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

Joel Robinson

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

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

$200 million Corallo Palm Beach launches with limited apartment release

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

First look: One Collection advances plans for Castle Hill apartments

At Yarra’s Edge, <a href="https://www.apartments.com.au/developers/mirvac">Mirvac</a>’s newest tower under construction, <a href="https://www.apartments.com.au/new-apartments/trielle-at-yarra-s-edge-docklands-16-point-park-crescent-docklands-vic-3008">Trielle</a>, sets a new benchmark for elevated living. Rising 45 storeys, 12.5 metres from the Yarra River, the landmark building offers residents access to a private wellness retreat and spa, a resident-only golf simulator, and an elegant lounge, dining and bar complete with a self-playing piano, all without ever having to leave home.

Now, that sense of elevation has reached new heights with the Aerus Sub-Penthouses, a limited release of half-floor riverfront residences on the Collins St axis where the sought-after street meets the Yarra River.

Each Aerus Sub-Penthouse, located across levels 42 and 43, represents the most expansive offering within Trielle, aside from the yet-to-be-revealed crowning penthouses. Spanning between 269 and 301 sqm, these residences are designed to capture natural light and uninterrupted views of the city skyline, Yarra River, and Port Phillip Bay.

[smartcode_project:default project_id=114216 project_image_fid=3784]

Among the collection are three-bedroom sub penthouses, complemented by a media room, and expansive four-bedroom layouts. All include panoramic living areas and oversized master suites with luxury ensuites reminiscent of a five-star hotel, complemented by dedicated dressing rooms finished in timber and natural stone.

The interiors have been crafted by <a href="https://www.apartments.com.au/architects/mirvac-design">Mirvac Design</a>, the developer’s award-winning in-house architecture and design team. Every material has been chosen for quality and longevity, from sculpted stone island benches with feature soft wash LED lighting to bespoke joinery and chevron timber oak flooring.

Kitchens are fitted with a BORA induction cooktop with integrated downdraft extractor, alongside Gaggenau appliances, including a fridge, freezer, and wine fridge. The adjoining butler’s pantry incorporates the exclusive Gaggenau Minimalistic Series including oven, steam oven, microwave, coffee machine and warming drawer, all concealed behind handleless glass panels for a clean, integrated presentation. Bathrooms feature custom Apaisar freestanding baths and basins and natural stone benchtops, continuing Mirvac’s design emphasis on tactile, timeless materials.&nbsp;

<img alt="Trielle at Yarra's Edge, Docklands" data-entity-type="file" data-entity-uuid="c00be724-b0f1-47c0-afed-54f829870704" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Aerus%20sub-penthouse.png?VersionId=Uktd61kpLSqNjwJeDFs7IaZ3xgLlDQmu" />

Michael Wiener, Design Director at Mirvac, says The Aerus Sub-Penthouse embodies the apex of Mirvac’s design ethos.

“Moving through your home is like walking on air - a private sanctuary where the craftsmanship is refined, the proportions generous, and the flow so effortless, you feel completely at ease in the sky,” Wiener says.

“In Aerus, we wanted to create a sense of weightlessness - a home that feels suspended in the skyline, full of light, grounded in luxury.”

[smartcode_project:default project_id=114216 project_image_fid=3777]

The Aerus Sub-Penthouses are expected to attract a mix of local and international buyers seeking a long-term residence of scale and quality in a riverfront setting, from returning expats to established families and business owners who value privacy, craftsmanship, and convenience within walking distance of the CBD.

With an unmatched suite of amenities, Trielle is the most extensively appointed development Mirvac has created to date at Yarra’s Edge. Within the tower will be The Oasis, a 900 sqm podium rooftop wellness retreat designed in collaboration with spa expert Naomi Gregory. Located seven storeys above the Yarra River promenade, it features a 25-metre lap pool, spa and sauna, hot magnesium spa, biophilic gym, yoga and Pilates studio, cold-pail contrast treatment, and day spa treatment rooms. Further amenities include a piano lounge, bookable dining room, cinema room, golf simulator studio, games room, teppanyaki bar, dog wash bay, and two flexible work hubs, The Biblioteca library and Mills Place office space, catering to residents’ evolving lifestyle needs.

Construction of the $350 million tower is underway through Mirvac’s in-house construction arm, with completion anticipated for mid-2027.

[smartcode_project_cta:default project_id=114216]

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

<a href="https://www.apartments.com.au/developers/jwland-development">JWLand</a>’s De Burgh, the final residential release within the Northbourne Village precinct in Lyneham, is nearing completion just as the Federal Government’s Home Guarantee Scheme prepares for its most significant expansion to date.&nbsp;

From October 2025, the scheme will allow first home buyers to enter the market with just a five per cent deposit and no lenders mortgage insurance (LMI), removing some of the most common barriers to ownership.

With <a href="https://www.apartments.com.au/new-apartments/de-burgh-at-northbourne-village-40-de-burgh-street-lyneham-act-2602">De Burgh</a> on track for residents to move in by late spring 2025, the timing creates a strong opportunity for first home buyers seeking brand-new apartments in Canberra’s sought-after Inner North.&nbsp;

[smartcode_project:default project_id=139989 project_image_fid=212888]

The project delivers 350 residences across two buildings, with layouts ranging from compact studios through to one, two, and three-bedroom apartments.

JWLand has tailored the development for long-term liveability, integrating natural light, privacy and outdoor space into each home. Ground-floor residences feature private courtyards, while upper levels benefit from generous balconies.

Kitchens are fitted with Fisher &amp; Paykel appliances, and all apartments include ducted reverse-cycle air conditioning with smartphone app control for lighting and climate.&nbsp;

Shared resident facilities include a rooftop garden, gym, lounge and parcel lockers, alongside landscaped green space within the precinct.

[smartcode_project:default project_id=139989 project_image_fid=267376]

For buyers, the expanded Home Guarantee Scheme removes income caps and introduces unlimited places, making it more accessible than ever. With most De Burgh apartments priced under $1 million, they fall well within the updated eligibility thresholds.

The policy changes provide first home buyers with greater certainty and a smoother path to finance. Combined with the quality and location of De Burgh, the expanded scheme is expected to draw a new wave of buyers to Canberra’s Inner North.

Residents will benefit from the project’s central setting, just 600 metres from the light rail and three kilometres from Canberra’s CBD. The precinct is bordered by the <a href="https://www.apartments.com.au/developments/lyneham-act-2602">Lyneham</a> wetlands and sits within easy reach of cafes, restaurants, schools and the ANU.

With completion scheduled for late 2025, De Burgh is set to be among the first major apartment projects to meet the expanded scheme head-on, offering first-time buyers a realistic pathway to ownership in one of Canberra’s most connected neighbourhoods.

[smartcode_project_cta:default project_id=139989]

JWLand’s De Burgh aligns with expanded Homebuyer Scheme, opening doors for first home buyers in Canberra’s Inner North

Property Risk

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EXPERT OBSERVER
While property markets across Australia, particularly in Sydney and Melbourne, are recovering well, the recent bushfires have had a material impact on a large number of areas and the likelihood of the reintroduction of macroprudential measures is increasing.
In addition, the implications of the fires and the coronavirus on the economy are yet to be fully determined.
RiskWise Property Research CEO Doron Peleg said unemployment, under-employment and spare capacity in the labour market also noticeably increased in January 2020 and was unlikely to substantially improve in the near future, leading to further speculation the RBA will undertake another interest rate cut before July.
“The recent bushfires will have a major short-term impact on property prices in affected areas and this will increase the risk in many regional areas given the possibility of future occurrences,” Mr Peleg said.
“This impact will depend on the actual effect of the fires as well as the normal projected demand for residential property before they occurred and their location in relation to employment hubs.
“It must also be noted that economic growth has been poor, and this is further compounded by the recent bushfires and the coronavirus disease (COVID-19) although their significant impact is still to be fully determined.
“So, while the market is improving, especially in Sydney and Melbourne, material growth in asset prices and the amplified risk to the financial system increase the likelihood APRA will reintroduce macroprudential measures.”
He said improved buyer sentiment and auction clearance rates well above 70 per cent in those two cities would have a negative impact on housing affordability especially given the undersupply of family-suitable properties relative to demand driven by population increases - the biggest (recurrent) issue in the Australian property market since mid-last decade.
On the other hand, he said there was still a high level of supply of rental properties in some areas and these imbalances had ‘a very material impact’ on changes to dwelling prices of family-suitable properties versus properties unsuitable for families, particularly in high supply areas.
“Obviously, low out-of-pocket expenses for property investors are well connected with a noticeable increase in their activity. Consequently, it is expected that investor activity will further increase with a direct impact on auction clearance rates and dwelling prices,” he said.
“The recovery of the Sydney and Melbourne markets will also mitigate the risk of negative equity for properties purchased during the downturn, as dwelling prices will reach a new peak. However, properties that were settled following an off-the-plan contract with LVR of 90 per cent or more, still carry a high level of risk of negative equity. Increased levels of unemployment and under-employment increase the default risk in some markets.
“Units, particularly off-the-plan, still carry a high level of risk of significant price reductions. Areas with high unit oversupply carry a very high risk and this is still a major issue in some property markets. In addition, the reputational damage and impact of the recent construction defects of high rises increases the risk that demand for both new and existing high-rise properties will fall as their main buyers, investors, look elsewhere e.g. low-rise buildings or freestanding houses.”
STATE-BY-STATE
NSW:
Strong recovery, low interest rates and an improved job market are driving dwelling prices. However, bushfire-impacted areas carry higher risk depending on the strength of their property markets prior to the fires. The Sydney market has completely shifted from a buyers’ market to a sellers’ one. Consequently, at this stage it is likely that it will deliver double digit price increases and is likely to reach a new peak within the next six months. Housing affordability is, therefore, further deteriorating as wage growth is far lower than the expected price increases. Further, systematic undersupply of family-suitable properties is again the biggest (recurrent) issue in the Sydney property market, particularly in high-demand areas. In addition, housing finance has further improved in NSW, as expected, with increased demand from both owner-occupiers and investors. On the other hand, there is still a high level of supply of rental properties in many areas of Sydney with a noticeable impact on the demand for high-rise buildings due to the reputational damage associated with the high-profile construction defects.
Victoria:
While the labour market is deteriorating with a sharp increase in the unemployment rate in January 2020, population growth and strong sentiment continue to drive the property market. As with NSW, the property market in Melbourne is recovering well. Buyer confidence and auction clearance rates have increased significantly (77.1 per cent as at 29 February) and are well correlated with strong price increases making it a strong sellers' market. Consequently, Melbourne is one of the top two performing markets in Australia, well ahead of any others, and is likely to reach a new peak within the next six months. However, the flow-on effect is that housing affordability is highly likely to materially deteriorate given the low wage growth. This also means the undersupply of family-suitable properties will continue to be a major issue, relative to demand driven by population increases. This is exacerbated by Melbourne’s population growth which is the highest in the country at 2.1 per cent. Such population growth is a major driver for demand of dwellings. It should be noted that while investor activity is only 26.7 per cent, well below its peak, it is highly likely this will materially increase. Melbourne faces the same major imbalances, between undersupply of family-suitable properties and high level of supply of investment properties, as Sydney. The recent bushfires also had a major material impact on the demand for residential properties in Victoria's affected areas. The short-term impact on property prices will depend on the actual effect of the bushfires as well as the demand for residential property in the area before the bushfires. Repeatable events might also have a long-term effect on prices.
Queensland:
Southeast Queensland and regional areas present completely different pictures due to a two-speed economy. While buyer confidence has increased in Southeast Queensland, particularly Brisbane, regional areas carry a higher level of risk. The Queensland market greatly varies between its high and low-performing areas, and special attention should be given to the different job markets across the state, particularly since the unemployment rate has gone up from 5.7 per cent in December 2019 to 6.3 per cent in January 2020. Regional areas with a weak labour market carry a higher level of risk. The risk associated with the Queensland market should be monitored closely at the SA4 level, as deteriorating employment conditions are likely to have a significant negative impact on dwelling prices.
South Australia:
A soft labour market, with a reduction in actual employment, has meant slow growth for dwelling prices. Buyer confidence has increased, particularly in Adelaide, and this has seen an improvement in auction clearance rates and, consequently, it appears dwelling prices have reached the bottom. Popular areas continue to show evidence of recovery, particularly those with steady recent price growth rates. The labour market is a key factor in South Australia’s price growth projections and while it has improved in the past couple of years, it is still weak. The recent reduction (in January 2020) in the unemployment rate is attributed to fewer people seeking work in the state. Overall, the number of total jobs in the state has actually reduced. While serviceability measures have improved due to the RBA’s interest rate cuts, the soft labour market and the relatively high unemployment rate increases the risk of credit defaults. In addition, the demand for units among owner-occupiers in South Australia is, generally, low and some suburbs are subject to voluntary lending restrictions by the major lenders. The recent bushfires also had a major material impact on the demand for residential properties in some of South Australia's affected areas. The short-term impact on property prices will depend on the actual effect of the bushfires as well as the demand for residential property in the area before the bushfires. Repeatable events might also have a long-term effect on prices.
Western Australia:
A weak labour market and a sharp increase in the unemployment rate in January present a recurring problem for price growth. While buyer confidence has improved, particularly in Perth and housing finance has been showing signs of improvement, overall, economic activity remains well below the 10-year average and the effective unemployment is still significantly above the 10-year benchmark. Due to the weakness of the labour market, Western Australia’s annual population growth of 1 per cent is the third lowest nationally. As a result, the housing market, particularly units, has experienced continued weakness in recent years. The state government tax on overseas investors further decreases the demand for new units as investment properties. The relatively weak employment market also increases the risk of credit defaults. High-risk borrowers, combined with properties that suffer from low demand, require special attention in relation to credit provisioning.
Tasmania:
Affordability issues and a material increase in unemployment during January, with preferred alternative investments in Melbourne, have made the Apple Isle less resilient and the property market continues to experience decelerated price growth despite low supply of dwellings, low median prices, a tighter rental market and strong rental returns. A key reason for this is that the state remains less affordable than five of the states and territories (in price-to-income ratio) and the labour market is relatively weak. The attractiveness of the Melbourne market provides a preferred investment alternative in comparison to the relatively expensive properties in the popular areas of Hobart. Units carry a higher level of risk due to the relatively high number in the pipeline compared to population growth.
Northern Territory:
Continued weakness and poor population growth are having a sustained impact on dwelling prices. The poor economy continues to play a part in its subdued property market with 19.8 per cent price reductions for houses in the past five years and 35.4 per cent for units. Much of this negative capital growth in recent years is due to population issues. It was the only state/territory in Australia that experienced population loss in 2017-18. While dwelling supply in relation to population growth is low and dwellings are very affordable, the low demand for housing makes the Northern Territory a risky area especially given the low level of private investment that is significantly below the growth levels during the mining boom. Combined with a relatively large supply of units, the end of the mining boom signalled significant price reductions for units and, to a lesser extent, houses.
Australian Capital Territory:
An extremely strong job market, with only 3 per cent unemployment rate, has ensured demand for dwelling is solid. Houses in the ACT are solid performers, but new units present higher risk. The ACT market has benefited from recent developments in relation to the housing market and showed moderate price increases and a good medium to long-term outlook. The ACT has consistently delivered strong economic growth at 4 per cent which eclipses the rest of the country and provides a strong indication of its future. This is supported by healthy levels of both private capital expenditure and government expenditure.
DORON PELEG is the CEO of Riskwise
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j.ballantyne1990-6AQqhLzZaK

Examining the risks and opportunities across the Australian property market: RiskWise's Doron Peleg

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No-one envisaged the Sydney property boom would continue with similar gusto into 2018, which would have been its sixth year.
But the accelerated price reversal has caught many sellers by surprise after an extended period of double digit annual price growth.
Prices haven't yet fallen back by a prior year's growth, but negative equity does now loom.
This concern, along with not knowing just how much further there will be in falls, is creating uncertainty.
And property markets don't like uncertainty.
Falling prices are not the only factor hitting the feel good wealth effect. 
There are the recent sharemarket wobbles, the royal commission-induced tighter lending conditions, low wage growth, apartment oversupply fears, high household debt and the erratic political leadership.
The potential implementation of Labor Government policy hitting negative gearing incentives and hiking capital gains tax also has the markets worried as the Coalition government finally gets traction on raising the contextual consequences in a falling property market.
We are only starting to see the shocks of uncertainty in the property market.
And if it continues we will see it start being a drag on the wider economy too as fears about job security could see demand for goods fall, at least temporarily.
The RBA has modelling that found increases in uncertainty can trigger a downturn characterised by lower employment growth, weaker retail sales growth, and a fall in consumer confidence.
Olivier Blanchard, former chief economist of the International Monetary Fund, wrote in 2009 after the collapse of the US financial markets that there was “(nearly) nothing to fear but the fear itself.”
That was obvious at weekend auctions.
There's enduring purchasing interest, with extreme caution.
Some 18 contracts were issued to potential buyers during the marketing of <a href="https://www.realestate.com.au/property-house-nsw-north+balgowlah-129409278" target="_blank">a North Balgowlah brick home </a>(pictured above) in a great bushland location with renovation upside.
But not one bid came at its onsite auction.
Buyers and sellers are gaining insights that real estate goes up, down and or plateaus in cycles.
This article first appeared in The Daily Telegraph.
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jchancellor-FAypfDUnLy

Property markets don't like uncertainty

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GUEST OBSERVER
Buying a house is, arguably, one of the largest purchases you will ever make. So imagine coming home to find your dream house has disappeared into a sinkhole, and that it was easily avoidable.  
Experts are warning home buyers to conduct the recommended searches prior to purchasing a property, to ensure they aren’t putting themselves at unnecessary risk. The recent case of an Ipswich family who discovered a sinkhole on their property highlights just how important it is for home owners to conduct thorough due diligence to avoid nasty surprises once the property has settled. 
We now have better data, details and information available to buyers in more convenient ways to inform their decision making process.
There’s just no excuse for not performing these basic searches. Buyer education is essential for ensuring people know and understand the necessity of these searches; not only for peace of mind, but to avoid financial burden caused by previous undermining in an area.
Many sinkholes are caused by subsidence, which is the lowering or settling down of the land’s surface. 
Subsidence can result from natural causes, but can also occur from human activity such as underground mining, the extraction of ground water, and the settlement of fill soils.
Buyers can easily conduct a search to see if undermining has occurred on their property or potential property, which will help in the investigation phase of the property buying process.
Unfortunately, in the case of the Ipswich sinkhole, an undermining search would have revealed that undermining had occurred in the area, and would have alerted the residents to the potential risks of living on the property.
For areas with heavy traditional undermining or exploration, people should take extra care to ensure they are building on stable land.
We understand a deterrent to conducting extra searches is the associated additional costs, but undermining searches can be completed for as low as $6 in Victoria, $42 in Queensland and $75 in New South Wales – well worth the investment for peace of mind.
There are various searches that should be completed when purchasing a property as part of the due-diligence process and these depend on numerous factors. Homebuyers should always consult with a practising solicitor or licensed conveyancer when purchasing a property.
The following searches are available in each state:
·         Queensland: Undermining Search 
·         New South Wales: Mine Subsidence 
·         Victoria: Mine Subsidence Variable 
GlobalX is an authorised provider of property and business information, providing online access to information through its suite of innovative software and workflow solutions.
<div>Peter Maloney is chief executive officer, GlobalX Legal Solutions and can be contacted <a href="https://www.globalx.com.au" target="_blank">here</a>.</div>
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Property 101: Could you be living on a sinkhole?

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The scheduled apartment completions of Melbourne and Brisbane raises the risks of settlement failures, the Reserve Bank of Australia warned in its latest statement.
‘‘There are some concerns about the concentration of new supply in areas such as some parts of inner-city Melbourne and Brisbane,’’ the August statement on monetary policy advised.
‘‘Downward pressure on prices from large increases in supply relative to demand for apartments in some areas could increase the risk of off-the-plan purchases failing to settle.’’
The RBA’s latest comments on settlement risk come after May comments which down played the situation.
It was then that the RBA's head of financial stability, Luci Ellis, said she hadn't seen any settlement risks [issues] yet when addressing banks cutting back on their loan value ratios and taking a more conservative approach to valuing completed apartments. 
In April comments comments were made about high levels of new apartments pulling prices and rents lower.
While noting the housing market in the mining-dependent capitals, Perth and Darwin was already suffering a high vacancy rate and lower rents, the growing supply of apartments had so far had a minor effect on the eastern-state capitals, the RBA said in April.
‘‘Despite the substantial increase in supply in recent years, vacancy rates in Sydney, Melbourne and Brisbane have only risen a little, to be around their long-run average levels,’’ it said.
‘‘That said, rent inflation in these cities has been declining, and has also been a little weaker than suggested by its historical relationship with the vacancy rate.’’
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