Growing national developer Time &amp; Place has announced its fifth new apartment development.

With two projects in Manly and two upcoming in Surry Hills and Potts Point, the developer, which expanded beyond Melbourne just a few years ago, is now heading to Mosman. It is planning 53 new apartments on Redan Street.

The 3,233 sqm site, spanning <a href="https://www.apartments.com.au/new-apartments/40-48-redan-street-mosman-nsw-2088">40–48 Redan Street</a> with frontage to Redan Lane, is located just under 400 metres from Spit Junction Town Centre. It is reported the developer paid around $100 million for the five-site amalgamation.

Time &amp; Place, founded by Tim Price and backed by James Packer’s private investment firm NPACT, has submitted the project as a State Significant Development through the NSW Government’s Housing Delivery Authority pathway.

Of the 53 apartments, 42 will be released to the market, with the remaining 11 allocated as affordable housing in line with NSW Government requirements.

fjc Studio has designed the building. In its Design Report, the architect said the diverse mix of dwelling types and sizes, including 11 two-bedroom affordable housing units, 40 three-bedroom apartments, and two four-bedroom residences, will support a broad demographic, including families, downsizers, and key workers.

The development will rise to nine levels, a height encouraged by the NSW Government due to the site’s proximity to Spit Junction, which has been identified as a low- to mid-rise centre. Developments within a certain proximity to these centres are permitted increased height.

fjc said the project “achieves an appropriate density outcome for its setting by balancing increased housing supply with strong amenity performance,” adding that it “makes a measurable contribution to NSW housing supply targets through the delivery of additional dwellings and dedicated affordable housing.”

The new development will replace five existing two-storey homes.

“By aligning with the objectives of the Housing SEPP and applying careful architectural and urban design principles, the development provides high-quality residential accommodation that integrates sensitively within its established Mosman context and delivers enduring benefits to residents and the wider community.”

Mosman has become increasingly popular with developers in recent years.

Developer Abadeen has been particularly active, with Mosman Residences currently on the market and under construction on Clifford Street. It also has an upcoming Burran Avenue project, comprising just three apartments on the Balmoral Slopes, and recently secured the Midas and Honeysuckle nursery site on Military Road.

Prosker Property has a project on Redan Lane, just a few doors down from Time &amp; Place’s proposed development.

Developers including Toohey Miller, DARE Property Group, and WINIM also have projects underway in the area. In 2024, a five-year target was set for the Mosman LGA to increase housing supply by 500 dwellings by 2029.

Time &amp; Place entered the Sydney market with Two Tides, its under construction Manly development. Given its sales success, it has secured another development in the area, more boutique, facing the beach on North Steyne.

They are hoping to launch their redevelopment of The Chimes in Potts Point this year, and next year will look to take to market Marlborough House, an adaptive re-use of the landmark David Jones warehouse in Surry Hills.

Joel Robinson

Time & Place to take on Mosman apartment market

Brunswick’s civic heart continues to consolidate around the Merri-bek Arts and Culture Precinct, where a growing cluster of cultural institutions, recreation facilities, and public infrastructure has created one of the inner north’s most defined community hubs.&nbsp;

Within this evolving precinct, <a href="https://www.apartments.com.au/new-apartments/saxon-street-by-milieu-brunswick-31-saxon-street-brunswick-vic-3056">Saxon Street by Milieu</a> introduces new housing directly alongside the civic anchors that shape daily life in the suburb.

At 31 Saxon Street, the project sits immediately beside Brunswick Baths and within moments of Brunswick Library and Town Hall, longstanding institutions that support both community services and everyday amenity.&nbsp;

[smartcode_project:default project_id=136434 project_image_fid=348840]

Next door, the newly delivered Balam Balam Place arts precinct has emerged as a central piece of Merri-bek Council’s cultural strategy, bringing together creative studios, exhibition spaces, maternal and child health services, and community programming in a purpose-built civic facility. Together, these destinations have reinforced the surrounding blocks as a focal point for public life in Brunswick.

This part of <a href="https://www.apartments.com.au/developments/brunswick-vic-3056">Brunswick</a> forms a key pocket within the suburb’s designated Major Activity Centre, where long-term planning has prioritised walkability, civic investment, and increased housing supply close to transport and services. The surrounding street network reflects that strategy, with compact blocks, established retail corridors and active transport links supporting a lifestyle that is largely navigable on foot.

Within a few minutes’ walk, Sydney Road delivers one of Melbourne’s most recognisable streets, known for its long-running mix of independent retailers, international dining venues and everyday convenience. Tram routes along Sydney Road provide frequent connections south toward the CBD and north through Brunswick and Coburg, while Jewell Station on the Upfield line sits within roughly a ten-minute walk, offering direct train access into the city.

[smartcode_project:default project_id=136434 project_image_fid=348839]

Active transport also plays a significant role locally. The nearby Upfield Bike Path forms a key north–south cycling corridor linking Brunswick through Parkville and into the central city, reinforcing the area’s reputation as one of Melbourne’s most accessible inner-urban neighbourhoods for cyclists and pedestrians alike.

The surrounding civic cluster extends beyond cultural infrastructure. Siteworks, a nearby creative hub supporting artists and community organisations, adds to the concentration of cultural activity in the immediate area. Educational institutions such as Brunswick North Primary School, Brunswick Secondary College and RMIT’s Brunswick campus are also within easy reach, contributing to the suburb’s diverse resident base spanning families, students and professionals.&nbsp;

[smartcode_project:default project_id=136434 project_image_fid=348841]

Designed by <a href="https://www.apartments.com.au/architects/jackson-clements-burrows-architects">Jackson Clements Burrows Architects</a> in collaboration with <a href="https://www.apartments.com.au/interior-designers/designoffice">DesignOffice</a> and landscape architects <a href="https://www.apartments.com.au/landscape-architect/oculus">OCULUS</a>, the nine-level building has been shaped to respond to the surrounding streetscape, with lower levels aligning to the street and upper storeys stepping back to soften its scale and improve solar access.&nbsp;

Curved balcony forms reference nearby heritage architecture, while the development’s public realm improvements include a widened footpath along Saxon Street to strengthen pedestrian connections between the precinct’s civic sites.

Sustainability also underpins the project’s approach. The building is designed to operate entirely on electric infrastructure supported by rooftop solar, with an average 7.5-star NatHERS energy rating and EV-charging readiness across the development. Shared resident amenities will include a landscaped rooftop terrace with barbecue and covered dining areas intended to encourage informal interaction between residents.

Saxon Street marks developer Milieu's fifth project in Brunswick and continues its focus on design-led infill housing across Melbourne’s inner suburbs.&nbsp;

Construction has commenced through reputable builder Manresa, who will complete the project in 2027.

[smartcode_project_cta:default project_id=136434]

Saxon Street by Milieu connects residents to Brunswick’s cultural and civic core

Within <a href="https://www.apartments.com.au/new-apartments/candela-ivanhoe-40-upper-heidelberg-road-ivanhoe-vic-3079">Candela Ivanhoe</a>, <a href="https://www.apartments.com.au/developers/salter-brothers">Salter Brothers</a>&nbsp;takes a different approach to larger residences, moving away from the constraints of a single level.

In Grand Residence 3.05, known as the Lustre, plays out across two levels, with a mezzanine configuration that is uncommon in apartment living.

Lustre is a four-bathroom residence where the layout creates a clear distinction between shared and private zones, with uninterrupted views toward the Dandenong Ranges extending the sense of openness from the main living areas.

Entry is to the primary living level, where the kitchen, dining, and living areas are arranged as one continuous space. Timber flooring runs throughout, with a fireplace set within the living zone. Full-height glazing brings in natural light, supported by double glazing that improves thermal performance.

[smartcode_project:default project_id=342 project_image_fid=357506]

The kitchen is configured as both a working and social space. A large island bench provides seating, while a walk-in pantry extends storage beyond typical apartment expectations.

Gaggenau appliances, including a 900mm gas cooktop and 600mm oven, are integrated into a layout that connects directly to the adjacent dining and living areas, and outward to the terrace. This balcony includes a built-in BBQ, reinforcing the apartment’s capacity to accommodate larger gatherings without compromising internal space.

A dedicated laundry room, powder room, and a wine cellar area sit discreetly off the main living zone, ensuring that functional requirements are resolved without encroaching on primary living areas. The master suite is also located on this level, designed as a retreat with a walk-through wardrobe and an ensuite that includes double vanities, a bath, and a dedicated dressing table.

[smartcode_project:default project_id=342 project_image_fid=357508]

The mezzanine level introduces a second layer of living, rather than simply additional bedrooms. Two large bedrooms with built-in robes are positioned alongside a central bathroom, while a secondary lounge and study area create a self-contained zone suited to children, guests, or extended family. A large storage room further supports long-term usability, addressing a common shortfall in apartment design.

This separation of levels is central to how the residence functions day-to-day. It allows the lower level to operate as the primary entertaining and living space, while the upper level provides privacy and flexibility. The result is closer in feel to a townhouse or standalone home, but with the benefits of apartment living, security, and low maintenance.

[smartcode_project:default project_id=342 project_image_fid=364553]

Candela is close to 80 per cent complete, with Ironside delivering construction ahead of its expected October 2026 completion. The development comprises 58 residences, with a strong owner-occupier profile and a mix of one to four-bedroom apartments and loft-style townhouses.

Candela has exclusive access to private amenities, including a residential lounge and rooftop terrace. A charming café and a lifestyle wellness centre are located on the ground level, designed to foster community connection and extend the living experience beyond individual apartments without competing with the scale of homes like Lustre.

Candela, positioned in the heart of Ivanhoe Village, reinforces the practicality of the address. With a Walk Score of 90, residents are within immediate reach of cafés, retail, parklands, and Ivanhoe Station, while also benefiting from proximity to established schools and healthcare services.

[smartcode_project_cta:default project_id=342]

Inside Lustre: Grand Residence 3.05 at Candela Ivanhoe

<a href="https://www.apartments.com.au/developers/milieu-property">Milieu</a>’s <a href="https://www.apartments.com.au/new-apartments/elsternwick-gardens-by-milieu-8-gordon-street-elsternwick-vic-3185">Elsternwick Gardens</a> is being shaped around a simple but increasingly rare premise in apartment development: that the built environment should actively support residents’ wellbeing.&nbsp;

Located on the former ABC Studios site on Gordon Street in Melbourne’s south-east, the new neighbourhood sits on an expansive 11,740 sqm site neighbouring the heritage-listed Rippon Lea Estate, whose gardens date back more than 140 years.

Rather than positioning wellness as an add-on amenity, the development integrates it into the physical planning of the site. Architecture by <a href="https://www.apartments.com.au/architects/woods-bagot">Woods Bagot</a> is arranged across six low-rise buildings set within extensive landscaping designed by <a href="https://www.apartments.com.au/landscape-architect/oculus">OCULUS</a>, with more than 40 per cent of the land dedicated to gardens and green space. Walking trails, pocket gardens, and mature trees are threaded between buildings, creating a network of green corridors that encourage residents to move through the precinct on foot and spend more time outdoors.

[smartcode_project:default project_id=136535 project_image_fid=288420]

Milieu has intentionally framed these gardens as an extension of the neighbouring Rippon Lea Estate. More than 16,000 new plants will be introduced across the site, with species carefully selected to protect and complement the area’s ecological significance. The approach focuses on strengthening existing environmental conditions while establishing new habitats that support native wildlife, reinforcing the role of the landscape as both an active ecosystem and a defining element of daily life.

A private resident gate will provide direct access to the historic grounds during opening hours, allowing residents to move seamlessly between the development’s landscaped gardens and the estate’s expansive lawns, lakes, and mature trees. The project’s gardens will also be maintained by the same gardeners responsible for Rippon Lea, reinforcing the visual and ecological continuity between the two landscapes.

Complementing the landscape is a dedicated wellness hub designed to support everyday health and recovery. Residents will have access to a gym alongside yoga and Pilates studios, while mineral pools and infrared saunas provide spaces for relaxation and restorative wellbeing. Shared lounges, workshop spaces, and pet care facilities expand the concept of wellness beyond fitness, creating opportunities for social connection and community interaction within the precinct.

Environmental performance is another key component of the project’s wellbeing focus. Elsternwick Gardens will be entirely fossil-fuel-free, with homes designed to operate on renewable electricity rather than gas. Passive design strategies, including cross-flow ventilation, high-performance insulation, and thermally broken double glazing, are intended to maintain comfortable indoor temperatures while reducing energy demand. Solar photovoltaic systems will power common building services, while rainwater harvesting will help irrigate the extensive landscaping across the site.

[smartcode_project:default project_id=136535 project_image_fid=361030]

Milieu Founder and Managing Director Michael McCormack says the scale and setting of the project allowed the team to take a different approach to urban apartment living.

“This site represents a once-in-a-lifetime opportunity to build something truly special,” McCormack says.

“Through that process, we arrived at a design that centres on a fully realised natural landscape – a series of private, interconnected gardens that encircle the homes and extend seamlessly from Rippon Lea Estate.”

Elsternwick Gardens will comprise three residential offerings, Gordon Place, Ripponlea Terrace, and The Garden Pavilion, each designed for owner-occupiers and shaped around high-quality interior design by Woods Bagot, K.P.D.O., and Flack Studio. The first stage, Gordon Place, includes one-, two-, and three-bedroom apartments designed with a strong focus on indoor-outdoor living and sustainability.

[smartcode_project:default project_id=136535 project_image_fid=288412]

Milieu recently appointed <a href="https://www.apartments.com.au/builders/brady-constructions">Brady Constructions</a> to deliver the project, marking a key milestone for the development. The appointment follows the demolition of the former studio buildings on the Gordon Street site, with construction progressing toward the delivery of the nature-led community.

Situated between the established villages of Elsternwick and Ripponlea, the development balances its garden setting with strong urban connectivity. Residents will be within walking distance of cafés, restaurants, and local retail, while nearby train and tram connections provide quick access to Melbourne’s CBD and the beaches of Elwood and St Kilda.

With construction underway and the first residents expected to move in by early 2027, Elsternwick Gardens represents a growing shift in apartment development toward environments that prioritise wellbeing as much as density or location. By placing landscape, sustainability, and shared spaces at the centre of the design, Milieu is positioning the project as a residential neighbourhood where wellness is not just promoted, but built into the structure of everyday life.

[smartcode_project_cta:default project_id=136535]

Elsternwick Gardens' wellness-first design strategy

Brisbane-based developer <a href="https://www.apartments.com.au/developers/red-co">Red &amp; Co</a> has made a striking debut on the Gold Coast, officially unveiling its $250 million COMO development in Varsity Lakes, a lifestyle-driven residential project anchored by an extensive rooftop wellness and activity precinct.

Having recently launched to market, construction has already been fast-tracked by <a href="https://www.apartments.com.au/builders/5point-projects">5Point Projects</a>, ensuring momentum continues on what is set to become a landmark residential address for the growing Varsity Lakes community.

Located at 22 Lake Street, Varsity Lakes, <a href="https://www.apartments.com.au/new-apartments/como-varsity-lakes-22-lake-street-varsity-lakes-qld-4227">COMO</a> will comprise 156 apartments across 16 levels, comprising one-, two- and three-bedroom residences designed for modern living. However, it is the project’s rooftop amenity offering that sets COMO apart.

[smartcode_project:default project_id=135546 project_image_fid=363510]

Designed as a dedicated wellness and recreation hub, the rooftop will feature a 25-metre lap pool, fully equipped gymnasium, and multiple pickleball and paddleball courts - amenities rarely seen in boutique apartment projects.

Residents will also have access to a sauna and plunge baths, while landscaped gardens and relaxation zones will provide tranquil spaces overlooking sweeping panoramic views across the Gold Coast skyline.

The rooftop precinct has been designed to function as the social and wellness heart of the development, encouraging residents to embrace an active, balanced lifestyle within their own building.

&nbsp;

[smartcode_project:default project_id=135546 project_image_fid=363512]

Red &amp; Co director David Laverty said the amenity offering was central to the project’s design from the outset.

“Amenities were at the forefront of our decisions,” Laverty said.

“Buyers today are looking for more than just an apartment - they want a lifestyle that promotes health, connection and balance.

“The rooftop at COMO has been designed to be the epicentre of that lifestyle, with a suite of wellness and recreation facilities that are quite unique for a boutique development of this scale.”

&nbsp;

[smartcode_project:default project_id=135546 project_image_fid=363514]

Designed by <a href="https://www.apartments.com.au/architects/bda-architecture">BDA Architecture</a>, the residences prioritise liveability, featuring spacious layouts, 2.7-metre ceilings and high-quality finishes throughout.

The development sits beside Bond University, placing residents within walking distance of education, retail and dining options within the vibrant Varsity Lakes precinct, including Robina Town Centre, Varsity Lakes Train Station and a range of leading schools.

[smartcode_project:default project_id=135546 project_image_fid=363511]

Laverty said the location was a key driver behind Red &amp; Co’s decision to bring the project to the Gold Coast.

“<a href="https://www.apartments.com.au/developments/varsity-lakes-qld-4227">Varsity Lakes</a> was a clear choice for us to invest in as it’s a lifestyle hub that seamlessly blends lakeside living with urbanity,” he said.&nbsp;

“Como will capitalize on this great location, delivering a project that not only creates premium homes, but a lifestyle defined by community, wellbeing, and connectivity.”

Red &amp; Co has delivered more than 500 apartments and townhouses across 26 projects in Brisbane in recent years, with COMO marking the company’s first major Gold Coast development.

[smartcode_project_cta:default project_id=135546]

Red & Co unveils amenity-rich Como development in Varsity Lakes

Value Growth

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The moderation in the rate of growth across our combined capital cities index in September is likely to be a positive development for Australian regulators such as the Reserve Bank and APRA who have been highlighting concerns about the strong rate of value growth in Sydney and Melbourne.
Of course it is only one month and it will be interesting to see whether the slowing trend will persist, particularly as we head into the busy spring selling season. 
<a href="/images/2015/10/16/Screen%20Shot%202015-10-16%20at%208.51.33%20PM.png" target="_blank">Click to enlarge</a>
<img src="/images/2015/10/16/Screen%20Shot%202015-10-16%20at%208.51.33%20PM.png" alt="" width="436" height="370" style="line-height: 1.3em;">
The annual expansion in investor-related housing credit has continued at a pace that is higher than APRA’s mandated 10% growth per annum however, July figures from the Reserve Bank show credit for investment housing has increased by 10.8% over the year, down from growth of 11.1% the previous month.
Furthermore, in June investor housing credit rose by 0.6% which was its slowest monthly increase since October 2013. With many banks now placing a premium on investment mortgage interest rates and also increasing serviceability limits on all mortgages we may be starting to see the first evidence of a cooling in investment housing demand.
<a href="/images/2015/10/16/Screen%20Shot%202015-10-16%20at%208.58.44%20PM.png" target="_blank">Click to enlarge</a>
<img src="/images/2015/10/16/Screen%20Shot%202015-10-16%20at%208.58.44%20PM.png" alt="" width="414" height="161">
The cumulative effect of tighter lending conditions, more expensive mortgage rates for investors and lower yields, as well as natural affordability constraints and higher levels of new housing supply, is likely to dampen some of the exuberance we have seen across the Sydney and Melbourne housing market. Listing numbers are already showing their seasonal spring climb which will provide a timely test of the housing markets strength through spring.
<a href="/images/2015/10/16/Screen%20Shot%202015-10-16%20at%209.13.16%20PM.png" target="_blank">Click to enlarge</a>
<img src="/images/2015/10/16/Screen%20Shot%202015-10-16%20at%209.13.16%20PM.png" alt="" width="555" height="528">
Furthermore auction clearance rates have been trending lower in both Sydney and Melbourne over the past couple of months potentially highlighting a moderation in the rate of home value growth in these cities.
<a href="/images/2015/10/16/Screen%20Shot%202015-10-16%20at%209.00.28%20PM.png" target="_blank">Click to enlarge</a>
<img src="/images/2015/10/16/Screen%20Shot%202015-10-16%20at%209.00.28%20PM.png" alt="" width="620" height="436">
Cameron Kusher is research analyst for CoreLogic RP Data. You can contact him <a href="https://blog.corelogic.com.au/author/cameron-kusher/" target="_blank">here</a>.
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ckusher-ujnxiKuFQs

Potential cooling in investment housing demand: Cameron Kusher 

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Over the 10 years to January 2016, home values across the combined capital cities have increased by a total 72.0% which is well short of values doubling over the decade. 
If we look at the split between houses and units, house values are 73.1% higher compared to a 64.3% increase in unit values.
Although combined capital city home values haven’t doubled over the past decade, the previous decade was quite a different story. Between January 1996 and January 2006 combined capital city home values increased by 151.7% with house values up 159.6% and unit values 110.1% higher. Based on this data, the most recent decade of capital city home value growth has been half that of the previous decade. 
<a href="/images/2016/02/11/Screen%20Shot%202016-02-11%20at%201.14.30%20PM.png" target="_blank">Click to enlarge</a>
<img src="/images/2016/02/11/Screen%20Shot%202016-02-11%20at%201.14.30%20PM.png" alt="">
At a combined capital city level, the index is weighted so it is therefore heavily influenced by the performance of the larger capital cities. Taking a look at value growth over the past decade across individual capital cities shows a diversity in results.
Melbourne is the only capital city housing market where home values doubled over the past decade. In fact, many cities are a long way from having doubled with values in Brisbane, Adelaide, Perth, Hobart and Canberra having all increased by less than 50% over the past decade. Home values in Sydney and Darwin have each recorded increases of more than 75% over the past decade however, they too fell well short of seeing values double over the decade.
Over the previous decade (10 years to January 2006) home values more than doubled across each capital city (note that Hobart values are for houses only and data is not available for Darwin). 
In fact, value growth over the previous decade was more than three times greater than over the most recent decade in Brisbane, Adelaide, Perth, Hobart and Canberra while nationally it was more than double the rate of value growth over the past 10 years. Even Sydney and Melbourne recorded much stronger home value growth over the previous decade compared to the past decade. 
Looking at value growth over the five years to January 2016, it looks unlikely that by the time January 2021 rolls around that home values would have doubled over the decade in any of the capital cities. Over the past five years, Sydney and Melbourne are the only capital cities in which home values have increased by more than 10% with values lower in Hobart and Darwin.
<a href="/images/2016/02/11/Screen%20Shot%202016-02-11%20at%201.15.41%20PM.png">Click to enlarge</a>
<img src="/images/2016/02/11/Screen%20Shot%202016-02-11%20at%201.15.41%20PM.png" alt="">
While there was a time when home values doubled over a 10 year period the data suggests that the days of such rapid value rises are behind us. It’s important to remember that in recent times we have had record low mortgage rates yet that has failed to spark any substantial home value growth outside of Sydney and Melbourne. 
With little wage growth and ongoing economic uncertainty it is clear that in most areas of the country there are limits to what people can pay for housing. Subsequently there has been little impetus for any significant value growth outside of the two largest capital cities. Even in Sydney and Melbourne value growth has been substantially lower over the past decade than over the previous decade.
Cameron Kusher is research analyst for CoreLogic RP Data. You can contact him <a href="https://blog.corelogic.com.au/about/" target="_blank">here</a>.
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Property values – do they double every decade? Cameron Kusher

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GUEST OBSERVER
The CoreLogic Quarterly Housing &amp; Economic Review is a breakdown of the activity across each of the capital cities over the quarter to June 2017 and also dives into the economic factors that contribute to the overall performance of the market.
June 2017 marked the fifth anniversary of the current housing market growth phase. Over the second quarter of 2017, combined capital city dwelling values had increased by 0.8% which was their slowest quarterly growth rate since December 2015.
The June quarter has historically shown seasonal weakness, however, despite a slower rate of growth over the quarter, the combined capital cities still recorded value growth of 9.6% over the past 12 months. With values continuing to rise, the total value of residential property nationally was estimated at $7.1 trillion at the end of the quarter.
Sydney and Melbourne were the only capital cities to have recorded double-digit value growth over the past year with values increasing by 12.2% and 13.7% respectively. Although values have risen swiftly in these two cities over the year, the annual trend rate of growth has slowed since the March 2017 quarter.
Across the remaining capital cities, values have increased over the past year in Brisbane (2.0%), Adelaide (2.4%), Hobart (6.8%) and Canberra (9.6%) while values are lower in Perth (-1.7%) and Darwin (-7.0%).
In 2008 during the financial crisis, combined capital city dwelling values fell by around 6%. The combination of state and federal government stimulus and aggressive cuts to the cash rate by the Reserve Bank saw values rise from the end of 2008 and since then, over two growth cycles, combined capital city dwelling values have increased by 69.8%.
The rates of growth since 2008 have been substantially greater in Sydney (110.9%) and Melbourne (95.3%) than across all other capital cities. Canberra (39.1%) is the only other capital city to have seen values rise by more than 20% since the end of 2008. Growth in Sydney and Melbourne has been due to a range of factors, including but not limited to: rapid population growth, much stronger economic conditions driving employment growth and a relatively low supply of established stock available for sale.
The ongoing rises in home values are being supported by a low cost of borrowing.
As values have increased over recent years, so too has supply with new housing construction, particularly construction of units, recently passing through a new historically high level. New construction activity has been driven by the low cost of borrowing and the elevated level of activity from the investor segment of the market, including demand emanating from overseas.
It is reasonable to conclude that many of the new units constructed in particular, have been purchased by investors. It has also been widely reported that the level of purchasing by offshore buyers has increased dramatically over recent years which has also supported the heightened level of new housing construction. The surge in unit construction is already leading to units increasing in value at a slower pace than houses across a number of capital cities.
Although new housing construction has started to slow, a substantial volume of units remain under construction and will continue to ensure completions remain elevated over the next few years.
A year ago the rental market was showing clear signs of slowing with the surge of new housing stock causing rental growth to slow. Over the past nine to 12 months, rental growth has started to pick-up noticeably. It is difficult to know exactly what has driven this however, rapid population growth and the sheer lack of affordability of owning a home are most likely drivers.
Furthermore, the rising popularity of AirBNB is potentially resulting in some level of stock removal from the long-term rental market and increasing supply in the short-term market. Additionally, as mortgage rates edge higher, particularly for investment mortgages, it is likely that landlords will be doing their best to recoup their higher cost of debt by pushing rents higher.
Capital city dwelling values have now been rising for five years and the rate of growth in Sydney and Melbourne has been significantly greater than that outside of these two cities. While lower mortgage rates have improved mortgage serviceability, for those that don’t own a home it is increasingly difficult for them to firstly save a large enough deposit and secondly to compete with the equity that current home owners have built over recent years.
The housing market conditions prevalent in Sydney and Melbourne are not prevalent across the rest of the country however, these cities are being supported by strong economic and demographic conditions which are fuelling mortgage demand.
Mortgage rates have clearly played a role in driving housing demand in Sydney and Melbourne but the relatively weaker economic conditions outside of these two cities have dampened housing demand elsewhere. With affordability becoming stretched we are seeing increasing pushes for housing market reform from Government. These calls are expected to only grow louder the longer the current growth conditions persist.
Cameron Kusher is research analyst for CoreLogic. You can contact him <a href="https://blog.corelogic.com.au/about/">here</a>.
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Sydney, Melbourne record double-digit value growth

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COVID-19 pressures on the real estate industry has seen the nationally dwelling value growth slow over April, according to data firm CoreLogic's Hedonic Home Value Index.
Nationally, the monthly pace of growth more than halved, dropping from 0.7 per cent in March to 0.3 per cent in April, the smallest month to month movement since June last year when values started rebounding.
Despite many forecasters predicting widespread declines, dwelling values only dropped in Melbourne and Hobart, down -0.3 per cent and -0.1 per cent respectively.
Sydney kept a firm hold of the strongest real estate market, with dwelling values up 0.4 per cent to be 14.3 per cent up annually. Adelaide's 0.4 per cent growth in April saw their annual value growth rise to six per cent.
The surprise figure was in the Northern Territory where the dwindling Darwin market, with values down -2.7 per cent annually, jumped 1.7 per cent over the month.
<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/2020/5/1/April%20CL%20dwelling%20index.jpg" alt="">
CoreLogic head of research Tim Lawless said that although housing values were generally slightly positive over the month, the trend has clearly weakened since mid-to-late March, when social distancing policies were implemented and consumer sentiment started to plummet.”
Sydney's April gains were driven largely by the unit market, up 0.6 per cent, compared to houses up the 0.3 per cent.
Melbourne too saw a stronger performance from their unit market, up 0.1 per cent, while their housing values was down -0.4 per cent.
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Lawless says Australia’s largest cities have a higher level of downside risk.
“Sydney and Melbourne arguably show a higher risk profile relative to other markets due to their large exposure to overseas migration as a source of housing demand, along with greater exposure to the downturn in foreign students, stretched housing affordability and already low rental yields that are likely to reduce further on the back of rising vacancy rates and lower rents," Lawless says.
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Hobart was the only other major region to record a decline in home values over the month
“Hobart has the most exposure of any capital city, at least proportionally, to the industry sectors most heavily impacted by COVID-19 in terms of employment, with 12.7% of the workforce employed within accommodation &amp; food services, and arts &amp; recreation services sectors," Lawless added. 
 
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jrobinson-rf4aSBido9

House values still on the up, but not in Melbourne and Hobart: CoreLogic April update

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There has been a 1.2% rise in national dwelling values over the month, the fourth straight month of rising values, according to the CoreLogic Home Value Index results for October.
The October result was the largest month-on-month gain in the national index since May 2015. The recent gains come after a broad-based decline in housing values, with the national index declining 8.4% between October 2017 and June 2019.
CoreLogic noted that the positive October result takes national dwelling values 2.9% off their June 2019 floor, however values remain 5.7% below their peak, highlighting that despite the recent gains, home values are at a similar level to where they were three years ago.
<img src="https://www.urban.com.au/images/2019/11/1/CL%20Index%20Results%20OCT.JPG" alt="">
 
The strongest growth conditions continue to be centered in Melbourne and Sydney, however dwelling values trended higher across most of the capital cities.
Dwelling values were up across every capital city apart from Perth over the month, and over the past three months, the only capitals where values fell were Perth (-1.7%) and Darwin (-1.2%).
According to CoreLogic research director Tim Lawless, the stronger rebound in Melbourne and Sydney can be attributed to a blend of factors; tighter labour market conditions and stronger population growth relative to the other capitals, coupled with the stimulatory effect of the lowest mortgage rates since the 1950’s, and improved access to credit.
He said Stamp duty exemptions for first home buyers purchasing under specific price points have added additional stimulus to housing demand.
Melbourne housing values have recovered 6.0% since moving through a trough in May 2019, while Sydney values are up 5.3% since the recent May low. 
CoreLogic's October report said, "the downwards trend in Perth and Darwin home values has continued, however both markets are showing an improvement in the trend rate of decline."
"Both cities have seen dwelling values consistently trending lower since mid-2014, with Darwin down a cumulative 31% and Perth values 22% lower."
"Perth is now recording the lowest median house value of any capital city ($451,800) and Darwin house values are a close second with a median of $468,300."
"Unsurprisingly, the Northern Territory and Western Australia are also showing the highest proportion of first home buyer activity, with first time buyers not weighed down by negative equity and with the ability to take advantage of very affordable housing in these regions," it concluded.
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j.ballantyne1990-6AQqhLzZaK

Fourth month of property price growth, up 2.9% since June lows: CoreLogic

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Sydney and Melbourne property markets have continued their bounce back following the near two year decline.
Sydney dwelling values saw 1.6 per cent gains over August to be 1.9 per cent up over the quarter.
Melbourne's 1.8 per cent quarterly gains were driven by the 1.4 per cent growth in August.
Over July, Sydney and Melbourne both recorded <a href="/news/perth-downturn-continues-but-sydney-and-melbourne-carry-on-resurgence-corelogic">just 0.2 per cent dwelling value growth</a>.
It's the third consecutive month the two markets have seen dwelling value growth after the <a href="/news/sydney-and-melbourne-housing-downturn-weakening-to-a-halt">slowdown weakened to a halt over June</a>.
Corelogic research director Tim Lawless said that although the recovery trend in the nations two biggest capital city markets continues to strengthen, the expectation is that it will take some time for values to return back to their previous highs.
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There was growth in five of the eight capital cities. Canberra was the third best performer with gains of 0.8 per cent, followed by Hobart (0.5 per cent) and Brisbane (0.2 per cent).
Declines were felt in Darwin (-1.2 per cent), Perth (-0.5 per cent) and Adelaide (-0.2 per cent.)
It was the second consecutive month national capital city values jumped, following from a <a href="/news/perth-downturn-continues-but-sydney-and-melbourne-carry-on-resurgence-corelogic">0.1 per cent gain over July</a>.
It was the unit markets in Sydney (+1.8 per cent) and Melbourne (+1.5 per cent) which drove the growth.
They were closely followed by houses, where Sydney saw 1.5 per cent gains and Melbourne 1.3 per cent.
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Lawless suggested while the ‘recovery trend’ is still early, it does appear that growth trends are gathering some pace, particularly in the largest capital cities.
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“The significant lift in values over the month aligns with a consistent increase in auction clearance rates and a deeper pool of buyers at a time when the volume of stock advertised for sale remains low.
“It’s likely that buyer demand &amp; confidence is responding to the positive effect of a stable federal government, as well lower interest rates, tax cuts and a subtle easing in credit policy.” 
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Sydney and Melbourne house and apartment prices power ahead in August: CoreLogic

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Combined capital city home values have increased by 7.6 percent over the year with Melbourne topping the national list with annual capital gains of 11.1 percent, according to coreLogic RP Data's February Hedonic Home Value Index.
CoreLogic RP Data research director Tim Lawless said Melbourne values appear to be holding reasonably firm since December last year with the annual rate of capital gain virtually level over the past three months.
"Sydney’s annual rate of growth has continued to moderate, having almost halved from its cyclical peak of 18.4% recorded in July last year to reach 9.5% growth over the past twelve months.
"A few of the smaller cities, where growth rates have recently accelerated, may start to rival Sydney’s position over the coming months.
“The trend in home value growth is showing signs of increasing in those markets that have previously underperformed. These include Brisbane, Adelaide, Hobart and Canberra. Affordability constraints aren’t as apparent in these cities and rental yields haven’t been compressed to the same extent as what they have in Melbourne or Sydney.
"Home values increased in Brisbane by 5.5% over the past year, which is the fastest annual rate of value growth in a year. In Hobart, home values are 6.2% higher over the year, which is its fastest annual rate of home value growth since July 2010."
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po-LsXgBTHBmX

Melbourne tops city annual capital gains: CoreLogic RP Data

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House rents have increased 2.1% across Melbourne for the year with houses in the Mornington Peninsula and Bayside making up the majority of the top five regions for rental increases throughout the year, according to CoreLogic RP Data's September Monthly Rental Report.
CoreLogic RP Data senior research analyst Cameron Kusher said at the same time that Mornington Peninsula suburbs feature prominently on the list this area of Melbourne has been one of the weakest performing regions for value growth over recent years. 
 
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The median house price for a home in <a href="/news">Black Rock is $1,585,000</a>, according to CoreLogic RP Data.
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