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

Joel Robinson

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

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

A collection of just 25 large-format apartments and penthouses overlooking Goodwin Park is entering the Coolangatta market, with <a href="https://www.apartments.com.au/new-apartments/marea-residences-coolangatta-27-27a-dixon-street-coolangatta-qld-4225">Maréa Residences</a> combining a low-density, residential-only approach with uninterrupted park and Pacific Ocean outlooks.

Located at 27 Dixon Street, Maréa comprises three and four-bedroom residences alongside a limited number of dual-level penthouses, with the project positioned between Goodwin Park and <a href="https://www.apartments.com.au/developments/coolangatta-qld-4225">Coolangatta</a>’s coastal precinct.

Construction has commenced, with completion currently estimated for late 2027. Three-bedroom residences are priced from $1.8 million.

[smartcode_project:default project_id=150999 project_image_fid=374005]

The project has been designed around its northern outlook across the park, with the building’s architecture, landscaping and material palette intended to establish a connection with the neighbouring green space. The residences have been configured to maximise natural light and views across Goodwin Park towards the ocean.

Inside, the material palette incorporates timber, stone and brushed brass, complemented by curved detailing and ambient lighting. Kitchens and bathrooms carry the same natural material approach, while residences also include basement parking, storage and lift access.

Maréa’s penthouses are arranged over two levels and include private pools, adding another layer to the project’s focus on larger-format apartment living. Across the development, residences are configured with three or four bedrooms rather than the broader mix of smaller apartment types commonly found in larger projects.

[smartcode_project:default project_id=150999 project_image_fid=374010]

Resident amenity is concentrated at rooftop level, where landscaped entertaining terraces and pools take advantage of elevated views across Coolangatta and the Pacific Ocean.

The project has so far been particularly well received by local owner-occupiers and downsizers, according to Urban Activation Property Sales and Marketing Director Matt George, with the residential-only format, construction quality and northern park outlook among the features resonating with purchasers.

“The uninterrupted northern aspect overlooking Goodwin Park has been a key point of difference, with buyers attracted to the sense of serenity and open space the park provides, while still enjoying easy access to the ocean and being within walking distance of the lifestyle and amenities Coolangatta has to offer,” George said.

[smartcode_project:default project_id=150999 project_image_fid=374002]

“The combination of high-quality construction, a residential-only building, park outlook and proximity to the beach has resonated strongly with the local downsizer market.”

The Dixon Street address is within walking distance of Coolangatta Beach and the broader southern Gold Coast coastline, including the surf breaks at Snapper Rocks and Kirra. Coolangatta’s cafés, restaurants and retail are nearby, while Gold Coast Airport is also within close proximity.

[smartcode_project_cta:default project_id=150999]

Maréa Residences brings parkside apartments to Coolangatta

Melbourne developer PDG has secured Victorian Government approval for its $1.5 billion Southbank development <a href="https://www.apartments.com.au/new-apartments/the-one-1-queens-bridge-street-southbank-vic-3006">The One</a>, clearing the way for the long-dormant riverfront site opposite Crown to finally be developed.

The Minister for Planning has approved the project at 1-29 Queens Bridge Street, with the Department of Transport and Planning issuing the planning permit following its assessment.

The approval will allow PDG to develop the prominent 5,059 sqm site with a major mixed-use tower comprising premium apartments, including branded residences, a luxury hotel and boutique office space.

PDG acquired the site in late 2024, with its position directly opposite Crown's main entrance and near Melbourne's Arts Precinct making it one of Southbank's most significant remaining development opportunities.

<img alt="PDG" data-entity-type="file" data-entity-uuid="3933013e-6332-4386-b9be-089df05caf17" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-27%20at%209.29.22%E2%80%AFAM.png?VersionId=sITIgBqDL0N3VNSMwWEmF5UA.uvcsRyu" />

Designed by COX in collaboration with ODO and PDG, the tower's architecture draws on the movement of the Yarra River, with six vertical pleats running the height of the sculpted facade.

The project will also see the heritage-listed Queens Bridge Hotel restored and incorporated into the development&nbsp;with new hospitality and public uses, including a rooftop venue.

A significant component of The One will be its residential amenity.

More than 5,000 sqm of resident facilities will be delivered across a single level, making it one of the largest consolidated residential amenity offerings proposed in an Australian apartment development.

The planning approval also incorporates a major upgrade of Queensbridge Square, which PDG will deliver in partnership with the City of Melbourne.

<img alt="PDG" data-entity-type="file" data-entity-uuid="73167fcd-1031-4b6f-a408-a064cfe45ed1" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-27%20at%209.29.17%E2%80%AFAM.png?VersionId=Pf1AEWxw6SNmBqR0zQW5lyEze.MtxgFp" />

The existing square will be revitalised as a new civic and pedestrian space along the Yarra River, strengthening the connection between the project, Southbank and the riverfront.

PDG Founder and Managing Director Vince Giuliano said the approval represented a major milestone for a site which has remained largely underutilised for more than 15 years.

“This is the most significant Planning Permit approval Melbourne has seen in recent years,” Giuliano said.

“For more than 15 years, this site has remained underutilised. This approval enables us to deliver a project that will contribute meaningfully to the revitalisation of Southbank, restore and reactivate an important heritage building, and create a new civic and hospitality destination for Melbourne.”

The latest approval follows an earlier planning permit issued by the City of Melbourne covering demolition works across part of the site at 9-29 Queens Bridge Street. Those demolition and early works are already underway.

PDG has also started generating early interest in the residential component from owner-occupiers ahead of a planned public launch in early 2027.

PDG secures approval for $1.5bn Southbank apartment development, The One

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>.

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

Housing Development

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Payce is to buy a 4.5-hectare site in Melrose Park for $160 million from Aqualand.
Payce general manager Dominic Sullivan said Payce had previously purchased the adjoining Pfizer, Reckitt Benckiser and Big Sister sites located along Wharf Road.
Council recently identified Melrose Park in its draft Parramatta Employment Lands Strategy 2015 document as an employment lands precinct undergoing significant economic change and “suitable for large scale urban renewal”. 
Payce’s general manager, Dominic Sullivan said its plans included new public roads, electricity, water and services and major upgrades to the surrounding road network.
“Our plan presents a vision for the area that comprises a multi-staged mixed-use development which would result in 1,500 new jobs, new housing (including affordable and key-worker accommodation), commercial office and retail uses, along with a range of new and enhanced community facilities, public parks and other wider community benefits.”
The plan includes a retail village centre, as well as open space totalling 3.8 hectares.
"Sustainability is at the heart of the new Plan, featuring renewable energy generation for future homes, water recycling, sustainable transport initiatives and electric charge points for cars."
“Other facilities outlined in the Plan include an amphitheatre, childcare centres and multi-purpose community centres.
“Surrounding public benefits proposed include a $32 million contribution to the upgrade of nearby George Kendall Reserve, a new community aquatic facility, improvements to local cycleways and the introduction of an electric shuttle bus service to Meadowbank and West Ryde train stations.
“Discussions are also planned with relevant authorities for a private ferry service loop between Melrose Park, Parramatta and Sydney Olympic Park.”
Mr Sullivan said the proposed community benefits total well over $100 million and would be provided at no cost to Council or its ratepayers.
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jonathanchancellor-7SQnKwU6yx

Payce plans reveal vision for Melrose Park in Sydney's West

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Sydney’s established suburbs have just one thing in common when we talk about their existing houses in that for years now we have seen no new housing developments – they have simply dried up.
They no longer exist nor will we see any more new developments, so the number of houses in a particular suburb is all but fixed forever. Unlike outer Sydney where new housing estates are being released at the fastest rates ever witnessed before to meet the growing consumer demand – however the new markets are totally different from the established property markets.
It’s interesting to note that the established housing markets are contracting with less properties being offered to the marketplace which is underpinning property prices. Just as interesting is the observation that the overseas buyers are now strong participants in the established Sydney property markets followed by the local buyers in close pursuit.
This is what many are calling the perfect storm where if you removed the overseas buyers the Sydney established property markets would bear no resemblance to what we witnessed in 2015. With the NSW government now fixated on high – density residential strata developments many property buyers are observing that established houses are the best investments because production has ceased.
Whilst the NSW government has no problems encouraging the new residential subdivisions of airspace we certainly don’t envisage we will see any outdoor public spaces being converted to residential housing subdivisions.
We can also throw into the ‘perfect property storm’ record low interest rates where households are leveraging their borrowings to the maximum in order to take full advantage of the lowest rates in property history. When they leverage high this takes longer to pay down the principal home loan which in turn slows down the number of properties being offered to the market place which is exactly what we are witnessing today.
Just as interesting is that the last cash rate increase by the Reserve Bank of Australia (RBA) was back on November 3, 2010 when the RBA increased the cash rate +0.25 percent to 4.75 percent.
To show further proof a recent analysis by Digital Finance Analytics identified that 13 percent of households with an owner occupied loan would be in financial discomfort if rates were to rise at all. This is a smaller proportion to investment property owners who came in at 27 percent. However, more than one third of households said that they would be in difficulty if rates rose by 3 percent.
With many property owners closely following the cash rate musings emanating from the RBA – they may be better advised to watch their respective lenders a lot more closely.
Business analysts warned this week if there are no RBA cuts in 2016 then the banks would again act independently by announcing their own independent rate increases. Many quickly forget that in 2015 the big banks joined hands and raised their respective rates between 15 and 20 basis points.
Based on this data, for that to happen we would see the investment property hardest hit with a very distinct possibility of surging nervous investors trying to off – load their newly acquired investment properties. On the flip – side the major banks are most concerned that this newly created investment property loan portfolio has them exposed – so we in all probability will see them massaging their mortgage books in 2016.
This of course does not bode well for all the new developments awaiting release to the respective marketplaces where Melbourne has approximately another 20,000 new apartments ready to be released over the next five years with Sydney sitting at around 6,000 new apartments.
Then of course we have the dilemma with the apartments already sold off – the – plan with plenty of talk that many of those won’t proceed with their contracts. In particular the Big Four banks are only too well aware of their exposure to these new markets. That would explain why they have commenced their whisper campaigns – where we can expect to read plenty more in coming months.
When the property flows are weak the prices shoot up which is exactly what has happened to the established markets. The new investment markets are the ones that dominated in 2015 so there is a very good chance they may dominate conversations in 2015 for all the wrong reasons. What also needs to be factored in are the new developments where 100 per cent of these apartments were sold offshore. It’s anyone’s guess what may happen should we see these newly created markets start showing the first signs of panic.
<h5>MOSMAN – 2088</h5>
• Number of houses on the market this time last year – 58
• Number of houses on the market last week – 36
• Number of houses on the market this week – 45
• Number of apartments on the market this time last year – 43
• Number of apartments on the market last week – 32
• Number of apartments on the market this week – 38
<h5>CREMORNE – 2090</h5>
• Number of houses on the market this time last year – 8
• Number of houses on the market last week – 9
• Number of houses on the market this week – 11
• Number of apartments on the market this time last year – 18
• Number of apartments on the market last week – 11
• Number of apartments on the market this week – 15
<h5>NEUTRAL BAY – 2089</h5>
• Number of houses on the market this time last year – 4
• Number of houses on the market last week – 6
•Number of houses on the market this week – 6
• Number of apartments on the market this time last year– 37
• Number of apartments on the market last week – 23
*Number of apartments on the market this week – 27
 ROBERT SIMEON is a director of <a href="https://www.rwm.com.au/" target="_blank" title="RWM" rel="nofollow">Richardson Wrench Mosman and Neutral Bay</a> and has been selling residential real estate in Sydney since 1985.  He has also been writing real estate blog <a href="https://www.rwm.com.au/news/" target="_blank" title="Virtual Realty News" rel="nofollow">Virtual Realty News</a> since 2000. 
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robertsimeon-hRNTwJyXkQ

Simply put, property will be as steady as she flows: Robert Simeon

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<div class="column">GUEST OBSERVER</div>
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<div class="column">Dwelling approvals may have eased in August but it was largely driven by the volatility in apartment approvals. More encouragingly house approvals lifted by healthy 4.4 per cent August. From a longer term sense the lift in home building over the past couple of years has been extraordinary. </div>
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<div class="column">Over the past year a record 225,406 new homes were approved – a boom that will continue to support economic activity over the next 12-18 months. Interestingly with the tightening in bank lending standards and news of another bank pulling back from investor loans in the last day, it is pretty clear that the lift in supply should result in a much more balanced housing sector.</div>
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There is no housing bubble, rather an imbalance between supply and demand in key markets like Sydney and Melbourne. When demand exceeds supply, prices can soar at an unsustainable rate. But the homes are being built to meet demand, it just takes time. Investors clearly must tread warily. Private sector credit remains healthy with lending lifting by 0.6 per cent in August. From an annual sense, credit growth is holding at the best levels in over six years. The key driver remains housing and in that context it is investor housing in particular that has driven the strength.
Investor finance is up 10.7% on a year ago. However it is likely that investor demand eases over the coming year.
More encouraging was the lift in business credit. There is no doubt that businesses are still rather tentative but the lift in borrowings is certainly encouraging and resonates with the lift in business confidence and conditions. The key driver of future lending will be an ongoing improvement in labour market conditions, rise in business hiring intentions and lift in consumer confidence. The disappointment in the latest result lies with the consumer borrowings which have been weak for the most part of this year. Interestingly the consumer credit figures may not be painting a true picture with some home owners likely to dipping into home equity to borrow at cheaper rates, rather than tapping personal loans. 
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What do the figures show?
Building Approvals:
Dwelling approvals fell by 6.9% in August after rising by 7.9% in July. In trend terms, approvals fell by 0.7% in August.
House approvals rose by 4.4% in August (private sector rose 4.9%). Meanwhile ‘lumpy’ apartment approvals fell by 16.9% in August after rising by 20% in July. Private sector apartment approvals fell by 11.4% in August.
Dwelling approvals are up 5.1% on a year ago with house approvals up by 2.2% while apartments are up by 8.4%.
Across states and territories in August: NSW approvals rose by 27.1%; Victoria rose by 8.3%; Queensland fell by 17.2%; South Australia fell by 8.1%; Western Australia fell by 1.1%; Tasmania fell by 24.7%. In trend terms, approvals rose by 7.3% in the Northern Territory and rose 4.4% in the ACT.
The value of all commercial and residential building approvals fell by 5.6% in August after rising by 9.2% in July. Residential approvals fell by 3.5% with new building down by 3% while alterations &amp; additions fell by 7.9%. Commercial building fell by 10.1% in August but was still up by 6.6% over the year (up 10.6% over the year in trend terms).
Private sector credit
Private sector credit (lending) rose by 0.6% in August after a 0.6% gain in July. Annual credit growth rose from 6.1% to 6.3% – a 61⁄2-year high.
Housing credit grew by 0.6% in August after a similar rise in July. Housing credit is up 7.5% on a year ago – the strongest annual growth since September 2010.
Owner occupier housing credit rose by 0.6% in August to stand 5.6% higher than a year ago – the fastest annual growth since January 2012. Investor housing finance lifted 0.7% in August. Investor housing credit was up by 10.7% over the year.
Personal credit rose by 0.1% in August after a flat result in July. Personal credit was up 0.7% over the year.
Business credit rose by 0.5% in August. Business credit is 5.3% higher than a year ago.
Term deposits held with banks fell by $2.2 billion in August to $509.9 billion. Term deposits are down 5.7% on a year ago – the sharpest decline in 12 years. Term deposits have been regularly falling in annual terms for 21 months – the longest period in records going back almost 30 years.
What is the importance of the economic data?
Private sector credit figures are released by the Reserve Bank on the last working day of the month. Credit is separated into three categories – housing, other personal and business. 
Private sector credit is effectively the amount of loans outstanding in the economy. If growth in lending is strong then it suggests that credit from financial institutions is freely available, underlying demand for assets such as cars and houses is firm and that the price of credit (interest rates) is attractive.
The Bureau of Statistics' monthly Building Approvals release contains figures on local council approvals to build residential structures such as homes and units as well as commercial premises such as offices and shops. Approval is one of the first stages of the construction ‘pipeline’ and is thus a key leading indicator of future activity. An increase in approvals would point to stronger future activity for construction-related companies.
What are the implications for interest rates and investors? The home building boom will support the economy over the next 12-18 months, and the benefits will last longer in Sydney given that high rise apartments take longer to build.
The Reserve Bank is unlikely to shift interest rates in any direction. Rather an extended period of time on the sidelines is the most likely outcome. 
<a href="/images/2015/09/30/Screen%20Shot%202015-09-30%20at%202.13.38%20PM.png" target="_blank">Click to enlarge</a>
<img src="/images/2015/09/30/Screen%20Shot%202015-09-30%20at%202.13.38%20PM.png" alt="">
 Savanth Sebastian is an economist for <a href="https://www.commsec.com.au" target="_blank">CommSec</a>. 
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jchancellor-FAypfDUnLy

There is no housing bubble: CommSec's Savanth Sebastian

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Cities are ever changing environments that are continuously evolving and they reflect the varied and always developing needs of the population.
The complexity of the population is naturally reflected in the make-up of the housing market and while fashions change, our underlying housing preferences appear to be somewhat more rigid than might be expected. And so the question will always be – are we matching demand and how we market to this audience? 
It appears that at times we have a disconnection between where we live and where we would like to live. Work, family, finances and lifestyle balance all play their part, alongside our national, still very dominant desire to have our own homes. This area is still driven by emotion and aspiration. There’s a lot of emotion in almost all parts of the housing market and the desire for homeownership is also closely tied to a feeling of achievement, personal growth and self-worth.
In almost any casual conversation we are often asked, where do you live? And where do you work and what do you do? Where we live in particular is very much seen as part of who we are, and so the character of the housing market is a constant source of fascination.
A Large House Near The City
In research published by the Grattan Institute, a large house near the city was seen as the most desirable goal for many people, but the actual structure of our housing market is somewhat different.
Homeownership is falling, and the numbers of people renting is on the rise. Both trends were evident. When measured in the last census in 2011, homeowners (either owned or with a mortgage) was around 67%, and rental accommodation sat around 29.6%, but the falling trend among homeowners has been constant and was closer to 75% in the 1960’s.
At the same time rents and mortgage repayments have been on the constant increase, and one particular measure remains on an upward trend and that’s the number of households where rent or mortgage payments are taking more than 30% of incomes, with rents at 10.4% and mortgage loan repayments at 9.9%. It’s a trend that the 2016 census is bound to see continue as house prices have increased over recent years.
There’s also a link between the size of families and their incomes and the ability to buy a home. Couples and sole parents with children account for 60.5% of households with both parents being employed either full or part-time making up 25.4%, with only 15.7% being households with just one parent working full-time, and even less with one parent in part-time employment at just 5.4% supporting the household.
Most of Us Still Live in Detached Homes
Where we live and the impact that has on household size and the importance of location also shows some related trends. As the figures above might help reinforce, families are more concerned about the size of a home.
The split is currently 75.6% living in detached homes, but that figure is gradually falling, 9.9% then live in semi-detached and 13.6% in apartments, with both are on an upward trend. The fall in the numbers of people living in detached homes is shown by the fact that in 1976 the figure stood at 78%, and while the decline is not huge, it’s now a constant trend and may well be more marked with recent trends towards the popularity of apartments.
What is somewhat a surprise is that evidence points to the popularity and demand for medium density housing, in reality the supply of semi-detached homes and townhouses has been falling way behind demand. Medium density sits somewhere between high-rise apartment living and the larger more traditional detached home and this would help explain, not surprisingly why these homes are so popular. And when it comes to size, we see that 3-bedroom and 4-bedroom homes together account for 73.9% of housing stock, with the demand for 4-bedroom homes on the increase.
When Location Is Key
While for families home size and the number of bedrooms are the most important factors, location is much more important as we get older and it’s also the same for singles.
While families are concerned about house size, as we get older we look for closer connections to work, being closer to family and facilities like transport, and the same goes for singles as they look for wider community connections. For these groups a central or CBD location and all that it entails is driving demand and pushing prices as sites are absorbed.
Then we also find that across all groups affordability always comes into the picture. This will then influence size, condition, access to transport and the key suburbs people are most attracted to. Our housing preferences are well-established but changing.
However as is clearly demonstrated by some of the shortages being experienced in Sydney, meeting all aspects of household demand isn’t easy. There are many layers that add time, cost and complexity to meeting demand. Finding suitable sites in very popular areas, the time to deliver the finished projects, planning delays and the costs involved will explain why in some markets demand is not being met.
Demand is being seen from the inner-city to major new growth regions on the city fringe. Then some housing preferences, like the demand for more mid-range medium density housing may be falling short. There’s a fine balance between location, cost and size that all buyers have to navigate when making a choice of where to live, and prices are reflecting the key areas of demand.
Peter Chittenden is managing director for residential of Colliers International. He can be contacted <a href="https://www.projectagenda.com.au/" target="_blank">here</a>.
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Where we like to live: Peter Chittenden

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Increasing the supply of housing in areas where the existing transport infrastructure is able to accommodate the additional demand is the recommendation of the Department of Infrastructure and Regional Development to the inquiry into Home Ownership.
"The release of additional land for residential development in areas with poor transport connections can lead to poor accessibility for residents, which can result in marginalisation from employment, education and essential services. 
"If planning is not undertaken in a coordinated way, residential land releases may require substantial infrastructure investments to subsequently deliver an acceptable level of transport service. 
"Especially in cases where adequate transport corridors have not been reserved and tunnelling is required, the additional cost of these investments may prove unaffordable in the long run. 
"Based on ABS Series B (medium growth) projections, the population of Australia’s capital cities is expected to grow by 6.1 million people between 2011 and 2031, and by 15.5 million between 2011 and 2061. 
"By 2061, both Melbourne and Sydney are expected to be home to around 8.5 million people. Perth is expected to experience the highest level of population growth over the next half century, almost tripling from around 1.83 million people to 5.45 million. 
"The Department has analysed changes in population and dwelling approvals in Australia’s major cities for two periods: 2006 to 2011 and 2012 to 2014. 
"During those two periods, the ratio of population increase to new dwelling approvals generally declined, suggesting that newer households tend to consist of fewer persons than in the past. 
"Assuming the recent trend continues, with the occupancy of new housing development remaining near the 2012-2014 levels of around two people per dwelling in Sydney and Melbourne, then it is expected that the two cities would respectively require around 40,000 and 45,000 new dwellings per year to accommodate the forecast population growth. 
"This is well above the average dwelling approval rates for the two time periods considered. If the figure going forward were instead closer to the long-term average of 2.6 people per household, then the number of new dwellings required would be around 30,000 for Sydney and 35,000 for Melbourne. 
"During the period 2001-2011, Sydney experienced an overall increase in housing density with 44% of all new housing stock consisting of apartments, 20% semi-detached units and 36% detached housing. 
"This saw the city’s share of apartments and semi-detached units increase from 36% to 41%, with detached housing’s overall share declining from 64% to 59%. 
"Over the past two decades, the Australian economy has reduced its reliance on manufacturing industries, with a greater economic focus on high paying jobs in knowledge intensive industries, which tend to be concentrated in the inner suburbs of major cities. 
"Specialist business parks, including those in close proximity to airports, are also emerging as key employment and economic centres in the landscapes of major Australian cities. 
"These highly productive, high paying and centralised jobs form a small but increasing proportion of the number of jobs overall, but are critical drivers of growth for Australia’s urban economies."
The continued growth of detached housing on the urban fringe, combined with the consolidation of many jobs in inner suburbs, creates a policy challenge for governments to effectively connect homes and workplaces. 
"This is placing pressure on Australia’s urban transport networks and leading to growth in road and public transport congestion." 
In the submission to the House of Representatives Standing Committee on Economics, the Department of Infrastructure and Regional Development supported the increase of housing supply in areas that complement the existing patterns of employment growth and that take advantage of existing transport networks. 
"Meeting the future transport needs of Sydney will be a significant challenge under any growth scenario, but it will likely become even more difficult if housing supply is added in areas that are poorly supported by transport services. 
"In formulating long term housing supply policy, the Department recommends a considered approach that takes account of the broader costs and benefits of housing development, including the costs of infrastructure connections and impacts on transport networks (such as road congestion). 
"While greenfield developments will be appropriate in some instances – a more holistic assessment may result in certain development proposals proving uneconomic." 
The Department believes that there are a number of other ways in which greenfield developments can be more costly than infill development, including reducing the supply of suitable land for agricultural, recreational, environmental and other uses; infrastructure connection costs; productivity and social costs.
"Overall, however, there is a clear body of evidence showing that, on average, the aggregate cost of infill development is well below that of greenfield development. 
"According to a study by the Centre of International Economics for the Australian Infrastructure Audit, urban consolidation can lower costs and environmental impacts. 
"Findings indicated that the resource costs of providing infrastructure associated with urban infill development are seven to 12 per cent lower than on the urban fringes."
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Transport infrastructure key to housing development

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Australia does not build enough new housing to support the growing population according to the Urban Development Institute of Australia with inadequate investment in urban infrastructure, high taxes and charges and excessive red tape on new developments driving the shortage in housing supply.
Whilst the overall rate of home ownership has only declined by a relatively modest 7%, from 71.3% of households in 1982 to 64.3% of households in 2011, according to UDIA, it masks the disproportionate decline experienced by younger generations, where rates of home ownership have collapsed. 
"The 25-34 and 35-34 year old demographics have seen the largest declines in the rate of home ownership, falling by 39% and 20% respectively. 
<a href="/images/2015/08/26/Screen%20Shot%202015-08-26%20at%209.31.53%20PM.png" target="_blank">Click to enlarge</a>
<img src="/images/2015/08/26/Screen%20Shot%202015-08-26%20at%209.31.53%20PM.png" alt="">
In the submission to the inquiry into Home Ownership, UDIA says there is an urgent need for governments to take necessary action in order to resolve these issues and restore housing affordability.
"UDIA is strongly of the view that Australia has not built enough new dwellings to support population growth for many years, and that the country now suffers from a significant underlying shortage of homes, pushing up both rents and house prices. 
"Population growth must be planned for, with the necessary land, new housing and infrastructure to support population growth. Doing so will ensure that population growth is managed sustainably and for the benefit of the entire community. 
"Timely and sufficient provision of new urban infrastructure, such as transport, utilities, and community facilities is a particularly important factor for ensuring an adequate supply of new land. Infrastructure investment can act as a critical catalyst for development and new supply, by improving access and opening up new areas for urban growth."
UDIA made several recommendations to the House of Representatives Standing Committee on Economics such as provide additional funding for investment in new urban infrastructure, in order to unlock land for development. 
"The Commonwealth should work with state governments to prepare comprehensive strategic plans for future urban infrastructure, land-use planning, and land supply, to align with forecast population growth. 
"Facilitate non-traditional methods of funding infrastructure, to increase the level of funding available for infrastructure investment at both a federal and state level."
UDIA believes that costs associated with the Environment Protection and Biodiversity Conservation Act (EPBC Act) are a concern for the development industry.
"The Commonwealth should work with State Governments to undertake planning system reform to reduce delays and increase certainty in planning, zoning, assessment and approval systems, and increase the flexibility with which they operate. 
"UDIA supports the creation of a single, streamlined environmental approvals system to reduce the red tape associated with duplicated systems, without harming environmental outcomes. The Government should continue with its plan to streamline the environmental approval process to create a ‘one stop shop’. 
"The Commonwealth should stop attempts to restrict development around airports and airport corridors beyond the current and existing standards. 
"Stamp duty on property purchases should be phased out, and replaced with more efficient taxes, such as a broadening of the GST. 
"Governments should avoid revenue raising through the application of up front developer charges, and should seek to fund infrastructure through recurring charges directly related to specific infrastructure investment, over extended time frames. 
"The Commonwealth should cease plans to shift the cost of providing the National Broadband Network to new home buyers through up front connection, network and backhaul charges. 
"Governments should commit to broadening the base and reducing the rate of land tax regimes over a number of years, as an efficient way to raise revenue and reduce reliance on up front developer charges. 
"Governments should ensure land taxes apply per land holding, not on an aggregate basis, to in order promote large scale land development. 
"Land taxes should be levied on only the unimproved value of land, to avoid distorting disincentives to invest in improvements. 
"Exclude state and local government taxes and charges from GST calculations on land development, to reduce double taxation and improve tax system integrity. 
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New housing needed to support population: UDIA

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Curtis Pitt, Minister for Employment and Industrial Relations and for Aboriginal and Torres Strait Islander Partnerships, supports an efficient fairer tax system.
In the submission to the House of Representatives Standing Committee on Economics he said Queensland government policies offer significant advantages to owner-occupiers over investors and investors receive tax advantages through the income tax and transfer system.
The Queensland Government has promised to introduce a new planning bill into parliament by October 2015.
"It is anticipated the new planning system will reduce development costs by reducing complexity and duplication and providing greater certainty, both to the community and industry.
"This includes simplifying the state planning hierarchy from four state instruments to two; simplifying the rules for assessment decisions; better processes for plan making, removing step by step detail from the legislation, allowing local government to be more flexible and innovative in their processes and engagement; and replacing the planning provisions with more focused standard requirements for planning schemes, improving consistency and reducing complexity."
The new planning system promises to be more transparent by removing Ministerial discretion, enhancing public reporting and by ensuring that all publicly notified application continue to attract third party appeal rights.
"The Department of Infrastructure, Local Government and Planning is currently undertaking a review of the South East Queensland (SEQ) Regional Plan in concert with local government. A key focus of this plan will be ensuring sufficient sites are identified to ensure the supply of housing can expand to meet the needs of a growing population.
"The Queensland government has committed to establishing an independent statutory body Building Queensland, to provide the government with expert advice on infrastructure projects, based on rigorous business cases including cost-benefit analysis and assessment of community benefits.
"This should enable more efficient land use and reduce the costs of providing new housing and the associated economic and social infrastructure.
"The Queensland government has identified housing affordability as one of the priority issues for analysis by the new Queensland Productivity Commission. The issue will be added to the forward work program so that a comprehensive analysis of the Queensland-specific factors can be made."
The MP also encouraged the inquiry to look into Indigenous home ownership. 
"In Australia only 29% of Indigenous people owned their own home in 2008. Ownership rates for Indigenous people were significantly lower in remote and very remote areas (8%) than in major cities (38%)."
In the submission to the Inquiry into Home Ownership, Curtis Pitt has observed that home ownership in Queensland has decreased from approximately 70% in 1994-95 to 65% in 2011-12.
"Total dwelling approvals have increased significantly in Queensland in recent years. They have risen by 64% between December 2011 and April 2015. However this is still below the levels reached in 2007-08.
"In recent years Brisbane residential prices have not increased as strongly as other markets, with house prices in the last five years increasing on average less than inflation. Brisbane house prices have become relatively more affordable.
The Queensland Government asserted it will work with the Federal Government to implement policies, which will improve housing outcomes in Queensland. 
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Queensland policy favouring owner occupiers, investors

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The Customer Owned Banking Association (COBA) has outlined three specific areas of banking reform that would allow customer owned banks to serve the needs of more Australians in its submission to the House of Representatives Standing Committee on Economics Inquiry into Home Ownership.
The three areas are: improving banking competition, making it easier for Australians to save for a deposit, and consumer-empowering reform to mortgage brokers.
COBA has many concerns about the current arrangements in the mortgage broker market.
"A number of consumers incorrectly believe that mortgage brokers have access to the products of all lenders. They don’t. A significant number of banking institutions, including many from the customer owned sector, do not make use of broker channels. 
"Brokers are only required to recommend a loan that is ‘not unsuitable,’ a far cry from the best home loan for the customer, and possibly not even a particularly good product for the individual. 
"COBA is also concerned about the lack of disclosure regarding the level of vertical integration within the finance industry. According to the Mortgage and Finance Association of Australia, aggregation/broking groups that are owned by the big four banks, totally or substantially, comprise an estimated 40 per cent of mortgage brokers. 
"COBA notes the current arrangements adopted around mortgage brokers can create an incentive for them to optimistically assess loan serviceability (i.e. the capacity of the customer to meet regular repayments). 
"Often, a mortgage broker has an incentive to advise a customer to take out a larger loan, rather than the loan that is in the customer’s best interest. 
COBA suggests that the Economics Committee Inquiry into Home Ownership supports the FSI’s findings about regulators and competition. 
"The Financial System Inquiry (FSI), chaired by David Murray, has delivered a blueprint for a more competitive banking market, which would benefit home buyers through increased choice, greater bargaining power, downward pressure on loan pricing, and product innovation."
"A more competitive banking sector will deliver sustainable positive outcomes for all banking customers, including home loan customers. 
"Customer owned banking institutions were strong supporters of First Home Saver Accounts (FHSAs), and were disappointed to see this initiative abolished in 2014. While the product had some limitations and significantly underperformed in terms of uptake, COBA believes that a better targeted product could deliver significant benefits to aspiring FHBs [first home buyers]. 
COBA recommends that consideration be given to introducing a scheme designed to assist first home buyers to save a home deposit. 
Another recommendation is that the tax rate applied to deposits be reduced to place them on a more equitable tax footing relative to other investment options. 
"Stamp duty represents a significant additional upfront cost to home buyers, and is a further barrier standing between FHBs and their first home. While State and Territory governments do provide stamp duty relief in some circumstances, the eligibility requirements are often quite restrictive.
"COBA is also concerned about the level of concentration and vertical integration within the broker market. We believe consumers deserve clearer information so they know who they are dealing with, without having to wade through fine print to uncover ownership structures. 
"[COBA recommends] That the Committee consider reforms designed to improve transparency and the level of consumer education about mortgage brokers. 
"COBA believes that the implementation of these recommendations would improve the operation of the home finance market, and help customer owned banking institutions help more Australians. 
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Consumer-driven reform needed for mortgage brokers: Customer Owned Banking Association

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Shelter WA recommends the Australian Government to appoint a Minister for Housing and Urban Development with the responsibility of coordinating decision-making across government. In their submission for the Inquiry into Home Ownership, Shelter WA recommended this coordination to be mirrored at the state level.
"Affordable housing is a structural issue, which needs to be addressed at a structural level through tax reform, employment growth and urban and regional development.
"While the affordability crisis in WA is less extreme than in some other areas of the country, housing remains unaffordable for many Western Australians. In WA, six times the median annual income is required to purchase a home at the median price (Bankwest Curtin Economics Centre, 2014). 
"This is up from 3.6 times the annual income which was required to purchase a dwelling in WA in 2001. Between 2006 and 2011, mortgage repayments in Perth increased by 54% and rents increased by 78%, while incomes only increased by 34% (Australians for Affordable Housing, 2012). 
"The household debt to income ratio has tripled over the past two decades (Bankwest Curtin Economics Centre, 2015). This includes mortgage debt as well as personal loans, credit cards and student loans."
In the submission to the House of Representatives Standing Committee on Economics, Shelter WA also suggested that a study should be conducted on the impact of negative gearing and the capital gains tax discount on home purchase affordability and on the rental market. 
Also, utilising the revenue obtained from potential reforms negative gearing and capital gains discounts to improve tax incentives for investment in new affordable rentals.
"Owners are entitled to a fair return on their investment, however government policies should only provide incentives to investors that contribute to affordable rental accommodation. 
"The ACT Government is phasing out stamp duties over the next twenty years, noting that this would support their agenda of making taxes ‘fairer, simpler and more efficient’ (ACT Government Treasury, 2014). 
"Shelter WA strongly supports the recommendations made in the Henry Review and the final report of the Senate Inquiry into Affordable Housing to abolish stamp duty and introduce a broad-based land tax over a transitional period. 
Another recommendation from Shelter WA is that State Governments continually review and reform planning processes to achieve a planning system that facilitates affordable housing. 
"Planning laws can encourage or inhibit the supply of new housing, including affordable home ownership. Initiatives to increase affordability include removing zoning and planning regulations, which prohibit smaller dwellings, and providing incentives to developers to provide affordable housing in new developments.
Shelter WA is concerned that the current system is not focused on the delivery of affordable housing.
"Recent changes to Development Assessment Panels (DAPs) made it easy for developers to bypass local government planning, through new opt-in thresholds. While this may streamline approval times, this process may actually be detrimental to achieving better affordable housing outcomes. 
"For instance, developers could use DAPs to side step a more stringent local government planning approvals process with affordable housing requirements. 
"Shelter WA is encouraged by the WA Department of Housing’s programs, which are aimed at making home ownership more accessible for low and moderate income households. These programs include shared equity schemes and Keystart loans, which report lower default rates than commercial lenders. 
"Since its inception, Keystart has assisted 85,000 Western Australians transition into home ownership. Since 2011, 1,029 families purchased a home through the SharedStart program, via co-ownership with the Housing Authority and Keystart home loans. 
"[Shelter WA] Support the continued development of shared equity programs, such as those administered by Keystart in WA, and other alternative home loan mechanisms. 
After conducting a joined survey with Aboriginal Legal Service of WA (ALSWA) in 2010, Shelter WA was able to identify 92% of respondents agreeing that 'stability and security, being settled' was a benefit of home ownership. The second most popular response was, 'freedom to make decisions about my home and who I live with'. 
"Respondents identified several risks to home ownership, with 87% selecting the primary drawback as 'interest rate rises lead to higher mortgage payments that people might not be able to afford'. 
"Additional comments included, 'restriction to lifestyle and stress about mortgage', 'Indigenous Business Australia (IBA) loans do not allow for refurbishment or additional loans to do the house up'and 'Process too long and restrictive'. 
"Qualitative research indicates that for some Indigenous Australians the positive social attributes of home ownership, such as being able to pass the house down in the family, are more important than the potential short-term financial benefits. 
"Intergenerational asset building for future generations and housing security are the primary motivators driving these aspirations. 
"For the benefits of home ownership to be fully realised, it is imperative that programs exist to educate Aboriginal peoples about home ownership and the obligations it entails. It is also essential that culturally appropriate support is available to assist Aboriginal peoples meet these obligations where necessary. 
"We cautioned against extending credit to people who do not have the means to make the necessary payments. Extending credit to low income people who cannot afford to service a loan of the size necessary to secure appropriate housing, without providing them with the tools and resources they need to repay the loan, sets them up for failure. 
"One of the major barriers to private home ownership in remote communities is the legal nature of community-title land. In our submission, Shelter WA and ALSWA did not support transferring community-title land to individual free hold land in order to promote individual home ownership. 
"Such transfers would dilute community-title, native title interests and communities’ rights to self- determination, and would remove the strength of land held in perpetuity for the benefit of the local peoples. 
"The recent announcement of the cessation of Federal and State funding to some remote communities in WA may have a significant impact on housing outcomes in those communities and surrounding areas. 
Shelter WA's final recommendation is that the Commonwealth and State and Territory Governments share joint responsibility for Aboriginal housing. 
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