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 41-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 41-storey tower, which has 229 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

Mining

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Most cautious investors steer clear of mining towns. 
However numerous investors bought in with promises of then double digit yields.
Port Hedland has fared the worst <a href="https://propertyobserver.com.au/finding/residential-investment/sales-and-auctions/44345-port-hedland-asking-prices-fall-further" target="_blank">on the price drop front</a>, but still ranks in Australia's top 12 rental yield locations as calculated by Investar. 
Many others on the list have holiday town income yields. 
Rank Suburb State Postcode Dwelling Type Bedrooms Median Listing Price Weekly Median Rent Rental Yield
 
1 JINDABYNE NSW 2627 Unit Studio &amp; 1 $121,500 $260 11.12%
2 DIDDILLIBAH QLD 4559 Unit 2 $178,000 $360 10.51%
3 MANOORA QLD 4870 Unit Studio &amp; 1 $95,000 $185 10.12%
4 BROKEN HILL NSW 2880 House 2 $110,000 $200 9.45%
5 WOREE QLD 4868 Unit 2 $166,000 $300 9.39%
6 CAIRNS QLD 4870 Unit Studio &amp; 1 $140,000 $250 9.28%
7 MANYANA NSW 2539 House 4 $465,000 $800 8.94%
8 PALM COVE QLD 4879 Unit Studio &amp; 1 $175,000 $300 8.91%
9 TRINITY BEACH QLD 4879 Unit Studio &amp; 1 $139,000 $235 8.79%
10 PORT DOUGLAS QLD 4877 Unit Studio &amp; 1 $149,000 $250 8.72%
11 QUEENSTOWN TAS 7467 House 2 $74,500 $125 8.72%
12 PORT HEDLAND WA 6721 House 4 $899,000 $1500 8.67%
SOURCE: <a href="https://www.realestateinvestar.com.au/ME2/Default.asp" target="_blank">Investar July 2015</a>
 
{mijopolls 123}
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po-LsXgBTHBmX

Port Hedland property ranks Australia's 12th best yielding town: Investar

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Gladstone buyers - home buyers and investors - have been told by the ANZ bank that they will need a 30% deposit given the property market remains quite volatile. 
Other towns reportedly where the higher deposit classification has changed include Roma, Miles, Chinchilla, Blackwater, Rolleston, Cracow and Dysart.
According to mortgage broker Greg Hill, the ANZ in particular has taken a conservative position in funding to towns like Gladstone, and many other smaller towns, "they have classified, for want of a better word, as mining towns."
"The ANZ don't stand alone as Gladstone does also appear on restricted postcode lists with a number of other lenders, and changing policies across the lenders brought on by this increased scrutiny of Australian Prudential Regulation Authority is not simply limited to lending limits."
A borrower quoted by <a href="https://www.gladstoneobserver.com.au/news/gladstone-classed-mining-town-one-big-four/2716668/" target="_blank">the Gladstone Observer</a> in its extensive coverage noted only two of the four major banks were interested in borrowers with 20% deposits - National Australia Bank and Commonwealth Bank.
With house prices in Gladstone sitting at around $346,000, the average buyer would need a deposit of just over $100,000.
An ANZ spokesperson told the local paper the change reflected the localised downturn in Gladstone because it was dependent on the mining sector.
Gladstone Home Loans mortgage broker Peter Miller said Gladstone was not a mining town.
"Thousands of people work in industry. Gladstone is self-reliant, it doesn't need mining.
"Mackay is more of a mining town and it's not on the list."
In 2011 the central Queensland coastal town of Gladstone, 550 kilometres north of Brisbane, emerged as a property investment hotspot as vacancy rates tumbled in Gladstone, falling from 4.1% in March 2010 to just 1.4% in 2011, and rents have gone up for all categories of housing.
According to the July 2011 Herron Todd White report, “soaring rents [in Gladstone] are still attracting investors into the market, with very good yields currently available”.
“The Gladstone residential market continues to perform strongly with values still climbing, and heightened activity due to the announcement of major LNG projects in October 2010 and January 2011,” the report says.
“Modern properties are still in high demand and are obtaining the best yields, especially when furnished. There are still opportunities to make a profit in the construction of new dwellings, with end values generally exceeding the total of construction and land costs.”
The latest June 2015 vacancy rate data from the REIQ revealed regional Queensland struggles following the resources downturn but with the claim some of the hardest hit towns are entering a stabilisation phase.
"We can see those towns, where employment rates are stronger and opportunities are greater, that the rental market is recovering more quickly. The State Government has announced a range of regional infrastructure projects in its recent budget and these will doubtless impact on the vacancy rates in the coming quarters," REIQ CEO Antonia Mercorella said.
The Gladstone vacancy rates sits at a high 5.2%.
 
<a href="/images/2015/07/24/Screen%20Shot%202015-07-24%20at%202.19.13%20PM.png" target="_blank">Click to enlarge</a>
<img src="/images/2015/07/24/Screen%20Shot%202015-07-24%20at%202.19.13%20PM.png" alt="">
The REIQ classifies vacancy rates of 2.5% or below as tight and rates of 2.5% to 3.5% as healthy. Vacancy rates of 3.6 per cent or above is classed as a weak market. 
Banks periodically have flagged Queensland and Western Australian localities as ‘high risk’ due to their single industry basis. 
In 2011 the <a href="/news/qld/moranbah-and-port-hedland-unsustainable-single-industry-mining-boom-hotspots-westpac">suburbs they had placed on the list were</a>:
• Blackwater (4714)
• Moranbah (4744)
• Dysart (4745)
• Middlemount and May Downs in the Isaac region (4746)
And in Western Australia:
• Roebourne (including Karratha, Baynton, Bulgarra and Pegs Creek, 6714)
• Port Hedland (including South Hedland, 6721)
• East Pilbara (6753)
 
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jchancellor-FAypfDUnLy

Banks insisting on 30% deposit for property buyers in Gladstone and other Queensland mining towns

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Australian governments must give farmers more rights when mining companies are negotiating access to potential gas or coal reserves on their property, the Human Rights Commissioner Tim Wilson has urged.
Laws currently did not help the impasse by licensing mining companies to gain access to a farmer's property.
"It is not done on the basis of consent or respect for the farmer. And that's when you get conflict and I would argue, a human rights violation," Mr Wilson said in a published speech to be delivered today to the Castan Centre for Human Rights law conference at Monash University.
"But it's important to focus on the cause of the problem," the Australian Financial Review reported ahead of the speech.
"Many people will see a mining company trampling on the rights of the farmer. But the issue is not the miner. The miner is only doing what the law allows them to do.
"The issue is the law and whether it properly respects the surface property rights of the farmer. Only government can legally facilitate this violation and absent the necessary respect for rights."
Mr Wilson said most of the opposition to coal seam gas was "nonsensical and absurd" but human rights abuses did occur. He said property rights were often the forgotten human right.
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Tim Wilson seeks more rights for farmers facing mining company access demands

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It was four months ago - the WA mining town auction that shocked the nation.
The ABC reported on a Port Hedland February auction where the fibro cottage was passed in at auction for $360,000 unsold - its highest offer reflecting 2006 price levels.
Immediately after the auction came its declared $600,000 asking price, then $590,000 in March.
It had last traded four years ago for $1.3 million, and before that at $870,000 in 2009 and at $350,000 nine years ago in 2006. 
<a href="https://www.janfordrealestate.com.au/1928630/" target="_blank">It is now for sale at $470,000</a> after yet another price adjustment. 
The three bedroom, one bathroom 1960s house sits in the heart of the Western Australian mining town. It is within the business and commercial district, opposite developments and not far from the boat ramp, Marapikarrinya Park, and fishing wharf.
<img src="/images/2015/06/17/700_headland.jpg" alt="">
Real estate agent Barry Walsh at Jan Ford Real Estate told the ABC the top bid was a sign the mining boom's construction phase had tapered off.
Negotiations continue for the sale of the cottage with 145 square space on its 600 square metre block.
It was initially listed for private treaty sale in June 2013 at $1.42 million.
Property Observer understands its most recent rental asking price was $800 a week in mid-2014, having been in excess of $2000 a week in 2008 and 2011, when it was last sold.
ABC reported that the <a href="/expert-insights/buying/sydneys-weekend-auction-clearance-rate-soars-to-82-but-port-hedland-highlights-how-the-mighty-can-fall">fibro cottage passed in at auction at $360,000</a>, with the highest offer reflecting 2006 price levels.
In February the listing agent, Barry Walsh at Jan Ford Real Estate, told Property Observer that at the peak of the mining boom, property prices in the Port Hedland and South Hedland regions were unsustainable.
"It was totally unsustainable where it was, and now that it's stabilising, it will bottom out, and is in the throes of doing that," says Walsh. He says 18 Edgar Street was advertised to rent at $2,400 per week at the market's peak," said Walsh.
"And now, you wouldn't rent it for $500 per week. That's a reflection of the rental market."
According to Walsh, the market was now in the process of returning to its fundamental value.
"The stabilisation of the market is a very good thing for Port/South Hedland and the Pilbura region," he says.
"It was unfortunate that the market went where it did, to unsustainable and disproportionate price levels."
He attributes some of the price escalation to the inability to release a sufficient amount of land for development to cope with the influx of residents who were attracted to the area's mining economy. The infrastructure required to house the expected 30,000 to 50,000 residents – everything from hospitals and schools to sewers and roads – wasn't available to facilitate the expansion of the region, making tenants compete for the existing properties.
"The rents got to about $2,800 a week – some of the dearest in the world."
He says 18 Edgar Street is currently advertised for $600,000 through private treaty, with a couple of potential buyers engaged. He says the property, as it exists now, would only be worth around $250,000 to investors as a residential building.
"Everyone up here would want at least 10% gross return", Walsh explained.
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Port Hedland auction shocker - still unsold four months on

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Four landowners in the NSW hamlet of Sutton Forest have taken the South Korean owned Hume Coal to the Land and Environment Court claiming that Hume cannot get onto their properties due to "significant improvements”. 
Under section 31(5) of the Mining Act, significant improvements provide the only ability for landowners in preventing mining companies accessing their properties. 
The court will look at the significant improvements issue that can include items such as stock-proof fences, formed roads and tracks, cropped or improved paddocks, within a 200 metre radius of dwellings and 50 metres around gardens.  One of the Southern Highlands property is an equestrian eventing course of Olympic standard owned by Kathy and John Roche, that has been developed over the past 20 years. 
Kathy and John were recently named the NSW Eventing Volunteers of the Year. 
Kathy was a pharmacist in Moss Vale for many years and John the local doctor, now in his late 80s. The five day hearing is set to start on September 14 with a site visited scheduled for the Golden Vale Road. “This case is precedent setting” said Peter Martin, from <a href="https://www.shcag.com.au/home" target="_blank">SHCAG</a>, who has been accredited as the Roche's representative given their ill-health.
“It is the first time that a group of property owners have got together in NSW to challenge a mining company’s ability to access all of their properties for exploration because of the significant improvements. 
"These properties are all highly developed and we contend that Hume Coal has no right under s31 to come on and drill holes given the inconvenience for landowners, disruption to day-to-day operations and potential significant damage to the properties concerned.” The case follows the recent court action where SHCAG P/L took the Minister for Resources and Energy and Hume Coal to the Land and Environment Court challenging Hume’s latest approval to drill 25 more exploration holes in Sutton Forest. The result of that case is not yet known but the judgement is expected within 4 to 6 weeks. Many of the 25 holes were proposed to be drilled on the properties involved in the second legal case. "This case came about because Hume is forcing all these landowners into arbitration against their will and then refuses to recognise significant improvements on these properties. 
"Hume says that it can have its trucks, drill rigs and utes travelling back and forward through the properties at will as long as they don’t drill their holes in these locations. "They also refuse to test this in court but challenge the landowners to do so which is a form of legal intimidation in our view. 
"We think this is nonsense and is not the intent of the legislation." Peter Martin said.
POSCO aka HUME Coal have been accused by 2GB broadcaster Alan Jones of playing dirty with the community after they demanded inspection access this week to the Roche property despite formal advisory of its inconvenience to the "poor elderly family."
Undergoing treatment for cancer, Kathy Roche, who with husband John have lived at Sutton Forest for 40 years, says the arbitrator's demands have impacted on her health as well as her husband's. 
Alan Jones queried the fairness of the access arbitration process - which he noted ought be suspended pending the court hearing - given emails were being sent at 2am demanding next day access.
 
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Southern Highlands farm owners take Hume Coal to court

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Blackwater, Moranbah, Karratha, Emerald, Muswellbrook, Gladstone have been dubbed by the Propell advisory group as the six towns have been most affected by the mining boom and bust.
Gladstone is the largest, with 8,900 houses in the port city for the Bowen Basin, within which are also Emerald, Moranbah and Blackwater.
<img src="/images/2015/04/21/blackwater-april-21-bre.jpg" alt="">
Source: Propell 
 
These towns have been the worst affected.
For these six towns, the number of house sales has dropped by half.
There were almost 3,000 sales in 2011, as optimism about mine expansion and the dredging of the harbour to provide new port facilities reached its height.
Three years later in 2014 saw 1,225 sales, as mine expansion plans were reversed, environmental concerns dogged the harbour dredging, and commodity prices fell.
Moranbah saw 260 house sales in 2011 which dropped to 43 in 2014.
Price increases of 10% per anuum, 20% per anuum or more have been replaced by falls in the past two years of up to 38% per annum.
Blackwater has 181 house sales in 2011 which fell to just 12 last year. There are around 200 for sale, with Propell putting the sale time line for vendors out to 20 months.
Muswellbrook made the list as the most affected in NSW with a fall in volume of 13% in 2014 that Propell noted seems almost modest in comparison.
Karratha, at the hub of WA expansion, and with almost 3,400 houses, has seen turnover fall some 45% with prices down -12% in 2013 followed by -26% in 2014.
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House listing backlog at Blackwater mining town will take 200 months to sell: Propell

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GUEST OBSERVATION
It’s been widely reported that the coal mining industry is facing a <a href="https://www.smh.com.au/business/carbon-economy/coal-mining-downturn-to-be-prolonged-citi-20140812-1034fi" target="_blank">prolonged downturn</a>, with investment analysts at Citibank telling clients last year not to expect a rapid revival in thermal coal prices, while many Australian coal producers have posted <a href="https://www.theaustralian.com.au/business/latest/aust-coal-industry-facing-weaker-chinese-demand/story-e6frg90f-1227255476299">financial losses</a> in recent years.
That’s why it is surprising to learn of a recent spate of approvals for mine expansions in the coal heartlands of New South Wales. It seems that even in a downturn, the approvals process for new mines – at least in NSW – is continuing to move as fast as ever.
Those mine approvals will leave a lasting legacy. According to the NSW Auditor-General, as of 30 June 2012 there were about <a href="https://www.audit.nsw.gov.au/ArticleDocuments/255/27_Volume_Six_2012_Department_Trade_Investment_Regional_Infrastructure_Services.pdf.aspx?Embed=Y" target="_blank">573 derelict mine sites</a> in NSW (including gold and other minerals, as well as former coal mines). And only a small fraction of those <a href="https://www.resourcesandenergy.nsw.gov.au/miners-and-explorers/programs-and-initiatives/derelict" target="_blank">derelict mines</a> were being rehabilitated.
New mine approvals
Earlier this month, the NSW Planning Assessment Commission (PAC) gave a green light to Rio Tinto’s controversial <a href="https://www.smh.com.au/environment/rio-tinto-wins-planning-nod-for-controversial-warkworth-coal-mine-20150305-13vonn" target="_blank">Mount Thorley-Warkworth extension</a> in the Hunter Valley. The move follows the PAC’s decision last month to approve <a href="https://www.smh.com.au/environment/nsw-gives-green-light-to-two-big-coal-mine-expansions-20150202-1345lg" target="_blank">two other big coal mine expansions</a>, at Moolarben, near Mudgee, and Bengalla, near Muswellbrook.
In each case, the argument hinged on economic benefits, such as the direct and indirect spending associated with the project, the government royalties they will generate, and the jobs they will create and existing jobs they will secure.
The negative aspects of these developments, such as the impact on the local environment and communities, including the way regional landscapes are being scarred by huge holes in the ground, do not seem to have received the same consideration by the PAC and by most in the media.
In the case of <a href="https://www.yancoal.com.au/page/key-assets/mines/moolarben/" target="_blank">Yancoal’s expansion near Mudgee</a>, the <a href="https://www.pac.nsw.gov.au/Projects/tabid/77/ctl/viewreview/mid/462/pac/451/view/readonly/myctl/rev/Default.aspx" target="_blank">PAC acknowledged</a> that 1,534 hectares of land will be cleared (of which 123 hectares is deemed to contain endangered ecological communities).
Meanwhile, <a href="https://www.riotinto.com/copperandcoal/mount-thorley-warkworth-10427.aspx" target="_blank">Rio Tinto’s Mount Thorley Warkworth project</a> is expected to have a significant impact on the community of Bulga and its surrounding environment.
The rules on who’s responsible for mined land
In NSW all exploration and mining activity must be conducted in accordance with approvals under the Mining Act 1992 and the rehabilitation of mined land is therefore covered by law.
Resources and Energy (NSW Trade and Investment) has the responsibility for setting and assessing sustainable rehabilitation outcomes, and the industry must demonstrate to them “best practice ecological rehabilitation” of mined land if they are to recover their mine closure bond. There is therefore a strong financial incentive for miners to do a good job, as they must demonstrate that they have a plan for post-mining land use and mine closure when open-cut mining ceases.
Corinne Unger from the University of Queensland’s Centre for Mined Land Rehabilitation is among those to have raised the question of how Australia should be better managing the <a href="https://theconversation.com/what-should-we-do-with-australias-50-000-abandoned-mines-18197" target="_blank">50,000 abandoned mine sites</a> across the country.
There are more and more of these <a href="https://www.theherald.com.au/story/305968/poll-managing-holes-left-by-mines/" target="_blank">“final voids”</a> – typically meaning huge holes in the ground – being left as a legacy of both former and current opencut mining operations.
<a href="https://www.theherald.com.au/story/305968/poll-managing-holes-left-by-mines/" target="_blank">The Newcastle Herald</a> reported earlier this month that:
"Mining in the Hunter Valley could leave a legacy of more than 10,000 hectares of land consumed as “final voids”, or giant holes left by mines, prompting a push for the state government to investigate their cumulative impacts on the region’s water table and agriculture. The independent Planning Assessment Commission has urged the government to undertake the study, and branded as ‘‘unacceptable’’ mining giant Rio Tinto’s proposal for a 950-hectare final void at its Mount Thorley mine site – an area it notes is … about a sixth of Sydney Harbour.
"In advice issued to the commission, the Department of Planning has revealed it is “not aware of the total size” of existing and approved voids in the Hunter. But approval had been given for about 30 to be developed that on a “conservative estimate” would cover 7500 to 10,000 hectares," it said.
This has been a long-running issue. Back in 2005, a <a href="https://www.planning.nsw.gov.au/regional/pdf/final-draft1_5.pdf" target="_blank">NSW Department of Planning report</a> found that there would be more than two dozen of these large open holes left on the floor of the Hunter Valley, and that all would become “saline water sinks” without rehabilitation.
The question is: why aren’t these miners required to fill in their final voids as a matter of course, as part of the government-approved mine rehabilitation plan?
One word: cost.
As The Newcastle Herald has <a href="https://www.theherald.com.au/story/2932508/hunters-mining-moonscape-10000-hectares-of-holes/">also reported</a>, a Rio Tinto spokesman said that the final void left behind at the Mount Thorley-Warkworth mine “will be largely hidden from view due to the surrounding landscape and extensive rehabilitation works planned after mining”. But will it be completely filled in? No.
The NSW Department of Planning <a href="https://www.theherald.com.au/story/2932508/hunters-mining-moonscape-10000-hectares-of-holes/">has estimated</a> it would cost at least A$2 billion over the life of the mine to completely fill the void, and said it would “not be reasonable to impose a condition that requires Rio Tinto to completely or even partially backfill the final void”.
The NSW government has a wide range of legislated powers for regulating mine site rehabilitation, including setting environmental management and rehabilitation conditions, requiring rehabilitation security bonds and enforcement powers to ensure lease holders comply with their obligations.
But the regulators now accept that mine voids from current mines are to remain in the landscape once mining ceases, despite their legal responsibility to ensure that miners undertake best-practice rehabilitation, if they are to recover their bond monies.
It seems that rehabilitation of the final void is going a little too far in terms of “best-practice ecological rehabilitation” of mined lands. The cost to rehabilitate the final void should be borne by the industry that has earned income from digging up and selling the coal. It should no longer be acceptable to leave a large hole in the ground as a legacy.
Cleaning up the problem
Later this month, a <a href="https://www.uononlineshop.com/index.php/conference/conferences-events/tom-farrell-institute/mine-rehab-conference-2015" target="_blank">Best Practice Mine Rehabilitation Conference</a> is being held in Singleton, which will feature a panel discussion on the role that final voids could play in the landscape of the Hunter Valley.
In my view, this would not be needed if the industry and regulators were doing the right thing for the community and the environment by requiring that these features be filled in.
As the situation currently stands, the hundreds of mining holes that litter the Hunter Valley represent a significant financial liability to the state.
Very little government funding is available for their ongoing management, let alone their rehabilitation. In 2013-14, the NSW government allocated just A$4.276 million for the rehabilitation of derelict mines – and that amount fell in 2014-15 to <a href="https://www.resourcesandenergy.nsw.gov.au/miners-and-explorers/programs-and-initiatives/derelict">A$4.071 million</a>.
That’s a pittance of the A$1.5 billion that <a href="https://www.nswmining.com.au/getattachment/menu/Media/Publications/2014-15-NSW-Minerals-Council-Pre-Budget-Submission-%281%29.pdf" target="_blank">the NSW mining sector</a> says it paid to the NSW government in 2013-14.
Whoever wins the March 28 election, the next NSW government needs to recognise the financial liability being left to current and future taxpayers not only from derelict sites, but also the current mines being allowed to be left behind in future without complete rehabilitation.
For “best practice” to mean something, this should mean that people living in regional NSW are not left with a landscape blighted with hundreds of holes in the ground.
Phillip Geary is associate professor environmental science at University of Newcastle.
This article was originally published on <a href="https://theconversation.com" target="_blank">The Conversation</a>.
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Disused mines blight New South Wales, yet the approvals continue: Phillip Geary

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It's no secret that I have a preference for obtaining a positive cash flow (or as close to it) from my property purchases.  I've written a lot about it over the years and have successfully added many such properties to my portfolio.
However, I can't help but notice that, somewhere along the line my message has been taken in a shortened form – leading investors to consider only cash flow when choosing their next property. This, in turn, results in the acquisition of property which might have good rent returns, but is in danger of not growing due to an absence of important growth drivers.
In choosing property for cash flow alone, many investors are inevitably led toward towns with a single industry.  Such towns tend to get a higher than usual rental yield for many reasons, including:
<ul>
<li>They are often well outside of major urban areas, and so the property values are low, creating a higher relative yield. 
</li>
<li>Where the industry in question is experiencing a robust period and demand for its product, extra workers are usually employed.  
</li>
<li>These workers often cannot be sourced from within town and so they are recruited from elsewhere, and move to the area, and as many of these workers are itinerant, at least until it can be confirmed that their continued employment is assured, they do not usually buy.  So, although the industry is doing well, the expanding population are not property buyers, and pressure is not brought to bear on values.  They are, however, renters and this is why rental yields often soar.</li>
</ul>
Property in such areas then becomes an attractive proposition, because, initially, the cash flows look fabulous.  This in turn attracts more investors and property prices do begin to move.  Pretty soon we see an artificial property boom, brought on purely by the existence of the single industry and the resulting hoards of hungry investors seeking, at first, good cash flows, and then the spin-off gain.
And while many experts may say that, where property in concerned 'time in market' is the key, in fact these towns require precise 'market timing' if the strategy is going to work.  You need to get in at the right time (before values move), and you need to exit the investment just before the fall that is often seen in such areas when the single industry falters, or the economy changes.  And if an investment requires precise market timing to pay off, then it also requires the investor to have a higher appetite for risk.
There is no question that, particularly while we are experiencing strong economic times and low interest rates, a property in a single industry town can provide a great return.  However, these properties must be considered to be a higher risk investment. 
As with any investment, the higher the potential return, the higher the risk, and property in single industry towns have more than their fair share of risks.
These include:
<ul>
<li>The lack of diversity of industry means the entire workforce's reliance on a single industry places the security of the whole town at risk, should something adverse happen to that one industry; 
</li>
<li>The prevalence of itinerant workers results in a weak underlying economy. Workers often take their earnings out of town and, if that industry's vibrancy is reduced, respond to economic changes, leave town altogether. This creates high vacancy rates, rapidly reversing the upward climb that property values were enjoying; 
</li>
<li>That same economic weakness means most councils lack the financial resources to provide infrastructure to the community, meaning that the towns are often severely under-resourced; 
</li>
<li>The entire town is highly exposed to 'hidden risk' – the risk that an unforeseen event, government decision or world economic turmoil impacts directly back on the only industry supporting the area.  This is a risk which cannot be mitigated as it most often cannot be foreseen, and in some cases has never actually happened before; 
</li>
<li>Even if that single industry continues on, the lack of diversity in industry usually means that the population grows very slowly – the town can only expand at the rate that the industry expands.  This can mean that, even though cash flow might be good, growth to the underlying asset (the property) is well below par. A sound property strategy requires both cash flow and growth.</li>
</ul>
If an your risk profile is such that you have plenty of capital and loss would not cripple you, or you have ample time available as an income earner within which you could replace lost capital, then the potential for good yields and possible capital gains may well make these risks worth taking.
However, if you are buying in order to create a retirement income, and each purchase must perform well, you may be gambling with what may become one of your only income sources, one which needs to last a significant length of time and will not be easily replaced if you are already close to retirement.  The surety of a house in an area with a growing population, diversity of industry and abundant infrastructure development is more likely to be the appropriate investment.  You may not have quite as much cash flow, but the chances of you having both the capital and a reasonable amount of yield and growth available to use for all of your retirement years are usually greater than these higher risk, single industry town investments.
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mlomas-KC9MUPZ6Ca

Buying in a single-industry town - how to negotiate the risks: Margaret Lomas

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Sydney's 82% weekend auction success rate was right up there.
The weekend was the second with reasonable 2015 auction offerings, with the results from Domain Group's Australian Property Monitors up from the initial revised 69% of last weekend, January 30.
There were 297 offerings in Sydney, with results in for 272.
Melbourne's weekend auction success rate was a bit more pedestrian at 67%, which was not too dissimilar to the 65% of last weekend.
The REIV reported a catchup clearance rate of 61% had been recorded between 22 December 2014 and 7 February 2014.
The APM dearest February 7 weekend auction sales results
<table style="width: 460px; height: 119px;" border="0" cellspacing="0" cellpadding="5"><tbody align="left">
<tr id="ecxrpMostExpensive_trMostExpensiveRow_0">
<td id="ecxrpMostExpensive_tdMostExpensiveCity_0" align="left">Sydney</td>
<td id="ecxrpMostExpensive_tdMostExpensiveLocation_0">27 Riverside Dr, Sans Souci NSW 2219, 3 br House, R&amp;H Sans Souci $2.7m</td>
</tr>
<tr id="ecxrpMostExpensive_trMostExpensiveRow_1">
<td id="ecxrpMostExpensive_tdMostExpensiveCity_1" align="left">Melbourne</td>
<td id="ecxrpMostExpensive_tdMostExpensiveLocation_1">6 Bishop Ct, Mount Waverley VIC 3149, 2 br House, Jellis Craig $1.48m</td>
</tr>
<tr id="ecxrpMostExpensive_trMostExpensiveRow_2">
<td id="ecxrpMostExpensive_tdMostExpensiveCity_2" align="left">Adelaide</td>
<td id="ecxrpMostExpensive_tdMostExpensiveLocation_2">22 Preston Av, Brighton SA 5048, 3 br House, Gary J Smith RE Glenelg $908,000</td>
</tr>
<tr id="ecxrpMostExpensive_trMostExpensiveRow_3">
<td id="ecxrpMostExpensive_tdMostExpensiveCity_3" align="left">Brisbane</td>
<td id="ecxrpMostExpensive_tdMostExpensiveLocation_3">7 Rule St, Hendra QLD 4011, 6 br House, RW Ascot $1.52m</td>
</tr>
</tbody></table>
The APM most affordable sales 
<table style="width: 460px; height: 96px;" border="0" cellspacing="0" cellpadding="5"><tbody align="left">
<tr id="ecxrpMostAffordable_trMostAffordableRow_0">
<td id="ecxrpMostAffordable_tdMostAffordableCity_0" align="left">Sydney</td>
<td id="ecxrpMostAffordable_tdMostAffordableLocation_0">6/20 Equity Pl, Canley Vale NSW 2166, 2 br Unit, C21 Southwest Fairfield $307,000</td>
</tr>
<tr id="ecxrpMostAffordable_trMostAffordableRow_1">
<td id="ecxrpMostAffordable_tdMostAffordableCity_1" align="left">Melbourne</td>
<td id="ecxrpMostAffordable_tdMostAffordableLocation_1">4/32 Birdwood St, Frankston VIC 3199, 2 br Unit, C21 Home Port $215,000</td>
</tr>
<tr id="ecxrpMostAffordable_trMostAffordableRow_2">
<td id="ecxrpMostAffordable_tdMostAffordableCity_2" align="left">Adelaide</td>
<td id="ecxrpMostAffordable_tdMostAffordableLocation_2">5/56 Northcote Tce, Gilberton SA 5081, 2 br Unit, LJH Modbury $365,000</td>
</tr>
<tr id="ecxrpMostAffordable_trMostAffordableRow_3">
<td id="ecxrpMostAffordable_tdMostAffordableCity_3" align="left">Brisbane</td>
<td id="ecxrpMostAffordable_tdMostAffordableLocation_3">12 Hope St, Kingston QLD 4114, 4 br House, Professionals Logan Lifestyles $248,000</td>
</tr>
</tbody></table>
On the same weekend last year Sydney had a strong 78% clearance rate from 301 listings. Melbourne had 261 offerings and a 67% success rate this time last year. 
APM's senior economist Dr Andrew Wilson noted the "super strong" clearance rate in Sydney at 82.4% was achieved from significantly higher listings than last weekend's 97. 
"The market remains white hot as interest rates fall," <a href="https://twitter.com/docandrewwilson" target="_blank">he tweeted</a> to his 933 followers.
AMP Capital economist Shane Oliver had a different interpretation suggesting yes the auction clearances were solid: But he tweeted "Syd 82% (likely 78% after revisions), yr ago 79%; Melb 67%, yr ago 68%." "Can't see big impact from rate cut though," he tweeted.
The ABC reported on a Port Hedland auction where the fibro cottage was passed in at auction for $360,000 unsold - its highest offer reflecting 2006 price levels.
It last traded four years ago for $1.3 million, and before that at $870,000 in 2009 and at $350,000 nine years ago in 2006. 
The three bedroom, one bathroom 1960s house sits in the heart of the Western Australian mining town. It is within the business and commercial district, opposite developments and not far from the boat ramp, Marapikarrinya Park, and fishing wharf.
<img src="https://i1.au.reastatic.net/456x342/49a5c01f21af367a5de7fb681e52e33ab038ed15221a465a6c2527b549f59a26/main.jpg" alt="18 Edgar St, Port Hedland, Port Hedland" title="18 Edgar St, Port Hedland, Port Hedland" data-index="0">
Real estate agent Barry Walsh at Jan Ford Real Estate told the ABC the top bid was a sign the mining boom's construction phase had tapered off.
Negotiations continue for the sale of the cottage with 145 square space on its 600 square metre block.
It was initially listed for private treaty sale in June 2013 at $1.42 million.
Property Observer understands its most recent rental asking price was $800 a week in mid-2014, having been in excess of $2000 a week in 2008 and 2011, when it was last sold.
Last month the controversial research body, Demographia noted the affordability of <a href="/expert-insights/buying/karratha-one-of-australias-most-affordable-towns-as-prices-decline">WA mining </a><a href="/expert-insights/buying/karratha-one-of-australias-most-affordable-towns-as-prices-decline">towns had improved</a>.
Last July Property Observer Terry Ryder wrote<a href="/expert-insights/port-hedland-and-karratha-the-best-places-to-buy-dont-get-roped-into-that-one"> Port Hedland and Karratha</a> "the best places to buy"? Don't get roped into that one, he advised a year after an earlier warning.
In 2012 Property Observer reported <a href="/news/qld/moranbah-and-port-hedland-unsustainable-single-industry-mining-boom-hotspots-westpac">Westpac viewed Port Hedland as an "unsustainable" single industry mining boom hotspot</a>.
Back in Sydney Cooley Auctions weekend clearance rate was 88% selling 21 of 24. It included two at Caringbah South which collectively sold at $120,000 over reserve.
Rocky Bartolotto at Auction Services secured seven from seven on the day reporting registered buyer numbers were strong across Sydney with an average of eight per property. 
"This is up from 6 buyers compared to February 2014," he advised.
CoreLogic Rp Data advised a preliminary weighted average clearance rate of 66.9% was recorded this week across all the capital cities compared to 61.6% last week and 68.2% this time last year. "This week's result compares well to the 2014 market when an overall clearance rate of 67.8% was recorded," spokesperson Robert Larocca said.
"It also reflects the moderate growth recorded in home values this year. "The positive impact of the rate cut will take a few weeks to be apparent on a national wide scale as volumes are still low. 
"If the rate cut is to encourage a few more active buyers and sellers it will also take a few weeks to be obvious." In Sydney a preliminary clearance rate of 80.5% recorded compared to 77.9% last week and 79.5% last year. In Melbourne a preliminary clearance rate of 61.4% was recorded compared to 66.3% last week and 67.5% this time last year. In Brisbane a preliminary clearance rate of 45.6% was recorded compared to 43.3% last week. In Adelaide a preliminary clearance rate of 61.1% compared to 52.7% last week. In Canberra a clearance rate of 62.8% was recorded compared to 72.7% last week. In Perth a clearance rate of 35.7% was recorded.
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Sydney's weekend auction clearance rate soars to 82%, but Port Hedland highlights how the mighty can fall

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Miles, which is often considered together with Chinchilla, is a small town in the Surat Basin Western Downs area in Queensland.
It recently fell onto Property Observer’s radar again due to its status as the highest yielding suburb in Queensland for houses, at 11.17%,  according to RP Data.
Half an hour west of Chinchilla and about an hour and a half east of Roma, Chinchilla, Miles, Roma and Dalby are regularly mentioned in the same breath. However, Chinchilla offers a 5.88% rental yield, while Roma boasts 7.09% and Dalby's yield is recorded at 5.52%. Not quite the striking on-paper statistics seen in Miles.
Click to open in new window:
<a href="/images/2014/11/13/miles%20nov%2013%20one.png" target="_blank"><img src="/images/2014/11/13/miles%20nov%2013%20one.png" alt=""></a>
Originally known as Dogwood Crossing when established in the 1800s, Miles is a country town with over 20 historically important buildings and with a strong agricultural background.
Today, it also has a significant mining influence.
According to RP Data, the median weekly advertised rent is $750, with a median price house being $349,000, providing this strong rental yield figure.
However, while this may instantly put the area on some peoples’ hotspot lists, it may be worth taking a closer look.
Over the past three months, the median price movement was down 9.94%, with figure down 8.16% over 12 months. Over the past three years, the median price has increased by 39.60%, representing an average annual growth of 16.92%.
With a seven year average hold period, even with the 102 days on market average, it’s not looking too bad for the long-term property owners in Miles.
In fact, Matusik Property Insights, writing a report about Miles a couple of years ago, pointed to the fact that almost 10% of Queensland’s manufacturing gross domestic product is produced within the Western Downs region, with the energy resources sector boasting the potential to more than triple their gross regional product in the years ahead.
“Recently there have been a number of gas fired power stations built with others being proposed. There are both solar generated power and wind generated power projects being proposed in the Western Downs,” their report noted.
“However, the Surat Basin is not dependent on any one industry or commodity, with coal, gas, power generation, solar energy, coal seam gas, water projects, rail infrastructure, farming and supporting businesses all present in the area. This means the area’s economy is protected from downturn if one industry sector endures a bad period. In fact, there are over 4,500 businesses in the Western Downs Regional Council according to official figures from the Australian Bureau of Statistics (ABS).”
They noted that a large number of new workers were expected for Chinchilla, Miles and Roma, with an expected figure of more than 42,000 workers required to service the new projects in the Surat Basin (you can see a list of those near Miles over the page).
The number of transient miners in the area was expected to increase from 4,000 to 16,000 by 2015.
“To this end, it should be noted that during 2010, the Western Downs Regional Council recorded a 57% increase in residential dwelling approvals compared with the previous year.
This reflects the high demand that exists in the area for additional housing arising from the region’s strong levels of economic activity and job creation.”
In July 2012, Surat Basin Property Group’s chief operating officer Jason van Hooft told Property Observer that the opportunities for investors in the Surat Basin are <a href="/news/qld/chinchilla-queensland-mining-hotspot-or-one-underpinned-by-marketeers">“unique in Australia”</a>, pointing to the fact they’d already built and sold 200 house and land packages in Chinchilla.
“For a start, we are not that isolated, being only 3.5 hours' drive from Brisbane, and secondly the towns of Chinchilla and Miles are long established country communities with existing infrastructure, existing thriving communities and broad-based economies," van Hooft said.
“If you like, the resources boom is the icing on the cake for these centres,” he said.
Last year, approval was given for a 3,000 bed mining camp for Miles. Interestingly, <a href="https://www.nexthotspot.com.au/" target="_blank">NextHotSpot</a> pointed to the limitations on capacity in Miles and Chinchilla when picking their hotspot of Toowoomba for this year.
“With major job creation in the Surat Basin on the way (perhaps 27,000 jobs over the next 3 years) and the small towns of Dalby, Chinchilla and Miles unable to accommodate other than in mining camps, Toowoomba becomes a natural capture point for much of the overflow,” they explain.
Looking at house sales that have occurred over this year, there have been remarkably few in Miles.
It seems that this past year has been slow, if not backwards, but that investors holding on for the long term have done well with very few currently selling out to realise losses.
Many property owners purchased at the beginning of the 2000s for $100,000 and below. These investors have seen their properties doubling, or more, on sale price.
However, gains have been slower since 2010. Two properties purchased in 2011, for $290,000 and $140,000, sold for a $25,000 gain and a $35,000 gain respectively.
A March 2012 buyer, who purchased a large home for $750,000 and was noted in the listing as “motivated”, took a $100,000 drop to sell in June this year.
Another property, on Daisy Street, sat on the market for 497 days, initially listed at $240,000 in November 2012. It finally achieved $225,000 in April 2014.
Perhaps capital gains are not as forthcoming this year.
But what about that double figure rental yield that remained elusive for <a href="/news/qld/can-you-really-get-a-double-digit-rental-return-in-queenslands-mount-morgan">our runner up town of Mount Morgan yesterday</a>?
Rising rents have been an interesting experience in Miles. The Residential Tenancies Authority of Queensland in 2012 noted an increase in Miles  from $300 to $550 per week for a  three bedroom house, as well as in Chinchilla from $320 to $375, over the year to the December quarter 2012. Looking at their more recent data (based on bonds lodged), it seems that four bedroom homes are rented at a median $450 per week and three bedrooms at $375. Last year, this was $550 and $700 respectively. There was weak or no data for townhouses or apartments.
The major thorn in the side for Miles is the scary figure that emerges when looking at the vacancy rate. With a 28.2% vacancy rate recorded by SQM Research, managing director Louis Christopher told Property Observer when vacancy rates get that high, it’s worth looking a little deeper and being suspicious of the figures.
Looking for new developments, Surat Basin Homes’ The Pines Miles ‘Parkland Living’, with House and Land packages from $447,346 has recently seen Stage one and two completely sold, with 135 residences to be sold across the estate. They are particularly aimed towards property investors.
Considering that in the 2011 Census a total of 1,854 people were counted, any development of this size has the capacity to have a big effect on the local property market.
Hotspotting.com.au’s Terry Ryder told us that the towns of the Surat Basin, including our focus of Miles, have been afflicted by the same problems seen in Gladstone and Mackay.
“The demand forces are still strong but developers have piled in and oversupplied the markets in that area, including also Chinchilla,” said Ryder.
“Miles has had exceptional price growth in the past five years, but in the past 12 months the median price has dropped 27%. Average time to sell a house in Miles is now six months and discounting is close to 20%.
“The number of house sales in Miles in the past five quarters have been 17, 10, seven, three and zero,” he said.
“Developers have an incredible capacity to destroy boom markets and Miles is yet another example.”
When searching the rental listings, it’s clear that an abundance of new properties do exist. Looking for houses only, and not including surrounding suburbs or office-homes, approximately 78 rentals remain. Rent per week ranges from as low as $200 per week for a two bedroom, one bathroom “tidy” home to $1,200 per week for a five bedroom, six bathroom family offering.
One of the listings was undisclosed.
The rest currently available fall into these brackets:
$700 or more: 4
$600 to $699: 7
$500 to $599: 14
$400 to $499: 25
$300 to $399: 19
$200 to $299: 7
Assuming we owned a home that we were aiming to rent for the upper brackets, it appears that the standards are quite high if you’re aiming for a quick tenant – particularly with that amount of competition on the market.
Property Observer looked at the current rentals and found that 41 were advertised as fully furnished, 14 were brand new with a further 12 mentioning they were close to new or in a ‘new estate’. Another 19 advertised the property as renovated.
Of all the listings, eight offered rental incentives, such as free rent, or the ability to negotiate with the landlord on the price.
All in all, it seems that the investors who did the best in Miles did so some years ago, although this situation may change with a number of projects coming up.
Photo of Miles main street courtesy of <a href="https://commons.wikimedia.org/wiki/User:Mattinbgn" title="User:Mattinbgn">Mattinbgn</a>/<a class="mw-mmv-license cc-license" href="https://www.propertyobserver.com.au/https://creativecommons.org/licenses/by-sa/3.0" target="_blank">CC BY-SA 3.0</a>.
See over page for a list from Advance Western Downs in 2012 for projects planned in Miles.
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According to Advance Western Downs, a number of projects are planned, completed or underway in Miles and close by locations as of 2012.
Here are the projects:
Australia Pacific LNG - coal seam gas to LNG project (Construction)
Columboola South Transmission Network - part of power supply project (Construction)
Columboola Substation - part of power link project (Construction)
Columboola to Wandoan South Transmission Project - transmission line and substation (Construction)
Queensland Curtis LNG - Coal seam gas development (Construction)
Arrow Surat Pipeline - Connected Surat Basin coal seam gam with LNG facility in Gladstone (Planning)
Cameby Downs Expansion Project - Increase mine rate (Planning)
Columboola Project - Mining operation JV between MetroCoal and SinoCoal (Planning)
Nathan Dam and Pipeline - Water supply for mining, power, urban, agriculture operations (Planning)
Surat Gas Project - Coal seam gas exploration expansion (Planning)
Cameby Downs Mine Project - Coal mine (Operation)
Condamine Power Station - Coal seam gas power station (Operation)
Kenya to Chinchilla Weir Pipeline - water supply during coal seam gas project (Proposal)
Columboola Creek Crossing - coal mine (Proposal)
Davies Road - coal mine (Proposal)
Rywung - coal mine (Proposal)
Surat Project - exploration project (Proposal)
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