Three years after completion, <a href="https://www.apartments.com.au/buildings/the-lennox-parramatta-12-phillip-street-parramatta-nsw-2150">The Lennox</a> on the Parramatta River remains one of the suburb's most distinctive residential towers, not just for its 46-storey presence on the water, but for its integration of the Southern Hemisphere’s first fully robotic car park, now well-proven in daily use.

Delivered by <a href="https://www.apartments.com.au/developers/novm">NOVM</a> and EQ Construction and designed by <a href="https://www.apartments.com.au/architects/marchese-partners">Marchese Partners</a>, the $300 million development brought 414 apartments to Parramatta’s CBD fringe at a time when the city was undergoing rapid transformation into Sydney’s second CBD.

The nine-level basement, combining three conventional parking levels with six automated levels, was designed and installed by German firm Lödige Industries using its Cubile technology. The system has now been in continuous operation for three years, handling 327 vehicles through five transfer cabins.&nbsp;

[smartcode_project:default project_id=5743 project_image_fid=5369]

Residents drive into the cabins, and flat robots move their cars to available bays without ramps or human intervention. The technology is compatible with all common cars and SUVs up to 2.5 tonnes and typically retrieves vehicles within minutes via a smartphone app.

By storing up to 60 per cent more vehicles than a conventional design, the automated format reduced excavation depth during construction and continues to deliver operational benefits, including lower emissions from underground vehicle movements and improved resident safety.

NOVM CEO and Executive Director Adrian Liaw said the decision to adopt the technology was aligned with the team’s focus on both efficiency and resident experience.

“For The Lennox we wanted both a modern functionality and timeless aesthetic combined with our customary meticulous quality and craftsmanship. The automated parking technology from Lödige Industries offers both the innovative functionality and luxurious user experience we were keen to create and the performance we needed to see.”

[smartcode_project:default project_id=5743 project_image_fid=5371]

The Lennox offers a mix of one, two, three and four-bedroom apartments, all designed with open-plan living areas that extend to private balconies.&nbsp;

Interiors are finished in neutral tones, complemented by engineered timber flooring, stone benchtops and integrated appliances, while many residences on the upper levels enjoy expansive river and district views.

Resident facilities are centred around The Watermark precinct, a 20-metre indoor heated pool, outdoor terrace, BBQ areas, gym, fitness studio and conference room. Ground-floor retail fronts the river walk, linking directly to public open space.

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Since The Lennox’s completion, Parramatta has continued to experience population growth and infrastructure investment, with the light rail under construction and the Metro West line expected to link the CBD to Sydney in around 20 minutes.&nbsp;

Waterfront residential opportunities remain limited, with most prime sites either developed or earmarked for public use. In a market where on-site parking ratios are trending down in new approvals, The Lennox’s combination of a high-capacity robotic car park and established riverfront address continues to differentiate it among completed stock.

A limited selection of apartments at The Lennox remain available, with immediate occupancy.

[smartcode_project_cta:default project_id=5743]

Joel Robinson

Riverfront living with Australia’s most advanced residential parking system at The Lennox, Parramatta

Melbourne-based developer <a href="https://www.apartments.com.au/developers/progressio-developments">Progressio Developments</a> has timed the launch of its latest residential project to perfection.

Their new development, <a href="https://www.apartments.com.au/new-apartments/crest-camberwell-936-938-toorak-road-camberwell-vic-3146">Crest Camberwell</a>, taps into a significantly undersupplied market in Camberwell, where new apartment projects are increasingly rare. Progressio is not only filling that gap but also catering to a broader range of buyers—something that's uncommon in boutique apartment buildings, which typically feature uniform configurations and price points.

Located on a prime Toorak Road site, just a short walk from the bustling Burke Road commercial strip, Crest Camberwell comprises just 12 exclusive apartments.

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Prices at <a href="https://www.apartments.com.au/new-apartments/crest-camberwell-936-938-toorak-road-camberwell-vic-3146">Crest Camberwell</a> start at $770,000 for the one-bedroom apartments. The two-beds are priced at $1.49 million, and the large three-bedroom residences, with two parking spaces, are $1.66 million.

Designed by Melbourne-based architecture studio <a href="https://www.apartments.com.au/architects/splinter-society">Splinter Society</a>, Crest’s architectural expression draws on Camberwell’s heritage character, incorporating brick-inspired materials and bronze detailing.&nbsp;

The building’s massing and orientation are designed to capture green views while integrating with the established streetscape.&nbsp;Natural materials including travertine, textured concrete and timber feature throughout, both externally and internally.

[smartcode_project:default project_id=9177 project_image_fid=350647]

The interiors prioritise scale and natural light, with open-plan layouts that extend to large balconies equipped with full-height sliding doors.&nbsp;

Integrated appliances from Fisher &amp; Paykel and V-ZUG, along with custom joinery, brass tapware and stone benchtops, are standard inclusions across all residences.&nbsp;

[smartcode_project:default project_id=9177 project_image_fid=350650]

<a href="https://www.apartments.com.au/new-apartments/crest-camberwell-936-938-toorak-road-camberwell-vic-3146">Crest</a> incorporates landscape design by <a href="https://www.apartments.com.au/landscape-architect/john-patrick-landscape-architects">John Patrick</a>, with a focus on low-maintenance planting and visual cohesion between the building and surrounding environment.&nbsp;

At ground level, greenery softens the building’s street presence and enhances resident privacy.

The development has been designed with energy efficiency in mind, achieving a 7-star rating. Features include double glazing, solar passive design principles, and materials selected for thermal performance and durability.

Farey &amp; Co is marketing Crest Camberwell. They are fielding enquiry from local downsizers predominantly, those who are looking for a well-located apartment in a small block with few neighbours.

[smartcode_project_cta:default project_id=9177]

Crest Camberwell fills low-density gap in prestigious suburb

Development approval has been granted for the $665 million expansion of <a href="https://www.apartments.com.au/new-apartments/trinity-point-estate-81-trinity-point-drive-morisset-park">Trinity Point</a>, marking a major milestone for what is set to become one of Australia’s largest waterfront developments.&nbsp;

Located on a 23-hectare site on Lake Macquarie, the masterplanned community by <a href="https://www.apartments.com.au/developers/johnson-property-group">Johnson Property Group</a> will introduce a new scale of coastal living to the region, underpinned by sustainability, landscape-led design, and a focus on placemaking.

Designed by <a href="https://www.apartments.com.au/architects/koichi-takada-architects">Koichi Takada Architects</a> with landscaping by <a href="https://www.apartments.com.au/landscape-architect/arcadia-landscape-architecture">Arcadia</a>, the development will deliver a 153-room luxury hotel, 160 waterfront apartments, and a mix of retail, dining, wellness, and conference facilities. Key features include two 300-seat signature restaurants, a spa and wellness offering, a 300-seat function room, and a collection of pools, bars, and landscaped public areas.

“This project is about putting Lake Macquarie on the global stage,” said Keith Johnson, Founder of Johnson Property Group. “We’re not just building something beautiful, we’re creating a destination that showcases the very best of the region.”

<img alt="Trinity Point Estate - 81 Trinity Point Drive, Morisset Park" data-entity-type="file" data-entity-uuid="0775e02c-5402-46e4-ba48-e4bbf087a923" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/68218522911bbca3fbe25939_67d2081d6ce812cf2a9c3fb8_KOIC11165_Trinity%20Point%20-%20Addendum_E01_View%20from%20water_A3_croppped.jpg?VersionId=8Q2yOSwSOvMK7qBawrTLbahtavm5eyH1" />

The project’s architecture and landscape design are deeply informed by the natural and cultural context of the site. Arcadia undertook a Connection with Country workshop in collaboration with local Elders to understand the stories of land and water, resulting in a landscape approach that honours the Awabakal people's cultural heritage.

Trinity Point was historically significant for its Aboriginal occupation, providing food and spiritual connection through its relationship with Lake Macquarie and the surrounding Watagan Mountains.&nbsp;

Arcadia’s design response incorporates native planting, sculptural elements, viewing decks, and materials that reflect the surrounding ridgelines and sandstone outcrops.

<img alt="Trinity Point Estate - 81 Trinity Point Drive, Morisset Park" data-entity-type="file" data-entity-uuid="c4db7d3a-3a03-4834-a9e0-cc74dc60ac64" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/6888542fa954f63bd565c684_IN03_Hotel%20To%20View_A3RGB.jpg?VersionId=IXgYtO5fI3xveOG0ZRq.LuNA__GJOoeC" />

With the Central Coast and Lake Macquarie region experiencing strong population growth and increased interest from owner-occupiers and lifestyle-focused buyers, Trinity Point responds to a clear demand for high-quality, amenity-rich housing.&nbsp;

The project is expected to inject over $588 million into the local economy through construction contracts and long-term employment once operational.

Already home to the 94-berth Trinity Point marina and the acclaimed ‘8 at Trinity’ restaurant, the next stage cements the area’s evolution into a premium lifestyle destination.&nbsp; An expanded marina (up to 188 berths) and new wellness and hospitality offerings will support both local and visitor demand.

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Trinity Point’s $665 million masterplan approved in Lake Macquarie

The NSW Government will take the lead in rezoning the Burwood North Metro Precinct, that could deliver around 15,000 new homes near the future Sydney Metro station, creating new housing and job opportunities close to transport and services. 
 
The new Burwood North Metro Station provides a once-in-a-generation opportunity to create a thriving inner-west precinct near a world class metro line, just four stations away from the Sydney CBD. 
 
Centred around the new Burwood North Metro Station, the rezoning will deliver a new precinct supported by major public transport links and open space, while rejuvenating another part of the Parramatta Road corridor. 
 
The current Burwood train station and Parramatta Road bus links are also nearby, along with strong local schools and shopping precincts, with the Parramatta River a short distance away. 
 
Burwood Council and Canada Bay Council have both progressed individual masterplans to deliver homes in their Local Government Areas. The NSW Government will build upon the Councils’ plans as well as identify further opportunities for residential growth to better respond to the future Sydney Metro station. 
 
The rezoning is being progressed through the State Significant Rezoning Pathway, which was introduced by the Minns Government to fast-track major rezoning proposals. The State Significant Rezoning Policy, introduced in September 2024, fast tracks the rezoning of key precincts, and existing planning proposals delayed in the planning system. 
 
NSW is in need of bold housing solutions. Sydney is the second least affordable city in the world, with house prices having significantly outstripped wage growth over the last two decades. 
 
A key focus of the state-led rezoning will be to deliver precinct-wide infrastructure that will enable essential services and amenities to be delivered alongside the new housing. 
 
The Department of Planning, Housing and Infrastructure will now work with both councils and the relevant state government agencies to progress the rezoning, with a draft masterplan expected to be exhibited in the first half of 2026. This will be followed by a final precinct masterplan, at which stage development applications can be lodged under the new planning controls. 
 
This new site builds on the NSW Government’s earlier announcements of state-led and state-assessed rezoning projects. To date, 25 projects have been progressed as state rezonings, with the potential to enable the delivery of an estimated 60,000 homes and 68,000 jobs.

The Urban Development Institute of Australia (UDIA) NSW, says the NSW Government’s decision to lead the rezoning of Burwood is an essential move to unlocking much needed housing supply, accelerating the planning system, and ensuring coordinated infrastructure delivery.&nbsp;

“The NSW rezoning process is currently one of the slowest in the country. Any action that helps to speed this up, particularly in well-located areas like Burwood North, should be welcomed,” said UDIA NSW CEO, Stuart Ayres.&nbsp;

“New homes start with rezoned land. That’s why we’re encouraged to see the NSW Government stepping in to lead the process at Burwood North. The more the State can be involved in finalising these complex rezonings, especially where boundaries are shared, the better the outcomes for everyone."

NSW Government to rezone Burwood North and trigger 15,000 new homes near future Sydney Metro Station

<a href="https://www.apartments.com.au/developers/sekisui-house-australia">Sekisui House Australia</a>, in partnership with Hankyu Hanshin Properties, has achieved strong sales success with the launch of <a href="https://www.apartments.com.au/new-apartments/aeris-melrose-park-nursery-street-melrose-park-nsw-2114">Aeris</a>, the most elevated and luxurious release to date in the $5 billion Melrose Park masterplanned community in north-west Sydney.

Around $30 million worth of apartments, across 35 sales, was secured within four hours of the release, marking one of the strongest launch results at <a href="https://www.apartments.com.au/developments/melrose-park-nsw-2114">Melrose Park</a>. Priced between $645,000 and $1.5 million, Aeris set a new benchmark for the precinct, with two-bedroom apartments eclipsing the $1 million mark, significantly higher than comparable offerings in previous stages.

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Veronica Papaianni, Sales Manager, Apartment &amp; Mixed-Use Developments at Sekisui House Australia, said the sales results confirmed both the strength of the market and the growing demand for premium apartments in master planned communities.

“Aeris captured the attention of buyers with its elevated location, luxury finishes and new product types including two-bedroom residences with dedicated multipurpose rooms, a first for Melrose Park,”&nbsp;Papaianni says.

“The response was immediate with over 200 people attending the launch and 35 apartments sold launch day. Owner occupiers made up over half of all purchasers, an exceptional outcome for a high-rise apartment building and a strong indicator of the desirability of Aeris as a place to live, not just invest."

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Apartments sold were evenly split between one and two-bedroom configurations, with strong demand from young couples, professionals, downsizers and first home buyers. The introduction of adaptable layouts, such as dual key and multi-generational residences, also expanded buyer interest.

“The record result builds on renewed buyer confidence following two interest rate cuts earlier this year, with another cut widely anticipated next week,"&nbsp;Papaianni added.

"The interest rate reductions have definitely contributed to the sales momentum and buyer optimism. We are seeing more people engage with the market, particularly owner occupiers who feel now is the right time to secure a high-quality home in a future focused location.”

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Positioned at the highest point of the 30-hectare Melrose Park site, Aeris offers panoramic views of the Parramatta River, Sydney Olympic Parklands and the surrounding neighbourhood. Every apartment includes Miele appliances, timber flooring and smart home integration with residents enjoying access to a rooftop pool, gym and outdoor cinema.

“The success of Aeris further elevates Melrose Park’s standing in Sydney’s competitive property landscape. Aeris reaffirms Melrose Park’s position as one of Sydney’s most ambitious urban renewal projects," Papaianni continued.

"Its green spaces, future Town Centre (set to open in 2026), Melrose Park High School and connectivity to the Parramatta Light Rail Stage 2 connection, make it a highly attractive proposition for both owner occupiers and investors.”

There will be 468 apartments across the 21- and 23-level towers. Only the first of Aeris’s two towers has been released to date, with the next release expected in early 2026.

Construction of Aeris is anticipated to commence in late 2025, with the first lower tower due for completion in Q4 2027 and the second tower expected in 2028.

[smartcode_project_cta:default project_id=426]

Apartments sold were evenly split between one and two-bedroom configurations, with strong demand from young couples, professionals, downsizers and first home buyers

Strong buyer response to Aeris, Melrose Park’s latest stage

Sydney’s property market is known for high prices, competitive bidding, and mounting pressure on first home buyers. But change is on the horizon.

From late 2025, eligible first home buyers in New South Wales will have access to a new federal government initiative aimed at addressing affordability: the Help to Buy Scheme.&nbsp;

<h2>What is the Help to Buy Scheme?</h2>

The program introduces a shared equity model intended to reduce the upfront cost of entering the property market, particularly in high-demand urban areas such as Sydney.

The scheme operates under a shared ownership structure in which the federal government takes an equity stake of up to 40 per cent for new homes, or 30 per cent for existing dwellings. This arrangement allows eligible buyers to significantly reduce their loan size and avoid the added cost of Lenders Mortgage Insurance (LMI).

Under this model, purchasers can enter the property market with as little as a two per cent deposit, well below the traditional 10 to 20 per cent usually required. The government’s contribution is not a loan but a co-ownership stake in the property. As such, there is no interest or rent charged on its portion.

Because the government’s equity combined with the buyer’s deposit typically meets or exceeds the 20 per cent threshold, LMI does not apply. The remaining balance, generally between 60 and 70 per cent of the property’s value, is financed through a standard home loan with a participating lender.

The government's equity in the property remains in place until the buyer chooses to repay it voluntarily or until the property is sold. Buyers can buy back the government’s share over time, in increments of at least five per cent, depending on their financial situation.

There is no fixed repayment timeline, but the amount to be repaid will be based on the property's market value at the time of repayment, not the original purchase price.

<h2>How do you qualify for the&nbsp;Help to Buy Scheme?</h2>

To qualify for the Help to Buy Scheme, applicants must meet the following conditions:

<ul>
	<li>Be an Australian citizen at least 18 years of age.</li>
	<li>Be a first-home buyer who does not currently own property.</li>
	<li>Intend to live in the property as their primary residence.</li>
	<li>Earn less than $100,000 per year for individuals, or $160,000 for couples.</li>
	<li>Purchase a property within the regional price caps, currently $950,000 in Sydney, though this is expected to rise to approximately $1.3 million ahead of the program’s launch.</li>
</ul>

While the Help to Buy Scheme does not solve affordability challenges across the board, it does offer a more accessible pathway for a defined segment of the market, particularly younger buyers with moderate incomes who have been priced out of traditional lending routes.

The scheme is expected to commence in NSW in late 2025, as part of a national rollout.

Under the new model, purchasers can enter the property market with as little as a two per cent deposit, well below the traditional 10 to 20 per cent usually required

Help to Buy Scheme: What first home buyers in NSW need to know

The First Home Owners Grant (FHOG) is a government initiative designed to help eligible first-time home buyers by offering financial assistance towards the purchase or construction of a new home.

While the FHOG is a nationwide program, it is administered separately by each state and territory, meaning the eligibility criteria, grant amounts, and property requirements can vary depending on your location. This means that the amount available and the conditions attached to the grant will differ, so it is important to check the specific guidelines for your state or territory.

It’s important to note that the FHOG is just one of several incentives available to first home buyers. In most states and territories, the grant is not linked to stamp duty exemptions or concessions, with the exception of the Australian Capital Territory (ACT). The FHOG is typically a one-off payment, reducing the overall cost of purchasing or building a new home before any stamp duty concessions are applied.

Below, we provide a breakdown of the First Home Owner Grants available across Australia, outlining the specific details for each state and territory.

<h2>New South Wales First Home Owner Grant</h2>

First Home Owner Grant: Offers a $10,000 grant for new homes valued up to $600,000. For land purchases and owner-builders, the threshold extends to $750,000.

Stamp Duty Benefits: Provides full stamp duty exemption for homes valued up to $800,000, with concessions available for properties up to $1 million.

<h2>Victoria South Wales First Home Owner Grant</h2>

First Home Owner Grant: Provides a $10,000 grant for first-home buyers purchasing or building new homes valued up to $750,000.

Stamp Duty Benefits: Offers full stamp duty exemption for properties up to $600,000, with concessions available up to $750,000.

<h2>Queensland First Home Owner Grant</h2>

First Home Owner Grant: Offers $30,000 for contracts signed between 20 November 2023 and 30 June 2025. The FHOG applies to new homes valued up to $750,000.

Stamp Duty Concessions: Provides additional concessions for properties valued up to $800,000.

<h2>Western Australia First Home Owner Grant</h2>

&nbsp;

First Home Owner Grant: Offers a $10,000 grant for new homes valued up to $750,000 in the southern regions and up to $1 million in the northern regions.

Stamp Duty Concessions: Available for homes valued up to $600,000 for transactions entered into on or after 9 May 2024.

<h2>Australian Capital Territory First Home Owner Grant</h2>

First Home Owner Grant: Replaced by the Home Buyer Concession Scheme, offering full stamp duty concessions for eligible buyers.

<h2>South Australia First Home Owner Grant</h2>

First Home Owner Grant: Provides up to $15,000 for new homes, including houses, apartments, and townhouses. As of 6 June 2024, there is no property value cap for eligibility.

Stamp Duty Relief: Available for new homes and vacant land purchases.

<h2>Tasmania First Home Owner Grant</h2>

First Home Owner Grant: Offers a $10,000 grant for new homes and off the plan purchases.

Stamp Duty Exemption: Between 18 February 2024 and 30 June 2026, first home buyers of established homes valued up to $750,000 receive a full exemption on property transfer duty.

<h2>Northern Territory First Home Owner Grant</h2>

First Home Owner Grant: The Northern Territory provides a $10,000 grant for new homes only. Additional government grants and concessions are available for first home buyers.

Stamp Duty Exemption: The only stamp duty exemption available to property buyers is the House and Land Package Exemption (HLPE).

Eligibility criteria and application processes differ across states. Prospective buyers should refer to their respective state revenue offices for full details on grant availability, conditions, and additional concessions.

Every First Home Owner Grant for new property by state

In the ever-evolving landscape of sustainable architecture and environmentally conscious design, systems and ratings in place can help determine the energy efficiency of residential buildings in Australia.

Australia has multiple building rating systems that evaluate energy efficiency and sustainability in existing and new building designs.

Some systems assess individual building components, while others provide an overall rating for the entire structure.

A rating system ensures that homes are comfortable and energy-efficient, whether you are buying, renovating, or building.

NatHERS (Nationwide House Energy Rating Scheme) is a common way for new homes to meet energy efficiency requirements.

As new developments continue to shape the urban environment, understanding NatHERS ratings becomes essential for developers and homeowners. This article delves into the concept of NatHERS ratings, their significance, and how they contribute to creating energy-efficient homes.

<h2>What is NatHERS?</h2>

NatHERS is a national initiative implemented by the Australian government to promote energy efficiency in residential buildings. The scheme aims to provide a standardised method for assessing the thermal performance of homes, considering factors such as insulation, orientation, ventilation, and building materials.&nbsp;

NatHERS ratings are the most common way new homes meet the National Construction Code's (NCC's) minimum energy efficiency requirements.&nbsp;

NatHERS assessments provide thermal and whole-home ratings for new homes, townhouses, and apartments.

The rating helps evaluate the energy performance of buildings, guides homeowners and developers to make informed decisions about the energy efficiency of their properties, and encourages the construction of more sustainable, comfortable, and cost-effective homes.

<h2>How NatHERS Ratings Work</h2>

NatHERS ratings are determined through four accredited software tools (AccuRate, BERS Pro, FirstRate5, HERO) using a calculation engine CSIRO developed to predict building temperature based on various factors.

The tools can model complex effects of building mass, insulation, window size, and other elements.

The outcome is a star rating that reflects the building's overall thermal efficiency, indicating how well it can maintain a comfortable indoor temperature without excessive reliance on heating or cooling systems.

The star rating scale ranges from 0 to 10, with a 6-star rating being the minimum requirement for compliance with the National Construction Code (NCC).&nbsp;

Achieving a higher star rating demonstrates a commitment to energy efficiency and sustainability, as the building is better equipped to minimise its environmental impact and reduce long-term energy costs.

Anyone can use NatHERS tools, but accredited assessors can provide certified ratings and professional advice.

<h2>Benefits of Higher NatHERS Ratings</h2>

Energy Efficiency: Buildings with higher NatHERS ratings are more energy-efficient, requiring less heating and cooling energy. This reduces the structure's carbon footprint and lowers occupants' energy bills.

Cost Savings: Homes with higher NatHERS ratings are generally more energy-efficient, resulting in reduced energy consumption for heating and cooling. This translates to lower energy bills for homeowners, making sustainable living environmentally friendly and economically viable in the long run.

Environmental Impact: Lower energy consumption directly translates to a reduced environmental impact. Buildings with higher NatHERS ratings contribute to the overall goal of mitigating climate change by lowering greenhouse gas emissions associated with heating and cooling systems.

Improved Comfort: Buildings with high NatHERS ratings offer better thermal comfort to occupants. Proper insulation, well-designed ventilation, and optimal orientation maintain a consistent and comfortable indoor temperature, providing occupants with a more enjoyable and healthier space.

Market Value and Desirability: Higher NatHERS ratings can enhance the market value of a property. As energy efficiency becomes a more significant consideration for homebuyers, a well-rated building may attract a premium price and stand out in the real estate market.

Compliance with Building Codes: NatHERS ratings are a vital component of the National Construction Code (NCC), and compliance with these ratings is often a mandatory requirement for new developments. Local councils and planning authorities may set minimum energy efficiency standards that must be met to obtain development approval.

The Nationwide House Energy Rating Scheme (NatHERS) is a crucial initiative shaping the future of energy-efficient, resilient, and cost-effective homes. With its recent upgrades, NatHERS has evolved into a world-leading tool for the building sector, supporting the global commitment to achieving net-zero emissions by 2050.

Urban Editorial

What is a NatHERS rating in new off the plan apartment developments?

Mixed-use developments have gained significant popularity across Australia in recent years due to their unique blend of residential, commercial, and recreational spaces.

Unlike traditional single-purpose developments, mixed-use projects offer a harmonious integration of various functions within a single locale.

Residential units seamlessly coexist with commercial establishments, retail outlets, dining venues, entertainment hubs, and recreational facilities, with the combination not only enhances convenience but also fosters a vibrant lifestyle and a sense of community.

<h3>Convenience and accessibility</h3>

Mixed-use developments are designed with convenience in mind. They often integrate residential units with commercial spaces, retail outlets, restaurants, and recreational facilities, creating a self-contained community.

[smartcode_project:default project_id=114215 project_image_fid=204874]

The proximity allows residents to enjoy the convenience of having essential amenities and services within walking distance. Whether it's grabbing a cup of coffee, going grocery shopping, or accessing healthcare services, everything is conveniently located, saving residents time and effort.

<h3>Vibrant lifestyle and community</h3>

One of the major advantages of mixed-use developments is the vibrant lifestyle they offer. With a diverse range of amenities and communal spaces, residents have ample opportunities to interact, socialise, and build a sense of community.

[smartcode_project:default project_id=107714 project_image_fid=214122]

The presence of parks, community centres, and shared spaces fosters a lively atmosphere, encouraging residents to engage in various activities and events. The vibrant lifestyle within these developments creates a unique sense of belonging and camaraderie among the residents.

<h3>Potential for higher rental yields and property value appreciation</h3>

Mixed-use developments tend to attract a broad range of tenants and buyers due to their versatile nature. This high demand can result in higher rental yields for investors and potentially lead to property value appreciation over time.

[smartcode_project:default project_id=139989 project_image_fid=212887]

The integration of commercial and retail spaces attracts businesses, which can provide a stable rental income stream. Additionally, the popularity of mixed-use developments often drives up property values, making them a potentially lucrative investment in the long term.

<h3>Enhanced security and maintenance</h3>

Mixed-use developments typically have comprehensive security measures in place. With controlled access points, CCTV surveillance, and professional security staff, residents can enjoy enhanced safety and peace of mind.

[smartcode_project:default project_id=108019 project_image_fid=212658]

Additionally, these developments often have dedicated maintenance teams responsible for the upkeep of common areas, landscaping, and infrastructure. This ensures that the overall appearance and functionality of the development are well-maintained, creating a pleasant living environment for residents.

<h3>Live-work-play balance</h3>

One of the key attractions of mixed-use developments is the ability to achieve a desirable live-work-play balance. The integration of residential and commercial spaces allows residents to live closer to their workplaces, reducing commuting time and improving work-life balance.

The proximity to various amenities and recreational facilities encourages an active and healthy lifestyle. Residents can easily access fitness centres, parks, restaurants, and entertainment options, all within the same development, leading to a more fulfilling and convenient way of life.

alisonwarters@gmail.com

The top five reasons to buy in a mixed-use development

When buying a property, everyone needs to be aware of the additional costs that come as part of the buying process.

Often the largest outlay, after the deposit which goes to the bank, is stamp duty.

<h2 style="line-height: 1.38;">What is Stamp Duty?</h2>

Stamp duty is an extra tax to pay the government when you buy land, a property, and other certain assets.

It happens when the legal ownership is transferred. It can also be known as property transfer duty or transfer duty.

<iframe allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="415" src="https://www.youtube.com/embed/C32BWkB5--c" title="YouTube video player" width="660"></iframe>

<h2>Who pays Stamp Duty?</h2>

In some circumstances, you may get an exemption. For some states, you won’t have to pay for stamp duty if you are a first home buyer or a pensioner for houses under a particular price. There are also stamp duty concessions, where you may be entitled to a discount.

<h2>How much does Stamp Duty cost?</h2>

Each state has different rules which affect how much you need to pay. These rules can affect the rate you pay, and the timeframe you will need to pay in. Before you buy land or a property, make sure you check the up-to-date information for your state’s stamp duty.

You can use a free stamp duty calculator online to see approximately how much you’ll need to pay. Find out if you’re eligible for an exemption by enquiring on a project via Urban!

Overall, the stamp duty you need to pay will depend on:

<ul>
	<li aria-level="1">How much your land/property is worth</li>
	<li aria-level="1">Where your land/property is located</li>
	<li aria-level="1">What type of land/property it is</li>
</ul>

Want to find out more? <a href="https://www.youtube.com/@UrbanAustralia?utm_source=YouTube&amp;utm_medium=Video&amp;utm_campaign=Subscribe&amp;utm_id=Subscribe">Subscribe to our YouTube channel</a> for more property videos.

Ellen Walker

Off-the-plan property explained: What is stamp duty?

National Australia Bank (NAB) has brought forward the timing of the first RBA cash rate cut by three months.

NAB is now expecting a cut in February, in line with ANZ and Westpac, having initially thought a cut wouldn't come until May.

Commonwealth Bank, the nation's largest lender, still thinks the first cut will come in December.

NAB changed its call following the August monthly inflation figures that were released at the end of September, showing it had dropped to 2.7 per cent.

"The risk has been skewed to a first cut earlier in 2025, and today’s change acknowledges the balance of risks has likely shifted sufficiently for the RBA to feel comfortable cutting a little sooner than we earlier expected," NAB noted in its latest update.

They added that the cadence of the cuts may be faster than its central profile.

"Domestic inflation pressures are cooling, but only gradually, and we continue to expect the conditions for a cut will not be in place this year.

NAB believes the easing cycle will end at 3.1 per cent by early 2026, which is five cuts from the current 4.35 per cent cash rate.&nbsp;

CBA also thinks 3.1 per cent will mark the end of the cutting cycle, while Westpac is forecasting 3.35 per cent, and ANZ is the most pessimistic at 3.6 per cent, which would be just three interest rate cuts.

<h2>What would a rate cut in February look like for borrowers?</h2>

According to&nbsp;<a data-saferedirecturl="https://www.google.com/url?q=https://link.mediaoutreach.meltwater.com/ls/click?upn%3Du001.IVvjJ-2BPT0A8C3VxtqKc6e3bj5hBuw27WFEYqovsYs7kPsgFulYrdOzeP8gI7CybJOya3_RgrM7qq-2BfK-2FtAHeRBLv5Qrb-2Bii5fzjLeKcP4w-2FkNgJPXygpiRhVUan3WV3QEggcf617UC8Z60RjQJZAqx7PiO7FtVJQSn0D46Zc3iTVP0kAhTTzG51cPpa5hrqz1OkSA-2BiXAxUajQ686MTtiseWBIdMdknd83aB7cOVgXlVTeHCGf3-2BcMHwfvI8TYlkUovqEhn4dj0KXf2eJGpb9-2BBv20hPXdLlPP9yD7DvFFDBM5yrTqxvcCiMfAsW1onD-2FcriL628eYdhNQE7bwzYrxcOYnmaYfRhGl-2FEHQ6eK2uQcLxs6Cbu6Dx0bYvpi5A6enmxMWU5TkcRYrP6Z8GbXZYtc5qSoKu6eWFBQR9K7fsjXwHMmby3D3X6Yx-2BxcDcdRruTG&amp;source=gmail&amp;ust=1727774368149000&amp;usg=AOvVaw2vK2ujS77CHs9VRvSSXzLC" href="https://link.mediaoutreach.meltwater.com/ls/click?upn=u001.IVvjJ-2BPT0A8C3VxtqKc6e3bj5hBuw27WFEYqovsYs7kPsgFulYrdOzeP8gI7CybJOya3_RgrM7qq-2BfK-2FtAHeRBLv5Qrb-2Bii5fzjLeKcP4w-2FkNgJPXygpiRhVUan3WV3QEggcf617UC8Z60RjQJZAqx7PiO7FtVJQSn0D46Zc3iTVP0kAhTTzG51cPpa5hrqz1OkSA-2BiXAxUajQ686MTtiseWBIdMdknd83aB7cOVgXlVTeHCGf3-2BcMHwfvI8TYlkUovqEhn4dj0KXf2eJGpb9-2BBv20hPXdLlPP9yD7DvFFDBM5yrTqxvcCiMfAsW1onD-2FcriL628eYdhNQE7bwzYrxcOYnmaYfRhGl-2FEHQ6eK2uQcLxs6Cbu6Dx0bYvpi5A6enmxMWU5TkcRYrP6Z8GbXZYtc5qSoKu6eWFBQR9K7fsjXwHMmby3D3X6Yx-2BxcDcdRruTG" target="_blank">Canstar</a>, if there is a cut in February, a borrower with a $600,000 loan today and 25 years remaining would see their monthly repayments drop by $92.&nbsp;

<table border="1" cellpadding="0" cellspacing="0">
	<tbody>
		<tr>
			<td colspan="3">
			Impact of 0.25% pt cut in February 2025
			</td>
		</tr>
		<tr>
			<td>
			Current loan size
			</td>
			<td>
			Drop in monthly repayment
			</td>
			<td>
			New monthly repayment
			</td>
		</tr>
		<tr>
			<td>
			$600,000
			</td>
			<td>
			-$92
			</td>
			<td>
			$3,907
			</td>
		</tr>
		<tr>
			<td>
			$750,000
			</td>
			<td>
			-$114
			</td>
			<td>
			$4,884
			</td>
		</tr>
		<tr>
			<td>
			$1M
			</td>
			<td>
			-$153
			</td>
			<td>
			$6,512
			</td>
		</tr>
		<tr>
			<td colspan="3">
			Source:&nbsp;<a data-saferedirecturl="https://www.google.com/url?q=https://link.mediaoutreach.meltwater.com/ls/click?upn%3Du001.xWMOP9hChsvn-2BC9O-2FebBihXIZ4cEzbiuENdxm-2Bx3-2FYEEgYMhZlKWNj5Zzy1YZ56RuASD_RgrM7qq-2BfK-2FtAHeRBLv5Qrb-2Bii5fzjLeKcP4w-2FkNgJPXygpiRhVUan3WV3QEggcf617UC8Z60RjQJZAqx7PiO7FtVJQSn0D46Zc3iTVP0kAhTTzG51cPpa5hrqz1OkSA-2BiXAxUajQ686MTtiseWBIdMdknd83aB7cOVgXlVTeHCGf3-2BcMHwfvI8TYlkUovqEhn4dj0KXf2eJGpb9-2BBv20v2akwr6-2BqLyRrlEgkJ4J-2BCCyY0x189xEHZA4Ylf8c7ChBqNIkhmftZzoFuZKFn43pw3oJVg2o1gumrpdA-2B7MB-2FBtmL2rFCI-2FXORATQHySCLVOMg7Vywv-2BqnnQUAtDz6XkvpwxdHFXh70VwKazzhJsICilEYOvP4ju0sIfi5g6TL&amp;source=gmail&amp;ust=1727774368149000&amp;usg=AOvVaw2qVnp6oqATgqDUi2Frm22q" href="https://link.mediaoutreach.meltwater.com/ls/click?upn=u001.xWMOP9hChsvn-2BC9O-2FebBihXIZ4cEzbiuENdxm-2Bx3-2FYEEgYMhZlKWNj5Zzy1YZ56RuASD_RgrM7qq-2BfK-2FtAHeRBLv5Qrb-2Bii5fzjLeKcP4w-2FkNgJPXygpiRhVUan3WV3QEggcf617UC8Z60RjQJZAqx7PiO7FtVJQSn0D46Zc3iTVP0kAhTTzG51cPpa5hrqz1OkSA-2BiXAxUajQ686MTtiseWBIdMdknd83aB7cOVgXlVTeHCGf3-2BcMHwfvI8TYlkUovqEhn4dj0KXf2eJGpb9-2BBv20v2akwr6-2BqLyRrlEgkJ4J-2BCCyY0x189xEHZA4Ylf8c7ChBqNIkhmftZzoFuZKFn43pw3oJVg2o1gumrpdA-2B7MB-2FBtmL2rFCI-2FXORATQHySCLVOMg7Vywv-2BqnnQUAtDz6XkvpwxdHFXh70VwKazzhJsICilEYOvP4ju0sIfi5g6TL" target="_blank">www.canstar.com.au</a>. Starting rate is the RBA existing average owner-occupier variable rate of 6.36%. Assumes banks pass the cash rate cut on in full the month after the meeting.
			</td>
		</tr>
	</tbody>
</table>

Canstar Data Insights Director, Sally Tindall, says if core inflation continues to track in the right direction, or unemployment starts to accelerate significantly, we could well see a cash rate cut as early as February of next year.

“All four big banks now believe the RBA will be ready to cut the cash rate in just over four months’ time, if not before, in the case of CBA.

“However, the outlook for both inflation and unemployment is still highly uncertain. A couple of wobbly sets of inflation data could see the RBA holding for longer, particularly if unemployment remains relatively steady."

&nbsp;

Commonwealth Bank, the nation's largest lender, still thinks the first cut will come in December.

NAB bring forward first RBA cut to February 2025

The following is the statement provided by Michele Bullock which can be <a href="https://www.rba.gov.au/media-releases/2023/mr-23-35.html">found here</a>.

At its meeting today, the Board decided to leave the cash rate target unchanged at 4.35&nbsp;per&nbsp;cent and the interest rate paid on Exchange Settlement balances unchanged at 4.25&nbsp;per&nbsp;cent.

Last month, the Board increased interest rates by 25&nbsp;basis points, following a period of four months where it had held interest rates steady. This decision reflected the Board’s view that progress in bringing inflation back to the target range of 2&nbsp;to 3&nbsp;per&nbsp;cent was looking slower than earlier forecast. While the economy has been experiencing a period of below-trend growth, it was stronger than expected over the first half of the year. Underlying inflation was higher than expected at the time of the August forecasts, including across a broad range of services. Conditions in the labour market had eased but remained tight. Housing prices were continuing to rise across the country as was the number of new mortgages. Given this, the Board judged that the risk of inflation remaining higher for longer had risen and an increase in interest rates was therefore warranted to be more assured that inflation would return to target in a reasonable timeframe.

The limited information received on the domestic economy since the November meeting has been broadly in line with expectations. The monthly CPI indicator for October suggested that inflation is continuing to moderate, driven by the goods sector; the inflation update did not, however, provide much more information on services inflation. Overall, measures of inflation expectations remain consistent with the inflation target. Wages growth picked up in the September quarter but this was expected given that it captured the earlier Fair Work Commission decision on award wages. Wages growth is not expected to increase much further and remains consistent with the inflation target, provided productivity growth picks up. Conditions in the labour market also continued to ease gradually, although they remain tight.

Higher interest rates are working to establish a more sustainable balance between aggregate supply and demand in the economy. The impact of the more recent rate rises, including last month's, will continue to flow through the economy. High inflation is weighing on people’s real incomes and household consumption growth is weak, as is dwelling investment. Holding the cash rate steady at this meeting will allow time to assess the impact of the increases in interest rates on demand, inflation and the labour market.

Returning inflation to target within a reasonable timeframe remains the Board’s priority. High inflation makes life difficult for everyone and damages the functioning of the economy. It erodes the value of savings, hurts household budgets, makes it harder for businesses to plan and invest, and worsens income inequality. And if high inflation were to become entrenched in people’s expectations, it would be much more costly to reduce later, involving even higher interest rates and a larger rise in unemployment. To date, medium-term inflation expectations have been consistent with the inflation target and it is important that this remains the case.

There are still significant uncertainties around the outlook. While there have been encouraging signs on goods inflation abroad, services price inflation has remained persistent and the same could occur in Australia. There also remains a high level of uncertainty around the outlook for the Chinese economy and the implications of the conflicts abroad. Domestically, there are uncertainties regarding the lags in the effect of monetary policy and how firms’ pricing decisions and wages will respond to the slower growth in the economy at a time when the labour market remains tight. The outlook for household consumption also remains uncertain, with many households experiencing a painful squeeze on their finances, while some are benefiting from rising housing prices, substantial savings buffers and higher interest income.

Whether further tightening of monetary policy is required to ensure that inflation returns to target in a reasonable timeframe will depend upon the data and the evolving assessment of risks. In making its decisions, the Board will continue to pay close attention to developments in the global economy, trends in domestic demand, and the outlook for inflation and the labour market. The Board remains resolute in its determination to return inflation to target and will do what is necessary to achieve that outcome.

RBA keeps rates on hold at final meeting of 2023

The full statement from the Reserve Bank of Australia on its November Cup Day rate hike

At its meeting today, the Board decided to raise the cash rate target by 25&nbsp;basis points to 4.35&nbsp;per&nbsp;cent. It also increased the interest rate paid on Exchange Settlement balances by 25&nbsp;basis points to 4.25&nbsp;per&nbsp;cent.

Inflation in Australia has passed its peak but is still too high and is proving more persistent than expected a few months ago. The latest reading on CPI inflation indicates that while goods price inflation has eased further, the prices of many services are continuing to rise briskly. While the central forecast is for CPI inflation to continue to decline, progress looks to be slower than earlier expected. CPI inflation is now expected to be around 3½&nbsp;per&nbsp;cent by the end of 2024 and at the top of the target range of 2&nbsp;to 3&nbsp;per&nbsp;cent by the end of 2025. The Board judged an increase in interest rates was warranted today to be more assured that inflation would return to target in a reasonable timeframe.

The Board had held interest rates steady since June following an increase of 4&nbsp;percentage points since May last year. It had judged that higher interest rates were working to establish a more sustainable balance between supply and demand in the economy. Furthermore, it had noted that the impact of the more recent rate rises would continue to flow through the economy. It had therefore decided that it was appropriate to hold rates steady to provide time to assess the impact of the increase in interest rates so far. In particular, the Board had indicated that it would be paying close attention to developments in the global economy, trends in household spending, and the outlook for inflation and the labour market.

Since its August meeting, the Board has received updated information on inflation, the labour market, economic activity and the revised set of forecasts. The weight of this information suggests that the risk of inflation remaining higher for longer has increased. While the economy is experiencing a period of below-trend growth, it has been stronger than expected over the first half of the year. Underlying inflation was higher than expected at the time of the August forecasts, including across a broad range of services. Conditions in the labour market have eased but they remain tight. Housing prices are continuing to rise across the country.

At the same time, high inflation is weighing on people’s real incomes and household consumption growth is weak, as is dwelling investment. Given that the economy is forecast to grow below trend, employment is expected to grow slower than the labour force and the unemployment rate is expected to rise gradually to around 4¼&nbsp;per&nbsp;cent. This is a more moderate increase than previously forecast. Wages growth has picked up over the past year but is still consistent with the inflation target, provided that productivity growth picks up.

Returning inflation to target within a reasonable timeframe remains the Board’s priority. High inflation makes life difficult for everyone and damages the functioning of the economy. It erodes the value of savings, hurts household budgets, makes it harder for businesses to plan and invest, and worsens income inequality. And if high inflation were to become entrenched in people’s expectations, it would be much more costly to reduce later, involving even higher interest rates and a larger rise in unemployment. To date, medium-term inflation expectations have been consistent with the inflation target and it is important that this remains the case.

There are still significant uncertainties around the outlook. Services price inflation has been surprisingly persistent overseas and the same could occur in Australia. There are uncertainties regarding the lags in the effect of monetary policy and how firms’ pricing decisions and wages will respond to the slower growth in the economy at a time when the labour market remains tight. The outlook for household consumption also remains uncertain, with many households experiencing a painful squeeze on their finances, while some are benefiting from rising housing prices, substantial savings buffers and higher interest income. And globally, there remains a high level of uncertainty around the outlook for the Chinese economy and the implications of the conflicts abroad.

Whether further tightening of monetary policy is required to ensure that inflation returns to target in a reasonable timeframe will depend upon the data and the evolving assessment of risks. In making its decisions, the Board will continue to pay close attention to developments in the global economy, trends in domestic demand, and the outlook for inflation and the labour market. The Board remains resolute in its determination to return inflation to target and will do what is necessary to achieve that outcome.

Source: <a href="https://www.rba.gov.au/media-releases/2023/mr-23-30.html">www.rba.gov.au</a>

At its meeting today, the Board decided to raise the cash rate target by 25 basis points to 4.35 per cent

RBA hike interest rates at Cup Day meeting

Property values across the country continued to decline over November, research from property data firm CoreLogic found, but there was a further ease in the speed of the declines.

Dwelling values (which incorporates both houses and units), contracted a further one per cent in November, driven by declines in Hobart (-2 per cent), Canberra (-1.2 per cent), and Sydney (-1 per cent).

Capital city housing markets declined -1.2 per cent, with Brisbane (-2.2 per cent), Hobart (-2 per cent) and Sydney (-1.5 per cent), feeling the declines the hardest.

Capital city units however dropped just -0.6 per cent. Hobart (-1.8 per cent), Sydney (-0.9 per cent) and Canberra (-0.8 per cent) the capital's the most affected in the unit market.

Declines however have continued to soften since August when the national index dropped by -1.6 per cent.

CoreLogic Research Director Tim Lawless said the easing in the rate of decline is mostly emanating from the Sydney and Melbourne markets, but is also evident across many of the smaller capitals and most regional markets.&nbsp;

“Three months ago, Sydney housing values were falling at the monthly rate of -2.3 per cent. That has now reduced by a full percentage point to a decline of -1.3 per cent in November," Lawless said.&nbsp;

"In July, Melbourne home values were down -1.5 per cent over the month, with the monthly decline almost halving last month to -0.8 per cent.

“The rate of decline has also eased across the ACT (from a -1.7% fall in August), and is no longer accelerating in Brisbane. Most of the broad rest-of-state markets have also seen the pace of declines decelerate."

Lawless said that it is possible we are seeing the initial uncertainty around buying in a higher interest rate environment wearing off, while persistently low advertised stock levels have likely contributed to this trend towards smaller value falls. He does however note that housing risk remains skewed to the downside while interest rates are still rising and household balance sheets become more thinly stretched.

“There is still the possibility that the pace of declines could reaccelerate, especially if the current rate hiking cycle persists longer than expected.

"Next year will be a particular test of serviceability and housing market stability, as the record-low fixed rate terms secured in 2021 start to expire."

<h2>Melbourne Market Snapshot</h2>

<ul>
	<li>Unit values across Melbourne dropped just -0.2 per cent across November, the lowest declines the Victorian capital has seen since May. 
	&nbsp;</li>
	<li>It's stark comparison to the housing market, which dropped another -1 per cent.</li>
</ul>

[smartcode_project:default project_id=112174 project_image_fid=199593]

<ul>
	<li>Unit values are now -4.1 per cent down over 2022, almost half the declines felt in the housing market, now -8.1 per cent since the turn of the year. 
	&nbsp;</li>
	<li>The median Melbourne unit value is now $597,000, and houses $759,000.</li>
</ul>

<h2>Sydney Market Snapshot</h2>

<ul>
	<li>Unit values across Sydney dropped just -0.9&nbsp;per cent across November, the third highest of all the capital city markets. 
	&nbsp;</li>
	<li>Sydney houses dropped another -1.5 per cent in November.</li>
</ul>

[smartcode_project:default project_id=22748 project_image_fid=204929]

<ul>
	<li>Unit values are now -8.2 per cent down over 2022, which is double the declines in Melbourne. Houses in the Harbour capital are down -11.9 per cent in the same period. 
	&nbsp;</li>
	<li>The median Sydney unit value is now $781,000, and houses $1,025,000.</li>
</ul>

<h2>Brisbane Market Snapshot</h2>

<ul>
	<li>Brisbane had the biggest divergence between the house and unit market in November 
	&nbsp;</li>
	<li>Unit values across Brisbane dropped just -0.2&nbsp;per cent across November, the third best performing unit market across the capitals. 
	&nbsp;</li>
	<li>Brisbane houses however were the worst performer, down -2.2 per cent</li>
</ul>

[smartcode_project:default project_id=102309 project_image_fid=163977]

<ul>
	<li>The Brisbane unit market has been one of the biggest success stories of 2022, bucking the trend of the downturn. Values are still 7.1 per cent higher than they were at the start of the year. 
	&nbsp;</li>
	<li>The Brisbane house market has also remained resilient, just ticking into negative territory, down -0.8 per cent this year. 
	&nbsp;</li>
	<li>The median Brisbane unit value is now $492,000, and houses $798,000.</li>
</ul>

CoreLogic Research Director Tim Lawless said the easing in the rate of decline is mostly emanating from the Sydney and Melbourne markets

Property downturn continues, but rate of decline softens again: CoreLogic

The RBA has hiked rates for the sixth month in a row, with the Tuesday meeting seeing rates rise by 0.25 per cent.

Three of the big four banks expected a half a percentage point rise, with just Commonwealth Bank predicting the 25 basis point rise.

The official cash rate is now at 2.6 per cent.

The RBA noted in their statement that, as is the case in most countries, inflation in Australia is too high.

"Global factors explain much of this high inflation, but strong domestic demand relative to the ability of the economy to meet that demand is also playing a role," RBA Governor Philip Lowe noted in the announcement.

The RBA predicted a further increase in inflation over the months ahead, before it then declines back toward the two to three per cent range.

"The expected moderation in inflation next year reflects the ongoing resolution of global supply-side problems, recent declines in some commodity prices and the impact of rising interest rates.

"Medium-term inflation expectations remain well anchored, and it is important that this remains the case. The Bank’s central forecast is for CPI inflation to be around 7¾ per cent over 2022, a little above 4 per cent over 2023 and around 3 per cent over 2024."

As for mortgages, Lowe noted that higher inflation and higher interest rates are putting pressure on household budgets, with the full effects of higher interest rates yet to be felt in mortgage payments.

"Consumer confidence has also fallen and housing prices are declining after the earlier large increases.," Lowe suggested.

"Working in the other direction, people are finding jobs, gaining more hours of work and receiving higher wages. Many households have also built up large financial buffers and the saving rate still remains higher than it was before the pandemic."

Graham Cooke, head of consumer research at Finder, said Aussies with a $500,000 mortgage will be paying almost $9,000 more a year in interest compared to just six months ago.

“Australians with a $500,000 mortgage will be forking out $735 more per month compared to what they were paying in April.&nbsp; 
 
“That’s a whopping amount of extra money to pay every month – especially when everyday items like groceries and petrol are skyrocketing in price."

The RBA noted in their statement that, as is the case in most countries, inflation in Australia is too high.



RBA hike interest rates by 0.25 per cent, points to high inflation

Affordability issues appeared to have curbed borrowing activity of first home buyers and owner occupiers, but not investor loans in September, according to the latest Australian Bureau of Statistics data.

The value of new home loans dropped for the second month in a row.

In September, $30 billion of new mortgages were settled, down 1.4 per cent from August, in seasonally-adjusted terms.

Owner-occupier lending dropped 2.7 percent from August.

Investor lending continued to climb, reaching its highest level since April 2015 with $9.62 billion in loans settled in September, up 1.4 per cent month-on-month.

Increased investor loan commitments were seen across most states, with particular strength in Queensland (up 4.2 per cent), South Australia (up 16.4 per cent) and Western Australia (up 7.3 per cent). Smaller rises in investor borrowing were seen in Victoria (up 1.4 per cent), New South Wales (up 0.1 per cent), the Australian Capital Territory (up 1.0 per cent) and Tasmania (up 1.4 per cent). 

For the eighth conscutive month, the number of owner-occupier first home buyer loans fell, down 5.6 per cent in September, to be down 27.1 percent since the January peak.

Ratecity noted Victoria, in lockdown, led the retreat with the number of first home buyer loans dropping 16.7 percent in the month, while NSW dropped by 3.1 percent.

Western Australia fhbs had the largest rise of 5.9 percent, while Queensland rose 2.1 percent and South Australia rose 4.3 percent.

ABS head of finance and wealth, Katherine Keenan, said the average loan size for owner occupiers has grown, but the value of new loan commitments for owner-occupier housing fell for the fourth month in a row, to $20.7 billion in September.

"Affordability constraints are biting in the first home buyer space, with dwelling prices rising by over 20% on an annual basis," the Comm Bank said.

NSW owner occupiers borrowed an average of $750,000 in September which was a record high.

The big banks are all now applying stricter loan criteria on applications as of November 1 given lending requirements imposed by APRA.

There has been positive growth in investors taking on mortgages since October last year

jchancellor-FAypfDUnLy

Investors return to property with six year borrowing high: ABS 

RBA Governor Statement

At its meeting today, the Board decided to:

maintain the cash rate target at 10&nbsp;basis points and the interest rate on Exchange Settlement balances of zero per&nbsp;cent

maintain the target of 10&nbsp;basis points for the April 2024 Australian Government bond

purchase government securities at the rate of $4&nbsp;billion a week and to continue the purchases at this rate until at least mid February 2022.

Prior to the Delta outbreak the Australian economy had considerable momentum. GDP increased by 0.7&nbsp;per&nbsp;cent in the June quarter and by nearly 10&nbsp;per&nbsp;cent over the year. Business investment was picking up and the labour market had strengthened. The unemployment rate had fallen below 5&nbsp;per&nbsp;cent and job vacancies were at a high level.

The recovery in the Australian economy has, however, been interrupted by the Delta outbreak and the associated restrictions on activity. GDP is expected to decline materially in the September quarter and the unemployment rate will move higher over coming months. While the outbreak is affecting most parts of the economy, the impact is uneven, with some areas facing very difficult conditions while others are continuing to grow strongly.

This setback to the economic expansion is expected to be only temporary. The Delta outbreak is expected to delay, but not derail, the recovery. As vaccination rates increase further and restrictions are eased, the economy should bounce back. There is, however, uncertainty about the timing and pace of this bounce-back and it is likely to be slower than that earlier in the year. Much will depend on the health situation and the easing of restrictions on activity. In our central scenario, the economy will be growing again in the December quarter and is expected to be back around its pre-Delta path in the second half of next year.

Notwithstanding the strong economic and labour market outcomes pre-Delta, wage and price pressures remain subdued. Over the year to the June quarter, the Wage Price Index increased by just 1.7&nbsp;per&nbsp;cent.

Housing prices are continuing to rise, although turnover in some markets has declined following the virus outbreak. Housing credit growth has picked up due to stronger demand for credit by both owner-occupiers and investors. Given the environment of rising housing prices and low interest rates, the Bank is monitoring trends in housing borrowing carefully and it is important that lending standards are maintained.

Very accommodative financial conditions will continue to support the recovery of the Australian economy. Borrowing rates are at record lows, sovereign bond yields are at very low levels and the exchange rate has depreciated over recent months. The fiscal responses by the Australian Government and the state and territory governments are also providing welcome assistance in supporting household and business balance sheets.

The Board&#39;s decision to extend the bond purchases at $4&nbsp;billion a week until at least February 2022 reflects the delay in the economic recovery and the increased uncertainty associated with the Delta outbreak. The Board will continue to review the bond purchase program in light of economic conditions and the health situation, and their implications for the expected progress towards full employment and the inflation target. These bond purchases, together with the low level of the cash rate, the yield target and the funding that has been provided under the Term Funding Facility, are providing substantial and ongoing support to the Australian economy.

The Board is committed to maintaining highly supportive monetary conditions to achieve a return to full employment in Australia and inflation consistent with the target. It will not increase the cash rate until actual inflation is sustainably within the 2&nbsp;to 3&nbsp;per&nbsp;cent target range. The central scenario for the economy is that this condition will not be met before 2024. Meeting this condition will require the labour market to be tight enough to generate wages growth that is materially higher than it is currently.

RBA holds rates, turnover declines following the virus outbreak: RBA Governor Philip Lowe's September 2021 meeting statement

The RBA has held interest rates at a record low 0.1 per cent at its September meeting.

RBA Governor Philip Lowe&#39;s said that housing prices are continuing to rise, although turnover in some markets has declined following the virus outbreak.

&quot;Housing credit growth has picked up due to stronger demand for credit by both owner-occupiers and investors, Lowe noted.

&quot;Given the environment of rising housing prices and low interest rates, the Bank is monitoring trends in housing borrowing carefully and it is important that lending standards are maintained.&quot;

In Finder.com.au&#39;s monthly RBA Survey, AMP Capital chief economist Shane Oliver said the lockdown and its hit to the economy&nbsp;has further delayed the time when the effective RBA conditions &ndash; full employment and 3% or more wages growth to sustain 2-3% inflation &ndash; will be met to justify a rate hike.

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Commentator Saul Eslake said he takes the RBA at its word&nbsp;when it says it won&#39;t begin tightening monetary policy until the labour market is sufficiently tight to generate wage inflation that&#39;s sufficiently strong to push &#39;underlying&#39; consumer price inflation sustainably into the 2-3% target range.

&quot;While I think that may well be sooner than the RBA&#39;s &lsquo;central case&rsquo; of 2024, I don&#39;t think it will be any earlier than mid-2023,&quot; Eslake says.

Dr Andrew Wilson from My Housing Market says that no change in fundamental economic weakness confirmed again with low wages growth despite robust labour market.

&quot;As usual &ndash; absolutely no plausible case on current data for higher rates over the foreseeable future &ndash; and then there is Covid.&quot;

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New research from Finder reveals that over half of&nbsp;homeowners across the country&nbsp;are concerned about interest rates increasing in the near future.

Around15% fear they may not be able to make their repayments once rates creep up.

Finder.com.au&#39;s head of consumer research Graham Cooke says some homeowners may have purchased beyond their means in the midst of the housing market frenzy.

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&ldquo;The past 12 months have seen property prices explode as record numbers of Australians have fled into the housing market,&quot; Cooke says.

&ldquo;Low interest rates have encouraged many buyers to purchase earlier than they otherwise might have for fear of missing out.

&ldquo;But not all of them will have budgeted for their monthly repayments to go up if or before the cash rate increases,&rdquo; Cooke said.

Finder analysis reveals the average monthly mortgage payments in Sydney are worth 76% of the average worker&rsquo;s after-tax earnings &ndash; the highest in the country. Melbourne (57%) is not far behind, followed by Canberra (49%) and Hobart (49%). Perth is at the bottom of the list, with the average mortgage costing a more reasonable 35% of average earnings.

RBA Governor Philip Lowe's said that housing prices are continuing to rise, although turnover in some markets has declined following the virus outbreak

RBA leave cash rate on hold at September meeting

The RBA has held interest rates at a record low 0.1 per cent at its August meeting.

RBA Governor Philip Lowe&#39;s comments on the housing market were much the same, noting all markets continuing to strengthen, with prices rising in all major markets.

He did cite an increase in borrowing by investors, and that given the environment of rising housing prices and low interest rates, the Bank is monitoring trends in housing borrowing carefully and it is important that lending standards are maintained.

The experts and economists surveyed in Finder.com.au&#39;s RBA Cash Rate Survey all called the cash rate hold, with 75 per cent predicting the increase won&#39;t happen until 2023.

Tony Makin of Griffith University was the lone expert predicting the rate to rise before 2022.

&quot;In coming months a clearer picture will emerge of underlying inflation trends both in the US and [in Australia]. The recent US inflation spike is unlikely to be temporary given the massive money supply increase, recovery from the pandemic, and substantial US fiscal expansion.&quot;

AMP Capital&#39;s Shane Oliver said the RBA is still a long way from meeting its conditions for a rate hike &ndash; namely inflation sustainably back in the 2&ndash;3% target range which will require full employment and wages growth sustainably above 3%. And the latest coronavirus outbreaks and lockdowns risk delaying progress towards its goals.

Over a third of experts (71%), called for a change in stamp duty.

They agree that changes need to be made to either stamp duty or government stimulus in order to help buyers enter the property market.

Just over half (54%) think that only stamp duty should be changed, while another third (29%) think neither should be changed.

Finder&#39;s insights manager Graham Cooke said an easing of stamp duty could reduce the burden for first time buyers and establish a more even playing field.

&ldquo;Stamp duty is essentially a tax that slows down the turnover of property. It discourages current&nbsp;homeowners from downsizing, which locks up some of the market. &ldquo;A long-term land tax would provide a fairer long-term solution, while adding liquidity to the housing market,&rdquo; Cooke said.

RBA holds rates at August meeting, experts call for stamp duty changes

RBA Governor Statement

The economic recovery in Australia has been stronger than was earlier expected. The recent outbreaks of the virus are, however, interrupting the recovery and GDP is expected to decline in the September quarter. The experience to date has been that once virus outbreaks are contained, the economy bounces back quickly. Prior to the current virus outbreaks, the Australian economy had considerable momentum and it is still expected to grow strongly again next year. The economy is benefiting from significant additional policy support and the vaccination program will also assist with the recovery.

The economic outlook for the coming months is uncertain and depends upon the evolution of the health situation and the containment measures. Beyond that, the Bank&#39;s central scenario is for the economy to grow by a little over 4&nbsp;per&nbsp;cent over 2022 and by around 2&frac12; per&nbsp;cent over 2023. This scenario is based on a significant share of the population being vaccinated by the end of this year and a gradual opening up of the international border from the middle of 2022. The Board also considered a range of other scenarios, with the main source of uncertainty being the health situation.

The labour market has recovered faster than expected, with the unemployment rate declining further to 4.9&nbsp;per&nbsp;cent in June. Job vacancies have remained at a high level and there are reports of labour shortages in parts of the economy. Some increase in the unemployment rate is expected in the near term due to the current lockdowns, but most of the adjustment in the labour market is likely to take place through a reduction in hours worked and in participation. In the central scenario, the unemployment rate continues to trend lower next year, to be around 4&frac14; per&nbsp;cent at the end of 2022 and 4&nbsp;per&nbsp;cent at the end of 2023.

The CPI inflation rate spiked to 3.8&nbsp;per&nbsp;cent for the year to the June quarter, largely reflecting the unwinding of some earlier&nbsp;COVID-19-related price declines. In underlying terms, inflation remains low, at around 1&frac34; per&nbsp;cent.

Looking forward, a pick-up in both wages growth and underlying inflation is expected, but this pick-up is likely to be only gradual. In the Bank&#39;s central scenario, it takes some years for the stronger economy to feed through into wage and price increases that are consistent with the inflation target. In underlying terms, inflation is expected to be 1&frac34; per&nbsp;cent over 2022 and 2&frac14; per&nbsp;cent over 2023. One source of uncertainty is the behaviour of wages and prices at the low levels of forecast unemployment, including because it is some decades since Australia has sustained an unemployment rate around 4&nbsp;per&nbsp;cent.

Housing markets have continued to strengthen, with prices rising in all major markets. Housing credit growth has picked up, with strong demand from owner-occupiers, including first-home buyers. There has also been increased borrowing by investors. Given the environment of rising housing prices and low interest rates, the Bank is monitoring trends in housing borrowing carefully and it is important that lending standards are maintained.

Domestic financial conditions remain very accommodative, sovereign bond yields have declined and the exchange rate has depreciated to around its lowest level this year, despite elevated levels of commodity prices. The recent fiscal responses by the Australian Government and the state and territory governments are also providing welcome support to the economy at a time of significant short-term disruption.

The Board remains committed to maintaining highly accommodative monetary conditions to support a return to full employment in Australia and inflation consistent with the target. Together, the low level of the cash rate, the bond purchase program, the yield target and the ongoing funding that has been provided under the Term Funding Facility are providing substantial support to the Australian economy in the face of lockdowns in parts of the country and the expected resumption of the economic expansion.

The Board will maintain its flexible approach to the rate of bond purchases. The program will continue to be reviewed in light of economic conditions and the health situation, and their implications for the expected progress towards full employment and the inflation target. The Board will not increase the cash rate until actual inflation is sustainably within the 2&nbsp;to 3&nbsp;per&nbsp;cent target range. The central scenario for the economy is that this condition will not be met before 2024. Meeting this condition will require the labour market to be tight enough to generate wages growth that is materially higher than it is currently.

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