
Five year global rental performance. Click here <a href="https://www.propertyobserver.com.au/images/2017/11/29/5%20year%20global%20rental%20performance.jpg" target="_blank">to enlarge.</a>
 <img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/11/29/5%20year%20global%20rental%20performance.jpg" alt="">
 
JLL’s Q3 <a href="http://www.jll.com/gmp/Global-Office-Index" target="_blank">Global Office Index</a> states that rental growth for prime offices across the 125 major markets covered by the JLL Global Office Index continued to pick up pace in Q3 2017, rising by 2.7% year-on-year. 
This was significantly above the 10-year average growth of 1.6%.
Momentum is expected to continue with above-average increases in 2018, with a projected uplift of 3% for the full year 2017 and 2.3% globally next year. 
JLL Head of Research – Australia, Andrew Ballantyne said, “Sydney and Melbourne effective rental growth was in double digit territory over 2016 and 2017. We expect that effective rental growth will ease back from this rate in 2018. 
“Nevertheless, Sydney and Melbourne effective rental growth is projected to remain above 7% in 2018 with the potential to be even higher if the competition for space exerts further downward pressure on leasing incentives,” said Mr Ballantyne. 
JLL’s Victorian Managing Director, David Bowden said, “Melbourne’s rental growth story has been strengthening since mid-2016. 
“Limited new supply and strong office sector demand have combined to put significant upward pressure on face rents. Asset owners took a while to adjust their incentive expectations however these started coming down at the end of 2016. 
“Melbourne’s CBD office market is benefiting from strong population growth which is fuelling business expansion in a diverse range of sectors. In 2016, the leasing market had the highest net absorption since 1978 and has remained strong in 2017, dominated by small business expansion which has accounted for over 63% of office sector demand. 
“New rental benchmarks have been set this year for both existing assets and for the new stock due to come to the market over 2018 – 2020,” Bowden said.
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Sydney and Melbourne rank top two globally for office rents growth: JLL

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Australia ranks above Taiwan and below Switzerland in the Global Property Guide with a price per square metre of $7,250 and annual yield at 4.39%.
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<td class="s0" colspan="4">GLOBAL PROPERTY GUIDE</td>
</tr>
<tr>
<td class="s1" colspan="4">RENTAL YIELDS GLOBAL PROPERTY GUIDE</td>
</tr>
<tr>
<td class="s2"> </td>
<td class="s2"> </td>
<td class="s2"> </td>
<td class="s2"> </td>
</tr>
<tr>
<td class="s3">Apartments in</td>
<td class="s4">Price/sq. m</td>
<td class="s4">Rent/mo.</td>
<td class="s5">Yield/ p.a</td>
<td class="s6"> </td>
<td class="s6"> </td>
<td class="s6"> </td>
<td class="s6"> </td>
<td class="s6"> </td>
<td class="s6"> </td>
<td class="s6"> </td>
<td class="s6"> </td>
<td class="s6"> </td>
<td class="s6"> </td>
<td class="s6"> </td>
<td class="s6"> </td>
<td class="s6"> </td>
<td class="s6"> </td>
</tr>
<tr>
<td class="s7">UK</td>
<td class="s8">€25,575.00</td>
<td class="s8">€8,213.00</td>
<td class="s8">3.21%</td>
</tr>
<tr>
<td class="s7">Hong Kong</td>
<td class="s8">$22,814</td>
<td class="s8">$6,431</td>
<td class="s8">2.82%</td>
</tr>
<tr>
<td class="s7">USA</td>
<td class="s8">$18,499</td>
<td class="s8">$7,225</td>
<td class="s8">3.91%</td>
</tr>
<tr>
<td class="s7">Singapore</td>
<td class="s8">$15,251</td>
<td class="s8">$4,332</td>
<td class="s8">2.83%</td>
</tr>
<tr>
<td class="s7">Japan</td>
<td class="s8">$14,409</td>
<td class="s8">$5,393</td>
<td class="s8">3.74%</td>
</tr>
<tr>
<td class="s7">France</td>
<td class="s8">€13,639.00</td>
<td class="s8">€3,938.00</td>
<td class="s8">2.89%</td>
</tr>
<tr>
<td class="s7">Russia</td>
<td class="s8">€11,866.00</td>
<td class="s8">€3,820.00</td>
<td class="s8">3.22%</td>
</tr>
<tr>
<td class="s7">India</td>
<td class="s8">$11,455</td>
<td class="s8">$2,540</td>
<td class="s8">2.22%</td>
</tr>
<tr>
<td class="s7">Austria</td>
<td class="s8">€10,807.00</td>
<td class="s8">€2,351.00</td>
<td class="s8">2.18%</td>
</tr>
<tr>
<td class="s7">Israel</td>
<td class="s8">$10,166</td>
<td class="s8">$2,318</td>
<td class="s8">2.28%</td>
</tr>
<tr>
<td class="s7">Switzerland</td>
<td class="s8">€10,020.00</td>
<td class="s8">€3,816.00</td>
<td class="s8">3.81%</td>
</tr>
<tr>
<td class="s7">Australia</td>
<td class="s8">$7,250</td>
<td class="s8">$3,182</td>
<td class="s8">4.39%</td>
</tr>
<tr>
<td class="s7">Taiwan</td>
<td class="s8">$7,112</td>
<td class="s8">$1,117</td>
<td class="s8">1.57%</td>
</tr>
<tr>
<td class="s7">Bermuda</td>
<td class="s8">$7,056</td>
<td class="s8">$5,597</td>
<td class="s8">4.76%</td>
</tr>
<tr>
<td class="s7">BVI</td>
<td class="s8">$6,469</td>
<td class="s8">$3,071</td>
<td class="s8">2.85%</td>
</tr>
<tr>
<td class="s7">Canada</td>
<td class="s8">$6,399</td>
<td class="s8">$2,672</td>
<td class="s8">4.18%</td>
</tr>
<tr>
<td class="s7">Finland</td>
<td class="s8">€6,214.00</td>
<td class="s8">€2,254.00</td>
<td class="s8">3.63%</td>
</tr>
<tr>
<td class="s7">Italy</td>
<td class="s8">€5,930.00</td>
<td class="s8">€2,288.00</td>
<td class="s8">3.86%</td>
</tr>
<tr>
<td class="s7">Luxembourg</td>
<td class="s8">€5,669.00</td>
<td class="s8">€2,180.00</td>
<td class="s8">3.85%</td>
</tr>
<tr>
<td class="s7">UAE</td>
<td class="s8">$5,538</td>
<td class="s8">$3,340</td>
<td class="s8">6.03%</td>
</tr>
<tr>
<td class="s7">New Zealand</td>
<td class="s8">$4,964</td>
<td class="s8">$1,765</td>
<td class="s8">6.09%</td>
</tr>
<tr>
<td class="s7">Netherlands</td>
<td class="s8">€4,907.00</td>
<td class="s8">€2,675.00</td>
<td class="s8">5.45%</td>
</tr>
<tr>
<td class="s7">Denmark</td>
<td class="s8">€4,279.00</td>
<td class="s8">€2,071.00</td>
<td class="s8">4.84%</td>
</tr>
<tr>
<td class="s7">South Africa</td>
<td class="s8">$4,214</td>
<td class="s8">$1,636</td>
<td class="s8">3.88%</td>
</tr>
<tr>
<td class="s7">Cayman Is.</td>
<td class="s8">$4,163</td>
<td class="s8">$3,018</td>
<td class="s8">7.25%</td>
</tr>
<tr>
<td class="s7">Germany</td>
<td class="s8">€4,078.00</td>
<td class="s8">€1,362.00</td>
<td class="s8">3.34%</td>
</tr>
<tr>
<td class="s7">Brazil</td>
<td class="s8">$3,751</td>
<td class="s8">$1,765</td>
<td class="s8">4.71%</td>
</tr>
<tr>
<td class="s7">Lebanon</td>
<td class="s8">$3,693</td>
<td class="s8">$2,082</td>
<td class="s8">4.51%</td>
</tr>
<tr>
<td class="s7">Thailand</td>
<td class="s8">$3,638</td>
<td class="s8">$1,837</td>
<td class="s8">5.05%</td>
</tr>
<tr>
<td class="s7">Bahamas</td>
<td class="s8">$3,632</td>
<td class="s8">$2,964</td>
<td class="s8">8.16%</td>
</tr>
<tr>
<td class="s7">St Kitts and Nevis</td>
<td class="s8">$3,496</td>
<td class="s8">$1,712</td>
<td class="s8">4.90%</td>
</tr>
<tr>
<td class="s7">Spain</td>
<td class="s8">€3,442.00</td>
<td class="s8">€1,345.00</td>
<td class="s8">3.91%</td>
</tr>
<tr>
<td class="s7">Czech Rep.</td>
<td class="s8">€3,384.00</td>
<td class="s8">€1,415.00</td>
<td class="s8">4.18%</td>
</tr>
<tr>
<td class="s7">Turkey</td>
<td class="s8">€3,324.00</td>
<td class="s8">€1,346.00</td>
<td class="s8">4.05%</td>
</tr>
<tr>
<td class="s7">St Martin</td>
<td class="s8">$3,267</td>
<td class="s8">$4,000</td>
<td class="s8">4.90%</td>
</tr>
<tr>
<td class="s7">Philippines</td>
<td class="s8">$3,156</td>
<td class="s8">$2,369</td>
<td class="s8">7.51%</td>
</tr>
<tr>
<td class="s7">Martinique</td>
<td class="s8">$2,979</td>
<td class="s8">$1,524</td>
<td class="s8">5.12%</td>
</tr>
<tr>
<td class="s7">Guadeloupe</td>
<td class="s8">$2,925</td>
<td class="s8">$1,445</td>
<td class="s8">4.94%</td>
</tr>
<tr>
<td class="s7">Cambodia</td>
<td class="s8">$2,913</td>
<td class="s8">$1,553</td>
<td class="s8">5.33%</td>
</tr>
<tr>
<td class="s7">Malaysia</td>
<td class="s8">$2,873</td>
<td class="s8">$1,004</td>
<td class="s8">3.50%</td>
</tr>
<tr>
<td class="s7">Slovenia</td>
<td class="s8">€2,843.00</td>
<td class="s8">€1,268.00</td>
<td class="s8">4.46%</td>
</tr>
<tr>
<td class="s7">Ukraine</td>
<td class="s8">€2,807.00</td>
<td class="s8">€2,550.00</td>
<td class="s8">9.09%</td>
</tr>
<tr>
<td class="s7">Andorra</td>
<td class="s8">€2,761.00</td>
<td class="s8">€942.00</td>
<td class="s8">3.41%</td>
</tr>
<tr>
<td class="s7">Chile</td>
<td class="s8">$2,749</td>
<td class="s8">$1,714</td>
<td class="s8">6.23%</td>
</tr>
<tr>
<td class="s7">Malta</td>
<td class="s8">€2,748.00</td>
<td class="s8">€888.00</td>
<td class="s8">3.23%</td>
</tr>
<tr>
<td class="s7">Indonesia</td>
<td class="s8">$2,692</td>
<td class="s8">$2,395</td>
<td class="s8">8.90%</td>
</tr>
<tr>
<td class="s7">Mexico</td>
<td class="s8">$2,635</td>
<td class="s8">$2,045</td>
<td class="s8">7.76%</td>
</tr>
<tr>
<td class="s7">Argentina</td>
<td class="s8">$2,632</td>
<td class="s8">$2,032</td>
<td class="s8">7.72%</td>
</tr>
<tr>
<td class="s7">Latvia</td>
<td class="s8">€2,618.00</td>
<td class="s8">€1,228.00</td>
<td class="s8">4.92%</td>
</tr>
<tr>
<td class="s7">Greece</td>
<td class="s8">€2,572.00</td>
<td class="s8">€984.00</td>
<td class="s8">3.83%</td>
</tr>
<tr>
<td class="s7">Poland</td>
<td class="s8">€2,482.00</td>
<td class="s8">€1,666.00</td>
<td class="s8">6.71%</td>
</tr>
<tr>
<td class="s7">Belgium</td>
<td class="s8">€2,420.00</td>
<td class="s8">€1,338.00</td>
<td class="s8">5.53%</td>
</tr>
<tr>
<td class="s7">Estonia</td>
<td class="s8">€2,373.00</td>
<td class="s8">€1,016.00</td>
<td class="s8">4.28%</td>
</tr>
<tr>
<td class="s7">Trinidad &amp; T.</td>
<td class="s8">$2,334</td>
<td class="s8">$1,607</td>
<td class="s8">6.88%</td>
</tr>
<tr>
<td class="s7">Serbia</td>
<td class="s8">€2,239.00</td>
<td class="s8">€994.00</td>
<td class="s8">4.44%</td>
</tr>
<tr>
<td class="s7">Peru</td>
<td class="s8">$2,074</td>
<td class="s8">$1,206</td>
<td class="s8">5.81%</td>
</tr>
<tr>
<td class="s7">Morocco</td>
<td class="s8">$2,015</td>
<td class="s8">$1,217</td>
<td class="s8">6.04%</td>
</tr>
<tr>
<td class="s7">Panama</td>
<td class="s8">$2,001</td>
<td class="s8">$1,799</td>
<td class="s8">8.99%</td>
</tr>
<tr>
<td class="s7">Lithuania</td>
<td class="s8">€1,998.00</td>
<td class="s8">€1,195.00</td>
<td class="s8">5.98%</td>
</tr>
<tr>
<td class="s7">Slovak Rep.</td>
<td class="s8">€1,982.00</td>
<td class="s8">€1,110.00</td>
<td class="s8">5.60%</td>
</tr>
<tr>
<td class="s7">Colombia</td>
<td class="s8">$1,893</td>
<td class="s8">$1,213</td>
<td class="s8">6.41%</td>
</tr>
<tr>
<td class="s7">St Lucia</td>
<td class="s8">$1,860</td>
<td class="s8">$1,108</td>
<td class="s8">3.57%</td>
</tr>
<tr>
<td class="s7">Cyprus</td>
<td class="s8">€1,790.00</td>
<td class="s8">€757.00</td>
<td class="s8">4.23%</td>
</tr>
<tr>
<td class="s7">Portugal</td>
<td class="s8">€1,771.00</td>
<td class="s8">€1,022.00</td>
<td class="s8">5.77%</td>
</tr>
<tr>
<td class="s7">Croatia</td>
<td class="s8">€1,764.00</td>
<td class="s8">€1,072.00</td>
<td class="s8">6.07%</td>
</tr>
<tr>
<td class="s7">Costa Rica</td>
<td class="s8">$1,642</td>
<td class="s8">$1,147</td>
<td class="s8">8.38%</td>
</tr>
<tr>
<td class="s7">Romania</td>
<td class="s8">€1,537.00</td>
<td class="s8">€1,193.00</td>
<td class="s8">7.76%</td>
</tr>
<tr>
<td class="s7">Hungary</td>
<td class="s8">€1,528.00</td>
<td class="s8">€1,154.00</td>
<td class="s8">7.55%</td>
</tr>
<tr>
<td class="s7">Aruba</td>
<td class="s8">$1,455</td>
<td class="s8">$1,774</td>
<td class="s8">7.32%</td>
</tr>
<tr>
<td class="s7">Jamaica</td>
<td class="s8">$1,404</td>
<td class="s8">$1,369</td>
<td class="s8">9.75%</td>
</tr>
<tr>
<td class="s7">Montenegro</td>
<td class="s8">€1,400.00</td>
<td class="s8">€1,055.00</td>
<td class="s8">7.53%</td>
</tr>
<tr>
<td class="s7">Nicaragua</td>
<td class="s8">$1,342</td>
<td class="s8">$1,596</td>
<td class="s8">7.13%</td>
</tr>
<tr>
<td class="s7">Ecuador</td>
<td class="s8">$1,278</td>
<td class="s8">$1,027</td>
<td class="s8">8.04%</td>
</tr>
<tr>
<td class="s7">Bulgaria</td>
<td class="s8">€1,222.00</td>
<td class="s8">€566.00</td>
<td class="s8">4.64%</td>
</tr>
<tr>
<td class="s7">Jordan</td>
<td class="s8">$1,211</td>
<td class="s8">$1,290</td>
<td class="s8">10.65%</td>
</tr>
<tr>
<td class="s7">El Salvador</td>
<td class="s8">$1,193</td>
<td class="s8">$1,013</td>
<td class="s8">8.49%</td>
</tr>
<tr>
<td class="s7">Kenya</td>
<td class="s8">$1,188</td>
<td class="s8">$820</td>
<td class="s8">6.90%</td>
</tr>
<tr>
<td class="s7">Macedonia</td>
<td class="s8">€1,134.00</td>
<td class="s8">€565.00</td>
<td class="s8">4.98%</td>
</tr>
<tr>
<td class="s7">Puerto Rico</td>
<td class="s8">$1,103</td>
<td class="s8">$801</td>
<td class="s8">7.26%</td>
</tr>
<tr>
<td class="s7">Moldova</td>
<td class="s8">€965.00</td>
<td class="s8">€965.00</td>
<td class="s8">10.00%</td>
</tr>
<tr>
<td class="s7">Egypt</td>
<td class="s8">$831</td>
<td class="s8">$977</td>
<td class="s8">9.40%</td>
</tr>
<tr>
<td class="s7">Tanzania</td>
<td class="s8">$700</td>
<td class="s8">$500</td>
<td class="s8">8.57%</td>
</tr>
<tr>
<td class="s7">Gambia</td>
<td class="s8">$667</td>
<td class="s8">$330</td>
<td class="s8">5.94%</td>
</tr>
<tr>
<td class="s7">Madagascar</td>
<td class="s8">$520</td>
<td class="s8">$320</td>
<td class="s8">7.38%</td>
</tr>
<tr>
<td height="15"> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr>
<td class="s9" colspan="4">SOURCE: globalpropertyguide.com with mixed pricing</td>
</tr>
</tbody>
</table>
</body></html>

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