<p>New apartment supply has become increasingly constrained across <a href="https://www.apartments.com.au/developments/parramatta-nsw-2150">Parramatta</a> in recent years, with fewer projects progressing through to completion as development conditions have become more challenging.</p>

<p>It makes <a href="https://www.apartments.com.au/developers/novm">NOVM</a>'s 2021-completed <a href="https://www.apartments.com.au/buildings/the-lennox-parramatta-12-phillip-street-parramatta-nsw-2150">The Lennox</a> one of the most recently completed residential towers on the Parramatta River, and among the newest apartment developments in Sydney's second CBD.</p>

<p>With the project largely completed before the sharp escalation in construction costs and inflation following the pandemic, The Lennox is now offering pricing that would be difficult to replicate in a comparable new development in Parramatta today, or across much of Western Sydney.</p>

<p>The majority of the 413 apartments at The Lennox sold before and shortly after completion. A limited release of the remaining apartments has recently been brought to market by capital partner <a href="https://www.apartments.com.au/project-marketer/equitifund-group">Equitifund</a>, with entry-level pricing from $700,000 and two-bedroom apartments available from under $1 million.</p>

<p>Rising above the Parramatta River at 12 Phillip Street, The Lennox comprises one, two, three and four-bedroom apartments, appealing to first home buyers, young professionals, families, downsizers and interstate investors seeking a completed apartment in one of Australia's fastest-growing economic centres.</p>

<p>[smartcode_project:default project_id=5743 project_image_fid=372394]</p>

<p>Rather than positioning Parramatta as an alternative to Sydney's CBD, Equitifund believes the city has reached a point where it stands on its own merits.</p>

<p>"Parramatta is no longer simply an alternative to Sydney CBD, it's becoming a destination in its own right," Equitifund Executive Chairman Greg Huxley said.</p>

<p>"The Lennox captures that evolution with a level of quality and amenity that's difficult to match at its price point."</p>

<p>[smartcode_project:default project_id=5743 project_image_fid=953]</p>

<p>Designed by <a href="https://www.apartments.com.au/architects/marchese-partners">Marchese Partners</a>, the tower responds directly to its riverfront setting through expansive glazing and open-plan layouts that maximise views across the Parramatta River and city skyline. Interiors feature engineered timber flooring, stone benchtops, stainless steel appliances and floor-to-ceiling glazing, while generous balconies extend the living spaces outdoors.</p>

<p>Marchese Partners says the project was conceived to balance high-quality apartment living with practical, long-term functionality, pairing larger, efficient floorplans with amenities more commonly associated with five-star hotels.</p>

<p>That emphasis continues through the resident facilities, which include a 20-metre rooftop swimming pool, fully equipped gym and wellness spaces, full-time concierge, a residents' lounge, function room, private lifts, secure basement parking and rooftop communal areas overlooking the Parramatta River. Ground-floor boardwalk retail and dining further activate the riverfront and integrate the building into the surrounding public realm.</p>

<p>[smartcode_project:default project_id=5743 project_image_fid=925]</p>

<p>Australian housing and finance group Equitifund has secured the remaining apartments, believing there are few completed apartment opportunities in Parramatta that offer the same combination of location, amenity and pricing.</p>

<p>Equitifund National Sales Director Ben Hamblett says buyers are increasingly recognising that premium apartment living no longer needs to come with Sydney CBD pricing.</p>

<p>"The Lennox is where aspirational living becomes attainable," Hamblett said.</p>

<p>"Wake to river and mountain views, step into Sydney's Second CBD, and arrive home to resort-calibre amenities, all without the harbour price tag."</p>

<p>Hamblett says owner-occupiers are also attracted by the convenience of having Westfield Parramatta, Church Street's dining precinct, Parramatta Park, Riverside Theatres, Western Sydney University and major transport connections all within walking distance.</p>

<p>"At The Lennox, lifestyle is not an afterthought, it is the foundation."</p>

<p>[smartcode_project:default project_id=5743 project_image_fid=5374]</p>

<p>The Lennox places residents within walking distance of Parramatta Square, Westfield Parramatta, Church Street Eat Street, Parramatta Station, the ferry wharf, Light Rail, the future Sydney Metro West, Parramatta Park and CommBank Stadium, reinforcing Parramatta's position as one of Australia's most connected metropolitan centres outside Sydney's CBD.</p>

<p>Equitifund says buyers visiting the display suite consistently comment on the quality of the finishes, generous floorplans, river and skyline views, and the walkability of the location. The project has attracted a broad mix of local professionals, upsizers, downsizers, buyers relocating from Sydney's inner suburbs and interstate investors seeking long-term growth opportunities.</p>

<p>That demand aligns with Parramatta's continued evolution as an economic powerhouse. Equitifund Research and Market Insights specialist John Bekiaris says sustained population growth, infrastructure investment and expanding employment opportunities continue to support long-term housing demand across the city.</p>

<p>"Parramatta has evolved from a satellite city into one of Australia's most important economic centres. Population growth, infrastructure investment and employment are all supporting sustained long-term housing demand."</p>

<p>[smartcode_project_cta:default project_id=5743]</p>


Joel Robinson

The apartment price gap drawing Sydney buyers west

<p>A luxury beachfront apartment at Rainbow Bay has more than doubled in value since it sold off the plan six years ago, setting a new local apartment record in the process.</p>

<p>The three-bedroom apartment in the Flow development on Petrie Street, the first of four new projects locally by Paul Gedoun's S&amp;S Projects, has sold for $7.4 million, after originally selling for $3.27 million when the project launched in 2020.</p>

<p>The seventh-floor apartment, comprising 187 sqm of internal living space and a 54 sqm balcony overlooking Froggies Beach and Snapper Rocks, was purchased by a local family.</p>

<p>The transaction was negotiated by Pezet Matheson director Kerry Pezet and equates to more than $30,000 per sqm.</p>

<p>Pezet said the sale reflected the limited opportunities to buy into the boutique beachfront development.</p>

<p>"The sale highlights the rarity of opportunities within the boutique beachfront development, where residences seldom become available," Pezet said.</p>

<p>"Flow is one of the Gold Coast's most tightly held buildings. Buyers from our database move quickly when residences become available, and achieving an off-market sale at $7.4 million demonstrates the depth of demand for property of this calibre."</p>

<p><img alt="Flow" data-entity-type="file" data-entity-uuid="c585b206-2130-4eee-a50c-3f27c51a7c70" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-06%20at%208.33.25%E2%80%AFPM.png?VersionId=m3pHRDV62Y3fvN.XQuQHq.52ilTWpRLf" /></p>

<p>Flow was the first of four luxury apartment developments delivered by Paul Gedoun's S&amp;S Projects at Rainbow Bay and was completed in 2023.</p>

<p>Positioned on the beachfront overlooking Snapper Rocks, the residence includes three bedrooms, three bathrooms, a powder room and views stretching north along the coastline towards Surfers Paradise.</p>

<p>Pezet Matheson Residential principal Mitchell Lambert said buyers continued to prioritise quality beachfront apartments in tightly held locations.</p>

<p>"Flow Residences offers a rare combination of elevated beachfront positioning, architectural excellence, comprehensive resident amenity and premium finishes, which is exactly what discerning purchasers are seeking," Lambert said.</p>

<p>"The transaction further reinforces Rainbow Bay's reputation as one of Australia's premier coastal lifestyle destinations, where limited supply and growing demand continue to support strong market performance."</p>

<p>Pezet Matheson originally marketed and sold out Flow off the plan, making the latest transaction a return to one of the project's original buyers.</p>

<p>Paul Gedoun is selling his third project, <a href="https://www.apartments.com.au/new-apartments/radia-rainbow-bay-271-boundary-street-coolangatta-qld-4225">Radia Rainbow Bay</a>, after recently completing, and selling out, <a href="https://www.apartments.com.au/buildings/esprit-217-227-boundary-street-coolangatta-qld-4225">Esprit</a>. He has plans for a <a href="https://www.apartments.com.au/news/qld/first-look-s-s-projects-proposes-88-apartment-wellness-tower-at-coolangattas-boundary-street">fourth building</a>, 88 apartments on <a href="https://www.apartments.com.au/new-apartments/209-213-boundary-street-coolangatta-qld-4225">Boundary Street</a>.</p>


Rainbow Bay apartment doubles in price since off the plan sale during pandemic

<p data-end="315" data-start="85">The long-planned transformation of Brisbane's historic Shafston Estate has taken another major step, with Capella Hotel Group announced as the luxury hospitality partner behind what will become Brisbane's first branded residences.</p>

<p data-end="499" data-start="317">The project, to be known as <strong data-end="376" data-start="345">Capella Residences Brisbane</strong>, is being delivered by Verso Projects at the landmark Kangaroo Point riverfront estate, with completion targeted for 2029.</p>

<p data-end="899" data-start="501">The announcement follows a series of planning changes to the project over recent years. The site was originally approved in 2023 for a 15-level, 37-apartment development designed by Rothelowman for Burgundy Group before Verso Projects took over the 10,070 sqm riverfront holding and lodged revised plans with Kerry Hill Architects to increase the development to a 25-level tower with 51 apartments.</p>

<p data-end="1154" data-start="901">The latest announcement confirms Capella Hotel Group will bring its branded residential offering to the project, marking just the second Capella Residences development globally after Seoul, and the group's first branded residential project in Australia.</p>

<p data-end="1387" data-start="1156">The <a href="https://www.apartments.com.au/new-apartments/23-castlebar-street-kangaroo-point-qld-4169">Castlebar Street development</a> will centre around the restoration of the heritage-listed Shafston House, one of Brisbane's oldest residences, originally constructed in 1851 by Reverend Robert Creyke as a single-storey cottage known as Ravenscott.</p>

<p data-end="1387" data-start="1156"><img alt="Capella" data-entity-type="file" data-entity-uuid="2b9f4ce5-638f-4d6b-8082-3ca7e4b75fca" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-09%20at%207.20.41%E2%80%AFAM.png?VersionId=f7aeqsW_DzOJI4FymWb3lD8NptSfsP7q" /></p>

<p data-end="1611" data-start="1389">Capella said the project aligns with its focus on heritage-led developments, with the Brisbane estate combining the restored historic residence with a new luxury apartment tower and hospitality-inspired resident amenities.</p>

<p data-end="1823" data-start="1613">Residents will have access to the Capella Living Room, a concierge-led communal space inspired by the group's luxury hotels, alongside landscaped gardens, six swimming pools, wellness and recreation facilities.</p>

<p data-end="2042" data-start="1825">The broader estate will also include two riverfront homes, a six-berth private marina, porte cochère arrival experience, secure basement parking and a new section of public riverwalk along the Brisbane River frontage.</p>

<p data-end="2177" data-start="2044">The heritage Postal Depot Building will also be retained and repurposed as a guest house, in line with the revised development plans.</p>

<p data-end="2420" data-start="2179">The project represents another evolution for the site, which Kerry Hill Architects previously described as a rare opportunity to restore one of Brisbane's most significant heritage estates while creating a new benchmark for apartment living.</p>

<p data-end="2724" data-start="2422">"The Shafston Estate provides a once-in-a-generation opportunity to restore one of Brisbane's finest heritage precincts and to reinstate residential use as a unique site perched on the edge of Kangaroo Point," Kerry Hill Architects said in its Urban Context Report accompanying the planning submission.</p>

<p data-end="2858" data-start="2726">"The project will celebrate excellence in sub-tropical residential design, setting a new benchmark for vertical living in Brisbane."</p>

<p data-end="3130" data-start="2860">Verso Projects, which now has an $8.5 billion development pipeline spanning more than 6,000 dwellings across apartments, townhouses, retail and commercial projects, said the partnership with Capella would elevate the development beyond a traditional residential project.</p>

<p data-end="3415" data-start="3132">"We feel honoured to be restoring Shafston Estate to its former glory, elevating it to new heights of luxury and excellence underpinned by Capella's distinctive service ethos and design philosophy, and making it a standout landmark in Brisbane," Verso Projects CEO Steve Laffey said.</p>

<p data-end="3658" data-start="3417">"By partnering with Capella, globally recognised for its refined approach to luxury hospitality and deep respect for cultural and historical context, we will elevate this project beyond a residential offering into a world-class destination."</p>

<p data-end="3820" data-start="3660">Capella Hotel Group President Roland Fasel said Brisbane's emergence as a global city made it the right location for the company's Australian residential debut.</p>

<p data-end="3961" data-start="3822">"Brisbane is a city on the cusp of something remarkable, and Capella Residences is our commitment to being part of that story," Fasel said.</p>

<p data-end="4083" data-start="3963">"The Capella residential experience is more than luxury. It is about a sense of belonging to a place with deep meaning."</p>

<p data-end="4227" data-start="4085">Private appointments have now opened for the project, with a display suite expected to open in late 2026 ahead of the planned 2029 completion.</p>


Capella to launch Brisbane's first branded residences at Shafston House, Kangaroo Point

<p>Lewis Land's latest apartment release within its <a href="https://www.apartments.com.au/new-apartments/harbour-shores-biggera-waters-564-oxley-drive-biggera-waters-qld-4216">Harbour Shores</a> masterplan is targeting one of the Gold Coast's fastest-growing buyer groups, with almost a third of apartments at Solis priced below $1 million.</p>

<p>The seven-storey building at Biggera Waters will comprise 91 apartments, including 24 one-bedroom residences starting from $778,000, a price point Lewis Land says is aimed squarely at first home buyers struggling to enter the Gold Coast market.</p>

<p><img alt="Harbour Shires" data-entity-type="file" data-entity-uuid="e7486e37-22f6-4c92-b212-9b0622070b8f" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-08%20at%209.09.34%E2%80%AFAM.png?VersionId=W8MJwJUCf6HkIyl_EVSksnd.QI6MZryY" /></p>

<p><a href="https://www.apartments.com.au/developers/lewis-land-group">Lewis Land</a> Head of Development Michael Long said the developer deliberately allocated a significant proportion of the project to more affordable apartment types.</p>

<p>"First home buyers have been priced out of many parts of the Gold Coast, and we saw a clear opportunity to address this and play our part in a longer-term housing solution," Long said.</p>

<p>"That's why 24 of the 91 apartments being delivered at Solis have been designed and priced for the city's next generation of homeowners, quality one-bedroom apartments, half of which include an additional multipurpose room to maximise space and flexibility.</p>

<p>"This approach places 30 per cent of apartments in Solis under $1 million, and with close proximity to Harbour Town's future light rail extension connecting residents to the city's major employment and knowledge hubs, it's a win for buyers looking to secure their first property."</p>

<p><img alt="Sores" data-entity-type="file" data-entity-uuid="550526d3-73ba-4710-9739-c5f4294a30ef" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-08%20at%209.09.29%E2%80%AFAM.png?VersionId=cQQdXHt9wS0UXwZEm5Py5bH_3kAmzyhu" /></p>

<p>Designed by BDA Architecture, Solis will deliver a mix of one, two and three-bedroom apartments, with residences ranging up to 232 sqm. Apartments feature generous balconies and contemporary finishes, while residents will have access to Harbour Shores' lagoon pool, clubhouse, tennis court, gym, yoga studio and sauna.</p>

<p>The focus on first home buyers resonated with purchaser Holly Humphreys, who said she and her boyfriend spent more than a year searching for their first property before shifting their attention from houses to apartments.</p>

<p>"We fell in love with the first house we bid on and got our hopes up, but after repeated knockbacks we learned not to get too attached," Humphreys said.</p>

<p>"We offered at the high end of price guides, but sales kept going even higher. That's where we really struggled and we needed to re-evaluate our budget and our expectations. Standalone houses were off the table, and we pivoted to apartments and townhouses."</p>

<p>Humphreys said it was encouraging to see developers recognising the growing demand from first home buyers.</p>

<p>"There's a growing number of young buyers looking to enter the market earlier because they understand that getting in now can make a real difference as prices continue to rise," she said.</p>

<p>"It's fantastic to see a developer recognise this and then actively take measures to deliver an apartment with us in mind."</p>

<p>Solis is the first development planned within the second stage of the Harbour Shores masterplan, with early works expected to commence in September 2026.</p>

<p>[smartcode_project_cta:default project_id=113271]</p>


Lewis Land targets first home buyers at latest Harbour Shores release, Solis

<p>Luxury apartment developer Abadeen has recorded $19.25 million in apartment sales across two of its Lower North Shore developments in the lead-up to the end of the financial year, headlined by the sale of a $6.75 million penthouse at <a href="https://www.apartments.com.au/buildings/koyo-crows-nest-5-rodborough-avenue-crows-nest-nsw-2065">KOYO in Crows Nest.</a></p>

<p>The transactions also included the sale of a newly completed three-bedroom apartment at <a href="https://www.apartments.com.au/buildings/park-residences-cremorne-2-sutherland-street-cremorne-nsw-2090">Park Residences in Cremorne</a> for $6.35 million, with the residence selling shortly after the project's first public inspections following completion.</p>

<p>The sales come as completed, owner-occupier-focused apartments continue to attract strong demand across Sydney's Lower North Shore, particularly from buyers looking for certainty and immediate occupancy.</p>

<p>The penthouse at KOYO spans 491 sqm across a single level and was designed by architect Koichi Takada. The development is one of Abadeen's flagship boutique projects in Crows Nest.</p>

<p>[smartcode_project:default project_id=108800 project_image_fid=370093]</p>

<p>Abadeen Executive Chairman and Founder Justin Brown said buyer activity lifted noticeably in the lead-up to the end of the financial year.</p>

<p>"We saw a clear increase in enquiry levels, inspection numbers and buyer engagement across our completed projects leading into the end of the financial year," Brown said.</p>

<p>"Buyers have become far more decisive over the past six months. The combination of improving confidence, limited supply and the ability to physically inspect completed residences is creating strong competition for premium apartments in the best locations."</p>

<p>Brown says the&nbsp;response to Park Residences following completion has been particularly strong.</p>

<p>"Buyers want certainty and are responding positively to the opportunity to walk through a finished product, inspect the quality firsthand and move in immediately," Brown suggested.</p>

<p>"Projects such as Park Residences and KOYO demonstrate that when the product is exceptional and the location is irreplaceable, buyers are prepared to act quickly."</p>

<p>[smartcode_project:default project_id=114246 project_image_fid=370116]</p>

<p>Abadeen CEO Joe Tack said quality continued to differentiate projects in the current market.</p>

<p>"Today's buyers are incredibly discerning," Tack said.</p>

<p>"They are seeking larger floorplans, premium finishes, walkability, lifestyle amenity and confidence in the developer delivering the project. Well-designed boutique developments continue to outperform because they offer something genuinely difficult to replace.</p>

<p>"The enquiry we are seeing across our completed and recently completed Lower North Shore portfolio is very encouraging, and we expect this momentum to continue into spring."</p>

<p>The sales follow increased enquiry across Abadeen's Lower North Shore portfolio which also includes <a href="https://www.apartments.com.au/buildings/northcote-collective-naremburn-2-northcote-street-naremburn-nsw-2065">Northcote Collective in Naremburn</a> which also completed recently.</p>


KOYO penthouse headlines Abadeen's $19.25 million EOFY sales flurry

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<p><span>Home owners in the Illawarra "tend to come in all shapes and sizes," according to a recent Herron Todd White (HTW) residential report. </span></p>
<p><span>The report notes first home buyers compete with small time investors for lower value properties.  </span></p>
<p>It nominated a $600,000 house in Corrimal, a $400,000 unit in Wollongong, a $425,000 house in Dapto, a $400,000 house in Warilla or a $325,000 house in Nowra.</p>
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<p><span>"Most of the region’s more desirable locations such as the northern suburbs, Shell Cove and Kiama are priced out of reach for most typical first home buyers. Local real estate agents are currently reporting that demand from first home buyers for lower end stock is strong," the valuation firm said. </span></p>
<p><span>A renovated two bedroom house with a big back yard in Warilla has recently been sold for $405,000.</span></p>
<p>Located at <a href="https://www.realestate.com.au/sold/property-house-nsw-warilla-132634154" target="_blank">61 Lake Entrance Road </a>(pictured below), the house features separate lock up garage, outdoor entertaining area and off-street parking for 2 cars. </p>
<p><span>It is situated close to restaurants, pubs, shops and transport. </span></p>
<p><span><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/2020/3/23/warrila.jpg" alt=""></span></p>
<p><span>Second home buyers are usually families looking to upgrade out of their first home for some more space or more modern comforts.</span></p>
<p><span> Higher incomes allow the budget to stretch further than a first home buyer and the type of property can vary depending on the buyer’s appetite for doing the renovation themselves or the desire to move straight in and not have to do any work. </span></p>
<p><span>Due to the higher budget, second home buyers are found throughout most parts of the Illawarra. </span>They could be looking at a $1 million house in Thirroul, an $850,000 house in Fairy Meadow or Figtree, a $750,000 house in Horsley or Albion Park or a $600,000 house in South Nowra.</p>
<p>A four bedroom house on a 929sqm of land in Thirroul has been listed for sale with $1.25 million to $1.3 million hopes. </p>
<p>Situated at<a href="https://www.realestate.com.au/property-house-nsw-thirroul-133054114" target="_blank"> 51 George Street</a> (pictured below), the house comprises separate dining, kitchen overlooking the back deck, undercover deck and veranda. </p>
<p>Other features include double garage, high ceilings, ornate cornices and under house storage. </p>
<p><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/2020/3/23/thirroul.jpg" alt=""></p>
<p>Upgraders are transforming some locations such as Fairy Meadow, Towradgi and East Corrimal where the proximity to the beach and Wollongong CBD are attracting families to knock down and rebuild or significantly renovate and extend older style dwellings, the report noted. </p>
<p><span>The last main category of home owner is the downsizer or retiree. Baby boomers are currently making up the vast majority of this category.</span></p>
<p><span>"The needs and wants of the downsizer or retiree will vary depending on a number of influences. Do their children and grandchildren live in the area or are they willing to move to a more comfortable location? Do they want to downsize in size but not in budget? Are they looking to change their family home to something in a lower value bracket that will allow them to use their equity during their </span>retirement?" the valuation firm said. </p>
<p>Semi-modern villas often appeal to this demographic or for those with a bit of cash, a nice modern Wollongong unit with ocean views can be on the agenda.</p>
<p>Harbour Square at 21 Harbour Street is a 2019 built, 33 unit development constructed by a well regarded local builder with two-bedroom units having sold between $900,000 and $1.15 million and three- bedroom units from $1.6 million into early $2 million.</p>
<p>The majority of the units were purchased by local downsizers.</p>
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<p><span>"The residential property market is traditionally made up of various demographics and buyer profiles across the Goulburn region," the valuation firm said. </span></p>
<p><span>The median house price of $430,000 </span>(Realestate.com.au), typically appeals to first home buyers looking to get their foot in the door with older style historic homes centrally located on tree lined streets and within close proximity to schools, parks and the CBD.</p>
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<p><span>However, the ornamental features do come at a cost for these older style properties, as they do require more upkeep and ongoing renovation works.</span></p>
<p><span>The report notes first home buyers are also attracted to the copious amounts of low maintenance house and land packages on offer in the numerous developments located further from the CBD such as the Teneriffe Estate and the Josephs Gate Land Development. </span></p>
<p><span>Many young families who are also priced out of Canberra </span>and the Southern Highlands see Goulburn as an affordable lifestyle alternative. These buyers are particularly more dominant in the executive style residential developments such as the Snow Gums Estate, Platypus Banks Estate and Run-O-Waters.</p>
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<p><span>"These developments are seen as good value for money and provide families with more elbow room for a larger home, shed and backyard," the valuation firm said. </span></p>
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j.ballantyne1990-6AQqhLzZaK

First home buyers compete with small time investors for lower value properties in Illawarra: HTW residential 

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<p><span>The Southern Highlands typically attracts a vast range of buyers within the local residential market, according to a recent Herron Todd White (HTW) residential report. </span></p>
<p><span>The report notes the entry level market is dominated by first home buyers and typically makes up a value range of $450,000 to $700,000. </span></p>
<p><span>"For the very entry level, say sub-$550,000, think satellite suburbs such as Hill Top, Colo Vale, New Berrima. We tend to see a large portion of first home buyers unable to afford the more affluent suburbs such as Bowral, however we do see some smaller more affordable dwellings snapped up for under $600,000 on less desirable streets in Bowral such as Price, Thompson and Sheaffe," the valuation firm said. </span></p>
<p><span>A refurbished three bedroom house in Colo Vale has recently been sold for $560,000.</span></p>
<p>Sitting on a 765sqm block, the house at <a href="https://www.realestate.com.au/sold/property-house-nsw-colo+vale-132125630" target="_blank">12 Banksia Street</a> (pictured above) comes with open plan living, deluxe kitchen, covered deck and garden.</p>
<p><span>It has easy access to the motorway and is close to Mittagong town centre. </span></p>
<p><span>"As the region continues to grow, we are beginning to see popularity increase for good quality villas and townhouses located within close proximity to central Bowral as well as quality built homes </span>on smaller lots being very popular with local downsizers," the valuation firm added. </p>
<p>Typically, these downsizers are selling large acre lots in Burradoo or surrounds and opting for easier to maintain parcels in good central locations. This area of the market is also popular for retirees from Sydney who come in droves and are chasing good quality product in good central locations close to local schools and townships.</p>
<p><span>The family market is a vast mix of an economic make up with more affluent families looking into prestige suburbs such as Burradoo, followed by new premium estates such as Retford Park and then into East Bowral which is predominantly 20 </span>plus year old project homes.</p>
<p><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/2020/3/23/burradoo.jpg" alt=""></p>
<p>A single level designer home in Burrado is currently on the market with $1.695 million hopes. </p>
<p>The four bedroom, two bathroom house is located at <a href="https://www.realestate.com.au/property-house-nsw-burradoo-133267898" target="_blank">14 Phillip Street</a> (pictured above).</p>
<p>The house features formal living with fireplace, casual lounge and dining, expansive kitchen, and rear garden. </p>
<p>"We are seeing an influx of families from Sydney beginning to populate the Renwick and Tahmoor and Thirlmere area as they are able to commute to Sydney as well as work from home and therefore are able to afford far bigger family homes at far more affordable prices than are available within Sydney," the valuation firm said. </p>
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<p><span>"Looking at shifting demographics within the region, the largest change we have seen over the past several years has been the gentrification of Moss Vale," the valuation firm stated. </span></p>
<p><span> Typically Moss Vale has been the administration capital of the Highlands and considered a working class strong hold and poor sister to Bowral, however over recent times we have seen the main street flourish with several homewares stores, cafes and bars opening their doors as well as many local families moving from other parts of the Highlands into the Moss Vale area. </span></p>
<p><span>"Generally, they are able to get far more bang for their buck than the other established suburbs of Bowral and Mittagong," the valuation firm commented. </span></p>
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First home buyers dominate $450,000 plus Southern Highlands entry level market: HTW residential 

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<p><span>In the lead up to the Northern Territory government election in August this year, there has been a major focus on the current situation regarding crime in Central Australia, with many locals believing it has worsened over recent months, according to a recent Herron Todd White (HTW) residential report. </span></p>
<div><span>The current COVID-19 epidemic is going to have a negative impact on key drivers, so it will be interesting to see what impact this may have on the property market in the short to medium term, the valuation firm said.</span></div>
<p><span>"It seems to be the hottest topic of conversation around town and on local social media platforms, apart from COVID-19 of course. </span>People are asking the question regarding what impact (if any) this increase in crime might have on property values," the valuation firm said. </p>
<p>Whilst there is anecdotal evidence of people leaving town because they have had enough of the increasing crime and other social issues, it has not become apparent yet that it has impacted on the property market. That is not to say it might be the cause of a downturn in the coming months.</p>
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<p><span>The other factor looming large as a real threat to the health of the local economy (no pun intended) is of course COVID-19. At the time of writing there is uncertainty about exactly how big the impact will be from this crisis, the report noted. </span></p>
<p><span>Central Australia has long relied on the tourism industry as a major employer and revenue generator. With travel restrictions imposed already and the likelihood of more stringent restrictions to come, the immediate future of the tourism industry does not look bright. These restrictions could not come at a worse time, leading into winter, which is peak tourist season.</span></p>
<p><span>"The longer term impacts of these events is difficult to forecast, however with a market that is already in a fragile state, it could prompt a downturn in values as people sell up and leave town or are forced </span>into selling due to financial circumstances," the valuation firm said. </p>
<p>"With no significant capital growth being experienced in recent years, a sudden influx of properties being listed for sale is likely to create an over-supply.</p>
<p><span>"The coming months leading up to August 2020 and beyond have the potential to shape the residential market in Alice Springs for years to come." </span></p>
<p><span>A recent sale in the Alice Springs region is a four bedroom in Gillen. </span></p>
<p>The <a href="https://www.realestate.com.au/sold/property-house-nt-gillen-133053974" target="_blank">16 Underdown Street</a> family home (pictured below) which includes a granny flat was sold for $425,000. </p>
<p><span>The home features open plan living and dining, games room, alfresco courtyard area and double carport. </span></p>
<p><span><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/2020/5/25/gillen%201.jpg" alt=""></span></p>
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<p>A current listing is a three bedroom house in Larapinta priced at $329,000.</p>
<p>The <a href="https://www.realestate.com.au/property-house-nt-larapinta-133561842" target="_blank">9 Saltwell Street </a>home (pictured below) features open plan kitchen and dining, outdoor veranda and carpeted bedrooms.</p>
<p>It also features kitchen with gas cooking, separate toilet and garden space. </p>
<p><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/2020/5/25/larapinta%201.jpg" alt=""></p>
<div><span style="text-decoration: underline;"><em>Note regards COVID-19</em></span></div>
<div>
<span><em>This edition of Month In Review had its topic defined in late February with submissions from our offices collated through to late March. During this period, shifts in the social and economic landscape due to COVID-19 became increasingly dramatic, as demonstrated by the varied information provided by offices over the course of three weeks.</em></span><em><br></em>
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<div><span><em>This month’s residential theme on baseline property market drivers remains a common thread, and provides an indication of what influences to monitor as the property sector recovers post-crisis.</em></span></div>
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How will COVID-10 pandemic impact Alice Springs property market: HTW residential 

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<p><span>Jobs and job security are major drivers of our local property market with both of these currently heading in the right direction prior to COVID-19 directives, according to a recent Herron Todd White (HTW) residential report. </span></p>
<p><span>The current COVID-19 epidemic is going to have a negative impact on key drivers, so it will be interesting to see what impact this may have on the property market in the short to medium term, the valuation firm said.</span></p>
<p><span>"Over the twelve months since January 2019, we have seen a trend increase of 7.1 percent in the number of persons employed in the Townsville region. </span></p>
<p><span>"Our unemployment rate is on a downward trend and the higher levels of business confidence and strong rates of job advertising being observed bode well for continued strength in employment creation in the coming months," the valuation firm said. </span></p>
<p><span>"We have a strong pipeline of projects proposed to commence in 2020 or currently underway, with completion of the North Queensland Stadium and its hosting of events now a reality." </span></p>
<p><span>The report suggests this is providing a positive driver along with other proposed inner city projects such as the SeaLink ferry terminal, the Cowboys Centre of Excellence and the 166-room Double Tree by Hilton hotel.</span></p>
<p><span>Detached housing in inner suburbs such as Belgian Gardens, North Ward and South Townsville in close proximity to entertainment and lifestyle hubs are </span>seeing sales rates quickening and selling periods reducing. Sales however are still price sensitive and price movements thus far have been minimal.</p>
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<p><span>"We are however entering a period of unprecedented global economic disruption with COVID-19. Just how this will translate in our local market in terms of jobs and job security will be a major indicator to watch over the months ahead." </span></p>
<p><span>A beachside unit in North Ward has recently been sold for $290,000.</span></p>
<p>The <a href="https://www.realestate.com.au/sold/property-unit-qld-north+ward-133163758" target="_blank">11/177 Mitchell Street</a> home (pictured below) comprises two bedrooms, two bathrooms, multiple balconies and secure car space. </p>
<p><span>The complex features resort-style pool and entertaining area. </span></p>
<p><span><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/2020/5/25/north%20yard.jpg" alt=""></span></p>
<p>A current listing is a traditional Queensland cottage in South Townsville priced at $335,000.</p>
<p>The two bedroom, one bathroom is situated at <a href="https://www.realestate.com.au/property-house-qld-south+townsville-133146638" target="_blank">12 Sixth Avenue</a> (pictured below).</p>
<p>Positioned on a 721sqm block, it comes with modern kitchen, front veranda, internal laundry and huge yard. </p>
<p><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/2020/5/25/south%20townsville.jpg" alt=""></p>
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<div><span style="text-decoration: underline;"><em>Note regards COVID-19</em></span></div>
<div>
<span><em>This edition of Month In Review had its topic defined in late February with submissions from our offices collated through to late March. During this period, shifts in the social and economic landscape due to COVID-19 became increasingly dramatic, as demonstrated by the varied information provided by offices over the course of three weeks.</em></span><em><br></em>
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How will COVID-19 pandemic transform Townsville property market: HTW residential 

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<p>Of the many economic, social and political drivers that influence the South Australian property market, two major drivers continue to be the most prevalent - interest rate movements and political elections, according to a recent Herron Todd White (HTW) residential report. </p>
<p><span>The current COVID-19 epidemic is going to have a negative impact on key drivers, so it will be interesting to see what impact this may have on the property market in the short to medium term, the valuation firm said.</span></p>
<p><span> The report suggests these two factors are the most visible to the market being heavily publicised in both print and digital media. </span></p>
<p><span>"Interest rate movements are front of mind for first home buyers whilst they directly correlate to a current mortgage holder’s hip pocket," the valuation firm said. </span></p>
<p><span> A rate reduction can allow a first home buyer to enter the market whilst an increase could be the forcing hand for an investor to start selling. </span></p>
<p><span>"Political elections can act as both a hand brake and accelerator," the valuation firm said </span></p>
<p><span> In a pre-election time, market activity can slow given the many unknowns surrounding opposing parties’ election promises. Post-election, the market can see where the goal posts lie </span>and move forward with certainty and stability.</p>
<p>Additionally 100,000 South Australians making up nearly six percent of the state’s population are employed in the public service. Pre-election public servants would be wary of becoming active in the property market with the uncertainty a changing government could have on their employment.</p>
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<p><span>"On a micro level, property markets by region are influenced by a number local drivers," the valuation firm said. </span></p>
<p><span>Broadly the inner and middle rings are influenced by barriers to borrowing and lifestyle choices; the outer ring is influenced by affordability and local employment whilst regional South Australia is influenced by local industry, particularly mining and agriculture, and population movements.</span></p>
<p><span>Of most significance in the current market is the record low cash rate of 0.5 percent.</span></p>
<p><span>"Broadly, we are seeing first home buyers, upgraders, empty nesters and investors all active in the market. The mouth-watering prospect of finding either a fixed or variable home loan rate of sub three percent could be too good to pass up. The activity of these buyers in the market is driving demand for a broad range of property types," the valuation firm said. </span></p>
<p><span>Throughout the metropolitan area, character dwellings remain the most popular with the broad market, the HTW report noted. </span></p>
<p><span>Depending on location, entry points for these dwellings range from $500,000 to $800,000. Characterised by turn of the century cottages and quaint laneways, the inner south-eastern suburb of Parkside is popular for those seeking properties with heritage features.</span></p>
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<p>Achieving a sale price of $683,000, <a href="https://www.realestate.com.au/sold/property-house-sa-parkside-132255646" target="_blank">22 Robsart Street, Parkside </a>(pictured below) typifies this property type. This is a character single fronted cottage providing two bedrooms, one bathroom, off street parking all situated on an allotment of 426 square metres.</p>
<p><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/2020/5/25/parkside.jpg" alt=""></p>
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<p><span>Metropolitan Adelaide has seen an increase in higher density townhouse style development. Driving this market within the inner ring are cashed up empty nesters looking to downsize whilst investors and first home buyers are behind the wheel in the middle and outer rings. </span></p>
<p><span>Within the inner ring, entry price points can be well into the </span>$1 million range whilst within the middle and outer rings, $400,000 is typically the starting point.</p>
<p>Both the sales of <a href="https://www.realestate.com.au/sold/property-house-sa-linden+park-128602902" target="_blank">7A Linden Crescent, Linden Park</a> (pictured below) and 16A Egmont Avenue, Warradale which achieved sale prices of $1.25 million and $545,000 respectively represent these similar property types in differing locations, the report noted. </p>
<p><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/2020/5/25/linden%20park.jpg" alt=""></p>
<p>Appealing to downsizers, 7A Linden Crescent, Linden Park maximises accommodation on a small allotment and includes high quality fixtures and fittings and is located within walking distance of Burnside Village. Appealing to investors and first home buyers, 16A Egmont Avenue, Warradale provides a standard fit-out and accommodation expected of similar stock within the middle and outer rings.</p>
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<p><span>"The CBD apartment market is unique with each new tower providing product appealing to all buyer types," the valuation n firm said. </span></p>
<p><span>Abiding by local planning guidelines and having knowledge of the broad market appeal, CBD apartment developers have to create a multitude of offerings at varying price points. </span></p>
<p><span>The recently constructed seven-level apartment complex Five O Six on Hurtle at 36 Hurtle Square, </span>Adelaide provides an example of this product mix.</p>
<p>Throughout 2019, this building had transactions of multiple apartments with varying floor plans with sale prices ranging from $465,000 for a two-bedroom, one-bathroom, one car space, sixth floor apartment to $2.65 million for a three-bedroom, three-bathroom, four car space, seventh floor apartment.</p>
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<p><span>"There are a multitude of factors driving the South Australian property market on both a macro and micro level. These drivers aid in the decision making of both purchasers and vendors. </span></p>
<p><span>"Awareness of these drivers and the understanding of their effects on the market are critical to making the right decision when the time comes." </span></p>
<div><span style="text-decoration: underline;"><em>Note regards COVID-19</em></span></div>
<div>
<span><em>This edition of Month In Review had its topic defined in late February with submissions from our offices collated through to late March. During this period, shifts in the social and economic landscape due to COVID-19 became increasingly dramatic, as demonstrated by the varied information provided by offices over the course of three weeks.</em></span><em><br></em>
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<div><span><em>This month’s residential theme on baseline property market drivers remains a common thread, and provides an indication of what influences to monitor as the property sector recovers post-crisis.</em></span></div>
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Adelaide property market continues to be driven by interest rate and political elections: HTW residential 

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<p><span>Consumer sentiment is a big driver in Western Australia's property market and due to the recent COVID-19 outbreak, at the time of writing, consumer sentiment is fragile to say the least, according to a recent Herron Todd White (HTW) residential report. </span></p>
<p><span>The current COVID-19 pandemic is going to have a negative impact on key drivers, so it will be interesting to see what impact this may have on the property market in the short to medium term, the valuation firm said.</span></p>
<p><span> The report suggests there are many other key local, national and global drivers that influence the property market and these economic drivers are in a constant game of tug-o-war, continuously shifting along a scale between supply and demand - the result of which creates price movement within the property market. </span></p>
<p><span>"In Western Australia, our economy is most heavily influenced by the mineral and gas resources industry. The resources boom has been mentioned in almost every Western Australia segment of the Month in Review in recent years as it has impacted the state so significantly and will continue to do so for the foreseeable future," the valuation firm said. </span></p>
<p><span>Mining projects throughout the state create thousands of jobs through construction work, maintenance, cleaning, machine operation, management etc. These jobs bring in hundreds and sometimes thousands of interstate and overseas workers in what can be relatively short periods of time, due to the enticing remuneration packages offered by large companies that compete for a limited workforce. </span></p>
<p><span>Conversely, when projects </span>come to completion, net migration can turn negative rapidly. The fluctuation of job vacancies and unemployment plays a large role in Perth’s property market as it influences our overall population in significant waves.</p>
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<p><span>"Net state and overseas migration statistics are directly linked to median house price and rental trends. We observe the nearly direct relationship of net migration and median house price growth, the effects of which have an approximate one-year delay," the valuation firm said. </span></p>
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<p><span>Not only does resource sector employment influence migration, it also plainly affects total unemployment. Net migration partially determines the number of people moving into Western </span>Australia to soak up housing stock and unemployment shapes how many residents are in a suitable financial position to make purchases within the property market.</p>
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<p><span>"As we touched on in our September 2019 edition, increased resource investment in 2006 influenced the mining sector across the whole state," the valuation firm said. </span></p>
<p><span>Mineral exports were ramping up as the amount of iron ore Western Australia was capable of exporting quadrupled in value from 2006 to the peak in 2012. This enabled businesses across Perth and regional Western Australia to find space for a number of new job vacancies and in 2006 we saw 31,000 migrants flock to the state, including both net interstate (3,100 persons) and overseas migration (28,070 persons). It didn’t stop there though. </span></p>
<p><span>Migration figures increased again, then had a lull and eventually peaked in 2012 when we saw a total of 58,600 people travel to Western Australia to get their share of the revenue from the resources boom.</span></p>
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<p><span>As mining investment declined, so did the availability of jobs. Some mining construction projects came to completion and this began the increase in unemployment rates. </span>The construction phase had ended, temporary contracts did not get extended and we started to see a significant level of redundancies.</p>
<p>Suddenly businesses were consolidating their workspaces as they employed less and less people. Many office buildings, apartments and land developments were under construction and now coming to completion, however there were no tenants or home buyers to lease or purchase these spaces, the report noted. </p>
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<p><span>The CBD office vacancy rate skyrocketed to over 20 percent and supply severely overshadowed demand, reversing the economic cycle. From here consumer sentiment began to slip and less access to finance stopped any interest from investors and owner-occupiers. Residential rents, office rents and house prices started their slow descent to their current position. </span></p>
<p><span>Net interstate migration has been in the negative since 2014. In 2017, 14,000 people left Western Australia for other Australian states, however since then, both interstate and overseas migration has improved slightly.</span></p>
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<p><span>The trends mentioned above are demonstrated in Figure 3. BHP recruited over 10,000 new employees and contractors between 2008 and past the peak in 2012 as the construction phase progressed to operational. </span></p>
<p><span>When many construction projects came to completion, there was a significant shedding of employment forces. Figure 3 does </span>show that BHP has been ramping up Australian recruitment again in recent years, which aligns with the commencement of its South Flank iron ore development in 2019, and other companies are doing the same.</p>
<p>"The data is not as transparent as it once was, due to the level of employment via third party contractors, hence the clarity of the current situation is difficult to demonstrate," the valuation firm said. </p>
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<p><span>Recent investment into Western Australia’s natural resources has come as positive news for our property market and economy as a whole. </span></p>
<p><span>There are several projects already underway or awaiting commencement in Western Australia and iron ore is dominating the mining sector with an estimated $17 billion worth of projects that will or are generating around 11,000 construction jobs over the next few years, some of which started back in 2018. </span></p>
<p><span>These projects will also employ an approximate 3,000 continuing operational jobs. Many experts have suggested that this will create a mini-boom such as the one seen in the early 2010s, however on much smaller scale.</span></p>
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<p><span>Net interstate and overseas migration has reverted to positive figures again and this has helped to stabilise property values in the Perth metropolitan region.</span></p>
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<p><span>"So how is Perth faring at the moment? Greater Perth’s median house price settled at $478,000 for the December 2019 quarter, falling by 1.2 percent," the valuation firm said. </span></p>
<p><span> Negative house price growth has been easing off for some time now, however the disparity between Perth’s inner and outer suburbs has caused some confusion for homeowners on where we currently sit. A very positive sign for Western Australia is the rebounding of vacant land prices. </span></p>
<p><span>Between the March and December 2019 quarters the median price of vacant land saw three consecutive increases, rising 3.4 per cent from $236,000 to $244,000. Perth hasn’t seen an increase in median vacant land prices since mid 2017 and that only lasted for one quarter.</span></p>
<p><span>Perth’s apartment sector over the past 20 years has been very cyclical, but is maturing rapidly. From 2012 to 2015, Western Australia saw a boom of apartment construction, fuelled by the resource sector</span>.</p>
<p>During this time, demand was high and developers of all kinds jumped in to fill the void with mainly investor grade products and several prestige developments that commanded high values as the market matured. Unfortunately the timing of completion of these was poor and on the downward part of the cycle.</p>
<p>Today Perth’s apartment market is still reeling from a large oversupply in some areas and it does not appear that this supply line will be going away any time soon, with an estimated 1600 new apartments completed in 2019, as well as 800 more anticipated by the end of 2020.</p>
<p>Beyond then, 3,100 apartments are expected to reach completion in 2021 and 2022 (JLL, 2020). This coupled with the 2,400 units currently on the market could mean further price corrections in this segment which is exacerbated by current state government policy directing demand to new supply.</p>
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<p><span>First home buyer locations such as Baldivis, Byford, Ellenbrook and Alkimos have all experienced continued value decreases over the past few years, the report noted. </span></p>
<p><span> Vast land development alongside Perth’s suppressed population growth has spelt disaster for this market segment. Advice from our valuers suggest that there has been little improvement </span>in these areas recently and we don’t hold much hope for the short term either. We do expect to see diminishing rates of negative growth over the medium term as long as economic conditions improve, however recent events have now cast doubt on this.</p>
<p><span>Moving closer to Perth, upgrader locations are faring slightly better than their outer rim counterparts. There has been a mix of value increases and decreases amongst various suburbs, however some recent positive signs include improving selling periods and declining vendor discounting. This can mostly be attributed to home owners heeding advice from their agents and pricing homes correctly from the get-go. </span></p>
<p>Kingsley is a suburb located 16 kilometres north- west of the CBD and is considered an upgrader location. The median house price in Kingsley decreased 0.3 percent during the December 2019 quarter, settling at $543,250. Negative house price growth has diminished over the past four years and hopefully we will see values increasein the medium term.</p>
<p>A four bedroom house in Kingsley is currently on the market with a price guide of over $579,000.</p>
<p>The <a href="https://www.realestate.com.au/property-house-wa-kingsley-133547830" target="_blank">7 Chauncey Court </a>home (pictured below) comes with large family living, two bathrooms, home office, updated kitchen and double carport. </p>
<p>It is situated close to shops and schools. </p>
<p><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/2020/5/25/kingsley.jpg" alt=""></p>
<p>Previous news of positive economic conditions has been a big driver for sales in established suburbs as owners take up the opportunity to upgrade before prices increase.</p>
<p><span>In the south-west part of the state, the recent uptick in activity in the resources sector has seen </span>the number of fly-in-fly-out workers begin to increase for the first time since the winding up of the mining construction boom. While the numbers are a far cry from the previous peak they are definitely improving.</p>
<p>There has been significant investment in the growth of the Talison lithium mine in Greenbushes (north of Bridgetown) as well as the associated infrastructure in the past few years.</p>
<p>On top of this there is a $1 billion lithium processing plant under construction in Kemerton (north of Bunbury). This was expected to bring a large number of workers to these regions however the reduction in the price of lithium has slowed these projects down.</p>
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<p><span>The south-west region relies a lot on local and international tourism. There is much anticipation for the start of the interstate direct flight from Melbourne to Busselton which started in March. </span>The timing, however could have been better as the slow down caused by the reaction to the spread of COVID-19 is likely to limit the number of travellers and tourists visiting the region at a time when it was hopeful there would be a significant increase in this sector.</p>
<p><span>There are a number of large residential subdivisions on the outskirts of Bunbury, Busselton and Margaret River which hold a large number of affordable properties.</span></p>
<p><span>A three bedroom unit in Bunbary was sold for $215,000 in April.</span></p>
<p>The <a href="https://www.realestate.com.au/sold/property-unit-wa-bunbury-133296874" target="_blank">10/180 Forrest Avenue</a> (pictured below) unit comes with open plan kitchen, meals and family room, outdoor patio area and double garage plus storeroom.</p>
<p>It is situates closed to shopping centres, schools and parks. </p>
<p><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/2020/5/25/bunbury.jpg" alt=""></p>
<p><span>The report notes first home buyer activity has been on the increase in these areas however this is also likely to stall due to the uncertainty over the outcome of the effects of COVID-19. It is anticipated that new building construction is also likely to stall as a result of this.</span></p>
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<p><span>The residential market in Cowaramup has outperformed most other towns in the region. As the number and quality of houses in the suburb increases and the town becomes more established, demand has also increased. Land sales were at their lowest level in ten years in 2019 which is an indication of the low levels of residential land now available in Cowaramup. With good demand and low supply of land, values are expected to increase in the short to medium term.</span></p>
<p><span>Kalgoorlie is the major city within the eastern goldfields region – located some 600 kilometres east of Perth. Known for its gold mines, there have been many excavation projects of all sizes here. KCGM Super Pit produces up to 800,000 ounces of gold annually. The Kalgoorlie-Boulder area has a median house price of $290,000, falling three percent over the December 2019 quarter, however the region has seen some positive signs of late as Piccadilly, South Kalgoorlie, Kalgoorlie and West Lamington experienced quartlerly increases between 0.2 percent and 14.8 percent.</span></p>
<p><span>Hannans, Kalgoorlie and West Lamington also showed annual improvements between 0.8 and 4.2 percent. The price of gold has a direct impact on this town’s prospects as many of the workers live in the region.</span></p>
<p>The report notes gold has been a relatively stable long-term investment over the past 20 years. The recent COVID-19 outbreak could potentially see gold prices increasing further due to investors selling stocks and moving to a safer venture in gold. Conversely, prices could also drop in the short term due to a lack of demand from Chinese manufacturers and jewellers.</p>
<p>In 2019, China held the largest portion of demand in the world for gold at 33 percent, so it will be interesting to see which direction the market shifts towards.</p>
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<p><span>"COVID-19 will no doubt have significant negative economic outcomes. Historically in times of uncertainty investors look to consolidate their capital instead of growing it through new ventures, and this will certainly slow the market down further. </span></p>
<p><span>"Government subsidies and cash rate cuts may come in hopes of stimulating the economy, although it will be hard to curb consumer sentiment when we are faced with a global pandemic.</span></p>
<p><span>"It’s not all bad news though - investors and residents with secure jobs may be able to find great value in the property market over the coming year," the valuation firm said. </span></p>
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<div><span style="text-decoration: underline;"><em>Note regards COVID-19 </em></span></div>
<div>
<span><em>This edition of Month In Review had its topic defined in late February with submissions from our offices collated through to late March. During this period, shifts in the social and economic landscape due to COVID-19 became increasingly dramatic, as demonstrated by the varied information provided by offices over the course of three weeks.</em></span><em><br></em>
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<div><span><em>This month’s residential theme on baseline property market drivers remains a common thread, and provides an indication of what influences to monitor as the property sector recovers post-crisis.</em></span></div>
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How will COVID-19 pandemic impact Western Australia property market: HTW residential

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<div>The greater Darwin residential market, like other cities, faces many influences and drivers of market sentiment and ultimately price movement, according to a recent Herron Todd White (HTW) residential report. </div>
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<div>The current COVID-19 epidemic is going to have a negative impact on key drivers, so it will be interesting to see what impact this may have on the property market in the short to medium term, the valuation firm said. </div>
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<p><span>To begin, and more prominent for all regions and sectors of Australia, is the impending economic fallout from COVID-19 or Coronavirus.</span></p>
<p><span>"Without taking away from the seriousness and current health implications of this, we see the wider economic fallout from this virus having a much wider reaching and larger impact on our property market and all markets in general.</span></p>
<p><span>"Without sounding too negative, sentiment will take a battering in the short term, with the long term implications still unknown at this stage. Uncertain times ahead!" the valuation firm said. </span></p>
<p><span>Secondly, and most applicable to Territory markets, is population growth, the report noted. The growth or more correctly, lack thereof, has a very big say in how our local market will go. </span></p>
<p><span>As noted in previous Month in Review issues, Darwin and the wider Territory’s population has been either steady or in decline over the past two to three years, where all other states experienced growth. </span></p>
<p><span>Unfortunately not only does this create a smaller pool of buyers, but local community sentiment takes a hit. While the reduced population number is small, it’s<br>not an increase. </span>People and businesses see this as a negative.</p>
<p>"While we see the long term (two years plus) outlook as relatively positive due to large scale projects currently in the pipeline, this does not relieve current sentiment in the short term.</p>
<p>"Ultimately this leads to a reduction in prices across all sectors of the Darwin property market. We currently have the lowest median house price at $460,065 as at December 2019 (source: REINT) of any capital city and a big reason is due to lack of growth in our population," the valuation firm said. </p>
<p>A four bedroom house in Darwin's northern suburb Leanyer is currently on the market with $469,000 hopes. </p>
<p>The <a href="https://www.realestate.com.au/property-house-nt-leanyer-133068594" target="_blank">2 Ridgehaven Circuit</a> home (pictured below) comes with two bathrooms, family room, kitchen with electric cooking and double carport. </p>
<p>It also features covered patio area, in ground pool and garden shed. </p>
<p><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/2020/5/25/leanyer.jpg" alt=""></p>
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<p><span>The cash rate sits at 0.25 percent (as of 19 March 2020), the lowest in history for our country and with the impending effects of Coronavirus, is widely tipped to reduce further.</span></p>
<p><span>"We saw an uplift in sales volumes for the December quarter with 33.3 percent for dwellings sales across Darwin overall (source: REINT) yet no change, or zero percent in total dollar sales volumes for the quarter. </span></p>
<p><span>"What this is telling us is that the Territory market looks to be turning with regard to volume and we see this trend as likely to continue with lower median home values showing why we can have an uplift of one-third in sales volumes yet no increase in overall value.</span></p>
<p><span>"</span>We see this as a shining light and hopefully a shift in market sentiment that will continue," the valuation firm commented.</p>
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<p><span>A driver of the increased volumes is also the investor market. Corelogic’s March 2020 report shows Darwin as having the strongest gross residential yields of all capital cities at 5.9 percent.</span></p>
<p><span> Whilst most owners are experiencing low or no capital growth, they are underpinned by positively geared assets, a great incentive for those looking to get into the market or avoid the low yields of other capital cities. </span></p>
<p><span>With the financial market and stock exchange facing volatility, bricks and mortar is likely to offer more security to investors.</span></p>
<p><span>It is hard to look past the current situation of COVID-19. This is causing a raft of issues that will have wider reaching implications for the Territory, the report noted. </span></p>
<p><span>Tourism is something that coming into the peak dry season (southern winter months) allows local businesses to really thrive on the back of warm weather. With the recent travel bans, lack of domestic travel and social distancing concerns, it is hard to imagine the local sentiment garnering any positivity.</span></p>
<p><span>The Northern Territory government is delivering a $65 million Jobs Rescue and Recovery Package (source: https://business.nt.gov.au/recovery) stimulus for Territorians that will ease some pain in the short term however with business looking into a lean few weeks and months ahead, the outlook is not great. </span></p>
<p><span>"We see this as having a direct impact on local property markets, particularly commercial, as tenants and businesses feel this pinch. The positive </span>upside is for the residential market where home renovations can be carried out and largely funded by the government," the valuation firm said. </p>
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<p><span>Speaking locally with agents and reflecting on sale data, we are seeing the uptake in sales volumes being driven by first home buyers, reflecting the Commonwealth Government’s guarantor loan scheme where first home buyers can buy properties up to $375,000. </span></p>
<p><span>"We are seeing properties of value with the most activity, with 54% of sales occurring at a price below $350,000 in the inner Darwin unit market," the valuation firm said. </span></p>
<p><span>The inner Darwin unit market has shown a 4.4 percent increase on the December quarter and 13.1 percent on </span>the year in recorded sales volumes (source: REINT).</p>
<p><span>A waterfront apartment in Darwin City has recently been sold for $402,000.</span></p>
<p>The <a href="https://www.realestate.com.au/sold/property-unit-nt-darwin+city-133424434" target="_blank">5005/5 Anchorage Court </a>home (pictured below) comprises two bedrooms, two bathrooms, open plan living and dining room and private patio. </p>
<p><span>It also features internal laundry, two basement car parks and complex swimming pool.</span></p>
<p><span><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/2020/5/25/darwin%20city%201.jpg" alt=""></span></p>
<p><span>Local commentary around is showing an increase in the younger professional market and first home buyers keen to take advantage of the great schemes on offer. </span></p>
<p><span>"As we continue to ride out the economic impact of the current global economic situation, we believe that this sentiment will continue for our first home buyers throughout 2020,: the valuation firm stated. </span></p>
<p><span>All external issues aside, one factor of the market that we continue to rely on is the strength of the coastal northern suburbs market which continues to buck the trend and ride out outside factors. This is evident with a 61 percent increase in sales volumes for dwellings on the quarter and an increase in median value of 0.4 percent. </span></p>
<p><span>This is </span>not directly attributed to falling prices or cheaper properties, with 33 percent of these properties having a value of more than $600,000. While these are well off the peak of the market, to echo the earlier point, if there is volume first, higher values will come second when an economy begins to turn.</p>
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<p><span>"Generally speaking, wide sweeping societal changes are coming and some are now in force with the key element being the current Coronavirus pandemic. This is tipped to have a huge impact on the wider economy with the brunt of this yet to be felt. However, we are yet to see any direct impact locally here in the property market, although it is early days. </span></p>
<p><span>"Historically, when a stock market crashes we see an asset such as a home being far more illiquid than shares, not to mention that people will always need a place to live. So while we may see fewer transactions in the market, locally the property values may remain insulated from such losses, but this remains to be seen." </span></p>
<div><span style="text-decoration: underline;"><em>Note regards COVID-19</em></span></div>
<div>
<span><em>This edition of Month In Review had its topic defined in late February with submissions from our offices collated through to late March. During this period, shifts in the social and economic landscape due to COVID-19 became increasingly dramatic, as demonstrated by the varied information provided by offices over the course of three weeks.</em></span><em><br></em>
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<div><span><em>This month’s residential theme on baseline property market drivers remains a common thread, and provides an indication of what influences to monitor as the property sector recovers post-crisis.</em></span></div>
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Darwin property market yet to see direct impact of COVID-19 pandemic: HTW residential 

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<p><span>In the second month of 2020, the Hunter region continued to see buzzing activity in the local property market, according to the latest Herron Todd White (HTW) residential report. </span></p>
<p><span>The current COVID-19 epidemic is going to have a negative impact on key drivers, so it will be interesting to see what impact this may have on the property market in the short to medium term, the valuation firm said.</span></p>
<p><span>The report notes even with the uncertainty of an interest rates move, there was still plenty of activity around the region for both established houses and also people wanting to purchase a block of land to build their dream home.</span></p>
<p><span>"Newcastle is hoping to see market conditions improve further due to the rising population of the city, surrounding areas and also Maitland and Hunter Valley regions fuelling housing demand and relatively healthy housing affordability. </span></p>
<p><span>"The Newcastle and Hunter region is highly likely to see continued growth due to close proximity to major capital cities such as Sydney. </span>As housing affordability becomes a resurgent issue in 2020, capital city residents may once again seek relatively affordable housing in nearby regions or regional areas with high levels of amenity," the valuation firm said. </p>
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<p><span>In terms of residential property, Newcastle has become its own market and no longer relies on Sydney as it once did. </span></p>
<p><span>"In the past 12 months, Newcastle saw a shift in confidence independently of Sydney; we no longer follow suit like we once did. Locally, since the federal election, we have seen </span>an increase in activity from all classes of potential property purchasers," the valuation firm said. </p>
<p><span>There is still a healthy supply of inner city units for sale and with further developments around Hunter and King Streets in Newcastle and also Honeysuckle continuing into the future, perpetuates the old saying of “as long as people buy, they will continue to build them”, the report noted. </span></p>
<p><span>"Savvy property investors are still seeing Newcastle and supporting areas as a great place to invest due to affordability and also strong growth potential," the valuation firm said. </span></p>
<p><span>These investors will be ready to pounce on the best performing pockets which include properties in </span>the Kotara, Islington, Hamilton, Charlestown and Mayfield areas, all located within a 15 minute drive of the Newcastle CBD.</p>
<p><span>"First home buyers in the region are also continuing to purchase established dwellings around the fringes of the city suburbs and also showing keen interest in house and land packages around the Maitland areas of Chisholm, Thornton and Bolwarra, which are all less than a 40 minutes drive into Newcastle city," the valuation firm said. </span></p>
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<p>The trendy inner city suburb of Tighes Hill also saw a record sale price for the year at the end of February of $1.5 million for a waterfront <a href="https://www.realestate.com.au/sold/property-house-nsw-tighes+hill-133013166" target="_blank">Throsby Creek, Sparke Street</a> property (pictured below).</p>
<p><span><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/2020/5/4/tighes%20hill.jpg" alt=""></span></p>
<p><span>T</span>he largest sale in the affluent suburb of Merewether for the month of February was <a href="https://www.realestate.com.au/sold/property-house-nsw-merewether-132847678" target="_blank">68 Curry Street</a> (pictured below) which sold for just under the $2 million mark at $1.98 million, the report noted. </p>
<p><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/2020/5/4/merewether.jpg" alt=""></p>
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<div><span style="text-decoration: underline;"><em>Notes regarding COVID-19</em></span></div>
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<span><em>This edition of Month In Review had its topic defined in late February with submissions from our offices collated through to late March. During this period, shifts in the social and economic landscape due to COVID-19 became increasingly dramatic, as demonstrated by the varied information provided by offices over the course of three weeks.</em></span><em><br></em>
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<div><span><em>This month’s residential theme on baseline property market drivers remains a common thread, and provides an indication of what influences to monitor as the property sector recovers post-crisis.</em></span></div>
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Newcastle property market likely to see continued growth: HTW residential 

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<p><span>The Albury-Wodonga region boasts around 110,000 people, enjoying one of the most vibrant cross-state regions combining all the Murray River has to offer and beyond north and </span>south of the New South Wales and Victorian borders, according to the latest Herron Todd White (HTW) residential report. </p>
<div><span>The current COVID-19 epidemic is going to have a negative impact on key drivers, so it will be interesting to see what impact this may have on the property market in the short to medium term, the valuation firm said.</span></div>
<p>"The drivers of the property market are affordability, access to finance, lifestyle, tourism and the buoyancy or otherwise of the Melbourne property market. Different purchasers behave and benefit accordingly," the valuation firm said. </p>
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<p><span>First home owners have options due to a good supply of existing entry level stock and competitive house and land packages from a range of builders in new suburbs on both sides of the border. </span></p>
<p><span>Similarly the upgrading or relocating family in the region can buy existing stock, build or in many cases buy to occupy and also purchase an investment property, often positively geared, the report noted. </span></p>
<p><span>As the regional property market has proven to be a long game, the downsizers, whether local or relocating, receive the benefit of long term growth and a good choice of lower maintenance homes with room for the van or golf buggy.</span></p>
<p><span>Over the past few years, both Albury City Council and Wodonga City Council have undertaken large scale redevelopment projects aimed at revitalising city centres and involving the community in local events, the idea being that the cross city vibe should be complementary rather than us and them.</span></p>
<p><span>The report notes Wodonga is certainly gaining ground with strong sales activity and good growth as locals and visitors alike tap into the north-east offering. </span></p>
<p><span>"The local outlook is much the same as the attitude of the region, positive, proactive, productive and steadily more diverse. </span>It is all here bar the beach and people tend to focus on the things they can change, which from a property perspective is the ability to move within the market and invest further in the market.</p>
<p><span>"No one external big picture factor dominates as low volatility goes hand in hand with stable markets, however as we reach submission deadline, the </span>effects of the emerging COVID-19 pandemic may reach and influence all drivers of all markets," the valuation firm said. </p>
<p><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/2020/5/4/albury%201.jpg" alt=""></p>
<p>A Californian bungalow inspired townhouse in Albury has recently been sold for $675,000.</p>
<p>The three bedroom, two bathroom house is situated at <a href="https://www.realestate.com.au/sold/property-townhouse-nsw-albury-132951854" target="_blank">692 Jones Street </a>(pictured above). </p>
<p>It features open plan living, dining and kitchen, oak timber flooring and ample storage. </p>
<p><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/2020/5/4/albury%202.jpg" alt=""></p>
<p>A current listing is a 1940s family home located just moments from the Albury CBD.</p>
<p>The <a href="https://www.realestate.com.au/property-house-nsw-albury-133379730" target="_blank">717 Jones Street</a> home (pictured above) has been offered for sale with a price guide of $895,000 - $915,000.</p>
<p>Set on a 1,076sqm allotment, it comprise four bedrooms, formal lounge, renovated kitchen, and separate dining room. </p>
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<p><span style="text-decoration: underline;"><em>Note regards COVID-19</em></span></p>
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<span><em>This edition of Month In Review had its topic defined in late February with submissions from our offices collated through to late March. During this period, shifts in the social and economic landscape due to COVID-19 became increasingly dramatic, as demonstrated by the varied information provided by offices over the course of three weeks.</em></span><em><br></em>
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<div><span><em>This month’s residential theme on baseline property market drivers remains a common thread, and provides an indication of what influences to monitor as the property sector recovers post-crisis.</em></span></div>
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COVID-19 pandemic may influence all drivers of Albury property market: HTW residential 

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<p><span>The two biggest drivers of the Tamworth market at the moment are the historically low interest rates and the drought, which despite recent rain has on-going impacts, according to the latest Herron Todd White (HTW) residential report. </span></p>
<div><span>The current COVID-19 epidemic is going to have a negative impact on key drivers, so it will be interesting to see what impact this may have on the property market in the short to medium term, the valuation firm said.</span></div>
<p><span> The past few years of drought have put a strain on the town’s water supply which despite recent rain has not increased by any significant amount. After having been on water restrictions for over 12 months, residents are wondering whether or not there is a long term solution for the future with Tamworth’s population expected to hit 100,000 by 2040. </span></p>
<p><span>While there </span>are plans in place with a new dam and pipeline underway, confidence will remain low until these projects are completed. The economic effect of the drought saw less money coming into the property market which resulted in a slow-down, the report noted. </p>
<p>"Tamworth as a whole did not see a decline in property values, but we did see an increase in days on market, where houses that traditionally sold in one to two months were taking three to four," the valuation firm said. </p>
<p><span>The report suggests it is not all doom and gloom for Tamworth as the city still offers plenty of appeal for residents, with strong employment opportunities, relatively cheap housing and good services and amenities available.</span></p>
<p><span> Tamworth is a major regional centre and offers quality schools, good health services and </span>a large pool of employment opportunities with blue collar, white collar and everything in between catered for.</p>
<p>"On top of this, a modern four-bedroom, two-bathroom, brick veneer dwelling can be had for under $400,000 (depending on the suburb), making Tamworth very attractive to those finding themselves priced out of the larger cities," the valuation firm said. </p>
<p>A four bedroom house situated in Tamworth CBD has been listed for sale with $399,000 hopes. </p>
<p>Set on a 656sqm block, the <a href="https://www.realestate.com.au/property-house-nsw-tamworth-127288198" target="_blank">9 Lilly Pilly Court</a> home (pictured below) offers 2 bedrooms, open plan living, and fully fenced backyard. </p>
<p>It is positioned close to schools and shops. </p>
<p><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/2020/5/4/tamworth%201.jpg" alt=""></p>
<p>This combined with recent rain and low interest rates has local agents reporting less days on market for sales and more buyer enquiry than experienced in recent months (prior to the rain). This higher buyer interest has not yet resulted in an increase in house values.</p>
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<p><span>The government’s First Home Super Saver and First Home Loan Deposit schemes have seen first home buyers become more active in the Tamworth market. </span></p>
<p><span>Along with the low interest rates we are seeing more people selling to first home buyers and then upgrading, typically leaving South Tamworth, West Tamworth, Hillvue, Oxley Vale and Westdale and moving to Calala, North and East Tamworth, Moore Creek, Daruka and newer parts of Hillvue.</span></p>
<p><span>A Moore Creek house sitting on a 4,152sqm block was sold for $460,000 in February. </span></p>
<p>The four bedroom, two bathroom house is situated at <a href="https://www.realestate.com.au/sold/property-house-nsw-moore+creek-132683298" target="_blank">30 Barrington Drive</a> (pictured below).</p>
<p><span>It comes with large open plan living areas, covered entertainment area, double garage, and three bay vehicle steel shed. </span></p>
<p><span><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/2020/5/4/moore%20creek.jpg" alt=""></span></p>
<p><span>"Increased confidence in the local economy after the recent rain as well as low interest rates suggest that these trends will continue in the short to medium term. This may be thrown completely out of the window with the current COVID-19 pandemic, but excluding this we expect a slight increase in the property market over 2020." </span></p>
<div><span style="text-decoration: underline;"><em>Note regards COVID-19</em></span></div>
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<span><em>This edition of Month In Review had its topic defined in late February with submissions from our offices collated through to late March. During this period, shifts in the social and economic landscape due to COVID-19 became increasingly dramatic, as demonstrated by the varied information provided by offices over the course of three weeks.</em></span><em><br></em>
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<div><span><em>This month’s residential theme on baseline property market drivers remains a common thread, and provides an indication of what influences to monitor as the property sector recovers post-crisis.</em></span></div>
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