Local developer Harridan is seeking to turn its Woolloongabba apartment project into the first stage of a broader transformation of Burke Street, using a new 16-storey mixed-use building to establish a greener pedestrian connection toward the rapidly evolving Boggo Road transport and knowledge precinct.

The South East Queensland developer has filed plans for 154 apartments on the <a href="https://www.apartments.com.au/new-apartments/4-burke-street-woolloongabba-qld-4102">southern side of Burke Street</a>, where its proposal has been designed alongside a wider vision by LatStudios for the street.

That vision positions the southern side of Burke Street for buildings of 15 storeys and above, while envisaging lower-rise development of up to five storeys on the northern side to transition into Woolloongabba's existing character housing. It also proposes wider pedestrian verges, deep planting, new street trees and upgrades to the pedestrian approach to Boggo Road Station.

The Harridan development itself has been designed by Brisbane-based Arqus Design and will comprise 154 apartments across 16 storeys. The mix is weighted heavily toward two-bedroom apartments, with 121 proposed alongside 10 one-bedroom and 23 three-bedroom residences. There will typically be around 14 units per floor.

A lower-ground car park and three podium levels will accommodate 156 resident parking spaces, along with visitor and commercial parking. There will also be 154 resident bicycle spaces and 40 visitor bicycle parks.

&nbsp;

Harridan is a family-owned developer and part of the Holmwood Highgate Group, with more than three decades of development activity across South East Queensland. Its portfolio spans residential, commercial and industrial property, with current residential projects including Riverbank on Byron in Bulimba, Esperance Residences in Carina and The Precinct at Kinross Road in Thornlands.

Wooloongabba has been popular for apartment developers, particularly since the announcement of the 2032 Summer Olympics games in Brisbane.

While there have been a lot of development applications, it has failed to materialize into real supply.&nbsp;

Sarazin has been the major player in the area. They are under construction at Murcia Residences, on the fringe of East Brisbane and Woolloongabba. They have just launched <a href="https://www.apartments.com.au/new-apartments/the-stanley-residences-woolloongabba-8-trafalgar-street-woolloongabba-qld-4102">The Stanley Residences</a>, in Woolloongabba on Trafalagar Street. They also have Nuage coming soon on the nearby <a href="https://www.apartments.com.au/new-apartments/nuage-woolloongabba-14-wellington-road-woolloongabba-qld-4102">Wellington Road</a>.

Joel Robinson

First look: Harridan plans Burke Street transformation beside Boggo Road transport hub

IN BRIEF

<ul>
	<li>
	Just three double-storey Sky Homes sit at the top of The Waterline, each with its own private marina berth and rooftop terrace.
	</li>
	<li>
	Construction on The Waterline is complete, with the first residents expected to move in from mid-October.
	</li>
	<li>
	Sky Homes range from 282 sqm to 367 sqm and are priced from $3.65 million.
	</li>
</ul>

<hr />
Lewis Land has opened the first completed sky home for inspection at Harbour Shores, giving buyers their first opportunity to step inside one of just three double-storey residences crowning The Waterline.

Each sky home comes with its own private marina berth, rooftop terrace and Broadwater views, combining the scale of a larger home with direct access to the boating lifestyle that underpins the wider <a href="https://www.apartments.com.au/new-apartments/harbour-shores-biggera-waters-564-oxley-drive-biggera-waters-qld-4216">Harbour Shores</a> masterplan.

[smartcode_project:default project_id=113271 project_image_fid=366708]

Lewis Land Head of Development Michael Long said the inclusion of a berth with every Sky Home had become increasingly valuable as marina access across the Gold Coast tightened.

“Marina berths are becoming increasingly difficult to secure across the Gold Coast, so including one with every Sky Home makes this a genuinely rare offering,” Long said.

“The private 70-berth marina will accommodate boats up to 12 metres in length and is positioned just 2.5 kilometres from the Broadwater, placing the open ocean only 15 minutes away.

“Being able to step out of your home onto your boat is a rare luxury, and it’s something residents here can look forward to when it opens later this year.”

[smartcode_project:default project_id=113271 project_image_fid=366709]

The display opening comes as construction completes on The Waterline, with the first residents expected to move in from mid-October.

The three Sky Homes range from 282 sqm to 367 sqm and each feature three bedrooms, three bathrooms, multiple living zones, expansive kitchens with butler's pantries and large balconies taking in the Broadwater outlook.

Each residence also has three secure basement car spaces and additional storage.

“This is the first opportunity the Gold Coast has had to step into Harbour Shores and see, touch and feel what we’re bringing to life here,” Long said.

“There are only three Sky Homes within The Waterline, ranging in size from 282sqm to 367sqm, with each residence featuring three large bedrooms, three bathrooms, multiple living zones, expansive custom-built kitchens with butler’s pantry, and large balconies capturing Broadwater views.”

<img alt="Harbour Shores" data-entity-type="file" data-entity-uuid="bab65e10-4fab-45e1-92d8-fc56e2ab98ff" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-25%20at%202.00.16%E2%80%AFPM.png?VersionId=XT8q76LsPkw3cYTsvN3JfFDaPLud90PN" />

Residents of The Waterline will have access to a private pool, along with Harbour Shores' wider collection of amenity including a lagoon pool, social clubhouse, tennis court, gym, yoga facilities and sauna.

Lewis Land partnered with Studio Collective to furnish the completed display, with the interiors designed to demonstrate how the residences could function as permanent homes rather than simply as show apartments.

Studio Collective Director Melissa Park said the surrounding waterways informed the interiors, but in a more restrained way than a traditional coastal scheme.

“We drew inspiration from the canals and coastal surrounds, but our approach was to interpret that subtly through layered materials and a grounded palette of earthy tones, rather than literal coastal references,” Park said.

“We introduced hero moments of green and teal to reference the surrounding waterways, while mirrored elements help reflect natural light.

“The result is a residence that feels elevated yet comfortable, somewhere buyers can genuinely imagine themselves living, entertaining and unwinding.”

Sky Homes are priced from $3.65 million.

Lewis Land is also offering private marina berths with The Residences, its limited collection of three and four-bedroom villas positioned directly along the Harbour Shores waterfront boardwalk.

Three-bedroom villas are priced from $2.99 million, while four-bedroom residences start from $3.19 million.

Harbour Shores is being marketed by Colliers International.

[smartcode_project_cta:default project_id=113271]

Lewis Land opens sky home display as The Waterline completes at Harbour Shores

St Vincent de Paul Society Housing Australia has filed plans for a major mixed-use housing precinct on the southern edge of the North Sydney CBD, adding another significant proposal to a pocket around North Sydn​ey Station that is quickly becoming one of the LGA's busiest development zones.

The State Significant Development Application covers a 5,990 sqm site at <a href="https://www.apartments.com.au/new-apartments/1-19-mackenzie-street-lavender-bay-nsw-2060">1-19 MacKenzie Street and 211 Blues Point Road in Lavender Bay</a>, immediately south of Nor​th Sydney Station and between the commercial core and the lower-rise Lavender Bay Heritage Conservation Area.

Designed by Wardle, the proposal would deliver a new residential tower comprising 88 build-to-sell apartments and 19 affordable apartments, alongside a separate co-living building with 57 rooms and a building manager's studio.

It would also see the significant restoration and upgrade of St Francis Xavier Catholic Church, the adaptive reuse of the former school building, new parish facilities, retail, a new public square and around 1,000 sqm of publicly accessible open space.

<img alt="Vinnies North Sydney" data-entity-type="file" data-entity-uuid="d5dd7f87-a617-463e-b577-17541e01f0e9" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-26%20at%209.10.13%E2%80%AFAM.png?VersionId=4R8TsFN3P_LrrXO2HswTOIrx2blil8lh" />

The project is seeking a concurrent rezoning of the site to R4 High Density Residential and an increase in the maximum building height to allow a tower reaching RL120, or up to 20 storeys. The proposal was progressed through the NSW Government's Housing Delivery Authority pathway.

The build-to-sell component will be weighted toward larger apartments, with just six one-bedroom apartments compared with 31 two-beds, 43 three-beds and eight four-bedroom residences.

The 19 affordable apartments will comprise two studios, 15 one-bedroom apartments and two two-bedroom apartments, taking the total apartment component to 107 residences before the 58 co-living rooms are included.

<img alt="Vnnies" data-entity-type="file" data-entity-uuid="7d568ca5-cb90-4e18-96c6-d9795dba0c56" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-26%20at%209.10.05%E2%80%AFAM.png?VersionId=GY2R5M9VtQh0EKy1vajaea19PSLOPuRD" />

Wardle's design for the Vinnies site has sought to negotiate that emerging high-rise context while retaining the lower-scale character of MacKenzie Street and the adjoining heritage conservation area.

The main building adopts a three-storey podium and tower arrangement, with the podium aligned to the ridgeline and front setback of St Francis Xavier Church.&nbsp;Wardle has designed the podium with colonnades, seating, recessed entries and active ground-floor frontages, with sandstone-toned precast concrete and face brick referencing the materiality of the existing church.

The tower then steps back eight metres to the south and six metres to the north before rising in a sculpted form comprising four interlocking quadrants. Wardle has also introduced rounded forms and chamfered corners to reduce the tower's perceived bulk and improve view sharing with neighbouring development sites.

Resident facilities and outdoor areas are planned at the separation between the podium and tower at Level 3, oriented toward Sydney Harbour and the CBD skyline.

The tower itself will feature a glass reinforced concrete facade, with recessed balconies and deep reveals used both to provide shading and privacy and frame views toward the harbour and city. The lower levels take a different architectural approach, using brick and sandstone-toned finishes intended to establish a stronger relationship with St Francis Xavier Church. The Church itself will be conserved and upgraded for its continued use, while the former school building will be adaptively reused as part of the co-living component.

<img alt="Lavendar Bay" data-entity-type="file" data-entity-uuid="2d4418ad-90aa-4d49-af93-c80b140aea80" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-26%20at%209.09.47%E2%80%AFAM.png?VersionId=Kv4gzbsACaGvZSRuaqcfGC54jEJRXIDJ" />

&nbsp;

The proposal adds to an increasingly concentrated pipeline of residential development around Blue Street, MacKenzie Street and Lavender Bay.

Just west of the site, Central Element lodged plans earlier this year for one of the most significant residential developments proposed in Lavender Bay in recent years.

Central Element's SJB-designed scheme at 64-66 Lavender Street and 3-7 Middlemiss Street would deliver 163 apartments across two towers rising 23 and 32 storeys, replacing five existing apartment buildings containing 32 homes. The project also forms part of the Housing Delivery Authority pathway.

<a href="https://www.apartments.com.au/news/nsw/first-look-central-element-reveals-lavender-bay-apartment-plans?utm_source=chatgpt.com" rel="noopener" target="_blank">First look: Central Element reveals Lavender Bay apartment plans</a>

Immediately around North Sy​dney Station, another two significant proposals have emerged at 5 and 15 Blue Street.

Zurich Australian Insurance Properties is seeking to adaptively reuse its longstanding commercial building at 5 Blue Street, directly above North Sydney Station, rather than demolishing the structure.

Its SSDA proposes converting the building into a 14-storey mixed-use development with 62 apartments and 86 co-living rooms, together with ground-floor retail and a major refurbishment of Blue Street Plaza. The application is currently at the Response to Submissions stage.

<a href="https://www.apartments.com.au/news/nsw/first-look-zurich-targets-north-sydney-office-conversion-with-148-unit-proposal-above-metro-station">First look: Zurich targets North Sydney office conversion with 148-unit proposal above Metro station</a>

&nbsp;

First look: Vinnies files for 20-storey Lavender Bay apartment tower as North Sydney housing pocket heats up

When the opportunity arose for South Australian developer Palumbo to return to Kent Town, where it had previously delivered East Park Apartments and the East 
Rundle Apartments, it wasn't one the longstanding developer-builder was going to pass up.

The decision was quickly vindicated, with more than 30 apartments sold within the first month of launching <a href="https://www.apartments.com.au/new-apartments/royal-apartments-kent-town-2-8-north-terrace-kent-town-sa-5067">Royal Apartments</a> to the market.

The 206-apartment development, which will bring significant new supply to Adelaide's tightly held eastern city fringe, also gives <a href="https://www.apartments.com.au/developers/palumbo">Palumbo</a> the opportunity to bring new life to one of Kent Town's most recognisable watering holes.

[smartcode_project:default project_id=6109 project_image_fid=376073]

Royal Apartments incorporates the historic Royal Hotel, a venue Palumbo Managing Director Daniel Palumbo said has a longstanding connection with the local community.

"Everyone in the area has history with the Royal Hotel," Palumbo told Apartments.com.au.

"It was quite an active pub and social gathering place for locals. We want to bring it back to its former glory."

[smartcode_project:default project_id=6109 project_image_fid=376072]

The wider development will comprise two residential towers alongside the restored hotel, sitting on North Terrace opposite the Adelaide Park Lands.

For Palumbo, the project also marks a return to familiar territory.

The developer completed East Park Apartments next door more than a decade ago and jumped at the opportunity to develop in Kent Town again when the Royal Hotel site became available.

"The opportunity emerged, and we moved to secure the site," Palumbo said.

"We were approached by the previous landowner, who said they had extensive commitments in Sydney and weren't in a position to deliver the project.

"We took over the site and within six months recut the design scheme to be more in keeping with the type of development we want to bring to Adelaide.

"Now we're on the market and those changes have really resonated with local buyers."

That has translated into a strong start to sales, with 33 apartments transacting in the project's first 35 days.

Palumbo said the early purchaser profile had been consistent with the group's traditional focus on owner-occupiers rather than investor-led apartment stock.

"Local owner-occupiers have always been our market," he said.

"There are always some investors, but we've never developed what would be called traditional development stock. Owner-occupiers are very much our market."

[smartcode_project:default project_id=6109 project_image_fid=376068]

The buyer mix has been diverse so far, with downsizers and younger professionals both accounting for a significant portion of early sales.

South Australia's current stamp duty settings, which allow&nbsp;eligible homeowners in South Australia aged 60 savings of up to $103,830 on stamp duty when they downsize to a new property valued at up to $2 million,&nbsp;have helped encourage downsizer activity, while younger buyers in their late 20s and early 30s have been attracted to the opportunity to live immediately outside the CBD while still being able to walk into the city.



Location has been a major part of the proposition for both buyer cohorts.

[smartcode_project:default project_id=6109 project_image_fid=376075]

Royal Apartments sits on North Terrace directly opposite the Adelaide Park Lands, with residents able to walk through the parklands toward the East End, Rundle Street and Rundle Mall.

Apartments have been positioned to capture views across the parklands, Adelaide skyline, Botanic Gardens and Adelaide Hills.

Palumbo believes the scarcity of developable land along this section of the Park Lands makes the site particularly difficult to replicate.

"There's very few allotments on that side that can be developed," he said.

"If this location was in New York and you were sitting on Central Park, you'd be talking about a $60 million apartments."

Royal Apartments will offer a broad mix of residences, ranging from one-bedroom apartments through to four-bedroom sub-penthouses and penthouses.

Current listings include one-bedroom apartments from $680,000, while larger three and four-bedroom residences are priced around $2.5 million.

Residents will have access to a swimming pool, gym, barbecue and recreation areas, residents' lounge and dining space, and a communal deck.

[smartcode_project:default project_id=6109 project_image_fid=376067]

The apartments will feature generous balconies, while secure parking, bicycle storage and storage cages will also be provided.

A porte-cochère-style arrival and drop-off area has also resonated with buyers, particularly those attracted to being able to walk into the CBD during the day while retaining secure vehicle access at home.

Palumbo is acting as developer, architect and builder on Royal Apartments, continuing the vertically integrated model it has used across its South Australian portfolio.

The group was also behind the $150 million Sofitel Adelaide, the 251-room five-star hotel and residential tower which opened in 2021.

Palumbo said Royal's launch had come at an interesting time for the broader Adelaide apartment market.

Buyer confidence had initially been impacted by uncertainty surrounding the Federal Budget and broader economic conditions, but Palumbo believes sentiment is beginning to improve against a backdrop of significant investment flowing into South Australia.

He pointed to increased activity across defence and resources, including Olympic Dam, as potential long-term drivers of the state's economy and housing market.

"Money is starting to flow into Adeliade, significant amounts as Adelaide bucks the trend of the rest of the country.," Palumbo said.

"There's a lot of activity in the economy over the next decade. I think more investment will come into this market."

Early works on Royal Apartments are expected to commence this year, with major construction activity and cranes anticipated on site from early next year.

[smartcode_project_cta:default project_id=6109]

Palumbo's return to Kent Town strikes early chord with buyers

Go-to builder-developer <a href="https://www.apartments.com.au/developers/graya">GRAYA</a> is continuing to bulk out its already impressive and diverse apartment portfolio across South East Queensland. Their latest milestone is securing development approval for Silk, its boutique riverfront apartment development in St Lucia.

The approval clears&nbsp;the way for the team to begin construction planning for the 22-residence project.

<a href="https://www.apartments.com.au/new-apartments/silk-st-lucia-16-18-sandford-street-st-lucia-qld-4067">Silk</a> will rise 15 levels from an 810 sqm site at 16-18 Sandford Street, occupying a prominent bend of the Brisbane River with a prized northern aspect across Orleigh Park toward the Brisbane CBD.

The approved scheme will comprise 16 split-floor and six full-floor residences, continuing GRAYA's move into larger-format apartment developments targeting Brisbane's prestige owner-occupier market.

The project has been designed around the site's broad river frontage and dual-direction views, with GRAYA prioritising larger residences, privacy and outlook over apartment yield.

<img alt="Silk St Lucia" data-entity-type="file" data-entity-uuid="aa5c2349-f96c-4914-a812-1f2cd6827af8" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-26%20at%208.25.44%E2%80%AFAM.png?VersionId=WY0vEU_7vYjeRJKQHiCwFdMxu8PvFh52" />

GRAYA Co-founder and Chief Executive Officer Rob Gray said the project had been shaped around local homeowners wanting to remain in St Lucia without maintaining a traditional family home.

"St Lucia is one of those suburbs people do not want to leave," Gray said.

"They know the river, the trees, UQ, the golf course, Toowong and Indooroopilly, and that familiarity is hard to replace.

"True riverfront opportunities here are exceptionally scarce. What we have designed at Silk is a way to stay in the suburb people love, with the scale and privacy of a private home and far less to maintain.

"This is not typical apartment product. It is a proper home on the river, and that is exactly what this market has been missing."

The approval comes as new apartment development continues to increase across the St Lucia and neighbouring Toowong corridor, although direct riverfront sites remain considerably more tightly held.

GRAYA Co-founder and Managing Director Andrew Gray said securing the approval had removed a significant element of development risk from Silk.

"Genuine riverfront sites of this quality in St Lucia are not something that comes up regularly," Gray said.

"The approval removes a substantial layer of execution risk, and the location underwrites demand in a way very few inner-city sites can.

"The fundamentals here are as strong as anything we have assessed in Brisbane."

<img alt="Silk St Lucia" data-entity-type="file" data-entity-uuid="d0f3d734-65e1-48e8-8ed3-2e0715ffcdd9" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-26%20at%208.25.56%E2%80%AFAM.png?VersionId=sOLSs_jdHkXLWbBKzRyayf5BfTb2vPsD" />

Silk will see GRAYA return to a stretch of the Brisbane River where it already has recent construction experience. The vertically integrated group recently completed ARC in neighbouring Toowong as builder for developer Spyre, delivering the riverfront project on a constrained site.

GRAYA will take a different role at Silk, controlling the project from design and development through construction and aftercare under its vertically integrated model.

The development will include a gym and resident leisure areas at ground level, integrated with the river's edge.

Silk joins a growing pipeline for GRAYA across Brisbane and the Gold Coast, which includes Enclave, The Gallery, Coral and Ripple.

The developer-builder has also recently lodged plans for its largest project to date, <a href="https://www.apartments.com.au/new-apartments/the-silo-19-chester-street-newstead-qld-4006">The Silo</a>, a proposed <a href="https://www.apartments.com.au/news/qld/graya-buys-frasers-newstead-site-plans-the-silo-between-james-street-and-gasworks-precincts">$700 million mixed-use development</a> in Brisbane's James Street precinct.

Silk is expected to predominantly target local owner-occupiers and prestige buyers seeking a permanent riverfront home in Brisbane's inner west.

Registrations of interest are now open, with further details on the project and construction program to be released as it progresses.

<hr />
<h2>SILK PROJECT FACTS</h2>

Developer-builder: GRAYA

Project: Silk

Location: 16-18 Sandford Street, St Lucia

Apartments: 22

Built form: 15 levels

Site: 810 sqm riverfront holding

Mix: 16 split-floor and six full-floor residences

Status: Development approved

Next step: Construction planning underway

[smartcode_project_cta:default project_id=152168]

GRAYA greenlit for riverfront St Lucia apartment development, Silk

House Prices

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Median house prices fell in Perth in the quarter ended December from the comparable quarter a year earlier, although the results reflected trends seen throughout 2015, preliminary data from REIWA shows.
The December quarter showed the expected impact the Christmas and New Year period traditionally has on the property market, said REIWA President Hayden Groves.
“It’s not uncommon to see a fluctuation in the market at this time of year as it is typically a quieter time in WA real estate. Properties come off the market over the holidays and sales tend to drop off,” he said.
“We get a much clearer picture of how the market is travelling when comparing the data to the December 2014 quarter.”
Houses and units 
Perth’s preliminary median house price came in at $530,000 for the three months to December 2015.
“This is down 0.2 per cent on the revised September 2015 quarterly median and down five per cent when compared to the December 2014 median, however on an annual basis for the year to December 2015 Perth’s median house price held firm dipping just 1.8 per cent,” Groves said. 
Median price for units in the quarter fell 2.2 per cent from the year-ago quarter, though it was up 1.2 per cent to $435,000 over the quarter.
Further, 35 per cent of all house sales in the Perth metro area were in the $360,000 to $500,000 price range. 
“This shows us that first home buyers are still very active and recognise that there is an opportunity in the current market to take the step into home ownership,” Groves said. 
Sales volumes in the $500,000 to $750,000 price range weren’t far behind, making up 32 per cent of total sales volumes in the December 2015 quarter. 
Groves said activity in this bracket tended to be from current home owners who wanted to upgrade to their next home. 
Listings 
Listings for sale fell 3.8 per cent to 14,551 in the December quarter, following a peak of 16,969 in November. 
“It’s not uncommon for listings to drop off at this time of year as traditionally properties are taken off the market around the holiday period before returning to normal levels in the New Year,” Groves said.
“When we compare this figure to the December 2014 quarter we see, as was the case throughout 2015, listings are still higher than the long-term average.”
Sales volumes 
Sales volumes for the three months to December, however, fell sharply to 5,909 from 9,176 in the September 2015 quarter. 
“We estimate that once all sales have settled in the coming months the total number of dwelling sales in WA will come in at around 6,500 for the quarter,” Groves said. 
Selling days and discounting  
Average selling days in the Perth metro area were 59 days in the December quarter, again 13 days more than a year earlier.
“Additionally, 47 per cent of vendors needed to discount their asking price in order to sell in the December quarter, which is an improvement on the September quarter but higher than for the three months to December 2014,” Groves said.
Rental market 
Perth’s overall median rent price in the quarter came in at $400 per week, down $40 from a year earlier though it was steady on the September quarter.
For houses, it was $410, and for units $380. 
Rental listings increased to 9,532 in December from 8,267 in September, while the vacancy rate rose to six per cent. 
Investors were faced with short-term challenges, but it was a good time for tenants to secure a lease at more affordable prices.
“Migrations trends have changed rapidly in WA over the last six months and housing supply has increased. This has caused demand for rental housing to lessen putting downward pressure on prices. 
“The property market is cyclical and long term the projected population growth in WA is still expected to continue which will soak up stock and even out the imbalance we’re seeing,” he said. 
Regional WA 
Results were mixed across regional WA, with regions in the state’s north continuing to adjust, while those in the south were generally more stable. 
Top performers in the quarter were Augusta-Margaret River with 6.5 per cent growth to its annual median house price, followed by Blackwood with a modest increase of 0.7 per cent. 
Groves said the North West sub-region was still feeling the impact of the shift to production in the mining sector, with annual growth in the Kimberley and Pilbara regions declining 3.6 per cent and 26.6 per cent respectively. 
“These areas are experiencing an adjustment as construction slowed down significantly in a short period of time changing the employment requirements. However, when we look at the longer term growth rates for these areas we can see they have declined at a much slower rate,” Groves said.
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prateek24-ezbwHMbNAk

Perth house prices dip, rentals fall in December quarter: REIWA data

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As the debate escalates on whether Sydney house prices are set to fall, plateau or edge up in 2016, a very small number of loss making sales are occurring across Sydney. Rare opportunities to possibly snare a bargain.
Currently only 1.7 per cent of homes sold are selling at a loss for their vendor based on their prior purchase price, according to CoreLogic RP Data, with the numbers increasing the further outside of what were the early 2015 suburban Sydney hotspots.
In recent months the municipalities of Rockdale, Fairfield and Ashfield have had three percent or higher of sales as loss takers.
Regional Sydney loss-making districts have been Wyong, Gosford and the Blue Mountains.
The prestige market has also been problematic with losses in Mosman, Pittwater and Woollahra muncipalities.
The biggest known price drops last year were in Darling Point when mining boss Peter Freyberg, the Australian head of Glencore Xstrata, sold his four-bedroom residence for $5.5 million having paid $7 million in 2008 ahead of the GFC.
Urologist Phillip Stricker sold his Darling Point penthouse last year for $6.575 million after paying $7.4 million in 2010.
A $10 million Mosman harbourfront sold last year at the same price as its 2011 sale, so no gain in four years for the vendor, the Commonwealth Bank chairman David Turner.
In Woollahra $6 million was secured for a contemporary terrace which fetched $6.5 million in 2011.
Property success depends on your timing in the cycle, but also not getting emotionally carried away in your purchase price negotiations, one agent noted.
"The most important factor is the time the property is held; the property market is cyclical so those who buy at the peak of the market must ensure they are not selling at the following trough," CoreLogic RP Data advised.
The 1.7% of homes resold in Sydney over the third quarter of 2015 that sold at a loss was the lowest proportion on record.
Outside Sydney it noted while localities linked to the mining sector have seen their proportion of loss-making sales rise over recent years, the coastal markets have generally seen conditions improve.
The proportion of loss-making resales has been recorded at: 1.7% in Illawarra, 2.6% in Newcastle-Lake Macquarie, 12.5% in Richmond-Tweed and 8.3% in Mid-North Coast.
Coastal lifestyle locations continued to be traps for overpaying with one sale at Avoca Beach at $825,000 in 2004, reselling at $705,000 last year. At Ettalong Beach an apartment sold last month at $350,000 having been bought in boomtime 2003 at $360,000.
But price dips are an opportunity for savvy buyers. Hong Kong jockey Nash Rawiller and his wife Sarah secured $3.7 million for their redundant Maroubra home.
Rawiller, who won three Sydney riding premierships after making the move from Melbourne in 2007, had bought the property for $3.07 million in 2012 after it had sold at $4 million in pre-global financial crisis 2008.
The 3.7% of homes in Rockdale that experienced a total loss in the September quarter typically went back by $158,000. It was a similiar $150,000 for the Pittwater loss takers who had owned for around five years. However 96% of Pittwater homes were sold at a profit, typically gaining $411,000 having owned for nine years.  
In the Blue Mountains there was a typical $72,000 loss for the three percent who went out backwards.
The data doesn’t include expenses such as holding costs and purchase and selling costs so the proportion of actual loss-making re-sales would be higher on a net basis.
This article was first published in the Sunday Telegraph.
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jchancellor-FAypfDUnLy

Prices potentially going backwards - most obvious in Sydney prestige market

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GUEST OBSERVER
For more than 100 years the average Australian family was able to buy its first home on one wage. The median house price was around three times the median income allowing young home buyers easy entry into the housing market.
 As can be seen from the graph below (ï¿½ Real Home Price Indexï¿½), the median house price has increased, in real terms, by more than 300% - from an average index of 100 between 1900 and 2000 to an index over 300 by the year 2008. Relative to incomes, house prices have increased from three times median income to more than nine times income. 
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Thatï¿½s $600,000 they are not able to spend on other things - clothes, cars, furniture, appliances, travel, movies, restaurants, the theatre, childrenï¿½s education, charities and many other discretionary purchase options. 
It is a similar story in the UK, US, Canada, New Zealand, Ireland and Japan. The economic consequences of this change have been devastating. The capital structure of these countriesï¿½ economies have been distorted to the tune of hundreds of billions of dollars and for those on middle and low incomes the prospect of ever becoming homeowners has now all but vanished. 
Housing starts are below what they should be and so have all the jobs associated with them - civil construction, house construction, transport, appliances, soft furnishings, you name it. Not to mention billions of dollars in lost taxes and other housing-related revenue to the nation state. 
The distortion in the housing market, this misallocation of resources resulting from the supplydemand imbalance is enormous by any measure and affects every other area of a countryï¿½s economy. New home owners pay a much higher percentage of their income on house payments than they should. Similarly, renters are paying increased rental costs reflective of the higher capital and financing costs in turn paid by landlords. 
12th Annual Demographia International Housing Affordability Survey (2015: 3rd Quarter) The economic consequences of all that has happened over these past 15 years have been as profound as they have been damaging. 
The housing industries of these countries have been decimated as have industries supplying that sector. Economies have been distorted and getting them back into alignment is going to take some time. But it is a realignment that is necessary. A terrible mistake was made and it needs to be corrected. Home ownership has long been a feature of western life. Levels of home ownership rose sharply in the postwar period. 
Home ownership had become both a symbol of equality and a means through which average citizens could provide security and stability for themselves and their families while building wealth and claiming a tangible stake in their nation. For the vast majority, owner-occupation of the home in which they live was, and remains, a great ambition. So what happened? Why have ï¿½house pricesï¿½ skyrocketed?
 While influential bodies in Australia like the Productivity Commission and the Reserve Bank focused their attention on demand drivers like capital gains tax treatment, negative gearing, interest rates, readily accessible finance, first home buyers' grants and high immigration rates, few were looking at the real source of the affordability problem - land supply for new housing stock. 
It is undeniable that demand factors played a role in stimulating the housing market and those factors were, for the most part, in the hands of national governments. However, the real culprit, the real source of the problem, was the refusal of local and state governments and their land management agencies to provide an adequate and affordable supply of land for new housing stock to meet demand. 
The graph below (Capital Cities: Price of Land per sq/mï¿½) highlights the growth rate in the price of serviced allotments in Australiaï¿½s five mainland capital cities. This massive escalation in the price of land carries with it a multitude of detrimental impacts. Establishing affordable rental accommodation for those in greatest need becomes even more difficult for social and public housing authorities as they seek to purchase land and housing in a greatly inflated market. 
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Road widening and major infrastructure projects experience cost blow-outs as land acquisition costs skyrocket, and establishing schools, community centres, health services and business facilities becomes difficult, and at times impossible. 
The whole community suffers as a result of increased 12th Annual Demographia International Housing Affordability Survey (2015: 3rd Quarter) tax, transaction, finance and establishment costs. It is important to remember that the "scarcity" that drove up land prices is wholly contrived - it is a matter of political choice, not geographic reality. 
It is the product of restrictions imposed through planning regulation and zoning. The problem is, it is young home buyers, hit with spiraling costs of home ownership who end up paying. They are mostly forced into overpriced units and will never be able to afford their primary ambition ï¿½ a free-standing family home of their own. Quite apart from the economic foolishness of it all, it is morally wrong for legislators to be enriching some (established home owners) while impoverishing others (first home buyers). 
We cannot deny the rising generation a home of their own merely to satisfy the ideological fantasies of urban planners and the financial concerns of State and Territory Treasury officials. We cannot deny ourselves the joys of grandchildren because young women have to work to pay mortgages instead of raising a family. The joke that high mortgages are the new contraceptive is becoming no laughing matter. Young women used to be afraid of getting pregnant, now, as they approach 40, they are afraid of not getting pregnant. 
We have to get back to the situation where a couple can pay off a mortgage on one income so they can start a family in their 20s, not in their late 30s or early 40s. In creating the conditions for home ownership to become the privilege of the few rather than the rightful expectation of the many, governments have produced intergenerational inequity and breached the moral contract between generations. 
In human affairs this imprecise, and at times neglected, moral contract between generations dictates that we should leave things better than we find them. When it comes to home ownership this contract has been breached. In making home ownership much harder for the next generation we have denied them much more than a home. We have denied them the security and benefits that go with home ownership and the opportunity to build wealth that will provide them with options in later life. 
Many are now choosing to defer having a family in the hope that they will be able to somehow put together the funds to buy a home later in life. If they can't afford to buy a house, they certainly can't afford to have children! 12th Annual Demographia International Housing Affordability Survey (2015: 3rd Quarter) When the time for retirement comes, those who own their homes have much more control over their lives than renters. 
They can choose where they will live and how they will live. Given the vast social and economic benefits that flow from homeownership, restoring housing affordability should once again become one of a nationï¿½s most important priorities. 
Senator Bob Day, a former National President of the Housing Industry Association, <a href="https://www.demographia.com/dhi.pdf" target="_blank" style="line-height: 1.3em;">wrote the forward for the 12th Demographia report</a>. He was elected as a Senator representing the State of South Australia at the 2013 Australian Federal election.
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High mortgages are the new contraceptive: Senator Bob Day

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The recent surging house prices in Sydney and Melbourne kept Australia near the very top of Demographia's annual list of the world's least affordable countries.
The typical Australian house costs 5.6 times the median household income, with only Hong Kong (19) ranked less affordable; with New Zealand (5.2) and the UK (5.1) not too far behind.
Sydney sits as the second least affordable city in the world, with house prices calculated by the property think tank as 12.2 times incomes.
Melbourne came in equal fourth, along with Auckland and San Jose, at 9.7, narrowing pipping San Francisco (9.4) and London (8.5).
<a href="https://www.demographia.com/dhi.pdf" target="_blank">Demographia</a> only looks at house prices rather than units which constitutes around 35% of Australian dwellings.
Outside the big cities, Tweed Heads was the most costly place to live with a ratio of 9.3.
Bowral-Mittagong, the Sunshine Coast, Port Macquarie, the Gold Coast and Wollongong all had price-to-income ratios of 8 or more.
The two most affordable towns in Australia were both Western Australian mining centres, where those who still have mining industry employment earn high wages, while house prices have slumped.
Karratha had a ratio of 2.5 and Kalgoorlie at 2.9.
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Karratha and Kalgoorlie - Demographia's most affordable towns

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GUEST OBSERVER
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The Westpac–Melbourne Institute Index of Consumer Sentiment fell by 3.5% in January from 100.8 in December to 97.3 in January.
The Index is at its lowest level since September 2015 but remains 4.3% above its level of a year ago.
With limited domestic news during the holiday season consumers appear to have been mainly impacted by the spate of negative news on the international front and the spill over effect on financial markets.
Over the two weeks to the end of the survey the oil price has fallen by 20%.
Furthermore, over the same period, the Australian share market has fallen by 7.6% and the US market by 8.0%.
News on China’s volatile share market may also be affecting households with the Chinese market down by around 15% since the beginning of the year.
Partly reflecting those forces, we have also seen a fall in the Australian dollar from USD 0.73 to USD 0.69.
Not surprisingly these concerns have weighed most heavily on how respondents assess their own financial position. The component of the Index tracking views on ‘family finances vs a year ago’ dropped by 9.4% to be at its lowest level since July last year. The component tracking expectations for ‘family finances over the next 12 months’ fell 2.3%.
Among the other components: ‘economic conditions over the next 12 months’ fell by 5.0%; ‘economic conditions over the next 5 years’ improved by a modest 0.3%; and ‘time to buy a major household item” fell by 1.7%.
Both the Index and its components are seasonally adjusted to take account of the regular positive impact on confidence of the holiday season.
Other Indexes in the survey are not seasonally adjusted so results for these Indexes in January need to be treated with some caution.
The Westpac Melbourne Institute Index of Unemployment Expectations increased by 0.7% from 141.7 to 142.7. This implies a slightly more concerned feeling amongst respondents about the outlook for the unemployment rate. However, the Index is 5.3% lower than in January 2015 indicating that there has been a material improvement in respondents’ attitudes to the labour market over the year. 
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There was a sharp 13.9% increase in the ‘time to buy a dwelling’ index from 99.2 in December to 113.0 in January. That is the highest reading for this Index since May last year. 
The Index is now only 1.4% below its level for January 2015. The sharp increase in the Index in January will reflect some seasonality but the move is so large that we can only conclude that this print may be signalling some improving optimism in the housing market. 
Most of the improvement in the national Index was driven by a sharp improvement in New South Wales which has regularly posted the weakest readings amongst the states in recent times. For this reason it is best to be cautious but nevertheless encouraged by this result.
This improvement in the outlook for housing was also indicated in the Westpac Melbourne Institute Index of House Price Expectations. The Index increased by 21.1% in January from 103.7 in December to 125.8 in January. The Index is still down by 10.2% over the year but this read represents the best result since September 2015. 
The Reserve Bank Board next meets on February 2. Despite markets confidently expecting that the Reserve bank would cut rates by February Westpac has remained firmly of the view that the Bank will remain on hold throughout the second half of 2015 and the whole of 2016. We retain that view despite some concerns from this survey that consumers may slow their spending in response to this current global uncertainty. 
The Australian dollar has adjusted further providing the important ongoing boost to Australia’s competitiveness which is now assisting the economy’s adjustment as the mining sector slows. Furthermore the survey has provided an early signal that the pessimism which has dominated the housing market in the second half of 2015 may be easing. 
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Bill Evans is chief economist of <a href="https://www.westpac.com.au/" target="_blank">Westpac</a>.
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NSW cautious but encouraging spike in housing confidence: Westpac's Bill Evans

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Sea-changing is a long-held Australian tradition for retirees and empty nesters, however property expert John McGrath believes the next wave of sea-changers will be young families leaving Sydney for good.
In John's recent Switzer blog article, he cited the annual McGrath report and highlighted how Sydney families have previously adapted to rising house prices by moving to less expensive commuter areas like the Central Coast and Wollongong; or buying apartments over houses in Sydney.
"Family apartment living was a significant trend in the early 2000s but today, average Sydney apartments are more expensive than houses anywhere else in Australia and many families are tired of feeling stretched," he said.
"We believe a desire for an easier, more affordable lifestyle will contribute to a growing contingent of families leaving Sydney altogether."
McGrath suggested that some families are still willing to commute, with our offices reporting more Sydney buyers on the Central Coast and in Newcastle and the Southern Highlands this year.
He backed the statement up by referring to the Australian Bureau of Statistics census figures, which showed a rising number of new residents in Newcastle, the Central Coast and Wollongong who have moved from other parts of NSW (typically Sydney) since 2001.
McGrath added that Brisbane, the Sunshine Coast and Melbourne are also proving popular with Sydney families looking further afield for even better value for money.
"Many are relocating to Melbourne, with Bureau of Statistics data showing the highest net interstate migration in 40 years in Victoria last year with the majority of interstate migrants coming from NSW."
He also suggested that a change in employment practices is also facilitating the trend in young families leaving Sydney.
"An increasing number of businesses are allowing their staff to work from home, especially those with specialised skills who can negotiate working away from the office into their contracts because their abilities are so highly sought-after," he said.
There is also a rising number of families with one parent working in a fly-in, fly-out job, particularly in the mining sector, which gives them the freedom to set up their home base in any location that has an airport as they simply don’t need to be in Sydney.
The article indicates that more empty nesters are shunning the sea-change in favour of CBD living, which is reflected in forecasts that retirement age residents will be the fastest growing group in the City of Sydney LGA (local government area) by 2026, up 72% on 2011 compared to an increase of 34% in working age residents, according to population analysts, forecast.id.
McGrath suggest that delayed retirement post-global financial crisis is contributing to this trend.
"There is a desire for lower maintenance living close to work; providing childcare for their grandkids; and an inner city construction boom providing an abundance of high quality options for a generation that wants to enjoy the next phase of their lives in security and comfort.
"The global NORC phenomenon (Naturally Occurring Retirement Communities) is expected to evolve in Sydney, with more apartment buildings not actually designated for seniors gradually developing a predominately older community as existing owners ‘age in place’ and downsizers move in."
He concluded by stating that his offices are observing more empty nesters from Sydney’s Eastern Suburbs and Upper North Shore downsizing to the Inner East, Inner City and Inner West.
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Sydney families to flee for sea-change: John McGrath

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Middle south east and bayside regions appear to be attractive for investors, according to Herron Todd White's latest month in review.
The HTW November report states that depending on the property investors choose, they may invest in detached housing to get the negative gearing investment for tax benefits for future capital growth or development opportunities or they can invest in apartments with slower capital growth, but with high and stable rental yields. 
"Established areas provide a choice of different property types which can meet any investor’s goals. 
"Currently investors in middle south east and bayside regions are fairly active and are purchasing detached houses, townhouses, units and apartments."
The report also notes that outer south east regions appear to be mainly attractive to first home buyers and families with medium household income. 
"Investors are not very active at this stage due to low capital growth and consistent competition from the construction and development industry, which continue to offer affordable brand new housing. 
"Investors who purchase in outer south east regions are looking for investment diversity geographically and also to meet different investment targets such as finding long term tenants for stable rental yields."
Middle south east and bayside areas consist of local investors in established markets and mainly overseas investors for brand new strata townhouses and apartments, says the HTW November review.
"Bayside offers consistently strong capital growth with stable rental return of 4% to 4.5% for units.
"Rental yields for apartments and units experience a stronger rent in comparison to the housing market in general."
The report goes on to suggest that outer south east area is mainly dominated by local investors aiming to achieve long term stable cash flow in terms of rental income.
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"Investor goals can differ and therefore they will choose the market and area to meet their targets such as consistent cash flow, low vacancy rates and high rental yield. 
"Investors in the outer south east area are looking for long term tenants who will stay in the property for two to five years. 
"They are usually young families with children in primary school who are willing to rent a new detached house with private backyard and easy access to local parks, shopping and schools."
The HTW report shows that medium housing price in the outer south east area can range from $380,000 to $450,000 for a single storey dwelling and $550,000 to $630,000 for double storey residence. 
However investors in this region typically do not spend more than $500,000, with current rental yields in the outer south east area generally ranging from 4.5% to 5%, says the review.
"Townhouse and unit markets are emerging in outer south east areas and appear to be mostly an untested market. 
"Some developers offer limited stock of townhouses called “cityliving” which engage people by offering close proximity to schools and parks and to reside in particular estates at a more affordable price, whereas townhouses and units appear attractive in the bayside region due to higher land prices and more expensive detached housing."
Rental yields are also higher in the bayside area for townhouses and units compared to detached housing, says the report. 
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It also adds that investor activity within this area will not be as sustainable over the coming year as banks begin to lend less for investment properties. 
"The hardest hit properties will be off the plan apartments. 
"With the lack of confidence for investors combined with expected cash rate rises from the RBA on the horizon, it is unlikely that investment levels will grow in the medium term. 
"It has been suggested that not only would there be a decrease in house prices, but due to falling house values, home owners will cut back on spending as they will consider themselves to be worse off than before as their safest investment, bricks and mortar, has lost some of its market value."
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jrobinson-rf4aSBido9

Townhouses an untested investor market in Melbourne's outer south east: HTW

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GUEST OBSERVER
At the National Housing Conference last week, there was considerable optimism about the newly appointed federal minister for cities, Jamie Briggs, whose infrastructure mandate includes housing.
New energy is coming from the states with the largest affordable housing deficits – a social housing initiative from the New South Wales government and a “refreshed” metropolitan planning strategy in Melbourne with a stronger emphasis on affordable housing.
It is now possible to imagine Australia having a national affordable housing strategy, backed by funding, by the end of 2016.
Australia certainly needs such a strategy. The population is projected to reach 38 million in the next 35 years. Sydney and Melbourne are each expected to grow by at least three million people. The proportion of older people will be higher, with a lower proportion in the paid workforce.
This means we need at least six million new housing units in the next three decades. There is increasing impetus to locate these dwellings close to public transport, employment clusters and health and social services.
<h2>Cost pressures are intensifying</h2>
Rising housing demand and prices affect everyone, but low-income renters have fared worst in recent years. Capital city rents rose by twice the level of inflation from 2005 to 2010. By 2011, the shortage of suitable rental properties exceeded 500,000.
As a result, even most households that receive Commonwealth Rent Assistance (projected to cost A$6.6 billion in 2015-16) pay well over the recommended maximum rent. Some 55% of the A$7.7 billion annual cost to the government of capital gains exemptions and negative gearing goes to the top 10% of income earners. Only 4% goes to the bottom 20% of households by income.
Existing programs are not accomplishing policy aims. The Abbott government discontinued two small national programs, the Social Housing Initiative co-funding construction of non-profit housing and the National Rental Affordability Scheme subsidising below-market rental housing. No national strategy or infrastructure funding program has replaced those small but important initiatives.
<h2>Key steps towards affordability</h2>
What would be the basic elements of a national affordable housing strategy? Economist David Rosen led a review of the US$7 trillion spent in the US on federal finance, tax, lending, spending and regulatory programs and policies. According to Rosen, the place to start is a standard definition of “affordable housing”.
The next step would be to calculate current and projected need for affordable housing by subtracting housing need from the available stock. There are local efforts to calculate this in cities like Melbourne, but it would need to be done in a consistent way across the country.
The cost of owning or renting a home includes rent or mortgage payments, property taxes and unit maintenance. A household can also incur onerous transport costs, if living far from employment and good public transport. Internationally, affordability is usually defined as housing that costs no more than 30-35% of household income, adjusted for household size.
For households earning less than 30% of their area’s median income, private market housing will almost certainly be out of reach without some form of subsidy.
In metropolitan Melbourne, for instance, the average weekly income is A$1333. A little over 11% of households in the city (159,000 households) earn less than A$400 a week, which is 30% of the median income. These households could only afford to pay a maximum of A$133 a week on the rent or mortgage. Less than 1% of rentals in Melbourne are available at those prices.
Social housing constitutes less than 3% of total housing stock. Most of it is occupied by these low-income households. So, at the most basic level, affordable housing would seek to fill that shortfall of more than 150,000 units in one major city alone, as well as building for future affordable housing needs.
<h2>How do we fund affordable housing?</h2>
After calculating need, the next requirement for a national affordable housing strategy would be to identify all potential revenue sources to fund it. These could be direct funding from national, state and local governments, but also indirect funding through tax rebates, low- or no-cost land, or mechanisms like reduced parking requirements or expedited planning approvals (which cuts land-holding costs and uncertainties).
A plethora of mechanisms used in other countries could be adopted here. For instance, in the US the Low Income Housing Tax Credit has, since 1986, allowed private investors to obtain tax credits in return for a ten-year investment in constructing or rehabilitating low-income rental housing. The stable and bipartisan program injects about US$6 billion a year in capital into affordable housing.
If a small proportion of the negative gearing tax credit were re-allocated towards investment in social housing, a similarly scaled program could be instituted in Australia. Similarly, if the Commonwealth guaranteed a 6% return on social housing investment, how much of the A$2 trillionheld in superannuation funds could be unlocked?
For the past two years, the Transforming Housing project has brought together state and local government, private developers, community housing providers and commercial and philanthropic investors to identify barriers to scaling up affordable housing in metropolitan Melbourne and how to overcome them.
Much of the emphasis has been on mechanisms at a state and local level, ranging from value capture financing to innovative design and construction. However, there is growing consensus that a Commonwealth affordable housing strategy is essential to enable integrated action by other levels of government and the private and charitable sectors.
With a clear sense of the numbers around affordable housing need and a stable financing and renewal model, the Turnbull government could reap multiple co-benefits. A national strategy could make cities more liveable, stimulate the property and construction sector, and reduce healthcare costs. The private and charitable sectors are waiting to swing into action.
 
Carolyn Whitzman is professor of Urban Planning, University of Melbourne and author for The Conversation. She can be contacted <a href="https://theconversation.com/profiles/carolyn-whitzman-9944" target="_blank">here</a>.
This article was co-authored by: Dr David Rosen, principal of DRA Associates and an advisor on development, finance and policy; Rob Pradolin, general manager of business development for Frasers Property Australia; Catherine Brown, CEO of the Lord Mayor’s Charitable Foundation; and Dr Heather Holst, deputy CEO and director of services and housing for Launch Housing.
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mick.cee-iDmgDDAmu8

A national affordable housing strategy: necessary, attainable and maybe on its way

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The valuation firm Herron Todd White has issued its latest property clock for houses - a simple broad brush means to suggest where property markets are - and what direction prices are moving in.
The valuation firm has included capital and regional cities on the property clock for house price direction.
<a href="/images/2015/11/700_nov_HTW_houses.jpg" target="_blank">Click here</a> to enlarge.
For more information, <a href="https://www.htw.com.au/" target="_blank">click here</a>.
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Sydney and Melbourne houses at peak pricing in November HTW property clock

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GUEST OBSERVER
Building approvals are coming off record highs on a month by month basis, according to the latest ABS data, suggesting governments need to keep a close eye on the supply pipeline for new housing.
While nationally approvals still had enough momentum to hit 230,298 year on year on a seasonal basis, one good year won’t make up for a decade of underbuilding.
We are only now starting to see new housing supply eat into demand in key markets like Sydney and take some of the heat out of house prices.
A strong, sustainable pipeline of new housing is imperative to ensure future housing affordability and must be a priority for government.
ABS figures for September recorded 18,900 building approvals across the country, down from the previous highs of 20,000 per month recorded for much of 2015.
Recent data shows significant variations month on month across the states and territories ranging from a 42% increase in Queensland to a 39% fall in the ACT. It also pointed to an emerging trend for greater apartment and multi-unit living.
The 1.9% drop in private house approvals nationwide for the month of September was offset by continued strength in apartment approvals which grew by 6.1% on the previous month.
Apartment and multi-unit approvals are almost at parity with private sector houses, suggesting a changing demographic trend and increased growth in our major cities.
While a degree of moderation in record high residential construction activity is expected, governments needed to guard against any sudden drops.
Maintaining a steady supply of new housing is vital to keep up with population increases, household formation rates, and to avoid the price spikes that occur when demand outstrips supply. Residential construction also creates much-needed jobs.
Putting in place the right planning and taxation frameworks will help lock in a steady stream of residential development that benefits homebuyers and the broader economy.
 
Nick Proud is residential executive director, Property Council of Australia and can be contacted<a href="https://www.propertyoz.com.au/" target="_blank"> here</a>.
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