<p data-end="256" data-start="0"><a href="https://www.apartments.com.au/developers/sunland-group">Sunland Group</a> has officially lodged plans for its first Gold Coast apartment project since the departure of the Abedian family from the company three years ago, unveiling a new high-rise proposal for a prominent Broadbeach corner site on Old Burleigh Road.</p>

<p data-end="446" data-start="258">The application was submitted by an entity directed by Tom Jamieson, stepson of longtime Sunland leader Soheil Abedian, and Riaz Rezvanipour, brother-in-law of Sahba Abedian, Soheil’s son.</p>

<p data-end="645" data-is-last-node="" data-is-only-node="" data-start="448">Sunland acquired the 1,283 sqm site on the corner of Old Burleigh Road and Armrick Avenue for $9.5 million late last year and is now seeking approval for a <a href="https://www.apartments.com.au/new-apartments/99-101-old-burleigh-road-broadbeach-qld-4218">42-storey tower with 81 apartments</a>.</p>

<p><img alt="First look: Sunland Group returns to Broadbeach with new Old Burleigh Road tower plans" data-entity-type="file" data-entity-uuid="fea2946d-90ee-4cfc-babe-2a8ad5db2cb6" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/pers.png?VersionId=BV0fihJw31nDIQ8ozY_h3GbS8mxDyhnm" /></p>

<p>Designed by <a href="https://www.apartments.com.au/architects/contreras-earl-architecture">Contreras Earl Architecture</a>, the proposed tower at 99-101 Old Burleigh Road would deliver a predominantly larger-format apartment mix aimed at the owner-occupier market. Plans include 17 two-bedroom apartments, 55 three-bedroom apartments, and nine four-bedroom residences across 35 residential levels.</p>

<p>The development also incorporates three basement levels, four podium parking levels, two levels of communal recreation facilities, and rooftop plant and equipment. A total of 189 car spaces are proposed, significantly exceeding the 90 spaces required under the planning scheme.</p>

<p>The architecture adopts a sculpted, curvilinear form, with deep wraparound balconies and integrated landscaping intended to soften the tower’s vertical expression. The planning report states the building’s “slender footprint/form provides a complimentary yet varied built form within the local streetscape” and contributes to “a varied, yet ordered skyline.”</p>

<p data-end="626" data-start="350">Contreras Earl noted in its Architectural Statement that from the early stages, the project addressed a fundamental challenge: how to accommodate the required residential yield while avoiding the conventional model of a tower sitting on a rigid, fully resolved parking podium.</p>

<p data-end="928" data-start="628">“The most direct response would have been to consolidate parking into a singular, flat podium and extrude a repetitive tower above,” the statement said. “While efficient, this approach would result in a consolidated built form with limited engagement with the surrounding landscape and public realm.”</p>

<p data-end="1147" data-start="930">Instead, the conventional podium model was “deliberately rejected”. The architects described the base of the building as “a landscaped architectural condition where structure, planting and circulation are integrated”.</p>

<p data-end="1510" data-start="1149">“Rather than presenting a continuous built mass, the base of the building is articulated through a series of concrete planter elements that organise the podium into a fragmented system,” the statement said. “This approach reduces the perceived bulk of the lower levels while establishing a more permeable interface with the streetscape and adjacent open space.”</p>

<p data-end="1510" data-start="1149"><img alt="Sunland" data-entity-type="file" data-entity-uuid="923fad8d-c960-4527-8fbe-975cf1ddf88d" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-25%20at%2010.32.03%E2%80%AFAM.png?VersionId=pngwb0hYOIUpq9vDw6F2EsOiVuHF3DiX" /></p>

<p>&nbsp;</p>

<p>The site sits within the High Density Residential Zone and inside the City of Gold Coast’s unrestricted “HX” building height area, where the planning framework anticipates intensified residential development tied to the expanding light rail corridor. The planning report notes the area is undergoing “transition toward more intense development forms” given its proximity to Broadbeach, Surfers Paradise, and high-frequency public transport infrastructure.</p>

<p>Positioned directly opposite Broadbeach Park and within walking distance of Florida Gardens light rail station, the development would sit among a rapidly evolving stretch of Old Burleigh Road that has become one of the Gold Coast’s most active apartment development corridors.</p>

<p>The application joins a growing pipeline of luxury residential projects reshaping Broadbeach, including nearby developments by 5Point Projects, Polycell, and Graya.</p>

<p>The planning report argues the project contributes toward the Gold Coast’s long-term housing targets under the South East Queensland Regional Plan, which forecasts the need for more than 100,000 additional high-rise dwellings across the city by 2046.</p>

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<p data-end="305" data-is-last-node="" data-is-only-node="" data-start="0">The Abedian family departed Sunland Group in late 2023, ending a four-decade association with the company, and subsequently established the private development firm Abedian &amp; Co. The group is currently delivering <a href="https://www.apartments.com.au/new-apartments/greenmount-residences-cnr-hill-street-and-marine-parade-coolangatta-qld-4225">Greenmount Residences</a> at Rainbow Bay and recently launched <a href="https://www.apartments.com.au/new-apartments/18-mary-avenue-14-18-mary-avenue-broadbeach-qld-4218">18 Mary Avenue</a> in Broadbeach.</p>
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Joel Robinson

First look: Sunland Group returns to Broadbeach new apartment market with new Old Burleigh Road tower plans

<p style="text-align:start">The Minns Labor Government has established the new Bays West Delivery Authority to lead the development&nbsp;of the Bays West Precinct and Blackwattle Bay Precinct.&nbsp;</p>

<p>The Authority is charged with creating Sydney’s newest precinct, a thriving, connected, sustainable hub with White Bay Power Station as its cultural heart. Its vision is to build on the area’s natural, cultural and industrial history to shape a vibrant new neighbourhood.</p>

<p>The precinct will deliver up to 8,500 well-located homes, including a minimum of 10 per cent affordable and essential worker homes. Combine new housing with public open space, opening public access to the waterfront for the first time in more than 100 years, while retaining important deep-water facilities to support Sydney’s working harbour.</p>

<p>Located just minutes from the Sydney CBD and connected to a world-class metro, ferry, walking and cycling links, the Bays West precinct will rebalance housing growth towards well-serviced inner-city locations and help tackle the state’s housing crisis.</p>

<p>The Bays West Delivery Authority,&nbsp;an agency of the Department of Planning, Housing and Infrastructure, will report to the NSW Minister for Lands and Property who already has oversight of major precinct renewal projects including at Blackwattle Bay and Barangaroo.</p>

<p>As part of the broader Bays West transformation, the Minns Government recently announced that a proposal from Lendlease to redevelop part of the Bays West Precinct has progressed to Stage 2 of the NSW Government’s unsolicited proposals process.</p>

<p><img alt="Sydney" data-entity-type="file" data-entity-uuid="2ed71eb9-d8e8-4fa7-b9d1-de4531dcf2f3" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-25%20at%209.42.31%E2%80%AFAM.png?VersionId=IDryFIbped9SNDg72LEN_EecvhUsOPvp" /></p>

<p>The Minns Labor Government has also confirmed the Bays West precinct will have a new suburb name. This will be the first major suburb built in close proximity to Sydney’s CBD in decades and will encompass the area currently being referred to as Bays West, including Glebe Island and the White Bay Power Station. Served by a new Metro station just five minutes from the CBD, it will become one of the most populous suburbs in the Inner West and one of Sydney’s premier cultural destinations.</p>

<p>An early works program is taking shape, which&nbsp;includes the first stages of an international design competition.&nbsp;</p>

<p>The aim of the Bays West&nbsp;International&nbsp;Design Competition is to&nbsp;ensure design excellence is embedded in the project from the start. The competition will deliver an&nbsp;urban framework that defines the character, ambition and long-term identity of&nbsp;this&nbsp;former industrial precinct as it transitions to a vibrant, inclusive and sustainable residential&nbsp;neighbourhood.</p>

<p>The competition will be led by the Bays West Delivery Authority in partnership with Government Architect NSW.&nbsp;</p>

<p>It will launch with an invitation for a global Expressions of Interest, before moving to an invitation-only stage that will be assessed by a panel that&nbsp;will provide advice to Cabinet who will select a winner.</p>

<p>Premier of NSW, Chris Minns said the establishment of the new Authority is the first step in transforming the Bays West precinct into a vibrant, livable suburb minutes from the Sydney CBD and two stops from Hunter St Station on the Metro West line.</p>

<p>“The Authority will deliver well-located homes close to the heart of the city and integrate the new precinct with Blackwattle Bay and the new Sydney Fish Market.</p>

<p>“This is a generational opportunity to build a new suburb on the city’s edge and open the harbour foreshore to the public for the first time in a century.”&nbsp;</p>

<p>Minister for Lands and Property Steve Kamper said the new Bays West Delivery Authority established by the Minns Government will turbocharge the development of Sydney’s newest suburb.</p>

<p>“The Authority is working at a record pace to deliver an international design competition, planning pathways and a financial model so that this development benefits Sydney with well-designed homes in a central location, close to public transport, jobs, entertainment and essential services.</p>

<p>“If we want Sydney to stay liveable and affordable, we need to be bold about using underutilised government-owned land to deliver homes for the future while making sure essential working harbour functions can be accommodated.”</p>


Bays West Delivery Authority established to "turbocharge" Sydney’s newest suburb

<p>Around 400 additional homes could be built at Southwark Grounds on Port Road, lifting total site capacity from 1300 to around 1700 dwellings.</p>

<p>A recently approved code amendment would allow apartment towers of up to 14 storeys in some areas of Renewal SA’s redevelopment of the former West End Brewery.</p>

<p>Renewal SA Acting Chief Executive Shane Wingard said he welcomed the code amendment, with the increase in heights and homes making a positive impact on the supply of high-quality, well-connected housing close to the city.</p>

<p>“By going higher across some parts of Southwark Grounds, we are adding a substantial number of very well-located homes with little impact on project delivery time or planned open space,” Mr Wingard said.</p>

<p>Since the project officially launched in 2025, Mr Wingard said more than 12,000 enquiries had been received about living at Southwark Grounds.</p>

<p>“The very strong early interest we’ve seen since homes were first released in the precinct reinforces our plans to create more housing opportunities,” he said.</p>

<p>The Southwark Grounds code amendment was launched in December last year, with community engagement undertaken over five weeks from January.</p>

<p>It proposed increasing maximum building heights from eight to 14 storeys on the eastern section of Southwark Grounds, and to 12 storeys across the remainder of the site, with minimum building heights ranging from two to four storeys.</p>

<p>The code amendment was implemented through an Early Commencement policy in late January, allowing developers to quickly explore the viability of increased height and housing yield while other planning processes continue.</p>

<p>One of the first developers delivering apartment sites have already finalised redesigns to increase the number of apartments following the code amendment.</p>

<p>Samaras’ development adjacent to the future Colonel Light Park is now planning to deliver 125 apartments across 11 storeys, significantly greater than original plans of around 50 apartments across four storeys.</p>

<p>The developer is also exploring the potential for additional affordable housing outcomes.</p>

<p>Most of the apartments at Southwark Grounds will be delivered within a master-planned precinct on a large parcel of land on the eastern portion of the site, covering around two-thirds of its 8.4 hectares.</p>

<p>Wingard said detailed precinct planning over the coming months may identify further opportunities to increase yield further that could see total apartment numbers at Southwark Grounds, exceed this number.</p>

<p>Affordable homes at Southwark Grounds will also see a net increase, with Renewal SA maintaining its commitment to a minimum of 20 per cent affordable housing across the development.</p>

<p>&nbsp;</p>

<p>&nbsp;</p>

<p>Civil works have begun across the site, with construction under way on the first new roads surrounding a townhouse precinct in the south‑west corner of Southwark Grounds. This includes Renewal SA’s 17 Founder’s Row homes, which are on track for completion by Christmas.</p>

<p>“We expect to have people living at Southwark Grounds by the end of the year, so delivering roads and public spaces for those residents is among our highest priorities.”</p>

<p>Construction of 40 townhouses off Anderson Street, known as West Village and being delivered by Contour, is forecast to begin in mid‑2026. Kolabb’s Anderson Lane development will follow shortly after, delivering a further 26 townhouses.</p>

<p>Southwark Grounds is a state government‑led urban renewal project now set to deliver around 1,700 homes over the next decade.</p>

<p>Homes will be supported by a supermarket, a range of retail and hospitality offerings anchored by a revitalised Walkerville Brew Tower, a childcare centre, car parking and well‑connected public spaces.</p>


400 new homes planned for Adelaide's former West End Brewery site

<p>Brisbane developer&nbsp;<a href="https://www.apartments.com.au/developers/cavcorp">Cavcorp</a> has lodged plans for a new mixed-use residential development at <a href="https://www.apartments.com.au/new-apartments/55-wyandra-street-teneriffe-qld-4005">55 Wyandra Street</a>, Teneriffe, anchored by an 85-metre public laneway designed to reconnect the suburb’s riverfront with the Gasworks precinct.</p>

<p>The buildings, known as Teneriffe House and Teneriffe Lane, would replace the existing Queensland Cotton head office site with a 15-storey residential tower transitioning to eight storeys toward Helen Street. The project has been designed by Plazibat Architects and lodged as a code assessable development application for 93 apartments across a 3,401 sqm mixed-use site within the Newstead and Teneriffe Waterfront neighbourhood plan.</p>

<p>Central to the scheme is the transformation of an existing service easement into a publicly accessible cross-block connection linking Wyandra and Helen Streets. Cavcorp says the new laneway will act as both a pedestrian shortcut and a landscaped civic space between the Teneriffe Riverwalk, ferry terminal, and Gasworks precinct.</p>

<p><img alt="First Look: Cavcorp unveils Teneriffe House and Teneriffe Lane plans for landmark wellness tower in Teneriffe" data-entity-type="file" data-entity-uuid="26e7f058-b065-4de8-b13d-a2b8cb64dfcc" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/bldg.png?VersionId=sELS0ZKYi361oYipUa1BIKfe_.DLZoFV" /></p>

<p>“The revised proposal delivers a legacy public-realm cross-block link, permanently secured for community use, transforming an existing private easement into a safe, high-quality pedestrian connection between the Teneriffe heritage riverwalk and the Gasworks–Long Island precinct,” the planning report states.</p>

<p>The laneway will sit beneath a large subtropical loggia integrated into the podium levels of the development. The design incorporates deep landscaping, water gardens, lobby spaces, business lounges, and ground-floor apartments to create what Cavcorp describes as a climate-responsive “urban verandah.”</p>

<p>The tower itself has been designed as a slender form with recessed floorplates and curved translucent corners inspired by contemporary Japanese architecture. The building height aligns with the Commercial Road precinct controls, which permit towers up to 15 storeys within proximity to Longland Street.</p>

<p><img alt="First Look: Cavcorp unveils Teneriffe House and Teneriffe Lane plans for landmark wellness tower in Teneriffe" data-entity-type="file" data-entity-uuid="a8a17d40-43b6-4718-b3fd-67676fcbb485" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/pers%202_1.png?VersionId=i3VwDtp5AmL_8InW7w4qRbDFEpb744Jt" /></p>

<p>The project will comprise a mix of larger-format apartments aimed at owner-occupiers, downsizers, and families. The proposed apartment mix includes 11 loggia apartments across the lower levels, 50 four-bedroom Sky-Terrace apartments from levels three to seven, and 32 Sky-Pool Homes occupying the upper tower levels. The Sky-Pool Homes will feature private thermal plunge pools integrated into oversized balconies.</p>

<p>According to the application, the apartments are intended to reinterpret the scale and character of Teneriffe’s woolstore conversions and Queensland homes within a vertical residential format.</p>

<p>“The sky-pool homes build on Cavcorp’s previous projects and introduce a distinct apartment typology to Teneriffe, informed by both local and international precedent and responding to an identified market demand for enhanced safety, space and amenity,” the planning submission notes.</p>

<p>A major focus of the proposal is its five-level wellness and lifestyle offering, extending from the basement through to the rooftop.</p>

<p>Amenities proposed include a rooftop Swim &amp; Racquet Club with a 25-metre Olympic lap pool and tennis court, coworking spaces and libraries, golf simulators, wine storage, concierge facilities, business lounges, pet wash areas, and rooftop longevity-focused wellness spaces with spas, outdoor fitness zones, and landscaped terraces.</p>

<p><img alt="First Look: Cavcorp unveils Teneriffe House and Teneriffe Lane plans for landmark wellness tower in Teneriffe" data-entity-type="file" data-entity-uuid="944b352c-49b9-4247-a4c6-5967b4b69fda" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/amenity.png?VersionId=Ed_qKjAtMwFT.5gfl3jiA9QwdWxSMsaX" /></p>

<p>All parking will be concealed within basement levels accessed from Wyandra and Helen Streets. Cavcorp says the deep-basement engineering approach allows the entire ground plane to prioritise landscaping, pedestrian movement, and active frontage rather than vehicle infrastructure.</p>

<p>The development continues Cavcorp’s concentration in Newstead and Teneriffe, where the Brisbane developer has delivered a number of apartment projects including Lucent, Le Bain, and Luminare, as well as the Long Island Wellness Precinct nearby. Several of those projects have received national design and architecture awards, including recognition under Brisbane’s “Buildings that Breathe” program.</p>


Cavcorp unveils wellness-focused Teneriffe House and Teneriffe Lane apartment buildings

<p>Focus Group Investments has lodged plans for a new apartment development at <a href="https://www.apartments.com.au/new-apartments/64-70-hanover-street-fitzroy-vic-3065">64–70 Hanover Street</a> in Fitzroy, seeking to utilise the Victorian Government’s recently introduced Great Design Fast Track pathway to accelerate approvals for the project.</p>

<p>The proposal is among the latest developments to emerge through the state-led initiative, which was established to fast-track well-designed residential projects in activity centres and transport-connected inner-city locations. The pathway allows qualifying developments that meet elevated design and housing benchmarks to bypass traditional council planning timeframes and instead be assessed directly by the Department of Transport and Planning.</p>

<p>Designed by SJB, the development will comprise a mix of apartments above activated lower levels, with a strong focus on architectural articulation, landscaping, and communal amenity. The design response seeks to balance the industrial character of Richmond’s former warehouse precincts with a more contemporary residential form.</p>

<p><img alt="First look: Focus Group Investments taps Victoria’s Great Design Fast Track for Richmond apartments" data-entity-type="file" data-entity-uuid="abea51cc-d85b-479e-9aef-a589f3b37ca7" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/ground.png?VersionId=e1Kf8EyPWwyiVumtqQ4rM5S4GpOR3CCz" /></p>

<p>Proposed are 63 new dwellings, a wide ranging mix of studio, one-, two-, and three-bedroom apartments, and townhouses and duplexes. They will be spread across a part-three, part-eight storey building.</p>

<p>The Planning and Urban Context Report by Tract says the development is of an "exemplary architectural standard" and has been carefully crafted by SJB Architects.</p>

<p>"Dwellings&nbsp;will benefit from excellent access to natural light, cross-ventilation opportunities and extensive communal space," the report noted.</p>

<p>The architectural material highlights the project’s integration of landscaped elements and communal spaces throughout the building. The proposal also incorporates sustainability initiatives aligned with the Victorian Government’s push for higher-performing apartment developments under the fast-track program.</p>

<p>The Great Design Fast Track was unveiled by the Victorian Government in 2024 as part of a broader housing supply strategy aimed at accelerating the delivery of new homes. Projects assessed through the pathway must demonstrate high-quality architecture, sustainability outcomes, and housing diversity while being located close to public transport and existing infrastructure.</p>

<p><img alt="First look: Focus Group Investments taps Victoria’s Great Design Fast Track for Richmond apartments" data-entity-type="file" data-entity-uuid="afdbe834-8dc4-4a77-a943-ba07bc927348" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/site_11.png?VersionId=0J657j.TaChAZfp93wqJYBTqSsnREJx2" /></p>

<p>Focus Group, founder and led by Paul De Lutiis, is increasingly active across Melbourne’s inner suburbs, targeting well-connected urban renewal locations suited to medium and higher-density residential development. The Fitzroy proposal continues that strategy, leveraging the area’s strong transport links, established retail amenity, and proximity to the CBD.</p>

<p>Fitzroy has been one of the most popular spots for developers and buyers in recent years. The likes of PACE Development Group, SMA Projects, Crema Group and Chapter Group, currently selling projects in the suburb.</p>


First look: Focus Group Investments taps Victoria’s Great Design Fast Track for Fitzroy apartments

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<p><span>The prestige market, generally considered to be above $5 million in Sydney, has tended to move differently to the wider market, according to the latest Herron Todd White (HTW) residential report. </span></p>
<p>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.</p>
<p><span>"As the wider market bounced back quickly after the GFC on the back of low interest rates and government incentives for first home owners, the prestige market saw significant price declines as share markets and executive bonuses were hit hard.</span></p>
<p><span>"On the flip side, the prestige market was generally immune to the recent wider market decline between mid-2017 and mid-2019, with buyers in the prestige market not as susceptible to the tighter </span>lending policies which led to the downturn," the valuation firm said. </p>
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<p><span>Given the GFC experience, there must now be some concern for the prestige market around the current COVID-19 pandemic and its effect on share markets and both local and world economies.</span></p>
<p><span>"Prestige agents however are currently observing significant demand in the prestige space, particularly at the lower end, in the $5 to $7 million bracket," the valuation firm said. </span></p>
<p>The HTW notes that an example of this demand is a property at <a href="https://www.realestate.com.au/property/466-bronte-rd-bronte-nsw-2024" target="_blank">466 Bronte Road, Bronte</a> (pictured below) which sold through Phillips Pantzer Donnelley just five days into its auction campaign.</p>
<p><span> The renovated, three level, semi-detached home on 536 square metres of land sold in early March </span>for $5.48 million.</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/2020/4/27/bronte.jpg" alt=""></p>
<p>The selling agent advised that this was a common experience in this price range, with a large proportion of similarly priced homes not even making it to listing, as agents match unsuccessful purchasers to potential sellers of other properties.</p>
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<p><span>Another example of the current buoyancy in the prestige market is the recent sale of 8/41-43 Middle Head Road, Mosman, the report added. </span></p>
<p><span>The property reportedly sold for $6.9 million in the middle of February and was only on the market for 22 days (source: RP Data). </span></p>
<p><span>This property last transacted on 3 March 2018 for </span>$5.675 million with no obvious improvements made between sales.</p>
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<p><span>"The Sydney property market is considered to be a safe market to invest in compared to others around the world and with the Australian dollar falling significantly over the past month, interest from overseas purchasers and ex-pats is also likely to strengthen.</span></p>
<p><span>"Whilst there may be a softening of market conditions over the coming months as the number of COVID-19 cases in Australia increases and (hopefully) peaks, there are no current signs to suggest that there will be any long term downturn for the prestige market." </span></p>
<p><span><span style="text-decoration: underline;">Note regards COVID-19</span></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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j.ballantyne1990-6AQqhLzZaK

No current signs suggesting long term downturn for Sydney prestige market: HTW residential 

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<p>The CBD and inner Sydney suburbs are geographically within a relatively small area, however there are many sub-markets at play within these regions, according to the latest Herron Todd White (HTW) residential report. </p>
<p>The valuation firm took a look at what things traditionally matter to property markets and how current crisis is playing into decision making. </p>
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<p><span>As a generalisation, the report suggests some of the big- picture elements that impact on the market include interest rates, availability and ease of finance, affordability, changes to overseas purchasing and oversupply of new units in certain areas.</span></p>
<p><span>Interest rate cuts and improving general market sentiment along with a limited supply of established stock in many inner city areas have been some of the main drivers of strengthening market conditions and property prices over the past few months.</span></p>
<p><span>"With proximity to the CBD, public transport and lifestyle amenities, the inner city is a popular choice for first home buyers," the valuation firm said. </span></p>
<p><span>This market segment is </span>urrently performing well, with lenders favouring owner-occupiers over investors, interest rates at record lows and first home buyer incentives available from the government.</p>
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<p><span>Upgraders were hit hard when lending was tightened last year, however as interest rates have dropped and APRA regulations have been relaxed, buyers have returned to properties within the $2 million to $3 million bracket, the report notes. </span></p>
<p>A parkside residence at <a href="https://www.realestate.com.au/sold/property-house-nsw-five+dock-132908398" target="_blank">2 Heath Street, Five Dock</a> (pictured below) recently sold for $3.555 million (PriceFinder) after 26 days of its auction campaign (source: RP Data).</p>
<p><span>The property is built to a high standard with basement parking and enjoys views over the adjoining park.</span></p>
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<p><span>"Downsizers are also cashing in on the rising market, selling large suburban homes or inner city terraces and often entering the premium unit markets within the inner city, such as Jackson’s Landing at Pyrmont or Darling Point," the valuation firm said.</span></p>
<p><span>The properties typical </span>of the downsizer market are often tightly held, causing increased competition when one is offered to market.</p>
<p><span>Investor activity is improving due to relaxing APRA regulations and decreases to interest rates.</span></p>
<p><span> However, the recovery occurring within this market segment is generally more limited, even more so within modern medium and high density precincts.</span></p>
<p><span>The report notes some aspects are having noticeable effects on certain areas however, for example, interest rate reductions appear to be encouraging more activity and price growth particularly within the owner-occupier inner east and inner west suburbs, however this has not been as noticeable within higher density investor-focused suburbs such as Zetland and Waterloo in particular.</span></p>
<p><span>The number of new unit developments has slowed, largely as a response to tighter finance for developers. </span></p>
<p><span>"Sales agents are also reporting limited numbers of buyers for off the plan units due to the loss of confidence in the construction of such complexes after multiple incidents of major defects across Sydney. </span></p>
<p><span>"That being said, many complexes are under construction with existing pre-sales and this relatively concentrated supply pipeline of generic or investor grade stock is also causing the recovery within this market segment to be slower," the valuation firm said. </span></p>
<p><span>The slow down within this market segment is driving larger developers (with more financial clout) to improve their product offerings, such as Crown Group which has placed significant emphasis on the </span>architectural features of recently settled complexes in Green Square and the CBD.</p>
<p>Unfortunately some developers have been forced to cut costs and have delivered products that have underwhelmed their off-the-plan purchasers.</p>
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<p><span>"Infrastructure projects are also significant within these areas; the recent completion of the light rail from Circular Quay to Randwick, which has caused an uptick in interest throughout the CBD and Surry Hills, is translating to higher auction clearance rates and price growth," the valuation firm said. </span></p>
<p><span>Furthermore this is spurring growth in the neighbouring bridesmaid suburbs of Redfern and Darlinghurst.</span></p>
<p><span>A two bedroom apartment has recently been sold for $875,000.</span></p>
<p>Located at <a href="https://www.realestate.com.au/sold/property-apartment-nsw-redfern-133317118" target="_blank">93/146 Pitt Street</a>, the 96sqm apartment comes with open plan lounge/dining area, undercover balcony and kitchen with breakfast bar. </p>
<p><span>It's situated a stroll to village shops, bars and eateries as well as Redfern Station. </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/2020/4/14/redfern.jpg" alt=""></span></p>
<p><span>Furthermore, development around the Barangaroo precinct at the northern end of the CBD has improved the marketability of units in neighbouring Millers Point and Dawes Point.</span></p>
<p><span>The WestConnex Motorway project is also having some negative connotations for certain inner west suburbs such as Rozelle and Lilyfield in particular due to construction sites, interchanges, ventilation facilities and the unknown associated impacts for properties nearby.</span></p>
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Inner Sydney property market sees limited numbers of buyers for off the plan units: HTW residential 

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<p><span>Downsizers are playing a significant part in driving the local market in the Sutherland Shire, as they sell their larger family homes for smaller three- bedroom units or duplex homes, according to the latest Herron Todd White (HTW) residential report. </span></p>
<p><span>The valuation firm took a look at what things traditionally matter to property markets and how current crisis is playing into decision making. </span></p>
<p><span>"These types of properties appeal to the downsizer market as they cash in on their large family home for a more modern and low maintenance alternative," the valuation firm said. </span></p>
<p><span>Prestige units located in central </span>areas near transport and shops have always been popular with the empty nester demographic and more recently, low maintenance duplexes with a lift, minimal stairs or the ability to have a bedroom and bathroom on the ground floor are also proving popular.</p>
<p>A one bedroom apartment with parkland views in Miranda has recently been sold for $531,500.</p>
<p>Situated at <a href="https://www.realestate.com.au/sold/property-apartment-nsw-miranda-133200262" target="_blank">74/7-15 Jackson Avenue</a> (pictured below), the apartment is close to Miranda Station, shops, cafes and restaurants.</p>
<p>It comes with kitchen with gas appliances, enclosed balcony, sleek bathroom and lock up garage. </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/2020/4/14/miranda%201.jpg" alt=""></p>
<p>"We have also noticed a trend in the downsizer market to demolish the existing family home and build a duplex pair, staying in one and selling or renting the other," the valuation firm said. </p>
<p>The report notes upgraders have also been active in the market over the past six months, with young families moving from a unit or townhouse to a detached dwelling or duplex.</p>
<p>"Upgraders are looking for something near transport, schools and shops, and often prefer modern or renovated properties so that they can move in with nothing to do.</p>
<p>"This is a change to what we have seen in the past as this demographic tended to prefer a dwelling they could renovate themselves and therefore increase the value," the valuation  firm continued. </p>
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<p><span>First home buyers are generally attracted to two- bedroom units along the railway line, particularly from Sutherland to Cronulla.</span></p>
<p><span>A two bedroom apartment in Sutherland is currently on the market with a price guide of $600,000 - $650,000.</span></p>
<p>The two bedroom, one bathroom apartment is situated at <a href="https://www.realestate.com.au/property-apartment-nsw-sutherland-133409382" target="_blank">17/76 Auburn Street </a>(pictured below). </p>
<p><span>It comes with open plan living and dining area, covered </span>balcony, modern kitchen and double garage. </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/2020/4/14/sutherland.jpg" alt=""></p>
<p><span>However the recent increase in new unit complexes around the Miranda, Kirrawee and Caringbah areas created an oversupply with developers having to implement incentives such as cash back or stamp duty rebates to clear the remaining stock, the report notes. </span></p>
<p><span>"This oversupply issue has started to ease in recent months as the number of complexes under construction has reduced. Despite this we are still seeing examples of units that were completed mid 2019 for sale, with developers offering incentives to clear the remaining stock," the valuation firm said. </span></p>
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Sutherland Shire property market driven by downsizers: HTW residential 

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<p><span>The first home buyer market is more sensitive to general economic factors such as interest rate movement and fiscal policy, according to the latest Herron Todd White (HTW) residential report. </span></p>
<p><span>The valuation firm took a look at what things traditionally matter to property markets and provided some take on how current crisis is playing into decision making. </span></p>
<p><span>The report suggests that Localised factors such as supply levels also play a part, with affordability being a key market driver. </span></p>
<p><span>Brookvale is a popular sublrb for first home buyers, having one of the lowest median unit prices of $745,000 as at December 2019, in comparison to the Northern Beaches median of $875,000 (source: CoreLogic).</span></p>
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<p>"The area has seen strong development over the course of the past decade, resulting in a healthy level of stock that has consequently placed downward pressure on values," the valuation firm said. </p>
<p><a href="https://www.propertyobserver.com.au/images/2020/4/20/northern%20beaches%20.jpg" target="_blank">Click here </a>to enlarge: </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/2020/4/20/northern%20beaches%20.jpg" alt=""></p>
<p>Northern Beaches building approvals dropped drastically in 2018/2019 and are tracking at similar levels for the 2019/2020 financial year.</p>
<p>"There is a clear correlation between volume levels and building approvals and we would anticipate these factors to impact the first home buyer unit market," the valuation firm said. </p>
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<p><span>"For the upgrader market, we’ve seen strong demand from buyers outside of the Peninsular really driving this level of the market," the valuation firm continued. </span></p>
<p><span>Realestate. com.au reported that 2019 was the first time more outside buyers were searching for properties </span>on the Northern Beaches than those within.</p>
<p>The inner-west and eastern suburbs were key regions, with factors such as infrastructure upgrades including the B-line providing faster commuting options to the CBD, increase in flexible working arrangements allowing individuals to work from home more frequently, and the affordability of the area in relation to other Sydney regions proving key factors in this shift.</p>
<p><span>At the prestige end, Palm Beach is synonymous with prestige and a large number of these properties are owned by high net worth individuals from outside of the Northern Beaches, however </span>there is also a strong local prestige market along the coastline, 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/2020/4/20/Collaroy%20Plateau.jpg" alt=""></p>
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<p><a href="https://www.realestate.com.au/property-house-nsw-collaroy-133077790" target="_blank">67 Edgecliffe Boulevard, Collaroy Plateau</a> (pictured above) is currently on the market through Knight Frank with a reported initial guide of $10 million, roughly $5 million above the suburb record.</p>
<p><span>According to the HTW report, this brand new luxury asset is sure to appeal to both local and international markets due to the ultra-modern finishes, unique position and unbeatable views.</span></p>
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<p><span>"Whilst we have not seen any recent change in market sentiment and values to date, the outlook </span>for the prestige sector remains rather uncertain.</p>
<p>"If the current global economic turmoil continues, we consider this will likely have a negative impact on demand and value levels," the valuation firm concluded. </p>
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Northern Beaches prestige sector remains uncertain in the time of COVID-19 pandemic: HTW residential 

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<p>Herron Todd White, Australia’s largest independent property valuation and advisory firm, said easier access to existing equity in homes and investment properties would help ease financial pressure for Aussies during the COVID-19 crisis.</p>
<p><span>Gary Brinkworth, CEO of Herron Todd White, said both the government and regulators must urgently work with financiers to unlock this source of stored wealth and help struggling individuals and businesses through this unprecedented time.</span></p>
<p><span>“If ever there were a time to help Aussies get access to their stored-away property wealth, it’s during the Coronavirus emergency.</span></p>
<p><span>“The integrity and discipline of the current lending system can be preserved and leveraged to help property owners through this challenging period.</span></p>
<p><span>“We believe the time to act is now, to provide additional liquidity to eligible property owners to help them navigate these uncertain times, creating an opportunity to survive this downturn and establish a strong position which will help contribute to the economy.”</span></p>
<p><span>Mr Brinkworth said the COVID-19 crisis had highlighted how some Aussie property owners were ‘asset rich, cash poor’ and providing the ability for many property owners to access the equity in their assets is a clear way to not only survive the uncertainty of the next few months but position property owners to bounce back quickly.</span></p>
<p><span>“As property professionals, we realise the level of equity drawdown and the impact on property values due to COVID-19 will need to be part of the discussion, but it’s ludicrous to not have this conversation in the current climate.</span></p>
<p><span>“There’s an important role valuers will play in preserving the integrity of the financial system while unlocking additional liquidity during this challenging period. As such, we will be supporting our clients and our industry body, the Australian Property Institute, in their efforts to put this initiative front and centre.”</span></p>
<p><span>Mr Brinkworth said from his discussions with industry associates, finance providers seemed ready to act swiftly in making equity available to owners.</span></p>
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<p><span>“This kind of industry support and through Government incentives and the cooperation of the different stakeholders, should allow us to realise the potential of this initiative at a time when people need it most”.</span></p>
<p><span>Mr Brinkworth said the nation’s strong real estate sector had been a leading source of wealth building through decades of sustained value growth.</span></p>
<p><span>He said under normal circumstances equity was a wealth buffer for owners to reinvest or live on in retirement, but it should now be drawn upon as a financial safety net.</span></p>
<p><span>“We are calling on the government and regulatory bodies, to work together to make this possible, to encourage property owners to leverage their equity’.</span></p>
<p><em>Main Photo:<a href="https://theinsideinvestor.com.au/wp-content/uploads/2019/06/equity_release.png" target="_blank"> Equity Release/The Inside Investor</a>.</em></p>
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Property valuers call for equity release to ease financial burden amid COVID-19 pandemic: HTW

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<p><span>There’s been plenty of pain throughout Western Australia, but in many regions it appears that consumer confidence is on the up and consumers are spending again, according to a recent Herron Todd White (HTW) residential report. </span></p>
<p><span>The valuation firm asked thei</span>r valuers to give an educated outlook on the residential market in their service areas.</p>
<p><span>"We’re starting 2020 with a positive mindset. It’s been a hard slog over the past seven years as market conditions contracted in line with construction activity in the resources industry.</span></p>
<p><span>"We believe that 2020 will be an educational year for many market participants on several fronts and in different markets. We also believe that the market will once again be influenced by activity in the state’s resources sector. Both of these points should see investors return to the market, particularly in the second half of the year. </span></p>
<p><span>"In fact, we consider that late in 2020, many market participants will either have or be actively looking to purchase, but will come to realise that the choice of stock has become more limited throughout the year," the valuation firm said. </span></p>
<p><span>The report suggests a big driver this year is expected to be the resources industry.</span></p>
<p><span> 2019 was a relatively positive year in the industry. After a long period of routine maintenance, a construction phase has commenced, albeit not to the same extent as what occurred between 2006 and 2013. </span>Increased activity throughout Karratha in particular, but also Port and South Hedland, are lead indicators of demand.</p>
<p><span>Values in Karratha surged by double digits in 2019, with several suburbs in the town experiencing growth in excess of 20 percent for the year and the rental market being stripped of stock. </span></p>
<p><span>Construction projects in the inland Pilbara are expected to have further flow on </span>effects to Port Hedland, Newman and Tom Price, and the manpower required for these projects will positively affect net migration statistics.</p>
<p>"The big question this cycle is what will happen to wages? With extensive reconstruction projects occurring throughout many areas in the eastern states, will Western Australia attract enough skilled tradespeople to fill the order books? If so, what will that do to vacancy rates both in the Pilbara, but also in the fly in fly out base of Perth? What flow on effect will this create if and when investors return to the Perth housing market?</p>
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<p><span>"By the end of the year, we should have a decent indication of the scale this cycle will be," the valuation firm said. </span></p>
<p><span>The rental vacancy rate in Perth peaked in 2016 at 5.5 percent according to SQM Research and has been steadily declining since. </span></p>
<p><span>The rental vacancy rate stayed below three percent throughout 2019, reaching a low of 2.5 percent, which coincided </span>with a slight increase in the median rental amount.</p>
<p>According to REIWA, such a rate is representative of demand slowly outstripping supply and a good indicator that the median rental rate may continue to rise, subject to any increase in supply.</p>
<p>"Whilst a rate of 2.5 percent is somewhat high historically for Perth, we need to keep in mind that the majority of supply in the past seven years has been in outlying suburbs, hence we would expect that the actual rental vacancy rate in inner Perth is much lower and would be starting to look quite attractive to investors," the valuation firm said. </p>
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<p><span>"The outer suburbs are also interesting though and we do expect to see an increase in investor activity in these areas as well, but for a different reason," the valuation firm noted. </span></p>
<p><span>These oversupplied areas such as Ellenbrook, Baldivis, Clarkson and Piara Waters offer relatively new properties that may be more attractive from a depreciation point of view and </span>given the distinct lack of demand in recent years for near new dwellings in such locations, values have declined significantly.</p>
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<p><span>Ellenbrook currently has a median sale price of $346,000 and attracts a median rental of $330 per week, but there are more attractive offerings for bargain hunters.</span></p>
<p>For example, the property at <a href="https://www.realestate.com.au/sold/property-house-wa-ellenbrook-131681290" target="_blank">15 Boyagarring Gardens, Ellenbrook</a> recently sold for $335,000, comprising a 2013 built brick and tile dwelling on a 452 square metre allotment.</p>
<p><span>Prior to its sale, </span>it was rented for $380 per week whilst offering attractive depreciation benefits.</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/2020/3/16/ellenbrook.jpg" alt=""> </p>
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<p><span>The report notes similar examples can be found in Clarkson, a modern suburb in Perth’s northern coastal corridor. </span></p>
<p>The following property at <a href="https://www.realestate.com.au/sold/property-house-wa-clarkson-131547870" target="_blank">18 Walpole Place</a> sold for $350,000 in September, below Clarkson’s median house price of $363,500.</p>
<p><span> The property comprises of a 1995 built four-bedroom, two-bathroom dwelling on a 648 square metre allotment and is subject to a lease of $400 per week.</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/2020/3/16/clarkson.jpg" alt=""></span></p>
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<p><span>Similar examples are found throughout many of the establishing outlying areas of the Perth metropolitan area, where for several years the market has been dominated by first home buyer house and land packages, with minimal demandfor used dwellings placing continuous downward pressure on values.</span></p>
<p><span>"It will be interesting to see what happens in this space given the returns currently on offer for properties offering attractive depreciation benefits in a market where there are signs of an impending increase in demand. Watch this space!<br></span></p>
<p><span>"To be clear, we do not expect to see much capital growth in such suburbs throughout 2020, but there are other factors that may influence the purchasing decisions for market participants keen to buy in subdued market conditions, as opposed to the returns currently available in most other capital cities. Choice can play a large part in the buying decision and with stock on the market sitting at circa 12,000 properties, a quarter less than the same time last year, it’s obvious that the choice of stock available is on the decline," the valuation firm said. </span></p>
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<p><span>"At the other end of the scale, we have seen an increase in market activity in many more sought after areas. </span>These markets seemed to surge and pause throughout 2019 and caused a great deal of confusion as to where the market was at. What did become clear though, is that many market participants believed they had ample time to find the perfect property and quickly realised they had misread the market.</p>
<p>"We expect this to continue throughout 2020 as a sense of urgency returns to the market from those who missed out on previous offerings. In locations such as Nedlands, we are hearing (and witnessing) various surges in demand where the market will pause for a period of time, listings on the market slowly build and then a surge of demand will see multiple offers on many properties in a short period of time, or buyers who previously missed out on a property act swiftly with strong offers during the very early stages of a marketing campaign," the valuation firm said. </p>
<p>The report notes whilst the average property in Perth takes 84 days to transact, the median to achieve a sale in Nedlands is currently 26 days – not bad for a suburb with a median sale price of $1.63 million.</p>
<p><span>"Returning to the more affordable end of the scale, we do expect that we will start to see an increase in activity in established secondary markets as the rental market tightens and rental values start to rise later in the year. </span></p>
<p><span>"We expect to see </span>an increased sense of urgency from those who have been renting as they watch the availability of decent stock dissipate, forcing them into a return to the housing market. We also expect to see an increase in upgrade and exchange buyers – those buyers who have been considering relocating and the dwindling stock supply creates a sense of urgency. With transactions comes discussions between friends, colleagues and the like and real estate becomes the topic of choice at barbecues."</p>
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<p><span>In the apartment market, government intervention has resulted in a period of concern, the report noted.</span></p>
<p><span> In 2019, the Western Australian government announced stamp duty exemptions for off the plan apartments on the proviso that construction of the development had not commenced yet.</span></p>
<p><span> Whilst there is method to the madness (build demand that will lead to a construction boom at some point in the future), the immediate effect was that demand for established complexes or those currently under construction declined overnight. </span></p>
<p><span>It also placed an additional level of caution over the long-suffering apartment market, at the lower to middle value ranges anyway.</span></p>
<p><span>"We expect this to persist throughout 2020 as developers secure pre-sales prior to committing to commencement of construction," the valuation firm said.</span></p>
<p><span>"All in all, we see a fairly mixed bag for 2020, but largely a positive one. </span>We think that the market will educate itself that there is a finite time to bargain hunt and that trying to pinpoint where the bottom of the market is or was is a futile exercise, especially whilst above average returns are on offer.</p>
<p><span>"We see 2020 as a solid year for buyers ready to act on the choice of stock currently available, with the buying decision becoming harder later in the year and into 2021 as stock levels retract." </span></p>
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Perth property market to be driven by resources sector in 2020: HTW residential 

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<p><span>The Cairns economy and residential property market continue to plod along, according to a recent Herron Todd White (HTW) residential report. </span></p>
<p><span>The valuation firm </span>asked their valuers to give an educated outlook on the residential market in their service areas.</p>
<p><span>"Our best guess is that 2020 will look a lot like 2019 (which looked a lot like 2018)," the valuation firm said. </span></p>
<p><span>The report notes the $176 million redevelopment of the Cairns Convention Centre is due to commence in June 2020. With Riley, Bailey and Flynn (the Crystalbrook Collection Hotels) being finished, the first half of 2020 will lack a large construction project and the lack of activity may extend the normally quiet summer period further into 2020.</span></p>
<p><span>The changes to GST charges on foreign-flagged superyacht charters and predictions of a surge in superyachts visiting for leisure and maintenance is a real positive for Cairns and is exactly the type of stimulus needed to support the local property market.</span></p>
<p><span>2020 is an election year with council elections due on Saturday, 28 March 2020 and state government elections due on Saturday, 31 October 2020.</span></p>
<p><span>"Unfortunately the uncertainty elections cause tends to have a negative impact on market activity with people delaying decisions until after the dust has settled," the valuation firm said.</span></p>
<p><span>"If we had to have a wager on where the residential market would be in December 2020 our bet would be the same or slightly less sales than 2019 and median prices similar to or slightly below 2019." </span></p>
<p><span>A two bedroom apartment in Cairns CBD has recently been sold for $232,000.</span></p>
<p>Located at <a href="https://www.realestate.com.au/sold/property-apartment-qld-cairns+city-132182730" target="_blank">2/157 Grafton Street </a>(pictured below), the apartment comes with open plan living and dining, kitchen, balcony and two bedrooms upstairs.</p>
<p><span>The property last sold for $320,000 in 2005. </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/2020/3/9/cairns%20city.jpg" alt=""></span></p>
<p> </p>
<p>A current listing is a two bedroom apartment in Cairns City with uninterrupted views. </p>
<p>The apartment at<a href="https://www.realestate.com.au/property-unit-qld-cairns+city-132927182" target="_blank"> 3/138 Abbott Street </a>(pictured below) has been listed for sale with a price of over $400,000.</p>
<p>It comes with designer kitchen, open plan living, front patio and undercover parking.</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/2020/3/9/carins%202.jpg" alt=""></p>
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Cairns property market to continue to plod in 2020: HTW residential 

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<p><span>Overall Tassie’s housing market remained the star performer nationwide in 2019 with six of the top 10 suburbs all coming from the apple isle, according to a recent Herron Todd White (HTW) residential report. </span></p>
<p><span>The report notes many regions achieved above 10 percent growth and much of the state was above five percent.</span></p>
<p><span>"So what of 2020?</span></p>
<p><span>"Simply due to the strength in the local economy, population growth, near nil vacancy rates in the rental market and ongoing housing shortage, we feel that 2020 will deliver continued growth, a steady market in Hobart and we remain positive with regard to overall pricing," the valuation firm said. </span></p>
<p><span>The outer ring lower socio economic suburbs such as Bridgewater and Gagebrook have recently led the capital growth path. </span></p>
<p>"We would expect this to slow a touch as some realism comes back into the market," the valuation firm stated. </p>
<p>A three bedroom house in Bridgewater (pictured below) has recently been sold for $335,000.</p>
<p>Built in 2015, the house at <a href="https://www.realestate.com.au/sold/property-house-tas-bridgewater-132977278" target="_blank">24 Hurst Street </a>comes with three bedrooms, one bathroom, living and dining area, and kitchen. </p>
<p>The property last sold for $45,000 in 2014.</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/2020/3/16/bridgewater.jpg" alt=""></p>
<p>Middle and inner ring suburbs continue to experience firm demand conditions and upward pressure on pricing.</p>
<p>"We expect this to be ongoing," the valuation firm stated. </p>
<p><span>In the north, Launceston was one of the standouts in 2019 with solid growth through all price segments and most locations, the report noted. </span></p>
<p><span> Continued expansion of the tourism sector (yes, there is a crane in the sky), the impending commencement of the next stage of the university campus (sod to be turned </span>in January 2022) and a generally buoyant outlook would suggest that 2020 will be no different.</p>
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<p><span>The north-west coast and west coast regions continue to have their own economic challenges and in some regions, continue to struggle, especially the mining based townships along the west coast. </span></p>
<p><span>"We are expecting Devonport to continue its momentum of 2019. Burnie has no doubt turned the corner with a continuation of improved conditions during 2019. We expect both these major centres to continue upward in 2020," the valuation firm said. </span></p>
<p><span>A Georgian home in Devonport (pictured below) has hit the market with over $849,000 hopes. </span></p>
<p>The four bedroom, two bathroom house is situated at <a href="https://www.realestate.com.au/property-house-tas-devonport-132992210" target="_blank">13 George street</a>. </p>
<p><span>Set on a 1,095sqm parcel of land, the home comes with open plan kitchen, dining and living, sitting room, in-ground pool and dual length garage. </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/2020/3/16/devonport.jpg" alt=""></span></p>
<p><span>"The areas to watch for this year? </span>Climate change is now one of the main drivers attracting people to migrate to the state.</p>
<p><span>"Look out for the coastal towns, especially those that offer medical or nearby medical facilities such as St Helens (has medical facilities) &amp; Orford (one hour from Hobart). We are expecting to see the sea change and climate change effect continue, especially from Queensland and Western Australia as buyers seek to relocate to a milder climate. </span></p>
<p><span>"Cashing in the interstate family home, buying a very nice holding on the Tassie coast and having money left over in the bank to play with - what more could you want?" the valuation firm said. </span></p>
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Tasmania expected to see a steady property market in 2020: HTW residential 

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<p>2019 was a positive year not only for the Mackay residential market but for the general Mackay economy, according to a recent Herron Todd White (HTW) residential report.</p>

<p>The report notes a buoyant resource sector coupled with large infrastructure projects, particularly the Mackay Ring Road, saw increased employment opportunities and population growth throughout the year.</p>

<p>The residential market saw increased demand and slight capital growth. The rental market really gathered momentum in 2019, with vacancies below two percent and rental values increasing significantly.</p>

<p><span>"In 2019, Mackay’s economy was strong, we had record low interest rates and there were excellent employment prospects across most industries, but we only saw minor property value growth. </span>There are a number of factors that contributed to this," the valuation firm said. </p>

<p>[smartcode_project:default project_id=94823]</p>

<p><span>Firstly, the median house price for Mackay fell from $438,000 to around $340,000 at the bottom of the market, a drop of around $100,000. This equity reduction eroded the purchasing power </span>of a number of people who purchased property, particularly if they purchased at the height of the market.</p>

<p>Also, the strict lending policies of banks meant that a far greater deposit was required to purchase property.</p>

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<p><span>"As we head into 2020, there appears to be no slowdown in the resource sector with significant employment opportunities available," the valuation firm said.</span></p>

<p><span>Also, the Mackay Ring Road project is well underway, with the government approving Stage 2 and </span>the Walkerston Bypass being recently listed on the National Infrastructure Priority list.</p>

<p>Add the smaller local projects, including The Resource Centre of Excellence, retail expansion including Coles at Andergrove and the Northern Beaches Emporium development plus other council projects including the Mackay CBD to Harbour link, Queens Park revitalisation project and the Rotary lookout in North Mackay and all of these projects and opportunities should keep the economic recovery of Mackay continuing into 2020.</p>

<p>[smartcode_project:default project_id=94830]</p>

<p>The report notes interest rates are expected to continue at record low levels for the short term and there appears to be a softening of some of the strict criteria of the banks.</p>

<p><span>"So what do we think will happen to residential property in 2020? We think the momentum gained in Mackay over the past two years will continue into 2020. </span></p>

<p><span>"We anticipate modest price growth throughout the year across all market sectors, with rentals to remain tight. With continuing record low interest rates, good employment opportunities and a general feeling of optimism across Mackay, we think 2020 will be a good year for the residential real estate market." </span></p>

<p><span>A fully finished self contained apartment in Mackay has been listed for rent with a price of $340 per week.</span></p>

<p>Located at <a href="https://www.realestate.com.au/property-house-qld-mackay-417251618" target="_blank">4/24 East Gordon Street</a> (pictured below), the apartment comes with master bedroom, open plan living area, and well-equipped kitchen.</p>

<p>It is located within walking distance to the Town Beach and only a short drive to CBD.</p>

<p><img alt="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2020/3/9/mackay%20.jpg"></p>

<p>A three bedroom Queenslander situated close to Mackay CBD has been sold for $280,000.</p>

<p>Located at <a href="https://www.realestate.com.au/sold/property-house-qld-mackay-132385018" target="_blank">26 Juliet Street </a>(pictured below), the house comes with renovated kitchen, open plan lounge and dining, and functional bathroom.</p>

<p>It's situated close to restaurants, schools, sporting grounds and parklands. </p>

<p><img alt="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2020/3/9/mackay%202.jpg"></p>
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Mackay to see price growth throughout 2020 across all property market sectors: HTW residential 

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<p>2020 is shaping up to be a continuation of the previous tough few years for the Darwin residential property market with a number of factors still contributing to the current financial position of the Territory, according to a recent Herron Todd White (HTW) residential report. </p>
<p>The valuation firm asked their valuers to give an educated outlook on the residential market in their service areas.</p>
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<p><span>The report notes with some long-term projects getting the green light and more in discussion, the flow on effect will not be seen in 2020 and sentiment will continue to remain weak across the residential market and wider economy in general.</span></p>
<p><span>With the completion of the construction phase of the Ichthys Gas project and remaining construction workers now onto the next project, the focus shifts to what is next for Darwin and the Territory overall, as new projects are needed.</span></p>
<p><span> The $200 million CBD revitalisation including the newly announced CDU campus is well underway. </span></p>
<p><span>"It is hoped that with a more vibrant city as well as more bodies on the ground, will have a flow on effect for businesses and therefore uptake in CBD dwellings. This will have a direct positive impact on the residential unit market, with increased demand for rental accommodation in the CBD," the valuation firm said. </span></p>
<p><span>A two bedroom apartment in Darwin City has recently been sold for $390,000 (pictured below).</span></p>
<p>The near new apartment at <a href="https://www.realestate.com.au/sold/property-apartment-nt-darwin+city-124636170" target="_blank">P01/16 Harvey Street</a> comes with living and dining area, wrap around verandah and centrepiece kitchen. </p>
<p><span>The complex features lifestyle facilities including resort style pool, gymnasium and children's play 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/2020/3/16/darwin%20city.jpg" alt=""></span></p>
<p><span>Further projects such as the announcement of the $400 million ship lift facility, the $1.05 billion Todd Gold mine construction, $200 million Westin Hotel project, the $1.45 billion project Sea Dragon prawn farm and the longer term $20 billion sun cable project in Tenant Creek due to commence in 2023 that will supply 20 percent of Singapore’s </span>electricity.</p>
<p>"While these are positive announcements and major drivers of the economy long term, it is difficult to see an immediate positive impact in 2020 on the residential property space," the valuation firm said. </p>
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<p><span>"Looking at sales figures across 2019 it becomes clear that while sales volume appears to have increased particularly through the back end of the year, we have not seen any increase in equity and in most cases people are in a negative equity position," the valuation firm said. </span></p>
<p><span>While property prices remain low it makes it more difficult for local or smaller investors to re-enter the market and add to their portfolio. The REINT have reported that median house price as at the end of Sept 2019 of $460,000 is in line with 2009 prices, while median unit prices for greater Darwin of $294,000 is in line with March 2007.</span></p>
<p><span>A single level family home in Woodroffe (pictured below) is currently on the market with a price guide of $452,000.</span></p>
<p>The four bedroom, two bathroom house is situated at <a href="https://www.realestate.com.au/property-house-nt-woodroffe-132863710" target="_blank">38 Baldwin Drive</a>. </p>
<p><span>It comes with L-shaped living-dining area, centre kitchen, and alfresco patio overlooking lawns and in-ground 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/2020/3/16/woodroffe.jpg" alt=""></span></p>
<p><span>"Looking into the Crystal ball for 2020, we see the most action in the residential market will be first home owners. As prices continue to soften and in conjunction with the newly released First Home owner deposit scheme, we believe that some of the saturated unit market will be absorbed by first home owners and entry level homes due to the low price point. </span></p>
<p><span>"This Federal Government scheme, which allows a purchase for Territory dwellings of up to $375,000 with a five per cent deposit, should take some of the lower price point stock off the market," the valuation firm said. </span></p>
<p><span>The report notes the grants on offer certainly are not limited to first home owners.</span></p>
<p><span>"Currently in the territory we have on </span>offer, a $20,000 build bonus scheme if buying or building a new home from February 2019, limited to the first 600 applicants, a first home owner grant of $10,000 on new homes, Territory home owner discount, with up to $18,500 off stamp duty on the purchase of either a new or existing home for new home owners in the Territory and finally a $10,000 home renovation grant if buying your first home is an existing dwelling," the valuation firm added. </p>
<p>Only 200 of the 600 build bonus applications have been exhausted so there remains a strong stimulus to still be seen in the market.</p>
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<p><span>"It’s not all doom and gloom! Darwin presents great opportunity for the investor market with the highest yields for any capital city in the country. </span></p>
<p><span>"Investors can typically expect a gross return of over five per cent across both units and dwellings and with the lowest median house prices in the country at year end 2019, the entry into the property market is easier and in most cases a positively geared asset," the valuation firm concluded.</span></p>
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