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

Joel Robinson

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

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

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

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

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

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

Ausdev introduces boutique Parkdrive Apartments to Chermside's growing centre

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

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

Reia

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The Real Estate Institute of Australia (REIA) has welcomed the announcement of support for first home buyers through a First Home Loan Deposit Scheme.
REIA President Adrian Kelly said the scheme initially announced by the Government and supported by the Opposition will start on 1 January next year and assist first home buyers with their deposit.
“Under the proposal, first home owners will be able to buy their first home with a deposit of 5% compared to 20% which has become the industry norm post the Hayne Royal Commission,” Kelly said.
“Not only will the scheme see first home buyers achieve their home ownership much earlier it will save them a considerable amount of around $10,000 by not having to pay lenders mortgage insurance.
“The scheme addresses two hurdles facing first home buyers – the deposit gap and transaction costs which include mortgage insurance – in a practical way.
“The last time the Federal Government introduced a special measure for first home buyers was the First Home Buyers Boost during the GFC.
“This measure saw first home buyers, as a percentage of total loans financed, increase from 20.2% in October 2008 to 31.4% in May 2009.
“With first home buyers currently representing just 17.9% of total housing loan approvals at the beginning of this year, the measure will be a timely boost not just for first home buyers but for the building sector and the economy in general.
“It is direct assistance like this rather than changes to negative gearing and capital gains tax which provide better outcomes for all.”
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First home buyer scheme a timely boost for mortgage industry: REIA

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GUEST OBSERVER
The December 2018 housing finance figures released by the Australian Bureau of Statistics show the number of loans for housing continues to decline.
Overall the figures for December 2018 show, in trend terms the number of owner-occupied finance commitments decreased by 0.1 per cent – the fifteenth consecutive month of decreases.
If refinancing is excluded, in trend terms, the number of owner-occupied finance commitments decreased by 1.2 per cent –also the fifteenth consecutive month of decreases and the lowest since April 2013.
In trend terms decreases were recorded in Victoria, New South Wales and Queensland.
The largest decrease of 1.3 per cent was in Queensland. South Australia, Northern Territory and the Australian Capital Territory were unchanged. Western Australia and Tasmania had increases with the largest of 0.5 per cent in Tasmania.
The value of investment housing commitments decreased by 2.5 per cent in December, in trend terms, and is the lowest since 2012 and less than half of the April 2015 peak.
In trend terms, the number of established dwellings purchase commitments decreased by 1.2 per cent while the purchase of new dwellings decreased by 0.1 per cent and new dwelling construction fell by 1.2 per cent.
The proportion of first home buyers, as part of the total owner-occupied housing finance commitments decreased in December to 17.7 per cent from 18.3 per cent in November and the number of loans to first home buyers decreased by 18.8 per cent.
The continued decline in housing finance reflects the slowing market as well as the APRA restrictions on investors, which went too far for too long, the fallout from the Royal Commission into Banking and concerns about changes to property taxation and its impact should there be a change in Government.
There is a clear risk that the decline in activity in the residential property market will become a major drag on the economy. With the Government formulating its 2019 Budget and its response to the Hayne Royal Commission the contribution the property sector makes to the economy should be at the forefront of its considerations.
ADRIAN KELLY is the President of Real Estate Institute of Australia (pictured)
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No bright spots in housing finance numbers: REIA's Adrian Kelly

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View Real Estate founder and CEO Adrian Kelly has been named the new president of The Real Estate Institute of Australia (REIA).
Kelly (above), who is from Tasmania, was elected as the 45thPresident of REIA, the national professional association for Australia’s real estate sector at the Annual General Meeting held in Canberra yesterday.
Hayden Groves from Western Australia was re-elected Deputy President for another 12 months. 
Kelly was born and raised in Hobart and has worked in the Tasmanian real estate industry since 1990. 
He is the founder and CEO of View Real Estate, an independent agency comprising seven sales and property management offices across Tasmania.  
Kelly's real estate experience includes residential sales, property management and commercial sales including hotels and motels. 
He is also an accomplished auctioneer having spent a number of years as a full-time auctioneer within his own business specialising in plant and equipment and asset sales for local councils, finance companies among others. 
Adrian is a licensed Estate Agent, Board Member of the Real Estate Institute of Tasmania (REIT) as well as the immediate past President of the REIT having served in that role for four years. He also sits on the Property Agents Board which is the regulatory authority in Tasmania and is an Associate of the REIA. He is the seventh President to be elected from Tasmania and the first since Peter Bushby who served from 2012 to 2014. 
In accepting the role, Kelly thanked out-going President, Malcolm Gunning, from New South Wales, who has held the position for two years.
“Malcolm has provided excellent stewardship of the organisation since 2016 and during that time he has achieved much in ensuring that our members have a strong national voice,” Mr Kelly said.
“On behalf of the REIA Board and the REIA Secretariat, we extend our sincere thanks to Malcolm for his professionalism and commitment to the role during his tenure."
Kelly said next year will be an equally important one for the sector with the upcoming Federal Election and the public debate continuing on taxation of housing and affordability.   “REIA will continue to be a strong advocate for the retention of negative gearing, will continue to lobby for taxation reform at all levels and for the appointment of a dedicated Minister for Property Services,” Kelly said. 
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View Real Estate founder Adrian Kelly replaces Malcolm Gunning as REIA president

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House prices have seen the largest decrease since December 2011, according to the latest research from the Real Estate Institute of Australia.
REIA Real Estate Market Facts for the September quarter 2018 shows weighted average median prices fell by 1.6 per cent for houses, the most in almost seven years and by 0.8 per cent for other dwellings, their largest decline in 12 months. 
REIA President Malcolm Gunning said the weighted average median price for houses for the eight capital cities decreased to $751,411 over the quarter, with prices decreasing in all capital cities except for Brisbane and Adelaide and remaining stable in Melbourne.  “The weighted average median price for other dwellings decreased to $587,959 over the quarter, with prices decreasing in all capital cities except for Melbourne and Canberra," Gunning said.
"Hobart had the largest fall in house prices and Darwin had the largest fall in other dwellings. Hobart has the lowest median price for houses at $475,000 and Adelaide the lowest median price for other dwellings at $344,000. 
“Over the quarter, the median rent for three-bedroom houses increased in Melbourne and Hobart, remained steady in Sydney, Brisbane, Adelaide, Perth and Canberra. Darwin was the only capital where the median rent for three-bedroom houses declined.  Gunning said the median rent for two-bedroom other dwellings increased in Melbourne, Brisbane and Adelaide, remained steady in Sydney, Perth and Canberra and, decreased in Hobart and Darwin. Melbourne had the largest increase while Hobart had the largest decrease. “The weighted average vacancy rate for the eight capital cities increased to 2.6 per cent during the September quarter indicating a slight easing of the rental market.  “The markets of Sydney, Melbourne, Brisbane, Canberra and Hobart have vacancy rates below the 3.0 per cent benchmark indicating a strong demand for rental accommodation in these capital cities.  
“Reflecting the squeeze on loan approvals, over the past 12 months, loan numbers have decreased by 11.9 per cent across the country with loans to first home buyers decreasing by 3.7 per cent. Gunning said the size of loans has also fallen with the average loan across Australia dropping by 1.8 per cent, the largest quarterly decrease since March 2017.  “Loans to first home owners are also reducing in size. Up until a year ago the average loan to those entering the market was above 90 per cent of the rate of non first home buyers. Since June 2017, this rate has decreased to 80 to 85 per cent," Mr Gunning concluded.
 
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House price drop largest in seven years: REIA 

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EXPERT OBSERVATION
The Real Estate Institute of Australia welcomes the recent contribution by the Master Builders Association and the Housing Industry Association to the understanding of the economic impacts of changes to current arrangements for negative gearing and capital gains tax on property.
“The commissioned research highlights the significant contribution that the property sector makes to growth in the Australian economy,” REIA President Malcolm Gunning said. “Australia’s property industry including new home building has been a crucial support to economic growth and increased employment in the transition away from a decade-long reliance on mining,” Mr Gunning said.
“The property sector is one of the largest sectors in the Australian economy in terms of employment, GDP and investment. It is also one of the most heavily taxed sectors with research by HIA showing that the average tax burden on the new housing sector is around 30 per cent of the value.
“If we are serious about addressing housing affordability we need to take a holistic approach by looking at all taxes and charges impacting on the final cost of housing. We cannot just tinker with one or two that are ‘easy fixes’ without fully considering the consequences.”
Mr Gunning said the government needs to be looking at supply-side solutions including streamlining planning processes and reducing extra taxation on homebuyers such as stamp duties.
“Improved infrastructure such as public transport to employment hubs which encourage decentralisation to more affordable suburban and regional areas should be considered. “Recognising the importance that the property sector plays in the economy, REIA advocates the appointment of a Minister for Property Services,” Mr Gunning said.
“The Minister for Property Services can take leadership in addressing housing affordability by coordinating a holistic approach of all levels of government in objectively addressing all property taxes. For example, research shows that abolishing stamp duties and replacing them with land tax not only has a greater impact on affordability than changes to negative gearing and capital gains tax but improves economic growth.
“It is only then that a strategy can be formulated that pulls the right levers,” Mr Gunning concluded.
Malcolm Gunning is the REIA President.
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REIA calls for holistic approach to property taxation: Malcolm Gunning

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EXPERT OBSERVER
Property prices across Australian capital cities fell in the June quarter 2018 with the weighted average median prices decreasing by 0.8 per cent for houses and 0.3 per cent for other dwellings, according to the latest report from the Real Estate Institute of Australia.
The Real Estate Market Facts report shows the weighted average median price for houses for the eight capital cities slid to $765,098 over the quarter, with prices dropping in all capital cities except for Brisbane, Adelaide and Hobart.
The weighted average median price for other dwellings decreased to $590,935 over the quarter, with prices falling in all capital cities except for Melbourne, Brisbane, Hobart and Darwin.
Canberra had the largest fall in house prices and Adelaide had the largest decline in other dwellings. Adelaide has both the lowest median price for houses at $471,000 and the lowest median price for other dwellings at $354,167.
Over the quarter, the median rent for three-bedroom houses increased in Canberra and Darwin, remained steady in Perth and, decreased in Sydney, Melbourne, Brisbane, Adelaide and Hobart. The median rent for two-bedroom other dwellings increased in Canberra and Hobart, remained steady in Perth and decreased in Sydney, Melbourne, Brisbane, Adelaide and Darwin. Hobart had the largest increase while Brisbane had the largest decrease.
The weighted average vacancy rate for the eight capital cities fell to 2.5 per cent during the June quarter indicating a tighter rental market. Canberra has the tightest market with a vacancy rate of 0.8 per cent.
Over the past 12 months, loan numbers have decreased by 3.8 per cent across the country with declines in all states and territories except Tasmania. The largest decrease of 13.6 per cent was in Western Australia.In Sydney and Melbourne – the two cities which have had the largest price increases over the past few years – the drop in loans is attributable to APRA restrictions on investment loans and more stringent home lending criteria.
The June quarter figures reflect reports of a changing dynamic in the market, particularly in the nation’s major cities.
Malcolm Gunning is the REIA President
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Housing prices continue to decline: Malcolm Gunning 

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EXPERT OBSERVATION
The May 2018 housing finance figures released today by the Australian Bureau of Statistics show that the number of loans for housing has continued to decline over the last eight months.
Overall the figures for May 2018 show, in trend terms that the number of owner-occupied finance commitments decreased by 0.7 per cent –the eighth consecutive month of decreases. If refinancing is excluded, in trend terms, the number of owner-occupied finance commitments decreased by 0.6 per cent –the ninth consecutive month since an increase.
In trend terms decreases were recorded in all states and territories except Tasmania, where lending increased by 0.3 per cent. The largest decrease of 1.9 per cent was in the Australian Capital Territory.
The value of investment housing commitments decreased by 1.9 per cent in May in trend terms. The dollar amount approved for the purchase of dwellings by individuals for rent or resale is at the lowest level since February 2016.
In trend terms, the number of established dwellings purchase commitments decreased by 0.6 per cent while the purchase of new dwellings decreased by 0.9 per cent and new dwelling construction fell by 1.5 per cent.
The proportion of first home buyers, as part of the total owner-occupied housing finance commitments, remained unchanged in May at 17.6 per cent.
The continued decline in housing finance confirms the feedback from the market that the APRA restrictions and the fallout from the Royal Commission into Banking have resulted in an extremely cautious approach by lenders.   
Loan applications are now being scrutinised for real costs of living including outgoings such as school fees and use of credit cards. At the same time an ultra conservative approach is being taken by banks with their valuations which means that funds available are below purchaser’s expectations.   
We need to ensure that lending approaches reflect the market rather than set the market which appears to be case at the moment.
Malcolm Gunning is the president of the REIA and can be <a href="https://www.gunningre.com.au/agents/1stf0026/Malcolm-Gunning" target="_blank">contacted here.</a>
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Housing finance numbers confirm market feedback: REIA

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The median house price across Australian capital cities has increased by 4.1 per cent for houses and 2.1 per cent for other dwellings, according to the latest data from the Real Estate Institute of Australia, adding to the debate about housing unaffordability.
The weighted average median house price for the eight capital cities was $743,496, according to the REIA Real Estate Market Facts for the December quarter 2016. 
The REIA had recently said that record low interest rates have failed to ease housing woes, with New South Wales leading the decline in affordability across all states in the December quarter of 2016. The RBA has voiced its concern several times, while the NSW Premier Gladys Berejiklian has said housing affordability is "the biggest issue people have across the state".
REIA president Malcolm Gunning said over the year, the median house price increased in all capital cities except Perth and Darwin, reflecting the differing fortunes of state economies. 
“At $1,134,075, Sydney’s median house price is the highest among the capitals whilst Hobart retains the lowest at $430,000 - the figure is 42.2 per cent lower than the national average,” Gunning said.
“The median price for other dwellings increased to $572,254 as median prices increased in Sydney, Melbourne, Hobart and Darwin.
While Hobart and Adelaide had the lowest median prices over the quarter, Hobart had the largest increase in both the median price for houses at 6 per cent and 11.7 per cent for other dwellings.
Both investor finance and owner-occupied housing finance (excluding re-financing) also showed strong increases of 8.8 per cent and 11.1 per cent respectively, after small decreases in the previous quarter, said the REIA.
“The level of investor activity is not unexpected when you consider that 10-year average annual returns for residential investment property range from a low of 6.5 per cent for houses in Perth to 10.5 per cent for two-bedroom units in Sydney with most returns being around 8 per cent. 
“This tells us why property is favoured above other forms of investment,” Gunning said. 
Median rents for houses during the quarter remained steady or increased in all capital cities except Darwin.  Median rents were steady in Brisbane, Adelaide and Perth. Canberra had the largest increase at 9.5 per cent followed by Hobart with a rise of 6.1 per cent. Median rents for other dwellings remained steady or increased in most capital cities except for Sydney, Perth and Darwin. In Melbourne and Canberra, median rents for other dwellings remained steady.
“The weighted average vacancy rate for the eight capital cities decreased to 2.9 per cent during the December quarter, a decrease of 0.2 percentage points. In most capital cities, the vacancy rates dropped by between 0.1 to 0.2 percentage points. In Hobart, the vacancy rate remained steady while in both Darwin and Canberra it increased. Darwin and Perth continue to have the highest vacancy rates at 7.8 per cent and 6.4 per cent respectively.
 
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Median house prices across capitals up 4 percent in December quarter: REIA

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The Real Estate Institute of Australia in partnership with the Institute of Public Accountants (IPA) has launched a new training course for real estate agents providing advice regarding property as an investment.
REIA President Malcolm Gunning said the RG146 Advice in Real Estate Course designed by IPA and provided through Mentor Education will allow property investment advisers, mortgage brokers, accountants, real estate agents and property developers to discuss the general drivers and considerations associated with a property investment decisions.
“Offering this course to agents is part of a broader strategy to professionalise the industry and to provide clients the level of advice they desire from agents providing a comprehensive service.
“Upon completion of the course, agents will have satisfactorily fulfilled ASIC’s RG146 requirements and will be able to offer general advice on financial products and services.
This will also allow them to provide factual advice on what the products are and what they do,” Mr Gunning said.
Agents undertaking the course will gain a nationally recognised competency to provide factual advice on financial products and services.
Factual advice is defined by ASIC as “objectively ascertainable information whose truth or accuracy cannot be reasonably questioned”.
This compares to general advice which ASIC defines as “advice prepared without taking into account the client's objectives, financial situations or needs.
“ASIC have indicated that successful completion of the RG 146 course would allow agents to conduct seminars, presentations, office and sales meetings and to discuss in general terms other such as Self Managed Superannuation Funds.
However, an agent would need to need to be authorised by an Australian Financial Services licensee to provide this advice or alternatively obtain an AFS licence themselves,” Mr Gunning said.
REIA commenced discussions with IPA regarding the establishment of a tailored course for Real Estate professionals in regard to property advice following a Supreme Court of NSW decision in October 2015 against Park Trent Properties Group Pty Ltd regarding advice real estate agents give particularly as it relates to SMSFs.
An outline of the course together with enrolment details can be found at <a href="https://www.publicaccountants.org.au/reia" target="_blank">https://www.publicaccountants.org.au/reia</a>.
Members of REI’s that are part of REIA will receive a 10 per cent discount.
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REIA launches course for estate agents providing financial advice

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Record low interest rates have failed to ease housing woes, with New South Wales leading the decline in affordability across all states in the December quarter of 2016, according to the Real Estate Institute of Australia.
The proportion of income required to meet loan repayments rose to 30.4 per cent, an increase of 0.9 percentage points over the quarter but a decrease of 1.9 percentage points compared to the corresponding quarter of 2015, according to the Adelaide Bank/REIA Housing Affordability Report.
REIA president Malcolm Gunning said historically low interest rates and modestly rising incomes were unable to offset the increasing size of mortgages, increasing the proportion of the median family income required to meet monthly loan repayments.
“Over the December quarter, affordability declined in all states with New South Wales the least affordable, while Tasmania had the smallest average loan size,” Gunning said. 
"The proportion of first home buyers on the owner-occupier market was the largest in Western Australia.”
Rental affordability also fell during the fourth quarter of 2016 with the proportion of median family income required to meet rent payments increasing 0.2 percentage points to 24.4 per cent. 
Whilst rental affordability declined for the quarter, it was up for the 12 months to December, the report showed. Since mid-2012 rental affordability has been showing a trend improvement, reflecting the pick up in investment in housing from the end of 2011.
Rental affordability for the quarter declined in New South Wales, Victoria, Western Australia, Tasmania and the Australian Capital Territory but improved in Queensland, South Australia and the Northern Territory.
The number of first home buyers increased in all states and territories over the quarter. First home buyers now make up 13.8 per cent of total owner-occupied housing. This rate has been dropping steadily over the past 5 years.
However, the size of the average loan for first home buyers increased by 1.3 per cent over the December quarter to $323,633, but below the peak in the December quarter 2015.
“While the modest increase in first home buyers is welcome news, the increase in the average loan size is concerning. If this trend continues, then the proportion of first home buyers in the market will continue at low rates,” Gunning concluded.
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