<p>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.</p>

<p>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.</p>

<p>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.</p>

<p>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.</p>

<p>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.</p>

<p>&nbsp;</p>

<p>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.</p>

<p>Wooloongabba has been popular for apartment developers, particularly since the announcement of the 2032 Summer Olympics games in Brisbane.</p>

<p>While there have been a lot of development applications, it has failed to materialize into real supply.&nbsp;</p>

<p>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>.</p>


Joel Robinson

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

<p><strong>IN BRIEF</strong></p>

<ul>
	<li>
	<p>Just three double-storey Sky Homes sit at the top of The Waterline, each with its own private marina berth and rooftop terrace.</p>
	</li>
	<li>
	<p>Construction on The Waterline is complete, with the first residents expected to move in from mid-October.</p>
	</li>
	<li>
	<p>Sky Homes range from 282 sqm to 367 sqm and are priced from $3.65 million.</p>
	</li>
</ul>

<hr />
<p>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.</p>

<p>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.</p>

<p>[smartcode_project:default project_id=113271 project_image_fid=366708]</p>

<p>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.</p>

<p>“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.</p>

<p>“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.</p>

<p>“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.”</p>

<p>[smartcode_project:default project_id=113271 project_image_fid=366709]</p>

<p>The display opening comes as construction completes on The Waterline, with the first residents expected to move in from mid-October.</p>

<p>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.</p>

<p>Each residence also has three secure basement car spaces and additional storage.</p>

<p>“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.</p>

<p>“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.”</p>

<p><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" /></p>

<p>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.</p>

<p>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.</p>

<p>Studio Collective Director Melissa Park said the surrounding waterways informed the interiors, but in a more restrained way than a traditional coastal scheme.</p>

<p>“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.</p>

<p>“We introduced hero moments of green and teal to reference the surrounding waterways, while mirrored elements help reflect natural light.</p>

<p>“The result is a residence that feels elevated yet comfortable, somewhere buyers can genuinely imagine themselves living, entertaining and unwinding.”</p>

<p>Sky Homes are priced from $3.65 million.</p>

<p>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.</p>

<p>Three-bedroom villas are priced from $2.99 million, while four-bedroom residences start from $3.19 million.</p>

<p>Harbour Shores is being marketed by Colliers International.</p>

<p data-end="555" data-start="341">[smartcode_project_cta:default project_id=113271]</p>


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

<p data-end="387" data-start="97">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.</p>

<p data-end="697" data-start="389">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.</p>

<p data-end="925" data-start="699">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.</p>

<p data-end="1217" data-start="927">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.</p>

<p data-end="1217" data-start="927"><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" /></p>

<p data-end="1538" data-start="1219">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.</p>

<p data-end="1723" data-start="1540">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.</p>

<p data-end="2063" data-start="1725">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.</p>

<p data-end="2063" data-start="1725"><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" /></p>

<p data-end="2205" data-start="2065">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.</p>

<p data-end="4244" data-start="4087">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.</p>

<p data-end="4598" data-start="4246">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.</p>

<p data-end="4798" data-start="4600">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.</p>

<p data-end="4798" data-start="4600">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.</p>

<p data-end="5032" data-start="4800"><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" /></p>

<p data-end="5486" data-start="5211">&nbsp;</p>

<p data-end="2205" data-start="2065">The proposal adds to an increasingly concentrated pipeline of residential development around Blue Street, MacKenzie Street and Lavender Bay.</p>

<p data-end="2375" data-start="2207">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.</p>

<p data-end="2712" data-start="2377">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.</p>

<p data-end="2751" data-start="2714"><em><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></em></p>

<p data-end="2865" data-start="2753">Immediately around North Sy​dney Station, another two significant proposals have emerged at 5 and 15 Blue Street.</p>

<p data-end="3067" data-start="2867">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.</p>

<p data-end="3379" data-start="3069">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.</p>

<p data-end="3379" data-start="3069"><a href="https://www.apartments.com.au/news/nsw/first-look-zurich-targets-north-sydney-office-conversion-with-148-unit-proposal-above-metro-station"><em>First look: Zurich targets North Sydney office conversion with 148-unit proposal above Metro station</em></a></p>

<p data-end="3883" data-start="3659">&nbsp;</p>


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

<p data-end="540" data-start="324">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<br />
Rundle Apartments, it wasn't one the longstanding developer-builder was going to pass up.</p>

<p data-end="680" data-start="542">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.</p>

<p data-end="909" data-start="682">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.</p>

<p data-end="909" data-start="682">[smartcode_project:default project_id=6109 project_image_fid=376073]</p>

<p data-end="1076" data-start="911">Royal Apartments incorporates the historic Royal Hotel, a venue Palumbo Managing Director Daniel Palumbo said has a longstanding connection with the local community.</p>

<p data-end="1166" data-start="1078">"Everyone in the area has history with the Royal Hotel," Palumbo told Apartments.com.au.</p>

<p data-end="1257" data-start="1168">"It was quite an active pub and social gathering place for locals. We want to bring it back to its former glory."</p>

<p data-end="1257" data-start="1168">[smartcode_project:default project_id=6109 project_image_fid=376072]</p>

<p data-end="1406" data-start="1259">The wider development will comprise two residential towers alongside the restored hotel, sitting on North Terrace opposite the Adelaide Park Lands.</p>

<p data-end="1475" data-start="1408">For Palumbo, the project also marks a return to familiar territory.</p>

<p data-end="1671" data-start="1477">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.</p>

<p data-end="1726" data-start="1673">"The opportunity emerged, and we moved to secure the site," Palumbo said.</p>

<p data-end="1874" data-start="1728">"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.</p>

<p data-end="2025" data-start="1876">"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.</p>

<p data-end="2111" data-start="2027">"Now we're on the market and those changes have really resonated with local buyers."</p>

<p data-end="2225" data-start="2113">That has translated into a strong start to sales, with 33 apartments transacting in the project's first 35 days.</p>

<p data-end="2383" data-start="2227">Palumbo said the early purchaser profile had been consistent with the group's traditional focus on owner-occupiers rather than investor-led apartment stock.</p>

<p data-end="2446" data-start="2385">"Local owner-occupiers have always been our market," he said.</p>

<p data-end="2602" data-start="2448">"There are always some investors, but we've never developed what would be called traditional development stock. Owner-occupiers are very much our market."</p>

<p data-end="2602" data-start="2448">[smartcode_project:default project_id=6109 project_image_fid=376068]</p>

<p data-end="2742" data-start="2604">The buyer mix has been diverse so far, with downsizers and younger professionals both accounting for a significant portion of early sales.</p>

<p data-end="3013" data-start="2744">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.</p>

<p data-end="3013" data-start="2744"></p>

<p data-end="3065" data-start="3015">Location has been a major part of the proposition for both buyer cohorts.</p>

<p data-end="3065" data-start="3015">[smartcode_project:default project_id=6109 project_image_fid=376075]</p>

<p data-end="3250" data-start="3067">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.</p>

<p data-end="3376" data-start="3252">Apartments have been positioned to capture views across the parklands, Adelaide skyline, Botanic Gardens and Adelaide Hills.</p>

<p data-end="3516" data-start="3378">Palumbo believes the scarcity of developable land along this section of the Park Lands makes the site particularly difficult to replicate.</p>

<p data-end="3592" data-start="3518">"There's very few allotments on that side that can be developed," he said.</p>

<p data-end="3714" data-start="3594">"If this location was in New York and you were sitting on Central Park, you'd be talking about a $60 million apartments."</p>

<p data-end="3861" data-start="3716">Royal Apartments will offer a broad mix of residences, ranging from one-bedroom apartments through to four-bedroom sub-penthouses and penthouses.</p>

<p data-end="4004" data-start="3863">Current listings include one-bedroom apartments from $680,000, while larger three and four-bedroom residences are priced around $2.5 million.</p>

<p data-end="4145" data-start="4006">Residents will have access to a swimming pool, gym, barbecue and recreation areas, residents' lounge and dining space, and a communal deck.</p>

<p data-end="4145" data-start="4006">[smartcode_project:default project_id=6109 project_image_fid=376067]</p>

<p data-end="4273" data-start="4147">The apartments will feature generous balconies, while secure parking, bicycle storage and storage cages will also be provided.</p>

<p data-end="4480" data-start="4275">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.</p>

<p data-end="4650" data-start="4482">Palumbo is acting as developer, architect and builder on Royal Apartments, continuing the vertically integrated model it has used across its South Australian portfolio.</p>

<p data-end="4785" data-start="4652">The group was also behind the $150 million Sofitel Adelaide, the 251-room five-star hotel and residential tower which opened in 2021.</p>

<p data-end="4889" data-start="4787">Palumbo said Royal's launch had come at an interesting time for the broader Adelaide apartment market.</p>

<p data-end="5144" data-start="4891">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.</p>

<p data-end="5305" data-start="5146">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.</p>

<p data-end="5378" data-start="5307">"Money is starting to flow into Adeliade, significant amounts as Adelaide bucks the trend of the rest of the country.," Palumbo said.</p>

<p data-end="5495" data-start="5380">"There's a lot of activity in the economy over the next decade. I think more investment will come into this market."</p>

<p data-end="5650" data-start="5497">Early works on Royal Apartments are expected to commence this year, with major construction activity and cranes anticipated on site from early next year.</p>

<p>[smartcode_project_cta:default project_id=6109]</p>

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

<p>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.</p>

<p>The approval clears&nbsp;the way for the team to begin construction planning for the 22-residence project.</p>

<p><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.</p>

<p>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.</p>

<p>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.</p>

<p><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" /></p>

<p>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.</p>

<p>"St Lucia is one of those suburbs people do not want to leave," Gray said.</p>

<p>"They know the river, the trees, UQ, the golf course, Toowong and Indooroopilly, and that familiarity is hard to replace.</p>

<p>"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.</p>

<p>"This is not typical apartment product. It is a proper home on the river, and that is exactly what this market has been missing."</p>

<p>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.</p>

<p>GRAYA Co-founder and Managing Director Andrew Gray said securing the approval had removed a significant element of development risk from Silk.</p>

<p>"Genuine riverfront sites of this quality in St Lucia are not something that comes up regularly," Gray said.</p>

<p>"The approval removes a substantial layer of execution risk, and the location underwrites demand in a way very few inner-city sites can.</p>

<p>"The fundamentals here are as strong as anything we have assessed in Brisbane."</p>

<p><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" /></p>

<p>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.</p>

<p>GRAYA will take a different role at Silk, controlling the project from design and development through construction and aftercare under its vertically integrated model.</p>

<p>The development will include a gym and resident leisure areas at ground level, integrated with the river's edge.</p>

<p>Silk joins a growing pipeline for GRAYA across Brisbane and the Gold Coast, which includes Enclave, The Gallery, Coral and Ripple.</p>

<p>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.</p>

<p>Silk is expected to predominantly target local owner-occupiers and prestige buyers seeking a permanent riverfront home in Brisbane's inner west.</p>

<p>Registrations of interest are now open, with further details on the project and construction program to be released as it progresses.</p>

<hr />
<h2>SILK PROJECT FACTS</h2>

<p>Developer-builder: GRAYA</p>

<p>Project: Silk</p>

<p>Location: 16-18 Sandford Street, St Lucia</p>

<p>Apartments: 22</p>

<p>Built form: 15 levels</p>

<p>Site: 810 sqm riverfront holding</p>

<p>Mix: 16 split-floor and six full-floor residences</p>

<p>Status: Development approved</p>

<p>Next step: Construction planning underway</p>

<p>[smartcode_project_cta:default project_id=152168]</p>


GRAYA greenlit for riverfront St Lucia apartment development, Silk

House Prices

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<h3 class="post-title entry-title"> </h3>
<div id="post-body-1066008787003995613" class="post-body entry-content">
<div>
<span style="line-height: 1.3em;">In the United Kingdom, Rightmove released it August 2015 House Price Index, which showed an average asking price for UK homes of <strong>£292,484</strong> and for London homes of </span><span style="line-height: 1.3em;"><strong>£606,826.</strong></span>
</div>
<div> </div>
<div>The result translated to the usual fall in August asking prices, with the index not being seasonally adjusted.</div>
<div> </div>
<div>However, Rightmove reported that the August decline of -0.8% was the smallest decline for the month of August in the eight years since before the credit crunch in 2007.</div>
<div> </div>
<div>Since 2007 the average August decline has been as great as -1.5%, with the decline having been more than 2% on three occasions in 2008, 2009 and 2014.</div>
<div> </div>
<div>A major driver of the supply-demand imbalance was identified as a significant 8% year-on-year fall in the number of sellers, which has become something of a vicious circle for UK property markets. </div>
<div> </div>
<div><strong><span style="text-decoration: underline;">Transaction costs</span></strong></div>
<div> </div>
<div>According to data reported by Lloyds Bank only 151,000 many Britons moved house in the first half of 2015 compared to some 327,000 in the first half of 2009. </div>
<div> </div>
<div>Buyers reportedly have been concerned about the costs of moving as well as being unable to find somewhere which they want to buy.</div>
<div> </div>
<div>Stamp duty in the UK is levied on transactions above <span>£125,000 and therefore rising prices naturally leads to bracket creep and more buyers on the lower rungs of the ladder being captured in the taxable bracket.</span>
</div>
<div>
<span><br>The stamp duty on UK purchases above </span><span>£575,000 is an absolutely ridiculous 10%. Properties bought for more than</span><span> </span><span>£1.5 million are whacked with an even more ridiculous top rate of 12%, though of course even this has not stopped the campaigning for ever more punitive taxes.</span>
</div>
<div><span> </span></div>
<div><span>If you do somehow decide to stay in Britain, the inheritance tax takes care of most of the rest at 40% rate, another ingenious tax, death duties having accounted for the demolition of an estimated one sixth of Britain's country homes in the 20th century. </span></div>
<div><span> </span></div>
<div>
<span>Unsurprisingly the prevailing crazy rates of stamp duty act as a particular disincentive to relocate within the South East of England where most transactions (69%) fall in to the 5% bracket for sales greater than </span><span>£</span><span>250,000. </span><span>In London the equivalent figure is even higher at 89%.</span>
</div>
<div> </div>
<div>We have heard similar reasonings given by buyers and vendors in Australia, whereby stamp duties have acted as a disincentive for homeowners to move, and have in turn also led towards more investors adopting a trusty "long term buy and hold" mentality.</div>
<div>
<br><strong><span style="text-decoration: underline;">Asking prices</span></strong>
</div>
<div> </div>
<div>The Rightmove House Price Index data from May 2003 to August 2015 is charted below for the United Kingdom and for London.</div>
<div> </div>
<div>UK average asking prices were up by +6.4% over the past year, while London prices were +9.7% higher.</div>
<div> </div>
<div><a href="/images/2015/08/18/RM1.jpg" target="_blank">Click to enlarge</a></div>
<div> </div>
<div><img src="/images/2015/08/18/RM1.jpg" alt=""></div>
<div> </div>
<div><span>Given that the data is not seasonally adjusted, below is the same data for UK asking prices with a 12mMA trendline. </span></div>
<div><span> </span></div>
<div><a href="/images/2015/08/18/RM3.jpg" target="_blank"><span>Click to enlarge</span></a></div>
<div><span> </span></div>
<div><span><img src="/images/2015/08/18/RM3.jpg" alt=""></span></div>
<div> </div>
<div> </div>
<div>
<span>Below is the data charted for London where asking prices appear to have consolidated above </span><span>£600,000 having come in above that threshold for the past three months.</span>
</div>
<div><span> </span></div>
<div><a href="/images/2015/08/18/RM2.jpg" target="_blank"><span>Click to enlarge</span></a></div>
<div><span> </span></div>
<div><span><img src="/images/2015/08/18/RM2.jpg" alt=""></span></div>
<div> </div>
<div> </div>
<div>The strongest performing London Boroughs have included Greenwich where average asking prices have surged by 18% over the past year, spurred on the back of Crossrail activity. </div>
<div> </div>
<div>
<p><span><em>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>.</em><br></span></p>
<p><em>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>.</em></p>
</div>
<div> </div>
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pwargent-M4siyDbqQY

Strongest UK August market since 2007: Pete Wargent

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<p>July was another strong month for capital gains across the Sydney and Melbourne housing markets with dwelling values moving 3.3% and 4.9% higher over the month.</p>
<p>The latest month of growth as well as the large number of new dwellings that have been constructed has pushed the overall value of Australian housing to just over $6 trillion dollars.</p>
<p>Across our combined capital city index, dwelling values across the nation’s capitals have increased by 4% over the past three months and 11.1% higher over the year. The annual rate of home value appreciation has been accelerating since March and is now almost as high as the previous cyclical high recorded in April 2014 when values were 11.5% higher over the 12 month period.</p>
<p>Sydney’s annual rate of growth, at 18.4% over the twelve months to the end of July, was the highest on record since 2002.</p>
<p>While growth conditions in Melbourne and Sydney have been extreme, the remaining capital cities continue to see milder rates of growth. The third highest capital gain across the nation’s capitals was recorded in Brisbane where values were 3.9% higher over the past twelve months. At the other end of the spectrum, Darwin values have shown the most substantial correction over the year, down by 5.3% and Perth values are also down, having moved 0.3% lower over the year.</p>
<p>Detached housing has continued to outpace the unit sector for capital gains across every capital city except Darwin and Hobart. Across the capital cities index, house values were 11.6% higher over the year and unit values were 7.2% higher. The gap between house and unit performance is the most substantial in Melbourne where house values have risen 12.3% over the past year compared with a 4.8% rise in unit values. The underperformance of the unit sector can probably be attributed to the large amount of new unit supply that has flowed into the market over recent years as well as the upwards pressure on vacant land prices that is pushing house values higher.</p>
<p>One of the factors driving values higher in the largest cities is the short supply of homes available for sale. As a prime example, in Sydney we are currently tracking approximately 18,150 advertised property listings, which is historically well below average. To provide some context, in late 2011 when market conditions were relatively soft there were slightly more than 40,000 homes available for sale across the Sydney market.  </p>
<p>Conversely, in those cities where the housing market is weakening, listing numbers have shown a consistent rise. Total listing numbers are now 22% higher in Darwin and 17% higher across the Perth housing market. </p>
<p>With listing numbers remain low in Sydney and Melbourne, together with market demand remaining high, buyers have been faced with some urgency in their decision making which is another factor driving prices higher in these cities. Sydney homes are selling in just 26 days with Melbourne homes selling over a slightly longer time frame at 34 days.  The remaining capital cities are taking more than 50 days on average to sell, with Hobart and Darwin the longest at 70 days.</p>
<p>Another indicator of ongoing market strength in Sydney and Melbourne is clearance rates. The success rate for capital city auctions has slipped from the high 70% range to the mid 70% range during winter, however that is still a historically high rate of clearance and the moderation is more than likely seasonal.</p>
<p>Australia’s largest city, Sydney, remains the hottest housing market, with dwelling values moving 18.4% higher over the past year. This is the highest rate of annual growth since 2002.  House values were up by 19.8% over the year and unit values increased by a lower 11.9%. While dwelling values are rapidly rising, rental rates across Sydney are increasing by only 2.5% per annum which means gross rental yields are being pushed to record lows. The typical Sydney house is now showing a gross rental yield of just 3.2% which is the lowest on record while units are showing an average gross yield of 4.2%.</p>
<p>In Melbourne, growth conditions have picked up over the past three months, with Melbourne recording a higher rolling quarterly rate of growth than Sydney at 6.1%. Detached houses continue to be the main driver of Melbourne’s appreciating home values. House values were 12.3% higher over the year compared with a 4.8% gain in unit values.  Similar to Sydney, rental growth has been subdued across the Melbourne regions with dwelling rents increasing by just 2.1% over the past twelve months. The average gross yield on a Melbourne house is now at record lows at just 3.0% while units are returning an average gross yield of 4.1%.</p>
<p>Brisbane’s housing market was the third strongest performer across the capital cities for capital gains over the past twelve months, with dwelling values rising 3.9%. The capital gain has been driven exclusively by the detached housing sector where house values have moved 4.6% higher over the year compared with a 2.5% fall in unit values. Compared with the other largest capital cities, rental yields are much healthier in Brisbane with the average gross yield on house recorded at 4.4% while the unit market is showing a higher 5.5% average gross yield.</p>
<p>Adelaide’s housing market recorded a 1.1% dip in dwelling values over the month of July, taking local values 0.2% lower over the first seven months of the year. Adelaide home values have increased by 3.4% over the past twelve months, and comprised of a 3.4% rise in house values and a 3.1% rise in unit values. Adelaide rents have remained virtually flat over the past year, with house rents increasing by 0.4% and unit rents up by 0.3%. The sluggish rental markets has seen gross rental yields across Adelaide slip a little further to register at 4.2% gross for houses and 4.7% gross for units.</p>
<p>Perth’s home values have remained relatively steady over the past year with dwelling values across the western most capital city falling by 0.3% over the past twelve months. The decline in dwelling value has been confined to the unit market where values have fallen by 5.7% over the year compared with house values which were virtually flat over the year with a 0.1% upwards movement. The local rental market is seeing larger declines, with house rents down 5.5% and unit rents falling by 7.2%. The large fall in weekly rents is also pushing local yields down, with the typical Perth house now showing a 3.9% gross yield while units are returning a gross yield of 4.5%.</p>
<p>The housing market across Hobart is once again on an improving trend with local dwelling values moving 2.6% higher over the first seven months of the year and 2.5% higher over the past twelve months. Hobart’s market still has some way to go before staging a nominal recovery, with dwelling values remaining 6.6% lower compared with the previous 2009 peak in dwelling values. House rents are up 2.1% over the past twelve months and unit rents are 4.1% higher which has pushed local gross rental yields to the second highest of any capital city.  </p>
<p>Darwin’s housing market is well into a correction with dwelling values down 5.3% over the past year. House values have recorded a larger fall than unit values, down 5.7% compared with a 3.2% fall in unit values. Weekly rents are also moving lower; house rents have fallen by 9.5% over the year and unit rents are down 8.1%. Despite the sharp fall in weekly rents, Darwin’s gross rental yields are still the highest of any capital city for detached houses at 5.7% and equal highest with Brisbane for units at 5.5%.</p>
<p>The housing market in Canberra has been on improving trend with values rising 4.9% over the first seven months of the year to be 1.2% higher over the past twelve months. The annual growth in dwelling values has been driven entirely by a rise in house values which are up 1.4% over the past twelve months while unit values are down 0.6%. Local gross rental yields are higher than the capital city average with the typical Canberra house providing a 4.1% average gross yield and units are showing an average gross yield of 5.0%.</p>
<p>The housing markets around Australia are as diverse as ever. While markets are booming in Sydney and Melbourne, they are correcting in Darwin and Perth. Across the regional areas of the country we are seeing coastal and lifestyle markets broadly bouncing back in value as buyer demand ramps up after a long slump, while towns reliant on the resources sector are moving through a downturn.  </p>
<p>The diversity in the housing market highlights the different growth drivers that are evident from region to region. The economies of Sydney and Melbourne are relatively sheltered from the downturn in the resources sector and are benefitting from a very healthy services sector while the mining states and territories are experiencing softer economic conditions and a wind down in population growth.</p>
<p>The increase in the rate of growth across our combined capital cities index is likely to be causing some concern to Australian regulators such as the Reserve Bank and APRA who would have been hoping to see the opposite trend; a slowdown in capital gains in line with tighter lending conditions around investment mortgages.  </p>
<p>The annual expansion in investor related housing credit has continued at a pace that is higher than APRA’s mandated 10% growth per annum, with June figures from the Reserve Bank showing credit for investment housing had increased by 10.9% over the year to reach its highest annual level since 2013. With many banks now placing a premium on investment mortgage interest rates while also looking to slow down their pace of investment lending we would suspect investors will start to comprise a smaller proportion of the market.  </p>
<p>The cumulative effect of tighter lending conditions, more expensive mortgage rates for investors and lower yields, as well as natural affordability constraints and higher levels of new housing supply, is likely to dampen some of the exuberance we have seen across the Sydney and Melbourne housing market. Listing numbers are likely to start their spring climb over the coming month which will provide a timely test of the housing markets strength through spring.</p>
<p><em>Tim Lawless is head of the CoreLogic RP Data research and analytics team and can be contacted <a href="https://blog.corelogic.com.au/author/timlawless/" target="_blank">here</a>.</em></p>
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tlawless-5VLUrbAk9s

Urgency driving prices higher in Sydney and Melbourne: Tim Lawless

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<p>ANZ deputy chief executive Graham Hodges told a federal parliamentary inquiry into home ownership last week ANZ did not see any housing bubble.</p>
<p>The rapid rise in house prices in Sydney in the past couple of years had followed a long period of flat prices from the 2000s to around late 2010, he noted.</p>
<p>"I think these price movements do tend to go a little bit in waves, but clearly it's an expensive city to buy a house in," he told the inquiry on Friday.</p>
<p>"It certainly does affect affordability, but we wouldn't say it's necessarily a bubble."</p>
<p>The ANZ submission said the housing sector continued to see considerable activity and new investment, and was performing more strongly than much of the rest of the Australian economy.</p>
<p>"Housing price rises, especially in Sydney and Melbourne where foreign investment in residential real estate is greatest, are attributable to a combination of factors: underlying demand for housing, positive market sentiment, and the construction industry responding to these conditions.</p>
<p>"Outside Sydney and Melbourne, housing sales, prices and construction are more subdued.</p>
<p>"The housing market in these regions reflects the flat economic conditions and does not benefit from strong investor demand."</p>
<p>It advised in the absence of an unexpected sharp economic downturn, ANZ remained optimistic about the housing market outlook.</p>
<p>"Supply continues to be tight relative to demand and an extended period of low interest rates is expected."</p>
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jchancellor-FAypfDUnLy

ANZ doesn't see housing bubble

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<p><span>GUEST OBSERVER</span></p>
<p><span>The Westpac–Melbourne Institute Consumer Sentiment Index rose by 7.8% in August from 92.2 in July to 99.5 in August. </span></p>
<p><span>This is a very surprising result. Movements of the Index of this magnitude are unusual and generally associated with highly significant events such as interest rate moves or Commonwealth Budgets. There is no comparable event they may have triggered this response although the solution may lie with international issues and housing.</span></p>
<p><span>Last month we conjectured that the main reason behind the 3.3% fall in the Index related to concerns around global issues associated with Greece and the Chinese equity market. That fall had followed a fall in June of 7.1% (also influenced by concerns around Europe in particular) from the big increase in May<br> (8.0% jump) which was most likely associated with the Reserve Bank’s rate cut in early May and a positive response to the Commonwealth Budget.</span></p>
<p><span>It seems that with the tensions in Greece and the Chinese equity market no longer dominating the media consumers are feeling more relaxed. However, the Index remains below 100 and is therefore the 16th reading out of the last 18 where the Index has been below 100 indicating that pessimists have consistently outnumbered optimists.</span></p>
<p><span>Ongoing positive news around house prices may also have buoyed confidence. Certainly there was a much larger lift in the confidence levels of those respondents who wholly own a property (up 6.2%) or who hold a mortgage (up 11.0%) than those who are out of the housing market (up 4.3%).</span></p>
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<p><a href="/images/2015/08/12/Screen%20Shot%202015-08-12%20at%2011.49.48%20AM.png" target="_blank"><span>Click to enlarge</span></a></p>
<p><span><img src="/images/2015/08/12/Screen%20Shot%202015-08-12%20at%2011.49.48%20AM.png" alt=""></span></p>
<p><span>However confidence is not being boosted by the expectation of more interest rate relief. In our special question around the outlook for mortgage rates 55% of respondents expect mortgage rates to rise over the next 12 months; 35% expect rates to be steady; and 5% expect further rate cuts (5% with no opinion)</span></p>
<p><span>Over that 18 month period there have been two months (following the RBA’s rate cuts in February and May) when Confidence has rallied but this has not proved to be sustained.</span></p>
<p><span>I expect that this current “rally” will equally prove to be unsustainable particularly given a resurgence of concerns around China and the evidence last week that the unemployment rate lifted to 6.3%.</span></p>
<p><span>The rise in the overall Index was associated with a modest improvement in respondents’ confidence around the labour market. The Westpac Melbourne Institute Index of Unemployment Expectations fell by 2.1% following a 1.3% fall in July (a lower level indicates that respondents are more confident with the labour market outlook). However the Index is still above the level in May and 6% above the level in October 2011 immediately before the Reserve Bank began its easing cycle.</span></p>
<p><span>Not surprisingly, all components of the Index increased. Possibly reflecting the house price theme we saw a huge lift in “family finances compared to a year ago” of 15.5% while “family finances over the next 12 months” rose by 3.9%.</span></p>
<p><span>Prospects for the economy, possibly influenced by a more settled global outlook, also lifted. “Economic conditions over the next 12 months” rose by 13.4% and “economic conditions over the next five years” was up by 5.8%. However note that these two components are still down on a year ago: –8.7% and –2.1% respectively.</span></p>
<p><span>“Whether now is a good time to buy a major household item” rose by 3.7% but is also still down 1.6% on last year.</span></p>
<p><span>Sentiment towards housing improved. “Whether now is a good time to purchase a dwelling” increased by 8.2%. But that really only represents a recovery from the precipitous fall last month of 15.4%. The level in August is still 8.5% below the level in June and still represents the second lowest print for this Index since November 2010 – the aftermath of the Reserve Bank’s rate hike cycle. There was only one state, New South Wales, where the Index fell further (– 3.3%) from the July level. The Index for New South Wales is now 22% below its level two months ago. This sentiment is probably being driven by concerns around both affordability and prospects for prices.</span></p>
<p><span>Respondents were less confident about the outlook for house prices. The Westpac–Melbourne Institute Index of House Price Expectations fell by 5.6% (to 137.7) from its level in July (145.8) and is now down by 10.3% over the year. </span></p>
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<p><a href="/images/2015/08/12/Screen%20Shot%202015-08-12%20at%2011.48.33%20AM.png" target="_blank"><span>Click to enlarge</span></a></p>
<p><img src="/images/2015/08/12/Screen%20Shot%202015-08-12%20at%2011.48.33%20AM.png" alt="" width="660" height="225"></p>
<p><span><em>BILL EVANS</em></span><em> is chief economist of <a href="https://www.westpac.com.au/" target="_blank">Westpac</a>.</em></p>
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August consumer sentiment index rise surprising: Bill Evans

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<p><span>On CoreLogic-RP Data's Index, prices in Melbourne and Sydney have accelerated over the past quarter to an astonishing pace, though this index probably lags.</span><br><br><span>Prices are reported as up for the year, quarter...and even the day...for all capital cities in the index.</span></p>
<p><a href="/images/2015/08/12/RPD%20Sea%20of%20GReen.jpg" target="_blank"><span>Click to enlarge</span></a></p>
<p><span><img src="/images/2015/08/12/RPD%20Sea%20of%20GReen.jpg" alt=""></span></p>
<p> </p>
<p><span><em>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>.</em><br></span></p>
<p><em>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>.</em></p>
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A new high for Australian home values: Pete Wargent

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<div>Sydney house prices have accelerated to be up by 20.36% over the past year to June 2015, according to Residex.</div>
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<div>Sydney house prices jumped by 6.94% for the past quarter alone.</div>
<div> </div>
<div>Rents for houses in Sydney also boomed over past year on this index, up 12.4% to $680/week. </div>
<div> </div>
<div>Sydney unit prices were up 15.44%, with rents up 6.67% to $560/week.</div>
<div> </div>
<div>Not too much doing elsewhere, with prices down marginally for the quarter in Adelaide, and declining moderately over the past year in Perth and Darwin. </div>
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<div><a href="/images/2015/08/04/T1_Stats_Update.jpg" target="_blank">Click to enlarge</a></div>
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<div><img src="/images/2015/08/04/T1_Stats_Update.jpg" alt=""></div>
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Sydney achieves record growth: Pete Wargent

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<p><span>Respondents to the <span>the </span><span id="0.5960201900452375" class="highlight">CoreLogic</span><span> RP Data Nine Rewards Consumer sentiment </span>survey are concerned about foreign buyers pushing prices higher across the housing market, with 73% of all respondents nationally indicating they thought foreign purchasing was making it more difficult to own a home. </span></p>
<p><span>19% of respondents perceived foreign buyers were placing ‘Extreme upwards pressure’ on housing prices and 30% (the largest proportion) thought foreign buyers were exerting ‘strong upwards pressure’. Only 6% of respondents though foreign buyers weren’t effecting housing prices at all. </span></p>
<p><span>The regions where foreign buying was perceived to make it most difficult for residents to purchase a home were Sydney, regional New South Wales, Melbourne and Tasmania where are least 79% of respondents perceived foreign buyers were making it more difficult for Australian residents to purchase their own home. </span></p>
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<p>Source: <span id="0.5960201900452375" class="highlight">CoreLogic</span><span> RP Data Nine Rewards Consumer sentiment survey</span></p>
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mick.cee-iDmgDDAmu8

Are foreign buyers trumping locals attempting to buy property? CoreLogic RP Data

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<p>House prices are rising across the world, according to the IMF.</p>
<p>Australia certainly doesn't lead the pack, sitting mid-tier between Norway and Malta. </p>
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<p><span style="line-height: 1.3em;"><img src="/images/2015/07/24/Screen%20Shot%202015-07-24%20at%2011.28.27%20PM.png" alt=""></span></p>
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Qatar leads world in house price growth: IMF

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<p><span style="line-height: 1.3em;">House prices are booming again, unless you live in Perth or Darwin, national valuers Propell suggest. </span><span style="line-height: 1.3em;">After a hiatus in May, buyers returned strongly in June to most markets, setting fresh records and igniting comments about booms and warnings about the pace of growth.</span></p>
<p><span style="line-height: 1.3em;">In June alone, Sydney prices were up 2.4%, but for the first time in a while, the percentage increase was eclipsed by Melbourne which was up 3%, it noted.</span></p>
<p><a href="/images/2015/07/14/propell1.jpg" target="_blank"><span style="line-height: 1.3em;">Click to enlarge</span></a></p>
<p><span style="line-height: 1.3em;"><img src="/images/2015/07/14/propell1.jpg" alt="" width="1126" height="627"></span></p>
<p><span style="line-height: 1.3em;">"Given the big price differential, it raises the prospect that Melbourne growth rates may start to overtake those of Sydney in the next year,</span><span style="line-height: 1.3em;">" Propell said.</span></p>
<p><span style="line-height: 1.3em;">"We can imagine a scenario where Sydney price growth eases back into single digits while Melbourne growth rates are well into the teens."</span></p>
<p><a href="/images/2015/07/14/propell2.jpg" target="_blank"><span style="line-height: 1.3em;">Click to enlarge</span></a></p>
<p><span style="line-height: 1.3em;"><img src="/images/2015/07/14/propell2.jpg" alt=""></span></p>
<p><span style="line-height: 1.3em;">The Brisbane growth rate in prices was also strong, Propell advised up 1.9% in June after four weak months. </span><span style="line-height: 1.3em;">Canberra was up 0.7% in June after a stronger May figure, and could be the surprise market of the next year showing increasing demand.</span></p>
<p><span style="line-height: 1.3em;">But at the other end of the scale, prices dropped in Perth and Darwin.</span></p>
<p><span style="line-height: 1.3em;">"Canberra is now seeing an inflection point, and prices have started increasing during 2015. </span><span style="line-height: 1.3em;">Melbourne was looking increasingly attractive to investors who are otherwise getting priced out of the Sydney market. </span></p>
<p><span style="line-height: 1.3em;">"The Sydney housing market still leads the country in price growth, but the pace of growth appears to be moderating, although it is still in double digits.</span></p>
<p><span style="line-height: 1.3em;">"In contrast, house price growth in Melbourne is strengthening and there is speculation among some parties that it could match or exceed that of Sydney in the coming year</span>…<span style="line-height: 1.3em;"> The benefit is not flowing over into the apartment market, where Sydney is the only market expected to show significant growth in apartment prices.</span><span style="line-height: 1.3em;">"</span></p>
<p><span style="line-height: 1.3em;">Other markets, including Melbourne, are oversupplied if anything, with developers competing for purchasers.</span></p>
<p><span style="line-height: 1.3em;">The number of investors in the market appears to be falling, even as investment demand increases.</span><span style="line-height: 1.3em;">This is due to the macro prudential controls imposed on banks, which are now routinely requiring a 10% deposit, and the mortgage rate applicable for investment properties is no longer discounted, Propell noted.</span></p>
<p><span style="line-height: 1.3em;">"Loans for investment properties had peaked at around 44% of all loans, but early figures suggest that this could now have fallen to as low as 30%.</span></p>
<p><span style="line-height: 1.3em;">"This should contribute to a slower pace of price growth in the coming year. </span><span style="line-height: 1.3em;">With a further cut in interest rates expected later in 2015, demand for real estate remains the bright spot in the economy."</span></p>
<p><a href="/images/2015/07/14/Screen%20Shot%202015-07-14%20at%2011.29.55%20AM.png" target="_blank"><span style="line-height: 1.3em;">Click to enlarge</span></a></p>
<p><span style="line-height: 1.3em;"><img src="/images/2015/07/14/Screen%20Shot%202015-07-14%20at%2011.29.55%20AM.png" alt="" width="1927" height="988"><a href="/images/2015/07/14/Screen%20Shot%202015-07-14%20at%2011.32.13%20AM.png" target="_blank">Click to enlarge</a><br></span></p>
<p><span style="line-height: 1.3em;"><img src="/images/2015/07/14/Screen%20Shot%202015-07-14%20at%2011.32.13%20AM.png" alt=""></span></p>
<p> </p>
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