The Victorian Government has secured the passage of the Building Legislation and Treasury Legislation (Tax Relief) Amendment Bill 2026, introducing a suite of reforms aimed at improving consumer protection and confidence in the apartment market.

Resilience Insurance, Australia’s leading Latent Defects Insurance (LDI) provider, has welcomed the move.

The LDI elements of the Bill passed with bipartisan support and now moves to the Legislative Council where debate and passage are expected later this month. It represents a significant milestone in the national shift toward stronger, longer-term protection for apartment buyers.&nbsp;

The reform would deliver practical benefits across the housing system. Apartment owners will have stronger protection if major defects emerge, developers and builders will have a clearer quality framework to work within, and the State will reduce the risk of serious building failures becoming a long-term financial and social burden for households, communities and government.&nbsp;

LDI helps support apartment delivery while providing stronger protection for buyers and encouraging better construction outcomes.&nbsp;

Resilience LDI provides apartment owners with 10 years of insurance-backed cover for major structural defects from completion, with direct claim access to the insurer. This means owners are not required to first pursue developers or builders through costly legal action before accessing protection.&nbsp;

Resilience Insurance has been operating in Australia since 2022 and has already insured hundreds of development projects covering many thousands of apartments across Australia.&nbsp;

At approximately 1.8 per cent of build cost, it is a cost-competitive alternative to the traditional two per cent Strata Bond, bond while delivering significantly broader and longer protection.&nbsp;

“The Victorian Lower House vote shows that reforms like this succeed when they are practical, evidence-based and supported by industry," says Corey Nugent, CEO of Resilience Insurance.

"Victoria is moving quickly on a reform that will make a real difference for apartment buyers, while supporting better building outcomes and greater confidence in apartment delivery.

“This is step one. We look forward to the Bill completing its passage through the Legislative Council and to working with government and industry to implement the framework effectively.”&nbsp;

Fast Facts: What is Resilience LDI?&nbsp;

<ul>
	<li>Resilience Latent Defects Insurance (LDI): Covers major structural defects for 10 years from completion.&nbsp;</li>
	<li>Consumer-first: Direct claim access, no need for lengthy legal action.&nbsp;</li>
	<li>Cost advantage: At approximately 1.8% of build cost, LDI is typically priced below the traditional 2% Strata Bond while offering broader protection.&nbsp;</li>
	<li>Market leader: Resilience Insurance is the first approved LDI provider in NSW.</li>
</ul>

The Building Legislation and Treasury Legislation (Tax Relief) Amendment Bill 2026 has passed the Victorian Lower House, putting Victoria on track to become the first state to legislate an industry workable LDI framework as a formal alternative to the Strata Building bond. 

Joel Robinson

10-year Latent Defects Insurance for new apartment buyers set to land in Victoria

Just a few months after acquiring a prime Broadbeach site on the corner of First Avenue and Surf Parade, family-run developer <a href="https://www.apartments.com.au/developers/raptis">Raptis</a> has filed fresh plans for a new apartment development.

Raptis is seeking to deliver a <a href="https://www.apartments.com.au/new-apartments/17-19-first-avenue-broadbeach-qld-4217">29-storey tower with 73 apartments</a> on the 818 sqm site. It will be the developer's seventh project in the suburb, as they are approaching completion of The Sterling on George Avenue.

There will be a pool, barbecue and outdoor dining area, residents lounge and dining, sauna and steam room, gym, and a Yoga and Pilates studio.

<img alt="Raptis" data-entity-type="file" data-entity-uuid="b554da3f-7344-49aa-b1c9-44cf459af0d7" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-06-05%20at%2010.41.45%E2%80%AFAM.png?VersionId=zzjWu1iO1wnuYv4EV4fyOyf5nSXjGYut" />

Raptis Joint Managing Director, Evan Raptis, says they remain&nbsp;committed to developing quality infill sites across the Gold Coast in the lead-up to the 2032 Brisbane Olympics.

"This project continues our long track record of delivery in Broadbeach, and we look forward to bringing another premium development to this thriving precinct."

The announcement follows strong delivery momentum for Raptis, with The Sterling Broadbeach nearing completion and construction well underway on the final stage of the Waterpoint community adjacent to Harbour Town. The developer's continued investment in the Gold Coast reflects confidence in the region's apartment market fundamentals, underpinned by sustained Southeast Queensland population growth.&nbsp;

The outlook for the region is further bolstered by infrastructure investment tied to the Brisbane 2032 Olympic Games, which is expected to drive continued economic and population growth across the SEQ corridor.&nbsp;

Subject to a favourable response from Gold Coast City Council, construction on the new First Avenue tower is targeted to commence before the end of 2026.&nbsp;

Read more:&nbsp;<a href="https://www.apartments.com.au/news/qld/it-s-all-in-the-family-four-decades-later-raptis-continues-to-shape-the-gold-coast-skyline">It’s all in the family: Four decades later, Raptis continues to shape the Gold Coast skyline</a>

Read more: <a href="https://www.apartments.com.au/news/qld/raptis-secures-prime-surf-parade-site-for-next-broadbeach-apartment-development">Raptis secures prime Surf Parade site for next Broadbeach apartment development</a> 
&nbsp;

Gold Coast developer brings seventh Broadbeach project to market, targeting construction commencement before year end

First look: Raptis lodges plans for new 29-storey Broadbeach tower 

Brisbane development veteran Kevin Seymour's Seymour Group is set to deepen its presence on one of Brisbane's most tightly held riverfront addresses, lodging revised plans for a luxury apartment development on Oxlade, just a few doors down from The Oxlade, which it completed in 2024.

The <a href="https://www.apartments.com.au/new-apartments/70-72-oxlade-drive-new-farm-qld-4005">new project at 70-72 Oxlade Drive</a>, directly north of The Oxlade, will have 27 apartments across a seven-storey building&nbsp;overlooking the Brisbane River and Merthyr Park. It's a revision from a 2021-approved design.

Designed by bureau^proberts, the project has evolved from the previously approved 26-apartment scheme, introducing an additional penthouse level while maintaining a low-density, boutique character. The development will comprise 26 three-bedroom apartments and a single four-bedroom penthouse, supported by two basement levels with 86 car spaces and 34 bicycle spaces.

The architectural response is centred around two distinct building forms separated by a landscaped open-air atrium.&nbsp;"This dual composition captures and embraces Brisbane’s subtropical environment whilst breaking down built form and scale," the submission to the Brisbane City Council noted.

<img alt="First look: Seymour Group returns to Oxlade Drive with revised riverfront apartment plans in New Farm" data-entity-type="file" data-entity-uuid="c12d84d0-bc11-4067-b46f-5bd2d786a34d" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/new%20farm%20landscape.png?VersionId=YEPc2k5CAdh6aAPlu4uVpgZadh4MEfRd" />

A defining feature of the design is a deep landscaped void running through the centre of the building, creating what bureau^proberts describes as a "natural ravine" that enhances airflow, daylight penetration and resident amenity. The design report notes that the separation of the two building volumes is intended to maximise natural light, cross-ventilation and outlook while strengthening connections to the surrounding riverfront setting.

Curved balcony edges, integrated planting and extensive landscaping throughout the façade reinforce the subtropical design approach. The building's façade is softened by elevated gardens and planter beds, creating a green edge that complements the established landscape character of Oxlade Drive and neighbouring Merthyr Park.

New Farm has become one of Brisbane's most sought-after suburbs for developers delivering premium downsizer-focused apartments.

GRAYA has been particularly active in the precinct, completing both Chalk and York in recent years, while construction of Moray House, being delivered for Spyre, is now nearing completion. Architect-turned-developer Joe Adsett recently launched <a href="https://www.apartments.com.au/new-apartments/arcilla-new-farm-by-joe-adsett-28-maxwell-street-new-farm-qld-4005">Arcilla on Maxwell Street</a>, an exclusive collection of just nine apartments.

First look: Seymour Group returns to New Farm's Oxlade Drive with riverfront apartment plans

A new residential tower will be the first piece of a broader mixed-use precinct set to reshape a prominent Newcastle West site, with local developer <a href="https://www.apartments.com.au/developers/gwh">GWH</a> bringing its <a href="https://www.apartments.com.au/new-apartments/cambridge-quarter-newcastle-west-12-denison-street-newcastle-west-nsw-2302">Cambridge Quarter</a> vision to market.

The first release, Tempo, will introduce 87 apartments across a 24-storey tower, marking Stage 1 of the residential component of a larger urban regeneration project planned for the western end of Newcastle's city centre, encompassing the former Cambridge Hotel site.

Positioned on Denison Street, Tempo has been designed as the inaugural building within Cambridge Quarter, a precinct that will ultimately combine apartments, retail activation and revitalised public spaces including the revamping of the Cambridge Hotel.

[smartcode_project:default project_id=135876 project_image_fid=368853]

The tower will comprise a mix of one, two and three-bedroom apartments, including layouts with multipurpose rooms, catering to a broad cross-section of owner-occupiers. Apartment sizes range from around 60 sqm to 192 sqm, with a number of residences oriented to capture views across Newcastle Harbour, the city skyline and coastline.

GWH has emphasised liveability in the design, with open-plan layouts extending to generous balconies and terraces. Residents will have a choice of two interior palettes, while specifications include engineered stone benchtops, SMEG appliances, full-height bathroom tiling and secure building access. Premium upgrade packages will also be available.

Multiple rooftop resident retreats will provide communal outdoor space overlooking the harbour and city, offering an elevated amenity layer above the activity of the precinct below.

[smartcode_project:default project_id=135876 project_image_fid=368851]

The broader Cambridge Quarter vision extends beyond the residential tower itself. Ground-level retail activation and landscaped public areas are planned throughout the precinct, creating a walkable neighbourhood environment connected to the surrounding renewal of Newcastle West. The Cambridge Hotel is also earmarked for future redevelopment into a family-friendly hospitality venue integrated with the new precinct.

The project is strategically positioned within walking distance of Newcastle Interchange, providing access to light rail, regional rail services and direct connections to Sydney. Residents will also be close to Honeysuckle, Newcastle Harbour and the city's beaches and coastal walkways.

[smartcode_project:default project_id=135876 project_image_fid=368852]

For GWH, Cambridge Quarter represents one of its most significant Newcastle developments to date. The locally based developer, which has operated in the Hunter region since 1995, describes the project as a new chapter in the ongoing transformation of Newcastle West.

GWH Executive Director Jonathan Craig said the project had been shaped by a focus on creating lasting community connections.

"We take pride in creating places that last. Spaces where people feel connected, comfortable and a genuine sense of belonging," Craig said.

"Cambridge Quarter is something we are truly proud of, a place shaped by local knowledge, built with care and designed to be part of Newcastle's next chapter."

[smartcode_project_cta:default project_id=135876]

GWH unveils first release at landmark Cambridge Quarter precinct in Newcastle West

<a href="https://www.apartments.com.au/developers/ss-projects">S&amp;S Projects</a>,&nbsp;Rainbow Bay's busiest developer,&nbsp;has officially lodged plans for the largest development in its booming local portfolio, seeking approval for a further 88 apartments on Boundary Street.

The proposal&nbsp;at <a href="https://www.apartments.com.au/new-apartments/209-213-boundary-street-coolangatta-qld-4225">209–213 Boundary Street, Coolangatta</a>,&nbsp;marks the next chapter in the developer's transformation of the southern Gold Coast beachside precinct. It will be its fifth in the area, having already delivered Flow, Awaken and Esprit, while construction continues on the 38-apartment Radia. The new project would rise 57 metres above a consolidated 1,518 sqm site, on the same street as Radia and Esprit.

&nbsp;

Designed by <a href="https://www.apartments.com.au/architects/cottee-parker-architects">Cottee Parker</a>, the proposed development comprises 88 two and three-bedroom apartments across a contemporary podium-and-tower form that integrates extensive landscaping from street level through to the rooftop.

The tower would be delivered above a basement and multi-level podium accommodating resident and visitor parking, with the residential component commencing from level three. The design incorporates cascading planting throughout the façade, landscaped podium edges, and deep planting zones along the Boundary Street frontage.

<img alt="First look: S&amp;S Projects lodges plans for 88-apartment wellness tower at Coolangatta's Boundary Street" data-entity-type="file" data-entity-uuid="677e6615-b5c0-4b6c-b4f9-efb14fcde1a6" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/ss%20da%20pers.png?VersionId=YOnPKQm7IFXv0M5H326djEpxk80500Hi" />

A key feature of the development is its expansive rooftop wellness and recreation precinct. Plans reveal a resort-style pool deck, gymnasium, sauna, steam room, hot and cold plunge pools, rooftop terraces, barbecue areas and landscaped relaxation spaces positioned to capture views across the southern Gold Coast coastline.

The rooftop wellness focus builds on the vision S&amp;S Projects first outlined when it acquired the site for $20.25 million last year.

"We are taking every advantage to create a truly unique rooftop wellness experience with a natural feel for residents, offering stone features throughout and an underlying theme that emulates a botanical garden," S&amp;S Projects founder and director Paul Gedoun said at the time.

The proposal seeks a 57-metre building height, representing a 50 per cent uplift on the site's mapped 38-metre height limit. Planning documents argue the additional height is consistent with recently approved and emerging towers in the immediate Boundary Street and Rainbow Bay precinct.

Urbis, acting as planning consultant, said the development would provide "88 dwellings, comprising a mix of two and three-bedroom apartments, contributing to housing choice and supply within an established medium to high-rise coastal urban neighbourhood."

The scheme has undergone extensive pre-lodgement consultation with the City of Gold Coast, with the design refined following feedback relating to architectural expression, landscaping, traffic access and podium treatment.

<img alt="S&amp;S" data-entity-type="file" data-entity-uuid="0a2d70fd-62ac-4b83-97c6-b798fc1243dd" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-06-05%20at%209.16.31%E2%80%AFAM.png?VersionId=yHmghUwKM3IVGpBktQU1mE.0Lpf3WimG" />

The architectural team is led by Brisbane-based Cottee Parker, one of Australia's most active residential design studios, with landscape architecture by Dunn + Moran. The consultant team also includes ADG Engineers, Windtech and Acoustic Works.

S&amp;S Projects has become one of the most influential private developers operating on the southern Gold Coast. Since entering Rainbow Bay in 2022, the company has assembled a portfolio exceeding $1 billion in end value, establishing itself as a key player in the area's evolution into a premium apartment destination. Pezet Matheson will again handle the sales for S&amp;S.

Coolangatta is entering another wave of apartment development, following the delivery of several prominent residential projects in recent years.

John Kearney's Immerse Projects will launch&nbsp;<a href="https://www.apartments.com.au/new-apartments/kaiya-kirra-beach-5-haig-street-coolangatta-qld-4225">Kaiya on Haig Street</a>&nbsp;soon, meanwhile, Palm Beach-based Sherpa Property Group is preparing to bring its debut Coolangatta development, <a href="https://www.apartments.com.au/new-apartments/flourish-viver-87-griffith-street-coolangatta-qld-4225">Flourish Viveré</a>, to market later this year, subject to approvals.

First look: S&S Projects proposes 88-apartment wellness tower at Coolangatta's Boundary Street

Vacancy Rates

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Sydney’s residential vacancy rate has steadied, according to research from the Real Estate Institute of New South Wales.
The REINSW Deputy President Peter Matthews said the May 2018 REINSW Vacancy Rate Survey saw availability fall just 0.1 percentage points at 2.4 per cent across the Sydney metropolitan area.
“We have seen a level of consistency for renters as we move into the cooler months,” Mr Matthews said.
“In Inner Sydney vacancy rates are back on the upward trend with a rise of 0.2 percentage points to 2.4 per cent, while Outer Sydney fell 0.1 percentage points at 2.4 per cent and Middle Sydney fell 0.3 percentage points at 2.6 per cent.”
In the Hunter, vacancy rates fell 0.1 percentage points to 1.6 per cent, with Newcastle dropped 0.3 percentage points at 1.9 per cent. The Illawarra added 0.3 percentage points to 2.4 per cent with Wollongong falling 0.2 percentage points to 2.1 per cent.  Across regional areas, New England and Northern Rivers remained steady at 1.9 per cent and 1.3 per cent respectively, while Albury rose 0.2 percentage points to 2.0 per cent and the South Coast jumped 0.5 percentage points to 3.5 per cent. 
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j.ballantyne1990-6AQqhLzZaK

Sydney vacancy rate steadies: REINSW

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Data released by SQM Research calculates the national residential vacancy rate fell to 2.3% in January 2018, with the number of vacancies Australia-wide falling to 74,113, down from 2.5% in December 2017, as renters secured homes for the start of the new year. 
In the big cities, Melbourne’s vacancy rate dropped to 1.8% from 2.1% while Sydney’s dropped to 2.3% from 2.6%. But that vacancy rate is still up from 1.9% a year earlier, reflecting slightly easier rental conditions in Sydney. The vacancy rate dropped in Canberra to 0.9% down from 1.3% in December.
Hobart's vacancy rate hovered just above a record low at 0.4%, reflecting a severe shortage of rental properties in that city.
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<colgroup>
<col width="91">
<col width="99">
<col width="76">
<col width="104">
<col width="72">
<col width="98">
<col width="66">
</colgroup>
<tbody>
<tr>
<td>
City
</td>
<td>
January 2017 Vacancies
</td>
<td>
Vacancy Rate
</td>
<td>
December 2017 Vacancies
</td>
<td>
Vacancy Rate
</td>
<td>
January 2018 Vacancies
</td>
<td>
Vacancy Rate
</td>
</tr>
<tr>
<td>
Adelaide
</td>
<td>
3,375 
</td>
<td>
1.9%
</td>
<td>
2,772 
</td>
<td>
1.5%
</td>
<td>
2,793 
</td>
<td>
1.5%
</td>
</tr>
<tr>
<td>
Perth
</td>
<td>
9,953 
</td>
<td>
5.1%
</td>
<td>
9,264 
</td>
<td>
4.6%
</td>
<td>
8,909 
</td>
<td>
4.4%
</td>
</tr>
<tr>
<td>
Melbourne
</td>
<td>
10,170 
</td>
<td>
1.9%
</td>
<td>
11,478 
</td>
<td>
2.1%
</td>
<td>
9,744 
</td>
<td>
1.8%
</td>
</tr>
<tr>
<td>
Brisbane
</td>
<td>
11,314 
</td>
<td>
3.6%
</td>
<td>
12,240 
</td>
<td>
3.8%
</td>
<td>
11,505 
</td>
<td>
3.6%
</td>
</tr>
<tr>
<td>
Canberra
</td>
<td>
621 
</td>
<td>
1.0%
</td>
<td>
807 
</td>
<td>
1.3%
</td>
<td>
569 
</td>
<td>
0.9%
</td>
</tr>
<tr>
<td>
Sydney
</td>
<td>
12,228 
</td>
<td>
1.9%
</td>
<td>
17,404 
</td>
<td>
2.6%
</td>
<td>
15,775 
</td>
<td>
2.3%
</td>
</tr>
<tr>
<td>
Darwin
</td>
<td>
1,086 
</td>
<td>
3.7%
</td>
<td>
1,035 
</td>
<td>
3.5%
</td>
<td>
941 
</td>
<td>
3.1%
</td>
</tr>
<tr>
<td>
Hobart
</td>
<td>
186 
</td>
<td>
0.6%
</td>
<td>
96 
</td>
<td>
0.3%
</td>
<td>
126 
</td>
<td>
0.4%
</td>
</tr>
<tr>
<td>
National
</td>
<td>
78,364 
</td>
<td>
2.5%
</td>
<td>
80,092 
</td>
<td>
2.5%
</td>
<td>
74,113 
</td>
<td>
2.3%
</td>
</tr>
</tbody>
</table>
</div>
 
Elsewhere, the vacancy dropped in Perth to 4.4% from 4.6% in December, but it is still the highest of any capital city. Darwin’s vacancy rate fell to 3.1% from 3.5% over the month as the surplus of rental properties eases in that city.
Managing Director of SQM Research, Louis Christopher, said the vacancy numbers highlighted tighter rental markets in most capital cities, which was to be expected in the first month of the year as renters found new rental homes. 
 “We’ve seen falls across all cities, as students prepare for their first semester of study and lease new homes, and workers also secure new rentals, especially in Canberra which has a transient workforce and Sydney too. We are seeing very tight rental conditions in Hobart, which is putting strong upward pressure on rents. 
“While Sydney’s vacancy rate has dropped, it is still well up on levels this time last year. If the vacancy rate holds at this level in coming months, Sydney will be more of a tenant’s market in 2018 and rental growth could continue to ease,” Christopher said.
Capital city asking rents over the month to 20 February 2018 rose 0.2% to $562 a week for houses. Unit asking rents rose 0.5% to $443 a week. Over the year, asking house rents rose by 1.3% while asking rents for units increased by 2.8%. 
Reflecting a shortage of rental properties, asking rents rose the most in Hobart over the month, by 5.1% and 5.3% for houses and units, respectively. 
The asking rent for a three-bedroom house in Sydney remains the highest in the nation at $745 a week while for units it stands at $525. Canberra follows at $616 a week for houses and $436 for units. Asking rents for houses rose in Melbourne by 0.4% over the month to $528 while unit asking rents rose 1.2% over the month to $402 a week.
<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/2018/2/20/sqm.jpg" alt="">
SQM’s calculations of vacancies are based on online rental listings that have been advertised for three weeks or more compared to the total number of established rental properties. 
New reiwa.com data suggests Perth’s rental market has stabilised. 
REIWA President Hayden Groves said results for the December 2017 quarter suggests Perth’s rental market officially found its floor in 2017. 
“After a prolonged period of falling rents, soaring listings and record high vacancy rates, the market has strengthened. The December 2017 quarter results signal a stable market, which is welcome news for landlords and property investors,” Mr Groves said. 
Perth’s overall median rent price remained at $350 per week during the December 2017 quarter. 
Mr Groves said this was the third consecutive quarter Perth’s median rent price has held at $350 per week. 
“Perth’s median rent stabilised considerably in 2017. Where rents were once declining every quarter, we’ve now observed nine months of steady prices,” Mr Groves said. 
On an annual basis, reiwa.com data shows the median rent declined $10 per week. 
“Although there was a small decline between the December 2017 and December 2016 quarters, this is still a significant improvement on the year prior when Perth’s overall median rent declined $40 per week between the December 2016 quarter and the December 2015 quarter.
"Annually, the rate of decline has slowed considerably which is pleasing,” Mr Groves said. 
While the overall median rent price is stable, reiwa.com data shows a number of suburbs saw an improvement in rent prices over the quarter. 
“The top five suburbs for median rent price growth in the December 2017 quarter were Mindarie ($565 per week), Attadale ($455 per week), Bicton ($370 per week), Shelley ($430 per week) and Shoalwater ($295 per week),” Mr Groves said.
There were 13,555 rental properties leased in the December 2017 quarter. 
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“Despite the traditional lull of the festive season, leasing activity only declined 1.6 per cent during the December 2017 quarter. Tenants remain very active and it’s good to see that leasing activity hold up well throughout the holiday season,” Mr Groves said. 
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Madeley, Kingsley, Inglewood, Piara Waters and Cooloongup had the biggest improvement in leasing activity volumes in the December 2017 quarter. 
There were 8,912 properties for rent in Perth at the end of the December 2017 quarter. Mr Groves said rental listings in Perth have declined substantially since their peak of 11,300 in 2016.
“Listings have declined 8.4 per cent on a quarterly basis and are down 13.9 per cent compared to the December 2016 quarter. 
“These considerable declines are likely due to new dwelling commencements slowing which has resulted in stock being soaked up. Another contributing factor is the improvement in population growth into the state, which lifted to 0.84 per cent in the year to June 2017. The rental market is generally the first place to feel the effect of population growth, as new entrants into the state soak up rental stock first,” Mr Groves said. 
Average leasing days 
It took 49 days on average to find a tenant in the December quarter - five days faster than it did in the September 2017 quarter. 
Mr Groves said average leasing days had also improved by three days compared to the December 2016 quarter. 
“Healthy leasing activity and declining listings has increased demand, which means tenants are needing to act faster to secure a rental. It also shows landlords are listening to the advice of their property managers and pricing their properties competitively from the start,” Mr Groves said. 
Perth’s December 2017 quarter vacancy rate is 5.5 per cent - the lowest level since the September 2015 quarter. 
Perth’s vacancy rate is the lowest it has been in more than two years. It is now down from 6.9 per cent in the September 2017 quarter and from 6.4 per in the December 2016 quarter, which is significant” Mr Groves said. 
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Perth has highest rental vacancy rate at 4.4%, but down from 5.1% a year ago last January

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<div class="cq-article-content-paras section">
Sydney has 600,000 bedrooms not being used according to data compiled by EY from 2016 Census estimates.
Unlocking the additional capacity within 30 minutes of the Sydney CBD could boost New South Wales’ GDP by $750 million annually, it suggests.
<div>The greatest numbers of unused bedrooms are North Sydney/Hornsby, Outer West/Blue Mountains and the Inner South West.</div>
<div class="cq-article-content-paras section">
The Eastern Suburbs, the Inner West, the Inner South West and Parramatta have a high number of available rooms that could meet accommodation needs between one and five times over.
The most acute shortage – where the number of surplus bedrooms is insufficient to meet demand – is in the City/Inner South.
</div>
The number of spare bedrooms equates to 190,000 unused dwellings, EY said in its report Sydney housing conversations: moving from affordability to accessibility.
The EY Sydney managing partner Andrew Price suggested better questions needed to be asked about solving affordability problems in housing.
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"There is a need for an additional 135,000 bedrooms in the greater Sydney area, with the biggest demand in the belt stretching from the CBD to Parramatta; to comfortably house all residents in Parramatta an additional 22,000 rooms are required, while for the Inner South West this gure rises to 25,000. 
"While the largest untapped supply is in the outer ring and northern suburbs, there are nevertheless plenty of rooms in the population belt described: 40,000 in Parramatta, 60,000 in the Inner South West and 16,000 in the CBD/ Inner South." 
Click here <a href="https://www.propertyobserver.com.au/images/2018/1/23/PAGE%207%20BEDROOM.jpg" target="_blank">to enlarge.</a>
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He suggests the existing underutilised supply of housing stock could hypothetically meet the forecast demand for new stock for the next five years. 
It estimated if all unused bedrooms within 30 minutes of Sydney's CBD were to house a working adult, that the boost to productivity would equate to an additional $750 million injected each year into the NSW economy.
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The report noted Sydney actually had an estimated 1.5 million unused bedrooms spread across 900,000 dwellings, but for the purpose of EY's analysis under-utilised properties are defined as those properties which had two or more vacant bedrooms on census night in 2016 because a single vacant bedroom is often used for other purposes.
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"Of course in reality, the housing problem is not just about bedrooms," Price acknowledges.
"Households want to live in a self-contained way, and not share utilities such as kitchens and bathrooms.
"However if a small number of households with spare room capacity were prepared to move to more appropriate sized accommodation, this could make a signifcant contribution to addressing the problem.
"A redistribution of housing stock that saw surplus bedroom capacity in key hotspots utilised more fully would go a long way to easing housing pressures," he says.
Sydney vacancy rates have hit a four year high.
 
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Using Sydney's 600,000 vacant bedrooms could boost productivity: EY

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Real Estate Institute of NSW figures showed residential vacancies rose to their highest level in four years in Sydney.
The residential vacancy rate in greater Sydney picked up to 2.2 per cent in December from 2.1 per cent in November.
The increase came from the middle and outer-ring suburbs.
The normally slow holiday period tally took it to a level it last seen in July 2013.
Sydney's vacancy rate was higher in September 2012, when it was 2.5 per cent, REINSW figures showed.
The December 2017 REINSW Vacancy Rate Survey saw availability in the Sydney metropolitan area up 0.1 percentage points at 2.2 per cent. 
During 2017 there was a slight decline in rental availability in Sydney which bottomed out in March and April before rising again as the year progressed to see supply meeting demand. 
Vacancy rates in Inner Sydney were down 0.1 percentage points in December at 2.0 per cent, while Outer Sydney rose 0.2 percentage points at 2.3 per cent and Middle Sydney was up 0.4 percentage points at 2.6 per cent. 
The Hunter fell 0.3 percentage points at 1.7 per cent with Newcastle down 0.6 percentage points at 1.7 per cent, while in the Illawarra, vacancy rates fell 0.1 percentage points to 1.7 per cent. Wollongong was up 0.1 percentage points at 1.7 per cent. 
Across regional areas, Albury fell 0.7 percentage points at 2.3 per cent, Coffs Harbour was down 0.2 percentage points at 1.8 per cent, Northern Rivers rose 0.1 percentage points at 0.9 per cent and New England added 0.2 percentage points to 2.5 per cent.
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Sydney vacancy rates edge to four year high

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The national residential vacancy rate was 2.2 percent in November, with the number of vacancies Australia-wide increasing to 70,795 – a slight increase on the month of October, according to SQM Research.
Hobart's vacancy rate continues to remain at a record low of 0.3%. Adelaide and Brisbane’s vacancy rates also remain unchanged from October at 1.4% and 3.4% respectively.
Canberra’s vacancy rate has increased marginally to 1.0% from 0.8% in October.
In the bigger cities, vacancies increased markedly in Sydney to 14,362 in November, up from 12,435 in October, giving a vacancy rate of 2.1%, up from 1.8% the previous month. Melbourne recorded marginal increases with the vacancy rate now at 1.8% with 9,872 rental properties available.
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Even in Perth, vacancies rose to 4.5% from 4.4% in October, and remains the highest of any capital city. Darwin’s vacancy rose from 2.6% to 2.8% over the month.
Louis Christopher, managing director of SQM Research, said the small rises in vacancies are expected in November and December due to seasonality, and offer some relief to home seekers although those in Hobart and Canberra faced ongoing tight rental conditions and higher rents.
“Sydney has recorded a larger rise. Rising from 1.8% to 2.2% is material. Rises occurred across all regions in Sydney however, some of the larger month on month vacancy rises came from the Northern Beaches, Parramatta the Upper North Shore and especially the Hills District where vacancy rates rose sharply to 3.7%.”
 
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Hobart's vacancy rates remain at record low as national rate increases: SQM

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Vacancy rates across Sydney during July rose 0.1 percentage points to 1.9 percent, according to the REINSW.
Seasonal factors are influencing the number of people seeking rental accommodation, said REINSW president John Cunningham.
He anticipates this trend will continue during the remainder of winter.
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 “Vacancy rates rose across the board in Sydney with Inner Sydney up 0.1 percentage points at 2.3 percent, Middle Sydney increased 0.1 percentage points to 1.5 percent, while Outer Sydney availability rose 0.2 percentage points to 1.9 percent," he said.
“Seasonal factors are playing a role in the increase in vacancy rates, as well as reduction in activity that we often see at the end and beginning of the financial year. 
"In the Illawarra, vacancy rates slipped 0.2 percentage points to 2.3 percent with Wollongong down 0.2 percentage points at 2.2 percent. The Hunter remained steady at 2.3 percent, despite a fall of 0.2 percentage points in Newcastle.
"Across regional areas, New England rose 1.1 percentage points to 4.2 percent, the Central West added 0.6 percentage points to 3.5 percent and the Central Coast added 0.5 percentage points to 3.2 percent. The South Coast fell 0.5 percentage points at 1.6 percent and the Northern Rivers declined 0.9 percentage points at 0.7 percent."
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Winter has come for Sydney vacancy rates

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Data released by SQM Research has revealed the number of national residential vacancies was 75,733 homes in July 2017, giving a national vacancy rate of 2.3 percent, down from 2.4 percent in June.
The vacancy rate remained very tight at 0.5 percent in Hobart, down from 0.7 percent a month earlier, while it was slightly lower in Sydney at 2.0 percent, down from 2.1 percent.
Vacancies were steady in Melbourne at 1.7 percent, but are down from 2.1 percent a year earlier.
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Managing Director of SQM Research, Louis Christopher, said while vacancy rates had remained largely steady in Melbourne and Sydney, the numbers reflected still tight rental markets in those cities, where high costs mean many people are spending 30% or more of their income on rents.
“Our data shows that asking rents in Melbourne for house and units are up 4.6% and 5%, respectively, over the year to August 12, well above the inflation rate. 
"Excessive population growth is driving rents higher in that city, as well as house prices.
“On this front, I agree with Dick Smith and other economists on proposed immigration cuts.
"The surge in population is the primary reason why the RBA’s warnings last year and earlier this year of an oversupply in Sydney and Melbourne have not materialised.
“I suspect surging population growth is also the reason why APRA’s actions in 2015 to slow the investor market place in order to take the heat out of the Sydney and Melbourne market only worked temporarily.
"If we do not address this issue in the manner  required, it is unlikely housing affordability is going to materially improve from this point.
"Indeed, affordability could further deteriorate in the form of higher rents and higher house prices with the only other remedy being aggressive interest rates rise from the RBA,” Mr Christopher said.
“Meanwhile, Hobart is now experiencing very tight conditions.
"Vacancies are just 0.5% and market rents have effectively risen by over 10% in the last 12 months.
Unfortunately, few developers will build in Hobart due to the high transportation costs of moving materials across from the mainland plus the historical risks attached to the local economy,” Christopher said.
Asking Rents
While asking rental growth for houses has moderated slightly, the asking weekly rent for a three-bedroom house in Sydney sits at a high $729, leading all other cities.
For units, it sits at $520. Over the year to August 12, asking rents for houses in Melbourne rose 4.6%to $508 while for units, asking rents sit at $399.
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National vacancy rates decline during July period: SQM

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The REIQ quarterly rental vacancy rate data for the June quarter has revealed a tightening in inner Brisbane.
It also showed a tightening through much of regional Queensland, which the REIQ says indicates a recovery is "on the cards" in the state’s weaker markets.
The Brisbane LGA vacancy rate fell from 3.7 per cent in the March quarter to 3.3 per cent, moving from the weak to healthy range.
Inner Brisbane, which is overwhelmingly dominated by apartments, fell from its all-time high of 4.4 per cent in March to 3.5 per cent in the June quarter.
REIQ CEO Antonia Mercorella said Brisbane’s inner city tightening vacancy rate was a good indicator about the health of the market in the inner city.
“Brisbane’s inner city is showing resilience, with the balance of landlords and tenants relatively equal for the June quarter”.
“At 3.5 per cent, the REIQ classifies this market as healthy and this is when both tenants and landlords have reasonable expectations of their needs being met,” Ms Mercorella said.
“We know that the population growth and jobs in the southeast corner are, so far, sufficient to absorb the level of apartment supply coming onto the rental market.
“The market has an unswerving ability to self-correct. In the first quarter of 2015, 2300 new apartments came onto the market and in the first quarter of 2017, around 260 apartments came onto the market,” Ms Mercorella said.*
Brisbane’s middle ring (5-10km) remains a tighter rental market than the inner ring with a vacancy rate of 3.1 per cent, the same as the March quarter.
“The middle ring presents an affordable alternative to the inner ring and over the past six to nine months we’ve seen this ring tighten.”
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Elsewhere, the rental market, in most regions in Queensland, showed a similar trend.
Ipswich was one of the few markets that eased, moving from a tight market in March, with a vacancy rate of 2 per cent, to a healthy market in June with a vacancy rate of 3.1 per cent.
Other regions in Greater Brisbane – Logan, Moreton Bay and Redland – remain in the tight to healthy range.
Logan tightened from 2.8 to 2.2 per cent, moving from the healthy range into the tight range.
Moreton Bay eased fractionally, from 1.6 per cent to 1.7 per cent, but this is still very much a tight market. Redland eased a sliver, from 2.5 per cent to 2.6 per cent, which means it is still a healthy market, but only by a hair.
The Gold Coast (1.7 per cent) and the Sunshine Coast (1.2 per cent) remained tight, which means tenants will continue to find it challenging to secure rental accommodation. Noosa tightened from 4 per cent to 3 per cent and this means the market is healthy.
For a third consecutive quarter, Maroochydore was the tightest rental market in Queensland, reaching a vacancy rate of 1 per cent for June 2017.
Moving further north into our regional markets that have typically been weak markets for the past year or so, we see a general trend of tightening.
Toowoomba eased slightly, from 2.9 per cent to 3.2 per cent, however, this is still a healthy market. Construction work is still in plentiful supply in this region and it’s likely that the supply of accommodation (mostly units) has contributed to easing some of the tight conditions in this rental market.
Fraser Coast tightened from 3.9 per cent to 2.6 per cent. Hervey Bay tightened sharply from 4.2 per cent to 2.6 per cent.
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Bundaberg tightened from 4.6 per cent to 3.6 per cent, which is yet another good news sign that the economic fortunes of this coastal town are continuing to improve.
The Knauf plasterboard factory received its first delivery of gypsum last week, kickstarting production and contributing to employment of workers in the community.
Gladstone eased a sliver from March to June, with the vacancy rate at 6.5 per cent. This is good news because it confirms that last quarter’s dramatic tightening from 9.9 per cent in December to 6.4 per cent in March, was a genuine improving trend, rather than a brief outlier.
Mackay also sharply improved, dropping from 6.4 per cent in March to 4.5 per cent in June. Local agents have been telling this story for some time – workers are returning and jobs are on the rise in Mackay.
Rockhampton tightened from 8.6 per cent to 7.2 per cent which leaves the beef capital still in weak territory.
Townsville tightened from 6.2 per cent in March to 5 per cent in June. The Government focus on delivering jobs and major infrastructure projects, such as the new Cowboys Stadium, to the northern city is beginning to gain traction, with workers returning to the area hopeful of snapping up some of the many jobs on offer. 
Cairns remained steady at a tight 1.8 per cent. Rental property investments deliver some of the highest gross rental yields in the state and this market would benefit from additional rental stock on the market.
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Queensland vacancy rates tighten as does Inner Brisbane vacancies

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The national vacancy rate is at 2.4 percent up from 2.2 percent in May driven by a jump in Sydney vacancies, according to SQM Research.
SQM Research this week announced the number of national residential vacancies was 78,314 rental homes in June 2017.
Vacancies rose in Sydney to 13,215 in June, up from 11,153 in May, giving a vacancy rate of 2.1%.
That compares to 1.8% the previous month.
In Melbourne, the vacancy rate rose to 1.7%, easing off a 7-year low level of 1.5%, helping to alleviate the shortage of rental properties in that city.
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The vacancy rate edged higher to 0.7% in Hobart, up from 0.6%.
In Canberra, the vacancy rate rose to 1.2%, up from 1.0% in May.
Elsewhere, the vacancy rose in Perth to 5.0% from 4.8% and in Adelaide to 1.9% from 1.8%.
The vacancy numbers may give some relief to home seekers, though rental markets remain tight in several cities.
This year has been marked by some big falls in vacancies rates in the big cities, but in June we saw more rental stock listed, which should give some relief to renters.
In Sydney, where there was a big jump in June vacancies, there has been some downward pressure on asking rents for houses and units, and also in Canberra, where vacancy rates eased.
Annually, asking rents for houses moderated slightly in Sydney to 2.6% and rents were down by 1.2% over the month to July 12.
The asking rent for a three-bedroom house in Sydney is now $725 while for units it stands at $522. 
Asking rents for units were down 0.2% over the month to July 12, but were up 3.3% over the year.
Annually, asking rents for houses in Melbourne rose 5.9% and rose 0.2% over the month to July 12.
Unit asking rents rose 1.0% over the month to July 12 and 5.8% over the year.
The asking rent for a three-bedroom house in Melbourne now sits at $511 and for units it sits at $401.
In Perth and Darwin, asking rents are still falling due to the mining downturn.
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Vacancy rates rises while rents moderates: SQM

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Total vacancy across Melbourne’s ten key retail strips has risen to 9.2 percent from 7 percent over the 12 months to April due to falling consumer confidence and growth of online retail, but the food sector is expected to drive a recovery, according to the<a href="https://www.savills.com.au/research/australian-research.aspx?utm_source=PropertyObserver&amp;utm_medium=DigitalAdvert&amp;utm_campaign=CPOeNewsletterBanner-Q1-Research-17May2017&amp;utm_source=Property+Observer+List&amp;utm_campaign=98dcb3a1b3-Commercial_Property_17_May_2017&amp;utm_medium=email&amp;utm_term=0_a523fbfccb-98dcb3a1b3-" target="_blank"> latest research from Savills</a>.
The research found Church Street, Brighton (pictured above) recorded the lowest vacancy of 4.1 percent, followed  by Glenferrie Road, Hawthorn with 5.3 percent (2.1 percent in 2016) and Centre Road Bentleigh not far behind at 5.5 percent (5.1 percent).
Predictably, Bridge Road, Richmond recorded a 15 percent vacancy, up from 13.6 percent. This included the withdrawal of 42 stores for residential conversion. Puckle Street and Toorak Road, in both South Yarra and Toorak, also recorded substantial vacancy rises.  
Savills associate director-Research, Monica Mondkar, said the strips had largely been impacted by falling consumer confidence and growing online sales, which had particularly impacted the fashion industry, but a surge in the number of café/food &amp; groceries stores was expected to drive a vacancy recovery. 
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 “These figures are hardly surprising given the well-publicised woes of smaller retailers and recent figures which point to consumers holding tighter their purse strings as they battle mortgage and rental stress,” said Mondkar.
“While food and café and restaurant sectors have seen substantial growth, it is the fashion industry, along with a decline in household goods stores, that has been the key to the rise in vacancy.
“That said, we expect vacancy to steadily recover as the number of cafes, grocery stores and services continue to grow in line with the surge in Melbourne’s inner city population, filling vacancies left by fashion and household goods stores.’’  
Australian retail trade grew just 3.14 percent in the 12 months to March, the lowest since March 2012 when it was 2.55 percent, ABS data showed. Similarly, Victorian retail trade growth in the 12 months to March (3.57 percent) was the lowest since March 2014 (3.46 percent). 
At the same time, online retailing grew by 9 percent year on year to March with Australians spending $22.23 billion on online shopping, equivalent to 7.3 percent of spending at traditional bricks-and-mortar retailers as measured by the ABS in the 12 months to February 2017. 
Viewed over the longer term – 2012 to 2017 - the research found of the 2,618 shops surveyed, the Cafes, Restaurants &amp; Takeaway Food Services category had seen the largest increase of 16 percent from 484 shops to 581 shops, and Services was up 12 percent - 545 to 609 shops. 
Clothing, Footwear &amp; Accessories saw a massive 27 percent or 213 store decrease to 568 stores. Household goods also fell a notable 24 percent.
The decline in fashion retailing is a suburban phenomenon, said Mondkar, with Savills retail data showing a 17 percent rise in the number of CBD fashion stores at the time of a 27 percent decline over suburban strips. The CBD gain could be explained by the influx of international brands over recent years especially at the new and refurbished shopping centres, Emporium and St Collins Lane.
“The figures appear absurd on face value but we have seen a massive arrival of foreign fashion houses to Melbourne’s CBD over the last three to four years and the arrival of one has attracted others like bees to a honey pot. Melbourne, Australia’s fashion capital is also a market which has been underpinned in recent years by a rise in tourism led shopping and the significant rise in the CBD population,’’ Mondkar said.
She said the reason for the fall in the number of household goods stores on suburban strips anecdotally reflected a preference for shopping at larger centres where parking and the number of stores provided accessibility, convenience and choice. 
Notable leases among the most popular fashion strips included Australian fashion designer Anna Hoffman, bridal jewellery designer Stephanie Brown and national fashion retailer Scanlan Theodore were the latest entrants, opening up new stores along High Street Armadale where Clothing, Footwear &amp; Personal Accessory retailing accounts for 32 percent of stores.
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Church Street Brighton and Burke Road Camberwell, the two other high performing fashion strips, recorded fashion at 28 percent and 27 percent respectively, while national retailers Wittner Shoes, Gorman and Nique opened up stores on Church Street Brighton and Zeira shoes and CUE leased new shops along Burke Road Camberwell.
Low yields around 3.5 to 4.5 percent more common  
Yields and rents varied widely according to the particular attributes of the strip, Mondkar said.
“Strip retail, especially suburban strip retail has long been a favourite of the small investor and in recent years that focus has intensified with the emergence of the SMSF and of course record low interest rates,” she said.
“Yields have always been tight in these markets but those factors have seen even further downward pressure to the point where yields around 3.5 to 4.5 percent are now much more common,” Mondkar said.
“Rents can vary dramatically between precincts and indeed, in some cases, within precincts. They are very much about the location, the position within the location and current vacancy levels.” 
She said rents for strip shops in the best strip locations generally ranged between $800 and $1,200 a square metre. 
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