A who's who of Australian surfing, business and entertainment has emerged on title records following the completion of Esprit Rainbow Bay, the latest boutique beachfront apartment development by former professional surfer Paul Gedoun's S&amp;S Projects.

The completed project has attracted an enviable collection of owners, many with long-standing ties to the southern Gold Coast and the surf culture that has helped define Rainbow Bay and neighbouring Kirra for generations.

Given Gedoun's own background in surfing, it perhaps comes as little surprise that some of Australia's most recognisable surfers have chosen to buy into the development overlooking one of the country's most celebrated stretches of coastline.

Pezet Matheson directors Jayde Pezet and Todd Matheson launched the project in late 2021, and have managed the sales campaign all the way through to its sell-out and recent completion.

<img alt="Esprit" data-entity-type="file" data-entity-uuid="08fc6261-b84e-4b09-8a44-66d3067fd0d1" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-29%20at%208.51.05%E2%80%AFAM.png?VersionId=4AOcb6ETZwNUnMPdTtz1B3pZAIB_jgZ2" />

Former world champion Mick Fanning, who grew up in Coolangatta, secured an apartment in 2023. He paid&nbsp;$2.07 million. Last year he sold his Bilinga home for over $16 million.

Three-time world champion Joel Parkinson also purchased in the development, alongside big wave surfer Mark Mathews. Mathews bought the most expensive apartment in the building, spending just over $4 million.

Joining them is Rip Curl founder Doug Warbrick, whose company helped shape Australia's global surfing industry over the past five decades.

The appeal of Rainbow Bay has extended well beyond the surfing community.

International DJ Paul Fisher purchased an apartment through his investment vehicle, YLB Developments, an abbreviation of his trademark phrase "You Little Beauty".

The purchase comes as Fisher and his wife Chloe are developing their own luxury apartment project further north in Palm Beach. Their boutique beachfront development, Pescado, comprises just seven apartments on Jefferson Lane, which start from just shy of $6 million. The couple intend to retain the two-level penthouse as their Australian base between international touring commitments.

Melbourne Storm coach Craig Bellamy and his wife Wendy have also invested in Esprit, purchasing two apartments after spending decades holidaying on the southern Gold Coast. They also have a luxury apartment in Joe Adsett's Rockpool, less than 400m away from Esprit.

<h2>Boutique project draws owner-occupiers</h2>

Esprit launched in 2021 and sold strongly, with buyers drawn to its boutique scale, beachfront position and contemporary design.

The completed development comprises 94 apartments across 11 levels, offering expansive floorplans designed primarily for owner-occupiers rather than the investor market.

Crowning the building is Club Esprit, pitched as being the Gold Coast's first residential rooftop wellness centre. The roof features a&nbsp;25 metre magnesium lap pool, which is surrounded by wet daybeds and poolside cabanas,&nbsp;multiple barbecue areas,&nbsp;a yoga and relaxation play lawn, and a private dining room with a kitchen scullery, bar, lounges, and an outdoor terrace.

The wellness centre is&nbsp;fully equipped with a Technogym, ice bath, infra-red sauna, steam room, thermal room, and treatment room. The roof has views spanning&nbsp;Rainbow Bay, Snapper Rocks and the Pacific Ocean.

<h2>S&amp;S Projects continues to shape Rainbow Bay</h2>

S&amp;S Projects founder Paul Gedoun has become one of the key figures behind Rainbow Bay's evolution over the past several years.

After establishing S&amp;S Projects, Gedoun has focused on delivering lifestyle-driven apartment developments designed primarily for owner-occupiers seeking a permanent coastal home.

Esprit is Gedoun's third completed project in Rainbow Bay, following Flow and Awaken, both of which achieved record prices for the suburb.

He is now delivering <a href="https://www.apartments.com.au/new-apartments/radia-rainbow-bay-271-boundary-street-coolangatta-qld-4225">Radia Rainbow Bay</a>, a 38-apartment development on Boundary Street that is currently selling, and has no plans to leave the precinct anytime soon. S&amp;S Projects has also lodged plans for its fifth Rainbow Bay development, an 88-apartment project on Boundary Street featuring a strong wellness focus.

Read more:&nbsp;<a href="https://www.apartments.com.au/news/qld/first-look-s-s-projects-proposes-88-apartment-wellness-tower-at-coolangattas-boundary-street">First look: S&amp;S Projects proposes 88-apartment wellness tower at Coolangatta's Boundary Street</a>

&nbsp;

&nbsp;

&nbsp;

Joel Robinson

Who's who of buyers revealed as Esprit Rainbow Bay settles

Nature Based Cities (NBC), the not-for-profit organisation focused on improving biodiversity and nature outcomes in urban development, has launched its latest industry design guidelines and accreditation framework, this time targeting precinct-scale residential communities.

The move extends NBC’s influence beyond its initial focus on medium and high-density residential developments. Several projects have already achieved NBC accreditation since the launch of its Medium &amp; High-Density Residential Guidelines in early 2025.

The expansion into masterplanned communities and new residential precincts reflects the growing need for stronger nature-positive benchmarks as Australia’s outer suburban growth corridors continue to expand at pace.

Paul Hameister OAM, NBC Founder and the Executive Chairman of Melbourne developer Hamton who itself leans heavily into nature and biodiversity in its developments, says the&nbsp;nature-first approach to mitigate the effects of climate change has become standard in other parts of the world such as the UK, but Australia is lagging.&nbsp;Australia’s environmentally sustainable design (ESD) rating tools have no minimum mandatory requirements for living landscapes.

“We’ve always wanted to do more, and we know other developers who want to do more, but the ESD rating tools just aren’t there,” Hameister says. “In Australia, you can have a five-green-star rated building that’s concrete and glass with not a blade of grass. 
 
“The focus is on reducing emissions, which is laudable, but there hasn’t been enough attention paid to protecting and re-establishing nature. We need both for the health of the environment and for communities.”

He says that having now&nbsp;made good progress in supporting developers of medium and high-density residential projects, NBC is now looking to bolster better nature-based decision-making and recognise developers of greenfield projects in the outer ring and large inner-ring brownfield precincts, who want to champion nature and living landscape as a defining feature.

Since 2022, the not-for-profit has sought to remove the roadblocks preventing developers from incorporating nature and living landscapes into their projects, shifting the conversation from the reduction of emissions and grey infrastructure, toward recognising nature as an essential infrastructure.

The New Communities Design Guidelines and Scorecard arm developers with the tools needed to deliver a nature positive outcome for their new communities. Intended to be adopted at the outset of the planning process, the guidelines are designed to help create communities that are cooler, healthier and more resilient while also enhancing social wellbeing and long-term economic value.&nbsp;

New Communities developers seeking accreditation will be independently assessed across a range of key criteria including ecology, tree canopy, biodiversity, and walkability. Once the masterplan is complete and submitted for approval, the scorecard is formalised based on proposed outcomes. Projects that meet the NBC criteria will receive either Commended or Exemplary accreditation outcomes, creating a clear benchmark for nature-positive new communities in Australia.&nbsp;

Janis Fischer, Director at Tract and NBC Advisory Council member, said the development of new communities in our suburbs can have a substantial impact on nature and biodiversity.

"By incorporating nature-based design principles at the inception of a project, developers and their design teams can achieve nature positive outcomes that are good for both people and the planet.’’&nbsp;

NBC accredited New Community projects will gain access to NBC branding and marketing tools to help communicate their nature-based credentials to purchasers and the broader market.&nbsp;

Nature Based Cities: A new Australian benchmark for developing nature-positive new communities

Apartment buildings are increasingly being designed around how people actually live day to day, not just how they want a building to look.

For buyers, that shift is showing up in practical inclusions that respond to changing habits. Work-from-home spaces, EV charging, wellness amenities, secure bike storage and parcel management are becoming part of the broader apartment conversation, reflecting a move toward buildings that reduce friction in everyday life.

Online shopping has become one of the clearest examples of that change.

Australians spent a record $82.6 billion online in 2025, with nearly one in four retail dollars now spent online. That has made parcel delivery a regular part of apartment living, rather than an occasional inconvenience.

For apartment residents, however, the delivery process can be less straightforward than it is for detached homes. Parcels may be left in lobbies, redirected to Post Offices, missed entirely, or placed under the responsibility of building managers and concierge teams.

That is why secure parcel infrastructure is increasingly being considered alongside more familiar apartment amenities.

<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/-VjjLwoViX0?si=A3k7ws9NX35Uac7_" title="YouTube video player" width="560"></iframe>

Australia Post Parcel Lockers offer one way to address the issue. When a parcel arrives, residents receive a notification through the AusPost app or SMS, then collect it using a QR code or one-time PIN. The parcel is kept secure, accessible and removed from common areas.

The broader Parcel Locker network now includes more than 1,500 locations across Australia, positioned at Post Offices, shopping centres, supermarkets, transport hubs and other accessible locations.

For new apartment projects, the relevance is clear. A building’s amenity offering is no longer only about lifestyle spaces, but also about convenience, security and functionality.

As buyer expectations evolve, secure parcel delivery is becoming part of the same design conversation as flexible working, sustainable transport and resident wellbeing.

It is one less thing for residents to worry about, and another example of apartment design adapting to the way Australians now live.

Apartment design is adapting to the way Australians shop

While school holidays and trips to Europe tend to define the winter property market, there's been no cold snap at <a href="https://www.apartments.com.au/new-apartments/the-walden-north-sydney-177-walker-street-north-sydney-nsw-2060">The Walden</a> in North Sydney.

Developer-builder&nbsp;<a href="https://www.apartments.com.au/developers/aland">ALAND</a> sold more than $35 million worth of apartments throughout June, including a $6.8 million apartment that now ranks among the highest apartment sales ever recorded in North Sydney.

SRM Residential agent Ben Stewart said buyer demand throughout June reflected a mix of improving market confidence and longer-term thinking from owner-occupiers.

"We're seeing strong demand from owner-occupiers who are taking a longer-term view," Stewart said.

"Many recognise the opportunity to secure an apartment in an iconic building and premium location while values remain attractive. They may initially lease the property, but the intention is to eventually move in themselves, rather than purchasing purely as an investment."

[smartcode_project:default project_id=134323 project_image_fid=367129]

Located at 177 Walker Street, The Walden will deliver 161 one, two, three and four-bedroom residences across a 30-storey tower designed by Rothelowman. Every apartment occupies a corner position, maximising natural light, cross ventilation and views across Sydney Harbour, the Opera House, Sydney Heads and the northern districts.

Rather than a traditional balcony, the residences feature winter gardens that seamlessly extend the open plan living areas, creating versatile spaces for relaxing or entertaining throughout the year. Floor-to-ceiling glazing draws in natural light while showcasing sweeping views from the building's elevated Walker Street position.

Every apartment features high-end Calacatta marble, bespoke joinery, and fully integrated appliances.

The larger residences have been planned with distinct entertaining and private zones, with many master suites positioned on corners to capture natural light and harbour views. Walk-in dressing rooms, freestanding baths and refined stone finishes reinforce the house-like feel that has resonated with downsizers and owner-occupiers.

[smartcode_project:default project_id=134323 project_image_fid=6393]

Rothelowman Principal Ben Pomroy said the project was designed to make the most of its unique position overlooking the harbour.

"The Walden is a celebration of all things beautiful, curated for those who expect nothing less than exceptional," Pomroy says.

"Meticulously designed entertaining spaces and light-filled living areas that capitalise on capturing the natural beauty of Sydney's iconic harbour."

Residents will also have exclusive access to The Pavilion, a dedicated amenity building featuring a rooftop pool, wellness studio, gymnasium, sauna, concierge service, residents' lounge, private dining spaces and work-from-home facilities.

[smartcode_project:default project_id=134323 project_image_fid=6402]

The project marks ALAND's first major luxury apartment development in Sydney's inner-city market after more than two decades delivering residential communities across Greater Sydney.

Founder and CEO Andrew Hrsto previously said the rarity of the Walker Street site made it an opportunity the company could not overlook.

"This is a rare opportunity to bring a truly exceptional project to life in one of Sydney's most iconic locations, and to showcase our craftsmanship and design expertise at a world-class level," Hrsto said.

[smartcode_project:default project_id=134323 project_image_fid=6383]

The Walden has been introduced to the market at a time when demand for living in North Sydney is at an all-time high. Billions of dollars have been invested in infrastructure, including the recently opened Victoria Cross Metro station, located just 300 metres from The Walden, providing residents with direct access to the Sydney CBD in just minutes.

Private investment has also transformed the area through the arrival of new retail and dining destinations, elevating the lifestyle offering in what was once considered primarily a commercial precinct rather than an aspirational residential address.

The Walden is currently under construction and is scheduled for completion in 2028.

[smartcode_project_cta:default project_id=134323]

ALAND records $35 million in sales in North Sydney as The Walden bucks quiet winter selling season

The long-awaited redevelopment of the former Eastlakes Shopping Centre site has reached a major milestone, with Conquest's plans for a new mixed-use precinct officially placed on public exhibition.

The State Significant Development Application would transform the 1.7-hectare site at <a href="https://www.apartments.com.au/new-apartments/19a-evans-avenue-eastlakes-nsw-2018">19A Evans Avenue</a> into one of Sydney's largest urban renewal projects, delivering 736 apartments above a new shopping centre anchored by Woolworths, alongside specialty retail, dining, commercial space and new public open spaces.

The public exhibition marks the next chapter for the project after <a href="https://www.apartments.com.au/developers/conquest">Conquest</a> acquired the stalled Stage Two development from Crown Group, who completed the first stage across the road prior to their voluntary liquidation.

<img alt="First look: Conquest unveils plans for 736-home Eastlakes Shopping Centre redevelopment" data-entity-type="file" data-entity-uuid="5fca22c5-d1ed-4e2c-8801-03f7df1eafc8" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/eastland%20podium.png?VersionId=uomwr41nF8CmLUZRDcu3mHQechlbxucS" />

&nbsp;

Designed by DKO Architecture, the proposal comprises four residential buildings ranging from 14 to 18 storeys above a two-level retail podium. The development would deliver 736 apartments, including 74 affordable homes, 215 Build-to-Rent apartments and 521 market residences. Provision has also been made for dual-key apartments, which could increase the total number of dwellings to 877.

At ground level, the shopping centre has been designed as the suburb's new meeting place, anchored by a full-line Woolworths and complemented by a curated mix of fresh food retailers, cafés, restaurants, health services and everyday convenience shopping. Generous pedestrian links and landscaped public spaces will connect the retail precinct through to Jack Mundey Reserve, creating a more walkable and connected neighbourhood.

Conquest CEO Michael Akkawi said the redevelopment was about far more than replacing a shopping centre.

"Eastlakes has been overlooked for too long, and this is the community’s moment. We are building a shopping centre and homes, a genuine heart for the suburb, and we genuinely want locals to help shape it."

"We enrich communities through the creation of homes, places, and experiences designed for life, built to last, and owner for generations. That starts with listening, so we warmly encourage everyone with a connection to Eastlakes to view the plans and share their thoughts."

<img alt="First look: Conquest unveils plans for 736-home Eastlakes Shopping Centre redevelopment" data-entity-type="file" data-entity-uuid="22f6fb20-54fb-4bd7-8a92-48fafdd00608" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/eastland.png?VersionId=cugp7s9hrMHGJJdYzkeAkrFoQgnF4GXf" />

DKO said the design had been shaped by the site's landscape setting and surrounding open space.

"Our vision for the site embraces its unique Bidjigal identity by blending the residential living with generous landscaping and a material palette inspired by the Bidjigal locality, and celebrating the panoramic views to Botany Bay and the wetlands reserves."

"Taking cues from Country, we seek to harmonise built form with the landscape and lightly touch the earth. By reconnecting, retaining and regenerating existing ecology, and weaving in natural elements, we can deepen our connection to Country."

The landscape strategy extends across the podium and rooftops, incorporating communal gardens, children's play areas, lawns, community gardens, family gathering spaces and extensive tree planting. New landscaped links will also strengthen the connection between the precinct and Jack Mundey Reserve, while publicly accessible open spaces have been integrated throughout the development.

The proposal builds on Conquest's broader placemaking strategy for the site. Through an ongoing partnership, local artist Joe Rashbrook has been appointed Urban Art Curator, working alongside young residents to transform the project's site hoardings into a public art gallery that allows the community to engage with the redevelopment before construction is complete.

Conquest has rapidly expanded its development pipeline since acquiring the Eastlakes site, with more than $6 billion worth of mixed-use projects now in planning across Sydney, including Stanmore, Castlecrag and Waterloo.

Conquest CEO Michael Akkawi said the redevelopment was about far more than replacing a shopping centre.

First look: ‘Far more than replacing a shopping centre’ as Conquest unveils 736-home Eastlakes redevelopment

Property Demand

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Rental demand for units is 23% higher year-on-year, according to the latest data from the realestatwe.com.au website.

Demand for house rentals is up by 11% on the same time last year, just as the worldwide pandemic became official.

[smartcode_project:default project_id=24422]

"Perhaps somewhat surprising given the current environment, but demand for units is 23% higher year-on-year with demand for houses up by less than half that, at 11% growth," Cameron Kusher, the executive manager of economic research at REA Group said.

This year the rental demand has fallen for five successive weeks.

<img alt="" height="1376" src="https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/rea_rental_demand.jpg" width="1600">

The reasons Kusher advised on the emerging trend was "that we aren’t seeing the influx of overseas arrivals like we typically would at this time of year, as well as the fact that government incentives have driven a surge in purchasing activity from first home buyers, which may lead to reduced rental demand."

Rental demand fell by a further 1.1% last week, taking it to be 15.8 per cent lower than its historic peak.

Cameron Kusher said Tasmania and Australian Capital Territory were the only states in which rental demand increased over the past week.

While rental demand has trended lower over recent weeks, it remains 17% higher than it was a year.

[smartcode_project:default project_id=90553]

After the seasonal early-January surge, two weeks ago Kusher noted demand would continue to trend lower over the coming weeks "as we exit the busiest time of the year for the rental market during the first quarter."

The REA Insights Rental Demand Index was relaunched last month.

While the original index measured the total volume of highly-engaged renter activity on realestate.com.au, it now measures the change in the number of people that are highly-engaged with properties listed for rent on realestate.com.au.

Someone is determined to be ‘highly engaged’ when they undertake a number of actions on a listing, these include but are not limited to; the number of visits to a listing, looking at the photos for a listing multiple times, saving the property, sharing the property and/or making an enquiry with the agent.
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Rental demand has now fallen for five successive weeks, after the seasonal early-January surge, but remains higher than last year, according to realestate.com.au data

jchancellor

Rental demand reducing, but remains higher than last year: REA

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<div id="attachment_255069" class="wp-caption aligncenter">The Tasmanian suburb of South Hobart is the most in-demand location in Australia on realestate.com.au.</div>
A good sign for Hobart is that rental demand is also high, suggesting that it’s jobs growth, not property speculation that is driving the market, Nerida Conisbee, the chief economist of REA Group said.
<div id="attachment_255069" class="wp-caption aligncenter">She forecasts demand from buyers will continue to grow in her 2018 preview.</div>
<div class="wp-caption aligncenter"> </div>
<div class="wp-caption aligncenter">The CoreLogic data suggests a recent flattening in price growth at around a $530,000 median for houses. The unit median sits at $350,000.</div>
<div class="wp-caption aligncenter"> </div>
<div class="wp-caption aligncenter">Conisbee suggests buyer activity is coming from far less affordable locations such as Sydney and Melbourne, and offshore demand is also increasing.</div>
<div class="wp-caption aligncenter"> </div>
<div class="wp-caption aligncenter">Overseas demand is being driven largely by a push from Tasmanian universities to attract overseas students and renewed interest in the city as a tourism destination.</div>
<div class="wp-caption aligncenter">
"Hobart is a small market and speculation can be a driver of price growth, so it’s good news that rental demand is also high.
"It appears that the Tasmanian economy is changing from primarily government and agriculture to include growing tourism and education sectors."
The 10 most in-demand suburbs in Tasmania
<table border="1" cellspacing="0" cellpadding="0"><tbody>
<tr>
<td>
Rank
</td>
<td>
 Suburb and Postcode
</td>
<td>
Median Price
</td>
</tr>
<tr>
<td>
1
</td>
<td>
South Hobart 7004
</td>
<td>
$541,000
</td>
</tr>
<tr>
<td>
2
</td>
<td>
Mount Stuart 7000
</td>
<td>
$612,500
</td>
</tr>
<tr>
<td>
3
</td>
<td>
Battery Point 7004
</td>
<td>
$954,000
</td>
</tr>
<tr>
<td>
4
</td>
<td>
Bellerive 7018
</td>
<td>
$500,000
</td>
</tr>
<tr>
<td>
5
</td>
<td>
Mornington 7018
</td>
<td>
$315,500
</td>
</tr>
<tr>
<td>
6
</td>
<td>
Hobart 7000
</td>
<td>
$662,500
</td>
</tr>
<tr>
<td>
7
</td>
<td>
North Hobart 7000
</td>
<td>
$633,900
</td>
</tr>
<tr>
<td>
8
</td>
<td>
Lindisfarne 7015
</td>
<td>
$455,000
</td>
</tr>
<tr>
<td>
9
</td>
<td>
Taroona 7053
</td>
<td>
$550,000
</td>
</tr>
<tr>
<td>
10
</td>
<td>
West Hobart 7000
</td>
<td>
$631,000
</td>
</tr>
</tbody></table>
Source: realestate.com.au
 Recently a four bedroom <a href="https://www.realestate.com.au/sold/property-house-tas-south+hobart-126666162" target="_blank">Lawley Crescent home</a> in South Hobart (below) sold for $570,000, slightly higher than the $530,000 median price for houses in the suburb.
It last traded for $142,500 in 1994.
<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/2018/1/10/lawley.jpg" alt="">
No house has sold in South Hobart under the median house price since October, which highlights the growing demand in the suburb.
That was a 1940s, former military house, two bedroom cottage on 600 sqm that fetched $474,000.
To find an apartment that sold for the median $350,000 in South Hobart you have to go back to early October when a <a href="https://www.realestate.com.au/sold/property-unit-tas-south+hobart-126501734" target="_blank">90 sqm two bedroom apartment</a> sold for $315,000. (top, the view from the apartment).
The most recent unit sale was a <a href="https://www.realestate.com.au/sold/property-unit-tas-south+hobart-126551710" target="_blank">three bedroom, two bathroom apartment</a> with two living areas that sold for $535,600.
It has nearly quadrupled in price over the last 15 years. The unit last sold in 2002 when it went for $135,000.
</div>
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j.ballantyne1990-6AQqhLzZaK

South Hobart is 2018's early bird property hot spot

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GUEST OBSERVER
After a choppy few months, demand surged again in July with even the struggling WA market starting to hit its stride.
In July, the index hit another new peak, and only one section of the Australian market, NSW apartments, saw a slight drop in demand. Given that the state has been seeing decades of housing undersupply, this is surprising, but it has more to do with affordability concerns impacting demand levels, rather than people not wanting to buy.
Tasmania remains the standout performer, seeing far more people looking to buy than the number of available properties. From both a buyer’s and renter’s perspective, demand is high, which may support new development in key areas. Hobart is the only capital city in Australia where we haven’t seen a building boom and demand levels suggest that now may be the time to start increasing housing supply. Given the size of the market, it may not need many projects to lead to a better balance.
The continued increases in demand would suggest that we will see more price growth, but it’s likely the continued lending rate rises will be the limiting factor. The RBA is clearly unlikely to increase rates in a hurry, but continued increased costs of wholesale funding, pressure from APRA and the new banking tax will mean that banks will pass these costs on to mortgage holders.
<a href="https://www.propertyobserver.com.au/images/2017/08/10/Screen%20Shot%202017-08-10%20at%208.17.17%20AM.png" target="_blank">Click to enlarge</a>
<img src="https://www.urban.com.au/images/2017/08/10/Screen%20Shot%202017-08-10%20at%208.17.17%20AM.png" alt="">
Foreign buyers are also starting to back off, and we’ve seen a slight drop in property seekers from overseas on realestate.com.au in recent months, likely driven by more taxes aimed at foreign buyers and greater challenges for them to access finance.
New South Wales
NSW remains one of the strongest markets in Australia, however demand levels have been overtaken by Victoria this month for the first time since 2013. It appears that apartment demand is to blame, which is surprising given that the level of development has been so much lower than Victoria for quite some time. The issue is affordability, with Sydney now so expensive that it is pricing out many prospective buyers. Whether these buyers are now looking elsewhere to buy as investors, or alternatively looking to move, is uncertain.
Victoria
Property demand in Victoria overtook NSW for the first time since 2013, driven by greater affordability and population growth. The Victorian market is also seeing very high demand from renters. This is partly driven by a slowdown in first home buyer activity, but jobs growth is likely to be a bigger factor. More jobs means more people and therefore greater demand for housing.
Despite massive levels of new apartment development, demand from buyers and renters for this property type remains strong. Melburnians have been largely resistant to living in apartments, but it appears the time has come for a shift. Lots of supply in the market is driving up affordability and, in many cases, apartments offer  a great lifestyle when compared to a similarly priced house on the urban fringe.
<a href="https://www.propertyobserver.com.au/images/2017/08/10/Screen%20Shot%202017-08-10%20at%208.19.15%20AM.png" target="_blank">Click to enlarge</a>
<img src="https://www.urban.com.au/images/2017/08/10/Screen%20Shot%202017-08-10%20at%208.19.15%20AM.png" alt="">
Queensland
Queensland’s property market closely follows the Australian average. Not as strong as NSW and Victoria,  but certainly far stronger than WA and NT. Houses and apartments continue to see strong demand which is surprising given recent concerns about oversupply in the state. There are no doubts that challenges continue in inner city Brisbane, with apartment stock aimed at investors being a problem area. This is slowing demand as buyers wait for better quality stock. In other parts of Queensland, demand remains high and the Gold Coast continues to be popular among both buyers and renters.
South Australia
South Australian demand levels hit a new peak in July and while growth is subdued and below the Australian average, it is steady. Although buyer demand growth remains fairly moderate, rental demand growth was much stronger. This is often an early sign of jobs growth, so it may be that the jobs market in South Australia  s doing better than official figures suggest.
<a href="https://www.propertyobserver.com.au/images/2017/08/10/Screen%20Shot%202017-08-10%20at%208.20.48%20AM.png" target="_blank">Click to enlarge</a>
<img src="https://www.urban.com.au/images/2017/08/10/Screen%20Shot%202017-08-10%20at%208.20.48%20AM.png" alt="">
Tasmania
Is now the time for apartment developers to look more closely at the Apple Isle? Property seekers are certainly curious about apartments in the market, with apartment demand the highest of anywhere in Australia. Demand is high and there is not much to buy, which could be an opportunity for potential developers. Offshore interest also continues to grow in the market, focused mainly on Hobart.
Western Australia
Overall, Perth has been doing it tough with demand well down for some time now, but premium suburbs in the inner west and northern beaches are now seeing strong price growth, which can be considered an early sign of a wider turn. On a state level, demand appears to be rising and we have hit the highest level recorded since 2014. One could say that green shoots seem to be sprouting in WA’s property market, but buyers should remain cautious and be prepared to hold for at least two years.
Australian Capital Territory
Canberra continues to see very high levels of rental demand, making it one of the few markets in Australia where we need more investors. Buyer demand remains strong which suggests that the region’s price growth will continue. Like the rest of Australia however, rising costs of funding will likely drive a slowdown in the fast-paced growth that has been occurring of late.
Northern Territory
The Northern Territory has been showing steady growth in buyer demand for some time now and last month it continued. Although the market was hit hard by the mining slowdown, it appears that other industries have picked up the slack and are leading to increased demand from both buyers and renters. While a recovery seems to be occurring, some areas are doing better than others, with premium suburbs in Darwin in particular seeing stronger levels of growth. 
Nerida Consibee is the Chief Economist at REA Group and can be contacted <a href="https://www.rea-group.com/irm/content/default.aspx" target="_blank">here</a>.
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What slowdown? Demand for Australian property hits a new peak: Nerida Consibee

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APRA's cooling measures and restrictive lending practices by banks has driven the REA Group Property Demand Index down by 4.3 percent for April month on month.
New South Wales saw the biggest drop in buyer demand in Australia in April, driven by unaffordability cutting buyers out in Sydney according to Nerida Conisbee, REA Group chief economist.
She said demand is still well above the same time last year and higher than the previous peak in November 2016, adding in December 2016, demand also dropped slightly when the banks increased interest rates independently of the RBA however, buyers ploughed back into the market in January and by March we hit another peak in demand.
<a href="https://www.propertyobserver.com.au/images/2017/05/03/Screen%20Shot%202017-05-03%20at%2010.48.24%20AM.png" target="_blank">Click to enlarge</a>
<img src="https://www.urban.com.au/images/2017/05/03/Screen%20Shot%202017-05-03%20at%2010.48.24%20AM.png" alt="">
"It’s impossible to predict if this will happen again and if buyers are purely reacting to the changes. Time will tell as we head into winter," she said.
"New South Wales saw the biggest drop in buyer demand in Australia in April, driven by unaffordability cutting buyers out in Sydney.
"So are we finally at the peak? It’s unlikely in Sydney, but lower levels of demand means that price growth will moderate and April median national house price data suggests the market slowed considerably during the month.
<a href="https://www.propertyobserver.com.au/images/2017/05/03/Screen%20Shot%202017-05-03%20at%2010.51.54%20AM.png" target="_blank">Click to enlarge</a>
<img src="https://www.urban.com.au/images/2017/05/03/Screen%20Shot%202017-05-03%20at%2010.51.54%20AM.png" alt="">
"Rental demand also saw a decline in April, suggesting that high levels of investor activity has now provided su cient rental housing. It’s likely that rental rates will also continue to moderate as a result.
"Given relatively low levels of development compared to Queensland and Victoria, New South Wales apartment demand has surprisingly declined significantly in 2017.
"Overall demand levels remain well above where they were 12 months ago, suggesting that it’s too early to say if the market has peaked.
"New South Wales also saw a drop in rental demand over the past 12 months suggesting that rental unaffordability is leading to fewer people being able to live Sydney.
<a href="https://www.propertyobserver.com.au/images/2017/05/03/Screen%20Shot%202017-05-03%20at%2010.52.43%20AM.png" target="_blank">Click to enlarge</a>
<img src="https://www.urban.com.au/images/2017/05/03/Screen%20Shot%202017-05-03%20at%2010.52.43%20AM.png" alt="">
"Due to the high house prices, Sydney buyers are most sensitive to banks increasing rates, which are expected to continue to rise.
"Despite very high levels of supply, Victoria saw only a relatively small drop in buyer demand in April. Rental demand also declined suggesting the investor activity is now providing sufficient rental housing for tenants.
"These drops suggest that price growth for buyers and renters will continue to slow.
"Although drops were experienced over the month, year-on-year demand continues to be positive and levels are well above what was experienced at the same time last year.
"Queensland experienced the second highest drop in buyer demand in April after New South Wales, however demand is still higher than it was 12 months ago.
"Rental markets are showing worsening conditions driven by high levels of supply but also relatively slow jobs growth. Rental demand is lower than it was 12 months ago.
"The situation in Brisbane is very different to on the Gold Coast. Gold Coast suburbs continue to see high levels of demand from buyers and renters due to lower levels of supply, the Commonwealth Games and other spending on infrastructure supporting jobs growth.
"Buyer demand in South Australia saw a decline in April, consistent across most states and territories, however demand remains slightly higher than it was 12 months ago. High levels of apartment development have led to poorer demand conditions for this type of housing and demand is now down year-on-year.
"Rental demand remains resilient with only a small drop over the month and growth continuing year-on-year. This suggests that jobs growth is solid in South Australia given the disconnect between buyer and  renter demand.
"There is still very strong buyer demand in Tasmania, but the index fell slightly in April.
"Demand for houses continued to rise however the index fell for units, while renter demand also showed a decline. Even with the decline, there is no guarantee that prices will fall, with the index continuing to be well up on the same time last year.
<a href="https://www.propertyobserver.com.au/images/2017/05/03/Screen%20Shot%202017-05-03%20at%2010.53.33%20AM.png" target="_blank">Click to enlarge</a>
<img src="https://www.urban.com.au/images/2017/05/03/Screen%20Shot%202017-05-03%20at%2010.53.33%20AM.png" alt="">
"With the rest of the country stumbling, Western Australia showed increasing demand from both buyers and renters over the month of April.
"It’s still too early to tell whether the West Australian residential market has turned a corner given that year-on-year declines are still occurring.
"If national cooling measures were not in place and banks were more closely following RBA behaviour on rates, it’s conceivable that Western Australia would be close to turning a corner. These measures, which are largely in place for the Sydney and Melbourne markets, are likely to continue to dampen demand in the West.
<a href="https://www.propertyobserver.com.au/images/2017/05/03/Screen%20Shot%202017-05-03%20at%2010.54.23%20AM.png" target="_blank">Click to enlarge</a>
<img src="https://www.urban.com.au/images/2017/05/03/Screen%20Shot%202017-05-03%20at%2010.54.23%20AM.png" alt="">
"Australian Capital Territory was a standout in April, one of the few markets to see an increase in demand from buyers, with the index up year-on-year as well as over the month.
"Despite high buyer demand, rental demand took a hit, perhaps driven by changes to employment in the territory, as well as relatively strong levels of investor activity. Despite the April drop, year-on-year growth remains strong.
"Northern Territory saw a drop in buyer demand over the month, however the annual rate is still positive, suggesting the housing market is in the early stages of recovery. Rental demand declined on the back of weak jobs growth in the Northern Territory. 
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