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

Joel Robinson

The Eveleigh brings house-like apartments to Broadbeach

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

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

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

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

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

<main data-perf-region="main">
Castle Hill, the longtime hub of the Hills District, has been one of the major beneficiaries of Sydney's Metro expansion, with improved connectivity helping drive continued population growth, development and buyer demand across the Hills District.

But despite that growth, the suburb has seen relatively few major new apartment projects brought to market over the past 18 months.

Hills District developer Reve Group is looking to fill that gap with <a href="https://www.apartments.com.au/new-apartments/nova-r-ve-castle-hill-2-garthowen-crescent-castle-hill-nsw-2154">Nova Rêve</a>, a major new mixed-use precinct on the corner of Garthowen Crescent and Old Castle Hill Road, a short walk from Castle Hill Metro Station and Castle Towers.

[smartcode_project:default project_id=152737 project_image_fid=377679]

The project will comprise three residential towers alongside a hotel, restaurants, cafes and a skybar, more than 1,600 sqm of ground-floor retail and almost an acre of landscaped gardens.

It represents the largest project undertaken by Reve Group, the development arm of the Kassis family, which has been building across the Hills District for more than 30 years through Kassis Homes.

[smartcode_project:default project_id=152737 project_image_fid=377675]

Nova Rêve also represents a significant step up from the family's first apartment development, Grand Rêve, which was delivered nearby on Garthowen Crescent.

Grand Rêve introduced larger, house-like apartment layouts and premium inclusions including Wolf and Sub-Zero appliances to the Castle Hill market.

Nova Rêve takes that approach to a precinct scale, combining the residential component with hospitality, retail and substantial public and resident landscaping.

[smartcode_project:default project_id=152737 project_image_fid=377685]

Reve Group Managing Director Sam Kassis said the project reflected the family's three decades of building in the Hills, which has evolved from trophy homes on quarter-acre blocks to larger-scale apartment development.

"Grand Rêve was our first apartment project here and it showed us what this pocket of Castle Hill could be. Nova Rêve is the refinement of that idea: not just apartments, but a place the whole suburb can use," Kassis said.

A key part of that approach is the hotel, which has been designed to operate as an amenity for the wider Castle Hill community rather than solely hotel guests.

It will include restaurants, cafes, skybars and all-day dining, alongside conference and event facilities catering to business functions, community groups and private events.

At ground level, more than 1,600 sqm of shops and cafes will open onto the surrounding streets and landscaped areas.

Almost an acre of gardens designed by Land and Form Studios will run through the precinct, incorporating pathways, seating, barbecue areas and children's play spaces.

[smartcode_project:default project_id=152737 project_image_fid=377680]

Reve Group's Romio Georges said creating an active ground plane had been central to the planning of Nova Rêve.

"There are gardens with pathways, barbecues, seating and play areas, shops and cafes opening onto the street, and a hotel with restaurants and a skybar that anyone in Castle Hill can walk into," Georges said.

The project's elevated position on one of Sydney's highest ridgelines will also provide apartments with outlooks toward the Sydney skyline, surrounding parkland and the Blue Mountains.

More than 80 per cent of the apartments will occupy corner positions, with Turner responsible for both the architecture and interiors.

&nbsp;

[smartcode_project_cta:default project_id=152737]

<h3 data-end="3697" data-section-id="q3n5ak" data-start="3672">&nbsp;</h3>
</main>

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

House Price

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<div>The ONS released its latest data in the UK which showed that inflation or CPI has dug in obdurately at zero year-on-year (a 0.4 reading drops off next month too, so we could be heading negative), suggesting that interest rate hikes are as far as way as they ever were, even after seven years at the effective zero lower bound.</div>
<div> </div>
<div>The latest house prices indices from the ONS for July 2015 showed prices rising over the past year in England (+5.6%) with the mix-adjusted average house price in England rising to an all-time high of £299,000.
</div>
<div> House prices in England have busted through record highs and are now +19.1% from their pre-downturn peak of January 2008 in seasonally adjusted terms.</div>
<div> </div>
<div>By comparison growth over the past year has been flat in Wales (+0.3%) and negative in Scotland (-1.3%), while house prices in Northern Ireland remain a whopping -42.3% below their crazy August 2007 peak levels in seasonally adjusted terms. Woosah.</div>
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<div><a href="/images/2015/09/17/UK2.jpg" target="_blank">Click to enlarge</a></div>
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<div><img src="/images/2015/09/17/UK2.jpg" alt=""></div>
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<div> </div>
<div>
London house prices continued to power on to a new high of £525,000 (not seasonally adjusted), while annual price gains have been driven largely by the areas immediately surrounding London, namely the East (+8.3%) and the South East (+6.7%) of England. 
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<div><a href="/images/2015/09/17/UK1.jpg" target="_blank">Click to enlarge</a></div>
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<div><img src="/images/2015/09/17/UK1.jpg" alt=""></div>
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<div> </div>
<div>
<div>In short, since the January 2008 peak if you've owned property in London (+46.2% in seasonally adjusted terms), or in nearby cities such as Cambridge or Oxford, then you have continued to do exceptionally well. </div>
<div> </div>
<div>House prices in seasonally adjusted terms are also up reasonably strongly in the areas surrounding London such as the South East (+20.0%) and East (+18.8%) since the preceding January 2008 peak.</div>
<div> </div>
<div>Elsewhere prices are now rising again but in real terms are generally well below previous peaks, although in nominal terms 7 of the 9 regions have finally recovered to hit new highs.</div>
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<div><a href="/images/2015/09/17/HPI.jpg" target="_blank">Click to enlarge</a></div>
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<div><img src="/images/2015/09/17/HPI.jpg" alt=""></div>
<div> </div>
<div>At a national level the UK house price index sits at 216.9 which is +16.9% higher than the pre-downturn peak of 185.5 seen in January 2008, with London and the South East accounting for the bulk of the increase. </div>
<div> </div>
<div>
PETE WARGENT is the co-founder of <a href="https://allenwargent.com/" target="_blank" rel="nofollow">AllenWargent</a> property buyers (London, Sydney) and a best-selling author and <a href="https://petewargent.blogspot.com/" target="_blank" rel="nofollow">blogger</a>. 
His latest book is <a href="https://www.bigskypublishing.com.au/Books/General-Interest/Four-Green-Houses--and-a-Red-Hotel/1015/productview.aspx" target="_blank" rel="nofollow">Four Green Houses and a Red Hotel</a>.
</div>
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pwargent-M4siyDbqQY

England house prices power on: Pete Wargent

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Enter housing price growth into the topic although make sure if you want to be right that you always select the plural.
For example, those in the real estate industry always focus on suburban or post code housing price growth. What we are reading now are housing price growth predictions of significant drops for Sydney and Melbourne which just so happen to be Australia’s largest and most active markets.
Allow me to put this into perspective given most have failed miserably in educating readers as to what exactly this means. Let’s say for the sake of this argument you own a house in Mosman – in six months’ time the value of your home will in all probability have gone up due to record low stock levels. However, if you had recently acquired an investment off – the – plan apartment, in six months’ time that would have definitely dropped well below the purchase price.
Recently we learnt that the Australian banks are no longer lending to foreign buyers and many areas across Sydney have now been black listed from obtaining any loans due to a significant oversupply of property. We need to bear in mind that whenever we see major price adjustments to real estate this can only happen when you have an acute oversupply.
The final nail in the housing investment market was delivered this week in the NSW budget when stamp duty payable by foreign buyers would be hit with a new four (4) per cent surcharge. On top of that they will also be hit with an additional 0.75 per cent land tax surcharge on residential real estate. If ever these tens of thousands of foreign buyers needed a reason to walk away from their deposits they certainly have one now.
To add further confusion to this potential housing catastrophe nobody can answer does this surcharge apply to those investors who have already paid their deposit and are yet to pay stamp duty? If history is anything to go by then you would say confidently that it does. The major lenders would be hoping that it does as they would be hoping that many of their new lending clients walk away from their deposits as that significantly reduces their exposure. Although this can be a double whammy if they are also funding the developer – so this is the double – edged property sword.
We should also clean up some incorrect speculation from commentators that this new surcharge will have a significant effect on home prices too. Well it won’t because these foreign buyers can only buy off – the – plan so it won’t play any part in the established housing markets.
One would have to say that the new surcharges will be a total failure although it is disappointing that the NSW government did absolutely no due diligence with what the long term effect would be on the housing markets other than to drive the investment real estate markets values down. The tax that should have been brought down was a tax against those investors who land bank because they would make plenty from that given a large percentage of foreign buyers leave these properties vacant.
The NSW government would be very concerned that stamp duty received from the established property markets is in significant decline although there is no mention of that as all the revenue has arrived thanks to a robust investment market, hence the new surcharge. Should the new surcharge tax turn out to be a dismal failure which I believe it will then the NSW government will be forced into hopefully a complete review of property taxes.
Everyone in the real estate industry knows full well that the reason for record low stock levels is entirely due to home owners baulking at paying exhorbitant stamp duty, so instead they are renovating. One day the NSW government will explore a broad based land tax paid annually by home owners as a logical replacement to stamp duty with Australian residents receiving a discounted rate.
One would think by now that policies on the run are usually always met with disaster where the last example was the failed and now abolished mining tax.
MOSMAN – 2088
Number of houses on the market this time last year – 55
Number of houses on the market last week – 51
Number of houses on the market this week – 48
Number of apartments on the market this time last year – 66
Number of apartments on the market last week – 41
Number of apartments on the market this week – 41
CREMORNE – 2090 
Number of houses on the market this time last year – 13
Number of houses on the market last week – 10
Number of houses on the market this week – 13
Number of apartments on the market this time last year – 11
Number of apartments on the market last week – 18
Number of apartments on the market this week – 18
NEUTRAL BAY – 2089 
Number of houses on the market this time last year – 3
Number of houses on the market last week – 8
Number of houses on the market this week – 7
Number of apartments on the market this time last year – 29
Number of apartments on the market last week – 19
Number of apartments on the market this week – 19
ROBERT SIMEON is a director of <a href="https://www.rwm.com.au/" target="_blank" title="RWM" rel="nofollow">Richardson Wrench Mosman and Neutral Bay</a> and has been selling residential real estate in Sydney since 1985.  He has also been writing real estate blog <a href="https://www.rwm.com.au/news/" target="_blank" title="Virtual Realty News" rel="nofollow">Virtual Realty News</a> since 2000.
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robertsimeon-hRNTwJyXkQ

Home truths needed on housing debate: Robert Simeon

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 After CoreLogic recently reported a median house price of $835,000 in Sydney, Property Observer went searching for what that got.
Starting at the lower range of the median price, $825,000 will comfortable purchase a six-bedroom, four-bathroom house on Lot 9, <a href="https://www.realestate.com.au/property-house-nsw-jordan+springs-123144814" target="_blank">Lakeside Parade in Jordan Springs</a> (above) in Sydney’s greater west, due to be completed in December. The offer is stamp-duty free. 
Keeping in Sydney’s western suburbs, $835,000 will also purchase a four-bedroom, two-bathroom, single-storey house on <a href="https://www.realestate.com.au/property-house-nsw-caddens-123373594" target="_blank">77 Barnea Avenue, Caddens</a> (below). The brand new house is located on a 410 square metre block of land. 
<img src="/images/2016/08/31/Screen%20Shot%202016-08-31%20at%206.02.41%20PM.png" alt=""> 
The median price will also purchase a four-bedroom, two-bathroom house at <a href="https://www.realestate.com.au/property-house-nsw-emu+plains-123305666" target="_blank">69 Brougham Street, Emu Plains</a> (below). The luxury house was built by ZAC Homes. 
<img src="/images/2016/08/31/Screen%20Shot%202016-08-31%20at%206.03.48%20PM.png" alt=""> 
Still within the median price range, a three-bedroom, one-bathroom house at <a href="https://www.realestate.com.au/property-house-nsw-toongabbie-123361826" target="_blank">36 The Crescent in Toongabbie</a> (below). The newly renovated home has a low-maintenance yard which features a veggie patch. 
<img src="/images/2016/08/31/Screen%20Shot%202016-08-31%20at%206.05.06%20PM.png" alt="">
The five-bedroom, three-bathroom house at <a href="https://www.realestate.com.au/property-house-nsw-st+clair-122954230" target="_blank">5 Tulloch Place, St Claire</a> (below) was recently sold for between $839,950 and $879,950. The newly renovated house sits on 672 square metres of land.
<img src="/images/2016/08/31/Screen%20Shot%202016-08-31%20at%206.06.58%20PM.png" alt="">
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jonathanchancellor-7SQnKwU6yx

What the $835,000 median house price gets in Sydney

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EXPERT OBSERVER
The Westpac/Melbourne Institute survey of consumer sentiment index fell by 1.8 per cent in January after falling by 1.9 per cent in December. The index stands at 93.4 points. Consumer sentiment is below the longer term average of 101.5 points. A reading below 100 points denotes pessimism.
The Westpac/Melbourne Institute survey of consumer sentiment includes a view on house prices. The house price index rose by 8.1 per cent in January to be up 58 per cent on the year.
In trend terms, the Internet Vacancy Index increased by 0.6 per cent in December – the biggest gain in 22 months. There are record vacancies for teachers ("Education Professionals").
<div title="Page 1">
The internet job vacancies data is a leading indicator of the job market and therefore important for consumer-focussed stocks and companies. The consumer confidence figures have implications for retailers, and other consumer-focussed businesses.
<h2>What does it all mean?</h2>
<ul>
<li>No surprises in the monthly consumer confidence report with findings in line with the more timely weekly reports. The bushfires and East Coast drought are occupying people's thoughts at present. The worry is that the economy will soften in response to the natural disasters. Aussie consumers are not yet focussed on the substantial recovery and rebuilding operations ahead. 
</li>
<li>Views on the economy are clearly more downbeat compared with consumer views on their own finances and the outlook for those finances. Overall conservatism may prevent people from engaging in retail therapy, preferring instead to save and reduce debt or help others through charity donations. 
</li>
<li>The one stand-out feature of the monthly consumer confidence report is the question on house prices. And it is clear that Aussie consumers expect house prices to soar over 2020. The house price expectations index lifted 8.1 per cent in January to be up a massive 58 per cent on the year. <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/2020/1/22/5_Graph%202.jpg" alt="" width="620" height="203"> 
</li>
<li>While positive for home owners and buyers, higher home prices are negative for budding first home buyers. The latest result is certainly something for Reserve Bank policymakers to think about. 
</li>
<li>The good news is that three indicators are pointing to better times for the job market – the skilled vacancy report, ABS job vacancies and the Westpac-Melbourne Institute unemployment expectations index. 
</li>
<li>Across Australia there is a record number of job vacancies for Education Professionals, Health and Welfare Support Workers and Health Diagnostic and Therapy Professionals. 
</li>
<li>Across states and territories, skilled job vacancies are at record highs in the ACT. And encouraging signs for Western Australia with vacancies lifting in the past seven months.</li>
</ul>
<h2>What do the figures show?</h2>
Consumer confidence
<ul>
<li>The Westpac/Melbourne Institute survey of consumer sentiment index fell by 1.8 per cent in January after falling by 1.9 per cent in December. The index stands at 93.4 points. Consumer sentiment is below the longer term average of 101.5 points. A reading below 100 points denotes pessimism. 
</li>
<li>The current conditions index fell by 0.7 per cent. And the expectations index fell by 2.6 per cent. 
</li>
<li>
Three of the five components of the index fell in January: 
</li>
<ul>
<li>The estimate of family finances compared with a year ago rose by 0.7 per cent to 82.0 points;</li>
<li>The estimate of family finances over the next year rose by 0.9 per cent to 99.0 points;</li>
<li>Economic conditions over the next 12 months fell by 5.4 per cent to 84.8 points;</li>
<li>Economic conditions over the next 5 years fell by 3.7 per cent to 87.9 points;</li>
<li>The measure on whether it was a good time to buy a major household item fell by 1.8 per cent to 113.4 points 
</li>
</ul>
<li>
Housing outlook: A good time to buy a dwelling? The index rose by 5.7 per cent to 118.8 points to be up by 3.4 per cent on the year. House price expectations rose by 8.1 per cent to 151.5 points to be up by 58 per cent on a year ago. 
</li>
<li>
Unemployment expectations fell by 2.9 per cent to 134.0 points (implying a firmer job market).</li>
</ul>
Skilled Job Vacancies - December <ul>
<li>
The Department of Employment Internet Vacancy Index rose by 0.6 per cent in December. The index is 7.9 per cent lower than a year ago, although it is up 9.6 per cent above the level recorded five years ago. 
</li>
<li>
Occupations: In December 2019 "Job advertisements increased in four of the eight occupational groups. The strongest gains were recorded for Professionals and Technicians and Trades Workers (both occupations up by 0.9 per cent), and Community and Personal Service Workers (0.6 per cent)." 
</li>
<li>Over the year to December 2019 "Job advertisements decreased in all occupational groups. The strongest declines were recorded for Machinery Operators and Drivers (down by 14.2 per cent), Sales Workers (12.3 per cent), Labourers (11.8 per cent), Clerical and Administrative Workers (11.2 per cent) and Managers (10.6 per cent)." <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/2020/1/22/6_GRAPH.jpg" alt="" width="609" height="209" style="caret-color: #000000; color: #000000; font-style: normal;"> 
</li>
<li>
Detailed occupations: Over the year to December 2019, "seven of the 48 detailed occupational groups recorded increases in job advertisements. The largest increase was recorded for Health Diagnostic and Therapy Professionals (up by 520 job advertisements), followed by Education Professions (360)". 
</li>
<li>"The largest decrease over the year was recorded for General-Inquiry Clerks, Call Centre Workers, and Receptionists (down by 1440 job advertisements)." </li>
<li>
States/Territories: Job vacancies increased in six states and territories in December: NSW (up by 0.4 per cent), Victoria (up by 1.0 per cent); Queensland (down by 0.1 per cent); South Australia (down by 0.4 per cent); Western Australia (up by 0.9 per cent); Tasmania (up by 0.5 per cent); Northern Territory (up by 1.6 per cent); and ACT (up by 0.6 per cent).</li>
<li>Over the year to December 2019, job vacancies rose in one state and one territory: NSW (down by 14.1 per cent), Victoria (down by 7.5 per cent); Queensland (down by 5.9 per cent); South Australia (down by 2.8 per cent); Western Australia (up by 2.6 per cent); Tasmania (down by 9.5 per cent); Northern Territory (down by 9.7 per cent); and ACT (up by 10.8 per cent). 
</li>
<li>
Regions: Over the year to December 2019, in three month moving average terms, job advertisements increased in 14 of the 37 IVI regions and remained steady in one. The strongest increases were recorded in Yorke Peninsula &amp; Clare Valley SA (up by 15.8 per cent), followed by Bendigo &amp; High Country VIC (9.4 per cent), South West Western Australia (8.8 per cent), Canberra &amp; ACT (8.4 per cent) and Blue Mountains, Bathurst &amp; Central West NSW (7.1 per cent). 
</li>
<li>The strongest decreases in job advertisements were recorded in Sydney (down by 16.6 per cent), followed by NSW North Coast (15.1 per cent), Darwin (13.8 per cent), Launceston and Northeast Tasmania (13.1 per cent), and Tamworth and North West NSW (12.9 per cent). 
</li>
<li>Canberra &amp; ACT (up by 8.4 per cent) and Perth (3.6 per cent) were the only capital city regions to record an increase in job advertisements over the year to December 2019."</li>
</ul>
<h2>What is the importance of the economic data?</h2>
<ul>
<li>Westpac and the Melbourne Institute release the Index of Consumer Sentiment each month. According to Melbourne Institute: "The survey of consumer sentiment was first undertaken in 1973 and was conducted on a quarterly basis until 1976, a six-weekly basis from 1976 to 1986, and has been conducted monthly ever since." Confident consumers may be more inclined to spend, especially on major items. 
</li>
<li>The Department of Employment releases a monthly Internet Vacancy Index. The index is based on a count of online job advertisements newly lodged on three main job boards (SEEK, CareerOne and Australian JobSearch) during the month. The index is the only publicly available source of detailed data for online vacancies, including around 350 occupations (at all skill levels), as well as for all states/territories and 37 regions.</li>
</ul>
<h2>What are the implications for interest rates and investors?</h2>
<ul>
<li>Consumers generally remain cautious. But where they are positive is in terms of the outlook for the housing market, expecting prices to rise in the months ahead. The hope is that rising home prices can boost wealth levels, confidence and consumer borrowing capacity and, in turn, boost spending – especially 'big ticket' items like cars. 
</li>
<li>The job market seems to be moving in the right direction. Indeed if the lift in vacancies leads to lower jobless rates, the Reserve Bank will be less inclined to cut rates. The December jobs data is out tomorrow and inflation data is released on January 29. </li>
</ul>
CRAIG JAMES is the chief economist at <a href="https://www.comsec.com.au/default.aspx" target="_blank">CommSec</a>. 
 
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cjames-5S2v74qSNK

House prices expected to soar: CommSec's Craig James

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Sydney is not alone in seeing the end of the property boom with mild house price declines now a reality for some vendors.
The end of the ever-upward price cycle is actually happening across the world, from London to Beijing to Sydney.
After a five year boom that saw the median price up 75 percent, Sydney has belatedly joined others among the world's most sought-after cities where prices are coming back at bit.
Each city has their own set of circumstances, though there are some uniting threads too.
Many have had tax changes expressly introduced to dampen demand.
Many cities have prices somewhat out of kilter with housing affordability and the current trend of household income stagnation.
There are also tougher lending standards - and in our case a banking royal commission - that have combined to undermine the prevailing market.
Sydney doesn't have the troubling Brexit issue which has contributed to price falls in the UK capital.
But like Sydney, London sales volumes are down and more properties are being offered for sale as sentiment turns, especially within central London's best districts where prices are down 17.6 percent since the 2014 peak.
Prime London prices have been weakening since the 2014 stamp duty hike, according to research by Savills, with London's housing slowdown now spreading to other prime markets in the commuter belt. At the same time London developers have record numbers of pricey apartments, likely creating a glut.
In New York, the same trend with home sales in New York's most expensive boroughs falling now for three quarters, as inventory rises and sales volumes sits 17 percent lower.
Canadian home price growth has slowed, though its prices are still above their 2017 peak. Canada's frenzied housing market has dissipated in the wake of tightened mortgage lending, a foreign buyers tax, and four interest rate hikes by the Bank of Canada since last July.
Bloomberg noted recently there had been more than 30 restrictions, from buying thresholds to mortgage curbs, that have helped send sales to a historical low across China. New homes in China are now being offered for less than existing homes by some developers who faced heavy financing constraints.
While Hong Kong home prices are still rising, economists claim a cocktail of concerns ranging from the downbeat stock market, to trade war fears, and rising interest rates would soon take their toll on sentiment.
It seems it doesn't matter where you are around the world there's economic uncertainty, financial fragility and housing risk. There's never an all-encompassing sweet spot for everybody.
As the world's wealthy have been increasingly buying homes on multiple continents, legally or or sometimes illegally, the combined downturn could pose an interesting threat to some markets, according to the International Monetary Fund.
Australian home loan lenders are currently not prepared to lend to prior levels, which has dampened buyer enthusiasm.
Ofcourse Sydney is not one market, but rather hundreds across the suburbs, so there will still be bullish prices achieved this spring.
While the bleak headlines cast a pall over Sydney, for many Sydneysiders, it will be still be getting on with their lives.
This article was first published by the Saturday Daily Telegraph.
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jchancellor-FAypfDUnLy

Sydney is like other international cities with end of ever rising property boom

<html><body>
ANZ have announced a new gauge for looking at dwelling prices in Australia using Google search trends.
The ANZ Housing Search Index looks at search terms such as “stamp duties”, “mortgage loan comparison”, “auctions today” and “moving company” to look at market sentiment.
<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/2018/8/8/FIGURE%201.jpg" alt="">
The information is available through Google Trends, which has been operating since January 2014.
It claims that “significant research has shown that this data may correlate with the levels of economic activity in given industries, and thus may be helpful in predicting macro indicators”.
“The (year on year) change in the index can track annual shifts in housing prices, three months in advance.”
<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/2018/8/8/FIGURE%202.jpg" alt="">
ANZ say that it plans to use the tool as an additional information point to assist in its analysis.
It claims that the index is already providing potentially useful information.
“The index suggests Australia’s house prices may stabilise later this year, consistent with the message sent by auction clearance rates,” the report said.  
“It is early days, however, so we aren’t getting too carried away with the signal.”
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j.ballantyne1990-6AQqhLzZaK

New ANZ tool analyses Google searches for housing market sentiment 

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A home on Toorak’s St Georges Road has reportedly attracted a $40 million offer - which would set the Victorian house price record.  
Domain reports a “whale” buyer, based offshore, quietly agreed to pay the record-breaking price for the trophy home when they were in Melbourne about six weeks ago.
<div class="in-content-ad">"If the sale goes ahead, it will topple the previous record," Domain advises.</div>
The buyer’s advocate David Morrell is quoted as saying the vendors had been seeking a buyer for three years.
“This highlights something that’s been for sale for years, none of the locals can afford to buy it or suggest to buy it, and then some offshore person comes and buys it, and it will never come back on the market again,” he said.
“If you go up and down St Georges Road, you’ll start seeing that all these houses are just locked away.”
The Melbourne record was set in December last year when a new house on Towers Road in Toorak, owned by arts patrons and entrepreneurs Daniel and Danielle Besen, sold. 
No. 9 Towers Road, Toorak, sold for $26.25 million last year.
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firstname1-iYD4UYzvBa

Mooted $40 million Toorak sale

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The failure of regulators to halt recent east coast house price growth has led to the downgrade of the wider Australian banking sector.
The global ratings agency S&amp;P Global Ratings has downgrade the credit quality of 23 banks and lenders, including Australia's biggest regional bank.
It comes as it warns of a sharp correction scenario in property prices and bigger bank losses.
The Ratings agency base case for the housing market is an "orderly unwind" of house prices.
"We still maintain our base case expectation that the unwinding of these imbalances will be orderly and we think that will be either a slowdown growth rate of property prices or a very mild decline in property prices," S&amp;P advised.
"That is our base case."
The downgrades were triggered by S&amp;P's decision to increase Australia's "economic risk" score, from three to four on account of economic imbalances, specifically rising property prices and high household debt.
The big four banks were spared because of their implied "too big to fail" government guarantee status. 
S&amp;P Global Ratings director Sharad Jain said risks to the Australian economy had become even more pronounced since the ratings agency downgraded the Australian banking sector to negative watch back in October 2016 as house prices continued to move higher and higher.
"Growth in private sector debt was more or less in line with expectations since then while property prices accelerated in the two quarters," Mr Jain said.
Mr Jain said that until the imbalances had "substantially unwound" the banking sector remains exposed to an "elevated level of risk of a sharp correction for property prices".
"To reflect the increased risk, we have lowered our assessment of the standalone credit profiles [SACPs] of almost all financial institutions operating in Australia."
Mr Jain acknowledged that house price growth had begun to slow and that the macro-prudential interventions made by APRA were likely to have more impact in the months ahead and see the imbalances "move in the right direction".
Jain said that although he expected macro-prudential measures from the Australian Prudential Regulation Authority, such as caps on investor and interest only lending, to contribute to a further slowing of house price growth in Melbourne and Sydney, the impact of a correction on the banks "was no longer consistent with our previous assessment".
Among the bigger institutions to be hit by the downgrade are AMP Bank, Bank of Queensland and Bendigo and Adelaide Bank. AMP has been downgraded to A+ with a negative outlook to A with a stable outlook while Bank of Queensland and Bendigo and Adelaide Bank have both been downgraded from A- with a negative outlook to BBB+ with a stable outlook.
Among the others to be downgraded were Australian Central Credit Union, Auswide Bank, Community CPS Australia, Credit Union Australia, Defence Bank, Fisher &amp; Paykel Finance, G&amp;C Mutual Bank, Greater Bank, IMB, Liberty Financial, mecu, Members Equity Bank, MyState Bank, Newcastle Permanent, Police Bank, QPCU, Rural Bank, Teachers Mutual and Qudos Mutual (formerly Qantas Credit Union).
The downgrade brings S&amp;P's ratings in line with rival Moody's.
Meanwhile the Australian Financial Review says investors are surging into mortgage bonds in Australia.
New residential mortgage-backed securities issuance has more than doubled so far this year to $10.5 billion from $5.1 billion a year earlier, data compiled by Bloomberg show.
More than half of the issuance has been fuelled by non-bank lenders. 
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Orderly correction in property prices forecast by S&P

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GUEST OBSERVER
The CoreLogic Home Value Index of capital city home prices rose by 1.4 percent in March and was up 12.9 percent over the year.
Prices rose in all eight capital cities with Canberra and Darwin up the most (up 3.1 percent). Regional house prices by 0.8 percent in February (latest available).
Manufacturing: The Performance of Manufacturing index eased from 15-year highs, down by 1.8 points to 57.5 in March. A reading above 50.0 indicates that the sector is expanding. This was the sixth consecutive month of expansion.
Home price data is important for retailers, especially those focussed on consumer durables. The manufacturing data provides guidance for companies in the Industrials sector.
What does it all mean?
The economic data has certainly started off the week on a healthy footing. Stronger home prices in March while manufacturing activity barely eased from 15 year highs.
It may be no surprise to see that home prices continue to lift across most capital cities. But what was clearly surprising was the magnitude of the lift in prices. Probably even more surprising was that home prices rose in all eight capital cities. Across the nation home prices rose by a substantial 1.4 per cent in March, matching a similar result in February and December 2016.
In fact over the four months to March home prices have accelerated by 4.9 percent – the strongest four-month period in 18 months.
Across the capital cities, it was encouraging that Darwin and Hobart featured heavily when it came to the strength in home prices as opposed to Sydney and Melbourne.
Interestingly the key resource states saw a rebound in home prices, although annual growth remained weak. The sustained lift in commodity prices may help to alleviate some of the weakness in home prices in coming months.
Overall policymakers will keep a close eye on the housing sector in the early part of 2017, and will prefer to see more balanced house price growth across the nation. In particular, a lift in regional house prices would be a positive outcome. Annual growth in home prices across regional centres was a healthier 4 per cent over the past 12 months.
Click to enlarge
<img src="https://www.urban.com.au/images/2017/04/03/Screen%20Shot%202017-04-03%20at%2011.45.04%20AM.png" alt="">
What do the figures show?
Home prices
The CoreLogic Home Value Index of capital city home prices rose by 1.4 per cent in March and was up 12.9 per cent over the year.
In regional Australia, house prices rose by 0.8 per cent in February and were just 4 per cent higher than a year ago. (Regional prices cover just houses and data is up to the end of February). 
In capital cities, house prices rose by 1.5 per cent in March while apartment prices rose by 0.9 per cent. House prices were up 13.4 per cent on a year ago and apartments were up by 9.8 per cent.
The average Australian capital city house price (median price based on settled sales over quarter) was $613,000 and the average unit price was $512,200.
Dwelling prices rose in all eight capital cities in March: Hobart (up 3.1 per cent), Darwin (up 3.1 per cent), Melbourne (up 1.9 per cent), Canberra (up 1.4 per cent), Sydney (up 1.4 per cent), Perth (up 1 per cent), Adelaide (up 0.4 per cent) and Brisbane (up 0.2 per cent).
Home prices were higher than a year ago in six of the eight capital cities. Prices rose most in Sydney (up 18.9 per cent); followed by Melbourne (up 15.9 per cent), Canberra (up 12.8 per cent); Hobart (up 10.2 per cent); Adelaide (up 3.4 per cent); and Brisbane (up 3.7 per cent). Prices fell in Perth (down by 4.7 per cent) and Darwin (down 4.4 per cent)
Total returns on capital city dwellings rose by 16.7 per cent in the year to March with houses up 17.1 per cent on a year earlier and units up 14.3 per cent.
Performance of Manufacturing
The Performance of Manufacturing index fell from 15-year highs, down by 1.8 points to 57.5 in March. A reading above 50.0 indicates that the sector is expanding. This was the sixth consecutive month of expansion.
AIG notes “All seven activity sub-indexes in the Australian PMI® expanded in March (seasonally adjusted). Expansions in new orders (62.6 points) and sales (57.7 points) strengthened. Production expanded while slowing from more robust growth last month (57.6 points) as did employment (54.1 points). Deliveries (52.9 points) and exports (51.1 points) eased to more modest growth, while inventories turned up in March (55.5 points).”
<a href="https://www.propertyobserver.com.au/images/2017/04/03/Screen%20Shot%202017-04-03%20at%2011.45.46%20AM.png" target="_blank">Click to enlarge</a>
<img src="https://www.urban.com.au/images/2017/04/03/Screen%20Shot%202017-04-03%20at%2011.45.46%20AM.png" alt="">
“Comments from manufacturers in March indicate that demand continues to recover. Positive factors for demand include: higher prices for coal and other commodities; large infrastructure projects; the NBN rollout; stronger defence spending and stronger activity in the agricultural sector. Energy prices (particularly electricity) continue to play havoc with manufacturers. Concerns about energy pricing and security of supply are eroding profitability and confidence. Other input prices are increasing (including steel prices), which is putting manufacturers’ margins under further pressure. Export growth appear to be easing off for some manufacturers, compared to the strong surge of exports seen in 2016.”
What is the importance of the economic data?
  The CoreLogic Hedonic Australian Home Value Index is based on Australia’s biggest property database. Unlike the ABS Index, which excludes terraces, semi-detached homes and apartments, the CoreLogic Hedonic Index includes all properties. Home prices are an important driver of wealth and spending.
  The Australian Industry Group compiles the Performance of Manufacturing Index (PMI) each month. The Australian PMI is the Australian equivalent of the US ISM manufacturing gauge. The PMI is one of the timeliest economic indicators released in Australia. The PMI is useful not just in showing how the manufacturing sector is performing but in providing some sense about where it is heading. The key ‘forward looking’ components are orders and employment.
What are the implications for interest rates and investors?
  Activity in the manufacturing sector is encouraging, especially the lift in new orders that has been identified in recent months. All the published data and anecdotes indicate that business conditions have markedly improved since the flat spot recorded for the economy in mid-2016.
  Investors are once again driving key housing markets such as Sydney and Melbourne. But there are more risks, with investors relying on expected capital appreciation for returns on their investment rather than rising rents. More apartments are being built, supply will catch up to demand and growth of home prices will ease over the next few years. Investors need to be aware of the risks including recent actions by regulators to slow housing demand.
  The broad-based health of Australian housing markets reduces the potential for further rate cuts. While fixed- term lending rates have lifted, it is still too early to canvas possible rate hikes from the Reserve Bank. 
Savanth Sebastian is an economist for <a href="https://www.commsec.com.au/" target="_blank">CommSec</a>
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Home prices accelerate: Savanth Sebastian

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At $4 million Toorak has Melbourne’s highest median house price but South Melbourne and nine other suburbs command more by the square metre, new Real Estate Institute of Victoria data shows.
South Melbourne tops the list for land value city-wide – at an impressive $11,212 per square metre.
The suburb also has an impressive median house price of $1.6 million.
Homes in Albert Park and Carlton North also attracted top dollar by square metre, at $10,495 and $9,966 respectively. 
REIV chief executive officer Geoff White said many of the city’s most expensive suburbs by square metre were located in the city’s south east, including St Kilda East, Richmond and South Yarra. 
Further from the city, bayside suburbs Brighton, Black Rock and Hampton commanded the most by square metre - $4,412, $3502 and $3,251 respectively.  
Of Melbourne’s outer suburbs, Knoxfield in the east had the highest price per square metre - $2,440 – and a median house price of $706,000.
<table style="width: 477px;" border="0" cellspacing="0" cellpadding="0"><tbody>
<tr>
<td>Suburb</td>
<td>Sep-16 Median</td>
<td>Price Per m2</td>
</tr>
<tr>
<td nowrap>SOUTH MELBOURNE</td>
<td nowrap>$1,600,000</td>
<td nowrap>$11,212</td>
</tr>
<tr>
<td nowrap>ALBERT PARK</td>
<td nowrap>$1,650,000</td>
<td nowrap>$10,495</td>
</tr>
<tr>
<td nowrap>CARLTON NORTH</td>
<td nowrap>$1,400,000</td>
<td nowrap>$9,966</td>
</tr>
<tr>
<td nowrap>ST KILDA EAST</td>
<td nowrap>$1,635,000</td>
<td nowrap>$9,869</td>
</tr>
<tr>
<td nowrap>FITZROY</td>
<td nowrap>$1,300,000</td>
<td nowrap>$9,717</td>
</tr>
<tr>
<td nowrap>NORTH MELBOURNE</td>
<td nowrap>$1,292,500</td>
<td nowrap>$8,549</td>
</tr>
<tr>
<td nowrap>PORT MELBOURNE</td>
<td nowrap>$1,427,500</td>
<td nowrap>$8,206</td>
</tr>
<tr>
<td nowrap>RICHMOND</td>
<td nowrap>$1,152,500</td>
<td nowrap>$7,917</td>
</tr>
<tr>
<td nowrap>SOUTH YARRA</td>
<td nowrap>$1,780,000</td>
<td nowrap>$7,451</td>
</tr>
<tr>
<td nowrap>ABBOTSFORD</td>
<td nowrap>$1,153,750</td>
<td nowrap>$7,437</td>
</tr>
<tr>
<td nowrap>TOORAK</td>
<td nowrap>$4,000,000</td>
<td nowrap>$7,255</td>
</tr>
</tbody></table>
</body></html>

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