<a href="https://www.apartments.com.au/architects/bates-smart">Bates Smart</a> is one of Melbourne's longest standing architecture firms.

Founded in Melbourne in 1853 by Joseph Reed, the firm began as Reed &amp; Barnes and has evolved through various partnerships before adopting the Bates Smart name in the 20th century. With a continuous presence spanning more than 170 years, the practice has played a pivotal role in shaping Melbourne’s architectural identity.

In the 19th century, Bates Smart designed several of Melbourne’s enduring landmarks, including the Royal Exhibition Building (1880), a UNESCO World Heritage site, and the Melbourne Town Hall. The firm’s influence continued into the 20th century with notable works such as Ici House (1958), considered Melbourne’s first modern skyscraper and a milestone in post-war Australian architecture.

One of their landmark designs was&nbsp;The First Church of Christ, Scientist, at 336-340 St Kilda Road. The building, which is listed on the Victorian Heritage Register, was designed by Bates, Peeble and Smart with construction completed in 1922. Architecturally, the building is significant as a rare example of early twentieth century classicism applied to a religious building. Historically, the building is significant as the first church of the Christian Science movement.

Melbourne developer Time &amp; Place decided to bring Bates Smart back to the area to design their next residential apartment project, Park Modern.

[smartcode_project:default project_id=138453 project_image_fid=2138]

<a href="https://www.urban.com.au/new-apartments/park-modern-south-melbourne-1-middleton-lane-south-melbourne-vic-3205">Park Modern</a>, on one of the largest island sites on the Melbourne CBD fringe, bordered by Dorcas Street, Wells Street, and Middleton Lane, will comprise two sculptural towers. It is being positioned as a design-forward response to evolving owner-occupier preferences in the Domain precinct.

Tim Price, Director at <a href="https://www.apartments.com.au/developers/time-place">Time &amp; Place</a>, says&nbsp;Bates Smart have got a footprint on this city, probably like no other architect.

"It’s a really nice kind of next chapter story, that they created from a design perspective so long ago," Price told Apartments.com.au.

Park Modern will be the third time Time &amp; Place has worked with Bates Smart, having successfully designed and delivered Collins House and Opera on St Kilda Road together.

The brief focused on creating a built form that would feel contextually appropriate while offering a contemporary evolution of inner-city apartment living.

[smartcode_project:default project_id=138453 project_image_fid=2137]

The focus for Park Modern is squarely on owner-occupiers.

“It’s not always about downsizing," Price says.

"Sometimes it’s just about creating a space which is easily maintained, lock up and leave, reflecting people’s aspirations, whether they’re entertainers, big dining room spaces, big open terraces, they’re important parts of any design consideration.”

The building includes a mix of one, two and three-bedroom apartments, as well as penthouses, with layouts and floor plans designed to suit a broad demographic. The architecture has been shaped to capture&nbsp;view corridors to the Botanic Gardens, Port Phillip Bay and the CBD skyline.

Each apartment has been oriented to maximise natural light and provide a clear outlook, elements often cited by owner-occupiers as key criteria.

[smartcode_project:default project_id=138453 project_image_fid=351806]

Rather than defaulting to a generic luxury offering, the amenity strategy at Park Modern reflects specific insights into how residents want to live. The ground floor will include co-working areas, wellness facilities, and a concierge-led lobby that blends indoor and outdoor design cues.

“Wellness has become a more thoughtful consideration, not just gyms or lap pools, but things like magnesium plunge pools, saunas, daybeds, and studio spaces for Pilates and the regular cardio workout,” says Price.

One notable inclusion is a substantial porte-cochère, a covered vehicle drop-off zone integrated into the site plan. It’s a feature rarely seen in inner-urban developments and speaks to the team’s emphasis on ease of arrival and departure for residents and guests.

A display suite for Park Modern is now open by appointment, giving prospective buyers an early look at the project.

[smartcode_project_cta:default project_id=138453]

Joel Robinson

100 years on, Bates Smart returns to South Melbourne's Domain Precinct to design Park Modern

One of the most significant beachfront projects ever proposed for the small suburb of Miami on the Gold Coast, has taken a major step forward.&nbsp;Monaco Property Group has secured approval for <a href="https://www.apartments.com.au/new-apartments/nalu-miami-122-marine-parade-qld-4220">NALU</a>, a $500 million development comprising just 45 ultra-luxury residences on the iconic former Nobby’s Outlook site.

Acquired by <a href="https://www.apartments.com.au/developers/monaco-property-group">Monaco Property Group</a> in 2024 for $70 million, the rare 7,238 sqm Marine Parade parcel boasts more than 80 metres of uninterrupted ocean frontage.

With approvals now secured, Monaco Property Group will move NALU into its delivery phase. The project has been designed by&nbsp;<a href="https://www.apartments.com.au/architects/bda-architecture">BDA Architecture</a>, who collaborated with&nbsp;<a href="https://www.apartments.com.au/landscape-architect/ldg-landscape-architecture">LDG Landscape Architecture</a> and <a href="https://www.apartments.com.au/interior-designers/tom-mark-henry">Tom Mark Henry Interiors</a>&nbsp;to create the low-rise building, its landscaping, and interiors.

<img alt="NALU" data-entity-type="file" data-entity-uuid="3fdf578e-7cc4-4b17-bbc2-ba853522a5d8" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/122_Marine_Parade_002.jpg?VersionId=zFhJWVzX0jmCO.5iIIxNELImHesTjWS4" />

Residences will range from 237 sqm layouts to beachfront homes exceeding 1,400 sqm.

At the heart of the project is a 2,200 sqm lifestyle precinct with a bathhouse, fitness centre and resort-style pool, elevated by a concierge service.

Jonathan Grasso, Co-Founder of Monaco Property Group, said the council approval marks an exciting milestone for NALU, which will launch in Q1 2026.

“The project will now progress toward construction, working alongside our world-class collaborators to bring NALU to life," Grasso said.

“Our vision is to create a legacy project for the Gold Coast, one that not only honours the history of the site but also elevates its future, setting a new standard for coastal living in Australia. NALU embodies the pinnacle of design and location and will stand as an enduring icon of prestige and liveability.”

<img alt="NALU" data-entity-type="file" data-entity-uuid="6ae8545b-87ca-4dea-90ed-ac273ec6515d" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Image7.jpg?VersionId=Wnmie4bu3x2WQonnG4Pwmh39NdZVKeOV" />

Originally developed in the 1970s as Nobby’s Outlook and later refurbished in 2019 as Nalu, the property has long held a place in the local community’s coastal identity. The new vision will build on this legacy, creating luxury residences that capture ocean views while fostering a lifestyle defined by wellness, connection, and ease.&nbsp;

Beyond its residential offering, NALU will deliver significant economic benefits to the Gold Coast through job creation and opportunities for local suppliers and contractors. Construction is anticipated to commence in early 2026, with completion expected in Q3 2028.

Monaco Property Group approved for $500 million NALU apartments on Miami beach

The most elevated residential tower in Palm Beach, <a href="https://www.apartments.com.au/new-apartments/corallo-palm-beach-5-palm-beach-avenue-palm-beach-qld-4221">Corallo</a>, has officially launched this week, however only a handful of buyers will have an opportunity to buy in to the 17-storey project.

The $200 million mixed-use project includes ground floor dining and retail and is considered so valuable its developer, <a href="https://www.apartments.com.au/developers/changfa-group">Changfa Group</a>, will be staging its release of one-, two- and three-bedroom apartments and penthouses to the market.

[smartcode_project:default project_id=112194 project_image_fid=806]

<a href="https://www.apartments.com.au/project-marketer/colliers">Colliers</a> International, Director, David Higgins, said the development’s location just metres from the beach on the corner of Palm Beach Avenue and the Gold Coast Highway influenced the sculptural design by the acclaimed Plus Architecture studio.

“<a href="https://www.apartments.com.au/developments/palm-beach-qld-4221">Palm Beach</a> locals understand the rare opportunity here at Corallo, particularly being the tallest building in the suburb and its proximity to the beach and local restaurants, and they’ve represented the bulk of pre-launch enquiries,” Higgins said.

“The orientation of the apartments captures views of the coastline from Surfers Paradise to Currumbin, and the diversity of floor plans and apartment types provide an exceptional level of choice.

“The first release includes just 59 one-, two and three-bedroom apartments and two half-floor penthouses, with flexible use designed to appeal to both owner-occupiers and investors."

&nbsp;

[smartcode_project:default project_id=112194 project_image_fid=799]

In addition to the ground floor amenity, residents will also have access to a private dedicated wellness level offering 734 sqm of resort-style amenities including a pool, cold plunge, wet deck, steam room, sauna, gym, day bed, fire pit, barbecue area, dining area and yoga/stretch deck.

The project is located within walking distance of Tallebudgera Creek, Burleigh Heads village, Currumbin Alley and Palm Beach Currumbin High School. The Gold Coast Airport is under 10 minutes away.

[smartcode_project:default project_id=112194 project_image_fid=814]

Higgins said Palm Beach remained a hotly contested suburb for home buyers, with prices doubling in the past five years.

“What makes Corallo so appealing to the local market is the diversity of apartment types and pricing, with one-bedroom apartments starting from $841,000 and two-bedroom apartments starting from $1.34 million,” he said.

“The ground floor retail and dining offering will further expand on Palm Beach’s village atmosphere and create a meeting place for locals, and those opportunities for connection are highly valued.”

&nbsp;

[smartcode_project:default project_id=112194 project_image_fid=807]

The on-site sales display, which includes a fully fitted kitchen, bathroom and bedroom, will be open until early works commence in Q1 2026. Each residence at Corallo will feature premium finishes including natural stone, artisanal brickwork, and warm copper accents.

Changfa Group has a two-decade history of delivering premium developments in Australia and internationally, having recently completed its collection of premium townhomes at Lyra, Hope Island, as well as apartment projects in Leichhardt, Carlingford, and Chatswood in New South Wales.

[smartcode_project_cta:default project_id=112194]

$200 million Corallo Palm Beach launches with limited apartment release

In a move that aligns with NSW's accelerated planning incentives for affordable housing, developer&nbsp;<a href="https://www.apartments.com.au/developers/the-one-collection">One Collection</a> has revised its Hills District apartment plans, and taken it to the NSW Government, to secure approval.

The developer, which is currently delivering Horizon Hurstville, is seeking to add 80 more apartments to its <a href="https://www.apartments.com.au/new-apartments/the-one-castle-hill-16-dawes-avenue-nsw-2154">Castle Hill development</a> near Castle Towers. They already have approval for 280 apartments across eight six-storey buildings.

<img alt="One Collection" data-entity-type="file" data-entity-uuid="b3c298ba-1cc5-4db7-9872-607c75f8ceca" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202025-10-13%20at%2010.19.22%E2%80%AFAM.png?VersionId=wN9KpFIu5ENSGZLLsaZgXQHrXcwEO3Vd" />

Now on the desks of the NSW Department of Planning is 360 apartments, 48 of which will be dedicated to affordable housing.&nbsp;Affordable housing is to be “fully integrated within the building and visually indistinguishable,” according to the planning submission.

The 15,697 sqm block, an amalgamation of 16 sites, spans across Dawes Avenue, Hughes Avenue, and Camdan Crescent, sits 550m from Hills Showground Metro Station.&nbsp;

"The existing context is quickly changing from free-standing homes into residential flat buildings in line with the Hills Showground Precinct planning framework," Place Studio noted.

<img alt="Castle Hill" data-entity-type="file" data-entity-uuid="3ec24948-c185-48fa-af8b-ed25adf302bf" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202025-10-13%20at%2010.19.04%E2%80%AFAM.png?VersionId=zNDX.IeRROX1RlDeYcS38xn8w_dqgU2t" />

They said the design was informed by the site's unique condition of having three street frontages and was developed to to respond sensitively to iots surrounding context.

"The design adopted a conventional perpendicular alignment to the primary street frontage. The massing of the development was carefully modulated to align with the evolving character of the neighbourhood. The design ensured that the scale was not excessive or out of context, but instead contributed to a cohesive urban form consistent with emerging developments in the area."

<img alt="Castle Hill" data-entity-type="file" data-entity-uuid="f83ffdaa-f960-469d-b6fe-abcece57c9ef" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202025-10-13%20at%2010.19.09%E2%80%AFAM.png?VersionId=4oKlCyfaKes7jLi1_EMoqa46w2h_YvDZ" />

The apartment mix will be 46 one-beds, 168 two-bed apartments, and 146 three-bedroom units, with 631 parking spaces proposed.

Along the street frontages, the building heights are four storeys with a 7.5 metre setback, and eight storeys with an 11.5 metre setback. It should cost about $150 million to build.

One Collection works hand-in-hand with the respected development and construction firm Masscon, which has built a reputation for leveraging its expertise in the built environment to take on developments others can't. That's what they're achieving at Horizon Hurstville, having taken over the project to deliver it.

First look: One Collection advances plans for Castle Hill apartments

At Yarra’s Edge, <a href="https://www.apartments.com.au/developers/mirvac">Mirvac</a>’s newest tower under construction, <a href="https://www.apartments.com.au/new-apartments/trielle-at-yarra-s-edge-docklands-16-point-park-crescent-docklands-vic-3008">Trielle</a>, sets a new benchmark for elevated living. Rising 45 storeys, 12.5 metres from the Yarra River, the landmark building offers residents access to a private wellness retreat and spa, a resident-only golf simulator, and an elegant lounge, dining and bar complete with a self-playing piano, all without ever having to leave home.

Now, that sense of elevation has reached new heights with the Aerus Sub-Penthouses, a limited release of half-floor riverfront residences on the Collins St axis where the sought-after street meets the Yarra River.

Each Aerus Sub-Penthouse, located across levels 42 and 43, represents the most expansive offering within Trielle, aside from the yet-to-be-revealed crowning penthouses. Spanning between 269 and 301 sqm, these residences are designed to capture natural light and uninterrupted views of the city skyline, Yarra River, and Port Phillip Bay.

[smartcode_project:default project_id=114216 project_image_fid=3784]

Among the collection are three-bedroom sub penthouses, complemented by a media room, and expansive four-bedroom layouts. All include panoramic living areas and oversized master suites with luxury ensuites reminiscent of a five-star hotel, complemented by dedicated dressing rooms finished in timber and natural stone.

The interiors have been crafted by <a href="https://www.apartments.com.au/architects/mirvac-design">Mirvac Design</a>, the developer’s award-winning in-house architecture and design team. Every material has been chosen for quality and longevity, from sculpted stone island benches with feature soft wash LED lighting to bespoke joinery and chevron timber oak flooring.

Kitchens are fitted with a BORA induction cooktop with integrated downdraft extractor, alongside Gaggenau appliances, including a fridge, freezer, and wine fridge. The adjoining butler’s pantry incorporates the exclusive Gaggenau Minimalistic Series including oven, steam oven, microwave, coffee machine and warming drawer, all concealed behind handleless glass panels for a clean, integrated presentation. Bathrooms feature custom Apaisar freestanding baths and basins and natural stone benchtops, continuing Mirvac’s design emphasis on tactile, timeless materials.&nbsp;

[smartcode_project:default project_id=114216 project_image_fid=353085]

Michael Wiener, Design Director at Mirvac, says The Aerus Sub-Penthouse embodies the apex of Mirvac’s design ethos.

“Moving through your home is like walking on air - a private sanctuary where the craftsmanship is refined, the proportions generous, and the flow so effortless, you feel completely at ease in the sky,” Wiener says.

“In Aerus, we wanted to create a sense of weightlessness - a home that feels suspended in the skyline, full of light, grounded in luxury.”

[smartcode_project:default project_id=114216 project_image_fid=3777]

The Aerus Sub-Penthouses are expected to attract a mix of local and international buyers seeking a long-term residence of scale and quality in a riverfront setting, from returning expats to established families and business owners who value privacy, craftsmanship, and convenience within walking distance of the CBD.

With an unmatched suite of amenities, Trielle is the most extensively appointed development Mirvac has created to date at Yarra’s Edge. Within the tower will be The Oasis, a 900 sqm podium rooftop wellness retreat designed in collaboration with spa expert Naomi Gregory. Located seven storeys above the Yarra River promenade, it features a 25-metre lap pool, spa and sauna, hot magnesium spa, biophilic gym, yoga and Pilates studio, cold-pail contrast treatment, and day spa treatment rooms. Further amenities include a piano lounge, bookable dining room, cinema room, golf simulator studio, games room, teppanyaki bar, dog wash bay, and two flexible work hubs, The Biblioteca library and Mills Place office space, catering to residents’ evolving lifestyle needs.

Construction of the $350 million tower is underway through Mirvac’s in-house construction arm, with completion anticipated for mid-2027.

[smartcode_project_cta:default project_id=114216]

Sky-high sanctuaries: Mirvac unveils The Aerus sub-penthouses at Trielle

Price Decline

<html><body>
Forecaster BIS Shrapnel this week used apartment oversupply as part of the justification for predicting (minor) price decline in some of our major cities over the next three years.
While I certainly share their concerns about over-building of high-rise apartments, I don’t agree that this means prices generally will fall in those cities.
Does a unit over-supply in inner-city Adelaide or Brisbane prevent house prices from growing in housing markets in the middle-ring and outer suburbs?
On the Gold Coast, past oversupply has resulted in key locations like Surfers Paradise having pricing levels lower than 10 years ago. But it hasn’t prevented inland housing suburbs from delivering price growth averaging 4-5 percent per year over the past decade.
So I expect price growth in housing markets in Brisbane, Adelaide, Canberra and Hobart – as well as the Gold Coast – regardless of the over-supply issue in the high-rise areas of those cities. I’m not expecting much from Sydney or Melbourne in the next few years, because those markets have passed their peaks and sales levels have fallen away dramatically, leading to price stagnation or minor decline.
The unit oversupply is a separate issue – and a serious one. It’s significant that lenders are including high-rise areas on blacklists, that developers are deferring planned projects and that vacancy rates are rising in key areas.
This week I updated vacancy rates for Brisbane inner-city suburbs for a seminar presentation. There has been a market blow-out in vacancies in all six suburbs I reference in that presentation. Most now have vacancies in the 5-6 percent range, according to SQM Research figures. 
In the space of three months, the vacancy rate for the Brisbane CBD has increased from 4.4 percent to 5 percent, while Woolloongabba is up from 4.8 to 5.5 percent and New Farm has increased from 5.3 to 6.1 percent.
These statistics will worsen as projects now under construction are completed and their apartments join the rental pool – because very few of the sales are being made to owner-occupiers.
Apartment markets with current or looming surpluses of stock make up half of the 10 markets highlighted in my No Go Zones report (the only half being regional areas impacted by the resources sector).
This really is one of the core issues facing the property industry. While the developer lobby keeps running the party line about dwelling shortages – despite two years of record building approvals pumped up by apartment projects – the big issue is the opposite problem of surplus.
It’s inevitable that, in some markets, vacancies will rise, rents will fall and values will be impacted.
As BIS Shrapnel senior director Angie Zigomanis says: “Nearly all capital cities are building apartments at record rates on the back of the recent strength in investor demand. As these projects are progressively completed, it is likely that there will not be enough tenants in a number of cities to support rents and consequently values upon completion.”
I’m amazed at how many people are still buying apartments in Surfers Paradise, inner-city Melbourne and inner-city Brisbane, and by the number of new projects seeking approval in oversupplied markets like Perth, Brisbane and Melbourne.
Across the key high-rise suburbs of the Gold Coast, Melbourne and Brisbane, 8,242 people have bought apartments in the past 12 months, including 1,588 in Surfers Paradise and 1,501 in the Melbourne CBD. 
Do these people not read? Don’t they have access to the Internet? The warnings from analysts, commentators, lenders and the Reserve Bank over the past 12-18 months add up to a deafening roar.
If you’re ignoring all that and still buying high-rise units off-the-plan in these markets - or if you’re oblivious to it because you haven’t done even the most basic research - you deserve to lose money.
 
Terry Ryder is the founder of hotspotting.com.au
<a href="mailto:hotspotting@gmail.com">hotspotting@gmail.com</a>
twitter.com/hotspotting
 
</body></html>

terryryder-YECXbqmri2

Apartment over-building doesn't mean prices will fall: Terry Ryder

<html><body>
The overwhelming weight of expert commentary has rubbished Macquarie Bank’s forecast of major price decline in the next 12 months. 
Some media has presented Macquarie’s simplistic analysis, based on Australian as a single property market with a very specific price prediction, as the gospel according to irrefutable economists. But most coverage has been a counter-attack from credible commentators presenting more considered and realistic views of next year’s markets.
Aussie Home Loans chief John Symond said "there's buckley's chance of a price correction." As Property Observer reported on 22 October, Symond told a Sydney investment conference that Sydney's market was nearing its peak, <a href="/news/sydneys-booming-residential-property-market-was-nearing-peak-john-symond">with “steam coming out of the market and sanity coming in”</a>, and predicted a more flat market – but no across-the-board decreases.
And he observed, quite correctly, that there would be differences from one area to the next. "Hot areas will still see a 7-9% gain, in other areas you might see 3-4% and in some other areas a 5% drop," he said. "You have to do your homework." 
Yes, indeed. That is a far more reasoned assessment of the near future than Macquarie’s prediction of a blanket 7.5% decline, apparently everywhere.
Louis Christopher of SQM Research has predicted house price growth in 2016 but at a slower pace than recent years. As an experienced analyst, he knows better than to make a generalised forecast that covers the whole nation as a single market. He has different forecasts for each city and includes three different forecast scenarios in each case, dependent on key events including economic growth, interest rates and the value of the Australian dollar.
In the latest edition of Housing Boom and Bust Report from SQM Research, he predicted Sydney prices will rise between 4% and 9% next year. Melbourne is forecast to overtake Sydney and be the best-performing capital city in 2016 with a rise of between 8% and 13%. 
Christopher said the market overall is unlikely to see price decline for a number of reasons, including the Australian dollar, which is tipped to stay at current low levels or fall further, providing a buffer to the economy and the housing market. 
Raine &amp; Horne executive chairman Angus Raine believes the Macquarie prediction is difficult to substantiate given the current performance of major property markets. He said the level of demand for property and the depth to the market do not indicate a major correction.
Veronica Morgan, the principal of Good Deeds Property Buyers based in Sydney’s inner west, quite rightly criticised the bank for broadcasting the prediction without considering markets on a micro scale.
“It really annoys me when bank PR people get hold of some economic data and suddenly an impending drop in the property market is front-page news,” she said. “Why can I say that this latest prediction will not come true? Because there is really no such thing as an Australian property market. Look at any national property data and you will see that no two capital cities perform in the same way. 
“And then there are regional markets that all have their own cycles to consider. So how can anybody make a claim that the entire country is over-priced or ready for a fall? Even within Sydney there are dozens, probably hundreds, of micro markets."
Business commentator Peter Switzer said the bank forecast "bordered on being stupid", while Andrew Wilson, the senior economist at Domain's Australian Property Monitors, said it was “unbelievably unlikely”.
Wilson noted that, in the past decade, there had not been any national annual drops of more than 5%. “Even in periods where we had prices falling, such as during 2008 when it was the global financial crisis, the national house price fell by just under 4%,” Wilson said. 
Stockland chief Mark Steinert expects house prices to continue to rise next year. His forecast is 3% to 5%.
"There has been quite a lot of talk going on for quite a long time now about the imminent downturn in housing, but no one has mentioned that it hasn't actually eventuated," Steinert told a Property Council lunch in Melbourne. 
"The reality is the economy in Australia is growing at a moderate level of around 2.5%. We have a low Australian dollar, continued population growth (albeit at a slower rate) and metro housing markets that are generally under-supplied. These are not the pre-conditions for some sort of general correction in housing."
There have numerous other commentators on the issue and the general theme is that there will be price growth in 2016 - but, in the case of Sydney especially, the rate of growth will be less.
An alternative view has come from accident-prone Shane Oliver, AMP Capital’s chief economist, who is predicting price decline but not until 2017.
Oliver has probably the worst track record of any economist in predicting real estate events. I could fill several pages with examples, but basically he believes housing is “over-valued” and has been predicting a significant correction for most of the past 10 years.
He clearly is one of those, not unlike another failed forecaster Steve Keen, who believes that if you keep making the same prediction year after year, you’ll eventually get it right.
So Shameless Shane was out there in the media again recently expounding his bubble theories, with claims of over-valuation of housing and predictions that property prices would fall “between 5% and 10%” - which might happen “around 2017”.
 
Terry Ryder is the founder of <a href="https://www.hotspotting.com.au/" target="_blank">hotspotting.com.au</a>. You can <a href="https://mailto:ryder@hotspotting.com.au" target="_blank">email him</a> or follow him on <a href="https://twitter.com/hotspotting" target="_blank">Twitter.</a>
</body></html>

Experts rubbish Macquarie Bank's price decline forecast: Terry Ryder

<html><body>
EXPERT OBSERVER
Headline: House prices fell in May. Alternative headline: House prices rose in May. 
Which is right? Actually, both. Or, more correctly, it depends on whose figures you believe.
CoreLogic records a 0.4% reduction in house prices (overall, the average across the nation) during May, but Louis Christopher’s SQM Research reports a 1.1% rise in house prices over the same period.
And when the latest figures from Domain and the ABS become available, they’ll have different numbers as well.
We could spend hours discussing why different sources produce different (and sometimes conflicting) results on what’s happening with property prices. But suffice to say that they all have their own methodologies and parameters – and what they’re attempting, to distil tens of thousands of sales in myriad locations into a single growth figure, is a tad challenging.
But, ultimately, it’s doesn’t matter whether CoreLogic is right or SQM is right. Essentially, they’re saying the same thing: property prices are remarkably stubborn in the face of major negative forces. As they so often are.
House prices continue to defy the doomsday forecasters, many of them economists who refuse to let go of their flawed theories about how property prices SHOULD behave – and others among them opportunists who see potential to generate free publicity.
Here are some headlines:
<ul class="ul1">
<li class="li1">“House prices to drop 20%: AMP Capital” – The Australian, 19 March.</li>
<li class="li1">“House prices could drop by up to 20%, says UBS” – Financial Review, 18 March</li>
<li class="li1">“Prices to plunge 30% as clearance rates fall off a cliff” – The Age, 8 April</li>
<li class="li1">“House prices will collapse, says UBS” – Financial Review, 2 April</li>
<li class="li1">“Can’t rule out 30% fall in house prices, says SQM” – Financial Review, 7 April</li>
<li class="li1">“House prices could dive 30%” – The Age, 27 April</li>
</ul>
For those who declare “but it’s early days”, it isn’t.
This pandemic shemozzle, in terms of its impact on Australian life, declared itself on 20 February when the share market had its first meltdown. We’ve already been through the worst of the health impacts and the toughest of the restrictions and now we’re emerging steadily from lockdown towards increasing levels of normality.
When the price data for March (showing growth in most markets) was published, many in mainstream media said: “Yeah, but wait to we get the April figures, then we’ll see the true impact of Covid-19.”
When the April figures came out (again showing minor growth in most markets), we got the same reaction: “Yeah, but May will see prices nosediving.”
Well, that didn’t happen either. The CoreLogic data showed that in May there was growth or no change in house prices in nine of the 15 market jurisdictions (eight capital cities and seven state regional markets), with an overall result of -0.4%, while SQM reported a national rise of 1.1% and a capital city rise of 0.5%, with increases in Sydney, Melbourne, Perth, Adelaide and Canberra.
So, now the standard line from failed forecasters seeking to justify their negative stance on property markets is this: “Yeah, prices are stable for now but in September when the stimulus runs out everything will fall off a cliff.”
This comes direct from the kindergarten of real estate forecasting. It assumes that nothing will change over the next 3-4 months and that governments and lenders will recklessly turn off the tap without any regard to consequences. 
It also assumes that it’s all about JobKeeper and mortgage holidays, and overlooks the importance of infrastructure spending, loans and grants to businesses, support measures for renters, ongoing government stimulus measures like the $25,000 grant to home builders and renovators, and a whole lot more.
Australia has done well in this crisis and continues to do so. And the future belongs to those who see opportunity rather than calamity.
Terry Ryder is the founder of hotspotting.com.au
<a href="https://mailto:ryder@hotspotting.com.au">ryder@hotspotting.com.au</a>
twitter.com/hotspotting
</body></html>

How true are real estate price fall headlines? Hotspotting's Terry Ryder

<html><body>
Residential property prices fell -1.8 per cent in the June quarter 2020, according to the latest figures released today by the ABS.
Melbourne (-2.3 per cent) and Sydney (-2.2 per cent), were the nation's worst performers over the quarter, but all capitals apart from Canberra saw declines.
Over the 12 months however to the June quarter 2020, property prices across the country jumped 6.2 per cent.
Only Perth and Darwin didn't record a rise.
According to the ABS Melbourne led the way with 8.8 per cent gains, followed by Sydney's 8.1 per cent rise.
To enlarge, <a href="https://www.propertyobserver.com.au/images/2020/9/17/Price%20indexes.png" target="_blank">click here</a>.
<img src="https://www.urban.com.au/images/2020/9/17/Price%20indexes.png" alt="">
The ABS advised that the total value of Australia’s 10.5 million residential dwellings fell by $98.2 billion to $7,138.2 billion in the June quarter 2020. 
The mean price of residential dwellings in Australia in the June quarter 2020 was $678,500. 
Sydney's decline over the June quarter was driven by houses, which saw declines of -2.6 per cent, back from its March quarter gains of 2.6 per cent.
The ABS say the falls in Sydney's housing market were most evident in the middle to upper market segments, which they calculate at $940,000 and above.
Houses prices are 9.2 per cent higher over the last 12 months.
Units fell back -1.4 per cent, after a 0.8 per cent gain in the March quarter. Over the 12 months unit values are up 6.1 per cent.
The larger declines were in the middle to upper market bracket, $670,000 and above.
It was a similar story in Melbourne with houses the hardest hit in the June quarter. Prices were down -2.8 per cent following a 2.3 per cent March quarter gain.
The ABS say price falls were most evident in the middle to upper segment of the market, which they calculate is $8100,000 and above.
Melbourne's house values are up 8.9 per cent over the last 12 months, just shy of Sydney.
Unit prices over the June quarter dropped one per cent, from a 1.5 per cent gain in the March quarter.
Price falls were most evident in the upper segment of the market, which the ABS say is $670,000 and above.
 
</body></html>

jrobinson-rf4aSBido9

Melbourne and Sydney lead 1.8 per cent June quarter decline: ABS

<html><body>
Melbourne has joined Sydney as a declining housing market, according to the latest national property clock from valuation firm Herron Todd White.
Last month HTW had Melbourne houses starting to decline, with Sydney already deemed a declining market.
There was worse news to come from Sydney's Central Coast, whose housing market last month was at the bottom of the market.
Now HTW believe there's still further to go for the region, now joining Sydney, Melbourne, Brisbane and Ipswich as a declining market.
Good news for Sydney's other popular weekender hotspot, the Southern Highlands, whose housing market is starting to rise.
To enlarge, <a href="https://www.propertyobserver.com.au/images/2020/9/9/HTW%20house%20clock%20September.jpg" target="_blank">click here</a>.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2020/9/9/HTW%20house%20clock%20September.jpg" alt="">
Hobart continued to look strong, with houses at the peak of the market. Launceston and the Burnie/Devenport area too joined in the good times.
The housing markets in Darwin, Broome and Bundaberg are at the bottom, joining Alice Springs and the Southern Tablelands.
With COVID-19 impacting real estate markets nationally, and even globally, valuers at Herron Todd White are asking “Will Spring spring in 2020?”
"Spring has always been considered an excellent time to sell, particularly if you have a detached dwelling with a garden; the blooming plants and warmer climate make an attractive prospect for buyers", Herron Todd White's monthly report advises.
"With the effects of COVID-19 still playing out, we feel that properties that offer landscaped gardens and study rooms will further attract keen buyers as people continue to spend more time at home, either working or relaxing."
 
</body></html>

Melbourne joins Sydney as declining housing market: HTW National Property Clock

<html><body>
National dwelling values continued to trend lower over August, the fourth consecutive month of declines, according to CoreLogic's home value index.
Declines are softening however, with values recording a -0.4 per cent decline in August, better than the -0.6 per cent decline over July and -0.7 per cent over June.
Melbourne's -1.2 per cent dwelling value decline drastically skewed the overall national decline.
Sydney and Brisbane were the only other two capitals to record declines, with values contracting -0.5 per cent and -0.1 per cent respectively.
Darwin was the best performer, with dwelling values up one per cent, following by Canberra's 0.5 per cent gain.
Hobart's values rose 0.1 per cent, while Adelaide and Perth remained unchanged.
To enlarge, <a href="https://www.propertyobserver.com.au/images/2020/9/1/CL%20August%20dwelling%20index.jpg" target="_blank">click here</a>.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2020/9/1/CL%20August%20dwelling%20index.jpg" alt="">
CoreLogic's head of research Tim Lawless highlighted the Melbourne market dragging the headline results.
“Following a similar decline in July, Melbourne home values fell by 1.2% in August, the largest fall recorded amongst the capital cities, demonstrating the impact of a worse viral outbreak relative to other cities, along with a larger demand side impact from stalled overseas migration", Lawless said.
"Through the COVID period to date, Melbourne home values have fallen by 4.6%.”
<h1>Houses and Units</h1>
Houses are still driving the decline across Melbourne and Sydney.
Melbourne's houses scaled back another -1.4 per cent, following on from another -1.4 per cent over July to be -4 per cent down for the quarter.
Sydney's house value declines softened over August, down -0.5 per cent, after a -1 per cent decline over July. They are now -2.4 per cent down on the quarter.
Sydney units were down -0.3 per cent over August, also better than the -0.7 per cent declines in July.
Melbourne units suffered as COVID-19 continues to lockdown the city. They contracted -0.8 per cent, from 0.7 per cent July falls.
To enlarge, <a href="https://www.propertyobserver.com.au/images/2020/9/1/CL%20dwelling%20index%20full.jpg" target="_blank">click here</a>.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2020/9/1/CL%20dwelling%20index%20full.jpg" alt="">
Brisbane's houses recovered to see no value falls over August, with units (-0.3 per cent) dragging their dwelling value decline in to the negative over the last month.
The biggest contrast of house and unit performance was in Hobart. Houses were up 0.3 per cent, but units down -0.7 per cent over August.
Darwin's bumper one per cent gains were primarily driven by houses, up 1.1 per cent, and held by units, up 0.7 per cent.
Darwin now have the only housing and unit market in the country with gains over the last quarter.
<div class="page" title="Page 1">
<div class="section">
<div class="layoutArea">
<div class="column">
“Looking forward we are likely to see a diverse outcome for housing markets around Australia, depending on how well the virus is contained and the regions exposure to other factors such as its reliance on overseas migration as a source of housing demand," Lawless added. 
 
 
</div>
</div>
</div>
</div>
</body></html>

Sydney value decline slows as Melbourne worsens: CoreLogic's September Index

<html><body>
July saw a third consecutive month of declines for property values across the country, with the national index dropping a further 0.6 per cent over the month, according to property data firm CoreLogic.
The decline however was slightly less than the -0.7 per cent declines posted over June.
Canberra (+0.6 per cent) and Adelaide (+0.1 per cent), were the only capitals to buck the trend.
Sydney and Melbourne led the way in declines, with the Victorian capital, now in lockdown again, seeing a -1.2 per cent decline, and the harbour capital with values scaling back -0.9 per cent.
Melbourne's quicker decline has seen its annual returns drop below 10 per cent for the first time since March.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2020/8/3/CL%20dwelling%20index%20August.jpg" alt=""> 
CoreLogic's head of research Tim Lawless says housing markets have remained relatively resilient through the COVID period so far.
“The impact from COVID-19 on housing values has been orderly to-date, with CoreLogic’s national index falling only 1.6% since the recent high in April and housing turnover has recovered quickly after it’s sharp fall in late March and April.”
<div class="page" title="Page 1">
<div class="section">
<div class="layoutArea">
<div class="column">
“Record low interest rates, government support and loan repayment holidays for distressed borrowers have helped to insulate the housing market from a more significant downturn. 
"Advertised supply levels have remained tight, with the total number of properties for sale falling a further 4.3% in the 4 weeks to July 27th, sitting 15.2% below where they were this time last year. 
"Additionally, increased demand driven by housing specific incentives from both federal and state governments, especially for first home buyers, have become more substantial.”
<h1>Houses and Units</h1>
It was another mixed bag for the housing and unit market across July, with the unit market holding up slightly better than the housing market across most capitals.
Sydney, Melbourne and Hobart all saw units outperform houses, while Brisbane, Adelaide, Perth, Darwin and Canberra all saw a stronger month for housing.
It was again the housing market that dragged Melbourne and Sydney to the top of the worst performers.
Melbourne's housing market saw a further -1.4 per cent declines, following on from -1.3 per cent declines in June, while Sydney's one per cent contraction across July was slightly worse than its -0.9 per cent last month.
Both of the country's major capital city markets saw their units scale back -0.7 per cent.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2020/8/3/CL%20value%20index%20August.jpg" alt="">
Tim Lawless says the medium term outlook remains skewed to the downside across the country with the government's fiscal support set to taper from October. 
“Urgent sales are likely to become more common as we approach these milestones, which will test the market’s resilience", Lawless suggests.
"Similarly, the recent concerns of a second wave of the virus and the potential for renewed border closures and stricter social distancing polices are likely to further push consumer sentiment down.
"This is likely to weigh on both home buying and selling activity more broadly.”
</div>
</div>
</div>
</div>
</body></html>

Melbourne real estate values continue decline through July: CoreLogic

<html><body>
Australia's eastern states continue to drive the residential dwelling value decline across the country, with a second consecutive month of falls nationally.
CoreLogic's Home Value Index recorded a -0.7 per cent decline in values over June, following on from a -0.4 per cent decline over May.
And again it's been Sydney and Melbourne the two main drivers, the Victorian capital the joint worst performer across the country, down -1.1 per cent and matching Perth's decline.
Sydney posted -0.8 per cent dwelling declines, having seen -0.4 per cent declines over May.
To enlarge, <a href="https://www.propertyobserver.com.au/images/2020/7/1/CL%20index%20June.jpg" target="_blank">click here</a>.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2020/7/1/CL%20index%20June.jpg" alt="">
There were smaller declines in Brisbane and Adelaide, while Hobart, Canberra and Darwin all bucked the downward trend.
Despite June's value decline, market activity estimates were encouraging, showing a 29.5 per cent surge in home sales. Over May sales activity had been up 21.5 per cent.
CoreLogic head of research Tim Lawless said the downwards pressure on home values has remained mild to-date, with capital city dwelling values falling a cumulative 1.3% over the past two months. 
"A variety of factors have helped to protect home values from more significant declines, including persistently low advertised stock levels and significant government stimulus", Lawless suggested.
"Additionally, low interest rates and forbearance policies from lenders have helped to keep urgent sales off the market, providing further insulation to housing values.”
<h2>Houses and Units</h2>
The housing market across the country performed slightly worse than units over the month, with -0.7 per cent declines compared to units -0.6 per cent.
And it was the housing market that dragged down Sydney and Melbourne.
Sydney's house values dropped -0.9 per cent, compared to the -0.6 per cent decline in unit values.
There was a bigger difference in Melbourne where they saw house values scale back -1.3 per cent compared to units -0.7 per cent.
To enlarge, <a href="https://www.propertyobserver.com.au/images/2020/7/1/CL%20full%20index%20June.jpg" target="_blank">click here</a>.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2020/7/1/CL%20full%20index%20June.jpg" alt="">
The unit markets however in Brisbane, Adelaide and Perth all underperformed compared to housing.
Darwin and Canberra were the only capital's to see gains in both the housing and unit markets.
<h2>Where are prices falling?</h2>
In that nation's two biggest real estate markets, values are down the most in the upper quartile.
<div class="page" title="Page 2">
<div class="section">
<div class="layoutArea">
<div class="column">
“Higher value markets tend to be more reactive to changes in the environment, having led both the upswing and the downturn over previous cycles", Lawless said.
"The past three months has seen this trend playing out, with upper quartile values down 1.7% across the combined capital city index over the past three months, while lower quartile values have fallen by only 0.3%."
Lawless says the capital city trend is driven mostly by Sydney and Melbourne, while the smaller cities have shown a mixed result across the valuation cohorts.
"In Sydney the upper quartile is down 1.3% over the past three months, while lower quartile values are up 0.2%.
"Similarly, over the same period in Melbourne, upper quartile values are down 3.7% while lower quartile values have declined a more modest 0.5%.
"Importantly, the upper quartile also recorded the most significant run-up in values throughout the second half of last year."
</div>
</div>
</div>
</div>
 
<h1> </h1>
<h1> </h1>
 
 
 
</body></html>

Melbourne leads east coast residential June price declines: CoreLogic

<html><body>
Nearly six in 10 experts in Finder.com.au's RBA Cash Rate Survey say now is not a good time to buy property.
Experts and economists have predicted nationwide price falls, with Sydney and Hobart being the hardest hit, both declining over 10 per cent.
Darwin and Melbourne will both see over nine per cent declines, while over eight per cent drops will be felt in Brisbane, Perth and Adelaide.
Canberra is predicted to weather the storm the most, with 6.4 per cent declines forecast.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2020/5/6/Finder%20price%20dip%20experts.jpg" alt="">
Graham Cooke, insights manager at Finder, said with increasing unemployment and growing economic uncertainty house prices will slide over the rest of the year. 
“Both househunter and seller demand has weakened in the last month as Australians hunker down to help stop the spread of coronavirus," Cooke said.
“It’s not just experts, we’ve also seen consumer sentiment about whether it is a ‘good time to buy’ drop from a peak of 60% in July 2019 to just 42% in April."
Unemployment is a key reasons for the envisaged price falls.
John Rolfe, head of Elders Home Loans expects unemployment to go as high as 18%. Noel Whittaker, executive in residence and adjunct professor at QUT Business School said the full impact of COVID-19 is yet to be understood. “This recession will be far worse than the government imagines...they can't close down so many businesses and not expect a severe hangover.  “As for real estate, it's never a bad time to buy a bargain,” Whittaker said. 
Susan Mitchell at Mortgage Choice said social distancing measures had "knocked the wind out of the sails of the property market."
"Time will tell if this will translate to declining dwelling values," she said.
</body></html>

Price Decline

Editor's Picks

Have something to contribute?

The latest real estate & off the plan properties & news, delivered to your inbox.

Developments

New apartments

New townhouses

News

The latest real estate & off the plan properties & news, delivered to your inbox.

Price Decline

Editor's Picks

Receive the latest news stories to your inbox

Have something to contribute?

The latest real estate & off the plan properties & news, delivered to your inbox.

Developments

New apartments

New townhouses

News

The latest real estate & off the plan properties & news, delivered to your inbox.