<p>Melbourne developer Spacious Group has completed Voyage Altona, one of the closest new apartment developments to Altona Beach.</p>

<p>Off the plan purchasers have started moving into the 49-apartment project on Pier Street, with the remaining move-in-ready one-, two- and three-bedroom apartments starting from just over $500,000.</p>

<p>Display apartments have now been fitted out, allowing prospective buyers to inspect the completed residences by appointment.</p>

<p>[smartcode_project:default project_id=112195 project_image_fid=372638]</p>

<p>The completed apartments feature open-plan living and dining areas which extend onto private balconies and terraces, while full-height glazing maximises natural light throughout the interiors.&nbsp;</p>

<p>Hybrid timber-look flooring, stone benchtops, Miele appliances, porcelain-tiled bathrooms and generous storage feature throughout the building which also features landscaped communal areas, expansive shared terraces, lift access and secure on-grade parking.</p>

<p>Drawing inspiration from its bayside setting, Voyage adopts a restrained palette of warm neutral tones and textured finishes. Many of the apartments take advantage of views across Port Phillip Bay, while the indoor-outdoor living spaces have been designed to make the most of the coastal outlook.</p>

<p>[smartcode_project:default project_id=112195 project_image_fid=3286]</p>

<p>Voyage was developed to address what Spacious Group identified as an undersupply of higher-quality apartment product in Altona, with a focus on owner-occupiers looking to remain within the bayside community.</p>

<p>"Voyage responds to very strong local buyer demand for quality, owner-occupier-focused product," says Barry Plant Projects Director Jarrod Farey, who has handled sales since the project's launch.</p>

<p>"The project delivers an elevated lifestyle proposition, with its design and quality of finish far exceeding anything previously produced in the area, as well as its proximity to Pier Street Village and the beach."</p>

<p>The majority of purchasers have been local downsizers and owner-occupiers looking to stay within the Altona community but who previously had limited opportunities to buy a brand-new apartment.</p>

<p>[smartcode_project_cta:default project_id=112195]</p>


Joel Robinson

Spacious Group completes Voyage Altona in Altona's beachside precinct

<p>Homecorp has secured approval for a $360 million apartment development at Budds Beach, paving the way for one of the Gold Coast's most amenity-rich residential projects to launch later this year.</p>

<p>Gold Coast City Council has approved Lýon Residences, a 32-level tower that will deliver 178 two and three-bedroom apartments across a prominent corner site at 8-10 Acacia Avenue and 25-27 Oak Avenue.</p>

<p>The approval comes as developers continue to invest in premium lifestyle-driven apartment projects on the Gold Coast, where owner occupiers are increasingly prioritising amenity as much as apartment size and location.</p>

<p><a href="https://www.apartments.com.au/new-apartments/l-on-residences-25-27-oak-avenue-surfers-paradise-qld-4217">Lýon Residences</a> has been designed around a resort-style wellness offering, headlined by a Moroccan-inspired spa precinct featuring treatment rooms, a Nordic sauna and steam room, hot and cold plunge pools, a soaking pool and a residents-only juice bar.</p>

<p>The rooftop will include a heated infinity pool and spa, residents' lounge with private kitchen and bar, gymnasium, yoga and Pilates studio, outdoor entertaining areas and barbecue facilities overlooking the Surfers Paradise skyline.</p>

<p><img alt="Lyon" data-entity-type="file" data-entity-uuid="2d3e29af-8793-486e-a684-52cef862241f" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-15%20at%204.32.26%E2%80%AFPM.png?VersionId=ayG2zpLf3SS6Zy8XmKDcQods4kVWb0gm" /></p>

<p>Homecorp Founder and CEO Ron Bakir said Budds Beach provided the ideal location for the company's latest luxury apartment project.</p>

<p>"Budds Beach represents one of the most unique and sought-after pockets of the Gold Coast, and Lýon Residences has been designed to reflect that sense of rarity and refinement," Bakir said.</p>

<p>The project arrives as wellness continues to become a defining feature of new residential developments both in Australia and internationally.</p>

<p>The latest Global Wellness Institute figures show wellness real estate remains the fastest-growing segment of the global wellness economy and is forecast to exceed $1.8 trillion by 2030. Australia continues to rank among the world's 15 largest wellness real estate markets, with developers increasingly integrating health, recreation and community facilities into apartment projects.</p>

<p>Queensland is also experiencing strong population growth, with the Gold Coast continuing to outperform many other Australian cities as demand for new housing remains elevated ahead of the 2032 Olympic and Paralympic Games.</p>

<p>Bakir said the project had been designed to respond to that shift in buyer expectations.</p>

<p>"Strong population growth and sustained demand across the Gold Coast continue to highlight the need for well-designed new housing supply. Lýon Residences responds directly to this demand while setting a new benchmark for residential living," he said.</p>

<p>Each apartment has been designed to maximise views across the coastline, the Nerang River and the Gold Coast hinterland.</p>

<p>Located just minutes from Surfers Paradise beach and the Broadwater, the development also offers easy access to the light rail network, Broadbeach and Burleigh Heads.</p>

<p>Early site works are underway, with construction expected to commence later this year.</p>


Homecorp approved for Budds Beach apartment tower, Lýon Residences

<p>New apartment developments with uninterrupted, north-facing views over Perth's Swan River are exceptionally rare.</p>

<p>Recognising just how limited those opportunities are, <a href="https://www.apartments.com.au/developers/edge-visionary-living">Edge Visionary Living</a>, one of Perth's most respected builder-developers, targeted <a href="https://www.apartments.com.au/developments/applecross-wa-6153">Applecross</a>, assembling an unrepeatable 6,342 sqm riverfront site on the corner of Moreau Mews and Canning Beach Road to create one of Perth's only new north-facing apartment developments directly overlooking the Swan River.</p>

<p>Today, <a href="https://www.apartments.com.au/buildings/riviere-residences-applecross-59-canning-beach-road-applecross-wa-6153">Rivière Residences</a> offers buyers a unique opportunity to choose between completed residences ready to move into now and off-the-plan homes in the final stage, Rivière West.</p>

<p>[smartcode_project:default project_id=28384 project_image_fid=3823]</p>

<p>Across the completed East and Central buildings, residents are already enjoying the development's luxury amenity, while two of the precinct's hospitality venues are now open.</p>

<p>The completed component of the development gives buyers the advantage of experiencing the finished product firsthand, including its uninterrupted river views, while still having the opportunity to secure a residence in the final stage.</p>

<p>"People are wowed by the view and the quality of the apartments,"&nbsp;Edge Visionary Living Sales Executive, Holly McSweeney, says.</p>

<p>"They're looking for the convenience of lock-and-leave living, but they're not looking to downsize on quality."</p>

<p>[smartcode_project:default project_id=28384 project_image_fid=3826]</p>

<p>The rarity of the development hasn't been lost on prospective buyers, McSweeney says.</p>

<p>For McSweeney, it all comes back to a location that is becoming increasingly difficult to replicate.</p>

<p>"Location, location, location," she says. "We are nestled right on the front of the Swan River. You can never get built out, so wherever you are in Rivière Residences, you've got views of the river forever."</p>

<p>The unique waterfront position has resonated particularly strongly with local downsizers. McSweeney says many buyers are long-time Applecross residents looking to transition from large family homes into a luxury apartment without sacrificing space, quality or the lifestyle they've enjoyed for decades.</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/N_FowNW0wu8?si=vb25XFq1wZ-iufAW" title="YouTube video player" width="560"></iframe></p>

<p>A major focus for Edge in recent years has been resident amenity. Across its apartment portfolio, from beachfront developments in Scarborough to luxury towers in South Perth, the developer has increasingly invested in the spaces beyond the apartment itself.</p>

<p>The strategy has largely been shaped by downsizer demand. Many buyers are moving from large family homes with swimming pools and established gardens. While they're looking to leave the maintenance behind, they don't want to compromise on lifestyle.</p>

<p>At Rivière, <a href="https://www.apartments.com.au/architects/hillam-architects">Hillam Architects</a> designed the resident facilities as an extension of each apartment. A 25-metre heated swimming pool takes advantage of the north-facing river outlook, complemented by a large gym, sauna and steam rooms, private dining spaces, residents' lounges, a cinema, games room, and dedicated wine and whisky rooms.</p>

<p>[smartcode_project:default project_id=28384 project_image_fid=372542]</p>

<p>The waterfront location has also proved to be a major drawcard. Residents are within walking distance of the Raffles Hotel, South of Perth Yacht Club, the Heathcote Cultural Precinct and the cafés, restaurants and boutiques along Ardross Street.</p>

<p>Beyond the location and amenity, McSweeney says many buyers take confidence from Edge's fully integrated development model.</p>

<p>Having delivered apartments across Perth for decades, Edge now designs, develops and constructs its projects in-house, giving the company greater control over quality, delivery and the finished product.</p>

<p>"What I love is when people walk through their apartment for the first time and say, 'This is better than what we imagined,'" McSweeney says. "We hear that all the time."</p>

<p>Completed apartments in the East and Central buildings are now available to inspect by appointment, while Rivière West, the final stage of the precinct, is expected to be completed in the first quarter of 2027.</p>

<p>[smartcode_project_cta:default project_id=28384]</p>


North-facing Swan River views drive demand at Rivière Residences in Applecross

<p>Nearly 60 per cent of apartments at McNab Group's $220 million The Tannery development in Brisbane's West End have sold ahead of the project's public launch, including a suburb-record $2.57 million sale for a two-bedroom apartment.</p>

<p>The early sales campaign has secured buyers for 50 of the project's 87 apartments, highlighting continued demand for larger owner-occupier apartments that combine generous floorplans with premium lifestyle amenities in one of Brisbane's most tightly held inner-city suburbs.</p>

<p>[smartcode_project:default project_id=143337 project_image_fid=374768]</p>

<p>McNab Group Executive Chairman Michael McNab said selling more than half the project before launch reflected changing buyer expectations.</p>

<p>"Selling more than half the project before public sales open tells us buyers are actively seeking apartments that offer something genuinely different," McNab said.</p>

<p>"Today's buyers are looking beyond four walls. They want homes that genuinely enhance the way they live, with spaces that support health, connection and everyday wellbeing."</p>

<p>[smartcode_project:default project_id=143337 project_image_fid=374767]</p>

<p>A key point of difference for the project is the adaptive reuse of the heritage-listed Dixon's Tannery building, which will become The Retreat, a residents-only wellness precinct rather than being redeveloped into additional apartments.</p>

<p>The Retreat will feature a sauna and steam room, hot and cold plunge pools, a commercial-grade gym, Pilates studio, cinema, library, co-working spaces and private dining room. Rooftop amenities will include a swimming pool, landscaped gardens, outdoor entertaining areas and dog-friendly spaces.</p>

<p>[smartcode_project:default project_id=143337 project_image_fid=374760]</p>

<p>Designed by Cottee Parker Architects with interiors by Tom Mark Henry and landscape architecture by Aspect Studios, The Tannery comprises 87 two, three and four-bedroom apartments across 11 levels overlooking the Brisbane River.</p>

<p>Cottee Parker principal Dee Passenger said preserving the original tannery building had been central to the project's design.</p>

<p>"The easy option would have been to maximise the site's development potential with additional apartments. Instead, McNab has chosen to preserve the original tannery as a shared wellness retreat, ensuring this important piece of Brisbane's history remains at the heart of the community."</p>

<p>Passenger said sustainability also played a key role in the design, with materials from the original industrial site salvaged and repurposed throughout the development.</p>

<p>[smartcode_project:default project_id=143337 project_image_fid=374761]</p>

<p>Motiv CEO Carly Cottam said buyers had responded strongly to the combination of larger apartments, wellness facilities and the West End lifestyle.</p>

<p>"We are seeing more buyers looking for homes in the sky that provide the space and functionality of a traditional home, while benefiting from the convenience and lifestyle that apartment living brings," Cottam said.</p>

<p>She said purchasers included both owner occupiers and investors, with demand coming from local buyers as well as interstate purchasers.</p>

<p>Coinciding with the public launch, McNab also announced a partnership with Queensland Ballet, whose neighbouring Thomas Dixon Centre shares historical ties with the original Dixon family.</p>

<p>Located on a 4,465 sqm site at 439 Montague Road, The Tannery overlooks the Brisbane River and is around 10 minutes from the CBD.</p>

<p>Construction is underway, with completion expected in the second half of 2027.</p>

<p>[smartcode_project_cta:default project_id=143337]</p>


More than half of residences sold before public sales as McNab announces significant partnership with Queensland Ballet

McNab's The Tannery nears 60 per cent sold before public release, sets two-bedroom West End record

<p>Iwan Sunito's vision for a landmark mixed-use precinct in Sydney's Inner West has taken a major step forward, with approval granted for the $1.9 billion Five Dock development first unveiled earlier this year.</p>

<p>The approved scheme by <a href="https://www.apartments.com.au/developers/one-global-capital">One Global Capital</a> will deliver an 80,500 sqm mixed-use precinct comprising 840 apartments, integrated hotel accommodation, commercial and retail space, alongside publicly accessible open space designed to create a new destination for the growing suburb.</p>

<p>"This is a significant milestone for One Global Capital and for the future of housing delivery in Sydney," Sunito said.</p>

<p>"The Housing Delivery Authority was established to identify major housing projects capable of delivering meaningful supply more efficiently, and we are delighted that Spencer Street has been recognised as one of those projects.”</p>

<p>He said the declaration reflected the rapid progress achieved since acquiring control of the site.</p>

<p>"In less than seven months we have progressed from taking control of the site to securing entry into one of the NSW Government's most important planning pathways. It reflects the experience of our team, the strength of our consultant group led by Urbis, and our long-term commitment to delivering transformational projects that contribute to Sydney's future."</p>

<p>When the project was revealed earlier this year, Sunito described the opportunity as one of the strongest development sites he had worked on.</p>

<p>"I probably hadn't appreciated the uniqueness of the site until more recently when putting together the concept plans," Sunito said.</p>

<p>"The proximity to the water, and the golf course opposite, is unlike any other part of Parramatta Road. We have a unique position and view corridors over the water that makes this one of the best sites I've worked on."</p>

<p>The development has evolved since its initial announcement, with the approved plans increasing the residential component from the originally proposed 750 apartments to 840 homes while retaining the project's focus on creating an integrated neighbourhood rather than a standalone residential development.</p>

<p><em>Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/a-city-within-a-city-iwan-sunito-flags-1-5-billion-mixed-use-precinct-in-five-dock">"A city within a city": Iwan Sunito flags $1.5 billion mixed-use precinct in Five Dock</a></em></p>

<p>The precinct will combine apartments with hotel accommodation, commercial workplaces, retail offerings and public spaces, creating a mixed-use environment intended to serve both residents and the broader Five Dock community. The proposal also continues the collaboration between One Global Capital and internationally recognised architect <a href="https://www.apartments.com.au/architects/koichi-takada-architects">Koichi Takada</a>, whose previous work with Sunito includes Infinity, Arc and Skye North Sydney.</p>

<p>Takada previously said the design was driven by a philosophy of integrating nature into the built environment.</p>

<p>"The concept for this development is born from our design approach to naturalising architecture," Takada said.</p>

<p>"The public realm benefits from biophilic design that integrates generous landscaping, and the development is optimised for natural daylight, airflow and water views to foster wellbeing, sustainability and spaces that foster community interaction."</p>

<p>Sunito has consistently described the project as a "city within a city", with a strong emphasis on creating a destination that extends beyond housing.</p>

<p>"We want to create a development that's not only to be seen, but to be experienced by the whole local community," he said.</p>

<p>The approval comes as Five Dock continues its transformation ahead of the opening of the Sydney Metro West line, with the new Five Dock station set to significantly improve connections between the Inner West, Parramatta and the Sydney CBD.&nbsp;</p>

<p>The precinct will also benefit from its proximity to the Parramatta Road corridor, nearby waterfront parklands and established retail and dining offerings that have made Five Dock one of Sydney's most tightly held Inner West suburbs.</p>


Iwan Sunito secures approval for $1.9 billion Five Dock mixed-use precinct

Renovations

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<div>Total construction work done declined by a further 1.9 percent in the June 2016 quarter to $47.8 billion, to be 7.9 percent lower over the year. </div>
<div> </div>
<div>The result was driven by another 5.1 percent decline in engineering construction in the quarter - largely mining related - to leave this component down by 24.9 percent year-on-year.</div>
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<div><a href="/images/2016/08/25/A2.jpg" target="_blank">Click to enlarge</a></div>
<div><img src="/images/2016/08/25/A2.jpg" alt=""></div>
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<div>The building boom, on the other hand, continues apace. </div>
<div> </div>
<div>Although there has been a solid increase in alterations and additions (major renovations) lately, record building activity through this cycle has been overwhelmingly been driven by "other residential" building, specifically units, apartments, and townhouses.  </div>
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<div><a href="/images/2016/08/25/A3.jpg" target="_blank">Click to enlarge</a></div>
<div><img src="/images/2016/08/25/A3.jpg" alt=""></div>
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<div><strong><span style="text-decoration: underline;">Mining cliff now 4 years old</span></strong></div>
<div> </div>
<div>Next month it will be fully four years since the so-termed "mining cliff" began. </div>
<div> </div>
<div>Interestingly engineering construction work done increased in the June 2016 quarter in Queensland, where most of the retracement has already taken place, while activity has actually trended up strongly in New South Wales and Victoria over the past year. </div>
<div> </div>
<div>I've long been warning that Western Australia would have to take its medicine sooner or later, and the reality check kicked in this quarter, with engineering construction crashing down to be some 48 per cent lower than one year ago. </div>
<div> </div>
<div>These figures confirm what has no doubt been obvious on the ground for some time - that the local economy is doing it tough as it passes through this painful slowdown period.</div>
<div> </div>
<div class="separator"><a href="/images/2016/08/25/A1.jpg" target="_blank">Click to enlarge</a></div>
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<div class="separator"> </div>
<div>Engineering construction work done has also fallen substantially in the Northern Territory over the last six quarters, including by a further 28 per cent over the past year, with only the massive Ichthys LNG project is holding this result aloft.</div>
<div> </div>
<div class="separator">The good news is that the decline in engineering construction is now thought to be around 80 percent complete, meaning that sooner or later this will stop being such a drag on the economy. </div>
<div class="separator"> </div>
<div class="separator">In fact, in New South Wales, Victoria, and now Queensland, it already has. </div>
<div class="separator"> </div>
<div class="separator"><strong><span style="text-decoration: underline;">Record building boom continues</span></strong></div>
<div class="separator"> </div>
<div class="separator">The building boom and its associated multiplier effect has largely benefited the largest capital cities.</div>
<p><a href="/images/2016/08/25/A4.jpg" target="_blank">Click to enlarge</a></p>
<p><img src="/images/2016/08/25/A4.jpg" alt=""></p>
<div>New house building, while still increasing steadily in Victoria, Queensland, and South Australia, appears to have peaked for this cycle nationally.</div>
<p><a href="/images/2016/08/25/A5.jpg" target="_blank">Click to enlarge</a></p>
<div class="separator"><img src="/images/2016/08/25/A5.jpg" alt=""></div>
<div class="separator"> </div>
<div>On the other hand the value of construction work done on attached dwellings was still tracking at record levels in the June quarter. </div>
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<div><a href="/images/2016/08/25/A6.jpg" target="_blank">Click to enlarge</a></div>
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<div>
<strong><span style="text-decoration: underline;">The wrap</span></strong><br><br>Residential building activity was still running at full pelt through the second quarter of the year, pushing up building costs in cities such as Sydney.<br><br>The Housing Industry Association (HIA) announced today that it believes that new home building will now decline for the next three years, with annual commencements falling from a peak of over 232,500 dwellings to 166,500 in 2018/19, with some downside risks to the forecast.</div>
<div> </div>
<div>The good news is that engineering construction will have already stopped falling significantly over the next 18 months.<br><br>Ichthys aside, most of the project-driven declines have now washed through the figures outside Western Australia.<br><br>Analysts expect to see moderate GDP growth in the second quarter of calendar year 2016 with net exports not making much of a contribution this time around.<br><br>On balance, though, the planned hand-off has been pulled off very well, with Australia now getting close to the bottom of its mining cliff.<br><br>Although resources regions have felt the pain, the largest capital cities have by and large pulled through relatively unscathed. </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>
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pwargent-M4siyDbqQY

Record building boom continues: Pete Wargent

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<p>Renovations to the Sydney Opera House by the NSW Government will feature a new function centre and other upgrades as part of the state government's $202 million Renewal project.</p>
<p>Proposed upgrades include the Function Centre, relocation of the existing Ballet Rehearsal Room, removal of the marquee on the Northern Boardwalk, and installation of removable bollards and umbrellas on the Northern Boardwalk.</p>
<p>Ben Lusher, Director, Key Sites Assessments, said the upgrades will not adversely impact the heritage fabric of the Sydney Opera House.</p>
<p>“The Department has considered the issues raised through community consultation as well as comments provided by NSW Heritage. Ensuring the heritage of one of Australia’s most iconic buildings is a key priority, so we have recommended a heritage consultant be engaged throughout the construction stages of the development,” he said.</p>
<p>“The heritage consultant would oversee the works to the interior walls and ensure significant fabric of the building is preserved, restored or removed appropriately.</p>
<p>“The Sydney Opera House upgrades will also see The Australian Ballet’s existing secondary rehearsal room relocated with improved facilities, and a new production kitchen to support the Function Centre, installed in its place.</p>
<p>“The upgrades will help make one of Australia’s most iconic landmarks a more functional space and allow even more people to enjoy the facilities of the Sydney Opera House.” </p>
<p>Development works are valued at $16.7 million.</p>
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jonathanchancellor-7SQnKwU6yx

Green light for Sydney Opera House renovations

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<p>GUEST OBSERVER</p>
<p>Total new lending commitments (housing, personal, commercial and lease finance) fell by 3.1 per cent in May to a 3-month low. Commitment are down 0.5 per cent over the year.</p>
<p>Trends: In trend terms, loans for alterations and additions of homes (renovations) hit 7-year highs. Personal loans hit a 141⁄2-year low in May. Annual lending to buy land hit record highs.</p>
<p>Airfares: In smoothed terms, discount airfares are up by 6.2 per cent on a year with restricted economy fares up 4.9 per cent and business airfares up 2.5 per cent.</p>
<p>Chinese trade: In June, exports were up 11.3 per cent on a year ago (forecast +8.7 per cent). Imports were up 17.2 per cent (forecast +13.1 per cent). The trade surplus rose from US$40.81 billion to US$42.77bn.</p>
<p>The lending figures have implications for builders, housing-reliant businesses, finance providers, retailers, and companies dependent on consumer and business spending. The Chinese trade data can affect currency markets and provide insights for exporters and importers.</p>
</div>
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<p>What does it all mean?</p>
<p>New data shows that renovation loans hit 7-year highs in trend terms in May, suggesting that more people have decided to stay put and add extra rooms or revamp kitchens and bathrooms. Still others may be sprucing up their homes for sale, following the advice on TV makeover shows. Whether it is the purchase of a new property or updating an existing abode, the family home is the centre of the universe.</p>
<p>While some have been taking out bigger loans to buy homes, it is clear that consumers more generally are paring back other forms of debt. Figures out yesterday show that credit card debt continues to shrink when compared with a year ago and non-housing loan commitments are at the lowest levels for over 14 years. High and rising debt tends to get plenty of coverage, not so the more conservative attitude to debt which is actually the more dominating trend.</p>
<p>If consumer balance sheets were in such bad shape, more Aussie would be speaking to banks about consolidating or refinancing existing debt. Rather, debt consolidation and refinancing accounts for just 20 per cent of personal lending commitments – a 16 1⁄2-year low.</p>
<p>Inflation is starting to creep back into consciousness. New data shows airfares are lifting with discount fares over six per cent higher on a year ago. And the Melbourne Institute reported today that its measure of inflation expectations ((30-percent trimmed mean measure), rose to a 4-year high of 4.4 per cent in July.</p>
<p>What do the figures show?</p>
<p>Lending Finance:</p>
<p>Total new lending commitments (housing, personal, commercial and lease finance) fell by 3.1 per cent in May to a 3-month low. Commitment are down 0.5 per<br> cent over the year.</p>
<p>All housing finance rose by 3.1 per cent in May with construction and purchase up 2.9 per cent and alterations and additions up 10.1 per cent.<span style="font-size: 12.16px;"> </span></p>
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<p>In trend terms, loans for alterations &amp; additions hit 7-year highs in May.</p>
<p>Commercial finance fell by 6.4 per cent in May after falling 6.1 per cent in April and rising by 14.2 per cent in March. Within commercial commitments, fixed lending fell by 4.9 per cent while revolving credit fell by 12.5 per cent. Commercial loans are up 0.4 per cent on a year ago.</p>
<p>Personal finance fell by 0.5 per cent in May – the fifth straight decline. Fixed lending commitments rose by 1.2 per cent, while revolving credit commitments fell by 3.1 per cent. Personal loans are down 18.4 per cent on a year ago. In trend terms personal loans are at 141⁄2-year lows.</p>
<p>Lease finance rose by 1.1 per cent in May to stand 25.4 per cent higher over the year.</p>
<p>Chinese trade:</p>
<p>In June, exports were up 11.3 per cent on a year ago (forecast +8.7 per cent). Imports were up 17.2 per cent (forecast +13.1 per cent). The trade surplus rose from US$40.81 billion to US$42.77 billion.</p>
<p>Airfares:</p>
<p>The Bureau of Infrastructure, Transport and Regional Economics (BITRE) reports that business class airfares fell by 0.1 per cent in July after falling 0.9 per cent in June. Business class airfares still stand 2.2 per cent higher than a year ago. In smoothed terms, business class airfares are up 2.5 per cent on the year.</p>
<p>“Restricted economy” airfares rose by 1.9 per cent in July after lifting 0.8 per cent in June. Restricted economy airfares are up 5.8 per cent on a year ago – the strongest growth in 18 months. In smoothed terms, restricted economy fares were up by 4.5 per cent on a year ago – the strongest growth in 17 months.</p>
<p>Discount fares fell by 2.3 per cent in July after falling by 4.9 per cent in June and rising by 8.3 per cent in May. Clearly discount fares have been volatile in recent months. Discount fares are up 5.9 per cent over the year. In smoothed terms (13 month moving average), discount fares are up 6.2 per cent.</p>
<p>Inflation expectations:</p>
<p>According to the Melbourne Institute Survey of Consumer Inflationary Expectations, the expected inflation rate (30-per cent trimmed mean measure), rose by 0.8 percentage points to 4.4 per cent in July from 3.6 per cent in June.</p>
<p>What is the importance of the economic data?</p>
<p>Lending Finance is released monthly by the Bureau of Statistics and contains figures on new housing, personal, commercial and lease finance commitments. The importance of the data lies in what it reveals about the appropriateness of interest rate settings, confidence and spending levels in the economy.</p>
<p>China’s National Bureau of Statistics releases its monthly economic statistics around mid-month. Quarterly GDP data is released around the 19th of January, April, July and October. China’s Customs Office releases trade data, and the People’s Bank of China releases financial statistics, around the 10th of each month. China is </p>
<p>Australia’s largest trading partner and changes in the Chinese economic have major implications for the Aussie economy.</p>
<p>The Bureau of Infrastructure, Transport and Regional Economics (BITRE) releases regular aviation data. The BITRE releases the Australian Domestic Airline Activity publication each month as well as the Domestic Air Fares publication. The data provides insights on airline activity as well as trends in the broader Australian economy. If more people are flying, then it suggests businesses are more active and/or consumers are more confident.</p>
</div>
<div class="column"><span style="font-size: 12.16px;"> </span></div>
<div class="column"><a href="https://www.propertyobserver.com.au/images/2017/07/14/Screen%20Shot%202017-07-14%20at%208.14.04%20AM.png" target="_blank"><span style="font-size: 12.16px;">Click to enlarge</span></a></div>
<div class="column"><span style="font-size: 12.16px;"><img src="https://www.urban.com.au/images/2017/07/14/Screen%20Shot%202017-07-14%20at%208.14.04%20AM.png" alt=""></span></div>
<div class="column">
<p>What are the implications for interest rates and investors?</p>
<p>Consumers and businesses aren’t keen to take on new debt. The main exceptions being loans to buy or renovate homes or to buy a new or used car. In total though, personal lending is the lowest in 141⁄2 years. And for the past six months both commercial and lease loans have been shrinking when compared with a year ago.</p>
<p>Inflation is starting to return to our consciousness. While it is still early days, it is a trend worth watching as higher inflation rates naturally mean higher cash rates.</p>
<p>The latest Chinese data is encouraging with both exports and imports well up on a year ago and the trade surplus expanding as well as beating forecasts. China is Australia’s largest trading partner and a strong Chinese economy is in our interests. </p>
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<div class="column"><span style="font-size: 12.16px;"> </span></div>
<div class="column">
<p class="p1"><span class="s1"><em>Craig James is the chief economist at </em><a href="https://www.comsec.com.au/default.aspx"><span class="s2"><em>CommSec</em></span></a><em>.</em> </span></p>
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Renovation loans at 7-year high: Craig James

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<p>GUEST OBSERVER</p>
<p>When renovating for profit, never rely on a selling agent’s estimate of renovated value.</p>
<p>Buyers should do their own research to establish the ceiling price of fully-renovated properties in the suburbs they are looking to buy.</p>
<p>You can’t rely on selling agents to give you an accurate estimate of the renovated value of a property.</p>
<p>Not only is it in their nature to be very bullish with sale prices as no one wants to list their property for sale with a pessimist; it’s also in their clients’ financial interest for them to be bullish.</p>
<p>They want to paint the property in the best possible light to encourage you to make an offer on it. </p>
<p>The other problem is that it’s also an unqualified estimate as they may interpret what you intend to do with the property as more high end than you are actually planning.</p>
<p>Many property experts are predicting that unrenovated houses will be the most sought-after property purchases in 2017 as buyers shy away from an oversupply of new apartment buildings.</p>
<p>Those properties in need of renovation will be even more popular this year especially if they are livable, allowing DIY renovators to move in and reside onsite whilst undertaking renovation works over time.</p>
<p>When you’re renovating for profit, adding value is the name of the game.</p>
<p>Unfortunately you can’t add unlimited value to a property because there is a limit as to what the market will pay no matter how good it looks.</p>
<p>Once a home has reached its ceiling price for the accommodation it offers, buyers will not pay more.</p>
<p>When you’re undertaking comparable market analysis you need to establish the ceiling price of fully renovated properties that are similar to the ones you’re targeting.</p>
<p>Be mindful of the top values and resist the temptation to overspend.</p>
<p>Tips when searching for an unrenovated property:</p>
<ol>
<li>Get to know the price difference between renovated and unrenovated properties in your chosen area so you know what you can spend and still not overcapitalise.</li>
<li>Find out which streets to avoid and the unique pockets that attract higher prices.</li>
<li>Understand the value of desirable features: parking, views, proximity to shops, schools, parks and public transport.</li>
<li>Get lots of ideas for improvements for your property by looking at the features of other homes that are for sale.</li>
</ol>
<p><em> </em></p>
<p><em>Patrick Bright is the Director of buyer’s agency EPS Property Search and can be contacted <a href="https://www.epspropertysearch.com.au" target="_blank">here</a>.</em></p>
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Never rely on a selling agent's estimate of renovated value: Patrick Bright

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<p><span>GUEST OBSERVER</span></p>
<p><span>Homeowners are electing to undertake renovations rather than sell their properties in an attempt to avoid stamp duty.</span></p>
<p><span>The number of property transactions had hit a four year low for the month of October 2016 according to data from the NSW Office of State Revenue. </span></p>
<p><span>The number of Land Related Transactions transactions in October 2016 was 17,312, almost 12 percent less than the same period last year and at levels last seen in 2012. </span></p>
<p><span>There were 55,745 transactions for the first 3 months of the 2016/2017 financial year down 7 percent on 2015/2016. The fall in transactions saw a decline in government revenue of more than 4 percent to $2.0643 billion. </span></p>
<p><span>Latest building approval data from the ABS highlights what we had been suspecting for some time, homeowners are electing to renovate and add value to their properties rather than throwing money away though stamp duty associated with purchasing a new home. </span></p>
<p><span>It is time for the NSW government to recognise this trend and review stamp duty levels. It is totally unacceptable that the government has allowed stamp duty levels to remain unchanged for 30 years. </span></p>
<p><span>A review of stamp duty rates would result in more transactions and would benefit not only residents of NSW but would act to increase revenues that are currently in decline.</span></p>
<p><em>John Cunningham is president, REINSW and can be contacted <a href="https://www.reinsw.com.au/imis15_Prod/web" target="_blank">here</a>. </em></p>
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Stamp duty hampers property transactions: REINSW

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<p>The talented Three Birds team - who got together as their husbands once played for the Parramatta Eels - have secured the sale of their fifth residential renovation project.</p>
<p>It is a little home in Baulkham Hills that sold at $1.35 million earlier this month.</p>
<p>The Oakland Avenue house was bought by the team - Lana Taylor, Bonnie Hindmarsh and Erin Cayless - for $922,500 in May. </p>
<p>After nine weeks, the former fibro suburban house was transformed into a cottage-style home with extension.</p>
<p>It was marketed by Jane Booty at Century 21 as a "lust-worthy home with unparalleled street appeal."</p>
<p>It sold to a young couple from Strathfield who have family nearby.</p>
<p>"The couple are as gorgeous as the house… it’s a perfect fit," Booty said.</p>
<p>The Three Birds Renovations have worked their makeover magic previously at Northmead, Castle Hill and Beecroft since kicking off their new career in mid-2014.</p>
<p>Lana Taylor, Bonnie Hindmarsh and Erin Cayless had long spent time on the NRL game day sidelines, exchanging tips about paint colours, carpet samples and new bathrooms while their husbands Jason, Nathan and Nathan ran around for the Parramatta Eels.</p>
<p>The trio are planning on renovating three homes a year in The Hills district.</p>
<p>The Baulkham Hills offering came with a new designer style kitchen and a bathroom, featuring the striking black freestanding bathtub from Caroma.</p>
<p>Outside they added a tiered deck, with new alfresco area overlooking the landscaped rear gardens.</p>
<p>The project was watched by their more than 90,000 dedicated followers on Facebook and Instagram. They also filmed their own digital show in partnership with realestate.com.au.</p>
<p>The fibro had been owned by the Coddington family, who tragically lost two sons — Tim and Sam — in a plane crash while on a surfing holiday in Manila in 2002.</p>
<p>Their mother approached Bonnie when she wanted to sell the home and asked them to purchase it and bring it back to life. </p>
<p>It's back story had Bonnie Hindmarsh engaged to the seller's son, Sam who passed away on a surfing trip when he was in his 20s. </p>
<p><em>This article was first published in the Sunday Telegraph.</em></p>
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Three Birds Renovations score Baulkham Hills flip success 

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<p>Laing O’Rourke Australia has won a competitive tender for Early Contractor Involvement (ECI) in the Sydney Opera House’s Stage 1 Building Renewal program, which comprises $250 million of projects to be carried out over the next five years.</p>
<p>The program is the largest package of works since the Opera House opened in 1973. It includes upgrades to the Opera House‘s two largest internal performance spaces, the Concert Hall and Joan Sutherland Theatre, as well as upgrades to the entry and foyers and new creative learning and function centres.</p>
<p>Under the ECI contract, Laing O’Rourke will work with the Opera House and its design teams to ensure the program is as efficient as possible and provides the best value for money. </p>
<p>Sydney Opera House chief executive officer Louise Herron said the first project to reach construction will be the upgrade of the Joan Sutherland Theatre.</p>
<p>This theatre will be closed from May to December 2017 to replace its end of life equipment.</p>
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Laing O'Rourke secures Opera House works contract

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<p>The NSW Deputy Premier and Minister for the Arts, Troy Grant has unveiled working designs for the largest program of upgrades to the Opera House since it opened in 1973.</p>
<p>Some 8.2 million visit each year, but the precinct will need to be closed for around 18 months as the NSW Government has committed $202 million from the renewal plans.</p>
<p>They will:</p>
<ul>
<li>Upgrade the acoustics, accessibility, efficiency and flexibility of the Opera House’s largest internal performance space, the Concert Hall, which hosts world-leading classical and contemporary musicians, speakers and other performers;</li>
<li>Transform office space into a new Creative Learning Centre, a dedicated place for children, families and young people;</li>
<li>Remove the existing intrusive marquee from the Northern Broadwalk, and build a premium Function Centre within the building envelope, with spectacular views of the harbour; and</li>
<li>Create a welcoming, car-free entrance under the Monumental Steps, and improve access to a more comfortable and inviting main foyer.</li>
</ul>
<p>Australia’s premier tourist destination and performing arts centre, the Opera House contributes $775 million annually to the NSW economy and has a national-identity value of $4.6 billion, according to Deloitte Access Economics.</p>
<p>Jan Utzon, architect and member of the Opera House’s Eminent Architects Panel (EAP), said his father believed the building would need to change over time to meet the requirements of the day, while retaining the integrity of its architecture.</p>
<p>“When my father was re-engaged to look into the Opera House, he realised it was necessary to look at the Opera House with new eyes,” said Mr Utzon, who worked with his father after Jørn’s re-engagement in 1999. “He realised times had changed and that a functioning arts centre will always need to adapt to the culture of the moment.”</p>
<p>The largest of the four NSW Government-funded projects, the Concert Hall upgrade is expected to take 18 months to complete. Construction will begin in mid-2019 and the hall will reopen with the SSO’s 2021 season.   </p>
<p>For more information see: <a href="https://sydneyoperahouse.cmail19.com/t/r-l-wtltrut-hjiyfudly-i/">sydneyoperahouse.com/renewal</a></p>
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Sydney Opera House set for 18 month closure

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<p>The upkeep and maintenance of rental properties by tradespeople and maintenance workers is directly related to the tax offset of "Other Rental Deductions" according to Nicholas Proud, principal, Property and Construction Analytics Australia.</p>
<p>He said the most recent ATO Taxation data saw Other Rental Deductions soar to $18.376 billion for 2013-14 which via negative gearing drives repairs and maintenance activity in such a way that should see tradies taking more than a casual interest in the result of the July 2 election.</p>
<p>“Outside of council rates, water charges , travel and insurances there are a lot of plumbers, sparkies, chippies and other asset maintenance workers such as cleaners, gardeners and handymen whose work makes up this Other Rental Deductions figure that can be claimed by property owners at tax time," he said.</p>
<p>“Unlike any election before the value of this type of work assisted by negative gearing concessions is at record levels.</p>
<p>“In contrast to other elections, annual Other Rental Deductions in 1996 sat at $4.55 billion at the time of the election of the Howard Government, it has risen by $13.83 billion per annum since then. Even more recently, since the 2007 election of the Rudd Government the annual value of Other Rental Deductions declared has increased by $6.82 billion.</p>
<p>“What hasn’t been factored into account really is the impact on those smaller handy trades that comprise a significant part of the property and construction workforce if the negative gearing concession is changed or quarantined to new dwellings only.</p>
<p> </p>
<table border="1" cellspacing="0" cellpadding="0"><tbody>
<tr>
<td valign="top" width="156">
<p><strong>Taxable Income</strong></p>
</td>
<td valign="top" width="100">
<p><strong>Other Rental Deductions</strong></p>
</td>
<td valign="top" width="89">
<p><strong>Other Rental Deductions No.</strong></p>
</td>
<td valign="top" width="63">
<p align="center"><strong>Average Deduction</strong></p>
</td>
<td valign="top" width="64">
<p align="center"><strong>%</strong></p>
</td>
</tr>
<tr>
<td valign="top" width="156">
<p>Less than or equal to $18,200</p>
</td>
<td valign="top" width="100">
<p>$2,253,074,560</p>
</td>
<td valign="top" width="89">
<p>277,693</p>
</td>
<td width="63">
<p align="right">$8,114</p>
</td>
<td width="64">
<p align="right">14%</p>
</td>
</tr>
<tr>
<td valign="top" width="156">
<p>$18,201 to $37,000</p>
</td>
<td valign="top" width="100">
<p>$2,325,522,579</p>
</td>
<td valign="top" width="89">
<p>314,028</p>
</td>
<td width="63">
<p align="right">$7,405</p>
</td>
<td width="64">
<p align="right">16%</p>
</td>
</tr>
<tr>
<td valign="top" width="156">
<p>$37,001 to $80,000</p>
</td>
<td valign="top" width="100">
<p>$5,632,316,431</p>
</td>
<td valign="top" width="89">
<p>702,735</p>
</td>
<td width="63">
<p align="right">$8,015</p>
</td>
<td width="64">
<p align="right">35%</p>
</td>
</tr>
<tr>
<td valign="top" width="156">
<p>$80,001 to $180,000</p>
</td>
<td valign="top" width="100">
<p>$5,686,914,423</p>
</td>
<td valign="top" width="89">
<p>575,554</p>
</td>
<td width="63">
<p align="right">$9,881</p>
</td>
<td width="64">
<p align="right">29%</p>
</td>
</tr>
<tr>
<td valign="top" width="156">
<p>$180,000 or more</p>
</td>
<td valign="top" width="100">
<p>$2,479,123,491</p>
</td>
<td valign="top" width="89">
<p>149,268</p>
</td>
<td width="63">
<p align="right">$16,609</p>
</td>
<td width="64">
<p align="right">7%</p>
</td>
</tr>
<tr>
<td valign="top" width="156">
<p><strong>Total</strong></p>
</td>
<td width="100">
<p align="center"><strong>$18,376,951,484</strong></p>
</td>
<td width="89">
<p align="center"><strong>2,019,278.00</strong></p>
</td>
<td valign="top" width="63">
<p align="center"><strong> </strong></p>
</td>
<td valign="top" width="64">
<p align="center"><strong> </strong></p>
</td>
</tr>
</tbody></table>
<p> </p>
<p>“By income, those on a taxable income under $180,000 are likely to declare an Other Rental Deduction under $10,000.</p>
<p>“Across the electorates, 126 out of the 150 lower house seats on average declared an Other Rental Deduction under $10,000.</p>
<p>“If negative gearing was quarantined to new homes only there would be no concession for  the upkeep of existing homes, which are the homes that most need the reinvestment.</p>
<p>“With no offset it is likely that only those repairs and maintenance that are most fundamental to the upkeep of the property will be made which not only will reduce activity and also have the potential to reduce the quality of rental stocks in the lower yield suburbs which would be detrimental to tenants.</p>
<p>“Exactly how many entry-level handy jobs and low-level trades maintenance workers would go is difficult to say, but the growth in this deduction since 1995-96 shows a reasonable baseline to consider the scale of any such decline."</p>
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