A landmark former orphanage site in Surrey Hills could be transformed into a new residential community under plans lodged by <a href="https://www.apartments.com.au/developers/antipodean-land-developments">Antipodean Land Developments</a> that would deliver 76 apartments and townhouses while restoring some of the suburb's most significant heritage buildings.

The burgeoninng Melbourne-based developer has submitted plans for the 9,158 sqm site at 1 Kent Road and 24 Durham Road, home to the former St Joseph's Home for Destitute Children, a historic institutional complex dating back to the late 19th century. The proposal seeks to adaptively reuse several heritage buildings while introducing two new four-storey residential buildings set within extensive landscaped grounds.

Designed by <a href="https://www.apartments.com.au/architects/woods-bagot">Woods Bagot</a> and Kerstin Thompson Architects, the project has been conceived as a contemporary residential village embedded within a restored heritage precinct. The development team describes the design approach as "The Village in the Garden," with new buildings positioned among mature landscaping by OCULUS and significant heritage structures.

<img alt="First look: Antipodean Land Developments plans heritage-led apartment community in Surrey Hills" data-entity-type="file" data-entity-uuid="44ec8c1b-c0b6-44ae-859e-5811b3e6a023" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Untitled%20design%20%281%29.png?VersionId=p.p1_KFh4iQoV4nisdnPfQBAsWNi7m79" />

The proposal would deliver 76 dwellings comprising a mix of apartments and duplex-style residences, significantly increasing housing supply on one of the largest privately held residential landholdings in Surrey Hills. The development includes 127 car spaces, 24 bicycle spaces and more than 1,000 sqm of communal amenity, with the existing chapel building earmarked for conversion into resident facilities.

According to the planning submission, the project centres on the restoration and adaptive reuse of the site's most significant heritage assets, including the original c.1889 St Joseph's building, the chapel designed by architect Augustus Andrew Fritsch, and the historic brick perimeter walls and entry gates. The proposal also incorporates the retention of other contributory buildings including the former infirmary and school building.

Tract Consultants, in the planning report accompanying the application, said the scheme had been shaped through extensive heritage analysis and design development.

"The shared vision for the Site by the project team has culminated in a scheme which successfully breathes life back into a historic site while delivering upon the objectives of Victoria's Housing Statement in a carefully curated and contextually responsive manner."

<img alt="First look: Antipodean Land Developments plans heritage-led apartment community in Surrey Hills" data-entity-type="file" data-entity-uuid="7263b7d8-95ea-400f-9531-6ca7d22c3c33" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Untitled%20design%20%282%29.png?VersionId=4cR1tiWOsDpgxEOwZi5vVFcyvvOsYkIE" />

The proposal is being assessed under Victoria's Significant Residential Development with Affordable Housing pathway. As part of the application, three per cent of the project's residential development cost would be contributed to the Social Housing Growth Fund. The development would also provide a diverse mix of one, two and three-bedroom residences targeting a broader range of buyers than typically found in Surrey Hills' detached housing market.

Sustainability initiatives include an anticipated 66 per cent BESS score, natural cross-ventilation to 80 per cent of apartments, 28 per cent deep soil landscaping and a canopy cover outcome exceeding local planning requirements. The proposal also sets aside more than 1,083 sqm for communal indoor and outdoor resident amenity spaces.

<img alt="First look: Antipodean Land Developments plans heritage-led apartment community in Surrey Hills" data-entity-type="file" data-entity-uuid="33fad46f-fe26-4d0a-acfd-6b776e1c6a3d" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Untitled%20design.png?VersionId=D9F6WVSyYCtGvSUmith35LRp6R7PQkw_" />

Planning documents describe the property as one of the largest underutilised residential sites in Surrey Hills, arguing it presents a rare opportunity to introduce "missing middle" housing in an established inner-eastern suburb while preserving and revitalising a significant heritage precinct.

Antipodean Land Developments has built a reputation for design-focused residential projects across Melbourne, particularly in the medium-density sector. Previous developments include Neighbourhood in Brunswick East, delivered with Breathe Architecture, and Balfe Park Lane, designed by Kerstin Thompson Architects.

They've been very active in site acquisition as they build out their future development pipeline. They recently launched Thornubury House, 45 apartments above a mix of commercial, retail, and food and beverage tenancies, and have plans for a boutique project in Fitzroy and another <a href="https://www.apartments.com.au/news/vic/antipodean-plan-apartments-for-deepdenes-missing-middle-on-whitehorse-road">"missing middle" project</a> on Deepdene's Whitehorse Road.

Joel Robinson

First look: Antipodean Land Developments plans heritage-led apartment community in Surrey Hills

Developer <a href="https://www.apartments.com.au/developers/auyin-property-development">Auyin</a> is the latest to turn to the Victorian Government's Development Facilitation Program in an effort to secure approval for its long-planned, mixed-use project in Elsternwick.

In 2018, Auyin lodged plans with Glen Eira City Council for a 14-storey building, however Council approved a reduced eight-storey scheme. A subsequent VCAT appeal in 2019 upheld the eight-storey height limit.

The project was later amended to nine storeys, but Auyin is now seeking to revive something closer to its original vision. The developer argues that the planning context has evolved significantly over the past decade, particularly within the Elsternwick Activity Centre, where higher-density development has increasingly been encouraged along Glen Huntly Road.

The proposal would transform the 1,239 sqm site at <a href="https://www.apartments.com.au/new-apartments/7-12-horne-street-elsternwick-vic-3185">7-15 Horne Street</a>, opposite Elsternwick Railway Station, into a 13-storey residential and retail development designed by CBG Architects, with 40 apartments

The site currently comprises three commercial properties.

<img alt="First look: 13-storey mixed-use tower planned for Elsternwick activity centre" data-entity-type="file" data-entity-uuid="5f465dd4-509b-4082-a669-0253b313914b" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/elsternwick%20podium.png?VersionId=72frWi0SmQ5AVJ3ARRhX5ILUYObhTm7x" />

The proposed apartment mix comprises 25 two-bedroom and 15 three-bedroom residences above 200 sqm of retail space at ground level. Residents would have access to a 90 sqm wellness facility, a 351 sqm communal indoor and outdoor terrace on the third level, and extensive landscaped areas throughout the development. A publicly accessible 135 sqm plaza would be created on the north-east corner of the site, providing seating, landscaping, and a new gathering space adjoining Horne Street.

The design adopts a four-storey podium that references the finer-grain character of the surrounding streetscape, with the upper tower recessed behind generous setbacks on all boundaries.

<img alt="First look: 13-storey mixed-use tower planned for Elsternwick activity centre" data-entity-type="file" data-entity-uuid="e637e763-2abc-4c34-a0aa-5c7ad36fae18" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/elsternwick%20open.png?VersionId=J1AoOpZgTyaF.KeeFSX6lMjEScX8KKRi" />

A key element of the proposal is the reconfiguration and widening of the surrounding laneways. Vehicle access would be retained from Lois Lane, with upgraded pedestrian connections linking Ross Street and Horne Street. The development would provide 58 residential car spaces, two retail car spaces, and 52 bicycle spaces across two basement levels and ground-floor facilities.

Architecturally, the building draws inspiration from the established character of Elsternwick Village. The façade combines dark charcoal brickwork, textured concrete, bronze-toned metal detailing, and extensive planting integrated into podium and tower levels. The design also incorporates a chamfered corner treatment and publicly accessible plaza intended to strengthen pedestrian activity around the station precinct.

Elsternwick's last new development completion was&nbsp;EVA Elsternwick by Pitard late last year. <a href="https://www.apartments.com.au/developers/milieu-property">Milieu</a> is working away on its nature-led neighbourhood, <a href="https://www.apartments.com.au/new-apartments/elsternwick-gardens-by-milieu-8-gordon-street-elsternwick-vic-3185">Elsternwick Gardens</a>, on Gordon Street, with its first stage expected to complete next year.

First look: Auyin seeks mixed-use apartment project in growing Elsternwick Activity Centre

<a href="https://www.apartments.com.au/new-apartments/otium-parkdale-123-125-como-parade-east-parkdale-vic-3195">Otium Parkdale</a>, the 13-residence boutique development by&nbsp;<a href="https://www.apartments.com.au/developers/huxtable-property">Huxtable Property</a>, has entered its final stages of delivery, with completion expected within the coming month and more than half of the residences sold.

The Como Parade East project is nearing the finish line at a time when opportunities to purchase new apartments in <a href="https://www.apartments.com.au/developments/parkdale-vic-3195">Parkdale</a> remain exceptionally limited. Fewer than 10 per cent of dwellings in the bayside suburb are apartments, making developments like Otium a relatively rare addition to a market traditionally dominated by detached housing.

[smartcode_project:default project_id=134974 project_image_fid=5427]

The three-level development comprises 13 residences, including ten two-bedroom apartments and three larger three-bedroom homes, all positioned above a secure basement car park.

Designed by <a href="https://www.apartments.com.au/architects/almeida-architects">Almeida Architects</a> with a strong connection to its coastal surroundings, Otium combines red brick, exposed concrete and dark metal detailing with integrated landscaping and greenery. Expansive glazing, generous balconies and terraces have been incorporated throughout the design to maximise natural light and reinforce indoor-outdoor living.

Inside, the residences feature engineered European oak flooring, natural and reconstituted stone benchtops, Bosch kitchen appliances, ducted heating and cooling, lift access and secure entry systems. The larger three-bedroom residences on the upper level have been designed with house-like proportions, while the two-bedroom apartments prioritise functionality, flexibility and low-maintenance living.

[smartcode_project:default project_id=134974 project_image_fid=5421]

The project is now in its final stages, with <a href="https://www.apartments.com.au/builders/labco">Labco</a> completing the remaining landscaping and external finishing works following the completion of the residences' interiors.

Otium's location within the heart of Parkdale continues to underpin its appeal. Residents will be just steps from local cafés, restaurants, shops and the newly elevated Parkdale Station, while the beach is less than a kilometre away.

With the project tracking ahead of schedule, buyers can currently secure a residence with a five per cent deposit and benefit from settlement terms of up to eight months. The advanced stage of construction also provides buyers with the opportunity to walk through the near-complete residences and experience the quality and finishes firsthand ahead of completion.

[smartcode_project_cta:default project_id=134974]

Otium Parkdale enters final month before completion as rare apartment opportunity nears sellout

A new boutique apartment development is entering the market in <a href="https://www.apartments.com.au/developments/chermside-qld-4032">Chermside</a>, with Brisbane-based developer <a href="https://www.apartments.com.au/developers/ausdev">Ausdev</a> bringing 33 residences to a well-connected pocket of Brisbane's north.

<a href="https://www.apartments.com.au/new-apartments/parkdrive-apartments-chermside-25-sammells-drive-chermside-qld-4032">Parkdrive Apartments</a>, at 25 Sammells Drive, will comprise a mix of one- and two-bedroom residences positioned within walking distance of Westfield Chermside, The Prince Charles Hospital, and Bradbury Park.

Established in 1989, Ausdev has a long-standing presence across both development and construction, with Parkdrive Apartments representing its latest residential project in Brisbane's northern suburbs.

[smartcode_project:default project_id=152125 project_image_fid=363778]

The development has been designed around open-plan living and natural light, with residences featuring stone benchtops, timber cabinetry, BOSCH appliances, and private balconies that extend the living areas outdoors.

Kitchens are positioned as the centrepiece of the homes, incorporating natural material palettes and integrated appliances, while bathrooms have been designed with a focus on functionality and understated finishes.

Residents will have access to a communal barbecue and entertaining area on Level 3, providing shared outdoor space within the development. Secure parking and lift access are also incorporated into the building.

The project will deliver a limited collection of 33 apartments, with one-bedroom residences priced from $749,000.

[smartcode_project:default project_id=152125 project_image_fid=363782]

Beyond the building itself, the location places residents within easy reach of several of Chermside's key amenities. Bradbury Park is around 350 metres away, while Westfield Chermside is approximately 1.3 kilometres from the site. The Prince Charles Hospital is located within 750 metres, and the Chermside Bus Interchange is around 1.5 kilometres away, providing connections across Brisbane.

Parkdrive Apartments adds to the growing residential pipeline in Chermside, a suburb that continues to evolve as a major retail, healthcare, and transport hub for Brisbane's north.

[smartcode_project_cta:default project_id=152125]

Ausdev introduces boutique Parkdrive Apartments to Chermside's growing centre

<a href="https://www.apartments.com.au/developers/skymark-group">Skymark</a>'s boutique Cronulla development Solis has secured a 10-year Latent Defects Insurance policy through Resilience Insurance, providing buyers of the 16-residence building on Ewos Parade with structural and waterproofing protection that extends a decade beyond the building's completion.

Currently under construction and due for completion in late 2027, <a href="https://www.apartments.com.au/new-apartments/solis-cronulla-8-ewos-parade-cronulla-nsw-2230">Solis</a> is one of a small number of new developments in the Sutherland Shire to carry Resilience LDI coverage, a distinction that carries increasing weight as buyer confidence in the off-the-plan sector continues to be shaped by how developers stand behind their product.

Latent Defects Insurance, which entered the Australian market in 2022 when Resilience Insurance was approved to offer the cover, protects buyers against major structural or waterproofing defects for ten years post-completion. Unlike traditional statutory warranties, it operates as a first-resort policy, if a covered defect arises, the insurer responds directly, without the buyer needing to pursue the builder or developer through a lengthy claims process.

Resilience Insurance CEO Corey Nugent has noted that the product addresses something fundamental to the new apartment market.

"The overarching feedback from prospective buyers in the new development space is that they want more confidence and assurances around the quality of the build," Nugent says.

"Resilience Insurance Latent Defects Insurance not only gives them complete peace of mind for 10 years, but it shows the developer they are buying from is standing by their product."

[smartcode_project:default project_id=150499 project_image_fid=370898]

For Solis, the Resilience LDI policy adds a meaningful layer of accountability to an already considered project. The development comprises nine two-bedroom and seven three-bedroom residences, including one dual-level three-bedroom apartment, across a five-storey building on Ewos Parade, positioned between Shelly Beach and South Cronulla.

Garden apartments connect directly to private landscaped courtyards, while upper-level homes capture beach views to the east from level four and above.&nbsp;

All 16 residences include at least one balcony or courtyard, and select apartments on the upper floors feature bar areas and secondary flexible living spaces.

Hiba Sander, Managing Director of Skymark, says Solis offers a rare balance, nestled between the quiet beauty of secluded beaches and the lively charm of South Cronulla's esplanade.

"It's a place to choose your pace and live gracefully, seaside'," Sander says.

[smartcode_project:default project_id=150499 project_image_fid=370900]

The architecture, designed by <a href="https://www.apartments.com.au/architects/ida-design-group">IDA Design Group</a>'s Michael Trinh, draws from the natural erosion patterns of <a href="https://www.apartments.com.au/developments/cronulla-nsw-2230">Cronulla</a>'s sandstone headlands, translating the organic forms of the coastline into soft curves, pavilion-style massing, and a material palette chosen for longevity in a salt-tinged environment.&nbsp;

Textured natural stone, soft renders, and timber-look battens reference the tones of the surrounding cliffs, while the building has been oriented to maximise natural light and passive ventilation, with primary living spaces facing north and east to capture morning sun and sea breezes.

"At Solis, our aim was to create architecture that feels quietly confident, grounded in natural materials like stone and timber, and elevated by light and landscape," Trinh says.&nbsp;

"The buildings are designed to sit gently within their coastal surrounds, with expansive glazing and abundant greenery creating a seamless dialogue between inside and out."

[smartcode_project:default project_id=150499 project_image_fid=370897]

Interiors by <a href="https://www.apartments.com.au/architects/hot-black">Hot Black</a> carry the same material language through to every room. Kitchens feature integrated Gaggenau appliances, sculpted stone benchtops, and Lo &amp; Co joinery, while bathrooms feature natural stone, timber, and brushed metal finishes.&nbsp;

Hot Black Founder and Design Director Sophie Safrin describes the intent as one of considered restraint: "At Solis, every detail has been thoughtfully considered to create a timeless coastal retreat, calm, refined, and effortlessly liveable. From natural finishes to seamless indoor-outdoor flow, Solis offers a quiet elegance that's deeply connected to its surroundings.

The landscape, designed by Julian Brady of <a href="https://www.apartments.com.au/landscape-architect/sitedesignstudios">Site Design Studios</a>, treats green space as an integral part of the resident experience rather than an afterthought.&nbsp;

"Gentle curves and layered native plantings mirror the ebb and flow of the ocean," Julian Brady says, "creating a serene connection between architecture and place."&nbsp;

Coco Republic has provided bespoke furniture packages tailored to the project's coastal palette.

[smartcode_project:default project_id=150499 project_image_fid=370899]

Skymark has an established track record in the Sutherland Shire, with a portfolio spanning Cronulla, Woolooware and Burraneer that includes Isla, Sylva, Bask, Shells, Sula and Mist. Securing LDI on Solis reflects a broader shift in how the developer is positioning its buildings to buyers, at a time when Resilience Insurance expects the policy to become mandatory in New South Wales by 2028.

Sales at Solis are launching soon through Ray White Projects, with an official event scheduled for 11 June. Enquire for more information.

[smartcode_project_cta:default project_id=150499]

Skymark takes out 10-year Resilience Insurance LDI at Solis Cronulla

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>.
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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.
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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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 Canberra 
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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
</li>
</ul>
 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>
<li dir="ltr">
Unit prices grew 2.6 per cent over the quarter and 8.4 per cent over the year to $363,418
</li>
</ul>
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
</li>
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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 
</li>
</ul>
   
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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.
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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.
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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>.
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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.
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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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