The new <a href="https://www.apartments.com.au/new-apartments/yarraville-green-42-stephen-street-yarraville-vic-3013">Yarraville Green</a> development in Melbourne's inner west is showing that landscaping can be just as influential as architecture, with buyers responding strongly to the garden-first approach adopted from the outset by developer Excelon Projects and the project's design team.

Excelon appointed Six Degrees Architects and landscape architects SBLA to work collaboratively on the development, with a brief to create "a sustainable, design-led building with a focus on community."

That approach has resonated with buyers. According to Next Chapter Director Tom Hirini, who is leading the sales campaign, the landscaped communal garden has become one of the project's defining features, alongside its boutique scale and European-inspired cluster housing concept.

Local downsizers, right-sizers and established families already living in Yarraville and surrounding suburbs have accounted for the majority of purchasers.

[smartcode_project:default project_id=144913 project_image_fid=297740]

Yarraville Green will comprise 53 homes, including apartments and townhomes, arranged around the shared central garden to maximise connections to the landscaped open space. Parking has been moved underground, allowing the ground plane to be dedicated to greenery, pedestrian movement and communal spaces.

The landscape extends well beyond passive planting. Productive garden beds, a pergola, communal gathering spaces, garden sheds and a pet wash have all been integrated into the masterplan, creating spaces designed to encourage everyday interaction between residents.

[smartcode_project:default project_id=144913 project_image_fid=297741]

The interiors continue Excelon's focus on craftsmanship, incorporating bespoke elements by Melbourne artisans including leadlight detailing by Adadaz, hand-turned timber hardware by Auburn Woodturning and blown-glass lighting by Ruth Allen.

Sustainability has also been embedded throughout the project, with Yarraville Green targeting an average 7-star NatHERS energy rating through passive design principles, rooftop solar servicing common areas and rainwater harvesting for landscape irrigation.

[smartcode_project:default project_id=144913 project_image_fid=297735]

Construction continues to progress at Yarraville Green, with structural works well underway and framing works approaching completion under builder Balmain &amp; Co. The project remains on track for completion in mid-2027.

Apartments at Yarraville Green are currently priced from $625,000, while townhomes start from $1.4 million.

[smartcode_project_cta:default project_id=144913]

Joel Robinson

Garden-led design drives buyer demand at Yarraville Green

National diversified developer Fortis has officially launched Crest &amp; Walker, its latest Brisbane apartment development, with construction now underway on the 20-storey Newstead project.

Award-winning builder BINAH has commenced construction on the Bureau^Proberts-designed building, which will deliver a limited collection of 65 two and three-bedroom apartments on Kyabra Street.

[smartcode_project:default project_id=145922 project_image_fid=373556]

The project marks Fortis' fourth active residential development in Brisbane, following River House, which is nearing completion, alongside projects in New Farm and Hamilton as the national developer continues to expand its South East Queensland pipeline.

Fortis General Manager – Development Queensland Dan Boman said Crest &amp; Walker reflects the developer's long-term commitment to delivering design-led residential projects in Brisbane's established inner-city suburbs.

"We're proud to be strengthening our presence in Brisbane with Crest &amp; Walker, particularly in such a sought-after lifestyle destination as Newstead," Boman said.

"Every Fortis project is shaped by its context, and we approach each one with the respect and care it deserves.

"Our focus is always on creating places that feel connected to their neighbourhood and elevate the everyday experience for residents. Newstead continues to evolve as one of Brisbane's most sought-after urban communities, and Crest &amp; Walker reflects our ambition to contribute meaningfully to that story."

[smartcode_project:default project_id=145922 project_image_fid=373559]

Positioned between Gasworks Plaza and James Street, <a href="https://www.apartments.com.au/new-apartments/crest-walker-newstead-12-kyabra-street-newstead-qld-4006">Crest &amp; Walker</a> has been designed as a boutique residential address offering privacy and generous living spaces within one of Brisbane's most established lifestyle precincts.

The building features a contemporary brick podium softened by integrated landscaping, while the upper levels are characterised by restrained architecture and enduring materiality. Interiors have been designed to maximise natural light, acoustic performance and long-term liveability.

[smartcode_project:default project_id=145922 project_image_fid=373583]

Residences comprise spacious two and three-bedroom floorplans, with two-bedroom apartments priced from $1.55 million and three-bedroom, half-floor residences from $3.95 million.

Residents will have access to a wellness-focused rooftop featuring a swimming pool, sauna, steam room, landscaped dining spaces and outdoor lounge areas overlooking Newstead and the Brisbane CBD.

[smartcode_project:default project_id=145922 project_image_fid=373571]

Sales are being managed by Slaite Projects, with Fortis expecting strong demand from owner-occupiers seeking a high-quality, design-focused apartment in one of Brisbane's most tightly held inner-city suburbs.

Completion of Crest &amp; Walker is slated for late 2028.

[smartcode_project_cta:default project_id=145922]

Fortis expands Brisbane pipeline with launch of Crest & Walker in Newstead

The enormity of delivering a true skyscraper in Australia's new development market is often overlooked.

It has taken the best part of a decade since plans for Chevron One were first unveiled, but the 40-storey tower is now complete, with residents collecting their keys and moving into what has become one of the Gold Coast's most recognisable new landmarks.

Rising 127 metres above Chevron Island, Chevron One stands almost twice as high as any other building on the island. Its scale places it alongside the trio of towers at Jewel, arguably the last truly significant addition to the central Gold Coast skyline when they were completed around six years ago.

While there are several developments underway around a similar height to Chevron One, they are more concentrated within clusters of the highest towers in the city. The fact Chevron One sits within a developing precinct, looking back at the other high-rise developments in Surfers Paradise and Broadbeach, makes it a different proposition altogether. It will certainly become a reference point on the Gold Coast skyline.

[smartcode_project:default project_id=6515 project_image_fid=68833]

Developer Bensons Property Group is behind the 40-storey tower, which has just shy of 230 apartments, along with an exhaustive list of resident amenity spread across what is the largest development site ever assembled on Chevron Island.

The tower has been the talk of the town for years, says Ray White Projects Gold Coast agent Caitlin Rosenboom, who is selling the remaining apartments.

"People have been watching Chevron One go up for years," Rosenboom says, adding that many prospective buyers have been surprised by the scale of the views once they step inside.

"It's only when they walk through a completed apartment that they truly understand the position of the building," Rosenboom says.

"The views are jaw-dropping. Whether you're looking east over the ocean, across Surfers Paradise, along the river systems or out to the hinterland, every level offers something different but equally impressive."

[smartcode_project:default project_id=6515 project_image_fid=360215]

One of Chevron One's defining advantages is its location on the eastern side of Chevron Island on Stanhill Drive, a position which protects the views forever.

"There's only one row of houses between Chevron One and the water, and the height restrictions along the river means views from Chevron One can never be built out,"&nbsp;Rosenboom says.

While new apartment developments continue to emerge across the Gold Coast, Rosenboom says opportunities to secure a completed apartment with this level of outlook are becoming increasingly rare.

"The size of the site is something that would be incredibly difficult to replicate today," she says.

"That's allowed Chevron One to deliver the sort of amenity, open space and resident facilities that very few projects can offer. There are not many completed apartment buildings on the Gold Coast right now that can compete with the combination of scale, quality and amenity."

[smartcode_project:default project_id=6515 project_image_fid=68839]

There's around 2,000 sqm of amenity solely for the use of residents of Chevron One. Club One features a uniquely shaped swimming pool that mirrors the footprint of the building itself, set within a extensively landscaped gardens. There's also an indoor pool and spa, a fully equipped gym with a Pilates room, a yoga garden, a bookable private dining area and lounge that can host up to 30 people, and a 24-hour concierge service.

As for the buyers, Rosenboom is fielding enquiry from everywhere: Sydneysiders and Melburnians looking at the new and off-the-plan market following the changes in the Federal Budget, as well as those looking to relocate, through to South East Queenslanders seeking either a permanent home or a weekender bolthole.

"The Gold Coast lifestyle continues to resonate with people relocating from the southern states, and when they see the views and the quality of what's been delivered at Chevron One, it becomes very easy for them to understand the appeal," Rosenboom says.

A diverse mix of one, two and three-bedroom apartments remain available, with each offering "something a little different", be it the orientation and views, configuration, or level, to suit a wide variety of buyers.

The remaining apartments are ready to inspect in person, by appointment.

[smartcode_project_cta:default project_id=6515]

A decade in the making: Residents to move into Chevron One as construction wraps up

A general rule of thumb in new apartment developments is that the penthouses get the rooftop.

It's a formula that's become commonplace across Australia's apartment market. Residents might have access to a pool, gym or barbecue facilities on a dedicated lower level, but the most desirable outdoor spaces are typically reserved for the highest-priced homes at the top of the building.

<a href="https://www.apartments.com.au/developers/sherpa-property-group">Sherpa Property Group</a> has taken the opposite approach.

Rather than dedicating the rooftop to a handful of buyers, the Gold Coast developer has made it the centrepiece of its Flourish collection, creating expansive shared spaces from the best vantage point in the building.

The philosophy has reached its most ambitious expression at <a href="https://www.apartments.com.au/new-apartments/flourish-soleira-palm-beach-1150-1160-gold-coast-highway-palm-beach-qld-4221">Flourish Soleira</a> in Palm Beach, where two rooftop precincts connected by a skybridge will deliver one of the most extensive lifestyle offerings seen in a residential apartment project on the Gold Coast.

[smartcode_project:default project_id=150017 project_image_fid=374053]

"We're seeing a clear move toward developments that offer more than just an apartment," Sherpa Group founder Christie Leet said.

"People want spaces that support how they actually live, whether that's working from home, staying active, or spending time with family and friends.

"That's where amenity becomes critical. It's not just about what's included, but how those spaces are designed to be used every day."

[smartcode_project:default project_id=150017 project_image_fid=374052]

The breadth of amenity has already attracted buyers across multiple demographics. Younger first home buyers have been drawn to Soleira's one-bedroom apartments, a product rarely delivered in Palm Beach, while families have responded to practical inclusions such as the shallow children's pool adjoining the main lap pool and the extensive communal recreation areas.

Instead of a single rooftop, Soleira delivers two distinct lifestyle zones.

[smartcode_project:default project_id=150017 project_image_fid=372547]

The southern rooftop has been dedicated to wellness, featuring a gym, yoga and Pilates studio, work-from-home facilities, a wellness centre, spa, and hot and cold plunge pools.

The northern rooftop focuses on recreation and entertaining, incorporating a heated resort-style pool, private dining rooms, pizza ovens, barbecues, a golf simulator, children's recreation areas, and what is expected to be the Gold Coast's first rooftop basketball court, which will also double as a squash court.

[smartcode_project:default project_id=150017 project_image_fid=374054]

Beyond the rooftops, Soleira will introduce 1,500 sqm of curated retail beneath the towers, creating one of Palm Beach's first genuinely mixed-use lifestyle precincts where cafés, restaurants and convenience retail become part of residents' everyday lives.

Sherpa has also retained management rights across the development, allowing it to oversee the long-term operation of the building through a 24-hour concierge model. The developer is also exploring additional revenue streams within the precinct aimed at helping offset ongoing body corporate costs for residents.

[smartcode_project:default project_id=150017 project_image_fid=370962]

While Soleira is the largest project Sherpa has delivered, the rooftop-first philosophy has been evolving for several years.

It began with <a href="https://www.apartments.com.au/new-apartments/amargo-6-12-sixth-avenue-palm-beach-qld-4221">Flourish Amargo</a>, the first project released under the Flourish brand. Rather than competing at the ultra-luxury end of the market with oversized half-floor and full-floor residences, Sherpa focused on creating lifestyle-driven apartments supported by resort-style shared spaces.

Amargo introduced more than 800 sqm of rooftop amenity, combining wellness facilities, heated pools, entertaining areas, cabanas, pizza ovens and private dining spaces into what was designed as an extension of residents' homes rather than a facility used only occasionally.

[smartcode_project:default project_id=146527 project_image_fid=366550]

That approach continued with Flourish Oasis, where the same amenity-led philosophy was refined into a more boutique development. Strong demand from Sherpa's growing VIP database saw much of the project sold before it reached the broader market, reinforcing buyer appetite for apartment communities centred around shared lifestyle experiences.

Flourish Amargo is slated for completion mid-way-through next year, with Oasis to be delivered by late 2027. Flourish Soleira is expected to complete in 2030.

[smartcode_project_cta:default project_id=150017]

Sherpa takes amenity to the sky as Flourish Soleira captures booming Palm Beach demand

As apartment living continues to evolve across Sydney's growth corridors, the quality and distribution of shared spaces is increasingly shaping how residents experience home. Rather than functioning as add-ons, amenities are being embedded into the daily rhythm of a building, supporting everything from quiet retreat to social interaction, often within a single vertical community.

At <a href="https://www.apartments.com.au/new-apartments/aeris-melrose-park-nursery-street-melrose-park-nsw-2114">Aeris</a> in Melrose Park, this approach is resolved through a layered amenity offering that unfolds from ground level through to its upper podium. Developed by <a href="https://www.apartments.com.au/developers/sekisui-house-australia">Sekisui House Australia</a> in partnership with Hankyu Hanshin Properties, the project introduces 468 apartments across two towers and a mid-rise building, positioned at the highest point of the broader masterplan.

[smartcode_project:default project_id=426 project_image_fid=359199]

The amenity experience begins at street level, where two courtyards sit within a landscaped setting that connects residents to the wider network of parks and green spaces. These green spaces are not isolated pockets but part of a wider pedestrian network that links Aeris to the surrounding <a href="https://www.apartments.com.au/developments/melrose-park-nsw-2114">Melrose Park</a> precinct, including Central Park, future schools, and the Town Centre opening in July 2026. The result is a transition that moves from public to private without abrupt boundaries, allowing residents to pass through shaded, tree-lined environments before reaching the building itself.

Moving upward, the focus shifts to the level five podium, where the primary communal facilities are concentrated. This space brings together a 16-metre swimming pool, outdoor seating areas, and a communal BBQ zone arranged to take advantage of elevated outlooks. Seating is positioned beneath pergolas, creating pockets of shade that extend the usability of the space throughout the day. The pool edge aligns with views toward the wider district, reinforcing the sense of elevation that defines the project’s positioning.

In the adjacent building, this is complemented by quieter, more contemplative spaces, including an outdoor cinema set within the same level. Positioned to operate primarily in the evening, it introduces a different tempo to the shared environment, shifting from daytime activity to after-hours use without requiring separate zones.

[smartcode_project:default project_id=426 project_image_fid=360299]

The podium also accommodates an intimate private resident gym. Located on the lower levels, it gives residents convenient access to fitness facilities without leaving the building.

Above, the elevated podium sky deck extends the amenity offering, providing additional open-air spaces with elevated outlooks across the surrounding landscape. While more restrained in program, this upper level reinforces the project’s vertical progression, from ground-level greenery to elevated outlook, allowing residents to move between distinct spatial conditions within a single address.

This distribution of amenities reflects a deliberate response to how residents use space across the day. Sekisui House Australia Sales and Marketing Director Peter Kalaf points to the role these shared areas play in shaping buyer demand. Aeris has been conceived as more than a collection of apartments, with the podium pool, gym and outdoor cinema forming part of a broader lifestyle offering that extends the home beyond each individual residence.

[smartcode_project:default project_id=426 project_image_fid=360300]

What distinguishes Aeris is not the inclusion of these elements individually, but how they are arranged in relation to one another. Active, social, and passive spaces are layered vertically rather than separated, allowing residents to choose between them without leaving the building or moving far from their apartment. This proximity supports both routine use, such as a morning swim or evening workout, and more occasional gatherings, whether around the BBQ area or within the cinema setting.

The amenity design also sits within a broader framework of connectivity across Melrose Park. The Melrose Park Town Centre, anchored by Coles and Dan Murphys, features a mix of retail, dining, health and lifestyle offerings, bringing everyday convenience closer to residents. By the end of the year, more than five hectares of parks and open space, equivalent to around seven football fields of green space on residents' doorstep, will further enhance the precinct, allowing the internal facilities at Aeris to operate as an extension of the wider neighbourhood rather than a substitute for it.

Construction at Aeris continues to gather momentum, with ground floor slabs expected to be completed in late 2026 before the first sections of the buildings begin to rise above ground.

[smartcode_project_cta:default project_id=426]

Elevated amenity anchors daily life at Aeris, Melrose Park

International

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The International Monetary Fund (IMF) started a global house price index last year. 
They recently released a set of charts detailing their findings on world housing prices.
They continue to track house prices around the world. Their chart with annual percent change is based at Q2, 2014. It puts Australia fourth highest given a 7.4% gain.
Click to open in new windows: 
<a href="/news"> </a><a href="https://www.imf.org/external/research/housing/images/globalhousepriceindex_lg.jpg" target="_blank"><img src="https://www.imf.org/external/research/housing/images/globalhousepriceindex_600px.jpg" alt="chart of house price index"></a><a href="https://www.imf.org/external/research/housing/images/housepricesaroundtheworld_lg.jpg" target="_blank" style="font-family: Tahoma, Helvetica, Arial, sans-serif; font-size: 12.1599998474121px; line-height: 1.3em;"><img src="https://www.imf.org/external/research/housing/images/housepricesaroundtheworld_600px.jpg" alt="chart of house prices around the world"></a>
Credit growth Around the world:
<div>
<a href="/news"> </a><center><a href="https://www.imf.org/external/research/housing/images/creditgrowth_lg.jpg" target="_blank"><img src="https://www.imf.org/external/research/housing/images/creditgrowth.jpg" alt="chart of credit growth around the world"> </a></center>
</div>
House price-to-income ratio:
<div>
<a href="/news"> </a><center><a href="https://www.imf.org/external/research/housing/images/pricetoincome_lg.jpg" target="_blank"><img src="https://www.imf.org/external/research/housing/images/pricetoincome.jpg" alt="chart of house price-to-income ratio"> </a></center>
</div>
House price to rent ratio:
<div><center><a href="https://www.imf.org/external/research/housing/images/pricetorent_lg.jpg" target="_blank"><img src="https://www.imf.org/external/research/housing/images/pricetorent.jpg" alt="chart of house price-to-rent ratio"></a></center></div>
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jchancellor-FAypfDUnLy

Australia ranks fourth in IMF's global house price index

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There was little consensus on what the next move for interest rates in Australia was.
Several economists have changed their predictions from flat or rising rates through 2015 to forecasts of declines, while others maintain that the next shift will be up.
A key financial market indicator, <a href="https://www.sfe.com.au/content/prices/rtp15SFIB" target="_blank">the ASX 30 Day Interbank Cash Rate Futures</a> February 2015 contract, on 27 January revealed a 38% expectation of an interest rate cut to 2.25% at the RBA’s board meeting on 3 February. But, with the release of higher than anticipated inflation data for the final quarter of 2014 on 28 January, the indicator dropped sharply to 16%, suggesting much lower expectations of a rate cut in February.
Click to open in new window:
<a href="/images/2015/01/30/zoe-jan-30-onem.jpg" target="_blank"><img src="/images/2015/01/30/zoe-jan-30-onem.jpg" alt=""></a>
Source: global-rates.com, Property Observer research.
Some economists, including HSBC Bank’s chief economist for Australia and New Zealand Paul Bloxham, say the latest inflation figure means interest rates are now more likely to remain on hold through 2015 than be cut.
The RBA bases its interest rate decisions on a wide range of economic drivers. Local inflation figures are a critical component. But global economic factors such as falling oil prices and uncertainty in the economic outlook for Australia’s trading partners and other countries also have an influence.
Property Observer had a look at what central banks in other countries are doing with their official interest rates.
The RBA bases its interest rate decisions on a wide range of economic drivers. Local inflation figures are a critical component. But global economic factors such as falling oil prices and uncertainty in the economic outlook for Australia’s trading partners and other countries also have an influence.
Trading partners
China is Australia’s biggest two-way trading partner so its economic health is vital to Australia. China’s economy has been slowing and in November 2014 its central bank cut interest rates for the first time in two years in move to improve the situation. Its official interest rate is now at 5.6%, down from 6% in November.
Australia’s second largest trading partner is Japan. The Japanese economy has been in a poor state for years. Its official interest rate is just 0.1%.
The Federal Reserve, the central bank of Australia’s next biggest trading partner, the USA, has been vocal about its intentions to keep rates low for the near term. Its interest rate has been at 0.25% since December 2008, when the Fed slashed rates from 1%.
The table below shows the current interest rates of several major countries, the previous interest rate and the date of the most recent change.
As the table shows, many countries have been lowering interest rates. Most recently, at the end of January, Canada surprised markets by cutting rates, while Switzerland further lowered its negative interest rate, so customers must pay more to the central bank for holding their money.
Only a handful of countries have boosted rates in recent months, one being New Zealand, which is another of Australia’s top 10 trading partners. New Zealand lifted its interest rate in July last year to 3.5%.
While many countries manage monetary policy through interest rates, Singapore, another of Australia’s most important trading partners, manages its foreign exchange rate instead. On 28 January, the Monetary Authority of Singapore surprised the market by saying it would take measures to slow the rise of its dollar. This could be considered its version of cutting interest rates.
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zfielding-GvX3Uq9KTa

What central banks around the world are doing with interest rates

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A two level New York penthouse of the One57 condominium tower has been settled with the price of US$100.5 million, a record for Manhattan.
Unit 90, which spans the 89th and 90th floors of the 306-metre tower, has almost 1,020 square metres of space at One57 West 57th Street.
Bloomberg reported <a href="https://www.one57.com" target="_blank">One57</a>, near Carnegie Hall, broke ground amid the global property crisis (or rout as the US called it) in 2009, then setting off a high-end residential development boom. 
Sales at One57 began in 2011 and have topped $1 billion. As of the end of September, 24 of the project's 94 condos were unsold.
Another duplex at the building, spanning the 75th and 76th floors, is under contract at more than $90 million to an investment group that includes Bill Ackman, founder of New York-based hedge-fund firm Pershing Square Capital Management. 
The luxury skyscraper apartment building designed by French architect Christian de Portzamparc.
Extell is listed on the Tel Aviv Stock Exchange, where the company sells debt to investors.
City records show the mystery buyer was listed as P89-90 LLC, the sale having been first announced in May 2012.
The deal sets a new bar for the Manhattan residential market, breaking a record set in 2012 when former Citigroup, chairman Sanford Weill sold his penthouse at 15 Central Park West for $88 million to fertilizer tycoon Dmitry Rybolovlev.
The priciest closed sale of the year was hedge-funder Israel Englander’s purchase of the former French Ambassador’s residence at 740 Park Avenue for $71.2 million, the most ever paid for a NYC co-op. Broker Serena Boardman of Sotheby’s handled the listing, the realdeal.com reported.
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$100 million New York penthouse sale at One57

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Sydney has been ranked the third most unaffordable major property market in the latest annual Demographia International Housing Survey.
Melbourne took sixth spot on the unaffordability index.
Hong Kong was ranked the most unaffordable place to buy a house, followed by Vancouver.
The report noted historically, the median multiple had been "remarkably similar" in Australia, Canada, Ireland, New Zealand, the United Kingdom and the United States, with median house prices from two to three times median household incomes.
"However, in recent decades, house prices have been decoupled from this relationship in a number of markets, such as Vancouver, Sydney, San Francisco, London, Auckland and others," the report said.
<a href="/images/2015/01/19/unaffrodabe-jan-19-one.jpg" target="_blank"><img src="/images/2015/01/19/unaffrodabe-jan-19-one.jpg" alt=""></a>
Source: Demographia
The US was the most affordable place to buy a house of all the countries surveyed, with 14 major property markets ranked as being affordable.
New Zealand property values rose 4.9% last year, less than half the pace in 2013, according to recent QV figures, but Auckland ranked ninth.
The 11th annual Demographia survey analysed 86 major property markets in New Zealand, Australia, the United Kingdom, United States, Canada, Hong Kong, Ireland and Singapore.
<img src="/images/2015/01/19/unaffrodabe-jan-19-two.jpg" alt="">
Source: Demographia
The most affordable major metropolitan markets in 2014 were in the United States, which had a moderately unaffordable rating of 3.6. 
Canada and Ireland were rated "seriously unaffordable," with a median multiple of 4.3, along with Japan (4.4), the United Kingdom (4.7) and Singapore (5.0). Australia (6.4), New Zealand (8.2) and Hong Kong (17.0) were severely unaffordable.
Hong Kong's median multiple of 17.0 was the highest recorded (least affordable) in the 11 years of the Demographia International Housing Affordability Survey.
Click to open in new window: 
<a href="/images/2015/01/19/unaffrodabe-jan-19-three.jpg" target="_blank"><img src="/images/2015/01/19/unaffrodabe-jan-19-three.jpg" alt=""></a>
Source: Demographia
Again, Vancouver was second only to Hong Kong, with a median multiple of 10.6.
Housing affordability in Sydney deteriorated to a median multiple of 9.8, which was followed by San Francisco and San Jose (each 9.2). 
Melbourne had a median multiple of 8.7 and London (Greater London Authority) 8.5. 
Three other markets had median multiples of 8.0 or above, including San Diego (8.3), Auckland (8.2) and Los Angeles (8.0). 
For the 11th year in a row - each of the years the Demographia International Housing Affordability Survey has been published - all of Australia's five major metropolitan areas were severely unaffordable.
Sydney's median multiple of 9.8 was a substantial increase from last year's 9. It was based on an $812,000 median price and an $82,800 median household income.
Housing affordability also deteriorated in Melbourne, rising to a median multiple of 8.7 in 2014 from 8.3 in 2013, based on $658,000 and $75,900 income. Housing affordability deteriorated slightly in Adelaide (from 6.3 to 6.4 based on $410,000 median and $63,600 median income), Perth (from 6.0 to 6.1 $535,000 and $87,200) and Brisbane (from 5.8 to 6.0 $465,000 and $78,000). 
The top 10 most unaffordable city markets in the world:
1. Hong Kong 2. Vancouver 3. Sydney 4. San Francisco 5. San Jose 6. Melbourne 7. London 8. San Diego 9. Auckland 10. Los Angeles
Source: Demographia
Among all 378 markets, there were 98 affordable markets, 88 in the United States, five in Canada, three in Ireland and, for the first time, there were affordable markets in Australia, <a href="https://www.demographia.com/dhi.pdf" target="_blank">perhaps the only surprise</a> in what has been a highly repetitive predictable survey.
The most affordable surveyed Australian market was suggested as Karratha, in Western Australia's Pilbara, with a median multiple of 2.6. Kalgoorlie, also in Western Australia was judged the second most affordable Australian market, with a median multiple of 2.8. 
"These improvements appear related to resource industry related demand decreases," the report's author Wendell Cox noted.
But amid the smaller surveyed markets Tweed Heads sat in the highly unaffordable at a 9.1 median multiple and Port Macquarie, with a median multiple of 8.2. 
In 2008 the survey suggested Australia was perhaps the least densely populated major country in the world, but state governments there have contrived to drive land prices in major urban areas to very high levels, with the result that in that country housing in major state capitals has become severely unaffordable.
House price data for Australia is from multiple sources, the most important being the Real Estate Industry Association of Queensland (Queensland Market Monitor), the Real Estate Institute of Victoria, the Real Estate Institute of South Australia, the Real Estate Institute of Western Australia, Australian Property Monitors, the Real Estate Institute of Australia and various real estate internet web sites.  
The report noted in Australia, housing affordability multiples have been published that compare average household incomes and median house prices. 
"To make valid comparisons between international markets, it would be necessary to also calculate these "average/median" multiples for the markets outside Australia to which comparisons are made (and to provide historical data). However, "average/median" multiples have been inappropriately compared to median multiples," Wendell Cox advised.
"This treatment portrays Australian housing affordability, which is among the worst in the high-income world, more favorably than the reality." 
While Property Observer takes housing affordability seriously, the results of the report are, as noted, predictively repetitive. So which of the three most expensive cities would you prefer to live in? 
{mijopolls 75} 
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Only Hong Kong and Vancouver dearer than Sydney's severely unaffordable housing: 11th Demographia 2015 survey

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Global property portal Lamudi have compiled a list of five emerging international markets which are often overlooked.
They have used market trends, infrastructural developments and attractive commercial, residential and industrial real estate opportunities as markers.
<h3 style="text-align: left;" align="center">Lamudi's top five emerging real estate investment hotspots:</h3>
<ul>
<li>
Colombo, Sri Lanka
</li>
</ul>
Sri Lanka’s largest city and commercial capital is currently undergoing a dramatic transformation. Driven by Sri Lanka’s economic growth and infrastructure development, there has been greater urban migration towards Colombo, as well as a number of wealthy Sri Lankans moving back to the city following the end of the country’s civil war, leading to demand for both luxury and affordable housing.
<ul>
<li>
Cartagena, Colombia
</li>
</ul>
Colombia’s main platform for foreign trade, Cartagena’s ports, airport and close proximity to the Caribbean, Florida and Panama, position the city as a key investment spot. Renowned, international companies are putting down roots in Cartagena, taking advantage of Colombia’s 48 trade agreements and strategic location. Not only an industrial hub, Cartagena’s tourism industry is thriving, with world-class hotels investing in expansion in the city.
<ul>
<li>
Irbid, Jordan
</li>
</ul>
Investment in Jordan is primarily concentrated in real estate, financial services and tourism. Jordan’s third largest city by population, Irbid, has a number of attributes that create attractive opportunities for real estate investors. Considered the cultural capital of Jordan, Irbid is home to a number of universities, including Yarmouk University, the Jordan University of Science and Technology, and a number of businesses related to these institutions. Furthermore, the city acts as an important transportation connection between Amman, Syria and Mafraq.
<ul>
<li>
Naivasha, Kenya
</li>
</ul>
Located 90 kilometers northwest of Nairobi, Naivasha has attracted a number of developers into the region. Tourist attractions in and around Naivasha, such as the Lake Naivasha, Hell’s Gate, Aberdare Hills and Longonot National Park have led to the town’s development as a preferred getaway location, increasing demand for holiday homes in the area.With an environment conducive to both business and leisure, in addition to the availability of land, 2015 will see growth in residential, commercial and industrial real estate investment opportunities in Naivasha.  
<ul>
<li>
Faisalabad, Pakistan<a href="https://www.lamudi.pk" target="_blank"></a>
</li>
</ul>
Pakistan’s third largest metropolis has experienced a recent growth in development and construction as a result of the rapid growth of Pakistan’s economy. The city has a large industrial sector, brimming with investment opportunities; Faisalabad’s reputation as a major textile hub makes it an attractive option for commercial property investors, looking to expand into or within Pakistan. With a strategic location at a road and railway junction, and an international airport 15 kilometers from the city, Faisalabad is easily accessible for domestic and international investors.
Source: Lamudi.
{mijopolls 74}
Picture: Cartagena, Colombia. Source: Provided.
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Which of these emerging international real estate markets would you invest in?

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Queensland House, a six-storey building on The Strand in central London, has been listed for sale by the Queensland government.
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It is the office of the Queensland Agent General Ken Smith and his staff.
News Ltd papers suggest property agents tip up to $38 million for the 1980s office building.
<a href="https://www.allinlondon.co.uk/directory/1100/93666.php" target="_blank">393 The Strand</a>, which has retail premises, was reportedly purchased by the state for about $4 million.
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Queensland House, London offices set for sale by Queensland government

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New York ranks first, with Sydney sitting in second place when it comes to the latest Knight Frank forecast for 2015 luxury residential market price growth.
Rising business confidence and an increasing sense of political stability is helping to attract interest in Sydney from overseas, the Prime Global Cities Forecast report from Knight Frank said.
It tips 5% price growth in 2015 for Sydney luxury property markets.
Click to open in new window:
<a href="/images/2014/12/10/kf%20dec%2010%20two.jpg" target="_blank"><img src="/images/2014/12/10/kf%20dec%2010%20two.jpg" alt=""></a>
"The weak Australian dollar is adding to this momentum and also reviving interest from Australian expats," Knight Frank researcher Kate Everett-Allen said.
Knight Frank’s Global Cities Report has eight cities included in its forecast.
New York is back on top with luxury prices across Manhattan expected to accelerate by 5% to 10% over the course of 2015, with strengthening foreign interest from Chinese, British, Russian and Latin American buyers. 
"Sydney is also on the radar of foreign buyers but here limited luxury supply is pushing prices higher, so we forecast by up to 5% in 2015," Knight Frank wrote. 
The report noted Sydney was a beneficiary of the flow of wealth from economic or political crisis locations into ‘safe-haven’ markets.
"In markets like London, Sydney and New York, these flows tend to reinforce demand for established market neighbourhoods, with buyers focusing on wealth preservation and looking for mature and stable markets," according to Knight Frank.
The report pinpointed Sydney's eastern suburbs and the lower north shore.
But the report noted their was a risk of potential political interventions in the residential property markets given the prospect of "further debates" in Australia.
"The rising level of cross-border investment is likely to contribute to further debates in other parts of the world in 2015 (Canada, Australia, Dubai) on the impact of foreign buyers on local residential market affordability and stability," it said.
It noted the House of Representatives Standing Committee on Economics had delivered its review into foreign investment in Australia’s residential property market. 
"No additional restrictions have been placed on foreign purchasers buying in Australia but a list of recommendations have been made to ensure the rules are more rigorously enforced."
"The Significant Investor Visa program that attracts high net worth individuals will be refined and a Premium Investor Visa will be introduced on 1 July 2015; a more expeditious pathway to permanent residency for those meeting a $15 million threshold."
The Sydney forecast noted low interest rates are forecast with banks keen to lend at competitive rates.
The report noted luxury residential markets face a diverse range of challenges and opportunities in 2015, but now that stimulus measures have all but disappeared in the US and the UK, all eyes are on Europe and Japan and the extent to which they could halt the tentative global recovery.
"Of the eight cities included in our forecast we expect two to experience prices gains, one to see prices remain stable and five to see prices decline."
Dubai sits at the bottom of the Knight Frank forecast with prime prices expected to slip by 5% to 10% as limited supply and a growing appetite from Indian purchasers should cushion the market.
<img src="/images/2014/12/10/kf%20dec%2010%20three.jpg" alt="">
Source: Knight Frank
The full <a href="https://content.knightfrank.com/research/379/documents/en/prime-global-cities-forecast-q4-2014-2541.pdf" target="_blank" title="Prime Global Cities Forecast Q4 2014">Prime Global Cities Forecast </a>for city by city analysis by Kate Everett-Allen, says residential markets in the world’s leading cities are well-positioned to benefit from both the peaks and troughs of the global economy.
 
“As there are more purchasers in the prime end of the market, prices are now being achieved closer to the original asking price and in most instances, this was set by the owner several years ago," Knight Frank Australia associate director of residential research Michelle Ciesielski said.
 
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Sydney luxury residential to run second only to New York in 2015: Knight Frank

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With 15% annual price growth, Ireland leads the world in residential price growth.
But with subdued price growth in Dubai and much of Asia slowing, the Knight Frank Global House Price Index record a rise of just 0.1% in the third quarter of 2014 across its 54 surveyed countries.
Some 16 countries had zero or negative price direction.
Australia sat in ninth place with 9.1% annual price growth.
"For the first time in two years the <a href="https://content.knightfrank.com/research/84/documents/en/q3-2014-2540.pdf" target="_blank" title="Global House Price Index Q3 2014">Global House Price Index </a>came close to falling into negative territory," Kate Everett-Allen from Knight Frank research said.
"Muted growth in the third quarter comes on the back of jitters over the global economy, a lingering malaise in Europe and, in the US, a slower-than-expected housing recovery."
Ireland, having languished at the foot of the table for most of 2009 to 2012, saw prices increase by 15% in the year to September.
But Ireland remains 39% below their pre-crisis peak in 2007.
The turnaround in fortunes over the last 12 months (see below) included Spain.
<img src="/images/2014/12/10/kf%20dec%20120%20one.jpg" alt="">
Hong Kong and Dubai, by comparison, have seen price growth slow. 
No country has recorded an annual fall in house prices in excess of 10% for three consecutive quarters.
Dubai mainstream residential prices fell by 5.2% in the three months to September – the emirate’s first quarterly decline in prices in the last four years.
China’s slowdown continued with 58 of the 70 cities tracked by the National Bureau of Statistics recording price falls in the year to September.
In the US, the price of a single-family home increased by 4.8%, down on last quarter’s figure of 6.2%, with Miami pinpointed as the city with the strongest prices rising by 10.3% year on year.
The Knight Frank Global House Price Index was established in 2006 to allow investors and developers to monitor and compare the performance of mainstream residential markets across the world.
The index is compiled on a quarterly basis using official government statistics or central bank data where available.
The index’s overall performance is weighted by GDP and the latest quarter’s data is provisional pending the release of all countries’ results. 
<img src="/images/2014/12/10/houses-list-dec-10-oone.jpg" alt=""> 
Source: Knight Frank
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Ireland residential back on top, with Australia ninth fastest in world rankings: Knight Frank

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With the Australian currency at four-year lows of around US84.7c, there is little doubt that expatriates will be back holidaying here, with a keener eye for house purchasing.
A falling dollar makes local property less expensive for overseas buyers, especially opportune for expatriate Australians anticipating their return to Australia.
With the Australian dollar weaker, property is around 10% cheaper than the US94.9c it was just five months ago for those who are paid in foreign currencies.
The dollar is at the lowest levels since mid-2010. 
Purchasing has tended to peter out as the Aussie climbed higher and estate agents now expect overseas inquiries from expatriate Australians to increase.
But it doesn't necessarily mean higher prices.
In 2004 after plotting the correlation between house prices and US-Australian exchange rates since 1980, Rod Cornish from Macquarie Group concluded there was an interesting link between the rising dollar and house prices.
"Over the long term, house prices climb when the Australian dollar rises against the US dollar. The rate goes up when our economy is performing well, which means that inflation is held down so the Reserve Bank has less need to raise rates," Cornish said.
As a long-term trend, Cornish noted, a rising Australian dollar has almost the same effect on the economy as an interest rate rise.
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Expatriates to enjoy lower dollar house hunting over summer holidays

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GUEST OBSERVATION
There is a nice weather map cartoon by Matt featuring the UK characterised by the varied intensity of dinner table house price conversation. And it is not just that we are obsessed with property values. The dysfunctional national fixation both reflects and is reflected by media and professional hyperbolic language concerning what is going on in local and national housing markets.
For many years, my colleague Tony O'Sullivan and I ran courses for planners on practical housing market analysis. We regularly ran a workshop deconstructing newspaper house price stories as a way to make people more critical of data and more aware of the interests lying behind such stories. We were regularly told that this was also an effective way of breaking out of the mindset that rising house prices are “good” in some sense and that volatility and other housing ills were inevitable (a quick tour of international housing markets can also quickly put paid to that notion).
It is in this context that I approach the recent <a href="https://www.telegraph.co.uk/finance/personalfinance/houseprices/11192271/House-prices-fall-across-England" target="_blank">flurry of house price statistics</a> that some have claimed indicate evidence of a turning point, <a href="https://www.theguardian.com/business/2014/nov/18/uk-housing-market-average-price-slips" target="_blank">a slowing down or a correction</a>.
<h3>Slowing, but growing</h3>
The Nationwide’s UK house prices <a href="https://www.nationwide.co.uk/~/media/MainSite/documents/about/house-price-index/Oct__2014.pdf" target="_blank">October 2014 report</a> was headlined “annual house price growth continues to soften”. This was after a monthly increase (seasonally adjusted) of 0.5%, up from a 0.1% fall in September. The annual growth figure was 9.0%, down from 9.4% in September. The report then goes on to draw on corroborating evidence for a (modest) slowdown – but a slowdown in growth – so house prices are still rising by four times the rate of inflation, just not as quickly as they were. However, the forces said to be acting on house prices can be seen as working in both directions (and this does not appear to be formally modelled).
Earlier this week, the <a href="https://www.bbc.co.uk/news/business-30094813" target="_blank">ONS house price statistics</a> were published for the year to the end of September 2014. These suggested annual UK house price inflation of 12.1%, up from 11.7% for the 12 months to the end of August. Price increases were in double figures in England (12.5%) and the now-recovering Northern Ireland (10.9%) but less dramatic (though still substantial real-terms gains) in Scotland (7.6%) and Wales (5.8%).
Both Nationwide and ONS make serious attempts with large sample mortgage transactions data to quality adjust for the mix in properties. They are tried-and-tested approaches.
A <a href="https://www.thisismoney.co.uk/money/mortgageshome/article-2836703/Fresh-signs-cooling-housing-market-Rightmove-reports-1-7-fall-asking-prices-November-growth-seen-paused" target="_blank">different approach is provided by Rightmove</a>. Their property blog this week reports market movements inferred by estate agent business, the prices of property coming on the market and whether they are rising or falling – and the volume of online visits. This is clearly useful additional information about market sentiment and activity but it is also about doing explicit estate agency marketing business (which is fair enough). It also reports that while prices coming on the market have slipped back by 1.7% in the current month, nonetheless overall annual house prices are 8.5% higher.
Finally, the <a href="https://www.telegraph.co.uk/finance/newsbysector/constructionandproperty/11242967/At-this-rate-well-never-solve-the-housing-crisis" target="_blank">official housebuilding figures</a> added to our picture in England – 116,000 units completed in the year to September, up 8%. That represents a positive outcome, but still well below the widely agreed figure of 200,000-plus required year-on-year. It is also the case, however, as pointed out by the <a href="https://www.cityam.com/1416534106/london-leads-uk-wide-house-price-slowdown" target="_blank">Chartered Institute of Housing</a>, that the building figures actually fell by 10% in the final quarter of that 12 month period.
<h3>Plausibility</h3>
What are we to make of it? How do we get behind these numbers? We need to work out just what does the idea of a national market actually means except as a crude aggregate indicator – housing markets after all are fundamentally local, spatial and inherently complex. Also, house prices are exemplars of the difficulty in measuring the reality of underlying trends because homes are fundamentally idiosyncratic and individualised (and need rigorous quality adjustment so we can compare like with like).
I think we should always approach these house price stories by adopting the following checklist of tests:
<ol>
<li>What type of house price data is being used: what time period is being compared, at which geographic scale, what is the sample size and how representative is it, how is differential quality adjusted for, are we measuring prices in real or nominal terms and are we using prices or indices?</li>
<li>Re-read the analysis removing all descriptive adjectives and adverbs and root out all hyperbole.</li>
<li>Identify all assumptions about the housing system. My preference, for what it is worth, is that we should aim for real house price growth of zero per cent, that is that house prices grow at the same rate as general prices over the long term.</li>
<li>Can we, looking at the data, see a genuine pattern or trend in the data, or is it just noise?</li>
<li>Is there a plausible narrative and one that is as rigorous as the data would allow?</li>
</ol>
Here is the crux. If we apply these tests to the numbers we have seen recently, then it is clear that rising real house prices mean that housing relative to everything else is still getting more expensive and less affordable.
The figures above, though by no means identical, suggest the house prices are still rising at several times the rate of general prices and this is now occurring widely across the UK. Calling this a correction misses the point – it is not the “plausible narrative” we seek. Just ask <a href="https://theconversation.com/rise-of-generation-rentier-with-buy-to-let-property-shaping-up-as-new-annuity-for-pensioners-25294" target="_blank">Generation Rent</a>.<img src="https://counter.theconversation.edu.au/content/34335/count.gif" alt="The Conversation" width="1" height="1" style="line-height: 1.3em;">
Kenneth Gibb is professor of housing economics at <a href="https://theconversation.com/institutions/university-of-glasgowhttps://www.gla.ac.uk/" target="_blank">University of Glasgow</a>.
Kenneth receives funding from ESRC, Scottish government, Joseph Rowntree Foundation, Shelter and the Wheatley Group.
This article was originally published on <a href="https://theconversation.com">The Conversation</a>.
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