<p>Repeat buyers are one of the strongest measures of confidence in any apartment development.</p>

<p>At <a href="https://www.apartments.com.au/new-apartments/era-newcastle-west-124-126-bull-street-newcastle-west-nsw-2302">ERA</a> in Newcastle West, some purchasers are returning to <a href="https://www.apartments.com.au/developers/gwh">GWH</a> after living at the developer's One Apartments. Their decision to purchase again was driven by the quality of life they found after moving into their first GWH home.</p>

<p>Keith Wilton had spent years living in a house in East Maitland before deciding it was time for a change. Apartment living had always been on his radar, but he was selective about what he wanted.</p>

<p><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/FH_1EzB-1vs?si=XScVlP1ERsTDJoME" title="YouTube video player" width="560"></iframe></p>

<p>"I had some boxes I wanted to tick," he says.</p>

<p>Keith points to the open-plan design, generous outdoor areas and considered inclusions as key reasons One Apartments worked for him.</p>

<p>“One of those things was a nice indoor open plan area, but also I wanted a nice outdoor open area that I could entertain on in summer or Christmases or birthdays,” he says.</p>

<p>He also found value in the smaller details, from integrated appliances to shared resident spaces including the pool, cinema and rooftop areas.</p>

<p>[smartcode_project:default project_id=135096 project_image_fid=356818]</p>

<p>After comparing several developments, he chose One Apartments because of GWH's longstanding local reputation and his own experience working with the developer on a commercial project more than a decade earlier.</p>

<p>"I knew that they were local, that the quality of the build was going to be up there. I'd looked at other apartment complexes around and close by, and I just knew that here was a better decision location wise."</p>

<p>Today, Keith says the move has completely changed how he experiences Newcastle.</p>

<p>"I enjoy living in this location because it's more of a lifestyle change. That Newcastle city living where you can walk to restaurants and bars and even beaches and parks and even shopping across the road."</p>

<p>[smartcode_project:default project_id=135096 project_image_fid=356828]</p>

<p>Beyond the location, he says it's the sense of community that has surprised him most.</p>

<p>"Everyone loves living here because they chose to live here, but everyone looks out for each other. It's a real great community feel here."</p>

<p>For Aimee and Lyle Goodman, the journey started almost by chance.</p>

<p><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/tsioMLcnjas?si=zq-ys3JuWpfa5hFv" title="YouTube video player" width="560"></iframe></p>

<p>The couple happened to be having coffee in Newcastle when they noticed the site where One Apartments was about to begin construction.</p>

<p>"We were aware GWH was planning a development," Aimee says. "We made one phone call and things moved pretty quickly after that."</p>

<p>As busy business owners, they initially thought apartment living would simply reduce the maintenance that came with larger homes. Instead, it fundamentally changed how they spent time together.</p>

<p>"We actually catch up more as a family now," Aimee says.</p>

<p>"We've had homes with big yards and lots of space, but everyone ended up in different rooms. Here we'll have dinner together, the kids can play, and we spend far more quality time together."</p>

<p>[smartcode_project:default project_id=135096 project_image_fid=356829]</p>

<p>Lyle says their confidence came from GWH's reputation within Newcastle's building industry.</p>

<p>"I know people who've worked across different apartment projects, and whenever GWH came up the feedback was always the same. They're rock solid. They're quality."</p>

<p>That confidence only grew throughout the buying process.</p>

<p>"One of the things that really impressed us with GWH was the whole process, was the communication," Lyle says. "It was consistent, it was regular, there was no problem if we had some weird questions, there was no problems in getting answers."</p>

<p>[smartcode_project:default project_id=135096 project_image_fid=351104]</p>

<p>Aimee says one moment stood out.</p>

<p>"The project actually finished on time. We realised we needed to hurry up and sell our house because everything was happening exactly when they said it would."</p>

<p>The positive experience at One Apartments ultimately gave all three buyers the confidence to purchase again with GWH, this time at ERA.</p>

<p>Their confidence reflects what many buyers are seeking in today's apartment market. Location remains important, but so too does certainty around delivery, quality and long-term liveability.</p>

<p>[smartcode_project:default project_id=135096 project_image_fid=356822]</p>

<p>ERA builds on those foundations with 280 one, two and three-bedroom apartments across two landmark towers in <a href="https://www.apartments.com.au/developments/newcastle-west-nsw-2302">Newcastle West</a>.&nbsp;</p>

<p>Designed by <a href="https://www.apartments.com.au/architects/fk-australia">Fender Katsalidis</a>, the project will include more than 2,000 square metres of resident amenities, including a resort-style pool, gym, sauna, private cinema and rooftop entertaining spaces overlooking the harbour and coastline.&nbsp;</p>

<p>The development is also within walking distance of the Newcastle Interchange, Honeysuckle, Darby Street, the harbour foreshore, restaurants, retail and the city’s beaches, continuing the walkable lifestyle that existing GWH buyers say has transformed how they live.</p>

<p>[smartcode_project:default project_id=135096 project_image_fid=356826]</p>

<p>For Keith, the appeal remains straightforward.</p>

<p>"You feel at home even before you've moved into your home."</p>

<p>For Aimee, the change is measured in time.</p>

<p>“I just felt like I had more time,” she says.</p>

<p>[smartcode_project:default project_id=135096 project_image_fid=351102]</p>

<p>Construction at ERA is now underway, with more than half of the residences already sold and limited two and three-bedroom apartments remaining in the East Tower release. Priced from $980,000 for two-bedroom residences and $1.46 million for three-bedroom residences, buyers can secure an apartment with a 10 per cent deposit, with premium homes offering ocean views from Level 8 and harbour views from Level 10.</p>

<p>ERA is also backed by Resilience Insurance's 10-year Latent Defects Insurance policy, providing protection against structural or waterproofing defects for 10 years after completion. The project is anticipated to be completed in early 2028.</p>

<p>[smartcode_project_cta:default project_id=135096]</p>


Joel Robinson

From ONE to ERA: Why buyers are choosing GWH again in Newcastle West

<p>Virgate Property Group is preparing to commence construction of Verdé, its new apartment development in Melbourne's Arts Precinct at Southbank, following a strong run of sales that has seen more than half of the project's 173 apartments secured.</p>

<p>Verdé has attracted a broad mix of first home buyers, owner-occupiers upgrading from nearby inner-city suburbs and investors, with younger owner-occupier couples aged between 28 and 45 accounting for the strongest enquiry. Many are already living in Southbank, South Melbourne, Albert Park, Port Melbourne, South Yarra and the CBD.</p>

<p>"Verdé is located in one of the most desirable pockets of southern Melbourne," Blair Property Group Director Darren Blair, who is managing sales at Verdé, said.</p>

<p>"It's within walking distance of the Arts Centre, Royal Botanic Gardens, Albert Park Lake, and Southbank's restaurants and retail. It's a great lifestyle location with strong amenity and liveability, which made it a very attractive choice for the project."</p>

<p>[smartcode_project:default project_id=4661 project_image_fid=372549]</p>

<p>Virgate was already familiar with the precinct, having previously delivered the successful Domain House development in neighbouring South Melbourne. That experience gave the developer confidence to acquire the Coventry Street site and continue expanding its presence in Melbourne's inner south.</p>

<p>"We had been keeping an eye on the site and the broader precinct for a few months before deciding to move forward with the acquisition," Virgate said.</p>

<p>The project was ultimately secured in 2020 following feasibility studies, planning assessments and due diligence, with the brief centred on delivering "a high-quality, considered design that feels both refined and fit for purpose."</p>

<p>[smartcode_project:default project_id=4661 project_image_fid=314259]</p>

<p>Designed by <a href="https://www.apartments.com.au/architects/bruce-henderson-architects">Bruce Henderson Architects</a>, Verdé comprises 173 one, two and three-bedroom apartments priced from $599,000. The architecture is distinguished by a faceted glass façade that responds to both the site's outlook and Melbourne's changing light conditions.</p>

<p>According to Bruce Henderson Architects, the coloured glazing gives the building a distinctive identity while also providing privacy and solar shading, with residences oriented to capture views across the bay, city skyline and surrounding parklands.</p>

<p>Inside, <a href="https://www.apartments.com.au/interior-designers/designoffice">DesignOffice</a> has created interiors focused on natural light, efficient planning and enduring materials. Apartments feature engineered oak flooring, natural stone benchtops, floor-to-ceiling glazing and SMEG appliances, while a restrained material palette aims to complement the expansive outlooks rather than compete with them.</p>

<p>[smartcode_project:default project_id=4661 project_image_fid=372550]</p>

<p>Resident amenity has also been designed around everyday functionality rather than occasional use. Facilities include a concierge-serviced lobby, residents' lounge with fireplace, library and co-working space, gym, terrace garden with barbecue facilities, ground-floor café, and package delivery management.</p>

<p>The project's location continues to be one of its strongest drawcards. Positioned on Coventry Street, Verdé sits within walking distance of the National Gallery of Victoria, Arts Centre Melbourne, Royal Botanic Gardens and Albert Park Lake, while Southbank's dining precinct, Sturt Street trams and the new ANZAC Station are all nearby. The surrounding education catchment also includes Melbourne Grammar, Melbourne Girls Grammar, Mac.Robertson Girls' High School and several major university campuses.</p>

<p>The sales team says buyers have responded particularly well to the combination of location, design quality and long-term liveability.</p>

<p>"They're responding really positively to the quality of the design, premium resident amenities and the uninterrupted views. Many also appreciate the location and how connected it is to everything they need."</p>

<p>The ability to secure stamp duty savings before completion has also been a key factor for purchasers, alongside the opportunity to personalise finishes ahead of settlement.</p>

<p>With construction set to commence soon and more than half the apartments already sold, Verdé enters its next phase as one of the Arts Precinct's more established apartment developments, offering remaining buyers an opportunity to secure a residence before construction advances further. Expected completion is scheduled for late 2027.</p>

<p>[smartcode_project_cta:default project_id=4661]</p>


Virgate's Verdé Southbank moves toward construction as sales fly past halfway stage

<p>Downsizer-focused apartment development Kooyongkoot in Hawthorn has been recognised at the 2026 Better Future Melbourne Design Awards, taking home Gold and Silver awards in two categories.</p>

<p><a href="https://www.apartments.com.au/new-apartments/kooyongkoot-hawthorn-1-kooyongkoot-road-hawthorn-vic-3122">Kooyongkoot</a>, currently being delivered by developer PQD and designed by Cera Stribley, received Gold in the Interior Design – Proposed category and Silver in the Architecture – Proposed category.</p>

<p>The dual recognition reflects the design approach behind the boutique development on prestigious Kooyongkoot Road, where the focus has been on creating homes for downsizers seeking the space, quality and functionality of a detached house within a low-rise apartment building.</p>

<p>Rather than maximising apartment numbers, <a href="https://www.apartments.com.au/developers/pqd">PQD</a> and <a href="https://www.apartments.com.au/architects/cera-stribley-architects">Cera Stribley</a> limited the development to just 18 residences, allowing for larger floorplans, greater privacy, generous landscaping and expansive communal spaces.&nbsp;The majority of the apartments also benefit from corner aspects, allowing for dual sources of natural light.</p>

<p>Now around 70 per cent complete and on track for completion in November 2026, Kooyongkoot will comprise a mix of garden residences, ter​race apartments, sub-penthouses, and is crowned by two half-floor penthouses with direct lift access and private rooftop terraces.</p>

<p>[smartcode_project:default project_id=102717 project_image_fid=355297]</p>

<p>The Silver Award for Architecture recognised the way the building responds to its prominent corner position at the ent​rance to Hawthorn's Scotch Hill precinct, one of Melbourne's most established residential neighbourhoods.</p>

<p>Rather than competing with the grand homes that line Kooyongkoot Road, the architectural approach focused on restraint and longevity, using curved brickwork, generous landscaping and carefully considered proportions to integrate with the existing streetscape.</p>

<p>"The form feels fluid and timeless, as though shaped by the landscape itself – architecture that belongs, rather than competes," said Chris Stribley, Co-Founder and Managing Principal of Cera Stribley.</p>

<p>The judging submission also highlighted practical innovations throughout the building, including lift cores servicing only nine homes each, a central landscaped lightcourt designed to bring daylight and ventilation into the building, and fully enclosed private storage rooms with lighting, power and shelving to better accommodate residents transitioning from larger family homes.</p>

<p>[smartcode_project:default project_id=102717 project_image_fid=355293]</p>

<p>The Gold Award for Interior Design recognised the project's focus on long-term liveability rather than display-home aesthetics.</p>

<p>According to the awards submission, the interiors were designed from the inside out, prioritising how homes would function over decades of daily use through generous proportions, practical storage, durable natural materials and flexible layouts.</p>

<p>The specification includes natural stone throughout, upgraded acoustic glazing, V-ZUG appliances and fully enclosed storage rooms, alongside an amenity offering focused on wellness, entertainment and everyday convenience.&nbsp;</p>

<p>Residents will have access to a gym and yoga studio, a wellness centre featuring traditional and infrared saunas, a cold therapy shower and treatment room, as well as a residents' lounge and golf simulator/cinema room for entertainment.&nbsp;Kooyongkoot has also considered the everyday convenience of its residents by offering a private carwash and pet wash facilities on site as well as dedicated parcel lockers and oversized fully enclosed storage rooms.&nbsp;</p>

<p>[smartcode_project:default project_id=102717 project_image_fid=355303]</p>

<p>The project's attention to detail has already resonated with buyers. Earlier this year, Kooyongkoot recorded one of Boroondara's highest apartment sales when an $8 million penthouse was purchased by a Melbourne CEO downsizing from a nearby family home.</p>

<p>"Every detail feels deliberate, from the overall design down to the smallest touches," the purchaser said.</p>

<p>"The level of quality and refinement is exceptional, but what really sold it was how liveable it felt... It felt like a place where everything had been considered, not just a luxury building."</p>

<p>[smartcode_project:default project_id=102717 project_image_fid=355304]</p>

<p>Sustainability also formed a key part of both award submissions. Kooyongkoot is targeting a minimum 7.5-star NatHERS rating across all residences, supported by passive design principles, high-performance glazing, EV charging infrastructure, water reuse systems and a wellness model focused on lower-energy dry facilities rather than pools and large wet areas.</p>

<p>Located within walking distance of Scotch College, Methodist Ladies' College, Koo​yong Lawn Tennis Club, Aubur​n Village and Camberwell Junction, Kooyongkoot continues to target owner-occupiers looking to remain in Melbourne's inner east without compromising on space or quality. A limited selection of two, three and four-bedroom residences remains available, with prices starting from $1.9 million.</p>

<p>[smartcode_project_cta:default project_id=102717]</p>


Kooyongkoot wins Gold and Silver at Better Future Melbourne Design Awards

<p>New apartment supply has become increasingly constrained across <a href="https://www.apartments.com.au/developments/parramatta-nsw-2150">Parramatta</a> in recent years, with fewer projects progressing through to completion as development conditions have become more challenging.</p>

<p>It makes <a href="https://www.apartments.com.au/developers/novm">NOVM</a>'s 2021-completed <a href="https://www.apartments.com.au/buildings/the-lennox-parramatta-12-phillip-street-parramatta-nsw-2150">The Lennox</a> one of the most recently completed residential towers on the Parramatta River, and among the newest apartment developments in Sydney's second CBD.</p>

<p>With the project largely completed before the sharp escalation in construction costs and inflation following the pandemic, The Lennox is now offering pricing that would be difficult to replicate in a comparable new development in Parramatta today, or across much of Western Sydney.</p>

<p>The majority of the 413 apartments at The Lennox sold before and shortly after completion. A limited release of the remaining apartments has recently been brought to market by capital partner <a href="https://www.apartments.com.au/project-marketer/equitifund-group">Equitifund</a>, with entry-level pricing from $700,000 and two-bedroom apartments available from under $1 million.</p>

<p>Rising above the Parramatta River at 12 Phillip Street, The Lennox comprises one, two, three and four-bedroom apartments, appealing to first home buyers, young professionals, families, downsizers and interstate investors seeking a completed apartment in one of Australia's fastest-growing economic centres.</p>

<p>[smartcode_project:default project_id=5743 project_image_fid=372394]</p>

<p>Rather than positioning Parramatta as an alternative to Sydney's CBD, Equitifund believes the city has reached a point where it stands on its own merits.</p>

<p>"Parramatta is no longer simply an alternative to Sydney CBD, it's becoming a destination in its own right," Equitifund Executive Chairman Greg Huxley said.</p>

<p>"The Lennox captures that evolution with a level of quality and amenity that's difficult to match at its price point."</p>

<p>[smartcode_project:default project_id=5743 project_image_fid=953]</p>

<p>Designed by <a href="https://www.apartments.com.au/architects/marchese-partners">Marchese Partners</a>, the tower responds directly to its riverfront setting through expansive glazing and open-plan layouts that maximise views across the Parramatta River and city skyline. Interiors feature engineered timber flooring, stone benchtops, stainless steel appliances and floor-to-ceiling glazing, while generous balconies extend the living spaces outdoors.</p>

<p>Marchese Partners says the project was conceived to balance high-quality apartment living with practical, long-term functionality, pairing larger, efficient floorplans with amenities more commonly associated with five-star hotels.</p>

<p>That emphasis continues through the resident facilities, which include a 20-metre rooftop swimming pool, fully equipped gym and wellness spaces, full-time concierge, a residents' lounge, function room, private lifts, secure basement parking and rooftop communal areas overlooking the Parramatta River. Ground-floor boardwalk retail and dining further activate the riverfront and integrate the building into the surrounding public realm.</p>

<p>[smartcode_project:default project_id=5743 project_image_fid=925]</p>

<p>Australian housing and finance group Equitifund has secured the remaining apartments, believing there are few completed apartment opportunities in Parramatta that offer the same combination of location, amenity and pricing.</p>

<p>Equitifund National Sales Director Ben Hamblett says buyers are increasingly recognising that premium apartment living no longer needs to come with Sydney CBD pricing.</p>

<p>"The Lennox is where aspirational living becomes attainable," Hamblett said.</p>

<p>"Wake to river and mountain views, step into Sydney's Second CBD, and arrive home to resort-calibre amenities, all without the harbour price tag."</p>

<p>Hamblett says owner-occupiers are also attracted by the convenience of having Westfield Parramatta, Church Street's dining precinct, Parramatta Park, Riverside Theatres, Western Sydney University and major transport connections all within walking distance.</p>

<p>"At The Lennox, lifestyle is not an afterthought, it is the foundation."</p>

<p>[smartcode_project:default project_id=5743 project_image_fid=5374]</p>

<p>The Lennox places residents within walking distance of Parramatta Square, Westfield Parramatta, Church Street Eat Street, Parramatta Station, the ferry wharf, Light Rail, the future Sydney Metro West, Parramatta Park and CommBank Stadium, reinforcing Parramatta's position as one of Australia's most connected metropolitan centres outside Sydney's CBD.</p>

<p>Equitifund says buyers visiting the display suite consistently comment on the quality of the finishes, generous floorplans, river and skyline views, and the walkability of the location. The project has attracted a broad mix of local professionals, upsizers, downsizers, buyers relocating from Sydney's inner suburbs and interstate investors seeking long-term growth opportunities.</p>

<p>That demand aligns with Parramatta's continued evolution as an economic powerhouse. Equitifund Research and Market Insights specialist John Bekiaris says sustained population growth, infrastructure investment and expanding employment opportunities continue to support long-term housing demand across the city.</p>

<p>"Parramatta has evolved from a satellite city into one of Australia's most important economic centres. Population growth, infrastructure investment and employment are all supporting sustained long-term housing demand."</p>

<p>[smartcode_project_cta:default project_id=5743]</p>


The apartment price gap drawing Sydney buyers west

<p>A luxury beachfront apartment at Rainbow Bay has more than doubled in value since it sold off the plan six years ago, setting a new local apartment record in the process.</p>

<p>The three-bedroom apartment in the Flow development on Petrie Street, the first of four new projects locally by Paul Gedoun's S&amp;S Projects, has sold for $7.4 million, after originally selling for $3.27 million when the project launched in 2020.</p>

<p>The seventh-floor apartment, comprising 187 sqm of internal living space and a 54 sqm balcony overlooking Froggies Beach and Snapper Rocks, was purchased by a local family.</p>

<p>The transaction was negotiated by Pezet Matheson director Kerry Pezet and equates to more than $30,000 per sqm.</p>

<p>Pezet said the sale reflected the limited opportunities to buy into the boutique beachfront development.</p>

<p>"The sale highlights the rarity of opportunities within the boutique beachfront development, where residences seldom become available," Pezet said.</p>

<p>"Flow is one of the Gold Coast's most tightly held buildings. Buyers from our database move quickly when residences become available, and achieving an off-market sale at $7.4 million demonstrates the depth of demand for property of this calibre."</p>

<p><img alt="Flow" data-entity-type="file" data-entity-uuid="c585b206-2130-4eee-a50c-3f27c51a7c70" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-06%20at%208.33.25%E2%80%AFPM.png?VersionId=m3pHRDV62Y3fvN.XQuQHq.52ilTWpRLf" /></p>

<p>Flow was the first of four luxury apartment developments delivered by Paul Gedoun's S&amp;S Projects at Rainbow Bay and was completed in 2023.</p>

<p>Positioned on the beachfront overlooking Snapper Rocks, the residence includes three bedrooms, three bathrooms, a powder room and views stretching north along the coastline towards Surfers Paradise.</p>

<p>Pezet Matheson Residential principal Mitchell Lambert said buyers continued to prioritise quality beachfront apartments in tightly held locations.</p>

<p>"Flow Residences offers a rare combination of elevated beachfront positioning, architectural excellence, comprehensive resident amenity and premium finishes, which is exactly what discerning purchasers are seeking," Lambert said.</p>

<p>"The transaction further reinforces Rainbow Bay's reputation as one of Australia's premier coastal lifestyle destinations, where limited supply and growing demand continue to support strong market performance."</p>

<p>Pezet Matheson originally marketed and sold out Flow off the plan, making the latest transaction a return to one of the project's original buyers.</p>

<p>Paul Gedoun is selling his third project, <a href="https://www.apartments.com.au/new-apartments/radia-rainbow-bay-271-boundary-street-coolangatta-qld-4225">Radia Rainbow Bay</a>, after recently completing, and selling out, <a href="https://www.apartments.com.au/buildings/esprit-217-227-boundary-street-coolangatta-qld-4225">Esprit</a>. He has plans for a <a href="https://www.apartments.com.au/news/qld/first-look-s-s-projects-proposes-88-apartment-wellness-tower-at-coolangattas-boundary-street">fourth building</a>, 88 apartments on <a href="https://www.apartments.com.au/new-apartments/209-213-boundary-street-coolangatta-qld-4225">Boundary Street</a>.</p>


Rainbow Bay apartment doubles in price since off the plan sale during pandemic

Rba Rate Decision

<p>The RBA have held interest rates at a record low 0.1 per cent at the June meeting.</p>

<p>RBA Governor Philip Lowe noted in his meeting statement the increased borrowing by investors in the housing market.</p>

<p>&quot;Housing markets have strengthened further, with prices rising in all major markets. Housing credit growth has picked up, with strong demand from owner-occupiers, especially first-home buyers,&quot; Dr Lowe said.</p>

<p>&quot;There has also been increased borrowing by investors.</p>

<p>&quot;Given the environment of rising housing prices and low interest rates, the Bank will be monitoring trends in housing borrowing carefully and it is important that lending standards are maintained.</p>

<p>Finder&#39;s RBA Cash Rate Survey found that over three quarters of experts surveyed believe the cash rate won&#39;t rise until Q4 2022 or later.</p>

<p>Around 60 per cent of experts expect the cash rate to increase in 2023 or later.&nbsp; Just under 10 per cent believe the cash rate could increase before the end of 2021.</p>

<p>AMP Capital chief economist Shane Oliver said that while the economic recovery is faster than expected, the RBA&rsquo;s conditions for a rate hike are still far from being met.</p>

<p>&quot;The jobs market is still a long way from full employment, wages growth at 1.5% is way below the 3% plus pace necessary to sustain two to three per cent&nbsp;inflation and in any case inflation is still well below its target zone. So a rate hike remains some time off.&quot;</p>

<p>Despite market sentiment, and the RBA&#39;s steadfast view rates won&#39;t move until 2024, banks across Australia have been hiking their four-year fixed home loan rates.</p>

<p>According to Ratecity, at the start of the year&nbsp;were 32 four-year fixed rates under two&nbsp;per cent, including from three of the big four banks. Following BankVic&#39;s recent hike, there now isn&#39;t a single lender offering under two per cent for a four year fixed.</p>

<p>RateCity.com.au research director, Sally Tindall, said the pack was tightening as some lenders took some record low rates off the table, while others trimmed rates to become more competitive.</p>

<p>&ldquo;A number of record low rates have been relegated to the history books over the last two months, as lenders took some of the lowest rates off the table,&rdquo; Tindall&nbsp;said.</p>

<p>&ldquo;There are now just two rates that are still at record lows &ndash; Reduce Home Loan&rsquo;s variable rate at 1.77 per cent and BCU&rsquo;s 1-year fixed rate at 1.67 per cent. All the other lowest rates have been hiked.</p>

<p>&ldquo;We expect more fixed rates will rise after the RBA&rsquo;s term funding facility wraps up at the end of this month and we edge closer to the next cash rate hike.&quot;</p>


Finder's RBA Cash Rate Survey found that over three quarters of experts surveyed believe the cash rate won't rise until Q4 2022 or later

RBA holds rates at June meeting

<html><body>
<p>As expected the Board of the Reserve Bank maintained its current policy settings, including the targets of 10 basis points for the cash rate and the yield on the 3 year Australian Government bond, as well as the parameters of the Term Funding Facility and the government bond purchase program.</p>

<p>Since the last Board meeting on March 2 the most important economic developments have been the announcement of the surprise fall in the unemployment rate from 6.4% in January to 5.8% in February and reports of extraordinary strength in the national housing market.</p>

<p>The unemployment report has prompted only a minor change in the Governor’s rhetoric from “the economy is still operating with considerable spare capacity and the unemployment rate remains higher than it has been for some years” (March) to “the economy is operating with considerable spare capacity and unemployment is still too high.” (April).</p>

<p>[smartcode_project:default project_id=26574]</p>

<p>The key sentiments from March are repeated, “it will take some time to reduce this spare capacity and for the labour market to be tight enough to generate wage increases that are consistent with achieving the inflation target” and “wage and price pressures are subdued and are expected to remain so for some years.”</p>

<p>Rising house prices are recognised, “prices rising in most markets.” But the same approach we saw in March is adopted where lending standards are emphasised, “the Bank will be monitoring trends in housing borrowing carefully and it is important that lending standards are maintained.”</p>

<p>Importantly the Governor points out that “investor credit growth remains subdued.”</p>

<p>[smartcode_project:default project_id=29914]</p>

<p>It is interesting that he did not comment, at this stage, on the recent trend for new lending for housing. In February new lending for investors lifted by 4.5% in the month compared to -0.8% for “upgraders” and -4% for First Home Buyers.</p>

<p>In fact the six month growth rate for new investor finance approvals (31%) is now above the upgraders’ rate (24%) and First Home Buyers (30%). No doubt the Board will be watching these trends very closely.</p>

<p>The commitment to the 3 year bond rate target at 0.1% was confirmed and it was noted that “The Board remains committed to the 3 year government bond yield target of 10 basis points” while noting that “Later in the year it will consider whether to retain the April 2024 bond as the target bond or to shift to the next maturity.” That would be the November 2024 bond – a likely decision which would be supported by the consistent observation that “the Board does not expect these conditions (necessary to increase the cash rate) to be met until 2024 at the earliest.”</p>

<p>Insisting that it will be 2024 “at the earliest” is not consistent with restricting the target bond to an April 2024 maturity.</p>

<p>[smartcode_project:default project_id=26574]</p>

<p>As with March the Governor remains supportive of the bond purchase program, “the Bank is prepared to undertake further bond purchases if doing so would assist with progress towards the goals of full employment and inflation.” Note that in the March Statement the Governor indicated his preparedness to extend the policy “if necessary” – the April sentiment seems even more supportive of the bond buying approach.</p>

<p>Since the March Board meeting the AUD has fallen by around US 1.5c but there is no indication of “job done” with respect to the bond buying program which is directly aimed at lowering the AUD (recall that Assistant Governor, Financial Markets, Chris Kent recently estimated that the QE program had lowered the AUD by up to 5%).</p>

<p>Conclusion</p>

<p>Westpac recently confirmed its views that the Bank will extend the new $100 billion bond purchasing program (which is set to begin next week) with a further $100 billion when the new program concludes in the week ending August 27.</p>

<p>[smartcode_project:default project_id=29921]</p>

<p>However, we expect that the new program which we expect to begin in the following week will be at a slightly slower pace ($4 billion in purchases rather than $5 billion) so that it can extend into early March. Maintaining the $5 billion pace for the next program would see it concluding in late January requiring the Bank to make an announcement about any future program at the December Board meeting.</p>

<p>We expect that the Board will decide to taper the following program to $50 billion but such a decision will be better made at the February 2022 Board meeting rather than in December when much more information, including the intentions of the Federal Reserve, might be available.</p>

<p>Consistent with the tapering decision we also expect that, having extended the Yield Curve Control policy to target the November 2024 bond, the Board will announce that it is not extending Yield Curve Control beyond the November bond, making the February 2022 Board meeting an important milestone in the Bank’s long road to normalising policy.</p>

<p>Bill Evans is the chief economist at Westpac.</p>
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The Governor’s Statement following the April Board meeting is as expected

bevans

Rising house prices recognised in April RBA minutes: Westpac's Bill Evans

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<p>The RBA have stood firm on record low interest rates at the April 2021 cash rate meeting, nothing that house prices are continuing to soar across across the nation.</p>

<p>The board, with newly appointed board members Carolyn Hewson and Alison Watkins, noted that housing markets have strengthened further, with prices rising in most markets.</p>

<p>"Housing credit growth to owner-occupiers has picked up, with strong demand from first-home buyers," RBA Governor Philip Lowe's meeting statement read.</p>

<p>The statement concluded with Lowe stating the board does not see a cash rate hike until 2024 at the earliest.</p>

<p>There are a few economists who believe there will be a cash rate hike by the end of the calendar year.</p>

<p>Finder's RBA cash rate survey saw six out of its 39 experts and economists it surveys every RBA month suggest there will be a rate hike, with Dale Gillham, the chief analyst at Wealth Within, expecting a rise as early as July.</p>

<p>Tony Makin from Griffith University, Nicholas Gruen at Lateral Economics, Noel Whittaker, QUT, Jakob B. Madsen, University of Western Australia and Clement Tisdell, UQ-School of Economics, all predict a cash rate rise in Q4 2021.</p>

<p>[smartcode_project:default project_id=5897]</p>

<p>Griffith University's professor of economics Tony Makin says that despite what the RBA is saying, a cash rate rise will be inevitable should inflationary pressures suddenly build here and overseas.</p>

<p>"Massive government bond issues worldwide to cover large ongoing budget deficits will also continue to exert upward pressure on bond yields.</p>

<p>"Although asset price inflation is not officially targeted, continued escalation of housing and share prices also suggests tighter monetary policy could be warranted sooner than expected."</p>

<p>Harley Dale, chief economist at CreditorWatch, says the decision comes as no surprise with the RBA injecting substantial liquidity into Australia’s financial system.</p>

<p>[smartcode_project:default project_id=522]</p>

<p>"As a result, Australia’s economy appears to be firmly in recovery mode, but we tend to gauge the situation based on aggregates and averages, which is misleading," Dale says.</p>

<p>“There is talk of re-emerging inflationary pressures as the economy regrows itself. That would be a good thing for the Australian economy, but as long as we stay below the aggregate the economic recovery remains fractured. </p>

<p>“There are still significant parts of the economy being left behind despite overall improving conditions. If we can sustain an improvement in unemployment rates and the broader labour market, we will be well on our way to a full-blown recovery. We’re not there yet though and monthly statements from the RBA will likely reflect that fact in coming months.”</p>
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There are a few economists who believe there will be a cash rate hike by the end of the calendar year

No cash rate rise to 2024: RBA holds interest rate at record low 0.1 per cent at April 2021 meeting

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<p>At its meeting today, the Board decided to maintain the targets of 10 basis points for the cash rate and the yield on the 3-year Australian Government bond, as well as the parameters of the Term Funding Facility. It also decided to purchase an additional $100 billion of bonds issued by the Australian Government and states and territories when the current bond purchase program is completed in mid April. These additional purchases will be at the current rate of $5 billion a week.</p>

<p>The outlook for the global economy has improved over recent months due to the development of vaccines. While the path ahead is likely to remain bumpy and uneven, there are better prospects for a sustained recovery than there were a few months ago. That recovery, however, remains dependent on the health situation and on significant fiscal and monetary support. Inflation remains low and below central bank targets.</p>

<p>In Australia, the economic recovery is well under way and has been stronger than was earlier expected. There has been strong growth in employment and a welcome decline in the unemployment rate to 6.6 per cent. Retail spending has been strong and many of the households and businesses that had deferred loan repayments have now recommenced repayments. These outcomes have been underpinned by Australia's success on the health front and the very significant fiscal and monetary support.</p>

<p>The recovery is expected to continue, with the central scenario being for GDP to grow by 3½ per cent over both 2021 and 2022. GDP is now expected to return to its end-2019 level by the middle of this year. Even so, the economy is expected to operate with considerable spare capacity for some time to come. The unemployment rate remains higher than it has been for the past 2 decades and while it is expected to decline, the central scenario is for unemployment to be around 6 per cent at the end of this year and 5½ per cent at the end of 2022.</p>

<p>Wage and price pressures remain subdued. The CPI increased by just 0.9 over the year to the December quarter and wages (as measured by the Wage Price Index) are increasing at the slowest rate on record. Both inflation and wages growth are expected to pick up, but to do so only gradually, with both remaining below 2 per cent over the next couple of years. In underlying terms, inflation is expected to be 1¼ per cent over 2021 and 1½ per cent over 2022.</p>

<p>In addition to the central scenario, the Board considered upside and downside scenarios related to the virus and the rollout of vaccines. Disappointing news on the health front would delay the recovery and the expected progress on reducing unemployment. On the other hand, it is possible that further positive health outcomes would boost consumer spending and investment, leading to stronger growth than is currently expected. An important near-term issue is how households and businesses adjust to the tapering of some of the COVID support measures and to what extent they will use their stronger balance sheets to support spending.</p>

<p>Financial conditions remain highly accommodative, with lending rates for most borrowers at record lows and asset prices, including housing prices, mostly increasing. Housing credit growth to owner-occupiers has picked up recently, but investor and business credit growth remain weak. The exchange rate has appreciated and is in the upper end of the range of recent years.</p>

<p>The Board remains committed to maintaining highly supportive monetary conditions until its goals are achieved. Given the current outlook for inflation and jobs, this is still some way off. The current monetary policy settings are continuing to help the economy by lowering financing costs for borrowers, contributing to a lower exchange rate than otherwise, supporting the supply of credit needed for the recovery and supporting household and business balance sheets. The decision to extend the bond purchase program will ensure a continuation of this monetary support.</p>

<p>To date, authorised deposit-taking institutions have drawn $86 billion under the Term Funding Facility and have access to a further $99 billion. The Bank has bought a cumulative $52 billion of government bonds issued by the Australian Government and the states and territories under the bond purchase program. It has not purchased bonds in support of the 3-year yield target since early December. Since the start of 2020, the RBA's balance sheet has increased by around $160 billion.</p>

<p>The Board will not increase the cash rate until actual inflation is sustainably within the 2 to 3 per cent target range. For this to occur, wages growth will have to be materially higher than it is currently. This will require significant gains in employment and a return to a tight labour market. The Board does not expect these conditions to be met until 2024 at the earliest.</p>
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No interest rate hike until at least 2024? RBA Governor Philip Lowe's February 2021 meeting statement

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<p>At its first meeting in 2021, the RBA have kept the interest rates at record 0.10 per cent.</p>

<p>They also announced an extra $100 billion of bonds. Westpac had said it was possible the RBA would extend, but expected them to wait until March.</p>

<p>CreditorWatch chief economist Harley Dale says the RBA used up its ammunition late in 2020 and the focus this year will be firmly on federal and state fiscal policy to complement super-low borrowing rates and keep the Australian economic recovery on track.</p>

<p>"In terms of all the policies that the RBA has in place, the Central Bank will be closely keeping an eye on early 2021 economic updates for key sectors such as retail," Dale said, adding that unemployment numbers, a key metric for the RBA, had been stronger than forecasted.</p>

<p>Every expert and economist surveyed in Finder's RBA Cash Rate Survey predicted the cash rate would hold, but a record number expressed positive sentiment about employment.</p>

<p>Positive sentiment around employment dropped to zero in April when the lockdowns first began, but the recent unemployment figures and recovery has seen 73 per cent suggest employment is positive, a record number since Finder started collecting the data in March 2018.</p>

<p>Graham Cooke, head of consumer research at Finder, said the swing in positivity around employment is significant. </p>

<p>“There was a lot of fear during the first three quarters of 2020 that certain sectors within the jobs market would not survive without government support. </p>

<p>“It now looks like experts are fairly confident that the market is robust enough to ride out COVID-19.</p>

<p>“Affordable housing, however, may be quickly evaporating, with house prices on-track to increase this year in every capital city,” he said.</p>

<p>Record house prices have led to a 12-month low in sentiment about housing affordability. </p>

<p>Only 10% of experts are optimistic, down from a high of 62% in September 2020.</p>

<p>“A combination of record low interest rates, reduced supply, government stimulus and bolstered savings has pushed sale prices north and climbing. </p>

<p>“Potential buyers who have been sitting on the fence should act sooner rather than later based on these results,” Cooke said.</p>

<p> </p>
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At its first meeting in 2021, the RBA have kept the interest rates at record 0.10 per cent

RBA holds interest rate at record low 0.1 per cent, purchases extra $100 billion of bonds

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<div>The Reserve Bank of Australia (RBA) released its Financial Aggregates figures for October 2017, which showed housing credit expanding by +6.5 per cent over the past 12 months.</div>
<div> </div>
<div>Investor credit is slowing, but total housing credit growth remained higher than a year earlier, when it was +6.4 per cent.</div>
<div> </div>
<div>Total housing credit broke through $1.7 trillion on the strength in owner-occupier lending. </div>
<div> </div>
<div>$60 billion of loans have now been reclassified from investor to owner-occupier. </div>
<p> </p>
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<p> </p>
<div>Personal credit contracted by -0.9 per cent over the year, while annual business credit growth was steady at +4 per cent.<br><strong><span style="text-decoration: underline;"><br></span></strong><strong><span style="text-decoration: underline;">Know your limits</span></strong>
</div>
<div> </div>
<div>APRA also released its monthly banking statistics, which revealed a similar trend, with the monthly result showing considerably faster growth in owner-occupier loans (+0.6 per cent) than investment lending (+0.15 per cent). </div>
<div> </div>
<div>Comparing the aggregates suggests that non-banks continue to garner market share. </div>
<div> </div>
<div>Westpac has been offering discounted investor loans of late, and took the opportunity to grow its investment loans books further in the month (it already has the largest mortgage book pertaining to investors). </div>
<p> </p>
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<p> </p>
<div>Indeed, not only is new interest-only lending now well below the proposed regulatory cap, all of the major banks are now seeing investor credit growing at way below the 10 per cent annual speed limit. </div>
<p> </p>
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<p> </p>
<div>These statistics show that there is potentially plenty of scope for banks to incentivise faster investor lending in 2018, particularly Commonwealth Bank and ANZ Bank.<br><br>Oh, and there's a Royal Commission to follow!</div>
<div> </div>
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pwargent-M4siyDbqQY

RBA's October Financial Aggregates figures sees housing credit expand

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<p>GUEST OBSERVER</p>
<p>I've very much enjoyed reading James Glynn in my Wall Street Journal app this year, as one of the most informed commentators on Aussie monetary policy.</p>
<div>Always straight to the point and almost unerringly accurate. </div>
<div> </div>
<div>Yesterday in Glynn's take he argued that there's no point in the Reserve Bank delaying action, calling for another rate cut in July to an official cash rate of 1 per cent, followed by a possible further salvo of cuts towards the end of the year. </div>
<div class="separator"> </div>
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<div> </div>
<div>Today's skilled job advertisements figures did little to dispel the notion, with another decline in May taking the trend year-on-year decline out to 6 per cent. </div>
<div> </div>
<div class="separator"><img src="https://1.bp.blogspot.com/-gCDidzrgTm0/XQnH5cjH_UI/AAAAAAAAwig/c2FdekaHDCATavQQd6jYrg8CphWXZmFkwCEwYBhgL/s640/DOE.jpg" width="640" height="366" data-original-height="790" data-original-width="1377"></div>
<div> </div>
<div>There were year-on-year declines across each of the three main states, and in 7 of the 8 major occupational groups. </div>
<div> </div>
<div>There's been some growth in white collar and professionals vacancies, but tellingly the construction and trades ads have dropped away sharply. </div>
<div> </div>
<div>Thus the strong jobs recovery rather looks set to die on its, erm, feet.<br><br>As the Aussie dollar scrabbles around at decade lows, benchmark iron ore spot prices have ballooned to multi-year highs across all the major grades.<br><br><div class="separator"><img src="https://1.bp.blogspot.com/-a6d3QotflxE/XQqd1spJ-vI/AAAAAAAAwjA/jI6_2cVIFakyjy2d2QeQvSTMAJnSekQfwCLcBGAs/s640/IO.jpg" width="640" height="358" data-original-height="803" data-original-width="1430"></div>
<br>I wanna see the receipts!</div>
<div> </div>
<div>
<em>PETE WARGENT is the co-founder of AllenWargent property buyers (London, Sydney) and a best-selling author and <a href="https://petewargent.blogspot.com/" target="_blank">blogger</a>. </em> </div>
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No reason for the RBA to wait on cutting: Pete Wargent

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<div>Well, the Reserve Bank of Australia (RBA) went ahead and did it anyway, with no telegraphing needed!</div>
<div> </div>
<div>With global interest rates and inflation remaining stubbornly low, the Official Cash Rate was cut by 25 basis points at 2.30pm to its lowest level in history, on the back of much softer than expected inflation figures.</div>
<div> </div>
<div>The cash rate is now at a historic low of 1.75 percent.<br><br>Obviously this is unbelievably happy news for homeowners who can probably barely believe the affordability dividend that has been slung their way since the financial crisis.</div>
<div> </div>
<div class="separator"><a href="/images/2016/05/03/A4.jpg" target="_blank">Click to enlarge</a></div>
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<div> </div>
<div>
<div>This will pull forward demand for homebuyer loans, although restrictions on investor credit will mean that this interest rate cut may be somewhat less stimulatory than some of those delivered previously. </div>
<div> </div>
It will be interesting to see who passes on what from the three major lenders that haven't yet announced, but it wouldn't be a surprise to see some of the major banks holding back a few basis points of the 25bps cut. </div>
<div> </div>
<div>That said with the guillotine threat of a Royal Commission hovering above their respective heads, perhaps the majors will need to pass on a minimum 22bps...lol.</div>
<div> </div>
<div>Interestingly National Australia Bank (NAB) immediately announced that it would pass on the full 25 basis points to variable rate homeowners. </div>
<div> </div>
<div>It is interesting to remember that an interest rate cut is rarely a "lone wolf", and this potentially makes it much more likely that we'll see a "double tap" (i.e. interest rates only tend to be cut if significant action is deemed necessary). <br><br>Counting against this, however, the wording of the statement's final paragraph which noted that "at this meeting" growth prospects would be improved by monetary easing. Does this mean that no further cuts are expected? Perhaps so, though that's open to interpretation.<br><br>The RBA's policy decision is <a href="https://www.rba.gov.au/media-releases/2016/mr-16-10" target="_blank">here</a>.</div>
<div> </div>
<div>
<p><span><em>PETE WARGENT is the co-founder of <a href="https://allenwargent.com/" target="_blank" rel="nofollow">AllenWargent</a> property buyers (London, Sydney) and a best-selling author and <a href="https://petewargent.blogspot.com/" target="_blank" rel="nofollow">blogger</a>.</em><br></span></p>
<p><em>His latest book is <a href="https://www.bigskypublishing.com.au/Books/General-Interest/Four-Green-Houses--and-a-Red-Hotel/1015/productview.aspx" target="_blank" rel="nofollow">Four Green Houses and a Red Hotel</a>.</em></p>
</div>
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The long slow march to zero? Pete Wargent

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<div>The Reserve Bank of Australia (RBA) reported credit growth of +5.5 per cent over the year to August 2017, with business credit recording a solid +0.5 per cent expansion in the month.  </div>
<div> </div>
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<div> </div>
<div>Earlier in the week APRA had reported that a number of banks saw the total value of their loan books decline in August, most notably the Commonwealth Bank, following a tumultuous stretch.</div>
<div> </div>
<div>Indeed, all of the major banks now have investment loan books growing at a rate well below the 10 per cent speed limit imposed by the regulator, implying headroom to lend more to investors going forward. </div>
<div> </div>
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<div> </div>
<div>However, with a significant number of banks showing declines in their loan books during the month, this suggests that macroprudential measures are beginning to slow down lending from quite a few banks. </div>
<div> </div>
<div>In other words, perhaps the regulator is breathing down the necks of lenders just a bit more heavily than before. </div>
<p> </p>
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<p> </p>
<div class="separator"> </div>
<div>More loans being switched to principal and interest will help to see loan book balances ease too. </div>
<div> </div>
<div>In spite of this, the RBA reported housing credit growing by +6.6 per cent over the year, actually a notched faster than a year previously. </div>
<div> </div>
<div>Total housing credit is now approaching $1.7 trillion, with a substantial volume of loans being switched from investment to owner-occupier (no less than $58 billion since July 2015). </div>
<div class="separator"> </div>
<p> </p>
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<p> </p>
<div>The only reasonable conclusion appears to be that non-bank lenders are stepping in to pick up the slack, and total housing debt continues to power on. </div>
<div> </div>
<div>The only thing that will definitely stop the housing credit juggernaut, it seems, is rising interest rates, and these seem to be a way off yet. </div>
<p> </p>
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Housing credit shift to non-banks?

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<p><span>Confidence means a lot to real estate markets. And it’s been a long time since Australian real estate has had such a concerted shot in the arm as on Tuesday this week.</span></p>
<p>Against the predictions of virtually every economist in the land, proving yet again how little they understand, the RBA dropped its official interest rate to depths not seen before. Most of the major lenders have dropped their mortgage rates accordingly.</p>
<p>The same economists who incorrectly predicted the RBA board’s decision will also tell you that record low interest rates equals a property boom. Goodness knows where that comes from – certainly not from any historical precedent and certainly not from the experience of recent years where only Sydney has had a market worthy of being described as a boom (no, not even Melbourne’s performance warrants the boom tag).</p>
<p>I note that RBA Governor Glenn Stevens doesn’t see the rate cut reigniting boom scenarios. "In reaching today's decision, the board took careful note of developments in the housing market, where indications are that the effects of supervisory measures are strengthening lending standards and that price pressures have tended to abate," he said in a statement. "At present, the potential risks of lower interest rates in this area are less than they were a year ago."</p>
<p>So I don’t expect the rate cut, replicated by three of the four major banks, to generate anything dramatic in the market. But it will generally help the psyche of property consumers. And the next affordability index will likely show a further improvement.</p>
<p>On the same day, Federal Treasurer Scott Morrison delivered his first Budget, which reiterated strongly that negative gearing won't change, nor will investors be slugged more on capital gains tax.</p>
<p>“We will not remove or limit negative gearing,” Morrison said in his Budget speech. “Those earning less than $80,000 make up two-thirds of those who use negative gearing. They are teachers, nurses, police officers, office workers and tradesmen. We do not consider that taxing them more on their investments is a plan for jobs and growth.”</p>
<p>Amen to that. The tragic thing about those who justify their anti-gearing stance on the grounds that it’s all about housing affordability is that scrapping negative gearing won’t make housing cheaper. Even Bill Shorten says it won’t force down the value of homes, therefore affordability won’t improve. Shorten, like so many others, doesn’t understand the affordability issue and is targeting the wrong culprits.</p>
<p>Another event on Tuesday was publication of building approvals data which showed there’s still some life in building approvals, although the monthly bounce may be an aberration because the longer-term trend is down (from record high levels, it must be said).</p>
<p>This closely followed the release of price data for April, which shows that the home value index has risen in the past three months of the year in seven of the eight capital cities.</p>
<p>That includes a 3.9% rise in Sydney. That would tend to rubbish claims of a collapse in values and a bursting of the bubble. I say “tend” because this is one set of figures from one source and it’s not uncommon for another major source to publish figures that are largely contradictory.</p>
<p>Based on the CoreLogic numbers, however, Adelaide’s prices rose 4.5% in the past three months and Brisbane was up 2.8%. I’ve been predicting good growth in those two cities, but I’m not getting overly excited because of what I said in the previous paragraph.</p>
<p>But, according to these figures, even Perth and Darwin showed glimmers of price growth in the latest quarter.</p>
<p><span> </span></p>
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