ANZ believes the Reserve Bank is in no rush to move again.

Following the release of the May Monetary Policy Board Minutes, ANZ has taken the view that the RBA is now firmly in a holding pattern, with the cumulative impact of previous rate hikes giving the Board scope to assess how the economy evolves from here.

That positioning, in ANZ’s view, makes a June rate hike unlikely.

The bank continues to expect the cash rate to remain unchanged at 4.35 per cent for an extended period, with the RBA adopting what is effectively a wait-and-see approach.

The Minutes point to a Board that sees financial conditions as already restrictive, but without a clear read on just how restrictive they are. That uncertainty has shifted the focus away from immediate policy action and toward monitoring both domestic conditions and global developments, particularly the conflict in the Middle East.

As ANZ interprets it, the Board is deliberately avoiding strong forward guidance.

Instead, it is allowing itself flexibility, acknowledging that monetary policy has limited ability to influence the near-term trajectory of inflation, while also recognising that economic growth is likely to remain below potential for some time.

Despite that pause in momentum, ANZ notes that the Board still carries a tightening bias.

The Minutes reveal that, in weighing up its decision, the Board seriously considered another 25 basis point increase. The key debate centred on the trade-off between inflation and activity, particularly in the context of global uncertainty.

Ultimately, most members leaned toward the inflation side of that equation.

Underlying inflation is still expected to remain above target for an extended period, regardless of how external risks evolve. That has led to a view within the Board that the risks to its inflation objective have increased, and that the current cash rate may not be sufficiently restrictive to fully contain those pressures.

That’s important.

While the decision, for now, is to hold, the underlying tone of the Minutes suggests the door to further tightening has not been closed.

ANZ also points to commentary from Assistant Governor (Economic) Sarah Hunter, who highlighted the risk that inflation could pass through the economy more quickly and broadly than in previous cycles. Both Hunter and a majority of the Board expressed concern that inflation expectations could become less anchored after such a prolonged period above target.

That combination, persistent inflation and the risk of expectations shifting, is what continues to underpin the RBA’s cautious stance.

However, where ANZ diverges from the RBA is on the outlook for activity.

The Board appears relatively comfortable with current spending patterns, effectively downplaying recent declines in business and consumer sentiment. It notes that sentiment has historically been only weakly correlated with actual spending, and that feedback from its liaison program has not yet pointed to a meaningful slowdown in consumption.

ANZ is less convinced.

The bank believes the link between household disposable income, sentiment and spending is more direct than the RBA is currently acknowledging. With inflation continuing to erode real incomes, ANZ expects household spending to soften more materially than the central bank is forecasting.

That divergence matters because it shifts the balance of risk.

If activity weakens more than expected, the trade-off between inflation and growth changes. In ANZ’s view, that would reduce the need for further tightening and reinforce the case for the RBA to remain on hold.

It also suggests that the current policy setting may already be doing more work than the Board fully appreciates.

The broader takeaway from ANZ’s interpretation is that the RBA is walking a narrow path.

On one side sits the risk of inflation remaining elevated for longer than expected. On the other is the growing pressure on households and the potential for a sharper slowdown in activity.

For now, the Board is choosing to wait.

But it is a pause that still carries an underlying tightening bias, rather than a clear pivot toward easing.

In practical terms, that leaves the cash rate anchored at 4.35 per cent for the foreseeable future, with the next move still uncertain.

For borrowers, it reinforces the reality that relief is not imminent.

And for the broader economy, it highlights the delicate balance the RBA is trying to strike, between bringing inflation back to target and avoiding an unnecessarily sharp slowdown in growth.

According to ANZ, it is a balance that is becoming increasingly difficult to maintain.

Joel Robinson

RBA to hold rates for "prolonged period" rather than hikes: ANZ

<a href="https://www.apartments.com.au/developers/venturecrowd-property-projects">VentureCrowd</a> is down to the final Canopy Villa release at Cumulus Grand Villas in Carrara, as construction continues on the 59-residence gated community positioned above 100 hectares of natural savanna on the Gold Coast.

The remaining Canopy Villa forms part of one of four collections within the <a href="https://www.apartments.com.au/architects/bda-architecture">BDA Architecture</a>-designed community and has attracted interest from buyers seeking larger-format homes that combine privacy, security and low-maintenance living. Positioned within a private cul-de-sac and facing a protected black she oak forest, the four-bedroom villa includes a large private outdoor area suited to pet owners and families wanting more flexible space.

<a href="https://www.apartments.com.au/new-townhouses/cumulus-grand-villas-carrara-17-baltimore-court-carrara-qld-4211">Cumulus Grand Villas</a>, located at 17 Baltimore Court, comprises a mix of three and four-bedroom villas across the Skyline, Canopy, Savanna and Broadview collections. Prices currently range from $1.455 million to $1.895 million, with the final Canopy Villa priced from $1.825 million.

[smartcode_project:default project_id=135663 project_image_fid=360477]

The Canopy Collection villas offer four bedrooms, 2.5 bathrooms and approximately 245 sqm of internal space, alongside double garages and landscaped private areas. Expansive glazing, open-plan living spaces and private balconies have been designed to maximise natural light and outlooks toward the surrounding savanna landscape.

Construction is now underway across the fully funded development, which VentureCrowd says has become an increasingly important consideration for buyers assessing off-the-plan opportunities on the Gold Coast. The project is being delivered by <a href="https://www.apartments.com.au/builders/devcon">Devcon Property Group</a>, which has operated in South East Queensland since 1993 and delivered more than 1,000 homes across the region.

VentureCrowd Director of Property David Whitting previously said the project responds to changing buyer priorities in the prestige Gold Coast market.

“Flexible floorplans have proven particularly relevant for purchasers aged between 40 and 65, including next home buyers, downsizers and investors,” Whitting said.

[smartcode_project:default project_id=135663 project_image_fid=360505]

The buyer profile at Cumulus has reflected that shift toward owner-occupier-driven demand. Stuart Towns and Tracey Loynes recently purchased a Canopy Villa, drawn to both the lifestyle offering and the flexibility the home provided for their next stage of living together.

The couple, who met three years ago, sold their Robina home earlier this year after identifying what they saw as strong long-term investment potential at Cumulus while remaining within the same Gold Coast market. The villa’s private backyard was a major drawcard for their dog Luna, while proximity to golf courses including Emerald Lakes also aligned with their lifestyle interests.

Beyond the residences themselves, the community has been planned around shared lifestyle and recreation amenities. The Infinity Terrace will include a 20-metre heated pool, barbecue facilities, alfresco dining spaces and elevated retreat areas overlooking the surrounding landscape. Walking trails, a private nature reserve, orchard and herb garden are also integrated into the masterplan.

[smartcode_project:default project_id=135663 project_image_fid=360473]

BDA Architecture Director Darren Greenaway said the design approach was heavily influenced by the site’s outlook and secluded setting.

The practice sought to create what Greenaway described as a “little piece of paradise,” drawing inspiration from the elevated views, surrounding greenery and quiet location.

<a href="https://www.apartments.com.au/developments/carrara-qld-4211">Carrara</a> continues to attract buyers seeking larger homes within proximity to the coast but without direct beachfront pricing. Cumulus sits within easy reach of Broadbeach, Pacific Fair, Robina Town Centre and the M1, providing connections north to Brisbane and south toward the Gold Coast Airport and northern New South Wales.

The first stage of Cumulus Grand Villas is targeting completion in 2026.

[smartcode_project_cta:default project_id=135663]

VentureCrowd nears sell-out of Canopy Collection at Cumulus Grand Villas in Carrara

Waverley Council has made a call that many councils have been reluctant to make publicly. Growth is coming, regardless of who controls it.

The release of the Bondi Junction Vision and Master Plan is less about whether the Eastern Suburbs’ primary centre will change, and more about how that change is shaped, funded, and ultimately experienced on the ground. Waverley Council has released a 100-page plan which is effectively the first comprehensive blueprint for Bondi Junction in over two decades, and in doing so, signals a clear shift in how councils are positioning themselves in the current planning environment.

For the past 18 months, the conversation across New South Wales has been dominated by the State Government’s Low and Mid-Rise Housing reforms and the emergence of the Housing Delivery Authority pathway. Both have created faster, more centralised avenues for development approvals, particularly in well-located, infrastructure-rich areas like Bondi Junction.

Waverley Council’s response has been to move early, and decisively.

Rather than react to individual proposals as they come through the HDA or broader State-led reforms, Council has sought to establish a clear, place-based framework that sets the terms for how Bondi Junction evolves. The underlying position is relatively straightforward: if densification is inevitable, it should be tied to infrastructure, public domain improvements, and a cohesive vision for the centre, not delivered piecemeal through ad hoc applications.

<img alt="bondi junction" data-entity-type="file" data-entity-uuid="7f1f729c-ed99-4c6c-bf87-ffbce6991941" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-19%20at%209.58.16%E2%80%AFAM.png?VersionId=ULX4OlXKjeJ5BvNCNGL86evgXCjCfMih" />

At its core, the document is attempting to reposition Bondi Junction from what it largely functions as today, a transport interchange anchored by a major retail centre, into something far more layered. The ambition is to transform it into what the plan describes as the “civic and cultural heart of Sydney’s East,” a place that is active beyond commuting hours and capable of supporting a broader mix of uses, experiences and communities.

That repositioning is built around four key ambitions.

The first is to create a true destination. Bondi Junction already attracts significant foot traffic, with more than 86,000 daily transport users and millions of annual retail visits, but much of that activity is transient. People pass through, rather than stay.

The Master Plan seeks to change that dynamic. It leans heavily into the idea of an “18-hour economy,” extending activity well beyond traditional retail hours through dining, cultural programming, events, and a more active night-time offering. This is not just about adding more hospitality venues, but about fundamentally shifting how the centre operates, from a daytime shopping destination to a place that functions across the full span of the day and into the evening.

Oxford Street Mall sits at the centre of that shift.

Long seen as underperforming relative to its potential, the Mall is identified as one of the key catalyst projects in the plan. It is to be reimagined as a day-to-night spine, combining retail, dining, wellness and cultural uses in a way that creates a continuous flow of activity. Outdoor dining, rooftop venues, laneway activation and a curated events program are all part of the strategy, alongside significant public domain upgrades that aim to improve comfort, safety and usability.

&nbsp;

The second ambition is to transform Bondi Junction into a world-class interchange.

Despite being one of the most heavily used transport nodes in Sydney, the current experience is fragmented. Connections between the station, Westfield, Oxford Street Mall and surrounding streets are often unclear, and major roads create physical barriers that disrupt pedestrian movement.

The Master Plan proposes a more seamless, people-focused network. That includes clearer pedestrian links, improved wayfinding, better integration between transport modes, and a rethinking of how arrival into the centre is experienced. The aim is to shift the perception of Bondi Junction from a place people move through, to a place they arrive in.

The third ambition focuses on greening and open space.

One of the more consistent pieces of community feedback throughout the Vision phase was the need for more greenery, better public spaces, and a more comfortable urban environment. Despite being surrounded by major parks, Bondi Junction itself has relatively limited accessible open space, with much of the public realm dominated by hard surfaces and traffic infrastructure.

The plan responds with a network of new and upgraded public spaces, increased tree canopy, and what it terms the “Parkline,” a green link connecting Waverley Park through to Centennial Park. This is not just about aesthetics. It is about addressing heat, improving liveability, and ensuring that increased density is matched by access to high-quality outdoor space.

The fourth ambition is perhaps the most important from a development perspective: growth that gives back.

Bondi Junction is already the primary location for new housing supply in the Waverley LGA, and that is expected to continue. The area carries a target of 2,400 new dwellings by 2029, with further growth projected beyond that as demand for well-located housing continues to rise. The Master Plan does not seek to limit that growth. Instead, it attempts to shape it.

New housing is to be concentrated around transport, with stepped building heights designed to protect the character of surrounding neighbourhoods. At the same time, the plan introduces a more explicit link between development uplift and public benefit. This is where value capture becomes central.

The document outlines a framework where increased development potential is tied to contributions that fund public domain improvements, community infrastructure, open space, and affordable housing. It is an approach that recognises that much of the transformation of Bondi Junction will be delivered by the private sector, but seeks to ensure that the benefits of that growth are shared more broadly. The Civic Precinct is a key part of that equation.

Leveraging Council-owned land, the plan proposes a consolidated civic and cultural hub centred around Ebley Street. This would include new community facilities, cultural spaces, and potentially a new Council Chambers, creating a focal point for civic life that currently does not exist in Bondi Junction at scale.

It is one of several catalyst projects identified in the Master Plan, alongside the Oxford Street Mall transformation. These projects are intended to anchor change, acting as early interventions that unlock broader investment across the precinct.

Importantly, the Master Plan is not just a design document. It includes a delivery framework that sets out how these ambitions are intended to be realised.

Council is explicit in acknowledging that it cannot deliver the transformation alone. Implementation will require coordination between State agencies, private developers, landowners and the community, with a mix of planning agreements, infrastructure contributions and direct delivery mechanisms used to fund and stage improvements over time.

The plan outlines a mix of short-term, medium-term and long-term actions, from immediate public domain upgrades and planning controls, through to larger-scale projects that will unfold over the next decade or more. In practical terms, the next 12 to 24 months will be the most important.

This is when the Master Plan will move through exhibition, refinement and eventual adoption. It is also the period in which Council will seek to embed the framework into its planning controls, giving it weight in the assessment of future development applications.

Council officers have indicated that once the Master Plan is in place, it could be used as a benchmark when assessing Housing Delivery Authority proposals, and potentially reduce the need for further HDA declarations within Bondi Junction. In effect, it is an attempt to bring planning control back to the local level, while still aligning with State housing targets.

That tension between State-led reform and local planning control is not unique to Waverley. It is playing out across Sydney.

&nbsp;

&nbsp;

&nbsp;

If delivered as intended, Bondi Junction will become denser, more active, and more complex. It will support more residents, more workers, and a wider range of uses, extending beyond its current retail core into a more layered urban environment.

“The civic and cultural heart of Sydney’s East”: Bondi Junction masterplan revealed

Toorak's dress circle St Georges Road, home to some of the city's priciest homes, is set for a rare new apartment development.

Blood Diamond Group, an entity tied to Tina Brandi, wife of David Brandi who has been a prolific bidder on The Block over the years, has filed plans for an ultra-exclusive development across an amalgamated 3,662 sqm site at <a href="https://www.apartments.com.au/new-apartments/104-106-st-georges-road-toorak-vic-3142">104 and 106 St Georges Road</a>.

The proposal would replace two existing homes on the riverfront site with a five-level apartment building cascading down the steeply sloping land toward the Yarra River. Designed by Charles Wright Architects, the development has been carefully shaped around the site’s topography and river environs, with the upper levels stepping back to reduce visual bulk from both St Georges Road and the Yarra corridor.

Planning documents describe the proposal as “a site layout and building typology that is consistent with the emerging character of the area and which provides exceptional amenity for future residents without compromising that of neighbouring properties.”&nbsp;

<img alt="First look: Blood Diamond Group unveils riverfront apartment plans for Toorak Pavilion" data-entity-type="file" data-entity-uuid="ea19a17e-7528-4fa8-b727-05f2f7c025e5" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Toorak%20pavilion%20a_0.png?VersionId=rZ2IjdoUL_UrRl1sZ4wZHnQXbYUaEmUQ" />

The scheme comprises 12 apartments, including 10 three-bedroom residences, one one-bedroom apartment, and a substantial split-level five-bedroom penthouse. A 624 sqm communal rooftop terrace will crown the building, while three undercroft levels embedded into the hillside will accommodate apartments and basement parking.

The design leverages the site’s dramatic northern outlook across the Yarra River, with living areas and balconies oriented toward the water. A central atrium running the full height of the building is intended to draw natural light deep into the residences and improve internal amenity.

Landscape architecture by <a href="https://www.apartments.com.au/landscape-architect/jack-merlo">Jack Merlo Design &amp; Landscape</a> will play a major role in softening the built form, particularly along the river edge where significant setbacks have been introduced. The proposal includes a minimum 30-metre setback from the Yarra River boundary, preserving a substantial landscaped buffer between the development and the waterway.

While a mature English Oak near the front of the site is proposed for removal, the plans retain a large English Elm closer to the riverfront, alongside other established vegetation in the lower section of the property.

<img alt="First look: Blood Diamond Group unveils riverfront apartment plans for Toorak Pavilion" data-entity-type="file" data-entity-uuid="ed3bf19b-5bc7-482f-bde7-41f709a13c3a" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Toorak%20pavilion%20b.png?VersionId=SG_kBGu4rOaSPY8FtVcmPJfSCrstuOfg" />

Architecturally, the building adopts strong horizontal forms with expansive glazing and curved balcony edges facing the river. Planning documents note the upper levels “adopt a receding form” to ensure the building responds appropriately to the Yarra River environs overlay controls.&nbsp;

The surrounding streetscape is characterised by large contemporary homes embedded into the hillside, many presenting as modest one or two-storey forms to the street before expanding toward the river frontage below. The planning report notes this established pattern heavily influenced the massing strategy for Toorak Pavilion.&nbsp;

Until the recent sale of the landmark Clendon Road mansion Coonac for around $130 million, St Georges Road held the state's most expensive home, the $80,000,088 derelict "Ghost House" mansion that was bought by crypto king Ed Craven.&nbsp;

Blair House, also on St Georges Road, sold for $74.5 million in 2022.

First look: Toorak Pavilions slated for dress circle St Georges Road

Six months after a development site on Kangaroo Point’s Shafston Avenue sold for $6.55 million, plans have been lodged for a 23-storey apartment tower.

A company named JMT Mega Capital, understood to be interstate investors when the 1,222 sqm double block traded late last year through Patona Property, is proposing an 84-apartment development in place of the existing low-rise buildings.

The slender tower at <a href="https://www.apartments.com.au/new-apartments/212-220-shafston-avenue-east-brisbane-qld-4169">212–220 Shafston Avenue</a>, overlooking the Brisbane River, has been designed by <a href="https://www.apartments.com.au/architects/aplus-design-group">Aplus Design Group</a>. It will comprise a mix of one-, two- and three-bedroom apartments above six basement levels, topped by rooftop resident amenities.

<img alt="First look: 23-storey Kangaroo Point tower planned for Shafston Avenue riverfront precinct" data-entity-type="file" data-entity-uuid="7e17ba9e-553e-42ef-92b6-22081671521a" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/podium_3.png?VersionId=hlVUf99vrOjUs.vhQs0qV0DhOncUy9T8" />

The development has been designed as a vertically articulated tower with recessed balconies, curved façades and planted edges intended to soften its scale within the evolving Shafston Avenue skyline. In the submitted Urban Design Report, Aplus Design Group said the tower had been “shaped with a slender vertical expression, articulated façades, recessed balcony zones, integrated planting and a clearly defined podium relationship, helping to reduce perceived bulk and create a more elegant contribution to the Shafston Avenue streetscape and broader Kangaroo Point skyline.”

The scheme comprises 84 apartments, including 25 one-bedroom units, 34 two-bedroom apartments and 25 three-bedroom residences. A total of 104 car spaces are proposed across six basement levels, including resident, visitor and accessible parking.

Residents will have access to rooftop communal open space and shared amenities, while the development also incorporates deep planting zones and subtropical landscaping throughout the podium and tower levels. The project includes 35 per cent communal space coverage across the site and a 17.5 per cent deep soil zone allocation to support urban greening outcomes.

The application exceeds the mapped building height under the Kangaroo Point Peninsula Neighbourhood Plan and is being assessed under Brisbane City Council’s impact assessment pathway. The design team argues the additional height is supported by the site’s strategic inner-city location, existing high-density zoning, and proximity to transport and employment hubs.

“The design has been developed to make better use of a well-serviced urban site within an established high-density residential setting, while improving the street presentation and overall quality of the public realm interface,” the report states.

<img alt="First look: 23-storey Kangaroo Point tower planned for Shafston Avenue riverfront precinct" data-entity-type="file" data-entity-uuid="1ab44b1e-ff45-4bf3-8da8-8aa0cd79db33" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/site_10.png?VersionId=tSxeGekZOqj1e9g3PEn_yFoC3taKDp3U" />

The proposal adds to a growing pipeline of apartment developments reshaping Kangaroo Point ahead of the 2032 Brisbane Olympic Games, with demand continuing to strengthen for new housing supply in well-connected inner-city precincts.

Mosaic has nearly sold out its under-construction <a href="https://www.apartments.com.au/new-apartments/the-bedford-by-mosaic-16-30-prospect-street-kangaroo-point-qld-4169">The Bedford by Mosaic</a>&nbsp;and <a href="https://www.apartments.com.au/new-apartments/the-carter-by-mosaic-77-linton-street-kangaroo-point-qld-4169">The Carter</a>,&nbsp;while Pikos recently completed <a href="https://www.apartments.com.au/buildings/skye-residences-by-pikos-kangaroo-point-8-river-terrace-kangaroo-point-qld-4169">Skye Residences</a> nearby. Pikos is also delivering <a href="https://www.apartments.com.au/new-apartments/gaia-kangaroo-point-108-lambert-street-kangaroo-point-qld-4169">Gaia</a>, over 230 three- and four-bedroom apartments on Lambert Street.

First look: 23-storey Kangaroo Point apartment tower planned for Shafston Avenue riverfront precinct

Residential Sales

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This week, CoreLogic RP Data is expecting 2,842 auctions across the capital city markets, the highest number of weekly auctions since the week leading up to Easter, when 3,668 capital city auctions were held.
The rise in volumes comes of the back of a lower clearance rate last week, when the final results reported a combined capital city weighted average of 69.9 per cent, the lowest clearance rate since February this year. The lower result was driven by a fall across Sydney, where 70.7 per cent of auctions were successful last week, the lowest clearance rate for the city this year.
Melbourne and Sydney are both expecting a high volume of auctions this week, with 1,206 scheduled in Melbourne and 1,198 in Sydney. In comparison, last week 1,127 Melbourne auctions were held and 1,041 in Sydney.
Last week, Adelaide’s clearance rate was 71.4 per cent, the second strongest result for any capital city (following Melbourne at 73.7 per cent) and this week Adelaide auction volumes are set to rise from 99 last week to 130. Similarly, Brisbane auction volumes are also on the rise, with 202 auctions this week, compared to 143 last week
Canberra (58 this week compared to 118 last week) and Perth (25 this week compared to 31 last week) are the only two cities where the number of auctions is down week on week, however, both cities current auction activity is higher than it was one year ago.
The Australian suburb with the highest number of auctions this week is Reservoir (Vic) where 23 residential auctions will be held. Following on from this is Mosman (NSW) with 19, Preston (Vic) with 17 and Glen Waverley (Vic) with 16.
 
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Busiest week for auctions since before Easter: CoreLogic RP Data's Shana Miller

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As a result of new lending criteria delivered to deposit-taking institutions by Australian Prudential Regulation Authority (APRA) a lot of attention has been placed on the pace of lending for residential housing investment. 
The APRA guidelines highlighted a limit on annual investment credit growth for ADIs of 10% however, from that point until June 2015 the annual rate of investment credit growth continued to increase.
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Although it’s only one month of data, the latest housing credit data to July 2015 suggests that we may be finally set to see a slowing of investment credit growth. 
Over the 12 months to July 2015, the Reserve Bank (RBA) reports that total housing credit rose by 7.4%; its fastest annual rate of growth since October 2010, and consisted of a 5.3% annual increase in owner occupier credit (fastest growth since March 2012) and a 10.8% annual rise in investor credit.
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Investor housing credit is still growing at a robust pace however, at 10.8% over the year it is down from 11.1% in June and at its lowest level since March 2015. “In fact, the monthly investor housing credit data shows credit advanced by just 0.6% in July which was its lowest monthly increase since October 2013. 
Investment segment lending data on the investment segment suggests that following recent changes to lending policies by Australian ADIs, lending to the investment segment of the market is set to slow further over the coming months. 
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With mortgage rates remaining low we would anticipate the rate of growth will slow to around the 10% per annum benchmark, however this is unlikely to drop much further than that.
While any slowdown in investment growth may have an impact on overall housing credit figures, Mr Kusher noted that it’s important to recall that a much greater proportion of overall lending goes to owner occupiers. 
In July 2015, the total value of outstanding housing credit was $1.476 trillion. This figure was comprised of $906.4 billion in lending to owner occupiers and $569.8 billion to investors. 
It’s important to remember that the rate of growth in owner occupier lending has also been rising although over the past year there was a $45.2 billion expansion in credit to owner occupiers compared to $56.1 billion to investors. Furthermore, the proportion of total mortgage credit to investors is at a record high 38.6%. 
ADIs of course don’t lend exclusively for mortgages and the latest data shows an encouraging lift in credit to businesses. In July 2015 business credit rose by 0.7% to be 4.8% higher over the year. Total business credit is currently recorded at $799.7 billion, which is significantly larger than investment housing credit.
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The RBA and APRA are likely to be very encouraged to see the first signs of a slowing of lending to the investment housing segment and would hope that it continues over the coming months. 
While this may result in a slight slowing in overall housing credit growth increases, this shouldn’t be viewed as a negative outcome. If the recent increase in business credit can continue it would arguably provide greater economic benefit. 
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Cameron Kusher is research analyst for CoreLogic RP Data. You can contact him <a href="https://blog.corelogic.com.au/author/cameron-kusher/" target="_blank">here</a>.
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Has growth in investor housing credit reached its apex? Cameron Kusher

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From intimate heritage architecture and cobblestoned laneways, to stylish modern bars, some of Sydney’s finest restaurants and curious places to shop and explore.
With the MCA as one of its modern ambassadors, The Rocks is emerging as Sydney’s new cultural precinct, and has been transformed into a creative nucleus of contemporary art, festivals and evolving pop-up spaces.
The Rocks: it’s a perfect blend of culture, cuisine and experiences that are worth savouring.
For more information on Millers Point and The Rocks visit <a href="https://www.rediscovermillerspoint.com.au" target="_blank">www.rediscovermillerspoint.com.au</a>
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Millers Point – the heart of Sydney

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<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/01/18/510_rediscover.jpg" alt="" width="434" height="207">
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The NSW Government’s Millers Point sales program continues to deliver excellent results with the auction of seven properties in late 2016 for a combined $35.22million.
The sales included the highest value single property sold to date – a block of 12 one bedroom apartments on the corner of Merriman and Bettington streets, which sold for $12.3 million.
Interest in Millers Point continues to be strong, with the most recent sales recording an average rate per square metre of $19,462 (floor area), an increase of 23 per cent compared to the Millers Point sales program to date.
Other properties sold include:
<ul>
<li>15 Lower Fort Street, sold for $5.05 million.</li>
<li>36 Argyle Place, sold for $3.71 million</li>
<li>66 Bettington Street, sold for $2.42 million</li>
<li>61 Kent Street, sold for $2.11 million</li>
<li>42-44A High Street, sold for $4.81 million.</li>
<li>46-48A High Street, sold for $4.82 million.</li>
</ul>
A total of 125 Government - owned properties in Millers Point have been sold to date, with the proceeds delivering much needed social housing for the 60,000 vulnerable families and individuals on the waiting list.
For more information visit <a href="https://www.rediscovermillerspoint.com.au" target="_blank">www.rediscovermillerspoint.com.au</a>
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Millers Point delivers $35 million in one day

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Chinese capital has a huge role to play in Australia's housing market over the next few years, for better or for worse. 
But there are some looming obstacles. 
New South Wales recently introduced a 4 percent stamp duty surcharge for non-resident buyers, with a 0.75 percent land tax. 
Harsh, yes, but not as onerous for apartment buyers as the 7 percent stamp duty surcharge that became effective from 1 July in Victoria, while Queensland has also introduced a 3 percent surcharge. 
Meanwhile, banks and brokers fearing investigation have become extremely reluctant to lend to non-resident buyers declaring only foreign income. 
With a record volume of apartments due for completion over the next two years, and many of these having been bought off the plan by overseas buyers, one way or another one feels that something has to give. 
Fork...
At this juncture it feels like it could go either way.
We know that Australia (and particularly Melbourne and Sydney) is a favourite destination for Chinese capital. 
Across the drink, Vancouver recently introduced a monster 15 percent tax on non-residents which has turned Chinese investors away and is pushing that housing market south. 
This could in turn lead more Chinese buyers to look at Australia as the destination for their fleeing capital.
Although prices have gotten more expensive in Australia for local buyers, thanks to foreign exchange movements this is not so for the Chinese. 
Unit prices may have increased by 41 percent over the last four years in Sydney, for example, but when translated into CNY prices have not moved up at all in real terms. 
<a href="/images/2016/09/28/CNY.jpg" target="_blank">Click to enlarge</a>
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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>. 
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>.
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Chinese buyers... where to from here? Pete Wargent

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<div>Auction clearance rates are still booming along in Sydney's eastern suburbs, with a preliminary clearance rate of 84.3% recorded, with the inner west also on fire at 83.8%, according to CoreLogic-RP Data.</div>
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<div>Cameron Kusher of CoreLogic-RP Data has pointed out that every sub-region of Sydney has recorded auction clearance rates of above 80% at some point this year.</div>
<div> </div>
<div>How then has the city-wide clearance rate slipped all the way back to 64.4%?</div>
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<div><a href="/images/2015/10/26/RP1.jpg" target="_blank">Click to enlarge</a></div>
<div><img src="/images/2015/10/26/RP1.jpg" alt=""></div>
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<div>The unfortunate truth is that those suckered in to buying late in the cycle in outer western (30 per cent) and south-western Sydney (52.8 per cent) may well soon be sitting on a pile of negative equity, while home loan arrears have tended to be more elevated too. No real surprises here. </div>
<div> </div>
<div>Soft preliminary clearance rates were also recorded for the Central Coast (30%), Baulkham Hills &amp; Hawkesbury (38.5%), Blacktown (42.1%), and Parramatta (39.7%), while the outer south-west may fail to record a single auction sale.</div>
<div> </div>
<div>Of course, not all properties are sold at auction, and preliminary clearance rates by sub-region are essentially only an indicator of market sentiment. </div>
<div>
 Deutsche Bank has put out a research note which indicates that historically Sydney auction clearance rates have needed to decline to around 45% in order to be accompanied by year-on-year price declines. While certain inner suburban clearance rates remain very high as noted above, the above figures represent further evidence that in many areas away from the inner suburbs the investor market has been knocked for six by increased deposit requirements, and stock on market is now rising. Sydney will have some big auction weekends to muddle through before the Christmas break, in the meantime watch out for any handover to owner-occupier mortgage lending.</div>
<div> </div>
<div>
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>. 
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>.
</div>
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Auctions fading to black in Sydney outer: Pete Wargent

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As they do every year, new listings increased over the first month of spring, with further additions of stock to the market expected to ramp up until the end of year slow-down in December.
In addition to the number of listings being added to the market CoreLogic RP Data’s lead listings indicator is also showing a 1.6% month-on-month change (seasonally adjusted), with Tasmania (+5.2%) and Victoria (3.4%) showing the most activity of listings being prepared for sale.
In terms of listing stock, the largest proportionate increases this month relative to last month have been observed in Brisbane, where the number of residential properties added to the market over the four weeks ending 27 September was 12.9% higher than the four week period a month earlier. Following Brisbane was Hobart (12.5% higher) and Adelaide (11.0% higher).
Despite the increase in new listings, total stock levels remain just 1.2 per cent higher relative to one year ago across the combined capital cities, while nationally; total listings are -0.6 per cent lower. As at 27 September, there were 234,094 residential properties available for sale across Australia, while one year ago, there were 235,399.
When compared to last year, across the capital cities, total listings are higher in Perth (+20.7%), Darwin (+12.3%) and for the first time this year, Sydney (+4.7%). In Sydney, one of the reasons the total stock levels are now higher than one year ago is likely due to the increase in stock being added to the market. New listings across the city are 16 per cent higher than one year ago, to put this into perspective, over the comparable 28 day period one year ago, 7,431 listings were newly added to the market, compared to 8,617 this year.
<a href="/images/2015/09/30/Table.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2015/09/30/Table.jpg" alt="" width="886" height="199">
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<img src="/images/2015/09/30/Capital-city.jpg" alt="" width="731" height="276">
Across the individual states and territories, there are more listings than one year ago in Western Australia, Northern Territory (both +12.9%) and to a lesser degree, South Australia (+2.2%), while across these three regions, the number of new listings added to the market over the past four weeks is lower than one year ago. In all other states and territories, total listings are currently lower than they were relative to last year.
<a href="/images/2015/09/30/National.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2015/09/30/National.jpg" alt="">
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First month of spring returns lift in new listings: CoreLogic RP Data's Shana Miller

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Prior to this week, the year to date clearance rate across the combined capital cities was 76.9%, indicating that this week’s preliminary clearance rate of 77.7% is performing above this level. 
This week, there were 1,998 auctions held across Australia’s capital cities, with 1,307 results reported so far. Over the previous week, 1,827 residential auctions were held with a clearance rate of 75.4%. In comparison, at the same time last year 67.9% of the 1,705 auctions were sold, indicating the current auction conditions remain stronger than they were one year ago.
<a href="/images/2015/07/29/20150727-Capital-City.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2015/07/29/20150727-Capital-City.jpg" alt="" width="789" height="594">
 
The preliminary clearance rate across Melbourne was recorded at 76.5% this week across 638 auction results. There were 845 auctions held across the city this week, up from 759 last week when the final auction clearance rate was recorded at 76.0% and similarly, higher than at the same time last year when there were 736 Melbourne auctions with 68.5% of homes selling. This week, there were 3 sub regions which recorded a clearance rate above 80%; Outer East at 89.0%, North West at 82.5% and North East at 82.2%. The region with the highest volume of auctions this week was the Inner region (141).
<a href="/images/2015/07/29/20150727-Melbourne.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2015/07/29/20150727-Melbourne.jpg" alt="" style="line-height: 1.3em;"><a href="/images/2015/07/29/20150727-Melbourne.jpg" target="_blank"></a>
For Sydney, the clearance rate across the city this week increased, up to 82.7% from 79.7% last week and 75.4% at the same time last year. Across the city, 841 homes were taken to auction this week, more than last week (794) and significantly higher than one year ago, when 660 Sydney auctions were held. Since mid-August, Sydney’s auction clearance rate has been trending downwards, after the city has seen a record strong performance over the first six months of the year. Despite this, the clearance rate still remains stronger than any other capital city and there are still sub-regions across the city where the clearance rate remains above the 90 per cent mark including Ryde, Eastern Suburbs, Inner West and City and Inner South.
<a href="/images/2015/07/29/20150727-Sydney.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2015/07/29/20150727-Sydney.jpg" alt="" width="988" height="671">
 
 
 
This week, Brisbane’s preliminary auction clearance rate was 66.0%, compared to 60.2% the previous week and just 44.7% last year. So far, 17 Gold Coast auction results have been reported and the clearance rate for the region is 64.7%.
 
<a href="/images/2015/07/29/20150727-Brisbane.jpg" target="_blank">Click to enlarge</a>
 <img src="/images/2015/07/29/20150727-Brisbane.jpg" alt="">
 
There were 80 Adelaide auctions this week, with a clearance rate of 60.6% across the 33 results reported so far. Last week, Adelaide’s final auction clearance rate was 64.3%, while one year ago the city saw 60.3% of homes taken to auction sell.
<a href="/images/2015/07/29/20150727-Adelaide.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2015/07/29/20150727-Adelaide.jpg" alt="" width="948" height="640">
Across Perth, 10 auctions have been reported so far with a clearance rate of 80.0%, compared to just 18.8% last week and 50.0% at the same time last year. Perth’s clearance rate is often subjected to highs and lows given the low volume of auctions across the city.
Canberra’s preliminary clearance rate was 80.0% this week across 25 results. Last week, 82.1% of Canberra auctions were successful, the second strongest result for the city so far this year.
So far this week, 4 Tasmanian auctions have been reported and of these reported results there has been 1 sale.
 
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Brisbane auctions highest preliminary clearance since 2009: CoreLogic RP Data's Shana Miller

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The list of the most affordable capital city suburbs in each state and territory highlights the dramatic difference in the cost of housing between the most affordable and most expensive capital cities.
<div>
When we are talking about affordable prices for capital city housing, Hobart is the location of choice with property prices much lower there than across the mainland capital cities.
To highlight this we have looked at selling prices for the bottom decile of homes over the three months to January 2016.  A decile simply divides a group into ten equal parts.  What this means is if there were 20 sales over the three months and we lined the sales up from lowest to highest we would take the 2nd price as a representation of the most affordable segment of the market.
Over the three months to January 2016, the 10th percentile price of a house across the combined capital cities was $315,000 and the 10th percentile unit price was $255,000.  Over the same period, the 10th percentile house price across the combined regional markets was $175,000 compared to $180,000 for units.  This again highlights that housing tends to be much more affordable outside of the capital cities.
<h3>10th percentile price of houses and units  3 months to January 2016</h3>
<a href="/images/2016/04/15/2016-03-29--img1.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2016/04/15/2016-03-29--img1.jpg" alt="">
 Hobart has the lowest 10th percentile house and unit prices at $205,000 and $167,000 respectively.  Darwin is the second most affordable for houses at $229,000 and for units Adelaide is in second place with a price of $222,000.  At the other end of the spectrum, the 10th percentile house price is highest in Sydney and Darwin (both $430,000) and the unit price is highest in Sydney at $360,000.
The table below highlights the five most affordable capital city suburbs for both houses and units in each state.  The data is based on median values and we have only included suburbs that had at least 10 sales over the 12 months to January 2016.
<h3>Suburbs with most affordable median values, January 2016</h3>
<a href="/images/2016/04/15/2016-03-29--img2.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2016/04/15/2016-03-29--img2.jpg" alt="">
 The much more affordable nature of Hobart housing is evident when you look at the most affordable lists for each city, particularly for houses.  The five most affordable suburbs for houses in Hobart are all more affordable than the most affordable suburbs in each other capital city.  The data also highlights that housing costs in Sydney, Darwin and Canberra tend to be more expensive than the remaining capital cities.
For units, Adelaide suburbs actually have the most affordable suburbs and certain suburbs in Brisbane are also cheaper than those in Hobart where medium to high density development is less common.  On the other hand, unit values in the most affordable Darwin and Canberra suburbs are much higher than elsewhere.
The data shows that affordable housing options are available in most capital cities however, they tend to be located on the outskirts of the capital cities.  Of course Hobart, Adelaide and Brisbane tend to have much more affordable housing options relative to the other capital cities.  Meanwhile, regional markets often offer up even more affordable housing alternatives.
 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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Hobart housing much more affordable than other capital cites

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SPONSORED POST
The Millers Point sales program will kick off in early February with the launch of six blocks of four apartments.
The Millers Point sale program has now yielded more than $300 million for social housing investment across the State.
The Government has sold 125 properties in Millers Point since the sale program commenced, with the program to deliver around 1,500 new social housing dwellings around Sydney and in the Illawarra.
The listings are part of the next stage of the Millers Point program, which includes a new product mix, including a diverse range of lofts and other apartments, blocks of units and terraces to be listed on the market over the coming months. 
Register now at <a href="https://www.rediscovermillerspoint.com.au" target="_blank">www.rediscovermillerspoint.com.au</a>. Further information on these properties will be published over the coming weeks. 
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