ASX-listed developer Cedar Woods is progressing its plans for its Southbank arts precinct site.&nbsp;

The developer has filed plans, which are now with the&nbsp;Department of Transport and Planning, for a new 20-level tower at&nbsp;<a href="https://www.apartments.com.au/new-apartments/141-151-sturt-street-southbank-vic-3006">141–151 Sturt Street</a>, a 2,718 sqm block opposite the Habitat Filter sculpture.

The proposal seeks to demolish the two-level&nbsp;commercial building, including a small supermarket and medical tenancies, and create a new building with 180 apartments and a focus on an&nbsp;active public realm and arts integration.

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<img alt="Southbank site" data-entity-type="file" data-entity-uuid="76a72db6-91ef-43ae-827d-a9cfa72893d2" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Site.png?VersionId=DZgtB4K6BswVh0QtCs3iLjXaLp0CbcEb" />

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There will be a full mix of apartment configurations, including 28 studio apartments, 16 one-bedroom, 104 two-bedroom, and 32 three-bedroom units.

Retail, creative arts, and residential amenity functions are integrated across the lower levels. A food and drink tenancy is planned to front Dodds Street, while a retail tenancy fronting Sturt Street will be accessed via an elevated walkway. The first floor includes a substantial 734 sqm creative arts space, envisioned to support Melbourne’s growing cultural and digital industries.

Architecture firm <a href="https://www.apartments.com.au/architects/rothelowman">Rothelowman</a> has put together the plans. In their&nbsp;Urban Design Report they highlighted the project’s ambition to embed itself within Southbank’s evolving cultural fabric.

A central feature of the design is a through-block link connecting Sturt and Dodds Streets, landscaped with native plantings and embedded with universal access ramps.

“The ramp has been thoughtfully integrated as the primary access point, ensuring universal accessibility for all users,” the report noted, with the link offering “a direct response to the urban planning scheme of creating more green spaces within our communities”.

<img alt="Southbank podium" data-entity-type="file" data-entity-uuid="4d24b1b2-d69c-4a11-a11d-ec6df432221c" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/podium.png?VersionId=geWoJyZDmPSLODZ_.PNJ0LvpOmyyCdpo" />

The building’s podium form responds to the mandatory height limits along Dodds Street and maintains a fine-grain interface to adjoining developments. Above the podium, the tower is articulated with recessed balconies and a focus on views toward the CBD and surrounding arts institutions. A communal rooftop recreation deck and indoor lounge are positioned on level four, adjoining seven apartments and providing over 900 sqm of resident amenity space.

Vehicle access and loading will be provided via Dodds Street, with 155 resident car spaces located across two basement levels and the first three above-ground floors. Bicycle storage is more generous, with 226 spaces distributed across resident, staff and visitor needs.

Rothelowman describes the architecture as “humanist,” with ground-level interfaces designed to encourage social interaction and provide a dignified entry for both residents and passers-by. “All street interfaces are crafted to invite and nurture human connections,” the design report states. “The façade transitions to a human scale, providing an approachable and engaging streetscape”.

Cedar Woods, while well-known for its large communities it develops outside of Australia's capital cities, they have recently developed in Melbourne's inner-ring before. They are approaching completion at <a href="https://www.apartments.com.au/new-townhouses/88-leveson-north-melbourne-88-leveson-street-north-melbourne-vic-3051">88 Leveson</a>, just 15 townhouses in the heart of North Melbourne.

Joel Robinson

Cedar Woods progresses with new apartment plans in Southbank arts precinct

Brisbane developers Core Property Partners and Vector Property Australia has teamed up for Brisbane's newest apartment development.

The duo identified <a href="https://www.apartments.com.au/developments/east-brisbane-qld-4169">East Brisbane</a> as their preferred suburb, on the fringe of the Gabba Precinct, where they've just revealed BANKSII, 72 apartments opposite Raymond Park.

[smartcode_project:default project_id=136432 project_image_fid=5481]

The one-, two-, and three-bedroom apartments will sit in a glass-wrapped building that will also feature a rooftop with an&nbsp;infinity-edge pool, a BBQ area and alfresco dining spaces, sun lounges, and a sauna, as well as a resident-only gym and a ground-floor cafe.

Rhett Williams, Director of Vector Property Australia, said the project will lift the quality of the East Brisbane community and set a new benchmark.

"In Brisbane’s current property landscape, <a href="https://www.apartments.com.au/new-apartments/banksii-east-brisbane-169-wellington-road-east-brisbane-qld-4169">BANKSII</a> stands out through its emphasis on lifestyle-oriented living, connectivity and sophisticated design," Williams says.

[smartcode_project:default project_id=136432 project_image_fid=5479]

The 10-level building has been designed by MAS Architecture. Their designs were inspired by the native Banksia flower, with the architecture and interiors reflecting the organic symmetry of its namesake flora. MAS has interpreted this throughout the building’s curved form, façade detailing and interior palette.&nbsp;

The building’s flowing geometry and natural tones are complemented by large balconies and floor-to-ceiling glazing, maximising cross-breezes, daylight and views over the city, parklands and river.

“Having a strong narrative for a building helps us architecturally,” MAS noted. "We can choose colours that come off that species of flowers. The trunk and the trees and the flower elements all are now visible in our joinery on the inside and in our architectural finishes on the outside."

[smartcode_project:default project_id=136432 project_image_fid=5485]

Apartments will feature timber floors, soft porcelain tiles, brushed bronze fittings, and stone benchtops with warm veining.&nbsp;

Kitchens feature premium SMEG appliances and generous storage, while bathrooms have been designed as calming retreats with curved cabinetry and twin sinks in the master ensuites.

The building will feature a suite of rooftop and wellness amenities. Residents will have access to an infinity-edge pool, BBQ and alfresco dining areas, sun lounges and a rooftop sauna.&nbsp;

A residents-only gym will be located on the podium level, while a ground-floor café and landscaped laneway will further activate the site and improve neighbourhood connectivity.

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BANKSII will rise from a prime Wellington Road site, with the building oriented to overlook the adjacent Raymond Park and take in extensive city views. It is also on the doorstep of key&nbsp;lifestyle infrastructure, including the future Kangaroo Point Green Bridge, The Gabba stadium, and the planned Brisbane Live arena.&nbsp;

Public transport options, including ferry, bus and rail - including the future Cross River Rail Woolloongabba station - are all nearby, supporting a car-optional lifestyle just minutes from the CBD.

Williams said the team spent over a year searching for the ideal site before securing this location.

"We were attracted to <a href="https://www.apartments.com.au/developments/east-brisbane-qld-4169">East Brisbane</a> as it is a vibrant and growing community that offers a perfect balance of urban convenience and natural beauty with the parklands and river on our doorstep.”

The project is part of the broader Woolloongabba Games precinct, which is undergoing significant investment in the lead-up to the 2032 Brisbane Olympics. This urban renewal, coupled with infrastructure upgrades, is expected to enhance long-term liveability and capital growth in the area.

Given the wide max of configurations, BANKSII is expected to suit everyone from first home buyers and investors to families and downsizers.

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BANKSII sales launch in booming East Brisbane apartment market

The Minns Labor Government will deliver Sydney’s first new heavy rail station in more than a decade – enabling up to 10,000 new homes by rezoning land around Woollahra and Edgecliff stations, right next to the CBD, to tackle the housing crisis and rebalance growth across the city.

Recent reports by the NSW Productivity Commission have warned that Sydney is losing twice as many young people as it is gaining, while also finding that Woollahra is the most feasible Local Government Area (LGA) in New South Wales to build new housing.

Despite this, housing approvals in Woollahra consistently lag well behind other LGAs, and the population has declined by 11 per cent over the past 50 years while Greater Sydney as a whole has grown by 74 per cent.

The new station that will be an eight-minute trip from Sydney CBD, will be located on the Eastern Suburbs train line in Woollahra, where a station build was started in the 1970s but never completed.

To enable the delivery of new homes the NSW Government will lead a rezoning of Woollahra and Edgecliff stations similar to other state led rezonings to allow additional homes to be built around the stations.

Affordable housing will also make up a proportion of development on the site with the final amount of affordable housing required, to be determined as part of the rezoning process.

The area surrounding the new station is within walking distance of major green and recreational space including Cooper, Trumper, Rushcutters Bay and Centennial Parks.

The Eastern Suburbs train line between Bondi Junction and Sydney CBD also has the lowest passenger usage rates during the AM peak of any line on the Sydney network, with only 43 per cent of operating capacity during the AM peak currently being utilised by passengers.

Sydney Water and Infrastructure NSW have confirmed there is capacity in the water and wastewater systems to accommodate the proposed 10,000 dwellings without major upgrades.

The rezoning is expected to take around two years and will further support the Government’s housing targets that rebalance the delivery of new homes around existing infrastructure.

&nbsp;

&nbsp;

Next stop Woollahra train station - delivering up to 10,000 new homes in the heart of Sydney

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Fresh off completing its mixed-use Malvern project Malvern Collective, Kokoda Property Group has acquired a prime site on Richmond's Bridge Road.

They are planning a mid-rise residential development with&nbsp;integrated wellness amenities and a vibrant ground-floor retail and dining offering.

The site, at&nbsp;487–495 Bridge Road, spans&nbsp;1,650 sqm with 50 metres of dual frontage across Bridge Road and Palmer Street. It is currently leased to Adairs, and has a large retail building and 20 onsite car parks.
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Kokoda Property Group’s acquisition forms part of a broader phase of growth in Melbourne, building on momentum from the completion of Malvern Collective and the recent purchase of a Burnley Street site for the developer’s first commercial project.&nbsp;

Mark Stevens, Kokoda Property Group’s Founder and Managing Director, said that the company’s Bridge Road site acquisition signals confidence in a city that is re-accelerating.

“Melbourne is regaining momentum,"&nbsp;Stevens said.

"After a cautious period post-COVID, we’re seeing buyer sentiment stabilise and capital leaning back into well-located, quality projects. Victoria now benefits from deep builder capacity and competitive delivery pricing, creating a rare opportunity to bring design-led inner-city developments to market without compromising on craftsmanship.

“Richmond ticks all the boxes for us – connectivity, culture and everyday amenity – making Bridge Road the perfect address for an amenity-rich, multi-use development."

<img alt="Kokoda" data-entity-type="file" data-entity-uuid="9a8de51d-8092-480a-8b7e-e081816692c2" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202025-08-29%20at%208.54.27%E2%80%AFAM.png?VersionId=VRHpV5.6beOu2cieKHWrw3ErMPuVOAuj" />

Envisioned as an “urban lantern” the building will bring a distinctive new presence to Bridge Road with a sculptural retail frontage, designed to honour the street’s heritage character while contributing to its renewal.

Stevens said the acquisition reflects the developer’s commitment to design-led addresses in Melbourne’s inner city.

“Drawing on Richmond’s rich heritage and dynamic character, we’ve envisioned a contemporary building that respects the past while elevating the way people live today. With dual frontages, curated ground-floor spaces, and a focus on wellness, this project will contribute to the neighbourhood’s evolution, appealing to both downsizers and a new generation of professionals.”

Kokoda Property will now progress concept design ahead of a future planning process.
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Mark Stevens, Kokoda Property Group’s Founder and Managing Director, said that the company’s Bridge Road site acquisition signals confidence in a city that is re-accelerating

First look: Kokoda secures Richmond site for new apartment development

Gold Coast developer Drew Group is fast approaching sell-out at its Main Beach apartment development, Lagoon Main Beach.

In the last nine months, Drew Group and sales partner Pezet Matheson have secured 31 sales totalling over $75 million, as the two-tower development advances towards completion under the expert eye of Hutchinson Builders.

“Today's buyers are more discerning than ever," Drew Group Managing Director Jon Drew says.

"It's essential to provide something truly unique that sets a development apart, and we believe Lagoon has achieved just that."

[smartcode_project:default project_id=108747 project_image_fid=193023]

Just over 50 per cent of recent&nbsp;sales have been to local buyers, reflecting the deep trust and connection within the Gold Coast community that Drew Group has developed over the years.

Demand has been particularly robust at the top end, with two of the three exclusive penthouses already sold, alongside five sub-penthouses. Only seven apartments remain in Lagoon's Signature Series — one&nbsp;penthouse and six sub-penthouses.

[smartcode_project:default project_id=108747 project_image_fid=284864]

Drew Group has also removed the much-maligned sunset clause from all contracts at Lagoon. The sunset clause — although rarely invoked, yet on occasion known to have been — allows developers to take back contracts on apartments should the building not be completed within the timeframe specified in the contract.

Pezet Matheson Co-Director Jayde Pezet says the fact Lagoon is&nbsp;within a year of completion, and has no sunset clause in contracts, provides certainty to buyers.

"This is paramount in the current market," Pezet says.

Drew Group has committed to providing the highest level of security inclusions — none more impressive than the Ubiquity Access Control System, a cutting-edge facial recognition technology that is one of the most state-of-the-art keyless entry systems on the market.

[smartcode_project:default project_id=108747 project_image_fid=190743]

One of the biggest drawcards to Lagoon has been the size of the apartments.

"It is unlikely that any future new development in Main Beach will be able to offer such spacious living at this price point," Drew says.

"Today's buyers are more discerning than ever, carefully evaluating amenities like gyms, spas, workspaces, and beach lockers, along with quality finishes. It's essential to provide something truly unique that sets a development apart, and we believe Lagoon has achieved just that."

Lagoon is set to complete construction in mid-2026.

[smartcode_project_cta:default project_id=108747]

Lagoon Main Beach approaches sell-out as local buyers drive $75m in sales

Realestate.com.au

<html><body>Unit price growth was up 2.1 percent nationally over the past year with the strongest growth recorded in regional Victoria, according to the latest data from the realestate.com.au website.

The national unit median price stands at $500,000.

It is at $560,000 across the combined capitals and at $385,000 across Australia's regions.

Unit prices were up 0.6 percent national over the quarter, and up 0.1 percent during February, according to the Home Price Report.

House price growth of 0.4 percent continued in February to outpace unit growth. Over the last 12 months, national houses price growth sat at 6.9 percent, more than triple that of unit price growth of 2.1 percent.

Victoria's regions saw 11.4 percent annual growth for unit values to a $320,000 median price. It was up 2.9 percent quarterly and 0.8 percent in February.

Melbourne's unit median sat at $590,000, up 2.3 percent annually.

Hobart's unit market was the nation's second strongest in 2020, up 8.3 percent to a $400,000 median.

Sydney was the dearest capital for units at at $730,000, up just 0.1 percent over the year, the weakest rise among the capital cities.

Brisbane was the second weakest with a rise of 1.5 percent to its $395,000 median.

Darwin's median unit price was the cheapest of the capitals at $320,000, followed by Adelaide at $346,750.
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Annual unit price growth was up 2.1 percent nationally with the strong growth in regional Victoria

jchancellor

Annual apartment price growth up 2.1% nationally: Realestate.com.au

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EXPERT OBSERVER
High-intent renters are still very active on realestate.com.au, despite a softening market and relatively high supply.
The REA Insights Weekly Demand Index is a weekly metric that looks at the volume of high-intent renter activity on the realestate.com.au website and app and tracks that activity over time.
Specifically, it looks at how users are behaving when they interact with live rental listings.
The characteristics of serious renter activity includes but is not limited to; the number of visits to a listing, looking at the photos for a listing multiple times, saving the property, sharing the property and/or making an enquiry with the agent.
Who is it useful for?
For renters looking for new rental accommodation the index gives a good indication of the level of competition they can expect when they look at and apply for properties. Higher renter activity on a listing would suggest greater competition for that property or property type. In this index we’ve aggregated the high-intent rental activity and analysed it by state.
For owners of rental properties the index indicates the likelihood that they will be able to rent out their property.
Why REA Group is well placed to tell this story
Realestate.com.au is Australia’s number one property portal. In April 11.9 million Australians visited the platform* creating an unparalleled view of consumer demand for Australian property. This vast onsite activity sends millions of signals of intent that allow the experts at REA Insights to model behavioural demand.
What is the latest data actually showing?
The latest data shows that the number of highly-engaged rental listing interactions on realestate.com.au increased by 2.7 per cent last week. That means that serious renter activity has now increased for 10 of the past 11 weeks (falling the previous week) and is up 102.9 per cent from its low in March. The 2.7 per cent weekly increase did not completely offset the -4.3 per cent fall the previous week.
One of the likely drivers of such high volumes of serious renter activity is the fact that the number of new rental properties becoming available is shrinking. With less stock, those serious about renting are required to narrow their focus and are more likely to be highly-engaged with what’s available online.
The data indicates that it isn’t just search volumes that are climbing, we are also seeing a significant increase in the volume of people searching that are in the late stage of their rental decision.
All states recorded an increase in the volume of high-intent rental activity last week except for Western Australia and Tasmania, which fell slightly.
Since the recent low related to COVID-19 serious renter activity has more than doubled in New South Wales (110.2%), Victoria (133.8%) and Australian Capital Territory (140.1%). The smallest gains have occurred in Tasmania (45.2%) and Northern Territory (48.5%).
What about compared to last year?
Nationally, serious renter activity is up 70.5 per cent higher on last year.
The heightened rental activity is being felt in all states and territories with the largest annual increases in Australian Capital Territory (102.0%) and New South Wales (84.3%), while South Australia (20.8%) and Western Australia (41.5%) recorded the smallest increases.
While a lot of people are showing high-intent in their rental searches it remains to be seen whether they will actually move, especially considering there is a rental moratorium in place.
The rental market remains challenged with international borders closed, first-home buyer demand being pulled forward the government’s HomeBuyer initiative and people under the age of 30 being much more likely to have lost their jobs through COVID-19.
While a lot of people are actively looking at rental accommodation it may not be until later in the year when we actually see them moving into new rental accommodation.
CAMERON KUSHER is the Director of Economic Research for the REA Group
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j.ballantyne1990-6AQqhLzZaK

High-intent renters are still very active on realestate.com.au: Cameron Kusher

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New data released by realestate.com.au reveals that enquiries for new developments have surged since the announcement of the Federal Government’s HomeBuilder scheme in early June.
The REA Insights New Homes Snapshot for July report shows enquiries to developers nationally jumped by almost 63 per cent in the month of June, with land estate enquiries experiencing a 93 per cent lift over the month.
REA Group Executive Manager of Economic Research, Cameron Kusher, said the spike in June followed a bullish 53.9 per cent increase in May, suggesting the announcement of HomeBuilder led to a further surge in the already increasing interest in new properties.
“First home buyer activity increased 28.5 per cent in June when looking specifically at email enquiry on realestate.com.au, and it’s likely some of this activity was a result of the HomeBuilder stimulus announcement,” Kusher said.
“It’s no surprise that land estate new development is benefiting from HomeBuilder given the package is geared towards new builds, there are restrictions on construction timeframes that inhibit apartment development, and the Australian dream is to own a house.”
Dahua Group’s Marketing and Sales Manager, Michael Ching said there has been a notable enquiry increase in the Group’s Tarneit-based development, Orchard which was revealed as Victoria’s most popular house and land development.
“The interest and enquiries on Orchard Tarneit through realestate.com.au have been very strong over the last few months. As a maturing estate, Orchard Tarneit has a variety of land lots to offer including titled lots which fit perfectly into the HomeBuilder scheme,” Michael said.
“The announcement of the HomeBuilder scheme saw enquiries in Orchard Tarneit increase by 200% in June as compared to enquiries recorded in May. As a result, we have released more land lots to cater to the increased demand.”
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Enquiries for new developments surged in June following governments HomeBuilder scheme: realestate.com.au

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REA Group has updated the market that the COVID-19 pandemic has put an end to signs of recovery in the real estate market.
It reported a drop across new residential listings of 33% nationally in April, with the website business working to offset the anticipated revenue loss with cost-saving initiatives.
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Weakness in new listing volumes saw April national residential listings down 33%, with Sydney down 18% and Melbourne down 27%.
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Its Q4 operating experiences are expected to be 20% lower than the previous year.
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REA Group has a cash balance of $135m as of 30 April 2020 but has entered into an additional $149 million loan facility.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2020/5/8/REA%20results.jpg" alt="">
It isn’t expected to be drawn in the short term.
The CEO Owen Wilson said he was incredibly proud of the way the business has handled the pandemic impact.
“Prior to the impact of COVID-19, the market recovery was in full flight with very strong listing in the weeks leading up to mid-March.
"In February we saw record audience numbers and strong buyer interest, reinforcing signs of the positive market momentum.
“Our priority has been to help our customers and consumers adapt to the new market conditions by providing the right support measures and new product features.”
REA's share price jumped over seven percent in morning trading.
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REA reports 33 percent decline in new national listings

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Realestate.com.au has today announced a new record audience of 10.7 million people for March.
Despite the real estate industry being forced to operate under new guidelines in order to minimise the spread of COVID-19.
The January figure was also a record with a unique audience of 9.3 million across the realestate.com.au platform, approximately three times the number of average monthly visits compared to its nearest competitor, Domain.
Given the lockdown, Realestate.com.au recently launched Digital Inspections with over 44,000 realestate.com.au Buy and Rent listings now featuring digital video tours.
Compared to early March, views of digital video tours are up 96 per cent and views of 3D tours are up 327 per cent.
REA Group Chief Sales Officer Kul Singh said, "REA has been doing everything it can to support the property market through these unprecented times and to deliver ongoing value to customers by providing access to Australia’s largest network of property seekers."
Barry Plant Director and Senior Auctioneer, James Hatzimoisis said new digital features are helping deliver more qualified leads.
“We’re finding that the enquiries we’re currently getting are much more qualified. People may still want to privately inspect a property before they buy it, but features like Digital Inspections make it so much easier for them to make a decision.”
Jellis Craig Armadale Head of Property Management, Sam Nokes said in the last fortnight he has seen an increase in leases signed without tenants physically inspecting the property and expects this trend to continue.
“We have offered virtual inspections for about three years and landlords have only very recently become more willing to lease to tenants who haven’t completed a physical inspection. At the moment people want to visit as few properties as possible and Digital Inspections allow tenants to pre-screen a property,” Sam said.
“We’re also finding that most prospective tenants who view a Digital Inspection and go on to a physical inspection, will then submit an application to lease the property.”
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Record realestate.com.au audience shows unquenched property thirst

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EXPERT OBSERVER
We predict commercial investors will buy up alternative real estate.
Alternative assets are defined as illiquid and traded only through private markets. This includes real estate, private equity, car washes, childcare, medical centres, service stations and self-storage. In short, the property element of anything that is income generating. 
In some cases, real estate debt is classified as alternative. According to a recent report from Cushman &amp; Wakefield, this was a big growth area in 2019. As shown in the chart below, 2019 was a very strong year for commercial property transaction volumes. 
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2020/1/28/5_NEWS_ALT.jpg" alt="" width="345" height="194">
While there was disagreement amongst commercial property researchers as to whether it was the highest volume ever recorded, or the second highest, it was certainly a big year, notes Conisbee.
Conisbee explains the significance of this, On one hand, it does show there is no shortage of money – lots of investors, both local and offshore are very keen to buy commercial property in Australia.
There are a lot of reasons for this. Finance is cheap, there is lots of money around, tenant demand is strong and Australia’s relative political and economic stability compared to the rest of the world makes it a safe option. 
It does, however, also mean that a lot of people were selling. In particular, although offshore investors were a big component of the high volumes, they were also big sellers. Part of this may just be a realignment of portfolios (e.g., too much Australia, not enough Canada) but it could also be because some think Australian commercial property is at the top of the cycle, getting too expensive and now is a great time to sell before there is a correction.
In 2020, conditions are likely to continue to be positive for most sectors. 
Office vacancies remain very low in Melbourne and Sydney and are falling in Brisbane and Perth. 
Industrial demand continues and high yielding alternative assets are popular with those wanting a decent return. 
Development site values are likely to rise as the residential market continues to recover. There are however a few negatives – conditions for retail property continue to deteriorate. 
Unless your tenant is a luxury retailer or you are in an inner urban area that has seen lots of new apartments, you are probably getting minimal rental growth, at best, or are struggling to get a tenant. The bushfires are also likely to have mixed impacts – global real estate firm, Heitman, has dropped their attractiveness ranking for Melbourne and Sydney over concerns about climate change and fire risk. On the other hand, the rebuilding effort could be positive for demand for some commercial property types.
Nerida Conisbee is the chief economist for REA Group.
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nconisbee-4KnoX9XmtH

Commercial investors to buy up alternative real estate: Nerida Conisbee

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Overall listings in Australia are down 3% over the past six months with Sydney driving the overall decline, according to the latest HY2019 financial report of the digital website, Realestate.com.au. 
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In January 2019 overall residential listings were down 11% with Sydney down 19% and Melbourne down 13%. 
The update to shareholders advised January is seasonally a low listings month therefore movements are not typically representative of the longer term. 
As previously advised, the rate of revenue growt.h is expected to exceed the rate of cost growth for both the second half and the full year, however, this will not be the case in the third quarter, it foreshadowed
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The report noted, that in the second half of FY19 listings may be impacted by federal and state elections.
Despite "unfavourable market conditions" REA profits were up 16% in Australia and 15% overall.
REA Group shares also had strong outcomes in HY19 with earnings per share were up 20%.
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The report also referenced ongoing declines in dwelling commencements.
REA Group reported monthly visits to realestate.com.au rose to 73.4 million, meaning it has nearly tripled views of its nearest competitor, Domain.
The new REA Group CEO, Owen Wilson said it was "an exceptional start to the year."
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In Australia, where revenue grew 15% to $443.2m for the half, the results were driven by an increase in revenue from the residential business of 16% to $302m and the inclusion of the Hometrack business.
"The result was delivered in unfavourable market conditions with national listings decreasing 3% (including listing declines of 10% in Sydney and 1% in Melbourne over the half). 
The revenue growth reflected the price changes which took effect from 1 July 2018.
The commercial and developer businesses achieved 10% revenue growth despite the continued decline in new project commencements, driven by an increase in project profile duration.
Tighter lending conditions and the uncertainty from the Financial Services Royal Commission on broker recruitment resulted in flat underlying revenue growth in its financial services business.
"These conditions are likely to continue for the remainder of the financial year further reducing settlement volumes and impacting revenue growth in the second half," Wilson said.
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Ryan O’Hara steps down from the REA Group Board, having been appointed to the board as a nominee of majority shareholder News Corp Australia in 2017.
The former CEO Tracey Fellows will remain on the REA board representing News Corp.
REA shares were down 3.95% this morning to $74.86.
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Real estate listings down 3% led by Sydney: REA Group

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Property listing website Realestate.com.au will be the official online property partner for the 2019 Toyota AFL Premiership season.
The agreement builds on realestate.com.au’s existing sponsorship with the Sydney Swans, which will continue in 2019. 
Elisa Silbert, REA Group general manager brand, marketing and communications, said property really has become the other Saturday game for many Australians.
"Together with the AFL we are combing two of our favourite obsessions, but more than that, we are bringing together Australia’s #1 place for property and the country’s number one sport," Silbert said.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/2/6/Betts1.jpg" alt="">
“Consumers are increasingly interacting with sport and property through digital platforms.
"This strategic alliance will allow realestate.com.au to become deeply integrated with the AFL and footy fans. 
“The partnership will also allow us to further elevate and leverage our partnership with the Sydney Swans across the season.”
The partnership announcement will act similar to Domain.com.au's deal with Cricket Australia.
Realestate.com.au will also be the naming right partner for the AFLX 2019.
The one night only realestate.com.au AFLX 2019 tournament at Marvel Stadium will take place on Friday February 22 and will see four teams, the BOLTS, the DEADLY, the FLYERS and the RAMPAGE, compete.
 
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Realestate.com.au becomes official property partner for 2019 Toyota AFL Premiership season

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The REA Group’s chief financial officer Owen Wilson has been promoted to CEO of REA Group, replacing Tracey Fellows.
Fellows will <a href="/news/tracey-fellows-steps-down-as-boss-of-rea-group">step down from her role in January</a> to become president of global digital real estate at News Corp in New York.
The new CEO joined REA Group in 2014.
Wilson’s previous roles include positions at MacLeod Group, where he was CFO and company secretary, as well as chief operating officer at ANZ’s Institutional and Investment Bank.
Hamish McLennan, chairman of the REA Group board, said Wilson had played a critical role in the group’s growth.
“He has a deep understanding of the company, our long-term strategy and the importance of our customers in driving business success,” McLennan said.
"The board has a long-term commitment to succession planning, and I am pleased that this internal appointment reflects the strength of our REA Group talent,” he said.
He commences his new role on January 7 with plans to expand the real estate listings company’s Asia operations as part of his growth strategy.
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