Queensland builder-developer MAYD has revealed the first look at its major North Kirra beachfront development, lodging amended plans that reduce the number of apartments and increase the proportion of larger residences.

The project is planned across a substantial 4,742 sqm amalgamated site spanning seven lots at <a href="https://www.apartments.com.au/new-apartments/2-6-pacific-parade-bilinga-qld-4225">2-6 Pacific Parade</a> and 27-33 Golden Four Drive in Bilin​ga, directly opposite Nor​th Kirra Beach.

<a href="https://www.apartments.com.au/developers/mayd-group">MAYD</a> secured the site for $32.5 million in 2025, in what was one of the Gold Coast's largest property transactions of the year.

The development will be delivered across two stages, with the first stage carrying an estimated gross realisation value of around $360 million.

The latest amendments seek to reduce the overall apartment count and shift the project further toward the owner-occupier market, with larger residences designed for buyers wanting considerably more space than traditionally offered in a beachfront apartment.

The residential mix will include townhomes, oversized two-bedroom apartments, substantial three-bedroom residences and four-bedroom homes.

MAYD has appointed Cera Stribley to lead the architecture and interiors, with the Melbourne-based design practice drawing on the beachfront setting through a series of ocean-facing terraces and heavily landscaped balconies.

Strong horizontal forms and curved balconies will define the exterior, with subtropical landscaping integrated throughout the building to soften the built form and increase the connection between the residences and the beachfront.

The project will also include an extensive collection of resident wellness and lifestyle facilities, continuing the broader shift across the Gold Coast's luxury apartment market toward larger homes supported by resort-style amenity.

<img alt="MAYD" data-entity-type="file" data-entity-uuid="d1bcbb05-e659-4b47-8bd4-1e595315e2ad" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-27%20at%202.05.03%E2%80%AFPM.png?VersionId=jj0XEud1X1DuLt7_KyElhjMdZGOXmLHP" />

MAYD Founder Todd Mould said North Kirra was increasingly appealing to buyers attracted to the more established, lower-density character of the southern Gold Coast.

"North Kirra presents one of the most compelling luxury residential opportunities currently emerging in Australia, combining absolute beachfront with the character and authenticity that buyers are increasingly seeking, and the same sense of tight-knit community that defined Burleigh and Currumbin perhaps 10 or 15 years ago," Mould said.

"With Gold Coast Airport on its doorstep, it also offers a level of accessibility that broadens its appeal across almost every market demographic."

The project comes as the southern Gold Coast continues to attract an increasing share of high-end apartment development and buyer activity.

Kirra in particular has emerged as one of the region's more tightly held beachfront markets, with its relatively low-density character, established surf and hospitality scene and proximity to Gold Coast Airport differentiating it from the higher-density markets further north.

Mould said those characteristics had informed the approach MAYD and Cera Stribley had taken to the project.

"We've worked closely with Cera Stribley to create a vision that is deeply connected to its surroundings," he said.

"Inspired by the coastline itself, the architecture has been shaped around space, privacy and resort-style living, creating a collection of homes that reflects the next generation of luxury on the southern Gold Coast."

MOTIV Managing Director Carly Cottam, who has been appointed to market the project, said buyer attention had continued to move south along the Gold Coast.

"Purchasers who may once have defaulted to Broadbeach, Main Beach or Surfers Paradise are increasingly recognising the value of a genuine beachfront location that offers lower density, strong amenity and a more established sense of community," Cottam said.

"Kirra has a powerful combination of growing demand and genuine scarcity. Beachfront supply is inherently constrained, the area remains relatively low density, and buyers are increasingly placing a premium on locations that feel established, uncrowded and authentic rather than heavily developed."

Cottam said the proximity to Gold Coast Airport was also proving increasingly important for interstate and second-home buyers.

"Being minutes from Gold Coast Airport makes it particularly compelling for interstate buyers, frequent travellers and second-home purchasers who can access an authentic coastal lifestyle almost immediately after stepping off a flight."

The acquisition takes MAYD's active development portfolio to more than $500 million, with the North Kirra project representing one of its largest undertakings to date.

MAYD is targeting an early 2027 launch.

Joel Robinson

First look at MAYD's North Kirra mixed-use precinct

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Castle Hill, the longtime hub of the Hills District, has been one of the major beneficiaries of Sydney's Metro expansion, with improved connectivity helping drive continued population growth, development and buyer demand across the Hills District.

But despite that growth, the suburb has seen relatively few major new apartment projects brought to market over the past 18 months.

Hills District developer Reve Group is looking to fill that gap with <a href="https://www.apartments.com.au/new-apartments/nova-r-ve-castle-hill-2-garthowen-crescent-castle-hill-nsw-2154">Nova Rêve</a>, a major new mixed-use precinct on the corner of Garthowen Crescent and Old Castle Hill Road, a short walk from Castle Hill Metro Station and Castle Towers.

[smartcode_project:default project_id=152737 project_image_fid=377679]

The project will comprise three residential towers alongside a hotel, restaurants, cafes and a skybar, more than 1,600 sqm of ground-floor retail and almost an acre of landscaped gardens.

It represents the largest project undertaken by Reve Group, the development arm of the Kassis family, which has been building across the Hills District for more than 30 years through Kassis Homes.

[smartcode_project:default project_id=152737 project_image_fid=377675]

Nova Rêve also represents a significant step up from the family's first apartment development, Grand Rêve, which was delivered nearby on Garthowen Crescent.

Grand Rêve introduced larger, house-like apartment layouts and premium inclusions including Wolf and Sub-Zero appliances to the Castle Hill market.

Nova Rêve takes that approach to a precinct scale, combining the residential component with hospitality, retail and substantial public and resident landscaping.

[smartcode_project:default project_id=152737 project_image_fid=377685]

Reve Group Managing Director Sam Kassis said the project reflected the family's three decades of building in the Hills, which has evolved from trophy homes on quarter-acre blocks to larger-scale apartment development.

"Grand Rêve was our first apartment project here and it showed us what this pocket of Castle Hill could be. Nova Rêve is the refinement of that idea: not just apartments, but a place the whole suburb can use," Kassis said.

A key part of that approach is the hotel, which has been designed to operate as an amenity for the wider Castle Hill community rather than solely hotel guests.

It will include restaurants, cafes, skybars and all-day dining, alongside conference and event facilities catering to business functions, community groups and private events.

At ground level, more than 1,600 sqm of shops and cafes will open onto the surrounding streets and landscaped areas.

Almost an acre of gardens designed by Land and Form Studios will run through the precinct, incorporating pathways, seating, barbecue areas and children's play spaces.

[smartcode_project:default project_id=152737 project_image_fid=377680]

Reve Group's Romio Georges said creating an active ground plane had been central to the planning of Nova Rêve.

"There are gardens with pathways, barbecues, seating and play areas, shops and cafes opening onto the street, and a hotel with restaurants and a skybar that anyone in Castle Hill can walk into," Georges said.

The project's elevated position on one of Sydney's highest ridgelines will also provide apartments with outlooks toward the Sydney skyline, surrounding parkland and the Blue Mountains.

More than 80 per cent of the apartments will occupy corner positions, with Turner responsible for both the architecture and interiors.

&nbsp;

[smartcode_project_cta:default project_id=152737]

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Nova Rêve arrives as Reve Group bets on Castle Hill's next growth phase

A collection of just 25 large-format apartments and penthouses overlooking Goodwin Park is entering the Coolangatta market, with <a href="https://www.apartments.com.au/new-apartments/marea-residences-coolangatta-27-27a-dixon-street-coolangatta-qld-4225">Maréa Residences</a> combining a low-density, residential-only approach with uninterrupted park and Pacific Ocean outlooks.

Located at 27 Dixon Street, Maréa comprises three and four-bedroom residences alongside a limited number of dual-level penthouses, with the project positioned between Goodwin Park and <a href="https://www.apartments.com.au/developments/coolangatta-qld-4225">Coolangatta</a>’s coastal precinct.

Construction has commenced, with completion currently estimated for late 2027. Three-bedroom residences are priced from $1.8 million.

[smartcode_project:default project_id=150999 project_image_fid=374005]

The project has been designed around its northern outlook across the park, with the building’s architecture, landscaping and material palette intended to establish a connection with the neighbouring green space. The residences have been configured to maximise natural light and views across Goodwin Park towards the ocean.

Inside, the material palette incorporates timber, stone and brushed brass, complemented by curved detailing and ambient lighting. Kitchens and bathrooms carry the same natural material approach, while residences also include basement parking, storage and lift access.

Maréa’s penthouses are arranged over two levels and include private pools, adding another layer to the project’s focus on larger-format apartment living. Across the development, residences are configured with three or four bedrooms rather than the broader mix of smaller apartment types commonly found in larger projects.

[smartcode_project:default project_id=150999 project_image_fid=374010]

Resident amenity is concentrated at rooftop level, where landscaped entertaining terraces and pools take advantage of elevated views across Coolangatta and the Pacific Ocean.

The project has so far been particularly well received by local owner-occupiers and downsizers, according to Urban Activation Property Sales and Marketing Director Matt George, with the residential-only format, construction quality and northern park outlook among the features resonating with purchasers.

“The uninterrupted northern aspect overlooking Goodwin Park has been a key point of difference, with buyers attracted to the sense of serenity and open space the park provides, while still enjoying easy access to the ocean and being within walking distance of the lifestyle and amenities Coolangatta has to offer,” George said.

[smartcode_project:default project_id=150999 project_image_fid=374002]

“The combination of high-quality construction, a residential-only building, park outlook and proximity to the beach has resonated strongly with the local downsizer market.”

The Dixon Street address is within walking distance of Coolangatta Beach and the broader southern Gold Coast coastline, including the surf breaks at Snapper Rocks and Kirra. Coolangatta’s cafés, restaurants and retail are nearby, while Gold Coast Airport is also within close proximity.

[smartcode_project_cta:default project_id=150999]

Maréa Residences brings parkside apartments to Coolangatta

Melbourne developer PDG has secured Victorian Government approval for its $1.5 billion Southbank development <a href="https://www.apartments.com.au/new-apartments/the-one-1-queens-bridge-street-southbank-vic-3006">The One</a>, clearing the way for the long-dormant riverfront site opposite Crown to finally be developed.

The Minister for Planning has approved the project at 1-29 Queens Bridge Street, with the Department of Transport and Planning issuing the planning permit following its assessment.

The approval will allow PDG to develop the prominent 5,059 sqm site with a major mixed-use tower comprising premium apartments, including branded residences, a luxury hotel and boutique office space.

PDG acquired the site in late 2024, with its position directly opposite Crown's main entrance and near Melbourne's Arts Precinct making it one of Southbank's most significant remaining development opportunities.

<img alt="PDG" data-entity-type="file" data-entity-uuid="3933013e-6332-4386-b9be-089df05caf17" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-27%20at%209.29.22%E2%80%AFAM.png?VersionId=sITIgBqDL0N3VNSMwWEmF5UA.uvcsRyu" />

Designed by COX in collaboration with ODO and PDG, the tower's architecture draws on the movement of the Yarra River, with six vertical pleats running the height of the sculpted facade.

The project will also see the heritage-listed Queens Bridge Hotel restored and incorporated into the development&nbsp;with new hospitality and public uses, including a rooftop venue.

A significant component of The One will be its residential amenity.

More than 5,000 sqm of resident facilities will be delivered across a single level, making it one of the largest consolidated residential amenity offerings proposed in an Australian apartment development.

The planning approval also incorporates a major upgrade of Queensbridge Square, which PDG will deliver in partnership with the City of Melbourne.

<img alt="PDG" data-entity-type="file" data-entity-uuid="73167fcd-1031-4b6f-a408-a064cfe45ed1" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-27%20at%209.29.17%E2%80%AFAM.png?VersionId=Pf1AEWxw6SNmBqR0zQW5lyEze.MtxgFp" />

The existing square will be revitalised as a new civic and pedestrian space along the Yarra River, strengthening the connection between the project, Southbank and the riverfront.

PDG Founder and Managing Director Vince Giuliano said the approval represented a major milestone for a site which has remained largely underutilised for more than 15 years.

“This is the most significant Planning Permit approval Melbourne has seen in recent years,” Giuliano said.

“For more than 15 years, this site has remained underutilised. This approval enables us to deliver a project that will contribute meaningfully to the revitalisation of Southbank, restore and reactivate an important heritage building, and create a new civic and hospitality destination for Melbourne.”

The latest approval follows an earlier planning permit issued by the City of Melbourne covering demolition works across part of the site at 9-29 Queens Bridge Street. Those demolition and early works are already underway.

PDG has also started generating early interest in the residential component from owner-occupiers ahead of a planned public launch in early 2027.

PDG secures approval for $1.5bn Southbank apartment development, The One

Local developer Harridan is seeking to turn its Woolloongabba apartment project into the first stage of a broader transformation of Burke Street, using a new 16-storey mixed-use building to establish a greener pedestrian connection toward the rapidly evolving Boggo Road transport and knowledge precinct.

The South East Queensland developer has filed plans for 154 apartments on the <a href="https://www.apartments.com.au/new-apartments/4-burke-street-woolloongabba-qld-4102">southern side of Burke Street</a>, where its proposal has been designed alongside a wider vision by LatStudios for the street.

That vision positions the southern side of Burke Street for buildings of 15 storeys and above, while envisaging lower-rise development of up to five storeys on the northern side to transition into Woolloongabba's existing character housing. It also proposes wider pedestrian verges, deep planting, new street trees and upgrades to the pedestrian approach to Boggo Road Station.

The Harridan development itself has been designed by Brisbane-based Arqus Design and will comprise 154 apartments across 16 storeys. The mix is weighted heavily toward two-bedroom apartments, with 121 proposed alongside 10 one-bedroom and 23 three-bedroom residences. There will typically be around 14 units per floor.

A lower-ground car park and three podium levels will accommodate 156 resident parking spaces, along with visitor and commercial parking. There will also be 154 resident bicycle spaces and 40 visitor bicycle parks.

&nbsp;

Harridan is a family-owned developer and part of the Holmwood Highgate Group, with more than three decades of development activity across South East Queensland. Its portfolio spans residential, commercial and industrial property, with current residential projects including Riverbank on Byron in Bulimba, Esperance Residences in Carina and The Precinct at Kinross Road in Thornlands.

Wooloongabba has been popular for apartment developers, particularly since the announcement of the 2032 Summer Olympics games in Brisbane.

While there have been a lot of development applications, it has failed to materialize into real supply.&nbsp;

Sarazin has been the major player in the area. They are under construction at Murcia Residences, on the fringe of East Brisbane and Woolloongabba. They have just launched <a href="https://www.apartments.com.au/new-apartments/the-stanley-residences-woolloongabba-8-trafalgar-street-woolloongabba-qld-4102">The Stanley Residences</a>, in Woolloongabba on Trafalagar Street. They also have Nuage coming soon on the nearby <a href="https://www.apartments.com.au/new-apartments/nuage-woolloongabba-14-wellington-road-woolloongabba-qld-4102">Wellington Road</a>.

First look: Harridan plans Burke Street transformation beside Boggo Road transport hub

Sqm Research

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National residential listings decreased by four per cent in November, and are now down -12.6 per cent compared to the time last year.
Listings dropped from 308,469 in October to 296,267 in November.
All capital cities recorded decreases in listings over the month with the exception of Melbourne, which posted an increase of 1.2 per cent.
Darwin saw the largest listing decrease, down -6.7 per cent, followed by -6.4 per cent declines in Sydney and -6.1 per cent in Hobart.
Darwin, Sydney and Hobart posted the largest decreases of 6.7%, 6.4% and 6.1% respectively.
Brisbane recorded a -3.8 percent decrease, Canberra -3.2 per cent and Adelaide three per cent. Perth recorded the lowest decrease of -2.4 per cent.
Louis Christopher, managing director of SQM Research said the surprising decline in total listings for the month was predominantly driven by a decline in old listings.
"The fall in old listings tells me stock is being absorbed at a quicker rate than levels recorded earlier this year. It is a yet another signal that buyer activity is on the rise.”
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2020/DEC/2/SQM%20stock.jpg" alt="">
National year-on-year listings decreased -12.6 per cent, with significant decreases in Darwin (-28.2 per cent) and Hobart (-26.1 per cent) and Adelaide (-21.5 per cent).  
Sydney recorded a smaller decrease of 0.7 per cent. Melbourne however, recorded a large increase of 11.5 per cent. 
New listings across the country rose, just 0.48 per cent in November, with 381 more new properties listed for sale.
<a href="https://sqmresearch.com.au/total-property-listings.php?region=nt%253A%253ADarwin&amp;type=c&amp;t=1">Darwin’s</a> new listings increased by a significant 27.3 per cent. New listings in Melbourne increased by 4.1 per cent, while Sydney was the only capital that recorded a decline in new listings.
 
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jrobinson-rf4aSBido9

Total property listings decrease in November as old stock gets snapped up: SQM

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The number of residential property listings nationally fell -1.2 per cent in September, according to the latest data from SQM Research. 
They dropped from 293,053 in August to 289,566, which is -7.4 per cent down on listings 12 months ago.
New listings were up 2.4 per cent however over September nationally, with 1,447 more listings hitting the market. And that's taking in to account Melbourne's -41.3 per cent decline in new listings.
Louis Christopher, managing director of SQM Research, says the fall in listings is a little abnormal for the spring season.
"It has been predominantly driven by two factors which include sharp falls in new listings for Melbourne over the month; as well a sizeable falls in older listings across the country.
<img src="https://www.urban.com.au/images/2020/10/6/SQM%20stock%20levels.png" alt="">
"This second reason may point to an increase in absorption rates.
"In other words, there may have been increases in buyer activity over the month. There has also been other evidence of increases in buyer activity.
"This includes the rises in asking prices, the rises in auction clearance rates and the increases in housing finance approvals.”
Only Sydney and Perth bucked the trend of a drop in listings. Sydney saw its listings jump 1.8 per cent and Perth 0.9 per cent.
Sydney has 9.2 per cent more listings than it had 12 months ago. 
 
 
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Total property listings drop in September: SQM Research

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The national residential rental vacancy rate dropped over August, according to figures released by SQM Research. 
It dropped from 2.1 per cent to two per cent, with the total number of vacancies across the country dropping to 69,971.
But the locked-down Melbourne's rates have continued to soar, with its CBD recording its highest ever vacancy rate of 10 per cent, up from 8.8 per cent in July.
City-wide, the vacancy rate rose from 3.1 per cent to 3.4 per cent.
It was better news for property owners in other capital city CBD's.
Sydney's CBD vacancy rates are now 12.9 per cent, down from its record high of 16.2 per cent in May.
The Brisbane CBD also saw its vacancy rate scale back, to 11.4 per cent. Its high came in June when there were 14 per cent of residential properties vacant.
Adelaide's CBD vacancy rate also jumped, to 8.4 per cent from 7.6 per cent. Perth CBD remained stable at 5.5 per cent.
To enlarge, <a href="https://www.propertyobserver.com.au/images/2020/9/15/SQM%20vacancy%20rates.png" target="_blank">click here</a>.
 <img src="https://www.urban.com.au/images/2020/9/15/SQM%20vacancy%20rates.png" alt="">
Sydney still has the highest vacancy rate in the country. Despite scaling back 0.1 per cent in July, the vacancy rate still sits at 3.5 per cent.
Hobart’s vacancy rate is the lowest in the nation at 0.7%, with Canberra and Adelaide also recording low vacancy rates of 0.8% and 0.9% respectively.  
The regional market continues to be sought-after as city dwellers seek a life outside of CBD's.
Most regional locations recorded falls in rental vacancy rates, with Sydney’s Blue Mountains falling to a record low rental vacancy rate of just 0.7%, along with Victoria’s Mornington Peninsula. 
Queensland’s Ipswich fell to just 0.9%. 
 
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Melbourne spikes, but residential vacancy rates decrease over August: SQM Research

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The national residential rental vacancy rate recorded a decrease over the month from 2.5% in May to 2.2% throughout June 2020, according to the latest data from SQM Research.
The financial year ended with the total number of vacancies Australia-wide now at 77,132 vacant residential properties. 
This time last year, the national vacancy rate was slightly higher at 2.3%.
All capital cities recorded declines in vacancy rates over the month. 
Sydney currently has the highest vacancy rate in the nation at 3.8%, having declined by 0.2%, followed by Melbourne with a vacancy rate of 3.0%, declining by 0.1%. 
Hobart’s vacancy rate is the lowest in the nation at 0.9%, having declined by 0.4% over the month. 
Darwin recorded the largest decline in rental vacancy rate of 0.5% to now record a low vacancy rate of 1.8%. 
<img src="https://www.urban.com.au/images/2020/7/13/g1.png" alt="">
Even among the capital city CBD locations, there have been declines in vacancy rates over the month.  Sydney CBD has dropped to 13.8%, down from 16.2% in May, Melbourne’s CBD and Melbourne Southbank have also declined to 8.8% and 16.2% respectively.
Adelaide CBD has dropped to 7.1% and Perth CBD is now 5.3%.
However, Brisbane CBD’s vacancy rate has increased from 13.3% in May to 14.0% and Sydney’s Palm Beach is now 18.0%, up from 16.7% in May.
Over the month, Capital City asking rents decreased 3.1% for houses and 4.5% for units for the week ending 12 July 2020 to record asking rents of $534 per week for houses and $421 per week for units. 
Sydney, Melbourne and Adelaide recorded declines in asking rents for both houses and units over the month, whilst Brisbane and Perth continue to record increases in house and unit asking rents. 
Canberra and Darwin have had declines in house asking rents but recorded increases in unit asking rents.
<img src="https://www.urban.com.au/images/2020/7/13/g2.png" alt="">
"We believe the surprise fall in vacancy rates is due to Airbnb property owners giving up on the longer term leasing market and moving back to short term leasing, especially in light of the July school holiday period and the opening of some state borders," said Louis Christopher, the managing director of SQM Research.
The fall in rents over the same period for a numbers of our capital cities suggests that the weakness in the rental market remains.
Going forward, our expectation is the Australian rental market will remain weak for the duration of 2020 or until such time as the international border reopens and we as a community have past the worst of COVID19."
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j.ballantyne1990-6AQqhLzZaK

National rental vacancy rates drops over June: SQM Research

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National residential property listings surprisingly decreased in June, by one percent, figures released by SQM Research have showed.
Listing were down from 304,137 in May 2020 to 301,140 in June.
Listing were down 7.5 per cent compared to this time last year.
Most capital cities experienced decreases in property listings over the month except for Melbourne and Perth, whilst Brisbane remained steady.
The largest listings decrease was in Hobart at 7.5% followed by Canberra by 5.7% and Darwin 5.3%. Sydney’s listings only decreased by 1.6%.
Melbourne and Perth were the only capital cities to record increases in listings, 2.7% and 0.4% respectively.
Year-on-year listings show more significant declines for nearly all capital cities with Darwin recording a high 22.2% decline, followed by Perth with a 15.4% decline. Melbourne however bucked the trend and increased listings by 10.2% this time last year.
<img src="https://www.urban.com.au/images/2020/7/2/Stock%20SQM.JPG" alt="">
Louis Christopher, Managing Director of SQM Research said, “It is not unusual for listings to decrease in June as it is the start of the colder winter months."
There was a solid increase in new listings. Indeed, we have more new listings on the market compared to this time last year."
"Listings that were coming up to 90 days dropped the most, indicating that some of the older stock had either been withdrawn or was selling during June."
"Overall, these numbers on their own would indicate fairly normal activity in the housing market. Of course, we know that conditions are far from normal. And this is illustrated in the fall in vendor asking prices for the month.”
Asking Prices
Capital City average asking prices decreased by 0.8% for houses and 0.4% for units, over the month to 30thJune 2020. Unit asking prices are now at $571,000 and houses $989,100.
Compared to a year ago, the capital city asking prices posted increases of 8.8% for houses and 1.3% increase for units.
Over the month, most capital cities recorded marginal asking price increases however Sydney’s asking prices continue to decline to now record declines of 0.9% for houses and 1.3% for units. Melbourne recorded a 1.5% decrease in house prices but units increased by 0.7%
Strongest monthly growth was seen in Hobart’s unit prices with a 3.1% increase, followed by Perth’s house prices which had a 1.3% price increase.
Year on year, Darwin experienced declines in house and unit prices, 0.6% and 2.8% respectively, and Perth experienced declines in unit prices only of 1.3%. Sydney recorded an 11.5% increase in house price growth and a small decline of 0.1% for units this time last year whilst Melbourne recorded 9.9% increase in houses and a 5.4% increase for units.
All other capital cities recorded growth this time last year with Hobart recording a huge 19.8% house price growth and 10.4% unit price growth, this time last year.
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Residential property listings fell in June: SQM Research

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National residential property listings increased month-on-month in May by 3.9%, according to figures released by SQM Research.
Total listings rose to 304,137, up from 292,775 in April.
Compared to 12 months ago however, listings were down by 12.0%.
<img src="https://www.urban.com.au/images/2020/6/3/listings%20graph.png" alt="">
All capital cities experienced increases in property listings over the month, except for Canberra which posted a 0.8% decrease.
The largest listings increase was in Melbourne and Sydney, with growth of 11.6% and 10.9% respectively.
Hobart also recorded a large increase of 7.8%.
Year-on-year listings show more significant declines for all capital cities with Perth recording a 20.0% decline, followed by Darwin with a 18.8% decline, and Hobart a 15.8% decline (compared to this time last year).
“Overall, there was a rise in listings at the national level, driven by older stock not selling,” SQM Research Managing Director, Louis Christopher.
“We have recorded a 12% increase in listings of over 60 days. This tells me it is a patchy market with vendors struggling to meet their pricing expectations.”
“New listings actually fell for the month at the national level, which is abnormal for May.”
Meanwhile, capital city average asking prices increased by 0.5% for houses and decreased 0.1% for units, over the month to 2nd June 2020.
Unit asking prices are now at $573,300 and houses $997,400.
Compared to a year ago, the capital city asking prices posted increases of 10.2% for houses and 2.5% increase for units.
The figures showed that most capital cities recorded marginal asking price increases however, Sydney’s unit prices declined by 0.4%.
Brisbane, Darwin and Hobart’s house prices also all recorded declines of 0.3%, 1.1% and 0.1%, respectively.
The strongest monthly growth was seen in Darwin, with unit prices seeing a 7.2% increase.
Hobart followed, with a 1.5% unit price increase, and Perth’s houses had a 1.2% increase.
Year on year, it was only Perth and Darwin that experienced declines in house and unit prices.
All other capital cities recorded growth year on year, with Sydney recording a 13.7% house price increase, Melbourne recording an 11.9% house price increase, and Hobart recording a 10.0% house price increase compared to this time last year.
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Property listings increase in May: SQM Research

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The national residential vacancy rate has jumped to 2.6 per cent in April, up from two per cent in March, according to figures released today by research house SQM Research.
The total number of residential vacancies Australia-wide has hit 88,668, with every state seeing an increase with the exception of Darwin.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2020/5/12/SQM%20vacancies%201.jpg" alt="">
It was the CBD and holiday markets which saw the biggest jumps, with Sydney's vacancy rate now nearly 14 per cent in the city.
SQM Research managing director Louis Christopher said the vacancy rate rise was one of the largest one month rises record on their vacancy rate series
"The blow out in rental vacancy rates for the major CBDs suggests a mass exodus of tenants occurred over the course of March and April", Christopher said. 
"This might be attributed to the significant loss in employment in our CBDs plus the drop off in international students.  
"We are well aware of a surge in short term accommodation now being advertised for long term leasing. 
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2020/5/12/SQM%20vacancies%202.jpg" alt="">
Christopher said the question is now how long will we see such high rental vacancies. 
"If it is sustained throughout the course of the year, then we can expect far deeper falls in rents which will be good news for tenants but a disaster for landlords," Christopher suggested. 
"There will also be economic consequences with further sharp falls in building approvals likely; thereby risking a major depression in our residential construction sector as well as the rather obvious risks for housing prices.”
Over the month, capital city asking rents decreased 1.3 per cent for houses and remained stable for units for the week ending 12 May 2020, with asking rents of $537 per week for houses and $428 per week for units. 
Sydney, Melbourne and Perth all recorded decreases in asking rents for both houses and units over the month, while Brisbane, Canberra and Hobart recorded decreases in house asking rents but minor increases in unit asking rents
Adelaide bucked the trend and recorded rent increases for both houses and units of 0.1% and 1.4%.   
In terms of popular holiday markets, Surfers Paradise recorded a vacancy rate of 8.5 per cent, and Noosa's usually tight vacancy rate shot to 6.8 per cent.
 
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National residential rental vacancy jumps to 2.6 per cent in April: SQM Research

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Australian residential property listings decreased in April by 4.9%, according to the latest figures released by SQM Research.
Overall listings nationwide were at 292,775, down from 307,847 properties listed in March 2020.
Compared to 12 months ago, listings were down by 11.9%.
Canberra was the only capital city which did not experience a decrease in property listings, posting a small 0.4% increase.
The largest decrease was in Perth with an 8.4% retraction, followed by Sydney at 7.2%.
Adelaide and Darwin both posted 6.0% decreases in property listings.
Hobart had the smallest decrease of 4.3% in listings.
Year-on-year listings show more significant declines for all capital cities with Sydney recording a decline of 19.4%, followed by Darwin with a 17.7% decline and Perth a 17.4% decline this time last year.
To enlarge, <a href="https://www.propertyobserver.com.au/images/2020/4/6/11.png" target="_blank">click here</a>.
<img src="https://www.urban.com.au/images/2020/4/6/11.png" alt="">
The report found that the housing market “has clearly been weakened by the coronavirus and the restrictions placed on the economy to limit the outbreak.”
“With the lifting some restrictions over the course of May, we could see a lift in buyer activity for housing; however many issues persist such as the spike in unemployment and the ongoing closure of the international border,” the firm added.
Clearance times have, however, stayed remarkably steady.
In April 41.52% of properties sold in 90 days or less, while that figure was 41.16% in March.
This is slightly up from 12 months ago, when 40.28% of homes sold within the same time frame.
To enlarge, <a href="https://www.propertyobserver.com.au/images/2020/4/6/22.png" target="_blank">click here</a>.
<img src="https://www.urban.com.au/images/2020/4/6/22.png" alt="">
Meanwhile, capital city asking prices increased by 0.7% for houses and increased 0.1% for units, over the month to 5th May 2020.
Unit asking prices are now at $574,900 and houses $994,300.
Compared to a year ago, the capital city asking prices posted increases of 9.4% for houses and 3.0% increase for units.
Over the month, some capital cities recorded marginal asking price increases, with the exception of Perth, Canberra and Hobart which all recorded declines for both houses and units. Brisbane recorded the highest decline in house prices of 1.0% over the month, followed by Perth 0.9%, Hobart 0.7% and Canberra 0.1% decline in house prices.
Unit prices declined in Sydney by 0.6%, Perth 0.5%, Hobart 0.3% and Canberra 0.1%.
Melbourne, Adelaide and Darwin were the only capital cities to record increases in both house and unit prices.
Strongest monthly growth was seen in Sydney house prices with a 1.1% increase and Melbourne’s unit market which saw a 1.0% increase. Year on year, it was only Perth and Darwin that experienced declines in house and unit prices.
All other capital cities showed some strong growth this time last year where house prices rose 12.4% in Sydney, 11.2% in Melbourne and 12.0% in Hobart.
 
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Residential property listings decrease nationwide in April: SQM Research

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Expert Observation
Despite the current gains recorded for the March quarter being on track with our base case forecasts, given current events, there is only a single scenario that is still feasible and that is Scenario 4 – a scenario we outlined in our top 4 scenarios for 2020. 
One where the RBA would bring the cash rate to zero and start quantitative easing. It was based on a possibility the tentative trade war truce between the U.S and China would collapse and a ‘take no prisoners’ trade war would break out between the two countries, turning into a global trade war.
The outlook for housing in this scenario was one where the market would eventually stall and start to record price decreases from mid-year onwards. That the rate cuts and money printing would not be able to offset job losses and subsequently, forced sales activity.
Yes, the RBA has now had to introduce quantitative easing. Yes, the cash rate is now just 0.25 per cent. But what we now face economically is a tsunami that dwarfs even a global trade war.
To get a sense of the economic carnage that is underway, check out this gif of U.S jobless claims.
The scale of what we are facing right now on the economic front is something never truly encountered since The Great Depression. And if we don’t manage it well then a depression (a contract in in GDP of greater than 10 per cent) is what we will have – something which I am far more frightened of than catching Covid-19. And believe me, I do not want to catch this virus.
Click <a href="https://www.propertyobserver.com.au/images/2020/4/16/SQM%20chart.JPG" target="_blank">here</a> to enlarge.
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So, with that in mind, I want to now give a general outlook on what I think are two main scenarios that are really in play this year.
A V-shaped recovery
Let’s be clear, despite the positive Corelogic numbers (dwelling prices rose 2.8 per cent for the quarter) and indeed our asking price indexes, I think housing price expectations have already corrected by five per cent to ten per cent from their very highs. That may not show up in the official numbers as the highs were only briefly obtained during the later stages of February. It is anecdotal only, through my discussions with real estate agents and the sharp fall in clearance rates, which were already occurring prior to the auction ban starting from the 25th of March.
The best case scenario from here for property owners and investors is one where we get to zero new Covid-19 cases before April is over with. And on that front the numbers have been looking promising. I believe it is now a 50 per cent chance that our three major states will record a zero new Covid-19 cases day before the month is over. If we get to that point, the next question begs how long will restrictions be kept? Potentially some restrictions could be lifted in May. And my bet is that when restrictions are eventually lifted, they will be lifted in the reverse order that they were placed on to begin with. As the ban on auctions occurred as one of the last stages (25 March), it is quite feasible that lifting that ban could come sooner than expected.
If we are able to get back to close to normal business by end of May (I certainly don’t think all restrictions will be lifted by that time), then I think confidence in the housing market is going to return. Assisted with all the stimulus announced and the economic damage relatively limited, it would mean a fall in housing prices recorded for the June quarter but a bounce back in the September and December quarters. The net result for the year may come in at our Scenario 4 range or slightly better.
It should not be underestimated how much expenditure has been announced (including RBA money printing via quantitative easing) and how low lending rates are now. 
A borrower with a good credit rating can now expect a variable owner occupier lending rate somewhere between 2.5 per cent to 2.8 per cent. Average capital city gross rental yields are running at about 2.9 per cent for houses and 3.9 per cent for units.
That means property owners on a purely interest expenses verses rental payments scenario could do better owning. And of course it also means that investors may find more cashflow positive properties in our major cities.
That said though, we think there is trouble ahead for the rental market. We will come to that point later.
<h2>The worse-case scenario</h2>
The worse-case scenario is we have a second wave in new virus case counts and it occurs shortly after some restrictions are lifted. Or that new case numbers flatten at current levels but never quite manage to get to zero cases or stay at zero cases. This appears to be the plight of South Korea at the moment.
If this second wave were to occur, we think the housing market will have a much deeper correction.
A second wave of new Covid-19 cases is a great risk. Note, a second wave of Spanish Flue hit Australia in mid-1919 and this occurred just after restrictions were lifted after the first wave, noting hospital numbers (which is the available data we have for time) never actually got to zero on the lull.
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Such a scenario would mean current restrictions would stay with us for longer. Probably more than six months. Or worse, more restrictions added. A second wave of infections may be more deadly as it would potentially occur over the course of the Southern Hemisphere winter. A sharp rise in deaths may result in more panic at the shops and most certainly a new low in confidence.
Damage to the economy would be deeper and longer lasting. Many businesses, including those that are currently on life-support, would not last the distance and will be liquidated.
You see, even with the generous measures announced for small business, it won’t be enough to keep much of the sector alive for half a year. When there is little to zero revenues coming in, month after month, PAYG relief is not enough. Being subsidised to cover employee wages at $1,500 a fortnight is not enough. Neither is a $10,000 cash grant for most. And forget about asking small business to go into debt. Most of them, particularly in retail, hospitality and tourism, will refuse to do so. And so job creation would occur at a far slower rate when a recovery would eventually return.
With the surging and sustained unemployment rate, the banks could start to get nervous on mortgages. Potentially, after the six-month hiatus, banks may be backed into a corner where they are forced to repossession on defaulted housing loans. Now I believe the RBA and/or the Federal Government would come to the rescue to enable banks to avoid a mass repossession event. Let’s keep in mind that in 2008, the banks could have pulled the trigger on the commercial property sector. Many owners at the time were in breach of lending covenants. The banks, by and large, chose not to pull that trigger. Mainly for their own self-preservation, as doing so would have created a cascading affect that would have smashed their balance sheets.
So I am not convinced we will see a lot of forced sales activity, even in this bleaker scenario. All the same, there will be many property owners who will want to sell out if this crisis goes on for six months or more. They will see the falls in dwelling prices over the course of the June quarter. And they will be very protective of what is left of their net wealth.
The buy side of the property equation would be hit very hard as it is being hit hard now. But far worse than what we had in 2018 or indeed 2008.
You see it’s not just the loss of employees representing many first home buyers, but, as mentioned above it is also the potential wipe out of many thousands of small business owners, who themselves employ nearly 50 per cent of the total workforce. Small business owners actually represent a very large component of the home buyer market. As at the 2016 Census there were over two million small businesses.
So this is very much a buy side issue in my view. Anyone that is worried they will lose their job or their business, won’t be seriously thinking of taking out a home loan to buy into the property market.
Let’s also remind ourselves that our international border is closed to most except for permanent residents, citizens and some temporary visa holders. And I believe it will remain closed for many months to come. So underlying demand for housing, which has been predominantly driven by net overseas migration has now stalled for this year. This will be a different experience to the Spanish Flu of 1919, whereby population growth still expanded at a very strong rate (1.9 per cent for 2019) due to our soldiers returning home as well as the settling of European refuges.
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Up to a 30 per cent peak to trough price decline cannot be ruled out.
In this more bleaker scenario, a 30 per cent decline in dwelling prices would be on the cards. Note, I have not modelled this out, other than taking elements such as previous work on the relationship between unemployment and the housing market. Modelling in this environment is almost impossible. It is simply based on my experience and study. The most overvalued cities would be hit the hardest, that being Sydney and Melbourne. Other cities should do better than a 30 per cent correction given their relative fair value. Now some of you will note that during The Great Depression, the Australian housing market did not correct by this magnitude. Nor, during the Spanish plague of 1919 did the Australian housing market record such a correction. However, those two markets were not laden with the debt burden our current housing market has. Not even close. The only market that comes close in Australia was the massive boom/bust of the 1890s.
Of course, it should be noted that period was also laden by a very dodgy and nearly entirely unregulated banking sector.
Either way, the rental market is in trouble.
Overall, a stalling in underlying demand for accommodation driven by near zero migration, combined with a reduction in existing tenancy demand (as a result of job losses) plus a very likely increase in supply from empty AirBNB accommodation will likely mean we can now expect a rise in rental vacancies over this year. Previously the forecast was for a gentle reduction in vacancies in 2020 as dwelling completions were (and still are) due to fall.
On our estimates and other estimates, there are some 120,000+ properties nationwide at any point in time being used for short term accommodation via websites such as airbnb. And on our latest numbers for February,there were some 68,000 vacant rental properties available for normal leasing.
I can’t tell you how many property owners are going to switch back to longer term leasing but there will be a number, especially if this plays out for longer. This is not a scenario here. This is our view. Our view is that rental vacancy rates are going to rise sharply over the short term. I think we can expect the rate to rise from the current 2.0 per cent to north of 2.5 per cent and perhaps north of 3.0 per cent. That may not sound like much to you but if we do hit 3.0 per cent that would be a record high on our index which goes back to 2005. Rents would fall as a result. Perhaps our weekly asking rents index is already revealing some weakness with national asking rents for houses down by 0.9 per cent for the month and 0.3 per cent down for units.
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The weakness in the rental market will probably put off many would-be property investors over 2020 creating more issues on the buy side of the market.
So what is it going to be? - Scenario 1, Scenario 2 or another scenario?
The next 30 days will likely tell the story. It is very hard to judge it. Like everyone else I am watching the new case numbers closely.
Let me tell you. I don’t want Scenario 2 to play out. A depression would create massive economic misery. Suicides will rise, so will crime.
There is also the possibility we muddle through somewhere between the two scenarios. A world where daily new virus cases don’t quite get to zero but there isn’t a second wave. Restrictions lifted very gradually over many months. Eventually, a vaccine is produced and distributed in 2021. We would need to see what is lifted and at what point in time to work out the impact on the housing market. Regardless, rents will still be hit for simply the fact that the international border will still remain closed.
LOUIS CHRISTOPHER is the CEO of SQM Research
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Looking back at forecasts made in October last year: Louis Christopher

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Data released by SQM Research reveals that national residential property listings increased in March 2020 by 3.7%, up from 296,770 in February to 307,847.
Compared to 12 months ago, listings were down by 13.2%.
All capital cities experienced increases in property listings over the month with the largest increase in Darwin of 15.6%, followed closely by Canberra with a 11.0% increase and Sydney a 10.5% increase. Hobart had the smallest increase of 2.4% increase in listings.
Listings that have been on the market for between 30 to 60 days surged by 74%, suggesting sales activity did slow during March.
Year-on-year listings show declines for all capital cities with Sydney recording a significant decline of 22.8% and Hobart an 18.5% decline this time last year.
<img src="https://www.urban.com.au/images/2020/4/8/chart%201.png" alt="">
Louis Christopher, Managing Director of SQM Research said, “residential property listings are starting to increase and accumulate. I note the surge of stock that has been on the market between 30 and 60 days.  This may reflect the start of a capital city housing market downturn due to the health and economic impact of COVID-19. I also note though the rise in asking prices for the month, so quite a number of vendors have not really adjusted their pricing expectations as yet.”
<img src="https://www.urban.com.au/images/2020/4/8/chart%202.png" alt="">
Capital City asking prices increased by 0.7% for houses and increased 0.6% for houses, over the month to 31st March 2020. Unit asking prices are now at $577,000 and houses $990,500.
Compared to a year ago, the capital city asking prices posted increases of 8.8% for houses and 2.1% increase for units.
Over the month, most capital cities recorded asking price increases, with Darwin and Hobart both recording the highest increases for houses of 3.1%.  Highest price increase in units was Sydney and Perth with 0.8% increase. 
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