Builder-developer ALAND has drawn back the curtain on its first city-focused new apartment development.

The North Sydney development, <a href="https://www.apartments.com.au/new-apartments/the-walden-north-sydney-173-179-walker-street-north-sydney-nsw-2060">The Walden</a>, is the first time the company has ventured this close to the city, having previously completed thousands of apartments predominantly in Sydney's west, and more recently in Gosford.

<a href="https://www.apartments.com.au/developers/aland">ALAND</a> acquired the prime North Sydney site, spanning Walker and Hampden Streets just down the road from the Victoria Cross Metro station, for $240 million in June.

Now they've unveiled the new project, a mix of one-, two-, three- and four-bedroom apartments across a 30-level building designed by Rothelowman.

[smartcode_project:default project_id=134323 project_image_fid=6384]

The Walden will capitalise on the site’s front-row position on the eastern fringe of the <a href="https://www.apartments.com.au/developments/north-sydney-nsw-2060">North Sydney</a> CBD, which offers uninterrupted Sydney Harbour views stretching from the Sydney Harbour Bridge all the way to Sydney Heads.

The main tower will be flanked by a small four-level amenity building known as The Pavilion, offering exclusive resident-only amenities including a dedicated concierge service, a sauna and private wellness studio, a gymnasium and fitness studio, a resort-style rooftop pool and sundeck.

There will also be a&nbsp;residents’ lounge, private dining and a wine cellar, and co-working facilities with an on-site meeting room and boardroom.

&nbsp;

&nbsp;

[smartcode_project:default project_id=134323 project_image_fid=6382]

ALAND Founder Andrew Hrsto said the company knew they could create something "iconic" with The Walden when they saw the site.

&nbsp;

“As a company, we had been searching for a site in one of Sydney’s blue-chip locations, spanning the Eastern Suburbs, the Sydney CBD and the North Shore, and when we had the opportunity to purchase this site, we immediately recognised that it could be something iconic – being the last development with a view offering this exceptional.

“We identified the attributes and quality of the site as being perfectly aligned for ALAND – and we feel that this off-market acquisition is a perfect opportunity to showcase our craftmanship and expertise through a truly unique offering."

[smartcode_project:default project_id=134323 project_image_fid=6399]

Hrsto pointed to ALAND’s longstanding development expertise as a significant benefit in delivering a positive outcome for The Walden.

“Being a fully integrated development and construction business with a highly experienced team, we have the benefit of in-house experts across the development spectrum, from acquisitions, design, planning, and construction, to sales, marketing, property management, through to building management.

“As one of Australia’s largest private development and construction groups, we’ve been in operation for 23 years, with a Gold Star iCIRT rating and a 100 per cent delivery success rate across numerous masterplanned and mixed-use projects – and we’re very much looking forward to bringing this expertise to The Walden and contributing to the ongoing revitalisation of North Sydney."

The Walden is the latest development in Sydney to have the 10-year Latent Defects Insurance policy by Resilience Insurance, protecting buyers from any structural or waterproofing-related issues for 10 years post-completion.&nbsp;

Demolition of existing structures on The Walden site has already commenced through specialist civil contractor Moits, with the aim of completing preparatory ground works by the end of 2025, ahead of construction commencement in early 2026.

[smartcode_project_cta:default project_id=134323]

Joel Robinson

ALAND unveils The Walden, North Sydney's latest luxury apartment development

<a href="https://www.apartments.com.au/developers/toga-group">TOGA</a> has opened sales for the final building in Macquarie Rise, its latest mixed-use development in Macquarie Park.

Since launching its <a href="https://www.apartments.com.au/new-apartments/macquarie-rise-122-herring-road-macquarie-park-nsw-2113">Macquarie Rise</a> in late 2023, TOGA has secured over 125 sales in the Herring Road development, to a range of purchasers, from first home buyers to investors and downsizers. Around 65 per cent of purchasers have been owner-occupiers.

TOGA has now launched a new release of one-, two-, and three-bedroom apartments in the final building, Saunders Rise. Many of the apartments feature multi-purpose rooms and offer views of the surrounding greenery. Also part of the release is a series of&nbsp;sub penthouses housed on the upper floors.

[smartcode_project:default project_id=89243 project_image_fid=242696]

&nbsp;

“We’re delighted with the ongoing strong interest in our Macquarie Rise development, which is testament to the need for premium housing in this much-loved Sydney suburb,"&nbsp;Allan Vidor AM, Managing Director at TOGA, said.

"We’re proud to be able to offer buyers a unique product that includes luxury amenities, spacious living areas and flexible layouts, designed to suit all kinds of buyers, from young professionals to families and investors.

“We have long been advocates of Macquarie Park, and once Macquarie Rise is complete, TOGA will have built 1,000 apartments in the area, delivering much needed homes within a thriving precinct. It’s great to see the area become renowned for high-quality apartments, proximity to amenities and green spaces."

TOGA, one of Australia’s few Gold Star iCIRT rated developers, is also handling construction of Macquarie Rise. They are on track to complete the building in 2027.

[smartcode_project:default project_id=89243 project_image_fid=310789]

Macquarie Rise boasts a prime location, placing residents within immediate reach of Macquarie Centre, Macquarie University, and the newly completed Macquarie University Metro, connecting to the Sydney CBD is just over 20 minutes.

&nbsp;

Macquarie Rise residents also have access to Club Rise, an exclusive, residents only lounge designed by luxury hotel designers Stack Studio, offering an abundance of work and break-out areas, a Pilates studio, a gym, and a karaoke room. As well as these premium amenities Macquarie Rise will also feature an impressive podium top 20m lap pool.

[smartcode_project:default project_id=89243 project_image_fid=242695]

“Offering luxury, spacious apartments in a vibrant and well-connected neighbourhood, it’s no surprise that Macquarie Rise remains popular with a range of buyers," said TOGA's General Manager of Sales, Anthony Falas.&nbsp;

"With interest rates tracking downwards, we expect the final apartments to continue to receive high levels of interest.”

Located at 122 Herring Road, Macquarie Park, the development will be delivered in partnership with Baptist Union NSW and Morling College with a value of over $400 million.

&nbsp;

[smartcode_project_cta:default project_id=89243]

TOGA launches final stage apartments in Macquarie Rise

Southern Cross Station anchors the western end of <a href="https://www.apartments.com.au/developments/melbourne-vic-3000">Melbourne</a>’s CBD, connecting metropolitan and regional rail with tram and bus interchanges in one of the city’s busiest transport corridors.&nbsp;

Just metres away, <a href="https://www.apartments.com.au/new-apartments/640-bourke-street-melbourne-640-bourke-street-melbourne-vic-3000">640 Bourke Street</a>&nbsp;will place residents in the heart of the city, with immediate access to Spencer Street trams, a growing mix of retail, hospitality and cultural venues, and a neighbourhood evolving into a lively residential precinct.

Developed by <a href="https://www.apartments.com.au/developers/far-east-consortium">Far East Consortium</a>, the 68-level project integrates a sculptural glass tower with the heritage-listed Eliza Tinsley Building on a 2,765 sqm Bourke St site.&nbsp;

[smartcode_project:default project_id=509 project_image_fid=335425]

Designed by <a href="https://www.apartments.com.au/architects/rothelowman">Rothelowman</a>, the development replaces a previously approved scheme for 813 apartments with a refined offering of just over 600 larger-format residences, responding to a growing owner-occupier demand for spacious city living.

The location sits within a dynamic pocket undergoing significant transformation. Marvel Stadium and the Docklands waterfront are less than 10 minutes away on foot, offering both sports and leisure attractions.&nbsp;

Bourke Street Mall, Queen Victoria Market, and the State Library are all within walking distance, while Flagstaff Gardens, Melbourne’s oldest park, provides a green escape just to the north.

&nbsp;

[smartcode_project:default project_id=509 project_image_fid=335422]

Proximity to some of the city’s largest employers and education hubs, including the courts precinct, legal chambers, RMIT, and major hospitals, makes 640 Bourke Street an appealing residential address for professionals, families and students alike.

Education opportunities span all levels. Nearby, Haileybury City Campus offers private schooling just a short walk from 640 Bourke Street. Just beyond the CBD fringe, Carlton Gardens Primary School, one of Melbourne’s oldest state primary schools, and Docklands Primary School provide convenient government schooling options.

Higher education is equally accessible. RMIT University’s city campus spans multiple buildings just a few blocks away, while the University of Melbourne’s Parkville campus is easily reached via tram along Swanston or Elizabeth Streets.

Victoria University’s City Queen campus, focused on law and business, is also close by, positioning 640 Bourke Street within walking distance of three of Melbourne’s major tertiary institutions.

[smartcode_project:default project_id=509 project_image_fid=335426]

The neighbourhood’s retail tapestry continues to evolve into something distinctly local and walkable. Just steps away, Woolworths Metro on Bourke Street ensures that everyday essentials are easily within reach.&nbsp;

For larger shopping trips, Spencer Outlet Centre on Spencer Street and QV Melbourne on the opposite side of the CBD broaden the offering with supermarkets, fashion, dining and specialty stores.

The lane-to-lane vibe unfolds beautifully in nearby arcades and alleys. Hardware Lane, with its European-style red-brick paving and alfresco dining, pulses with jazzy evenings and casual lunches.

A few minutes north, Howey Place and Centre Place offer leafy, boutique-lined lanes where hidden cafés and niche retailers congregate under historic glass-covered cloisters.

Completing this tapestry is the newly opened Mecca “beauty playground” on Bourke Street. Spanning 4,000 sqm over three levels, the flagship blends immersive retail within an art-deco heritage setting.

&nbsp;

[smartcode_project:default project_id=509 project_image_fid=335427]

This finely grained network of shops, eateries, arcades and service outlets defines the everyday lifestyle at 640 Bourke Street - further enriched by over 3,000 sqm of resident amenity including a Turkish-inspired pool, gym, co-working rooms and private cinemas.&nbsp;

Apartments are priced between&nbsp;$640,000 and $3.95 million. Off the plan stamp duty concessions available until October 2026. Prospective buyers can visit the on site display gallery which has&nbsp;fully built one, two, and three-bedroom apartments.

[smartcode_project_cta:default project_id=509]

640 Bourke Street: A heritage address at the heart of Melbourne

Lower North Shore development specialists&nbsp;<a href="https://www.apartments.com.au/developers/abadeen-group">Abadeen</a>&nbsp;has topped out its new local apartment development,&nbsp;<a href="https://www.apartments.com.au/new-apartments/northcote-collective-naremburn-2-6-northcote-street-naremburn-nsw-2065">Northcote Collective</a>.&nbsp;

Located in the tightly held suburb of <a href="https://www.apartments.com.au/developments/naremburn-nsw-2065">Naremburn</a>, Northcote Collective is a collection of just 58 one-, two-, and three-bedroom apartments designed by award-winning architects Rothelowman.&nbsp;

The building is just a five to 10 minute walk from the heart of Crows Nest and the new&nbsp;St Leonards and Crows Nest Metro stations. Abadeen has also brought doorstep convenience, with a ground-floor retail offering on Northcote Street.

Northcote Collective is being delivered by&nbsp;<a href="https://www.apartments.com.au/builders/decode">Decode</a> — an iCIRT-rated construction company well regarded in the new development industry.

[smartcode_project:default project_id=114189 project_image_fid=272840]

“This is an important and exciting moment for Northcote Collective, and we’re proud to celebrate this milestone with our partners, consultants, and future residents,” said Justin Brown, Executive Chairman and Founder of Abadeen.&nbsp;

“From the outset, our vision was to create something truly special for Naremburn — homes that respect the character of the neighbourhood while elevating the standard of Lower North Shore living. With connectivity to transport, retail on the doorstep and a true village lifestyle, this milestone also comes at a perfect time when buyer confidence is returning to the market. I am incredibly proud of our team and of Decode for their dedication in helping us bring this vision to life.”

[smartcode_project:default project_id=114189 project_image_fid=272865]

The development is two-tiered, with two rooftops for residents. The taller building has an impressive rooftop pool, a rare inclusion in the new Sydney apartment market. The level, with panoramic views, also includes an entertaining terrace with barbecue facilities.

Local downsizers and young professionals are showing the strongest interest in the development, with recent improvements in the property market — supported by three rate cuts in 2025 — boosting borrowing power and buyer confidence.

Auction activity across Sydney surged by almost 30 per cent in recent weeks, with clearance rates above 70 per cent — signalling a renewed wave of buyer demand.

Northcote Collective will welcome buyers in 2026.

[smartcode_project_cta:default project_id=114189]

Abadeen tops out Northcote Collective in Naremburn

Sunshine Coast-based <a href="https://www.apartments.com.au/developers/devcon-property-group">Devcon Property Group</a> has acquired one of Maroochydore’s most prominent development sites for $12 million unlocking the potentialfor a mixed-use project in the Cotton Tree precinct.

&nbsp;

The 4,178 sqm site at 41–43 Aerodrome Road—well known locally as the former home to one of Australia’s last Sizzler restaurants—was sold via an off-market expressions of interest campaign by Colliers agents Nick Dowling and Baydn Dodds. More than 70 targeted buyer groups were approached, resulting in multiple competitive offers for the property.

Devcon Property Group Managing Director Michael Kain said the acquisition was a strategic move in line with the company’s focus on delivering high-quality projects in prime coastal locations.&nbsp;

“We’re excited about the possibilities this site, in one of the Sunshine Coast’s most iconic beachside &nbsp;communities, offers for a broad range of development outcomes,” Kain said.

“Its location, ocean view potential, and proximity to the Maroochydore CBD and beach make it an &nbsp;outstanding development prospect. Our plans are to refurbish the existing building and then review &nbsp;development options for the remainder of the site.”&nbsp;

<img alt="Aerodrome Rd site overlooking Beach (Large)" data-entity-type="file" data-entity-uuid="a29dc4ed-68c1-4bec-a4fc-283063dcde1e" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Aerodrome%20Rd%20site%20overlooking%20Beach%20%28Large%29.jpg?VersionId=b0WxJWevmLoAfCP4YvGImZpR3rSCJJ9L" />

Colliers Special Projects Manager Baydn Dodds said the sale reflected the ongoing strength of the &nbsp;Sunshine Coast’s development site market, particularly for projects capable of achieving water views. &nbsp;

“Sites of this scale, in walkable beachside locations with ocean views, are tightly held and continue to attract significant interest from both local and national developers,” Baydn Dodds said. &nbsp;

“Holding a prominent position as the former home to one of Australia’s last Sizzler restaurants and more recently occupied by Rashays, the prime site is located just 150 metres from Maroochydore Beach.&nbsp;

“With stunning ocean view potential, located in one of the Sunshine Coast’s best known iconic &nbsp;beachside communities, within steps of shops, cafes and the beach it is no surprise that there was strong interest in the site. The transaction highlights the ongoing depth of demand for well-located &nbsp;mixed-use sites across the Sunshine Coast.”&nbsp;

Colliers Sunshine Coast Managing Director Nick Dowling said the transaction reinforced the &nbsp;Sunshine Coast’s status as one of Australia’s most active development markets.&nbsp;

“The combination of strong population growth, lifestyle appeal, and infrastructure investment is &nbsp;driving demand for quality development opportunities,” Nick Dowling said. &nbsp;

“The Sunshine Coast is one of only three markets nationally to record an increase in crane numbers, &nbsp;reflecting the strength of the region’s construction pipeline.&nbsp;

“Opportunities like this are rare and continue to generate strong buyer interest in the region.”&nbsp;

The Sunshine Coast development market is booming, with several high-profile developers like Cube Developments, Gardner Vaughan Group, and RCQ, planning developments in the region.

Devcon buys Sunshine Coast’s former Sizzler site for new apartment development

Housing Turnover

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GUEST OBSERVER
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At a national level, the six month average trend shows that the number of dwelling sales is starting to trend slightly higher. 
Of note is that settled sales peaked all the way back in July 2003, a time at which the population was around 4.7 million lower than it is currently. 
While the national population increased by almost 4.7 million persons between June 2003 and December 2016, a commensurate lift in transactions has not occurred. 
This is likely due to a number of reasons including the impost of stamp duty which discourages transactions, higher prices which lead to greater commission on sales and no real incentives for people to downsize homes when their children leave or they reach retirement. 
<a href="https://www.propertyobserver.com.au/images/2017/08/03/Screen%20Shot%202017-08-03%20at%209.49.56%20AM.png" target="_blank">Click to enlarge</a>
<img src="https://www.urban.com.au/images/2017/08/03/Screen%20Shot%202017-08-03%20at%209.49.56%20AM.png" alt="">
Across the individual capital cities the number of sales and the transaction trends are somewhat mixed. 
Sydney – annual sales volumes are -0.9% lower year on year however, they have been trending higher from a recent low in April 2017.
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Melbourne – transaction volumes are slightly higher than their recent low however, annual settled sales are -7.6% lower than they were over the 12 months to July 2016. 
Brisbane – annual sales volumes are -9.7% lower over the past year and the number of transactions is clearly continuing to trend lower across the city. 
Adelaide – over the past year, the number of sales throughout the city was only -0.9% lower than over the previous year and the trend data indicates fairly stable transaction volumes. 
Perth – settled sales are substantially lower than their peak and annual sales have fallen by a further -1.1% over the past year however, monthly data points to a recent stabilisation in transaction activity. 
Hobart - the city has seen a substantial lift in transactions over the past 12 months with annual sales 10.9% higher over the past year. 
Darwin – on an annual basis, sales volumes have increased by 10.7% and they have shifted higher off an historic low base. 
Canberra – settled sales are slightly lower over the year, down -1.4% however, there has been a moderate lift in transactions recently.
<a href="https://www.propertyobserver.com.au/images/2017/08/03/Screen%20Shot%202017-08-03%20at%209.50.53%20AM.png" target="_blank">Click to enlarge</a>
<img src="https://www.urban.com.au/images/2017/08/03/Screen%20Shot%202017-08-03%20at%209.50.53%20AM.png" alt="">
 
The settled sales insights highlights that although some regions are seeing transactions rise they remain well down on historic high levels. 
The relatively lower volume of transactions across markets experiencing positive population growth highlights the ongoing inefficiencies in the housing market which discourage transactions. 
These inefficiencies (detailed earlier) also have an economic impact as the high cost of exiting and entering the housing market is likely to impact on labour mobility as home owners may choose not to move for employment because of these high costs. 
Note: Property transaction are an important component of the housing market, particularly for participants such as real estate agents and mortgage brokers that rely on turnover for their commission. Furthermore, transactions are an important source of stamp duty revenue for state governments. 
It is important to note the way in which property transactions are recorded. All data is based on settled sales which means off-the- plan sales are counted once the property settles. Upon settlement, which can be several years after the contract date, off-the-plan sales are recorded at their contract date which means recent years of sales will be subject to revision. 
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

Number of dwelling sales starting to trend higher

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EXPERT OBSERVATIONS
Over the 12 months to November 2018, turnover of national housing stock was recorded at 4.6%.
Over the nine years shown on the chart it was the lowest turnover of stock and was down from 5.3% the previous year.
Turnover has been trending lower since it was recorded at 6.3% in mid-2015.
<img src="https://www.urban.com.au/images/2018/12/5/Turnover%20CL%201.JPG" alt="">
CoreLogic data has revealed that the decline in housing turnover was more pronounced across the combined capital cities as opposed to regional markets.
12 months ago, capital city turnover was 5.3% compared to 4.5% over the past year and across the combined regional markets it was 5.9% a year ago compared to 5.5% over the past year.
<img src="https://www.urban.com.au/images/2018/12/5/Turnover%20CL%202.JPG" alt="">
Sydney turnover over the past year was the lowest it has been over any of the past nine years due to a significant fall in property sales.
Over the past year, 4.8% of Sydney housing transacted compared to 6.0% a year earlier.
Turnover remains much greater in regional NSW however, it has also fallen over the past 12 months from 7.5% to 6.6%, the lowest it has been since mid-2016.
<img src="https://www.urban.com.au/images/2018/12/5/Turnover%20CL%203.JPG" alt="">
 
As dwelling values and sales volumes fall in Melbourne, turnover has also slid to its lowest level any time over the past nine years.
Over the 12 months to November 2018, 4.2% of housing stock transacted compared to 5.3% a year earlier.
In regional Vic, turnover is actually higher this year (5.7%) than it was last year (5.6%) however, it has trended lower from 5.9% in June 2018.
<img src="https://www.urban.com.au/images/2018/12/5/Turnover%20CL%204.JPG" alt="">
 
In both Brisbane and regional Qld housing turnover is trending lower however, in each region turnover was lower back in 2011 than it is currently.
Over the past 12 months, 4.5% of housing stock in Brisbane and 4.8% of housing stock in regional Qld has transacted.
By comparison, a year earlier 5.1% of housing stock in both Brisbane and regional Qld traded hands.
<img src="https://www.urban.com.au/images/2018/12/5/Turnover%20CL%205.JPG" alt="">
Housing turnover in Adelaide has been steady over the past year recorded at 4.6% in both November 2017 and November 2018.
In regional SA housing turnover has actually increased over the past year from 3.8% of stock to 4.1% of stock.
<img src="https://www.urban.com.au/images/2018/12/5/Turnover%20CL%206.JPG" alt="">
The share of housing stock which turns-over each year in Perth and regional WA has been very low for a number of years.
This is due to the ongoing weak economy (and housing market) which is resulting in very low sales volumes.
Over the past year, 4.0% of housing stock in Perth and 3.9% of housing stock in regional WA turned-over.
By comparison, a year ago turnover was greater in Perth (4.2%) but slightly lower in regional WA (3.8%).
<img src="https://www.urban.com.au/images/2018/12/5/Turnover%20CL%207.JPG" alt="">
Dwelling values in Tasmania continue to rise however, transaction volumes (and turnover) is falling due to a lack of supply of properties listed for sale.
In Hobart, turnover was recorded at 5.4% in November 2018, down from 6.1% a year earlier.
In regional Tas, turnover was steady between November 2017 and 2018 at 6.3% however, it has fallen slightly over recent months.
 
<img src="https://www.urban.com.au/images/2018/12/5/Turnover%20CL%208.JPG" alt="">
Turnover of housing stock across the NT has been low for a number of years due to very low volumes of sale.
Over the past year, 3.5% of housing stock in Darwin transacted compared to 3.6% a year earlier.
In regional NT, 4.5% of housing stock sold over the past year compared to 4.6% a year earlier.
<img src="https://www.urban.com.au/images/2018/12/5/Turnover%20CL%209.JPG" alt="">
Turnover in Canberra is unchanged over the past year at 4.8%.
Although the measure is the same, turnover has fallen over recent months from 5.0% in July and August of this year.
The data shows a declining trend in housing turnover across most geographies and is being driven by a number of factors with the main factors such as affordability (particularly in Sydney and Melbourne) and the ongoing tightening of credit conditions.
While affordability and credit conditions have worsened, the volume of stock for sale has actually increased with ample stock for sale to encourage turnover but credit access is crimping turnover.
With credit conditions expected to remain tight over the coming months, the expectation is for fewer sales transactions and an ongoing fall in housing turnover.
<img src="https://www.urban.com.au/images/2018/12/5/Turnover%20CL%2010.JPG" alt="">
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Housing turnover trends much lower down to fewer sales: Cameron Kusher

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EXPERT OBSERVATION
The number of properties that sell within a given year accounts for a very small portion of the overall market and has trended even lower over recent years. Over the 12 months to July 2018, 4.6 per cent of national dwellings transacted, down from 5.3 per cent a year ago. 
The more pronounced decline in turnover rates over the year to July is hardly a surprise given current market conditions, with dwelling values softening each month now for the past 12 months; coupled with the lowest levels of new stock being added to the market seen since 2012 over the past 6 months, as confidence wanes and homes take longer to sell. However, the long term trend can be attributable to a variety of factors and will differ between each of the regions. 
Housing affordability has likely had a large impact on the broader downward trend in turnover rates, where the likes of Sydney and Melbourne would have weighed heavily, given the high growth seen across these larger markets relative to only mild growth in household incomes. Fifteen years ago the dwelling price to income ratio as a national figure showed that dwelling prices were 5.1 times as high as the gross household income, while recent data shows this has increased to 6.8. In Sydney and Melbourne, where affordability has been a challenge for prospective buyers for some time, the price to income ratio sits at 9.1 and 8.1 respectively. In turn, what can been seen as housing has become less affordable across some capital city markets, regional areas have benefitted from the flow-on effect for being the more affordable option.
In addition, the high transactional cost to both purchase and sell property has likely added a further barrier to housing market participation. From the sell side there are marketing costs, agent fees and commission, legal costs and potentially some costs associated with getting the property ready to present to market. From the buy side, stamp duty costs as percentage of the purchase price are a major barrier to entry, especially in the more expensive markets as well as the costs associated with building and pest inspections and conveyancing.  
More recently, credit rationing has provided an additional dampening effect on housing activity.
<img src="https://www.corelogic.com.au/sites/default/files/2018-10/20181018_turnover_regional_vs_capital_city.jpg" alt="CoreLogic Turnover regional vs capital city" width="2016" height="1389">
Given the potential differences across each market, the analysis takes a look at turnover across each of the state’s capital city and non-capital city regions, including the top 5 council area’s across each state where the largest proportion of dwellings sold over the year.
Over the 12 months to July, 4 out of 7 of the rest of state regions recorded a higher level of turnover compared to their capital city counterpart. This was most prevalent across NSW, where Australia’s most expensive property market of Sydney saw a turnover rate of 4.1%, while outside of the metro area, turnover was at a considerably higher level with 5.6% of the market transacting over the year. 
The regional area of Tasmania saw the highest level of turnover of all regions with 6.1% of total dwelling turnover, while the lowest turnover levels were in WA (Perth 3.3%, Rest of WA 3.3%) and Darwin (3.5%).  Unsurprisingly, regional Tasmania has been one of the strongest housing markets for capital gains, with values up 8.1% over the past twelve months, while areas of Western Australia and Darwin have been amongst the weakest markets with dwelling values down materially since peaking in 2014.
<img src="https://www.corelogic.com.au/sites/default/files/2018-10/20181018_turnover_by_state.jpg" alt="CoreLogic Turnover by state" width="2600" height="1278">
<h3>Top 5 Council Regions by State – Highest Turnover </h3>
All top 5 NSW council regions with the highest rate of turnover were in non-capital city regions, topping the list with 8.5% of housing stock transacting over the year was Tumbarumba, followed by Dungog where 7.9% of total dwellings sold over the 12 months to July 18. Coming in equal third place was Upper Lachlan Shire and Palerang with a turnover rate of 7.7%. It should be noted that these regions all have shallow overall stock levels, with less than 5,000 dwellings across each of these council areas. 
3 of the 5 NT council regions were in the Greater Darwin capital city region, although it was regional Alice Springs that recorded the highest rate of yearly turnover with 4.9% of dwellings transacting over the 12 months to July 18. Katherine, located outside of the main capital city region was next on the list with a 4.0% rate of turnover. The remaining 3 capital city regions making up the top list all saw less than 4% of housing stock sell over the year, with NT council regions showing the lowest turnover rates out of the national list.
Regional area’s dominated the top 5 list in QLD; comprising mostly of lifestyle coastal regions where dwelling values have been rising over the last 12 months. Noosa saw the largest proportion of housing turnover over the 12 months to July 18 (7.4%), while further south on the Gold Coast, 7.2% of housing sold over the same period, however the Gold Coast council area covers a much larger geography with over 253,045 dwellings in the region. The Sunshine Coast where housing stock is also considerably higher saw a 6.9% rate of turnover over the year, while 6.3% of total dwellings transacted in both Gympie and Douglas.
4 out of 5 of the SA council regions were in regional areas of the state. Robe had the highest turnover at 7.2%, followed by Mount Gambier (6.7%) and Victor Harbor (6.6%).  While Alexandrina saw 6.2% of dwellings sell over the year, which was slightly lower the capital city region of Campbelltown (6.3%). 
Latrobe in regional Tasmania came in with the highest level of turnover over the year, with 7.4% of total dwellings transacting. The remaining 4 regions came in equal 2nd place with 7.3% of total housing turnover over the 12 months of July, this was across both capital city and regional areas of the state.
In VIC, the top 2 council regions with the highest turnover were in the main capital city region, where Wyndham saw 6.3% of properties sell over the year, followed by Cardinia with a turnover rate of 6.2%. The remaining 3 council regions making the highest turnover list were all in regional VIC, where Latrobe and Baw Baw both recorded a rate of turnover at 6%, while the Bass Coast saw 5.9% of dwellings sell over the 12 months to July 18.
Interestingly, WA’s top turnover area’s over the year were in the mining regions of Port Hedland, Karratha and East Pilbara, given values across these regions saw considerable declines coming out of the mining boom 10 years ago, resulting in less housing turnover; recent years have seen transaction levels increase and declines in the region ease. The capital city areas of Mandurah and Claremont were also on the list where 4.1% and 4.0% of dwellings transacted over the year respectively.
<img src="https://www.corelogic.com.au/sites/default/files/2018-10/20181018_highest_turnover_rates.jpg" alt="CoreLogic Highest Turnover Rates" width="767" height="1205"> 
Analysis includes council region data count of total sales as a percentage over total dwellings over the 12 months to July 2018. Suburbs with less than 1000 total dwellings excluded from the analysis.
Jade Harling is a Research Analyst for CoreLogic
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