Sydney may hold the dubious honour of being the world’s second most expensive housing market, outpriced only by perennial leader Hong Kong, but its appetite for prestige property shows no sign of slowing. At the heart of it all sits Sydney Harbour, where waterfront apartments command eye-watering prices that show few signs of slowing.

According to Westpac’s August Prestige Market Overview, the city’s luxury sector continues to outperform expectations, with top-end values rising 6.2 per cent across 2024. Over the past decade, prices for Australia’s most exclusive apartments have surged more than 40 per cent, while available listings remain nearly 20 per cent below pre-pandemic levels, data from Cotality reveals.

Much of Sydney’s recent luxury boom has centred on Circular Quay and Barangaroo, two glittering precincts now home to some of the country’s most expensive real estate. Yet one of the city’s most iconic waterfronts has, until now, remained surprisingly underdeveloped: Darling Harbour.

Long known as a playground for tourists and locals, Darling Harbour has never truly offered the chance to live there, until now. Recognising the untapped potential of this prime harbourfront, development powerhouse Mirvac has taken the lead in reimagining the precinct. The company is at the centre of a wider $15 billion revitalisation that will elevate Darling Harbour’s prestige to rival its glamorous neighbours.

At the heart of the transformation is Harbourside Residences, a $2 billion glass tower rising from the redeveloped Harbourside Shopping Centre. The project brings together an international design collaboration between Norwegian architecture firm Snøhetta and Australian practice Hassell, with interiors by Bates Smart. The tower will house 260 residences, with the yet-to-be-released penthouse collection, six sub-penthouses and three full-floor penthouses, expected to rank among Australia’s most exclusive homes.

[smartcode_project:default project_id=141327 project_image_fid=352378]

Buyers have already responded in force. The project’s first apartment release late last year became the most successful launch in Mirvac’s 54-year history, recording more than $700 million in sales in just one weekend, with more than $800m total pre-sales to date. Prices ranged from $1.7 million to $25 million, with more than 40 per cent of purchasers being repeat Mirvac buyers, a testament to the developer’s reputation for quality and delivery.

Mirvac has now unveiled the tower’s most coveted homes: a collection of three- and four-bedroom residences positioned across the upper levels of the 48-storey building. From this vantage point on the western edge of Sydney Harbour, residents will enjoy a striking and rarely seen perspective of both the city skyline and the water.

[smartcode_project:default project_id=141327 project_image_fid=352369]

Inside, luxury extends far beyond the apartments themselves. Harbourside Residences will feature wellness amenities on par with a five-star resort, including a traditional sauna, steam room, ice bath, indoor lap pool, gymnasium, and yoga and pilates studio. Private leisure spaces cater to the growing desire for exclusive community living, with a residents’ lounge, private dining rooms with commercial and show kitchens, a cinema room, and even a golf simulator.

Outdoors, the experience is just as impressive. Landscaped garden terraces frame a lagoon-style pool that looks directly across the harbour, offering some of the most intimate city views anywhere in Sydney.

[smartcode_project:default project_id=141327 project_image_fid=352372]

Construction of Harbourside Residences is well underway. Mirvac, which designs, builds, and delivers its own projects, a model that reduces risk and ensures consistency, expects completion in late 2027. When finished, it will not only redefine Darling Harbour living but reshape Sydney’s skyline once again.

[smartcode_project_cta:default project_id=141327]

Joel Robinson

Sydney’s next great waterfront: Darling Harbour steps into the spotlight

Boutique development and construction firm <a href="https://www.apartments.com.au/developers/hsn-property-group">HSN Property Group</a> is the latest to seek a new apartment development through the NSW Government's&nbsp;Housing Delivery Authority.

They've filed a State Significant Development Application for a nine-storey building across nine consolidated lots on <a href="https://www.apartments.com.au/new-apartments/2-16-spencer-street-rose-bay-nsw-2029">Rose Bay's Spencer Street</a>, just 400m from the centre of the affluent suburb.

“The site’s location and context make it well suited to support a more diverse and sustainable residential offering in the area,” the developer stated in community consultation materials.

The plans are for 54 apartments, 14 of which will be dedicated to affordable housing. There will be a mix of two- and three-bedroom apartments.

The proposal aims to contribute to housing diversity in the Woollahra Local Government Area while taking advantage of recent Low and Mid-Rise Housing Reforms introduced under the NSW Housing SEPP, according to the Scoping Report prepared by Urbis.

The architecture, led by <a href="https://www.apartments.com.au/architects/mhn-design-union">MHNDU</a>, reflects a "contemporary design approach sensitive to the character of Rose Bay." Communal amenities will include a wellness area with a pool and sauna, a gym, a wine lounge, and landscaped spaces with barbecue facilities.&nbsp;

“The proposed development will offer a suite of premium communal amenities designed to enhance resident wellbeing, foster social connection, and promote a healthy lifestyle,” the project team notes in its public materials.

Three levels of basement parking are planned, and EV charging facilities will be included, aligning with sustainability and transport objectives. A comprehensive traffic study is underway to assess and manage local impacts.

With 54 apartments, the proposal by HSN will be one of the largest developments in Rose Bay for decades. It tops the 50 apartments soon to launch by Orosi on <a href="https://www.apartments.com.au/new-apartments/the-avenue-rose-bay-1-the-avenue-nsw-2029">The Avenue</a>, near the Royal Sydney Golf Club.&nbsp;

First look: HSN plans Spencer St, Rose Bay apartment project

Lendlease’s Barangaroo South precinct is officially complete, marking the culmination of a 15-year urban regeneration project that has revitalised Sydney’s harbourfront.&nbsp;

In 2009, the NSW Government’s Barangaroo Delivery Authority appointed <a href="https://www.apartments.com.au/developers/lendlease-development">Lendlease</a> as developer to transform what was once an inaccessible container port on the western edge &nbsp;of Sydney’s CBD into one of the city’s most thriving mixed-use destinations. Today, Barangaroo South is home to more than 1,800 residents, 23,000 workers, 95 retailers and welcomes 33,000 visitors each day. The precinct stands as an international benchmark for large-scale urban regeneration.&nbsp;

International Towers Sydney, the three flagship commercial buildings at the centre of &nbsp;Barangaroo South, together with engineered timber buildings Daramu House and &nbsp;International House, attracted major corporate tenants from the outset, including Westpac, &nbsp;PwC and KPMG, who are still there today. These workplaces remain some of the most &nbsp;sought after in Sydney’s CBD with over 95 per cent occupancy– a testament to the appeal of world-class, modern infrastructure alongside the precinct’s dining and entertainment that &nbsp;are a drawcard for businesses.&nbsp;

One Sydney Harbour, the three luxury residential towers designed by world-renowned architect Renzo Piano, has achieved more than $4 billion in sales since its launch in 2019, while setting new Australia property price records. This includes the three-level penthouse that crowns Residences One which sold for more than $141 million in 2019 – the most expensive individual residential property ever sold in Australia. &nbsp;

[smartcode_project:default project_id=139801 project_image_fid=349150]

Barangaroo South is also Australia’s first mixed-use carbon-neutral development, an accolade achieved through energy-efficient and innovative infrastructure, including a district cooling plant with a harbour water heat rejection system, a recycled water &nbsp;treatment plant, onsite solar and an embedded electricity network.

The precinct has maintained its Climate Active Carbon Neutral certification since 2019, affirming its &nbsp;reputation as the gold standard in large scale, sustainable urban renewal. Additionally, its &nbsp;world leadership status has been validated by the Green Building Council of Australia’s &nbsp;6 Star Green Star Communities recertification (Pilot v.2).

[smartcode_project:default project_id=139801 project_image_fid=349157]

First Nations cultural values were embedded throughout the planning and delivery of the project. The precinct honours Barangaroo, a prominent First Nations woman, through its &nbsp;name. Public art, street names, and design elements across the precinct reflect and &nbsp;celebrate First Nations cultures and connections to Country.&nbsp;

The project's completion positions Barangaroo South as a legacy urban transformation delivered through long-term partnerships and world-leading urban regeneration and placemaking capabilities. &nbsp;

[smartcode_project:default project_id=139801 project_image_fid=349154]

Tony Lombardo, Group CEO Lendlease, said&nbsp;Barangaroo South represents one of the most significant urban regeneration projects in Australia.

"[It] demonstrates what can be achieved through an ambitious vision, innovative placemaking, long-term commitment and strong partnerships. The precinct has changed the face of Sydney's waterfront, established new benchmarks &nbsp;for sustainable development, and provided a model for urban regeneration that continues &nbsp;to inform our approach to creating places that deliver long-lasting value.”&nbsp;

Tom Mackellar, CEO Development Lendlease, said&nbsp;Barangaroo South has reconnected the city to its harbour in a way that seemed unimaginable 15 years ago and turned it into a thriving precinct where people can live, work and gather on the harbour’s edge.&nbsp;

“This precinct is the result of countless contributions, led by the NSW Government who set the ambition, supported by investment partners who believed in Lendlease’s vision, imagined by architects and designers, shaped by consultants and artists, and brought to &nbsp;life by our dedicated construction teams. &nbsp;

“What we’ve created here is more than buildings – it’s the best of placemaking, sustainability, arts and culture and quality design. Barangaroo South has become an integral part of Sydney that will serve our city and economy for generations.”

Staff Writer

Barangaroo South’s 15-year transformation of  Sydney’s waterfront officially complete

CBE Asia Pacific has lodged plans for a prominent corner site in Fitzroy North, with a proposal that integrates state-significant affordable housing alongside heritage adaptation and new retail.

The application covers a consolidated 2,024 sqm parcel at 201–215 Queens Parade and 6–12 Dummett Crescent. The site includes the heritage-listed Former Clifton Motor Hill Garage, fronting Queens Parade, and vacant land to the rear abutting Dummett Crescent.

According to planning documents prepared by proUrban, the proposal seeks approval for a 12-storey residential building comprising 98 apartments, including a component of affordable housing, over a ground floor retail podium integrated within the heritage structure. Approximately 780 sqm of retail space will occupy the ground floor, while residents will have access to over 850 sqm of communal amenity.

The built form presents as two connected volumes: a 12-storey tower addressing Dummett Crescent and a five-storey volume fronting Queens Parade, the latter consistent with a separate Heritage Victoria permit granted in 2023. The tower reaches a maximum height of 38.26 metres, with upper-level setbacks of 14 metres from the western boundary to reduce visual bulk. A 1.5-metre footpath widening is proposed to Dummett Crescent Lane.

Parking is provided across four basement levels, accessed via Dummett Crescent, with a total of 142 car spaces and 143 bicycle spaces.

The architectural response by <a href="https://www.apartments.com.au/architects/cht-architects">CHT Architects</a> is framed by a need to reconcile new density with a sensitive heritage overlay. The Former Clifton Motor Hill Garage, identified as a place of State heritage significance, will retain its key façades, with demolition and reconstruction limited to approved elements.

As noted in the Heritage Impact Assessment, the proposal remains consistent with the Heritage Victoria permit, which allows "partial demolition, reconstruction and new works, involving the construction of a five-storey multi-use development and three basement levels".

Affordable housing has been embedded into the proposal under Clause 53.23, with specific apartment allocations aimed at enhancing housing diversity within the Queens Parade Activity Centre.

"The proposal is generally consistent with the relevant policy objectives and the intent of the Yarra Planning Scheme," proUrban states in its planning assessment, citing its alignment with strategic documents including Plan Melbourne and Victoria’s Housing Statement.

CHT Architects' plans emphasise a tiered design that acknowledges the site's varied interfaces—from the elevated Heidelberg Road ramp reserve to the recently built Clifton Views aged care facility to the north-east.

CBE Asia Pacific has not been previously active in this precinct, but the project joins a wave of higher-density residential proposals along the Queens Parade corridor, spurred by Melbourne’s broader push to increase affordable housing in well-connected inner-urban areas.

The site benefits from direct access to the Queens Parade tram corridor and proximity to Clifton Hill Station (approximately 200 metres), as well as green open spaces including Mayors Park and Raines Reserve. Clifton Hill Primary School and the Queens Parade retail village lie within walking distance.

First look: CBE Asia Pacific plans 100-apartment Jenkin House on Queens Parade, Fitzroy North

ALT Pasta, one of Melbourne’s most beloved inner-city pasta bars, has been confirmed as one of the first tenancies for the highly anticipated <a href="https://www.apartments.com.au/new-apartments/comme-prahran-182-194-commercial-road-prahran-vic-3181">Comme Prahran</a> development, marking an exciting next chapter for the cult favourite as it prepares to expand into the heart of <a href="https://www.apartments.com.au/developments/prahran-vic-3181">Prahran</a>.

Fresh off being named National Best Italian Restaurant at the 2025 Restaurant &amp; Catering Hostplus Awards for Excellence, ALT continues to solidify its reputation as a quietly confident leader in Melbourne’s dining scene. Lauded for its reinterpretation of Italian pasta through a Korean and Japanese lens, the restaurant has grown into a staple since opening three years ago, and its new Prahran outpost will only deepen its local impact.

“From the very beginning, ALT has been about respect - for tradition, for ingredients, and for the process,” shares Mino Han, ALT’s founder, a Korean-Australian chef whose vision is shaped by cultural duality and craftsmanship.&nbsp;

“We’re not trying to reinvent the wheel, just make something beautifully familiar, feel quietly special,” added Han.

[smartcode_project:default project_id=108413 project_image_fid=353585]

Positioned at the entrance to Comme Prahran and directly opposite the iconic Prahran Market, the new venue will celebrate the interplay between casual comfort and elevated detail. Designed in collaboration with Rooftop Architecture, the same team behind ALT’s flagship city location, the space will mirror the neighbourhood’s laid-back energy while staying true to the brand’s understated refinement.

Diners can expect a frequently changing menu that takes advantage of the market’s daily produce, along with set menu offerings exclusive to this location. A distinctive chef’s table and open kitchen format are also in the works, allowing guests to experience ALT’s signature intimacy and transparency in a new light.

ALT Prahran won’t replace the original venue; rather, it complements it.

“Our city site is like our heritage bottle; it’ll age gracefully. Prahran is where we’ll play, explore new ingredients, and bring something special to the community,” Mino notes.

[smartcode_project:default project_id=108413 project_image_fid=353584]

For Comme Prahran, a boutique development by Leeka that blends heritage with multi-dimensional wellness, ALT Pasta’s arrival signals a meaningful addition to its vision of cultural connection, food-first living, and local engagement.

“Being part of Comme is more than just opening a second venue. It’s about contributing to a neighbourhood with character, history, and a strong sense of community. That’s something we deeply relate to,” says Mino.

Sustainability and cultural identity are deeply embedded in the ethos of ALT. From ingredient sourcing to interior design, the new location will reflect both environmental mindfulness and a spirit of inclusion, embodying the values of Melbourne’s diverse, forward-thinking culinary scene.

Comme Prahran is scheduled for completion in late 2027, with ALT Pasta expected to be among the first tenancies to open its doors shortly after.

[smartcode_project_cta:default project_id=108413]

National best Italian restaurant ALT Pasta to open at Comme Prahran, bringing refined familiarity to Melbourne’s culinary heart

National BEST Italian restaurant ALT Pasta to open at Comme Prahran

Investments

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Property fund manager Clarence Property's latest investment offer for its flagship Westlawn Property Trust (WPT) has closed over subscribed for $22 million.
It received strong support from investors in South East Queensland (SEQ) and Northern New South Wales (NNSW).
Over 60% of the capital raised came from new investors with approximately 55% of those funds from self-managed superannuation funds (SMSFs).
Both new and existing investors have backed Clarence Properties' strategy of purchasing assets in high growth areas in the Noosa to Yamba corridor.
WPT has more than $290 million in assets from Yamba to the Sunshine Coast, including shopping centres Yamba Fair and Byron Fair and the 480 lot Epiq master planned community at Lennox Head.
The fund provides investors the opportunity to tap into successful developments and assets like Epiq Lennox, which sold out of its first three stages, each within a week. 
Clarence Property managing director Peter Fahey (pictured above) says WPT continues to have a strong presence in NNSW and SEQ.
"The fund has a history of solid performance and has not failed to pay a monthly distribution to investors in its 24 years, so we have a reputation for reliability. A number of our investors have been with us since inception," he said.
"Many investors opted to re-invest in the latest offering because the Trust has a strong base for growth, with a number of key development projects commencing this year and several new acquisitions of blue chip commercal retail and commercial property recently made in Brisbane." 
These acquisitions come hand in hand with the recent appointment of ex-Colliers International Gold Coast Director Darrel Irwin as a Director of Clarence Property, who will assist in growing the WPT investor base in the Gold Coast and Brisbane markets. 
Irwin was previously Colliers Gold Coast director-in-charge and special projects national director for 13 years. 
WPT is expected to launch to the market its next offering for investment later this year. 
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Clarence Property's Westlawn Property Trust closes oversubscribed for $22 million

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Queensland rugby legend turned Fox Sports commentator Gorden Tallis has sold four east coast properties in the last four weeks.

Agents have been left in the dark as to why the former Maroon is selling the property.

He's sold two apartments and one townhouse in Sydney, as well as a house in Queensland, with proceeds totalling around $3.5 million.

The former Dragon and Bronco, known as the Raging Bull for his tenaciousness on the field, had hung on to all of the properties for well over a decade.

He bought the Sydney apartments in Randwick and Wollstonecraft and the Brookvale townhouse while he was at the Broncos.

The two bedroom, two bathroom <a href="https://www.realestate.com.au/sold/property-unit-nsw-wollstonecraft-126094278" target="_blank">Wollstonecraft apartment</a> (above) was the most recent sale.

It fetched $1.15 million through LJ Hooker Crows Nest agent Mark Rosati. Tallis paid $480,000 in 2000.

His <a href="https://www.realestate.com.au/sold/property-apartment-nsw-randwick-126086026" target="_blank">Randwick apartment</a> (below) was the next purchase, costing $440,000 a few months later.

<img alt="" src="https://www.urban.com.au/images/2017/10/05/Tallis%20Randwick.png">

James Giltinan at Coogee Real Estate sold the apartment without offering a price guide, but its expected to have fetched around $1 million.

The <a href="https://www.realestate.com.au/sold/property-townhouse-nsw-brookvale-105189868" target="_blank">Brookvale townhouse</a> (below) he's had the least amount of time.

He paid $1,035,000 for the designer townhouse in The Kilns security complex in 2003 from the developer. It sold for $1,385,000 at its recent auction through Jack Elsegood at Domain Residential.

<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/2017/10/05/Tallis%20Brookie.jpg">

Tallis sold one of his Queensland houses for $1,005,000 earlier this week.

He watched on at its 50 strong auction to see the six bedroom Chapel Hill home sell, bringing to an end a two decade ownership.

Tallis had paid $344,000 in 1997 for the home west of the Brisbane CBD.

Tallis and wife Christine retain a six bedroom Bardon home, slightly closer to the CBD, that they paid $1.15 million for in 2006.

Born in Townsville, Tallis won the 1997, 1998 and 2000 Grand Finals with the Broncos having started his career at St George Dragons.

This article was first published in the Sunday Telegraph.

<h2>Check out our latest listings in Sydney &amp; Queensland:</h2>

[smartcode_project:default project_id=6201]

[smartcode_project:default project_id=7317]

[smartcode_project:default project_id=26730]

[smartcode_project:default project_id=14827]
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Rugby legend Gorden Tallis sells four properties in four weeks

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Aussie cricketer Adam Voges, who recently retired from the international game, is looking to sell his Perth investment.
Voges and wife Kristy paid $1.07 million for a four bedroom Attadale home last August, where they are rebuilding.
The asking price for the Cottesloe apartment has eased from $799,000 to $749,000 over recent weeks.
The veteran batsman paid $700,000 for the three bedroom apartment in 2009 when he was playing English county cricket for Nottinghamshire.
A $500 a week rental has been suggested as likely. 
Perth Property Partners City Beach agent Rob Walker has the listing.
Voges and wife Kristy paid $1.07 million for a four bedroom Attadale home last August.
Voges has represented Australia in all forms of the game, but it wasn't until 35 years of age that he would represent Australia in a Test match.
He scored a century on his debut and went on to feature for the Test team 20 times.
Voges ended his career with a Test average of 61.87, the best average since the legendary Don Bradman.
A month after announcing his retirement from international cricket, Voges retired from domestic state cricket where he captained Western Australia.
He will continue to play for Middlesex in England.
Voges hasn't ruled out playing in the Big Bash over the Christmas period. He currently captains the Perth Scorchers who have won the competition in two of the last three years. 
This article first appeared in The Weekend Australian Mansion Australia section.
 
<a id="propertySearchOwnerNameLink" href="https://rpp.rpdata.com/rpp/search/company/property/summary?&amp;view=property&amp;qt=company&amp;newSearch=true&amp;q=DAIN%20PTY%20LTD" target="_blank"> </a>
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Aussie cricketer Adam Voges selling Perth investment

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Richard Butler, the principal of Richard Butler Property Advisors (RBPA), has appeared overnight on stage at a MIPIM presentation in Cannes.
Butler, who heads an independent and specialised Sydney-based property agency, is the only featured Australian at the annual international property conference.
RBPA commenced in August last year and has already executed $800 million in sales and acquisitions. 
RBPA will be rebadged as a new agency in April 2017 when Richard will be joined by a team of five partners.
The firm specialises in investment sales and advisory for both Australian and offshore based instuitutional and private buyers and sellers specialising in Sydney but acting nationally.  
Richard’s real estate career spans 34 years since he began his career at Raine and Horne Commercial in 1983.
Richard joined Richard Ellis in 1989 as Director, City Sales. In 1995, he was appointed Director, Asian Marketing (Eastern Seaboard Offices). In this role, he was responsible for coordinating all Asian marketing on behalf of the Sydney, Brisbane and Melbourne offices.  In 1998 Richard Ellis was acquired by CB Commercial and was eventually rebadged as CBRE.
Richard was appointed Acting Managing Director of the Sydney office and then established the highly successful International Investments team in the capacity of Senior Managing Director. 
Richard has executed well over AUD $21 billion in transactions in Australia and overseas covering the US, EMEA and Asia.
Butler moderated the MIPIM session, Where are the blue oceans in Asia?, a session that focused on the South East Asian real estate investments. 
Chiaranussati Suchad, who founded the SC Capital Partners Group in 2004, under which the Real Estate Capital Asia Partners (RECAP) funds were borne, was on the panel along with Desai Rushabh, head of Asia Pacific Allianz Real Estate and Yue Richard, the CEO &amp; CIO of ARCH Capital Management Co. 
Organised by Reed MIDEM, a subsidiary of Reed Exhibitions, <a href="https://www.mipim.com" target="_blank">MIPIM is currently taking place in Cannes</a>.
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RBPA's Richard Butler addresses 2017 MIPIM

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Investor purchasers reached a peak in 2014/15, nationally accounting for a high of 51 percent of all residential loan activity, according to QBE's latest housing report.
However, APRA’s guidance on home lending to investors resulted in a number of financial institutions raising interest rates on investor loans by 25 to 30 basis points in July 2015 (despite no change in the RBA cash rate), while also including increased interest rate buffers and tightened loan–to–value ratios in their lending criteria.
These measures effectively limited the supply of investor loans, and the value of loans to investors nationally fell by 17 percent in 2015/16. Moreover, investors’ share of total residential loan activity has fallen back to around long term levels, to 44 percent in 2015/16. Nevertheless, at this level, investors remain a key driver of capital city residential markets.
In contrast, owner occupier demand has risen. While first home buyer activity remained flat in 2015/16, loans to non–first home buyers rose by 7 percent in 2015/16. It may be that with less competition from investors, owner occupiers are stepping in to fill the gap.
As a result, non–first home buyers accounted for 43 percent of total residential finance in 2015/16, back to its 15 year average. Meanwhile, at 13 percent in 2015/16, the share of residential finance to first home buyers remains below its long–term average of 15 percent.
Growth in investment lending has also slowed as a result of APRA’s preference for financial institutions to contain annual portfolio growth in investment lending to below a 10 percent threshold, and lending policy toward investors appears to have eased slightly.
The rate of decline in investor lending has slowed a little toward the end of 2015/16. Monthly loans to investors edged up between April and June 2016, although in June 2016 still remained 15 percent below a year earlier. A return to the 2014/15 peak in investor activity is not expected.
Slowing rental and price growth is likely to contain investor appetite for residential property, while more recent tightening in bank lending policy toward overseas investors will also slow overall investor demand.
Overseas investors have been a key driver of demand for new dwellings, with some demand also flowing into the established home market. Typically, an overseas resident purchaser can only buy a new dwelling, while a temporary resident can purchase an established dwelling that must be sold upon returning home.
Chart 3 shows the number and dollar amount in billions approved and reported by the Foreign Investment Review Board (FIRB) of total residential purchases by temporary residents and people overseas for new dwellings. The “Developer Off–The–Plan” category refers to the number of buildings that have been pre–approved, although not all will have necessarily been purchased by overseas residents.
The total value of overseas investment in residential property (which includes the entire value of buildings where 100 percent of dwellings have been pre–approved for overseas buyers, although all of these may not have been taken up) surged tenfold, from $6.09 billion in 2009/10 to $60.75 billion in 2014/15.
Foreign investors have been attracted to Australian property as a means to geographically diversify out of their own country in a stable and transparent market. A lower Australian dollar is likely to have also assisted the rise in foreign demand in 2014/15.
FIRB approvals are likely to have remained elevated in 2015/16, although a number of forces are now coming into play that are seeing the number of overseas purchasers decline:
• Slowing price growth and low residential yields will encourage investment elsewhere;
• Banks have tightened lending policy toward overseas buyers, such as not accepting foreign income in serviceability assessments, and reducing loan–to–value ratios depending on residency status.
• New South Wales, Victoria and Queensland have imposed a surcharge on stamp duty of 3 percent, 4 percent and 7 percent respectively to foreign purchasers. New South Wales also introduced a 0.75 percent land tax surcharge for foreign residential owners, while in Victoria the 0.5 percent absentee owner (primarily foreign owners) land tax surcharge will rise to 1.5 percent from 1 February 2017.
• Tighter capital controls in China, a key source of foreign investment into Australia’s property market, may limit capital outflow and impact investor activity in Australian markets.
The headwinds for foreign investors are expected to have the greatest impact on the new dwelling market, particularly the apartment sector, where substantial pre–sales are required for a project to obtain development finance for construction.
For those that have already purchased off–the–plan, it will become more difficult for foreign investors to settle, particularly if a lower loan–to–value ratio and potential lower valuation requires a significantly higher equity contribution by the purchaser.
If there is an increase is apartments that do not settle, there is likely to be greater downward price pressure in the apartment market as these apartments are placed back onto the market for re–sale, most likely at a lower price.
<a href="/images/2016/10/13/Chart%203.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2016/10/13/Chart%203.jpg" alt="">
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Foreign investment may struggle in the future as price growth eases: QBE Housing Outlook

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GUEST OBSERVATION
Today we're laying a loose framework for the best investments during deflation. Why? Because deflationary signals have reared their ugly head as of late. Not to mention, many prominent investment managers have voiced their concern about the dreaded scenario. 
While inflation versus deflation has been the great debate over the past two years, the deflationistas have been boasting quite loudly as of late. We've detailed how David Gerstenhaber's global macro hedge fund Argonaut Capital thinks deflation is the greater risk. Additionally, Broyhill's Affinity hedge fund has been betting on deflation as of late. PIMCO's bond king Bill Gross has been buying treasuries in order to combat these fears. And for more, The Reformed Broker has a quick summary of the New York Times' deflation round-up as well. While investing during the dreaded 'D' word is not impossible, the options to preserve and grow capital are certainly limited. So, what is the best investment for deflation? Very broadly and in no particular order, here's some potential answers: Cash/US Dollar: The phrase "cash is king" is often cliche. It's not cliche during deflation, it's rule number one. Assuredly, cash is one of the few 'safe' investments you can make in this scenario. Over the normal course of investing, most investors focus on their return on capital. 
This time around, the focus is simply on return *of* capital. While many wouldn't consider this an investment, having physical cash notes saved and on hand can be crucial during extreme situations including: bank failures, a collapse in credit, or the government defaulting on its debt. Not to mention, the US dollar has been a strong performer during deflationary times. Holding the physical currency is easy enough, but those wishing to further their wager can play the PowerShares US Dollar Bullish Index (UUP). Pay Off Debt: Again while 'paying down debt' doesn't sound like an investment, it most definitely is during deflation. In a period where literally every single dollar matters, each dollar of debt can become crippling. Buy Long-Term Bonds: Alternative to cash, fixed income is also seen as an option for those who seek protection. While fixed income yields decline due to Federal Reserve easing in an effort to combat deflation, the underlying bond should appreciate (or at the very least, depreciate much less than equities). US Treasuries are highly coveted here as they are the safest and most in-demand. If one were to go the corporate bond route, seeking high quality bonds is preferred. The thesis behind this play is laid out by Broyhill's Affinity hedge fund in their presentations: ten reasons to buy bonds as well as their bet on long-term treasuries. The most logical wager here would be the iShares Barclays 20+ year Treasury (TLT). Short Equities: Traditional investments will start to suffer as underlying companies will see lower margins and losses. Not to mention, highly leveraged companies make ideal short selling targets and certain companies can face the risk of becoming insolvent. If your conviction is strong enough, you could simply short the S&amp;P 500 index (SPY). There is, however, one potential safe haven in equities (keyword being 'potential'), which brings us to the next investment: Buy High Quality Dividend Paying Stocks: Understand that during deflation, equities in general are one of the major investments to avoid. However, high quality stocks could be a potentially dim light in an otherwise dark scenario. While the majority of companies will lose pricing power and succumb to weak margins, large cap high quality companies that dominate their industries may be able to maintain pricing power. Not to mention, many of these stocks pay dividends which generate valuable cash during deflation. Seek companies with pristine balance sheets. GMO's Jeremy Grantham recently voiced concern about deflation and one of his few investment recommendations was to buy high quality stocks. For ideas, hedge fund T2 Partners recently issued a presentation on 3 large cap stocks. Sectors to look toward include healthcare, technology, and telecom as those have outperformed in Japan during their deflationary lost decade. Microsoft (MSFT) is one name that has been repeatedly mentioned by strategists and managers. Keep in mind though that despite being high quality blue-chip companies, these are still equities. As such, there is obviously inherent risk in owning them during deflation. Short Housing/Avoid Real Estate: In deflation, prices fall. As such, rent rather than own. Stand back and let the landlords watch the values of their properties plummet. You can short the iShares Dow Jones US Real Estate (IYR) for some exposure. Short Leverage: Deleveraging should be a big theme playing out in the future, environment notwithstanding. As mentioned earlier, short the equity of companies that have poor balance sheets and are highly levered. In deflation, leverage begins to unwind and currency plays can be found. A massive leveraged carry trade in the Yen has taken place over the years and as such would be unwound in deflation, thus benefiting the Yen. Long Technology: Regardless of environment, technology will advance and will be in demand. The technology sector was highlighted as one of the few areas to possible allocate capital in high quality equities. Companies that have strangleholds on their industry should have an advantage. A basket of technology stocks could be purchased via the technology exchange traded fund (XLK). However, that gives you exposure to a lot of companies and it's probably more preferable to single out high quality technology names with pristine balance sheets such as Microsoft (MSFT), Intel (INTC), and Cisco Systems (CSCO). Gold: Conventional wisdom says to avoid precious metals during deflation. During the Great Depression from 1929-1932, commodities in general crashed. However, in very extreme circumstances (emphasis on extreme), some have argued that gold can make sense when acting as currency. The majority of proponents for owning gold during deflation would cite its store of value or hedge against uncertainty. While gold can be played via the SPDR Gold Fund (GLD), many hedge funds advocate physical gold. That said, those doing so are mainly seeking inflationary protection. Buy TIPS: Treasury Inflation Protected Securities, or TIPS, serve as long-term protection from inflation. Buying TIPS during deflation? What's the point? This is an option if investors believe that deflation will eventually lead to inflation two or three years later. As policy makers attempt to combat deflation, the natural antidote is inflationary medicine. As such, investors looking further down the road can fend off these inflationary pressures with TIPS. And even if deflation persists for an extended period of time, TIPS still produce income via yield and investors can regain their bond's face value at maturity. This can be played via iShares Barclays TIPS Bond Fund (TIP) for those looking for an easy solution. That sums up some of the best ways to position a portfolio when confronted with deflation. Recent concern is duly warranted considering that deflation typically rears its ugly head after periods of prolonged globalization and global growth. Such growth leads to increased investment, a massive increase in production, and thus excess capacity all around the world. This excess capacity then brings forth lower prices. In deflation, companies suffer while the consumer is the real winner. The above present theoretical options of how to invest during such a scenario. Make no mistake though, investing during deflation can be quite difficult and painful. Back in August 2008 when the crisis was heating up, we penned a very broad outline of investment scenarios for inflation versus deflation. During the pinnacle of the crisis, it wasn't quite clear which situation would play out so it made sense to lay a framework for each context. (And arguably, it's still not entirely clear. Many have hypothesized that we'll see a compromise of views: deflation in the near-term and inflation in the long-term). A few months ago, inflation was all the rage. Now, deflation is the primary concern. Investors have been flip-flopping more frequently than politicians as of late. Regardless of outcome, it makes sense to be prepared for either environment. 
This article is reprinted from market folly, Monday 9 August 2010.
For more information, <a href="https://www.marketfolly.com" target="_blank">click here</a>. 
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Property 101: Best investments during deflation

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Detached houses are outperforming units by nearly double Australia-wide in capital gains increases, with house values up 10.4% higher and unit values increasing by 5.6%
According to the CoreLogic RP Data Hedonic Home Value Index for June, the only cities which houses didn't receive higher capital gains than units were in Hobart and Darwin.
CoreLogic RP Data’s head of research, Tim Lawless, said the underperformance of units compared with houses is likely due to higher supply levels for units compared with detached houses.  
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Unit capital gains underperform nationwide: CoreLogic RP Data

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The investment banking and advisory group Gresham has launched a $400 million institutional-backed fund that will provide debt to property developers.
The Gresham Property Fund No.5 will offer an innovative "stretch senior" debt product which mixes senior debt that banks usually provide with mezzanine debt which second tier financiers usually provide.
It is because the banks are resistant to mezzanine debt but developers often require the funding.
The joint managing directors Ami Simon and Mike Burley said Gresham’s latest fund had a focus on providing flexible and timely responses to the property industry’s funding needs.
"The purpose of the Fund is to provide a solution for borrowers whose funding needs cannot be fully satisfied by the banks.” 
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The Gresham fund will be targeting investments in the $20 million to $100 million range, with pricing based on the benchmark bank swap rate but will include slightly higher margins than the banks due to the extra risk.
The chairman of the fund's investment committee Tony Berg said the new fund gave Gresham the opportunity to build on its recognised capabilities in property finance.
The funds would be available for property development, value-add and investment opportunities across all stages of a property development or investment lifecycle.
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A number of offshore and domestic institutions who invested in the fund were introduced by Stratos Capital. 
Stratos has placed $750 million of warehouse and public market transactions into the institutional fixed-income market.
Gresham was established in 1985, now with three key business activities units – corporate advisory, property and asset finance. 
Since its establishment in 2001, Gresham Property has invested capital in separate transactions with an end project value in excess of $3.5 billion. 
While Gresham Property has offices located in Sydney and Melbourne, the Flexi-Capital Fund will maintain a nationwide focus.
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