Fresh off completing Pienza Neutral Bay, developer <a href="https://www.apartments.com.au/developers/central-element">Central Element</a> is preparing its next move in the coveted Lower North Shore suburb.&nbsp;

Central Element (CE) has lodged plans for an eight-storey apartment building at <a href="https://www.apartments.com.au/new-apartments/54-64-barry-street-neutral-bay-nsw-2089">54–64 Barry Street</a>, a 1,659 sqm site just south of Military Road and the Neutral Bay town centre.

The $52 million development will involve the demolition of four detached homes across four lots to deliver 45 apartments, including eight affordable housing units to be managed by Bridge Housing. The mix will comprise six one-bedroom apartments, 24 two-beds, and 15 three-beds. The apartments will sit above three basement levels with 62 car parking spaces and 50 bicycle spaces.

<a href="https://www.apartments.com.au/architects/mhn-design-union">MHN Design Union</a> (MHNDU) has returned as architect following its work on Pienza, again shaping a mid-rise form with a clear street presence. The design features a lower four-storey podium element that responds to surrounding context, with upper levels recessed to reduce perceived bulk. Communal open space is proposed both at ground level and on the rooftop, the latter including an outdoor kitchen and swimming pool.

“The building has been designed with a lower four-storey element and with building materials commensurate with the character of the area,” Beam Planning noted in its submission to the North Sydney Council.

<img alt="Barry Street, Neutral Bay Nsw 2089" data-entity-type="file" data-entity-uuid="3a28ab3a-b8ba-4476-81cd-e4a8bb84f3a7" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Barry-Street-Neutral-Bay-1327x742.png?VersionId=hlgvxszAWXIHgHtdR5HiwIKiSli2lLZV" />

Bridge Housing will manage the affordable units for a period of 15 years, as required under the Housing SEPP’s incentive provisions.

MHNDU’s design report further highlights the site's strategic location just 250 metres from key bus stops and 1.3 kilometres from North Sydney CBD, positioning it for transit-accessible housing supply. In their planning justification, the design team emphasised the site’s compatibility with emerging local character and scale.

Central Element has a solid apartment pipeline spread all over Sydney. They recently completed&nbsp;Pienza, 37 apartments just 500 metres away from the new project, and are currently building Ethos Chatswood, Ballamac House in Coogee, and Bianca on the harbour in Drummoyne.

They have plans for future projects in Mosman, Bondi Beach, Greenwich, Lavender Bay, along with a tower on the edge of Hyde Park.

Joel Robinson

First look: Central Element unveils second Neutral Bay apartment project

Real estate investment fund Wentworth Wentworth Equities is soon to launch a "Los Angeles-inspired" residential, leisure and lifestyle precinct in Brisbane’s Hamilton riverside ahead of the predicted Olympic-led population explosion for the city.

Drawing its style inspiration and name from Los Angeles’ renowned The Grove, <a href="https://www.apartments.com.au/new-apartments/hamilton-grove-19-hercules-street-hamilton-qld-4007">Hamilton Grove</a> will feature three residential towers and a vibrant street-level public precinct with curated luxury lifestyle, retail and dining offerings.

The first of the three towers, to launch in March 2026, will comprise 61 apartments, in the same building as a premium hotel.<img alt="Hamilton Grove" data-entity-type="file" data-entity-uuid="d227fe61-8392-45b7-b386-9133f29a249f" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-01-19%20at%209.10.56%E2%80%AFAM.png?VersionId=HTCV35HZ4h84jQCmHwhsdIPN0ctO5d7Z" />

Wentworth Equities Executive Chairman Sameh Ibrahim said the precinct will be unique in its appeal to both residents and the wider community.

“Hamilton is already one of Brisbane’s most sought-after riverside suburbs and for good reason,” Ibrahim said.

“Where else in the world can you walk out of your front door and have everything you could possibly need at your fingertips? The city is just around the corner, the airport is only ten minutes away, you have the river and green spaces right there and premium retail and dining on your doorstep."

Wentworth Equities acquired the 7637 sqm Hercules St site in 2014, when Ibrahim said he had a "very clear vision" for the precinct, but ultimately it wasn't the right time to develop. He said Hamilton was still very much an "emerging precinct."

“Since then, Hamilton and surrounding suburbs like Ascot and Albion have significantly grown and matured into a precinct that aligns with our vision for Hamilton Grove. Brisbane as a whole has so much to offer in the way of lifestyle appeal, but as it stands it is so widespread – you go to Howard Smith Wharves for fine dining, you go to James Street for shopping, you go to West End to walk along the river – but what if you could go to Hamilton Grove for everything?

“Our vision is a precinct that brings together the best of Brisbane into one central space abundant with culture, class and culinary experience – a place that a lucky few will get to call home, but the rest of Brisbane still get to explore and experience at their leisure.”

<img alt="Hamilton Grove" data-entity-type="file" data-entity-uuid="46550990-8aeb-44d4-bb47-150cdca96529" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-01-19%20at%209.10.50%E2%80%AFAM.png?VersionId=bmCkApPKY_Bj3z02Q8vI7Kyo_caJXOnv" />

Experienced civil engineering contractor Mainland Civil has been appointed to commence early works for the project, adding Hamilton Grove to their extensive portfolio where it will join other iconic Brisbane developments including Queens Wharf, 300 George Street, Infinity Tower and 1 William Street.

Construction on Tower One is scheduled to commence in early 2026 with completion expected in late 2028.

Fast Facts 
 
• Three residential towers and a vibrant street-level public precinct with curated luxury lifestyle, retail and dining offerings. 
• Construction on Tower One is expected to commence in Quarter One 2026, with completion expected in late 2028. 
• 7,637 square metre site at 19 Hercules St, Hamilton (part of Economic Development Queensland’s 304 hectare Northshore Hamilton Priority Development Area). 
• 61 waterfront residences and skyhomes in the first tower, ranging from two to five bedrooms. 
• Hamiton Grove will be officially launched in March 2026.

"LA-inspired" Hamilton Grove to launch on Brisbane riverside

There’s a quiet patch of <a href="https://www.apartments.com.au/developments/hawthorn-vic-3122">Hawthorn</a>, between the bustle of Glenferrie Road and the curve of the Yarra, that rarely sees change, and even more rarely, new apartments. But that’s exactly where <a href="https://www.apartments.com.au/developers/pomeroy-pacific-quattro-corp">PQD</a> is planting Kooyongkoot: a deliberate, 18-residence answer to the question of what downsizers actually want.

“This is something this pocket of Hawthorn has never seen before,” says Fil Gacesa, head of sales at PQD. “<a href="https://www.apartments.com.au/new-apartments/kooyongkoot-hawthorn-1-kooyongkoot-road-hawthorn-vic-3122">Kooyongkoot</a> will deliver just 18 large-scale apartments in the heart of Hawthorn. It is the true definition of resort-style living.”

<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/59D7VxzltmM?si=1iCzRD7FRneKryfv" title="YouTube video player" width="560"></iframe>

That scale is central to the story. It’s what allows for two dedicated lift cores, short corridors, and a generous lightcourt that draws natural ventilation and sunlight into every residence. It’s also what makes room for the sort of amenity usually confined to high-density towers: a fully equipped wellness centre with infrared and traditional saunas, yoga and pilates studio, cold therapy shower, and treatment room. There’s a golf simulator, car and dog wash stations, and extensive storage too, not bolted on, but baked in from the start.

But more than the checklist, it’s the design intent that carries weight. “This project has been many years in the making,” says Mark Pomeroy, Director of PQD. “Not just in planning, but in listening, to what our buyers and the local community are looking for”.

[smartcode_project:default project_id=102717 project_image_fid=355289]

That listening shows up in the materials, oak floors, natural stone, V-ZUG appliances, and in how space is handled. Penthouses feature private rooftop terraces with pools. Terraces and garden residences embrace outdoor connection. Inside, the layouts skew large and open, geared for hosting, not just housing.

Architecturally, <a href="https://www.apartments.com.au/architects/cera-stribley-architects">Cera Stribley</a>’s approach is grounded. There’s no reaching for spectacle here. Instead, the building offers a sculptural calm, anchored by landscaping from Eckersley Garden Architecture.&nbsp;

“We wanted to create spaces that feel expansive, serene, and meaningfully connected to daily life,” said founding partner Chris Stribley elsewhere.

[smartcode_project:default project_id=102717 project_image_fid=355304]

That sentiment, calm, connection, echoes in the location itself. Kooyongkoot sits just a short stroll from Central Gardens, Fairview Park, and the Rivoli Cinema. Tram lines and schools are close, but the street is tucked, quiet, and leaf-lined.&nbsp;

“Residents of Kooyongkoot will be a short stroll from Fairview Park, Central Gardens, and the Glenferrie Road retail strip," Gacesa notes, "but you're also cocooned in this peaceful pocket behind extensive landscaping by Eckersley Garden Architecture.”

Kooyongkoot is set for completion in late 2026.

[smartcode_project_cta:default project_id=102717]

Staff Writer

The project that said no to compromise: Inside Kooyongkoot, Hawthorn

When long-time Ivanhoe locals Graeme and Catherine, decided it was time to downsize, they weren’t necessarily in a rush.&nbsp;

Like many in their stage of life, they had started thinking about apartment living, but anticipated making the shift in two to three years.

That timeline changed when they visited <a href="https://www.urban.com.au/new-apartments/candela-ivanhoe-40-upper-heidelberg-road-ivanhoe">Candela</a>, a new boutique development by <a href="https://www.urban.com.au/developers/salter-brothers">Salter Brothers</a>. The project ticked all the boxes they were looking for: location, quality design, and long-term lifestyle benefits, which prompted them to bring their decision forward.

“It was the right place at the right time,” they said. “We knew immediately it ticked all the boxes, and we didn’t want to wait.”

[smartcode_project:default project_id=342 project_image_fid=358855]

Their decision to downsize was driven by a combination of practical needs and lifestyle considerations. Their existing home, while much loved, had become increasingly difficult to maintain. It spanned multiple levels, included extensive front and back gardens, and was starting to show the wear that comes with age.&nbsp;

They were looking for a more manageable lifestyle, one with less upkeep and more freedom. A brand-new apartment with no maintenance requirements and the ability to simply “lock up and leave” gave them peace of mind and a greater sense of control over their future.

Financially, the purchase made sense as well. The available stamp duty savings, strong price-to-value offering, and timing of the settlement suited their plans, making the transition smoother and more cost-effective. The apartment's design and inclusions further supported their choice.

[smartcode_project:default project_id=342 project_image_fid=357493]

The layout was both functional and flexible: three bedrooms, a butler’s pantry, a separate laundry, and a large open-plan living area. It gave them the freedom to host a family, accommodate guests, or set up a home office. The expansive balcony and elevated views added to the appeal, providing a sense of openness and connection to the outdoors.

“It just had a really good flow,” Catherine noted, something they found lacking in many other apartments they’d considered, particularly in the established market.

Candela’s boutique scale was another deciding factor. With a smaller number of residences and a top-floor penthouse position, the couple felt the development offered the privacy and space they were looking for, without feeling isolated.

“We liked that it wasn’t a huge development. It felt well-balanced, modern but still with a sense of community, not overwhelming,” they said.

[smartcode_project:default project_id=342 project_image_fid=357508]

Equally important was the ability to remain in Ivanhoe, a suburb they know well and have deep roots in. After 46 years in the area, proximity to local parks, shops, and familiar faces mattered just as much as the apartment itself.

“We didn’t want to give up the community we’ve known for decades. Candela allowed us to upgrade our lifestyle while staying in the place we call home.”

With a Walk Score of 90, the village location supports a convenient, connected lifestyle. <a href="https://www.apartments.com.au/developments/ivanhoe-vic-3079">Ivanhoe</a> Station is just a eight-minute walk away, and the neighbourhood offers access to parks, cafes, restaurants, and schools along Upper Heidelberg Road, all within easy reach.

Beyond the apartment, the couple also saw value in the broader vision for Candela, one that integrates residential living with public spaces and local amenities.&nbsp;

The development introduces 58 new apartments as well as a mix of commercial and social spaces that integrate contemporary architecture with the suburb’s existing character.&nbsp;

At ground level, residents will find a charming café and a lifestyle wellness centre, perfect for unwinding and rejuvenating. Meanwhile, the rooftop garden offers a stunning vantage point for residents to enjoy breathtaking sunsets, host gatherings, or enjoy barbecues with family and friends. It's not just a place to live; it's a vibrant community where every moment is an opportunity to connect and create lasting memories.

[smartcode_project_cta:default project_id=342]

Why Ivanhoe locals are choosing to downsize to Candela

Mark and Roy Makari are expanding their presence in Sydney’s South West with a second major proposal for Leppington, this time envisioning a 900-dwelling mixed-use development just 850 metres from their previously lodged tower trio on Fifth Avenue.

Project management and construction management firm Creative Vision filed the plans for the&nbsp;multi-building project at <a href="https://www.apartments.com.au/new-apartments/230-rickard-road-leppington-nsw-2179">230 Rickard Road, Leppington</a>. The proposal seeks to establish a new focal point for the precinct through a high-density, transit-oriented development supported by diverse land uses.

According to the Scoping Report prepared for the Department of Planning, the scheme includes around 900 apartments across multiple towers, including 135 dwellings designated for affordable housing. A mix of market and subsidised apartments will be supported by ground-level activation through retail and office space, a childcare centre, and a hotel, forming a comprehensive urban precinct.

<img alt="Mixed Use Development 230 Rickard Rd Leppington" data-entity-type="file" data-entity-uuid="34797362-f3dc-4d84-8235-2657fc5f3bde" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Plan.png?VersionId=Uzckrz9tUpDQl5lX1_WMhjnv16bsr8wG" />

The Design Report by <a href="https://www.apartments.com.au/architects/studiosc-0">Studio SC</a> notes that the project “intends to deliver a high-quality, high-density built form that supports the vision for the Leppington Town Centre, integrating mixed-use outcomes and public domain upgrades.” The development is expected to be delivered in stages, although a precise timeline is yet to be confirmed.

The project will be assessed through a future State Significant Development Application, with the Scoping Report indicating the team will seek design excellence via a competitive process or through an expert design review panel. Early massing diagrams suggest a series of mid- to high-rise buildings framing a central landscaped spine, with emphasis on pedestrian permeability and public space.

The planning documentation flags a strong sustainability agenda, stating that the development will “respond to the urban heat island effect, incorporate water sensitive urban design, and prioritise active transport”.

<img alt="Mixed Use Development 230 Rickard Rd Leppington" data-entity-type="file" data-entity-uuid="369d7b54-1279-4cde-88ec-dcb215594414" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Podium_1.png?VersionId=QArL7B2kkLt63vl5xvL0FNV_ardAlez4" />

The proposal follows in the footsteps of the Makaris’ nearby Fifth Avenue site, where they’ve submitted plans for three towers comprising nearly 500 apartments, with 10 per cent dedicated to affordable housing. That project features commercial podiums, a childcare centre, and a new public park that would occupy more than a third of the site.

Both developments are situated within walking distance of Leppington Train Station and fall under strategic precinct plans promoting higher density housing. The town centre is undergoing substantial transformation, driven by state government planning reforms aimed at fast-tracking housing delivery.

Together, the two projects represent a combined ambition of nearly 1,400 new homes across just under two kilometres of central Leppington.

First look: 900-home mixed-use precinct planned for Leppington

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

<html><body>
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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