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.

&nbsp;

[smartcode_project_cta:default project_id=152737]

<h3 data-end="3697" data-section-id="q3n5ak" data-start="3672">&nbsp;</h3>
</main>

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

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 Market

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GUEST OBSERVER
The CoreLogic Stratified Hedonic Index breaks the market into three segments: the most affordable 25% of properties, the middle 50% and the most expensive 25%.
The data shows over the past year the most expensive quarter of the market has recorded the greatest value growth.
Over the 12 months to August 2017, the most affordable 25% of residential properties nationally have recorded value growth of 2.9% compared to growth of 8.0% across the middle 50% of suburbs and 11.4% growth across the 25% of most expensive suburbs. 
The national chart highlights that across all market segments the annual rate of value change has started to slow over recent months.  Importantly, the chart also highlights that when there have been housing market downturns it has typically been the most expensive properties that have been hardest hit while more affordable dwellings have been more resilient to downturns. 
<h3 class="text-align-center">Annual change in dwelling values across market segments, National</h3>
Click to enlarge
<img src="https://www.urban.com.au/images/2017/09/14/2017-09-11-image1.png" alt="">
Over the period shown, August 1987 to August 2017, the thirty year period has seen values across the most affordable 25% of properties rise 1,517% compared to increases of 580% across the middle 50% of suburbs and 432% across the most expensive 25% of suburbs.  This highlights how affordability has deteriorated substantially at the more affordable end of the housing market.
The second chart shows the change in values across the three broad segments throughout the combined capital cities.  Over the 12 months to August 2017, the most affordable 25% of properties have recorded growth of 4.6% compared to 9.3% growth across the middle 50% of properties and a 12.2% change across the most expensive 25% of the market.  Like the national figures, in the event of a housing market downturn it has been the more expensive housing which has tended to see the greater value falls.
<h3 class="text-align-center">Annual change in dwelling values across market segments, Combined Capital Cities</h3>
Click to enlarge
<img src="https://www.urban.com.au/images/2017/09/14/2017-09-11-image2.png" alt="">
The third chart looks at the growth performance across regional housing markets where the change in values has been much more moderate over recent years than that across the capital cities. 
The 25% of most affordable properties in regional Australia have recorded value increases of 2.5% compared to a 4.6% change across the middle 50% and an 8.4% increase in the most expensive 25% of properties. 
Over recent years, growth in the affordable segment in regional Australia has been the strongest performed suggesting that demand has been for more affordable housing. 
However, as the regional markets have picked-up over the past couple of years, it has been the top 25% of suburbs that have outperformed. 
This is likely to indicate demand for luxury housing outside of the capital cities has risen.
<h3 class="text-align-center">Annual change in dwelling values across market segments, Combined Regional Markets</h3>
Click to enlarge
<img src="https://www.urban.com.au/images/2017/09/14/2017-09-1-image3.png" alt="">
The final chart shows the annual change in dwelling values across the three market segments throughout the capital cities.  Melbourne and Darwin are the only capital cities that have recorded the greatest change in values over the year across the most affordable suburbs and the slowest growth across the most expensive suburbs. 
In all other capital cities, either the middle 50% of suburbs or the top 25% of suburbs have recorded the fastest rate of value growth over the year.  In Melbourne, this is possibly due to the fact that Sydney and Melbourne are the strongest economies in the country and are jockeying to attract talent.  Melbourne has a significant competitive advantage over Sydney in terms of being able to offer more affordable housing and the data seems to suggest that lower priced housing is a big driver which has led to a surge in values across the lower and also middle segments of the market. 
<h3 class="text-align-center">Annual change in dwelling values across market segments, individual capital cities, to Aug-17</h3>
Click to enlarge
<img src="https://www.urban.com.au/images/2017/09/14/2017-09-11-image4.png" alt="">
The stratified hedonic index offers another interesting look into the performance of the national housing market looking at how different segments are performing.  If the current housing market slowdown continues and turns into declines, watch for whether the most affordable sector of the market is relatively stronger performed than the more expensive segment.  With record high levels of household debt and significant first home buyer incentives over recent years the trends in a future downturn could be different to what has been seen in the past.
Cameron Kusher is research analyst for CoreLogic. You can contact him <a href="https://blog.corelogic.com.au/about/" target="_blank">here</a>.
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ckusher-ujnxiKuFQs

Premium housing values rise fastest over past year

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<div class="cq-article-content-paras section">
The West Australian government is predicting the state's five-year residential property downturn is set to end.
Forecasts in the McGowan government's maiden budget suggest a modest rebound in Perth's median house price in 2018.
The government budget papers tip the median house price to improve 0.7 per cent next year then 1.5 per cent in 2019-20 and 2.7 per cent in 2020-21.
This follows a 1.3 per cent fall during this financial year. 
House prices also fell 2.8 per cent in 2016 and 1.2 per cent in 2015. 
The government blamed the downturn on a housing oversupply between 2013 and 2016.
The government will impose a 4 per cent tax on property purchases by offshore buyers from January 1 2019, which will generate $49 million over the forward estimates. 
Lino Iacomella, Property Council WA Executive Director said the McGowan State government has delivered a fair budget for tough times.
“The decision not to increase key WA property taxes in the 2017/18 budget is welcome and it recognises that the property sector has carried its fair share of the burden in earlier budgets," he said.
“Not increasing key property taxes like land tax and stamp duty will give added confidence to the recovery in WA’s property market.
“The focus on METRONET and infrastructure in the WA Budget is welcome news for the property and construction industry."
</div>
<div class="cq-article-content-paras section">
 
</div>
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j.ballantyne1990-6AQqhLzZaK

WA budget tips modest price recovery for Perth

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Sydney housing market is at its peak, according to Herron Todd White’s latest property clock.
<div class="cq-article-content-paras section">
But the "frenzied" house buying is fading, according to analysis by valuers' Herron Todd White.
Regulatory pressure<a href="https://www.afr.com/business/banking-and-finance/apra-takes-on-australias-dangerous-addiction--interestonly-home-loans-20170331-gvarm5"> </a>on lenders to encourage lower risk principal and interest loans plus larger deposits are also increasing encouraging owner-occupiers back into a market that has been dominated by investors, it noted.  
</div>
<div class="cq-article-content-paras section">
Sydney is joined by Coffs Harbour, Newcastle and NSW Central Coast at the peak of the market.
"Buyers in these markets are increasingly being drawn towards low maintenance living within close proximity of schools, public transport and other services," it concludes.
While the home buying frenzy has flattened, Melbourne's market has more room for growth, according to the analysis.
</div>
<div class="cq-article-content-paras section">
Perth, Darwin, Alice Springs and Mackay are at the bottom of the market. 
</div>
<a href="https://www.propertyobserver.com.au/images/2017/09/07/Screen%20Shot%202017-09-07%20at%202.14.39%20pm.jpg" target="_blank">Click to enlarge</a>
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/09/07/Screen%20Shot%202017-09-07%20at%202.14.39%20pm.jpg" alt="">
Perth’s housing market continues to decline with it now at the bottom of the market moving from approaching the bottom last month.
Millers Point has been a strong Sydney market. A three bedroom house at <a href="https://www.realestate.com.au/property-house-nsw-millers+point-126320070">30 Kent Street</a>, Millers Point (above) has been listed for between $2.5 million to $2.7 million.
A four bedroom house at <a href="https://www.realestate.com.au/property-house-wa-perth-126169642">33 Ruth Street</a>, Perth (below) has been listed for over $840,000.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/09/07/33%20Ruth%20Street.jpg" alt="">
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Sydney housing market reaches peak while Perth hits bottom: HTW property clock

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Sydney housing market conditions have slid month on month and Hobart is now Australia's best performing capital city based on growth in dwelling values over the past twelve months according to CoreLogic.
Tim Lawless, CoreLogic head of research said national dwelling values remained flat during August, with capital city values edging 0.1% higher and regional dwelling values slipped 0.2% lower, adding this steady result provides further evidence that the housing market has moved through its peak growth phase. 
“We’re seeing capital gains in markets like Sydney, which were previously very strong, now being weighed down by affordability constraints and tighter lending conditions," he said.
"The knock-on effect is a curb in investment credit growth and higher mortgage rates for investment and interest only mortgages.
“Looking at the past three months, it provides a clear indication of the trends, with national dwelling values rising by only half a percent over the three months to August 31 - the lowest rolling quarterly gain since June last year.
<a href="https://www.propertyobserver.com.au/images/2017/09/01/Screen%20Shot%202017-09-01%20at%2011.13.43%20AM.png" target="_blank">Click to enlarge</a>
<img src="https://www.urban.com.au/images/2017/09/01/Screen%20Shot%202017-09-01%20at%2011.13.43%20AM.png" alt="">
"The national market moved through a peak rate of growth during the three months ended November 2016, when dwelling values were rising at the rolling quarterly pace of 3.7%. 
"The slowdown in growth conditions is most visible in Sydney, where housing values had been growing strongly.
"Since values started rising in 2012, the typical Sydney dwelling has seen its value rise by 75%, equating to an approximate dollar value gain of $521,000 on the median dwelling valuation.
<a href="https://www.propertyobserver.com.au/images/2017/09/01/Screen%20Shot%202017-09-01%20at%2011.14.46%20AM.png" target="_blank">Click to enlarge</a>
<img src="https://www.urban.com.au/images/2017/09/01/Screen%20Shot%202017-09-01%20at%2011.14.46%20AM.png" alt="">
"Sydney’s quarterly growth rate peaked over the three months ending October 2016 when dwelling values jumped by 6.3%. Since that time, the rolling quarterly rate of appreciation in Sydney dwelling values has consistently eased, reaching the current rate of just 0.3%.
"In Melbourne, the housing market has been more resilient to a slowdown.
"This is evident in the hedonic index results as well as auction clearance rates, which have consistently been above 70%. Inventory levels also remain exceptionally tight across the Melbourne market. 
"Melbourne’s quarterly rate of growth has slowed since peaking at 4.4% in November last year, however the most recent three month period has seen dwelling values rise by 1.9%, less than half the peak rate of growth but substantially higher than Sydney’s pace of capital gains.
"While the trend in capital gains has eased across the largest capital cities, in Hobart the market has gathered some momentum; the annual pace of capital gains, at 13.6%, is now the highest of any capital city. According to Mr Lawless, the annual growth rate for Hobart hasn’t been this high since 2004. 
“The sheer affordability of housing is likely one of the key drivers for Hobart’s values appreciation.”
"With a median house value of just $403,174, Hobart houses are approximately half the value of Melbourne and almost two thirds lower than Sydney house values.
"In addition to the strong capital gains, Hobart rental rates have also risen, providing a solid rental yield and pushing the total return well beyond the other capital cities. 
"The CoreLogic accumulation index, which measures the combined return of capital growth and gross rental yields, is showing a total annual return of 19.5% across Hobart which represents an attractive investment opportunity for savvy buyers.
<a href="https://www.propertyobserver.com.au/images/2017/09/01/Screen%20Shot%202017-09-01%20at%2011.15.41%20AM.png" target="_blank">Click to enlarge</a>
<img src="https://www.urban.com.au/images/2017/09/01/Screen%20Shot%202017-09-01%20at%2011.15.41%20AM.png" alt="">
"In Perth and Darwin, housing values have continued to trend lower over the past month and rolling quarter. However, the annual trend highlights the rate of decline has been easing.
"Since peaking in 2014, Perth dwelling values have declined by a total of 10.8%, while the cumulative decline across Darwin has been more severe with values down 18.6% from the market peak.
“The silver lining around the decline in values is a substantial improvement in affordability.
"Based on a dwelling price to income ratio, Darwin is Australia’s most affordable capital city with a ratio of 4.4. This means dwelling prices are typically 4.4 times higher than gross household incomes across the city.”
"Rental yields slipped to a new record low across Australia in August.
"Nationally, the gross yield on a dwelling reduced to 3.62% in August, down from 3.87% in August last year. “Record low yields are largely a capital city phenomenon, with yields across the combined regional areas of the country tracking 165 basis points higher than the combined capital city yield..
"While there was a reduction in gross rental yields across each of the capital cities over the past twelve months, only Melbourne (2.9%) and Sydney (3.0%) are recording rental yields at record lows.
"To provide some context about why yields are so low in these cities, dwelling values in both cities are up approximately 13% over the past twelve months while rents only increased by 4.7% across Melbourne and 4.0% across Sydney.
“The imbalance between rental growth and value growth has been a constant feature of the housing market over the growth cycle to date, however with the pace of capital gains easing at the same time that rents trend higher, the Sydney and Melbourne markets could be approaching the bottom of their yield cycle.”
“Slower growth conditions in Sydney, and to a lesser extent Melbourne, are likely to be a welcome evolution in housing market conditions by policy makers such as the RBA. So far the trend has been gradual, implying that macroprudential policies are having a flow through effect on housing conditions.
“The growth cycle in both cities has run for five and a half years, providing a substantial wealth boost for home owners but also creating much frustration for those who don’t own a home. Sydney and Melbourne dwelling values have increased by 75% and 56% respectively since the growth cycle commenced in early 2012, however growth rates have been far more moderate across the other capital cities.”
“The policy settings around investment credit growth and new interest only settlement targets have seen credit policies tighten and pushed mortgage rates higher for both investor and interest only loans. These disincentives are likely to continue to weigh down investment demand which will have a more pronounced effect in those markets where investors are most concentrated,” Mr Lawless said.
“Clearly, tighter credit policies and higher mortgage rates for investors are dampening the Sydney market more than others.
"Another contributing factor to slower home value appreciation is the high price of housing relative to incomes, particularly in Sydney.
“The recent availability of stamp duty concessions in New South Wales and Victoria is likely to provide some support for first time buyers, however it’s not likely that that a rise in first home buyer activity will completely offset the demand gap left by fewer investors.
“Overall, the outlook for Australia’s housing market depends on a broad range of factors including local economic and demographic conditions as well as supply factors and credit polices. However, if the current trends continue, Sydney dwelling values could start to drift lower over coming months.
“If the current trends continue, by the end of the year we could see dwelling values across Australia’s two largest housing markets, Sydney and Melbourne, trend lower as they move through their cyclical peaks.
“Historically, a negative shift in home values has followed every growth phase, so it’s reasonable to expect a period of moderate value falls following such a sustained period of strong capital gains.”
"With the Spring selling season about to commence it will be interesting to monitor the impact of higher inventory levels on the Sydney and Melbourne market.
"Particularly so given evidence of slowing growth conditions accompanied by stock levels already being higher than they were a year ago across both cities." 
 
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jonathanchancellor-7SQnKwU6yx

Sydney housing market conditions slide month on month: CoreLogic

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GUEST OBSERVER
Approvals dipped 1.7% in July, the pull-back from June’s 11.7% jump much milder than expected (market forecast was –5%, Westpac –4%). The detail even showed a further small rise in high rise approvals (about 4%) which had been a big driver of the June gain (up about 15%mth).
Non high rise approvals look to have pulled back about 3% from an 8.7% gain in June with private house approvals holding flat showed more Mid-rise approvals look to have pulled back while detached house approvals were flat.
Note that this is broadly consistent with construction related finance approvals which have shown a clear firming in recent months.
By state, a solid gain in NSW was offset by declines elsewhere.  Details  Private houses  flat%mth, 2.3%yr Private 'units'    –6.7%mth, –29.5%yr     
NSW     1.5%mth, –15.9%yr Vic       –0.3%mth, –7.8%yr Qld       –2.6%mth, –20.1%yr WA       –11.1%mth, –21%yr SA        0.3%mth, 6.3%yr          
Alteration &amp; additions^   –5.3%mth, 4.3%yr Non-residential^             2.4%mth, 19%yr ^ value  
 
Matthew Hassan is senior economist with <a href="https://www.westpac.com.au/" target="_blank">Westpac</a>.
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Matthew_Hassan-HHWHptmrw4

Australian dwelling approvals dipped in July: Matthew Hassan

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CoreLogic recently released the June 2017 Mapping the Market Report. 
The report looks at how the cost of housing has shifted across Australia’s capital cities by suburbs over the past five years by comparing thematic maps which show suburb median values.  
Over the five years to June 2017, there has been a significant decline in the number of suburbs with a median value below $400,000 while there has been a significant increase in suburbs with values above $1 million. 
The decline in lower value housing and rise in more expensive housing is most prevalent in Sydney and Melbourne however, it is also prevalent to a more moderate degree in other capital cities.
The following maps show the suburb median house values across the capital cities in June 2012 and June 2017. 
The circles on the map represent distances of 10 kilometres, 20 kilometres and 50 kilometres from the capital city GPO.
<a href="https://www.propertyobserver.com.au/images/2017/08/11/Screen%20Shot%202017-08-11%20at%201.07.36%20pm.jpg" target="_blank">Click to enlarge</a>
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/08/11/Screen%20Shot%202017-08-11%20at%201.07.36%20pm.jpg" alt="">
In June 2012, 21.3% of Sydney suburbs had a median house value of more than $1 million, by June 2017 55.7% of suburbs had a median house value in excess of $1 million while only 8.7% of suburbs had a median value below $600,000 and most were located more than 50 kilometres from the CBD.
<a href="https://www.propertyobserver.com.au/images/2017/08/11/Screen%20Shot%202017-08-11%20at%201.07.46%20pm.jpg" target="_blank">Click to enlarge</a>
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/08/11/Screen%20Shot%202017-08-11%20at%201.07.46%20pm.jpg" alt="">
In June 2012, 9.5% of Melbourne suburbs had a median house value in excess of $1 million and by June 2017 that figure had increased to 32.6% of suburbs. 
On the flip-side, 24.3% of Melbourne suburbs in June 2012 had a median house value below $400,000 compared to just 2.7% by June 2017.
<a href="https://www.propertyobserver.com.au/images/2017/08/11/Screen%20Shot%202017-08-11%20at%201.07.58%20pm.jpg" target="_blank">Click to enlarge</a>
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/08/11/Screen%20Shot%202017-08-11%20at%201.07.58%20pm.jpg" alt="">
In June 2017 only 5.9% of Brisbane suburbs had a median house value of more than $1 million compared to 1.6% in June 2012. 
In June 2017, 23.2% of suburbs had a median house value of less than $400,000 compared to 34.5% in 2012.
<a href="https://www.propertyobserver.com.au/images/2017/08/11/Screen%20Shot%202017-08-11%20at%201.08.10%20pm.jpg" target="_blank">Click to enlarge</a>
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/08/11/Screen%20Shot%202017-08-11%20at%201.08.10%20pm.jpg" alt="">
In Adelaide, 43.0% of suburbs had a median house value of less than $400,000 in June 2012 compared to 25.8% in 2017. 
37.2% of Adelaide suburbs had a median house value of more than $600,000 in June 2017 compared to 20.6% five years earlier.
<a href="https://www.propertyobserver.com.au/images/2017/08/11/Screen%20Shot%202017-08-11%20at%201.08.26%20pm.jpg" target="_blank">Click to enlarge</a>
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/08/11/Screen%20Shot%202017-08-11%20at%201.08.26%20pm.jpg" alt="">
7.8% of Perth suburbs had a median house value of more than $1 million in June 2012 compared to 11.1% by June 2017. 
Only 17.7% of Perth suburbs had a median house value of less than $400,000 in June 2017 and this figure was down from 29.0% five years earlier.
<a href="https://www.propertyobserver.com.au/images/2017/08/11/Screen%20Shot%202017-08-11%20at%201.08.38%20pm.jpg" target="_blank">Click to enlarge</a>
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/08/11/Screen%20Shot%202017-08-11%20at%201.08.38%20pm.jpg" alt="">
In June 2012, the majority (67.4%) of Hobart suburbs had a median house value of less than $400,000 however, by June 2017 43.6% of suburbs had a median below $400,000. 
Although the number of suburbs with typical values below $400,000 has reduced over the past five years, 89.4% of the cities suburbs have a median house value below $600,000 and no suburb has a median value in excess of $1 million.
<a href="https://www.propertyobserver.com.au/images/2017/08/11/Screen%20Shot%202017-08-11%20at%201.08.51%20pm.jpg" target="_blank">Click to enlarge</a>
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/08/11/Screen%20Shot%202017-08-11%20at%201.08.51%20pm.jpg" alt="">
Darwin has suffered through a lack of more affordable housing for a number of years now with only 1.8% of suburbs having a median house value below $400,000 in June 2017, down from 1.9% five years earlier. 
54.5% of Darwin’s suburbs had a median house value of more than $600,000 in June 2017 compared to 50.9% five years ago. 
The data highlights that Darwin housing affordability is relatively unchanged over the past five years.
<a href="https://www.propertyobserver.com.au/images/2017/08/11/Screen%20Shot%202017-08-11%20at%201.09.04%20pm.jpg" target="_blank">Click to enlarge</a>
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/08/11/Screen%20Shot%202017-08-11%20at%201.09.04%20pm.jpg" alt="">
In June 2012, just 1.1% of suburbs in Canberra had a median house value of less than $400,000, by June 2017 no suburbs sat below the $400,000 threshold. 
The proportion of suburbs with a median value of more than $1 million has shifted from 8.6% in June 2012 to 12.0% in June 2017.
The charts and commentary highlight how the supply of affordable housing has reduced over the past five years. 
The decline in lower priced housing stock is most stark in Sydney and to a lesser but still significant degree in Melbourne. 
The fall in mortgage rates over the past five years has made servicing mortgage debt easier and eat up a lower proportion of household income. 
At the same time there has been little growth in household income but dwelling value in Sydney and Melbourne in particularly have increased significantly. 
For those that own a home and have seen values rise it has created a significant wealth boost while for potential buyers, particularly in Sydney and Melbourne, wages haven’t kept up with value growth which has led to a deterioration in the supply of lower priced housing. 
All of these factors have led to extreme difficulty in saving a large enough deposit to enter into the Sydney and Melbourne housing markets for those that don’t already own. 
While the problems are not so prevalent elsewhere, across all cities the supply of lower priced housing has reduced over the five years to June 2017 highlighting greater difficulty for lower income households to own residential property.
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Affordable housing in Sydney and Melbourne declines in past 5 years

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The property market in the Pilbara region showed signs of recovery in the June quarter, with preliminary data showing Port Hedland and Karratha Urban Area experienced positive results across a number of key market indicators. 
Sales transactions in Port Hedland were up by 18 per cent in the three months to June, Landgate data showed. 
Meanwhile, the median house price in the Karratha Urban Area rose 7.1 per cent to $300,000. 
REIWA president Hayden Groves said Port Hedland and Karratha had faced their share of challenges due to the slowdown in the resources sector, but the recovery signs were encouraging. 
In Port Hedland, deal activity rose across most price ranges, with the biggest spikes in the $150,000 to $500,000 range. 
However, Port Hedland’s preliminary median house price fell in the June quarter to $220,000, which can be attributed to a reduction in sales in the over $600,000 price range, said Groves. 
“In the Karratha Urban Area, the lift in median house price was due to an increase in sales occurring in the $360,000 to $725,000 range, which pushed the regional area’s median up,” Groves added. 
The average time to sell a house also fell significantly in the quarter. 
“The improvement in sales transactions in Port Hedland had a positive effect on the average amount of time it took to sell a home, with the area’s average selling day figure reducing by 21 days over the quarter. Similarly, the improvement in median house price in Karratha Urban Area translated into its average selling days figure, reducing by almost 30 days, which is very substantial,” Groves said. 
He said the Pilbara region would be one to keep a close eye on, considering planned investments in the iron rich province. 
The proposed developments in port and rail infrastructure is estimated to create approximately 3,300 jobs, which would help the region’s economic growth and would have a positive flow on effect to the property market, he concluded. 
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WA's Pilbara region shows early signs of housing recovery: REIWA

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<img src="https://counter.theconversation.edu.au/content/80956/count.gif?distributor=republish-lightbox-advanced" alt="The Conversation" width="1" height="1">
GUEST OBSERVER
A recent suggestion that new housing on inner-city public land should start from a presumption of 100 percent social housing prompted indignation in government circles. “We can’t condemn another generation of Victorians to live in housing poverty,” huffed the housing minister, Martin Foley.
It’s curious, then, that we heard barely a peep about the latest government announcement that the height of an apartment tower associated with the Queen Victoria Market makeover will be reduced by removing the original affordable housing component to a separate, smaller development.
It is tempting to conclude that both responses accord, naturally, with the interests of the developers of private housing. But that would be to over-simplify the complex issue of social mix. It is increasingly clear there is no one-size-fits-all.
The principle of social mix now routinely drives public housing estate renewals and new housing builds on surplus public land. This is usually expressed in a 50:50 mix of social (public and community) and private housing, though the social component is often much smaller. As the stock of public land is ever diminishing, and affordable housing is in such short supply, this is problematic.
I have argued before that government commitments to social mix are often disingenuous. They are more likely to be driven by an ideological imperative to privatise public assets, or at best to secure upgrades to public housing without having to fund them directly.
What does the evidence tell us?
Soon-to-be-published research by Abdullahi Jama and I on the Carlton public housing estate redevelopment supports these conclusions.
Our findings show that public and private residents on the new estate are not mixed. They are divided into separate buildings with separate gardens, explicitly with a view to increasing the value of the private apartments.
The case that normally follows from such a finding is that public and private households should be “salt and peppered” through new apartment buildings to encourage social mixing. While Abdullahi and I agree this is a necessary precondition for social mixing, this is not the entirety of our argument. We question the very basics of the policy orthodoxy on social mix.
The rationale for building upmarket private housing in low-income areas draws on the neighbourhood effects thesis, which says that concentrations of poverty exacerbate its effects.
This might be the case in large areas of disadvantage, such as the US Rust Belt cities, parts of the UK and even some outer suburbs of Sydney and Melbourne. But it doesn’t stand up in highly resourced, gentrified inner cities where community facilities and opportunities for interaction are plentiful.
Even where poverty is widespread, studies from Toronto, Vancouver, Amsterdam and London show that imposed social mix disrupts support networks and social structures. Involuntary displacement from a neighbourhood often has serious effects on physical and mental health.
Minority communities may benefit from concentration in terms of safety and maintaining their cultural heritage. A substantial body of research shows that social mix policies do not replace the social capital they displace.
So, are there good reasons to introduce social mix?
The strongest argument is the reduction of stigma that for some people comes with public housing. If the public housing is indistinguishable from private housing, the public tenants’ wellbeing is considered to be improved.
It’s not entirely clear, however, whether this is due as much to the housing being new and decent as to having private residents as neighbours. Also unresolved is the question of whether stigma is felt as keenly on estates in gentrified cities, which are islands of public housing in seas of inner-city privilege, as it may be in widely disadvantaged neighbourhoods.
There is certainly evidence that, for some people, being thrust among others from different class and socio-economic groups can increase feelings of inadequacy, discomfort and sometimes hostility.
So how do we provide affordable housing?
These issues vary across place, time and individuals. What is clear is that different responses are needed accordingly.
It is also clear that, with dire shortages of affordable housing in so many cities, all opportunities should be seized to build as much affordable housing as possible. That’s not just public and community housing, but “key worker” housing, “below market rent” housing, co-op housing and community land trusts. Models for all these exist and should be encouraged and explored.
A diversity of housing types must include diverse sources of funding, with a range of support programs. Involving future residents in design and ensuring they know what they’re moving into, and enabling people to organise their own housing, are far more effective ways of building social harmony than enforcing a rigid notion of mix.
Separate buildings for social tenants and private residents next to the Vic Market might be a perfectly reasonable response. But it should come from nuanced public policy and optimal use of public resources, rather than the developers and their sales people.
<a href="https://theconversation.com/profiles/kate-shaw-39629" target="_blank"></a>
<a href="https://theconversation.com/profiles/kate-shaw-39629" target="_blank">Kate Shaw</a> is Future Fellow, University of Melbourne and author for <a href="https://theconversation.com/au" target="_blank">The Conversation</a>.
<a href="https://theconversation.com/profiles/kate-shaw-39629" target="_blank"></a>
 
<a href="https://theconversation.com/profiles/kate-shaw-39629" target="_blank"> </a>
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jchancellor-FAypfDUnLy

Social mix in housing? One size doesn’t fit all, as new projects show

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Australia’s economy could be at risk from a housing market downturn if Chinese buyers retreat from residential property in Australia, according to a former US Federal Reserve official.
Dr Nellie Liang, who was in Sydney recently to share her views on financial stability with the Reserve Bank of Australia, said a "trigger" for a real estate price collapse could be a reversal in international capital flows, The Australian Financial Review reported.
Dr Liang, who headed the Fed's division of financial stability, said Australian policymakers were right to be "really concerned" about high house prices and household debt that was elevated by international standards”.
RBA Governor Philip Lowe has voiced his concern about high household debt earlier and also the heated East Coast residential property market.
"The problem with high house prices and high household debt is it leads to unsustainable debt burdens if house prices fall," Dr Liang said in Washington.
"Even without debt, when you have the outsiders buying properties, if the outside money pulls out and prices fall, there's innocent bystanders who took on debt and end up underwater, which could lead to defaults.
"Twenty per cent moves in house prices isn't crazy anymore."
Since last year, Beijing has narrowed the window for capital outflows and it is already having an impact. At the same time, Australian banks have tightened lending criteria to investors due to regulatory requirements. 
China's Wanda Group recently decided to sell majority stakes in its Sydney and Gold Coast luxury apartment and hotel projects, valued at a total of $2 billion.
Other Chinse entities and individuals are also facing demands to unwind and halt offshore investments in a bid to stop capital flight and bolster the value of the yuan.
Reflecting this, China's foreign exchange reserves recorded their sixth straight monthly rise, increasing by $US24 billion ($30 billion) to $US3.08 trillion in July, figures published last week showed, the AFR reported.
National Australia Bank says property experts estimate foreign acquirers in the combined established and new property markets represented 17 per cent of all apartment buyers and 11 per cent of house buyers in the June quarter. 
Chinese buyers make up the largest percentage of foreign buyers.
Dr Liang was invited to speak at a closed-door Reserve Bank conference in Sydney in March. The 30-year Fed banker retired as the director of the financial stability division  last year.
Australia's surging home prices and high household debt – about 190 per cent of disposable income – were key discussion points about financial stability.
She specially pointed to Australia’s exposure to Chinese investors. 
“China is such a big economy now, and they have links to other countries, including to Australia and Canada through the housing markets, that people need to be thinking about," said Dr Liang, now a senior fellow at the Brookings Institution and consultant to the International Monetary Fund in Washington.
Sydney and Melbourne home prices are on track for their fifth straight year of double-digit price growth.
Sydney's median dwelling price has surged 12 per cent over the past year to $856,000, according to CoreLogic.
Melbourne’s is rising faster with, the median dwelling price jumping 16 percent to $655,000 over the same period.
Some property and China experts believe official figures underestimate the real extent of foreign money pouring into Australian real estate because Chinese Australians and permanent resident holders act as conduits to buy property for friends and family back home.
The Reserve Bank has kept the cash rate on hold at a record low of 1.5 per cent since August 2016, helping drive up house prices. Even the APRA’s regulatory moves have had only limited effect going by the recent investor lending numbers, despite the March and June rate hikes by most banks.
 
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Former US Fed official says Australian house prices face Chinese investor exodus risk

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RBA Governor Philip Lowe says that there are some signs of a slowing in the housing markets in Sydney and Melbourne, although these signs are not yet definitive.
In a speech today to the House of Representatives Standing Committee on Economics, Governor Lowe said the central bank was closely watching the housing market. 
“Conditions continue to vary significantly across the country. The Melbourne and Sydney markets have been much stronger than elsewhere. There are some signs of slowing in these two markets, although these signs are not yet definitive,” he said. 
“In some markets, a large increase in the supply of new dwellings is expected over the next year as new buildings are completed. This increase in supply is expected to have an effect on prices.”
He highlighted regulatory measures by the Australian Prudential Regulation Authority and the RBA’s focus on containing financial risks. 
“Our assessment is that the various supervisory measures – including a focus on lending standards and placing limits on investor and interest-only lending – will work to strengthen household balance sheets over time. Financial institutions have adjusted to the new requirements and these requirements are contributing to the resilience of the system as a whole.”
 
The prudential regulators steps to restrict bank lending for interest-only loans was in response to heightened risks from the hot property market and to ensure that banks maintain adequate capital.
Banks have raised interest rates for investment lending and also interest-only loans, while offering incentives to owner occupiers and encouraging principal and interest-only loans.
Lowe noted the increase in spending on public infrastructure, particularly transport, which is having some positive spin-offs elsewhere in the economy. 
But the bank was still concerned about household debt levels. 
“In my view, the underlying drivers of the slower wage growth in Australia are much the same as we are seeing overseas.
"At the same time, the household sector is also dealing with higher levels of debt relative to income.
"Higher electricity prices are also affecting household budgets.
"This all means that consumer spending behaviour is something we continue to watch carefully.”
 
 
 
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