One of North Sydney's best-known commercial buildings could become hundreds of new homes, with insurance giant Zurich Australia lodging a State Significant Development Application (SSDA) to transform 5 Blue Street into a mixed-use residential development above North Sydney Station.

Rather than demolishing the existing building and starting again, Zurich is proposing an adaptive reuse project that would convert the landmark office building into a 15-level residential development delivering 62 apartments, 86 affordable co-living dwellings, activated retail and significant upgrades to the Blue Street Plaza.

The proposal reflects a growing trend of commercial property owners repositioning ageing office assets into residential housing as Sydney grapples with housing supply shortages and changing workplace demand.

<img alt="Zurich" data-entity-type="file" data-entity-uuid="0bba7d12-06dc-4375-aad7-238c94b21ac5" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-22%20at%2010.42.05%E2%80%AFAM.png?VersionId=NJl5oLAEBDGuPmY3RnyliKODjMc8lvRh" />

Located directly above North Sydney Metro and train station, the 3,051 sqm site occupies one of the most strategically positioned parcels of land on Sydney's Lower North Shore.

Designed by fjcstudio, the proposal seeks to retain and adapt much of the existing structure while creating a contemporary residential address that better connects with the public domain surrounding North Sydney Station.

The application proposes two basement levels, ground floor retail, affordable co-living accommodation across the podium levels, and apartments above, while preserving and enhancing the publicly accessible Blue Street Plaza.

Rather than pursuing maximum apartment numbers, Zurich has opted for a housing mix heavily weighted towards larger owner-occupier residences.

The proposal includes 62 build-to-sell apartments comprising 12 one-bedroom, 19 two-bedroom, 29 three-bedroom apartments and two premium penthouses. It also incorporates 86 affordable co-living dwellings, which would be managed in perpetuity by a Community Housing Provider.

That balance between traditional apartments and affordable housing reflects the NSW Government's push to increase housing diversity around major transport infrastructure.

The proposal has been lodged concurrently with a rezoning application, with Zurich arguing the site is ideally positioned to support additional housing given its immediate proximity to public transport, employment and services.

"The proposal aims to respond to the housing challenges facing Sydney through the delivery of diverse housing types in a highly accessible location," the design report by fjcstudio states. It also seeks to improve pedestrian amenity through upgrades to Blue Street Plaza while creating a high-performing residential building that responds to the surrounding context.

<img alt="Zurich" data-entity-type="file" data-entity-uuid="36082e15-c636-4481-bb68-5a5f6443fe39" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-22%20at%2010.41.36%E2%80%AFAM.png?VersionId=5P6VD.fvmqjQfIG3TWWMRXxQWiQBjeFB" />

Rather than replacing the commercial building, fjcstudio has developed a design that works with the existing structural framework above the rail corridor, an approach that significantly reduces demolition while allowing the site to be repositioned as a mixed-use residential precinct.

The existing structural constraints have informed much of the building's design, including its relationship with Blue Street and surrounding public spaces.

The building has been designed as a slender tower rising above a clearly defined podium, with vertically expressed façades intended to reduce the perceived bulk while reinforcing North Sydney's emerging skyline.

According to fjcstudio, the architectural language responds directly to the surrounding commercial towers while maintaining a finer grain expression more closely aligned with the neighbouring Lavender Bay streetscape.

The tower incorporates articulated façade elements, landscaped podium edges and recessed upper levels to soften its appearance and improve pedestrian amenity below.

A significant component of the proposal is the revitalisation of Blue Street Plaza.

The existing public space has long served as one of the primary pedestrian connections between North Sydney Station, Greenwood Plaza and Blue Street, yet its role is expected to become even more important following the opening of Sydney Metro.

Zurich's proposal seeks to strengthen that role by improving landscaping, introducing new retail frontages, enhancing pedestrian permeability and creating more active edges throughout the day and evening.

Ground floor retail would wrap the plaza, while separate residential and co-living entries have been designed to improve wayfinding without reducing street activation.

Landscape design has been integrated throughout the podium and public realm, softening what is currently one of the most heavily urbanised parts of North Sydney.

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fjcstudio has carefully oriented apartments towards Sydney Harbour and the CBD while using privacy blades and articulated façades to minimise overlooking between neighbouring buildings.

Large framed openings along the western elevation maximise harbour outlooks, while the eastern apartments have been angled towards the south-east to improve privacy from neighbouring development.

The project forms part of the continuing transformation of North Sydney from a predominantly commercial CBD into a genuine mixed-use city centre.

Since the completion of Victoria Cross Metro Station, developers have increasingly shifted their attention towards residential projects capable of leveraging the area's unparalleled transport connectivity.

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FiveX recently lodged plans for a 61-storey, 490-apartment tower that would become one of the tallest residential buildings in North Sydney if approved.

Aqualand continues to expand its Lower North Shore presence following the completion of AURA on Walker Street and its recent St Leonards and Roseville proposals.

Developers are also progressing projects throughout Walker Street, Miller Street and the Victoria Cross precinct as demand for well-located owner-occupier apartments continues to strengthen.

Joel Robinson

First look: Zurich targets North Sydney office conversion with 148-unit proposal above Metro station

Busy developer Aqualand Prestige has formally taken the next step in its expansion across Sydney's Lower North Shore, lodging a State Significant Development Application (SSDA) for its long-held Archer Street site in Chatswood.

The application covers <a href="https://www.apartments.com.au/new-apartments/51-55-archer-street-chatswood-nsw-2067">51-55 Archer Street</a>, a 1,767 sqm amalgamated site on the eastern edge of the Chatswood CBD, where the developer is seeking approval for a 45-level mixed-use tower delivering 114 apartments, including a significant affordable housing component, alongside retail, commercial space and six basement levels of parking.

The SSDA marks the latest milestone for a project Aqualand has been quietly progressing over the past two years. The developer first secured the site for its Aqualand Prestige platform before undertaking an alternative design excellence process with PTW Architects, ultimately avoiding a formal design competition through the Housing Delivery Authority pathway.

The proposal has evolved considerably from Aqualand's original concept. The revised scheme has been designed around larger owner-occupier product, with an unusually high proportion of three and four-bedroom apartments, targeting the more affluent buyer profile, and downsizer, emerging across the North Shore.

<img alt="Archer St" data-entity-type="file" data-entity-uuid="0171204c-5811-41b5-9b09-2335d1b7c3d0" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-22%20at%208.52.48%E2%80%AFAM.png?VersionId=6YTuxfq.puZo7k2wbfgemcO5K3QfXYGQ" />

The 114-apartment mix comprises six studios, 27 one-bedroom apartments, 18 two-bedroom apartments, 50 three-bedroom residences and 13 four-bedroom homes. A quarter of the building will be dedicated to affordable housing, well above the mandated 15 per cent&nbsp;

PTW has structured the building vertically, with affordable housing across levels one to six, premium apartments through levels seven to 31, duplex skyhomes on klevels 32 to 43, a penthouse on level 44, and a rooftop plant level above. Six basement levels will provide resident parking and servicing.

The tower is proposed to reach approximately 154 metres, placing it among a growing collection of residential high-rises transforming Chatswood's skyline.

Rather than competing purely on height, PTW says the design has been driven by creating a slimmer tower capable of delivering significantly larger apartments.

"The primary objective of this project was to create a distinctive building that stands out from the recently approved or built structures in the Chatswood area," the design report states, noting the structural efficiency allows greater investment into apartment quality and resident amenity.

Residents would have access to more than 450 sqm of communal open space including landscaped gardens, swimming pool, rooftop entertaining areas, fitness spaces, community gardens, children's play areas and barbecue facilities.

A major focus of the design has been the public domain.

The ground plane has been opened up through landscaped terraces inspired by Willoughby's sandstone ridges, with native planting, public seating, artwork, retail activation and a series of gathering spaces intended to soften what has traditionally been a hard commercial streetscape.

The landscape strategy references Blue Gum forests once common throughout the area, while incorporating Indigenous storytelling, public art and lighting installations to strengthen the connection to Country.

Chatswood has been one of Sydney's busiest apartment markets over the past 12 months, with a steady pipeline of both new project launches and fresh development applications.

Hyecorp recently launched Celine, a 122-apartment development just along Archer Street, while Changfa and Huirong Group are progressing The Anderson, an 84-apartment project on Anderson Street.

Develotek recently secured approval for a 101-apartment tower on Pacific Highway, while Tian An LFD received the green light for Hammond Greens, its apartment development on the edge of the Chatswood Bowling Club.

Commercial property developer FiveX is also making its move into the residential market. Last month it lodged plans for a 61-storey tower with 490 apartments, which, if approved, would become one of the tallest residential buildings in Chatswood.

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/first-look-fivex-targets-chatswood-skyline-with-61-storey-tower-after-north-sydney-plans">First look: FiveX targets Chatswood skyline with 61-storey tower after North Sydney plans</a>

Aqualand is also expanding its development pipeline following the launch of its luxury residential brand, Aqualand Prestige. The developer has delivered a string of high-end apartment projects across Sydney's affluent suburbs over the past decade, most recently AURA by Aqualand on Walker Street in North Sydney.

[smartcode_project:default project_id=30959 project_image_fid=292863]

It has since quietly assembled its next wave of projects.

Earlier this year Aqualand launched Boronia in Roseville, a boutique 111-apartment development on Larkin Street. The project is one of the first significant apartment developments to launch in the suburb ahead of what is expected to become one of Sydney's most active new housing precincts under the NSW Government's Low and Mid-Rise Housing reforms, which allow greater density around train stations.

[smartcode_project:default project_id=152095 project_image_fid=373685]

The developer has also lodged plans for a two-tower, 413-apartment development on Herbert Street in nearby St Leonards, further strengthening its presence across the Lower North Shore.

Beyond that, Aqualand remains behind the final stage of Barangaroo, where plans will deliver a five-hectare mixed-use precinct comprising new homes, retail, hospitality and community facilities, alongside a new Metro entrance and more than two hectares of public open space, completing the Barangaroo precinct.

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/central-barangaroo-development-takes-big-step-with-concept-proposal-approval">Central Barangaroo development takes big step with concept proposal approval</a>

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/first-look-aqualand-joins-st-leonards-apartment-party">First look: Aqualand joins St Leonards apartment party</a> 
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First look: Aqualand pushes ahead with Chatswood apartment tower as SSDA lodged for Archer Street

Mass timber is becoming an increasingly popular construction material in apartment developments, but Adelaide developer <a href="https://www.apartments.com.au/developers/otello">Otello</a> is taking the approach a step further.

At its new <a href="https://www.apartments.com.au/new-apartments/flowe-bowden-18-gibson-street-bowden-sa-5007">Flowe Bowden</a> development, the exposed cross-laminated timber (CLT) structure isn't just about reducing the building's environmental footprint. It also forms the foundation of a broader wellness strategy, influencing everything from indoor air quality and natural materials to the way residents move through and experience the building.

The 115-apartment mixed-use development, designed by Melbourne-based architecture practice Fieldwork, will occupy a prominent island site opposite Bowden Village Reserve, combining one, two and three-bedroom apartments with retail and a dedicated wellness destination.

[smartcode_project:default project_id=152022 project_image_fid=375528]

Wellness isn't confined to a gym or shared resident facility at Flowe. Instead, Fieldwork embedded the concept into the building itself.

The development has been split into two residential wings connected by a naturally ventilated central breezeway, replacing traditional enclosed corridors with open-air walkways that improve natural light, encourage cross ventilation and create more opportunities for neighbourly interaction.

"Rather than treating wellness as something that only happens on the ground floor, our response integrates it throughout the building, which led us to ask what it really means to design a healthy building," Fieldwork Director Quino Holland said.

[smartcode_project:default project_id=152022 project_image_fid=375531]

The building's architecture also reflects Bowden's industrial heritage. The lower podium references the area's historic brick and sandstone buildings, while the upper levels transition to exposed CLT, allowing the timber structure to become a defining feature throughout the apartments and shared spaces.

The use of mass timber sits alongside a range of sustainability initiatives, including a fully electric, gas-free design, rooftop solar and a targeted 5 Star Green Star rating.

[smartcode_project:default project_id=152022 project_image_fid=375524]

Inside the residences, the focus remains on natural, durable materials. Blackbutt engineered timber flooring, exposed CLT ceilings, porcelain surfaces and warm timber joinery create a calming interior palette, while low-VOC finishes and responsibly sourced materials have been selected to improve indoor air quality.

Kitchens have been designed as the centrepiece of each apartment, featuring porcelain island benchtops, timber-look cabinetry and brushed steel tapware, with layouts that maximise natural light and ventilation.

[smartcode_project:default project_id=152022 project_image_fid=375530]

The more traditional interpretation of wellness comes in the form of Level Eleven, a two-storey wellness club spanning the ground floor, mezzanine and first floor.

The facility will include a gym, yoga and reformer Pilates studios, Finnish and infrared saunas, magnesium hot and cold plunge pools, and dedicated recovery spaces. Unlike many residential wellness facilities, Level Eleven will also operate commercially, allowing the broader Bowden community to access the venue while giving residents exclusive membership benefits.

The ground floor has also been designed around everyday living. A café overlooking Bowden Village Reserve will activate the street frontage, while a bike workshop with tool storage, co-working space and dog wash has been incorporated to support daily routines and encourage interaction between residents.

"Flowe brings together my two biggest passions, creating places and creating healthier lives," Otello founder Daniel Harris said.

"We wanted to create something Adelaide hasn't seen before, a genuinely healthy building, where the way you live is lifted without even trying."

Flowe is positioned directly opposite Bowden Village Reserve and within walking distance of Bowden Railway Station and the Adelaide Entertainment Centre, placing future residents just minutes from the Adelaide CBD while remaining connected to one of the city's most established urban renewal precincts.

[smartcode_project_cta:default project_id=152022]

Otello launches wellness-focused Flowe Bowden with Adelaide-first mass timber apartment design

Not all apartment amenities are immediately visible.

Swimming pools, gyms, rooftop terraces and residents' lounges have long featured on buyers' wishlists, but as the way Australians live has changed, so too have the features that make apartment living more convenient.

Increasingly, buyers are placing value on the practical aspects of day-to-day life. Fast internet, EV charging, secure bike storage, flexible workspaces and parcel management are becoming just as relevant as lifestyle amenities, reflecting changing habits and expectations.

Online shopping has been one of the biggest drivers of that shift.

Australians spent a record $82.6 billion shopping online in 2025, with almost one in every four retail dollars now spent digitally, making parcel deliveries a routine part of everyday life rather than an occasional convenience.

For apartment residents, however, receiving those deliveries isn't always straightforward.

Without someone home to accept a parcel, deliveries can be redirected to a nearby Post Office, left in building foyers or common areas, or require building management to temporarily store packages. As apartment living continues to grow across Australia's cities, parcel management has become an increasingly important consideration for both residents and developers.

Australia Post's Parcel Locker network is one response to that shift.

<iframe allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen="" frameborder="0" height="315" referrerpolicy="strict-origin-when-cross-origin" src="https://www.youtube.com/embed/KPZ9j5FRdsQ?si=Qztc1dNP3ZvEIUhb" title="YouTube video player" width="560"></iframe>

Rather than relying on home delivery, eligible parcels can be directed to a nominated Parcel Locker, where they're securely stored until collected. Once a parcel arrives, residents receive a notification through the AusPost app or SMS and can retrieve it using a one-time code or QR code at a time that suits them.

The network has expanded to more than 1,500 locations nationwide, with Parcel Lockers positioned at Post Offices, shopping centres, supermarkets, transport hubs and, increasingly, within or alongside residential developments.

That growing presence reflects a broader change in how apartment buildings are being planned.

Developers are increasingly considering the operational side of apartment living alongside traditional lifestyle amenities. Just as secure mailrooms, bicycle storage and EV charging have become more common inclusions, parcel management is emerging as another feature that supports everyday convenience.

It also helps preserve the arrival experience within a building. Carefully designed lobbies and communal spaces can quickly become cluttered when deliveries accumulate, while secure parcel solutions reduce the likelihood of missed deliveries or parcels being left unattended.

For buyers comparing apartments, these everyday details are becoming part of the decision-making process.

Location, floorplans and finishes remain fundamental, but the features that simplify daily life are carrying greater weight than they once did. As online shopping continues to shape consumer behaviour, secure parcel delivery is increasingly becoming another amenity worth looking for.

Parcel delivery is joining the apartment amenity checklist

Inca Property Group has lodged a State Significant Development Application (SSDA) for Dawn, a 53-apartment oceanfront development overlooking Mona Vale Beach.

The proposal, at 35-39 Darley Street East, would replace an existing 18-apartment strata building with a new owner-occupier-focused development comprising 53 two and three-bedroom apartments, including nine affordable built-to-rent residences delivered under the State's infill affordable housing scheme.

Positioned on a 2,679 sqm elevated site around 280 metres from Mona Vale Beach, the development has been designed to maximise panoramic ocean views while responding to the site's sloping topography.

<a href="https://www.apartments.com.au/developers/inca-property-group">Inca Property Group</a> Managing Director Josh Thompson said the State Significant pathway provided greater certainty for projects of this scale.

"This State Significant pathway gives the team real certainty to progress <a href="https://www.apartments.com.au/new-apartments/dawn-35-39-darley-street-east-mona-vale-nsw-2103">Dawn</a> through to completion," Thompson said.

"It allows us to acquire a one-off site, design it carefully and deliver the right offering for the suburb, assessed by the NSW Government's planning department."

The project is one of the first developments in the area to be assessed under the NSW Government's Low and Mid-Rise Housing policy, with the site sitting on the edge of the policy's designated inner area.

The proposal includes three basement levels providing 124 car spaces, alongside a range of resident amenities including a swimming pool, gym, sauna, wellness facilities and private plunge pools for selected ground-floor and penthouse apartments.

<img alt="Dawn" data-entity-type="file" data-entity-uuid="fc1a1daf-0ce4-4f12-9076-b1fa553c7a91" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-21%20at%208.42.11%E2%80%AFAM.png?VersionId=4GZ9h.gpNkTljbxyAET8Jfhv51XUamDm" />

Thompson said Dawn had been designed specifically for owner-occupiers and downsizers, a buyer profile that has driven demand across Inca's recent Upper North Shore developments.

"The majority of buyers in our recent North Shore projects have been downsizers, and we are learning exactly what this market is looking for. Beyond the location itself, we have included resort-style amenities to deliver a genuine lifestyle offering," Thompson said.

Located within walking distance of Mona Vale Beach, the town centre, Mona Vale Golf Club and the Royal Motor Yacht Club, Dawn represents Inca's first Northern Beaches project following the sell-out of Tara on Park in Waitara and Ellis Residences, currently under construction in St Ives.

Construction will be undertaken by Inca's in-house construction arm, GOP Constructions.

Dawn is the latest major apartment proposal for Mona Vale, with the suburb emerging as one of the key beneficiaries of the NSW Government's new Low and Mid-Rise Housing policy.

New developer One Living, led by industry veteran Joseph Scuderi, recently secured a site on Mona Vale Road, on the border of Mona Vale and Pymble, where it is planning around 140 apartments.

IPM is also planning its third project in Mona Vale, significantly increasing the scale of its previous developments with an 82-apartment proposal at <a href="https://www.apartments.com.au/new-apartments/159-167-darley-street-west-mona-vale-nsw-2103">159-167 Darley Street West</a>, opposite Bayview Golf Course and less than 800 metres from Mona Vale town centre.

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/one-living-enters-sydneys-new-apartment-market-with-northern-beaches-site-acquisition">One Living enters Sydney's new apartment market with Northern Beaches site acquisition</a>

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/first-look-ipm-plans-third-mona-vale-project">First look: IPM plans third Mona Vale project</a>

First look: Inca eyes Mona Vale with State Significant DA for Dawn apartments

Price Decline

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Wealth management giant Morgan Stanley has said property prices could fall up to 15 per cent given the plunge in rental markets across Sydney and Melbourne's inner-city suburbs.
They suggested the damaging rental market will flow through to price declines and we will see a similar downturn to what we saw when prices dropped between 10 to 15 per cent until mid-2019.
“We expect the rental market to be a key channel of weakness, with any forced selling only later in the year as policy support is eased,” Morgan Stanley said.
“We expect a broad housing downturn, with the rental market in particular likely to weaken, as higher unemployment and a reduction in net migration both work to reduce housing demand, pushing vacancy rates higher and rental prices lower,” Morgan Stanley said.
SQM Research suggested price falls could be closer to 30 percent, however Morgan Stanley expect declines to be gradual in the near-term, given the significant amount of support being provided by the government and banks.
“However, given our expectation that unemployment is likely to stay elevated for some time, these measures will only delay housing stress and forced selling to later in the year,” the bank added.
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Real estate price falls up to 15 per cent: Morgan Stanley

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Comparison site Finder have found that just under one on five Australians (19%) are interested in buying property amid the recent price falls.
The survey of 2,026 Australians found the property slump had no effect on the purchase decisions of 30% of people, while the remaining 50% are not looking to buy property at this time.
Kate Browne, Finder’s personal finance expert, said savvy Millennials see the downturn as an opportunity to create wealth. “There’s no reason Millennials can’t have their smashed avo and eat it too – especially in this current market,” she said. “But being an opportunist requires planning. Boost your savings and get home loan pre-approval in place so you are ready to snap up a bargain when you see one.”
The survey shows 35% of Australians aged 34-38 believe they have something to gain from recent price drops.
That equates to 1.9 million Gen Ys buoyed by the prospect of a bargain. 
“A housing market slowdown is a fresh start for those who had been priced out of the market,” she said. “At the same time, a lot of investors want to get in while prices are dropping and interest rates are low. “Property is a long term investment and buying during a downturn could put savvy Millennials in a good financial position once the market picks back up.” The research shows just 4% of Baby Boomers are more likely to buy as the major markets cool.
Finder's tips for property buyers
- Future rate hikes
While we’re in a historically low-rate market at present, you should always factor in a buffer of 2-3% on top of your current home loan interest rate to accommodate for future rate hikes. It’s not something everyone thinks about at the time of purchasing property, but it’s a crucial consideration.
- What’s happening in the local area  Consider how close the home is to public transport, schools and shops. Also, check for plans of urbanisation to assess its potential – a new shopping centre, park or increased public transport options could add value to your home. 
- Additional costs  Many first home buyers can get caught up in the overall sale price and forget to take into account all the other costs involved with buying a house. From building inspections, to stamp duty and solicitor fees, there’s plenty to consider – and budget for. Then there’s removalist costs to get your home set up. 
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One in five Australians interested in buying property amid recent price declines: Finder

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The house price decline continued to slow over the month of May after the surprise Coalition Government win in the middle of the month.
National house prices declined an average of 0.5% in May, driven by a 3.2% decline in Darwin, the only capital city market to reach double digit declines.
Sydney and Melbourne, the nation's two biggest markets, also continued their slowdown.
Sydney's houses declined 0.4%, while Melbourne's dropped 0.6%.
Click here <a href="https://www.propertyobserver.com.au/images/2019/6/3/Capital-markets-May.jpg" target="_blank">to enlarge</a>.
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It's the slowest decline in Sydney since house prices started declining back in September 2017 when there were only 0.3% declines.
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CoreLogic head of research Tim Lawless said the improvement is primarily being driven by a slower rate of decline in Sydney and Melbourne where housing values were previously falling at the fastest rate of any capital city. 
"Sydney (dwelling) values were 0.5% lower over the month while Melbourne (dwelling) values were 0.3% lower; the smallest decline in values across both cities since March last year. 
“In other cities, where housing market conditions have generally been more resilient to a downturn, the trend is opposite.”
Click here <a href="https://www.propertyobserver.com.au/images/2019/6/3/Cap-May2019.jpg" target="_blank">to enlarge</a>.
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Sydney's annual dwelling decline now sits at 10.7%, compared to Melbourne 9.9% decline.
It was back to back declines in Hobart where dwelling values dropped 0.4%, bringing their rolling quarterly rate of decline into negative territory for the first time since early 2016.
The slowing declines come on the eve of the next meeting of the RBA where there is wide-spread speculation that the official cash rate is going be cut to a historic low 1.25%.
It has sat at a record low 1.5% since the August 2016 meeting.
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Since the federal election, Tim Lawless said, “we have seen a variety of outcomes and announcements that are likely to have a positive effect on housing market conditions.” 
“The federal election outcome has removed the uncertainty surrounding taxation reform which should see an improved level of confidence amongst home owners and prospective buyers, particularly investors. 
“We now have some certainty around the initiatives announced in the federal budget, a consistent commission structure for mortgage brokers (who comprise around 60% of mortgage originations), and the eventual stimulus for first home buyers in the form of a federal government deposit guarantee, which although limited to 10,000 participants with at least a 5% deposit, will kick off in January next year.” 
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House price decline in May ranks as slowest in a year: CoreLogic

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For the first time in eight months, Hobart saw its house prices decline, according to CoreLogic's Home Value Index for April.
It was a sharp turn as well.
The Tasmanian capital's house prices dropped -1.2 percent over the month of April, the biggest decline across all capitals.
The dwelling value decline was offset by the performance of the apartment market, which saw a 0.3 percent increase.
Hobart's last house price decline was over August last year when they saw a modest -0.2% decline.
Dwelling values across the eight capitals combined dropped a further 0.5% to be down -7.2% over the last 12 months and -7.9% lower since peaking in September 2017.
The biggest loser was Darwin, whose -1.2% decline in dwelling values was driven by houses which dropped -2.3% over April.
Canberra was the only capital with dwelling values up in April.
Click here <a href="https://www.propertyobserver.com.au/images/2019/5/1/CL-April.jpg" target="_blank">to enlarge</a>.
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It was a softer April for Melbourne, who saw their house prices decline -0.7%.
The housing market had taken a sharper downturn that Sydney and had seen declines over more than 1% for the last five months before April. Over the last six months, Melbourne's houses have dropped xxx%, compared to Sydney's xx%.
Sydney performed worse than Melbourne across its housing and unit markets over the month.
Sydney houses declined a further -0.8%.
Click here <a href="https://www.propertyobserver.com.au/images/2019/5/1/CL-April1-Full.jpg" target="_blank">to enlarge</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/2019/5/1/CL-April1-Full.jpg" alt="">
Sydney's median house price is now $880,396, around $200,000 down from its $1.079 million median peak in August 2017 before prices started declining. Melbourne's median house price sits at $712,920, $120,000 down from its $832,735 peak in January 2018.
CoreLogic's head of research Tim Lawless says the decline in housing market conditions is easing.
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“The improvement in the rate of decline is attributable to an easing in the market downturn across Sydney and Melbourne where values were previously falling much faster.
Click here <a href="https://www.propertyobserver.com.au/images/2019/5/1/Peaking.jpg" target="_blank">to enlarge</a>.
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"In December last year, Sydney dwelling values were down -1.8%, with the pace of month-on-month falls progressively moderating back to -0.7% in April. Similarly, Melbourne values were down -1.5% in December, with the rate of decline improving to -0.6% in April." 
"Other property market insights supporting a subtle improvement in housing market conditions include a rise in mortgage related valuations activity (as indicated by CoreLogic platform data), an improvement in ABS household finance data for February, and the fact that auction clearance rates are holding around the mid-50% range across the major auction markets.
“While none of these indicators could be described as strong, the current trend in the data implies that housing market conditions may have moved through the worst of the downturn.” 
 
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Hobart leads the nation's continued house price decline in April: CoreLogic

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Sydney house prices have fallen by over 14 per cent since the mid-2017 peak, according to the Domain Q1 House Price Report.
If the pace of quarterly decline continues, the median is likely to dip below $1 million in Q2.
A six figure median house price hasn't been seen in four years.
The median house price currently stands at $1,027,962, as house prices fell 3.1 percent over the quarter, bringing its yearly decline to 11.5 percent.
Domain senior research analyst Dr Nicole Powell said Sydney's current property downturn is the sharpest in more than two decades.
"It is yet to surpass the duration of the 2004 to 2006 slump but it is coming close to being the longest," Powell said.
Powell advised house prices are now back to early 2016 levels and units back to mid 2015 prices.
Powell noted however that many homeowners have seen substantial equity gains with house prices still 30.2% higher than five years ago.
<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/2019/4/domain%20house%20.jpg" alt="">
Median house prices for major capital cities across the March 2019, December 2018 and March 2018 quarters
Source: Domain 
“Sydney remains a buyers’ market, although the year has started in a better place than last year ended," Powell said.
"Despite lower auction volumes, clearance rates have risen from near historic lows.
"Domain also recorded a lift in number of views per listing over the first three months of the year - signalling renewed buyer interest.
"The volume of current listings remains elevated but new listings are shrinking.
"The fall in new listings is not suggestive of buyers ‘fear of not getting out.’ It paints a picture of Sydney homeowners holding tight, only selling if they have to.”
The Domain Q1 House Price Report found good news in Melbourne, where the house price declines eased over the quarter.
Hobart and Adelaide were the only capitals to buck the national downward trends, both recording price growth.  
Melbourne
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House prices fell 2.4 per cent over the quarter and 10.4 per cent over the year to $809,468
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Unit prices fell 2.9 per cent over the quarter and 8.3 per cent over the year to $466,892
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Brisbane
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House prices fell 1.1 per cent over the quarter and 0.3 per cent over the year to $563,666
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Unit prices fell 3.7 per cent over the quarter and 5.2 per cent over the year to $372,852 
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Adelaide
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House prices remained flat over the quarter and grew 2.0 per cent over the year to $542,474
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Unit prices fell 2.1 per cent over the quarter and 1.3 per cent over the year to $312,459
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House prices fell 0.9 per cent over the quarter and 2 per cent over the year at $722,440
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Unit prices fell 3.2 per cent over the quarter and 1.7 per cent over the year to $426,719
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Perth
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House prices declined 2.5 per cent over the quarter and 5.2 per cent over the year to $529,997
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Unit prices fell 1.1 per cent over the quarter and 5.6 per cent over the year to $347,596
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 Hobart
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<li>House prices grew 3.1 per cent over the quarter and 7 per cent over the year to $478,247</li>
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Unit prices grew 2.6 per cent over the quarter and 8.4 per cent over the year to $363,418
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Darwin
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House prices fell 0.1 per cent over the quarter and grew 1.5 per cent over the year to $514,546
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Unit prices fell 2.6 per cent over the quarter and 1.7 per cent over the year to $313,462 
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Sydney house price median to drop below $1 million: Domain

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The Real Estate Institute of Victoria’s latest data reveals that Nillumbik’s property market is kicking goals so far in 2019 with two of the top three performers located within the municipality.
Revealing the REIV’s median data for the first quarter of 2019, REIV President Robyn Waters said the median house price in Eltham increased 7.3 per cent to $950,000 in the January-March 2019 quarter while Greensborough’s median house price soared 6.0 per cent to $808,000.
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“Melbourne’s Green Wedge Council proved to be our property hot spot for the first quarter of 2019 as the area’s idyllic surrounds and enviable lifestyle boosted house values. You can still get impressive family home with all the bells and whistles in this truly unique area of Melbourne for less than a million dollars,” Ms Waters said.
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“Consistent with 2018 trends, some outer areas continue to do well with Narre Warren South sitting second on the top 10 list for median house price growth with a 7.1 per cent increase, Mulgrave is at number four with a 4.7 per cent increase and Point Cook in fifth place, also with a 4.7 per cent increase.
"Interestingly, we are also starting to see signs of recovery in Inner Melbourne with Glen Iris and Balwyn North making the top 10 this quarter, recording increases of 4.3 per cent and 4.2 per cent respectively.”
<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/2019/4/26/REIV-Melbourne.jpg" alt="">
Overall, Melbourne’s median house price fell 1.4 per cent in the first quarter of 2019 to dipbelow $800,000 at $793,000.
“The market was fairly stagnant in 2018 as vendors resolved to stay put and renovate or extendrather than take their chances on selling in an uncertain market and I think we’ll need to wait until after the Federal Election to see any major change to that climate,” Ms Waters said.
“Looking at the annual picture, the top 10 performers for median house price growth between April 2018 and March 2019 were all in Outer Melbourne demonstrating the popularity of affordable options for families who have their heart set on the ‘great Australian dream’.
In suburbs like Sunbury, Craigieburn and Wollert you can still secure a great family home for $500,000 to $600,000 which is attractive to potential owner-occupier and investors,” Ms Waters said.
<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/2019/4/26/metro-growth-melbourne.jpg" alt="">
There are also more new house and land packages coming online in places like Officer and Clyde North where burgeoning estates have replaced empty paddocks in a relatively short time frame. As a consequence, the necessary infrastructure and community facilities are coming on line in these areas.
Ms Waters said regional Victoria continues to outperform the Metropolitan Melbourne property market with substantial gains of almost 10 per cent recorded in some towns this quarter and a 1.0 per cent increase overall in the median house price.
<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/2019/4/26/Melb-regional-growth.jpg" alt="">
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“Four of the top 10 towns for median house price growth in the March quarter were in the Ballarat area: Redan topped the list with an increase of 9.8 per cent to $357,000, Ballarat East was at seventh with a 4.4 per cent increase to $355,000 just ahead of Soldiers Hill at eight with a 4.3 per cent increase to $485,000 and Brown Hill with a 3.5 per cent increase to$440,000,” Ms Waters said.
“In the 12 months to 30 March 2019, three regional towns reported growth of more than 24 percent: Wonthaggi, Redan and Wendouree which is a resounding endorsement for the propertymarket’s in these areas, given the current cooler climate.
Strong annual growth was also found in Stawell, Bendigo, Irymple, Trafalgar, Mount Clear,Wallan and Maryborough.”
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j.ballantyne1990-6AQqhLzZaK

Inner Melbourne prices still weakening, while regional Victoria edges higher

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Melbourne's continued accelerated housing downturn has overtaken Sydney to become the weakest capital city market annually, according to CoreLogic's March Home Value Index.
Melbourne's housing market is now down 12.4 percent annually, now ahead of Sydney's 11.8% annual decline.
Sydney's dwelling price declined 0.9 percent over March, driven by units (-1.1%). Houses in the harbour capital dropped by 0.9%, the first month since November that they haven't suffered declines over 1%.
Melbourne saw its houses decline by 1.1% over March, its fifth consecutive month of more than 1% falls.
Click here <a href="https://www.propertyobserver.com.au/images/2019/4/1/Capitals-March.jpg" target="_blank">to enlarge</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/2019/4/1/Capitals-March.jpg" alt="">
Values were down in six of the eight capital cities over the month.
Hobart continued its strength, with another positive 0.6% increase in dwelling values, while Canberra held firm seeing no increases or declines.
CoreLogic head of research Tim Lawless noted that the market downturn has become geographically more widespread.
The 0.6% drop in March was actually the smallest of the month-on-month declines since values fell by 0.5% in October last year. 
“While the pace of falls has slowed in March, the scope of the downturn has become more geographically widespread," Lawless said.
Lawless said that the housing market has recently shown some tentative signs that the downturn in dwelling values is losing some steam.
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“Although this is a positive development, the outlook for the housing market will continue to be affected by uncertainty related to the federal election, lending policies and more broadly, domestic economic conditions. 
“Federal elections generally cause some uncertainty, which is likely amplified more so this time around considering the potential for a change of government which will also involve significant changes to taxation policies related to investment.” 
“No doubt, some prospective buyers and sellers are delaying their housing decisions until after the election, however, there is no guarantee that certainty will improve post-election, considering the impact of a wind back to negative gearing and halving of the capital gains tax concession is largely unknown. 
"It seems a reasonable assumption that removing an incentive from the market would result in some downwards pressure on activity and prices for a period of time.” 
“If elected, the Opposition have flagged that changes to the capital gains tax discount and negative gearing would take effect from January 2020.” 
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Melbourne 12.4% house price drop the weakest capital city over past year: CoreLogic

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There are thousands of properties across Sydney worth less than their purchase price given property values have dropped nearly 13 percent since the July 2017 peak.
Buyers who bought then for $1 million, the CoreLogic index suggests, would now have a home worth $870,000.
Values rose by around 75 percent in the five years from 2012, but CoreLogic suggests values have reverted back to mid-2016 levels.
CoreLogic has further calculated almost 270,000 Sydney properties would lose money if they happened to sell now.
Ofcourse the current sale price depends of many factors, not just the the time of purchase, and the overall market price trend. It may be that the property was bought very well. It may be that the suburb has done better than most in withstanding the downturn. It may be the type of property has escaped the brunt.
It is not just the directly impacted 270,000 who are feeling their falling household net worth. All of Sydney are.
Just how that feeling reverberates through the economy is being closely watched by economists, surplus seeking governments and the Reserve Bank of Australia.
Feeling less wealthy could affect the economy as cautious households boost savings and reduce their spending, which potentially triggers increased unemployment, and then a nasty economic spiral.
The Reserve Bank once calculated a 10 per cent increase in housing wealth raised consumption by 1.5 per cent. And some economists believe the wealth decline effect could be twice as much in impact as gains.
Owing more on the house than it is worth is known as negative equity. Selling the house for a loss is the worst of possible outcomes, but these will likely be limited to a few recent buyers whose loan-to-valuation ratios sat above 90 per cent, and whose personal circumstances have changed. Their selling could mean having to write a cheque to the bank, and then not having the deposit for another property.
<div>However negative equity will make many more home owners a prisoner in their existing property.</div>
The American National Bureau of Economic Research suggested that negative equity reduced household mobility by 30 per cent, as owners are understandably unwilling to crystallise losses.
Most recent Sydney owners will never really know if they are in negative equity, but recent interest-only mortgage borrowers are more at risk since their loan repayments have been at a lower rate. 
When a borrower’s initial interest-only period is over, clients automatically roll-over to a principle and interest (P&amp;I) loan on the variable rate, Sam White, the executive chairman at Loan Market advises.
"Very rarely will this trigger a valuation," he said. White adds when the borrower was first assessed, they would have been assessed on their P&amp;I capacity.
"They would also have been assessed at a rate higher than the actual interest rate, so as long as nothing has changed with their circumstances, they should be able to make those repayments. If the client can make their payments, the lender will support the client, even if they have negativeequity."
Mortgage brokers are aware of their client's pending reset, with White saying at that stage his brokers work with clients to ensure a smooth transition.  His recommendation is that before the borrower deals with the bank they should talk to their broker to understand what their options are and what a particular lender’s response is likely to be.
This article was first published in the Saturday Daily Telegraph. 
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jchancellor-FAypfDUnLy

Emerging negative equity will make owners prisoners in their homes

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The Sydney house price downturn has continued to spread further across New South Wales, according to valuation firm Herron Todd White.
In February (bottom), houses in Newcastle slipped in to a declining market, and now the March National Property Clock has South East NSW joining them.
The Sydney has been a declining market since May 2018. 
The Central Coast and Coffs Harbour housing market are expected to be next to follow suit. They have been starting to decline for a number of months.
Click <a href="https://www.propertyobserver.com.au/images/2019/3/5/National-March.jpg" target="_blank">here to enlarge</a> the March National Property Clock.
<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/2019/3/5/National-March.jpg" alt="">
Having defied the downturn in Sydney for a number of months, Herron Todd White noted that 2018 was marked as a year of transition for the Newcastle and Hunter Valley residential markets.
"That transition, from a bullish and fast-moving market early on to a soft and increasingly brittle market by the end of the year, was always going to occur at some stage.
"It just happened to be 2018. This year of transition followed many years of strong and sustained growth, largely unprecedented in its length."
The NSW house price cooling is yet to reach the Mid North Coast region, which continues to sit at the peak of the market. It was recently joined by Dubbo.
There was good news in the Queensland capital, where Brisbane moved from approaching the peak of the market to a rising market, suggesting there's some way to go in their house price up-cycle. 
"Brisbane in the coming twelve months will, generally speaking, see a stable market across most locations," HTW noted.
"We aren’t historically prone to mighty price movements in either direction.
"As mentioned in Month in Reviews past, Brisbane has been on the cusp of substantial price rises for about six years now.
"While there are plenty punting on the idea that 2019 will bring big gains, we prefer to think our real estate values will strengthen in a more measured way."
Click <a href="https://www.propertyobserver.com.au/images/2019/3/5/National-February.jpg" target="_blank">here to enlarge</a> the February National Property Clock.
<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/2019/3/5/National-February.jpg" alt="">
 
 
 
 
 
 
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Sydney housing market downturn spreads across New South Wales: HTW national property clock

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Forty-nine per cent of dwelling sales in Perth occurred below $500,000 in February, according to the latest reiwa.com data.
REIWA President Damian Collins said while CoreLogic’s Home Value Index showed prices in Perth had declined 1.5 per cent to $438,952 in February, reiwa.com data shows the composition of sales during the month favoured the lower end of the market.
Mr Collins said almost half of all transactions occurred below $500,000 in February, "which is a trend we’ve observed for the last three months."
"When we take a closer look, 32 per cent of sales last month were between $350,000 and $500,000, while 17 per cent were below $349,000."
“Traditionally, when there is a greater proportion of activity occurring below $500,000, this indicates first home buyers are on the move,” he added.
Perth’s top selling suburbs in February were Baldivis, Morley, Willetton, Canning Vale and Dianella.
A four bedroom Baldivis house has been recently sold for $430,000 (pictured below).
Situated at <a href="https://www.realestate.com.au/sold/property-house-wa-baldivis-129894738" target="_blank">50 Tribute Vista</a>, the family home comes with four bedrooms, over 235sqm of living space, enclosed theatre room and kitchen with big island bench. 
It's located close to primary schools, parks, shops and transport options.
<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/2019/3/5/baldivis%201.jpg" alt="">
Another $485,000 sale at Baldivis was a four bedroom display home with a reduced price of $485,000 (pictured below).
<a href="https://www.realestate.com.au/sold/property-house-wa-baldivis-127679374" target="_blank">Located at 1 Morwell Loop</a>, the house consists of four bedrooms, large open living and dining areas, separate formal lounge or home theatre, and manicured gardens.
Other features include quality tiles, high ceilings, glass sliding doors in the living area, and double garage with remote door. 
<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/2019/3/5/baldivis%202.jpg" alt="">
Reiwa.com data shows there were 13 suburbs that saw sales activity increase in February; Karrinyup, Bayswater, Hamilton Hill, Sorrento, Aveley, Waikiki, Tapping, Morley, Ocean Reef, Mullaloo, Yangebup, Rockingham and Greenfields.
Duncraig, Willetton, Palmyra, Doubleview and Padbury, Woodvale, Scarborough, Ocean Reef, North Perth and Sorrento were the 10 fastest selling suburbs in February, all recording average selling times below the Perth average of 76 days.
A three bedroom Palmyra cottage was sold for $505,000 in February (pictured below).
Sitting on a elevated block, the cottage at <a href="https://www.realestate.com.au/sold/property-house-wa-palmyra-129966298" target="_blank">107 Cleopatra Street </a>comes with three bedrooms, large formal living room, kitchen with original Warren No.1 cooker, and large private rear alfresco. 
The post war cottage has the original features including timber boards, high ceilings and Jarrah trimmings. 
<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/2019/3/5/plamyra.jpg" alt="">
Another three bedroom house at Padbury with extensive inland view has been recently sold for $475,000 (pictured below).
Located at <a href="https://www.realestate.com.au/sold/property-house-wa-padbury-129916742" target="_blank">30 Kennedy Way</a>, it comprises of three bedrooms, spacious living and dining room, modern ktichen with dishwasher, game room and pool.
It's only 5 minutes stroll to Whitfords Shopping Centre, and close to schools, parks and transport.
<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/2019/3/5/padbury%202.jpg" alt="">
 
“Seven of these fastest selling suburbs have median house prices above $600,000, which indicates buyers are needing to act quickly in Perth’s trade-up and luxury markets to ensure they secure the property,” Mr Collins said.
Perth rental market
There were 37 suburbs in Perth that saw their median rent price increase during the month.
The five suburbs to record the biggest increase in median rent (percentage wise) were Cottesloe, Shenton Park, Kingsley, East Fremantle and Redcliffe.
Mr Collins said while Perth’s overall median rent price continued to hold at $350 per week, it was encouraging to see a substantial portion of suburbs start to see positive price movement.
“Perth’s overall median rent has been stable for an unprecedented amount of time. With an increasing number of suburbs starting to see rents increase, it’s only a matter of time before the Perth median rent follows suit, which will be a welcome development for landlords,” he stated.
75 suburbs recorded an increase in leasing activity, with Bull Creek, Queens Park, Parkwood, Wilson and Willetton seeing the most growth in February.
Mr Collins said, “on an annual basis, leasing activity in the overall Perth market is up six per cent compared to last February."
"As we head into March, which is traditionally one of the busiest months of the year for the rental market, we should see tenant activity continue to build, creating more competition in the market and putting upward pressure on rents,” he concluded.
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