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

Joel Robinson

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

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

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

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

Kooyongkoot wins Gold and Silver at Better Future Melbourne Design Awards

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

The apartment price gap drawing Sydney buyers west

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

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

Residential Market

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Andrew Eagleston, the Parramatta memorabilia businessman who heads one of the membership groups keen to oust the Parramatta Eels board, has relisted his luxury Bella Vista property.
It comes with $2.5 million to $2.7 million hopes having been completed in 2014 with a Balinese influence.
It is on a 700 sqm block located in the tightly held Bella Vista Waters precinct that cost $235,000 in 2003.
<a href="https://www.realestate.com.au/property-house-nsw-bella+vista-122959830" target="_blank">Jonathon Lee of Louis Carr Castle Hill</a> has the listing of the five bedroom, five bathroom home. It comes with home theatre and full length bar. The swimming pool comes with outdoor terrace with a custom built BeefEater Barbecue and bar fridge.
The home failed to sell at October auction last year.
Eagleston's passion for the NRL club is apparent on its walls with two Parramatta jerseys hanging proudly in the home office and the theatre room.
There's also a bat used by former Aussie cricket captain Michael Clarke.
Eagleston is the director of Pro Sports Memorabilia, one of Australia's leading sporting memorabilia and sports merchandising companies.
With the Parramatta Eels board in disarray following the salary cap controversy, Eagleston emerged in May to take down the so-called 'gang of five'. He has the backing of former Macquarie Bank boss Bill Moss.
This article was first published in the Saturday Daily Telegraph.
 
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Bella Vista offering from Parramatta memorabilia businessman

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NSW's Southern Highlands and Tablelands offer a range of choices to investors and FHBs in the under or up to $500,000 property market, according to valuation firm Herron Todd White's July residential market review.
Southern Highlands
The market in the Southern Highlands for $500,000 is limited generally to new units in the townships of Bowral and Moss Vale and 10 to 15-year-old houses in the established subdivisions on the periphery of town.
Around the $500,000 mark will buy a new two- or three-bedroom unit in the township of Bowral or Moss Vale or a ten to 15-year-old project home needing some work in East Bowral or Moss Vale. Rentals are in the $500 to $550 per week range providing a good return. In Mittagong, a smaller project style home can be purchased for $500,000 in newer subdivisions on the outskirts of the township.
Property Observer found a three-bedroom house at <a href="https://www.realestate.com.au/property-house-nsw-moss+vale-121827434" target="_blank">27 Hoskins Street, Moss Vale, NSW 2577</a> (above) for $427,000, according to RP Data.
<div>
Southern Tablelands
</div>
The Southern Tablelands still offers choice and affordability to potential investors with lower price entry levels than the Highlands.
Depending on the dwelling, land size and quality of the home, between $475,000 and $500,000 will buy a new or modern home that will rent for between $470 and $500 per week. For capital growth, an investor could purchase an older style dwelling for between $350,000 and $400,000 and renovate.
"We have noticed over the past 12 months that out of town investors attracted to the region are purchasing multiple residential units or townhouse villa properties for between $200,000 and $250,000. These rent for between $220 and $300 per week providing a premium return when compared to traditional capital city rental returns," says the HTW report.
"This market continues to show good capital growth."
Rental levels in Goulburn are steady. Compared to 2015, the market has generally seen an uptick of around 15% in the Highlands and around 10% in the Tablelands.
"From our suggestions and focus in July 2015, we would consider reinvesting into these properties. Value and rental markets have improved in our region."
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NSW's Highlands and Tablelands offer good capital growth in $500,000 property market: HTW

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Brisbane is the “good husband of capital-city property” – solid, safe, reliable but fairly unexciting – it has generally failed to fire at the level expected by most since 2012, say property valuation firm Herron Todd White in their July residential market report. 
The problem appears to be a continued lack of confidence with the deflation of the Queensland mining boom casting a grey fiscal pallor across the capital city. Employment is still reasonably soft and our really hot, hot, hot property years have always come on the back of increased interstate migration – and that’s still refusing to take off. 
For this reason, last year’s choices of property at the $500,000 price point are still applicable in many instances today, and worthy of consideration once more, say HTW in their report. 
Of course, while this says the market has been at, there’s a silver lining amongst these musings – it’s that Brisbane’s CBD-accessible suburbs remain relatively affordable. 
"For Brisbanites, anything outside the 10 kilometre radius is a bit of a trek into town, but of course spend a few years in Sydney (or London or Tokyo or any other international city), and you begin to get the idea that 10 kilometres is actually less than a serious jog for a fun runner. Of course, heading up to 15 kilometres breaks open the affordability, while only adding a touch more driving for the commuter," it says.
For dwellings outside 14 kilometres of the CBD, Algester has been one suburb that’s seen more interest in recent times partly due to the flow on from increased prices in Sunnybank Hills and Runcorn in the past 12 months. Algester also sits reasonably close to our pick suburbs from last year’s Lazy $500,000 issue – Eight Mile Plains and Runcorn. 
On the north side last year, we picked Brighton, Sandgate, Deagon, Boondall, Taigum and Bracken Ridge to find the sub-$500,000 stuff and a keen eye could still find detached housing options in this bracket and at these addresses. 
On the bayside, suburbs such as Redland Bay are still sub-$500,000 and there is a good level of interest, which bodes well for the medium term. 
Looking further afield in the south and suburbs like Marsden, Woodridge and Logan offer heaps of value with plenty of property around $300,000. These suburbs continue to appeal to investors at present given rents for highset three-bedroom, one-bathroom homes are approximately $360 per week at this price point – so yields are healthy. 
“Older style two-bedroom, one-bathroom units in Greenslopes and Coorparoo are still below $500,000 – actually most are closer to the $400,000 mark. This isn’t much of a change from last year when we were saying the same product could be found in the high $300,000s.
“So if you’d followed our call from last year, you’d have made a few thousand dollars in equity and still have the prospect of more growth in the medium term.” 
These suburbs appeal with good facilities and reasonable access to the CBD, although rental yields are starting to tighten and may continue to do so – particularly with Coorparoo Square due for completion in the next 12 months. 
“Last year, we were warning investors in our loudest possible voice to be extremely cautious of off-the-plan unit stock – and we’ve been proved correct. We continue to say that it’s a brave investor who takes a punt on this sector at present in oversupplied suburbs.”
Property Observer found a recently sold four-bedroom house at <a href="https://www.realestate.com.au/property-house-qld-algester-121998750" target="_blank">18 Mt Flinders Place, Algester, Qld 4115</a> for $499,000.
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Brisbane suburbs still affordable at $500,000: HTW property report 

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Utilising quarterly household income data from the Australian National University, CoreLogic has developed quarterly measurements of the ratio of property prices to annual household income.
This data is extremely valuable when looking to measure housing affordability.  The measure is available at a number of different geographies from SA2 regions (generally about the size of a suburb or group of suburbs) all the way up to GCCSA (capital city and rest of state) regions.  When looking at the analysis it is important to note that a higher ratio means housing is less affordable and a lower ratio indicates better affordability.
Note that CoreLogic will be releasing a range of affordability indicators over the coming months, including rental price to income ratio’s and the proportion of household income required to service a mortgage.
<a href="/images/2016/07/08/Chart-1-3-527x580.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2016/07/08/Chart-1-3-527x580.jpg" alt="">
With property prices varying greatly between each of the capital cities it is interesting to note that the variation in household incomes in nowhere near as large.  In March 2016, Hobart had the lowest median dwelling price at $337,250 and Sydney had the highest median price at $775,000.  Meanwhile, household incomes range from as low as $1,175/week in Hobart to $2,118/week in Darwin.  Obviously the differences in property prices and incomes impact on housing affordability, so let’s take a look at each of the capital cities and the ratio of prices to income over time.
<a href="/images/2016/07/08/Chart-2-3-580x210.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2016/07/08/Chart-2-3-580x210.jpg" alt="">
In March 2016 the ratio of house prices to annual household income in Sydney was 9.8 and for units it was 7.2.  Both property types are currently recording a record-high ratio. 12 months ago these ratios were recorded at 8.9 for houses and 6.8 for units. Note that the data goes as far back as September 2001 and at that time the ratios were recorded at: 6.0 for houses and 5.7 for units.
<a href="/images/2016/07/08/Chart-3-3-580x206.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2016/07/08/Chart-3-3-580x206.jpg" alt="">
The ratio of property prices to annual household income in March 2016 for Melbourne were recorded at: 7.7 for houses and 6.1 for units.  The ratio for houses is currently at a record high while for units it peaked at 6.6 in December 2010 and March 2011 indicating an improvement in affordability for units since that time. 
In March 2015, these ratios were recorded at 7.2 for houses and 6.0 for units. Affordability has deteriorated over the year for each property type however, detached housing affordability has deteriorated much more rapidly than units. In September 2001 the ratios were recorded at: 4.6 for houses and 4.8 for units.
<a href="/images/2016/07/08/Chart-4-3-580x207.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2016/07/08/Chart-4-3-580x207.jpg" alt="">
Unlike Sydney and Melbourne, the ratio of property prices to household income is falling in Brisbane, indicating improving housing affordability.  In March 2016, the ratios were recorded at 6.1 for houses and 4.9 for units.  12 months earlier the ratios were recorded at 6.1 for houses and 5.1 for units.  Brisbane housing was at its least affordable in September 2008 when the ratio of prices to household income were recorded at: 6.7 for houses and 5.7 for units.  In September 2001 the ratios for Brisbane were recorded at: 3.7 for houses and 3.8 for units.
<a href="/images/2016/07/08/Chart-5-3-580x206.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2016/07/08/Chart-5-3-580x206.jpg" alt="">
The ratio of property prices to household income for Adelaide peaked in December 2010 at 7.1 for houses and 5.9 for units.  In March 2016 the ratios were recorded at 6.5 for houses and 5.1 for units.  Affordability changed little over the year with the ratios recorded at 6.5 for houses and 5.3 for units in March 2015.  In September 2001, the ratios were recorded at 3.9 for houses and 2.9 for units.
<a href="https://blog.corelogic.com.au/wp-content/uploads/2016/06/Chart-6-1-580x206.jpg" target="_blank">Click to enlarge</a>
<img class="aligncenter size-large wp-image-7066" src="https://blog.corelogic.com.au/wp-content/uploads/2016/06/Chart-6-1-580x206.jpg" alt="Chart 6" width="580" height="206">
With Perth property prices falling, the ratio of prices to household income is also improving.  In March 2016, the ratio of prices to income was recorded at 6.0 for houses and 4.7 for units and a year earlier the ratios were 6.3 for houses and 5.1 for units.  At its peak in June 2007 the ratio of house prices to household income was 7.4 and for units the peak of 6.3 was recorded in December 2007.  In September 2011 the ratios of property prices to household income were recorded at 3.7 for houses and 3.3 for units.
<a href="https://blog.corelogic.com.au/wp-content/uploads/2016/06/Chart-7-580x207.jpg" target="_blank">Click to enlarge</a>
<img class="aligncenter size-large wp-image-7067" src="https://blog.corelogic.com.au/wp-content/uploads/2016/06/Chart-7-580x207.jpg" alt="Chart 7" width="580" height="207">
Although Hobart has the cheapest capital city property prices it is not the most affordable capital city housing market.  In March 2016, the ratio of property prices to household income was recorded at 5.8 for houses and 4.7 for units compared to 5.9 and 4.4 respectively a year earlier.  At its least affordable the ratio of prices to income was recorded at 6.5 for houses in September 2010 and 5.2 for units in March 2011.  In September 2011 the ratios were recorded at 3.1 for houses and 2.5 for units.
<img class="aligncenter size-large wp-image-7068" src="https://blog.corelogic.com.au/wp-content/uploads/2016/06/Chart-8-580x206.jpg" alt="Chart 8" width="580" height="206">
Based on a ratio of property prices and household incomes Darwin is currently the most affordable capital city housing markets with ratios of 5.2 for houses and 4.2 for units.  Affordability is improving in the city as property prices fall with these ratios recorded at 5.5 for houses and 4.3 for units a year earlier in March 2015.  At their peak over the September and December quarters of 2010 the ratio of house prices to income was 6.0 and the ratio for units was 4.7.  In September 2001 these ratios were recorded at 3.2 for houses and 2.7 for units.
<img class="aligncenter size-large wp-image-7069" src="https://blog.corelogic.com.au/wp-content/uploads/2016/06/Chart-9-580x205.jpg" alt="Chart 9" width="580" height="205">
In Canberra there is a divergence in results with houses becoming less affordable while affordability for units is remaining unchanged.  In March 2016, the ratios of prices to income were recorded at 5.8 for houses and 4.0 for units compared to 5.5 for houses and 4.0 for units a year earlier.  Canberra houses are at their least affordable level on record while units were their least affordable in December 2010 when they had a ratio of 4.4.  In September 2001 the ratios for Canberra were recorded at 3.6 for houses and 2.7 for units.
Outside of Sydney, Melbourne and Canberra housing affordability is improving with each capital city having a current ratio which indicates affordability has been worst in the past.
The problem is that almost 2 out of every 5 Australians live in either Sydney or Melbourne and these two cities have also been the epicentres of employment and economic growth over recent years. Deteriorating housing affordability in Sydney and Melbourne impacts on significantly more people than deteriorating housing affordability elsewhere around the country.
This measure of affordability provides a high level overview of the relative housing affordability across the capital cities, but it is important to remember that geographically across each city the affordability story can be dramatically different. 
Furthermore, this analysis does not take into consideration interest rates which can make housing affordability more affordable.  While interest rates are undoubtedly a consideration for buyers, they must also consider that interest rates can fluctuate dramatically over the life of a mortgage.
Cameron Kusher is research analyst for CoreLogic RP Data. You can contact him <a href="https://blog.corelogic.com.au/about/">here</a>.
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Property price to income ratio is rising in Sydney, Melbourne and Canberra but flat or falling elsewhere: CoreLogic 

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The failure by many licensees in charge to properly supervise their staff: Brian Cannan

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Price increases in the Wollongong CBD market have pushed the price of most two bedroom units in well located developments over $500,000, according to the July residential market review from the property valuation firm, Herron Todd White.
The report found two bedroom units in older CBD complexes are going for around $400,000 with very few suburban houses around north Wollongong, Shellharbour, Shell Cove, Kiama and Geringong available under $500,000.
"Heading south and it’s common for tidy but older style houses to be available for under $500,000 in most established suburbs, however any modern or recently renovated dwellings are now mostly priced above $500,000 even in the traditionally more affordable suburbs such as Cringila, Berkeley, Dapto, Warilla and Barrack Heights," the report said.
"In 2015 we identified Wollongong CBD units and houses in Barrack Heights and Warilla as being the best buys for under $500,000. and we’ve seen strong market increases over the past 12 months and there hasn’t been a single region or residential property type that has performed poorly in this period.
"With such a small segment of the market now falling in the under $500,000 range we expect to see continued growth for these properties as they appeal to the largest range of buyers including first home buyers, investors and doer-uppers."
Property Observer found a four bedroom home in Warilla <a href="https://www.realestate.com.au/property-house-nsw-warilla-123029150" target="_blank">on the market for $399,000</a>.
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FHB, investors and doer-uppers competing for reducing Illawarra market offerings: HTW

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Property in Adelaide is the most affordable mainland capital city according to the property valuation firm, Herron Todd White with a median price of $410,400 with a huge range of properties available around $500,000.
Herron Todd White's residential market report for July noted an increasing scarcity of detached dwellings in this price range within close proximity of the CBD, with the market for older units and townhouses regardless of location remains relatively flat.
HTW note Adelaide's suburb of Croydon Park has older style dwellings on larger blocks around the $350,000 to $450,000 range while newer housing typically sells in the $450,000 to $550,000 range.
"This area is increasing in popularity due to its reasonable proximity to the CBD, improved accessibility via the Torrens to Torrens roadway (under construction) and is a more affordable option than historically more appealing areas such as West Croydon and Woodville.
"Further west, the suburb of Largs North features a mix of housing from the 1940s to 1970s with increasing in-fill development. The area is situated within close proximity of local beaches and the Port Adelaide area.
"It is a more affordable beachside suburb compared to suburbs such as Glenelg and Brighton which are situated further south. The current median price for detached housing is $416,000 with an average yield of 4.4 percent."
Property Observer found a three bedroom home in Largs North (above) currently listed for sale <a href="https://www.realestate.com.au/property-house-sa-largs+north-122459690" target="_blank">for between $370,000-$395,000</a>.
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Adelaide still the most affordable mainland capital city: HTW

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GUEST OBSERVER
Population growth nationally remains strong but continues to trend lower, meanwhile dwelling construction is booming creating a much closer relationship between housing supply and demand.
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Demographic data for December 2015 was released by the Australian Bureau of Statistics (ABS). The data showed that the national population was estimated at 23.9 million persons, with the population having increased by 326,073 persons over the 2015 calendar year. The annual increase in population has fallen substantially from a peak of 459,504 persons over the 12 months to December 2008.
While population growth (ie housing demand) has slowed, dwelling construction has increased to record highs. Over the 12 months to December 215, there was a record-high 190,072 dwellings constructed nationally. 
With an increasing population, and the majority of growth coming from overseas migration, additional demand for housing is created. The charts published in this report look at the ratio of population growth to dwelling completions.  A few important things to note from this analysis:
<ol>
<li>The figures don’t take into consideration demolitions and homes constructed for non-permanent or semi-permanent occupation (previously estimated by the RBA at approximately 15 percent)</li>
<li>Dwelling completions data may include construction of temporary accommodation such as hotels or serviced apartments</li>
<li>An increase in population doesn’t necessarily create more demand for housing. For example a family having a baby may not create an immediate requirement for more housing while a new arrival from overseas is more likely to create additional housing demand.</li>
</ol>
The latest housing and occupancy costs research from the ABS showed that the average household sizes across each state and territory in June 2014 was: 2.6 persons in NSW, Vic, Qld and ACT, 2.4 persons in SA and Tas and 2.7 persons in WA and NT.
<h3>Ratio of population growth to dwelling completions</h3>
<a href="/images/2016/07/06/2016-07-04--nsw-qld-image1.jpg" target="_blank">Click to enlarge</a>
 <img src="/images/2016/07/06/2016-07-04--nsw-qld-image1.jpg" alt="">
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<img src="/images/2016/07/06/2016-7-04--nt_Act-image2.jpg" alt="">
If we look at the charts, over 2015 the ratios of population growth to dwelling completions have been recorded at: 2.4 in NSW, 1.9 in Vic, 1.6 in Qld, 1.0 in both SA and WA, 0.8 in Tas, 0.4 in NT and 1.3 in ACT. 
Based on these measures compared to the average household size it would appear that each state and territory is currently over-building however, there are some short-comings of this analysis as detailed above.  It is clear that the ratio compared to the long-run average implies that under-building is still taking place in NSW and Vic while over-building is occurring elsewhere.
Additionally, in most states, there has previously been a substantial undersupply of housing which will continue to overhang any overbuilding for a period of time.
Another thing to consider when looking at this analysis is the type of dwellings that are being constructed.  Units are becoming a much more prominent part of dwelling construction.  Units are often smaller and therefore likely to house fewer residents than a detached house which also has an impact on these figures.
Although this analysis doesn’t provide a definitive answer to whether too much construction is taking place it is clear that as population growth has slowed and dwelling construction has ramped-up there is now a much better relationship between housing supply and demand.  This is highlighted by the fact that in most states and territories there has been a sharp decline in the ratio of population growth to dwelling completions over recent years.
With many new dwellings under construction and even more approved to commence construction, developers should take heed of these figures and exercise caution when looking to undertake new projects.  As population growth trends lower and construction ramps up, housing shortages appear to be diminishing quite rapidly.
Cameron Kusher is research analyst for CoreLogic RP Data. You can contact him <a href="https://blog.corelogic.com.au/about/">here</a>.
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Dwelling completions boom as population growth slows: Cameron Kusher

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The Building Legislation Amendment (Consumer Protection) Act 2016(the Act) which was passed by the Victorian Government on 19 April 2016 imposes sweeping reforms in respect to a number of significant areas affecting residential construction in Victoria.
By reason of a Proclamation published in the Victoria Government Gazette No. S 194 dated 21 June 2016, certain sections of the Act are to commence and ‘become live’ on 4 July this year.
While the purpose of the Act is to strengthen consumer protection and improve the regulation of the residential building industry, it is quite clear that the Act and its operation will dramatically affect the manner in which builders go about their business and how they are accountable and operate within the legislative system. It will also dramatically change the way in which home owners, whether on private stand-alone titles of land or within Owners Corporations, make claims for defective and incomplete work.
The most significant provisions of the Act intend to:
<ul>
<li>Improve conciliation of domestic building disputes;</li>
<li>Enable the issue of dispute resolution orders;</li>
<li>Improve information provisions for consumers;</li>
<li>Strengthen registration requirements;</li>
<li>Improve discipline of building practitioners;</li>
<li>Provide additional powers to Building Surveyors and the Victorian Building Authority (the VBA)</li>
<li>Direct builders to fix non-compliant building works;</li>
<li>Increase the regulation of owner-builders; and</li>
<li>Ensure greater oversight of building works.</li>
</ul>
The 4th of July 2016
The first tranche of changes are small in number but have a punch. The main changes which will commence on 4 July 2016 are as follows:
1. Investigations of owner-builders
Section 35 and 36 of the Act amend sections 227B and 227C(3) of the Building Act 1993 (“Building Act”) to close an apparent loophole where builders were purportedly using owner-builder provisions of the Building Act to avoid regulation and registration requirements.
The amendments to these section now enables a performance auditor appointed by the VBA to examine work carried out by an owner-builder including whether it has been carried out competently, whether it poses a risk of injury or damage and to ensure the work of an owner-builder complies with the Building Act and its regulations.
2. Building Surveyors and related persons
Section 39 of the Act amends section 79 of the Building Act to now restrict Building Surveyors from carrying out any functions in relation to which a “related person” has a conflict of interest. The introduction of a related person includes any partner in a partnership, any fellow directors or body corporates of which the Building Surveyor is a director and or any employer or employee. Building Surveyors will therefore need to be more aware of their surroundings.
3. New Directions to Fix Work
Section 49 of the Act substitutes sections 37 to 37K of the Building Act and introduces powers for the VBA and Building Surveyors, including Municipal and Relevant Building Surveyors and other authorised persons, for example a Plumbing Inspector, to issue directions to builders to “fix” building works.
A direction may be oral or written. If oral it can be given to the builder or the “person who is apparently in charge of the site”. A direction will require compliance within any prescribed timeframe and otherwise within 7 days.
A direction can be to carry out works, so that building works wholly or substantially comply with the Building Act, whatever substantially may mean, and or to stop works.
A builder can apply to extend the time for compliance and there is a right of appeal in respect to a direction to the Building Appeals Board. Non-compliance with a written direction is an offence with a maximum penalty in the vicinity of $75,500.
Section 51, which inserts a new section 118A into the Building Act, restricts a Building Surveyor from issuing a Building Notice, unless a direction to fix has been previously issued and it is clear that it will not be complied with, or it is not possible or appropriate to give a direction.
4. Further Regulations for Owners
Section 44 of the Act amends section 16 of the Building Act and imposes new offences against a person who carries out work without a Building Permit having been issued.
The amendments make it an offence for an “owner of land to permit building works to be carried out” without a Building Permit. The penalties are high; for a person – a maximum of 500 penalty units which equates to the approximate value of $75,500 and for a body corporate - a maximum of 2500 penalty units or approximately $377,000.
Penalties will not apply to an owner if they have engaged a building practitioner or an architect to carry out the work.
Section 45 of the Act also amends section 24A of the Building Actincreasing the value of works from $12,000 to $16,000 in respect to the consideration to be made by a Building Surveyor for issuing a permit for owner- builder works.
5. A new Checklist
Section 47 inserts a new section 30A and 30B into the Building Actand will require Building Surveyors to comply with and tick off a checklist of documents to be provided to the Council and also certify compliance such documents have been provided to Council. The details of the checklist are not yet known, but a failure to do so carries a financial penalty for Building Surveyors.
6. Undertakings
Section 54 inserts a new Division 2A into the Building Act and introduces the concept of builders providing a written undertaking to the VBA to do or not do something further or again.  A subsequent failure to comply with an undertaking will expose the builder to the VBA making an application for a court order to comply with the undertakings or pay money for a failure to comply. Any undertakings given will be maintained in a register and perhaps surprisingly, the register “may be inspected by any person at any reasonable time, without charge”.
Other reforms yet to come
Other significant legislative reforms set out in the Act which are expected to commence operation later this year, and at the latest by 1 July 2017, are more dramatic.
Domestic Building Dispute Resolution Victoria (DBDRV)
These include the establishment of the Domestic Building Dispute Resolution Victoria (DBDRV) and a new dispute resolution system. A party to a “domestic building work dispute” will need to make an application to DBDRV before any form of application can be made to the Victorian Civil and Administrative Tribunal (VCAT) or the Courts.
DBDRV once created, is intended to be the first stop for all “domestic building work disputes” which includes any dispute between an owner, a builder, a building practitioner, a subcontractor or an architect in relation to a “domestic building work matter”.
A domestic building work matter can include for example, a claim for a breach of a warranty set out in section 8 of the Domestic Building Contracts Act 1995, a failure to maintain the standard required of building works in a contract and or an alleged failure to pay money.
DBDRV will provide a conciliation service which may include the facilitation of without prejudice communications by a conciliation officer. Broad powers will come into force and penalties are available for non-participation.
The chief dispute resolution officer of DBDRV will also be given significant powers including to:
<ul>
<li>issue a stop works notice;</li>
<li>appoint an assessor to assess the domestic building work and to report on whether the work is defective and or incomplete;</li>
<li>issue a dispute resolution order requiring the builder to complete or rectify building work;  or</li>
<li>order an owner or builder to pay money.</li>
</ul>
Conciliation will be mandatory for parties before an application to VCAT or the Courts can be made.
Regulation of building work and building practitioners
The Building Practitioners Board will be abolished and its regulation and disciplinary functions will be transferred to the VBA which will become responsible for the regulation, registration and discipline of building practitioners.
Registration of building practitioners
The registration system for Builders will be ramped up and the previous test of “good character” will be replaced with a “fit and proper person” test. Registration will also be limited to a period up to 5 years, at which time a building practitioner will be required to make an application for renewal.
New disciplinary processes and sanctions A streamlined disciplinary process will be introduced. If the VBA reasonably believes there are grounds for taking action against a practitioner and proposes to take action, the VBA will issue a ‘show cause’ notice which will invite the practitioner to respond and explain why the disciplinary action should not be taken. The VBA will also be given increased flexibility to impose sanctions including the power to suspend or partially suspend registrations. Practitioners’ rights are said to be safeguarded via a right of review to the VBA, followed by VCAT. The engagement of Building Surveyors
The current system will change and will include a prohibition against a builder appointing a private Building Surveyor on behalf of an owner in relation to domestic building work. The owner will be required to do so instead.
Conclusion
Whether the intended changes will assist builders and owners avoiding disputes and reaching resolutions in building disputes in a more timely and costs effective manner is yet to be seen. What appears clear, however, is the proposed changes will introduce more cogs into ‘the system’, and most likely bring with it more litigation, not less.
Andrew Whitelaw, is partner and Melanie Hogg is solicitor Tress Cox Lawyers. They can be contacted <a href="https://www.tresscox.com.au/" target="_blank">here</a>.
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Property 101: Changes to Victorian residential building legislation

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No-one predicted Sydney's residential price growth would be as strong as it is has been to the halfway point of the year. 
Sydney prices are up around 9 percent so far this year which puts median house prices at around $890,000 and apartments at around $680,000.
All the 2016 forecasts of the Sydney property market had the brakes going on after three years of strong double digit annual growth.
Even the Reserve Bank of Australia Governor Glenn Stevens didn't see it happening when he gave his predictions for the Sydney property market in his appearance before the House of Representatives Standing Committee on Economics in February. 
Glenn Stevens suggested home prices would “take a bit of a breather for a while” with the slowdown in Sydney prices “quite welcome.”
He'd previously noted the panicked buying that had been fuelling the boom in Sydney had eased following tougher lending rules imposed by the Australian Prudential Regulatory Authority. 
"I think what we've seen is that things have calmed down a bit."
The current growth cycle has been running for four years since early 2012. Sydney ranks as the capital city with the largest gains over the cycle with dwelling values some 57 percent higher.
Private treaty home are selling in quick time, in just 31 days according to CoreLogic. Auction clearance rates are sitting at above 70 percent. Values are up around 12 percent annually.
This latest price re-acceleration, after a periodic dip or two, has almost become the trend rate given the current low interest rate backdrop, albeit without the incessant boom headlines in the media.
Most of the prices being paid are solid, rather than panicked, but they are still too expensive for many.
We can't keep going at this pace, especially with our low inflation wage environment.
Buyers are taking on more debt than they could ever repay if interest rates rose significantly, the big dark cloud that doesn't appear to be closing in quite yet.
The latest forecast on house price growth suggests things might slacken off and soon.
Indeed price growth is set to halve over forthcoming months, according to the HSBC chief economist Paul Bloxham who said the house price growth was "somewhat surprising."
Bloxham points to three factors in his forecast.
He suggests the escalation of the taxation of foreign buyers to weigh on the market, along with ever tighter lending standards, and also an oversupply of apartments.
He forecasts national growth to slow from the national 9 percent in 2015 to around 4 percent to 5 percent later this year.
The 2017 house price growth will be even slower - between 0 percent and 5 percent, he tips.
Bloxham points to solid demand from foreign buyers as one of the main causes for the continued impressive growth in Sydney. 
Given the recent fall of the Australian dollar against the yuan, Australian housing was just as cheap now for a Chinese buyer as it was four years ago, he said.
But he expects recent increased stamp duty and land taxes for foreign buyers and changes to local bank lending practices as likely to weaken this demand over coming quarters.
Bloxham anticipates further tightening of lending standards for Australian borrowers should there be a strong pick-up in investor borrowing.
The mooted oversupply of apartments will be the third factor prompting house price growth to halve by year's end, though Bloxham concedes the oversupply won't happen for a while yet, if at all in Sydney.
This article was first published in the Saturday Daily Telegraph. 
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