Busy developer Aqualand Prestige has formally taken the next step in its expansion across Sydney's Lower North Shore, lodging a State Significant Development Application (SSDA) for its long-held Archer Street site in Chatswood.

The application covers <a href="https://www.apartments.com.au/new-apartments/51-55-archer-street-chatswood-nsw-2067">51-55 Archer Street</a>, a 1,767 sqm amalgamated site on the eastern edge of the Chatswood CBD, where the developer is seeking approval for a 45-level mixed-use tower delivering 114 apartments, including a significant affordable housing component, alongside retail, commercial space and six basement levels of parking.

The SSDA marks the latest milestone for a project Aqualand has been quietly progressing over the past two years. The developer first secured the site for its Aqualand Prestige platform before undertaking an alternative design excellence process with PTW Architects, ultimately avoiding a formal design competition through the Housing Delivery Authority pathway.

The proposal has evolved considerably from Aqualand's original concept. The revised scheme has been designed around larger owner-occupier product, with an unusually high proportion of three and four-bedroom apartments, targeting the more affluent buyer profile, and downsizer, emerging across the North Shore.

<img alt="Archer St" data-entity-type="file" data-entity-uuid="0171204c-5811-41b5-9b09-2335d1b7c3d0" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-22%20at%208.52.48%E2%80%AFAM.png?VersionId=6YTuxfq.puZo7k2wbfgemcO5K3QfXYGQ" />

The 114-apartment mix comprises six studios, 27 one-bedroom apartments, 18 two-bedroom apartments, 50 three-bedroom residences and 13 four-bedroom homes. A quarter of the building will be dedicated to affordable housing, well above the mandated 15 per cent&nbsp;

PTW has structured the building vertically, with affordable housing across levels one to six, premium apartments through levels seven to 31, duplex skyhomes on klevels 32 to 43, a penthouse on level 44, and a rooftop plant level above. Six basement levels will provide resident parking and servicing.

The tower is proposed to reach approximately 154 metres, placing it among a growing collection of residential high-rises transforming Chatswood's skyline.

Rather than competing purely on height, PTW says the design has been driven by creating a slimmer tower capable of delivering significantly larger apartments.

"The primary objective of this project was to create a distinctive building that stands out from the recently approved or built structures in the Chatswood area," the design report states, noting the structural efficiency allows greater investment into apartment quality and resident amenity.

Residents would have access to more than 450 sqm of communal open space including landscaped gardens, swimming pool, rooftop entertaining areas, fitness spaces, community gardens, children's play areas and barbecue facilities.

A major focus of the design has been the public domain.

The ground plane has been opened up through landscaped terraces inspired by Willoughby's sandstone ridges, with native planting, public seating, artwork, retail activation and a series of gathering spaces intended to soften what has traditionally been a hard commercial streetscape.

The landscape strategy references Blue Gum forests once common throughout the area, while incorporating Indigenous storytelling, public art and lighting installations to strengthen the connection to Country.

Chatswood has been one of Sydney's busiest apartment markets over the past 12 months, with a steady pipeline of both new project launches and fresh development applications.

Hyecorp recently launched Celine, a 122-apartment development just along Archer Street, while Changfa and Huirong Group are progressing The Anderson, an 84-apartment project on Anderson Street.

Develotek recently secured approval for a 101-apartment tower on Pacific Highway, while Tian An LFD received the green light for Hammond Greens, its apartment development on the edge of the Chatswood Bowling Club.

Commercial property developer FiveX is also making its move into the residential market. Last month it lodged plans for a 61-storey tower with 490 apartments, which, if approved, would become one of the tallest residential buildings in Chatswood.

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/first-look-fivex-targets-chatswood-skyline-with-61-storey-tower-after-north-sydney-plans">First look: FiveX targets Chatswood skyline with 61-storey tower after North Sydney plans</a>

Aqualand is also expanding its development pipeline following the launch of its luxury residential brand, Aqualand Prestige. The developer has delivered a string of high-end apartment projects across Sydney's affluent suburbs over the past decade, most recently AURA by Aqualand on Walker Street in North Sydney.

[smartcode_project:default project_id=30959 project_image_fid=292863]

It has since quietly assembled its next wave of projects.

Earlier this year Aqualand launched Boronia in Roseville, a boutique 111-apartment development on Larkin Street. The project is one of the first significant apartment developments to launch in the suburb ahead of what is expected to become one of Sydney's most active new housing precincts under the NSW Government's Low and Mid-Rise Housing reforms, which allow greater density around train stations.

[smartcode_project:default project_id=152095 project_image_fid=373685]

The developer has also lodged plans for a two-tower, 413-apartment development on Herbert Street in nearby St Leonards, further strengthening its presence across the Lower North Shore.

Beyond that, Aqualand remains behind the final stage of Barangaroo, where plans will deliver a five-hectare mixed-use precinct comprising new homes, retail, hospitality and community facilities, alongside a new Metro entrance and more than two hectares of public open space, completing the Barangaroo precinct.

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/central-barangaroo-development-takes-big-step-with-concept-proposal-approval">Central Barangaroo development takes big step with concept proposal approval</a>

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/first-look-aqualand-joins-st-leonards-apartment-party">First look: Aqualand joins St Leonards apartment party</a> 
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Joel Robinson

First look: Aqualand pushes ahead with Chatswood apartment tower as SSDA lodged for Archer Street

Mass timber is becoming an increasingly popular construction material in apartment developments, but Adelaide developer <a href="https://www.apartments.com.au/developers/otello">Otello</a> is taking the approach a step further.

At its new <a href="https://www.apartments.com.au/new-apartments/flowe-bowden-18-gibson-street-bowden-sa-5007">Flowe Bowden</a> development, the exposed cross-laminated timber (CLT) structure isn't just about reducing the building's environmental footprint. It also forms the foundation of a broader wellness strategy, influencing everything from indoor air quality and natural materials to the way residents move through and experience the building.

The 115-apartment mixed-use development, designed by Melbourne-based architecture practice Fieldwork, will occupy a prominent island site opposite Bowden Village Reserve, combining one, two and three-bedroom apartments with retail and a dedicated wellness destination.

[smartcode_project:default project_id=152022 project_image_fid=375528]

Wellness isn't confined to a gym or shared resident facility at Flowe. Instead, Fieldwork embedded the concept into the building itself.

The development has been split into two residential wings connected by a naturally ventilated central breezeway, replacing traditional enclosed corridors with open-air walkways that improve natural light, encourage cross ventilation and create more opportunities for neighbourly interaction.

"Rather than treating wellness as something that only happens on the ground floor, our response integrates it throughout the building, which led us to ask what it really means to design a healthy building," Fieldwork Director Quino Holland said.

[smartcode_project:default project_id=152022 project_image_fid=375531]

The building's architecture also reflects Bowden's industrial heritage. The lower podium references the area's historic brick and sandstone buildings, while the upper levels transition to exposed CLT, allowing the timber structure to become a defining feature throughout the apartments and shared spaces.

The use of mass timber sits alongside a range of sustainability initiatives, including a fully electric, gas-free design, rooftop solar and a targeted 5 Star Green Star rating.

[smartcode_project:default project_id=152022 project_image_fid=375524]

Inside the residences, the focus remains on natural, durable materials. Blackbutt engineered timber flooring, exposed CLT ceilings, porcelain surfaces and warm timber joinery create a calming interior palette, while low-VOC finishes and responsibly sourced materials have been selected to improve indoor air quality.

Kitchens have been designed as the centrepiece of each apartment, featuring porcelain island benchtops, timber-look cabinetry and brushed steel tapware, with layouts that maximise natural light and ventilation.

[smartcode_project:default project_id=152022 project_image_fid=375530]

The more traditional interpretation of wellness comes in the form of Level Eleven, a two-storey wellness club spanning the ground floor, mezzanine and first floor.

The facility will include a gym, yoga and reformer Pilates studios, Finnish and infrared saunas, magnesium hot and cold plunge pools, and dedicated recovery spaces. Unlike many residential wellness facilities, Level Eleven will also operate commercially, allowing the broader Bowden community to access the venue while giving residents exclusive membership benefits.

The ground floor has also been designed around everyday living. A café overlooking Bowden Village Reserve will activate the street frontage, while a bike workshop with tool storage, co-working space and dog wash has been incorporated to support daily routines and encourage interaction between residents.

"Flowe brings together my two biggest passions, creating places and creating healthier lives," Otello founder Daniel Harris said.

"We wanted to create something Adelaide hasn't seen before, a genuinely healthy building, where the way you live is lifted without even trying."

Flowe is positioned directly opposite Bowden Village Reserve and within walking distance of Bowden Railway Station and the Adelaide Entertainment Centre, placing future residents just minutes from the Adelaide CBD while remaining connected to one of the city's most established urban renewal precincts.

[smartcode_project_cta:default project_id=152022]

Otello launches wellness-focused Flowe Bowden with Adelaide-first mass timber apartment design

Not all apartment amenities are immediately visible.

Swimming pools, gyms, rooftop terraces and residents' lounges have long featured on buyers' wishlists, but as the way Australians live has changed, so too have the features that make apartment living more convenient.

Increasingly, buyers are placing value on the practical aspects of day-to-day life. Fast internet, EV charging, secure bike storage, flexible workspaces and parcel management are becoming just as relevant as lifestyle amenities, reflecting changing habits and expectations.

Online shopping has been one of the biggest drivers of that shift.

Australians spent a record $82.6 billion shopping online in 2025, with almost one in every four retail dollars now spent digitally, making parcel deliveries a routine part of everyday life rather than an occasional convenience.

For apartment residents, however, receiving those deliveries isn't always straightforward.

Without someone home to accept a parcel, deliveries can be redirected to a nearby Post Office, left in building foyers or common areas, or require building management to temporarily store packages. As apartment living continues to grow across Australia's cities, parcel management has become an increasingly important consideration for both residents and developers.

Australia Post's Parcel Locker network is one response to that shift.

<iframe allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen="" frameborder="0" height="315" referrerpolicy="strict-origin-when-cross-origin" src="https://www.youtube.com/embed/KPZ9j5FRdsQ?si=Qztc1dNP3ZvEIUhb" title="YouTube video player" width="560"></iframe>

Rather than relying on home delivery, eligible parcels can be directed to a nominated Parcel Locker, where they're securely stored until collected. Once a parcel arrives, residents receive a notification through the AusPost app or SMS and can retrieve it using a one-time code or QR code at a time that suits them.

The network has expanded to more than 1,500 locations nationwide, with Parcel Lockers positioned at Post Offices, shopping centres, supermarkets, transport hubs and, increasingly, within or alongside residential developments.

That growing presence reflects a broader change in how apartment buildings are being planned.

Developers are increasingly considering the operational side of apartment living alongside traditional lifestyle amenities. Just as secure mailrooms, bicycle storage and EV charging have become more common inclusions, parcel management is emerging as another feature that supports everyday convenience.

It also helps preserve the arrival experience within a building. Carefully designed lobbies and communal spaces can quickly become cluttered when deliveries accumulate, while secure parcel solutions reduce the likelihood of missed deliveries or parcels being left unattended.

For buyers comparing apartments, these everyday details are becoming part of the decision-making process.

Location, floorplans and finishes remain fundamental, but the features that simplify daily life are carrying greater weight than they once did. As online shopping continues to shape consumer behaviour, secure parcel delivery is increasingly becoming another amenity worth looking for.

Parcel delivery is joining the apartment amenity checklist

Inca Property Group has lodged a State Significant Development Application (SSDA) for Dawn, a 53-apartment oceanfront development overlooking Mona Vale Beach.

The proposal, at 35-39 Darley Street East, would replace an existing 18-apartment strata building with a new owner-occupier-focused development comprising 53 two and three-bedroom apartments, including nine affordable built-to-rent residences delivered under the State's infill affordable housing scheme.

Positioned on a 2,679 sqm elevated site around 280 metres from Mona Vale Beach, the development has been designed to maximise panoramic ocean views while responding to the site's sloping topography.

<a href="https://www.apartments.com.au/developers/inca-property-group">Inca Property Group</a> Managing Director Josh Thompson said the State Significant pathway provided greater certainty for projects of this scale.

"This State Significant pathway gives the team real certainty to progress <a href="https://www.apartments.com.au/new-apartments/dawn-35-39-darley-street-east-mona-vale-nsw-2103">Dawn</a> through to completion," Thompson said.

"It allows us to acquire a one-off site, design it carefully and deliver the right offering for the suburb, assessed by the NSW Government's planning department."

The project is one of the first developments in the area to be assessed under the NSW Government's Low and Mid-Rise Housing policy, with the site sitting on the edge of the policy's designated inner area.

The proposal includes three basement levels providing 124 car spaces, alongside a range of resident amenities including a swimming pool, gym, sauna, wellness facilities and private plunge pools for selected ground-floor and penthouse apartments.

<img alt="Dawn" data-entity-type="file" data-entity-uuid="fc1a1daf-0ce4-4f12-9076-b1fa553c7a91" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-21%20at%208.42.11%E2%80%AFAM.png?VersionId=4GZ9h.gpNkTljbxyAET8Jfhv51XUamDm" />

Thompson said Dawn had been designed specifically for owner-occupiers and downsizers, a buyer profile that has driven demand across Inca's recent Upper North Shore developments.

"The majority of buyers in our recent North Shore projects have been downsizers, and we are learning exactly what this market is looking for. Beyond the location itself, we have included resort-style amenities to deliver a genuine lifestyle offering," Thompson said.

Located within walking distance of Mona Vale Beach, the town centre, Mona Vale Golf Club and the Royal Motor Yacht Club, Dawn represents Inca's first Northern Beaches project following the sell-out of Tara on Park in Waitara and Ellis Residences, currently under construction in St Ives.

Construction will be undertaken by Inca's in-house construction arm, GOP Constructions.

Dawn is the latest major apartment proposal for Mona Vale, with the suburb emerging as one of the key beneficiaries of the NSW Government's new Low and Mid-Rise Housing policy.

New developer One Living, led by industry veteran Joseph Scuderi, recently secured a site on Mona Vale Road, on the border of Mona Vale and Pymble, where it is planning around 140 apartments.

IPM is also planning its third project in Mona Vale, significantly increasing the scale of its previous developments with an 82-apartment proposal at <a href="https://www.apartments.com.au/new-apartments/159-167-darley-street-west-mona-vale-nsw-2103">159-167 Darley Street West</a>, opposite Bayview Golf Course and less than 800 metres from Mona Vale town centre.

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/one-living-enters-sydneys-new-apartment-market-with-northern-beaches-site-acquisition">One Living enters Sydney's new apartment market with Northern Beaches site acquisition</a>

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/first-look-ipm-plans-third-mona-vale-project">First look: IPM plans third Mona Vale project</a>

First look: Inca eyes Mona Vale with State Significant DA for Dawn apartments

Seasoned Victorian apartment developer <a href="https://www.apartments.com.au/developers/central-equity">Central Equity</a> has logged more than $400 million in sales in its luxury apartment project Palmera Residences at Northcliffe on the Gold Coast.&nbsp;

Central Equity Director Karl Kutner said the sales result reflected a combination of location, product quality and delivery certainty with the project already under construction by building powerhouse Multiplex.&nbsp;

"Surpassing $400 million in sales since launch is a significant milestone and an outstanding endorsement of <a href="https://www.apartments.com.au/new-apartments/palmera-residences-gold-coast-18-garfield-terrace-surfers-paradise-qld-4217">Palmera Residences</a>,” he said.&nbsp;

"We believe one of the key reasons for this strong result is the confidence purchasers have in knowing the project is under construction with Multiplex. Buyers are increasingly looking for certainty. They want to know that the project they commit to today will be delivered by an experienced team with a proven track record."&nbsp;

[smartcode_project:default project_id=108274 project_image_fid=365782]

Kutner said it was clear there was still high demand for luxury projects that offered certainty of delivery.&nbsp;

“We are in a market where many residential developments have faced delays due to rising construction costs, labour shortages and financing challenges,” said Kutner.&nbsp;

"But having construction underway has provided our buyers with resounding confidence backed by more than 40 years of development delivery by Central Equity combined with construction by one of Australia's most respected construction companies."&nbsp;

[smartcode_project:default project_id=108274 project_image_fid=365785]

Central Equity is one of Australia's most experienced privately-owned property developers. Over more than four decades, the company has delivered in excess of 85 residential developments including 10,000 apartments and many thousands of stand alone homes.&nbsp;

Located on Garfield Terrace at Northcliffe, between Surfers Paradise and Broadbeach, Palmera Residences occupies one of the Gold Coast's most sought after beachside locations. The development has been designed to appeal to owner occupiers seeking premium residences that combine generous living spaces and resort style amenities.&nbsp;

Palmera Residences will feature an exceptional collection of resort style amenities, including two swimming pools: a generously sized family pool with safe shallow zones for relaxed recreation, and a 20 metre lap pool positioned to maximise all day sunlight.&nbsp;

Residents will also enjoy exclusive access to wellness and recreational facilities including a magnesium pool, sauna, yoga studio, expansive fitted gymnasium, resident lounge, outdoor BBQ’s&nbsp;and indoor and outdoor dining areas, together with a dedicated concierge and luxurious hotel inspired entrance foyer.&nbsp;

[smartcode_project:default project_id=108274 project_image_fid=365767]

A unique feature at Palmera Residences has been designed to enhance the Gold Coast lifestyle which includes both indoor and outdoor gymnasium facilities, together with thoughtfully designed indoor and outdoor dining and entertaining areas. A corner café has also been incorporated to provide residents with a destination for their everyday needs.&nbsp;

Kutner said buyer demand had been broad based with purchasers attracted from interstate as well as throughout South East Queensland.&nbsp;

"We're seeing strong interest from owner occupiers, lifestyle buyers and people relocating to the Gold Coast. Many purchasers have been searching for a premium beachside residence where quality, design and delivery are equally important."&nbsp;

[smartcode_project:default project_id=108274 project_image_fid=365771]

Kutner said the sales milestone was an important achievement, but the focus remained firmly on delivering an exceptional development.&nbsp;

"While reaching $400 million in sales is an important milestone, our priority remains delivering a project that exceeds purchaser expectations,” he said.&nbsp;

"Palmera Residences has been designed to become one of the Gold Coast's landmark residential addresses, and we look forward to welcoming our purchasers to their new homes."&nbsp;

There are a limited number of residences remaining in selected configurations with pricing from $2,950,000 to $8,950,000. Palmera Residences is also crowned by expansive penthouses with wrap around views.

[smartcode_project_cta:default project_id=108274]

Construction certainty and strong buyer demand drive major sales result for luxury Gold Coast development

Palmera Residences fly out the door as sales pass $400 million

Housing Sentiment

As national house prices continue to climb, consumers are not convinced that now is a good time to buy property, according to new research by Finder, Australia&rsquo;s most visited comparison site. &nbsp;

Finder&rsquo;s Property Positivity Index shows that the proportion of Australians who think now is a &ldquo;good time to buy&rdquo; is at its lowest ebb since lockdowns started last year.

As of May 2021, the index is sitting at 49% &ndash; only a few points higher than the pessimistic low of 42% in April 2020.&nbsp;

In December 2020, a record-high number of people (67%) said it was a good time to buy, however this figure has since dropped by 18 points.&nbsp;

Graham Cooke, head of consumer research at Finder, said that Australians&rsquo; property optimism has yoyoed throughout the past 12 months.&nbsp;

&ldquo;As lockdowns rolled out across Australia and open house inspections declined, Finder&rsquo;s Property Positivity Index nosedived only to recover again as the housing market sprang back to life.&nbsp;

&ldquo;Both the rock-bottom cash rate and FOMO have turbo-charged prices but fears of a property bubble are making many Aussies pessimistic that now is the time to buy,&rdquo; he said.&nbsp;

[smartcode_project:default project_id=29048 project_image_fid=151677]

Property positivity toward prices spikes

Despite fewer people thinking now is a good time to buy, approximately 74% feel that property prices in their area will continue to rise over the next 12 months &ndash; up from a low of 24% in April 2020.&nbsp;

When asked about whether prospective first-time buyers with a deposit saved may miss an affordability window if they do not purchase within the next year, Finder&rsquo;s RBA panelists were divided.&nbsp;

In total, 9 experts said they would miss out (64%), while the remaining 7 (36%) said they wouldn&rsquo;t.

Dale Gillham, stock market analyst from Wealth Within said buyers would not be missing a window.

&ldquo;This situation has been talked about since Adam was a boy and it will continue to be into the future. I have never seen a time when we thought property was cheap for anyone let alone first-time buyers,&rdquo; he said.&nbsp;

Rebecca Cassells of Bankwest Curtin Economics Centre said buyers may miss a window if they don&rsquo;t buy.

&ldquo;Increased house prices driven by significant stimulus and low interest rate environment has the potential to lock out future first home buyers by making it even harder to come up with the deposit needed to enter the market.&rdquo;

Cooke said that window of opportunity or not, there&rsquo;s been a significant turnaround in property price expectations over the past year.&nbsp;

&ldquo;The last 6 months resulted in the largest amount borrowed to buy housing in any 6-month period in Australian history. The property market really is surging back into life,&rdquo; Cooke said.&nbsp;

Finder’s Property Positivity Index shows that the proportion of Australians who think now is a “good time to buy” is at its lowest ebb since lockdowns started last year.

jordan_55689

Consumers increasingly unconvinced to buy property: Finder Survey

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EXPERT OBSERVER
There has been a turnaround in housing sentiment post-election. 
<div><a href="https://1.bp.blogspot.com/-2O6ydv5d_yc/XVni9mLphDI/AAAAAAAAxY4/Wqb10jHOMQ8QStGBIlxAYxOTafNm1xwugCLcBGAs/s1600/C8117FDD-B268-4C8B-A681-0065B5FC871E%2B%25282%2529.jpeg"><img src="https://1.bp.blogspot.com/-2O6ydv5d_yc/XVni9mLphDI/AAAAAAAAxY4/Wqb10jHOMQ8QStGBIlxAYxOTafNm1xwugCLcBGAs/s640/C8117FDD-B268-4C8B-A681-0065B5FC871E%2B%25282%2529.jpeg" width="640" height="468" data-original-height="607" data-original-width="828"></a></div>
Source: CoreLogic
<div>There have been other factors, of course, including two rate cuts.</div>
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<div>The second rate cut was only delivered six weeks or so ago, and there can be a long lag effect - the full impacts many not be felt for up to 18 months</div>
<div> </div>
<div>
<div>In addition, there were very strong auction results reported for the inner suburbs of Sydney and Melbourne by agents and media alike this weekend, especially for properties located within 15 minutes commute of the Central Business District. CoreLogic found that every single apartment in Sydney's city or inner south taken to auction this weekend sold under the hammer, which is remarkable. For freestanding inner-suburban houses, it was a bit of a frenzy. </div>
<div> </div>
<div>
PETE WARGENT is the co-founder of AllenWargent property buyers (London, Sydney) and a best-selling author and <a href="https://petewargent.blogspot.com/" target="_blank">blogger</a>. 
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pwargent-M4siyDbqQY

The post-election housing sentiment bounce: Pete Wargent

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The ANZ-Property Council Survey for the September quarter showed a modest improvement in sentiment across Australia’s property sectors, although it remains deep in negative territory as COVID-19 and the associated shutdown of economic activity cuts across the economy.
The impact of COVID-19 is immense. Nationwide, almost all respondents report being negatively hit.
Encouragingly, 60% of businesses expect the impact to improve over the coming quarter, however keep in mind that this survey closed on 1 July, before Melbourne’s shutdown was announced.
In the residential sector, overall sentiment remains negative across all states and territories.
Price expectations fell further into negative territory, while the employment outlook remains challenging. The outlook for construction and forward orders, however, are both now positive and improving, clearly helped by the HomeBuilder scheme.
In a special question on the Commonwealth Government’s HomeBuilder program, respondents within the residential sector were broadly positive about the scheme, with 60% reporting that it would have a positive impact on their business.
In commercial property, sentiment remains deeply negative across all sectors except industrial, where confidence is now back in positive territory. Sentiment in the office sector declined and was broadly flat in the tourism sector where confidence is the weakest.
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j.ballantyne1990-6AQqhLzZaK

Coronavirus continues to weigh on property sentiment: ANZ

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Sydney’s outlook on housing dipped further in May, despite the easing of pandemic restrictions, according to the UDIA Urbis Home Purchaser Sentiment Survey.
The poll - carried out between May 7 and 12 - found that the proportion of residents feeling ‘very positive’ about the property market dropped six percentage points (to 21 per cent) compared with this time last year.
Overall, homeowners had a more pessimistic outlook than renters.
The proportion of homeowners who were positive about the market fell seven percentage points to 54 per cent over the year.
This was compared with just a two-percentage point drop among renters (down to 50%).
"The report shows a downward shift in sentiment since the last survey, with increased pessimism around purchasing property in the next 12 months," associate director of Urbis Kylie Newcombe said.
"The softening in sentiment was, however, relatively moderate, suggesting cautious optimism by prospective purchasers in the medium-term fundamentals of the Sydney property market.
Almost half of all Sydney residents also believe that house prices will drop in the next six months – more than double the number from a year ago.
Just over one in four believe prices will drop over the next 12 months – a seven percentage points rise compared with a year ago.
The city, and Sydney's east, saw the residents who were the most negative about the prospect of home prices, with 55 per cent expecting prices to drop over the next six months.
More than two-thirds said they were unlikely to buy a property in the next 12 months – a seven percentage points increase from July last year.
And 72 per cent said they were unlikely to buy in the next six months.
In more bad news for apartment developers, 61 per cent said they preferred free-standing houses compared with units or apartments.
However, the report noted that "it is not possible to conclude a relationship between COVID-19 and preferences.”
There was also a strong support for stamp duty reform as a tool to improve confidence among home owners and some renters.
Fifty-four per cent of renters said policies targeting first home buyers would have a positive effect on their confidence.
Given a choice, Sydney residents would like to live in Parramatta, Castle Hill, Chatswood, Blacktown and Balmain.
The poll surveyed 531 Sydney residents.
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Sydney housing sentiment slumps further in May: UDIA Urbis Home Purchaser Sentiment Survey

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In the wake of the coronavirus outbreak and the associated shutdown of economic activity, sentiment towards residential property and all sectors of commercial property declined sharply, according to the ANZ.
In their June Quarter ANZ property council survey in answer to new questions, specially set for this survey, they found that expectations of a negative impact from the coronavirus were broadly based and similar across the states. Nationwide, virtually all respondents expect to be negatively impacted by the pandemic, with all states recording similar responses.
10% of businesses report that the impact is already so serious it is affecting their viability. A large majority of firms reported that the virus was already impacting current construction schedules. Firms expect the impact of the virus to be largest on the tourism sector. 
In the residential sector, price expectations have turned around sharply and a net 36% of respondents now expect house prices to decline over the next year.
Employment in the sector is also expected to decline, but the outlook for construction activity is more balanced. The outlook for the residential sector is negative across all states and territories. 
In commercial property, across all sectors and states sentiment declined sharply. Confidence in the tourism and retail sectors was the weakest, but sentiment also declined sharply in the office and industrial sectors.
ANZ Senior Economist Felicity Emmett said, "after recovering through much of 2019, property sentiment has taken a hit from the coronavirus and the shutdown measures put in place by the federal and state governments to contain it."
"Just as the lockdown measures have been broadly-based, the deterioration in sentiment has been equally widespread. Sentiment across the residential, office, industrial, retail and tourism sectors have all been sharply impacted."
"Not surprisingly, the tourism sector has been the hardest hit."
"Across all sectors, price expectations have turned around sharply, employment prospects have deteriorated and the construction outlook has turned down."
"The construction sector is not subject to a shut-down at present, but the downturn in the outlook is concerning, and suggests that the impact of the virus may be more long lasting on the property sector. With long lags associated with construction approvals, commencements and completions, a quick rebound once the lockdown is eased seems unlikely"
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Coronavirus infecting property sentiment: ANZ

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The NAB Residential Property Index has ticked in to positive territory for the first time since mid-2018 as the rebound in the capital city housing markets continues to gather steam.
The Index, a measure of housing market sentiment based on the expectations of property professionals for both capital growth and rents, rose 26 points in the September quarter to an above average +18.
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The average survey expectation for national house prices for the next 12 months is positive for the first time since Q1 2018.
 “The results suggest the Australian housing market is on the way to recovery.” NAB chief economist Alan Oster said.
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The average survey expectation for national house prices for the next 12 months is also positive for the first time since the first quarter of 2018, with prices expected to strengthen moving into 2021. 
Property professionals in all states except WA expect to see positive gains in the next year, with Victoria and NSW leading the way.
“This marks a sharp reversal from the previous survey where Victoria and NSW were expected to be the weakest states for price growth and the only states where prices were tipped to fall” Oster said.<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/2019/10/24/NAB%20residential%20index%20by%20state.jpg" alt="">
Sentiment improved sharply among property professionals in VIC, with the state index climbing steeply by 48 points to +40 to record the best result in the country by some margin.
Only Western Australia saw its sentiment decline.
Following the resurgence in house values, NAB have amended their forecasts for 2020, now predicting <a href="/news/sydney-and-melbourne-house-values-to-rise-over-seven-percent-in-2020-nab">7.4 per cent gains in both Sydney and Melbourne</a>.
They <a href="http://www.propertyobserver.com.au/forward-planning/investment-strategy/property-news-and-insights/105652-melbourne-apartments-to-outperform-sydney-in-2020-nab" target="_blank">expect Melbourne to outdo Sydney in the apartment ranks</a>, with 7.4 per cent gains in the unit market compared to Sydney's 4.3 per cent.
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NAB residential property index ticks into positive for first time since mid-2018

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EXPERT OBSERVER
Housing-related sentiment has improved but part of the gain looks to be based on an expected further lowering in rates.
Our <a href="https://westpaciq.westpac.com.au/wibiqauthoring/_uploads/file/Australia/2019/August/WestpacHousingPulseAugust2019.pdf" target="_blank">latest Housing Pulse report</a> finds sentiment-based measures giving the most positive signal in over five years. However, a sustained lift in demand has yet to be confirmed and there remain important caveats. In particular much of the lift looks to be based on an expected further improvement in affordability that may not materialise if prices start rising again or if the RBA disappoints on expected rate cuts.
Interest rate expectations have seen a big shift over the last year. Back in Aug 2018 most consumers expected rates to be higher by now. That hawkishness evaporated in Feb following a clear signal from the RBA that rates were more likely to fall than rise. The Bank followed up with two 25bp cuts in June and July, indicating that it is prepared to cut further “if needed”. Accordingly, most consumers now expect rates to be the same or lower in a year’s time with markets and economists expecting rates to be about 50bps lower.
Our August update of an additional question on consumer expectations for mortgage rates. The simplest summary measure – the net % expecting rates to rise – declined to 9.8 from 38.7 in Feb, 50.4 in Aug last year and a peak of 68.2 in Aug 2017. The latest read is a touch below the 9.9 in Aug 2016 and the least hawkish/most dovish since late 2011.
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The history of this question, which has been run since 2010, shows a clear ‘upward bias’. Adjusting for this the latest reading looks to be consistent with about a 45bp decline in rates over the next year. That would place the consumer reading as slightly less dovish than current market pricing which has 60bps in RBA cuts priced in by this time next year but more in line with that of economists. For the record, Westpac expects the RBA to cut rates by 50bps over the next year, with two moves likely coming in Oct and Feb (see <a href="https://westpaciq.westpac.com.au/wibiqauthoring/_uploads/file/Australia/2019/July/er20190724BullRBACashRate.pdf">here</a> for more).
MATTHEW HASSAN is a Senior Economist for Westpac
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Housing sentiment at its most positive in over 5 years: Matthew Hassan

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Australians are feeling more optimistic about purchasing a home, according to new research from Westpac.
Just over half of all participants suggested that they felt more confident about the housing market than they did 12 months ago, while 53% stated they were eager to take advantage of record low interest rates.
Those who already owned at least one home were the most optimistic demographic, with almost three quarters (71%) feeling more confident about the market than last year, and two thirds (66%) believing now is a good time to purchase their next home.
The primary motivations for those signally an intention to invest in the current housing market were (1) low interest rates (20%), (2) falling house prices (18%), and (3) the desire to live in a new area (17%).
The study also indicates that Australians are significantly more likely to be looking to buy a new home to live in themselves (37%), particularly for the sake of upsizing (24%) – these figures have more than doubled since 2018.
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“Record low interest rates have created a positive environment for home owners to not only get ahead on their mortgage repayments, but to also purchase their next home,” said Will Ranken, the general manager of home ownership at Westpac.
The findings showed relief might be on the way with Australian home owners now 50% more likely to sell their home compared to last year, with one in ten (10%) intending to sell in the next 12 months.
“We’ve seen a recent rise in auction clearance rates, so it could be an opportune time for sellers to capitalise on growing demand, particularly in the lead up to spring; the time of year when house hunters tend to be the most active,” said Ranken.
A limitation of investment options was the primary concern of participants in the study, with almost one in five (18%) next home buyers feeling challenged by a lack of property supply listed on the market.
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Australians are feeling more optimistic about the housing market: Westpac

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The ANZ-Property Council Survey for the June quarter shows a further decline in sentiment in Australia’s property sector. 
Confidence has hit a new low and is now at the lowest level since the survey began in 2011.
Residential property continues to lead the fall in overall sentiment.
Nearly all the key residential indicators declined further in the June quarter, with sentiment, prices and construction all reaching fresh lows. 
"Importantly though, the outlook for credit availability improved, tentatively suggesting that the housing sector is reaching an inflexion point," it noted.
The largest decline in confidence came in New South Wales, which is consistent with the fact that Sydney has seen the most marked weakness in house prices.
 Not far behind was Victoria, while Queensland, South Australia and Western Australia saw more moderate declines. 
But ANZ Head of Australian Economics, David Plank, commented that the most important aspect of the latest ANZ-PCA property survey could be the improvement in the availability of finance.
"It was a modest improvement in this part of the survey in mid-2017 that signalled greater stability in the housing market later that year and in early 2018.
"Finance availability then deteriorated sharply, continuing to fall through the rest of 2018 and into 2019.
"We think this deterioration was the trigger for the renewed house price weakness in Sydney and Melbourne from that point.
"The turn in finance availability captured in this survey could signal a turn in the market.
"Certainly it suggests we may be past the worst of the downturn in building approvals.
"We need to be cautious, though, about the outlook."
He added finance is still difficult to get, and sentiment in the residential property space is very negative.
"This primarily reflects the price outlook, which has fallen further in New South Wales and Victoria.
"Sentiment does tend to lead rather than follow prices, however, certainly over the past few years.
"We think the continued downturn in price sentiment reflects recent developments rather than indicating a deterioration in the outlook.
"The shift in expectations with regard to interest rates may help the outlook.
"Still, we expect further declines in house prices this year."
Outside residential, sentiment is much better. It has, however, declined from its recent peak across most sectors. Sentiment in the retail sector is especiallysoft, which is not surprising.”
Sentiment declined in the commercial space as well, although it remains much more positive than is the case for residential. 
Declines in confidence were seen in all segments (retail, tourism, office) except industrial. 
It noted forward work schedules have declined, but remain elevated, reflecting the fact that the amount of work in the pipeline remains substantial but is past the peak. Consistent with the decline in the construction outlook, hiring intentions have also come down.
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